Group 1 - Liaoning has seen a 21.5% year-on-year increase in inclusive micro-loans in the first half of the year, surpassing the national average of 9.2% [1] - The province has implemented a QR code system for enterprises to report financing needs directly, enhancing loan accessibility [1] - The launch of the NeuVizP10, China's first photon counting CT, marks a significant technological advancement, making China the third country to master this technology [1] Group 2 - The provincial government has set ambitious goals to transform Liaoning into a major strategic support area, a hub for technological innovation, and a competitive advanced manufacturing base [7] - The province aims to achieve six key objectives, including becoming a leader in modern agriculture and a hub for international cooperation in Northeast Asia [7][15] - Liaoning's economy has shown a growth of 5.3% in the first half of 2023, breaking a decade-long trend of growth below the national average [9][10] Group 3 - The province has established 469 provincial-level digital workshops and 238 advanced intelligent factories, showcasing a commitment to digital transformation in manufacturing [11] - The focus on high-quality development has led to significant improvements in industrial structure and resilience, with strategic emerging industries accounting for over one-third of revenue in key industrial clusters [12] - Liaoning is enhancing its agricultural sector, aiming for modernization and increased farmer income through various support measures [13][14] Group 4 - The province has made strides in improving its business environment, with significant reforms in mining rights approval processes reducing processing times from 60 to 20 working days [17][19] - A comprehensive approach to optimizing the political ecosystem has been adopted, focusing on enhancing the relationship between government and businesses [19][20] - The number of operating entities in Liaoning reached 5.321 million in 2023, with growth rates exceeding the national average, indicating a robust business climate [20][21]

Group 1: Dividend Policy and Financial Performance - In 2024, Ansteel Co. will not distribute cash dividends or issue bonus shares due to a loss, in accordance with company bylaws, to ensure sustainable development and long-term interests of shareholders [2] - As of July 21, 2025, Ansteel's controlling shareholder, Anshan Iron and Steel, has cumulatively increased its shareholding by 36,143,538 shares, with a total investment of RMB 86.82 million [2] Group 2: Product Range and Market Applications - Ansteel offers a diverse product range including hot-rolled sheets, medium and thick plates, cold-rolled sheets, galvanized sheets, and seamless steel pipes, widely used in various industries such as machinery, metallurgy, and construction [3] - The company has leading R&D capabilities in medium and thick plate products, particularly in shipbuilding steel, which meets the current demands for various types of ship construction [3] Group 3: Production Capacity and Raw Material Procurement - In the first half of 2025, Ansteel produced 12.16 million tons of molten iron, maintaining stable production levels [4] - The company sources iron ore primarily from its own mines and has established agreements with Ansteel Group for stable procurement of iron concentrate, ensuring a reliable supply for its operations [4]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內 容 概 不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示，概 不對因本公告全部或任何部分內容而產生或因倚賴該等內容而引致的 任 何 損 失 承 擔 任 何 責 任。 （股份編號：0347） 海外監管公告 本公告乃根據香港聯合交易所有限公司證券上市規則第13.10B條 作 出。 茲載列鞍鋼股份有限公司（「本公司」）於二零二 五 年 八月二十七 日 在《中 國 證券報》、《證券時報》、《上海證券報》或巨潮資訊網(http://www.cninfo.com.cn) 刊 登 的 以 下 公 告 全 文，僅 供 參 考。 承董事會命 鞍鋼股份有限公司 王 軍 執行董事兼董事長 中國遼寧省鞍山市 二零二 五 年 八月二十六日 於 本 公 告 日 期，本 公 司 董 事 會 成 員 如 下： | 執 | 行 | 董 | 事： | | 獨 立 | 非 | 執 | 行 | 董 | 事： | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | -- ...

Price Summary - Steel prices have decreased this week, with Shanghai 20mm HRB400 rebar priced at 3270 CNY/ton, down 30 CNY/ton from last week [1][2] - High-line 8.0mm is priced at 3420 CNY/ton, down 50 CNY/ton [1][2] - Hot-rolled 3.0mm is at 3420 CNY/ton, down 40 CNY/ton [1][2] - Cold-rolled 1.0mm is priced at 3830 CNY/ton, down 50 CNY/ton [1][2] - Common medium plate 20mm is at 3470 CNY/ton, down 50 CNY/ton [1][2] - Domestic ore prices are stable to rising, while imported ore prices are stable to falling, and scrap steel prices have decreased [2] Profit Analysis - Steel profits have declined this week, with rebar, hot-rolled, and cold-rolled margins changing by -58 CNY/ton, -50 CNY/ton, and -42 CNY/ton respectively [2] - Electric arc furnace steel margins have decreased by -34 CNY/ton [2] Production and Inventory - Total production of five major steel products reached 8.78 million tons, an increase of 64,300 tons week-on-week [3] - Construction steel production decreased by 37,100 tons week-on-week, while plate production increased by 101,400 tons [3] - Rebar production decreased by 58,000 tons to 2.1465 million tons [3] - Total social inventory of five major steel products increased by 264,300 tons to 10.1621 million tons [3] - Steel mill inventory decreased by 13,000 tons to 4.2383 million tons [3] - Apparent consumption of rebar was estimated at 1.948 million tons, an increase of 48,600 tons week-on-week [3] Investment Recommendations - The expansion of U.S. steel and aluminum tariffs has put pressure on steel prices [4] - The U.S. Department of Commerce has extended tariffs to 407 categories of steel and aluminum derivatives, affecting most downstream steel manufacturing [4] - Seasonal demand weakness and a vacuum in supply-side policies have led to a significant narrowing of steel mill profits [4] - Long-term capacity management remains a key focus, with a combination of market-oriented and administrative measures expected to optimize crude steel supply [4] - Recommended stocks include: - General steel sector: Hualing Steel, Baosteel, Nanjing Steel [4] - Special steel sector: Xianglou New Materials, CITIC Special Steel, Yongjin Co. [4] - Pipe materials: Jiuli Special Materials, Youfa Group, Wujin Stainless Steel [4] - Suggested focus on high-temperature alloy stocks: Fushun Special Steel [4]

Investment Rating - The industry investment rating is optimistic [1] Core Viewpoints - The report suggests a strategy of buying on dips in anticipation of a peak season in September [1] Price Summary - The SW Steel Index is at 2,509, with a weekly increase of 2.5% and a year-to-date increase of 19.3% [4] - The SW General Steel Index is at 2,589, with a weekly increase of 2.7% and a year-to-date increase of 24.1% [4] - The price of rebar (HRB400 20mm) is 3,330 CNY/ton, showing a weekly decrease of 0.6% and a year-to-date decrease of 2.3% [4] - The iron ore Platts index is at 102 USD/ton, with a weekly increase of 2.2% and a year-to-date increase of 1.5% [4] Inventory Summary - Total social inventory of five major steel products is 962,000 tons, with a weekly increase of 2.2% and a year-to-date increase of 26.8% [5] - Total inventory at steel mills is 413,000 tons, with a weekly increase of 0.8% and a year-to-date increase of 17.9% [5] - Port inventory of iron ore is 13,715,000 tons, with a weekly increase of 0.4% and a year-to-date increase of 7.7% [5] Supply and Demand - The report indicates a steady production level, with weekly output of five major steel products at approximately 1,000,000 tons [9] - The average daily molten iron production is projected to remain stable [9] Stock Performance - The report highlights the stock performance of several companies, with notable increases in some stocks while others have seen declines [19]

Investment Rating - The industry investment rating is positive, indicating a favorable outlook for the sector [1][22]. Core Viewpoints - The report emphasizes optimism for the steel industry during the peak seasons of September and October, suggesting that the current price declines should not deter investment [1]. - The report highlights that the overall inventory levels for major steel products have shown a slight increase, which may impact future pricing dynamics [4]. - The report notes that the average daily production of molten iron is projected to remain stable, indicating a balanced supply-demand scenario [8]. Summary by Sections Price Trends - The SW Steel Index has decreased by 2.2% week-on-week but has increased by 16.4% year-to-date [3]. - The price of rebar (HRB400 20mm) is currently at 3,350 CNY per ton, reflecting a week-on-week decline of 2.9% and a year-to-date decrease of 1.8% [3]. Inventory Levels - The total social inventory of the five major steel products stands at 941,000 tons, with a year-to-date increase of 2% [4]. - The total inventory at steel mills is reported at 410,000 tons, which has increased by 16.9% year-to-date [4]. Supply and Demand - The report indicates that the average daily production of major steel products is expected to remain consistent, supporting stable market conditions [8]. - The report also mentions that the iron ore price index is currently at 99 USD per ton, down by 3.5% week-on-week [3].

Core Viewpoint - Liu Steel Co., Ltd. (601003.SH) has been penalized by the Guangzhou Railway Supervision Administration for failing to conduct regular inspections and maintenance on its coking plant's coal unloading area, leading to a railway accident on June 20, 2025 [2][3]. Group 1: Administrative Penalty - Liu Steel was fined 60,000 yuan for violating the Railway Safety Management Regulations, specifically for neglecting the maintenance of the railway tracks which resulted in a derailment incident [2][3]. - The penalty was issued on July 25, 2025, under the provisions of the Administrative Penalty Implementation Measures for Violations of the Railway Safety Management Regulations [2][3]. Group 2: Legal Execution Information - On June 20, 2025, Liu Steel was also subject to a legal execution order from the Liu Bei District People's Court, with an execution amount of 500 yuan [4]. - The case number for this execution is (2025) Gui 0205 Zhi 1831 [4]. Group 3: Company Overview - Liu Steel is a large-scale steel enterprise in China, ranked among the top 500 companies in the country [6]. - The company has developed a product system comprising over 60 series and 500 varieties, widely used in various industries including automotive, home appliances, and energy [6]. - Liu Steel was established in 2000 with a registered capital of 256,279.32 million yuan, and its major shareholder is Guangxi Liu Steel Group Co., Ltd. [6]. Group 4: Stock Performance - As of July 31, 2025, Liu Steel's stock price closed at 6.34 yuan, reflecting a decline of 1.71% [7].

Group 1 - The core point of the article highlights that China Oriental Group's stock price increased by 10.47%, reaching HKD 2.11 per share, with a trading volume of HKD 33.7 million as of 10:01 AM on July 30 [1] - China Oriental Group Holdings Limited is a comprehensive integrated steel enterprise listed in Hong Kong, primarily selling steel billets, strip steel, H-beams, and cold-rolled sheets in the northern Chinese market, widely used in construction and machinery manufacturing [1] - The company has strengthened its competitive advantage in the steel industry by introducing ArcelorMittal, the world's largest steel group, as a strategic partner and major shareholder in 2007 [1] Group 2 - As of the 2024 annual report, China Oriental Group reported a total operating revenue of RMB 42.957 billion and a net profit of RMB 149 million [2]

Core Viewpoint - Ansteel Co., Ltd. (鞍钢股份) has shown a positive stock performance with a closing price of 2.89 yuan, reflecting a 3.96% increase on July 29, 2025, indicating investor confidence in the company [1] Company Overview - Ansteel Co., Ltd. is primarily engaged in the production and sale of steel products, including hot-rolled sheets, cold-rolled sheets, galvanized sheets, color-coated sheets, medium and heavy plates, wire rods, and large profiles [1] - The company is a significant player in the steel industry in China [1] Financial Performance - On July 29, 2025, the trading volume for Ansteel was 778,627 hands, with a total transaction amount of 220 million yuan [1] - The net inflow of main funds into Ansteel on the same day was 46.41 million yuan, accounting for 0.2% of its circulating market value [1] - The stock price fluctuated between 2.75 yuan and 2.91 yuan, with a volatility of 5.76% [1] Business Operations - Ansteel has announced that its imported iron ore business is entrusted to Ansteel Group International Economic and Trade Co., Ltd., utilizing a settlement method in RMB, which helps mitigate exchange rate fluctuation risks [1]

Investment Rating - The report maintains a positive outlook on the steel sector, emphasizing its mid-term investment value under the "anti-involution" policy context [9][14]. Core Viewpoints - The steel sector is expected to have fundamental support for mid-term investment value, driven by supply-side, cost, and profit release expectations [9][14]. - The "anti-involution" policy is seen as a short-term catalyst for realizing mid-term investment logic, with three favorable mid-term logic points identified [9][14]. Supply and Demand Logic - The ultra-low emission transformation is nearing completion, which is expected to reverse structural supply issues and serve as a mid-term capacity clearance tool [15]. - As of April 20, 2025, approximately 760 million tons of capacity have completed or partially completed ultra-low emission transformations [15]. - Downstream demand from infrastructure and shipbuilding industries is anticipated to grow, supporting steel price stabilization and profit release [15]. Cost Logic - The West Mangu project is set to commence production by the end of 2025, with an annual output of 120 million tons, potentially contributing nearly 5% to global supply [15]. - The project is expected to alleviate profit pressure on midstream steel companies from upstream raw material costs [15]. High Dividend Logic - With the completion of ultra-low emission transformations and capacity replacements, capital expenditures for steel companies are expected to decline [15]. - The report anticipates accelerated profit release for midstream steel companies, making high dividends a reality [15]. Steel Price Outlook - The report indicates that the steel price index is expected to continue rising, with a notable increase of 4.16% in the overall steel price index this week [35]. - The price of cold-rolled steel has seen a significant rise of 4.67% [35]. Inventory and Production Data - The report notes a weekly rebar consumption of 2.17 million tons, reflecting a week-on-week increase of 5.05% [16]. - Social inventory and steel mill inventory are showing signs of divergence, with expectations for continued improvement on the demand side [22]. New Energy Metals - The report highlights a significant year-on-year increase of 20.95% in lithium carbonate production in June 2025, reaching 71,890 tons [39]. - The demand for new energy vehicles remains strong, with June 2025 production of 1.1923 million units, a year-on-year increase of 24.11% [43]. Price Trends in New Energy Metals - The average price of battery-grade lithium carbonate has risen significantly, reaching 77,000 yuan per ton, a week-on-week increase of 17.56% [48]. - Nickel prices have also shown upward trends, with LME nickel settling at 15,330 USD per ton [48].