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 六 年 三 月 三 十 一 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。 鞍鋼股份有限公司 王 軍 承董事會命 執行董事兼董事長 中國遼寧省鞍山市 二零二六年三月三十日 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： | | --- | --- | --- | --- | --- ...

Investment Rating - The industry investment rating is positive [1] Core Viewpoints - The report suggests a cyclical recovery in the steel industry following the US-Iran conflict [1] - The report highlights the performance of various steel indices, indicating a mixed trend in price changes year-to-date [3] - The total inventory of five major steel products has increased significantly, indicating a potential oversupply situation [5] Price Performance - The Shanghai Composite Index is at 3,914 with a weekly decline of 1% and a year-to-date decline of 4% [3] - The SW Steel Index is at 2,678 with a weekly increase of 0.4% and a year-to-date increase of 6% [3] - Rebar prices (HRB400 20mm) are at 3,200 CNY/ton, showing a weekly decline of 0.3% and a year-to-date increase of 6% [3] Inventory - The total social inventory of five major steel products is 1,386 million tons, with a weekly decline of 1% and a year-to-date increase of 590% [5] - The total inventory at steel mills is 510 million tons, with a weekly increase of 22% and a year-to-date increase of 324% [5] - The port inventory of iron ore is 16,997 million tons, with a weekly decline of 0% and a year-to-date increase of 72% [5] Supply and Demand - The weekly output of five major steel products is projected to be around 1,000 million tons [9] - The average daily molten iron production is expected to be around 225 million tons [9] - The report indicates a potential mismatch between supply and demand, which could affect pricing and profitability in the industry [10]

Investment Rating - The industry investment rating is optimistic [1] Core Viewpoints - The report emphasizes the need for a quick recovery in steel demand post-holiday [1] - The overall performance of the steel sector has seen a decline, with the SW Steel Index down by 10.3% year-to-date [3] - The total inventory of five major steel products has increased by 8% week-on-week and 7% year-to-date, indicating a potential oversupply situation [5] Price Performance - The Shanghai Composite Index is at 3,957, down 3.4% year-to-date - The SW Steel Index is at 2,666, reflecting a year-to-date decline of 10.3% - Key steel prices include: - Rebar (HRB400 20mm) at 3,210 CNY/ton, down 1.5% week-on-week - Hot-rolled coil at 3,260 CNY/ton, down 0.6% week-on-week - Cold-rolled steel at 3,730 CNY/ton, up 0.8% week-on-week [3] Inventory Levels - Total social inventory of five major steel products stands at 1,410,000 tons, up 8% week-on-week - Total inventory at steel mills is 535,000 tons, up 7% week-on-week - Iron ore port inventory is at 17,103,000 tons, unchanged week-on-week [5] Supply and Demand - The report indicates a need for demand recovery to balance the current oversupply in the market - The weekly output of five major steel products is projected to be monitored closely to assess market conditions [8][11]

Investment Rating - The industry investment rating is "Positive" [1] Core Viewpoints - The report emphasizes the expectation of stable growth driven by the Two Sessions, with a focus on "anti-involution" measures [1] Price Performance - The SW Steel Index is at 3,023, with a weekly change of -3.5% and a year-to-date change of 13.6% [3] - The price of rebar (HRB400 20mm) is 3,170 CNY/ton, with a year-to-date change of -4.5% [3] - The iron ore price index is at 101 USD/ton, reflecting a year-to-date decrease of 6.6% [3] Inventory - Total social inventory of five major steel products is 1,402,000 tons, with a weekly increase of 8.3% and a year-to-date increase of 60.8% [5] - Steel mill inventory stands at 549,000 tons, with a weekly increase of 31.9% and a year-to-date increase of 42.4% [5] - Port inventory of iron ore is 17,123,000 tons, with a weekly increase of 0.2% and a year-to-date increase of 7.9% [5] Supply and Demand - The weekly output of five major steel products is projected to be around 1,000,000 tons [9] - Daily average molten iron production is expected to reach approximately 240,000 tons [9] - The report indicates a steady demand for rebar, with a focus on maintaining production efficiency [15]

Group 1 - The steel sector in A-shares experienced a strong afternoon rally, with significant interest from investors, leading to multiple stocks hitting their daily limits, including Baodi Mining and others [1] - The overall market sentiment towards the steel industry has improved, reflecting optimism about the sector's future performance [1] Group 2 - Recent supportive policies have been crucial for the steel industry's development, with a comprehensive support system established to ensure stable long-term growth [2] - A joint document from five government departments outlines the steel industry's growth targets, aiming for an average annual increase of about 4% in value added from 2025 to 2026, focusing on capacity regulation, product optimization, high-end upgrades, green transformation, and consumption expansion [3] - Additional supportive measures include incentives for equipment upgrades and a push for green transformation, which are expected to enhance demand for high-end steel products and improve profitability for steel companies [4] Group 3 - Three key areas within the steel industry are expected to benefit from structural opportunities: high-end special steel and alloy materials, green low-carbon transformation, and recovery in downstream demand [5][6] - The demand for high-performance special steel is projected to grow at over 8% annually by 2026, significantly outpacing ordinary steel, driven by manufacturing upgrades and emerging industries [5] - The investment scale for green transformation in the steel industry is expected to exceed 500 billion yuan over the next two years, benefiting related sectors such as environmental governance equipment and energy-saving technology services [6][7] - The recovery of traditional manufacturing sectors like automotive and home appliances, along with the promotion of steel structures in construction and new energy infrastructure, is anticipated to boost demand for various steel products [8]

Investment Rating - The industry investment rating is optimistic [1] Core Viewpoints - The report indicates that the steel sector remains resilient despite macroeconomic fluctuations [1] - The overall performance of the steel sector is expected to outperform the Shanghai and Shenzhen 300 Index by over 10% in the next six months [22] Price Performance - The SW Steel Index has shown a year-to-date increase of 7.1% [4] - The price of rebar (HRB400 20mm) is at 3,240 CNY per ton, reflecting a year-to-date increase of 24% [4] - The price of hot-rolled steel is at 3,250 CNY per ton, with a slight year-to-date decrease of 0.3% [4] Inventory - The total social inventory of five major steel products is 890,000 tons, with a weekly increase of 2.6% and a year-to-date increase of 2.1% [6] - The total inventory at steel mills is 388,000 tons, with a weekly increase of 0.2% and a year-to-date increase of 0.6% [6] - The port inventory of iron ore stands at 17,019,000 tons, with a weekly increase of 1.5% and a year-to-date increase of 7.3% [6] Supply and Demand - The weekly output of five major steel products is projected to be stable, with daily molten iron production expected to maintain a steady rate [10] - The report highlights that the steel mills' profitability remains a key factor in the industry's performance [15]

Report Industry Investment Rating - Not mentioned in the provided content Core Viewpoints - The real estate industry's operating logic has fundamentally reversed, and the negative feedback loop of "credit contraction - construction collapse" in the ferrous metal industry is disintegrating. The black - series varieties are in the transition from the clearing of pessimistic expectations to the repair of credit premiums, and the market needs to re - evaluate downstream demand resilience and pricing structure changes [1]. - In 2026, the ferrous metal market will show the operating characteristics of "slowing decline in real estate, rising manufacturing demand, supply restrictions, and valuation repair but with limited height" [4]. - The end of the "Three Red Lines" policy and the successful debt extension of Vanke mark the shift of real estate policy from "rigid constraints" to "liquidity irrigation" and "credit reshaping", providing a buffer for the black industry chain [5]. - The demand for construction steel such as rebar will show "stock resilience" in 2026, and the risk premium in the black - series prices will decline, driving the basis to return and the valuation center of the futures market to rise [8]. - The internal differentiation trend of black - series varieties will be further strengthened. Rebar has some bottom support but limited upward driving force, while the demand for plates has clearer logic and medium - term support [11]. Summary by Directory 1. Black Metal Market Under Pressure with Structural Resilience - In 2026, the macro - economy is shifting from total expansion to structural optimization and kinetic energy switching. The demand logic of the ferrous metal industry is being reconstructed from "real - estate - dominated" to "driven by manufacturing and new infrastructure". The successful debt extension of Vanke provides a sample for judging the release rhythm of real - estate demand [4]. - The end of the "Three Red Lines" policy is a sign of the end of the "painful de - leveraging" stage in the real - estate industry, cutting off the risk chain of real - estate enterprise defaults spreading to the steel trading supply chain [5]. 2. Structured Evolution of Steel Demand in the Real - Estate "De - leveraging" Process - Real - estate enterprises have entered a new business model of "low debt, low growth, and high - quality". The demand for construction steel will show "stock resilience" in 2026, and the risk premium in black - series prices will decline [8]. 3. Re - balance of the Steel Industry Pattern: Shifting from Construction Steel to Manufacturing Steel - In the context of credit environment repair, the internal differentiation of black - series varieties will be further strengthened. Rebar has bottom support but limited upward driving force, while the demand for plates has clearer logic and medium - term support. The market should pay attention to the phased opportunities brought by credit repair [11].

Investment Rating - The industry investment rating is optimistic [1] Core Viewpoints - The report indicates a spring surge in the steel industry, suggesting a positive outlook for the sector [1] Price Performance - The SW Steel Index is at 2,897, with a weekly increase of 7.3% and a year-to-date increase of 8.9% [3] - The SW General Steel Index is at 2,688, with a weekly increase of 6.5% and a year-to-date increase of 6.8% [3] - The SW Special Steel Index is at 5,280, with a weekly increase of 7.6% and a year-to-date increase of 9.8% [3] - The price of rebar (HRB400 20mm) is 3,260 CNY/ton, showing a weekly decrease of 1.8% [3] - The price of hot-rolled steel is 3,310 CNY/ton, with a weekly decrease of 0.6% [3] - The iron ore Platts index is at 103 USD/ton, reflecting a weekly decrease of 2.5% [3] Inventory - The total social inventory of five major steel products is 867 million tons, with a weekly increase of 0.3% and a year-to-date decrease of 0.5% [5] - The total inventory at steel mills for five major products is 389 million tons, with a weekly increase of 2.1% and a year-to-date increase of 0.8% [5] - The port inventory of iron ore is 16,763 million tons, with a weekly increase of 1.3% and a year-to-date increase of 5.7% [5] Supply and Demand - The report provides insights into the production and demand dynamics within the steel industry, indicating trends in output and consumption [7][10][13]

Investment Rating - The industry investment rating is optimistic [1] Core Views - The report highlights a spring surge in the steel industry, indicating a positive market sentiment and potential growth opportunities [1] Price Performance - The SW Steel Index has increased by 7.3% week-on-week and 8.9% year-to-date, outperforming the Shanghai Composite Index which rose by 0.8% and the CSI 300 Index which decreased by 0.6% [3] - Specific steel products show varied price changes, with rebar (HRB400 20mm) priced at 3,260 CNY/ton, down 1.8% week-on-week [3] - Iron ore prices have seen a decline, with the Platts index at 103 USD/ton, down 2.5% [3] Inventory - Total social inventory of the five major steel products stands at 867 million tons, reflecting a slight increase of 0.3% week-on-week but a decrease of 0.5% year-to-date [4] - Steel mill inventory is at 389 million tons, up 2.1% week-on-week and 0.8% year-to-date [4] - Port inventory of iron ore is reported at 16,763 million tons, increasing by 1.3% week-on-week and 5.7% year-to-date [4] Supply and Demand - The report indicates a steady production rate, with weekly output of the five major steel products being monitored [7] - The average daily molten iron production is projected to remain stable, reflecting consistent demand in the market [7]

Core Insights - The Algerian steel industry is experiencing a positive start in early 2026, marked by the launch of Tosyali Group's first steel plate export operations [1] Group 1: Export Activities - Tosyali Group has initiated the export of approximately 22,000 tons of steel products, which are being shipped from Algiers and Oran ports to destinations including Poland, Latvia, Italy, and Tunisia [1] - The total expected revenue from these exports is around $13.5 million, with the primary products being hot-rolled steel plates and wire rods [1] Group 2: Production Expansion - Tosyali is advancing the expansion of its production capacity for cold-rolled, galvanized, and color-coated sheets, targeting high-value industries such as home appliances and automotive [1] - The new projects are anticipated to commence production in September, aiming to meet domestic demand while reducing imports and continuously increasing exports [1]