1. Report Industry Investment Rating No relevant content provided. 2. Core Views of the Report - Since achieving a net steel export in 2006, China's steel product export volume as a proportion of the global total has been on an upward trend. In recent years, due to tariff disturbances, the domestic steel export market has been expanding, with the export scale increasing year by year. The export volume exceeded 100 million tons in 2024 and reached a new high in 2025 [5][9]. - In 2025, steel exports showed several characteristics: a shift in the export variety structure with the increase coming from long - products, diversification of export countries with an increasing share of emerging markets, and a situation of increasing volume but decreasing price, indicating that the strong steel export was mainly supported by low - price advantages [5][12][16]. - Currently, the domestic price advantage remains, and there is an increase in overseas demand, so the resilience of steel exports still exists. However, there are also more challenges in the future, such as intensified trade frictions, domestic policy adjustments, the EU carbon tariff policy, the recovery of overseas supply, and the pressure of RMB appreciation [5][23][26]. - In summary, weak domestic demand forced steel mills to increase exports, and with good price advantages, steel exports in 2025 were strong, alleviating domestic pressure. However, with the increase of challenges, the resilience of steel exports will be impacted, and the direct export volume may decline from its peak [5][44][47]. 3. Summary by Directory 3.1 2025 Steel Exports Reached a New High - China is the world's largest steel producer, and its steel export pattern affects the global steel product trade pattern. In 2025, despite trade barriers, the steel export volume continued to grow. The cumulative export volume of steel products in 2025 was 119.02 million tons, a year - on - year increase of 830,000 tons or 7.50%. Meanwhile, steel imports remained sluggish, with an import volume of only 6.06 million tons in 2025, a year - on - year decrease of 75,000 tons or 11%. The export of steel billets also performed well in 2025, with the cumulative export volume from January to November reaching 1.33801 million tons, a year - on - year increase of 782,000 tons or 140.64%. The combined export increase of steel and steel billets was 1.7 million tons, effectively alleviating the weak domestic demand pressure [9]. - In 2025, steel exports had the following characteristics: - **Shift in export variety structure**: The export increase came from long - products. Due to the downturn in the real estate market, the surplus of domestic construction steel (long - products) increased, and exports became an important factor in adjusting domestic supply - demand balance. From January to November, the cumulative export volumes of bars, sections, and wire rods increased by 527,000 tons, 183,000 tons, and 29,000 tons respectively, with year - on - year growth rates of 43.95%, 34.33%, and 12.13%. In contrast, the export growth rate of plates slowed down, and the export of ordinary plates such as hot - rolled coils and cold - rolled coils was directly affected by anti - dumping measures [12]. - **Diversification of export countries**: Traditional markets were under pressure due to anti - dumping policies, but emerging markets were rising. Southeast Asian countries, the Middle East, Africa, and South America all showed an increase in steel imports from China [16]. - **Increasing volume but decreasing price**: In 2025, the total steel export volume was 119 million tons, a year - on - year increase of 7.50%, while the export value was 82.578 billion US dollars, a year - on - year decrease of 1.26%, indicating that the strong steel export was mainly supported by low - price advantages [19]. 3.2 Steel Exports Face More Challenges - **Reasons for the high - growth of steel exports in 2025**: On the one hand, the intensification of domestic supply - demand contradictions forced steel mills to increase exports. On the other hand, there was a significant cost advantage, and the price difference between domestic and overseas markets was the core driving force for steel exports. Currently, the resilience of steel exports still exists because the domestic price advantage remains, and there is an increase in overseas steel demand. The World Steel Association estimates that global steel demand will rebound moderately by 1.3% in 2026, reaching 1.773 billion tons [23]. - **Challenges in 2026**: - **Intensified trade frictions**: In recent years, the EU, South Korea, Vietnam and other countries have frequently launched "double - anti" investigations and imposed high tariffs on Chinese steel products, resulting in a decline in China's export share in these markets. In 2024, there were 33 original investigations on trade remedies for Chinese steel products, and in 2025, there were more than 150 investigations or arbitrations. In 2026, as the anti - dumping cases from 2024 - 2025 enter the final ruling stage, China's steel exports will face more extensive trade resistance [26]. - **Domestic export policy adjustment**: On December 12, 2025, the Ministry of Commerce and the General Administration of Customs decided to adjust the "Catalogue of Goods Subject to Export License Administration (2025)", including some steel products with 300 customs commodity codes in the catalogue. It is difficult to assess the actual impact of this policy on exports for now. If strictly implemented, large steel enterprises may be less affected, while small and medium - sized enterprises may face restrictions [29]. - **EU carbon tariff policy**: The EU carbon tariff (CBAM) officially started to be levied on January 1, 2026. Once the free quota is completely removed, the CBAM cost of exporting one ton of steel to the EU will increase by 140 - 160 euros, eroding the profit space of enterprises. The implementation of CBAM will significantly weaken China's price advantage in steel exports, and Chinese steel products will face a competitive situation of "being attacked from both inside and outside" in the EU market. In addition, the compliance threshold has been greatly increased, and the short - term export process will be blocked [31]. - **Recovery of overseas supply**: From January to November 2025, the crude steel output of overseas countries (excluding China) was 766.888 million tons, a year - on - year increase of 1.798 million tons or 0.24%. The emerging markets of India and Southeast Asia maintained high - growth, and the production capacities of Turkey and Iran were recovering. In addition, the weakening of the US dollar credit and the pressure of RMB appreciation will also suppress domestic steel exports [35]. 3.3 Conclusion - China's steel exports have been increasing year by year. In 2025, steel exports reached a new high, showing characteristics such as a shift in the export variety structure, diversification of export countries, and increasing volume but decreasing price. Currently, the resilience of steel exports still exists, but in the future, there will be more challenges, and the direct export volume may decline from its peak [45][47].

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]

Core Viewpoint - During the "14th Five-Year Plan" period, Boxing County is committed to high-quality development, focusing on stabilizing growth, promoting reforms, optimizing structures, improving people's livelihoods, and preventing risks, leading to steady improvements in comprehensive strength and industrial structure [1] Group 1: Industrial Development - The county has established a "672N" modern industrial system, forming a multi-dimensional development pattern with leading industries, benefiting industries, and emerging industries [2] - Six major leading industries, including petroleum and fine chemicals, food processing, commercial kitchenware, new metal materials, modern logistics, and modern services, have shown significant scale effects [2] - The industrial revenue for 2024 is projected to reach 1,753.95 billion yuan, an increase of 217.87 billion yuan from 2020 [3] Group 2: Economic Growth - The GDP of Boxing County is expected to grow from 379.77 billion yuan in 2020 to 510.74 billion yuan in 2024, with an average annual growth rate of 6.1% [4] - The per capita GDP is projected to rise from 74,810 yuan in 2020 to 101,027 yuan in 2024, reflecting a growth rate of 6.2% [4] - Public budget revenue is expected to increase from 31.61 billion yuan in 2020 to 41.70 billion yuan in 2024, with an average annual growth of 7.2% [4] Group 3: Investment and Consumption - Fixed asset investment is projected to grow at an average annual rate of 9.4% from 2021 to 2024, with private investment increasing by 29.5% [5] - The total retail sales of consumer goods are expected to reach 137.2 billion yuan in 2024, 1.3 times that of 2020, with an average annual growth of 7.7% [5] - The retail sales of smart home appliances are projected to reach 0.37 billion yuan in 2024, 1.9 times that of 2020, indicating a clear trend of consumption upgrading [5] Group 4: Innovation and Technology - R&D expenditure is expected to increase from 1.571 billion yuan in 2020 to 2.13 billion yuan in 2024, with an average annual growth of 7.91% [6] - The proportion of high-tech industry output value in the industrial output is projected to reach 51.03% in 2024, an increase of 12.01 percentage points from 2020 [6] Group 5: Social Welfare - The per capita disposable income for residents is expected to reach 39,977 yuan in 2024, with urban and rural incomes increasing significantly [7] - The total grain production is projected to reach 521,000 tons in 2024, with a stable annual growth rate of 1.58% [7] Group 6: Infrastructure and Openness - The county's energy consumption per unit of GDP is expected to decrease by 12.5% by 2024, reflecting a commitment to green development [8] - The total number of market entities is projected to reach 65,000, with significant achievements in attracting investment and foreign trade [8]

Group 1: Company Development Strategy - The company will focus on high-end, intelligent, and green development, aligning with national strategies and market demands [2] - Emphasis on integrating new information technology with production processes to create a smart manufacturing model [2] - Commitment to ecological priorities and green development through carbon reduction and resource recycling [2] Group 2: Product Competitiveness - The company offers a comprehensive product range including hot-rolled sheets, cold-rolled sheets, galvanized sheets, and seamless steel pipes [2][3] - Products are widely used across various industries such as machinery, metallurgy, petrochemicals, and construction [2] - Leading position in shipbuilding steel certification and stable supply of high-tech shipbuilding steel [2][3] Group 3: Advanced Product Capabilities - Automotive steel products can achieve strength levels up to 2000MPa and include advanced features like aluminum-silicon coating [3] - Full production capability for non-oriented silicon steel with applications in mainstream automotive and electrical industries [3] - Increasing proportion of high-grade oriented silicon steel supplied to major transformer manufacturers [3]

Group 1: Financial Performance - The company's net profit attributable to shareholders for the first three quarters of 2025 was -20.4 billion, a decrease of 59.87% year-on-year, primarily due to pressures in the steel market [2] - Cost reduction measures achieved a decrease of 90 yuan per ton of steel compared to the previous year [2] Group 2: Future Development Plans - The company will focus on high-end, intelligent, and green development, aligning with national development strategies and market demands [2] - Plans to integrate new information technologies into production and management processes to create a new model of intelligent manufacturing [2] - Emphasis on ecological priority and green development, targeting carbon reduction and resource recycling [2] Group 3: Product Competitiveness - The company offers a comprehensive product range including hot-rolled sheets, cold-rolled sheets, galvanized sheets, and seamless steel pipes, widely used across various industries [3] - Leading position in shipbuilding steel certification and stable supply of high-tech ship steel [3] - Capability to produce high-strength automotive steel and a full range of silicon steel products for energy applications [3] Group 4: Raw Material Procurement - Iron ore procurement mainly comes from the Ansteel Group and imports, with domestic procurement being higher [3] - Coal procurement is primarily domestic, with strategic partnerships with major state-owned coal mines [3]

Group 1 - The core viewpoint of the article is that the majority of steel products' prices remain stable compared to October, with some varieties experiencing price increases due to high steel production and inventory levels, leading to a relaxed supply-demand situation that hinders sustained price recovery [1][2] - The prices of various steel products such as thick plates, hot-rolled coils, and cold-rolled products remain unchanged from October, while hot-dip galvanized and electro-galvanized steel prices have increased by 100 yuan per ton [1] - Domestic consumption is currently stable, with potential for increased orders in seasonal consumption sectors, although demand for construction steel is constrained by financial and emotional factors [1][2] Group 2 - Steel production remains at a certain scale, with stable orders for specialty steel, but the overall price recovery of steel is limited due to pressure from common materials [2] - Overseas retail and manufacturing consumption is holding up, with liquidity from interest rate cuts promoting investment and consumption, providing a supportive backdrop for domestic steel prices [2] - The adjustment of steel prices by major steel enterprises for November is primarily to address the high production levels and increasing inventory, with a focus on the specialty steel market moving forward [2]

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： | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | -- ...

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]

1. Report Industry Investment Rating - Zinc: Bearish [5] 2. Core Viewpoints of the Report - Zinc demand is weakening, and it's unlikely to improve before the peak season. The decline in demand mainly comes from small and medium - sized factories, while large factories will maintain production to support rigid demand. The profitability of enterprises is deteriorating, and the industry's prosperity is declining. In terms of investment, a high - short strategy is recommended, along with positive spreads arbitrage in the medium - term [1][2][38] 3. Summary According to the Directory 3.1 Research Objects - The research focused on galvanizing and hot - dip galvanizing alloy enterprises in Tianjin. The sample mainly included medium - to large - scale production enterprises, covering galvanized pipes, galvanized sheets, and hot - dip galvanizing alloy enterprises, with terminal customers in various fields such as real estate, infrastructure, home appliances, and exports [12] 3.2 Core Research Conclusions and Analysis - **Early Demand Resilience and Bright Coated Orders**: At the beginning of the year, the demand was relatively strong, especially for coated orders. However, recently, the orders of downstream customers have weakened significantly, and the finished products of manufacturers have started to accumulate inventory [14] - **Weakening Galvanizing Demand**: Most manufacturers are cautious about future demand. Galvanizing orders are unlikely to recover significantly during the off - season from June to August. Zinc - aluminum - magnesium orders depend on policy support, and export orders are expected to weaken. Although there may be a restocking effect in late August and an improvement in orders during the peak season, manufacturers are not optimistic about the support strength and sustainability [15] - **Deteriorating Corporate Profits**: Galvanizing processing fees have been declining, and the competition among enterprises is intense. The zinc cost accounts for over 40% of the total cost. This year, most galvanizing production lines are operating at a loss, and the cash flow of small and medium - sized factories is under pressure [26] - **Limited Downstream Purchasing Power**: Downstream large factories maintain stable raw material inventories, while small and medium - sized factories have rigid - demand inventories. Due to the off - season and inventory accumulation, the downstream's willingness to purchase raw materials is limited [27] 3.3 Investment Recommendations - Adopt a high - short strategy. When there is a boost from macro - sentiment in the short term, consider adding positions on rebounds, but also pay attention to the support at previous lows. For arbitrage, positive spreads arbitrage is recommended after the end of the reverse spreads trend. In the medium - term, maintain a positive spreads arbitrage strategy between domestic and foreign markets [38] 3.4 Research Minutes - **Galvanizing and Zinc Alloy Enterprise A**: It mainly produces cold - rolled sheets, galvanized sheets, and zinc - aluminum - magnesium alloys. The annual production capacity is 3 million tons, with about one - third for export. The company maintains a high - level of production, but the photovoltaic orders are poor. It expects orders to improve in the later stage of the third quarter [44][45] - **Galvanized Pipe Enterprise B**: It mainly produces welded pipes and galvanized pipes. The annual production capacity is 600,000 tons of welded pipes and 160,000 tons of hot - dip galvanized pipes. The company's orders have been declining for years, and it is operating at a loss this year. It expects a limited improvement in orders in the second half of the year [50][51] - **Galvanized Pipe Enterprise C**: It is a leading steel pipe enterprise. The galvanized pipe production accounts for about half of the national total. The company's orders are decreasing year by year, and it is cautious about the improvement in the peak season [56][57] - **Galvanizing Enterprise D**: It mainly produces hot - dip galvanizing alloys and coated sheets. The annual production is about 250,000 tons. The company is operating at 50% capacity due to weak orders. It expects the peak - season demand to depend on the restocking in August [64][65] - **Galvanizing Alloy Enterprise E**: It focuses on zinc - aluminum - magnesium and coated orders. The company's coated orders are strong, but the zinc - aluminum - magnesium orders have declined significantly since June. The profitability mainly comes from futures operations and spot hedging [71][72] - **Galvanizing Enterprise F**: It mainly produces galvanized products. The company is operating at full capacity and is optimistic about its own development, but not about the industry as a whole. The processing fee is about 200 yuan/ton, with a profit of 10 - 20 yuan/ton [78][79] - **Galvanized Sheet Enterprise G**: It focuses on processing and selling strip steel, color plates, and building decoration plates. The company's orders have declined recently, and it is operating at a loss. The finished products have accumulated inventory [86][87]