Core Viewpoint - The average stock price in the A-share market is 14.08 yuan, with 20 stocks priced below 2 yuan, the lowest being *ST Yuan Cheng at 0.58 yuan [1] Summary by Category Stock Price Distribution - As of November 13, the Shanghai Composite Index closed at 4029.50 points, with the average A-share price at 14.08 yuan [1] - There are 20 stocks priced below 2 yuan, with *ST Yuan Cheng being the lowest at 0.58 yuan, followed by *ST Su Wu at 0.98 yuan and *ST Jin Ke at 1.47 yuan [1] - Among the low-priced stocks, 8 are ST stocks, accounting for 40% of the total [1] Market Performance - Out of the low-priced stocks, 16 saw an increase today, with the highest gains from ST Yi Gou (5.29%), *ST Jin Ke (5.00%), and Rongsheng Development (4.73%) [1] - Only 2 stocks experienced a decline, with ST Ling Nan and *ST Hui Feng dropping by 1.03% and 0.53%, respectively [1] Low-Priced Stock Rankings - A detailed ranking of low-priced stocks includes: - *ST Yuan Cheng: Latest closing price 0.58 yuan, market-to-book ratio 0.27, industry: construction decoration [1] - *ST Su Wu: Latest closing price 0.98 yuan, daily turnover rate 1.97%, industry: pharmaceutical [1] - *ST Jin Ke: Latest closing price 1.47 yuan, daily increase 5.00%, industry: real estate [1] - Other notable stocks include Chongqing Steel (1.59 yuan), Yongtai Energy (1.63 yuan), and Shandong Steel (1.65 yuan) [1]

Core Points - The average stock price of A-shares is 13.93 yuan, with 20 stocks priced below 2 yuan, the lowest being *ST Yuan Cheng at 0.58 yuan [1] - As of November 12, the Shanghai Composite Index closed at 4000.14 points, indicating a relatively low proportion of both high-priced and low-priced stocks in the A-share market [1] - Among the low-priced stocks, 8 are ST stocks, accounting for 40% of the total [1] Low-Priced Stocks Summary - The lowest priced stock is *ST Yuan Cheng at 0.58 yuan, followed by *ST Su Wu at 0.98 yuan and *ST Jin Ke at 1.40 yuan [1] - In terms of market performance, 4 of the low-priced stocks increased in price, with Haihang Holdings, *ST Hui Feng, and *ST Su Wu showing gains of 1.09%, 1.08%, and 1.03% respectively [1] - Conversely, 12 stocks declined, with Chongqing Steel, Rongsheng Development, and Yabo Co. experiencing drops of 1.88%, 1.74%, and 1.53% respectively [1] Low-Priced Stocks Table - The table lists various low-priced stocks along with their latest closing prices, daily price changes, turnover rates, price-to-book ratios, and industries [1]

Core Viewpoint - The successful launch of the Simandou iron ore project in Guinea is expected to significantly alter the iron ore supply landscape and enhance the pricing power of Chinese companies in the iron ore market, potentially reducing production costs for steel companies and increasing their profitability [1][2][3]. Group 1: Project Launch and Supply Impact - The Simandou project has commenced production, with the first batch of iron ore being exported, which may disrupt the monopoly of the four major iron ore suppliers [1][3]. - Simandou is noted for having the largest and highest-quality undeveloped iron ore reserves globally, with an average grade exceeding 65% and an annual capacity of 120 million tons, positioning it as a potential fifth major mine [1][2]. Group 2: Chinese Companies' Influence - Chinese enterprises hold significant equity stakes in the Simandou project, with China Baowu holding 7.99% and potentially increasing its stake to 43.35%, while Chinalco holds 35.25% [2]. - The shift towards a pricing and settlement system based on the Chinese yuan is gaining traction, with major global miners beginning to adopt this model for trade with China [2]. Group 3: Market Outlook and Investment Opportunities - The iron ore supply is expected to remain in surplus, with production growth rates projected at approximately 1%, 5%, and 3.6% from 2025 to 2027, potentially leading to downward pressure on iron ore prices [3]. - The combination of low capital expenditure and stable profitability is anticipated to enhance the dividend capacity of steel companies, reinforcing the mid-term investment value of the steel sector [3]. Group 4: Recommended Stocks - Recommended stocks in the steel sector include Nanjing Steel (600282.SH), CITIC Special Steel (000708.SZ), and Shandong Steel (600022.SH), which are expected to benefit from optimized product structures and improved profitability [4].

Meeting Overview - The third extraordinary general meeting of shareholders was held on November 11, 2025, at the company's headquarters in Jinan, Shandong Province [2] - The meeting was convened by the board of directors and chaired by Mr. Wang Xiangdong, with voting conducted both on-site and online [2] Attendance - Out of 8 current directors, 5 attended the meeting, while the chairman and two independent directors were absent due to official duties [3] - Among the 3 current supervisors, only 1 attended, with the chairman and another supervisor absent for official reasons [3] - The general manager and the financial officer also attended the meeting [3] Resolutions Passed - The proposal to cancel the supervisory board and amend the business scope along with the revision of the Articles of Association was approved [4] - The proposal to supplement the eighth board of directors was also approved [4] Voting Details - The first proposal required a special resolution and was passed with more than two-thirds of the voting rights held by attending shareholders [5] - The second proposal was a general resolution and was passed with more than half of the voting rights held by attending shareholders [5] - Separate counting of votes for minority shareholders was conducted for both proposals [5] Legal Verification - The meeting was witnessed by Beijing Dacheng (Jinan) Law Firm, with lawyers confirming the legality of the meeting's procedures and results [5]

Core Viewpoint - The company is actively expanding its exports to the European Union, with a focus on specific product categories and projected export volumes for the coming years [2]. Group 1: Export Strategy - The company aims to enhance its market presence in the EU by focusing on key overseas regions [2]. - In 2024, the company plans to export approximately 75,000 tons of products to the EU [2]. - For the first three quarters of 2025, the company anticipates exporting another 75,000 tons to the EU, primarily consisting of hot-dip galvanized sheets, section steel, and special steel [2].

Investment Rating - The industry investment rating is maintained as "Positive" [5] Core Insights - The successful commissioning of the Simandou project is expected to significantly alter the iron ore supply landscape, with the project having a production capacity of 120 million tons per year and an average grade exceeding 65% [8] - Chinese enterprises hold substantial equity in the Simandou project, enhancing their influence over iron ore pricing and settlement systems, which may lead to a transformation in the pricing dynamics of iron ore [8] - The mid-term outlook suggests an oversupply of iron ore, which could lead to a decline in prices, benefiting the cost structure of the steel industry and potentially increasing profit margins for steel companies [8] Summary by Sections Investment Recommendations and Targets - For the steel sector, it is recommended to focus on companies with optimized product structures and stable profitability, such as Nanjing Steel (600282, Buy), CITIC Special Steel (000708, Buy), and Shandong Steel (600022, Buy) [3] - Other companies mentioned include Hualing Steel (000932, Not Rated) and Sansteel Minguang (002110, Not Rated) [3] Industry Overview - The Simandou iron ore project is poised to disrupt the current dominance of the four major iron ore suppliers, potentially becoming the fifth largest mine globally [8] - The project is expected to enhance the bargaining power of Chinese companies in the iron ore market, with a shift towards using the Dalian Commodity Exchange's iron ore futures prices as a benchmark for trade [8] - The anticipated increase in iron ore production from various global mining projects may lead to a supply surplus, impacting pricing and profitability in the steel sector [8]

关于山东钢铁股份有限公司 2025年第三次临时股东会的 法律意见书 BEIJING DACHENG LAW OFFICES, LLP (JINAN) 济南市历下区龙奥北路 8 号玉兰广场 4 号楼 7-8 层 (250101) 7-8/F, Building 4, Yulan Plaza, No.8 LongAo North Road, Lixia District, 250101, Jinan, China Tel: +86 531-88878388 Fax: +86 531-88726767 北京大成(济南)律师事务所 关于山东钢铁股份有限公司 2025 年第三次临时股东会的法律意见书 致:山东钢铁股份有限公司 大成 DENTONS 大成 is Dentons' Preferred Law Firm in China. 北京大成(济南)律师事务所 www.dentons.cn 根据《中华人民共和国证券法》(以下简称"《证券法》")、《中华 人民共和国公司法》(以下简称"《公司法》")和中国证券监督管理委 员会《上市公司股东会规则》(以下简称"《股东会规则》")等法律、 法规和其他有关规范性文件的要求,北京 ...

证券代码：600022 证券简称：山东钢铁 公告编号：2025-054 山东钢铁股份有限公司 2025年第三次临时股东会决议公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 本次会议是否有否决议案：无 一、 会议召开和出席情况 (一)股东会召开的时间：2025 年 11 月 11 日 (二)股东会召开的地点：山东省济南市钢城区府前大街 99 号公司总部办公楼 704 会议室 (三)出席会议的普通股股东和恢复表决权的优先股股东及其持有股份情况： | 1、出席会议的股东和代理人人数 | 1,060 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 6,384,223,596 | | 3、出席会议的股东所持有表决权股份数占公司有表决权股 | 60.5407 | | 份总数的比例（%） | | (四)表决方式是否符合《公司法》及《公司章程》的规定，会议主持情况等。 会议由公司董事会召集，出席董事一致推选董事王向东先生主持会议。会议 采取现场与网络投票方式，对需审议议案进行记名投 ...

Core Insights - The average stock price in the A-share market is 13.96 yuan, with 21 stocks priced below 2 yuan, the lowest being *ST Yuan Cheng at 0.58 yuan [1][1][1] Low-Priced Stocks Overview - Among the low-priced stocks, 9 are ST stocks, accounting for 42.86% of those priced below 2 yuan [1][1] - The stocks with the highest daily gains include Yabo Co., ST Zhongzhu, and Chongqing Steel, with increases of 4.81%, 2.06%, and 1.91% respectively [1][1] - The stocks with the largest declines are *ST Suwu, Yongtai Energy, and HNA Holding, with decreases of 1.02%, 0.61%, and 0.54% respectively [1][1] Low-Priced Stocks Ranking - The table lists various low-priced stocks along with their latest closing prices, daily change percentages, turnover rates, price-to-book ratios, and industries, highlighting the performance of these stocks in the market [1][1][1]

Investment Rating - The report maintains a "Buy" rating for several steel companies, including Hualing Steel, Baosteel, Nanjing Steel, and others [3][4]. Core Views - The steel industry is gradually entering the off-season, with differentiated performance among various products. Steel production and apparent consumption are both declining, indicating seasonal characteristics. Inventory reduction rates are similar to previous years, but absolute inventory levels remain high. Steel mill profits are at low levels, and a seasonal downward trend is expected in both supply and demand [3][4]. - The report highlights that the production structure is changing, with some steel mills shifting from rebar production to plate production due to weak real estate demand. This has led to an increase in plate production and a decrease in rebar production, with supply changes outpacing demand changes in the short term [3][4]. Summary by Sections Price Trends - As of November 7, 2025, steel prices have decreased, with rebar priced at 3200 CNY/ton, down 10 CNY/ton from the previous week. Hot-rolled and cold-rolled prices also saw declines of 60 CNY/ton and 50 CNY/ton, respectively [1][10]. Production and Inventory - Total steel production for the week was 8.57 million tons, a decrease of 185,500 tons from the previous week. Social inventory decreased by 20,400 tons to 10.7383 million tons, while steel mill inventory fell by 80,900 tons [2][3]. Profitability - Steel mill profits have declined, with rebar, hot-rolled, and cold-rolled margins decreasing by 7 CNY/ton, 38 CNY/ton, and 10 CNY/ton, respectively. Electric arc furnace steel margins also fell by 14 CNY/ton [1][3]. Investment Recommendations - The report recommends several stocks, including Hualing Steel, Baosteel, Nanjing Steel, and others, highlighting their potential for recovery in profitability due to capacity regulation and precise management [3][4].