Core Insights - The steel industry is experiencing a dual decline in supply and demand, with structural optimization and marginal profit improvement. Supply side: total contraction and structural differentiation, with capital expenditure continuing to show weak growth. The steel industry's capital expenditure has been slowing for four consecutive years, entering negative growth in 2025 due to multiple factors including "anti-involution" policies, a downturn in the real estate sector, and limited infrastructure support [2][10] - The domestic crude steel consumption has decreased significantly, with a 6.4% year-on-year decline in demand from January to October 2025, amounting to 710 million tons. The demand in traditional steel usage areas remains weak, particularly in real estate and infrastructure [2][32] - Exports have become a crucial support for the steel industry, with steel exports reaching 97.74 million tons from January to October 2025, a 6.4% increase year-on-year. The total annual export volume is expected to exceed 110 million tons, effectively offsetting the pressure from declining domestic demand [2][48] Group 1: Marginal Improvement in the Steel Industry - The average steel price has continued to decline, with the comprehensive price index for ordinary steel dropping to 3,447 yuan/ton as of November 24, 2025, down approximately 200 yuan from the year's peak [10][60] - The profit margin of the steel industry has shown significant improvement, with the gross profit margin reaching 6.4% in Q3 2025, marking a recovery from the low levels seen since 2022 [13][15] - The proportion of loss-making enterprises in the steel industry has slightly decreased but remains high at 37.18%, indicating ongoing challenges within the industry [17] Group 2: PPI Turnaround Expectations - The Producer Price Index (PPI) for the steel industry is expected to turn positive by Q2 2026, driven by improvements in supply structure and demand dynamics [53][60] - Historical data shows that the steel industry plays a significant role in PPI fluctuations, with past PPI turnarounds in 2016 and 2021 coinciding with significant steel industry performance [54][60] - The steel industry accounts for approximately 5.9% of the PPI, making its price movements critical for overall industrial price trends [53][54] Group 3: Investment Recommendations - The report suggests focusing on high-efficiency, low-emission regional leading enterprises such as Hualing Steel, Shougang, and Shandong Steel, as well as companies with strong growth potential like Baosteel and Nanjing Steel [4][60] - The steel sector is viewed as having strong "anti-involution" attributes and significant profit recovery potential, making it a strategic investment opportunity for the medium to long term [4][60] - The report emphasizes the importance of monitoring the performance of small and medium-sized steel companies, particularly those with strong earnings growth and valuation appeal [4][60]

Core Viewpoint - The steel industry is expected to experience a reduction in production capacity and an improvement in quality, leading to stabilization in prices and profits in 2026 [1] Group 1: Supply - A new capacity replacement policy is set to be implemented, which is expected to continue reducing crude steel production in 2026 [6] - The capacity replacement policy will increase the reduction ratio in non-key areas to at least 1.5:1, enhancing long-term capacity constraints [14][18] - The overall crude steel production is anticipated to decrease year-on-year due to differentiated production restrictions and proactive production control by enterprises [6][28] Group 2: Demand - Investment stability and domestic demand expansion are expected to lead to a recovery in steel demand in 2026 [6] - The construction sector is projected to see a recovery in fixed asset investment, supported by policies aimed at stabilizing the real estate market [36] - Manufacturing sectors such as automotive, machinery, and home appliances are expected to maintain growth in steel demand due to supportive policies [6][57] Group 3: Costs - Steel cost pressures are expected to continue easing in 2026, with iron ore supply slightly increasing and demand stabilizing [6][61] - The global iron ore supply is projected to see a slight increase, with the four major mining companies expected to have a production growth rate of about 1.8% in 2026 [66] - The overall balance between iron ore supply and demand is expected to remain weak, with prices anticipated to fluctuate downward [6][61] Group 4: Prices and Profits - The reduction in production and improvement in quality are expected to help stabilize steel prices and profits in 2026 [6] - Demand for flat steel is expected to remain stronger than for long steel, with policies aimed at further tapping into consumption potential [6] - The anticipated decline in crude steel production, primarily driven by loss-making enterprises and policy-induced reductions, will contribute to a mild improvement in the steel supply-demand landscape [6] Group 5: Investment Recommendations - The report suggests focusing on leading companies in the ordinary steel sector and those involved in restructuring and integration, such as Baosteel, Hualing Steel, and Nanjing Steel [6] - In the special steel sector, high-performance steel products are encouraged, with companies like Jiuli Special Materials and Yongjin Co. expected to benefit from policy support [6][7]

Core Viewpoint - Maanshan Iron & Steel Company (600808.SH) has indicated that its special steel products are primarily used in rail transit, energy equipment, automotive and engineering machinery, bearing steel, as well as high-end manufacturing fields including mold steel and offshore steel. The company has not yet developed technical reserves or market expansion in aerospace special steel [1] Group 1 - The company's special steel products are utilized in various sectors such as rail transit and energy equipment [1] - The applications of the company's products also extend to automotive and engineering machinery, as well as bearing steel [1] - High-end manufacturing fields covered by the company include mold steel and offshore steel [1] Group 2 - The company has not initiated any technical reserves or market development in the aerospace special steel sector [1]

Core Viewpoint - The report highlights a significant decline in China's crude steel production, indicating a downward trend in the industry for the year 2025, with a notable year-on-year decrease of 12.1% in October alone [1]. Industry Overview - As of October 2025, China's crude steel production reached 0.7 million tons, reflecting a 12.1% year-on-year decline [1]. - From January to October 2025, the cumulative crude steel production in China was 8.2 million tons, which represents a 3.9% decrease compared to the same period in the previous year [1]. Companies Mentioned - The report references several listed companies in the steel industry, including Baosteel Co., Ltd. (600019), Ansteel Co., Ltd. (000898), Maanshan Iron & Steel Co., Ltd. (600808), Shagang Group (002075), Shougang Group (000959), Baotou Steel (600010), Taiyuan Iron & Steel (000825), Hualing Steel (000932), Hebei Iron & Steel (000709), and Bayi Steel (600581) [1]. Research Report - The insights are derived from a report by Zhiyan Consulting titled "Analysis of the Market Operation Status and Development Trends of China's Crude Steel Industry from 2026 to 2032," which provides a comprehensive analysis of the industry's future [1].

Core Viewpoint - In 2025, China Baowu Steel Group is committed to strengthening and optimizing its operations, aiming to build a world-class enterprise and contribute to China's modernization efforts through significant achievements in production, technological innovation, integration, and international expansion [3][36]. Group 1: Social Responsibility and Community Engagement - China Baowu donated 12 million yuan to support earthquake relief efforts in Dingri County, Tibet, following a 6.8 magnitude earthquake on January 7 [4][36]. Group 2: Innovation and Technological Advancements - The Taiyuan Iron and Steel Group's "hand-torn steel" innovation team was awarded the "Model of Central Enterprises" title for their breakthroughs in ultra-thin stainless steel materials, achieving a thickness of 0.015 mm [4][37]. - The "2526" project was launched to accelerate the application of AI technologies, aiming to drive management transformation and industrial upgrades [4][39]. - Baowu's "high furnace smelting precision prediction and intelligent control" scenario was recognized as one of the first high-value AI strategic scenarios by the State-owned Assets Supervision and Administration Commission [4][46]. Group 3: Corporate Governance and Strategic Meetings - The first expanded meeting of the Baowu Party Committee and the second workers' representative conference were held to outline the goals and key tasks for 2025 [4][38]. - The second Party Congress of China Baowu was convened to discuss high-quality development and the company's strategic direction [4][38]. Group 4: Mergers and Acquisitions - Baosteel announced a cash acquisition of 5.139 billion yuan for a 35.42% stake in Maanshan Iron & Steel Co., along with a 3.861 billion yuan capital increase, totaling an investment of 9 billion yuan [4][41]. Group 5: Recognition and Awards - Eight employees from Baowu were honored as national labor models, reflecting the company's commitment to excellence in the workforce [4][42]. - Baowu was ranked 73rd in the 2025 Fortune Global 500 list, maintaining its position as the leading steel enterprise globally with revenues of 125.1125 billion USD [4][45]. Group 6: International Projects and Collaborations - The West Slope Iron Ore Project, a joint venture with Rio Tinto, commenced full production, with a total investment of approximately 2.4 billion AUD and an annual capacity of 25 million tons [4][43]. - The West Mangu project in Guinea was inaugurated, marking a significant milestone in global mining history and providing a sustainable resource base for the steel industry [4][50]. Group 7: Environmental and Social Governance - The Central Ecological and Environmental Protection Inspection Team began inspections at China Baowu to ensure compliance with environmental regulations and promote sustainable practices [4][48].

Core Viewpoint - Maanshan Iron & Steel Co., Ltd. (Ma Steel) has received a capital increase of 3.861 billion yuan from Baosteel Co., Ltd., which will be used to reduce debt and optimize the capital structure [1] Financial Performance - The asset-liability ratio of Ma Steel's consolidated financial statements has been controlled to below 70% after the capital increase, representing a decrease of over 5 percentage points compared to before the increase [1] - Ma Steel will continue to enhance the operational quality of its important subsidiary, Ma Steel Limited, and steadily optimize its asset-liability structure [1] Disclosure Requirements - Key financial data of Ma Steel Limited will be disclosed in Ma Steel's periodic reports as required by regulatory authorities [1]

Core Viewpoint - The visit by Tan Chengxu, Chairman of Ansteel Group, to TAGAL highlights the company's achievements in production, brand building, and market challenges, emphasizing the need for adaptation to the evolving Chinese automotive market [1][6]. Group 1 - Tan Chengxu acknowledged TAGAL's success in production operations and brand development while addressing market challenges [1][6]. - The emphasis is placed on leveraging the resources of both parent companies to enhance brand and technological advantages [3][8]. - There is a strong focus on strengthening technical talent development, accelerating digital transformation, and promoting low-carbon green development to enhance core competitiveness [3][8]. Group 2 - The need to implement the spirit of the 20th Central Committee of the Communist Party and Xi Jinping's important speeches is highlighted, with a focus on high-quality development as a primary task [5][10]. - The company aims to pursue high-end, intelligent, and green development, aspiring to create a world-class "lighthouse factory" [5][10]. - Continuous efforts in technological innovation, digital transformation, high value-added product development, technical services, and brand building are essential for deepening industry chain collaboration and expanding overseas markets [5][10].

Meeting Information - The third extraordinary general meeting of shareholders will be held on December 24, 2025, at 13:30 [1] - The meeting will be conducted using a combination of on-site and online voting methods [1] - The location for the on-site meeting is the office building of Maanshan Iron & Steel Co., Ltd., located at No. 8 Jiuhua West Road, Maanshan City, Anhui Province [1] Voting Procedures - Shareholders can vote through the Shanghai Stock Exchange's online voting system, with voting available from 9:15 to 15:00 on the day of the meeting [1][6] - Shareholders holding multiple accounts can aggregate their voting rights across all accounts for the same category of shares [4][6] - The first voting result will be considered valid if the same voting right is exercised multiple times [5] Attendance and Registration - Only shareholders registered with the China Securities Depository and Clearing Corporation Limited Shanghai Branch after the close of trading on the record date are eligible to attend the meeting [7] - Registration for attendance must be completed by December 22, 2025, with specific documentation required for both individual and corporate shareholders [9][11] Other Information - The meeting is expected to last half a day, and attendees will be responsible for their own travel and accommodation expenses [12] - The company will provide a reminder service for small and medium-sized investors to facilitate their participation [6]

代表本人╱吾等出席2025年12月24日（星期三）下午1:30於中國安徽省馬鞍山市九華西路8號馬鋼辦公樓召開的2025年 第三次臨時股東大會（「臨時股東大會」），並於該大會代表本人╱吾等，依照下列指示就臨時股東大會通告所列決議 案投票。如無作出指示，則由本人╱吾等代理人酌情決定投票。 序號 普通決議案 贊成 （附註5） 反對 （附註5） 非累積投票決議案 1. 關於變更2025年度會計師事務所的議案 序號 特別決議案 贊成 （附註5） 反對 （附註5） 非累積投票決議案 2. 關於修改《公司章程》及其附件並取消監事會的議案 馬鞍山鋼鐵股份有限公司 Maanshan Iron & Steel Company Limited （在中華人民共和國註冊成立之股份有限公司） （股票代號：00323） 2025年第三次臨時股東大會之委託代理人表格 本委託代理人表格所代表之股份數目 （附註1） 本人 （附註2） 地址為 持有馬鞍山鋼鐵股份有限 公司（「本公司」或「公司」）H股 股 （附註3） ，為公司之股東， 現委任大會主席，或 （附註4） 為本人╱吾等代理人， 日期：2025年 月 日 簽署 附註： （附註6） ： 1. ...

（在中華人民共和國註冊成立之股份有限公司） （股票代號：00323） 臨時股東大會通告 茲通告 馬 鞍 山 鋼 鐵 股 份 有 限 公 司（「本公司」或「公 司」）謹 訂 於2025年12月 24日（星 期 三）下 午1:30在 中 華 人 民 共 和 國（「中 國」）安 徽 省 馬 鞍 山 市 九 華 西 路8號馬鋼辦公樓舉行2025年 第 三 次 臨 時 股 東 大 會（「臨時股東大會」）。 本 次 臨 時 股 東 大 會 將 審 議 以 下 事 項： 普通決議案 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通告的內 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 就因本通告全部或任何部份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。 馬鞍山鋼鐵股份有限公司 Maanshan Iron & Steel Company Limited 2. 關 於 修 改《公 司 章 程》及 其 附 件 並 取 消 監 事 會 的 議 案 承董事會命 馬鞍山鋼鐵股份有限公司 蔣育翔 董事長 2025年12月4日 中國安徽 ...