（来源：马钢家园） 起步即冲刺、开局即决战。冶服公司践行"三创四化五策略"，聚焦"提升服务创造价值，增强能力保障生存"，抓实"第一会"、落细"第一文"、打好"第一 仗"，推动各项工作全面起势，元月份生产业绩亮点纷呈，各项生产指标稳中有进，盈利质量与创效能力大幅提升，经营效益持续向好。 01 "第一会" 对标蓄力谋变 凝聚转型共识 冶服公司将开年"第一会"——解放思想大讨论，定位为破解发展难题、凝聚转型合力的关键载体，精心策划"思变、知变、求变——2026怎么干"系列活 动，以"谋定方向—对标取经—成果转化"的闭环逻辑，推动思想解放与行动突破深度融合。新年伊始，该公司领导班子成员便带领管理人员、业务骨干， 分赴优秀企业开展全方位、深层次对标学习。目前，对标学习已基本完成，成果梳理汇总后将形成专题报告进行发布，推动对标成果转化为具体行动方 案。 02 "第一文" 安全筑底守底线 精准部署保平稳 "第一仗" 业务攻坚加速跑 新项目蓄力启航 今年，冶服公司承揽了即将投运的马钢有限型钢事业部3号连铸机一体化专业协作项目。为确保新项目快速落地见效，该公司高位推动、提前介入，成立 专项工作小组，统筹推进人员培训、设备调试、 ...

（来源：中国宝武） 邂逅 · 3498 期 · 11948 篇 1月15日至16日，中国宝武党委二届二次全委（扩大）会、二届四次职代会暨2026年度工作会议胜利召开。宝武党委书记、董事长胡望明作党委工作报 告。总经理侯安贵作工作报告。会议报告高屋建瓴、总揽全局，既充分回顾肯定了"十四五"期间取得的成果，又对抓好"十五五"工作提出了明确要求和殷 切希望。 为深入学习领会、全面贯彻会议精神，进一步凝聚共识、激发干劲，融媒体中心推出"贯彻落实年度工作会议精神·部长谈"专栏，邀请总部相关部门负责 人围绕各自部门工作重点，总结成绩谈体会，聚焦部署谈落实，展现新起点上的新担当、新作为。 ☆ 部长谈 二是深化算账经营，围绕算得准、算得快、算清楚，加快推进算账能力建设。通过优化管理流程和提升信息化水平，努力适应行业下行新阶段的复杂经营 场景，提高算账的准确性、及时性和指导性，为科学决策提供有力支撑。 三是深化整合协同，完善协同机制，破除因独立法人而形成的利益藩篱，实现资源高效整合与共享。加快推进M项目第二步，确保项目顺利实施并取得实 效。深化宝钢股份协同支撑马钢有限、山钢日照，助力其提升运营效率和竞争力。各钢铁平台公司深化" ...

Core Viewpoint - Baosteel Co., Ltd. has acquired a 49% stake in Maanshan Iron & Steel Co., Ltd. through equity transfer and capital increase, and is advancing collaborative projects in bulk raw material procurement [1] Group 1: Strategic Initiatives - The company is implementing a "group purchase" collaborative model with Maanshan Iron & Steel to reduce costs and create value through efficient procurement in key areas such as iron ore, coal long-term contracts, port cooperation, and logistics optimization [1] - Baosteel aims to leverage its geographical advantages along the Yangtze River and coastal bases to enhance resource sharing and procurement efficiency [1] Group 2: Operational Goals - The focus is on maximizing procurement scale effects and achieving high-quality resource coordination and sharing [1] - The company plans to expand the dimensions of resource sharing among bases, ensuring complementary resources and efficient allocation [1]

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]

（来源：中国宝武） 邂逅 · 3449 期 · 11744 篇 胡望明指出，今年以来，马钢有限通过自身努力，在宝钢股份全体系协同支撑下，在思想理念转变上发生了可喜变化，在经营绩效改善、信息化推动算账 经营方面实现了巨大进步，主要体现在三方面：一是经营绩效持续向好；二是管理变革激发活力；三是树立了集团内"整合协同，创造价值"的榜样案例。 12月5日，宝武党委书记、董事长胡望明到马钢有限调研，并召开协同支撑推进会。 胡望明强调，成绩巨大、来之不易，但潜力更大、需继续努力。潜力来源于"弯弓搭箭"钢铁主业格局下协同发展的强大动能，来源于马钢有限独特的自身 优势。释放潜力要在"补短板、强弱项"方面下更大功夫：一是进一步释放协同效应；二是进一步提升产品经营能力；三是进一步深化管理融合；四是持续 加快改革创新。 胡望明要求，马钢有限要认清形势任务，坚定发展战略，以战略为引领，持续推动高质量发展。要时刻牢记习近平总书记的殷殷嘱托，坚持做强做优做 大，着力将马钢有限打造成钢铁行业由大变强的标志性项目。锚定新要求，成为具备持续竞争优势的市场化主体。在技术创新、产品经营、效率提升、产 业链控制等方面持续发力，不断锻造差异化竞争优势 ...

Core Viewpoint - Maanshan Iron & Steel Co., Ltd. (00323.HK) has signed a capital reduction agreement with Baowu Water and 18 other shareholders, reducing its stake in Baowu Water from 14.977% to 3.151% through a capital reduction of RMB 53,838.22 million, aimed at improving operational efficiency and effectiveness [1]. Group 1 - The capital reduction involves three shareholders, including Maanshan Iron & Steel, while the other sixteen shareholders will not participate in the reduction [1]. - The capital reduction is intended to enhance the operational efficiency and effectiveness of Maanshan Iron & Steel, without significantly impacting its daily operations and financial status [1]. - Following the capital reduction, Maanshan Iron & Steel will possess water assets closely related to its production, which is expected to lower operational costs and improve production stability [1]. Group 2 - As of the announcement date, Maanshan Group holds approximately 48.20% of the company's issued share capital and is the controlling shareholder, while China Baowu is the controlling shareholder of Maanshan Group, collectively holding about 52.999% of the shares [1]. - The ultimate beneficial owners of Maanshan Limited, Baowu Water, and the other sixteen shareholders prior to the capital reduction are all ultimately owned by China Baowu [1].

Core Viewpoint - Maanshan Iron & Steel Co., Ltd. has signed a capital reduction agreement to reduce its stake in Baowu Water from 14.977% to 3.151%, with a capital reduction amounting to RMB 53.83822 million, aimed at improving operational efficiency and effectiveness [1] Group 1: Capital Reduction Details - The capital reduction involves three shareholders, including Maanshan Iron & Steel Co., Ltd., while the other sixteen shareholders will not participate in the reduction [1] - The capital reduction is based on the valuation of the circulating water assets related to Baowu Water [1] Group 2: Ownership Structure - As of the announcement date, Maanshan Group holds approximately 48.20% of the issued share capital of the company and is the controlling shareholder [1] - China Baowu Steel Group is the controlling shareholder of Maanshan Group, indirectly holding about 52.999% of the company's shares [1] Group 3: Operational Impact - The capital reduction is intended to enhance the operational efficiency and effectiveness of Maanshan Iron & Steel Co., Ltd. [1] - The reduction will not significantly impact the daily operations and financial status of Maanshan Iron & Steel Co., Ltd. [1] - By acquiring the circulating water assets, Maanshan Iron & Steel Co., Ltd. aims to lower operational costs and improve production stability [1]

Core Viewpoint - Maanshan Iron & Steel Co., Ltd. (00323) has signed a capital reduction agreement with Baowu Water and eighteen other shareholders, aiming to enhance operational efficiency and effectiveness through a reduction of RMB 538 million [1] Group 1: Capital Reduction Details - The capital reduction involves three shareholders, including Maanshan Iron & Steel, while the other sixteen shareholders will not participate in the reduction [1] - Maanshan Iron & Steel's equity stake in Baowu Water will decrease from 14.977% to 3.151% following the capital reduction [1] Group 2: Operational Impact - The capital reduction is intended to improve Maanshan Iron & Steel's operational efficiency and will not significantly impact its daily operations and financial status [1] - By acquiring the circulating water assets related to its production, Maanshan Iron & Steel aims to lower operational costs and enhance production stability and synergy [1]

Core Viewpoint - Maanshan Iron & Steel Co., Ltd. (00323) has signed a capital reduction agreement with Baowu Water and eighteen other shareholders, reducing its stake in Baowu Water from 14.977% to 3.151% through a capital reduction of RMB 538 million [1] Group 1: Capital Reduction Details - The capital reduction involves three shareholders, including Maanshan Iron & Steel, while the other sixteen shareholders will not participate in the reduction [1] - The capital reduction is aimed at enhancing the operational efficiency and effectiveness of Maanshan Iron & Steel [1] Group 2: Impact on Operations - The capital reduction will not significantly impact the daily operations and financial status of Maanshan Iron & Steel [1] - By retaining water assets closely related to its production, Maanshan Iron & Steel aims to lower operational costs and improve production stability [1]

1. Report Industry Investment Rating - Not provided in the content 2. Core Viewpoints of the Report - On June 30, the JM2509 contract of coking coal closed at 825.0, down 1.08%, and the J2509 contract of coke closed at 1404.0, down 0.46% [2]. - For coking coal, the supply of raw materials is gradually improving, the coking coal mine capacity utilization rate is generally decreasing, the clean coal inventory starts to be destocked, the cumulative import growth rate is decreasing, and the total inventory is decreasing. After the safety production month in June, the market expects the coal mine supply in Shanxi to recover [2]. - For coke, the supply of raw materials is gradually improving, the molten iron output is running at a high level, and the profit of independent coking plants is in a loss state. The average loss per ton of coke of 30 independent coking plants in the country this period is 46 yuan/ton [2]. - Technically, the 4 - hour cycle K - lines of both coking coal and coke are above the 20 - day and 60 - day moving averages, and both should be treated with a volatile operation [2]. 3. Summary by Related Catalogs 3.1 Futures Market - JM main contract closing price: 825.00 yuan/ton, down 22.50 yuan; J main contract closing price: 1404.00 yuan/ton, down 17.50 yuan [2]. - JM futures contract open interest: 742353.00 lots, down 13482.00 lots; J futures contract open interest: 57138.00 lots, down 2054.00 lots [2]. - Net position of the top 20 coking coal contracts: - 29434.00 lots, up 676.00 lots; Net position of the top 20 coke contracts: - 3038.00 lots, down 274.00 lots [2]. - JM1 - 9 month contract spread: 36.00 yuan/ton, down 6.50 yuan; J1 - 9 month contract spread: 38.50 yuan/ton, down 1.50 yuan [2]. - Coking coal warehouse receipts: 0.00; Coke warehouse receipts: 90.00 [2]. 3.2 Spot Market - Ganqimao Meng 5 raw coal: 740.00 yuan/ton, up 9.00 yuan; Russian main coking coal forward spot: 115.00 US dollars/wet ton, unchanged [2]. - Jingtang Port Australian imported main coking coal: 1230.00 yuan/ton, up 20.00 yuan; Jingtang Port Shanxi - produced main coking coal: 1230.00 yuan/ton, unchanged [2]. - Shanxi Jinzhong Lingshi medium - sulfur main coking coal: 930.00 yuan/ton, unchanged; Inner Mongolia Wuhai - produced coking coal ex - factory price: 930.00 yuan/ton, unchanged [2]. - Tangshan quasi - first - class metallurgical coke: 1390.00 yuan/ton, unchanged; Rizhao Port quasi - first - class metallurgical coke: 1220.00 yuan/ton, unchanged [2]. - Tianjin Port first - class metallurgical coke: 1320.00 yuan/ton, unchanged; Tianjin Port quasi - first - class metallurgical coke: 1220.00 yuan/ton, unchanged [2]. - JM main contract basis: 105.00 yuan/ton, up 22.50 yuan; J main contract basis: - 14.00 yuan/ton, up 17.50 yuan [2]. 3.3 Upstream Situation - Raw coal inventory of 110 coal washing plants: 321.28 million tons, down 5.08 million tons; Clean coal inventory of 110 coal washing plants: 231.87 million tons, down 5.52 million tons [2]. - Operating rate of 110 coal washing plants: 59.10%, down 2.24 percentage points; Raw coal output: 40328.40 million tons, up 1397.80 million tons [2]. - Coal and lignite imports: 3604.00 million tons, down 179.00 million tons; Daily average output of raw coal from 523 coking coal mines: 185.00 thousand tons, down 4.50 thousand tons [2]. - Imported coking coal inventory at 16 ports: 495.12 million tons, down 28.85 million tons; Coke inventory at 18 ports: 251.89 million tons, down 4.32 million tons [2]. 3.4 Industry Situation - Total coking coal inventory of independent coking enterprises: 808.98 million tons, up 13.19 million tons; Coke inventory of independent coking enterprises: 113.03 million tons, down 2.55 million tons [2]. - Coking coal inventory of 247 steel mills: 781.21 million tons, up 6.55 million tons; Coke inventory of 247 steel mills: 627.75 million tons, down 6.45 million tons [2]. - Available days of coking coal for independent coking enterprises: 12.39 days, up 0.10 days; Available days of coke for 247 steel mills: 11.22 days, down 0.20 days [2]. - Coking coal imports: 738.69 million tons, down 150.65 million tons; Coke and semi - coke exports: 68.00 million tons, up 13.00 million tons [2]. - Coking coal output: 0.00 million tons, down 3926.16 million tons; Coke output: 4237.60 million tons, up 77.60 million tons [2]. - Capacity utilization rate of independent coking enterprises: 73.35%, down 0.22 percentage points; Tonnage coke profit of independent coking plants: - 46.00 yuan/ton, down 23.00 yuan/ton [2]. 3.5 Downstream Situation - Blast furnace operating rate of 247 steel mills: 83.84%, unchanged; Blast furnace iron - making capacity utilization rate of 247 steel mills: 90.85%, up 0.04 percentage points [2]. - Crude steel output: 8654.50 million tons, up 52.60 million tons [2]. 3.6 Industry News - The Monetary Policy Committee of the People's Bank of China held the second - quarter regular meeting in 2025, suggesting to increase the intensity of monetary policy regulation [2]. - Baoshan Iron & Steel Co., Ltd. obtained 49% of the equity of Magang Co., Ltd. through equity transfer and capital increase [2]. - The Zhejiang International Commodity Exchange was officially unveiled in Zhoushan City, realizing a leap - forward expansion from a single oil and gas variety to more categories of commodities [2]. - Trump suddenly stopped the trade dialogue with Canada and said he would set new tariff rates for Canadian goods in the next week [2].