Group 1 - The non-ferrous metal sector experienced a decline at the beginning of trading, with significant drops in stock prices [1] - Jingyi Co., Ltd. (002295) fell over 7%, indicating a notable downturn in its market performance [1] - Other companies such as Northern Copper Industry (000737) and Feinan Resources (301500) also saw declines exceeding 5% [1] Group 2 - Tengyuan Cobalt Industry (301219), Huayu Mining (601020), and Huaxi Nonferrous Metals (600301) all faced downward pressure in their stock prices [1]

Group 1 - The company, Guangxi Huaxi Nonferrous Metals Co., Ltd., through its wholly-owned subsidiary, participated in an online auction for the exploration rights of the Zhaiping lead-zinc mine in Hechi City, Guangxi, and won the bid for RMB 125.73 million [1] - The exploration rights area overlaps with the design route of the upcoming Qiangui Railway second line project, which the company was unaware of during the bidding process [1] - Due to the significant adverse impact on future exploration and related work, the company decided to voluntarily abandon the exploration rights and requested a refund of the RMB 1 million bid deposit [1][2] Group 2 - As of the announcement date, the company has not signed the exploration rights transfer contract with the Guangxi Natural Resources Department and has not paid the mineral rights price [2]

Core Viewpoint - The company, Huaxi Nonferrous Metals, has voluntarily given up its recently acquired mining exploration rights due to overlapping issues with an upcoming railway project, which was unknown at the time of bidding [1][2][4]. Group 1: Acquisition and Significance - Huaxi Nonferrous Metals' subsidiary, Guangxi 215 Geological Team, won the bidding for the mining exploration rights for the Zhaiping lead-zinc mine in Hechi City for nearly 1.26 billion yuan, marking the company's first market-based acquisition of exploration rights [1][2]. - The acquisition was seen as a significant milestone for the company, enhancing its resource control capabilities and sustainable development [2]. Group 2: Withdrawal and Reasons - On July 3, the company announced its decision to abandon the exploration rights and requested a refund of the 1 million yuan deposit due to the discovery that the exploration area overlaps with the design route of the Gui-Gui Railway, which cannot be adjusted [1][3]. - The company stated that it was unaware of the overlapping issue at the time of the bidding process, which has now posed a significant disadvantage to its future exploration and related activities [4]. Group 3: Regulatory Context - The exploration rights were subject to regulations that require bidders to be aware of existing or planned infrastructure, such as railways, and to avoid conflicts during exploration [5]. - The Gui-Gui Railway project had already passed the land use pre-examination by the State Council in December of the previous year, indicating that the railway's planning was established prior to the bidding [4].

证券代码：600301 股票简称：华锡有色 编号：2025—040 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。 一、竞拍情况概述 为进一步提高广西华锡有色金属股份有限公司（以下简称"公司"）资源 掌控力、核心竞争力和可持续发展能力，公司全资子公司广西二一五地质队有 限公司（以下简称"二一五地质队"）于 2025 年 4 月 24 日参与了广西河池市 金城江区寨平铅锌矿勘查探矿权（以下简称"探矿权"）网上挂牌出让竞拍， 并以人民币 12,573 万元竞得。具体内容详见公司于 2025 年 4 月 26 日在上海证 券交易所网站（http:www.sse.com.cn）披露的《广西华锡有色金属股份有限公 司关于二一五地质队参与竞拍铅锌矿勘查探矿权及其结果的公告》（公告编号： 2025-017）。 广西华锡有色金属股份有限公司董事会 2025 年 7 月 4 日 二、本次交易的进展情况 近日，二一五地质队收到广西自然资源厅转发的《广西壮族自治区交通运 输厅关于黔桂铁路增建二线工程压覆矿业权有关问题的复函》，获悉探矿权区 块范围与 ...

1. Report Industry Investment Rating No information provided in the content. 2. Core Viewpoints of the Report The report conducts a comprehensive analysis of the downstream landscape of pure benzene, including both horizontal and vertical perspectives. Horizontally, it analyzes the demand proportion, production capacity growth rate, and regional distribution of the five major downstream products of pure benzene. Vertically, it focuses on the device analysis of each of the five products, including the proportion of self - owned and externally purchased pure benzene, device characteristics, regional distribution, and enterprise group concentration [2]. 3. Summary According to the Directory 3.1 Pure Benzene Downstream Pattern Horizontal Analysis 3.1.1 Demand Proportion and Basic Introduction of Five Major Downstream Products for Pure Benzene - Based on 2024 production data, the demand proportions of benzene ethylene, caprolactam (CPL), phenol (phenol - ketone), aniline, and adipic acid for pure benzene are 42%, 21%, 17%, 12%, and 7% respectively, with other pure benzene demands accounting for 1% [9]. - Benzene ethylene is the largest downstream product of pure benzene. Its production processes mainly include ethylbenzene dehydrogenation, propylene oxide - styrene co - production (PO/SM), and C8 extraction. It is mainly used in PS, EPS, ABS, UPR, etc. [11]. - CPL is the second - largest downstream product, mainly produced by the cyclohexanone ammoximation method (HAO, 83%) and the phosphoric acid hydroxylamine method (HPO, 17%). It is mainly used to produce PA6, which is used to make nylon [15]. - Phenol (phenol - ketone) is the third - largest downstream product. Produced by the cumene method, it is co - produced with acetone. Its main downstream products are bisphenol A and phenolic resin [22]. - Aniline accounts for 12% of pure benzene demand, produced by the nitrobenzene catalytic hydrogenation method. It is mainly used to produce MDI [23]. - Adipic acid accounts for 7% of pure benzene demand, mainly produced by the cyclohexene method (81%) and the cyclohexane method (19%). It is used to produce polyester polyols and PA66 [33]. 3.1.2 Demand Proportion of Five Major Downstream Products for Pure Benzene (Weighted by the Proportion of Externally Purchased Pure Benzene) - After excluding self - owned pure benzene integrated production capacity, the demand proportions of caprolactam, benzene ethylene, phenol - ketone, aniline, and adipic acid for externally purchased pure benzene are 28%, 25%, 15%, 19%, and 12% respectively [38]. - Benzene ethylene has a higher proportion of self - owned pure benzene in integration, with externally purchased pure benzene device capacity accounting for 34%. Phenol has 51% externally purchased capacity, CPL has 76%, and aniline and adipic acid have 94% and 95% respectively [37]. 3.1.3 Production Cycle of Five Major Downstream Products - Benzene ethylene's high - speed production cycle from 2020 - 2023 has ended, and production has slowed down since 2024 [42]. - CPL's production growth rate slowed down to 10% in 2025 after reaching 16% and 21% in 2023 and 2024 respectively [42]. - Phenol's production growth rate slowed down to 13% in 2025 after an average of 23% from 2020 - 2024 [42]. - Aniline's production growth rate is 8% in 2025, with intermittent production increases in the past [42]. - Adipic acid had no production plan in 2025 after a large - scale production increase in 2023 [42]. 3.1.4 Regional Consumption Proportion of Pure Benzene and the Demand Proportion of the Five Major Downstream Products in Each Region - The main consumption area of pure benzene is East China, which is also the main trading market. Other regions have relatively small proportions [45]. - In East China (excluding Shandong), benzene ethylene accounts for 58% and phenol accounts for 23% of pure benzene demand [46]. - In Shandong, benzene ethylene accounts for 36% and CPL accounts for 22% of pure benzene demand, with a more evenly distributed downstream structure compared to East China [46]. - In North China and South China, benzene ethylene and CPL are the main downstream products [49]. 3.2 Pure Benzene Downstream Pattern Vertical Analysis 3.2.1 Benzene Ethylene Device Analysis - Self - owned pure benzene devices in benzene ethylene production mainly belong to Sinopec, CNOOC, PetroChina, and large refineries like Hengli, Zhejiang Petrochemical, etc. Externally purchased pure benzene devices are mainly private refineries in Shandong and Jiangsu - Zhejiang [50]. - Benzene ethylene devices are mainly distributed in East China (43%), South China (19%), Shandong (18%), and Northeast China (10%). Externally purchased pure benzene devices are mainly in East China (50%) and Shandong (39%) [54]. 3.2.2 CPL Device Analysis - Self - owned pure benzene devices in CPL production mainly belong to Sinopec and its joint - venture companies. Most devices are externally purchased [57]. - CPL devices are mainly distributed in Central China (28%), Shandong (27%), and South China (26%). The enterprise concentration is not high [59]. - About 44% of CPL devices have downstream PA6 devices, and 21% have downstream PA6 and nylon devices [59]. 3.2.3 Phenol Device Analysis - Self - owned pure benzene devices in phenol production mainly belong to Sinopec, PetroChina, CNOOC, and large private refineries. Externally purchased pure benzene devices are in East China, Shandong, and South China [62]. - 69% of phenol devices have downstream bisphenol A devices, and 35% of these have self - owned bisphenol A and PC devices [62]. - Phenol devices are mainly in East China (49%), Shandong (19%), and South China (13%). The enterprise concentration is not high [68]. 3.2.4 Aniline Device Analysis - Only 6% of aniline devices have self - owned pure benzene (Sinopec Nanjing Chemical). Most are externally purchased [69]. - Aniline devices are mainly in East China (37%) and Shandong (33%). Wanhua accounts for 48% of the total production capacity, with high industry concentration [71]. 3.2.5 Adipic Acid Device Analysis - Only 5% of adipic acid devices have self - owned pure benzene (PetroChina). Most are externally purchased [73]. - Adipic acid devices are mainly in Southwest China (34%) and Shandong (25%). Huafeng accounts for 34% of the total production capacity. The industry is in an over - supply and loss situation [77].

Group 1 - The metal zinc concept index declined by 0.08%, ranking among the top declines in the concept sector, with major declines seen in companies such as Dazhong Mining, *ST Zhengping, and Shengda Resources [1] - Among the 17 stocks that rose, ST Shengtun, Huayu Mining, and Guocheng Mining had the highest increases of 2.76%, 2.38%, and 2.15% respectively [1] - The metal zinc concept sector experienced a net inflow of 0.36 billion yuan, with 21 stocks seeing net outflows, and 8 stocks with outflows exceeding 10 million yuan [2] Group 2 - The top net outflow was from ST Shengtun, with a net outflow of 48.91 million yuan, followed by Xiyang Co., Baiyin Nonferrous, and Yuguang Gold & Lead with outflows of 29.36 million yuan, 24.32 million yuan, and 18.51 million yuan respectively [2] - The leading stocks for net inflow included Zijin Mining, Shanjin International, and Western Mining, with net inflows of 1.09 billion yuan, 60.22 million yuan, and 25.12 million yuan respectively [2][3] - The trading volume and performance of various companies in the metal zinc sector were highlighted, with ST Shengtun showing a decline of 2.76% and a turnover rate of 3.44% [3]

Investment Rating - The report does not explicitly provide an investment rating for the industry Core Insights - The copper market shows a steady upward trend with LME copper prices increasing by 2.26% to $9,879.00 per ton, while domestic copper prices rose by 2.47% to 79,900 yuan per ton. Supply-side pressures are evident as the processing fee for imported copper concentrate has dropped to -$44.81 per ton, indicating potential supply constraints [1][13] - The aluminum market is stabilizing at the bottom, with LME aluminum prices up by 1.31% to $2,595.00 per ton. However, the operating rate of leading aluminum cable enterprises has decreased to 61.8%, reflecting ongoing demand challenges [2][14] - Gold prices have decreased by 2.90% to $3,286.10 per ounce, influenced by geopolitical tensions and a reduction in SPDR gold holdings, indicating a temporary decline in gold's safe-haven appeal [3][15] - The rare earth sector is experiencing upward momentum, driven by export controls and stable production levels, with expectations of improved supply-demand dynamics and potential price support [3][27][30] Summary by Sections 1. Overview of Bulk and Precious Metals Market - Copper prices are on the rise, with a slight increase in inventory and a decrease in processing fees indicating potential supply issues [1][13] - Aluminum prices are stabilizing, but demand remains weak as indicated by declining operating rates in the industry [2][14] - Precious metals, particularly gold, are facing downward pressure due to geopolitical factors and reduced investment interest [3][15] 2. Updates on Bulk and Precious Metals Fundamentals 2.1 Copper - The copper market is experiencing a robust demand outlook, with potential supply constraints due to declining processing fees and reduced operating rates in key sectors [1][13] 2.2 Aluminum - The aluminum market is stabilizing, but the demand outlook remains weak, as evidenced by declining operating rates in the aluminum cable sector [2][14] 2.3 Precious Metals - Gold prices are under pressure due to geopolitical tensions and a decrease in ETF holdings, reflecting a temporary decline in its safe-haven status [3][15] 3. Updates on Minor Metals and Rare Earths - The rare earth sector is expected to benefit from improved supply-demand dynamics and stable production levels, with potential price support anticipated [3][27][30] - The antimony market is facing downward price pressure, but upcoming regulatory changes may provide a demand boost [4][31] - Molybdenum prices are stabilizing, with low inventory levels and strong demand from the steel sector indicating a positive outlook [4][32] 4. Updates on Energy Metals - Lithium prices have shown slight declines, but production levels are increasing, indicating a stable supply outlook [5] - Cobalt prices have increased, reflecting strong demand in battery applications, while nickel prices are mixed with slight fluctuations [5]

Investment Rating - The report maintains a "Buy" investment rating for the gold, copper, aluminum, tin, and antimony industries, indicating a positive outlook for these sectors [12][14]. Core Insights - Geopolitical military conflicts have led to increased capital inflow into precious metals, driving strong upward momentum in prices [6]. - The U.S. Federal Reserve is expected to continue its interest rate cuts, which supports the bullish trend in gold prices [12]. - Domestic demand for copper and aluminum is expected to weaken in the short term, but long-term supply-demand dynamics remain tight, supporting prices [12]. Summary by Sections Precious Metals - Gold prices have risen due to geopolitical tensions and continued purchases by the People's Bank of China, which increased its gold reserves by 60,000 ounces in May [6][12]. - The report notes that after a period of consolidation, gold prices are likely to enter a new upward phase [6]. Copper and Aluminum - Domestic macroeconomic indicators show a slight decline in demand, with China's May CPI at -0.1% and PPI at -3.3% [7][29]. - Despite weak downstream demand, low domestic inventory levels are expected to support copper and aluminum prices, which are projected to experience wide fluctuations [11][12]. Tin and Antimony - Tin prices are expected to remain strong due to supply constraints and declining inventories, with domestic refined tin prices at 265,680 RMB/ton [12]. - Antimony prices are under pressure due to weak demand, but long-term supply constraints are expected to support prices [12]. Key Recommendations - The report recommends specific stocks within each sector, including Zijin Mining and Zhongjin Gold for gold, and various companies for copper and aluminum [14][16].

Meeting Details - The shareholders' meeting was held on June 12, 2025, at the North Bay Shipping Center in Nanning, Guangxi [1] - A total of 69.0687% of the shares were represented at the meeting [1] - The meeting was chaired by Chairman Zhang Xiaoning and followed legal and procedural requirements [1] Voting Results - The proposal for the election of directors was approved with 99.8185% of A-shareholders voting in favor [1] - The proposal for the election of independent directors was also approved with 99.8180% of A-shareholders voting in favor [1] - Two ordinary resolutions were voted on, requiring more than half of the voting rights to pass [2] Legal Verification - The meeting was witnessed by lawyers from Guohao Law Firm, confirming that the procedures followed were in compliance with legal regulations [2] - The lawyers concluded that the meeting's convening, attendance, voting procedures, and results were all valid and lawful [2]

证券代码：600301 证券简称：华锡有色 公告编号：2025-039 广西华锡有色金属股份有限公司 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 6 月 12 日 (二)股东会召开的地点：广西壮族自治区南宁市良庆区体强路 12 号北部湾 航运中心 A 座 8 楼 812 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 | 261 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 436,906,661 | | 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 | | | 份总数的比例（%） | 69.0687 | 二、议案审议情况 (一)非累积投票议案 1、议案名称：关于补选广西华锡有色金属股份有限公司第九届董事会独立 董事的议案 (四)表决方式是否符合《公司法》及《公司章程》 ...