广西华锡有色金属股份有限公司 董事、高级管理人员离职管理制度 二〇二五年七月 | i | K | | --- | --- | | t | | | 1. | 目的和适用范围 1 | | --- | --- | | 2. | 引用标准 1 | | 3. | 离职情形与程序 1 | | 4. | 离职董事、高级管理人员的责任与义务 2 | | 5. | 离职董事、高级管理人员的持股管理 3 | | 6. | 责任追究的形式 3 | | 7. | 附则 4 | 广西华锡有色金属股份有限公司 董事、高级管理人员离职管理制度 1. 目的和适用范围 1.1. 为进一步规范广西华锡有色金属股份有限公司（以下简称"公司"）董事离职 程序，维护公司治理结构稳定、有序，维护公司和股东的合法权益，根据《中华人 民共和国证券法》《上市公司治理准则》和《上海证券交易所股票上市规则》等法 律法规、规范性文件及《公司章程》的有关规定，结合公司的实际情况，特制订本 制度。 1.2. 本制度适用范围：公司董事、高级管理人员因任期届满未连任、辞职、被解除 职务、退休或其他原因离职的情形。 1.3. 公司董事、高级管理人员离职管理应遵循以下原则： ...

Group 1 - The core viewpoint of the article is the release of the "2025 Suzhou Private Enterprises R&D Investment Top 100" list, aimed at encouraging private enterprises in Suzhou to increase R&D investment and enhance core competitiveness [1] - In 2024, the top R&D spending companies include Shagang Group with 7.758 billion yuan, Shenghong Holding Group with 6.772 billion yuan, Hengtong Group with 5.927 billion yuan, and GCL Group with 5 billion yuan [1] - The total R&D expenditure of the listed companies reached 63.082 billion yuan, with an average R&D expenditure of 631 million yuan per company [1] Group 2 - Among the top 100 companies, 92 are in the manufacturing sector, with 31 in computer, communication, and other electronic equipment manufacturing, and 10 in electrical machinery and equipment manufacturing [2] - The distribution of the top companies includes 17 from Wujiang District and Suzhou Industrial Park, 15 from Kunshan and Suzhou High-tech Zone, and 11 from Xiangcheng District [2] - The average number of R&D personnel per company is 905, with a total of 90,500 R&D personnel across the listed companies, representing 11.54% of the total workforce [1][2]

昨天（7月21日），市工商联通报了"2025苏州民营企业100强榜单"。2024年度恒力集团以实现营业 收入8715.21亿元位居榜首，盛虹控股集团实现营业收入5656.23亿元，位列第二；沙钢集团实现营业收 入2706.49亿元，排名第三；亨通集团、永卓控股、协鑫集团、同程旅行集团全年实现营业收入超过 1000亿元，分列第四、第五、第六和第七位。 近年来，我市持续擦亮"苏州最舒心"营商服务品牌，深化促进新时代"两个健康"。2024年，全市民 营企业抢抓发展机遇，加快建立现代企业制度、培育发展新质生产力，核心竞争力显著增强，为全市经 济高质量发展作出重要贡献。为充分发挥标杆企业示范引领作用，激励广大民营企业坚定信心、创新发 展，在全市各级工商联组织广泛发动、民营企业自愿参与调研的基础上，苏州市工商联以企业2024年度 营业收入为依据，排定"2025苏州民营企业100强"榜单。 入围企业全年实现营业收入总额达37457.36亿元，户均实现营业收入374.57亿元，同比增长 6.82%；拥有资产总额25880.71亿元，户均资产规模258.81亿元，同比增长4.04%；全年共缴纳税收 907.14亿元，户均缴税9 ...

每经记者｜刘艳美 每经编辑｜杨欢 不过众所周知，苏州并不是一座创新资源富集的城市，创新资源相对欠缺、研发力量较为薄弱，都是摆在眼前的现实。 苏州此前还提及，对标先进城市和地区，苏州科技创新工作还存在不小的差距，产业创新转型速度还不快、缺乏产业地标，创新主体发挥作用还不足、缺乏 标杆企业，创新载体支撑力度还不强、缺乏高端平台。 为大力补短板，近年来，苏州一方面加速布局苏州实验室、全国重点实验室和"一区两中心"等重大平台，C9高校悉数落户；另一方面着力强化企业创新主 体地位，推动科技创新与产业创新深度融合。今年苏州市政府工作报告亦明确提出，要把"提质增效、创新转型"作为推动高质量发展的核心工作。 研发投入是衡量企业创新能力的关键指标，是培育新质生产力的基础支撑。7月21日，"2025苏州民营企业研发投入100家"名单正式发布，这是苏州首次以企 业年度研发费用为核心指标发布的榜单。 | 序号 | 企业名称 | 属地 | 所属行业名 | | --- | --- | --- | --- | | 1 | 江苏沙钢集团有限公司 | 张家港市 | 黑色金属冶炼和玉延加 | | 2 | 盛虹控股集团有限公司 | 吴江区 | 化 ...

证券研究报告 证券分析师 田源 SAC：S1350524030001 tianyuan@huayuanstock.com 张明磊 SAC：S1350525010001 zhangminglei@huayuanstock.com 郑嘉伟 SAC：S1350523120001 zhengjiawei@huayuanstock.com 田庆争 SAC：S1350524050001 tianqingzheng@huayuanstock.com 项祈瑞 SAC：S1350524040002 xiangqirui@huayuanstock.com 联系人 板块表现： 小金属 行业定期报告 hyzqdatemark 2025 年 07 月 21 日 稀土：海外 MP Materials 利好不断，国内稀土价格持续走高。近两周，氧化镨钕上 涨 7.29%至 47.85 万元/吨，氧化镝上涨 2.44%至 168 万元/吨，氧化铽上涨 0.84% 至 718 万元/吨。海外方面，五角大楼同意斥资 4 亿美元购入 MP Materials 优先股成 为其最大股东；美国国防部为 MP Materials 两种最常用稀土——钕和镨， ...

Core Views - The report maintains a positive long-term outlook on gold, copper, and aluminum, emphasizing the importance of strategic metals [1][3] - In H1 2025, domestic economic indicators show signs of bottoming out, with improvements in real estate construction and a gradual shift towards new economic drivers [4][8] - The global economic landscape is being reshaped by fluctuating interest rate expectations from the Federal Reserve and the impacts of trade wars, leading to significant changes in resource sectors [4][8] Investment Strategies - **Main Line 1: Expansion on the Denominator Side - Gold and Silver**: Focus on gold and silver, with specific attention to the performance of gold stocks and the potential for silver due to its high price ratio to gold [4][5] - **Main Line 2: Improvement on the Numerator Side - Aluminum, Copper, Tin**: Anticipate continued high profitability in aluminum due to falling costs, while remaining cautious of potential short-term demand weakness [4][7] - **Main Line 3: Key Strategic Metals**: Highlighting opportunities in rare earths and other strategic metals amid US-China tensions, particularly in six key strategic metals [4][7] - **Main Line 4: Supply-Side Disruptions from Anti-Competition**: The report suggests that supply-side constraints in sectors like lithium carbonate may present attractive bottom-fishing opportunities [4][7] Market Performance - The CRB metal spot index increased by 7.08% from the beginning of 2025 to June 30, 2025, indicating a general upward trend in metal prices [9][10] - Gold prices surged by 23.93% during the same period, driven by expectations of a Federal Reserve rate cut [12][14] - Industrial metals, particularly tin and copper, saw significant price increases of 19.91% and 15.59% respectively, while zinc prices fell by 5.55% [16][19] Supply and Demand Dynamics - Global copper inventories saw a significant reduction, with LME copper stocks decreasing by 66.17% by June 30, 2025 [21][69] - The report anticipates limited growth in global copper supply due to insufficient capital expenditure in mining, projecting only a 2.3% increase in global copper production in 2025 [62][64] - The refined copper market is expected to remain slightly short, with a projected demand growth of 7.1% for 2025, supporting a high price center for copper [69] Sector Performance - The non-ferrous metal sector outperformed the broader market, with a cumulative increase of 19.17% from January to June 2025, compared to a 5.6% rise in the Shanghai Composite Index [38][40] - Sub-sectors such as tungsten, gold, and rare earths performed particularly well, with respective increases of 39.64%, 33.57%, and 31.88% [42][44] - Companies closely tied to resource price fluctuations, particularly in gold and rare earths, showed strong performance, while midstream processing companies faced challenges due to weak downstream demand [44]

Investment Rating - The report rates the tin industry as "Overweight" [4]. Core Viewpoints - The central thesis of the report suggests that the price of tin is expected to rise, driven by tightening supply and improving demand conditions, particularly in the context of artificial intelligence and consumer electronics recovery [2][3]. Summary by Sections 1. Tin: A Competitive Advantage for China, Price Center Likely to Rise - Tin has a low abundance in the earth's crust, with significant resource advantages in China [7]. - Price analysis indicates that supply constraints and macroeconomic factors are expected to boost tin prices [18][34]. 2. Continuous Supply Disruptions, Incremental Growth May Fall Short of Expectations - Supply disruptions are ongoing, particularly in Myanmar, where production recovery is slow [46]. - The report anticipates that global tin production in 2025 will be around 300,000 tons, a year-on-year increase of 2% [2]. 3. Demand Growth Driven by AI Trends - The demand for tin solder is expected to increase significantly due to the high growth in artificial intelligence applications and the recovery of consumer electronics [3][31]. - The report forecasts a global refined tin supply gap of 8,300 tons in 2025, highlighting a pronounced supply-demand imbalance [2]. 4. Investment Recommendations - Recommended stocks include Tin Industry Co., Ltd., and Xingye Silver Tin, which are positioned well due to their resource advantages and global strategies [2][3].

Group 1 - The core viewpoint is that with the decline in global tin ore grades and limited supply increments, coupled with rising costs, the tin price is expected to increase due to tight supply and high demand driven by AI development and a recovery in consumer electronics [1][2] - The report recommends specific stocks: Xiyes Co., Ltd. (000960.SZ), Xingye Silver Tin (000426.SZ), and mentions related stocks such as Huaxi Nonferrous (600301.SH) [1] Group 2 - Supply disturbances are ongoing, with limited incremental production from mines; the complete cost of tin mining is projected to rise from approximately $25,581 per ton in 2022 to $33,800 per ton by 2027 [2] - The global tin production is expected to reach 300,000 tons in 2025, reflecting a year-on-year increase of 2% [2] Group 3 - The downstream industry is experiencing high demand, particularly in soldering materials, which account for about 56% of tin consumption; the stabilization of the semiconductor cycle is expected to drive rapid demand for solder [3] - A projected supply gap of 8,300 tons in global refined tin by 2025 highlights the supply-demand imbalance [3] Group 4 - The global monetary environment is becoming more accommodative, with expectations of potential interest rate cuts by the Federal Reserve, which could positively impact asset prices and upstream raw material prices [4] - The inflation rate in the U.S. is gradually approaching the target of 2%, indicating a shift in market expectations for demand [4]

Investment Rating - The industry rating is "Maintain Buy" [5] Core Viewpoints - Antimony prices have stabilized after a significant decline, indicating a potential bottoming out [2][13] - The export policy is showing signs of marginal easing, which may lead to an upward convergence of domestic antimony prices [3][42] - The supply-demand fundamentals for the antimony industry are strong, with expectations for long-term high prices due to geopolitical factors and administrative controls [3][42] Summary by Sections Antimony Price Review - As of July 11, antimony concentrate prices were 151,500 CNY/ton, down 31% from the April peak, while antimony ingot prices were 178,500 CNY/ton, down 28% [1][10] - The price difference between domestic and international markets has widened to 330,000 CNY/ton due to export controls and supply-demand imbalances [1][10] Demand Analysis - The demand for flame retardants has shown resilience, with prices for flame retardant masterbatches increasing by 90% from January to April, followed by a modest decline of 11% from April to July [2][13] - The photovoltaic glass sector has seen a significant increase in installation volumes, but actual installations have remained flat compared to the previous year due to delays [21][23] Supply Dynamics - Antimony ore imports decreased by 24% year-on-year in the first five months of 2025, with a significant price increase of 39% month-on-month in May [31] - Domestic production of antimony ingots and sodium antimonate has declined sharply, with a 25% year-on-year drop in June production [31][32] Investment Recommendations - Companies with quality resources in the antimony sector are expected to benefit from the industry's upward trend. Recommended companies include Huayu Mining, Hunan Gold, and Huaxi Nonferrous [4][42]

Investment Rating - The report maintains a "Recommended" investment rating for the gold, copper, aluminum, tin, and antimony industries [14][15]. Core Views - The report indicates that the gold market will continue to rise due to the Federal Reserve's ongoing interest rate cuts [14]. - Short-term demand for copper and aluminum may weaken, but the long-term supply-demand balance is expected to tighten [15]. - Tin prices are expected to fluctuate due to a tight supply situation, while antimony prices are projected to remain weak in the short term but supported by long-term supply constraints [15]. Summary by Sections 1. Market Performance - The non-ferrous metals sector (Shenwan) saw a weekly increase of 3.75%, outperforming other sectors [23]. - The top-performing sub-sectors included rare earths (+18.65%), magnetic materials (+11.28%), and silver (+8.35%) [23]. 2. Precious Metals - London gold price was $3352.10 per ounce, up $20.20 from July 4, with a 0.61% increase [34]. - London silver price reached $37.5 per ounce, increasing by 0.62% from July 4 [34]. - The report notes that the Federal Reserve's differing views on inflation may impact precious metals, but a bullish trend is anticipated [6][34]. 3. Copper and Aluminum - LME copper closed at $9640 per ton, down $240 from July 4, a decrease of 2.43% [41]. - Domestic aluminum price was 20760 RMB per ton, with a slight increase of 0.05% [42]. - The report highlights that short-term copper and aluminum prices may face downward pressure due to weak demand [15][41]. 4. Tin and Antimony - Domestic refined tin price was 266820 RMB per ton, down 0.37% from July 4 [43]. - Antimony price was 185500 RMB per ton, reflecting a decrease of 1.80% [15][43]. - The report suggests that while demand is weak, supply constraints may support tin prices in the future [15]. 5. Recommended Stocks - The report recommends specific stocks in the gold sector, including Zhongjin Gold and Shandong Gold, and in the copper sector, including Zijin Mining and Western Mining [15][17].