Group 1 - The company will hold its fourth extraordinary general meeting of shareholders on December 15, 2025, at 14:00 in Beijing [1][3] - The meeting will utilize a combination of on-site and online voting methods, with online voting available through the Shanghai Stock Exchange system [1][2] - Shareholders can vote online on the day of the meeting during specified trading hours [1][2] Group 2 - The meeting agenda includes the review of proposals that have been approved by the company's board of directors [4][5] - There are no special resolutions or proposals requiring separate voting for minority investors [5] - Related shareholders, specifically China Minmetals Corporation and Changsha Research Institute of Mining and Metallurgy, are required to abstain from voting on all proposals [5] Group 3 - Shareholders must complete voting for all proposals before submission [8] - Shareholders registered by the close of trading on the registration date are entitled to attend the meeting [9] - Registration for attendance can be done in person or through authorized representatives, with specific documentation required [11][12]

证券代码：600390 证券简称：五矿资本 公告编号：临 2025-080 五矿资本股份有限公司 关于召开2025年第四次临时股东会的通知 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： 召开的日期时间：2025 年 12 月 15 日 14 点 00 分 召开地点：北京市东城区东直门南大街 14 号保利大厦酒店二层会议中心一 号会议室 (五)网络投票的系统、起止日期和投票时间。 1 股东会召开日期：2025年12月15日 本次股东会采用的网络投票系统：上海证券交易所股东会网络投票系统 网络投票系统：上海证券交易所股东会网络投票系统 一、 召开会议的基本情况 (一)股东会类型和届次 2025年第四次临时股东会 (二)股东会召集人：董事会 (三)投票方式：本次股东会所采用的表决方式是现场投票和网络投票相结合的方 式 (四)现场会议召开的日期、时间和地点 网络投票起止时间：自2025 年 12 月 15 日 至2025 年 12 月 15 日 采用上海证券交易所网络投票系统，通过交易系统投票平台的投票时间为股 东会 ...

Core Viewpoint - The announcement of a related party transaction by Minmetals Capital, involving the establishment of a joint venture with Minmetals Trust and Minmetals Real Estate, has attracted industry attention, aiming to address existing asset risks through a special purpose vehicle (SPV) [1][2]. Group 1: Joint Venture Details - The proposed joint venture, tentatively named Beijing Minxin Urban Construction Development Co., Ltd., will have a registered capital of 1 billion yuan, with Minmetals Trust contributing 300 million yuan for a 30% stake and Minmetals Real Estate contributing 700 million yuan for a 70% stake [2]. - Minmetals Trust will not appoint directors or senior management to the joint venture and will not participate in daily operations, indicating a lack of significant influence [2]. - The asset package contributed by Minmetals Trust was assessed at 16.29 billion yuan, down from a pre-assessment value of 17.52 billion yuan, reflecting a decrease of 7% [2]. Group 2: Risk Management and Industry Trends - The SPV model aims to isolate risks and enhance asset disposal efficiency, contrasting with traditional methods that may prolong recovery processes [3]. - The effectiveness of this model relies on accurate assessments of cash flows and asset integrity, with potential challenges in decision-making efficiency due to differing interests between contributors and operators [3]. - The trust industry is transitioning from passive risk management to proactive management and innovation, with a focus on improving asset quality and governance structures [6]. Group 3: Historical Context and Future Directions - The trust industry has seen significant changes since 2020, with various companies undergoing restructuring and risk management improvements, such as Sichuan Trust's transformation into Tianfu Trust [5]. - The overall asset management scale of the trust industry reached 32.43 trillion yuan by mid-2023, indicating a recovery and improvement in quality [6]. - Future strategies may include establishing bankruptcy service trusts and collaborating with asset management companies to enhance asset recovery efficiency [6].

Core Points - The company completed the redemption and delisting of its "Wuziyou 5" preferred shares on November 21, 2025 [1][2] - A total of 20 million "Wuziyou 5" preferred shares were issued, with a total payment of RMB 2,094 million made to shareholders [1] - The preferred shares were listed for trading on the Shanghai Stock Exchange starting December 21, 2023, under the code 360046 [1] Summary by Sections - **Issuance and Listing** The company issued 20 million "Wuziyou 5" preferred shares on November 21, 2023, and these shares began trading on the Shanghai Stock Exchange on December 21, 2023 [1] - **Redemption Details** The company announced the complete redemption of all issued "Wuziyou 5" preferred shares on November 18, 2025, and paid a total of RMB 2,094 million to shareholders for the face value and dividends accrued during the holding period [1][2] - **Completion of Delisting** As of November 21, 2025, the "Wuziyou 5" preferred shares have been officially canceled, marking the completion of the redemption and delisting process [2]

五矿资本股份有限公司（以下简称"公司"）于 2023 年 11 月 21 日完成向特定对象发行 2,000 万股"五资优 5"优先股，2023 年 12 月 21 日起公司"五资优 5"优先股股票在上海证券交易所综合业 务平台挂牌转让，优先股代码为 360046，简称为"五资优 5"。 公司于 2025 年 11 月 18 日披露了《五矿资本股份有限公司关于 "五资优 5"优先股全部赎回及摘牌的公告》（临 2025-076），并已 于 2025 年 11 月 21 日向股权登记日在中国证券登记结算有限责任公 司上海分公司（以下简称"中登上海分公司"）登记在册的"五资优 5"优先股股东足额支付本期优先股票面金额及持有期间（2024 年 11 月 21 日至 2025 年 11 月 20 日）的股息，共计人民币 209,400 万元， 赎回公司全部已发行的 2,000 万股"五资优 5"优先股。 关于"五资优 5"优先股全部赎回及摘牌完成的公告 五矿资本股份有限公司董事会 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。 2025 ...

Core Viewpoint - The diversified financial sector experienced a slight increase of 0.59% on November 24, with *ST Xiongmao leading the gains. The Shanghai Composite Index closed at 3836.77, up 0.05%, while the Shenzhen Component Index closed at 12585.08, up 0.37% [1]. Group 1: Stock Performance - The top-performing stocks in the diversified financial sector included *ST Nengmao, which rose by 5.02% to a closing price of 10.04, and Sichuan Shuangma, which increased by 4.27% to 22.20 [1]. - Other notable gainers included Yalian Youzhan (+3.99%), Lakala (+2.95%), and Jiuding Investment (+1.70%) [1]. Group 2: Trading Volume and Value - The trading volume and value for the top stocks were significant, with Sichuan Shuangma achieving a trading volume of 234,700 shares and a transaction value of 518 million yuan [1]. - Lakala had a transaction value of 353 million yuan with a trading volume of 162,200 shares, indicating strong market interest [1]. Group 3: Capital Flow - The diversified financial sector saw a net outflow of 194 million yuan from major funds, while retail investors contributed a net inflow of 281 million yuan [2]. - The data indicates that while institutional investors were withdrawing, retail investors were actively buying into the sector [2]. Group 4: Individual Stock Capital Flow - Sichuan Shuangma experienced a net outflow of 50.79 million yuan from major funds, while it had a net inflow of 1.10 million yuan from speculative funds [3]. - Conversely, *ST Nengmao saw a net inflow of 5.20 million yuan from major funds, indicating strong institutional interest despite overall sector outflows [3].

Market Overview - The diversified financial sector experienced a decline of 3.29% on November 21, with Ruida Futures leading the drop [1] - The Shanghai Composite Index closed at 3834.89, down 2.45%, while the Shenzhen Component Index closed at 12538.07, down 3.41% [1] Stock Performance - Key stocks in the diversified financial sector showed varied performance, with Jiangsu Jinzu remaining unchanged at 6.45, while Ruida Futures fell by 6.28% to 21.05 [2] - Other notable declines included Yalian Development down 6.18% and Jiuding Investment down 5.99% [2] Trading Volume and Capital Flow - The total net outflow of main funds in the diversified financial sector was 870 million yuan, while retail investors saw a net inflow of 756 million yuan [2] - The trading volume for Jiangsu Jinzu was 335,600 shares, with a transaction amount of 216 million yuan, while Ruida Futures had a trading volume of 149,100 shares and a transaction amount of 320 million yuan [2][3] Individual Stock Capital Flow - Bohai Leasing had a net inflow of 11.66 million yuan from main funds, while Jiangsu Jinzu saw a net inflow of 3.58 million yuan [3] - Conversely, stocks like Yalian Development and Jiuding Investment experienced significant net outflows from main funds, amounting to 6.68 million yuan and 7.94 million yuan respectively [3]

Core Viewpoint - The board of directors of Minmetals Capital Co., Ltd. has approved several key resolutions, including adjustments to internal structures, the appointment of a new vice president, and the establishment of a joint venture with a related party, which aims to enhance asset management efficiency and optimize resource allocation [1][3][15]. Group 1: Internal Structure Adjustments - The company has decided to adjust its internal structure by establishing an audit department and renaming existing departments to better align with its operational needs [1]. - The board meeting was attended by all nine directors, and the resolution regarding internal structure adjustments received unanimous approval [2]. Group 2: Appointment of Vice President - The board has approved the appointment of Ms. Xie Ying as the vice president, effective immediately upon the board's approval [3]. - This decision also received unanimous support from the board members [4]. Group 3: Trust Beneficiary Rights Transfer - The company has agreed to transfer trust beneficiary rights, which is expected to result in a loss of 0.98 billion yuan, subject to final assessment [5]. - This resolution was also unanimously approved by the board [6]. Group 4: Joint Venture with Related Party - The company’s subsidiary, Minmetals Trust, will jointly invest with its controlling shareholder, China Minmetals Corporation, to establish a joint venture with a registered capital of 1 billion yuan, where Minmetals Trust will contribute 300 million yuan [16][22]. - The joint venture will focus on real estate development and aims to leverage the expertise of Minmetals Real Estate Holdings [25]. - The establishment of this joint venture constitutes a related party transaction and requires further approval from the shareholders' meeting [17][19]. Group 5: Shareholders' Meeting - The board has resolved to convene the fourth extraordinary shareholders' meeting of 2025 to discuss the aforementioned matters [12]. - The timing and details of the meeting will be determined by the board secretary after the current board meeting [13].

Core Points - The company announced a board meeting scheduled for November 19, 2025, to review a proposal for a joint investment by its subsidiary, Wukuang Trust, and its controlling shareholder, China Minmetals Corporation [1] - The joint venture will be established in Beijing with a registered capital of 100 million yuan, where Wukuang Trust will contribute 30 million yuan for a 30% equity stake, and Wukuang Real Estate Holdings will contribute 70 million yuan for a 70% equity stake [1] - This transaction is classified as a related party transaction and requires approval from the company's shareholders' meeting [1]

Core Viewpoint - Wenkang Trust is leveraging the resources of its major shareholder to enhance asset operation efficiency and optimize resource allocation, marking a strategic transformation for the company [1][2] Resource Optimization - The transaction is expected to effectively optimize resource allocation and significantly improve the operational efficiency of Wenkang Trust's assets [3] - The core idea of the transaction is to follow the principle of "professionals doing professional work," by injecting trust asset rights and liabilities related to real estate into a joint venture, managed by Wenkang Real Estate Holdings, which has extensive experience in the real estate sector [3] - This initiative represents a shift from passive licensing to active management within the trust industry, exploring a "finance + industry" collaborative model for value reconstruction [3] Strengthening Development Foundation - The trust industry is undergoing a deep transformation, and Wenkang Trust prioritizes risk prevention as essential for high-quality development, adhering to compliance and regulatory requirements [4] - The transaction aims to systematically enhance asset operation efficiency and optimize capital structure, thereby solidifying the foundation for future sustainable development [4] - This innovative practice centered on "professional division of labor and collaborative operation" not only provides a feasible path for improving asset operation efficiency but also explores a new business model of deep integration between finance and industry [4] Industry Paradigm - The asset operation approach of "professional empowerment and differentiated strategies" offers an important paradigm for the entire industry, demonstrating that state-owned enterprise trusts can rely on shareholder industrial resources for internal collaboration to recreate asset value [5] - Such models are crucial for building a healthy and robust industry ecosystem, guiding the industry back to its core functions and achieving sustainable development [5]