Core Viewpoint - The article highlights the journey and achievements of Xu Chengdong, a skilled worker at Yunnan Chihong Zinc & Germanium Co., Ltd., who has significantly contributed to the advancement of lead smelting technology in China through innovation and dedication [1][2][3]. Group 1: Background and Early Career - Xu Chengdong, originally from Huize County, Qujing City, Yunnan Province, was inspired by the local lead-zinc mining industry and pursued a career in smelting after completing middle school [2]. - He started working at Huize Lead-Zinc Mine in 1991, initially in a mechanical repair workshop, but quickly moved to the sintering workshop to learn smelting technology [2]. Group 2: Technological Advancements - In 2004, the company invested heavily in introducing the IsaSmelt furnace from Australia to enhance smelting processes, with Xu being one of the selected workers for training [3]. - Xu overcame language barriers and mastered the IsaSmelt technology within three months, becoming the first operator in China to use this technology for lead smelting [3][4]. - He proposed a solution to a critical issue of molten pool freezing during production, which was recognized by foreign experts [4]. Group 3: Continuous Improvement and Innovation - Xu led multiple technological improvements in the IsaSmelt process, achieving record production levels and significantly extending the lifespan of equipment [5]. - His innovations included enhancing the design of the spray gun and increasing the oxygen concentration in the IsaSmelt furnace, which improved smelting efficiency and reduced costs [5][6]. - Xu's team achieved a historical record of 85,000 tons of crude lead production in 2014 and set a record for the lifespan of furnace bricks at 978 days from 2013 to 2015 [5]. Group 4: Mentorship and Legacy - Xu has been recognized with numerous awards, including national labor model and technical expert honors, and he remains committed to mentoring the next generation of smelting professionals [7]. - He established the "Xu Chengdong Labor Model Innovation Studio" to promote technical skills and innovation within the industry [7][8]. - Xu's mentorship has led to the development of skilled technicians who have become key contributors across various subsidiaries of the company [8].

金融界消息 截至2025年8月1日收盘，驰宏锌锗（600497）报收于5.48元，上涨0.18%，换手率1.16%， 成交量58.52万手，成交金额3.21亿元。 资金流向方面，今日主力资金净流入2193.71万元，占比成交额6.83%。其中，超大单净流入209.16万 元、占成交额0.65%，大单净流入1984.54万元、占成交额6.18%，中单净流出流出314.01万元、占成交 额0.98%，小单净流出1879.70万元、占成交额5.86%。 驰宏锌锗最新一期业绩显示，截至2025一季报，公司营业总收入51.44亿元、同比增长10.10%，归属净 利润4.94亿元，同比增长1.40%，扣非净利润4.85亿元，同比增长5.38%，流动比率0.812、速动比率 0.466、资产负债率27.71%。 天眼查商业履历信息显示，云南驰宏锌锗股份有限公司，成立于2000年，位于曲靖市，是一家以从事有 色金属矿采选业为主的企业。企业注册资本509129.1568万人民币，实缴资本509129.1568万人民币。公 司法定代表人为杨美彦。 通过天眼查大数据分析，云南驰宏锌锗股份有限公司共对外投资了27家企业，参与招投标项 ...

Group 1: Market Performance - On August 1, the industrial metals sector increased by 0.57% compared to the previous trading day, with Hailiang Co., Ltd. leading the gains [1] - The Shanghai Composite Index closed at 3559.95, down 0.37%, while the Shenzhen Component Index closed at 10991.32, down 0.17% [1] Group 2: Individual Stock Performance - Hailiang Co., Ltd. (002203) closed at 11.90, up 8.58% with a trading volume of 1.2272 million shares [1] - Jingyi Co., Ltd. (002295) closed at 10.46, up 5.76% with a trading volume of 271,100 shares [1] - Yuguang Gold Lead (600531) closed at 8.51, up 4.55% with a trading volume of 746,200 shares [1] - Other notable performers include Santai Wen (600595) up 2.83%, Pengxin Resources (600490) up 2.56%, and Ningbo Fubang (600768) up 2.22% [1] Group 3: Capital Flow Analysis - The industrial metals sector experienced a net outflow of 329 million yuan from institutional investors, while retail investors saw a net inflow of 69.45 million yuan [2] - Notable net inflows from retail investors were observed in Pengxin Resources (390.58 million yuan) and Yuguang Gold Lead (661.66 million yuan) [2] - The overall capital flow indicates a mixed sentiment, with institutional investors withdrawing funds while retail investors are actively participating [2]

签署日期：二〇二五年七月 信息披露义务人声明 一、信息披露义务人依据《中华人民共和国证券法》 （以下简称"《证券法》"）、 《上市公司收购管理办法》（以下简称"《收购办法》"）、《公开发行证券的 公司信息披露内容与格式准则第 15 号——权益变动报告书》（以下简称"《准 则 15 号》"）及其他相关法律、法规和部门规章的有关规定编写本报告书。 二、信息披露义务人签署本报告已获得必要的授权和批准，其履行亦不违反 信息披露义务人章程或内部规则中的任何条款，或与之相冲突。 上市公司：云南铜业股份有限公司 上市地点：深圳证券交易所 股票简称：云南铜业 股票代码：000878.SZ 信息披露义务人一：云南铜业（集团）有限公司 住所：云南省昆明市盘龙区华云路 1 号 通讯地址：云南省昆明市盘龙区华云路 1 号 信息披露义务人二：中国铝业集团有限公司 住所：北京市海淀区西直门北大街 62 号 18、22、28 层 通讯地址：北京市海淀区西直门北大街 62 号 信息披露义务人三：中国铜业有限公司 住所：云南省昆明市盘龙区华云路 1 号 通讯地址：云南省昆明市盘龙区华云路 1 号 股份权益变动性质：因信息披露义务人认购上市公司 ...

Investment Rating - The report maintains an "Overweight" rating for the steel and non-ferrous metal industries [1] Core Viewpoints - The supply-side reform in China is expected to break the deflationary cycle and create investment opportunities in the steel and non-ferrous metal sectors [1][6] - The report emphasizes the importance of "supply constraints" to manage the supply-demand balance and mitigate economic downturn risks [6][12] - The steel industry is facing severe overcapacity, with state-owned enterprises holding a significant market share, which facilitates the implementation of administrative measures to control production [6][28] Summary by Sections 1. Supply-Side Reform and Economic Management - The socialist market economy in China allows for effective macroeconomic control, contrasting with the cyclical issues faced in capitalist economies [12][13] - Historical experiences show that demand stimulus alone is insufficient to resolve deep-seated deflationary pressures [14][15] - The supply-side reform initiated in 2016 has proven successful in stabilizing prices and improving corporate profitability [21][22] 2. Steel Industry Analysis - The steel industry has been in a state of oversupply from 2007 to 2024, with crude steel production increasing from 490 million tons to 1.01 billion tons, while apparent consumption has not kept pace [28][29] - The production capacity utilization rates for rebar and wire rod are expected to decline from around 70% to 50% due to weak real estate demand [33][34] - The concentration of production among state-owned enterprises is high, with central state-owned enterprises accounting for approximately 63% of total production in 2024 [38][39] 3. Investment Recommendations - The report suggests focusing on three categories of investment targets: profit recovery, stable profit with valuation repair, and stable high-dividend stocks [51] - Specific companies recommended for profit recovery include Liugang Co., Taigang Stainless Steel, and Shandong Iron and Steel, with projected annualized PE ratios improving significantly under favorable conditions [51]

Core Viewpoint - Yunnan Chihong Zinc & Germanium Co., Ltd. has successfully completed its share repurchase plan, acquiring a total of 50,911,085 shares, which represents 1.00% of the company's total share capital, with a total expenditure of approximately RMB 267.73 million [1][2][3] Summary by Sections Share Repurchase Plan - The share repurchase plan was first disclosed on September 24, 2024, with an implementation period from October 11, 2024, to October 10, 2025 [1] - The expected repurchase amount ranges from RMB 145 million to RMB 290 million, with a maximum repurchase price set at RMB 5.7 per share [1] - The actual repurchase price ranged from RMB 4.72 to RMB 5.67 per share, with an average price of RMB 5.26 per share [2][3] Implementation Status - As of December 31, 2024, the company had repurchased 500,000 shares, accounting for 0.0098% of the total share capital [2] - The repurchase was completed on July 15, 2025, with a total of 50,911,085 shares acquired [2][3] Financial Impact - The funds used for the repurchase included both bank loans and the company's own funds, ensuring that the repurchase would not significantly impact the company's operations, financial status, or future development [3] Share Cancellation - The company plans to cancel all repurchased shares, which will reduce the registered capital accordingly [4] - The total number of shares before the repurchase was 5,091,291,568, and after the cancellation, it will be reduced to 5,040,380,483 shares [4] Shareholder Structure - The shareholding structure of major shareholders, such as China Aluminum Group and Yunnan Metallurgical Group, will see slight changes post-repurchase, with their respective ownership percentages adjusted [4]

证券代码：600497 证券简称：驰宏锌锗 公告编号：2025-028 云南驰宏锌锗股份有限公司 关于股份回购实施结果暨股份变动的公告 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。 | 回购方案首次披露日 | 2024/9/24 | | --- | --- | | 回购方案实施期限 | 2024 年 10 月 11 日~2025 年 10 月 10 日 | | 预计回购金额 | 14,500万元~29,000万元 | | 回购价格上限 | 5.7元/股 | | | √减少注册资本 | | 回购用途 | □用于员工持股计划或股权激励 | | | □为维护公司价值及股东权益 | | 实际回购股数 | 5,091.11万股 | | 实际回购股数占总股本比例 | 1.00% | | 实际回购金额 | 26,773.34万元 | | 实际回购价格区间 | 4.72元/股~5.67元/股 | 二、回购实施情况 （一）2024 年 12 月 31 日，公司通过上海证券交易所交易系统以集中竞价交 易方式首次回购 500,000 股股份，占公 ...

Core Viewpoint - The company, Chihong Zn & Ge Co., Ltd., has initiated a share buyback program starting from October 11, 2024, with an expected buyback amount ranging from 145 million to 290 million yuan [1] Summary by Relevant Sections - **Share Buyback Details** - The actual number of shares repurchased by the company as of July 15, 2025, is 50.91 million shares, which accounts for 1.00% of the total share capital [1] - The total amount spent on the buyback is 268 million yuan, with a price range of 4.72 yuan to 5.67 yuan per share [1] - **Future Plans** - The company plans to cancel all repurchased shares on July 17, 2025, and will correspondingly reduce its registered capital [1]

Group 1 - The core viewpoint of the news highlights that Chihong Zn & Ge Co., Ltd. is expected to benefit from a relaxed supply of zinc concentrate in the first half of 2025, leading to increased processing fees and reduced production costs in the smelting segment, thereby enhancing profit margins [1] - The company is committed to maintaining industry-leading costs for lead, zinc concentrates, and smelting products through management optimization and technological advancements [1] - Chihong Zn & Ge plans to deepen its focus on lead, zinc, and germanium core businesses, strategically plan capacity layout, and continuously expand resource reserves through internal resource accumulation and external acquisitions to enhance sustainable development capabilities [1] Group 2 - The company has committed to an annual cash dividend of no less than 30% of the distributable profit, with a cumulative minimum of 40% over three years [1] - The production recovery timeline for Weize Mining and Rongda Mining remains uncertain, but the company will continue to optimize production and increase output [1] - The company has integrated market value management goals into its performance assessment indicators, emphasizing the importance of market value management [1]

证券代码：600497 证券简称：驰宏锌锗 公告编号：临 2025—027 云南驰宏锌锗股份有限公司 关于以集中竞价交易方式回购股份进展的公告 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个别及连带责任。 | 回购方案首次披露日 | 2024 年 9 月 日 | 24 | | | | | | --- | --- | --- | --- | --- | --- | --- | | 回购方案实施期限 | 2024 年 10 月 11 日至 | | 2025 | 年 10 | 月 10 | 日 | | 预计回购金额 | 人民币 14,500 万元至 | | 29,000 | 万元 | | | | 回购用途 | √减少注册资本 □用于员工持股计划或股权激励 □用于转换公司可转债 | | | | | | | | □为维护公司价值及股东权益 | | | | | | | 累计已回购股数 | 4,437.98 万股 | | | | | | | 累计已回购股数占总股本比例 | 0.87% | | | | | | | 累计已回购金额 | 人民币 万元 2 ...