Investment Rating - The report maintains a "Positive" investment rating for the non-ferrous and steel industry [5]. Core Viewpoints - Iron ore prices have shown significant loosening, prompting continued attention to investment opportunities in the steel sector. The recent financial policies, including interest rate cuts, are expected to impact the market positively. The steel sector, having undergone three years of adjustment, now presents a favorable cost-performance ratio, with leading companies showing improved profitability and stability [8][14]. Summary by Sections Macro Overview - Iron ore prices are experiencing notable loosening, with expectations that May's iron and steel production may peak. The steel mills are likely to squeeze iron ore profits, leading to potential downward feedback on prices. The domestic demand-driven pricing in the steel sector is seen as advantageous given the high tariffs affecting external demand [8][14]. Steel Market - The consumption of rebar has decreased significantly, with a reported consumption of 2.14 million tons, a 26.67% decrease week-on-week. The overall price index for common steel has slightly declined by 0.71%, with rebar prices at 3,296 CNY/ton, down 0.8% week-on-week [15][37]. Industrial Metals - The copper smelting fees have deepened into negative territory, with the current rough smelting fee at -43.5 USD/thousand tons, a decrease of 8.21% week-on-week. The production costs for electrolytic aluminum have shown mixed trends, with costs in Xinjiang slightly increasing while those in Shandong have decreased significantly [17][29]. Precious Metals - Tariffs are expected to boost demand for safe-haven assets and inflation expectations, leading to a potential rise in gold prices. As of May 9, 2025, COMEX gold prices were reported at 3,329.1 USD/ounce, reflecting a week-on-week increase of 2.52% [17][37]. Investment Recommendations - For the steel sector, it is recommended to focus on leading companies such as Shandong Steel (600022, Buy) and Jiugang Steel (002110, Not Rated). In the non-ferrous sector, investment in Northern Rare Earth (600111, Buy) and Jinchuan Group (300748, Buy) is suggested [8][17].

Industry Overview - China's zinc concentrate production has shown a decline overall, stabilizing around 3.5 million tons since 2020. In 2023, domestic zinc concentrate production reached 3.69 million tons, a year-on-year increase of 11%. However, in 2024, production is expected to decrease to 3.4688 million tons, a year-on-year decline of 6.12% [1][10] - The supply situation for zinc ore in 2024 is significantly below expectations due to adjustments in mining plans, declining ore grades, and weather conditions. Advances in exploration technology, such as deep exploration techniques, are expected to uncover more zinc resources, providing a resource base for increased zinc concentrate production [1][10] Industry Chain Definition and Classification - The zinc mining industry encompasses a complete system from resource exploration to end-product application. The upstream focuses on exploration and mining, the midstream is dedicated to smelting and processing, and the downstream involves the application and recycling of zinc products across various industries [3] Development History - The development of China's zinc mining industry has gone through three stages: initial establishment, rapid growth, and integration upgrade. Initially, the industry was weak and relied on imports, but it gradually achieved self-sufficiency. After the reform and opening up, the industry experienced rapid growth with significant improvements in mining and smelting technologies. In the 21st century, the industry began to integrate and upgrade, focusing on technological innovation and resource recycling [5][6] Current Development Status - China is one of the world's major zinc resource countries, with proven zinc reserves ranking among the top globally. As of 2023, China's zinc reserves reached 59.9271 million tons, with significant concentrations in regions such as Inner Mongolia, Yunnan, and Qinghai [8][12] Key Enterprises Analysis - The competitive landscape of China's zinc mining industry is diverse and intense. Key players include: - Chihong Zn & Ge Co., Ltd., which has a complete industry chain and leading technology in zinc mining and processing [14][16] - Zhongjin Lingnan Nonfemet Company, which has a strong resource reserve and comprehensive industry chain layout [14][16] - Luoping Zinc & Electricity Co., Ltd., focusing on high-quality zinc smelting and processing [14][16] - Zijin Mining Group, a global mining giant with advanced technology and a global business network [14][16] Future Development Trends - Intelligent mining and ore selection are becoming important trends in the zinc mining industry, utilizing advanced technologies such as big data and AI to optimize mining processes [20] - The development of green smelting technology is crucial for sustainable development, focusing on energy conservation and resource recycling [21][22] - Extending the industry chain and enhancing product added value are key directions for transformation and upgrading, allowing companies to diversify and improve profitability [23]

Core Viewpoint - The company, Chihong Zn & Ge Co., Ltd., is focused on enhancing its profitability through resource management, technological advancements, and strategic operational improvements, while also planning significant increases in related party transactions for 2025. Group 1: Profit Growth Drivers - The main drivers for future profit growth include maintaining a resource-first strategy with over 32 million tons of lead-zinc resources, enhancing zinc alloy and germanium processing capabilities, and advancing digital and intelligent integration in operations [2][3]. - The company has increased its zinc alloy production capacity to 220,000 tons per year by the end of 2024, with a growing market share [2]. - A focus on cost management and operational efficiency has led to a stable cost structure for lead-zinc concentrate and a continuous decrease in processing costs for zinc products over the past five years [2]. Group 2: Financial Performance - In Q1 2025, the company reported revenue of 5.144 billion yuan, a year-on-year increase of 10.1%, and a net profit attributable to shareholders of 494 million yuan, up 1.4% [3][7]. - The net cash flow from operating activities reached 1.132 billion yuan, reflecting a significant increase of 58.97% [3][7]. - The company’s debt ratio stands at 27.71%, indicating a solid financial position [7]. Group 3: Shareholder Engagement and Dividends - The company has outlined a dividend policy for 2024-2026, committing to distribute at least 30% of the annual distributable profits in cash, with a cumulative payout of no less than 40% of the average annual distributable profits over the last three years [4]. - Historically, the company has implemented cash dividends 19 times since its listing, with a total distribution of 6.686 billion yuan, achieving a payout ratio of 74.42% [4]. Group 4: Market and Competitive Position - The company is actively addressing competition with its indirect controlling shareholders and has completed acquisitions to streamline operations and enhance market position [5][6]. - The company is also focused on expanding its financing channels, leveraging a strong asset structure and financial performance to maintain a favorable credit rating and access to capital markets [7]. Group 5: Future Development Directions - In 2025, the company aims to enhance operational efficiency through technological innovation and digital transformation, focusing on high-value product development and sustainable practices [3][6]. - The company plans to optimize its governance structure and improve decision-making processes to align with modern regulatory requirements [6].

证券代码：600497 证券简称：驰宏锌锗 公告编号：临 2025—023 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。 一、回购股份的基本情况 云南驰宏锌锗股份有限公司（以下简称"公司"）分别于 2024 年 9 月 23 日、 2024 年 10 月 11 日召开了第八届董事会第十六次会议、第八届监事会第十一次 会议和 2024 年第三次临时股东大会，审议通过了《关于审议公司以集中竞价交 易方式回购公司股份的议案》，同意公司以不低于人民币 1.45 亿元（含）且不 超过人民币 2.90 亿元（含）的自有资金以集中竞价交易方式回购公司股份，回 购价格不超过人民币 5.7 元/股（含），回购期限自公司股东大会审议通过回购方 案之日起不超过 12 个月，回购股份将全部依法注销减少注册资本，具体详见公 司 2024 年 9 月 24 日 和 2024 年 10 月 18 日 披露 于上 海证 券交 易所 网 站 www.sse.com.cn 上的《云南驰宏 ...

Investment Rating - The report maintains a "Positive" investment rating for the non-ferrous and steel industry [5]. Core Viewpoints - Iron ore prices have shown significant loosening, suggesting a positive outlook for investment opportunities in the steel sector. The report indicates that after three years of adjustment, the current position of the steel sector offers high cost-effectiveness, with leading enterprises showing improved profitability and stability [8][13]. Summary by Sections Macro Overview - Iron ore prices are expected to decline as steel production peaks post-May Day, leading to potential profit squeezes for iron ore suppliers. The domestic demand-driven pricing in the steel sector is highlighted as a key factor [8][13]. Steel Sector - The weekly consumption of rebar decreased to 2.6 million tons, a significant drop of 5.07% week-on-week. The average price of rebar increased slightly by 1.34% to 3,323 CNY/ton, while cold-rolled prices fell by 1.54% to 3,812 CNY/ton [14][36]. - Total steel inventory decreased significantly, with a total of 1,083 million tons, down 3.68% week-on-week and 24.11% year-on-year [23]. - The profitability of rebar production has improved, with long-process rebar margins increasing by 25 CNY/ton and short-process margins rising by 350 CNY/ton [34][36]. Industrial Metals - The report notes a deepening negative value for copper TC/RC, with the average LME aluminum price rising by 3.63% to 2,412 USD/ton. The cost of electrolytic aluminum in Xinjiang decreased significantly by 16.22%, leading to a substantial profit increase [16][28]. Precious Metals - The report suggests that tariffs may boost demand for safe-haven assets and inflation expectations, with gold prices expected to continue rising. As of April 25, 2025, COMEX gold prices were reported at 3,330.2 USD/ounce, a slight decrease of 0.33% week-on-week [16][48]. New Energy Metals - Lithium production in China saw a significant year-on-year increase of 57.44% in February 2025, with prices for battery-grade lithium carbonate at 69,600 CNY/ton. Nickel and cobalt prices showed mixed trends, with nickel prices declining [15][39][48].

Core Viewpoint - The hot-dip galvanizing industry in China has seen a steady increase in demand due to its cost-effectiveness and excellent protective properties, particularly in sectors like automotive, construction, and home appliances. Despite a recent decline in sales revenue, the industry is projected to recover slightly in 2024, supported by the manufacturing sectors of new energy vehicles and home appliances [1][11]. Industry Overview - Hot-dip galvanizing, also known as hot-dip zinc coating, involves immersing steel components in molten zinc to create a protective layer that prevents corrosion. This method is particularly effective in harsh environments [3]. - The hot-dip galvanizing industry has experienced significant growth, with sales revenue increasing from 40.948 billion yuan in 2017 to 73.569 billion yuan in 2021, followed by a decline, with a projected revenue of 68 billion yuan in 2024, reflecting a year-on-year increase of 2.56% [1][11]. Industry Chain - The upstream of the hot-dip galvanizing industry includes raw material and equipment suppliers, with steel and zinc being the primary materials. The midstream involves the galvanizing process itself, while the downstream encompasses various applications in construction, transportation, and other sectors [5]. Competitive Landscape - The hot-dip galvanizing industry features a diverse competitive landscape with both large and small enterprises. Major companies leverage scale, technology, and supply chain advantages, while smaller firms focus on flexible strategies and differentiated products [17]. Key Companies - Notable companies in the hot-dip galvanizing sector include Baosteel (宝钢股份), Zinc Industry Co. (锌业股份), and Tianjin Youfa Steel Pipe Group [1][18]. Market Trends - The demand for hot-dip galvanized products is expected to rise due to ongoing growth in construction, automotive, and home appliance sectors. The Belt and Road Initiative is anticipated to provide new opportunities for the industry, particularly in infrastructure projects [22][23]. - Technological advancements are driving improvements in hot-dip galvanizing processes, with a focus on reducing energy consumption and environmental impact. Companies are increasingly adopting automation and smart control systems to enhance production efficiency [22][23].

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 证券代码：600497 证券简称：驰宏锌锗 公告编号：2025-019 云南驰宏锌锗股份有限公司 2024 年年度股东大会决议公告 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。 （一）股东大会召开的时间：2025 年 4 月 22 日 （二）股东大会召开的地点：公司本部九楼三会议室 （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 | 1,320 | | --- | --- | | 2.出席会议的股东所持有表决权的股份总数（股） | 2,089,484,316 | | 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 | 41.2243 | | 份总数的比例（%） | | （四）表决方式是否符合《公司法》及《公司章程》的规定，大会主持情况等。 本次会议采取现场和网络投票表决的方式举行，本次会议由董事长杨美彦先 生主持，会议的召集和召开符合《公司法》和《公司章程》的有关规定。 （五）公司董事、监事和董 ...

证券代码：600497 证券简称：驰宏锌锗 公告编号：临 2025－021 云南驰宏锌锗股份有限公司 第八届监事会第十四次会议决议公告 本公司监事会及全体监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。 一、监事会会议召开情况 1.云南驰宏锌锗股份有限公司（以下简称"公司"）第八届监事会第十四次 会议的召集和召开符合《公司法》《证券法》《上海证券交易所股票上市规则》 和《公司章程》等有关规定。 2.会议通知于2025年4月17日以电子邮件的方式发出。 二、监事会会议审议情况 1.审议通过《关于审议<公司2025年第一季度报告>的议案》。 经认真审查，监事会认为： （1）《公司2025年第一季度报告》的编制和审议程序符合有关法律法规、 《公司章程》和公司内部管理制度的各项规定。 （2）《公司2025年第一季度报告》的内容和格式符合上海证券交易所对季 度报告的披露要求，所包含的信息能够客观、真实、公允地反映公司报告期内的 经营业绩和财务状况。 （3）在出具本意见前，未发现参与《公司2025年第一季度报告》编制和审 议的人员有违反保密规定的行为。 ...

一、董事会会议召开情况 1.云南驰宏锌锗股份有限公司（以下简称"公司"）第八届董事会第二十二 次会议的召集和召开符合《公司法》《证券法》《上海证券交易所股票上市规则》 和《公司章程》等有关规定。 2.会议通知于2025年4月17日以电子邮件和专人送达的方式发出。 3.会议于2025年4月22日以通讯方式召开。 证券代码：600497 证券简称：驰宏锌锗 公告编号：临 2025-020 云南驰宏锌锗股份有限公司 第八届董事会第二十二次会议决议公告 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个别及连带责任。 1.审议通过《关于审议<公司 2025 年第一季度报告>的议案》（具体内容详 见上海证券交易所网站：www.sse.com.cn）。 表决结果：同意10票，反对0票，弃权0票。 本议案提交董事会审议前，已经公司董事会审计与风险管理委员会2025年第 二次会议审议通过。 特此公告。 云南驰宏锌锗股份有限公司董事会 2.公司董事会审计与风险管理委员会2025年第二次会议决议 4.会议应出席董事10人，实际出席董事10人。 二、董事会会议 ...

云南建广律师事务所 关于云南驰宏锌锗股份有限公司 2024 年年度股东大会的 法律意见书 致：云南驰宏锌锗股份有限公司 云南建广律师事务所（以下简称"本所"）接受云南驰宏锌锗股份 有限公司（以下简称"公司"）委托，指派本所律师对公司 2024 年 年度股东大会 （以下简称"本次股东大会"）的合法性进行现场见证 并出具法律意见。 本法律意见书根据《中华人民共和国公司法》（以下简称"《公司法 》"）、《中华人民共和国证券法》（以下简称"《证券法》"）、中 国证券监督管理委员会（以 下简称"中国证监会"）《上市公司股东大 会规则》（以下简称"《股东大会规则》"） 等现行有效的法律、法规 、规范性文件以及《云南驰宏锌锗股份有限公司章程》（以下简称"《 公司章程》"）的规定而出具。 1 为出具本法律意见书，本所律师审查了公司本次股东大会的有关文 件和材料。 本所律师得到公司如下保证，即其已提供了本所律师认为 出具本法律意见书所必需的材料，所提供的原始材料、副本、复印件等 材料、口头证言均符合真实、准确、完整的要求，有关副本、复印件 材料与正本原始材料一致。 在本法律意见书中，本所律师仅对本次股东大会的召集、召开程序 、 ...