证券代码：600531 证券简称：豫光金铅 公告编号：临2025-108 债券代码：110096 债券简称：豫光转债 河南豫光金铅股份有限公司 关于实施"豫光转债"赎回暨摘牌的 第一次提示性公告 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。 截至2025年12月9日收市后，距离2025年12月18日（"豫光转债"最后转股日）仅剩7个交易日，2025年12 月18日为"豫光转债"最后一个转股日。 ● 本次提前赎回完成后，豫光转债将自2025年12月19日起在上海证券交易所摘牌。 ● 投资者所持可转债除在规定时限内通过二级市场继续交易或按照5.95元的转股价格进行转股外，仅能 选择以100元/张的票面价格加当期应计利息（即100.1060元）被强制赎回。若被强制赎回，可能面临较 大投资损失。 ● 公司提醒"豫光转债"持有人注意在限期内转股或卖出。 河南豫光金铅股份有限公司（以下简称"公司"）的股票自2025年10月27日至2025年11月14日，已在连续 三十个交易日内有十五个交易日的收盘价不低于"豫光转债"当期转股价格5 ...

证券代码：600531 证券简称：豫光金铅 公告编号：临 2025-108 债券代码：110096 债券简称：豫光转债 河南豫光金铅股份有限公司 关于实施"豫光转债"赎回暨摘牌的 第一次提示性公告 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。 重要内容提示： 赎回登记日：2025 年 12 月 18 日 赎回价格：100.1060 元/张 赎回款发放日：2025 年 12 月 19 日 最后交易日：2025 年 12 月 15 日 据《河南豫光金铅股份有限公司向不特定对象发行可转换公司债券募集说明书》 截至 2025 年 12 月 9 日收市后，距离 2025 年 12 月 15 日（"豫光转债"最后 交易日）仅剩 4 个交易日，2025 年 12 月 15 日为"豫光转债"最后一个交易日。 最后转股日：2025 年 12 月 18 日 截至 2025 年 12 月 9 日收市后，距离 2025 年 12 月 18 日（"豫光转债"最后 转股日）仅剩 7 个交易日，2025 年 12 月 18 日为"豫光转债"最后一个 ...

河南豫光金铅股份有限公司关于实施"豫光转债"赎回暨摘牌的公告 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。 重要内容提示： ● 证券停复牌情况：适用 证券代码：600531 证券简称：豫光金铅 公告编号：2025-107 债券代码：110096 债券简称：豫光转债 ● 本次提前赎回完成后，豫光转债将自2025年12月19日起在上海证券交易所摘牌。 ● 投资者所持可转债除在规定时限内通过二级市场继续交易或按照5.95元的转股价格进行转股外，仅能 选择以100元/张的票面价格加当期应计利息（即100.1060元）被强制赎回。若被强制赎回，可能面临较 大投资损失。 ● 公司提醒"豫光转债"持有人注意在限期内转股或卖出。 河南豫光金铅股份有限公司（以下简称"公司"）的股票自2025年10月27日至2025年11月14日，已在连续 三十个交易日内有十五个交易日的收盘价不低于"豫光转债"当期转股价格5.95元/股的130%，即不低于 7.74元/股。根据《河南豫光金铅股份有限公司向不特定对象发行可转换公司债券募集说明书》（以下 简称"《 ...

（文章来源：证券日报） 证券日报网讯 12月8日晚间，豫光金铅发布公告称，截至2025年12月8日收市后，距离2025年12月15日 （"豫光转债"最后交易日）仅剩5个交易日，2025年12月15日为"豫光转债"最后一个交易日。最后转股 日：2025年12月18日截至2025年12月8日收市后，距离2025年12月18日（"豫光转债"最后转股日）仅剩8 个交易日，2025年12月18日为"豫光转债"最后一个转股日。本次提前赎回完成后，豫光转债将自2025年 12月19日起在上海证券交易所摘牌。投资者所持可转债除在规定时限内通过二级市场继续交易或按照 5.95元的转股价格进行转股外，仅能选择以100元/张的票面价格加当期应计利息（即100.1060元）被强 制赎回。若被强制赎回，可能面临较大投资损失。公司提醒"豫光转债"持有人注意在限期内转股或卖 出。 ...

| 证券代码：600531 | 证券简称：豫光金铅 | 公告编号：2025-107 | | --- | --- | --- | | 债券代码：110096 | 债券简称：豫光转债 | | 河南豫光金铅股份有限公司 关于实施"豫光转债"赎回暨摘牌的公告 证券停复牌情况：适用 因提前赎回"豫光转债",本公司的相关证券停复牌情况如下： | 证券代码 | 证券简称 | 停复牌类型 | 停牌起始日 | 停牌期间 | 停牌终止日 | 复牌日 | | --- | --- | --- | --- | --- | --- | --- | | 110096 | 豫光转债 | 可转债债券停牌 | 2025/12/16 | | | | 截至 2025 年 12 月 8 日收市后，距离 2025 年 12 月 15 日（"豫光转债"最后 交易日）仅剩 5 个交易日，2025 年 12 月 15 日为"豫光转债"最后一个交易日。 最后转股日：2025 年 12 月 18 日 截至 2025 年 12 月 8 日收市后，距离 2025 年 12 月 18 日（"豫光转债"最后 转股日）仅剩 8 个交易日，2025 年 12 月 18 日为 ...

Core Viewpoint - The average increase of silver concept stocks has reached 79.24% this year, significantly outperforming the Shanghai Composite Index during the same period [1] Group 1: Stock Performance - Six silver concept stocks, including Xingye Yinxin, Huayu Mining, Shengda Resources, Pengxin Resources, Zijin Mining, and Chifeng Gold, have seen their annual growth rates double [1] - As of December 5, 2023, 13 silver concept stocks have a rolling price-to-earnings (P/E) ratio below 30, with companies like Yuguang Gold Lead, Zhuhai Group, Zijin Mining, and Western Mining having P/E ratios below 20 [1] Group 2: Valuation Levels - Yuguang Gold Lead has the lowest rolling P/E ratio at 15.04, indicating a potentially attractive valuation [1] - In the first three quarters of this year, Yuguang Gold Lead reported a net profit of 621 million yuan, reflecting a year-on-year growth of 11.99% [1] Group 3: Capital Flow - As of December 5, 2023, four silver concept stocks have seen net financing purchases exceeding 100 million yuan since December, including Yunnan Copper, Xingye Yinxin, Chifeng Gold, and Tongling Nonferrous Metals [1]

Group 1: Silver Price Surge - Global silver prices have reached a historical high, becoming a focal point in the market [1] - As of December 5, London silver prices surged to $59.33 per ounce, marking a 3.9% increase, and closed at $58.29 per ounce [5] - Year-to-date, silver prices have increased by over 100%, significantly outpacing gold's rise of just over 60% [5] Group 2: Factors Driving Silver Demand - The increase in silver prices is attributed to low global silver inventories and tight physical supply, creating a "low inventory + high demand" scenario [6] - Silver is increasingly recognized for its structural scarcity and growing industrial demand, moving beyond its traditional role as a gold substitute [6] - Key sectors driving silver demand include electronics, renewable energy, and healthcare, with significant growth expected in these areas [7] Group 3: Industrial Demand Projections - By 2025, global silver demand is projected to experience explosive growth, particularly from the photovoltaic industry, which is expected to consume 7,560 tons of silver, doubling its usage from 2022 [7] - The automotive sector, particularly electric vehicles, is anticipated to consume 2,566 tons of silver this year, with a year-on-year growth rate exceeding 12% [7] - The demand from AI computing servers and data centers is expected to increase silver usage by 30% compared to traditional equipment [7] Group 4: Market Performance of Silver-Related Stocks - A-share silver concept stocks have shown strong performance, with an average increase of 79.24% year-to-date, significantly outperforming the Shanghai Composite Index [8] - Notable performers include Xingye Silver Tin, which has seen a cumulative increase of 220.2% this year [10] - As of December 5, 13 silver concept stocks had rolling P/E ratios below 30, indicating potential investment opportunities [10] Group 5: Financing and Investment Activity - As of December 5, four silver concept stocks have seen net financing inflows exceeding 100 million yuan since December began, indicating strong investor interest [11] - Yunnan Copper has led with a net financing inflow of 167 million yuan, with plans to acquire a 40% stake in Liangshan Mining [12]

Core Insights - The high-purity indium industry in China has experienced rapid growth, becoming a crucial support for semiconductor materials, photovoltaic industries, and electronic device manufacturing. However, in 2023, the market faced a significant downturn due to a deep destocking cycle in the semiconductor market and a persistent slump in the consumer electronics market, leading to a 25% year-on-year decline in market size. A recovery is expected in 2024, with the market size projected to reach 2 billion yuan, a 6% increase year-on-year. The industry is anticipated to continue growing, driven by high-end manufacturing and the expansion of the new energy sector, particularly in semiconductor materials as reliance on high-purity indium increases with advancements in 5G communication, artificial intelligence, and data center construction [1][6]. Industry Overview - High-purity indium is a silver-white metal material purified through processes such as electrolysis, chemical cleaning, and vacuum distillation, achieving purity levels from 5N (99.999%) to 7N8 (99.999998%). It is primarily used in the preparation of III-V semiconductor compounds like indium phosphide (InP) and indium antimonide (InSb), as well as in ITO targets and high-purity alloys. The main production methods include electrolysis, vacuum distillation, zone melting, metal-organic compound methods, and low-halogen compound methods [2][3]. Industry Chain - The upstream raw materials for the high-purity indium industry include primary indium and recycled indium. Primary indium is mostly a byproduct of zinc mining, with China being rich in zinc reserves, particularly in Yunnan, Guangxi, and Hunan. Recycled indium is becoming increasingly important due to stricter environmental policies and tight primary indium supply, with secondary resources like waste ITO targets and liquid crystal panel dismantling waste becoming key supplements. The midstream refers to the high-purity indium industry, while the downstream includes applications in semiconductors, electronics, and new energy sectors [4][5]. Market Size and Trends - China is the largest producer of primary indium, holding 72% of the global reserves. In 2024, the production of primary indium in China is expected to reach 688 tons, a 6.5% year-on-year increase. This growth in primary indium production will ensure a stable supply of raw materials for high-purity indium production. The semiconductor industry, which has strict purity requirements, is projected to grow significantly, with the Chinese semiconductor market expected to reach $630.5 billion in 2024, a 43% increase from $440.4 billion in 2020 [5][6]. Competitive Landscape - The competitive landscape shows that overseas markets for high-purity indium and its oxides have advanced technology and established companies like Dowa and Rasa. In contrast, China's high-purity indium industry has been developing rapidly in recent years, with companies like Zhuzhou Keno New Materials Co., Ltd., Yunnan Tin Company Limited, and Henan Yuguang Gold and Lead Co., Ltd. making significant strides [6][7]. Development Trends 1. Recycled indium is becoming a critical support for supply, with the domestic recycled indium production accounting for about 30% of the total. The market share of recycled indium is expected to continue increasing, with companies focusing on improving recovery technologies for waste materials [10]. 2. The industry concentration is expected to rise, with smaller companies facing challenges due to outdated technology and increasing environmental costs. Leading companies are expanding capacity and securing stable raw material supplies through investments in overseas mines and long-term supply agreements [11][12]. 3. Domestic companies are advancing in high-purity indium production, particularly in the 7N grade, which has historically been dominated by Japanese and Korean firms. With government support and increased R&D investment, companies are expected to overcome key technological barriers and promote green processes to enhance purity stability while reducing energy consumption and emissions [13].

Group 1 - The second largest shareholder, Jiyuan Investment Group Co., Ltd., holds 75,152,132 shares, accounting for 6.63% of the total share capital of the company [2] - Jiyuan Investment Group has released the pledge on 27,256,000 shares that were previously pledged to Zhongyuan Bank Co., Ltd. Jiyuan Branch [2] - As of December 3, 2025, the total number of shares of Henan Yuguang Gold Lead Co., Ltd. is 1,133,623,001 [2] Group 2 - The cumulative pledged shares of the shareholder amount to 10,000,000 shares, which is 13.31% of their total holdings and 0.88% of the company's total share capital [2] - The release of the pledge is related to the shareholder's own financial arrangements and does not involve any significant changes in company control or main business adjustments [3] - The company will continue to monitor the changes in the pledged shares held by shareholders and will comply with relevant regulations for timely information disclosure [3]

证券日报网讯 12月4日晚间，豫光金铅发布公告称，公司第二大股东济源投资集团有限公司于2025年12 月3日将原质押给中原银行股份有限公司济源分行的27，256，000股公司股份办理了解除质押手续，本 次解除质押后，济源投资集团有限公司累计质押公司股份10，000，000股，占其持股总数的13.31%， 占公司总股本的0.88%。 （文章来源：证券日报） ...