北京市嘉源律师事务所 关于《株洲冶炼集团股份有限公司收购报告书》 的法律意见书 西城区复兴门内大街 158 号远洋大厦 4 楼 中国·北京 二〇二五年九月 释 义 除非本法律意见书中另有说明,下列词语在本法律意见书中的含义如下: | 本法律意见书 | 指 | 北京市嘉源律师事务所关于《株洲冶炼集团股份有限公司收购 | | --- | --- | --- | | | | 报告书》的法律意见书 | | 《收购报告书》 | 指 | 《株洲冶炼集团股份有限公司收购报告书》 | | 上市公司、株冶集团 | 指 | 株洲冶炼集团股份有限公司(证券代码:600961.SH) | | 湖南有色、收购人、 | 指 | 湖南有色金属控股集团有限公司 | | 划入方 | | | | 株治有限、一致行动 | 指 | 株洲冶炼集团有限责任公司 | | 人 | | | | 水口山集团 | 指 | 湖南水口山有色金属集团有限公司 | | 湖南有限 | 指 | 湖南有色金属有限公司 | | 划出方 | 指 | 水口山集团、湖南有限 | | 中国五矿 | 指 | 中国五矿集团有限公司 | | 五矿股份 | 指 | 中国五矿股份有限公司 | | ...

中信建投证券股份有限公司 之财务顾问报告 上市公司名称：株洲冶炼集团股份有限公司 股票上市地点：上海证券交易所 股票简称：株冶集团 股票代码：600961 财务顾问 二〇二五年九月 1 关于 株洲冶炼集团股份有限公司 收购报告书 财务顾问声明 本声明所述的词语或简称与本财务顾问报告"释义"部分所定义的词语或简 称具有相同的涵义。 根据《公司法》《证券法》《收购管理办法》及《格式准则第 16 号》等法律 法规和规范性文件的规定，中信建投证券按照行业公认的业务标准、道德规范， 本着诚实信用和勤勉尽责的原则，对收购人出具的《株洲冶炼集团股份有限公司 收购报告书》所披露的内容出具财务顾问报告。 为此，本财务顾问特作出以下声明： 一、本财务顾问报告所依据的文件、资料及其他相关材料由收购人及其一致 行动人提供，收购人及其一致行动人已向本财务顾问保证：其为出具本财务顾问 报告所提供的所有文件和材料均真实、准确、完整，并对其真实性、准确性和完 整性承担责任。 二、本财务顾问按照证券行业公认的业务标准、道德规范，本着诚实信用、 勤勉尽责的态度，经过审慎调查，出具本财务顾问报告并发表财务顾问意见。 三、本财务顾问提醒投资者注意， ...

Investment Rating - The report maintains a "Positive" investment rating for the non-ferrous and steel industry [6] Core Viewpoints - The market is expected to shift towards low-risk, high-dividend sectors, making the allocation in non-ferrous and steel sectors timely. The operating performance of most sub-sectors in the non-ferrous and steel industry has shown significant improvement in both year-on-year and quarter-on-quarter comparisons [15][16] - Copper prices have surpassed $10,000 per ton, with expectations for profitability and dividend rates to gradually increase for copper mining companies. For instance, Zangge Mining reported a mid-term dividend of 1.569 billion yuan, with a dividend rate significantly raised to 87% [15][16] - Aluminum prices have risen, leading to upward revisions in profitability and dividend expectations. The aluminum price has reached 21,000 yuan per ton, and companies like Tianshan Aluminum have increased their dividend rates to 50% [16] - The rare earth sector is anticipated to enter a new phase of price increases due to the resumption of bidding by downstream magnetic material manufacturers, with companies like Jinkeli Yongci reporting a mid-term dividend rate of 81% [16] - Steel companies are expected to enhance their dividend capabilities as profitability improves and capital expenditures decline. For example, Huazhong Steel has seen an increase in shareholding by Xintai Life Insurance, which plans to continue increasing its stake [16] Summary by Sections Non-Ferrous and Steel Industry - The report highlights the positive outlook for low-risk, high-dividend sub-sectors within the non-ferrous and steel industry, driven by improving operating performance and rising commodity prices [15][16] - The copper market is experiencing tight supply, pushing prices above $10,000 per ton, which is expected to enhance profitability and dividends for mining companies [15][16] - The aluminum sector is benefiting from a favorable supply-demand balance, with prices rising and companies increasing their dividend rates [16] - The rare earth market is poised for growth as bidding resumes in downstream sectors, leading to improved profitability and dividend stability [16] - Steel companies are likely to see enhanced profitability and dividend capabilities due to reduced capital expenditures and improved market conditions [16]

Market Overview - On September 17, the industrial metals sector rose by 0.21% compared to the previous trading day, with Electric Alloy leading the gains [1] - The Shanghai Composite Index closed at 3876.34, up 0.37%, while the Shenzhen Component Index closed at 13215.46, up 1.16% [1] Top Gainers in Industrial Metals - Electric Alloy (300697) closed at 19.49, up 11.88% with a trading volume of 721,400 shares and a transaction value of 1.317 billion yuan [1] - Yiqiu Resources (601388) closed at 3.26, up 10.14% with a trading volume of 2,584,200 shares and a transaction value of 814 million yuan [1] - Liyuan Co. (002501) closed at 2.74, up 10.04% with a trading volume of 1,663,200 shares and a transaction value of 439 million yuan [1] - Northern Copper (000737) closed at 15.25, up 10.03% with a trading volume of 2,801,700 shares and a transaction value of 4.067 billion yuan [1] - Other notable gainers include Yian Technology (300328) and Wanshun New Materials (300057) with increases of 8.14% and 7.85% respectively [1] Top Losers in Industrial Metals - Xingye Silver Tin (000426) closed at 25.00, down 4.58% with a trading volume of 620,700 shares and a transaction value of 1.559 billion yuan [2] - Shengda Resources (000603) closed at 21.20, down 3.37% with a trading volume of 323,700 shares and a transaction value of 685 million yuan [2] - Hailiang Co. (002203) closed at 12.21, down 3.17% with a trading volume of 443,300 shares and a transaction value of 546 million yuan [2] Capital Flow Analysis - On the same day, the industrial metals sector experienced a net outflow of 653 million yuan from institutional investors, while retail investors saw a net inflow of 740 million yuan [2] - The capital flow data indicates that Northern Copper (000737) had a net inflow of 48.216 million yuan from institutional investors, while it faced a net outflow of 191 million yuan from speculative funds [3] - Yiqiu Resources (601388) and Liyuan Co. (002501) also showed significant net outflows from speculative funds, indicating a shift in investor sentiment [3]

株洲冶炼集团股份有限公司 简式权益变动报告书 | 信息披露义务人一： | 湖南水口山有色金属集团有限公司 | | --- | --- | | 住所： | 湖南省常宁市水口山镇渡口路 号 19 | | 通讯地址： | 湖南省常宁市水口山镇渡口路 号 19 | | 信息披露义务人二： 湖南有色金属有限公司 | | | 住所： 长沙市天心区劳动西路 | 号 290 | | 通讯地址： 长沙市天心区劳动西路 | 290 号 | 股份变动性质： 减少（国有股权无偿划转） 签署日期：二〇二五年九月 三、依据《公司法》《证券法》《收购办法》和《准则 15 号》的规定，本报 告书已全面披露了信息披露义务人在株洲冶炼集团股份有限公司中拥有权益的 股份变动情况。截至本报告书签署之日，除本报告书披露的持股信息外，信息披 露义务人没有通过其他方式增加或减少其在株洲冶炼集团股份有限公司中拥有 权益的股份。 四、截至本报告书签署日，本次权益变动尚未正式生效。信息披露义务人在 株冶集团拥有权益的股份变动须在取得上海证券交易所的合规性确认以及中国 证券登记结算有限责任公司办理完成股份登记过户等手续后，方可实施完毕。本 次交易尚存在不确定性， ...

株洲冶炼集团股份有限公司 收购报告书摘要 上市公司名称：株洲冶炼集团股份有限公司 股票上市地点：上海证券交易所 股票简称：株冶集团 股票代码：600961 收购人名称：湖南有色金属控股集团有限公司 住所/通讯地址：湖南省长沙市天心区劳动西路 290 号 一致行动人名称：株洲冶炼集团有限责任公司 住所/通讯地址：湖南省株洲市天元区衡山东路 12 号 签署日期：二〇二五年九月 收购人声明 本部分所述词语或简称与本报告书摘要"释义"所述词语或简称具有相同含 义。 一、本报告书摘要系收购人及其一致行动人依据《证券法》《收购管理办法》 《准则第 16 号》及其他相关法律、法规和部门规章的有关规定编写。 二、依据《证券法》《收购管理办法》及《准则第 16 号》的规定，本报告 书摘要已全面披露了收购人及其一致行动人在株冶集团拥有权益的股份。 截至本报告书摘要签署日，除本报告书摘要披露的持股信息外，收购人及其 一致行动人没有通过任何其他方式在株冶集团拥有权益。 三、收购人及其一致行动人签署本报告书摘要已获得必要的授权和批准，其 履行亦不违反收购人章程或内部规则中的任何条款，或与之相冲突。 四、收购人及其一致行动人在本报告书摘 ...

证券代码：600961 证券简称：株冶集团 公告编号：2025-032 株洲冶炼集团股份有限公司 关于控股股东权益变动的提示性公告 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、准确性和完整性依法承担法律责任。 重要内容提示： 为理顺股权架构，压缩管理层级，湖南有色金属控股集团有限公司（以 下简称"湖南有色"）与湖南水口山有色金属集团有限公司（以下简称"水口山集 团"）、湖南有色金属有限公司（以下简称"湖南有限"）签署《关于株洲冶炼集团 股份有限公司的股份无偿划转协议》（以下简称"《无偿划转协议》"），将水口山 集团持有的株冶集团 321,060,305 股股份、湖南有限持有的株冶集团 14,355,222 股股份无偿划转至湖南有色。 本次无偿划转完成后，湖南有色将直接持有株冶集团 335,415,527 股股份 （占上市公司总股本的 31.26%），并通过株洲冶炼集团有限责任公司（以下简称 "株冶有限"）间接持有株冶集团 212,248,593 股股份（占上市公司总股本的 19.78%），上市公司的直接控股股东将由水口山集团变更为湖南有色，实际控制 人 ...

Group 1 - UBS raised its gold price forecast for the end of 2025 by $300 to $3,800 per ounce and for mid-2026 by $200 to $3,900 per ounce, citing expectations of a loosening monetary policy by the Federal Reserve and a weakening dollar related to interest rate cuts and geopolitical risks [1] - The gold ETF holdings are expected to exceed 3,900 tons by the end of 2025, approaching previous record levels, driven by increased confidence in gold as a safe-haven asset amid declining trust in dollar assets and ongoing regional risks [1] - As of September 11, gold futures prices have significantly increased, attracting over 100 billion yuan in capital, with a cumulative increase of over 17 billion yuan in September alone [1] Group 2 - As of September 12, the gold stock ETF fund has seen a net value increase of 52.20% over the past six months, ranking 67 out of 3,610 index stock funds, placing it in the top 1.86% [4] - The gold stock ETF fund has a management fee of 0.50% and a custody fee of 0.10%, closely tracking the CSI Hong Kong and Shanghai Gold Industry Index, which includes 50 large-cap companies involved in gold mining, refining, and sales [5] - The top ten weighted stocks in the CSI Hong Kong and Shanghai Gold Industry Index account for 66.52% of the index, with major companies including Zijin Mining and Shandong Gold [6]

Group 1 - The metal zinc sector saw a significant increase of 3.39%, leading the concept sectors in terms of growth, with 33 stocks rising, including notable gainers such as Zhuhai Group and Shengda Resources, which hit the daily limit [1][2] - Major stocks in the zinc sector that experienced substantial gains include New Weiling, which rose by 11.61%, followed by Xingye Silver Tin and Weiling Shares, which increased by 7.43% and 6.18% respectively [1][2] - Conversely, stocks such as Wolong New Energy, ST Jinglan, and Zhejiang Fu Holdings faced declines, with drops of 8.29%, 1.09%, and 0.50% respectively [1][2] Group 2 - The metal zinc sector attracted a net inflow of 617 million yuan from main funds, with 26 stocks receiving net inflows, and 8 stocks exceeding 100 million yuan in net inflow [2][3] - Hunan Baiyin led the net inflow with 559 million yuan, followed by Yuguang Jin Lead and Shengtun Mining, which saw net inflows of 158 million yuan and 151 million yuan respectively [2][3] - The top three stocks by net inflow ratio were Hunan Baiyin at 27.76%, Shengda Resources at 19.65%, and Shengtun Mining at 10.61% [3] Group 3 - The overall performance of the metal zinc sector is reflected in the trading data, with Hunan Baiyin showing a daily increase of 9.98% and a turnover rate of 14.11% [3][4] - Other notable performers include Yuguang Jin Lead, which increased by 10.02% with a turnover rate of 13.83%, and Shengtun Mining, which rose by 2.38% with a turnover rate of 5.09% [3][4] - Stocks such as Xingye Silver Tin and Shengda Resources also performed well, with increases of 7.43% and 10.02% respectively [3][4] Group 4 - The article highlights the contrasting performance of stocks within the sector, with stocks like Wolong New Energy experiencing a significant drop of 8.29% and a negative net fund flow of 89 million yuan [5] - Other underperformers included ST Jinglan and Zhejiang Fu Holdings, which saw declines of 1.09% and 0.50% respectively, indicating a mixed sentiment in the market [5]

证券代码：600961 证券简称：株冶集团 公告编号：2025-031 株洲冶炼集团股份有限公司 关于参加中国五矿集团有限公司控股上市公司 本次业绩说明会以视频直播和网络文字互动形式召开，公司将针对 2025 年 半年度的经营成果及财务指标的具体情况与投资者进行互动交流和沟通，在信息 披露允许的范围内就投资者普遍关注的问题进行回答。 2025 年半年度集体业绩说明会的公告 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： 会议召开时间：2025 年 9 月 29 日（星期一）下午 15:00-17:00 会议召开地点：上证路演中心（https://roadshow.sseinfo.com）、"互 动易"平台"云访谈"栏目（https://irm.cninfo.com.cn） 会议召开方式：视频直播和网络文字互动 投资者可于 2025 年 9 月 28 日（星期日）16:00 前通过公司邮箱 zyzqb@163.com 进行会前提问。公司将在说明会上对投资者普遍关注的问题进行 回复。 株洲冶炼集团股份有限公司（以下 ...