Core Viewpoint - The recent shift in China's export control policy for compliant antimony products is expected to alleviate the downward pressure on antimony prices, with a potential price increase anticipated in August and September [1][2]. Group 1: Antimony Price Trends - Antimony prices have experienced a cycle of decline, increase, decline, and stabilization since H2 2024, with export demand being a key variable influencing these changes [1]. - The price dynamics are influenced by several factors, including export control measures, photovoltaic glass production adjustments, and smuggling activities [2][3]. Group 2: Export Control and Smuggling - Following the implementation of export controls in September 2024, the price gap between domestic and international markets widened significantly, leading to increased smuggling activities [2]. - The Chinese government has initiated a special action to combat the smuggling of strategic minerals, resulting in a substantial decline in antimony export volumes [2]. Group 3: Future Outlook - The recent easing of export management signals a potential recovery in export volumes, with expectations for improvement in August and September [3]. - Projections indicate that the marginal supply-demand balance for antimony may reverse in Q3 2025, potentially driving prices upward [4].

Core Viewpoint - The financing activities of Huayu Mining indicate a mixed sentiment among investors, with a notable net sell-off despite significant financing buy-ins over the recent trading days [1] Financing Activities - On August 1, Huayu Mining recorded a financing buy-in amount of 0.82 billion, ranking 204th in the two markets [1] - The financing repayment amount on the same day was 0.88 billion, resulting in a net sell-off of 6.6363 million [1] - Over the last three trading days, the financing buy-ins were 1.07 billion, 1.02 billion, and 0.82 billion respectively [1] Securities Lending - On August 1, the company had a securities lending sell-out of 0.07 thousand shares, with a net buy-in of 0.03 thousand shares [1]

Core Viewpoint - The company is conducting a valuation adjustment for a 40% stake in Asia Pacific Mining and plans to further acquire an additional 11% stake, aiming to enhance its control over valuable gold resources and improve its core competitiveness [1][6]. Group 1: Investor Meeting Overview - The investor meeting was held on August 1, 2025, to discuss the valuation adjustment and further acquisition of Asia Pacific Mining [1]. - Key executives, including the chairman and financial director, participated in the meeting to engage with investors [1]. Group 2: Responses to Investor Questions - The company confirmed that the new mineral resources law positively impacts the transition from exploration to mining rights, and it will adhere to national policies [2]. - The company is actively evaluating further acquisition opportunities that align with its long-term development goals [2]. - Asia Pacific Mining's project has been included in a list of key mining projects by local authorities, which will facilitate project financing [2]. Group 3: Valuation Adjustment and Acquisition Details - The valuation adjustment is based on a 40% increase in value, and the company will negotiate the re-evaluated value with the transaction counterpart [4][5]. - The company aims to enhance its precious metal resource reserves and improve profitability through this acquisition [6]. - The previous valuation report indicated a significant increase in asset value from 2.595 billion to 3.478 billion and 4.38 billion, reflecting a substantial appreciation [7][10]. Group 4: Changes in Mining Operations - The mining operation has shifted to include oxidized ore, which has improved economic feasibility due to rising gold prices [8]. - The production process has been optimized to align with current environmental standards, reducing costs and improving efficiency [8]. Group 5: Financial Management and Debt - Asia Pacific Mining is expected to manage its debts through operational cash flows and financial institution loans, without relying on the parent company's funds [10]. - The company clarified that the higher interest rates on loans from non-financial institutions were due to the limited financing options available during the initial stages of operation [10].

证券代码：601020 证券简称：华钰矿业 公告编号：临 2025-044 号 西藏华钰矿业股份有限公司 关于召开亚太矿业 40%股权估值调整及进一步收购 11%股权的投资者说明会召开情况的公告 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。 西藏华钰矿业股份有限公司（以下简称"公司"或"华钰矿业"）于 2025 年 8 月 1 日（星期五）15:00-16:00 在上证所信息网络有限公司上证路演中心 平台（http://roadshow.sseinfo.com，以下简称"上证路演中心"）通过网络 文字互动的形式召开了"华钰矿业关于亚太矿业 40%股权估值调整及进一步收 购 11%股权的投资者说明会"，现将具体情况公告如下： 一、本次投资者说明会召开情况 公司于 2025 年 8 月 1 日（星期五）15:00-16:00 召开了"华钰矿业关于亚 太矿业 40%股权估值调整及进一步收购 11%股权的投资者说明会"，公司董事长 刘良坤先生、独立董事何佳先生、财务总监邢建军先生、董事会秘书李想先生 出席了本次投资者说明会，与投资者 ...

证券代码：601020 证券简称：华钰矿业 公告编号：临 2025-043 号 西藏华钰矿业股份有限公司 关于《上海证券交易所监管工作函》的回复公告 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。 西藏华钰矿业股份有限公司（以下简称"华钰矿业""华钰公司""上市公 司"或"公司"）于近日收到上海证券交易所下发的《关于西藏华钰矿业股份有 限公司对收购股权估值调整补偿及进一步现金收购股权暨关联交易的监管工作 函》（上证公函〔2025〕1122 号）（以下简称"《工作函》"），公司就《工 作函》关注的相关问题逐项进行认真落实。现就有关问题回复如下： 问题 1.关于估值调整补偿的合理性。公告显示，2020 年 4 月亚太矿业全部 股权的评估值为 18.43 亿元，评估基准日为 2019 年 9 月 30 日。由于广西地润所 持部分亚太矿业股权被质押，以及亚太矿业尚未完成选冶工程项目核准等开采 手续，交易双方协商亚太矿业全部股权价值为 12.5 亿元，同时约定取得开工许 可证后，双方按照有效的评估报告协商确定重估价值。2021 年 2 ...

关于上海证券交易所 监管工作函所涉法律事项 的回复 北京德恒（济南）律师事务所 山东省济南市高新区舜泰北路 567 号银丰科技公园 2 号楼 电话：+86 531-8166 3606 传真：+86 531-8166 3607 邮编：250102 北京德恒（济南）律师事务所 关于上海证券交易所监管工作函所涉法律事项的回复 北京德恒（济南）律师事务所 关于上海证券交易所 监管工作函所涉法律事项 的回复 德恒 11F20250229-02 号 上海证券交易所上市公司管理一部： 北京德恒（济南）律师事务所（以下简称"本所"或"德恒"）接受西藏华 钰矿业股份有限公司（以下简称"华钰矿业"或"公司"或"上市公司"）的委托， 就贵所于 2025 年 7 月 23 日下发的《关于西藏华钰矿业股份有限公司对收购股权 估值调整补偿及进一步现金收购股权暨关联交易的监管工作函》（上证公函 [2025]1122 号，以下简称"监管工作函"）中提到的需要律师发表意见的问题出具 本回复。德恒及经办律师根据《中华人民共和国公司法》《中华人民共和国证券 法》《律师事务所从事证券法律业务管理办法》《律师事务所证券法律业务执业 规则（试行）》等法 ...

证券代码：601020 证券简称：华钰矿业 公告编号：临 2025-043 号 西藏华钰矿业股份有限公司 关于《上海证券交易所监管工作函》的回复公告 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。 西藏华钰矿业股份有限公司（以下简称"华钰矿业""华钰公司""上市公 司"或"公司"）于近日收到上海证券交易所下发的《关于西藏华钰矿业股份有 限公司对收购股权估值调整补偿及进一步现金收购股权暨关联交易的监管工作 函》（上证公函〔2025〕1122 号）（以下简称"《工作函》"），公司就《工 作函》关注的相关问题逐项进行认真落实。现就有关问题回复如下： 1 的设置是否审慎；（3）结合同一矿权交易价格大幅增长，在交易价格存在重大 不确定性的前提下，前期对该资产收购后的相关会计处理是否准确、审慎；（4） 结合大额估值调整补偿方案、交易对方与上市公司及其实际控制人之间关联关 系及其他往来情况，说明相关安排是否存在损害上市公司利益的情形，是否存 在其他利益安排，并充分提示相关风险。请会计师、全体独立董事发表意见。 公司回复： 一、结合估值调整条 ...

y 文 =会计师事务所(特殊普通; IINA SHU LUN PAN CERTIFIED PUBLIC ACCOUNTAN 立信会计师事务所 (特殊普通合伙) 关于西藏华钰矿业股份有限公司 对收购股权估值调整补偿及进一步现金收购股权 立信会计师事务所（特殊普通合伙） 关于西藏华钰矿业股份有限公司 对收购股权估值调整补偿及进一步现金收 购股权暨关联交易的监管工作函的回复 信会师函字[2025]第 ZB 134 号 暨关联交易的监管工作函的回复 信会师函字[2025]第 ZB134 号 上海证券交易所上市公司管理一部: 西藏华钰矿业股份有限公司(以下简称"公司"、或"华钰矿业")于 2025 年 7 月 23 日收到贵部下发的《关于西藏华钰矿业股份有限公司对收购股权估值 调整补偿及进一步现金收购股权暨关联交易的监管工作函》(上证公函【2025】 1122 号,以下简称"监管工作函"）,立信会计师事务所〈特殊普通合伙 ） (以 下简称"会计师"、"本所"）对于监管工作函中提到的需要会计师说明或发表 意见的问题进行了认真分析与核查,现对监管工作函中相关的问题进行回复,具 体内容如下: 本文涉及数字均按照四舍五入保留两 ...

北京德恒（济南）律师事务所 关于上海证券交易所 北京德恒（济南）律师事务所 关于上海证券交易所 山东省济南市高新区舜泰北路 567 号银丰科技公园 2 号楼 电话：+86 531-8166 3606 传真：+86 531-8166 3607 邮编：250102 监管工作函所涉法律事项 北京德恒（济南）律师事务所 关于上海证券交易所监管工作函所涉法律事项的回复 的回复 监管工作函所涉法律事项 的回复 德恒 11F20250229-02 号 上海证券交易所上市公司管理一部： 北京德恒（济南）律师事务所（以下简称"本所"或"德恒"）接受西藏华 钰矿业股份有限公司（以下简称"华钰矿业"或"公司"或"上市公司"）的委托， 就贵所于 2025 年 7 月 23 日下发的《关于西藏华钰矿业股份有限公司对收购股权 估值调整补偿及进一步现金收购股权暨关联交易的监管工作函》（上证公函 [2025]1122 号，以下简称"监管工作函"）中提到的需要律师发表意见的问题出具 本回复。德恒及经办律师根据《中华人民共和国公司法》《中华人民共和国证券 法》《律师事务所从事证券法律业务管理办法》《律师事务所证券法律业务执业 规则（试行）》等法 ...

Group 1 - The metal lead concept declined by 2.90%, ranking among the top declines in the concept sector, with major declines seen in companies such as Zhuhai Group, ST Shengtun, and Hunan Silver [1] - The leading sectors in terms of daily performance included liquid-cooled servers (+1.86%), while the special steel concept saw a decline of 3.20% [1] - The net outflow of main funds from the metal lead concept reached 1.712 billion yuan, with 28 stocks experiencing net outflows, and five stocks seeing outflows exceeding 100 million yuan [1] Group 2 - Zijin Mining led the net outflow of main funds with 254 million yuan, followed by Huayu Mining, ST Shengtun, and Xingye Silver Tin with net outflows of 184 million yuan, 153 million yuan, and 119 million yuan respectively [1] - The stocks with the highest net inflows included Yuguang Gold Lead, Shengda Resources, and Sierte, with net inflows of 26.74 million yuan, 2.95 million yuan, and 897,200 yuan respectively [1] - The top stocks experiencing significant net outflows included Zijin Mining (-3.38%), Huayu Mining (-4.00%), and ST Shengtun (-4.08%) [2]