证券代码：601168 证券简称：西部矿业 公告编号：临 2025-051 西部矿业股份有限公司 关于公司控股子公司西部矿业集团财务有限公司 2026 年预计日常关联交易的公告 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。 重要内容提示： 是否需要提交股东会审议：是 日常关联交易对公司的影响：日常关联交易为满足控股子公司西部矿业集 团财务有限公司（下称"财务公司"）日常经营相关需要，属于其主营业务范畴， 控股子公司未对关联方形成较大的依赖。 一、日常关联交易基本情况 （一）日常关联交易履行的审议程序 公司于 2025 年 12 月 8 日召开的第八届董事会第二十五次会议审议通过了《关 于审议公司控股子公司西部矿业集团财务有限公司2026年度预计日常关联交易事 项的议案》，关联董事王海丰、钟永生、赵福康回避表决，由非关联董事参与表决， 表决结果：同意 4 票，反对 0 票，弃权 0 票。 本次交易尚需公司 2025 年第三次临时股东会审议批准，关联股东西部矿业集 团有限公司将在股东会上对上述议案回避表决。 2025 年 ...

证券代码：601168 证券简称：西部矿业 公告编号：临 2025-054 西部矿业股份有限公司 召开地点：青海省西宁市海湖新区文逸路 4 号西矿•海湖商务中心 1 号楼 26 楼 (五) 网络投票的系统、起止日期和投票时间。 股东会召开日期：2025年12月24日 本次股东会采用的网络投票系统：上海证券交易所股东会网络投票系统 关于召开2025年第三次临时股东会的通知 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： 一、 召开会议的基本情况 (一) 股东会类型和届次 2025年第三次临时股东会 召开的日期时间：2025 年 12 月 24 日 14 点 30 分 (二) 股东会召集人：董事会 (三) 投票方式：本次股东会所采用的表决方式是现场投票和网络投票相结合 的方式 (四) 现场会议召开的日期、时间和地点 网络投票系统：上海证券交易所股东会网络投票系统 网络投票起止时间：自2025 年 12 月 24 日 至2025 年 12 月 24 日 采用上海证券交易所网络投票系统，通过交易系统投票平台的投票时间为 ...

关于取消监事会并废止《监事会议事规则》的公告 西部矿业股份有限公司 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。 监事会 公司第八届监事会第十三次会议于 2025 年 12 月 8 日以通讯方式召开，本次 会议的通知和议案于 2025 年 12 月 3 日以邮件方式向全体监事发出。会议应到监 事 3 名，实到监事 3 名，会议有效表决票数 3 票。会议的召集和召开符合法律、 法规及《公司章程》的相关规定。会议审议通过了《关于取消监事会并废止<监 事会议事规则>的议案》，现将有关情况公告如下： 为全面贯彻落实最新法律法规要求，确保公司治理与监管规定保持同步，进 一步规范公司运作机制，提升公司治理水平，公司根据《公司法》、《上市公司章 程指引》、《上海证券交易所上市公司自律监管指引第 1 号——规范运作》等法律 法规、规范性文件，结合公司实际情况，公司将不再设置监事会，第八届监事会 监事职务自然免除，监事会的相应职权由董事会审计与风控委员会行使，同时公 司《监事会议事规则》相应废止。 在公司股东会审议通过取消监事会事项之前 ...

证券代码：601168 证券简称：西部矿业 公告编号：临 2025-048 西部矿业股份有限公司 第八届董事会第二十五次会议决议公告 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。 一、董事会会议召开情况 （一）本次董事会会议的召集、召开符合有关法律、法规及《公司章程》的 相关规定。 （二）本次董事会会议通知及议案于 2025 年 12 月 3 日以邮件方式向全体董 事发出。 （三）本次董事会会议于 2025 年 12 月 8 日以通讯方式召开。 （四）本次董事会会议应出席的董事 7 人，实际出席会议的董事 7 人，会议 有效表决票数 7 票。 二、董事会会议审议情况 （一）关于提名王正文先生为公司第八届董事会独立董事候选人的议案 会议同意，独立董事黄大泽先生因个人原因辞去第八届董事会独立董事职务， 同时一并辞去公司提名委员会召集人及战略与投资委员会、审计与内控委员会、 ESG 发展委员会委员职务。根据第八届董事会的提名，经第八届董事会提名委员 会资格审查，向 2025 年第三次临时股东会提请审议选举王正文先生为公司第八 ...

Core Insights - The industrial metals sector experienced a 0.41% increase on December 8, with Yinbang Co., Ltd. leading the gains [1] - The Shanghai Composite Index closed at 3924.08, up 0.54%, while the Shenzhen Component Index closed at 13329.99, up 1.39% [1] Industrial Metals Sector Performance - The following companies saw notable price changes: - Luoping Zinc & Electricity (002114) closed at 9.12, down 2.88% with a trading volume of 480,700 shares [1] - Zhuzhou Smelter Group (600961) closed at 15.14, down 2.82% with a trading volume of 233,900 shares [1] - Hongchuang Holdings (002379) closed at 23.80, down 2.82% with a trading volume of 310,400 shares [1] - Huayu Mining (601020) closed at 28.50, down 2.73% with a trading volume of 458,800 shares [1] - Nanshan Aluminum (600219) closed at 5.22, down 2.06% with a trading volume of 3,258,900 shares [1] Capital Flow Analysis - The industrial metals sector saw a net inflow of 764 million yuan from institutional investors, while retail investors experienced a net outflow of 696 million yuan [1] - Key capital flows for selected companies include: - Yinbang Co., Ltd. (300337) had a net inflow of 358 million yuan from institutional investors, but a net outflow of 210 million yuan from retail investors [2] - Zijin Mining (601899) had a net inflow of 177 million yuan from institutional investors, with a net outflow of 26.98 million yuan from retail investors [2] - Northern Copper Industry (000737) had a net inflow of 113 million yuan from institutional investors, with a net outflow of 43.65 million yuan from retail investors [2]

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 Viewpoint - The China Securities 500 Value ETF (562330) opened with a gain of 3.58%, reaching a price of 1.215 yuan, indicating positive market sentiment towards this fund [1] Group 1: ETF Performance - The China Securities 500 Value ETF (562330) has a performance benchmark based on the China Securities 500 Value Index return [1] - Since its establishment on April 7, 2023, the fund has achieved a return of 17.33% [1] - The fund's return over the past month is reported at 0.19% [1] Group 2: Top Holdings Performance - Among the top holdings, Dongwu Securities opened with a gain of 1.55% [1] - Western Mining increased by 0.69% [1] - Suzhou Bank remained unchanged at 0.00% [1] - Yongtai Energy experienced a decline of 0.60% [1] - Jerry Holdings saw a slight increase of 0.06% [1] - Jiansheng Electronics remained unchanged at 0.00% [1] - Yuntianhua rose by 0.48% [1] - Tianshan Aluminum increased by 0.78% [1] - Shenhuo Co. gained 0.18% [1] - Shanghai Electric decreased by 0.35% [1]

Summary of Key Points from the Conference Call Industry Overview - **Industry Focus**: The report centers on the **Materials sector** within the **China A-share market**. It highlights opportunities among companies that have been sold off but show positive earnings sentiment and forecast improvements in Cash Flow Return on Investment (CFROI) [1][2]. Core Insights - **Sentiment Mismatch**: In November, the Materials sector experienced a sentiment mismatch, where share prices moved in line with positive CFROI revisions over the past three months, making it the best-performing sector. However, performance slightly weakened in November despite optimistic sell-side consensus [2][2]. - **CFROI Forecast**: The Materials sector is expected to see a robust CFROI improvement of **150 basis points** based on IBES consensus earnings estimates, outperforming most other sectors in China. Companies like **Zijin Mining**, **Ningxia Baofeng**, and **Tianqi Lithium** are noted for significant CFROI improvements [9][9]. Institutional Interest - **Institutional Buying**: Companies such as **Western Mining**, **Meihua**, **Zhejiang Juhua**, and **Henan Shenhuo** have shown stronger institutional buying interest relative to peers, indicating a positive sentiment among institutional investors [1][18]. Performance Metrics - **CFROI Revisions**: The report includes figures showing CFROI revisions and price performance over both 13 weeks and 4 weeks, indicating a correlation between positive revisions and price performance [4][6]. - **Market Implied Yield (MIY)**: The MIY for the Materials sector has declined by **100 basis points** over the past eight months, reflecting a relatively low level compared to its 10-year history, although it remains above the **3.0% trough** observed in August 2021 [15][15]. Company Spotlight - **Western Mining (601168)**: This company is highlighted as having strong buying momentum and ranks "Best in Class" on the HOLT scorecard. Its CFROI has consistently exceeded **10%** since 2021, more than double the average of its China Mining peers. The forecast CFROI is expected to reach a ten-year high in the next two years [24][24]. - **Market Expectations**: The current market price for Western Mining implies **0.7% sales growth**, significantly lower than the consensus forecast of **9.5%** average sales growth over three years [26][26]. Additional Insights - **Valuation and Risk**: The HOLT methodology does not assign ratings or target prices but uses a discounted cash flow model to analyze companies. The report emphasizes the importance of considering multiple factors in investment decisions [38][39]. - **Analyst Certification**: Analysts involved in the report certify that their views reflect personal opinions and are prepared independently, ensuring objectivity in the analysis [45][45]. This summary encapsulates the key points from the conference call, focusing on the Materials sector's performance, institutional interest, and specific company insights, particularly regarding Western Mining.

Group 1: Copper Price Surge - Copper prices have reached historical highs due to global supply tightness, explosive demand, and interest rate cut expectations, with domestic spot copper prices exceeding 90,000 yuan/ton for the first time [1][4] - On December 3, LME three-month copper closed at $11,487.50 per ton, marking a significant daily increase of $342.50 [1] - The tight supply in the domestic market has led to a rise in the net value of the China Securities Index Nonferrous Metals Mining Theme ETF [1] Group 2: Supply and Demand Dynamics - The processing fees for copper smelting have dropped to negative territory due to tight copper concentrate supply, causing smelting companies to struggle [2][8] - Fitch Solutions analysts predict a contraction in China's copper mine production by 2030 due to the closure of low-grade mines and delays in capacity expansion plans [2] - Global copper mine production is expected to decline by 0.12% in 2025, while demand continues to rise, particularly from sectors like solar energy and electric vehicles [5][6] Group 3: Market Trends and Future Outlook - The ongoing supply constraints and high demand are expected to lead to a substantial shortage of cathode copper in Asia, potentially triggering further price increases [7] - The TC/RC (treatment and refining charges) have fallen to historical lows, with the current spot price at -$43 per ton, indicating significant pressure on smelting companies [10] - Analysts expect that the growth rate of China's copper mine production will gradually slow down over the next decade, with a focus on overseas investments, particularly in Africa [13]