证券代码：601168 证券简称：西部矿业 公告编号：临 2025-049 西部矿业股份有限公司 关于续聘 2025 年度会计师事务所的公告 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： 拟聘任的会计师事务所名称：德勤华永会计师事务所（特殊普通合伙）（下 称"德勤华永"） 德勤华永购买的职业保险累计赔偿限额超过人民币 2 亿元，符合相关规定。 德勤华永近三年未因执业行为在相关民事诉讼中被判定需承担民事责任。 3. 诚信记录 一、拟续聘会计师事务所的基本情况 （一）机构信息 1. 基本信息 德勤华永的前身是 1993 年 2 月成立的沪江德勤会计师事务所有限公司，于 2002 年更名为德勤华永会计师事务所有限公司，于 2012 年 9 月经财政部等部门 批准转制成为特殊普通合伙企业。德勤华永注册地址为上海市黄浦区延安东路 222 号 30 楼。 德勤华永具有财政部批准的会计师事务所执业证书，并经财政部、中国证监 会批准，获准从事 H 股企业审计业务。德勤华永已根据财政部和中国证监会《会 计师事务所从事证券 ...

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.