Group 1 - The core viewpoint of the articles indicates a positive trend in the non-ferrous metal industry, driven by expectations of monetary policy changes from the Federal Reserve, which may lead to increased prices for metals like copper and aluminum [1][2]. - As of December 10, 2025, the non-ferrous metal industry index (399395) rose by 0.74%, with significant gains in stocks such as Yunnan Zhenye (6.35%) and Guocheng Mining (6.28%) [1]. - The non-ferrous ETF fund (159880) also saw an increase of 0.34%, reflecting the overall positive sentiment in the market [1]. Group 2 - According to Guokai Securities, the refined copper market is expected to face a supply tightness in 2026, leading to a bullish outlook for copper prices, especially if the Federal Reserve implements a significant easing policy [2]. - The forecast for aluminum indicates considerable uncertainty in supply-demand balance, but financial factors may dominate, with expectations that aluminum prices could exceed $3,000 per ton in London and 23,000 yuan per ton in Shanghai in 2026 [2]. - The top ten weighted stocks in the non-ferrous metal industry index account for 52.34% of the index, highlighting the concentration of market performance among these key players [3].

Core Viewpoint - The international copper prices have reached historical highs due to increasing concerns over global supply shortages, although a recent pullback was observed on December 9 [1][2]. Supply and Demand Dynamics - The core factor driving the rise in copper prices is the sustained tightness in supply, with several mining companies lowering their mid-term production forecasts and a significant number of cancellation requests for LME warehouse receipts [3]. - Demand for copper is steadily increasing in sectors such as electric vehicles, power grid construction, and AI data centers, contributing to a robust demand outlook [3]. Market Performance - Following a surge in copper prices since November 28, related A-share concept stocks have shown strong performance, with companies like Shengton Mining and Jiangxi Copper seeing cumulative increases of 17.36% and 13.96%, respectively [2]. - On December 9, copper futures on the LME fell over 1%, with the main contract on the Shanghai Futures Exchange dropping 1.46%, reflecting a broader market reaction [2]. Long-term Outlook - Institutions maintain an optimistic long-term outlook for copper prices, with expectations of new highs by 2026 driven by factors such as the ongoing U.S. interest rate cycle and geopolitical stability [4]. - The International Copper Study Group (ICSG) anticipates a supply gap of 150,000 tons by 2026 due to limited new copper mining capacity, further supporting price increases [4]. Structural Supply Concerns - While short-term supply is expected to meet demand, there are concerns about potential structural shortages in the long term, driven by economic recovery and growth in emerging industries [5]. - The overall market sentiment is cautious, with indications of profit-taking among investors, suggesting a need for careful position management [5].

证券代码：601212 证券简称：白银有色 公告编号：2025-临 068 号 白银有色集团股份有限公司 2025年第三次临时股东会决议公告 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法律责任。 重要内容提示： 本次会议是否有否决议案：无 一、 会议召开和出席情况 本次会议由公司董事会召集，由公司董事长王普公先生主持，会议以现场投 票与网络投票相结合的方式召开并表决，北京德恒律师事务所赵明宝和冯凯丽律 师出席会议并作见证。会议的召集和召开及表决方式符合《公司法》及《公司章 程》的规定。 (五)公司董事和董事会秘书的列席情况 二、 议案审议情况 审议结果：通过 表决情况： (一)股东会召开的时间：2025 年 12 月 8 日 (二)股东会召开的地点：甘肃省白银市白银区友好路 96 号白银有色集团股份有 限公司办公楼会议室 (三)出席会议的普通股股东和恢复表决权的优先股股东及其持有股份情况： | 1、出席会议的股东和代理人人数 | 3,400 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 5, ...

北京德恒律师事务所 关于白银有色集团股份有限公司 2025 年第三次临时股东会的 法律意见 北京市西城区金融街 19 号富凯大厦 B 座 12 层 电话:010-52682888 传真:010-52682999 邮编:100033 北京德恒律师事务所 关于白银有色集团股份有限公司 2025 年第三次临时股东会的法律意见 北京德恒律师事务所 关于白银有色集团股份有限公司 2025 年第三次临时股东会的 法律意见 德恒 01G20250757-2 号 致：白银有色集团股份有限公司 白银有色集团股份有限公司（以下简称"公司"）2025 年第三次临时股东会 （以下简称"本次会议"）于 2025 年 12 月 8 日（星期一）召开。北京德恒律师事 务所（以下简称"德恒"）受公司委托，指派律师（以下简称"德恒律师"）出席了 本次会议。根据《中华人民共和国公司法》（以下简称"《公司法》"）、《中华 人民共和国证券法》（以下简称"《证券法》"）、中国证券监督管理委员会《上 市公司股东会规则》（以下简称"《股东会规则》"）、《白银有色集团股份有限 公司章程》（以下简称"《公司章程》"）的规定，德恒律师就本次会议的召集、 召开程 ...

Core Viewpoint - The A-share market experienced a strong opening on December 1, with all three major indices rising, driven by significant inflows into large-cap stocks and various sectors such as smart speakers, MCU chips, and rare earths [1][2][4]. Market Performance - On December 1, the Shanghai Composite Index, Shenzhen Component Index, ChiNext Index, and other indices saw increases of 0.65%, 1.25%, 1.31%, and 1.52% respectively, with the Shanghai Composite Index surpassing 3910 points [1][2]. - The total market turnover reached 1.89 trillion yuan, an increase of 291.7 billion yuan from the previous trading day, indicating a significant increase in trading activity [2][4]. Sector Analysis - Key sectors that showed strong performance included smart speakers, MCU chips, ice and snow tourism, rare earths, and 6G technology, while lithium battery-related sectors experienced some adjustments [2][3]. - Among the major industries, non-ferrous metals, communication, and electronics led the gains, with increases of 2.85%, 2.81%, and 1.58% respectively [2][4]. Stock Contributions - Major contributors to the Shenzhen Component Index included Ningde Times, Zhongji Xuchuang, and ZTE, which collectively contributed 64.08 points, accounting for nearly 40% of the index's rise [2]. - In the ChiNext Index, Ningde Times and Zhongji Xuchuang were also significant contributors, accounting for over 90% of the index's increase [2]. Fund Flow - On December 1, the net inflow of funds into the Shanghai and Shenzhen markets exceeded 40 billion yuan, with large-cap stocks attracting significant investment [3][4]. - A total of 2321 stocks saw net inflows, while 2827 stocks experienced net outflows, indicating a preference for large-cap stocks [3][4]. Future Market Outlook - Analysts suggest that the current market conditions, including easing overseas disturbances and expectations of global liquidity, provide a solid foundation for a potential year-end rally [5]. - Historical trends indicate that growth and cyclical sectors are likely to perform well, with a focus on sectors such as aviation equipment and AI-related technologies [5].

Core Viewpoint - The silver market is experiencing significant price increases, driven by strong industrial demand and macroeconomic factors, with expectations for continued high prices into December [2][3][4]. Group 1: Market Performance - On December 1, the A-share non-ferrous metal sector strengthened, with Silver Nonferrous (601212.SH) closing up 7.11% at 5.27 CNY per share, resulting in a total market capitalization of 39.002 billion CNY [2]. - International and domestic silver markets have shown remarkable performance, with COMEX silver futures reaching a historical high of 57.245 USD per ounce on November 28, and domestic silver futures hitting 13,239 CNY per kilogram, marking a 90% increase year-to-date [2][3]. Group 2: Price Trends and Analysis - The average price of silver on November 28 was 12,649.33 CNY per kilogram, reflecting a 10.22% increase since the beginning of the month [3]. - Analysts attribute the current silver price surge to its dual role as a financial and industrial asset, with a growing supply-demand gap and a shift in investor preference towards high-elasticity assets [3][4]. Group 3: Industrial Demand and Supply Dynamics - Industrial demand for silver exceeds 50%, with the photovoltaic industry being a major growth driver. Silver usage in solar cells is projected to reach 243.7 million ounces in 2024, a 158% increase from 2020 [4]. - The supply of silver is primarily dependent on the mining of other metals like copper, lead, and zinc, with limited capacity for independent production increases. Global silver production is expected to decline from 944 million ounces in 2024 to 901 million ounces by 2030 [4]. Group 4: Future Price Expectations - Analysts have differing views on silver price expectations for December, with some predicting prices could reach around 55 USD per ounce, while others maintain a more conservative outlook [5][6]. - The long-term outlook suggests that the current gold-silver ratio indicates potential for silver price recovery, supported by ongoing demand from green energy transitions [6][7].

Group 1 - The metal zinc sector saw an increase of 2.86%, ranking third among concept sectors, with 31 stocks rising, including Wisdom Agriculture, Hebang Biological, and Luoping Zinc Electric, which hit the daily limit [1] - Leading gainers in the zinc sector included New Weiling, Xingye Silver Tin, and Shengda Resources, with increases of 8.11%, 7.65%, and 7.21% respectively [1] - The top decliners were Dazhong Mining, Guocheng Mining, and Huayu Mining, which fell by 4.35%, 3.13%, and 1.62% respectively [1] Group 2 - The zinc concept sector attracted a net inflow of 1.836 billion yuan, with 19 stocks receiving net inflows, and 6 stocks exceeding 100 million yuan in net inflow [2] - Zijin Mining led the net inflow with 886 million yuan, followed by Hunan Silver, Hebang Biological, and Baiyin Nonferrous with net inflows of 346 million yuan, 283 million yuan, and 279 million yuan respectively [2] Group 3 - In terms of net inflow ratios, Wisdom Agriculture, Luoping Zinc Electric, and Hebang Biological had the highest ratios at 48.28%, 35.03%, and 34.26% respectively [3] - The top stocks in the zinc concept sector based on net inflow included Zijin Mining with a daily increase of 5.18% and a turnover rate of 1.75%, and Hunan Silver with a daily increase of 7.02% and a turnover rate of 14.31% [3]

Group 1 - International silver prices have surged, with London spot silver reaching $57.86 per ounce, marking a cumulative increase of over 98% this year [1] - COMEX silver futures peaked at $58.61 per ounce, achieving a historical high for three consecutive days [1] - Domestic silver futures also saw a rapid increase, rising nearly 8% in one session and marking five consecutive days of gains [1] Group 2 - The weakening of the US dollar and strengthened expectations for interest rate cuts have benefited precious metals, with a 70% probability of a rate cut in December [2] - Geopolitical risks have heightened demand for safe-haven assets, contributing to the rise in silver prices [3] Group 3 - Demand from the photovoltaic and electronics industries is recovering, highlighting silver's industrial properties; silver is a key raw material in photovoltaic silver paste, with approximately 7-10 tons of silver used per GW of photovoltaic components [4] - The global photovoltaic installation is expected to exceed 500 GW by 2025, a year-on-year increase of 15% [4] - The World Silver Council predicts an 8.2% year-on-year increase in global silver demand by 2025, with industrial demand accounting for 58% of total demand, a historical high [4] - A supply-demand gap of 95 million ounces is expected in 2025, marking the fifth consecutive year of supply shortages, with a cumulative gap of approximately 820 million ounces from 2021 to 2025 [4] Group 4 - Institutions are raising silver price forecasts, with UBS increasing its 2026 silver price prediction to $60 per ounce [4] - Bank of America has also raised its price forecasts for silver and other commodities [4] - The Shanghai Futures Exchange silver inventory has dropped to its lowest level since 2015, indicating the fundamental reason for the price surge is the scarcity of physical silver [4] Group 5 - Companies in the silver sector include: - Xinyi Silver Lead: Leading in silver reserves in Asia with 24,500 tons, ranking eighth globally [6] - Shengda Resources: Domestic industry leader with nearly 10,000 tons of silver reserves [6] - Yintai Gold: Significant silver resource reserves from its core mines [6] - Hunan Silver: Successfully transformed into a "mining and metallurgy integrated" enterprise with an annual smelting capacity of 1,300 tons, the largest in China [6] - Silver Nonferrous: The only multi-metal production base in China for copper, lead, zinc, gold, and silver [6] - Hengbang Co.: Industry leader in silver produced as a byproduct of gold smelting [6]

白银有色集团股份有限公司 BAIYIN NONFERROUS GROUP CO.,LTD. 2025 年第三次临时股东会 会议资料 股票简称：白银有色 股票代码：601212 二〇二五年十二月 目 录 | 1.白银有色 | 2025 | 年第三次临时股东会现场会议规则 1 | | --- | --- | --- | | 2.白银有色 | 2025 | 年第三次临时股东会会议议程 4 | | 3.关于向定西市陇西县地震灾区捐款的提案 | | 7 | 白银有色集团股份有限公司 2025 年第三次临时股东会现场会议规则 为了维护全体股东的合法权益，确保现场股东会的正常秩序 和议事效率，保证现场会议的顺利进行，根据《公司法》、《上市 公司股东会规则》等有关法律法规和《公司章程》的规定，现就 白银有色集团股份有限公司 2025 年第三次临时股东会现场会议 规则明确如下： 一、出席现场会议的股东及股东代理人应当在会议现场按照 工作人员的指示办理会议登记手续。登记时间：2025 年 12 月 8 日（下午 14:30-15:00）。 九、与本次股东会议题无关或将泄露公司商业秘密或有损公 司、股东利益的质询，大会主持人或相关 ...

Core Viewpoint - The market sentiment for non-ferrous and precious metals is high, driven by increased expectations of interest rate cuts by the Federal Reserve, leading to significant price increases in gold, silver, and copper [2][10][16]. Group 1: Market Performance - On December 1, the Hong Kong and A-share markets opened positively, with the Shanghai Composite Index returning to 3900 points, particularly boosted by non-ferrous and precious metals [1]. - Spot gold prices briefly surpassed $4250 per ounce, while spot silver reached a historic high of $57.88 per ounce [3]. - The A-share precious metals sector has seen a nearly 76% increase year-to-date, following a week of consecutive gains [8][6]. Group 2: Federal Reserve and Interest Rate Expectations - The global financial market is experiencing a surge in optimism due to heightened expectations of interest rate cuts by the Federal Reserve, with a probability of 87.4% for a 25 basis point cut in December [12][17]. - Market sentiment is further fueled by speculation regarding the potential appointment of Hassett as the new Fed chair, who is expected to advocate for aggressive rate cuts [13][15]. Group 3: Diverging Views on Gold - Despite the bullish sentiment, notable investors have expressed caution regarding gold, with some recommending selling positions. For instance, Hong Hao has sold all his gold holdings, citing a potential price bubble [20]. - Li Bei has also exited his gold positions, indicating that he believes the best phase for gold has passed and considers current prices overvalued [20]. - Fu Peng acknowledges structural risks for gold but maintains that it still holds value, viewing it as a "credit yardstick" amid increasing volatility [20].