中国中冶（601618）(01618)发布公告，原公司持续督导保荐代表人黄慈先生和杨斌先生因工作调整原 因，不再负责公司首次公开发行A股股票持续督导的保荐代表人工作，中信证券委派于梦尧女士和赵巍 先生接替黄慈先生和杨斌先生担任公司的保荐代表人，继续履行对公司的持续督导职责。本次保荐代表 人更换后，负责公司持续督导工作的保荐代表人为于梦尧女士和赵巍先生。 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內 容 概 不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示，概 不對因本公告全部或任何部份內容而產生或因倚賴該等內容而引致的 任 何 損 失 承 擔 任 何 責 任。 海外監管公告 本公告乃根據香港聯合交易所有限公司證券上市規則第13.10B條而發表。 以下為中國冶金科工股份有限公司（「本公司」）於二零二 五 年 八 月 二十一 日 在 上 海 證 券 交 易 所 網 站 刊 發 的 資 料 全 文，僅 供 提 供 信 息 之 用。 承董事會命 於 本 公 告 日 期，本 公 司 董 事 會 包 括 執 行 董 事：陳 建 光 先 生 及 白 小 虎 先 生； 非 執 行 董 事：郎 加 先 生 及 閆 愛 中 先 生（職工代表董事）；以 及 獨 立 非 執 行 董 事：劉力先生、吳 嘉 寧 先 生 及 周 國 萍 女 士。 * 僅供識別 A 股简称：中国中冶 A 股代码：601618 公告编号：临 2025-043 中国冶金科工股份有限公司 关于变更持续督导保荐代表人的公告 中國冶金科工股份有限公司 ...

A 股简称：中国中冶 A 股代码：601618 公告编号：临 2025-043 中国冶金科工股份有限公司 关于变更持续督导保荐代表人的公告 中国冶金科工股份有限公司（以下简称"本公司"、"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。 本公司于近日收到中信证券股份有限公司（以下简称"中信证券"）《关于更换保 荐代表人的函》。原公司持续督导保荐代表人黄慈先生和杨斌先生因工作调整原因，不 再负责公司首次公开发行 A 股股票持续督导的保荐代表人工作，中信证券委派于梦尧 女士和赵巍先生（简历附后）接替黄慈先生和杨斌先生担任本公司的保荐代表人，继续 履行对公司的持续督导职责。本次保荐代表人更换后，负责公司持续督导工作的保荐代 表人为于梦尧女士和赵巍先生。根据相关监管规定，上述保荐机构及保荐代表人将履行 与募集资金有关的持续督导义务，直至本公司首次公开发行 A 股股票的募集资金使用 完毕。 特此公告。 于梦尧女士，中信证券股份有限公司总监，硕士研究生学历，注册保荐代表人，曾 负责和参与了德邦物流 IPO 及再融资项目、东方航空非公开 ...

Investment Rating - The report maintains an "Overweight" rating for the construction and engineering industry, indicating an expectation for the industry to outperform the benchmark index [5][26]. Core Insights - The recent issuance of guidelines by the State Council aims to standardize the construction and operation of existing PPP projects, which is expected to clarify funding sources and reduce receivables risks for construction companies [1][2]. - The report highlights that the construction industry has a significant amount of receivables, with total receivables assets projected to reach 7.2 trillion yuan by the end of 2024, closely linked to the debts arising from overdue payments in PPP projects [4][11]. - The report recommends specific companies with high receivables and low price-to-book (PB) ratios, including China Railway Construction, China Railway, China Communications Construction, China Metallurgical Group, and China State Construction [1][4]. Summary by Sections Section 1: PPP Projects - The guidelines issued are expected to facilitate the smooth construction of ongoing PPP projects and ensure the stable operation of existing ones, with a focus on increasing financial support [2][3]. - The report notes that the funding for these projects will primarily come from local special bonds, which may lead to competition between new and existing projects [3][4]. Section 2: Financial Performance of Key Companies - China Railway Construction (1186 HK) is rated "Buy" with a target price of 6.64 HKD, despite a 6.61% year-on-year decline in revenue for Q1 2025 [10]. - China Railway (390 HK) is rated "Overweight" with a target price of 5.34 HKD, facing a 6.16% decline in revenue for Q1 2025 [10]. - China Communications Construction (1800 HK) is rated "Buy" with a target price of 7.33 HKD, showing a 12.6% decline in revenue for Q1 2025 but positive order growth [10]. - China Metallurgical Group (601618 CH) is rated "Overweight" with a target price of 3.82 CNY, experiencing an 18.5% decline in revenue for Q1 2025 [10]. - China State Construction (601668 CH) is rated "Buy" with a target price of 8.60 CNY, reporting a slight revenue increase of 1.1% for Q1 2025 [10].

Summary of Key Points from Conference Call Records Industry Overview - The conference call focuses on the mining resources industry, particularly copper, cobalt, nickel, gold, and coal, with specific emphasis on companies like China Metallurgical Group Corporation (China MCC), China Railway Group, China Power Construction Corporation, and Shanghai Construction Group. Core Insights and Arguments - **China MCC's Copper Projects**: China MCC has significant copper mining projects in Afghanistan and Pakistan, expected to contribute approximately 3 billion RMB in annual profits, with a potential market value increase of around 30 billion RMB, enhancing the company's overall valuation [1][4]. - **Nickel and Cobalt Production**: China MCC's nickel and cobalt business is projected to generate 2.97 billion RMB in revenue in 2024, contributing 460 million RMB to the total profit, which is 5% of the company's total profit [1][5]. - **Copper Production Forecast**: The Sandak copper-gold mine is expected to produce 24,000 tons of copper in 2024, generating 1.74 billion RMB in revenue and contributing 203 million RMB to profits, accounting for 2.2% of the total [1][6]. - **Impact of Rising Copper Prices**: An increase in copper prices is expected to significantly benefit mining resource companies. If copper prices remain high, China MCC's profit could double to approximately 14 billion RMB, leading to a total market value of around 90 billion RMB [1][9]. - **China Railway Group's Resource Holdings**: China Railway Group holds substantial resources, including 595,800 tons of molybdenum and 6,459,400 tons of copper, with a projected net profit of no less than 3 billion RMB in 2024, corresponding to a market value of 36 billion RMB [1][12]. - **China Power Construction's Investment Returns**: The Congo-based Huagang project, in which China Power Construction has a stake, contains over 8 million tons of copper and 540,000 tons of cobalt, generating 1 billion RMB in annual investment returns [3][13]. - **Shanghai Construction Group's Gold Mining**: Shanghai Construction Group's Koka gold mine is expected to sell 61,200 ounces of gold in 2024, achieving 1.067 billion RMB in revenue, with a gross profit margin of 51% [3][15]. Other Important Insights - **Strategic Resource Acquisition**: Construction companies are acquiring mining resources as part of their business transformation, particularly under the Belt and Road Initiative, allowing them to diversify and enhance profitability [2]. - **Market Timing for Asset Valuation**: The focus on hidden assets of construction companies is timely due to the approaching traditional peak season and expectations of U.S. interest rate cuts, which may drive up prices for commodities like copper and nickel [8]. - **Future Profitability Projections**: China MCC's total mineral resource reserves, including copper, nickel, and cobalt, are expected to significantly enhance its profitability, with projections indicating that profits could account for over 20% of total earnings post-expansion [10]. - **North International's Coal Trade**: North International, primarily engaged in Mongolian coal trade, anticipates a profit increase of 25% in the second half of the year due to rising coal prices [18]. This summary encapsulates the critical insights and projections regarding the mining resources industry and the performance of key companies within this sector.

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內 容 概 不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示，概 不對因本公告全部或任何部份內容而產生或因倚賴該等內容而引致的 任 何 損 失 承 擔 任 何 責 任。 董事會會議通告 中 國 冶 金 科 工 股 份 有 限 公 司（「本公司」）董 事 會（「董事會」）謹 此 宣 佈，董 事 會 會 議 將 於 二 零 二 五 年 八 月 二 十 九 日（星 期 五）舉 行，藉 以（其 中 包 括） 考慮及批准本公司及其附屬公司截至二零二五年六月三十日止之中期 業 績 及 其 發 佈。 承董事會命 中國冶金科工股份有限公司 常 琦 聯席公司秘書 北 京，中 國 二零二五年八月十九日 於 本 公 告 日 期，董 事 會 包 括 執 行 董 事：陳 建 光 先 生 及 白 小 虎 先 生；非 執 行 董 事：郎 加 先 生 及 閆 愛 中 先 生（職 工 代 表 董 事）；以 及 獨 立 非 執 行 董 事： 劉 力 先 生、吳 嘉 寧 先 生 及 周 國 萍 女 士。 * 僅供識別 ...

格隆汇8月19日丨中国中冶(01618.HK)宣布，董事会会议将于2025年8月29日（星期五）举行，藉以（其 中包括）考虑及批准本公司及其附属公司截至2025年6月30日止的中期业绩及其发布。 ...

董事會會議通告 中 國 冶 金 科 工 股 份 有 限 公 司（「本公司」）董 事 會（「董事會」）謹 此 宣 佈，董 事 會 會 議 將 於 二 零 二 五 年 八 月 二 十 九 日（星 期 五）舉 行，藉 以（其 中 包 括） 考慮及批准本公司及其附屬公司截至二零二五年六月三十日止之中期 業 績 及 其 發 佈。 承董事會命 中國冶金科工股份有限公司 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內 容 概 不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示，概 不對因本公告全部或任何部份內容而產生或因倚賴該等內容而引致的 任 何 損 失 承 擔 任 何 責 任。 常 琦 聯席公司秘書 北 京，中 國 二零二五年八月十九日 於 本 公 告 日 期，董 事 會 包 括 執 行 董 事：陳 建 光 先 生 及 白 小 虎 先 生；非 執 行 董 事：郎 加 先 生 及 閆 愛 中 先 生（職 工 代 表 董 事）；以 及 獨 立 非 執 行 董 事： 劉 力 先 生、吳 嘉 寧 先 生 及 周 國 萍 女 士。 * 僅供識別 ...

Group 1 - As of August 18, the metal lead sector declined by 0.28%, ranking among the top declines in concept sectors, with companies like Shengton Mining, Zijin Mining, and Zhuhai Group experiencing significant drops [1] - In the metal lead sector, 12 stocks saw price increases, with notable gains from China Nonferrous Metal, Dazhong Mining, and Jinhui Mining, which rose by 2.30%, 2.19%, and 2.05% respectively [1] - The metal lead sector experienced a net outflow of 1.205 billion yuan in main funds today, with 23 stocks seeing net outflows, and 5 stocks with outflows exceeding 50 million yuan [2] Group 2 - The top net outflow stock was Zijin Mining, with a net outflow of 515 million yuan, followed by Shengton Mining, Hunan Silver, and Huayu Mining, with net outflows of 346 million yuan, 103 million yuan, and 62.26 million yuan respectively [2] - The stocks with the highest net inflow included China Nonferrous Metal, Zhongjin Lingnan, and China Metallurgical Group, with net inflows of 48.08 million yuan, 20.44 million yuan, and 19.89 million yuan respectively [2] - The metal lead concept sector's outflow list highlighted Zijin Mining with a decline of 2.30% and a turnover rate of 1.27%, alongside Shengton Mining with a decline of 3.54% and a turnover rate of 7.04% [3]

Group 1 - The key clients of Sichuan Shengshi Steel Union International Trade Co., Ltd. include major state-owned enterprises directly supervised by the State-owned Assets Supervision and Administration Commission, covering various sectors such as construction, infrastructure, and energy engineering [1] Group 2 - The core list of top ten central enterprise construction companies includes China State Construction Engineering Corporation, which has a business focus on housing construction (over 50% of global super high-rise buildings) and infrastructure [4] - China Railway Group Limited specializes in railway engineering, accounting for 66% of the national railway mileage, with a significant increase of 51.6% in overseas business [4] - China Railway Construction Corporation is responsible for 52% of the national high-speed rail mileage and has established construction standards for high-speed rail in China [4] Group 3 - China Communications Construction Company focuses on port channels and cross-sea bridges, with a new contract amount of 9910.54 billion yuan in the first half of 2025 [5] - China Power Construction Group is a leader in hydropower, with a global market share exceeding 50% in overseas hydropower [5] - China Energy Engineering Group is innovating in traditional energy upgrades and has seen a growth rate of over 30% in new energy contracts [5] Group 4 - China Metallurgical Group Corporation leads the global market share in metallurgical engineering and is advancing hydrogen metallurgy technology for low-carbon transformation [5] - China Chemical Engineering Group dominates 70% of domestic petrochemical projects and has achieved a 12.3% growth in fine chemical contracts [5] - China National Nuclear Corporation is responsible for all domestic nuclear power units and plays a special role in national defense engineering and nuclear emergency support [5] - China Aneng Construction Group specializes in water conservancy and emergency rescue tasks [6]