Summary of Key Points from the Conference Call Industry Overview - **Industry**: Greater China Materials - **Date**: July 25, 2025 - **Analysts**: Morgan Stanley Asia Limited Key Takeaways Production and Sales of Industrial Goods - Average crude steel output from key steel mills was 2.141 million tons in mid-July 2025, reflecting a 2.1% increase compared to early July [1] - Planned production of household air conditioners is expected to decline by 7.1% year-over-year in August [1] - Passenger vehicle (PV) sales are projected at 1.85 million units in July, marking an 8% year-over-year increase but an 11% month-over-month decrease, with new energy vehicle (NEV) sales at 1.01 million units [1] - Shipbuilding delivery volume for the first half of 2025 was 24.13 million compensated gross tons (CGT), down 3.5% year-over-year [1] Infrastructure and Property Developments - Construction has commenced on a massive hydro station at the Yarlung Tsangpo River in Tibet, with a total investment of RMB 1.2 trillion [2] - Water conservancy investment in China reached RMB 532.9 billion in the first half of 2025, a decrease of 6.3% year-over-year [2] - Renovation of old urban communities saw 16,500 new starts, achieving approximately 66% of the annual target in the first half of 2025 [2] Supply Policies - The National Development and Reform Commission (NDRC) and the State Administration for Market Regulation (SAMR) are working to improve standards for recognizing low-price dumping and regulating market price order [3] - The National Energy Administration (NEA) has issued a notice to check coal overproduction in eight major coal-producing provinces for 2024 and year-to-date 2025 [3] Building Materials Activity - Weekly cement shipments in July 2025 were 665 million tons, with a year-to-date total of 2,778 million tons, reflecting a 56% increase [4] - Daily molten iron production was reported at 2,422 thousand tons, showing a slight decrease of 0.1% [4] - Planned production of battery materials in July 2025 includes 145.1 GWh of batteries, a 1% increase year-over-year, while lithium production is expected to reach 102.2 thousand tons of lithium carbonate equivalent (LCE), a 3% increase [4] Additional Insights - The hydro station project is significant for future energy supply and infrastructure development in the region, indicating a strong government push towards renewable energy sources [8] - Supply-side policies may lead to increased market stability and reduced competition pressures in the materials sector [3] - The decline in household AC production and fluctuations in vehicle sales may indicate broader economic trends affecting consumer demand [1][2] Conclusion The conference call highlighted a mixed outlook for the Greater China materials sector, with positive developments in infrastructure and energy projects, but challenges in consumer goods production and sales. The ongoing supply-side policies are expected to play a crucial role in shaping market dynamics in the coming months.

Summary of Key Points from the Conference Call Industry Overview - **Industry Focus**: Greater China Materials, specifically in the Asia Pacific region [6][62] - **Current Industry View**: Attractive, indicating positive expectations for performance over the next 12-18 months [6][33] Key Market Movements Base Metals - **Copper**: Prices increased by 1.2% week-over-week (WoW) to Rmb79,640/t, with inventories down by 13.2% [2][10] - **Aluminum**: Prices rose by 0.4% WoW to Rmb20,780/t, while inventories increased by 6.4% [2][10] Battery Metals - **Lithium Hydroxide**: Domestic industrial-grade prices rose by 6.5% WoW to Rmb55,370/t, and battery-grade prices increased by 5.4% to Rmb60,520/t [2][10] - **Lithium Carbonate**: Industrial-grade prices saw an 8.8% increase WoW to Rmb68,900/t, while battery-grade prices rose by 8.6% to Rmb70,550/t [2][10] Steel - **Hot Rolled Coil (HRC)**: Prices increased by 1.5% WoW to Rmb3,400/t [3][10] - **Cold Rolled Coil (CRC)**: Prices rose by 4.0% WoW to Rmb3,914/t [3][10] - **Rebar**: Prices increased by 1.3% WoW to Rmb3,296/t [3][10] - **Tangshan Billet**: Prices rose by 5.4% WoW to Rmb3,120/t [3][10] Cement and Coal - **Cement**: Prices decreased by 1.0% WoW to Rmb324/t [3][10] - **Coal**: Prices for QHD5500 increased by 0.3% WoW to Rmb662/t, with inventories up by 1.2% to 5.85 million tonnes [3][10] Glass - **Float Glass**: Prices increased by 2.4% WoW to Rmb1,281/t [4][10] - **Glass Fiber**: Prices remained stable at Rmb3,900/t [4][10] Regulatory and Infrastructure Developments - **Regulatory Actions**: NDRC and SAMR are working to improve standards for recognizing low-price dumping and regulating market price order [8] - **Infrastructure Investment**: Construction of a hydro station in the Yarlung Tsangpo River in Tibet has commenced, with a total investment of Rmb1.2 trillion [8] Analyst Insights - **Analysts Involved**: Rachel L Zhang, Chris Jiang, Hannah Yang, and Davven Xu are the key analysts providing insights on the Greater China Materials sector [5][62] - **Investment Banking Relationships**: Morgan Stanley has received compensation for investment banking services from several companies in the materials sector, indicating potential conflicts of interest [17][20] Conclusion - The Greater China Materials sector is experiencing positive price movements across various commodities, with a favorable outlook for the coming months. Regulatory actions and significant infrastructure investments are also shaping the market landscape.

Group 1 - The China Capital Market Society was established on July 26, 2025, in Shanghai, with Wu Qing elected as the first president [1] - The society has set up seven professional committees focusing on various aspects such as macro and industrial development, market stability, innovation, and investor protection [1] Group 2 - The 2025 World Artificial Intelligence Conference (WAIC) opened in Shanghai on July 26, attracting over 800 domestic and international companies and showcasing more than 3,000 smart technology exhibits [4] - Notably, over 150 humanoid robots were presented, marking the largest display of humanoid robots in China to date [4] - Major tech companies like Tencent, NetEase, and JD.com unveiled significant AI advancements, including Tencent's global launch of the open-source "Hunyuan 3D World Model" [4] Group 3 - The Henan Provincial Department of Industry and Information Technology announced a notification for recommending enterprises to enter the "Specialized, Refined, Characteristic, and Innovative" board, which will provide various support services [6] Group 4 - The U.S. and EU reached a new trade agreement, with the EU committing to increase investments in the U.S. by $600 billion and purchasing $750 billion worth of U.S. energy products [8] - The agreement maintains existing tariffs on steel and aluminum, with a focus on energy and automotive sectors [8] Group 5 - The U.S. Secretary of Commerce announced that the deadline for imposing additional tariffs on August 1 will not be extended, emphasizing the need for a favorable agreement with the EU [10] Group 6 - The State Council of China announced plans to gradually implement free preschool education, highlighting its importance for long-term development and the need for local governments to detail funding and support measures [12] Group 7 - The National Bureau of Statistics reported a 1.8% decline in profits for large-scale industrial enterprises in the first half of 2025, with state-owned enterprises seeing a 7.6% drop [16] - In contrast, foreign and Hong Kong-Macau investment enterprises experienced a 2.5% profit increase [16] Group 8 - The National Development and Reform Commission allocated 69 billion yuan for the third batch of special bonds to support the consumption of old goods [17] Group 9 - The Chinese government proposed the establishment of a World Artificial Intelligence Cooperation Organization to promote global governance and bridge the digital divide [19] Group 10 - The Ministry of Agriculture and Rural Affairs and nine other departments issued a plan to promote agricultural product consumption, encouraging collaboration between food companies and research institutions [20][21] Group 11 - The China Pesticide Industry Association launched a three-year action plan to improve market order and combat low-price competition in the pesticide industry [23] Group 12 - Shouchuang Securities announced plans to list on the Hong Kong Stock Exchange to enhance capital strength and international influence [25] - Linglong Tire submitted its H-share issuance application to the Hong Kong Stock Exchange [27] Group 13 - Shanghai Jinqiao Information Co., Ltd. plans to raise 633 million yuan through a private placement to fund AI research and upgrade core solutions [29] Group 14 - *ST Suwu faces potential delisting due to alleged information disclosure violations, with the company under investigation by the China Securities Regulatory Commission [31] - *ST Wanfang and Taiyuan Heavy Industry also received notices of investigation for similar violations [32][33] Group 15 - Zijin Mining's vice president plans to reduce holdings by up to 250,300 shares to fund the company's employee stock ownership plan [37] - ST Luton and Ruixin Technology announced plans for share reductions by specific shareholders [37] Group 16 - Rebekah reported a 15.31% increase in net profit for the first half of 2025, with total revenue reaching 598 million yuan [38] - Laopu Gold expects a net profit increase of 279% to 288% for the same period, with sales projected between 138 billion yuan and 143 billion yuan [39] - Tongzhou Electronics turned a profit with a 662% increase in net profit, achieving revenue of 540 million yuan [40]

Summary of Key Points Core Viewpoint - The announcement details a share reduction plan by Shen Shaoyang, the Vice President of Zijin Mining Group Co., Ltd., to raise funds for the company's 2025 employee stock ownership plan. Group 1: Shareholding Information - As of the announcement date, Shen Shaoyang holds 1,001,000 shares, representing 0.004% of the company's total shares [1] - The shares held include 750,000 shares obtained through equity incentives and 251,000 shares acquired during a public offering in 2019 [1] Group 2: Reduction Plan Details - Shen Shaoyang plans to reduce his holdings by up to 250,250 shares, which is a maximum of 25% of his total holdings [1] - The reduction will occur through centralized bidding within a three-month period starting 15 trading days after the announcement, specifically from August 28, 2025, to November 27, 2025 [1] - The selling price will be determined based on market conditions at the time of the sale [1] Group 3: Purpose and Conditions - The purpose of the share reduction is to gather funds for the 2025 employee stock ownership plan [1] - The number of shares to be reduced may be adjusted in case of corporate actions such as stock splits or capital increases [1]

Investment Rating - The industry investment rating is "Positive" and maintained [8] Core Views - The macroeconomic outlook is improving, leading to a comprehensive rise in metal prices, particularly strategic metals [2][4] - The report emphasizes the importance of strategic metals and bottom energy metal allocation opportunities, highlighting the revaluation of rare earths and tungsten [4] - The report suggests that the domestic growth stabilization and anti-involution policies are enhancing expectations, which is driving up domestic commodity prices [5][6] Summary by Sections Strategic Metals - Strategic metals such as rare earths and tungsten are experiencing a revaluation, with significant price increases expected due to government focus and international supply chain developments [4] - The price of rare earth concentrate has increased to 19,100 CNY/ton, reflecting a 1.5% increase [4] - Tungsten prices are also on the rise, supported by strong supply dynamics and improving company performance [4] Energy Metals - The report indicates a high probability of short-term price increases for cobalt, with a significant drop in imports noted [4] - Cobalt intermediate imports in June fell to 18,991 tons, a decrease of 61.6% month-on-month [4] - Nickel prices are expected to stabilize, with long-term price expectations likely to rise [4] Lithium - The report notes a bottoming out of lithium prices, with recent regulatory changes indicating stricter domestic mining controls [4] - The price of battery-grade lithium carbonate has rebounded by 15.2% to 76 CNY/kg [24] - The report suggests monitoring potential resource releases in the lithium sector [4] Precious Metals - Gold prices are fluctuating due to improved risk appetite and easing trade tensions, with a recommendation to increase allocation to precious metal stocks [4][6] - The report highlights that gold stocks have underperformed, suggesting a strategic buying opportunity [4] - Silver is noted for its potential upside, with a recommendation to consider silver stocks for recovery [4] Industrial Metals - The report indicates that industrial metals are experiencing mixed performance, with domestic prices leading international trends [5][6] - Copper prices on the SHFE increased by 1.1%, while aluminum prices rose by 1.2% [5] - The report emphasizes the importance of monitoring macroeconomic policies and their impact on metal demand [6]

Performance Disclosure - Tongzhou Electronics reported a revenue of 540 million yuan for the first half of 2025, an increase of 606.52% year-on-year, with a net profit attributable to shareholders of 203 million yuan, up 662.77% year-on-year, and a net profit of 208 million yuan after deducting non-recurring items, an increase of 588.4% year-on-year [1] - Zhejiang Dingli achieved a revenue of 4.336 billion yuan in the first half of 2025, a year-on-year growth of 12.35%, with a net profit attributable to shareholders of 1.051 billion yuan, up 27.49% year-on-year [2] - Rebecca reported a revenue of 598 million yuan for the first half of 2025, a year-on-year increase of 4.2%, with a net profit attributable to shareholders of 9.3759 million yuan, up 15.31% year-on-year, and basic earnings per share of 0.01 yuan [3] Shareholding Changes - Huashu High-Tech announced that its major shareholder, Guotou Technology Achievement Transformation Venture Capital Fund, reduced its shareholding from 7.00% to 5.93%, with a total of approximately 4.4437 million shares sold between July 1 and July 25, 2025 [4] - Zijin Mining's vice president plans to reduce his holdings by no more than 250,300 shares to raise funds for the company's 2025 employee stock ownership plan, with the reduction to occur within three months after the announcement date [5] - New Media Co. announced that its shareholder, Hengqin Hongtu Rongyao Venture Capital Partnership, plans to reduce its holdings by no more than 6.8434 million shares, representing up to 2.99% of the company's total share capital, through centralized bidding or block trading from August 18 to November 17, 2025 [6] Risk Matters - *ST Suwu announced that its stock may face mandatory delisting due to suspected violations of information disclosure, as the China Securities Regulatory Commission has initiated an investigation, identifying false records in its financial reports from 2020 to 2023 [7] - Beihua Co. confirmed that it has no undisclosed significant matters, despite its stock experiencing a cumulative price drop of over 20% in three consecutive trading days, indicating normal operational conditions [8] - Nanmin Group also stated that it has no undisclosed significant matters, following a similar price drop scenario, confirming that its operational conditions remain stable [9][10]

Investment Rating - The report maintains a positive outlook on the metals and new materials industry, indicating a favorable investment environment [4][5]. Core Views - The report highlights a significant increase in the performance of the metals sector, with the non-ferrous metals index rising by 6.70% week-on-week, outperforming the CSI 300 index by 5.01 percentage points [4][5]. - The report emphasizes the upward trend in metal prices, particularly in energy metals and small metals, with notable increases of 12.40% and 14.30% respectively [4][11]. - The report suggests that the long-term trend for gold prices is upward due to central bank purchases and a shift in monetary credit patterns, recommending specific stocks in the gold sector [4][23]. Weekly Market Review - The Shanghai Composite Index rose by 1.67%, while the Shenzhen Component Index increased by 2.33% [5]. - The non-ferrous metals index has shown a year-to-date increase of 30.82%, outperforming the CSI 300 index by 25.94 percentage points [9]. Price Changes - Industrial metals and precious metals have shown varied price changes, with copper prices decreasing by 0.09% and aluminum prices increasing by 0.23% [4][17]. - Energy materials such as lithium and cobalt have seen significant price increases, with battery-grade lithium carbonate rising by 15.15% [4][18]. Key Company Valuations - The report provides valuations for key companies in the metals sector, indicating potential investment opportunities based on their earnings per share (EPS) and price-to-earnings (PE) ratios [20][21]. - For example, Zijin Mining is valued at a PE of 25 for 2023, while Shandong Gold has a PE of 59 [20]. Supply and Demand Analysis - The report notes a decrease in copper social inventory by 2.91 million tons, indicating a tightening supply situation [35]. - The aluminum sector is experiencing a decline in downstream processing enterprise operating rates, which may impact future supply dynamics [52][54]. Growth Cycle Investment Analysis - The report recommends focusing on stable supply-demand dynamics in the new energy manufacturing sector, highlighting specific companies for potential investment [4].

Investment Rating - Industry rating: Outperform the market (maintained rating) [8] Core Views - The significant increase in lithium carbonate prices is primarily driven by supply contraction expectations and a rapid price correction due to regulatory actions against non-compliant mining practices [1] - Copper prices have shown a mixed performance, with market sentiment supporting price increases, but demand remains weak, limiting upward momentum [2][15] - Aluminum prices have risen due to external market influences and domestic production adjustments, although concerns about future demand in the photovoltaic sector persist [3][24] - Precious metals, particularly gold and silver, have seen price increases driven by heightened risk aversion amid global trade uncertainties [4][30] - Tungsten prices have increased across the board, supported by resource scarcity and cautious market activity [5][63] - The rare earth sector is experiencing a recovery in fundamentals, with significant price increases for light and heavy rare earth elements [6][41] Summary by Sections Base Metals & Precious Metals - Copper: Prices have fluctuated, with a recent increase to 78,710 CNY/ton, but market demand remains weak, leading to cautious trading [2][15] - Aluminum: Prices rose to 20,630 CNY/ton, driven by external market trends and domestic production recovery, despite concerns in the photovoltaic sector [3][24] - Precious Metals: Gold averaged 780.69 CNY/gram, up 0.83%, and silver at 9,291 CNY/kg, up 2.02%, influenced by global trade tensions [4][30] Minor Metals - Lithium: Prices for lithium carbonate have stabilized, with market sentiment remaining cautious amid steady production [41][42] - Cobalt: Prices have increased slightly, but demand remains weak, leading to limited trading activity [43][44] - Tin: Prices have risen to 34,750 USD/ton, supported by supply-side reforms and low inventory levels [53][54] - Tungsten: Prices have increased due to resource scarcity, with black tungsten averaging 186,500 CNY/ton [5][63] - Molybdenum: Prices have shown a mixed trend, with recent increases due to supply disruptions and market optimism [68][69] Rare Earths - The rare earth market is witnessing a significant recovery, with prices for light rare earths like praseodymium-neodymium oxide rising to 514,000 CNY/ton [6][41]

Investment Rating - The report maintains a "Buy" rating for the industry and specific companies within the sector [6]. Core Views - The report highlights a positive outlook for industrial metals driven by domestic policies aimed at reducing competition and boosting infrastructure investment, alongside U.S. fiscal expansion and ongoing interest rate cuts [2][3]. - Energy metals, particularly lithium and cobalt, are expected to see price increases due to supply disruptions and strong demand from the new energy sector [3]. - Precious metals are favored due to heightened demand for gold as a safe haven amid global trade tensions and ongoing central bank purchases [4]. Summary by Sections Industrial Metals - The report notes that industrial metal prices are rising due to domestic "anti-involution" policies and infrastructure investment, with copper prices experiencing short-term fluctuations due to trade changes [2]. - Key statistics include a weekly increase in aluminum prices by 1.22% and copper prices by 1.07%, while zinc prices rose by 2.65% [11]. - Recommended companies include Zijin Mining, Luoyang Molybdenum, and China Nonferrous Mining [2]. Energy Metals - Lithium prices are rebounding significantly due to supply concerns from regions like Jiangxi and Qinghai, with expectations for continued price increases [3]. - Cobalt prices are also anticipated to rise due to raw material shortages and increased demand as the market recovers from a low trading volume [3]. - Recommended companies in this sector include Huayou Cobalt and Zangge Mining [3]. Precious Metals - The report emphasizes the increasing demand for gold driven by global trade uncertainties and central bank purchases, predicting a long-term upward trend in gold prices [4]. - Gold prices have shown a weekly increase of 0.68%, while silver prices rose by 2.13% [11]. - Recommended companies include Shandong Gold and Zhongjin Gold [4].

证券代码：601899 证券简称：紫金矿业 公告编号：临 2025-063 | 股东名称 | 沈绍阳 | | | | --- | --- | --- | --- | | 股东身份 | 控股股东、实控人及一致行动人 | □是 | √否 | | | 直接持股 5%以上股东 | □是 | √否 | | | 董事、监事和高级管理人员 | √是 | □否 | | | 其他：/ | | | | 持股数量 | 1,001,000股 | | | | 持股比例 | 0.004% | | | | 当前持股股份来源 | 股权激励取得：750,000股 其他方式取得：251,000股 | | | 紫金矿业集团股份有限公司 高级管理人员减持股份计划公告 本公司董事会、全体董事及相关股东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： 董监高持股的基本情况：截至本公告披露日，紫金矿业集团股份有限公司 （以下简称"公司"）副总裁沈绍阳先生持有公司股份 1,001,000 股，占公司总股 份的 0.004%。 减持计划的主要内容：因筹集公司 2025 年员工持股计划 ...