Core Views - The report maintains a positive long-term outlook on gold, copper, and aluminum, emphasizing the importance of strategic metals [1][3] - In H1 2025, domestic economic indicators show signs of bottoming out, with improvements in real estate construction and a gradual shift towards new economic drivers [4][8] - The global economic landscape is being reshaped by fluctuating interest rate expectations from the Federal Reserve and the impacts of trade wars, leading to significant changes in resource sectors [4][8] Investment Strategies - **Main Line 1: Expansion on the Denominator Side - Gold and Silver**: Focus on gold and silver, with specific attention to the performance of gold stocks and the potential for silver due to its high price ratio to gold [4][5] - **Main Line 2: Improvement on the Numerator Side - Aluminum, Copper, Tin**: Anticipate continued high profitability in aluminum due to falling costs, while remaining cautious of potential short-term demand weakness [4][7] - **Main Line 3: Key Strategic Metals**: Highlighting opportunities in rare earths and other strategic metals amid US-China tensions, particularly in six key strategic metals [4][7] - **Main Line 4: Supply-Side Disruptions from Anti-Competition**: The report suggests that supply-side constraints in sectors like lithium carbonate may present attractive bottom-fishing opportunities [4][7] Market Performance - The CRB metal spot index increased by 7.08% from the beginning of 2025 to June 30, 2025, indicating a general upward trend in metal prices [9][10] - Gold prices surged by 23.93% during the same period, driven by expectations of a Federal Reserve rate cut [12][14] - Industrial metals, particularly tin and copper, saw significant price increases of 19.91% and 15.59% respectively, while zinc prices fell by 5.55% [16][19] Supply and Demand Dynamics - Global copper inventories saw a significant reduction, with LME copper stocks decreasing by 66.17% by June 30, 2025 [21][69] - The report anticipates limited growth in global copper supply due to insufficient capital expenditure in mining, projecting only a 2.3% increase in global copper production in 2025 [62][64] - The refined copper market is expected to remain slightly short, with a projected demand growth of 7.1% for 2025, supporting a high price center for copper [69] Sector Performance - The non-ferrous metal sector outperformed the broader market, with a cumulative increase of 19.17% from January to June 2025, compared to a 5.6% rise in the Shanghai Composite Index [38][40] - Sub-sectors such as tungsten, gold, and rare earths performed particularly well, with respective increases of 39.64%, 33.57%, and 31.88% [42][44] - Companies closely tied to resource price fluctuations, particularly in gold and rare earths, showed strong performance, while midstream processing companies faced challenges due to weak downstream demand [44]

Group 1 - The core viewpoint of the news is that companies are actively engaging in share buyback and employee stock ownership plans to enhance investor confidence and align management interests with shareholders [1][2]. - Shenzhen Overseas Chinese Town Holdings Company plans to increase its stake in Huaqiang City A by investing between 111 million and 220 million RMB within six months, currently holding 48.78% of the total shares [1]. - Chengyi Pharmaceutical announced an employee stock ownership plan for 2025, targeting to raise up to 48.2864 million RMB, with a share price set at 5.02 RMB per share, covering up to 228 employees [1][2]. Group 2 - The employee stock ownership plan has performance targets for revenue and net profit from 2025 to 2027, with growth rates set at 30%, 55%, and 85% for revenue, and 35%, 65%, and 100% for net profit [2]. - Several companies have announced plans for share reductions by executives and major shareholders, including Jinzheng Co., which plans to reduce up to 28.8 million shares, equivalent to approximately 568 million RMB [3][4][5]. - The reduction plans are set to commence from July 15, indicating a trend of liquidity events in the market as companies adjust their shareholder structures [7][8].

Major Events - Zhonghua Equipment plans to acquire 100% equity of Yiyang Rubber and Plastic Machinery Group and Beihua Machinery, with stock suspension starting July 15, 2025 [3] - Suzhou Planning intends to purchase 100% equity of Dongjin Aerospace through a combination of cash and stock issuance, with stock resuming trading on July 15, 2025 [4] - Aerospace Development's independent director was detained for personal reasons unrelated to the company's operations, which remain stable [5][6] - *ST Tianmao issued a risk warning regarding potential delisting due to failure to disclose annual reports in time [7] - ST Shuntian will suspend trading for one day on July 15, 2025, and will remove other risk warnings, changing its stock name to Jiangsu Shuntian [8] - Xinghui Entertainment plans to transfer 99.66% equity of Espanyol Football Club for €130 million, focusing on core business areas [9] Performance Reports - China Salt Chemical reported a 5.76% decrease in revenue to ¥5.998 billion and an 88.04% drop in net profit to ¥52.71 million for the first half of 2025 [10] - Jiu Gui Jiu expects a net profit of ¥8 million to ¥12 million, down 90.08% to 93.39% year-on-year, with revenue around ¥560 million, a 43% decline [11] - Suli Co. anticipates a net profit of ¥72 million to ¥86 million, up 1008.39% to 1223.91% year-on-year, driven by increased sales and prices [12] - Te Yi Pharmaceutical expects a net profit of ¥34 million to ¥38 million, a growth of 1164.22% to 1312.95% year-on-year, due to strong sales of its core product [13] - Huahong Technology forecasts a net profit of ¥70 million to ¥85 million, up 3047.48% to 3721.94% year-on-year, benefiting from improved market conditions [14] - Qianfang Technology expects a net profit of ¥150 million to ¥200 million, an increase of 1125.99% to 1534.65% year-on-year, influenced by fair value changes of equity instruments [15] - Huaxia Airlines anticipates a net profit of ¥220 million to ¥290 million, up 741.26% to 1008.93% year-on-year, due to improved flight demand [16] - Xianfeng Holdings expects a net profit of ¥34 million to ¥42 million, a growth of 524.58% to 671.53% year-on-year, mainly from non-recurring gains [17] - Xinyi Sheng expects a net profit of ¥370 million to ¥420 million, up 327.68% to 385.47% year-on-year, driven by AI-related investments [18] - Haili Co. anticipates a net profit of ¥30.5 million to ¥36 million, a growth of 625.83% to 756.71% year-on-year, due to improved sales [19] - Hengsheng Electronics expects a net profit of approximately ¥251 million, an increase of about 740.95% year-on-year, due to significant non-recurring gains [20] - Tianqi Lithium expects a net profit of ¥0 to ¥155 million, recovering from a loss of ¥5.206 billion in the previous year [21] - Shui Jing Fang forecasts revenue of ¥1.498 billion, down 12.84%, and a net profit of ¥105 million, down 56.52% [22] - CICC expects a net profit of ¥3.453 billion to ¥3.966 billion, an increase of 55% to 78% year-on-year [23] - Shenwan Hongyuan anticipates a net profit of ¥4.1 billion to ¥4.5 billion, a growth of 92.66% to 111.46% year-on-year [24] - Xinda Securities expects a net profit of ¥921 million to ¥1.044 billion, an increase of 50% to 70% year-on-year [25] - Shanxi Securities anticipates a net profit of ¥504 million to ¥544 million, a growth of 58.17% to 70.72% year-on-year [26] - Guohai Securities expects a net profit of ¥370 million, a growth of 159.26% year-on-year [27] - Guocheng Mining anticipates a net profit of ¥493 million to ¥548 million, a growth of 1046.75% to 1174.69% year-on-year [28] - China Rare Earth expects a net profit of ¥136 million to ¥176 million, recovering from a loss of ¥244 million [29] - Perfect World anticipates a net profit of ¥480 million to ¥520 million, recovering from a loss of ¥177 million [30] - Fangda Carbon expects a net profit of ¥50 million to ¥60 million, down 65.13% to 70.93% year-on-year [31] - Huanghe Xuanfeng expects a net loss of ¥285 million [32] - JA Solar anticipates a net loss of ¥2.5 billion to ¥3 billion, worsening from a loss of ¥874 million [33] - Shanxi Black Cat expects a net loss of ¥490 million to ¥540 million [34] - Ganfeng Lithium anticipates a net loss of ¥300 million to ¥550 million, improving from a loss of ¥760 million [35] - Xinda Real Estate expects a net loss of ¥3.5 billion to ¥3.9 billion [36] - Greenland Holdings anticipates a net loss of ¥3 billion to ¥3.5 billion [37] - Air China expects a net loss of ¥1.7 billion to ¥2.2 billion [39] - OFILM expects a net loss of ¥85 million to ¥115 million [40] - Vanke A expects a net loss of ¥10 billion to ¥12 billion [41] Major Contracts - Zhongchen Co. won a project from Southern Power Grid worth ¥379 million, accounting for 12.26% of its 2024 audited revenue [42] - Gaode Infrared signed a procurement agreement worth ¥879 million, representing 32.84% of its 2024 audited revenue [43]

证券代码：688786 证券简称：悦安新材 公告编号：2025-034 江西悦安新材料股份有限公司 关于股东减持股份计划公告 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、准确性和完整性依法承担法律 责任。 重要内容提示： 股东持股的基本情况 上述股东的股份来源均为公司首次公开发行前取得的股份及通过公司实施 权益分派资本公积金转增股本取得的股份，并均已上市流通。 减持计划的主要内容 现因股东自身资金需求，岳龙合伙、宏悦合伙和瑞智投资拟通过集中竞价的 方式减持所持公司股份。其中，岳龙合伙本次拟减持股份数量合计不超过 850,000 股，拟减持股份占公司总股本的比例不超过 0.5911%；宏悦合伙本次拟 减持股份数量合计不超过 310,000 股，拟减持股份占公司总股本的比例不超过 1 0.2156%；瑞智投资本次拟减持股份数量合计不超过 79,608 股，拟减持股份占公 司总股本的比例不超过 0.0554%。 计划减持期限为自减持计划披露之日起 15个交易日后的 3 个月内（即自 2025 年 8 月 5 日起至 2025 年 11 月 4 日） ...

Core Points - The major shareholder, Yu Yanbao, has reduced his stake in Jiangxi Yuean New Materials Co., Ltd. from 9.56% to 9.00% through the sale of 813,900 shares, which represents 0.57% of the company's total share capital [1][2] - The total share capital of the company increased from 119,833,336 shares to 143,800,003 shares on June 6, 2025, prior to the reduction in shareholding [1] - The reduction in shareholding does not trigger mandatory tender offer obligations and complies with relevant regulations [1][2] Shareholder Information - Yu Yanbao is identified as the major shareholder and has no other associated parties in this reduction [1] - The reduction occurred through centralized bidding from June 13, 2025, to July 8, 2025 [1] Regulatory Compliance - The company confirms that the reduction in shareholding adheres to the regulations set forth in the "Measures for the Administration of Listed Company Acquisitions" and other relevant legal documents [2] - The company has ensured timely disclosure of information to investors regarding the shareholding changes [2]

证券代码：688786 证券简称：悦安新材 公告编号：2025-033 江西悦安新材料股份有限公司 关于持股 5%以上股东权益变动触及 1%刻度的 提示性公告 公司持股 5%以上股东于缘宝先生保证向本公司提供的信息真实、准确、完整， 没有虚假记载、误导性陈述或重大遗漏。 本公司董事会及全体董事保证公告内容与信息披露义务人提供的信息一致。 一、 信息披露义务人及其一致行动人的基本信息 1.身份类别 | | □控股股东/实际控制人及其一致行动人 | | --- | --- | | | 其他 5%以上大股东及其一致行动人 | | 投资者及其一致行动人的身份 | □合并口径第一大股东及其一致行动人（仅适用于 | | | 无控股股东、实际控制人） | | | □其他______________（请注明） | 2.信息披露义务人信息 | 信息披露义务人名称 | | 投资者身份 | 统一社会信用代码 | | --- | --- | --- | --- | | | □ | 控股股东/实控人 | | | 于缘宝 | □ | 控股股东/实控人的一致行动人 | 不适用 | | |  | 其他直接持股股东 | | 重要内容提示 ...

Core Points - The company has completed the listing and circulation of all shares from its initial strategic placement [1] - The company will distribute a cash dividend of 0.25 RMB per share (including tax) and will increase capital by 0.2 shares for each share held [1][3] - The total cash dividend distribution amounts to 29,958,334 RMB (including tax), and the capital increase will result in 23,966,667 new shares being issued [3][7] Dividend and Capital Increase Plan - The profit distribution and capital increase plan was approved at the annual shareholders' meeting on May 16, 2025 [3] - The total share capital before the distribution was 119,833,336 shares, which will increase to 143,800,003 shares after the capital increase [7] - The cash dividend will be distributed to shareholders registered by the close of trading on the stock exchange on the record date [3][4] Tax Implications - For individual shareholders holding shares for over one year, the cash dividend is exempt from personal income tax, resulting in a net distribution of 0.25 RMB per share [4][5] - For shares held for less than one year, the company will not withhold personal income tax at the time of distribution, but tax will be calculated upon sale of the shares [5][6] - Qualified Foreign Institutional Investors (QFII) will have a 10% withholding tax on dividends, resulting in a net distribution of 0.225 RMB per share [6][7] Share Structure Changes - The company confirms that all strategic placement shares have been fully listed and are circulating [7] - The share structure will change from 119,833,336 shares to 143,800,003 shares after the capital increase [7] - The diluted earnings per share for the fiscal year 2024 is projected to be 0.49 RMB [7]

江西悦安新材料股份有限公司 2024年年度权益分派实施公告 本公司董事会及全体董事保证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、准确性和完整性依法承担法律责任。 重要内容提示： | 股权登记日 | 除权（息）日 | 新增无限售条件流 | 现金红利发放日 | | --- | --- | --- | --- | | | | 通股份上市日 | | | 2025/6/5 | 2025/6/6 | 2025/6/6 | 2025/6/6 | 一、 通过分配、转增股本方案的股东会届次和日期 本次利润分配及转增股本方案经江西悦安新材料股份有限公司（以下简称"公 司"）2025 年 5 月 16 日的2024年年度股东会审议通过。 证券代码：688786 证券简称：悦安新材 公告编号：2025-032 二、 分配、转增股本方案 1. 发放年度：2024年年度 2. 分派对象： 截至股权登记日下午上海证券交易所收市后，在中国证券登记结算有限责任 公司上海分公司（以下简称"中国结算上海分公司"）登记在册的本公司全体股东。 3. 分配方案： 本次利润分配及转增股本以方案实施前的公司总股本119,83 ...

Core Viewpoint - Jiangxi Yuean New Materials Co., Ltd. will participate in the 2024 Annual Performance Briefing for the Advanced Nonferrous Metal Materials Industry on May 29, 2025, to discuss its 2024 annual and 2025 Q1 performance with investors [1][2]. Group 1: Meeting Details - The meeting is scheduled for May 29, 2025, from 15:00 to 17:00 [1][2]. - It will be held at the Shanghai Stock Exchange Roadshow Center and conducted in an online text interaction format [1][2]. - Investors can log in to the Shanghai Stock Exchange Roadshow Center to participate and ask questions [2][3]. Group 2: Participation and Interaction - Investors can submit questions from May 22, 2025, to May 28, 2025, before 16:00 [3]. - The company will address commonly asked questions during the briefing [2][3]. - Key personnel attending include the Chairman, Vice Chairman, and other executives [2]. Group 3: Contact Information - For inquiries, investors can contact the Board Office via phone or email [3]. - The meeting's outcomes and main content will be available for review on the Shanghai Stock Exchange Roadshow Center after the event [3].

证券代码：688786 证券简称：悦安新材 公告编号：2025-031 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、准确性和完整性依法承担法律责任。 重要内容提示： 投资者可于 2025 年 5 月 22 日(星期四)至 5 月 28 日(星期三)16:00 前登录上证路 演中心网站首页，点击"提问预征集"栏目（http://roadshow.sseinfo.com/questionCo llection.do）或通过公司邮箱（stock@yueanmetal.com）进行提问。公司将在说明会 上对投资者普遍关注的问题进行回答。 江西悦安新材料股份有限公司（以下简称"公司"）已于 2025 年 4 月 25 日和 2025 年 4 月 29 日分别在上海证券交易所网站（http://www.sse.com.cn/）披露了公司 《2024 年年度报告》及其摘要、《2025 年第一季度报告》，为便于广大投资者更全 面深入地了解公司 2024 年度及 2025 年第一季度的经营成果、财务状况、发展理念， 公司计划于 2025 年 5 月 29 日（星期四）下 ...