Investment Rating - The report maintains an "Overweight" rating for the steel and non-ferrous metal industries [1] Core Viewpoints - The supply-side reform in China is expected to break the deflationary cycle and create investment opportunities in the steel and non-ferrous metal sectors [1][6] - The report emphasizes the importance of "supply constraints" to manage the supply-demand balance and mitigate economic downturn risks [6][12] - The steel industry is facing severe overcapacity, with state-owned enterprises holding a significant market share, which facilitates the implementation of administrative measures to control production [6][28] Summary by Sections 1. Supply-Side Reform and Economic Management - The socialist market economy in China allows for effective macroeconomic control, contrasting with the cyclical issues faced in capitalist economies [12][13] - Historical experiences show that demand stimulus alone is insufficient to resolve deep-seated deflationary pressures [14][15] - The supply-side reform initiated in 2016 has proven successful in stabilizing prices and improving corporate profitability [21][22] 2. Steel Industry Analysis - The steel industry has been in a state of oversupply from 2007 to 2024, with crude steel production increasing from 490 million tons to 1.01 billion tons, while apparent consumption has not kept pace [28][29] - The production capacity utilization rates for rebar and wire rod are expected to decline from around 70% to 50% due to weak real estate demand [33][34] - The concentration of production among state-owned enterprises is high, with central state-owned enterprises accounting for approximately 63% of total production in 2024 [38][39] 3. Investment Recommendations - The report suggests focusing on three categories of investment targets: profit recovery, stable profit with valuation repair, and stable high-dividend stocks [51] - Specific companies recommended for profit recovery include Liugang Co., Taigang Stainless Steel, and Shandong Iron and Steel, with projected annualized PE ratios improving significantly under favorable conditions [51]

Group 1 - The company, Shenzhen Zhongjin Lingnan Nonfemet Company, has issued a convertible bond with a total amount of 380 million yuan, consisting of 38 million bonds with a face value of 100 yuan each [1][5] - The bond has an annual interest rate of 1.50%, with interest payments made annually. For every 10 bonds held, the interest payment is 15.00 yuan (including tax) [1][5] - The interest payment period for this bond is from July 20, 2024, to July 18, 2025, marking the fifth year of interest payments [5][6] Group 2 - The interest calculation for the bond is based on the formula I = B × i, where I is the annual interest amount, B is the total face value of the bonds held, and i is the annual interest rate [2] - The bondholders will receive their interest payments through a designated bank account managed by China Securities Depository and Clearing Corporation [6] - Individual bondholders are subject to a 20% withholding tax on interest income, while qualified foreign institutional investors (QFII and RQFII) are exempt from corporate income tax and value-added tax on the interest [5][7][8] Group 3 - The company maintains a credit rating of AA+ with a stable outlook for both the company and the convertible bond, as per the tracking rating report issued by Zhongcheng Credit [5] - The bond's interest payment date is set for July 18, 2025, with the record date for bondholders being the trading day before the payment date [6] - The company has provided additional resources for investors to understand more about the convertible bond through its official announcements and reports [8]

| 证券代码：000060 | 证券简称：中金岭南 | 公告编号：2025-066 | | --- | --- | --- | | 债券代码：127020 | 债券简称：中金转债 | | 深圳市中金岭南有色金属股份有限公司 关于可转换公司债券2025年付息公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 特别提示： 1."中金转债"将于 2025 年 7 月 21 日按面值支付第五 年利息，本期债券票面利率为 1.50%，每 10 张"中金转债" （面值 1,000.00 元）利息为 15.00 元（含税）。 2. 债权登记日：2025 年 7 月 18 日。 3. 除息日：2025 年 7 月 21 日。 4. 付息日：2025 年 7 月 21 日。 5. "中金转债"票面利率：第一年 0.20%、第二年 0.40%、 第三年 0.60%、第四年 1.00%、第五年 1.50%、第六年 2.00%。 6."中金转债"本次付息的债权登记日为 2025 年 7 月 18 日，凡在 2025 年 7 月 18 日（含）前买入并持有本期债券 的投资者享有本次派 ...

证券代码：000060 证券简称：中金岭南 深圳市中金岭南有色金属股份有限公司 投资者关系活动记录表 编号：2025-02 投资者关系活动 类别 □ 特定对象调研 √分析师会议 □媒体采访 □业绩说明会 □新闻发布会 □路演活动 □现场参观 □其他 （请文字说明其他活动内容） 参与单位名称及 人员姓名 华泰证券、民生证券、浙商证券 时间 2025 年 7 月 7 日—8 日 地点 深圳、电话会议 上市公司接待人 员姓名 董事会秘书、总法律顾问 万磊 投资者关系活动 主要内容介绍 1、公司资源量及矿产勘探活动情况？ 截止 2024 年底，公司所属矿山保有金属资源量锌 713 万吨，铅 366 万 吨，铜 143 万吨，银 6607 吨，金 90 吨，镍 9.24 万吨，镓 717 吨，锗 240 吨，钨 1.65 万吨。 2024 年，公司通过自有矿权勘查增储与矿权摘牌，全年新增铅锌铜金 属资源量 151.45 万吨，金 24 吨，钨（WO₃）1 万吨，为公司高质量持续发 展进一步夯实了矿产资源基础。 公司统筹管理在全球范围内拥有的矿业权，针对重点项目进行深入勘 查，通过勘探新增铜铅锌金属资源量 82.96 万 ...

| 000060 | 中金岭南 | -1.27 | 1.04 | -3338.01 | | --- | --- | --- | --- | --- | | 605376 | 博迁新材 | -3.12 | 3.06 | -2871.19 | | 000426 | 兴业银锡 | 0.42 | 2.83 | -2568.87 | | 601618 | 中国中冶 | 0.00 | 0.33 | -2567.40 | | 601061 | 中信金属 | -1.10 | 3.27 | -2277.11 | | 000762 | 西藏矿业 | -2.58 | 2.85 | -2168.54 | | 600490 | 鹏欣资源 | -2.42 | 2.36 | -1927.27 | | 000546 | 金圆股份 | -2.38 | 3.31 | -1817.74 | | 000701 | 厦门信达 | -1.12 | 4.15 | -945.69 | | 300477 | ST合纵 | -2.59 | 4.71 | -777.93 | | 301500 | 飞南资源 | -5.51 | 9.60 | -587.21 | | ...

Core Viewpoint - The company, Shenzhen Zhongjin Lingnan Nonfemet Company Limited, has announced the status of its convertible bonds, including issuance, listing, conversion, and price adjustments, as well as the changes in its share capital due to bond conversions [2][3][4][5][6][7]. Group 1: Convertible Bond Issuance and Listing - The company issued 38 million convertible bonds with a total value of 380 million yuan, approved by the China Securities Regulatory Commission on July 20, 2020 [2]. - The bonds were listed on the Shenzhen Stock Exchange on August 14, 2020, under the name "Zhongjin Convertible Bonds" with the code "127020.SZ" [3]. Group 2: Conversion and Price Adjustment - The convertible bonds became convertible into shares starting January 25, 2021 [4]. - The initial conversion price was set at 4.71 yuan per share, which was adjusted to 4.63 yuan on June 18, 2021, following a dividend distribution [5]. - Further adjustments were made, reducing the conversion price to 4.54 yuan on June 14, 2022, and to 4.44 yuan on June 28, 2023 [6]. - The conversion price will be adjusted again to 4.38 yuan on July 9, 2024, and to 4.29 yuan on June 26, 2025, after respective dividend distributions [6]. Group 3: Conversion and Share Capital Changes - In the second quarter of 2025, 217 bonds were converted, resulting in the issuance of 4,952 shares, leaving a remaining balance of 30,225,303 bonds valued at 3,022,530,300 yuan as of June 30, 2025 [6][7].

| 证券代码：000060 | 证券简称：中金岭南 | 公告编号：2025-065 | | --- | --- | --- | | 债券代码：127020 | 债券简称：中金转债 | | 深圳市中金岭南有色金属股份有限公司 关于2025年第二季度可转换公司债券 转股情况公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 特别提示： 中金转债（债券代码：127020）转股期限为2021年1 月25日至2026年7月19日，截至目前，转股价格为人民币 4.29元/股。 根据《深圳证券交易所股票上市规则》、《深圳证券交易 所上市公司自律监管指引第 15 号——可转换公司债券》有关 规定，深圳市中金岭南有色金属股份有限公司（以下简称"公 司"或"中金岭南"）现将 2025 年第二季度可转换公司债券 （以下简称"可转债"或"中金转债"）转股及公司股份变 动的情况公告如下： 一、 中金转债发行上市基本情况 （一）可转换公司债券发行情况 经中国证券监督管理委员会《关于核准深圳市中金岭南 1 有色金属股份有限公司公开发行可转换公司债券的批复》 （证监许可[2020]1181 ...

| 证券代码：000060 | 证券简称：中金岭南 | 公告编号：2025-064 | | --- | --- | --- | | 债券代码：127020 | 债券简称：中金转债 | | 深圳市中金岭南有色金属股份有限公司 关于收购控股子公司少数股东股权的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 一、 交易概述 2025年5月20日，公司与农银投资签订了《中金岭南荣晟 (东营)投资有限公司之股权转让协议》，农银投资向公司转 让中金荣晟16.6667%股权，对价为5.75亿元。 2025年6月16日，公司与工银金资签订了《山东中金岭南 2 铜业有限责任公司股权转让协议》，工银金资向公司转让山 东中金铜业2.9602%股权，对价为1.63亿元。 2025年6月25日，公司与农行东营东城支行签订《山东中 金岭南铜业有限责任公司股权转让协议》，农行东营东城支 行向公司转让中金铜业2.8075%股权，交易对价为1.55亿元。 1、2023年深圳市中金岭南有色金属股份有限公司（以下 简称"公司"）通过参与破产重整方式并购了山东东营方圆 系企业，在破产重整过程中 ...

Core Points - The company announced an adjustment to the conversion price of its convertible bonds, changing from RMB 4.38 per share to RMB 4.29 per share, effective June 26, 2025 [1][3] - The adjustment is due to the company's planned distribution of cash dividends, where shareholders will receive RMB 0.87 per 10 shares [3] Group 1 - The previous conversion price of the convertible bonds was RMB 4.38 per share [1] - The new conversion price after adjustment will be RMB 4.29 per share [1][3] - The adjustment date for the conversion price is set for June 26, 2025 [1][3] Group 2 - The company will distribute cash dividends to shareholders at a rate of RMB 0.87 per 10 shares, which is inclusive of tax [3] - The adjustment to the conversion price is in accordance with the regulations set forth in the company's bond issuance prospectus [1][3] - The company will disclose the details of the conversion price adjustment on the Shenzhen Stock Exchange and other designated media [2]

Core Points - The company announced its 2024 profit distribution plan, proposing a cash dividend of RMB 0.87 per 10 shares, totaling RMB 325,170,862.88, based on a total share capital of 3,737,596,125 shares as of December 31, 2024 [1][2][4] - The record date for the dividend distribution is set for June 25, 2025, with the ex-dividend date on June 26, 2025, and the payment date also on June 26, 2025 [1][4] - The distribution will be adjusted if the total share capital changes before the implementation date, maintaining the fixed distribution ratio per share [1][2] Distribution Details - The cash dividend will be distributed to all shareholders registered with the China Securities Depository and Clearing Corporation Limited, Shenzhen Branch, as of the record date [1][4] - For Hong Kong market investors and foreign institutions, a different cash dividend of RMB 0.783 per 10 shares will be applied, with varying tax rates for different types of shareholders [2][3] - The company will not withhold individual income tax for certain shareholders, with tax obligations calculated based on the holding period upon stock transfer [2][3]