Summary of Key Points Core Viewpoint The company, Shengda Metal Resources Co., Ltd., has approved significant guarantees for its subsidiaries, exceeding its audited net assets, indicating a strategic move to support its subsidiaries' financing needs while managing associated risks. Group 1: Guarantee Overview - The company has approved a total guarantee amount not exceeding RMB 6 billion for its subsidiaries, which includes various financing methods such as loans and leasing [2] - The guarantee period is effective from the date of approval until the next annual shareholders' meeting in 2025, allowing for the renewal and extension of existing guarantees [2] - The company has also approved a separate guarantee of up to RMB 2.5 billion from its chairman and his spouse for financing activities, which will not incur any fees or require counter-guarantees [3] Group 2: Guarantee Progress - The company's subsidiary, Inner Mongolia Yindu Mining Co., Ltd., has applied for a credit limit of RMB 220 million from a bank, with the company and its chairman providing joint guarantees [4] - Another subsidiary, Inner Mongolia Guangda Mining Co., Ltd., has applied for a credit limit of RMB 80 million, with the company providing collateral through its equity stake in Yindu Mining [4][5] - The guarantees provided are within the approved limits from the board meeting and shareholders' meeting, ensuring compliance with internal regulations [6] Group 3: Related Party Information - The chairman, Mr. Zhao Qing, holds 2.79% of the company's shares and is considered a related party under stock exchange rules [7] - His spouse, Ms. Li Yuanchun, is also classified as a related party, and both are not listed as dishonest executors [7] Group 4: Financial Metrics - The total approved guarantee amount of RMB 6 billion represents 197.16% of the company's latest audited net assets, while the current balance of guarantees stands at RMB 2.508 billion, accounting for 82.42% of the net assets [12]

证券代码：000603 证券简称：盛达资源 公告编号：2025-041 盛达金属资源股份有限公司 关于为子公司提供担保暨接受关联方无偿担保的进展公告 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：盛达金属资源股份有限公司（以下简称"公司"）已审批的为合 并报表范围内子公司（以下简称"子公司"）提供担保、子公司之间互相提供担 保、子公司为公司提供担保额度合计超过公司最近一期经审计净资产的 100%， 其中有对资产负债率超过 70%的子公司提供担保，公司及子公司未对合并报表范 围外单位提供担保。 一、担保情况概述 公司分别于 2025 年 4 月 28 日、2025 年 5 月 20 日召开第十一届董事会第八 次会议、2024 年度股东大会，审议通过了《关于公司及子公司 2025 年度担保额 度预计的议案》，同意公司为子公司提供担保、子公司之间互相提供担保、子公 司为公司提供担保额度合计不超过人民币 60 亿元。担保范围包括但不限于流动 资金贷款、项目贷款、并购贷款、银行委托贷款、融资租赁、银行承兑汇票、保 函、保理、开立信用证、票据贴现、资产证券化等 ...

Investment Rating - Industry rating: Recommended [4] Core Viewpoints - The geopolitical tensions and the decline of the US dollar index have led to a strong performance in gold prices, with COMEX gold rising 3.65% to $3,452.60 per ounce this week [23][25] - The market is increasingly pricing in the possibility of interest rate cuts by the Federal Reserve, with expectations of two cuts this year, the first likely in September [3][43] - The uncertainty in the Middle East, particularly regarding Iran and Israel, is contributing to a shift towards safe-haven assets like gold and silver [5][17] Summary by Sections Precious Metals - COMEX silver increased by 0.66% to $36.37 per ounce, while SHFE gold rose 1.42% to ¥794.36 per gram [23][25] - SPDR gold ETF holdings increased by 201,954.41 troy ounces, while SLV silver ETF holdings decreased by 1,090,806.40 ounces [25] - The gold-silver ratio rose by 2.97% to 94.93 this week [25] Base Metals - In the LME market, copper fell 0.24% to $9,647.50 per ton, while aluminum rose 2.10% to $2,503.00 per ton [49] - SHFE copper decreased by 1.17% to ¥78,010.00 per ton, and aluminum increased by 1.84% to ¥20,440.00 per ton [49] - The supply of copper is expected to tighten due to maintenance plans at domestic smelters and the ongoing geopolitical situation [7][8] Copper - The supply side is affected by a downward adjustment in the annual production forecast for the Kamoa-Kakula project and ongoing maintenance at the Cobre copper mine [7][44] - Domestic copper rod enterprises' weekly operating rate rose to 73.21%, but actual purchases are subdued due to high prices [7] - SHFE copper inventory decreased by 5.08% to 101,900 tons, while LME inventory fell by 13.54% to 114,500 tons [74] Aluminum - The aluminum industry operates at over 95% capacity, with minor maintenance plans causing limited supply disruptions [9][78] - Demand for aluminum products has softened, with a decrease in operating rates for various aluminum products [9][78] - SHFE aluminum inventory decreased by 6.91% to 110,000 tons, while LME inventory fell by 2.92% to 353,200 tons [11][78] Zinc - Zinc prices are under pressure due to weak demand, with domestic zinc ore processing fees rising [79] - SHFE zinc inventory decreased by 3.29% to 45,466 tons, while LME inventory fell by 4.36% to 131,000 tons [79]

Core Viewpoint - The recent rise in gold prices is driven by multiple factors, including geopolitical tensions, expectations of interest rate cuts in the U.S., and increased demand for gold from central banks, leading to significant gains in gold stocks and related funds [1][6][7]. Group 1: Gold Price Movement - The COMEX gold price has recovered to $3,400 per ounce, with a 3.22% increase over three days as of June 13 [1]. - Gold ETFs have seen an average increase of over 27% this year, with some reaching as high as 43% [1][3]. - The net subscription of gold ETFs has exceeded 10.5 billion shares this year, bringing the total scale to 72.93 billion yuan [1]. Group 2: Fund Performance - Several actively managed funds, which do not explicitly focus on gold, have benefited significantly from the rise in gold prices, with some reporting gains exceeding 40% this year [1][3]. - The Ping An Xinli Mixed A fund added five gold stocks to its top ten holdings in Q1, contributing to its rapid net value increase [3]. - The Huafu Yongxin Flexible Allocation Mixed A fund has a significant portion of its assets (nearly 80%) in gold stocks, achieving a 40.8% increase this year [3][5]. Group 3: Investment Insights - Analysts suggest that the recent rise in gold prices is influenced by a combination of easing international trade tensions and lower-than-expected U.S. inflation data, which has bolstered expectations for Federal Reserve interest rate cuts [6]. - Central banks are showing strong demand for gold to maintain a stable monetary system, with the European Central Bank projecting gold to account for 20% of global reserves by 2024, surpassing the euro [6]. - The investment value of gold stocks is being reassessed, with many companies reporting net profit growth exceeding expectations, indicating a favorable outlook for future performance [6][7].

Group 1 - The company has not engaged in silver hedging activities this year [1] - Currently, the company does not hold any short positions in silver hedging [1] - The increase in silver prices has not resulted in any losses for the company [1]

Core Viewpoint - The announcement details a 1% change in equity held by shareholder Hainan Huari Investment Development Co., Ltd. in Shengda Metal Resources Co., Ltd. due to the transfer of restricted shares from the equity division reform [1]. Group 1: Shareholder Equity Change - Hainan Huari's equity change involves 6,899,694 shares, representing 1% of the total shares, acquired through centralized bidding at an average price of 14.26 yuan per share [1]. - The shares were sourced from the original restricted shares formed during the equity division reform, with a price range of 13.19 yuan to 15.66 yuan per share for this transaction [1]. Group 2: Shareholding Structure - Prior to the equity change, Hainan Huari held 12,527,733 shares, accounting for 1.82% of the total share capital, which decreased to 5,628,039 shares, or 0.82%, after the change [1]. - The company confirms that the equity change does not violate any previous commitments made regarding the restricted shares [1].

盛达金属资源股份有限公司 关于股东持有的原股改限售股份权益变动达到 1%的公告 证券代码：000603 证券简称：盛达资源 公告编号：2025-040 | 股东 | | | 本次权益变动前持有股份 | | 本次权益变动后持有股份 | | --- | --- | --- | --- | --- | --- | | 名称 | 股份性质 | 股数 | 占总股本比例 | 股数 | 占总股本比例 | | | | （股） | （%） | （股） | （%） | | 海南华瑞达 | 合计持有股份 其中： | 12,527,733 | 1.82 | 5,628,039 | 0.82 | | 投资发展有 限公司 | 无限售条件股份 | 12,527,733 | 1.82 | 5,628,039 | 0.82 | | | 有限售条件股份 | 0 | 0 | 0 | 0 | 2、股东本次权益变动前后持股情况 1 二、其他相关说明 股东海南华瑞达投资发展有限公司保证向本公司提供的信息内容真实、准确、完整，没 有虚假记载、误导性陈述或重大遗漏。 本公司及董事会全体成员保证公告内容与信息披露义务人提供的信息一致。 盛达金属资源股份有限公 ...

Group 1 - The company has approved a cash dividend distribution plan for the fiscal year 2024, proposing a distribution of 1.00 RMB per 10 shares, totaling 68,996,934.60 RMB [1][2] - The total share capital as of the end of 2024 is 689,969,346 shares, and the remaining undistributed profits will be carried forward to the next fiscal year [1][2] - The dividend distribution will be subject to different tax rates based on the type of shareholders, with specific provisions for Hong Kong investors and domestic investors [1][2] Group 2 - The record date for the dividend distribution is set for June 16, 2025, and the ex-dividend date is June 17, 2025 [2] - The distribution will be directly credited to the shareholders' accounts through their custodial securities companies [2] - The company assumes all legal responsibilities for any issues arising from insufficient cash dividends due to a decrease in shares held by shareholders during the distribution application period [2]

一、股东大会审议通过利润分配方案情况 1、公司于 2025 年 5 月 20 日召开 2024 年度股东大会，审议通过了《2024 年 度利润分配方案》，公司 2024 年度利润分配方案如下：公司拟以 2024 年末总股 本 689,969,346 股为基数，向全体股东进行现金分红，每 10 股派发现金红利 1.00 元（含税），合计派发现金红利 68,996,934.60 元（含税），不送红股，不以资本 公积金转增股本，剩余未分配利润结转至下一年度。本次利润分配方案公告后至 实施前，公司总股本由于股份回购、发行新股等原因发生变动的，将按照分配总 额不变的原则对分配比例进行调整。 2、自上述利润分配方案披露至实施期间，公司股本总额未发生变化。 证券代码：000603 证券简称：盛达资源 公告编号：2025-039 盛达金属资源股份有限公司 2024 年年度权益分派实施公告 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。 盛达金属资源股份有限公司（以下简称"公司"）2024 年年度权益分派方案 已获 2025 年 5 月 20 日召开的 2024 年度股东大会审 ...

Investment Rating - The report maintains an "Overweight" rating for the industry [1][5][63] Core Views - The silver market is experiencing a rebound, while the gold-silver ratio is correcting from high levels. Short-term gold prices are expected to remain volatile due to underwhelming U.S. economic data and reduced safe-haven demand amid easing U.S.-China trade tensions. However, medium to long-term prospects remain positive as persistent inflation in the U.S. suggests a "stagflation-recession" phase, with gold prices likely to rise [5][63]. Summary by Sections Market Overview - The precious metals sector outperformed the CSI 300 index by 2.70 percentage points, with a weekly increase of 3.58%. The leading stock was Shengda Resources, which rose by 17.29% [5][17]. - As of June 6, COMEX gold settled at $3,346.60 per ounce, up 0.94%, and COMEX silver at $36.14 per ounce, up 9.42%. SHFE gold closed at ¥783.24 per gram, up 1.48%, and SHFE silver at ¥8,850 per kilogram, up 7.69% [5][16][17]. Economic Data Tracking - U.S. economic indicators for May were below expectations, with the ISM manufacturing PMI at 48.5 (expected 49.2) and the non-manufacturing PMI at 49.9 (expected 52.0). The unemployment rate remained stable at 4.2% [5][29][30]. - Inflation remains moderate, with April's CPI at 2.3%, below the expected 2.4%, and core CPI steady at 2.8% [5][29][30]. Gold Investment Trends - As of May 2025, China's official gold reserves increased to 7.383 million ounces, marking the seventh consecutive month of growth. Gold ETF holdings rose to 1,367.89 tons, a 2.11-ton increase [5][52][54]. - The COMEX non-commercial net long positions increased to 187,900 contracts, up from 174,200 contracts [5][57]. Gold-Silver Ratio - The gold-silver ratio as of June 6 is 92.30, down 6.78 from previous levels, indicating a potential correction in silver prices relative to gold [5][59].