Investment Rating - The investment rating for the non-ferrous metals industry is "Positive" (maintained) [4][106]. Core Views - The report highlights that copper prices are experiencing fluctuations due to the interplay of the 232 investigation and interest rate cut expectations, with recent price changes showing a mixed trend [5]. - The report emphasizes the importance of low inventory levels in supporting copper prices, while also noting the potential impact of the 232 copper import investigation and upcoming interest rate decisions by the Federal Reserve [5]. - The report suggests monitoring companies such as Zijin Mining, Luoyang Molybdenum, Jincheng Mining, and Western Mining for investment opportunities [5]. Summary by Sections 1. Industry Overview - The report provides insights into macroeconomic indicators, including U.S. employment data, which may influence market conditions [9]. - The non-ferrous metals sector's performance is analyzed, with the sector underperforming compared to the Shanghai Composite Index [11]. 2. Industrial Metals 2.1 Copper - Recent price movements show LME copper up by 0.25%, while SHFE copper is down by 0.24% [25]. - Inventory levels for copper have increased, indicating a potential shift in market dynamics [25]. 2.2 Aluminum - LME aluminum prices increased by 0.41%, with inventory levels also rising [35]. - The report notes a decrease in aluminum smelting profits, attributed to rising costs [35]. 2.3 Lead and Zinc - Lead prices have seen a slight increase, while zinc prices have decreased [48]. - Inventory levels for both metals are discussed, highlighting market supply conditions [48]. 2.4 Tin and Nickel - Tin prices have decreased slightly, while nickel prices have shown an upward trend [62]. - The report discusses profitability metrics for nickel producers in both domestic and international markets [62]. 3. Energy Metals 3.1 Lithium - Lithium prices have shown a slight rebound, with specific price changes noted for lithium carbonate and lithium spodumene [74]. - The report indicates that supply-side adjustments are anticipated, which may affect future pricing [74]. 3.2 Cobalt - Cobalt prices have increased domestically due to export bans from the Democratic Republic of Congo, which may create supply constraints [86]. - The report highlights the profitability of domestic cobalt refining operations [86].

Core Viewpoint - The company, Jiaozuo Wanfang Aluminum Industry Co., Ltd., is in the process of issuing shares to acquire 100% equity of Cayman Aluminum (Sanmenxia) Co., Ltd. from Hangzhou Jinjiang Group and is raising supporting funds, which constitutes a related party transaction and is expected to be a major asset restructuring and restructuring listing [2] Group 1: Transaction Overview - The transaction involves issuing shares to purchase assets and raising supporting funds, which is classified as a related party transaction and is anticipated to be a significant asset restructuring [2] - The company has disclosed that the transaction is subject to approval from the board of directors and the shareholders' meeting, as well as review and registration by the Shenzhen Stock Exchange and the China Securities Regulatory Commission [2][5] - The company’s stock was suspended from trading on March 3, 2025, due to the transaction planning, and resumed trading on March 17, 2025, after relevant board meetings [3] Group 2: Progress of the Transaction - As of the date of the announcement, due diligence, auditing, and evaluation related to the transaction are ongoing and have not been completed [5] - The company will hold another board meeting to review the transaction once the related work is completed, and will convene a shareholders' meeting to discuss related proposals [5] - The company is committed to fulfilling its information disclosure obligations in accordance with relevant laws and regulations regarding major asset restructuring [5][6]

关于发行股份购买资产并募集配套资金 暨关联交易事项的进展公告 证券代码：000612 证券简称：焦作万方 公告编号：2025-045 焦作万方铝业股份有限公司 关于发行股份购买资产并募集配套资金暨关联交易事项的进展公告 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： 1、焦作万方铝业股份有限公司（以下简称"焦作万方"或"公司"）拟发行股份购买杭 州锦江集团有限公司等交易对方合计持有的开曼铝业（三门峡）有限公司 100%股权，并募集 配套资金暨关联交易（以下简称"本次交易"）。本次交易构成关联交易，预计构成重大资产 重组，预计构成重组上市。公司于 2025 年 3 月 15 日披露的《焦作万方铝业股份有限公司发 行股份购买资产并募集配套资金暨关联交易预案》中已详细披露了本次交易可能存在的风险 因素以及尚需履行的审批程序。敬请广大投资者注意投资风险。 关于发行股份购买资产并募集配套资金 暨关联交易事项的进展公告 发行股份购买资产并募集配套资金暨关联交易事项的停牌公告》（公告编号：2025-013）。停 牌期间，公司按照相关规定披露了《关于筹划发行股份购 ...

Group 1: Restructuring Progress - The audit and evaluation of the target company for the restructuring are currently underway, with updates to be announced in due course [1][2] - The restructuring aims to create a complete aluminum material industry chain, enhancing asset quality and risk resistance [1][2] - The restructuring is in line with national policies to promote the consolidation of quality assets in the aluminum industry [1] Group 2: Financial Performance and Projections - The target company, Kaiman Aluminum, reported a 2024 production capacity of 290 tons of gallium, with revenues of 30 billion and profits of 9.2 billion [2] - The company holds an 11% stake in China Rare Earth Metals Co., with no current plans for disposal [2][3] - The company's effective tax rate is projected to be 25%, with fluctuations in 2023 and 2024 due to investment income adjustments [4] Group 3: Shareholder and Market Concerns - As of May 20, 2025, the total number of shareholders is 103,092 [4] - The company acknowledges the impact of coal price declines on electricity costs, which may improve overall cost efficiency [4] - The company is committed to maintaining market value and shareholder interests through improved governance and investor relations [4]

焦作万方铝业股份有限公司 关于公司持股 5%以上股东部分股份解除质押的公告 证券代码： 000612 证券简称：焦作万方 公告编号：2025-044 焦作万方铝业股份有限公司 关于公司持股 5%以上股东部分股份解除质押的公告 公司持股5%以上股东焦作市万方集团有限责任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。 焦作万方铝业股份有限公司 关于公司持股 5%以上股东部分股份解除质押的公告 | | | | | | | 已质押股份 | | 未质押股份 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | 合计占 | 合计占 | 情况 | | 情况 | | | 股东 名称 | 持股数量 （股） | 持股 比例 | 累计被质押 数量（股） | 其所持 股份比 | 公司总 股本比 | 已质押股 份限售和 | 占已 | 未质押 股份限 | 占未 质押 | | | | | | | | | 质 ...

作 者丨崔文静 编 辑丨张星 视 频丨柳润瑛 5月1 9日，并购重组概念股迎来一波上涨潮。 截至当日收盘，多只并购重组概念股涨停，其中金利华电、光智科技以2 0%涨幅领涨，综艺 股份、湖南发展、焦作万方等亦封板。 5月1 6日修改后的《上市公司重大资产重组管理办法》（以下简称《重组办法》）及其配套措 施发布。这是继2 0 2 4年"并购六条"发布后，我国资本市场并购重组的又一大重磅政策。 2 1世纪经济报道记者了解到，该政策发布后，受到企业与投资人的广泛关注。多位投行资深 人士告诉记者，政策发布当日，即有多人向其咨询并购重组相关机会——既有希望收购企业 的上市公司老板，也有希望借机"炒壳"的二级市场投资人。 《重组办法》广受关注，是因其一系列调整给市场人士带去希望与猜想。其中，六大变化影 响格外显著，包括：新设重组简易审核程序，符合简易审核程序条件的重组交易，受理后5个 工作日内即出具审核意见；全方位放开分期支付适用范围，不再局限于现金购买资产；支持 符合商业逻辑的跨界并购；明确上市公司之间吸收合并的锁定期要求；鼓励私募基金参与上 市公司并购重组；提高对财务状况变化、同业竞争和关联交易监管的包容度等。 "毫无 ...

二、本次实施的权益分派方案 本公司 2024 年年度权益分派方案为：以公司现有总股本 1,192,199,394 股为基数，向全 体股东每 10 股派 1.300000 元人民币现金（含税；扣税后，通过深股通持有股份的香港市场 投资者、境外机构（含 QFII、RQFII）以及持有首发前限售股的个人和证券投资基金每 10 股 派 1.170000 元；持有首发后限售股、股权激励限售股及无限售流通股的个人股息红利税实行 差别化税率征收，本公司暂不扣缴个人所得税，待个人转让股票时，根据其持股期限计算应 纳税额【注】；持有首发后限售股、股权激励限售股及无限售流通股的证券投资基金所涉红利税， 对香港投资者持有基金份额部分按 10%征收，对内地投资者持有基金份额部分实行差别化税 率征收）。 【注：根据先进先出的原则，以投资者证券账户为单位计算持股期限，持股 1 个月（含 股补缴税款 0.130000 元；持股超过 1 年的，不需补缴税款。】 三、股权登记日与除权除息日 证券代码： 000612 证券简称：焦作万方 公告编号：2025-043 焦作万方铝业股份有限公司 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 ...

2024 年年度权益分派实施公告 证券代码： 000612 证券简称：焦作万方 公告编号：2025-043 焦作万方铝业股份有限公司 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。 焦作万方铝业股份有限公司（以下简称"焦作万方"或"公司"）2024 年年度权益分派方 案已获 2025 年 4 月 21 日召开的 2024 年度股东会审议通过，现将权益分派事宜公告如下： 一、股东会审议通过利润分配方案情况 二、本次实施的权益分派方案 本公司 2024 年年度权益分派方案为：以公司现有总股本 1,192,199,394 股为基数，向全 体股东每 10 股派 1.300000 元人民币现金（含税；扣税后，通过深股通持有股份的香港市场 投资者、境外机构（含 QFII、RQFII）以及持有首发前限售股的个人和证券投资基金每 10 股 派 1.170000 元；持有首发后限售股、股权激励限售股及无限售流通股的个人股息红利税实行 差别化税率征收，本公司暂不扣缴个人所得税，待个人转让股票时，根据其持股期限计算应 2024 年年度权益分派实施公 ...

Group 1 - The core viewpoint of the articles highlights the active performance of merger and acquisition (M&A) concept stocks, driven by the recent revisions to the "Major Asset Restructuring Management Measures" by the China Securities Regulatory Commission, which aim to simplify review processes and enhance regulatory inclusiveness [1][2] - M&A is identified as a key strategy for listed companies to achieve strategic expansion, resource integration, and value enhancement, allowing them to quickly enter new industries or geographic areas and acquire new customer resources and sales channels [1][2] - The integration of resources through M&A is crucial, enabling companies to optimize the allocation of assets, human resources, and technology patents, thereby improving overall operational efficiency and enhancing competitive strength in the market [2] Group 2 - Dongxing Securities emphasizes that accelerating the innovation and development of M&A activities is essential for optimizing existing resources and capital, which is a vital part of the supply-side reform in the capital market [2] - Several companies are actively pursuing M&A transactions, including Baobian Electric, which is involved in a business integration with China Electric Equipment Group, potentially leading to a change in its controlling shareholder [2][3] - Other companies such as Jiaozao Wanfang, Jiangtian Chemical, and Guangzhi Technology are also planning significant acquisitions, indicating a trend of active M&A activities within the industry [3][4]

Mergers and Acquisitions - Multiple companies are experiencing stock price increases due to merger and acquisition activities, with notable gains including Zongyi Co. at 10.10% and Daqimo at 10.06% [2][3] - New entrants in the market such as Binhai Energy and Jinhongshun also saw significant increases of 10.00% and 9.98% respectively, attributed to similar merger activities [2] - The trend continues with companies like Huayuan Real Estate and Hunan Development achieving first board listings with gains of 9.94% and 9.97% [3] Shipping and Ports - Following the implementation of tariff adjustments between China and the US, there has been a surge in container bookings from China to the US, positively impacting shipping and port stocks [4] - Nanjing Port, Ningbo Shipping, and Lianyungang have all recorded five consecutive days of price increases, with gains of 9.97%, 10.04%, and 10.07% respectively [4][6] Robotics - The robotics sector is gaining attention, with Nvidia's CEO indicating that all mobile devices will become robots, potentially revolutionizing the industrial sector [7] - Companies like Zhongchao Holdings and Xinlong Health have seen stock increases of 10.13% and 10.01% respectively, driven by advancements in robotics [8] Chemical Products - Recent price hikes in chemical products such as dibutyl phthalate and hydroxyl esters have drawn market attention, benefiting companies like Zhongyida and Youfu Co. with stock increases of 9.99% and 10.04% [10][11] Food and Beverage - The release of new regulations by the Ministry of Commerce and the National Development and Reform Commission is expected to boost the food and beverage sector, with stocks like Jiaoda Angli and Baihe Co. seeing gains of 10.00% and 10.01% [12][15] Military and Aerospace - The debut of the "Jiutian" drone at the 15th China Airshow is anticipated to enhance the military sector, with companies like Chengfei Integration and Lijun Co. achieving stock increases of 10.00% and 10.02% [16][19] Nuclear Power - The announcement of procurement projects by China Fusion Energy Co. is expected to stimulate the nuclear power sector, benefiting companies like Wangzi New Materials and Baili Electric with stock increases of 9.99% and 9.92% [16][17] Venture Capital - Recent regulatory changes encouraging private equity participation in mergers and acquisitions are positively impacting venture capital stocks, with companies like Jiuding Investment and Electronic City seeing gains of 10.01% and 9.90% [19] Pet Economy - The pet economy is projected to grow significantly, with companies like Yuande Pet and Tianyuan Pet achieving stock increases of 9.98% and 20.00% [20][21] Carbon Fiber - Price increases in carbon fiber products have been reported, benefiting companies like Jilin Chemical Fiber with a stock increase of 10.04% [22][23] Smart Driving - The Ministry of Industry and Information Technology's push for mandatory standards in smart connected vehicles is expected to drive growth in the automotive sector, with companies like Wan'an Technology and Luchang Technology seeing stock increases of 10.00% [26][27] Rare Earth Permanent Magnets - Tightening supply of rare earth materials due to export controls has led to price increases, benefiting companies like Huayang New Materials and Jiuwu High-Tech with stock increases of 10.10% and 20.02% [28][29] Huawei Harmony - Huawei's upcoming product launch is expected to positively impact related stocks, with companies like Dongfang Zhongke and Dahua Intelligent seeing stock increases of 10.01% and 9.94% [30]