法律意见书 嘉源(2025)-【】-【】 北京 BEIJING·上海 SHANGHAI·深圳 SHENZHEN·香港 HONG KONG·广州 GUANGZHOU·西安 XI'AN 致：中钨高新材料股份有限公司 北京市嘉源律师事务所（以下简称"本所"）接受中钨高新材料股份有限公 司（以下简称"公司"）委托，指派本所律师出席公司2024年度股东会（以下简 称"本次股东会"），并进行了必要的验证工作。本所指派本所律师对本次股东 会进行见证，并根据《中华人民共和国公司法》《上市公司股东会规则》以及《中 钨高新材料股份有限公司章程》（以下简称"《公司章程》"）、股东会议事规 则的规定对本次股东会的召集与召开程序、出席会议人员的资格、表决程序等事 项出具本法律意见书。 北京市嘉源律师事务所 关于中钨高新材料股份有限公司 2024 年度股东会的 法律意见书 西城区复兴门内大街 158 号远洋大厦 4 楼 中国·北京 北京市嘉源律师事务所 关于中钨高新材料股份有限公司 2024年度股东会的 为出具本法律意见书，本所指派律师现场见证了本次股东会，并查阅了公司 提供的与本次股东会有关的文件和资料，并进行了必要的审查和验证。在前 ...

Group 1 - The Shenzhen Stock Exchange announced a periodic adjustment of sample stocks for indices such as the Shenzhen Component Index, ChiNext Index, and Shenzhen 100 Index, effective June 16, 2025, with 20, 8, and 3 stocks being adjusted respectively [1] - Companies like Nanfang Glass (000012.SZ), Defang Nano (300769.SZ), and Mengguli (301487.SZ) from the new energy sector were removed from the Shenzhen Component Index, while Dongfang Risen (300118.SZ) was removed from the ChiNext Index [1][2] - The adjustment aims to include high-quality companies and remove underperforming ones, promoting market competition and ensuring index quality [2] Group 2 - KWH Data (002335.SZ) was included in the Shenzhen Component Index for the first time, focusing on data centers, high-end power supplies, and clean energy, with a strong growth in orders for intelligent computing center products [3] - Zhongtung High-tech (000657.SZ), a tungsten industry company under Minmetals Group, also joined the Shenzhen Component Index, benefiting from the increasing demand for tungsten in the photovoltaic industry [3]

| 股票简称 | 股票代码 | 限售股类型 | 解禁股数 | | --- | --- | --- | --- | | 新大洲A | 000571 | 股权激励限售流通 | 980.75万 | | 中钨高新 | 000657 | 股权激励限售流通 | 72.06万 | | 东方钽业 | 000962 | 股权激励限售流通 | 156.87万 | | 内蒙一机 | 600967 | 股权激励限售流通 | 663.31万 | | 三花智控 | 002050 | 股权激励限售流通 | 701.47万 | | 大禹节水 | 300021 | 股权激励限售流通 | 76.17万 | | 瑞普生物 | 300119 | 股权激励限售流通 | 69.76万 | | 海南矿业 | 601969 | 股权激励限售流通 | 364.05万 | | 吉翔股份 | 603399 | 股权激励限售流通 | 309万 | | 华电重工 | 601226 | 股权激励限售流通 | 388.82万 | | 星徽股份 | 300464 | 股权激励限售流通 | 576万 | | 博济医药 | 300404 | 股权激励限售流通 | 20万 | ...

Investment Rating - The report maintains a "Buy" recommendation for the aluminum sector, indicating a positive outlook due to ongoing inventory depletion and price support for aluminum [1]. Core Viewpoints - The report highlights that domestic aluminum inventories continue to decrease, providing stable support for aluminum prices around 20,000 yuan per ton. The market is transitioning from peak to off-peak consumption, with current inventory levels being among the lowest in three years [8][9]. - The copper sector is also viewed positively, with recommendations for specific companies such as Zijin Mining, Jincheng Mining, and Western Mining, as global copper supply remains tight [2][9]. Industry Data Summary Aluminum Industry - As of May 29, domestic aluminum ingot inventory stands at 511,000 tons, down by 23,000 tons from the previous week, indicating a significant reduction in stock levels [8]. - The report notes that the aluminum rod inventory has also decreased, albeit at a slower pace, with current levels around 128,300 tons, which is still low compared to historical data [8]. Copper Industry - The report mentions that as of the latest data, the Shanghai Futures Exchange (SHFE) copper inventory is 105,800 tons, reflecting a week-on-week increase of 7,120 tons, while the London Metal Exchange (LME) copper inventory decreased by 16,650 tons to 149,900 tons [2][9]. - The global visible copper inventory is reported at 472,000 tons, down by 12,656 tons from the previous week, indicating a tightening supply situation [2]. Tungsten and Rare Metals - The report indicates that tungsten prices continue to rise due to supply constraints, with domestic tungsten concentrate prices at 169,500 yuan per ton and APT prices at 248,000 yuan per ton [9]. - The report recommends focusing on companies benefiting from tungsten price elasticity and those involved in the strategic reassessment of rare metals [9].

关于为董事和高级管理人员购买责任保险的公告 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。 证券代码：000657 证券简称：中钨高新 公告编号：2025-80 中钨高新材料股份有限公司 二、授权事项 为便于工作开展，公司董事会提请股东会在上述权限内授权董事 会并同意董事会进一步授权公司管理层办理购买董事高管责任险的 相关事宜(包括但不限于：确定相关责任人员；确定保险公司、保险 - 1 - 中钨高新材料股份有限公司(以下简称"公司")于 2025 年 5 月 30 日召开第十一届董事会第二次（临时）会议，审议了《关于为董 事和高级管理人员购买责任保险的议案》。为完善公司风险管理体系， 保障公司董事和高级管理人员的权益，根据《上市公司治理准则》等 有关规定，公司拟为全体董事和高级管理人员购买责任保险。由于公 司董事作为责任险的被保险对象，属于利益相关方，董事会全体成员 回避表决，该议案直接提交公司股东会审议。现将具体情况公告如下： 一、董事高管责任保险具体方案 1.投保人：中钨高新材料股份有限公司 2.被保险人：公司及子公司全体董事、高级管理人员 3.责任限额： ...

证券代码：000657 证券简称：中钨高新 公告编号：2025-81 中钨高新材料股份有限公司 关于召开 2025 年第五次临时股东会的通知 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、召开会议的基本情况 （一）股东会届次：2025 年第五次临时股东会 （二）股东会的召集人：公司董事会 （三）会议召开的合法、合规性：经公司第十一届董事会第二次 （临时）会议审议决定召开本次股东会。本次股东会的召开符合有关 法律、行政法规、部门规章、规范性文件和公司章程的有关规定。 通过深圳证券交易所交易系统进行网络投票的具体时间为：2025 年 6 月 19 日交易时间，即 9:15—9:25，9:30—11:30 和 13:00—15:00 通过深圳证券交易所互联网投票系统投票的具体时间为：2025 年 6 月 19 日 9:15—15:00 期间的任意时间。 （五）会议的召开方式：本次股东会采用现场投票、网络投票相 结合的方式召开。 （六）会议的股权登记日为：2025 年 6 月 12 日（星期四） （七）出席对象： - 1 - （四）会议召开的日期、时间： 1.现 ...

证券代码：000657 证券简称：中钨高新 公告编号：2025-79 为进一步提高公司管理效率，提升合规经营水平，对公司本部组 织机构进行调整，新增设立纪检部，调整职能组建内控审计部，成立 供应链部。调整后，中钨高新本部仍为 13 个部门，包括 10 个职能部 门、3 个业务部门。 表决结果：9 票同意、0 票反对、0 票弃权。 （二）审议通过了《关于分立新设郴州钻石钨制品有限公司项目 的议案》 中钨高新材料股份有限公司 第十一届董事会第二次（临时）会议决议公告 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、董事会会议召开情况 中钨高新材料股份有限公司（以下简称"公司"）第十一届董事 会第二次（临时）会议于 2025 年 5 月 30 日以现场和视频相结合方式 在公司会议室召开。本次会议通知于 2025 年 5 月 24 日以电子邮件方 式送达全体董事。会议由董事长李仲泽主持，应出席董事 9 人，实际 出席董事 9 人，高级管理人员列席会议。本次会议的召开符合《中华 人民共和国公司法》和《公司章程》的有关规定。 二、董事会会议审议情况 （一）审议通过了《 ...

Core Viewpoint - The continuous improvement in the operations of Zhongtung High-Tech (000657) is highlighted, driven by price adjustments in its cutting tool products and the rising prices of tungsten, which is beneficial for the company's future performance [1][5][6]. Group 1: Financial Performance - In 2024, the revenue from cutting tools, one of Zhongtung High-Tech's main products, is projected to be 3.189 billion yuan [2]. - The company has experienced a consistent increase in net profit attributable to shareholders over the past five years, with the latest figures showing a net profit of 939 million yuan for the first quarter of this year, marking a year-on-year growth of 3.24% [3][6]. - The company's net profit figures from 2020 to 2024 are as follows: 221 million yuan, 528 million yuan, 535 million yuan, 800 million yuan, and 939 million yuan, reflecting significant growth rates [6]. Group 2: Product Pricing and Market Strategy - Zhongtung High-Tech has adjusted the prices of some cutting tool products by 5-8%, affecting over 50% of its overall sales volume in this category [1][4]. - The price adjustments are influenced by various factors, including cost structure, market demand, and competition, aimed at balancing costs and market conditions [4]. - The company plans to adjust its pricing strategy based on the trends in tungsten raw material prices and changes in market supply and demand [4]. Group 3: Tungsten Market Dynamics - Recent data indicates that tungsten prices have surged to historical highs, with black tungsten concentrate prices reaching 165,500 yuan per ton, an increase of 18.2% from early April [5]. - The long-term price trends of tungsten are determined by supply and demand dynamics, with factors such as government quotas, environmental regulations, and declining resource quality impacting supply [5]. - The high tungsten prices are expected to support Zhongtung High-Tech's operational performance, as the company benefits from owning high-quality mining assets [5]. Group 4: Asset Acquisition and Expansion - Zhongtung High-Tech has been actively acquiring mining assets, including the acquisition of the largest single tungsten mine, which produces 7,800 tons of tungsten concentrate annually [3][7]. - The company completed a significant asset restructuring in 2024, acquiring 100% of the shares of Hunan Shizhu Garden Nonferrous Metals Co., Ltd. for 5.195 billion yuan, enhancing its resource reserves [7][9]. - In addition to the acquired assets, Zhongtung High-Tech is also managing four other mining operations under the Minmetals Group, indicating a strategy of expanding its resource base [9].

Core Viewpoint - The recent performance briefing organized by the Shenzhen Stock Exchange highlighted the positive impact of mergers and acquisitions (M&A) on companies' growth and profitability, with nearly 800 restructuring projects disclosed since the introduction of the "Six Guidelines" for M&A [1][5]. Group 1: M&A Activities and Outcomes - Companies are leveraging M&A tools to strengthen their core businesses, expand their operational scope, and enhance overseas market presence, contributing to the development of new productive forces [2][3]. - From 2022 to 2024, companies that completed restructuring in the Shenzhen market experienced significant growth, with 40% of them reporting revenue growth exceeding 50% and 30% reporting profit growth exceeding 50% in the year of restructuring [1][5]. Group 2: Specific Company Examples - Zhongtung High-tech's successful restructuring project is expected to enhance its tungsten resource self-sufficiency and significantly reduce the impact of raw material price fluctuations, leading to improved performance and shareholder returns [2]. - Changchuan Technology has successfully entered overseas markets through cross-border acquisitions in Singapore and Malaysia, establishing strong relationships with acquired companies and leveraging their existing platforms for mutual benefits [3]. Group 3: Policy Support and Market Trends - The introduction of new M&A policies has facilitated transactions, encouraging companies to select quality targets and integrate resources to enhance their industrial ecosystem [4][5]. - In the Shenzhen market, 70% of newly disclosed M&A targets are in the new productive forces sector, and 80% of projects involve mergers within the same industry or along the supply chain [5].

Group 1: Tungsten Price Trends and Company Performance - Tungsten prices have reached a historical high of 165,000 RMB/ton, supported by a tight supply-demand balance due to factors like mining quotas and environmental regulations [2][3] - The company's performance benefits from high tungsten prices, as it owns quality mining assets and has a strong position in the hard alloy sector, which is innovating and optimizing product structures [3] - The company has adjusted prices for some cutting tools by 5-8%, affecting over 50% of total sales, to balance costs and market conditions [3] Group 2: Asset Injection and Future Plans - The company is actively planning the acquisition of four additional mining assets to enhance quality and profitability, with a commitment from the controlling shareholder to complete this within five years [3] - The injection of these assets will be gradual, considering the varying conditions and resource endowments of each mining enterprise [3] Group 3: PCB Micro Drill Production and Financial Performance - Jinzhou Company’s PCB micro drill production capacity is 480 million units in 2023, with an additional 200 million units expected in 2024, bringing total capacity to 680 million units [5] - The average selling price of PCB micro drills is projected to decline by approximately 7% to 1.56 RMB/unit in 2024, with a slight increase to 1.5 RMB/unit in Q1 2025 [5] - Despite price declines, Jinzhou Company has improved operational efficiency, maintaining a gross margin above 37% in 2024 and nearing 40% in Q1 2025, with a significant sales volume increase of over 50% year-on-year [5] Group 4: Product Structure and Market Position - Jinzhou Company’s "Three Treasures" (small diameter, long diameter, and coated micro drills) now account for over 50% of its product sales, reflecting a successful adaptation to market demands [6] - The company continues to lead in technological innovation, achieving breakthroughs in ultra-thin drill technology and expanding into high-end markets [7]