联储证券股份有限公司 关于本次交易前十二个月内购买、出售资产情况的核查意见 国城矿业股份有限公司（以下简称"国城矿业"、"上市公司"或"公司"） 拟现金收购国城控股集团有限公司（以下简称"国城集团"或"交易对方"）持 有的内蒙古国城实业有限公司（以下简称"标的公司"或"国城实业"）的 60% 股权（以下简称"本次交易"或"本次重大资产重组"）。 （以下无正文） (本页无正文,为《联储证券股份有限公司关于本次交易前十二个月内购买、出 售资产情况的核查意见》之签章页) 财务顾问主办人: 李云祥 林文迪 刘女堂 刘东莹 尹中余 财务顾问协办人: 冯木楠 高建锋 777 联储证券股份有限公司（以下简称"独立财务顾问"或"联储证券"）作为 本次交易的独立财务顾问，根据《上市公司重大资产重组管理办法》的相关要求， 对上市公司在本次交易前十二个月内购买、出售资产情况进行了核查。 根据《上市公司重大资产重组管理办法》第十四条的有关规定："上市公司 在十二个月内连续对同一或者相关资产进行购买、出售的，以其累计数分别计算 相应数额。已按照本办法的规定编制并披露重大资产重组报告书的资产交易行 为，无须纳入累计计算的范围。中国证监会 ...

联储证券股份有限公司 关于本次交易符合《关于加强证券公司在投资银行类业务中聘请 第三方等廉洁从业风险防控的意见》的相关规定之核查意见 国城矿业股份有限公司（以下简称"国城矿业"、"上市公司"或"公司"） 拟现金收购国城控股集团有限公司（以下简称"国城集团"或"交易对方"）持 有的内蒙古国城实业有限公司（以下简称"标的公司"或"国城实业"）的 60% 股权（以下简称"本次交易"或"本次重大资产重组"）。 联储证券股份有限公司（简称"独立财务顾问"或"联储证券"）作为本次 交易的独立财务顾问，根据《关于加强证券公司在投资银行类业务中聘请第三方 等廉洁从业风险防控的意见》（[2018]22 号）等规范性文件的要求，对本次交易 中聘请第三方等相关行为进行了核查。 经核查，在担任本次交易独立财务顾问的过程中，联储证券不存在各类直接 或间接有偿聘请第三方的行为。 经核查，在本次交易中，国城矿业依法聘请了独立财务顾问、律师事务所、 会计师事务所和资产评估机构作为本次交易的证券服务机构。除前述依法聘请的 中介机构以外，国城矿业不存在直接或间接有偿聘请其他第三方的行为。 （以下无正文） 高建锋 诸证券股份有限公司 1 2025 ...

联储证券股份有限公司 关于 国城矿业股份有限公司 重大资产购买暨关联交易 之 独立财务顾问报告 独立财务顾问 二〇二五年十一月 联储证券股份有限公司关于国城矿业股份有限公司重大资产购买暨关联交易之独立财务顾问报告 声明与承诺 联储证券股份有限公司（以下简称"联储证券"、"本独立财务顾问"）接受 国城矿业股份有限公司（以下简称"国城矿业"或"上市公司"或"公司"）委 托，担任国城矿业股份有限公司重大资产购买暨关联交易之独立财务顾问报告， 并制作本独立财务顾问报告。 本独立财务顾问严格按照《中华人民共和国公司法》、《中华人民共和国证券 法》、《上市公司重大资产重组管理办法》、《关于规范上市公司重大资产重组若干 问题的规定》、《公开发行证券的公司信息披露内容与格式准则第 26 号——上市 公司重大资产重组》、《上市公司并购重组财务顾问业务管理办法》及其他相关法 规规范要求，以及国城矿业与交易对方签署的相关协议，国城矿业及交易对方提 供的有关资料，国城矿业董事会编制的《国城矿业股份有限公司重大资产购买暨 关联交易报告书（草案）》，按照证券行业公认的业务标准、道德规范，经过审慎 调查，本着诚实信用、勤勉尽责的态度，就本 ...

Core Viewpoint - The titanium dioxide sector has seen a significant increase, with a rise of 3.37% as of the market close on November 7, ranking fifth among concept sectors [1]. Group 1: Sector Performance - Within the titanium dioxide sector, 13 stocks experienced gains, with notable performers including Anada and Jinpu Titanium Industry reaching their daily limit up [1]. - The top gainers in the sector included Guocheng Mining, Tianyuan Co., and Longbai Group, which rose by 7.64%, 3.99%, and 3.63% respectively [1]. Group 2: Market Capital Flow - The titanium dioxide sector attracted a net inflow of 166 million yuan from major funds today, with seven stocks receiving net inflows, and five stocks exceeding 10 million yuan in net inflow [2]. - Anada led the sector with a net inflow of 158 million yuan, followed by Jinpu Titanium Industry, Longbai Group, and Lubai Chemical with net inflows of 94.66 million yuan, 30.75 million yuan, and 15.51 million yuan respectively [2]. Group 3: Fund Inflow Ratios - The leading stocks in terms of net inflow ratios were Jinpu Titanium Industry, Anada, and Lubai Chemical, with net inflow ratios of 22.27%, 18.08%, and 9.76% respectively [3]. - Anada's stock price increased by 9.98% with a turnover rate of 29.53%, while Jinpu Titanium Industry rose by 9.93% with a turnover rate of 13.84% [3].

Market Overview - On November 7, the industrial metals sector rose by 0.31% compared to the previous trading day, with Guocheng Mining leading the gains [1] - The Shanghai Composite Index closed at 3997.56, down 0.25%, while the Shenzhen Component Index closed at 13404.06, down 0.36% [1] Top Gainers in Industrial Metals - Guocheng Mining (000688) closed at 19.02, up 7.64% with a trading volume of 362,000 shares and a transaction value of 680 million [1] - Dingsheng New Materials (603876) closed at 14.33, up 3.99% with a trading volume of 907,500 shares [1] - Jiaozuo Wanfang (000612) closed at 11.10, up 3.35% with a trading volume of 1,200,200 shares and a transaction value of 1.317 billion [1] Top Losers in Industrial Metals - Chang Aluminum (002160) closed at 6.00, down 4.31% with a trading volume of 2,002,700 shares and a transaction value of 1.213 billion [2] - Minfa Aluminum (002578) closed at 4.11, down 3.97% with a trading volume of 2,013,000 shares and a transaction value of 834 million [2] - Chuangjiang New Materials (002171) closed at 12.22, down 3.86% with a trading volume of 1,309,900 shares and a transaction value of 1.613 billion [2] Capital Flow Analysis - On the same day, the industrial metals sector experienced a net outflow of 1.923 billion from institutional investors, while retail investors saw a net inflow of 1.269 billion [2][3] - The main capital inflow was observed in Nanshan Aluminum (600219) with a net inflow of 40.072 million, while Guocheng Mining (000688) had a net inflow of 21.907 million [3] Summary of Individual Stock Performance - Nanshan Aluminum (600219) had a net inflow of 40.072 million from main capital, with a retail net inflow of 173 million [3] - Guocheng Mining (000688) had a net inflow of 21.907 million from main capital, but a net outflow of 1.945 million from retail investors [3] - The overall performance of the industrial metals sector indicates mixed investor sentiment, with significant retail interest despite institutional outflows [2][3]

Core Viewpoint - The titanium dioxide sector is experiencing a significant upward trend, with companies such as Anada reaching their daily limit increase, while Jinpu Titanium Industry, Guocheng Mining, Longbai Group, Huiyun Titanium Industry, Anning Co., and Tianyuan Co. also see gains [1] Company Performance - Anada has hit the daily limit increase, indicating strong market interest and investor confidence [1] - Jinpu Titanium Industry, Guocheng Mining, Longbai Group, Huiyun Titanium Industry, Anning Co., and Tianyuan Co. are all following suit with notable increases in their stock prices [1]

Core Insights - The importance of non-ferrous metals is highlighted by two significant announcements: the inclusion of copper, silver, and uranium in the U.S. critical minerals list and China's commitment to optimizing export control processes for rare earths and other dual-use items [1][2]. Group 1: U.S. Critical Minerals List - The U.S. Geological Survey released the 2025 critical minerals list, which includes ten newly added minerals such as boron, copper, lead, metallurgical coal, phosphates, potassium salts, rhenium, silicon, silver, and uranium [1]. - Minerals on this list will receive government funding support and expedited approval processes, emphasizing their strategic importance in the current international context [1]. Group 2: China's Export Control Measures - China's Ministry of Commerce stated that items like rare earths have dual-use properties and will be permitted for compliant applications, aiming to enhance communication and cooperation with other countries [1]. - The focus is on ensuring the stability and security of global supply chains while promoting compliant trade practices [1]. Group 3: Market Dynamics and Investment Opportunities - The non-ferrous metals sector is expected to benefit from "resource nationalism," which exacerbates supply-demand conflicts as resource-rich countries tighten controls, leading to increased development costs and potential price surges for strategic metals like copper [1]. - The anticipated start of a new macroeconomic cycle, indicated by narrowing declines in the Producer Price Index (PPI), suggests that industrial and minor metals may become core investment targets in the upcoming market [1]. Group 4: Performance of Non-Ferrous Metals Sector - The non-ferrous metals sector has seen a significant increase of 74.68%, leading the industry, supported by strong fundamentals [2]. - Among the 60 stocks in the leading non-ferrous metals ETF (159876), 56 companies reported profits, with 44 showing year-on-year net profit growth, including notable increases from companies like Chuangjiang New Material and Guocheng Mining [2]. Group 5: Investment Strategy - Direct investment in the non-ferrous metals sector allows investors to benefit from both the safe-haven value of precious metals and the growth potential of industrial metals in high-demand sectors like renewable energy and aerospace [2]. - The non-ferrous metals ETF (159876) provides a diversified approach, tracking a range of metals including copper, aluminum, gold, rare earths, and lithium, which helps mitigate risks associated with investing in single metal sectors [3].

Core Viewpoint - Beijing Guocheng Jiatong Trading Co., Ltd. has been established, focusing on the sales of graphite and carbon products, indicating a strategic expansion for Guocheng Mining [1] Group 1: Company Overview - The newly established trading company has a registered capital of 20 million yuan [1] - The legal representative of the company is Wu Cheng [1] - The company is co-owned by Guocheng Mining (000688) and Guocheng Mining (Shenzhen) Co., Ltd. [1] Group 2: Business Scope - The business scope includes the import and export of gold and its products [1] - It also covers the sales of metal ores, metal products, and non-ferrous metal alloys [1] - The inclusion of graphite and carbon product sales highlights a diversification in the company's offerings [1]

Group 1 - A new company, Beijing Guocheng Jiatuo Trading Co., Ltd., has been established with a registered capital of 20 million yuan [1] - The legal representative of the company is Wu Cheng [1] - The business scope includes import and export of gold and its products, sales of metal ores, metal products, non-ferrous metal alloys, and graphite and carbon products [1] Group 2 - The company is jointly held by Guocheng Mining (000688) and Guocheng Mining (Shenzhen) Co., Ltd. [1]

Group 1 - The core inquiry from investors is regarding the expected timeline for the release of the 1 million tons per year capacity of Jinxin Mining [2] - Guocheng Mining (000688.SZ) stated on November 5 that Jinxin Mining is actively promoting a 5,000 tons per day beneficiation plant project [2] - The company will assist Jinxin Mining in steadily advancing related work based on actual progress, aiming to achieve production targets as soon as possible [2]