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]

工业金属板块短线走低，新威凌跌超6%，白银有色（601212）、鹏欣资源（600490）、豫光金铅 （600531）、北方铜业（000737）等跟跌。 ...

Group 1 - The People's Bank of China emphasizes the implementation of a moderately loose monetary policy to meet the financing needs of the real economy and support key areas such as technological innovation and consumption [2] - The Ministry of Finance reports that from January to April, the national general public budget revenue reached 80,616 billion yuan, a year-on-year decrease of 0.4%, with the decline narrowing by 0.7 percentage points compared to the first quarter [3] - In April, tax revenue increased by 1.9% year-on-year, marking the first month of positive growth this year, while the total tax revenue from January to April was 65,556 billion yuan, down 2.1% year-on-year [4] Group 2 - The Ministry of Finance announces that the securities transaction stamp duty for January to April was 53.5 billion yuan, a year-on-year increase of 57.8% [5] - The National Energy Administration reports that the total electricity consumption in April was 7,721 billion kilowatt-hours, a year-on-year increase of 4.7% [6] - The National Development and Reform Commission states that most policies aimed at stabilizing employment and the economy are expected to be implemented by the end of June [8] Group 3 - The National Development and Reform Commission highlights the need to address "involution" competition that distorts market mechanisms and disrupts fair competition [9] - The China Automobile Industry Association reports that the top ten car manufacturers sold 2.502 million vehicles from January to April, accounting for 68.7% of total car sales [10] - A joint document from the Central Cyberspace Affairs Commission, the National Development and Reform Commission, and the Ministry of Industry and Information Technology outlines goals for IPv6 deployment by 2025, including reaching 850 million active users [11] Group 4 - Various companies are making significant moves, such as Zhaoyi Innovation planning to issue H-shares and list on the Hong Kong Stock Exchange, and several companies announcing share repurchase plans [13] - The Ministry of Finance reports that the total assets and loan growth rates of state-owned banks have slightly declined compared to 2024, but remain relatively high [14] - Zhongtai Securities discusses the logic behind the recent rise in bank stocks, indicating a strong rationale for continued investment in this sector [15]

Group 1: Investment Projects and Production Capacity - The company is processing 150,000 tons of copper concentrate, with a target of optimizing to 80,000 tons, and has achieved production standards for the comprehensive recovery project, excluding precious metals [2] - The high-performance rolled copper strip and rolled copper-clad laminate projects are in trial production, with production capacity not fully released due to market development [2] - The copper mine tailings project has been completed and is in use, contributing positively to financial indicators as production processes improve [2] Group 2: Rare Metals and Product Diversification - The company’s smelting recovery products include valuable metals such as gold, silver, selenium, tellurium, platinum, palladium, and rhenium [3] - There is an ongoing effort to explore and develop new mining sources to enhance mineral reserves and production capacity [5] Group 3: Shareholder and Market Management - The profit distribution plan for 2024 will be implemented within two months after approval by the shareholders' meeting, with the cash dividend record date yet to be determined [3] - The company emphasizes value management and plans to improve its market valuation through compliant practices and effective management strategies [4] Group 4: Mining Rights and Resource Exploration - The deep mining rights for the copper mine have been completed, and the resource reserve report is currently under review [3] - The company is actively pursuing new breakthroughs in domestic copper resource exploration, aligning with national mining strategies [5] Group 5: Industry Challenges and Strategic Development - The company acknowledges the intense competition and high environmental standards in the copper and gold smelting industry, which have impacted profitability [5] - Plans are in place to accelerate the trial production of differentiated high-end copper products to capture market share and establish core competitiveness [5]

Core Viewpoint - The high-voltage direct current relay market is experiencing significant growth driven by the increasing demand in the power industry, industrial automation, and the rapidly expanding electric vehicle sector. The market size in China is projected to reach approximately 3.288 billion yuan in 2024, with continued growth expected due to the development of renewable energy, smart grids, and electric vehicles [1][16]. Group 1: Industry Overview - High-voltage direct current relays are essential electrical devices used to control current in high-voltage direct current circuits, featuring advantages such as high voltage resistance and impact resistance. They are primarily applied in the power, industrial automation, and electric vehicle industries [3][11]. - The demand for high-voltage direct current relays is increasing due to the rapid growth of the electric vehicle industry, which requires these relays for battery management systems and motor control systems [1][11]. Group 2: Market Demand and Growth - The market for high-voltage direct current relays is projected to grow significantly, with the global market size expected to reach approximately 3.521 billion USD in 2024, driven by the increasing sales of electric vehicles [14]. - In China, the production and sales of new energy vehicles have seen substantial growth, with production increasing from 340,500 units in 2015 to 12.888 million units in 2024, reflecting a compound annual growth rate of 49.74% [11][14]. Group 3: Technical Requirements - High-voltage direct current relays used in electric vehicles must meet various technical requirements, including high voltage resistance, load endurance, impact resistance, strong arc extinguishing capability, and high breaking capacity [5][6]. - The relays must withstand high working voltages and currents, with electric vehicles typically requiring relays that can handle voltages significantly higher than traditional vehicles [5][6]. Group 4: Industry Chain and Key Materials - The upstream of the high-voltage direct current relay industry includes the supply of core raw materials and key components, such as precious metals for contacts and copper for coils, which are crucial for performance and manufacturing costs [7][9]. - The production of copper materials in China is projected to grow from 18.62 million tons in 2017 to 23.503 million tons in 2024, providing a solid raw material foundation for high-voltage direct current relays [9]. Group 5: Competitive Landscape - The global high-voltage direct current relay market exhibits an oligopolistic structure, with major players including Panasonic, Tyco, Gigavac, Omron, and Denso, while domestic manufacturers like Hongfa and Aerospace Electric hold significant market shares [18][20]. - In the domestic market, Hongfa Technology holds approximately 40% of the market share, with other players like BYD and Panasonic also contributing to the competitive landscape [18][20]. Group 6: Future Trends - The demand for high-voltage direct current relays is expected to grow due to the upgrade of high-voltage platforms in electric vehicles, requiring higher voltage ratings and safety standards [24]. - There is a trend towards lightweight design in high-voltage direct current relays, aiming to reduce weight by over 30% while maintaining performance, which is crucial for enhancing the range of electric vehicles [25]. - The integration of smart technologies in high-voltage direct current relays is anticipated to enhance safety and efficiency, with features like real-time monitoring and adaptive protection mechanisms [27][28].

Core Viewpoint - Northern Copper Industry is actively advancing deep resource exploration at its copper mine, which is expected to increase copper concentrate production after completion [1][4]. Group 1: Company Performance - In 2024, Northern Copper achieved a copper concentrate production of 43,600 tons and cathode copper production of 313,200 tons, representing a year-on-year increase of 133.03% [4]. - The company reported a significant revenue increase, with total operating income reaching 24.107 billion yuan, up 156.60% from the adjusted 9.395 billion yuan in 2023 [4]. - Despite the revenue growth, the net profit attributable to shareholders slightly decreased by 1.37% to 613 million yuan [4]. Group 2: Production and Operations - The company operates a copper mine with an annual processing capacity of 9 million tons and two smelting plants with a total copper concentrate processing capacity of 1.3 million tons [4]. - The increase in production for 2024 was primarily driven by the commissioning of a comprehensive recovery project at its subsidiary, which significantly boosted capacity [6]. - The company plans to maintain stable production levels in 2025, with expected outputs similar to 2024, unless new projects are initiated [9]. Group 3: Market Conditions - The processing fee for copper concentrate has drastically decreased, impacting profitability, with fees dropping from around $60 per dry ton to below $10 [6]. - The copper price is expected to remain volatile but high, with historical peaks observed in May 2024 [7][8]. - The company is engaging in hedging activities to mitigate price fluctuations, with a proposed cap of $600 million for financial derivatives [8]. Group 4: Future Plans - Northern Copper is focusing on deep resource exploration to enhance production, with a project expected to add approximately 15,000 tons of copper concentrate annually [9]. - The company is also exploring international opportunities for resource development and cooperation [9]. - Domestic demand for copper is anticipated to remain stable, driven by traditional industries and emerging sectors such as electric vehicles and renewable energy [10].

致：北方铜业股份有限公司 北京市金杜律师事务所（以下简称本所）接受北方铜业股份有限公司（以下 简称公司）的委托，根据《中华人民共和国证券法》（以下简称《证券法》）、 《中华人民共和国公司法（2023 年修订）》（以下简称《公司法》）、中国证券 监督管理委员会（以下简称中国证监会）《上市公司股东会规则（2025 年修订）》 （以下简称《股东会规则》）等中华人民共和国境内（以下简称中国境内，为本 法律意见书之目的，不包括中国香港特别行政区、中国澳门特别行政区和中国台 湾地区）现行有效的法律、行政法规、部门规章、规范性文件和现行有效的《公 司章程》有关规定，指派律师出席了公司于 2025 年 5 月 15 日召开的 2024 年年 度股东大会（以下简称本次股东大会），并就本次股东大会相关事项出具本法律 意见书。 为出具本法律意见书，本所律师审查了公司提供的以下文件，包括但不限于： 1. 经公司 2023 年第四次临时股东大会审议通过的《北方铜业股份有限公司 章程》（以下简称《公司章程》）； 北京市金杜律师事务所 关于北方铜业股份有限公司 2024 年年度股东大会的法律意见书 4. 公司于 2025 年 4 月 25 ...

证券代码：000737 证券简称：北方铜业 公告编号：2025-31 北方铜业股份有限公司 4、 召集人：董事会 5、 主持人：董事长魏迎辉先生 2024 年年度股东大会决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确和完整，没有虚假记载、误导 性陈述或重大遗漏。 特别提示 1、 本次股东大会不存在否决议案的情形。 2、 本次股东大会不涉及变更以往股东大会已通过的决议。 一、会议召开和出席情况 1、 现场会议时间：2025 年 5 月 15 日（星期四）14:30 网络投票时间：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 5 月 15 日 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 5 月 15 日 9:15 至 15:00。 2、 召开地点：山西省垣曲县东峰山公司职工俱乐部二楼东厅 3、 召开方式：现场投票与网络投票相结合的方式 6、 本次会议的召集、召开符合《公司法》《上市公司股东会规则》《深圳 证券交易所股票上市规则》等有关法律、行政法规、部门规章、规范性文件和《公 司章程》的 ...

证券代码：000737 证券简称：北方铜业 公告编号：2025-30 北方铜业股份有限公司 关于参加山西辖区上市公司 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误导 性陈述或重大遗漏。 为进一步加强与投资者的互动交流，北方铜业股份有限公司（以下简称"公司"） 将参加由中国证券监督管理委员会山西监管局、山西省上市公司协会与深圳市全景网 络有限公司联合举办的"山西辖区上市公司 2025 年投资者网上集体接待日暨年报业 绩说明会"，现将相关事项公告如下： 本次活动将采用网络远程的方式举行，投资者可登录"全景路演"网站 （http://rs.p5w.net），或关注微信公众号：全景财经，或下载全景路演 APP,参与 本次互动交流，活动时间为 2025 年 5 月 20 日（周二） 15:00-17:00。届时公司财务 总监薛永红先生、董事会秘书杨云涛先生、证券事务代表马雪丽女士将在线就公司 2024 年度业绩、公司治理、发展战略、经营状况、融资计划和可持续发展等投资者关 心的问题，与投资者进行沟通与交流，欢迎广大投资者踊跃参与。 特此公告。 北方铜业股份有限公司董事会 2025 年 5 ...

Core Viewpoint - The electronic transformer industry in China is experiencing significant growth, transitioning from traditional bulky transformers to intelligent electronic transformers, driven by advancements in power electronics, computer technology, and automatic control technology. The market size is projected to grow from 30.96 billion yuan in 2018 to 68.19 billion yuan by 2024, with a compound annual growth rate (CAGR) of 14.07% [1][15]. Industry Overview - Electronic transformers, also known as electronic power transformers, combine power electronics conversion technology with high-frequency energy conversion technology based on electromagnetic induction principles. They are primarily composed of high-frequency transformer cores and multiple coils, categorized by applications such as power transformers, audio transformers, pulse transformers, and special transformers [3]. Market Size and Growth - The electronic transformer market in China is expected to grow from 30.96 billion yuan in 2018 to 68.19 billion yuan by 2024, reflecting a CAGR of 14.07%. This growth is supported by factors such as the acceleration of ultra-high voltage grid construction, the establishment of new power systems, rural revitalization strategies, and the implementation of carbon neutrality goals [1][15]. Policy Support - The Chinese government has implemented various policies to support the development and innovation of the electronic transformer industry. Key policies include energy efficiency standards for transformers and motors, and initiatives to increase the proportion of high-efficiency energy-saving products in various sectors by 2025 [5][7]. Industry Chain - The upstream of the electronic transformer industry includes raw materials such as copper, magnetic cores, and insulation materials. The midstream involves the manufacturing of electronic transformers, while the downstream encompasses applications in power, industry, transportation, and communication sectors. The growing demand for electricity and the penetration of new energy vehicles are driving the demand for electronic transformers [8][10]. Key Enterprises - Major companies in the electronic transformer industry include TBEA Co., Ltd., Baoding Tianwei Baobian Electric Co., Ltd., and China XD Electric Co., Ltd. These companies are involved in the research, design, production, and sales of transformers and related products, with significant revenue growth reported in recent years [20][22]. Development Trends - The electronic transformer industry is moving towards high-frequency, miniaturization, and efficiency. The demand for high-performance transformers is increasing due to the rapid development of 5G communication, renewable energy, and electric vehicles. Companies are investing in research and development to enhance product performance and reliability [25][26]. Conclusion - The electronic transformer industry in China is poised for robust growth, driven by technological advancements, supportive government policies, and increasing demand across various sectors. The market is expected to expand significantly, providing ample opportunities for key players and new entrants alike [1][15][18].