Core Viewpoint - The industrial metal sector has experienced a short-term surge, with notable increases in stock prices for several companies, particularly zinc-related firms [1] Group 1: Company Performance - Zinc Industry Co. has reached its daily limit increase in stock price [1] - New Weiling, Luoping Zinc Electric, Chihong Zn & Ge, Yiqiu Resources, and Yinbang Co. have also seen significant stock price increases [1]

Group 1 - The company has not yet initiated research into zinc battery business [2] - The company's zinc products include refined zinc and zinc alloys [2]

Group 1 - The core viewpoint of the article is that Zinc Industry Co., Ltd. (000751.SZ) has confirmed that it currently does not engage in research related to zinc battery business [1] Group 2 - The company produces various zinc products, including refined zinc and zinc alloys [1]

登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：000751 证券简称：锌业股份 公告编号：2025-042 葫芦岛锌业股份有限公司 关于2025年第二次临时股东会决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误导性陈述或重大遗 漏。 特别提示: 1.本次股东会未出现否决议案的情形。 2.本次股东会未涉及变更以往股东会已通过的决议。 一、会议召开和出席情况 1．召开时间： （1）现场会议时间：2025年12月9日13:30 （2）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12月9日9:15一9:25, 9:30一11：30， 13:00一15:00； 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12月9日9:15至15:00期间的任意时间。 2．现场会议召开地点：本公司四楼会议室 6．会议的召开符合《公司法》《上市公司股东会规则》《股票上市规则》及《公司章程》的有关规 定，合法有效。 7.出席本次会议的股东及股东代理人共612人，代表股份359,633,244股，占公司总股份的22.2596％。 其中： （1） ...

葫芦岛锌业股份有限公司 HULUDAO ZINC INDUSTRY CO., LTD. 证券代码：000751 证券简称：锌业股份 公告编号：2025-042 葫芦岛锌业股份有限公司 关于2025年第二次临时股东会决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误 导性陈述或重大遗漏。 1．召开时间： （1）现场会议时间：2025 年 12 月 9 日 13:30 （2）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 12 月 9 日 9:15—9:25, 9:30—11：30，13:00—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12月9日 9:15至15:00期间的任意时间。 2．现场会议召开地点：本公司四楼会议室 3．召开方式：现场表决与网络投票相结合 特别提示: 1.本次股东会未出现否决议案的情形。 2.本次股东会未涉及变更以往股东会已通过的决议。 一、会议召开和出席情况 4．召集人：公司董事会 5．主持人：董事长于恩沅先生 6．会议的召开符合《公司法》《上市公司股东会规则》《股票上市规则》 及《公司章 ...

海润天睿 锌业股份 2025 年第二次临时股东会法律意见书 北京海润天睿律师事务所 关 于 葫芦岛锌业股份有限公司 2025 年第二次临时股东会的 法律意见书 北京市朝阳区建外大街甲 14 号广播大厦 5/9/10/13/17 层 Add: 5/9/10/13/17 Floor,Broadcasting Tower, No.14,Jianwai Avenue,Chaoyang District,Beijing,100022,P.R.China 电话Tel:8610-65219696 传真Fax: 8610-88381869 Website :www.hairunlawyer.com 1 海润天睿 锌业股份 2025 年第二次临时股东会法律意见书 北京海润天睿律师事务所 关 于 葫芦岛锌业股份有限公司 2025 年第二次临时股东会的 法 律 意 见 书 致：葫芦岛锌业股份有限公司 根据《中华人民共和国公司法》（以下简称"《公司法》"）《中华人民共 和国证券法》（以下简称"《证券法》"）《上市公司股东会规则》（以下简称 "《股东会规则》"）和《深圳证券交易所上市公司股东会网络投票实施细则》 （以下简称"《网络投票 ...

Core Insights - The high-purity indium industry in China has experienced rapid growth, becoming a crucial support for semiconductor materials, photovoltaic industries, and electronic device manufacturing. However, in 2023, the market faced a significant downturn due to a deep destocking cycle in the semiconductor market and a persistent slump in the consumer electronics market, leading to a 25% year-on-year decline in market size. A recovery is expected in 2024, with the market size projected to reach 2 billion yuan, a 6% increase year-on-year. The industry is anticipated to continue growing, driven by high-end manufacturing and the expansion of the new energy sector, particularly in semiconductor materials as reliance on high-purity indium increases with advancements in 5G communication, artificial intelligence, and data center construction [1][6]. Industry Overview - High-purity indium is a silver-white metal material purified through processes such as electrolysis, chemical cleaning, and vacuum distillation, achieving purity levels from 5N (99.999%) to 7N8 (99.999998%). It is primarily used in the preparation of III-V semiconductor compounds like indium phosphide (InP) and indium antimonide (InSb), as well as in ITO targets and high-purity alloys. The main production methods include electrolysis, vacuum distillation, zone melting, metal-organic compound methods, and low-halogen compound methods [2][3]. Industry Chain - The upstream raw materials for the high-purity indium industry include primary indium and recycled indium. Primary indium is mostly a byproduct of zinc mining, with China being rich in zinc reserves, particularly in Yunnan, Guangxi, and Hunan. Recycled indium is becoming increasingly important due to stricter environmental policies and tight primary indium supply, with secondary resources like waste ITO targets and liquid crystal panel dismantling waste becoming key supplements. The midstream refers to the high-purity indium industry, while the downstream includes applications in semiconductors, electronics, and new energy sectors [4][5]. Market Size and Trends - China is the largest producer of primary indium, holding 72% of the global reserves. In 2024, the production of primary indium in China is expected to reach 688 tons, a 6.5% year-on-year increase. This growth in primary indium production will ensure a stable supply of raw materials for high-purity indium production. The semiconductor industry, which has strict purity requirements, is projected to grow significantly, with the Chinese semiconductor market expected to reach $630.5 billion in 2024, a 43% increase from $440.4 billion in 2020 [5][6]. Competitive Landscape - The competitive landscape shows that overseas markets for high-purity indium and its oxides have advanced technology and established companies like Dowa and Rasa. In contrast, China's high-purity indium industry has been developing rapidly in recent years, with companies like Zhuzhou Keno New Materials Co., Ltd., Yunnan Tin Company Limited, and Henan Yuguang Gold and Lead Co., Ltd. making significant strides [6][7]. Development Trends 1. Recycled indium is becoming a critical support for supply, with the domestic recycled indium production accounting for about 30% of the total. The market share of recycled indium is expected to continue increasing, with companies focusing on improving recovery technologies for waste materials [10]. 2. The industry concentration is expected to rise, with smaller companies facing challenges due to outdated technology and increasing environmental costs. Leading companies are expanding capacity and securing stable raw material supplies through investments in overseas mines and long-term supply agreements [11][12]. 3. Domestic companies are advancing in high-purity indium production, particularly in the 7N grade, which has historically been dominated by Japanese and Korean firms. With government support and increased R&D investment, companies are expected to overcome key technological barriers and promote green processes to enhance purity stability while reducing energy consumption and emissions [13].

Group 1 - Zinc Industry Co., Ltd. experienced a stock price increase of 5.61% on December 1, reaching 4.14 CNY per share, with a trading volume of 1.22 billion CNY and a turnover rate of 2.12%, resulting in a total market capitalization of 6.689 billion CNY [1] - The company, established on September 11, 1992, and listed on June 26, 1997, is primarily engaged in the smelting and sales of zinc and lead, with its main revenue sources being cathode copper (46.36%), zinc products (32.53%), other products (16.32%), non-ferrous metal trading (3.03%), and lead (1.76%) [1] Group 2 - According to data from the top ten holdings of funds, Everbright Pramerica Fund has a significant position in Zinc Industry Co., holding 9,000 shares of the stock, which accounts for 0.21% of the fund's net value, ranking it as the sixth largest holding [2] - The Everbright Pramerica Multi-Strategy Select 18-Month Mixed Fund (004457) has a total scale of 16.5897 million CNY and has achieved a year-to-date return of 5.71%, ranking 6490 out of 8199 in its category, with a one-year return of 6.5%, ranking 6515 out of 8131, and a cumulative return since inception of 41.54% [2]

Core Viewpoint - Zinc Industry Co., Ltd. has approved an increase in the hedging business margin limit for 2025 from 600 million to 700 million yuan, reflecting the company's proactive approach to managing market price volatility and indicating a trend towards more sophisticated risk management in the domestic non-ferrous metal industry [1][3][8] Summary by Sections Hedging Limit Increase: A Proactive Measure Against Market Volatility - The increase in the hedging limit aims to mitigate price volatility risks associated with raw materials and product inventories in the non-ferrous metal smelting and processing business, ensuring stable operational performance [3] - In the first half of 2025, Zinc Industry reported significant fluctuations in zinc and copper prices, which pressured the smelting segment's profitability. However, the company achieved revenue and net profit growth, with net profit rising by 99.07% year-on-year, highlighting the effectiveness of risk management tools [3][8] Industry Overview: Hedging Becoming a "Must-Have" for Listed Companies - The increase in hedging limits by Zinc Industry is part of a broader trend among listed companies, particularly in the non-ferrous metal sector, to strengthen risk management practices. Since 2025, many companies have announced hedging measures in response to increased market volatility [5] - Statistics show that at least 1,583 A-share listed companies in the real economy have issued hedging announcements this year, surpassing the total of 1,503 for all of 2024, marking a historical high [5] Upgrade Trend: Diversification of Tools and Scope - Zinc Industry's announcement indicates a clear upgrade in risk management strategies, expanding from traditional commodity price risks to include foreign exchange risks and exploring a variety of tools beyond just futures [7] - The trend of tool diversification is evident, with some non-ferrous metal companies beginning to use combination strategies like "futures + options." Zinc Industry has implemented a dual mechanism of "spot lock + futures hedging" to address exchange rate volatility [7][8]

Core Viewpoint - The board of directors of Huludao Zinc Industry Co., Ltd. convened a meeting to discuss and approve several key proposals related to futures hedging and related transactions for the years 2025 and 2026 [1][2][4][8]. Group 1: Futures Hedging Business - The board approved an increase in the futures hedging business quota for 2025 [2][3]. - The board also approved the proposal to conduct futures hedging business in 2026 [4][5]. - A feasibility analysis report for the futures hedging business was also approved [6][7]. Group 2: Related Transactions and Regulations - The board approved the expected ordinary related transactions for 2026, with related directors abstaining from the vote [8][9][10]. - The board approved the revision of the "Futures Hedging Business Management System" [10][11]. - The board approved the establishment of the "Information Disclosure Postponement and Exemption Management System" [12][13]. Group 3: Shareholder Meeting - The board approved the proposal to convene the second temporary shareholders' meeting of 2025 [14][15].