Core Viewpoint - The A-share market appears vibrant but is experiencing underlying issues, with significant capital outflows and a lack of strong participation from various sectors [3][5][12]. Market Performance - The Shanghai Composite Index closed at 3532 points, but there was a net outflow of 2.4 billion yuan from major funds, indicating a hidden struggle beneath the surface [3]. - The banking sector showed strength, with Guiyang Bank rising by 4% and Postal Savings Bank increasing by 2.22%, but this was not supported by other sectors, leading to a lack of overall market momentum [3][12]. - The brokerage sector faced disappointment, with a 0.27% average decline, and the critical 5-day moving average at 2087 points is at risk [3][12]. Trading Volume and Market Dynamics - The trading volume in the Shanghai market was only 41 billion yuan, down by over 5 billion yuan compared to the previous Friday, indicating insufficient capital for sustained index growth [5]. - The market is showing a bifurcation, with small-cap stocks like Guangsheng Nonferrous and Silver Star Energy performing well, while other sectors remain sluggish [7]. Policy Impact - Positive policies are still in play, such as Indonesia's nickel export restrictions boosting energy metal stocks, but the impact is less widespread than before [9]. - The financial technology and AI sectors, previously favored by policies, are now underperforming as funds shift towards traditional industries [9]. Sector Analysis - The power sector is emerging as a "second battlefield," with stocks like Yangtze Power and Huaneng Hydropower showing resilience, indicating a potential safe haven for investors during market volatility [12]. - Insurance stocks, particularly China Life and China Pacific Insurance, have shown stability, with reports of significant ETF purchases by insurance giants, suggesting a cautious outlook on the broader market [11]. Key Support Levels - The critical support level for the index is at 3513 points, with 3521 points acting as a dividing line for market strength [12]. - The afternoon trading session will hinge on whether the banking sector can break through the 4626-point resistance and if the brokerage sector can maintain the 2079-point support [14].

Core Viewpoint - The article discusses how Silver Star Energy is adapting to the shift from "policy-driven" to "market-driven and technology-driven" in the renewable energy sector, focusing on sustainable and high-quality development through various strategies [1]. Group 1: Company Overview - Silver Star Energy, a pioneer in renewable energy in Ningxia, operates 13 wind farms and 11 solar power stations, with a total installed capacity of 1.92 million kilowatts and an annual electricity generation of 3.2 billion kilowatt-hours [2]. - The company has significantly increased its wind power capacity to 1.6068 million kilowatts, generating over 2.6 billion kilowatt-hours annually, while also expanding its solar projects with a capacity of 310,000 kilowatts [2][3]. Group 2: Strategic Initiatives - The company leverages its unique advantage of being backed by the Aluminum Corporation of China, which has a substantial electricity demand, to enhance the integration of renewable energy with the aluminum industry [3]. - Silver Star Energy has initiated the development of distributed solar projects, receiving approvals for 18 projects with a total capacity of 210,000 kilowatts, which provide stable income through local consumption [3]. Group 3: Operational Improvements - The company is upgrading the Helan Mountain Wind Farm by replacing old turbines with larger, more efficient ones, which has resulted in a significant increase in power generation efficiency and a reduction in the number of turbines from 108 to 18 [4][5]. - The upgraded wind farm has achieved a 38.62% increase in annual grid-connected electricity generation, with the capacity of individual turbines increasing from 0.85 megawatts to 5 megawatts [4]. Group 4: Sustainability Efforts - Silver Star Energy has implemented a comprehensive lifecycle value management approach for decommissioned turbines, achieving a recycling rate of over 98% for turbine components [6]. - The company is actively exploring solutions for the recycling of wind turbine blades, aiming to minimize environmental impact while maximizing resource recovery [6]. Group 5: Future Outlook - The renewable energy sector in China faces both opportunities and challenges, with Silver Star Energy aiming to capitalize on the existing electricity demand to potentially double its installed capacity [7]. - The company is focusing on expanding its projects beyond Ningxia and exploring partnerships to maximize the value of renewable energy in agriculture and other sectors [7][8].

法律意见书 宁夏方和圆律师事务所 关于宁夏银星能源股份有限公司 2024 年度股东大会的 方律法意（2025）第 193 号 致：宁夏银星能源股份有限公司 宁夏方和圆律师事务所（以下简称"本所"）受宁夏银 星能源股份有限公司（以下简称"公司"）委托，指派本所 律师王璐、赵东伟列席公司于 2025 年 6 月 18 日（星期三） 下午 14:30，在宁夏银川市西夏区六盘山西路 166 号公司办 公楼 202 会议室召开的 2024 年度股东大会（以下简称"本 次股东大会"），就本次股东大会进行见证并出具本法律意见 书。 为了出具本法律意见，本所律师审查了公司本次股东大 会的有关文件和资料，查验了公司本次股东大会召集和召开 程序的资料，审查了召集人资格与参与投票表决的股东及出 席会议人员的资格，见证了本次股东大会议案表决现场计票、 监票工作。 本所律师依据《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》"）、 《上市公司股东大会规则（2022 年修订）》（以下简称"《股 1 本次股东大会采取现场表决投票与网络投票的方式进 行。现场会议于 2025 年 6 月 1 ...

证券代码：000862 证券简称：银星能源 公告编号：2025-029 宁夏银星能源股份有限公司 2024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、 完整，没有虚假记载、误导性陈述或重大遗漏。 特别提示： 1.本次股东大会未出现否决提案的情形； 2.本次股东大会未涉及变更以往股东大会已通过的决议。 ②通过深圳证券交易所互联网投票系统进行网络投票的时 间为 2025 年 6 月 18 日 9:15 至 15:00 的任意时间。 3.现场会议召开地点：宁夏银川市西夏区六盘山西路 166 号 宁夏银星能源股份有限公司办公楼 202 会议室。 4.召开方式：采取现场投票与网络投票相结合的方式。 5.会议召集人：宁夏银星能源股份有限公司董事会。 6.会议主持人：董事长韩靖先生。 1 一、会议召开和出席的情况 （一）会议召开时间、地点和召集人 1.现场会议召开时间：2025 年 6 月 18 日（星期三）14:30。 2.网络投票时间：2025 年 6 月 18 日，其中： ①通过深圳证券交易所交易系统进行网络投票的时间为 2025 年 6 月 18 日 9:15-9:25，9:30-11 ...

Group 1 - The city of Qingtongxia is focusing on ecological priority and green development, emphasizing new construction, renovation, and industrial extension to inject new momentum into high-quality development [1][5] - The Helan Mountain Wind Farm project by Ningxia Yinxing Energy Co., Ltd. has successfully upgraded its capacity by 254% through the replacement of old wind turbines with 18 new 5.0 MW units, achieving a total power generation of 32,851.92 million kWh [3] - Qingtongxia has implemented several major renewable energy projects, including pumped storage power stations and wind power, with a total installed capacity of 1.8562 million kW and an annual power generation of 3.076 billion kWh [3] Group 2 - Ningxia Dinghui Technology Co., Ltd. specializes in the development and recycling of zinc-containing industrial solid waste, utilizing a new technology that significantly improves energy efficiency and metal recovery rates [4] - The company can process 180,000 tons of zinc-containing waste annually, producing 20,000 tons of regenerated zinc ingots and achieving an industry-leading resource utilization rate [4] - The company holds over 80% market share in regenerated zinc products in Ningxia and has extended its technology to extract precious metals like gold and silver [4] Group 3 - Qingtongxia is actively implementing the "dual carbon" and "dual control" policies, focusing on technological upgrades to transition traditional industries from scale-speed models to quality-efficiency models [5] - From January to April, the energy consumption per unit of industrial added value decreased by 9.6%, and water consumption per unit of industrial added value dropped by 12.1% compared to 2020 [5] - The city has established four national-level green factories and three autonomous region-level green factories, continuously enhancing the "green content" of its industry [5]

Core Viewpoint - The company, Yinxing Energy, is focusing on expanding its distributed photovoltaic projects and enhancing operational efficiency through smart management systems, while aligning with the carbon neutrality goals of its parent company, Chalco Group [1][3][4]. Company Performance - As of May 30, 2025, Yinxing Energy's stock closed at 5.49 yuan, a 1.29% increase from the previous week, with a total market capitalization of 5.04 billion yuan [1]. - The company has completed nine out of eighteen approved distributed photovoltaic projects, achieving an investment return rate of approximately 10% for its Helan Mountain project [1][4]. Strategic Initiatives - The company is accelerating the construction of distributed photovoltaic projects to meet the green energy demands of Chalco Group, with a focus on carbon reduction and cost efficiency [1][3]. - A smart operation and maintenance center has been established to enhance the management of wind farms, aiming for a new operational model that reduces costs and improves efficiency [1][5][11]. Market and Policy Environment - The company is closely monitoring changes in electricity trading policies to adapt its project production plans and marketing strategies, thereby enhancing investment returns [2][5]. - Recent policies from the National Development and Reform Commission and the National Energy Administration are expected to promote sustainable development in the renewable energy sector [4][5]. Future Outlook - The company plans to continue its efforts in upgrading old wind turbines and expanding distributed photovoltaic projects, leveraging the green transformation strategies of Chalco Group [3][8]. - There are no current plans for overseas market expansion, but the company remains committed to developing its renewable energy business [10].

Group 1: Financial Performance and Projections - The company's investment return rate for the "large to small" project has reached approximately 10% [1] - In 2024, the company aims to accelerate the construction of distributed photovoltaic projects, with 9 out of 18 projects already connected to the grid [1] - The first quarter performance showed a year-on-year increase, primarily due to ongoing equipment upgrades and favorable wind resource conditions [2] Group 2: Market Strategy and Competition - The company is focusing on differentiated services, such as customized comprehensive energy solutions, to enhance competitiveness amid increasing market competition [2] - The company plans to closely monitor changes in electricity trading policies to optimize project investment and marketing strategies [2] - The company is exploring non-subsidy business growth points as the subsidy period for existing projects approaches its end [12] Group 3: Technological Advancements and Operational Efficiency - The establishment of a smart operation and maintenance center aims to enhance the management of wind farms through intelligent diagnostics and predictive maintenance [3] - The company has implemented a smart management platform to reduce operational costs and improve fault response efficiency [14] - The company is actively collaborating with universities for R&D projects to align technology with actual power station needs [5] Group 4: Regulatory and Environmental Considerations - The participation in the carbon trading market is not expected to incur additional compliance costs for the company [4] - The company adheres to strict environmental policies during project construction, ensuring that green construction standards do not increase costs [10] - The company is preparing for potential impacts from regional policy adjustments, such as subsidy reductions and stricter approvals [12] Group 5: Future Developments and Strategic Focus - The company has no current plans to develop data center businesses but will continue to focus on enhancing profitability through existing projects [4] - Future strategies will include the gradual implementation of large-to-small transformation projects to improve efficiency [4] - The company is committed to sustainable development and aims to align with the carbon neutrality goals set by its parent group, China Aluminum [4]

Meeting Information - The annual general meeting of Ningxia Silver Star Energy Co., Ltd. is scheduled for June 18, 2025, at 14:30 [1] - Network voting will be available on the same day from 9:15 to 15:00 through the Shenzhen Stock Exchange trading system and internet voting system [2] Eligibility and Attendance - All shareholders registered by the close of trading on June 12, 2025, are eligible to attend the meeting and vote [2] - Shareholders can appoint proxies to attend and vote on their behalf, and the proxies do not need to be shareholders of the company [2] Agenda Items - The meeting will discuss several ordinary resolutions, including: - Application for a working capital loan from China Aluminum Finance Co., Ltd. and related party transactions [5] - Revision of the fundraising management system of Ningxia Silver Star Energy Co., Ltd. [5] - Independent directors will report on their duties during the meeting [5] - Certain resolutions related to related party transactions require abstention from voting by related shareholders [5] Voting Procedures - Shareholders can participate in voting through the Shenzhen Stock Exchange trading system and internet voting system [7] - Specific voting procedures and codes are provided for shareholders to follow [8]

证券代码：000862 证券简称：银星能源 公告编号：2025-028 宁夏银星能源股份有限公司 关于召开 2024 年度股东大会的通知 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 1.股东大会届次：2024年度股东大会。 2.股东大会的召集人：宁夏银星能源股份有限公司（以下简 称公司）董事会。公司于2025年3月21日召开的九届十次董事会 会议、九届十次监事会会议审议通过了拟提交本次股东大会审议 的议案。 3.会议召开的合法、合规性：公司2024年度股东大会的召开 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。 4.会议召开的日期、时间： 于股权登记日2025年6月12日下午收市时在中国证券登记结 算有限责任公司深圳分公司登记在册的公司全体普通股股东均 有权出席股东大会，并可以书面形式委托代理人出席会议和参加 表决，该股东代理人不必是本公司股东。 （2）公司董事、监事和高级管理人员。 （3）公司聘请的律师。 （1）现场会议召开时间：2025 年 6 月 18 日（星期三）14:30。 （2）网络投票时间： ...

证券代码：000862 证券简称：银星能源 公告编号：2025-027 宁夏银星能源股份有限公司 欢迎广大投资者积极参与本次网上业绩说明会。 特此公告。 宁夏银星能源股份有限公司 关于参加宁夏辖区上市公司投资者集体接待日 董 事 会 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（https://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 关高管将在线就公司 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！ 为充分尊重投资者、提升交流的针对性，公司 2024 年度业 绩说明会提前向投资者公开征集问题，广泛听取投资者的意见和 建议。投资者可以使用手机微信扫描如下二维码或者可通过发送 电子邮件方式或电话方式联系公司，公司将在业绩说明会上进行 统一回复。 暨 2024 年度业绩说明会的公告 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。 为进一步加强与投资者的互动交流，宁夏银星能源股份有限 ...