Core Viewpoint - The establishment of the Zhuji City Education Strong City Reward Fund has garnered significant support from local enterprises, highlighting a strong commitment to education and philanthropy in the region [2][5]. Group 1: Donations and Contributions - A total of 1.42 billion RMB was donated by over ten enterprises during the Zhuji City Education Conference, with notable contributions including 100 million RMB from Zhong Shanshan, founder of Nongfu Spring, to establish the Zhong Ziyi Education Fund for Zhuji Middle School [2][4]. - Hai Liang Group, a Fortune Global 500 company, donated 20 million RMB and has a history of involvement in charitable and educational initiatives, including the establishment of Hai Liang Senior High School and a private education aid program for Tibet [5]. - Other contributors included Hongyi Public Welfare Fund (5 million RMB), Zhejiang Xingsheng Technology Co., Ltd. (500,000 RMB), and several other companies, collectively demonstrating a robust culture of corporate philanthropy in Zhuji [5]. Group 2: Educational Impact - In the past five years, Zhuji has received nearly 300 million RMB in various educational donations, primarily aimed at teacher awards, student assistance, teacher training, and school infrastructure upgrades, benefiting around 3,000 teachers and students annually [6]. - The local economy is characterized by a strong industrial base, with a GDP of 186.11 billion RMB in 2024 and 13 listed companies, indicating a prosperous environment conducive to philanthropic efforts [5].

Core Points - Zhejiang Hailiang Co., Ltd. has announced a change in registered capital and amendments to its Articles of Association following the conversion of its convertible bonds into shares [1][2][36] - The registered capital will increase from 2,001,129,937 yuan to 2,291,755,274 yuan due to the conversion of 290,625,337 shares from the "Hailiang Convertible Bonds" [1][36] Group 1: Registered Capital Change - The company held its ninth board meeting on November 21, 2025, where the proposal for changing the registered capital was approved [3][4] - The conversion period for the convertible bonds was from July 1, 2025, to September 29, 2025 [1] - The amendment to the Articles of Association will be submitted for shareholder approval and will be finalized based on regulatory approval [2][36] Group 2: H-share Issuance - The board approved a proposal to issue H-shares and list them on the Hong Kong Stock Exchange to enhance international strategy and financing capabilities [5][8] - The H-shares will be ordinary shares with a par value of 1.00 yuan, and the issuance will not exceed 15% of the total share capital post-issuance [11][17] - The issuance will be conducted through public offerings in Hong Kong and international placements [15][19] Group 3: Fund Utilization - The funds raised from the H-share issuance will primarily be used for global smart production base construction, capacity expansion, R&D enhancement, brand building, strategic investments, and working capital [31]

Core Viewpoint - The Shanghai Composite Index fell by 2.45% on November 21, with the non-ferrous metals sector experiencing a significant decline of 5.26%, making it the second-largest drop among various industries [1] Market Overview - The net outflow of capital from the two markets reached 128.99 billion yuan, with only the media sector seeing a net inflow of 1.48 billion yuan [1] - The electronics sector led the capital outflow, with a net outflow of 26.48 billion yuan, followed by the power equipment sector with 19.54 billion yuan [1] Non-Ferrous Metals Sector Performance - The non-ferrous metals sector saw a drop of 5.26%, with a total net capital outflow of 10.783 billion yuan [2] - Out of 137 stocks in this sector, only 2 stocks rose, while 135 stocks fell, including 11 that hit the daily limit down [2] - The top three stocks with the highest net capital inflow were: - Chihong Zn & Ge: 38.03 million yuan - Hailiang Co.: 35.79 million yuan - Xinjiang Zhonghe: 23.86 million yuan [2] Non-Ferrous Metals Capital Outflow - The top three stocks with the highest net capital outflow were: - Ganfeng Lithium: -1.011 billion yuan - Northern Rare Earth: -940.56 million yuan - Huayou Cobalt: -899.66 million yuan [3] - Other notable outflows included: - Tianqi Lithium: -777.09 million yuan - Zijin Mining: -585.94 million yuan [3]

证券代码：002203 证券简称：海亮股份 公告编号：2025-111 浙江海亮股份有限公司 关于公司变更注册资本并修改《公司章程》的公告 本公司及董事会全体成员保证信息披露内容的真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 浙江海亮股份有限公司（以下简称"公司"）于2025年11月21日召开第九届 董事会第五次会议，审议通过了《关于公司变更注册资本并修改<公司章程>的议 案》，现将有关事项公告如下： 一、注册资本变更情况 根据以上变动情况，公司将对注册资本进行相应变更，并对《公司章程》部 分条款进行修改。 根据《中华人民共和国公司法》《中华人民共和国证券法》《上市公司章程 指引》等法律法规的相关规定及市场监督管理部门的相关意见，结合公司实际情 况，公司拟对《公司章程》部分条款描述进行以下修订，除下述条款外，《公司 章程》其他条款保持不变： | 项目 | | | | 原条款 | | | | | | 修改后条款 | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | ...

浙江海亮股份有限公司 证券代码：002203 证券简称：海亮股份 公告编号：2025-110 第九届董事会第五次会议决议公告 本公司及董事会全体成员保证信息披露内容的真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 浙江海亮股份有限公司（以下简称"公司"）第九届董事会第五次会议通 知于 2025 年 11 月 17 日以电子邮件、电话传真或送达书面通知的方式发出，会 议于 2025 年 11 月 21 日下午在浙江省杭州市滨江区协同路 368 号海亮科研大厦 公司会议室召开，本次会议以现场表决和通讯表决相结合方式召开，会议应到董 事九名，实到董事九名，公司高级管理人员列席本次会议。本次会议由董事长冯 橹铭先生主持。 本次会议出席人数、召开程序、议事内容均符合《中华人民共和国公司法》 和《浙江海亮股份有限公司章程》的规定，决议合法有效。 经全体董事认真审阅并在议案表决书上表决签字，会议审议通过了如下议案： 一、审议通过了《关于公司发行 H 股股票并在香港联合交易所有限公司上 市的议案》。 为加快公司的国际化战略及海外业务发展，增强公司的境外融资能力，提升 国际品牌形象及综合竞争力，助力公司可持续发展及管 ...

Group 1 - The core point of the article is that Hailiang Co., Ltd. announced the convening of its ninth fifth board meeting to discuss the establishment of an ESG management system [1] - For the first half of 2025, Hailiang's revenue composition is as follows: 76.5% from the copper processing industry, 23.0% from the trading industry, 0.37% from other industries, and 0.13% from other businesses [1] - As of the report date, Hailiang's market capitalization is 26.6 billion yuan [1]

浙江海亮股份有限公司章程 （2025 年 11 月修订） 二 O 二五年十一月 1 / 44 第一章 总 则 第一条 为维护公司、股东、职工和债权人的合法权益，规范公司的组织和 行为，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》"）和其他有关规定，制定本章程。 第二条 浙江海亮股份有限公司系依照《公司法》和其他有关规定成立的股 份有限公司（以下简称"公司"）。公司经浙江省人民政府以浙上市[2001]77 号 《关于同意变更设立浙江海亮股份有限公司的批复》批准依法变更设立；在浙江 省工商行政管理局注册登记，取得营业执照，营业执照号企股浙总字第 002325 号。 公司实行自主经营、自负盈亏、独立核算、依法纳税。 第三条 公司于 2007 年 12 月 18 日经中国证券监督管理委员会（以下简称"中 国证监会"）核准，首次向社会公众发行人民币普通股 5500 万股，于 2008 年 1 月 16 日在深圳证券交易所上市。 第四条 公司注册名称： 中文名称：浙江海亮股份有限公司 英文名称：ZHE JIANG HAI LIANG CO.,LTD 第五条 公司 ...

第一条 为保障国家经济安全，保护社会公共利益及浙江海亮股份有限公司 （以下简称"公司"）的利益，维护公司在境外发行和上市过程中的信息安全， 规范公司及有关证券公司、证券服务机构在公司境外发行和上市过程中的档案管 理，根据《中华人民共和国证券法》《中华人民共和国保守国家秘密法》（以下 简称"《保守国家秘密法》"）、《中华人民共和国档案法》（以下简称"《档 案法》"）、《中华人民共和国国家安全法》《境内企业境外发行证券和上市管 理试行办法》《关于加强境内企业境外发行证券和上市相关保密和档案管理工作 的规定》等有关法律、法规、规范性文件的规定及《浙江海亮股份有限公司章程》 （以下简称"《公司章程》"），结合公司情况，制定本制度。 第二条 本制度所称"境外发行和上市"，是指公司在中华人民共和国（以 下简称"中国"）大陆地区以外的国家和地区直接或者间接发行证券或者将其证 券在境外上市交易。本制度适用于公司境外发行和上市的全过程，包括准备阶段、 申请阶段、审核/备案阶段及上市阶段。 浙江海亮股份有限公司 境外发行证券与上市相关保密和档案管理工作制度 第三条 本制度适用于公司及纳入公司合并报表范围内的全部下属子公司、 分支 ...

浙江海亮股份有限公司 环境、社会及公司治理（ESG）管理制度 第一章 总 则 第一条 为使环境、社会及治理的理念融合在浙江海亮股份有限公司（以 下简称"公司"或者"本公司"）的管理方针、策略、业务计划和政策中，积极 履行企业社会责任，公司现建立环境、社会及公司治理（"ESG"）管理制度， 管理范围覆盖公司及下属子公司各层级，主要分为决策层、组织层及执行层。 第二章 ESG 管理架构的组成及职责 第二条 董事会为本公司关于 ESG 的最高决策层级。负责 ESG 决策工作, 对 ESG 工作中重大议题、工作目标、信息披露、对外报告等进行讨论、评估、审 批，并对其有效性负责。有关董事会的职责如下： 第三条 公司运营管理中心负责人为本公司 ESG 工作小组组长，负责组织 管理工作。本公司 ESG 工作小组成员由各职能部门（一级部门）、承担生产职能 的分、子公司指定的 ESG 工作对接人组成，ESG 工作小组办公室设在公司运营 管理中心，ESG 工作小组为 ESG 管理架构的第二层，其职责如下： （一）工作小组定期与董事会就本公司的 ESG 事宜进行开会讨论或向董事会 汇报； 1 (一) 审议批准 ESG 及气候相关议 ...

Core Viewpoint - The report indicates a mixed outlook for the metals industry, with price fluctuations influenced by macroeconomic factors, supply disruptions, and changing monetary policies, particularly regarding interest rates [2][4][6]. Group 1: Lithium Prices - In the first three quarters of 2025, the average price of domestic battery-grade lithium carbonate (99.5% purity) and lithium hydroxide (56.5% purity) was 71,339.89 CNY/ton and 67,844.81 CNY/ton, respectively, representing year-on-year declines of 25.17% and 21.47% compared to the same period in 2024 [1][5]. - The price decline for lithium products has slowed in the first half of 2025, with a rebound observed in the third quarter, suggesting a potential turning point [5]. Group 2: Precious Metals - Precious metal prices have been supported by expectations of interest rate cuts, with gold prices experiencing a significant upward trend in the third quarter of 2025 [3][6]. - The overall labor market remains balanced despite a decline in non-farm employment, indicating potential economic weakness and rising inflation concerns, which further support precious metal prices [3]. Group 3: Industrial Metals - The third quarter of 2025 saw increased expectations for interest rate cuts, which provided support for industrial metal prices, particularly copper, amid supply disruptions from incidents like the Grasberg copper mine accident in Indonesia [4][6]. - The average price of LME copper in the first three quarters was 9,561.07 USD/ton, up 4.71% from 9,131.16 USD/ton in the same period of 2024, while LME aluminum prices rose by 8.44% [4]. Group 4: Energy Metals - The energy metals sector appears to have reached a bottom, with signs of a potential rebound following price declines in the first half of 2025 [5]. - The average price of cobalt in the first three quarters was 226,241.76 CNY/ton, reflecting a year-on-year increase of 6.78%, driven by a significant rebound in September [5]. Group 5: Investment Recommendations - The report suggests that despite uncertainties regarding interest rate cuts in December, the medium-term outlook for macroeconomic easing is strong, which will support non-ferrous metal prices [6]. - Companies to watch include Zijin Mining, Zhongjin Gold, Shandong Gold, Luoyang Molybdenum, Western Mining, Tongling Nonferrous Metals, Hailiang Co., Cangge Mining, Ganfeng Lithium, and Huayou Cobalt [6].