Group 1 - Hailiang Co., Ltd. experienced a stock price increase of 5.3%, reaching 12.12 CNY per share, with a trading volume of 367 million CNY and a turnover rate of 1.39%, resulting in a total market capitalization of 27.776 billion CNY [1] - The company, established on October 29, 2001, and listed on January 16, 2008, is located in Hangzhou, Zhejiang Province, and specializes in the research, production, and sales of copper pipes, copper rods, copper fittings, copper-aluminum composite conductors, and aluminum profiles [1] - The main revenue composition of Hailiang includes copper pipes (61.25%), raw materials (23.03%), copper rods (7.25%), copper foils (4.51%), copper bars (3.59%), and others (0.37%) [1] Group 2 - According to data from the top ten holdings of funds, one fund under Jiao Yin Schroder has a significant position in Hailiang Co., Ltd. The Jiao Yin Hui Xuan Rui Xin One-Year Holding Period Mixed Fund (FOF) A (015326) held 477,800 shares, accounting for 1.49% of the fund's net value, making it the second-largest holding [2] - The Jiao Yin Hui Xuan Rui Xin One-Year Holding Period Mixed Fund (FOF) A (015326) was established on July 27, 2022, with a current scale of 286 million CNY. Year-to-date returns are 18.11%, ranking 189 out of 342 in its category; the one-year return is 17.6%, ranking 175 out of 330; and since inception, the return is 3.16% [2]

Market Overview - On November 20, the industrial metals sector declined by 0.52% compared to the previous trading day, with Xinweiling leading the decline [1] - The Shanghai Composite Index closed at 3931.05, down 0.4%, while the Shenzhen Component Index closed at 12980.82, down 0.76% [1] Stock Performance - Notable gainers in the industrial metals sector included: - Guocheng Mining (Code: 000688) with a closing price of 29.65, up 4.99% and a trading volume of 610,600 shares, totaling 1.823 billion yuan [1] - Asia-Pacific Technology (Code: 002540) with a closing price of 7.15, up 3.03% and a trading volume of 307,700 shares, totaling 220 million yuan [1] - Major decliners included: - Xinweiling (Code: 920634) with a closing price of 24.91, down 3.67% and a trading volume of 12,900 shares, totaling 33.008 million yuan [2] - Chang Aluminum (Code: 002160) with a closing price of 5.41, down 3.22% and a trading volume of 751,900 shares, totaling 413 million yuan [2] Capital Flow - The industrial metals sector experienced a net outflow of 1.961 billion yuan from institutional investors, while retail investors saw a net inflow of 1.359 billion yuan [2] - Key stocks with significant capital flow included: - Huayu Mining (Code: 601020) with a net inflow of 97.347 million yuan from institutional investors [3] - Xizang Zhuofeng (Code: 600338) with a net inflow of 94.423 million yuan from institutional investors [3]

Core Viewpoint - The demand for copper tubes primarily comes from the refrigeration industry, with air conditioning being the main driver. The production scale of air conditioning products has expanded significantly, but market growth is slowing down due to economic conditions and changing consumer demands, leading to a saturation of the market. Consequently, the production of air conditioning copper tubes has not seen significant increases, with a projected production of 1.888 million tons in China by 2024, reflecting a year-on-year increase of 5.4% [1][7][8]. Industry Overview - Air conditioning copper tubes are essential components that connect indoor and outdoor units, primarily used for refrigerant transmission. They can be categorized into ordinary and degreased copper tubes based on usage and manufacturing processes, and further classified into oxygen-free copper, oxygen-containing copper, and special copper based on materials [3][4]. Industry Chain - The industry chain for air conditioning copper tubes consists of three segments: upstream (copper materials and production equipment), midstream (production and manufacturing of copper tubes), and downstream (application fields including residential, commercial, and industrial air conditioning) [4]. Production Trends - China's copper material production has shown an upward trend, increasing from 20.172 million tons in 2019 to a projected 23.503 million tons in 2024. In the first nine months of 2025, the production reached 18.575 million tons, marking a year-on-year increase of 9.6%. This growth provides ample raw materials for the air conditioning copper tube industry [5]. Current Market Situation - The air conditioning market has experienced fluctuations, with production declining in 2021 due to insufficient downstream consumption and rising upstream copper prices. However, production has gradually recovered, maintaining a slight growth trend, with a total production of 1.888 million tons expected in 2024, up 5.4% year-on-year [1][7]. Competitive Landscape - The competitive landscape of the air conditioning copper tube industry is characterized by leading companies leveraging scale, technology, and supply chain advantages to capture significant market shares. Smaller companies face challenges due to funding and technology limitations, often focusing on niche markets and regional segments [8][9]. Key Companies - Notable companies in the air conditioning copper tube industry include: - Jintian Copper Group Co., Ltd. - Zhejiang Hailiang Co., Ltd. - Guangdong Precision Metal Co., Ltd. - Zhongse Aobote Copper-Aluminum Industry Co., Ltd. - Ningbo Jintian Copper Industry (Group) Co., Ltd. - Jiangsu Jiangrun Copper Industry Co., Ltd. - Anhui Xingshengda Refrigeration Copper Tube Manufacturing Co., Ltd. - Qingdao Hongtai Copper Industry Co., Ltd. [2][10][11]. Future Development Trends - The future of the air conditioning copper tube industry is expected to focus on high-end copper tubes, driven by national energy efficiency standards that enhance the performance of air conditioning equipment. Companies will increase R&D investments to improve production processes and technology. Additionally, the industry will prioritize green and sustainable development, implementing low-carbon processes and automation to enhance production efficiency and reduce costs [12].

Core Points - The company held its third extraordinary general meeting of shareholders on November 17, 2025, with a combination of on-site voting and online voting [3][4][6] - The meeting was attended by 234 shareholders and representatives, holding a total of 909,872,039 shares, which accounted for 41.1498% of the total voting shares [8][9] - The meeting passed two key resolutions: the approval of the estimated daily related party transactions for 2025 and the revision of certain management systems [10][12] Meeting Details - The meeting was convened by the company's board of directors and presided over by Chairman Feng Luming [7][8] - The on-site meeting took place at the company's research building in Hangzhou, Zhejiang Province [5] - Voting was conducted from 9:15 AM to 3:00 PM on the same day, with specific time slots allocated for different voting methods [4] Voting Results - The resolution on daily related party transactions was approved with 99.9410% of the votes in favor, while the resolution to revise management systems received 97.1436% approval [11][12] - Among minority investors, 99.5171% supported the related party transactions resolution, while 87.4653% opposed the management systems revision [11][12] Legal Compliance - The meeting's procedures and voting results were confirmed to be in compliance with the Company Law and the company's articles of association by the attending lawyers [13][14]

Core Points - On November 17, Westlake University announced a donation agreement signed by Feng Luming, Chairman and President of Hailiang Co., Ltd., on November 5, in the name of Zhejiang Hailiang Co., Ltd. [2] - This donation follows a previous contribution made by Hailiang Group to Westlake University in December 2020, aimed at supporting teaching, research, and discipline construction [2] - The signing ceremony also included a strategic cooperation agreement to establish the "Advanced Metal Materials and Manufacturing Joint Laboratory," focusing on cutting-edge areas such as liquid metal processes and copper-based material heat dissipation structures [2][3] Company and Industry Summary - Feng Luming emphasized that the signing marks the beginning of cooperation and the continuation of friendship, highlighting a shared vision and deep trust between both parties [2] - The joint laboratory will leverage the research capabilities of Assistant Professor Tang Jianbo's team at Westlake University, addressing key technological issues in the industry and exploring innovative paradigms for industry-academia integration [2][3] - Tang Jianbo, who has a strong academic background and experience in liquid metal materials science, will lead research on both fundamental scientific questions and the development of functional metal devices for various applications [3] - Hailiang Co., Ltd. aims to provide long-term support for the laboratory's operations, establishing a solid foundation for its development and fostering significant innovative outcomes through strategic collaboration and resource complementarity [3]

Core Points - Hailiang Group's Chairman Feng Luming signed a donation agreement with Westlake University on November 5, marking a continuation of their partnership [1] - The donation aims to support teaching, research, and discipline construction at Westlake University, similar to a previous donation made by Hailiang Group in December 2020 [1] - A strategic cooperation agreement was also signed, establishing the "Advanced Metal Materials and Manufacturing Joint Laboratory" to focus on cutting-edge research in liquid metal processes and copper-based materials [1][2] Group 1 - The donation is seen as a milestone in deepening cooperation between Hailiang Group and Westlake University, emphasizing shared visions and trust [1] - Hailiang Group will provide long-term support for the laboratory's operations, aiming to foster significant innovative outcomes through strategic collaboration and resource sharing [2] - The laboratory will leverage the research capabilities of Assistant Professor Tang Jianbo's team, focusing on both fundamental scientific questions and practical applications in various fields [2] Group 2 - Westlake University has received support from over 30,000 donors since its establishment, including contributions from listed companies in the A-share market [3] - Notable donations include a RMB 100 million contribution from Muyuan Foods in October and other donations from companies like Zhonghe Technology and Qisheng Technology [3]

Core Viewpoint - Hai Liang Co., Ltd. has signed a strategic cooperation agreement with Westlake University to establish the "Advanced Metal Materials and Manufacturing Joint Laboratory," marking a significant step in the integration of industry, academia, and research [1][3]. Group 1: Strategic Partnership - The partnership aims to enhance collaboration between Hai Liang Co., Ltd. and Westlake University, focusing on advanced metal materials and manufacturing [1]. - The unveiling of the joint laboratory was witnessed by key leaders, including Westlake University's President Shi Yigong and Hai Liang's Chairman and President Feng Luming [1]. Group 2: Research Focus - The laboratory will concentrate on cutting-edge areas such as liquid metal technology and copper-based thermal management structures, addressing the thermal management needs of high-growth applications like AI computing chips, data centers, robotics, and new energy vehicles [3]. - The research efforts will be led by Dr. Tang Jianbo's team from Westlake University's School of Engineering, who has previously established a new metal and manufacturing laboratory focusing on liquid metal materials science [3].

证券代码：002203 证券简称：海亮股份 公告编号：2025-109 2025 年第三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、误导性陈述或者重大遗漏。 重要提示 1、本次股东会未出现否决议案的情形。 2、本次股东会不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 （一）会议召开情况 浙江海亮股份有限公司（以下简称"公司"）于2025年10月31日在《证券时 报》《上海证券报》《证券日报》《中国证券报》及巨潮资讯网披露了《浙江海亮 股份有限公司关于召开2025年第三次临时股东会的通知》（公告编号：2025-104）， 公司定于2025年11月17日以现场表决与网络投票相结合的方式召开2025年第三 次临时股东会。 1、召开时间： 浙江海亮股份有限公司 （1）现场召开时间为：2025 年 11 月 17 日 14:30； （2）网络投票时间为：2025 年 11 月 17 日 9:15—2025 年 11 月 17 日 15:00； 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 11 月 17 日上午 9:15—9:2 ...

浙江海亮股份有限公司 国浩律师（杭州）事务所 关于 2025 年第三次临时股东会之 法律意见书 国浩律师（杭州）事务所 关 于 地址：杭州市上城区老复兴路白塔公园 B 区 2 号、15 号国浩律师楼 邮编：310008 Grandall Building, No.2＆No.15, Block B, Baita Park, Old Fuxing Road, Hangzhou, Zhejiang 310008, China 电话/Tel: (+86)(571) 8577 5888 传真/Fax: (+86)(571) 8577 5643 电子邮箱/Mail：grandallhz@grandall.com.cn 网址/Website：http://www.grandall.com.cn 二〇二五年十一月 国浩律师（杭州）事务所 法律意见书 浙江海亮股份有限公司 2025 年第三次临时股东会之 法律意见书 致：浙江海亮股份有限公司 国浩律师（杭州）事务所（以下简称"本所"）接受浙江海亮股份有限公司 （以下简称"公司"）的委托，指派律师列席公司 2025 年第三次临时股东会（以 下简称"本次股东会"），并依据《中华人民 ...

Company Overview - Hailiang Co., Ltd. is located in Hangzhou, Zhejiang Province, and was established on October 29, 2001. The company was listed on January 16, 2008. Its main business involves the research, production, and sales of copper pipes, copper rods, copper fittings, copper-aluminum composite conductors, and aluminum profiles [1]. Financial Performance - For the period from January to September 2025, Hailiang achieved a revenue of 65.018 billion yuan, a year-on-year decrease of 4.56%. The net profit attributable to shareholders was 0.925 billion yuan, reflecting a year-on-year increase of 5.21% [2]. - Cumulatively, Hailiang has distributed 2.486 billion yuan in dividends since its A-share listing, with 1.065 billion yuan distributed over the past three years [3]. Stock Performance - As of November 13, Hailiang's stock price increased by 2.06%, reaching 11.41 yuan per share, with a total market capitalization of 26.149 billion yuan. The stock has risen by 8.86% year-to-date, with a 4.49% increase over the last five trading days, but has seen a decline of 7.86% over the last 20 days and 5.66% over the last 60 days [1]. - The number of shareholders as of September 30 was 30,600, an increase of 83.72% from the previous period, while the average number of circulating shares per person decreased by 37.65% to 72,273 shares [2]. Shareholding Structure - As of September 30, 2025, Hong Kong Central Clearing Limited was the fifth-largest circulating shareholder, holding 57.3828 million shares, an increase of 33.5988 million shares from the previous period. The Southern CSI 500 ETF exited the list of the top ten circulating shareholders [3]. Market Activity - Hailiang's stock has appeared on the "Dragon and Tiger List" once this year, with the most recent occurrence on August 4 [1]. - The stock's trading activity showed a net outflow of 1.6901 million yuan from main funds, with significant buying and selling activity from large orders [1]. Industry Classification - Hailiang is classified under the industrial metals sector, specifically in the copper category, and is associated with concepts such as copper foil, Industry 4.0, seawater desalination, specialized and innovative enterprises, and mid-cap stocks [1].