Group 1 - The gold stock sector is experiencing significant gains, with notable increases in stocks such as Western Gold, Mankalon, and others, indicating strong market interest in gold-related investments [1] - The Huafu Yongxin Flexible Allocation Mixed Fund has heavily invested in gold-related companies, achieving a year-to-date increase of 25.23% as of May 30, 2025, reflecting the positive impact of rising gold prices on these stocks [1] - International gold prices have surged, with spot gold breaking through $3,380 per ounce and COMEX gold futures rising by 2.74% to $3,406.4 per ounce, indicating a bullish trend in the gold market [1] Group 2 - Short-term market sentiment is supported by potential risks from U.S. "reciprocal tariffs," leading to a rise in gold prices, while long-term uncertainties in global tariff policies and regional politics continue to bolster gold's appeal as a safe-haven asset [2] - The Huafu Yongxin Flexible Allocation Mixed Fund focuses on diversifying investments in A-share gold-related companies, allowing for exposure to the benefits of rising gold prices while mitigating risks associated with holding individual gold stocks [2]

Core Viewpoint - The China Securities Gold Mining Index has shown significant growth, with a year-to-date increase of 32.05%, reflecting the overall performance of listed companies involved in gold mining and refining [2]. Group 1: Index Performance - The China Securities Gold Mining Index reported a value of 2444.44 points as of May 30 [1]. - The index has increased by 0.47% over the past month, and by 24.92% over the last three months [2]. - The index is based on a reference point of 1000.0, established on December 31, 2011 [2]. Group 2: Index Composition - The top ten weighted companies in the index include: - Chifeng Jilong Gold Mining (19.17%) - Shandong Gold Mining (15.07%) - Shandong Gold International (14.34%) - Zijin Mining (13.95%) - Zhongjin Gold (13.61%) - Hunan Gold (11.53%) - Hengbang Shares (3.81%) - Xiaocheng Technology (3.13%) - Western Gold (3.0%) - Sichuan Gold (2.38%) [2]. - The index's holdings are entirely composed of the materials sector, with a 100% allocation [3]. Group 3: Market Distribution - The Shanghai Stock Exchange accounts for 64.80% of the index's holdings, while the Shenzhen Stock Exchange represents 35.20% [2]. Group 4: Sample Adjustment - The index samples are adjusted biannually, with changes implemented on the next trading day following the second Friday of June and December [3]. - In special circumstances, the index may undergo temporary adjustments, such as when a sample company is delisted or undergoes significant corporate changes [3].

关于实施权益分派期间"恒邦转债"暂停转股的公告 | 证券代码：002237 | 证券简称：恒邦股份 | 公告编号：2025-037 | | --- | --- | --- | | 债券代码：127086 | 债券简称：恒邦转债 | | 山东恒邦冶炼股份有限公司 恢复转股时间：2024 年度权益分派股权登记日后的第一个交易日 鉴于山东恒邦冶炼股份有限公司（以下简称"公司"）于 2025 年 4 月 18 日召 开的 2024 年度股东大会审议通过了《关于 2024 年度利润分配及公积金转增的议案》， 公司将于近日实施 2024 年度权益分派，根据《山东恒邦冶炼股份有限公司向不特定 对象发行可转换公司债券募集说明书》中"转股价格的调整及计算方式"（详见附 件）条款的规定，公司可转换公司债券（债券代码：127086，债券简称：恒邦转债） 将于 2025 年 5 月 30 日至 2024 年度权益分派股权登记日期间暂停转股，本次权益分 派股权登记日后的第一个交易日起恢复转股。 在上述期间，公司可转换公司债券正常交易，敬请"恒邦转债"持有人留意。 特此公告。 山东恒邦冶炼股份有限公司 本公司及董事会全体成员保证信息披露 ...

Core Viewpoint - Shandong Hengbang Smelting Co., Ltd. maintains an AA+ credit rating with a stable outlook, primarily due to its advantages in gold smelting, scale, technology, and strong shareholder support, despite facing challenges such as increased inventory, declining processing fees, and rising financial leverage [1][4][5]. Company Overview - The company focuses on gold smelting and has established a certain scale and technological advantage in the industry [1][4]. - It has diversified into non-ferrous metal smelting and the recovery of various valuable elements, which supplement its revenue and profit [1][4]. - The company benefits from strong support from its controlling shareholder, Jiangxi Copper Co., Ltd., which enhances its financial and strategic capabilities [4][7]. Financial Performance - In 2024, the company reported total assets of 247.24 billion yuan and total liabilities of 116.84 billion yuan, with a net profit of 4.66 billion yuan [3]. - The operating income for 2024 was 500.47 billion yuan, reflecting a significant increase compared to previous years [3]. - The company's financial leverage has increased, with total debt rising to 86.57 billion yuan, indicating a weakening in debt repayment capacity [1][3]. Market Conditions - Gold prices have surged, with the average price in 2024 reaching 2,403.55 USD/ounce, a year-on-year increase of 22.97% [5]. - The domestic gold price also rose significantly, with a year-end price of 616.68 yuan/gram, up 28.30% from the beginning of the year [5]. - The copper market is experiencing fluctuations, with processing fees declining, which may impact the profitability of related enterprises [6][14]. Operational Challenges - The company has faced challenges such as increased inventory levels due to expanded operations and rising capital expenditures [1][4]. - Safety incidents have led to temporary production halts, affecting the output of copper and sulfuric acid [13][14]. - The company is under scrutiny for safety management practices following a significant production safety incident [14]. Strategic Initiatives - The company is focusing on expanding its gold mining resources and enhancing its smelting capabilities through various ongoing projects [9][17]. - It aims to strengthen its position in the high-end materials manufacturing sector by leveraging its existing resources [9][17]. - The company is also working on integrating its operations with its controlling shareholder to avoid competition and enhance resource control [10][17].

山东恒邦冶炼股份有限公司 2025 年度跟踪评级报告 编号：信评委函字[2025]跟踪 0229 号 山东恒邦冶炼股份有限公司 2025 年度跟踪评级报告 声 明 中诚信国际信用评级有限责任公司 2025 年 5 月 23 日 山东恒邦冶炼股份有限公司 2025 年度跟踪评级报告 | 本次跟踪发行人及评级结果 山东恒邦冶炼股份有限公司 AA | | + /稳定 | | --- | --- | --- | | "恒邦转债" AA | 本次跟踪债项及评级结果 | + | | 根据国际惯例和主管部门要求，中诚信国际需对公司存续期内的债券进行跟 | 跟踪评级原因 | | | 踪评级，对其风险程度进行跟踪监测。本次评级为定期跟踪评级。 | | | | 本次跟踪维持主体及债项上次评级结论，主要基于山东恒邦冶炼股份有限公 司（以下简称"恒邦股份"或"公司"）以黄金冶炼为主业，形成了一定的冶 | | | | 炼规模优势和技术优势，有色金属冶炼及多种有价元素回收可对收入、利润 | 评级观点 | | | 形成补充，股东支持力度大和融资渠道畅通等方面的优势。同时中诚信国际 | | | | 也关注到跟踪期内存货对资金占用显著增加、黄 ...

Core Insights - Hengbang Co., Ltd. has experienced a decline in stock price for seven consecutive trading days, with a cumulative drop of -5.72% [1] - The company specializes in gold smelting and is a significant player in the gold industry [1] - Qianhai Kaiyuan Fund's Qianhai Kaiyuan Gold and Silver Jewelry Mixed A Fund has increased its holdings in Hengbang Co., Ltd. during the first quarter of this year, achieving a year-to-date return of 23.32%, ranking 25th among 1862 similar funds [1][2] Financial Performance - The stock has shown a weekly decline of -1.92% and a monthly decline of -6.17%, but has increased by 8.28% over the past three months and 16.02% over the past six months [2] - Year-to-date performance stands at 23.32%, significantly outperforming the average of similar funds, which is only 1.76% [2] - The stock's performance relative to the CSI 300 index shows a decline of -1.16% year-to-date [2] Fund Management - The fund manager, Wu Guoqing, holds a Ph.D. in Economic Management from Tsinghua University and has extensive experience in fund management since joining Qianhai Kaiyuan Fund Management Co., Ltd. in 2015 [3][4] - Wu Guoqing has managed multiple funds, including the Qianhai Kaiyuan Gold and Silver Jewelry Theme Selected Flexible Allocation Mixed Fund, which has been active since June 1, 2021 [4]

Group 1 - The core issue revolves around the delayed disclosure of a serious accident at Hengbang Co., which resulted in 3 fatalities and 14 injuries, leading to regulatory scrutiny from the Shenzhen Stock Exchange [1] - The accident was classified as a "major production safety responsibility accident" due to the company's actions of concealing and misreporting the incident, highlighting systemic flaws in corporate governance and information disclosure mechanisms [1] - Key management, including the chairman and general manager, failed to fulfill their diligence obligations, as indicated by the violation of the Shenzhen Stock Exchange's disclosure rules [1] Group 2 - The company's Q1 2025 financial report showed a revenue of 18.959 billion yuan, a year-on-year decrease of 8.88%, while net profit attributable to shareholders was 156 million yuan, a year-on-year increase of 10.52% [2] - The growth in net profit was largely dependent on non-recurring gains, indicating underlying pressure on core profitability, especially when excluding a 155 million yuan loss from fair value changes related to hedging [2] - Concerns were raised regarding the credibility of the financial report, with independent director Wang Yongmei voting against the approval of the Q1 report due to issues with the auditing firm's compliance and the abnormal relationships in the financial data [2][3]

| 证券代码：002237 | 证券简称：恒邦股份 | 公告编号：2025-035 | | --- | --- | --- | | 债券代码：127086 | 债券简称：恒邦转债 | | 山东恒邦冶炼股份有限公司 关于非独立董事辞职暨补选非独立董事、独立董事的公告 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。 一、非独立董事辞职的情况 山东恒邦冶炼股份有限公司（以下简称"公司"）董事会于近日收到了董事 詹健先生的书面辞职报告，詹健先生因工作调整，申请辞去公司第九届董事会董 事暨董事会薪酬与考核委员会委员职务。詹健先生辞职后不在公司及子公司担任 任何职务。 根据《公司法》《深圳证券交易所上市公司自律监管指引第 1 号——主板上市 公司规范运作》和《公司章程》等相关规定，詹健先生的辞职不会使公司董事会人 数低于法定最低人数，不会影响公司董事会的正常运作，不会对公司日常经营管理 产生重大影响，其辞职报告自送达董事会之日起生效。 截至本次公告日，詹健先生未持有公司股份，也不存在按照相关监管规定应履 行而未履行的任何承诺。 公司及公司董事会对詹健先生在任职期间为公司发 ...

山东恒邦冶炼股份有限公司 提名人山东恒邦冶炼股份有限公司董事会现就提名吉伟莉为山东恒邦冶炼股份 有限公司第九届董事会独立董事候选人发表公开声明。被提名人已书面同意作为山 东恒邦冶炼股份有限公司第九届董事会独立董事候选人（参见该独立董事候选人声 明）。本次提名是在充分了解被提名人职业、学历、职称、详细的工作经历、全部 兼职、有无重大失信等不良记录等情况后作出的，本提名人认为被提名人符合相关 法律、行政法规、部门规章、规范性文件和深圳证券交易所业务规则对独立董事候 选人任职资格及独立性的要求，具体声明并承诺如下事项： 一、被提名人已经通过山东恒邦冶炼股份有限公司第九届董事会提名委员会或 者独立董事专门会议资格审查，提名人与被提名人不存在利害关系或者其他可能影 响独立履职情形的密切关系。 三、被提名人符合中国证监会《上市公司独立董事管理办法》和深圳证券交易 所业务规则规定的独立董事任职资格和条件。 ☑ 是 □ 否 ☑ 是 □ 否 如否，请详细说明： 独立董事提名人声明与承诺 二、被提名人不存在《中华人民共和国公司法》第一百七十八条等规定不得担 任公司董事的情形。 ☑ 是 □ 否 如否，请详细说明： 如否，请详细说明 ...

山东恒邦冶炼股份有限公司 独立董事候选人声明与承诺 声明人吉伟莉作为山东恒邦冶炼股份有限公司第九届董事会独立董事候选人， 已充分了解并同意由提名人山东恒邦冶炼股份有限公司董事会提名为山东恒邦冶炼 股份有限公司（以下简称该公司）第九届董事会独立董事候选人。现公开声明和保 证，本人与该公司之间不存在任何影响本人独立性的关系，且符合相关法律、行政 法规、部门规章、规范性文件和深圳证券交易所业务规则对独立董事候选人任职资 格及独立性的要求，具体声明并承诺如下事项： 一、本人已经通过山东恒邦冶炼股份有限公司第九届董事会提名委员会或者独 立董事专门会议资格审查，提名人与本人不存在利害关系或者其他可能影响独立履 职情形的密切关系。 ☑ 是 □ 否 如否，请详细说明： 二、本人不存在《中华人民共和国公司法》第一百七十八条等规定不得担任公 司董事的情形。 ☑ 是 □ 否 如否，请详细说明： 三、本人符合中国证监会《上市公司独立董事管理办法》和深圳证券交易所业 务规则规定的独立董事任职资格和条件。 ☑ 是 □ 否 如否，请详细说明： 四、本人符合该公司章程规定的独立董事任职条件。 ☑ 是 □ 否 如否，请详细说明： 五、本人已经 ...