Investment Rating - The report maintains a "Recommended" rating for several companies in the non-ferrous metals sector, including Zijin Mining, Luoyang Molybdenum, and Huayou Cobalt [4][5]. Core Insights - The easing of US-China trade tensions has led to a rebound in industrial metal prices, with significant reductions in tariffs announced for both sides [2][4]. - The report highlights a mixed demand outlook for aluminum, with domestic production nearing capacity limits while demand from the construction sector remains weak [2][14]. - For energy metals, cobalt supply tightness is expected to increase due to ongoing export bans from the Democratic Republic of Congo, while lithium prices are under pressure from high inventory levels [3][4]. - Precious metals are experiencing short-term price corrections but are expected to perform well in the medium to long term due to central bank purchases and geopolitical tensions [4][67]. Summary by Sections Industrial Metals - Aluminum prices have seen a weekly increase of 2.75%, with domestic production costs rising due to recovering alumina prices [10][14]. - Copper prices remained stable, with a slight weekly change of 0.01%, while copper concentrate imports reached a historical high [2][36]. - Zinc prices increased by 1.15% this week, driven by improved market sentiment following US-China trade negotiations [10][44]. Precious Metals - Gold prices have corrected by 3.72% due to reduced demand for safe-haven assets amid easing trade tensions, while silver prices have shown a smaller decline of 0.37% [10][67]. - The report anticipates a long-term upward trend for gold prices, supported by central bank purchases and ongoing geopolitical risks [4][67]. Energy Metals - Cobalt prices are expected to rise due to supply constraints from the Democratic Republic of Congo, while lithium prices are under pressure from high inventory levels [3][4]. - Nickel prices have shown a slight increase of 0.7%, but the overall market remains cautious due to weak demand and high inventory levels [55][57]. Recommended Companies - Key companies recommended in the report include Zijin Mining, Luoyang Molybdenum, Huayou Cobalt, and several others in the non-ferrous metals sector [4][5].

北京 BEIJING·上海 SHANGHAI·深圳 SHENZHEN·香港 HONGKONG·广州 GUANGZHOU·西安 XI`AN 致：中矿资源集团股份有限公司 北京市嘉源律师事务所 关于中矿资源集团股份有限公司 法律意见书 嘉源(2025)-04-299 北京市嘉源律师事务所（以下简称"本所"）接受中矿资源集团股份有限公 司（以下简称"公司"）的委托，根据《中华人民共和国公司法》 （以下简称"《公 司法》"）《上市公司股东会规则》（以下简称"《股东会规则》"）等现行有效的法 律、行政法规、部门规章、规范性文件（以下简称"法律法规"）以及《中矿资 源集团股份有限公司章程》 （以下简称"《公司章程》"）的有关规定，指派本所律 师对公司 2024 年度股东大会（以下简称"本次股东大会"）进行见证，并依法出 具本法律意见书。 为出具本法律意见书，本所指派律师现场见证了本次股东大会，查阅了公司 提供的与本次股东大会有关的文件和资料，并进行了必要的审查和验证。在前述 审查和验证的过程中，本所律师得到公司的如下承诺和保证：就本所认为出具本 法律意见书所必需审查的事项而言，公司已经提供了全部相关的原始书面材料、 副本 ...

中矿资源集团股份有限公司 证券代码：002738 证券简称：中矿资源 公告编号：2025-028号 中矿资源集团股份有限公司 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。 年 4 月 25 日以公告形式刊登了《中矿资源集团股份有限公司关于召开 2024 年 度股东大会的通知》。2025 年 4 月 28 日，公司收到控股股东中色矿业集团有限 公司发来的《关于提请增加中矿资源集团股份有限公司 2024 年度股东大会临时 提案的函》，将《关于出售下属公司股权和债权暨关联交易的议案》 《关于下属子 公司签署购售电合同暨日常关联交易的议案》和《关于下属子公司签署储能柜设 备租赁协议暨日常关联交易的议案》提交公司 2024 年度股东大会审议。公司于 度股东大会增加临时提案的公告》。 一、会议召开的基本情况 （1）现场会议召开时间：2025 年 5 月 15 日（星期四）14:00。 （2）网络投票时间：2025 年 5 月 15 日。 其中，通过深圳证券交易所交易系统（http://wltp.cninfo.com.cn）进行网络 投票的具体时间为：2025 年 5 月 ...

北京 BEIJING·上海 SHANGHAI·深圳 SHENZHEN·香港 HONGKONG·广州 GUANGZHOU·西安 XI`AN 致：中矿资源集团股份有限公司 北京市嘉源律师事务所 关于中矿资源集团股份有限公司 2024 年度股东大会的 基于前述，本所律师根据相关法律法规的要求，按照律师行业公认的业务标 准、道德规范和勤勉尽责的精神，就本次股东大会的相关事项出具法律意见如下： 一、本次股东大会的召集与召开程序 法律意见书 嘉源(2025)-04-299 北京市嘉源律师事务所（以下简称"本所"）接受中矿资源集团股份有限公 司（以下简称"公司"）的委托，根据《中华人民共和国公司法》（以下简称"《公 司法》"）《上市公司股东会规则》（以下简称"《股东会规则》"）等现行有效的法 律、行政法规、部门规章、规范性文件（以下简称"法律法规"）以及《中矿资 源集团股份有限公司章程》（以下简称"《公司章程》"）的有关规定，指派本所律 师对公司 2024 年度股东大会（以下简称"本次股东大会"）进行见证，并依法出 具本法律意见书。 为出具本法律意见书，本所指派律师现场见证了本次股东大会，查阅了公司 提供的与本次股东大会有 ...

中矿资源集团股份有限公司 证券代码：002738 证券简称：中矿资源 公告编号：2025-028号 中矿资源集团股份有限公司 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、中矿资源集团股份有限公司（以下简称"公司"或"本公司"）于 2025 年 4 月 25 日以公告形式刊登了《中矿资源集团股份有限公司关于召开 2024 年 度股东大会的通知》。2025 年 4 月 28 日，公司收到控股股东中色矿业集团有限 公司发来的《关于提请增加中矿资源集团股份有限公司 2024 年度股东大会临时 提案的函》，将《关于出售下属公司股权和债权暨关联交易的议案》《关于下属子 公司签署购售电合同暨日常关联交易的议案》和《关于下属子公司签署储能柜设 备租赁协议暨日常关联交易的议案》提交公司 2024 年度股东大会审议。公司于 2025 年 4 月 30 日以公告形式刊登了《中矿资源集团股份有限公司关于 2024 年 度股东大会增加临时提案的公告》。 2、本次股东大会无否决提案的情形。 1、召开时间： 3、本次股东大会未涉及变更前次 ...

Summary of Zhongmin Resources Conference Call Industry and Company Overview - The conference call pertains to Zhongmin Resources, focusing on the lithium and copper mining sectors, as well as small metals like gallium and germanium. Key Points and Arguments 1. **Cost Structure and Reduction Measures** - The total cost of lithium carbonate is approximately 68,000 RMB/ton, with production costs around 50,000 RMB/ton. Cost reduction measures could lower costs by about 10,000 RMB/ton, with most measures already implemented to enhance profitability [2][5]. 2. **Lithium Exploration Revenue Growth** - Lithium exploration business generated 350 million RMB in revenue in Q1, with a gross profit of 230 million RMB, reflecting over 90% year-on-year growth. The new beneficiation plant in Zimbabwe is expected to increase capacity steadily throughout the year [2][3]. 3. **Copper Mining Project Timeline** - The copper mining project is scheduled to commence production in July 2026, aiming for an emergency capacity of 60,000 tons. The company plans to expand copper production capacity to over 100,000 tons within 3-5 years [2][3][20]. 4. **Gallium and Germanium Business Outlook** - The gallium and germanium business is expected to achieve qualified product sales by Q4 this year, with overseas market prices approximately 1.5 times higher than domestic prices. The company plans to increase production annually [2][4]. 5. **Production and Profitability Expectations** - The total production for the year is expected to reach around 900 tons, with gross profit anticipated to increase slightly from last year's 1.1 billion RMB. The company has refrained from raising prices this year to ease market sentiment, but moderate price increases may occur next year [2][10]. 6. **Small Metals Development Plans** - The company holds various mining rights for tantalum, niobium, and rare earths, with plans to gradually develop small metals with price advantages, particularly in high-tech applications [3][13][16]. 7. **Capital Expenditure and Project Focus** - The company faces significant capital expenditure pressures, with total investments around 1 billion USD. Short-term simultaneous project development is challenging, leading to a focus on existing resource projects [2][15][33]. 8. **Market Demand for Cesium** - The demand for cesium and its derivatives is expected to grow, particularly in high-tech fields. The global cesium market is projected to expand from approximately 2,000 tons to 4,000-5,000 tons [3][16]. 9. **Taxation and Cost Reduction Potential** - Current taxation is relatively low, with resource tax based on a 7% rate of export prices. As export prices decline, the tax burden is also decreasing [8][9]. 10. **Future Development Strategy** - The company aims to leverage its technical advantages in geological exploration and expand into other metals, including tantalum, beryllium, and rare earths, while focusing on the African market [37][38]. Additional Important Information - The company is transitioning a 50 MW solar project to focus on core operations, divesting low-efficiency assets to enhance investment returns [18]. - The copper mining project is progressing as planned, with a goal to double production within five years [22]. - The company has completed product certifications with CNOOC, aiming to expand its market presence in China [17]. This summary encapsulates the essential insights from the conference call, highlighting the company's strategic direction, financial performance, and market outlook.

Core Viewpoint - The Shenzhen Upstream Industry Index has shown a recent increase, indicating potential investment opportunities in the upstream sector of the market [1] Group 1: Index Performance - The Shenzhen Upstream Industry Index rose by 1.32%, closing at 3951.01 points, with a trading volume of 16.078 billion yuan [1] - Over the past month, the index has increased by 5.14%, while it has decreased by 4.57% over the last three months and is down 0.09% year-to-date [1] Group 2: Index Composition - The Shenzhen Upstream Industry Index is composed of companies from the upstream, midstream, and downstream sectors, providing diverse investment options for investors [1] - The index is based on a reference date of December 31, 2002, with a base point of 1000.0 [1] Group 3: Top Holdings - The top ten weighted stocks in the Shenzhen Upstream Industry Index include: - Ganfeng Lithium (5.27%) - Shanjin International (4.81%) - Yun Aluminum (4.64%) - Tianqi Lithium (4.54%) - Shenhuo Co. (4.0%) - Feilihua (3.7%) - Tongling Nonferrous Metals (3.66%) - China Rare Earth (3.62%) - Zhongmin Resources (3.17%) - Tianshan Aluminum (3.13%) [1] Group 4: Sector Allocation - The sector allocation of the index holdings is as follows: - Industrial metals: 34.91% - Rare metals: 32.53% - Precious metals: 10.22% - Coal: 6.42% - Other non-metal materials: 5.57% - Oil and natural gas: 3.86% - Other nonferrous metals and alloys: 3.39% - Oil and gas extraction and field services: 3.10% [2] Group 5: Sample Adjustment - The index samples are adjusted semi-annually, with adjustments occurring on the next trading day after the second Friday of June and December each year [2] - The sample adjustment typically does not exceed 20%, with special circumstances allowing for temporary adjustments [2]

Core Viewpoint - Company held an earnings briefing on May 9, 2025, to discuss its financial performance and strategic direction for 2024 and beyond [1][2]. Financial Performance - In 2024, the company achieved a revenue of 5.364 billion yuan and a net profit attributable to shareholders of 757 million yuan, with a basic earnings per share of 1.0498 yuan [3]. - For Q1 2025, the company reported a revenue of 1.536 billion yuan and a net profit of 135 million yuan, with a basic earnings per share of 0.1868 yuan [3]. - As of December 31, 2024, total assets were 17.193 billion yuan, and net assets attributable to shareholders were 12.181 billion yuan [3]. Business Segments - The rare light metal (cesium and rubidium salt) segment saw significant growth, with a revenue of 1.395 billion yuan in 2024, up 24.16% year-on-year, and a gross profit of 1.092 billion yuan, up 50.98% [4]. - The cesium and rubidium fine chemical business generated 728 million yuan in revenue, while the formic acid cesium business brought in 667 million yuan [4]. Strategic Initiatives - The company is focusing on enhancing its copper production capabilities, aiming for an integrated capacity of 60,000 tons per year at the Kitumba copper mine by 2025 [5]. - The company sold the Kachihishi copper mine to a third party to allocate funds for other project developments [6]. - The Tsumeb smelter in Namibia contains 746.21 tons of germanium, with ongoing projects to extract and utilize these resources [7][8]. Future Growth Drivers - The company plans to develop a multi-metal resource pool focusing on new energy metals, bulk metals, and rare strategic metals, with an emphasis on lithium and copper [10]. - The company aims to complete the construction of a multi-metal recycling project with a designed capacity for germanium and gallium, which is expected to provide new profit growth points [9]. Industry Outlook - The lithium and cesium-rubidium sectors are expected to continue showing resilience and sustainable growth despite complex supply-demand dynamics [11]. - The company reported a significant increase in lithium salt sales, reaching 39,477 tons in 2024, up 164% year-on-year [11].

Investment Rating - The report maintains a "Recommended" rating for several companies including Zijin Mining, Luoyang Molybdenum, Yunnan Aluminum, Huayou Cobalt, and others [4][7]. Core Views - The macroeconomic environment shows mixed signals with U.S. non-farm employment exceeding expectations while GDP contracted, leading to concerns about economic stagnation. However, domestic monetary easing measures are expected to support industrial metal prices [2][3]. - The report highlights a shift in the supply-demand balance for cobalt and lithium, with cobalt prices expected to rise due to supply constraints, while lithium prices are under pressure from high inventory levels [3]. - Precious metals are viewed positively due to increased geopolitical tensions and ongoing central bank gold purchases, which are expected to support gold prices in the medium to long term [3]. Summary by Sections Industrial Metals - Copper: The SMM import copper concentrate index decreased by $43.11 per dry ton, indicating a tightening supply situation. The operating rate of copper cable enterprises fell to 83.49%, reflecting weak demand [2]. - Aluminum: Domestic electrolytic aluminum production capacity remains stable, with a notable decrease in social inventory by 16,000 tons, indicating a shift from accumulation to depletion [2]. - Zinc: The report notes fluctuations in zinc prices influenced by macroeconomic factors and trade uncertainties, with LME zinc prices recorded at $2,601 per ton [2][47]. Energy Metals - Cobalt: The report indicates ongoing supply tightness due to Congo's export ban, with prices expected to enter a new upward phase as inventory levels decrease [3]. - Lithium: Demand remains weak with downstream material manufacturers waiting for further price declines, while supply remains high, leading to continued downward pressure on prices [3]. Precious Metals - Gold: The report notes that the Chinese central bank has increased its gold reserves for six consecutive months, supporting a bullish outlook for gold prices amid rising geopolitical tensions [3]. - Silver: Although silver prices have declined, they are expected to rebound more significantly than gold if gold prices increase, due to silver's industrial applications [3]. Key Companies and Forecasts - The report provides earnings forecasts and valuations for key companies, with Zijin Mining projected to have an EPS of 1.57 in 2025 and a PE ratio of 11 [4]. - Other recommended companies include Luoyang Molybdenum, Yunnan Aluminum, and Huayou Cobalt, with similar positive outlooks on their earnings and valuations [4].

Financial Performance - In 2024, the company achieved a revenue of CNY 5.364 billion and a net profit of CNY 757 million, with a basic earnings per share of CNY 1.0498 [3] - In Q1 2025, the company reported a revenue of CNY 1.536 billion and a net profit of CNY 135 million, with a basic earnings per share of CNY 0.1868 [4] Rare Metals Business - The rare light metal (cesium and rubidium salt) segment generated a revenue of CNY 1.395 billion in 2024, a year-on-year increase of 24.16%, with a gross profit of CNY 1.092 billion, up 50.98% [5] - The cesium and rubidium fine chemical business contributed CNY 728 million in revenue, while the formic acid cesium business generated CNY 667 million [5] Copper Production Plans - The company aims to complete a copper production capacity of 60,000 tons per year by 2025, focusing on the Kitumba copper mine [6] - The Kachihishi copper mine has an estimated copper metal content of 60,000 tons and has been sold to a third party for further project funding [6] Geochemical Resources - The Tsumeb smelter in Namibia contains 746.21 tons of germanium with an average grade of 253.51 g/t, and a multi-metal recycling project is underway to enhance resource value [7] - The project aims to produce 33 tons of germanium ingots, 11 tons of industrial gallium, and 10,900 tons of zinc ingots annually [7] Future Growth Drivers - The company plans to develop a competitive landscape driven by new energy metals, bulk metals, and rare strategic metals, with a focus on lithium and copper [8] - The lithium salt sales reached 39,477 tons in 2024, a 164% increase year-on-year, supported by resource advantages and cost-reduction strategies [9]