1、审议通过《关于制定<商品期货期权和衍生品套期保值业务管理制度>的 议案》 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：2025-029 号 中矿资源集团股份有限公司 第六届董事会第十七次会议决议公告 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。 一、董事会会议召开情况 中矿资源集团股份有限公司（以下简称"公司"或"本公司"）第六届董事 会第十七次会议于 2025 年 5 月 19 日以通讯表决的方式召开，会议通知于 2025 年 5 月 16 日通过邮件及书面形式发出。本次会议应参加表决董事 9 名，实际参 加表决董事 9 名。本次会议由公司董事长王平卫先生主持。本次会议的召集、召 开符合《中华人民共和国公司法》和《中矿资源集团股份有限公司章程》的有关 规定，会议合法有效。 二、董事会会议审议情况 表决情况：同意9票，反对0票，弃权0票。 《中矿资源集团股份有限公司关于开展铜商品期货期权和衍生品套期保值 业务的公告》详见与本决议同日在《中国证券报》《证券时报》及巨潮资讯网 （http://www.cninfo.com. ...

Investment Rating - The report maintains an "Overweight" rating for the lithium and cobalt industry [2][5]. Core Insights - The report highlights a return to weak realities from strong expectations in the cobalt and lithium markets, with prices rebounding before retreating [14][15]. - The easing of US-China trade relations is expected to buffer the downward trend in lithium prices, although the overall market remains cautious [14][15]. - Cobalt market dynamics are characterized by a tightening supply and a cautious outlook from industry players, with many adopting a wait-and-see approach [16]. Summary by Sections 1. Cycle Assessment - The lithium sector is experiencing a slight price decline, with the Wuxi 2507 contract down 1.57% to 62,600 CNY/ton, and the Guangxi 2507 contract down 1.94% to 61,800 CNY/ton [14]. - Lithium concentrate prices have decreased to 712 USD/ton, down 13 USD/ton from the previous period [14]. - Recommended stocks for overweight positions include Zhongmin Resources, Yahua Group, Cangge Mining, Ganfeng Lithium, Keda Manufacturing, and Tibet Mining [14]. 2. Company and Industry Dynamics Tracking - The report notes significant developments in the industry, including a major discovery at the Tamarack copper-nickel project in Minnesota [19]. - The International Cobalt Institute predicts a shift to a cobalt shortage by the early 2030s, driven by demand growth outpacing supply [19]. - Salt Lake Co. has signed a project cooperation letter indicating a potential investment of around 300 million USD in Highfield Resources [19]. 3. Key Data: New Energy Material Production, Imports, and Metal Prices - Domestic production of lithium carbonate and lithium hydroxide saw a month-on-month decline in April [20]. - Lithium carbonate production decreased by 7% month-on-month but increased by 40% year-on-year [22]. - Cobalt sulfate production increased by 11% month-on-month and 48% year-on-year [23]. - The average price of battery-grade lithium carbonate fell by 2.15% to a range of 66,100-64,600 CNY/ton [57]. 4. Listed Company Profit Forecasts - Ganfeng Lithium is projected to have a PE ratio of 86.06 for 2025, while Tianqi Lithium is rated cautiously with a PE of 58.30 for 2025 [94]. - Huayou Cobalt is rated for an overweight position with a PE of 11.79 for 2025 [94].

Core Insights - The geological survey industry in China is experiencing a steady growth trend, driven by the increasing demand for mineral resources due to the rapid development of strategic emerging industries such as new-generation information technology and high-end equipment manufacturing [1][4]. Industry Definition and Classification - Geological survey refers to the investigation and research of geological conditions, including rocks, stratigraphy, minerals, groundwater, and landforms, based on the needs of economic construction, national defense, and scientific and technological development [2][4]. - The geological survey can be classified into three main categories: basic geology, mineral geology, and broad environmental geology. It can also be divided into public geological work and commercial geological work based on its nature [2]. Current Development Status - The investment scale of China's geological survey industry is projected to reach 112.1 billion yuan in 2024, with a growth rate of 1.45%. Oil and gas geological surveys dominate the sector, accounting for 77.41% of the investment [4][6]. - The total revenue of the geological survey industry is expected to be approximately 412.52 billion yuan in 2024, with various revenue streams including geological survey income, engineering survey and construction income, and mineral development income [6]. Industry Chain - The geological survey industry chain consists of upstream components such as drilling equipment and geotechnical engineering survey devices, midstream geological survey services, and downstream applications in various geological contexts [8][10]. Competitive Landscape - The main players in the geological survey industry include specialized survey technology service companies, local geological survey units, and large mining companies with their own survey enterprises. Notable companies include Zhongkuang Resources Group and China Nonferrous Metal Geological Survey [17][18]. Development Trends - The geological survey industry is expected to increasingly focus on digital and intelligent technologies, driven by advancements in technology and stricter environmental impact assessments for mining development. This will lead to the growth of green survey technologies and an increase in market concentration among high-quality geological survey service providers [22].

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]