（编辑 丛可心） 证券日报网讯 12月22日晚间，神火股份发布公告称，公司董事会第九届二十四次会议审议通过《关于 聘任副总经理、总工程师的议案》《关于调整组织架构的议案》《关于制定的议案》等多项议案。 ...

河南神火煤电股份有限公司 证券投资管理制度 第一章 总则 第一条 为规范河南神火煤电股份有限公司（以下简称"公司"） 的证券投资管理，防范投资决策和执行过程中的相关风险，提升公司 经济效益，维护股东和公司的合法权益，根据《中华人民共和国公司 法》《中华人民共和国证券法》《深圳证券交易所股票上市规则》 《深圳证券交易所上市公司自律监管指引第7号——交易与关联交易》 等法律、法规、规范性文件以及《河南神火煤电股份有限公司章程》 （以下简称"《公司章程》"）的有关规定，结合公司实际，特制定 本制度。 第二条 本制度所称证券投资，包括新股配售或者申购、证券回 购、股票及存托凭证投资、债券投资以及深圳证券交易所（以下简称 "深交所"）认定的其他投资行为，但下列情形除外： （一）作为公司或控股子公司主营业务的证券投资行为； （二）固定收益类或者承诺保本的投资行为； （三）参与其他上市公司的配股或者行使优先认购权利； （四）购买其他上市公司股份超过总股本的10%，且拟持有三年以 上的证券投资。 第三条 公司从事证券投资的原则： （一）公司的证券投资应遵守国家法律、法规、规范性文件等相 关规定。 （二）公司开展证券投资应当遵 ...

证券代码：000933 证券简称：神火股份 公告编号：2025-079 河南神火煤电股份有限公司 关于副总经理、总工程师辞职的公告 本公司及董事会全体成员保证信息披露的内容真实、准确和完整，没有虚假记载、误 导性陈述或重大遗漏。 河南神火煤电股份有限公司（以下简称"公司""神火股份"） 董事会于近日收到公司副总经理、总工程师张敬军先生的书面辞职报 告，因工作变动，张敬军先生申请辞去副总经理、总工程师职务。 根据《公司法》等法律、法规及《公司章程》的有关规定，张敬 军先生的辞职报告自送达公司董事会之日起生效，其辞职不会影响公 司生产经营和管理的正常进行。张敬军先生已向董事会确认，其与公 司无任何意见分歧，亦无任何事宜须提请公司董事会及公司股东注意。 辞职后，张敬军先生除将继续担任公司创新发展研究院下设煤炭绿色 高效智能开采研究院院长职务外，不再担任公司其他职务。 河南神火煤电股份有限公司董事会 2025 年 12 月 23 日 截至本公告披露之日，张敬军先生持有公司股票 15.47 万股，该股 份为公司 2021 年限制性股票激励计划所授予的股份，张敬军先生不存 在应当履行而未履行的承诺事项。本次辞去副总经理、 ...

每经AI快讯，神火股份（SZ 000933，收盘价：26.72元）12月22日晚间发布公告称，因工作变动，张敬 军先生申请辞去副总经理、总工程师职务。张敬军先生除将继续担任公司创新发展研究院下设煤炭绿色 高效智能开采研究院院长职务外，不再担任公司其他职务。 2025年1至6月份，神火股份的营业收入构成为：有色占比69.42%，采掘业占比14.13%，电解铝深加工 占比10.85%，贸易占比3.82%，其他行业占比1.72%。 截至发稿，神火股份市值为601亿元。 每经头条（nbdtoutiao）——新能源重卡爆单了，11月销量同比增长178%！两班倒都供不应求，客户直 接进厂催单，这情景十年难遇 （记者 曾健辉） ...

河南神火煤电股份有限公司 董事会第九届二十四次会议决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确和完整，没有虚假记载、 误导性陈述或重大遗漏。 一、会议召开情况 河南神火煤电股份有限公司（以下简称"公司""神火股份"）董 事会第九届二十四次会议于 2025年 12 月 22 日以现场出席和视频出席 相结合的方式召开，现场会议召开地点为河南省永城市东城区东环路 北段 369 号公司本部 2 号楼九楼第二会议室，会议由公司董事长李宏 伟先生召集和主持。本次董事会会议通知及相关资料已于 2025 年 12 月 17日分别以专人、电子邮件等方式送达全体董事和高级管理人员。 本次会议应出席董事九名，实际出席董事九名（独立董事谷秀娟女 士、黄国良先生视频出席，其余董事均为现场出席），公司高级管理人 员列席，符合《公司法》等法律法规和《公司章程》的规定。 二、会议审议情况 经与会董事审议，会议以签字表决方式形成决议如下： 证券代码：000933 证券简称：神火股份 公告编号：2025-080 （一）审议通过《关于聘任副总经理、总工程师的议案》 根据公司经营发展需要，经公司总经理张文章先生提名和董事 会提名委员 ...

Core Viewpoint - The Shenzhen State-Owned Enterprises Shareholder Return Index (470064) closed at 2239.32 points, with a slight increase of 0.05% on December 22, 2023, indicating a stable market performance despite mixed results among constituent stocks [1]. Group 1: Index Performance - The index recorded a total transaction volume of 25.18 billion yuan, with a turnover rate of 1.05% [1]. - Among the constituent stocks, 26 companies saw an increase in their share prices, while 21 experienced declines [1]. - Beibu Gulf Port led the gainers with a rise of 4.39%, while XCMG Machinery had the largest decline at 2.67% [1]. Group 2: Top Constituents - The top ten constituent stocks of the index include: - BOE Technology Group (9.18% weight) at 4.04 yuan, down 1.22% with a market cap of 151.52 billion yuan [1]. - Wuliangye Yibin (7.93% weight) at 110.33 yuan, down 0.18% with a market cap of 428.26 billion yuan [1]. - Hikvision (7.56% weight) at 29.15 yuan, down 0.14% with a market cap of 267.16 billion yuan [1]. - XCMG Machinery (5.79% weight) at 10.92 yuan, down 2.67% with a market cap of 128.34 billion yuan [1]. Group 3: Capital Flow - The net outflow of main funds from the constituent stocks totaled 721 million yuan, while retail investors contributed a net inflow of 477 million yuan [3]. - Notable capital movements included: - Shanjin International with a net inflow of 34.1 million yuan from main funds [3]. - Chang'an Automobile experienced a net outflow of 106 million yuan from retail investors [3]. Group 4: Index Adjustments - Recent adjustments to the index included the addition of 10 new stocks and the removal of 10 others, effective December 15, 2025 [4]. - New additions include: - Zhongmi Holdings (73.49 billion yuan market cap) in the machinery sector [4]. - Runbang Shares (58.06 billion yuan market cap) also in machinery [4]. - Stocks removed from the index include: - Xinmei Shares (997.27 billion yuan market cap) in the food and beverage sector [4].

Investment Rating - The investment rating for the company is "Buy" [2][10]. Core Insights - The company, Shenhuo Co., Ltd., is a leading producer of electrolytic aluminum and coal in China, with a significant integrated supply chain advantage [7][19]. - The electrolytic aluminum sector is expected to experience strong profitability due to limited new capacity and increasing demand from traditional and new energy sectors [10][55]. - The coal business is recovering, with a focus on high-quality coking coal production, benefiting from regional advantages and regulatory constraints on supply [10][19]. - The company has a high return on equity (ROE) and dividend yield, indicating strong financial health and potential for increased shareholder returns [10][17]. - The company's valuation is lower than comparable firms, suggesting significant upside potential [10][17]. Summary by Sections Company Overview - Shenhuo Co., Ltd. was established in 1998 and is primarily engaged in the production and sale of aluminum products and coal, with a total electrolytic aluminum capacity of 1.7 million tons per year [7][19]. - The company has substantial coal reserves, with 1.309 billion tons of total reserves and 605 million tons of recoverable reserves [7][19]. Aluminum Sector - The supply of electrolytic aluminum is constrained by government policies, with a production ceiling of 45 million tons, leading to a favorable pricing environment [44][51]. - Demand for aluminum is expected to grow, driven by traditional sectors like construction and emerging sectors such as electric vehicles and solar energy [55]. Coal Sector - The company produces high-quality coking coal, with annual production capacities of 3.45 million tons of smokeless coal and 5.1 million tons of lean coal [7][19]. - The coal market is stabilizing, with prices expected to recover due to regulatory measures limiting supply [10][19]. Financial Performance - The company's total revenue is projected to grow from 37.625 billion yuan in 2023 to 40.653 billion yuan in 2025, with a net profit forecasted to increase from 5.905 billion yuan to 5.291 billion yuan in the same period [9]. - The company's ROE is expected to remain high, with a TTM ROE of 17.8% as of Q3 2025, indicating strong profitability [10][17]. Valuation Metrics - As of December 19, 2025, the company's PE ratio is 11.2, lower than the average of comparable companies at 13.3 [10][17]. - The company has a dividend payout ratio of 41.6%, with a dividend yield of approximately 3%, positioning it favorably among industry peers [10][17].

Investment Rating - The industry investment rating is "Outperform the Market" and is maintained [2] Core Views - Precious metals are recommended to be held firmly due to their continued price increase, driven by a decrease in the US CPI and expectations of interest rate cuts in 2026, which enhances the probability of a soft landing. Industrial precious metals like silver and platinum are favored, while gold is expected to underperform in the short term. The long-term trend of de-dollarization is anticipated to continue, and investors are advised to hold low-cost positions despite market volatility [5] - Copper prices are expected to rise again due to a soft landing scenario, with LME copper increasing by 2.75% this week. The anticipated supply-demand tightness in 2026, coupled with increased fiscal spending expectations from the US government, suggests that price adjustments should be viewed as buying opportunities [6] - Aluminum prices have increased by 2.80%, supported by low inventory levels and resilient demand from sectors like automotive and electronics, despite December being a traditional off-peak season. Investors are encouraged to buy aluminum and related equities on dips [6] - Tin prices have surpassed 340,000 yuan/ton, driven by reduced macroeconomic uncertainty and speculative trading, although high prices have led to stagnant spot transactions. A significant inventory buildup is noted, and while short-term price corrections may occur, the long-term price center is expected to remain above 300,000 yuan [7] - Tungsten prices continue to reach new highs, with black tungsten concentrate prices rising to 430,000 yuan/ton. Supply constraints and strong demand from sectors like defense and controlled nuclear fusion are expected to maintain upward pressure on prices [8] Summary by Sections Industry Performance - The non-ferrous metals sector saw a weekly increase of 1.16%, ranking 14th among industry indices [17] Price Movements - Basic metals: LME copper up 2.75%, aluminum up 2.80%, zinc down 1.94%, lead up 0.94%, tin up 4.50% - Precious metals: COMEX gold up 0.90%, silver up 8.55%, NYMEX palladium up 16.03%, platinum up 14.27% - New energy metals: LME nickel up 1.92%, cobalt up 1.21%, lithium carbonate up 3.33% [20] Inventory Levels - Global visible inventories increased: copper by 19,262 tons, aluminum by 6,978 tons, zinc by 31,871 tons, lead by 21,368 tons, tin by 1,575 tons, nickel by 3,870 tons [34]

Investment Rating - The report maintains an "Overweight" rating for the non-ferrous metals sector [1] Core Views - The non-ferrous metals sector saw a weekly increase of 1.46%, ranking in the upper middle among all primary industries. The energy metals sector rose by 5.08%, while the precious metals sector increased by 0.68% [1][14] - Gold prices have broken through the consolidation range, while silver's bullish sentiment has peaked, indicating a potential risk of a sharp short-term correction [1][49][50] Summary by Sections Market Review - The Shanghai Composite Index rose by 0.33%, with the non-ferrous metals sector outperforming the index by 1.44 percentage points [14] - The report highlights the performance of various sub-sectors, with energy metals leading the gains [14] Industrial Metals - **Copper**: Prices fluctuated with LME copper at $11,882 per ton (up 2.85%) and SHFE copper at ¥93,180 per ton (down 0.96%). Supply remains weak, with a forecasted global copper shortage of 150,000 tons by 2026. Demand is deteriorating as construction projects pause, leading to increased spot market discounts [2][30] - **Aluminum**: LME aluminum rose to $2,945 per ton (up 2.43%), while SHFE aluminum was at ¥22,185 per ton (up 0.07%). Supply conditions are stable, with new capacity coming online, but demand remains cautious due to a downturn in the real estate sector [3][35] - **Zinc**: Prices fell, with LME zinc at $3,073 per ton (down 2.12%) and SHFE zinc at ¥23,065 per ton (down 2.29%). Inventory levels showed mixed trends [41] - **Tin**: Prices increased, with LME tin at $43,227 per ton (up 5.11%) and SHFE tin at ¥343,040 per ton (up 3.02%). Supply from Indonesia has increased, but demand remains cautious [46] Precious Metals - **Gold**: COMEX gold closed at $4,368.70 per ounce (up 0.90%), while SHFE gold was at ¥979.90 per gram (up 0.95%). Economic data from the U.S. showed mixed results, but overall inflation appears to be cooling, which may influence future gold prices positively [4][49] - **Silver**: The report warns of extreme bullish sentiment in silver, with potential for a sharp correction as market volatility peaks [50]

Group 1: Copper - Copper prices experienced fluctuations with LME copper up by 0.36%, SHFE copper down by 0.96%, and COMEX copper up by 2.33% [1] - The U.S. unemployment rate for November was 4.6%, exceeding expectations, while the CPI was below expectations, leading to increased expectations for Fed rate cuts, which supports copper prices [1] - A long-term processing fee benchmark for copper concentrate was set at $0/ton and $0/lb for 2026, indicating a tight supply situation in the copper mining sector [1] - Copper inventories increased, with LME copper at 160,000 tons, COMEX copper at 462,000 short tons, and SHFE copper at 96,000 tons, showing changes of -3.32%, +2.57%, and +7.18% respectively [1] - The operating rate for electrolytic copper rods was 63.06%, a decrease of 1.48 percentage points [1] - Long-term, insufficient capital expenditure in copper mining and frequent supply disruptions may shift the copper supply-demand balance from tight equilibrium to shortage, with potential price increases as the Fed enters a rate-cutting cycle [1] Group 2: Aluminum - Domestic aluminum inventories saw a slight increase, while aluminum prices remained high, with SHFE aluminum down by 0.54% to 22,000 yuan/ton [2] - The price of alumina fell by 1.08% to 2,750 yuan/ton, with metallurgical-grade alumina production capacity at 88.085 million tons/year and a weekly operating rate of 79.85% [2] - The aluminum market is expected to experience a shortage next year due to stable demand growth and limited supply, as domestic electrolytic aluminum production capacity approaches its ceiling [2] Group 3: Lithium - Lithium prices are entering an upward cycle, with lithium carbonate prices rising by 3.33% to 97,700 yuan/ton and spodumene concentrate up by 8.03% to $1,318/ton [3] - Lithium carbonate production increased to 22,000 tons, with SMM weekly inventory down by 0.9%, marking 18 consecutive weeks of inventory reduction [3] - The demand for lithium battery materials remains strong, with phosphate iron lithium production in November at 413,000 tons, a year-on-year increase of 44% [3] - The lithium sector is expected to see a profit turning point as demand growth exceeds expectations and supply-demand dynamics shift [3] Group 4: Cobalt - Cobalt prices are expected to continue rising, with MB cobalt up by 0.51% to $24.45/lb and domestic cobalt prices up by 1.93% to 422,000 yuan/ton [4] - The Democratic Republic of Congo lifted its cobalt export ban on October 16, implementing a quota system instead, but the export process for many companies remains slow [4] - Structural tightness in cobalt raw materials is expected to persist, with domestic supplies likely arriving only after March next year due to shipping delays and holiday impacts [4]