河南中孚实业股份有限公司 董事会议事规则 （2025 年 10 月修订） 第一章 总 则 第一条 为了进一步规范河南中孚实业股份有限公司（以下简称"公司"）董 事会的议事方式和决策程序，促使董事和董事会更有效地行使职权，提高董事会 规范运作和科学决策水平，根据《中华人民共和国公司法》《中华人民共和国证 券法》《上市公司治理准则》《上海证券交易所股票上市规则》《上海证券交易所 上市公司自律监管指引第 1 号——规范运作》等有关法律、法规及规范性文件和 《河南中孚实业股份有限公司章程》（以下简称《公司章程》）的有关规定，制定 本规则。 第二条 董事会是公司经营管理的决策机构，负责经营和管理公司的法人财 产，维护公司和全体股东的利益，对公司股东会负责。 第三条 公司董事会应当按照法律法规、证券交易所相关规定和《公司章程》 的规定履行职责。董事会的人数及人员构成应当符合法律法规、证券交易所和《公 司章程》的有关规定，董事会成员应当具备履行职责所必需的知识、技能和素质， 具备良好的职业道德。 第二章 董事会的组成及下设机构 第四条 公司董事会由 9 名董事组成，其中独立董事不少于三分之一，职工 董事 1 名。董事会设董 ...

Core Viewpoint - Zhongfu Industrial (600595.SH) aims to leverage its advantages in the aluminum deep processing market by investing in a new project to enhance its product value and extend its downstream industrial chain [1] Group 1 - The company plans to invest 356.2 million yuan in the construction of a project that will produce 25,000 tons of high-performance aluminum-plastic film aluminum foil for new energy applications annually [1]

Core Viewpoint - Zhongfu Industrial (600595.SH) is advancing its "green" development strategy by investing in integrated wind power projects to optimize its energy consumption structure [1] Investment Projects - The company plans to invest in two wind power projects: the Zhongfu High-Precision Aluminum Material Source Network Load Storage Integration Project and the Zhongfu Aluminum Industry Source Network Load Storage Integration Project [1] - The investment amounts for these projects are 191.9944 million yuan and 215.4733 million yuan, respectively, totaling 407.4677 million yuan [1] - Both projects have received approval from the relevant authorities in Gongyi City [1]

Core Viewpoint - Zhongfu Industrial (600595) announced significant investments in new energy projects and reported strong financial performance for Q3 2025 [1] Investment Plans - The wholly-owned subsidiary Fujin New Materials plans to invest 356 million yuan to build a high-performance aluminum-plastic film aluminum foil project with an annual production capacity of 25,000 tons [1] - Another wholly-owned subsidiary, Fujin New Energy, intends to invest a total of 407 million yuan in two integrated wind power projects: Zhongfu High-Precision Aluminum Material Source Network Load Storage and Zhongfu Aluminum Industry Source Network Load Storage [1] Financial Performance - For Q3 2025, Zhongfu Industrial reported revenue of 6.059 billion yuan, representing a year-on-year increase of 5.58% [1] - The net profit for the same period was 480 million yuan, showing a significant year-on-year growth of 69.03% [1]

Core Viewpoint - Zhongfu Industrial (600595.SH) announced plans for significant investments in integrated wind power projects through its wholly-owned subsidiary, Henan Fujin New Energy Co., Ltd, totaling 407 million yuan [1] Investment Details - The company plans to invest 192 million yuan in the Henan Zhongfu High-Precision Aluminum Material Co., Ltd integrated wind power project [1] - An additional investment of 215 million yuan is earmarked for the Henan Zhongfu Aluminum Co., Ltd integrated wind power project [1] - The total investment for both projects amounts to 407 million yuan [1]

Core Viewpoint - Zhongfu Industry reported a revenue of 6.059 billion yuan in Q3, representing a year-on-year increase of 5.58% and a net profit of 480 million yuan, which is a significant year-on-year growth of 69.03% [1] Summary by Category Revenue Performance - The company's revenue for the first three quarters was 16.633 billion yuan, showing a slight year-on-year decline of 0.60% [1] Profitability - The net profit for the first three quarters reached 1.187 billion yuan, reflecting a year-on-year increase of 63.25% [1]

Core Viewpoint - Zhongfu Industrial (600595.SH) aims to leverage its advantages in the aluminum deep processing market by investing in a new project to enhance its product value chain and extend downstream operations [1] Investment Details - The company plans to invest 356.2 million yuan in the construction of a project that will produce 25,000 tons of high-performance aluminum-plastic film aluminum foil for new energy applications annually [1]

Investment Rating - The report does not explicitly state an investment rating for the industry Core Insights - China's GDP grew by 5.2% year-on-year, with industrial value-added increasing by 6.2% [1][15] - The US core CPI rose by 0.2% month-on-month, leading to increased expectations for interest rate cuts by the Federal Reserve [2][17] - Copper prices are experiencing strong performance, nearing $11,000 per ton due to supply concerns and optimistic trade outlooks [3][20] - The Chinese Nonferrous Metals Industry Association emphasizes the need to prevent "involution" and ensure supply chain security [4][21] Summary by Sections Market Review - The Shanghai Composite Index rose by 2.88%, while the nonferrous metals sector increased by 1.13%, underperforming the index [9] Key Focus Areas & Metal Prices - Industrial metals are expected to see price increases, particularly copper, which is projected to continue rising due to supply disruptions [22] - LME copper price was $10,947 per ton, up 3.21% week-on-week, while SHFE copper price was 87,720 yuan per ton, up 3.95% [22][28] Strategic Metals - New policies on rare earth exports are expected to benefit the heavy rare earth sector in the short term [46] Company Recommendations - For industrial metals, companies like Zijin Mining, Luoyang Molybdenum, and Western Mining are recommended for investment [53] - In the strategic metals sector, companies such as Huayou Cobalt and Xiamen Tungsten are highlighted for potential growth [54]

Investment Rating - The industry investment rating is "Positive" (maintained) [3][4] Core Views - The report highlights that copper prices are expected to experience high-level fluctuations in the short term, driven by supply disruptions and ongoing negotiations between the US and China [4] - Aluminum prices are on the rise due to continuous inventory depletion, while the alumina market remains in an oversupply situation [4] - Lithium prices are recovering from the bottom as demand increases during the peak season, with a notable decrease in inventory [4] - Cobalt prices are likely to continue rising due to the implementation of export quotas in the Democratic Republic of Congo, which may tighten supply [4] Summary by Sections 1. Industry Overview - The report indicates that the US CPI for September was lower than expected, which may influence market conditions [8] 2. Market Performance - The overall performance of the non-ferrous metals sector shows that the Shanghai Composite Index rose by 2.88%, while the non-ferrous sector increased by 1.13%, underperforming the index by 1.75 percentage points [11][12] 3. Valuation Changes - The TTM PE for the non-ferrous sector is 27.27, with a weekly change of 0.68, while the PB is 3.17, reflecting a 0.09 change [21][24] 4. Industrial Metals - Copper prices increased by 2.61% in London and 3.95% in Shanghai, with inventories decreasing [26] - Aluminum prices rose by 2.78% in London and 1.14% in Shanghai, with a notable increase in aluminum enterprise profits [36] - Lead and zinc prices also saw increases, with lead prices up by 2.00% and zinc by 2.48% [47] - Lithium prices for lithium carbonate rose by 2.79% to 75,400 yuan/ton, while lithium spodumene increased by 4.14% to 881 USD/ton [76] - Cobalt prices saw a significant increase, with MB cobalt rising by 7.75% to 22.60 USD/pound [89]

Investment Rating - The report maintains a "Recommended" rating for several companies in the non-ferrous metals sector, including Zijin Mining, Luoyang Molybdenum, and China Aluminum [5][6]. Core Views - The report highlights that industrial metal prices are expected to remain strong due to seasonal demand and supply disruptions, particularly for copper and aluminum [2][3]. - Energy metals like lithium and cobalt are projected to perform well, driven by strong demand in the energy storage market and supply constraints [3]. - Precious metals are anticipated to experience price fluctuations in the short term, but long-term trends remain bullish due to central bank gold purchases and weakening dollar credit [4]. Summary by Sections Industrial Metals - Copper prices are supported by macroeconomic sentiment and supply disruptions, with the SMM import copper concentrate index at $51.2/ton, down $0.6/ton month-on-month [2]. - Aluminum demand is robust, particularly from the automotive sector, with domestic aluminum ingot social inventory at approximately 618,000 tons, down 9,000 tons week-on-week [2]. - Key companies recommended include Luoyang Molybdenum, Zijin Mining, and China Aluminum [2]. Energy Metals - Lithium supply is increasing due to new production lines, while demand from the energy storage market is exceeding expectations, supporting strong prices [3]. - Cobalt prices are rising due to supply concerns from the Democratic Republic of Congo, with Chinese companies receiving fewer export quotas than expected [3]. - Recommended companies include Huayou Cobalt and Yichun Lithium [3]. Precious Metals - Gold prices are experiencing short-term volatility due to optimistic international conditions, but long-term outlook remains positive with central bank purchases [4]. - Silver prices are influenced by industrial demand and follow gold's price movements [4]. - Recommended companies include Western Gold and Shandong Gold [4].