西部矿业股份有限公司 公司章程 第十一章 修改章程 第十二章 附则 第一章 总则 第一条 为维护公司、股东、职工和债权人的合法权益，弘 扬企业家精神，规范公司的组织和行为，根据《中华人民共和国 公司法》（下称《公司法》）、《中华人民共和国证券法》（下 称《证券法》）、《上市公司章程指引》和其他有关规定，制定 本章程。 （经 2007 年第二次临时股东大会修订、经 2008 年度 股东大会修订、经 2011 年第一次临时股东大会修订、 经 2012 年第二次临时股东大会修订、经 2013 年度股 东大会修订、经 2014 年第二次临时股东大会修订、经 2015 年第一次临时股东大会修订、经 2016 年第一次 临时股东大会修订、经 2017 年第三次临时股东大会修 订、经 2017 年第四次临时股东大会修订、经 2017 年 第六次临时股东大会修订、经 2018 年第二次临时股东 大会修订、经 2019 年年度股东大会修订、经 2022 年 第二次临时股东大会修订、经 2023 年第四次临时股东 大会修订、经 2024 年第三次临时股东大会修订、经 2025 年第三次临时股东会修订） 二○二五年十二月 目 录 ...

西部矿业股份有限公司 董事会议事规则 （经 2007 年第二次临时股东大会修订、经 2011 年第 一次临时股东大会修订、经 2012 年第二次临时股东大 会修订、经 2013 年度股东大会修订、经 2020 年第一 次临时股东大会修订、经 2022 年第二次临时股东大会 修订、经 2023 年第四次临时股东大会修订、经 2024 年第三次临时股东大会修订、经 2025 年第三次临时股 东会修订） 二○二五年十二月 第一章 一般规定 第一条 为进一步完善西部矿业股份有限公司（下称"公司"） 法人治理结构，保障董事会依法独立、规范、有效地行使职权， 以确保董事会的工作效率和科学决策，根据《中华人民共和国公 司法》（下称"公司法"）、《上市公司治理准则》（下称"治理准则"） 和《上海证券交易所股票上市规则》（下称"上市规则"）等有关 规定以及《西部矿业股份有限公司章程》（下称"公司章程"）的 规定，制定本议事规则。 第二条 公司依法设立董事会。董事会是公司的经营决策机 构，依据《公司法》等相关法律、法规和公司章程的规定，经营 和管理公司的法人财产，对股东会负责。 第二章 董事会的组成和下设机构 第三条 公司董事会 ...

西部矿业股份有限公司 股东会议事规则 （经 2007 年第二次临时股东大会修订、经 2012 年第 二次临时股东大会修订、经 2014 年第二次临时股东大 会修订、经 2015 年第一次临时股东大会修订、经 2018 年第二次临时股东大会修订、经 2020 年第一次临时股 东大会修订、经 2022 年第二次临时股东大会修订、经 2023 年第三次临时股东大会修订、经 2024 年第三次 临时股东大会修订、经 2025 年第三次临时股东会修订） 二○二五年十二月 第一章 一般规定 第一条 西部矿业股份有限公司（下称"公司"）为规范公 司行为，保障公司股东会能够依法行使职权，根据《中华人民共 和国公司法》（下称"公司法"）、《中华人民共和国证券法》（下 称"证券法"）、《上市公司治理准则》（下称"治理准则"）、《上 市公司股东会规则》（下称"股东会规则"）、《上海证券交易所股 票上市规则》（下称"上市规则"）等相关法律、法规以及《西部 矿业股份有限公司章程》（下称"公司章程"）的规定，制定本议 事规则。 第二条 本议事规则适用于公司股东会，对公司、全体股东、 股东代理人、公司董事、高级管理人员和列席股东会会议的其 ...

西部矿业股份有限公司 董事会基金管理办法 (经 2015 年第四次临时股东大会制定、经 2025 年第三 次临时股东会制定) 二○二五年十二月 第一章 总则 第一条 为更好地履行董事会各项职责，提高董事会决策效率，以 及更好地实行激励机制，调动董事、高级管理人员及有特殊贡献人员的 积极性，充分发挥基金在公司经营管理工作中的调节激励作用，公司设 立董事会基金。 第二章 董事会基金提取办法 第三条 公司上一年度尚未使用的基金余额及利息结转至下一年的 基金账户，做增加基金额处理。若增加后的基金总额已经达到人民币 3000 万元，则当年不再按照本办法第二条的规定提取基金；若增加后的 基金总额尚未达到人民币 3000 万元，则可按照本办法第二条的规定提 取基金，但当年董事会基金的总额仍不得超过人民币 3000 万元。 第三章 董事会基金用途 第四条 董事会基金主要用于以下事项： 1．公司召开股东会、董事会会议所需经费； 2．公司董事、董事会秘书履行职责所需费用； 3．公司外部董事、独立董事的津贴； 4. 公司董事、高级管理人员培训所需费用； 第二条 董事会基金以公司当年营业收入的 0.2‰提取，并在当年的 管理费用中列 ...

西部矿业股份有限公司 信息披露管理办法 （第三届董事会第三十次会议修正、经 2020 年第一次 临时股东大会修订、经 2022 年第二次临时股东大会修 订、经 2023 年第三次临时股东大会修订、经 2024 年 第三次临时股东大会修订、经 2025 年第三次临时股东 会修订） 二○二五年十二月 第一章 总则 第一条 为加强对西部矿业股份有限公司（以下简称"公司"） 信息披露工作的管理，规范公司信息披露行为，保证公司真实、 准确、完整地披露信息，维护投资者的合法权益，依据《中华人 民共和国公司法》（下称《公司法》）、《中华人民共和国证券法》 （下称《证券法》）、《上市公司信息披露管理办法》（下称《信息 披露管理办法》）、《上海证券交易所股票上市规则》（下称《上市 规则》）、《公司信用类债券信息披露管理办法》、《银行间债券市 场非金融企业债务融资工具管理办法》、《银行间债券市场非金融 企业债务融资工具信息披露规则》等相关法律法规、债券市场自 律监管规则和《西部矿业股份有限公司章程》（下称《公司章程》） 的规定，特制定本办法｡ 第二条 本办法所称应披露的信息是指所有可能对公司证 券及其衍生品种交易价格产生较大影响 ...

关于选举第八届董事会职工董事的公告 证券代码：601168 证券简称：西部矿业 公告编号：临 2025-058 西部矿业股份有限公司 上述职工董事符合《公司法》等相关法律法规及规范性文件有关董事任职的 资格和条件。公司第八届董事会中兼任公司高级管理人员以及由职工代表担任的 董事人数总计未超过公司董事总数的二分之一。 特此公告。 1 西部矿业股份有限公司 董事会 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 根据《公司法》《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》等法律法规、规范性文件及《公司章程》 的相关规定，公司董事会由 7 名董事组成，其中独立董事 3 名，非独立董事 3 名， 职工董事 1 名。公司于 2025 年 12 月 24 日召开了 2025 年第 8 次工会委员会，选 举胡惠杰先生为公司第八届董事会职工董事，任期自本次工会委员会审议通过之 日起至第八届董事会届满为止。 2025 年 12 月 25 日 ...

美于西部矿业股份有限公司 2025 年第三次临时股东会 法律意见书 青海树人律师事务所 地址：西宁市城西区五四西路61号新华联国际中心B座 (7层) 电话：0971-6111958 邮编：810000 . 法律意见书 青海树人律师事务所 关于西部矿业股份有限公司 2025 年第三次临时股东会 之法律意见书 树律意见字(2025) 第 127 号 致:西部矿业股份有限公司 引 言 西部矿业股份有限公司(以下简称"西部矿业"或"公司")2025年第三 次临时股东会(以下简称"本次股东会")于 2025年12月24日在青海省西宁 市海湖新区文逸路 4 号西矿 · 海湖商务中心 1 号楼 26 楼召开,青海树人律师事务 所(以下简称"本所")接受西部矿业委托,指派徐翔律师、祁春珍律师出席了 本次股东会,并就本次股东会的相关法律问题发表意见。 声 明 对本法律意见书的出具,本所律师声明如下: 1. 本所及经办律师依照《中华人民共和国公司法》(以下简称"《公司法》")、 《中华人民共和国证券法》(以下简称"《证券法》")、《上市公司股东会规 则》（以下简称"《股东会规则》")、《律师事务所从事证券法律业务管理办 法》、《 ...

格隆汇12月24日｜渤海证券研报指出，西部矿业背靠西矿集团，主要开发国内西部地区矿产资源，业务 涵盖铜、铅、锌、铁、镁和锂等领域，其中铜类产品为公司主要盈利来源。受益于产能扩张和降本增 效，公司2025年前三季度业绩稳健增长，期间费用率实现下降。26年供给或短缺，铜价有望得到支撑在 全球能源结构深度调整背景下，风电和光伏的发展、相应电力电网的建设、新能源汽车的发展将长期支 撑新能源领域的用铜需求。从可比公司iFinD一致预期看，截至12月22日，可比公司2025年平均PE值为 18.36X，公司2025年PE值低于可比公司对应均值，首次覆盖给予"增持"评级。 ...

Group 1 - The core viewpoint of the article highlights the significant rise in copper prices, reaching a historical high of $12,159 per ton, with an annual increase of over 37%, potentially marking the largest annual gain since 2009 [1][3] - The recent surge in copper prices is primarily driven by macroeconomic factors, including the cooling of the US CPI in November, which strengthens expectations for interest rate cuts by the Federal Reserve, thereby reducing holding costs for copper and other non-ferrous metals [3] - Geopolitical risks and supply concerns, particularly regarding potential tariffs on copper by the Trump administration, are contributing to the upward pressure on copper prices, with global copper inventories expected to decline to critical low levels [3] Group 2 - The demand for copper is expected to grow significantly due to the AI wave, with data centers becoming a major consumer of copper, projected to consume approximately 50,000 tons by 2025, increasing to 130,000 tons by 2028, representing a compound annual growth rate of 40% [5] - The performance of copper-related stocks has been strong, with an average increase of 8.58% in December, and several stocks, including Jincheng Mining and Baiyin Nonferrous Metals, seeing cumulative gains exceeding 10% [7] - In terms of financial performance, copper sector companies reported a total net profit of 69.005 billion yuan for the first three quarters, reflecting a year-on-year growth of 46.18%, with several companies like Pengxin Resources turning losses into profits [9]

1. Report Industry Investment Rating - Zinc: Bullish [1] 2. Core Viewpoints - In 2026, the growth rate of global zinc ore production will decline, and the increment will mainly concentrate in China. The overseas increment will be mainly non - standard ore. The import of zinc ore may be restricted by the price ratio. The mine - smelting balance will tighten, the TC operation center will be lower than in 2025, and the zinc price operation center will be higher [2][165]. - In 2026, domestic zinc smelters are expected to continue to release production capacity, while overseas smelters' resumption of production will be restricted. Domestic demand growth will slow down, with infrastructure still providing support and durable consumption under pressure. External demand, especially from emerging markets, is expected to perform well. The zinc price may maintain a pattern of domestic weakness and overseas strength, and the zinc ingot export window may open periodically [3][165]. - The decline in the TC center will support the zinc price in the long - term. The upper limit of the zinc price depends on demand and the macro - environment. In 2026, the zinc price is expected to rise, with the Shanghai zinc price in the range of 【21600, 25200】 and the LME zinc price in the range of 【2750, 3500】. It is recommended to buy on dips in the medium - term and focus on inter - period reverse arbitrage and internal - external positive arbitrage opportunities [4][170]. 3. Summary by Directory 3.1 Market Review - In 2025, due to the expectation of supply - demand surplus caused by the zinc ore loosening cycle, SHFE zinc became a short - position variety in most capital strategies. The annual shock center of SHFE zinc decreased slightly year - on - year, while that of LME zinc increased marginally. The core reason for the price differentiation between the two was the structural imbalance of the global supply chain [16]. - The cycle from loose zinc ore to loose zinc ingot in 2025 was only half - completed in China, and the overseas half remains to be completed. In 2026, the zinc market story may revolve around overseas smelters' resumption of production, price ratio repair, and improvement in domestic and overseas consumption [17]. 3.2 Supply Side 3.2.1 Mine End - In 2025, overseas mines had a smooth production, and the mine end continued to advance along the loose - cycle. The increment mainly came from overseas mines, and domestic smelters' production capacity release mainly relied on imported ores. The main reasons for the strong performance of overseas mines were the continuous output of resumption and production - increase projects, driven by factors such as the decline in energy prices, fewer extreme weather events, and improved interest - rate environment [20][22]. - From 2025 to 2030, the annual growth rate of zinc ore production is expected to gradually decline, and after 2030, the global zinc ore production will enter a downward channel. In 2026, overseas mines are expected to increase production by about 21.8 million tons, and the increment that can be realized with a high probability is about 12 million tons. In China, domestic zinc ore is expected to enter a production - increasing period, with an expected increment of 21.8 million tons without considering the implementation rate [30][31][37]. - In 2025, China's zinc concentrate import dependence was about 40%, an increase of about 5.8 percentage points compared with 2024. In 2026, domestic zinc concentrate supply may face the problem of import bottlenecks again. The TC center has shifted from a significant upward trend to a downward trend, indicating that the loosest point of zinc ore supply has passed [40][41]. 3.2.2 Smelting End - In 2025, the global zinc ingot production increased slightly year - on - year, showing a pattern of rising in the East and falling in the West. Domestic smelters fully released production capacity, while overseas smelters significantly reduced production. The reasons for overseas smelters' production reduction were the suppression of the benchmark processing fee and the extrusion of domestic smelters' production capacity [49][53]. - In 2026, overseas smelters will mainly focus on resuming production, but the resumption speed may be slow, and the actual zinc ingot increment may be lower than the theoretical calculation, with a neutral expected increment of about 140,000 tons. Domestic smelting production capacity is expected to continue to be released, but the production - increasing space will be relatively limited [59][61]. - In 2025, the proportion of domestic and global recycled zinc production decreased marginally. In 2026, the supply of recycled zinc raw materials may improve marginally, but the increase in recycled zinc production will be limited. In 2025, the import of zinc ingots decreased, and in 2026, the long - term import order volume of zinc ingots may decline significantly, and China may even become a net exporter in some months [67][73]. 3.2.3 Mine - Smelting Balance - In 2026, the overseas zinc ore increment will decline year - on - year, while domestic ore is expected to increase significantly. The mine - end increment is difficult to meet the joint release of domestic and overseas smelting production capacity, and the loosest stage of the mine end may have passed. The TC oscillation center at home and abroad will move down, supporting the zinc price. In the long - term, the resumption environment of overseas smelters in 2026 is still not optimistic [78]. 3.3 Demand Side 3.3.1 Initial - Stage Demand - In 2025, the initial - stage demand for zinc was mediocre, and the downstream operating rate was at a relatively low - to - neutral level. The galvanizing field mainly fluctuated with infrastructure and export demand, while the die - casting zinc alloy was affected by construction demand, and the zinc oxide field showed demand differentiation. The downstream replenishment willingness was still low, and the finished - product inventory was at a low level, indicating strong terminal consumption ability [83][85]. 3.3.2 Traditional Demand - In 2025, the zinc consumption in the infrastructure field improved limitedly. The issuance of new special bonds was relatively stable, but the funds allocated to actual infrastructure projects decreased. The actual operation of infrastructure investment was weak. In 2026, the infrastructure is expected to be optimistic, with an increase in new special bonds and more projects driven by the central government and policies, and the zinc consumption in the infrastructure field is expected to increase by 3.5% year - on - year [96][100][108]. - The real estate is still in the inventory clearance cycle, and the demand for zinc in the construction sector is expected to continue to be dragged down in 2026, but the drag amplitude will be weakened, with an expected zinc consumption growth rate of - 9% [111]. 3.3.3 Durable Consumption Demand - In 2025, the demand for durable consumer goods was strong, mainly driven by policies and exports. In 2026, the domestic demand for automobiles and home appliances may face growth pressure, with an expected growth rate of about 0.5% for automobile zinc consumption and - 2% for home appliance zinc consumption [114][125][127]. 3.3.4 Overseas Demand - In 2025, the export of zinc - processed products increased significantly, and the overseas zinc consumption gradually recovered. In 2026, the export of zinc - processed products is expected to maintain high - level growth, and the overall overseas zinc consumption is expected to grow by 2.8%, especially in emerging regions [135][143][157]. 3.4 Inventory Side - In 2025, the global zinc ingot visible inventory showed an oscillatory decline trend. The increase in domestic social inventory was not enough to offset the decline in LME inventory. The inventory in the industrial chain increased, and the accumulation of domestic social inventory was limited [158]. 3.5 Investment Suggestions - Fundamental Outlook: The mine - smelting balance will tighten, and the zinc price operation center may move up. The zinc ingot balance may show domestic surplus and overseas tightness, and the zinc price may maintain a pattern of domestic weakness and overseas strength [165]. - Trading and Price Outlook: The decline in the TC center will support the zinc price in the long - term. The zinc price is expected to rise in 2026, with the Shanghai zinc price in the range of 【21600, 25200】 and the LME zinc price in the range of 【2750, 3500】. It is recommended to buy on dips in the medium - term, focus on inter - period reverse arbitrage and internal - external positive arbitrage opportunities [170]. - Rhythm and Risk: Before the long - term mine - smelting order is finalized, the zinc price is still likely to rise. After April, the zinc price may be under pressure. There is a possibility of the market pre - trading the long - term shortage expectation of zinc elements. Risks include the progress of Huoshaoyun's production, tariff risks, domestic and overseas demand uncertainties [172].