证券代码：603979 证券简称：金诚信 公告编号：2025-062 转债代码：113615 转债简称：金诚转债 金诚信矿业管理股份有限公司 关于向不特定对象发行可转换公司债券申请 获得上海证券交易所上市审核委员会审核通过的公告 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。 上海证券交易所上市审核委员会于 2025 年 7 月 21 日召开 2025 年第 24 次 审议会议（以下简称"会议"），对金诚信矿业管理股份有限公司（以下简称"公 司"）向不特定对象发行可转换公司债券的申请进行了审议。根据会议结果，公 司本次向不特定对象发行可转换公司债券的申请符合发行条件、上市条件和信息 披露要求。 公司本次向不特定对象发行可转换公司债券事项尚需获得中国证券监督管 理委员会（以下简称"证监会"）作出同意注册的决定后方可实施。本次发行最 终能否获得证监会同意注册的决定及其时间尚存在不确定性。公司将根据该事项 的进展情况，按照相关规定和要求及时履行信息披露义务，敬请广大投资者注意 投资风险。 特此公告。 金诚信矿业管理股份有限公司 ...

Investment Rating - The report maintains a "Positive" investment rating for the industry [8] Core Views - The report highlights a significant decline in China's cobalt intermediate imports in June, with a month-on-month decrease of 61.6%, indicating a potential supply vacuum in the second half of the year [2][4] - Lithium prices are expected to rebound in the short term due to recent positive signals, but long-term resource clearing signals remain unclear [4] - Strategic metals such as rare earths and tungsten are undergoing a value reassessment, with strong demand recovery anticipated in the medium to long term [4] Summary by Sections Cobalt and Nickel - China's cobalt intermediate imports in June were 18,991 tons, down 61.6% month-on-month, leading to a potential second wave of price increases as domestic inventory is digested [2][4] - Nickel prices are expected to stabilize as macroeconomic expectations improve, with a long-term upward price trend anticipated [4] Lithium - Recent events, including regulatory changes in lithium mining, indicate stricter domestic mining controls, contributing to short-term price increases for lithium products [4] - The report suggests that while short-term momentum is strong, the long-term supply-demand balance remains uncertain [4] Strategic Metals - The report emphasizes the strategic importance of rare earths and tungsten, with a notable price increase for rare earth concentrates reported at 19,100 yuan/ton, up 1.5% month-on-month [4] - The demand for rare earths is expected to recover due to traditional applications and the acceleration of humanoid robot deployment [4] Market Performance - The report notes that the metal materials and mining sector outperformed the Shanghai Composite Index, with a weekly increase of 1.70% [14] - The report recommends focusing on companies with cost advantages and volume growth potential in the strategic metals sector [4]

Investment Rating - The investment rating for the non-ferrous metals industry is "Positive" (maintained) [5][10]. Core Viewpoints - The report highlights a "反内卷" (anti-involution) trend leading to a general increase in commodity prices, with specific catalysts such as policy expectations driving price movements in copper, aluminum, lithium, and cobalt [4][6][10]. Summary by Sections 1. Industry Overview - Important macroeconomic information includes the U.S. June core CPI being below expectations at 2.9%, and retail sales showing a month-on-month increase of 0.6% [10]. - The Ministry of Industry and Information Technology (MIIT) is set to release a growth stabilization plan for key industries including steel, non-ferrous metals, and petrochemicals [10]. 2. Industrial Metals 2.1 Copper - Copper prices are expected to rebound due to policy expectations, with LME copper prices increasing by 0.83% and SHFE copper prices slightly decreasing by 0.03% [6][25]. - Inventory levels have risen, with LME copper stocks increasing by 12.37% [22][25]. - Downstream demand is recovering, with copper rod operating rates at 74.2%, up by 7.2 percentage points [6]. 2.2 Aluminum - Aluminum prices are also expected to rise, with alumina prices increasing by 0.16% to 3165 CNY/ton [6][36]. - SHFE aluminum prices fell by 1.01% to 20500 CNY/ton, but are projected to recover due to strong policy support [6][36]. 2.3 Lead and Zinc - LME lead prices decreased by 1.38%, while SHFE lead prices fell by 1.70% [46]. - LME zinc prices increased by 1.24%, but SHFE zinc prices dropped by 0.45% [46]. 2.4 Tin and Nickel - LME tin prices fell by 0.73%, and SHFE tin prices decreased by 0.65% [60]. - LME nickel prices decreased by 0.33%, while SHFE nickel prices fell by 0.78% [60]. 3. Energy Metals 3.1 Lithium - Lithium prices are on the rise, with lithium carbonate increasing by 4.55% to 66650 CNY/ton, and lithium spodumene rising by 5.49% to 711 USD/ton [75]. - Supply issues are noted, with a slight increase in production but ongoing inventory accumulation [75]. 3.2 Cobalt - Cobalt prices are under pressure, with domestic cobalt prices down by 1.22% to 243000 CNY/ton [88]. - The Democratic Republic of Congo has extended its cobalt export ban by three months, which may lead to a price rebound in Q4 [88].

IPO and Financing Overview - Two companies are scheduled for IPO review next week, aiming to raise a total of 1.397 billion yuan [1] - 恒坤新材 plans to reduce its fundraising target from 1.2 billion yuan to 1.007 billion yuan, removing the SiARC development project from its proposal [2] - 泰凯英 has also cut its fundraising target from 770 million yuan to 390 million yuan, with several projects being deleted or adjusted [4] 恒坤新材 Company Profile - 恒坤新材 focuses on the research and industrial application of key materials for integrated circuits, being one of the few domestic companies capable of developing and mass-producing key materials for 12-inch integrated circuit wafers [7] - The company reported a net profit of 96.91 million yuan in the last year, with a total asset value of 2.645 billion yuan [9] 泰凯英 Company Profile - 泰凯英 specializes in the design, research, sales, and service of tires for the global mining and construction industries, particularly in engineering radial tires and all-steel truck tires [11] - The company reported a net profit of 156.65 million yuan for the last year, with total assets amounting to approximately 1.647 billion yuan [12] Upcoming Financing Plans - Next week, two companies are set to review their refinancing plans, aiming to raise a total of 3.5 billion yuan [1] - 金诚信 plans to issue convertible bonds to raise 2 billion yuan, focusing on mining services and resource development [15] - 应流股份 aims to raise 1.5 billion yuan through convertible bonds, specializing in high-temperature alloy products and precision castings [18]

Investment Rating - Industry Rating: Outperform the market (maintained rating) [7] Core Views - The report emphasizes the importance of the non-ferrous metal market under strong policy expectations, highlighting the recent focus on "anti-involution" and "stabilizing growth" by the government [2][3] - The report notes that copper and aluminum prices have stabilized and rebounded, driven by macroeconomic catalysts and changes in market sentiment [2][3] Summary by Sections Base Metals & Precious Metals - Copper prices have stabilized and rebounded, with domestic inventory showing fluctuations; the current price is around 79,040 CNY/ton [2][14] - Aluminum prices experienced a decline followed by a rebound, with the current price at 20,770 CNY/ton; supply and demand dynamics are being closely monitored [2][21] - Gold and silver prices have increased, with gold averaging 774.23 CNY/gram and silver at 9,107 CNY/kilogram, supported by safe-haven demand amid geopolitical tensions [3][28] Minor Metals - Tungsten prices have been adjusted upwards, with black tungsten concentrate averaging 179,500 CNY/ton; the market is cautious due to weak demand [4][59] - The rare earth market is showing signs of recovery, with prices for light rare earth oxides increasing by 4.8% to 478,000 CNY/ton [5] Market Predictions - The report predicts that copper prices will fluctuate between 95,00-96,50 USD/ton and aluminum prices between 20,300-21,000 CNY/ton in the coming week [15][23] - The report suggests monitoring companies such as Zijin Mining, Luoyang Molybdenum, and China Hongqiao for potential investment opportunities [17][24]

Investment Rating - The report maintains a "Buy" rating for several companies in the non-ferrous metals sector, including 山金国际, 赤峰黄金, 洛阳钼业, and 中国宏桥 [7][8]. Core Views - The report is optimistic about the upward trend in metal prices, driven by policies aimed at reducing competition and supporting economic resilience. It highlights the long-term bullish outlook for gold due to expectations of interest rate cuts and ongoing concerns about global monetary credit and public debt [1][38]. - For industrial metals, the report notes that copper prices are supported by macroeconomic resilience and inventory reductions, while aluminum prices are expected to fluctuate due to ongoing inventory adjustments and macroeconomic sentiment [2][3]. - In the energy metals segment, lithium prices have surged due to supply-side disruptions, and the report anticipates continued strong performance in this area [3]. Summary by Sections Precious Metals - The report emphasizes a sustained positive outlook for precious metals, particularly gold, supported by expectations of interest rate cuts and economic resilience. Recent U.S. retail sales data exceeded expectations, contributing to this outlook [1][38]. Industrial Metals - **Copper**: Prices are supported by macroeconomic resilience and a reduction in domestic inventories. As of the latest data, copper inventories have decreased to 143,300 tons, down 23,180 tons year-on-year [2]. - **Aluminum**: The report indicates that aluminum prices are expected to remain volatile, with ongoing adjustments in inventory levels and production capacity [2]. Energy Metals - **Lithium**: The report notes a significant increase in lithium prices, with carbonate prices rising by 8.5% to 70,000 yuan/ton. Supply disruptions have been a key driver of this price increase [3]. - **Silicon Metal**: The report highlights a slight improvement in supply-demand dynamics for silicon metal, with increased demand from downstream industries [3]. Key Companies to Watch - The report suggests monitoring companies such as 兴业银锡, 盛达资源, and 紫金矿业 for potential investment opportunities in the non-ferrous metals sector [1][2][3].

Core Views - The report maintains a positive long-term outlook on gold, copper, and aluminum, emphasizing the importance of strategic metals [1][3] - In H1 2025, domestic economic indicators show signs of bottoming out, with improvements in real estate construction and a gradual shift towards new economic drivers [4][8] - The global economic landscape is being reshaped by fluctuating interest rate expectations from the Federal Reserve and the impacts of trade wars, leading to significant changes in resource sectors [4][8] Investment Strategies - **Main Line 1: Expansion on the Denominator Side - Gold and Silver**: Focus on gold and silver, with specific attention to the performance of gold stocks and the potential for silver due to its high price ratio to gold [4][5] - **Main Line 2: Improvement on the Numerator Side - Aluminum, Copper, Tin**: Anticipate continued high profitability in aluminum due to falling costs, while remaining cautious of potential short-term demand weakness [4][7] - **Main Line 3: Key Strategic Metals**: Highlighting opportunities in rare earths and other strategic metals amid US-China tensions, particularly in six key strategic metals [4][7] - **Main Line 4: Supply-Side Disruptions from Anti-Competition**: The report suggests that supply-side constraints in sectors like lithium carbonate may present attractive bottom-fishing opportunities [4][7] Market Performance - The CRB metal spot index increased by 7.08% from the beginning of 2025 to June 30, 2025, indicating a general upward trend in metal prices [9][10] - Gold prices surged by 23.93% during the same period, driven by expectations of a Federal Reserve rate cut [12][14] - Industrial metals, particularly tin and copper, saw significant price increases of 19.91% and 15.59% respectively, while zinc prices fell by 5.55% [16][19] Supply and Demand Dynamics - Global copper inventories saw a significant reduction, with LME copper stocks decreasing by 66.17% by June 30, 2025 [21][69] - The report anticipates limited growth in global copper supply due to insufficient capital expenditure in mining, projecting only a 2.3% increase in global copper production in 2025 [62][64] - The refined copper market is expected to remain slightly short, with a projected demand growth of 7.1% for 2025, supporting a high price center for copper [69] Sector Performance - The non-ferrous metal sector outperformed the broader market, with a cumulative increase of 19.17% from January to June 2025, compared to a 5.6% rise in the Shanghai Composite Index [38][40] - Sub-sectors such as tungsten, gold, and rare earths performed particularly well, with respective increases of 39.64%, 33.57%, and 31.88% [42][44] - Companies closely tied to resource price fluctuations, particularly in gold and rare earths, showed strong performance, while midstream processing companies faced challenges due to weak downstream demand [44]

Key Points - Zhongsheng Gaoke is planning a change in company control, with a potential transfer of 22.35% of shares at a valuation of 2.5 billion yuan, leading to a stock suspension starting July 16, 2025 [3][4] - Yanshan Technology's subsidiary is participating in a partnership to invest 41.64 million yuan in a fund that will ultimately invest in Bytedance Ltd [5] - Sanyuan Bio received an initial ruling of a 450.64% anti-dumping duty from the US Department of Commerce on erythritol, prompting a shift in sales strategy towards domestic markets [6] - Chutianlong is exploring digital currency projects but faces risks related to new technology development and commercial application [7] - Bertley is establishing a partnership to invest in humanoid robots and other emerging sectors, committing 198 million yuan [8] - China Merchants Highway's chairman resigned due to reaching retirement age [9] - Tibet Summit's controlling shareholder is under investigation for information disclosure violations, but it will not affect the company's operations [10][11] - ST Weir plans to acquire 51% of Zijiang New Materials for 546 million yuan, entering the lithium battery materials sector [12] - ST Yazhen's stock will be suspended for three days due to abnormal trading fluctuations [13] - Dahua Technology's subsidiary is shifting its listing to the Hong Kong Stock Exchange [14] Performance Forecasts - Zhongji Xuchuang expects a net profit increase of 52.64% to 86.57% for the first half of 2025, driven by strong demand for high-end optical modules [15] - Juchip Technology anticipates a 122.28% increase in net profit for the same period, benefiting from successful AI audio chip promotions [16] - Sitwei forecasts a net profit growth of 140% to 180%, with significant revenue increases from smartphone collaborations [17] - Tianyu Co. expects a net profit increase of 144.29% to 238.25%, aided by improved product structure and market strategies [18] - Jinli Yongci predicts a net profit growth of 151% to 180%, focusing on renewable energy and related sectors [19] - Blue Ocean Huaten expects a net profit increase of 152.76% to 190.68%, driven by growth in the new energy heavy truck market [20] - Maiqu'er anticipates a turnaround with a net profit of 1.4 million to 2 million yuan, compared to a loss in the previous year [21] - China Galaxy expects a net profit increase of 45% to 55%, with growth across various business segments [23] - Baicheng Pharmaceutical forecasts a significant decline in net profit, down 95.53% to 100% [24] Major Contracts - Jincheng signed a contract worth approximately 52.98 million USD for underground mining operations in the Democratic Republic of Congo [25] - ST Yundong entered a strategic cooperation agreement for drone development and investment with two companies [26] - Changgao Electric New's subsidiary won contracts totaling 445 million yuan from the State Grid [27] Shareholding Changes - Angli Education plans to reduce its repurchased shares by up to 573.1 million shares [28][29] - Lingzhi Software's shareholders plan to collectively reduce their holdings by up to 2.11% [30] - Founder Technology's major shareholder intends to reduce its stake by up to 2.27% [31] - Zhongfu Shenying's shareholder plans to reduce its stake by up to 1% [32] - Hangzhou Bank's shareholder intends to reduce its stake by up to 0.7% [33] - Haoyun Technology's chairman plans to reduce his stake by up to 400,000 shares [34] Financing Activities - Yuanwang Valley plans to raise up to 300 million yuan through a private placement for RFID production line projects and working capital [35]

Group 1: Company Performance - Jinli Permanent Magnet expects a net profit of 300 million to 335 million yuan for the first half of 2025, representing a year-on-year increase of 151% to 180% [2] - Zhongji Xuchuang anticipates a net profit of 3.6 billion to 4.4 billion yuan for the first half of 2025, reflecting a growth of 52.64% to 86.57% compared to the previous year [4] - China Galaxy forecasts a net profit of 6.362 billion to 6.801 billion yuan for the first half of 2025, indicating a year-on-year increase of 45% to 55% [5] - Meili Technology projects a net profit increase of 66.85% to 92.52% for the first half of 2025 [8] - Blue Ocean Huaten expects a net profit growth of 152.76% to 190.68% for the first half of 2025 [7] Group 2: Shareholder Actions - China Life intends to reduce its stake in Hangzhou Bank by no more than 0.7%, equating to approximately 50.79 million shares [2] - Zhongsheng High-Tech is planning a transfer of 22.35% of its shares, potentially leading to a change in control, with a transaction value of 2.5 billion yuan [3] - Fangzheng Technology's major shareholder plans to reduce its stake by no more than 2.27% [10] Group 3: Investment Activities - Bertley plans to invest 198 million yuan in a partnership focused on high-growth unlisted companies in humanoid robotics and automotive intelligence [3] - Rock Mountain Technology's subsidiary is participating in an investment fund targeting Bytedance Ltd, with a commitment of 20.32 million yuan [6] - Zhonghua International is planning to acquire 100% of Nantong Xingchen's equity, leading to a temporary suspension of its stock [2]

Group 1 - Rock Mountain Technology's subsidiary, Hainan Ruihong, is investing 20.32 million yuan in Jiaxing Lansheng, which aims to raise a total of 41.64 million yuan, targeting investments in Bytedance Ltd. [1] - Hangzhou Bank's shareholder, China Life, plans to reduce its stake by up to 0.7%, equating to a maximum of 5,078,940 shares [2] - Sinochem International is planning to acquire 100% equity of Nantong Xingchen, with stock suspension expected to last no more than 10 trading days [3] Group 2 - Zhongsheng High-Tech is undergoing a potential change in control, with a 25 billion yuan transfer of 22.35% of shares, leading to stock suspension for up to 2 trading days [4] - Bertley intends to invest 198 million yuan in a partnership focused on high-growth sectors like humanoid robots and automotive intelligence [5] - Jinli Permanent Magnet expects a net profit of 300 million to 335 million yuan for the first half of the year, marking a growth of 151% to 180% year-on-year [6] - Zhongji Xuchuang anticipates a net profit of 3.6 billion to 4.4 billion yuan for the first half, representing a year-on-year increase of 52.64% to 86.57% [7] - China Galaxy expects a net profit of 6.362 billion to 6.801 billion yuan for the first half, reflecting a growth of 45% to 55% year-on-year [7] - Kaisheng New Energy projects a net loss of 435 million to 462 million yuan for the first half of the year [9] - Dalian Thermal Power anticipates a net loss of 39 million to 42 million yuan for the first half of 2025 [9]