证券代码：000933 证券简称：神火股份 公告编号：2025-055 河南神火煤电股份有限公司 关于董事及副总经理辞职的公告 二、公司副总经理辞职情况 根据《公司法》等法律、法规及《公司章程》的有关规定，吴长 伟先生的辞职报告自送达董事会之日起生效，其辞职不会影响公司生 产经营和管理的正常进行。吴长伟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，吴长伟先生除继续在公司下属子公司郑州裕中煤业有限公司担 任董事长，许昌神火矿业集团有限公司、郑州神火矿业有限公司、河 1 南有色金属控股股份有限公司、沁阳沁澳铝业有限公司担任执行董事 及参股公司河南省新郑煤电有限责任公司担任副董事长职务外，不再 担任公司其他职务。 截至本公告披露之日，吴长伟先生持有公司股票 25.00 万股，该股 份为公司实施 2021 年限制性股票激励计划所授予的股份，吴长伟先生 不存在应当履行而未履行的承诺事项。本次辞去副总经理职务后，吴 长伟先生所持公司股份将继续严格按照《上市公司股权激励管理办法》 《上市公司股东减持股份管理暂行办法》《深圳证券交易所上市公司 自律监管指引第 18 号—— ...

河南神火煤电股份有限公司 关于召开 2025 年半年度业绩说明会并征集问题的公告 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"）已于 2025 年 8 月 19 日在巨潮资讯网（www.cninfo.com.cn）披露了《2025 年半年度 报告》及相关文件，为便于广大投资者进一步了解公司 2025 年半年 度经营业绩等情况，公司将召开 2025 年半年度业绩说明会，与投资 者进行沟通和交流，并听取投资者的意见和建议。 一、业绩说明会安排 证券代码：000933 证券简称：神火股份 公告编号：2025-054 联系部门：董事会办公室 联系电话：0370-6062466/6062933 1 1、召开时间：2025 年 9 月 9 日（星期二）15:00-17:00 2、召开方式：网络远程互动方式 3、出席人员：公司董事长李宏伟先生、独立董事黄国良先生、 总会计师陈光先生、董事会秘书李元勋先生。（如有特殊情况，参会 人员可能进行调整。） 4、参会方式：投资者可登录深圳证券交易所互动易平台"云访 谈"（http://ir ...

Group 1: Precious Metals - Gold shows potential for a breakout following the release of PCE data, with a 2.89% increase in COMEX gold prices this week, while silver rose by 4.81% [1] - The long-term trend of de-dollarization and the inflow of ETF funds due to interest rate cuts support a positive outlook for precious metals [1] Group 2: Copper - Copper prices continue to fluctuate at high levels, with a 0.99% increase this week, influenced by China's waste copper policy causing short-term supply disruptions [1] - The estimated reduction of at least 30% in the national recycled copper rod production since August indicates ongoing supply vulnerabilities [1] - Anticipation of increased demand in the upcoming "golden September and silver October" period may provide support for copper prices [1] Group 3: Aluminum - Aluminum prices are expected to rise, with a 0.53% increase this week, driven by inventory depletion during the "golden September and silver October" period [2] - The impact of U.S. aluminum tariffs is considered limited, and the long-term outlook suggests a potential upward shift in the price ceiling for electrolytic aluminum [2] Group 4: Rare Earths - Significant increase in processing fees for heavy rare earths is expected to improve the performance of related companies, with processing fees for certain rare earths rising dramatically from 1,000-2,000 RMB/ton to 18,000-20,000 RMB/ton [2] - The rise in processing fees is attributed to new regulations limiting processing to designated enterprises, increasing the bargaining power of qualified smelting plants [2] Group 5: Cobalt - Cobalt prices have stabilized and are showing signs of recovery, with supply constraints and rising costs affecting production levels [3] - The upcoming policy changes in the Democratic Republic of Congo in September may serve as a pivotal point for cobalt prices, alongside seasonal demand potentially leading to inventory depletion [3] Group 6: Investment Recommendations - Companies to focus on include Zhaojin Mining, Xinyi Silver Tin, Chifeng Jilong Gold Mining, Shenhuo Co., and Zijin Mining [4]

Investment Rating - The industry investment rating is "Outperform the Market" and is maintained [2]. Core Views - Precious metals are expected to break upward, with gold showing potential for a breakout following the release of PCE data, leading to a 2.89% increase in COMEX gold and a 4.81% increase in silver for the week. The long-term trend of de-dollarization and inflows into ETFs under the backdrop of interest rate cuts support a positive outlook for precious metals [5]. - Copper prices continue to oscillate at high levels, with a 0.99% increase this week. Supply disruptions from China's waste copper policy have led to a significant reduction in recycled copper rod production, estimated to decrease by at least 30% in August. The end of the consumption off-season is approaching, and pre-stocking in September and October may support copper prices [6]. - Aluminum prices are also expected to rise, with a 0.53% increase this week. The focus remains on inventory reduction during the peak consumption season, and the impact of U.S. aluminum tariffs is considered limited [6]. - Heavy rare earth processing fees have surged, indicating improved performance for related companies. The processing fee for medium and heavy rare earths has increased significantly due to regulatory changes, which may pose risks for small private enterprises [7]. - Cobalt prices have stabilized and are expected to rise, with attention on policy changes in the Democratic Republic of the Congo in September. Supply constraints and a lack of demand recovery in the domestic market are noted [8]. Summary by Sections Industry Overview - The closing index for the industry is 6413.26, with a weekly high of 6413.26 and a low of 3700.9 [2]. Price Movements - Basic metals: LME copper increased by 0.99%, aluminum decreased by 0.11%, zinc increased by 0.30%, lead increased by 0.25%, and tin increased by 3.26%. Precious metals: COMEX gold increased by 2.89%, silver increased by 4.81%, NYMEX palladium decreased by 0.92%, and platinum increased by 0.47% [23]. Inventory Changes - Global visible inventory changes include an increase of 6550 tons in copper, 3810 tons in aluminum, a decrease of 6409 tons in zinc, and a decrease of 13621 tons in lead [35].

河南日报讯（记者 贾永标）8月30日，随着A股半年报披露收官，111家河南A股上市公司充分发挥 实体经济压舱石作用，交出了一份稳中向好、稳中有进的"中考"成绩单。 统计显示，2025年上半年，河南A股上市公司共实现营业总收入5087.74亿元，实现归母净利润 447.95亿元，实现了营收、净利双增长。其中，84家公司实现盈利，部分公司持续刷新历史新高。 看发展质量，底气更足。今年豫股营收规模超过百亿元的公司增至13家。其中，洛阳钼业、牧原股 份分别以947.73亿元、764.63亿元领衔，双汇发展、豫光金铅、神火股份等公司营收均超过200亿元居第 二梯队。此外，受益于主营业务所处行业稳健向好，仕佳光子和新强联营收均实现了翻倍。A股上市公 司营收规模不断创新高，为河南资本市场长期向好打下了坚实基础。 看发展成色，韧性更强。总体来看，多数上市公司敏锐把握市场机遇，近八成实现了盈利。其中， 牧原股份受益于行业周期上行，上半年取得近5年同期盈利规模新高；郑煤机更名为中创智领后，继续 强化煤机板块业务优势，以25.15亿元的净利润跻身豫股前三。此外，8家豫股净利润实现翻倍增长，中 钢洛耐、新强联、豫能控股、光力科技、安 ...

Investment Rating - The report maintains an "Overweight" rating for the non-ferrous metals sector [1]. Core Views - The non-ferrous metals sector saw a strong performance with a weekly increase of 7.16%, ranking second among all primary industries [14]. - The optimism in the industrial metals market is driven by expectations of a demand peak in China and the anticipation of interest rate cuts by the Federal Reserve [1][27]. - Gold is expected to have significant upward potential due to challenges to the independence of the Federal Reserve and declining real interest rates [4][50]. Summary by Sections Market Review - The Shanghai Composite Index rose by 0.84%, with the non-ferrous metals sector outperforming by 6.32 percentage points [14]. - All sub-sectors within non-ferrous metals experienced gains, with small metals up 12.02%, new materials up 5.67%, energy metals up 2.89%, precious metals up 7.22%, and industrial metals up 6.95% [14]. Industrial Metals - **Copper**: As of August 29, LME copper closed at $9,902/ton, up 1.08% week-on-week, while SHFE copper closed at ¥79,410/ton, up 0.91% [34]. Supply is tightening due to maintenance in domestic smelting plants and a reduction in Codelco's production target [34]. - **Aluminum**: LME aluminum closed at $2,619/ton, down 0.11%, while SHFE aluminum closed at ¥20,740/ton, up 0.53% [37]. The theoretical operating capacity of China's electrolytic aluminum industry increased to 44.035 million tons [39]. - **Zinc**: LME zinc closed at $2,814/ton, up 0.30%, while SHFE zinc closed at ¥22,140/ton, down 0.61% [41]. - **Tin**: LME tin closed at $34,950/ton, up 3.26%, and SHFE tin closed at ¥278,650/ton, up 4.78% [46]. Precious Metals - **Gold**: As of August 29, COMEX gold closed at $3,516.10/oz, up 2.89%, and SHFE gold closed at ¥785.12/g, up 1.52% [50]. The report highlights the significant challenge to the Federal Reserve's independence and the potential for further declines in real interest rates, which could drive gold prices higher [4][51]. The demand for gold in China is strong, with net imports through Hong Kong expected to reach 43.923 tons by July 2025, reflecting a 126.81% increase [51].

Core Viewpoint - The coal industry is experiencing a slight price decline in thermal coal, with the Qinhuangdao Q5500 thermal coal closing price at 690 RMB/ton as of August 29, marking a decrease of 14 RMB/ton or 1.99% from the previous period. This is the first time the price has fallen below 700 RMB after a rebound above that level. The upcoming demand for non-electric coal during the "golden September and silver October" period is expected to be a highlight for the market [1][2]. Group 1: Thermal Coal Market - As of August 29, the Qinhuangdao Q5500 thermal coal price is 690 RMB/ton, down 14 RMB/ton or 1.99% from the previous week, marking a return below 700 RMB after a recent rebound [1][2]. - The current market is transitioning from summer to autumn, with a decrease in daily consumption by power plants, but the demand for non-electric coal is anticipated to rise in the coming months [1][2]. - Key supportive factors for a potential rebound in coal prices include low operating rates at coal mines, with a reported operating rate of 79.9% for 442 coal mines in Shanxi, Shaanxi, and Inner Mongolia, down 1.8 percentage points [1][2]. Group 2: Coking Coal Market - As of August 29, the price of coking coal at Jingtang Port is 1610 RMB/ton, rebounding from a low of 1230 RMB/ton in early July. Coking coal futures have seen a significant increase from 719 RMB in early June to 1151 RMB, a cumulative rise of 60.1% [1][2]. - The coking coal market is characterized by strong expectations but weak realities, with supply tightening due to regulatory measures on overproduction [1][2]. Group 3: Investment Logic - The investment logic suggests that both thermal and coking coal prices are at a turning point, with expectations for thermal coal prices to recover to long-term contract prices around 700 RMB. The forecast for thermal coal prices to reach 750 RMB by 2025 is based on the profitability balance for coal and power companies [2]. - The target prices for coking coal are derived from the price ratio between coking coal and thermal coal, with current ratios indicating target prices of 1608 RMB, 1680 RMB, 1800 RMB, and 2064 RMB for coking coal corresponding to various target prices for thermal coal [2]. Group 4: Investment Recommendations - The coal sector is viewed as having dual attributes of cyclical and dividend potential, with current low holdings indicating an opportune time for investment. Four main lines of stock selection are recommended: - Cycle logic: Jin控煤业, 兖矿能源 for thermal coal; 平煤股份, 淮北矿业, 潞安环能 for metallurgical coal - Dividend logic: 中国神华, 中煤能源, 陕西煤业 - Diversified aluminum elasticity: 神火股份, 电投能源 - Growth logic: 新集能源, 广汇能源 [3].

Group 1: Copper Market - The domestic inventory decline combined with the expectation of a Federal Reserve rate cut in September is likely to support copper prices [2][1] - This week, the price changes for copper were +1.54% for LME copper, +0.91% for SHFE copper, and +2.78% for COMEX copper [2][1] - Domestic electrolytic copper social inventory is at 127,000 tons, reflecting a decrease of 3.49% [2][1] Group 2: Aluminum Market - The aluminum market is expected to maintain a volatile trend due to rising inventory levels [3] - The price of alumina has decreased by 1.24% to 3,185 CNY/ton, while the aluminum futures contract fell by 3.86% to 3,017 CNY/ton [3] - Domestic aluminum inventory has increased by 4.54% to 622,000 tons, indicating a potential for price stabilization around 20,000 to 21,000 CNY/ton [3] Group 3: Lithium Market - Lithium salt is experiencing inventory reduction due to seasonal demand, with potential for price recovery [4][5] - The price of lithium carbonate has dropped by 5.07% to 80,000 CNY/ton, while spodumene concentrate fell by 4.28% to 894 USD/ton [4][5] - The supply side shows a decrease in lithium carbonate production by 0.6% to 19,000 tons [5] Group 4: Cobalt Market - Cobalt prices are expected to rise due to a decline in raw material imports and an extension of the export ban from the Democratic Republic of Congo [5] - Domestic cobalt prices increased by 2.30% to 267,000 CNY/ton [5] - The import volume of cobalt intermediate products in July was 14,000 tons, a decrease of 27% month-on-month and 73% year-on-year [5]

Summary of Conference Call on Non-Ferrous Metals Industry Industry Overview - The conference call focused on the non-ferrous metals industry, particularly copper, aluminum, silver, tungsten, cobalt, and other minor metals [1][2][3]. Key Points and Arguments 1. **Copper and Aluminum Market Dynamics** - Last week, copper rod production increased by 66% month-on-month, indicating strong market expectations for demand during the peak season [1][3]. - Despite high copper prices, downstream companies remain cautious in replenishing inventories [1][3]. - The copper market is expected to experience weak supply and demand in the second half of the year, while aluminum may see reduced demand but supported by low inventory levels [1][4]. 2. **Price Forecasts** - Copper prices are projected to fluctuate between $9,500 and $10,000 per ton, with actual prices likely closer to $9,600 to $9,700 [1][4]. - Historical data suggests that commodities typically enter a trend of rising prices about two months after the first interest rate cut, with a potential bull market for non-ferrous metals starting in early 2024 [1][6]. 3. **Impact of U.S. Monetary Policy** - Strong expectations for a rate cut in September, with low recession risks, are anticipated to support the non-ferrous metals market [1][5]. - The U.S. 232 tariff policy is expected to prevent copper outflows unless the price difference between LME and COMEX exceeds $300 [1][5]. 4. **Silver and Minor Metals Outlook** - Silver is expected to perform well due to its industrial properties, especially as liquidity is released and the economy stabilizes [1][7]. - Tungsten is projected to remain in a supply-demand deficit due to strong demand for high-end tools and limited mining supply [1][9]. - Cobalt is anticipated to face ongoing shortages driven by export quotas and increasing demand from 3C batteries and electric vehicles [2][10]. 5. **Other Minor Metals** - Tin is noted for its volatility, while molybdenum's outlook is cautious due to potential supply resolution [1][11]. - Rare earth elements are expected to remain in short supply until 2027, with price targets set between 600,000 to 900,000 RMB [1][11]. 6. **Lithium and Nickel Market Trends** - Lithium is expected to face short-term supply disruptions but may stabilize by 2027 [1][12]. - Nickel is projected to rise in price due to the interest rate cycle, although its increase may be less pronounced compared to other commodities [1][12]. 7. **Gold Market Performance** - Gold prices recently reached over $3,400, with potential to exceed $3,600 under certain economic conditions [1][14]. - Comparatively, copper and aluminum are viewed as more attractive investments than gold due to their sensitivity to economic supply-demand dynamics [1][15]. 8. **Investment Ranking** - In the current market environment, minor metals are considered more active than base metals, with tungsten leading the minor metals category [1][16]. - Copper remains the most favored investment among base metals, followed by aluminum and gold [1][16]. Additional Important Insights - The overall sentiment in the non-ferrous metals market is optimistic, with expectations of price stability and potential growth driven by macroeconomic factors and industry-specific dynamics [1][6][7].

Investment Rating - The report maintains an "Overweight" rating for the non-ferrous metals industry [2]. Core Views - The report highlights a bullish outlook for precious metals, particularly silver, driven by rising interest rate cut expectations and a weakening dollar, with silver prices reaching new highs [1][34]. - For industrial metals, the report is optimistic about copper prices due to macroeconomic easing and seasonal demand, while aluminum prices are expected to fluctuate in the short term [1][4]. - Energy metals, particularly lithium, are experiencing price declines amid weaker market sentiment, although demand remains stable due to seasonal factors [1][24]. Summary by Sections Precious Metals - Silver prices have surged, with COMEX silver reaching $40.75 per ounce, marking a significant technical breakout [1][34]. - Gold prices are also approaching $3,500 per ounce, with expectations of inflation rising in the U.S. economy [1][34]. Industrial Metals - Copper: The report anticipates a price increase due to macroeconomic easing and seasonal demand, with global refined copper production expected to rise by 3.6% year-on-year [1][4]. - Aluminum: The report notes a slight increase in theoretical operating capacity in China's aluminum industry, but anticipates price fluctuations due to mixed production adjustments [1][4]. Energy Metals - Lithium: Prices have declined, with battery-grade lithium carbonate dropping to 80,000 yuan per ton, while production and inventory levels are also decreasing [1][24]. - Metal Silicon: The report indicates stable supply and demand dynamics, with short-term price fluctuations expected [1][24]. Key Stocks - The report recommends several stocks in the non-ferrous metals sector, including: - Shandong Gold (Buy) with an EPS forecast of 1.75 yuan for 2027 [3]. - Chifeng Jilong Gold Mining (Buy) with an EPS forecast of 2.01 yuan for 2027 [3]. - China Hongqiao Group (Buy) with an EPS forecast of 2.83 yuan for 2027 [3].