Group 1: Report Industry Investment Rating - No relevant content Group 2: Core Viewpoints of the Report - Despite positive domestic macro - policies, market sentiment remains cautious in the short - term due to upcoming Sino - US negotiations. Low domestic inventory limits the decline of copper prices, but the overall situation is one of weak supply and demand expectations. Short - term copper prices are expected to show a volatile trend, pending the progress of Sino - US tariff negotiations [5] Group 3: Summary by Relevant Catalogs 1. Supply and Demand - Domestic spot TC stabilizes at a low level of - 43. Japanese smelters are having difficult negotiations with Antofagasta on processing fees and cannot accept the extremely low conditions reached by Chinese smelters and Antofagasta. Domestic enterprise operating rates are declining, and the spot market is sluggish due to high prices. Last week, the copper rod operating rate was 69.4%, a 4.9% week - on - week decrease, and the copper cable enterprise operating rate was 70.83%, a 2.0% week - on - week decrease. Copper price increases suppress purchasing sentiment, and orders decrease in the off - season. Enterprises mainly rely on previous long - term orders to maintain operations, and the operating rate is expected to decline slightly this week [4] 2. Inventory - Domestic inventory is being depleted. The domestic electrolytic copper social inventory is 11.4 tons, a 20.3% week - on - week decrease [4] 3. Macro - environment - On July 25, the National Bureau of Statistics announced that the manufacturing PMI in July rebounded to 49.8%, rising for two consecutive months, and the production index reached 51.7%. The National Development and Reform Commission issued the third batch of 69 billion yuan of ultra - long - term special treasury bonds to local areas last week to support the replacement of old consumer goods with new ones. The US plan to impose tariffs on copper is approaching on August 1, and market trading is cautious. US Treasury Secretary Bessent announced that China and the US will hold a new round of trade negotiations in Stockholm, Sweden, on Monday and Tuesday [4] 4. Market Trends - Last week, the main contract of Shanghai copper first rose and then fell. At the beginning of the week, it continued the upward trend driven by the macro news from the Ministry of Industry and Information Technology on the previous Friday, and declined slightly in the second half of the week. The closing price on Friday was 79,250 yuan/ton, about 1% higher than the previous week [6]

Core Viewpoint - The recent fluctuations in chemical coke and manganese ore prices are impacting the cost structure and market performance of manganese silicon production, with expectations of significant price volatility in the near future [1] Price Changes and Cost Analysis - Chemical coke prices increased by 100 yuan/ton, while port manganese ore prices saw a slight uptick, leading to higher immediate costs [1] - Estimated production costs as of July 25 are approximately 5710 yuan/ton in Ningxia, 5800 yuan/ton in Inner Mongolia (with a loss of about 100 yuan/ton), and 6460 yuan/ton in Guangxi (with a loss of about 740 yuan/ton) [1] - Actual costs in production areas may be reduced by 100-200 yuan/ton due to adjustments in manganese ore ratios and tail gas power generation [1] Supply and Demand Dynamics - From July 19 to July 24, Tianjin Port received 451,924 tons of manganese ore, with a slight inventory increase of 989.7 tons, totaling 3,336,474 tons, which is below expectations [1] - Anticipated arrivals from July 25 to July 31 are 607,041 tons, with an estimated inventory increase of 100,000 to 200,000 tons based on typical outflow rates [1] - National daily production of silicon manganese as of July 25 is reported at 26,640 tons, with increases noted in regions such as Inner Mongolia, Guangxi, Guizhou, and Yunnan [1] Market Pricing and Export Data - Hebei Steel Group set the silicon manganese price at 5,850 yuan/ton for July, with the first round of inquiries at 5,600 yuan/ton and a purchase volume of 14,600 tons, an increase from June [1] - In June 2025, China exported 1,151.6 tons of silicon manganese alloy and imported 685.73 tons [1] Market Sentiment and Future Outlook - The black metal sector is experiencing upward pressure due to rising coking coal prices, while manganese silicon prices have shown mixed reactions, with significant inflows of capital observed [1] - The market is currently driven more by speculative factors rather than fundamental changes, with profit margins encouraging manufacturers and traders to hedge [1] - The overall market sentiment remains uncertain, with expectations of significant price fluctuations for manganese silicon on July 28, necessitating caution among investors [1]

Core Insights - The company, First Quantum, shipped 8,248 tons of copper inventory from Panama in June [1] Company Summary - First Quantum's copper shipment volume indicates active production and distribution capabilities [1]

Market Performance - The US stock market showed mixed results on Monday, with the Dow Jones Industrial Average slightly down by 0.04%, while the Nasdaq Composite and S&P 500 indices rose by 0.38% and 0.14% respectively [1] - The precious metals sector performed well, leading the market upward, with gold futures increasing by 1.55% to $3410.3 per ounce and silver futures rising by 2.02% to $39.24 per ounce [1][5] Sector Performance - The S&P 500 and Nasdaq indices reached historical highs, driven by strong performances from major stocks like Google [2] - The telecommunications sector was the best-performing sector in the S&P 500, with a gain of 1.9%, while the energy sector saw a decline of 0.96% [2] - In the technology sector, Google A shares rose by 2.72%, while Amazon increased by 1.40%, and Meta Platforms saw a rise of 1.23% [5] Company Highlights - Notable movements included a 16% increase in Huya's stock price, nearly 3% rise in NIO, and over 2% gain in Pinduoduo, while Li Auto and JD.com fell by over 4% and 1% respectively [1] - Block Inc. saw a significant rise of over 7% due to its upcoming inclusion in the S&P 500 index [5] - Goldman Sachs predicts a 10% increase in the S&P 500 index over the next 12 months, reaching 6900 points, supported by strong earnings reports [6] Earnings Reports - The current earnings season is at its peak, with over 85% of S&P 500 companies exceeding market expectations [6] - Seven large companies are set to release their earnings this week, which will be a focal point for the market [2]

Market News - The three major US stock indices closed mixed, with the Dow Jones down 0.04%, the Nasdaq up 0.38%, and the S&P 500 up 0.14%. The metals and mining sectors saw significant gains, with Century Aluminum rising over 9% and Americas Silver and Pan American Silver up nearly 5% [1] - International precious metal futures generally rose, with COMEX gold futures up 1.55% at $3410.3 per ounce and COMEX silver futures up 2.02% at $39.24 per ounce. International oil prices slightly declined, with WTI crude down 0.41% at $65.78 per barrel and Brent crude down 0.36% at $69.03 per barrel [1] - European stock indices closed mixed, with Germany's DAX up 0.08% at 24307.8 points, France's CAC40 down 0.31% at 7798.22 points, and the UK's FTSE 100 up 0.23% at 9012.99 points [1] Industry Insights - The implementation of cross-border asset management pilot business in Hainan Free Trade Port aims to enhance cross-border securities investment and exchange convenience for foreign investors. This initiative supports investment in various financial products and is expected to attract asset management institutions to Hainan [2] - The China Securities Regulatory Commission announced that Yushu Technology has begun its listing guidance with CITIC Securities as the advisor. Several leading robotics companies are planning to go public, which may drive technological innovation and capacity expansion in the sector [3] - The first International Low Altitude Economy Expo will be held from July 23 to 26 in Shanghai, showcasing over 300 exhibitors and revolutionary breakthroughs in low-altitude technology, particularly in drones and eVTOLs. The event will feature numerous global and national product launches [4][5] - The low-altitude economy is projected to reach a market size of 1.5 trillion yuan by 2025 and 3.5 trillion yuan by 2035, driven by applications in logistics, tourism, and emergency services. This sector is becoming a new growth engine for urban economies [5]

上市公司于2025年7月21日召开第六届董事会第二十四次会议及第六届监事 会第十六次会议审议通过了《关于 <重大资产购买报告书 草案="草案"> 及其摘要的议 案》等与本次交易相关的议案，具体内容详见公司在指定媒体发布的相关公告。 根据《中华人民共和国公司法》《中华人民共和国证券法》《上市公司重大 资产重组管理办法》等法律、法规及规范性文件以及《公司章程》等相关规定， 上述相关议案尚需提交股东大会审议。基于本次交易的总体工作安排，公司董事 会决定暂不召开股东大会，待相关工作完成后，公司董事会将另行发布召开股东 大会的通知，提请股东大会审议本次交易方案及所有相关议案。 特此公告。 四川安宁铁钛股份有限公司董事会 证券代码：002978 股票简称：安宁股份 公告编号：2025-045 四川安宁铁钛股份有限公司 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或者重大遗漏。 四川安宁铁钛股份有限公司（以下简称"上市公司"或"公司"）拟以分期 支付现金650,768.80万元的方式，参与攀枝花市经质矿产有限责任公司（以下简 称"经质矿产"或"标的公司"）及其关联企业会理县鸿鑫工贸有 ...

Core Viewpoint - The company plans to continue using part of its temporarily idle raised funds for cash management to improve fund management efficiency without affecting the construction of fundraising projects [1][6]. Fundraising Basic Situation - The company issued 693,009,118 shares at a price of 3.29 RMB per share, raising a total of approximately 2.28 billion RMB, with a net amount of about 2.27 billion RMB after deducting issuance costs [1][2]. Reasons for Idle Funds - As of June 2025, the company had a balance of 565 million RMB in raised funds, with cumulative usage of 1.736 billion RMB, including 1.114 billion RMB for previous projects and 70 million RMB for 2025 projects [3][5]. Previous Cash Management - By the end of June 2025, the company had used 445 million RMB of temporarily idle funds for cash management, which was within the approved limit of 450 million RMB [3][4]. Current Cash Management Plan - The company aims to use up to 450 million RMB of idle funds for cash management, with a usage period of 12 months from the board's approval date [5][6]. Investment Products and Safety - The company will invest idle funds in low-risk products such as time deposits, large certificates of deposit, and 7-day notice deposits to ensure safety [5][6]. Decision-Making Process - The board of directors approved the cash management plan, and the sponsor provided a special verification opinion confirming compliance with regulations [6][8].

证券代码：603978 证券简称：深圳新星 公告编号：2025-068 深圳市新星轻合金材料股份有限公司 关于 2024 年年度报告的信息披露监管问询函 的回复公告 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。 深圳市新星轻合金材料股份有限公司（以下简称"公司"或"深圳新星"）于 司 2024 年年度报告的信息披露监管问询函》（以下简称"问询函"）（上证公函 【2025】0913 号），根据相关规定，现对问询函有关问题回复如下： 问题一、关于业绩亏损。公司已连续三年亏损，年报显示，公司 2024 年度 实现营业收入 25.63 亿元，同比增长 62.32%，归母净利润-2.91 亿元，同比增亏 现金流量净额-2.06 亿元，流出同比增加 20.04%。综合毛利率 2.94%，同比下 滑 1.74 百分点，其中，六氟磷酸锂毛利率-44.89%，同比下降 37.12 个百分点。 年报披露，营业收入增长主要系铝箔坯料投产销售，业绩亏损主要系六氟磷酸 锂经营亏损及相关减值。 请公司：（1）结合行业趋势、市场竞争、业务结构变化等 ...

Group 1 - The company expects a significant loss in the first half of 2025, with total profit estimated to be a loss of 190 million to 230 million yuan, compared to a profit of 168.53 million yuan in the same period last year [1] - The net profit attributable to shareholders is projected to be a loss of 180 million to 220 million yuan, down from a profit of 137.31 million yuan in the previous year [1] - The operating revenue is expected to be between 4.13 billion and 4.20 billion yuan, a decrease from 7.16 billion yuan in the same period last year [1] Group 2 - The decline in revenue and profit is primarily attributed to a decrease in the prices of vanadium and titanium products compared to the previous year, with a net profit decrease of approximately 317 million to 357 million yuan [1] - The company is actively responding to market changes by adjusting its product mix to mitigate the impact of falling prices [1]

Group 1 - The Hang Seng Index closed down 1.06%, while the Hang Seng Tech Index fell by 1.76% [1] - The innovative drug sector saw significant gains, with Hengrui Medicine (01276.HK) rising over 15% and China Biologic Products (01177.HK) increasing by more than 10% [1] - Education stocks strengthened during the midday session, with China Oriental Education (00667.HK) up over 3% [1] Group 2 - Rare earth stocks rebounded towards the end of the trading day, with Jinli Permanent Magnet rising over 2% [1] - Other sectors such as cement and building materials, biomedicine, environmental protection, and oil saw gains [1] - Gold, stablecoins, nuclear power, non-ferrous metals, and chips experienced declines during the day [1] Group 3 - On the individual stock front, Lens Technology (06613.HK) rose 9% on its first trading day, while "Jay Chou concept stock" Superstar Legend (06683.HK) surged 94%, surpassing a market capitalization of 10 billion HKD [1] - Guotai Junan International (01788.HK) fell by over 5% [1]