Group 1 - The company expects an upward trend in its operating performance for the period from January 1, 2025, to June 30, 2025 [1] - The preliminary performance forecast indicates that the main products, including tin, copper, and zinc, have seen a year-on-year price increase [3] - The company has actively managed production and operational quality to overcome challenges such as volatile metal prices and tight raw material supply, leading to a year-on-year growth in operating performance [3] Group 2 - The company plans to dispose of certain fixed assets during the reporting period, which is expected to impact the net profit attributable to the parent company by approximately -270 million [3] - The performance forecast has not been audited by an accounting firm and is based on preliminary calculations by the company's finance department [2][4] - The specific financial data will be disclosed in the company's 2025 semi-annual report [4]

Report Overview - Report Title: [Huabao Futures] Non-ferrous Metals Weekly Report [1] - Report Date: July 14, 2025 [3] Report Industry Investment Rating - Not provided in the content Core Viewpoints - For aluminum, due to high macro uncertainty and slight inventory accumulation, prices are expected to move within a range in the short term, and future attention should be paid to news and downstream off - season conditions [11] - For zinc, supply disruptions boost short - term prices, but medium - and long - term supply increases will put upward pressure; attention should be paid to news development [13] - For tin, prices are expected to be slightly stronger in the short term, but the downward pressure will increase in the medium term [14] Section Summaries 01 Non - ferrous Weekly Market Review - **Futures and Spot Prices**: From July 4 to July 11, 2025, copper futures (CU2508) decreased by 1.63%, aluminum futures (AL2508) increased by 0.29%, zinc futures (ZN2508) decreased by 0.13%, tin futures (SN2508) decreased by 1.24%, and nickel futures (NI2508) decreased by 0.72%. Spot copper prices decreased by 2.18%, aluminum by 0.05%, zinc by 1.75%, tin by 0.47%, and nickel by 1.05% [8] 02 This Week's Non - ferrous Market Forecast - **Aluminum** - **Logic**: Last week, aluminum prices fluctuated strongly. Trade tensions increased due to new tariffs, and there was a possibility of Fed rate - cuts. Nationally, the alumina operating rate decreased, and overseas, Guinea imposed shipping requirements on bauxite exports. Alumina inventory increased, and downstream demand was weak [10] - **Viewpoint**: Prices are expected to move within a range in the short term [11] - **Zinc** - **Logic**: Last week, zinc prices fluctuated within a range. Domestic zinc concentrate processing fees were stable, and import fees increased. The zinc ingot import window remained closed. Downstream galvanizing开工率 increased, and zinc inventory rose [13] - **Viewpoint**: Supply disruptions boost short - term prices, but medium - and long - term supply increases will put pressure [13] - **Tin** - **Logic**: Myanmar's supply progress was slower than expected, causing a shortage of raw materials for domestic smelters. Downstream demand showed signs of phased contraction [14] - **Viewpoint**: Slightly stronger in the short term, but downward pressure increases in the medium term [14] 03 Variety Data Aluminum - **Bauxite** - **Price**: Domestic high - grade bauxite in Henan remained unchanged at 640 yuan/ton; low - grade at 570 yuan/ton. Imported bauxite index average price was 73.72 dollars/ton, down 0.58 dollars/ton [18] - **Port Volume**: Bauxite arrival volume was 420.49 million tons, up 8.74 million tons; departure volume was 429.2 million tons, up 18.94 million tons [21] - **Alumina** - **Price and Profit**: Domestic price in Henan was 3150 yuan/ton, up 40 yuan/ton; cost was 2844.4 yuan/ton, down 4.7 yuan/ton; profit in Shanxi was 225.05 yuan/ton, up 60 yuan/ton [24] - **Electrolytic Aluminum** - **Cost and Spread**: Total cost was 16571.68 yuan/ton, up 101.54 yuan/ton; regional spread (Foshan - SMM A00 aluminum) was - 10 yuan/ton, up 60 yuan/ton [26] - **Downstream Processing**:开工率 of aluminum cable, foil, plate, profile, primary and secondary aluminum alloy showed different changes [29][31] - **Inventory**: Various inventory data, including保税区, social, and exchange inventories, showed different trends [36][37] - **Spot and Basis**: Different basis data for SMM A00 aluminum and SMM A00 aluminum in Foshan changed [42][45] - **Inter - month Spread**: The spread between different months of Shanghai aluminum futures changed [46] Zinc - **Zinc Concentrate** - **Price and Processing Fee**: Domestic zinc concentrate price was 17088 yuan/metal ton, up 16 yuan/metal ton; domestic processing fee was 3800 yuan/metal ton, unchanged; import processing fee was 66.25 dollars/dry ton, up 1 dollar/dry ton [50] - **Profit, Import Profit and Loss, and Inventory**: Production profit was 4088 yuan/metal ton, up 16 yuan/metal ton; import loss was 864.57 yuan/ton, down 152.17 yuan/ton; import zinc concentrate inventory in Lianyungang was 80,000 physical tons, down 10,000 tons [55] - **Refined Zinc** - **Inventory**: Various inventory data, including social,保税区, and exchange inventories, showed different trends [58] - **Galvanizing** - **Production,开工率, and Inventory**: Production was 345,545 tons, up 19,495 tons;开工率 was 58.29%, up 1.81%; raw material inventory was 14,370 tons, up 1,110 tons; finished product inventory was 341,700 tons, up 9,300 tons [61] - **Zinc Basis and Inter - month Spread**: Different basis and spread data changed [64][68] Tin - **Refined Tin** - **Production and开工率**: Yunnan and Jiangxi's combined production was 0.262 million tons, up 0.05 million tons;开工率 was 54.07%, up 1.03% [72] - **Tin Ingot** - **Inventory**: SHFE tin ingot inventory was 7097 tons, down 101 tons; social inventory was 9644 tons, down 110 tons [75] - **Tin Concentrate** - **Processing Fee**: Processing fees in different regions remained unchanged but were lower year - on - year [77] - **Import Profit and Loss**: Import profit was 12005.23 yuan/ton, down 2059.74 yuan/ton [78] - **Spot Price**: Spot prices of tin concentrates in different regions decreased by 600 yuan/ton [82]

| 有色及贵金属日度数据简报 | 2025/7/14 | 莫骁雄 | 王蒙 | 李先飞 | Z0012691 | Z0002529 | Z0019413 | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 国泰君安期货研究所有 | jixianfei@gtht.com | moxiaoxiong@gtht.com | wangrong2@gtht.com | 色及贵金属组 | 张再宇 | 王宗源(联系人) | 刘雨萱 | Z0021479 | F03142619 | Z0020476 | | | | | | | liuyuxuan@gtht.com | zhangzaiyu@gtht.com | wangzongyuan@gtht.com | 黄金 (AU) | 今天 | 前一交易日 | 上月 | 上周 | | | | | | | | | | 指标名称 | 2025/7/14 | 2025/7/11 | 2025/7/7 | 2 ...

（一）业绩预告期间 （二）业绩预告情况 证券代码：601212 证券简称：白银有色 公告编号：2025—临 031 号 白银有色集团股份有限公司 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。 重要内容提示： ? 本期业绩预告适用于净利润为负值情形。 ? 白银有色集团股份有限公司（以下简称"公司"）预计 2025 年半年度实 现归属于母公司所有者的净利润为-18,000 万元到-27,000 万元。 一、本期业绩预告情况 归属于母公司所有者的净利润 1,233.73 万元；归属于母公司所有者的扣除非 经常性损益的净利润 1,393.21 万元；每股收益 0.002 元。 三、本期业绩变化的主要原因 多措并举降本增效、开源节流，毛利率同比上升，经营质效不断提升。但由于公 司下属子公司上海红鹭国际贸易有限公司（简称"上海红鹭"）与南储仓储管理 集团有限公司及其上海分公司的仓储合同纠纷案，2025 年上半年由上海市高级 人民法院下发的关于本案的民事终审裁定中认为本案涉及刑事案件，据此裁定驳 回上海红鹭的诉讼请求，并将本案移送公 ...

关于董事、副总经理辞职及聘任总经理的公告 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法律责任。 宝鸡钛业股份有限公司（以下简称"公司"）于 2025 年 7 月 14 日召开 第八届董事会第十六次临时会议，审议通过了《关于聘任公司总经理的议案 》 《关于提名公司董事候选人的议案》，现将有关事宜公告如下： 一、公司董事、副总经理辞职情况 公司董事会于近日收到了董事陈战乾先生的书面辞职报告。陈战乾先生因工 作变动原因向董事会申请辞去公司第八届董事会董事及董事会专门委员会等职务。 根据《公司法》、《公司章程》等有关规定，陈战乾先生的辞职未导致董事会成 员低于法定最低人数，不会影响公司董事会的正常运作，其辞职报告自送达公司 董事会之日起生效。 陈战乾先生在担任公司董事期间，认真履行职责,勤勉尽责,为公司规范运作 和稳健发展发挥了积极作用。公司董事会对陈战乾先生任职期间作出的贡献表示 衷心的感谢。 公司董事会于近日收到公司副总经理陶海林先生的书面辞职报告。陶海林先 生因工作变动原因申请辞去公司副总经理职务，根据《公司法》、《公司章程》 等有关 ...

Group 1: Report Industry Investment Rating - No relevant content provided Group 2: Report's Core View - The copper market is affected by the US's 50% tariff on copper imports. The US copper inventory is high, and the rigid import demand in the second half of the year is low. The trade structure of South American countries may be pressured, and the low inventory in China and LME may rebound in the third quarter [1] - The aluminum supply increases slightly, and the demand is expected to weaken seasonally in July. The short - term fundamentals are acceptable, and attention should be paid to the demand and low - inventory trading opportunities [1] - The zinc price fluctuates widely. The supply is expected to increase, the demand is seasonally weak, and there is a risk of a short squeeze in overseas markets. The strategy is to short zinc, hold long - short positions between domestic and overseas markets, and pay attention to positive spreads between months [2] - The nickel supply is at a high level, the demand is weak, and the short - term fundamentals are average. Opportunities for the contraction of the nickel - stainless steel price ratio can be continued to be monitored [7] - The stainless - steel fundamentals are weak, with supply cuts, mainly rigid demand, and expected to fluctuate weakly in the short term [11] - The lead price回调s slightly. The supply and demand in July are expected to be weak, and it is expected to oscillate in the range of 17100 - 17500 next week [13] - The tin price fluctuates widely. The supply may decline, the demand is expected to slow down, and it is recommended to wait and see in the short term [15] - The industrial silicon production is expected to decline, the market changes from inventory accumulation to inventory reduction, and the futures price is expected to oscillate [19] - The lithium carbonate futures price rebounds. The short - term supply and demand are strong, and the absolute price is expected to oscillate, with the downward inflection point depending on inventory accumulation [21] Group 3: Summary by Metal Copper - **Price and Inventory Data**: From July 7 - 11, 2025, the spot premium of Shanghai copper decreased by 50, the inventory of the Shanghai Futures Exchange increased by 1578 tons, and the LME inventory increased by 625 tons [1] - **Market Impact**: Trump's announcement of a 50% tariff on copper imports led to a 16% increase in COMEX copper. The US has filled its annual rigid import gap, and the tariff impact on CL spread may not be fully priced. The trade structure of South American countries may change, and the low inventory in China and LME may rebound in the third quarter [1] Aluminum - **Price and Inventory Data**: From July 7 - 11, 2025, the Shanghai aluminum ingot price fluctuated slightly, the social inventory decreased by 10,000 tons, and the LME inventory increased by 4550 tons [1] - **Market Situation**: The supply increased slightly, the demand is expected to weaken seasonally in July, and the short - term fundamentals are acceptable [1] Zinc - **Price and Inventory Data**: From July 7 - 11, 2025, the zinc price fluctuated, the social inventory increased by 0.05 million tons, and the LME inventory decreased by 350 tons [2] - **Market Situation**: The supply is expected to increase, the domestic demand is seasonally weak, the overseas demand is weak but there is a short - squeeze risk, and the recommended strategies are shorting, long - short between domestic and overseas, and positive spreads between months [2] Nickel - **Price and Inventory Data**: From July 7 - 11, 2025, the price of 1.5% Philippine nickel ore remained stable, the Shanghai nickel spot price increased by 1550 yuan/ton, and the LME inventory increased by 1440 tons [7] - **Market Situation**: The supply is at a high level, the demand is weak, the LME premium is slightly stronger, and the short - term fundamentals are average [7] Stainless Steel - **Price and Inventory Data**: From July 7 - 11, 2025, the prices of 304 cold - rolled, 304 hot - rolled, etc. remained stable, and the price of scrap stainless steel increased by 50 yuan/ton [11] - **Market Situation**: The supply has been cut since late May, the demand is mainly rigid, and it is expected to fluctuate weakly in the short term [11] Lead - **Price and Inventory Data**: From July 7 - 11, 2025, the lead price decreased slightly, the social inventory increased by 1846 tons, and the LME inventory decreased by 3000 tons [12][23] - **Market Situation**: The supply and demand in July are expected to be weak, and it is expected to oscillate in the range of 17100 - 17500 next week [13] Tin - **Price and Inventory Data**: From July 7 - 11, 2025, the spot import and export earnings fluctuated, the LME inventory decreased by 45 tons, and the LME注销仓单 decreased by 20 tons [14] - **Market Situation**: The supply may decline, the demand is expected to slow down, and it is recommended to wait and see in the short term [15] Industrial Silicon - **Price and Inventory Data**: From July 7 - 11, 2025, the basis of 421 in Yunnan and Sichuan and 553 in East China and Tianjin changed, and the number of warehouse receipts decreased by 315 [19] - **Market Situation**: The production is expected to decline, the market changes from inventory accumulation to inventory reduction, and the futures price is expected to oscillate [19] Lithium Carbonate - **Price and Inventory Data**: From July 7 - 11, 2025, the SMM electric and industrial carbon prices increased slightly, the basis of the main and near - month contracts changed, and the number of warehouse receipts decreased by 1588 [21] - **Market Situation**: The futures price rebounds, the short - term supply and demand are strong, the social inventory pressure accumulates, and the absolute price is expected to oscillate [21]

Group 1 - The company, Shenzhen Zhongjin Lingnan Nonfemet Company, has issued a convertible bond with a total amount of 380 million yuan, consisting of 38 million bonds with a face value of 100 yuan each [1][5] - The bond has an annual interest rate of 1.50%, with interest payments made annually. For every 10 bonds held, the interest payment is 15.00 yuan (including tax) [1][5] - The interest payment period for this bond is from July 20, 2024, to July 18, 2025, marking the fifth year of interest payments [5][6] Group 2 - The interest calculation for the bond is based on the formula I = B × i, where I is the annual interest amount, B is the total face value of the bonds held, and i is the annual interest rate [2] - The bondholders will receive their interest payments through a designated bank account managed by China Securities Depository and Clearing Corporation [6] - Individual bondholders are subject to a 20% withholding tax on interest income, while qualified foreign institutional investors (QFII and RQFII) are exempt from corporate income tax and value-added tax on the interest [5][7][8] Group 3 - The company maintains a credit rating of AA+ with a stable outlook for both the company and the convertible bond, as per the tracking rating report issued by Zhongcheng Credit [5] - The bond's interest payment date is set for July 18, 2025, with the record date for bondholders being the trading day before the payment date [6] - The company has provided additional resources for investors to understand more about the convertible bond through its official announcements and reports [8]

Overview - The report provides a comprehensive analysis of the global and Chinese electrolytic aluminum industry, including definitions, classifications, regulatory frameworks, and market dynamics [2][3][4]. Global Electrolytic Aluminum Industry - The global electrolytic aluminum industry is characterized by its supply-demand dynamics, with significant production and consumption trends observed from 2020 to 2025 [4][20]. - Key regions such as Canada and Europe are highlighted for their specific market conditions and future growth prospects [4][20]. - The competitive landscape includes mergers and acquisitions among major global players, indicating a trend towards consolidation in the industry [4][20]. Chinese Electrolytic Aluminum Industry - The Chinese electrolytic aluminum industry has seen advancements in technology, particularly with the introduction of inert anode electrolysis technology, which reduces carbon emissions compared to traditional methods [5][6]. - The industry is also marked by significant research and development efforts, with a notable increase in patent applications and innovations [5][6]. - Trade statistics reveal a complex landscape of imports and exports, with fluctuations in trade volumes and prices from 2019 to 2025 [5][6][21]. Market Demand and Supply - The demand for electrolytic aluminum in China is driven by various sectors, including construction, transportation, and automotive industries, with detailed analyses of each sector's growth potential [6][11]. - Supply-side analysis indicates the current production capacity and utilization rates, with projections for future capacity expansions [6][21]. - The market is experiencing a balance between supply and demand, with ongoing trends influencing pricing and market conditions [6][21]. Competitive Landscape - The competitive structure of the Chinese electrolytic aluminum industry is analyzed, focusing on market entry strategies, regional distribution of competitors, and strategic positioning [7][21]. - The industry exhibits varying degrees of concentration, with major players holding significant market shares [7][21]. - The report also discusses the implications of external factors such as economic conditions and regulatory policies on market competition [7][21]. Future Outlook - The report forecasts the development potential of the electrolytic aluminum industry in China, emphasizing technological innovations and market trends that will shape the future landscape [19][20]. - Predictions include expected production volumes and market size growth from 2025 onwards, highlighting the industry's resilience and adaptability [19][20].

Group 1 - The company expects to achieve a net profit attributable to shareholders of the parent company between 680 million and 720 million yuan for the first half of 2025, representing an increase of 237 million to 277 million yuan compared to the same period last year, which is a year-on-year increase of 53.35% to 62.37% [1][2] - The company anticipates a net profit attributable to shareholders of the listed company, excluding non-recurring gains and losses, between 620 million and 660 million yuan, an increase of 195 million to 235 million yuan compared to the same period last year, reflecting a year-on-year increase of 46.04% to 55.47% [2] - The performance forecast period is from January 1, 2025, to June 30, 2025 [1] Group 2 - The previous year's total profit was 568 million yuan, with a net profit attributable to the parent company of 443 million yuan, and a net profit excluding non-recurring gains and losses of 425 million yuan [2] - The earnings per share for the previous year was 0.11 yuan [2] - The main reasons for the performance increase include cost reduction and sales price increase in the electrolytic aluminum business, as well as stable production and sales in the deep processing of aluminum, leading to increased processing fees and profits [2]

Market Activity - On July 11, the A-share market showed active trends with 61 stocks hitting the daily limit up, and a total of 17 stocks achieved consecutive limit ups, resulting in a success rate of 69% for limit orders [1] - The market focused on several strong stocks, with Sifang New Materials achieving a remarkable five consecutive limit ups, and Guotou Zhonglu also performing well with a T-shaped limit up, reaching five consecutive limit ups [1] - Stocks like Jingyi Co. and Yamaton achieved their fifth limit up within eight trading days through reverse limit up strategies [1] Stock Performance - Among the stocks with consecutive limit ups, Forest Packaging demonstrated a strong performance with seven consecutive limit ups, while companies like Shuangwei New Materials, Nanhua Futures, and Hemei Group achieved three consecutive limit ups [1] - ST Yazhen maintained an impressive performance with 12 limit ups over 15 days, while Yamaton and Jingyi Co. kept a pace of five limit ups over eight days [2] Market Sentiment and Capital Inflow - The market showed positive sentiment with active participation from investors, as evidenced by over 15 billion yuan in limit order funds supporting Shuangwei New Materials, and several other stocks like Sifang New Materials and Jin'an Guoji also receiving billions in limit order funds [1] - The total trading volume in the Shanghai and Shenzhen markets exceeded 1.7 trillion yuan, marking the highest level in nearly four months, indicating a significant increase in overall market activity and investor engagement [1] Sector Performance - The non-ferrous metal sector was notably active, with stocks like Hunan Silver and China Nonferrous Metals achieving limit ups [1] - The rare earth permanent magnet sector also showed strength, with companies like Northern Rare Earth and Jingyuntong achieving two consecutive limit ups, while Baogang Group and China Rare Earth also hit limit ups [1] - The securities IT sector attracted capital interest, with stocks like Jinzhen Co. and Guo'ao Technology hitting limit ups [1]