Core Viewpoint - The legal opinion confirms that the procedures for the 2024 annual shareholders' meeting of Zhuzhou Smelter Group Co., Ltd. are compliant with relevant laws and regulations, ensuring the legitimacy and validity of the meeting and its resolutions [1][4][5]. Group 1: Meeting Procedures - The notice for the shareholders' meeting was published on April 11, 2025, in major financial newspapers and on the Shanghai Stock Exchange website, detailing the time, location, voting methods, and agenda [2][3]. - The meeting will be held on May 9, 2025, combining on-site voting and online voting, with the online voting period from May 8, 2025, to May 9, 2025 [3]. Group 2: Attendance and Qualifications - A total of 9 participants attended the meeting, including 5 shareholders representing 592,404,308 shares, which is 55.22% of the total shares, and 4 shareholders participating via online voting representing 19,060,022 shares, or 1.78% of the total shares [4][5]. Group 3: Voting Procedures and Results - The meeting utilized a combination of on-site and online voting, with related shareholders abstaining from voting on related party transactions. The voting results showed unanimous approval with 611,464,330 shares in favor, representing 100% of the valid voting rights [5][6][7]. - The voting results were announced immediately after the conclusion of the voting process, confirming the legitimacy of the voting procedures [6][7]. Group 4: Conclusion - The legal opinion concludes that all aspects of the shareholders' meeting, including the convening procedures, participant qualifications, and voting results, comply with the Company Law, Shareholders' Meeting Rules, and the company's articles of association, affirming the legality and validity of the meeting [4][5][6].

1. Report Industry Investment Rating No relevant content provided. 2. Core Views of the Report - Copper: Overnight, copper first declined and then rose, with LME copper up 0.73% to $9,474.5/ton and SHFE copper up 0.72% to 78,140 yuan/ton. The domestic spot import window remained open. With the market focusing on US tariff progress and the improvement expectation continuing, and the short - term boost from China - US economic and trade talks, along with the strong demand in the copper peak season since April, there is no reason to be significantly bearish on copper prices in the short - term. Copper prices are expected to reach the range of 78,000 - 80,000 yuan/ton. However, investors should pay attention to the downstream's acceptance when copper prices enter the high - price range again and the performance of fundamentals and inventory when the peak season weakens [1]. - Aluminum: Alumina fluctuated higher, with AO2509 closing at 2,854 yuan/ton, up 4.05%. SHFE aluminum fluctuated strongly, with AL2506 closing at 19,570 yuan/ton, up 0.46%. Due to new maintenance in Shanxi and Guangxi and the acceleration of downstream stocking after the festival, alumina showed an upward correction in the short - term. In the medium - to - long - term, a strategy of shorting on rallies is recommended. For aluminum, due to limited inventory accumulation during the festival and weakening post - festival demand, short - term narrow - range adjustments are expected [1][2]. - Nickel: Overnight, LME nickel fell 0.35% to $15,575/ton, while SHFE nickel rose 0.26% to 124,000 yuan/ton. Short - term nickel ore is relatively strong, but if domestic primary nickel continues to accumulate inventory, the pressure on nickel prices will gradually emerge [2]. 3. Summary by Relevant Catalogs 3.1 Research Views - **Copper**: Overnight, LME copper rose 0.73% to $9,474.5/ton, SHFE copper rose 0.72% to 78,140 yuan/ton. US three - year inflation expectations reached a nearly three - year high, and the EU plans to sue the US at the WTO. LME copper inventory increased by 300 tons to 194,275 tons, COMEX copper inventory increased by 1,899 tons to 143,987 tons, and SHFE copper warehouse receipts decreased by 2,001 tons to 19,540 tons. Copper prices are expected to reach 78,000 - 80,000 yuan/ton, but pay attention to downstream acceptance and inventory performance when the peak season weakens [1]. - **Aluminum**: Alumina AO2509 closed at 2,854 yuan/ton, up 4.05%, and SHFE aluminum AL2506 closed at 19,570 yuan/ton, up 0.46%. SMM alumina price slightly adjusted down to 2,895 yuan/ton. New maintenance in Shanxi and Guangxi and accelerated downstream stocking after the festival led to short - term upward adjustment of alumina. In the long - term, short on rallies. Aluminum inventory accumulation was limited during the festival, and post - festival demand is weak [1][2]. - **Nickel**: LME nickel fell 0.35% to $15,575/ton, SHFE nickel rose 0.26% to 124,000 yuan/ton. LME nickel inventory decreased by 1,470 tons to 198,312 tons, and SHFE warehouse receipts decreased by 145 tons to 23,564 tons. Nickel iron prices weakened, and if domestic primary nickel accumulates inventory, it will pressure nickel prices [2]. 3.2 Daily Data Monitoring - **Copper**: On May 8, 2025, the price of flat - copper was 78,420 yuan/ton, with a decline in premium. LME registered + cancelled inventory increased by 300 tons, SHFE warehouse receipts decreased by 2,001 tons, and the total inventory decreased by 27,446 tons on a weekly basis [3]. - **Lead**: The average price of 1 lead in the Yangtze River was 16,750 yuan/ton, up 50 yuan/ton. LME registered + cancelled inventory decreased by 1,550 tons, and SHFE warehouse receipts decreased by 50 tons [3]. - **Aluminum**: The Wuxi and Nanhai quotes increased, and the Nanhai - Wuxi spread decreased. LME registered + cancelled inventory decreased by 2,000 tons, and SHFE warehouse receipts decreased by 2,752 tons [4]. - **Nickel**: The price of Jinchuan nickel decreased. LME registered + cancelled inventory decreased by 1,470 tons, and SHFE nickel warehouse receipts decreased by 145 tons [4]. - **Zinc**: The main settlement price decreased slightly, and the SMM 0 and 1 spot prices increased. LME inventory decreased by 750 tons, and SHFE inventory increased by 793 tons [5]. - **Tin**: The main settlement price decreased, and the SMM spot price increased. SHFE inventory decreased by 340 tons, and LME inventory remained unchanged [5]. 3.3 Chart Analysis - **Spot Premium**: Charts show the historical trends of spot premiums for copper, aluminum, nickel, zinc, lead, and tin from 2019 - 2025 [7][8][11] - **SHFE Near - Far Month Spread**: Charts display the near - far month spreads of copper, aluminum, nickel, zinc, lead, and tin from 2020 - 2025 [14][17][18] - **LME Inventory**: Charts present the LME inventory trends of copper, aluminum, nickel, zinc, lead, and tin from 2019 - 2025 [21][23][25] - **SHFE Inventory**: Charts show the SHFE inventory trends of copper, aluminum, nickel, zinc, lead, and tin from 2019 - 2025 [28][30][32] - **Social Inventory**: Charts display the social inventory trends of copper, aluminum, nickel, zinc, stainless steel, and 300 - series stainless steel from 2019 - 2025 [34][36][38] - **Smelting Profit**: Charts show the trends of copper concentrate index, rough copper processing fee, aluminum smelting profit, nickel - iron smelting cost, zinc smelting profit, and stainless steel 304 smelting profit margin from 2019 - 2025 [41][43][45]

有色早报 研究中心有色团队 2025/05/09 铜 ： 日期 沪铜现货 升贴水 废精铜 价差 上期所 库存 沪铜 仓单 现货进口 盈利 三月进口 盈利 保税库 premium 提单 premium 伦铜 C-3M LME 库存 LME 注销仓单 2025/04/29 205 1082 116753 34042 -121.50 784.42 94.0 115.0 -9.76 202500 71500 2025/04/30 230 997 116753 28166 -118.83 721.42 94.0 115.0 -6.80 200150 71050 2025/05/06 285 1063 116753 24922 -38.41 794.66 100.0 115.0 21.75 195625 86950 2025/05/07 260 1321 116753 21541 52.52 553.27 100.0 115.0 21.65 193975 86125 2025/05/08 225 1089 116753 19540 -252.05 750.12 102.0 116.0 45.82 194275 84025 ...

Group 1 - International copper futures rose by 0.84%, while Shanghai copper increased by 0.72% [1] - Shanghai aluminum saw an increase of 0.46%, and Shanghai zinc rose by 0.27% [1] - Shanghai lead remained flat, while Shanghai nickel rose by 0.26% and Shanghai tin increased by 0.30% [1] Group 2 - Alumina futures experienced a significant rise of 4.05% [2] - Stainless steel futures saw a slight decline of 0.04% [2]

知识图强,求实奉献,客户至上,合作共赢 注册信心 | 产业链期现日报 | | | | | | | --- | --- | --- | --- | --- | --- | | 合同业务资格:证监存可 2011 1292号 問敏波 Z0015979 | 2025年5月8日 | | | | | | 价格及价差 | | | | | | | 现值 | | 前值 | 涨跌 | 涨跌幅 | 单位 | | SMM A00铝 | 19610 | 19850 | -240.0 | -1.21% | 元/吨 | | SMM A00铝升贴水 | -20 | -20 | 0.0 | / | 元/吨 | | 长江 铝A00 | 19610 | 19840 | -230.0 | -1.16% | 元/吨 | | 长江 铝A00 升贴水 | -20 | -30 | 10.0 | / | 元/吨 | | 氧化铝(山东)-平均价 | 2850 | 2850 | 0.0 | 0.00% | 元/吨 | | 氧化铝(河南)-平均价 | 2900 | 2900 | 0.0 | 0.00% | 元/吨 | | 氧化铝(山西)-平均价 | 2900 | ...

Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report - Copper: Overnight LME copper weakened with a 1.2% decline to $9,406/ton, and SHFE copper dropped 0.74% to CNY 77,450/ton. The Fed paused rate - cuts, boosting the dollar and suppressing non - ferrous metals. However, with an improving macro - outlook and strong copper demand since April leading to rapid inventory drawdown, there is no strong reason to be bearish on copper. Copper prices are expected to reach CNY 78,000 - 80,000/ton. Attention should be paid to downstream acceptance at high prices and inventory performance in late May [1]. - Aluminum: Alumina and沪铝 (SHFE aluminum) both trended weakly. Alumina may rebound slightly after the holiday driven by electrolytic aluminum, but will continue to be in an oversupply situation. Aluminum ingot de - stocking is slowing, and demand is weakening. It is recommended to short at high prices and consider bottom - fishing in stages [1][2]. - Nickel: Overnight LME nickel fell 0.38% to $15,630/ton, and SHFE nickel dropped 0.35% to CNY 123,640/ton. Stainless steel prices will oscillate with cost support at the bottom and demand constraints at the top. Short - term nickel ore is relatively strong, but if primary nickel inventory continues to accumulate, it will put pressure on nickel prices [2]. Summary by Directory Research Views - **Copper**: LME copper prices fell, and SHFE copper also declined. The Fed's pause in rate - cuts affected the market, but strong demand and inventory drawdown supported prices. The expected price range is CNY 78,000 - 80,000/ton [1]. - **Aluminum**: Alumina and SHFE aluminum prices were weak. Alumina is in an oversupply situation, and aluminum ingot demand is waning [1][2]. - **Nickel**: Nickel prices declined. Stainless steel prices will oscillate, and primary nickel inventory accumulation may pressure nickel prices [2]. Daily Data Monitoring - **Copper**: Market prices showed some changes, with inventory adjustments in different exchanges. For example, LME inventory decreased by 1,650 tons, and SHFE copper warehouse receipts dropped by 3,381 tons [1][3]. - **Lead**: Most prices remained stable, with minor changes in some indicators like lead ingot discounts [3]. - **Aluminum**: Prices of aluminum products changed, and inventory also adjusted. Alumina inventory increased by 43,000 tons on a weekly basis [3][4]. - **Nickel**: Nickel - related prices and inventory had some fluctuations, such as a decrease in SHFE nickel warehouse receipts by 416 tons [2][4]. - **Zinc**: Prices declined slightly, and inventory increased in some areas. For example, social inventory increased by 0.34 million tons on a weekly basis [5]. - **Tin**: The main settlement price increased by 0.6%, and inventory decreased in some cases [5]. Chart Analysis - **Spot Premium**: Charts show the historical trends of spot premiums for copper, aluminum, nickel, zinc, lead, and tin [7][8][9]. - **SHFE Near - Far Month Spread**: Charts display the historical trends of near - far month spreads for copper, aluminum, nickel, zinc, lead, and tin [12][16][18]. - **LME Inventory**: Charts present the historical trends of LME inventory for copper, aluminum, nickel, zinc, lead, and tin [19][21][23]. - **SHFE Inventory**: Charts show the historical trends of SHFE inventory for copper, aluminum, nickel, zinc, lead, and tin [24][26][29]. - **Social Inventory**: Charts display the historical trends of social inventory for copper, aluminum, nickel, zinc, stainless steel, and 300 - series [30][32][35]. - **Smelting Profit**: Charts present the historical trends of copper concentrate index, rough copper processing fees, aluminum smelting profit, nickel - iron smelting cost, zinc smelting profit, and stainless steel 304 smelting profit margin [37][39][42]. Non - Ferrous Metals Team Introduction - Zhan Dapeng: A senior researcher in non - ferrous metals and precious metals at Everbright Futures Research Institute, with over a decade of commodity research experience [44]. - Wang Heng: A non - ferrous metals researcher at Everbright Futures, mainly focusing on aluminum and silicon research [44]. - Zhu Xi: A non - ferrous metals researcher at Everbright Futures, mainly researching lithium and nickel [45].

有色早报 研究中心有色团队 2025/05/08 铜 ： 日期 沪铜现货 升贴水 废精铜 价差 上期所 库存 沪铜 仓单 现货进口 盈利 三月进口 盈利 保税库 premium 提单 premium 伦铜 C-3M LME 库存 LME 注销仓单 2025/04/28 175 881 116753 36884 -303.45 943.11 93.0 115.0 28.60 202800 70775 2025/04/29 205 1082 116753 34042 -121.50 784.42 94.0 115.0 -9.76 202500 71500 2025/04/30 230 997 116753 28166 -118.83 721.42 94.0 115.0 -6.80 200150 71050 2025/05/06 285 1063 116753 24922 -38.41 794.66 100.0 115.0 21.75 195625 86950 2025/05/07 260 1321 116753 21541 52.52 553.27 100.0 115.0 21.65 193975 86125 变 ...

Group 1 - International copper futures fell by 0.72%, while Shanghai copper dropped by 0.74% [1] - Shanghai aluminum decreased by 1.55%, and Shanghai zinc fell by 0.49% [1] - Shanghai lead rose by 0.57%, contrasting with a decline in Shanghai nickel by 0.35% [1] Group 2 - Night trading of alumina saw a decrease of 0.22% [1] - Stainless steel futures experienced a slight decline of 0.08% [1] - Shanghai tin futures fell by 0.94% [1]

Price Movements - Copper prices have shown a slight increase, with the price at 78,480 CNY/ton, up by 150 CNY/ton [2] - The price of electrolytic copper in Guangdong has seen a rise, with market quotations for flat copper increasing by 130-200 CNY/ton [3] - The price of recycled copper has also increased, following the upward trend in copper prices [4] Inventory Trends - Copper inventory in the LME has decreased by 400 tons, totaling 197,300 tons [2] - The Shanghai Futures Exchange (SHFE) copper inventory has significantly dropped by 27,446 tons, now at 89,307 tons [2] - Post-holiday, the electrolytic copper inventory in Guangdong is expected to continue to accumulate slightly due to increased arrivals [3] Market Dynamics - The market for recycled copper is experiencing a recovery in trading atmosphere, with downstream copper plants actively seeking to replenish their stocks after the holiday [4] - There is a mixed response from downstream copper manufacturers regarding procurement, with some showing strong demand while others remain cautious [4] - The trading volume for copper rods in Guangdong has been stable, with a notable demand for replenishment after the holiday [5]

有色商品日报 有色商品日报（2025 年 5 月 7 日） 一、研究观点 | 品 种 | | | 点评 | | --- | --- | --- | --- | | | 隔夜 铜震荡走高，上涨 1.75%至 9520 美元/吨：SHFE 铜主力上涨 0.84%至 78320 元/吨；国内现货进口小幅盈利。宏观方面，海外方面，美国财政部长贝森特重申，美 | LME | | | | 国财政部正处于"预警轨道"，并重申美国政府永远不会违约，并承诺财政部不会使用 "花招"绕过债务上限。另外， 美国财政部拍卖 420 亿美元 10 年期国债，整体结果稳 | | | | | 健，多个指标健康。国内方面，中国 4 月财新服务业 PMI 50.7，新订单增速放缓，但财 | | | | | 政部部长蓝佛安表示，将采取更加积极有为的宏观政策，有信心实现 2025 年的 5%左右 | | | | 铜 | 增长目标。库存方面，LME 库存下降 1675 吨至 195625 吨；SMM 周二统计全国主流地 | | | | | 区铜库存环比节前减少 0.11 万吨至 12.85 万吨。宏观方面美政府态度持续软化，基本面 | | | | | ...