Core Points - The document outlines the rules for the board of directors of Yunnan Chihong Zinc & Germanium Co., Ltd, aiming to standardize decision-making processes and enhance efficiency [2][4][5] Group 1: Board Composition and Responsibilities - The board consists of 11 directors, including 4 independent directors, and is responsible for strategic decisions, risk management, and operational oversight [3][4] - The board has the authority to convene shareholder meetings, execute resolutions, and determine the company's operational plans and investment strategies [4][5] Group 2: Board Meetings - The board must hold at least two regular meetings annually, with provisions for calling temporary meetings under specific circumstances [8][9] - Meeting notifications must be sent at least 10 days in advance for regular meetings and 5 days for temporary meetings, detailing the agenda and other relevant information [8][10] Group 3: Voting and Decision-Making - Decisions require a majority vote from the board, with special resolutions needing a two-thirds majority for significant matters such as capital changes or mergers [14][28] - Directors must avoid conflicts of interest during voting, and specific rules govern the delegation of voting rights [15][11] Group 4: Committees and Oversight - The board establishes specialized committees, including an ESG committee and an audit committee, primarily composed of independent directors to ensure oversight and compliance [6][7] - The board is responsible for monitoring the implementation of decisions and ensuring compliance with legal and regulatory requirements [40][41]

Core Viewpoint - The non-ferrous metal sector is experiencing rapid rotation, with various metals like gold, copper, aluminum, rare earths, and lithium taking turns in performance, indicating strong market activity [1] Group 1: Market Performance - As of August 7, rare earth stocks are leading the non-ferrous metal sector, with major players like Northern Rare Earth and Shenghe Resources rising over 6% [1] - The non-ferrous metal sector has seen a cumulative increase of 24.91% year-to-date, making it the top-performing sector among 31 categories [6] - The non-ferrous metal ETF (159876) has recorded a 1.07% increase, achieving five consecutive days of gains, reflecting positive market sentiment [1][6] Group 2: Price Movements and Policies - Lithium carbonate futures have surged by 5% to 72,140 yuan/ton, benefiting lithium compound producers [3] - The "anti-involution" policy implemented in Jiangxi and Qinghai is expected to optimize the supply structure of the lithium industry, supporting long-term price stability [3][4] - The Ministry of Industry and Information Technology plans to introduce a growth stabilization plan for key industries, including non-ferrous metals, viewed as a continuation of the 2016 supply-side reform [5] Group 3: Investment Opportunities - Analysts suggest focusing on three major metals: gold, copper, and aluminum, while also considering strategic metals like rare earths due to their geopolitical significance [3][4] - The current low valuation of the non-ferrous metal sector, with a price-to-book ratio of 2.36, indicates potential for valuation recovery [6] - The sector is expected to benefit from increased demand in emerging industries and limited supply growth, leading to a balanced supply-demand situation [5]

Report Industry Investment Rating - Not provided in the report Core Viewpoints - The lead market has no obvious contradictions with both supply and demand increasing. Tight raw materials and peak - season expectations support lead prices, and short - term lead prices are expected to consolidate within a range [1] - The zinc market has an increase in both zinc ore and zinc ingot supply, while demand is in the off - season with inventory accumulation. However, the continuous decline in overseas LME zinc inventory provides some support, and short - term zinc prices are expected to consolidate within a range [1] Summary by Relevant Catalogs Lead Market Price and Market Indicators - The average price of SMM1 lead ingots was 16,725 yuan/ton, up 0.75% from the previous day; the closing price of the main futures contract of Shanghai lead was 16,855 yuan/ton, up 0.48% [1] - The Shanghai lead basis was - 130 yuan/ton, an increase of 45 yuan; the trading volume of the active futures contract was 48,645 lots, up 21.21%; the open interest was 65,019 lots, down 9.80%; the trading - to - open - interest ratio was 0.75, up 34.38% [1] - LME lead inventory was 268,600 tons, unchanged; Shanghai lead warrant inventory was 58,656 tons, unchanged; the closing price of LME 3 - month lead futures (electronic trading) was 1,997 dollars/ton, up 1.09%; the Shanghai - London lead price ratio was 8.44, down 0.60% [1] Fundamental Analysis - There is no expected increase in lead concentrate imports, and processing fees are likely to rise. Primary lead production is relatively stable, while secondary lead production is affected by factors such as high waste lead - acid battery prices and limited recycling sources, with some refineries reducing or suspending production. But as the electrolytic lead factory inventory decreases, the acceptance of high - priced secondary lead improves, and secondary lead production is gradually recovering [1] - In July, the market still has expectations for peak - season consumption, but most enterprises suspend purchases during the monthly inventory check at the end of the week [1] Industry News - In the "China Sinopec 2025 Annual Routine Demand High - Performance Battery Centralized Procurement Framework Agreement Public Tendering for Acid Battery Equipment Procurement Tendering", Hoppecke won the bid as the first - ranked bidder again [1] Zinc Market Price and Market Indicators - The average price of SMM1 zinc ingots was 22,260 yuan/ton, up 0.13% from the previous day; the closing price of the main futures contract of Shanghai zinc was 22,380 yuan/ton, unchanged [1] - The Shanghai zinc basis was - 120 yuan/ton, an increase of 30 yuan; the trading volume of the active futures contract was 89,569 lots, up 4.82%; the open interest was 94,254 lots, down 4.28%; the trading - to - open - interest ratio was 0.95, up 9.51% [1] - LME zinc inventory was 89,225 tons, unchanged; Shanghai zinc warrant inventory was 14,375 tons, down 2.92%; the closing price of LME 3 - month zinc futures (electronic trading) was 2,795 dollars/ton, up 1.64%; the Shanghai - London zinc price ratio was 8.01, down 1.61% [1] Fundamental Analysis - Refineries have sufficient raw material stocks, and zinc ore processing fees are rising. In the context of continuous raw material supply, it is expected that zinc concentrate processing fees will continue to rise in August, weakening cost support. Refinery profits and production enthusiasm have improved, and production is increasing significantly [1] - Last week, the decline in zinc prices improved downstream purchasing enthusiasm, but the terminal is in the off - season, and enterprise production has declined [1] Industry News - Affected by Vietnam's tariff increase, the export orders of some galvanized sheet plants in August have declined significantly, and domestic orders are also weak. The operation rate of domestic galvanized sheets in August may continue to decline [1] - Affected by the increased production of mines in Xinjiang, Hebei and other places, the SMM zinc concentrate production increased significantly in July, but there will be mine overhauls in Sichuan, Yunnan and other places in August, and zinc concentrate production may decline slightly month - on - month [1]

Group 1 - Zhongyuan Tong plans to establish a joint venture with Zhengzhou Zhengfang Technology with a registered capital of 10 million yuan, where Zhongyuan Tong will contribute 5.1 million yuan for a 51% stake [1] - Weiguang Co. reported a net profit of 172 million yuan for the first half of 2025, representing a year-on-year increase of 11.32%, with total revenue reaching 750 million yuan, up 10% [1] - Tianlu Technology's actual controller plans to reduce his stake by up to 2%, amounting to 220,640 shares [1][2] Group 2 - Igor received approval from the China Securities Regulatory Commission for a stock issuance to specific investors, valid for 12 months [2] - Hualing Cable also received approval from the China Securities Regulatory Commission for a similar stock issuance [2] - Hongchang Technology's employee stockholding platform plans to reduce its stake by up to 2.56%, equating to 331,630 shares [3][4] Group 3 - Saiyi Information intends to invest 10 million yuan in Douma Technology to acquire a 3.23% stake [5] - Meino Biological's major shareholder plans to reduce his stake by up to 1%, which is 140,780 shares [5] - New Light Optoelectronics' shareholder plans to reduce his stake by up to 3%, totaling 3 million shares [6] Group 4 - Shenzhen Energy plans to invest 7.897 billion yuan in the construction of the Shantou Honghaiwan offshore wind power project, with 1.581 billion yuan from its own funds [7][8] - Zhongqi Co. plans to reduce its stake by up to 3%, which amounts to 39,717,000 shares [9] - Yirui Technology's two shareholders plan to reduce their combined stake by up to 2%, equating to 400,440 shares [11] Group 5 - Wenkai Co. is planning debt restructuring involving approximately 2.22 billion yuan in receivables and 1.24 billion yuan in cash payments [12] - Guangnong Sugar's application for a stock issuance to specific investors has been approved by the Shenzhen Stock Exchange [13] - Dalian Shengya is planning a stock issuance that may lead to a change in control, resulting in continued trading suspension [15] Group 6 - ST Saiwei has received a court decision for pre-restructuring and appointed a management team for the process [18] - Gaozheng Minexplosion's major shareholder reduced his stake by 128,100 shares during a period of stock price fluctuation [19] - Zhongfu Information's chairman has been detained, with responsibilities temporarily assigned to the deputy general manager [20] Group 7 - Huayu Mining plans to adjust the valuation of its 40% stake in Guizhou Yatai Mining and acquire an additional 11% stake for a total transaction value of 809 million yuan [21] - ST Jinbi intends to invest 50 million yuan in Cangqiong Digital, acquiring a 2.56% stake [23] - Xinxing Casting is planning to publicly transfer its 51% stake in Xinjiang Mining with a starting price of 205 million yuan [25]

债券代码：110096 债券简称：豫光转债 河南豫光金铅股份有限公司 证券代码：600531 证券简称：豫光金铅 公告编号：2025-054 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。 重要内容提示： ? 本次会议是否有否决议案：无 一、 会议召开和出席情况 (一)股东大会召开的时间：2025 年 7 月 23 日 (二)股东大会召开的地点：河南豫光金铅股份有限公司 510 会议室（河南省济源 市荆梁南街 1 号） (三)出席会议的普通股股东和恢复表决权的优先股股东及其持有股份情况： 份总数的比例（%） 36.7602 (四)表决方式是否符合《公司法》及《公司章程》的规定，大会主持情况等。 本次会议采用现场投票与网络投票相结合的方式召开及表决。会议由公司董 事会召集，董事长赵金刚先生主持。会议的召集和召开程序符合《公司法》《公 司章程》的规定。 (五)公司董事、监事和董事会秘书的出席情况 二、 议案审议情况 (一)非累积投票议案 审议结果：通过 表决情况： | 股东类型 | 同意 | | 反对 | | | 弃权 | | | ...

Core Viewpoint - The imposition of varying tariffs on China's lead-acid battery exports by Middle Eastern countries is expected to have a limited impact on the overall lead market demand, despite creating negative sentiment that may drive lead prices down [2][3][4]. Group 1: Tariff Impact on Lead Market - Middle Eastern countries will impose tariffs ranging from 25% to 70% on Chinese lead-acid batteries, which is an increase from previous rates of 5% to 30% [2][3]. - In 2023, China's exports of lead-acid batteries to Oman, Qatar, and Saudi Arabia accounted for 7.67% of total exports, indicating that the overall impact on lead consumption is relatively small [2][3]. - The expected reduction in exports to the Middle East due to tariffs is estimated to affect lead market demand by only 0.2-0.3 percentage points [3]. Group 2: Current State of Recycled Lead Production - Recycled lead enterprises are currently facing losses due to high costs of raw materials, with the latest price at 10,250 yuan per ton [5][6]. - The operating rate for recycled lead was only 38.81% in June, indicating a slow recovery in production [5][6]. - The supply of waste batteries is tightening, leading to a continued loss for many recycled lead producers, with expectations of limited production increases [5][6]. Group 3: Seasonal Demand and Inventory Levels - The current consumption season for lead does not show significant characteristics of a peak, with downstream companies remaining cautious in their purchasing [7][8]. - The seasonal peak for lead-acid battery consumption is expected to begin in late July, but demand recovery appears limited so far [7][8]. - Lead ingot inventory levels remain high, but there are signs of a gradual reduction in inventory accumulation as downstream demand begins to improve [8]. Group 4: Price Support and Market Dynamics - The downward pressure on lead prices is being countered by significant losses in recycled lead production, which may provide some support for prices around the 16,500 yuan level [9]. - The overall supply-demand balance remains weak, with external factors limiting price increases despite strong cost support from raw materials [9][10]. - The potential for a recovery in lead prices hinges on the performance of downstream demand and the ability of producers to manage inventory levels effectively [9][10].

Core Viewpoint - Yunnan Chihong Zinc & Germanium Co., Ltd. has successfully completed its share repurchase plan, acquiring a total of 50,911,085 shares, which represents 1.00% of the company's total share capital, with a total expenditure of approximately RMB 267.73 million [1][2][3] Summary by Sections Share Repurchase Plan - The share repurchase plan was first disclosed on September 24, 2024, with an implementation period from October 11, 2024, to October 10, 2025 [1] - The expected repurchase amount ranges from RMB 145 million to RMB 290 million, with a maximum repurchase price set at RMB 5.7 per share [1] - The actual repurchase price ranged from RMB 4.72 to RMB 5.67 per share, with an average price of RMB 5.26 per share [2][3] Implementation Status - As of December 31, 2024, the company had repurchased 500,000 shares, accounting for 0.0098% of the total share capital [2] - The repurchase was completed on July 15, 2025, with a total of 50,911,085 shares acquired [2][3] Financial Impact - The funds used for the repurchase included both bank loans and the company's own funds, ensuring that the repurchase would not significantly impact the company's operations, financial status, or future development [3] Share Cancellation - The company plans to cancel all repurchased shares, which will reduce the registered capital accordingly [4] - The total number of shares before the repurchase was 5,091,291,568, and after the cancellation, it will be reduced to 5,040,380,483 shares [4] Shareholder Structure - The shareholding structure of major shareholders, such as China Aluminum Group and Yunnan Metallurgical Group, will see slight changes post-repurchase, with their respective ownership percentages adjusted [4]

Core Viewpoint - The company, Chihong Zn & Ge Co., Ltd., has initiated a share buyback program starting from October 11, 2024, with an expected buyback amount ranging from 145 million to 290 million yuan [1] Summary by Relevant Sections - **Share Buyback Details** - The actual number of shares repurchased by the company as of July 15, 2025, is 50.91 million shares, which accounts for 1.00% of the total share capital [1] - The total amount spent on the buyback is 268 million yuan, with a price range of 4.72 yuan to 5.67 yuan per share [1] - **Future Plans** - The company plans to cancel all repurchased shares on July 17, 2025, and will correspondingly reduce its registered capital [1]

Group 1: Company Performance Forecasts - Zhongshe Co., Ltd. expects a net loss of 6 to 8 million yuan for the first half of 2025, compared to a profit of 18.83 million yuan in the same period last year [1] - Jiangfeng Electronics anticipates a net profit of 247 to 267 million yuan for the first half of 2025, representing a growth of 53.29% to 65.70% year-on-year [1] - Naipu Mining forecasts a net profit of 15 to 22.5 million yuan for the first half of 2025, a decline of 73.32% to 82.21% compared to the previous year [7] - Runjian Co., Ltd. expects a net profit of 35 to 52.5 million yuan for the first half of 2025, a decrease of 78% to 85% year-on-year [13] - Kanglong Chemical predicts a net profit of 679 to 713 million yuan for the first half of 2025, down 36% to 39% from the previous year [14] Group 2: Shareholder Actions - Tianyuan Co., Ltd. plans to reduce its shareholding by up to 0.76% through a concentrated bidding process [2] - Sanwei Tiandi intends to reduce its shareholding by up to 4.07% through concentrated bidding or block trading [3] - Zhongfu Shenying plans to reduce its shareholding by up to 1% due to personal funding needs [4] - Hengfeng Information intends to reduce its shareholding by up to 3% through concentrated bidding or block trading [6] - *ST Yanzhen's stock will be suspended for inspection due to abnormal trading fluctuations [9] Group 3: Corporate Transactions - *ST Weir plans to acquire 51% of Shanghai Zijiang New Materials Technology Co., Ltd. for 546 million yuan [10] - Greenland plans to introduce overseas strategic investors for its subsidiary QINGMEI to enhance global competitiveness [12] - Taihe Co., Ltd. intends to acquire the remaining 51% stake in Guangdong Haode Crop Technology Co., Ltd. for 22.083 million yuan [13] - Weichai Heavy Machinery is planning to acquire 100% of Changzhou Fiberglass Shipyard Co., Ltd. [15] - Guolian Aquatic plans to introduce a new shareholder through capital increase for its subsidiary [16]

Core Points - The article outlines the insider information management and registration system of Henan Yuguang Gold Lead Co., Ltd, aiming to regulate insider information handling and prevent insider trading [1][2][3] Group 1: General Principles - The system is established to ensure the confidentiality of insider information and to maintain fair information disclosure principles according to relevant laws and regulations [1][2] - The board of directors is responsible for ensuring the accuracy and completeness of insider information registries, with the chairman being the primary responsible person [2][3] Group 2: Definition of Insider Information - Insider information refers to non-public information that could significantly impact the company's operations, finances, or stock prices [3][4] - Specific examples of insider information include major changes in business strategy, significant asset transactions exceeding 30% of total assets, and major losses or debts [3][4] Group 3: Registration Management - The company implements a registration and filing management system for insider information, requiring detailed records of individuals who have access to such information [5][6] - The registration must include personal details, the nature of the insider information, and the circumstances under which it was obtained [5][6] Group 4: Confidentiality Obligations - All insider information personnel are required to maintain confidentiality and are prohibited from disclosing or trading based on insider information [10][11] - The company must take necessary measures to control the dissemination of insider information and ensure that only authorized individuals have access [10][11] Group 5: Accountability and Compliance - The company is mandated to conduct self-inspections regarding insider trading activities and report any violations to regulatory authorities [11][12] - Violations of the insider information management system may result in penalties, including potential criminal liability for severe breaches [11][12]