Group 1: Report Industry Investment Rating - No information provided Group 2: Core Views of the Report - Last week, the main contract price of Shanghai lead futures was under pressure. The US economic data recovery, inflation concerns, and the Fed officials' suppression of interest - rate cut expectations led to a rebound in the US dollar, dragging down lead prices, but Powell's dovish speech at the Jackson Hole meeting improved interest - rate cut expectations and boosted lead prices [2][7][8]. - Fundamentally, the supply of lead concentrates remained tight, and the raw material inventory of electrolytic lead smelters in Henan and Hunan was low. Electrolytic lead showed a pattern of co - existence of reduction and resumption of production. The profit of secondary lead smelters was poor, and some reduced production due to losses. The battery consumption did not improve significantly, and the peak - season effect was insufficient [2][7][8]. - Overall, the interest - rate cut expectations improved, but the fundamentals were weak in both supply and demand. Supply was regionally tight, but consumption was lackluster, and inventories remained at a relatively high level. The LME inventory increase trend continued, putting pressure on lead prices. In the short term, lead prices are expected to remain volatile, and the inversion of refined and secondary lead prices provides some support [2][7][8]. Group 3: Summary by Directory 3.1 Transaction Data - From August 15th to August 22nd, the SHFE lead price decreased from 16,850 yuan/ton to 16,780 yuan/ton, a decrease of 70 yuan/ton; the LME lead price increased from 1,981 dollars/ton to 1,992 dollars/ton, an increase of 11 dollars/ton; the Shanghai - London ratio decreased from 8.51 to 8.42, a decrease of 0.08; the SHFE inventory decreased by 1,154 tons to 63,690 tons; the LME inventory increased by 11,950 tons to 273,050 tons; the social inventory increased by 0.35 million tons to 3.94 million tons; the spot premium remained at - 155 yuan/ton [5]. 3.2 Market Review - Last week, the main PB2509 contract of Shanghai lead futures continued to be under pressure and fluctuated narrowly, closing at 16,780 yuan/ton with a weekly decline of 0.42%. The LME lead price was weak due to the rising US dollar and inventory increase, but finally closed at 1,992 dollars/ton with a weekly increase of 0.56% [6]. - In the spot market, as of August 22nd, the prices of lead in Shanghai and Jiangsu - Zhejiang markets were at a discount to the SHFE 2509 contract. The downstream procurement enthusiasm was general, and the spot market trading was light [6]. - As of August 22nd, the LME weekly inventory was 273,050 tons, an increase of 11,950 tons; the SHFE inventory was 63,690 tons, a decrease of 1,154 tons. As of August 21st, the SMM five - region social inventory was 6.99 million tons, a decrease of 0.11 million tons from Monday and an increase of 0.19 million tons from the previous Thursday [7]. 3.3 Industry News - As of August 22nd, the average domestic lead concentrate processing fee was 400 yuan/metal degree, a decrease of 100 yuan/metal ton compared with the previous period; the average imported ore processing fee was - 90 dollars/dry ton, a decrease of 10 dollars/dry ton [9]. - In July, the import volume of lead concentrates was 122,300 tons, a month - on - month increase of 3.59% and a year - on - year increase of 28.35%. The cumulative import volume from January to July was 793,000 tons, a cumulative year - on - year increase of 30.68%. The export volume of refined lead and lead alloys in July was 4,199 tons, a month - on - month decrease of 13.04%, and the import volume of refined lead and lead products was 16,317 tons, a month - on - month increase of 42.1% [9]. 3.4 Related Charts - The report provides 14 related charts, including SHFE and LME lead prices, Shanghai - London ratio, inventory, lead ingot premium, price difference between primary and secondary lead, waste battery price, secondary lead enterprise profit, lead ore processing fee, electrolytic lead and secondary refined lead production, lead ingot social inventory, and refined lead import profit and loss [10][13][15][18][19][21].

Core Viewpoint - Huayu Mining's stock has shown significant growth this year, with a 90.06% increase, indicating strong market performance and investor interest [1][2]. Group 1: Stock Performance - As of August 22, Huayu Mining's stock price reached 23.91 CNY per share, with a trading volume of 577 million CNY and a turnover rate of 3.00%, resulting in a total market capitalization of 19.605 billion CNY [1]. - The stock has experienced a 6.13% increase over the past five trading days, an 11.62% increase over the past 20 days, and a 44.38% increase over the past 60 days [1]. - The company has appeared on the "Dragon and Tiger List" twice this year, with the most recent appearance on March 10 [1]. Group 2: Financial Performance - For the period from January to March 2025, Huayu Mining reported a revenue of 261 million CNY, reflecting a year-on-year growth of 5.67% [2]. - The company has distributed a total of 281 million CNY in dividends since its A-share listing, with 55.626 million CNY distributed over the past three years [2]. Group 3: Shareholder Information - As of March 31, 2025, the number of Huayu Mining's shareholders increased by 7.64% to 65,700, while the average number of circulating shares per person decreased by 7.09% to 12,484 shares [2]. - Among the top ten circulating shareholders, Hong Kong Central Clearing Limited is the third-largest shareholder with 26.2301 million shares, marking its entry as a new shareholder [2].

Group 1 - The core viewpoint of the news is that Shengda Resources has shown a significant increase in stock price and trading activity, indicating positive market sentiment [1][2] - As of August 22, Shengda Resources' stock price rose by 2.05% to 16.45 CNY per share, with a total market capitalization of 11.35 billion CNY [1] - The company has experienced a year-to-date stock price increase of 38.35%, with a 3.65% rise over the last five trading days and a 25.10% increase over the last 60 days [1] Group 2 - As of August 8, the number of shareholders for Shengda Resources was 31,200, a decrease of 0.27% from the previous period, while the average circulating shares per person increased by 0.27% to 21,395 shares [2] - For the first quarter of 2025, Shengda Resources reported a revenue of 353 million CNY, reflecting a year-on-year growth of 33.92% [2] - The company has distributed a total of 1.298 billion CNY in dividends since its A-share listing, with 120 million CNY distributed over the past three years [2]

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative price increase of over 20% against the market benchmark within the next six months [17]. Core Insights - The company reported a revenue of 10.4 billion yuan for H1 2025, representing a year-on-year increase of 14.9%, and a net profit attributable to shareholders of 585 million yuan, up 57.8% year-on-year [2]. - In Q2 2025, the company achieved a revenue of 5.61 billion yuan, a year-on-year increase of 21% and a quarter-on-quarter increase of 17%, with a net profit of 310 million yuan, up 46% year-on-year and 12% quarter-on-quarter [2]. - The report highlights a significant increase in gold and silver prices, with gold prices rising by 32% compared to 2024, and silver prices increasing by 16% [4]. Financial Performance Summary - Zinc product revenue for H1 2025 was 4 billion yuan, down 27.4% year-on-year, with a gross profit of 148 million yuan, down 51.8% year-on-year, and a gross margin of 3.7%, down 1.87 percentage points [3]. - Gold ingot revenue reached 1.451 billion yuan, up 36.5% year-on-year, with a gross profit of 294 million yuan, up 311% year-on-year, and a gross margin of 20.27%, up 13.54 percentage points [3]. - Silver ingot revenue was 1.115 billion yuan, up 26.36% year-on-year, with a gross profit of 207 million yuan, up 8% year-on-year, and a gross margin of 18.59%, down 3.16 percentage points [3]. - Lead product revenue was 818 million yuan, up 0.5% year-on-year, with a gross profit of 48 million yuan, up 17.96% year-on-year, and a gross margin of 5.84%, up 0.86 percentage points [3]. Profit Forecast and Valuation - The company is expected to achieve net profits attributable to shareholders of 1.208 billion yuan, 1.277 billion yuan, and 1.329 billion yuan for 2025, 2026, and 2027 respectively, with corresponding P/E ratios of 11, 10, and 10 times, indicating good valuation attractiveness [4].

Group 1 - The core point of the article is that Jinhui Co., Ltd. announced the convening of its second board meeting on August 15, 2025, to review the semi-annual report for 2025 [2] - The company's revenue composition for the year 2024 is reported, with non-ferrous metals (lead and zinc) accounting for 99.86% of total revenue, while other businesses contribute only 0.1% and other categories 0.04% [2]

人民财讯8月14日电，豫光金铅（600531）8月14日晚间公告，终止面向控股股东河南豫光金铅集团有限 责任公司发行股票的事项。 ...

Group 1 - Longhua New Materials' controlling shareholder plans to reduce holdings by up to 1% of the company's shares, amounting to a maximum of 4.3 million shares [1] - Qingdao Double Star reported a net loss of 186 million yuan in the first half of 2025, with revenue of 2.272 billion yuan, a year-on-year decrease of 0.31% [2] - Huakang Clean's controlling shareholder and chairman is under investigation and has been placed under detention, with the general manager temporarily taking over the chairman's responsibilities [4] Group 2 - Century Tianhong's controlling shareholder plans to reduce holdings by up to 3% of the company's shares, totaling a maximum of 10.9837 million shares [5] - Caesar Travel's shareholder plans to reduce holdings by up to 3% of the company's shares, with a maximum of 16.0379 million shares through various methods [7] - Zhang Xiaoqin's shareholder plans to reduce holdings by up to 540,100 shares, representing 0.36% of the total share capital after excluding repurchased shares [9] Group 3 - Zhenlei Technology's controlling shareholder plans to transfer 8.3052 million shares, accounting for 3.88% of the total share capital [11] - Hangxin Technology's borrowings increased by 201 million yuan, exceeding 20% of the net assets at the end of the previous year [12] - Aileda's three executives plan to collectively reduce holdings by up to 149,100 shares [13] Group 4 - Iceberg Refrigeration reported a net profit of 79.5411 million yuan in the first half of 2025, a year-on-year increase of 1.29% [14] - Jindan Technology's director plans to reduce holdings by 1.5 million shares, accounting for 0.66% of the total share capital [15] - Heshun Technology's shareholder plans to reduce holdings by up to 655,300 shares, representing 0.82% of the total share capital [18] Group 5 - Tianshi Technology's shareholder plans to reduce holdings by up to 5.928 million shares, accounting for 3% of the total share capital [19] - Yuhuang Jinlead plans to raise up to 400 million yuan through a private placement to its controlling shareholder [20] - China Shenhua reported coal sales of 24.3 million tons in July, a year-on-year decrease of 5.5% [21] Group 6 - Jialitu's controlling shareholder plans to reduce holdings by up to 541,800 shares, representing 1% of the total share capital [22] - Wanlin Logistics' controlling shareholder and related parties plan to reduce holdings by up to 599,200 shares, accounting for 1% of the total share capital [23] - Xueqi Electric plans to acquire 65% of Hefei Shengbang's equity for 47.45 million yuan [24] Group 7 - Wantong Development plans to invest 854 million yuan to acquire 62.98% of Shuduo Technology [26] - Ganhua Science and Technology plans to acquire 65% of Xi'an Ganxin Technology for 388 million yuan [28]

北京市君致律师事务所 关于河南豫光金铅股份有限公司 《律师事务所从事证券法律业务管理办法》 和《律师事务所证券法律业务执业规则（试行）》等规定及本法律意见书出具日 以前已经发生或者存在的事实，严格履行了法定职责，遵循了勤勉尽责和诚实信 用原则，进行了充分的核查验证，保证本法律意见所认定的事实真实、准确、完 整，所发表的结论性意见合法、准确，不存在虚假记载、误导性陈述或者重大遗 漏，并承担相应法律责任。 （以下简称"《公司章程》"）的要求，按照律师行业公认 的业务标准、道德规范和勤勉尽责精神，对本次股东会的召集与召开程序、出席 会议人员资格、会议召集人资格、会议表决程序和表决结果等重要事项进行核查 和验证，并据此发表法律意见如下： 在审查有关文件的过程中，公司保证，其向本所提交的文件和所做的说明是 真实的、准确的、完整的，并已提供出具本法律意见书所必需的文件材料或口头 证言，并保证其所提供的有关副本材料或复印件与正本或原件一致。 一、本次股东会的召集、召开程序 致：河南豫光金铅股份有限公司 北京市君致律师事务所（以下简称"本所" ）接受河南豫光金铅股份有限公 司（以下简称"公司"）的委托，指派律师出席了公司于 ...

证券日报网讯 8月12日晚间，豫光金铅发布公告称，公司2025年第四次临时股东会审议通过了《关于为 关联方提供担保的议案》。 （文章来源：证券日报） ...

1. Report Industry Investment Rating - Not mentioned in the provided content 2. Core View of the Report - The macro - face is favorable for the non - ferrous sector as there are expectations of interest rate cuts. The operating rate and output of primary lead smelters are rising, and primary lead maintains an advantage over secondary lead with stable by - product revenues. However, some primary lead smelters have adjusted their production decisions due to fluctuating lead prices. The supply of secondary lead shows regional differences, with a tight supply of waste batteries and low confidence among smelters, leading to a tight overall supply. The sewage inspection in Anhui has affected local secondary lead production, increasing supply uncertainty. On the demand side, lead demand is mainly in the lead - acid battery field. Approaching the traditional peak season, the actual demand has not yet seen a significant explosive growth but is in a slow recovery phase. The 8 - month consumption increment expectation is weak, but there is a possibility of improvement as the peak season deepens. Inventory has shown a slight downward trend recently, indicating an overall improvement in demand. Although the current demand has not effectively reduced inventory, it is expected to gradually strengthen and support the lead price. It is recommended to go long on SHFE lead at low prices this week [2] 3. Summary According to Relevant Catalogs 3.1 Futures Market - The closing price of the SHFE lead main contract is 16,915 yuan/ton, up 30 yuan; the 3 - month LME lead quote is 1,997.5 dollars/ton, down 6 dollars. The price difference between the 09 - 10 contracts of SHFE lead is 0 yuan/ton, up 5 yuan; the SHFE lead open interest is 96,155 lots, down 3,367 lots. The net position of the top 20 in SHFE lead is - 3,792 lots, up 530 lots; the SHFE lead warehouse receipts are 58,683 tons, up 201 tons. The SHFE inventory is 62,334 tons, down 949 tons; the LME lead inventory is 265,800 tons, down 2,575 tons [2] 3.2 Spot Market - The spot price of 1 lead on SMM is 16,775 yuan/ton, up 50 yuan; the spot price of 1 lead in the Yangtze River Non - ferrous Market is 16,960 yuan/ton, unchanged. The basis of the lead main contract is - 140 yuan/ton, up 20 yuan; the LME lead cash - 3 months spread is - 35.5 dollars/ton, down 4.21 dollars. The price of 50% - 60% lead concentrate in Jiyuan is 16,154 yuan, up 201 yuan; the price of domestic secondary lead (≥98.5%) is 16,800 yuan/ton, up 30 yuan [2] 3.3 Upstream Situation - The WBMS lead supply - demand balance is - 18,700 tons, up 7,100 tons. The number of secondary lead production enterprises is 68, unchanged. The capacity utilization rate of secondary lead is 34.15%, down 0.8%. The monthly output of secondary lead is 224,200 tons, down 67,500 tons. The average operating rate of primary lead is 75.65%, down 1.84%; the weekly output of primary lead is 33,800 tons, down 30 tons. The processing fee of 60% lead concentrate at major ports is - 60 dollars/kiloton, unchanged. The ILZSG lead supply - demand balance is 16,400 tons, up 48,800 tons. The global lead ore output is 399,700 tons, down 3,700 tons. The monthly lead ore import volume is 119,700 tons, up 24,800 tons [2] 3.4 Industry Situation - The monthly refined lead import volume is 815.37 tons, down 1,021.76 tons; the monthly refined lead export volume is 2,109.62 tons, up 223.33 tons. The average domestic processing fee of lead concentrate at the factory is 540 yuan/ton, unchanged. The average price of waste batteries in the market is 10,205.36 yuan/ton, up 1.79 yuan [2] 3.5 Downstream Situation - The monthly export volume of batteries is 41.45 million units, down 425,000 units. The average price of lead - antimony alloy (for batteries, 2% antimony content) is 20,000 yuan/ton, up 25 yuan. The Shenwan industry index of batteries and other power sources is 1,875.1 points, up 60.88 points. The monthly automobile production is 2.8086 million vehicles, up 166,600 vehicles; the monthly new - energy vehicle production is 1.647 million vehicles, up 73,000 vehicles [2] 3.6 Industry News - On August 11, Codelco received authorization from the Chilean Labor Inspection Office to resume partial operations at the El Teniente copper mine, which had been suspended for over a week due to a collapse accident that killed six workers. Areas not affected by the July 31 accident can resume operations, while some areas are still on hold for further inspection. Kashkari said that it may be appropriate to cut interest rates in the short term, and two interest rate cuts this year are reasonable. The subsequent market is trading on interest - rate cut expectations, which is favorable for the non - ferrous sector [2]