7月17日，记者获悉，省政府办公厅近日印发《河南省支持上市公司并购重组若干政策措施》（以下简 称《措施》），围绕河南省"7+28+N"产业链群，充分发挥并购重组资源配置功能，服务做优传统产 业、培育壮大新兴产业和未来产业。 《措施》从七个方面提出具体举措，鼓励上市公司通过并购重组转型升级、开辟第二增长曲线，促进科 技创新和产业创新融合，引导更多资源向人工智能、低空经济、生物医药、新材料、高端装备等新质生 产力方向集聚。 "从长远来看，并购重组是推动企业转型升级、实现经济可持续发展的重要手段。河南省出台专门支持 政策，能够引导上市公司通过并购重组实现高质量发展，进而带动整个区域经济向更高质量、更具创新 能力的方向迈进，符合河南省经济转型的战略目标。"中国商业经济学会副会长宋向清说。 记者了解到，自2024年新"国九条"和"并购六条"等政策相继出台以来，我省支持引导省内上市公司并购 重组的政策力度不断加大。今年以来，河南A股上市公司并购重组共12起，涉及金额300多亿元，其中 重大资产重组3起。 在产业整合方面，焦作万方拟收购三门峡铝业公司，向上游拓展，形成"氧化铝—电解铝—铝加工"的完 整铝基材料产业链；平煤股 ...

锡周报 国泰君安期货研究所 有色及贵金属 刘雨萱投资咨询从业资格号：Z0020476 日期：2025年7月20日 Guotai Junan Futures all rights reserved, please do not reprint Special report on Guotai Junan Futures 锡：佤邦发放许可证 强弱分析：偏弱 价格区间：260000-265000元/吨 本周冶炼厂开工率明显回升 本周社会库存基本持平 0 10 20 30 40 50 60 70 80 01-03 01-13 01-26 02-10 02-23 03-04 03-15 03-25 04-07 04-18 04-28 05-10 05-20 05-31 06-13 06-24 07-05 07-15 07-28 08-11 08-25 09-08 09-22 10-11 10-25 11-08 11-19 12-01 12-10 12-22 12-31 % 精炼锡_两省合计开工率 2021 2022 2023 2024 2025 0 5000 10000 15000 20000 25000 01-03 ...

Report Industry Investment Rating No relevant content provided. Core Views - The 50% tariff on copper imports announced by the US may not fully price in the CL spread in the short - term, and the low inventories in China and LME may rebound in Q3 [1]. - For aluminum, the short - term fundamentals are okay, and attention should be paid to demand, and reverse spreads between distant months and inside - outside spreads can be considered under the low - inventory pattern [1]. - Zinc maintains a short - allocation idea, and short - selling on rebounds is recommended; long inside - outside spreads can be held, and attention can be paid to positive spreads between months [2]. - For nickel, the short - term real - world fundamentals are average, and opportunities for the contraction of the nickel - stainless steel price ratio can be continuously monitored [6]. - Stainless steel is expected to fluctuate weakly in the short term due to weak fundamentals [10]. - Lead is expected to oscillate between 17100 - 17500 next week, and attention should be paid to the terminal consumption destocking strength [12]. - Tin is in a situation of weak supply and demand, and short - term observation is recommended [14]. - Industrial silicon is expected to oscillate if the start - up does not recover significantly in the short term [16]. - Carbonate lithium is expected to oscillate, and a downward inflection point requires significant accumulation of warehouse receipts and spot [18]. Summary by Metals Copper - Trump announced a 50% tariff on copper imports, and COMEX copper rose 16%. The US has imported over 860,000 tons of copper in 2025, filling the rigid import gap, so the 50% tariff may not be fully priced in the short - term. Attention should be paid to exemption situations. After the tariff is implemented, the low inventories in China and LME may rebound in Q3 [1]. Aluminum - Supply increased slightly from January to May. In July, demand is expected to weaken seasonally, and supply and demand are expected to be balanced. The short - term fundamentals are okay, and attention should be paid to demand and reverse spreads [1]. Zinc - Zinc prices fluctuated widely this week. Supply is expected to increase by over 5,000 tons in July. Domestic demand is seasonally weak, and overseas demand in Europe is also weak. There is a risk of a short squeeze when LME inventory is below 100,000 tons. Short - allocation, long inside - outside spreads, and positive spreads between months are recommended [2]. Nickel - Pure nickel production remains high, and nickel bean imports increased in May. Demand is weak, and LME premium strengthened slightly. Overseas nickel plate inventory is stable, and domestic inventory decreased slightly. The worry about ore - end disturbances has eased, and attention can be paid to the contraction opportunity of the nickel - stainless steel price ratio [6]. Stainless Steel - Supply has been reduced passively since late May. Demand is mainly for rigid needs. Costs are stable. Inventories in Xijiao and Foshan increased slightly. It is expected to fluctuate weakly in the short term [10]. Lead - Lead prices declined slightly this week. Supply from scrap is weak, and demand from batteries is also weak. It is expected to oscillate between 17100 - 17500 next week, and attention should be paid to terminal consumption destocking [12]. Tin - Tin prices fluctuated widely this week. Supply may decline slightly in July - August due to low processing fees and upcoming maintenance. Demand from soldering tin is limited, and the growth of terminal electronics and photovoltaics is expected to slow down. It is recommended to observe in the short term [14]. Industrial Silicon - The start - up changed little this week. Output is expected to decline in July and subsequent months, and the market is expected to shift from inventory accumulation to destocking. It is expected to oscillate if the start - up does not recover significantly [16]. Carbonate Lithium - The futures price of carbonate lithium rebounded from a low level. Supply and demand are both strong in the short term, and inventory pressure is gradually accumulating. It is expected to oscillate, and a downward inflection point requires significant accumulation of warehouse receipts and spot [18].

广发早知道-汇总版 广发期货研究所 电 话：020-88818009 E-Mail：zhangxiaozhen@gf.com.cn 目录： 金融衍生品： 金融期货： 股指期货、国债期货 贵金属： 黄金、白银 集运欧线 原油、PTA、乙二醇、苯乙烯、短纤、尿素、瓶片、烧碱、PVC、LLDPE、 PP 特殊商品： 橡胶、玻璃纯碱、工业硅、多晶硅 商品期货： 有色金属： 铜、氧化铝、铝、铝合金、锌、锡、镍、不锈钢、碳酸锂 黑色金属： 钢材、铁矿石、焦煤、焦炭 农产品： 油脂、粕类、玉米、生猪、白糖、棉花、鸡蛋、花生、红枣、苹果 能源化工： 2025 年 7 月 18 日星期五 投资咨询业务资格： 证监许可【2011】1292 号 组长联系信息： 张晓珍（投资咨询资格：Z0003135） 电话：020- 88818009 邮箱：zhangxiaozhen@gf.com.cn 刘珂（投资咨询资格：Z0016336） 电话：020-88818026 邮箱：qhliuke@gf.com.cn 叶倩宁（投资咨询资格：Z0016628） 电话：020- 88818017 邮箱：yeqianning@gf.com.cn 周敏波（ ...

Report Industry Investment Rating No relevant content provided. Core View of the Report The report comprehensively analyzes various sectors in the futures market, including financial derivatives, precious metals, shipping, and multiple commodity futures. It provides market conditions, news, capital flows, and operational suggestions for each sector, aiming to offer investors insights into market trends and potential investment opportunities [1]. Summary by Directory Financial Derivatives Financial Futures - **Stock Index Futures**: A-share market showed a decline with volume contraction, and structural themes were active. Four major stock index futures contracts had mixed performance. Amid new US trade policy negotiation windows, it's advisable to adopt a wait-and-see approach [2][3][4]. - **Treasury Bond Futures**: The bond market was in a narrow - range oscillation. With the central bank's increased open - market operations, the bond market sentiment improved. A range - bound operation strategy is recommended, and one can consider a curve - steepening strategy [5][6][7]. Precious Metals - **Gold and Silver**: Rumors of Trump dismissing the Fed chairman affected market sentiment, causing precious metals to rise. Gold has a long - term upward trend, but currently lacks a clear driver. Silver may have further upward potential, and it's recommended to buy on dips [8][10][11]. Container Shipping (European Routes) - **Container Shipping Futures**: The futures market oscillated downward. The 08 contract is expected to be strong, and it's advisable to be bullish on it [13][14]. Commodity Futures Non - ferrous Metals - **Copper**: US tariffs will change the supply pattern, and the market will focus on Sino - US tariff negotiations. The short - term view is a weakening oscillation [15][16][19]. - **Alumina**: Spot supply is temporarily tight, but the medium - term surplus pattern remains unchanged. It's recommended to short on rallies [19][20][21]. - **Aluminum**: High - level prices are under pressure. The short - term view is a wide - range oscillation [21][22][23]. - **Aluminum Alloy**: The market is in a weak state during the off - season, with a weakening oscillation expected [24][25]. - **Zinc**: Inventories are increasing, and demand is expected to be weak. The short - term view is an oscillation [26][28][29]. - **Tin**: Supply is expected to recover, and it's recommended to hold short positions [30][31][32]. - **Nickel**: The market oscillates strongly, but industrial overcapacity restricts upward movement. The short - term view is an interval adjustment [32][33][35]. - **Stainless Steel**: The market oscillates, with the short - term view being an interval operation [36][37][38]. - **Lithium Carbonate**: The market is strong due to news, but fundamental pressure remains. The short - term view is a strong - range oscillation [39][40][42]. Ferrous Metals - **Steel**: Valuation is being repaired, and the market may enter an oscillating phase [43][45]. - **Iron Ore**: The market is oscillating strongly. It's recommended to go long on dips and conduct a 9 - 1 positive spread operation [46][47]. - **Coking Coal**: Spot prices are strong, and it's recommended to go long on dips and conduct a long - iron - ore short - coking - coal spread operation [49][50][51]. - **Coke**: The price is expected to rebound. It's recommended to go long on dips and conduct a long - iron - ore short - coke spread operation [52][55][57]. Agricultural Products - **Meal Products**: US soybeans have strong bottom support, and domestic meal prices are supported by rising import costs. It's advisable to be cautiously bullish [58][59][60]. - **Pigs**: There is potential supply pressure, and it's recommended to go short on rallies [61][62]. - **Corn**: The market sentiment is weak, and the market is oscillating and correcting [63].

国投安信期货表示，近期氧化铝现货上涨趋势缓和，国内氧化铝运行产能回升至历史高位进入过剩状 态，几内亚矿企存在复产预期，但上期所仓单库存依然仅两万余吨，期货暂难深跌，关注现货成交价格 变化。 7月17日，国内期市有色金属板块多数飘绿。其中，氧化铝期货主力合约开盘报3100.0元/吨，今日盘中 低位震荡运行；截至午间收盘，氧化铝主力最高触及3123.0元，下方探低3055.0元，跌幅达2.39%。 目前来看，氧化铝行情呈现震荡下行走势，盘面表现偏弱。对于氧化铝后市行情将如何运行，相关机构 观点汇总如下： 南华期货（603093）指出，有消息表示顺达矿业将于8月复产，矿端报价有所下调。基本面方面，随着 氧化铝利润修复，企业持续复产陆续发生，氧化铝运行产能持续增加，预计累库将继续。目前考虑到7 月将有进口氧化铝到港且当前氧化铝仍有生产利润复产与新投产还在继续，同时随着新疆发运问题解决 各地向新疆交仓增加，氧化铝挤仓风险降低。总的来说，氧化铝供应过剩预期暂时还未改变，随着期现 价差拉平，上行动力有所减弱短期或维持高位震荡，推荐逢高沽空远月合约。 铜冠金源期货分析称，暂时氧化铝基于仍较为可控的有限现货流动量和向上惯性，现 ...

Report Summary 1. Report Industry Investment Rating - Unilateral: Cautiously bearish. - Arbitrage: Neutral. [4] 2. Core View of the Report - The decline in absolute prices has not stimulated downstream continuous restocking, and the spot premium has further declined slightly. The import concentrate TC is still rising, and the domestic smelting profit is still substantial. The expectation of supply surplus in the second half of the year remains unchanged. Although the downstream consumption shows some resilience, it cannot offset the high growth on the supply side. The social inventory is showing a trend of accumulation, and it is expected that this trend will continue in the second half of the year. The continuous increase in overseas inventory and rapid accumulation of social inventory will put pressure on zinc prices. [3] 3. Summary According to Relevant Catalogs Important Data - **Spot**: The LME zinc spot premium is -$9.95 per ton. The SMM Shanghai zinc spot price dropped by 100 yuan/ton to 22,050 yuan/ton compared to the previous trading day, with the premium unchanged at 30 yuan/ton. The SMM Guangdong zinc spot price dropped by 110 yuan/ton to 21,970 yuan/ton, and the premium decreased by 10 yuan/ton to -50 yuan/ton. The SMM Tianjin zinc spot price dropped by 110 yuan/ton to 22,000 yuan/ton, and the premium decreased by 10 yuan/ton to -20 yuan/ton. [1] - **Futures**: On July 16, 2025, the main SHFE zinc contract opened at 22,040 yuan/ton and closed at 22,045 yuan/ton, down 60 yuan/ton from the previous trading day. The trading volume was 89,469 lots, a decrease of 29,569 lots from the previous trading day, and the open interest was 78,311 lots, a decrease of 5,993 lots. The intraday price fluctuated, with a high of 22,065 yuan/ton and a low of 21,965 yuan/ton. [1] - **Inventory**: As of July 14, 2025, the total inventory of zinc ingots in seven regions monitored by SMM was 93,100 tons, an increase of 4,000 tons compared to the previous week. As of July 16, 2025, the LME zinc inventory was 121,350 tons, an increase of 2,750 tons from the previous trading day. [2] Market Analysis - **Spot Market**: The decline in absolute prices has not stimulated downstream continuous restocking. The downstream raw material inventory is relatively sufficient, and the spot premium has further declined slightly. [3] - **Cost Side**: The import concentrate TC is still rising. Vedanta's Q2 report shows a 7% year-on-year increase in zinc concentrate production. The domestic smelting profit is still substantial, and the expectation of supply surplus in the second half of the year remains unchanged. The smelter's raw material inventory has increased to 29.7 days, with sufficient raw material reserves, and the enthusiasm for purchasing from the concentrate side is not high. [3] - **Consumption Side**: The downstream operating rate shows relative resilience, and the overall consumption is not bad. However, it cannot offset the high growth on the supply side, and the social inventory is showing a trend of accumulation. [3]

Group 1 - China's refined copper production in June reached 1.302 million tons, representing a year-on-year increase of 14.2% [1] - China's lead production in June totaled 660,000 tons, showing a year-on-year growth of 3.1% [1] - China's zinc production in June amounted to 628,000 tons, reflecting a year-on-year rise of 5.4% [1]

Core Viewpoint - The legal opinion issued by Shanghai Jintiancheng Law Firm confirms the legality and validity of the convening and holding procedures of Shandong Hengbang Smelting Co., Ltd.'s third extraordinary general meeting of shareholders in 2025 [1][5][8] Group 1: Meeting Organization - The extraordinary general meeting was convened by the company's board of directors, with the decision made during the second temporary meeting of the ninth board on June 27, 2025 [2][3] - The notice for the meeting was published on June 28, 2025, across multiple platforms, ensuring a 15-day notice period before the meeting [3] - The meeting took place on July 16, 2025, at 14:30 in Yantai City, Shandong Province, utilizing both on-site and online voting methods [3][4] Group 2: Attendance and Voting - A total of 387 shareholders and their proxies attended the meeting, representing 632,187,833 shares, which is 55.0647% of the total voting shares [5][6] - Among the attendees, 5 shareholders represented 618,996,466 shares, accounting for 53.9158% of the total shares [5] - The online voting system recorded participation from 382 shareholders, representing a significant portion of the voting rights [6] Group 3: Voting Results - The voting results showed that 630,131,052 shares (99.6747%) were in favor of the proposals, while 1,891,881 shares were against [7][8] - For small investors, 16,210,686 shares (88.7407%) voted in favor, with 1,891,881 shares against [7] - The overall voting process and results were deemed legal and valid according to relevant laws and regulations [8]

Meeting Details - The meeting was held on July 16, 2025, with both onsite and online voting options available for shareholders [1][2] - A total of 387 shareholders participated, representing 632,187,833 shares, which is 55.0647% of the total shares with voting rights [1] Voting Participation - Out of the total participants, 5 shareholders voted onsite, representing 618,996,466 shares, while 382 shareholders voted online, representing 13,191,367 shares [2] - Among the small investors, 383 participated, representing 18,267,467 shares, which is 1.5911% of the total shares with voting rights [2] Resolutions and Voting Results - The meeting approved the proposed resolutions with 630,131,052 shares in favor, accounting for 99.6747% of the valid votes cast [2] - Small investors voted with 16,210,686 shares in favor, representing 88.7407% of the small shareholders' valid votes [3] Legal Compliance - The meeting was witnessed by lawyers from Shanghai Jintiancheng Law Firm, confirming that the procedures and voting processes complied with relevant laws and regulations [4]