商 品 研 究 研 究 所 晨 会 投资咨询业务资格： 证监许可[2011]1771号 观 点 精 萃 投资咨询证号：Z0000671 电话：021-68756925 邮箱：jialj@qh168.com.cn 从业资格证号：F03092124 投资咨询证号：Z0018827 电话：021-68758786 邮箱：mingdy@qh168.com.cn 从业资格证号：F3033924 投资咨询证号：Z0013026 电话：021-68751490 邮箱：Liuhf@qh168.com.cn 从业资格证号：F03091165 投资咨询证号：Z0019876 联系电话：021-58731316 邮箱：liub@qh168.com.cn 从业资格证号：F03089928 投资咨询证号：Z0019740 电话：021-68757092 邮箱：wangyil@qh168.com.cn 冯冰 从业资格证号：F3077183 投资咨询证号：Z0016121 电话：021-68757092 邮箱：fengb@qh168.com.cn 从业资格证号：F03144512 投资咨询证号：Z0022217 电话：021-687578 ...

Core Viewpoint - The report outlines the financial advisory opinion of China International Capital Corporation regarding the equity change of Baowu Magnesium Industry Technology Co., Ltd, confirming compliance with relevant laws and regulations, and the accuracy of disclosed information [1][2][3]. Group 1: Financial Advisory and Compliance - The financial advisor, China International Capital Corporation, has been appointed by Baosteel Metal Co., Ltd to provide advisory services for the equity change [1]. - The advisory opinion is based on thorough investigation and adherence to industry standards, ensuring that the equity change complies with the Company Law, Securities Law, and relevant disclosure regulations [2][3]. - The financial advisor asserts that the disclosed information is true, accurate, and complete, with no misleading statements or significant omissions [2][3]. Group 2: Company Information - Baosteel Metal Co., Ltd is located at 3962 Yunchuan Road, Baoshan District, Shanghai, with a registered capital of 555,499,008.4 RMB [5][6]. - The controlling shareholder of Baosteel Metal is China Baowu Steel Group Corporation, with the actual controller being the State-owned Assets Supervision and Administration Commission of the State Council [6][7]. - The company engages in various activities including the sale of metal materials, import and export of goods, and technology services [5][6]. Group 3: Equity Change Details - Baosteel Metal plans to acquire 49,589,578 shares of Baowu Magnesium Industry, representing 5% of the total share capital [4][5]. - The acquisition includes shares held by Mei Xiaoming (40,795,963 shares, 4.11%) and Zhu Yuehai (8,793,615 shares) [4]. - The report confirms that the equity change has been disclosed in accordance with the Securities Law and relevant guidelines [5][6].

Group 1 - The company, Yunnan Tin Company Limited, is issuing two series of bonds, 24 Tin KY01 and 24 Tin KY02, aimed at professional investors, with a total issuance amount of 10 billion RMB for each series [1][2][3] - The first series of bonds (24 Tin KY01) has an interest rate of 3.50% and a maturity date of April 26, 2026, while the second series (24 Tin KY02) has an interest rate of 2.78% and matures on May 28, 2027 [2][3] - The bonds are structured with options for the issuer to extend the maturity or defer interest payments under certain conditions, which are not triggered during the reporting period [3][4][5] Group 2 - The company operates in the non-ferrous metal smelting and rolling processing industry, focusing on the exploration, mining, and processing of metals such as tin, zinc, copper, and indium [6][8] - The company has a comprehensive production model that includes geological exploration, mining, processing, and recycling, contributing to a circular economy [6][7] - The company holds a leading position in the tin and indium markets, with a domestic market share of 47.98% for tin and 7.35% for indium, and a global market share of 25.03% for tin and 5.01% for indium [10][11] Group 3 - The company's main business revenue for 2024 is reported at 41.795 billion RMB, showing a slight decrease of 1% compared to the previous year [10][11] - The company has a strong financial position, with a current ratio of 1.63 and a debt-to-asset ratio of 40.19%, indicating improved asset structure and debt management [19] - The company has maintained a stable credit rating of AA+ from China Chengxin International Credit Rating Co., Ltd., with a stable outlook [21]

Core Viewpoint - The legal opinion from Beijing Deheng Law Firm confirms that the annual general meeting of Baiyin Nonferrous Group Co., Ltd. scheduled for June 25, 2025, complies with relevant laws and regulations, ensuring the legality of the meeting's procedures and outcomes [1][4][10] Meeting Procedures - The meeting was convened by the company's board of directors, with a notice published 20 days prior, meeting the legal requirements [5] - The actual meeting took place on June 25, 2025, at the specified location, consistent with the company's announcement [5][6] Attendance and Voting - A total of 940 shareholders participated in the voting, representing 5,148,496,970 shares, which is 69.5294% of the total voting shares [6] - The meeting was attended by company directors, supervisors, and legal representatives, all of whom had the legal qualifications to attend [6] Voting Procedures - The meeting utilized a combination of on-site and online voting, with no changes made to the agenda items listed in the notice [7] - The voting process was conducted in accordance with legal and regulatory requirements, ensuring its validity [7] Voting Results - The following proposals were approved with significant support: - 2024 Annual Board Work Report: 5,142,391,470 votes in favor [8] - 2024 Annual Supervisory Board Work Report: 5,142,349,270 votes in favor [8] - 2024 Annual Independent Director Work Report: 5,142,392,370 votes in favor [8] - 2025 Annual Financial Budget Report: 5,140,710,670 votes in favor [8] - 2024 Annual Financial Settlement Report: 5,140,643,570 votes in favor [8] - 2024 Profit Distribution Proposal: 5,140,264,770 votes in favor, with 98.6927% support from minority investors [9] - 2024 Director Remuneration Proposal: 5,142,039,170 votes in favor, with 98.9745% support from minority investors [9] - 2024 Supervisor Remuneration Proposal: 5,142,121,370 votes in favor, with 98.9875% support from minority investors [9] - 2024 Annual Report and Summary: 5,140,561,070 votes in favor [10] Conclusion - The legal opinion concludes that all aspects of the meeting, including its convening, attendance, voting procedures, and results, are in compliance with the relevant laws and regulations, affirming the legality and validity of the resolutions passed [10]

有色金属 姓名：龙奥明 宝城期货投资咨询部 从业资格证号：F3035632 投资咨询证号：Z0014648 电话：0571-87006873 邮箱：longaoming@bcqhgs.com 作者声明 本人具有中国期货业协会授 予的期货从业资格证书，期货投 资咨询资格证书，本人承诺以勤 勉的职业态度，独立、客观地出 具本报告。本报告清晰准确地反 映了本人的研究观点。本人不会 因本报告中的具体推荐意见或观 点而直接或间接接收到任何形式 的报酬。 投资咨询业务资格：证监许可【2011】1778 号 有色金属 | 日报 2025 年 6 月 25 日 有色日报 专业研究·创造价值 宏观回暖，有色普涨 核心观点 沪铜 今日午后铜价增仓上行明显，7-8 月差持续走弱。宏观层面，伊 朗和以色列停战，市场风险偏好回暖，有色普涨。产业层面，本周 一产业补库意愿上升。此外，近期海外伦铜升水明显走强，这说明 了海外电解铜现货紧张。国内进口亏损进一步扩大。短期地缘政治 出现明显缓和，市场风险偏好明显回暖，预计铜价持续上行，关注 7.9 万关口多空博弈。 沪铝 今日铝价震荡上行，持仓量小幅上升。宏观层面，伊朗和以色列 停战，市场风险 ...

广发早知道-汇总版 广发期货研究所 电 话：020-88830760 E-Mail：zhaoliang@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 商品期货： 有色金属： 铜、氧化铝、铝、铝合金、锌、镍、不锈钢、锡、碳酸锂 黑色金属： 钢材、铁矿石、焦煤、焦炭、铁合金 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： 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 2025 年 6 月 25 日星期三 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（ ...

文字早评 2025/06/25 星期三 宏观金融类 股指 前一交易日沪指+1.15%，创指+2.30%，科创 50+1.79%，北证 50+3.65%，上证 50+1.16%，沪深 300+1.20%， 中证 500+1.62%，中证 1000+1.92%，中证 2000+2.22%，万得微盘+2.72%。两市合计成交 14146 亿，较上 一日+2920 亿。 宏观消息面： 1、伊朗和以色列已同意在 24 小时之内分阶段 "全面停火"，停火于周二开始，这场"持续 12 天的战 争"将正式结束。 2、央行：将研究制定新阶段金融科技发展规划，出台深化运用金融科技推动金融数字化智能化转型的 政策文件。 3、商务部将组织开展 2025 年千县万镇新能源汽车消费季活动，活动时间为 2025 年 7 月至 12 月。通知 指出，各地要认真落实汽车以旧换新政策，在新能源汽车消费季活动场地内普遍设置汽车以旧换新专区， 更好满足县乡地区群众多样化购车需求。 资金面：融资额+42.24 亿；隔夜 Shibor 利率+0.30bp 至 1.370%，流动性较为宽松；3 年期企业债 AA- 级别利率-0.40bp 至 2.8716 ...

有色早报 研究中心有色团队 2025/06/25 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 2025/06/18 190 827 101943 47014 -1191.00 9.70 40.0 61.0 105.96 107350 53175 2025/06/19 135 657 101943 44816 -1293.68 271.41 40.0 61.0 133.36 103325 49100 2025/06/20 115 581 100814 33882 -2374.98 385.28 40.0 61.0 274.99 99200 44800 2025/06/23 90 521 100814 25528 -2539.49 228.07 38.0 60.0 279.97 95875 41450 2025/06/24 35 621 100814 22425 -1604.62 112.67 38.0 59.0 150.85 94675 40150 变化 -5 ...

投资咨询业务资格：证监许可【2011】1778 号 资讯早班车 资讯早班车-2025-06-25 一、 宏观数据速览 | 发布日期 | 指标日期 | 指标名称 | 单位 | 当期值 | 上期值 | 去年同期值 | | --- | --- | --- | --- | --- | --- | --- | | 20250416 | 2025/03 | GDP:不变价:当季同比 | % | 5.40 | 5.40 | 5.30 | | 20250531 | 2025/05 | 制造业 PMI | % | 49.50 | 49.00 | 49.50 | | 20250531 | 2025/05 | 非制造业 PMI:商务活 动 | % | 50.30 | 50.40 | 51.10 | | 20250613 | 2025/05 | 社会融资规模增量:当 | 亿元 | | 22871.00 11591.00 | 20623.00 | | | | 月值 | | | | | | 20250613 | 2025/05 | M0(流通中的现金):同 比 | % | 12.10 | 12.00 | 11.70 | | 202506 ...

Core Viewpoint - Anhui Xinke New Materials Co., Ltd. has provided a guarantee of RMB 50 million for its wholly-owned subsidiary, Xinguhe Metal (Wuxi) Co., Ltd., to support its business development and production operations [2][10]. Summary by Sections Guarantee Overview - On June 24, 2025, the company signed a maximum guarantee contract with Jiangsu Bank Wuxi Branch, providing a joint liability guarantee of up to RMB 50 million for Xinguhe [4]. - The guarantee period is three years, and there is no counter-guarantee involved [4]. Financial Status - As of the announcement date, the total guarantee amount provided by the company and its subsidiaries is RMB 221.076 million, which accounts for 154.53% of the company's audited net assets attributable to the parent company for the year 2024 [3][12]. - The actual guarantee balance for Xinguhe, including the new contract, is RMB 16.95 million [2][4]. Subsidiary Information - Xinguhe Metal (Wuxi) Co., Ltd. has a registered capital of RMB 444.0385 million and is engaged in the development and production of copper alloy composite materials and other non-ferrous alloy products [6]. Guarantee Agreement Details - The maximum debt amount guaranteed is RMB 50 million, covering principal, interest, fees, and other costs related to the debt [8]. - The contract becomes effective upon signing by the authorized representatives of both parties [9]. Necessity and Reasonableness of Guarantee - The guarantee is deemed necessary for the subsidiary's business growth and aligns with the company's overall interests and development strategy [10]. - The company can effectively manage the subsidiary's operations and credit status, making the guarantee risk controllable [10]. Board of Directors' Opinion - The guarantee has been approved by the company's board and the annual general meeting, allowing for guarantees up to RMB 300 million for financing needs [11].