（二）是否存在影响独立性的情况说明 公司独立董事不在公司兼任除董事会专门委员会委员以外的其他 吴小敏 - 副主任委员 委员 职务，与公司及公司主要股东之间不存在妨碍独立董事履职保持独立、 客观判断的关系，不存在影响独立董事独立性的情况，符合《上市公司 独立董事管理办法》等法律法规相关独立性要求。 报告期，公司 2024 年召开 1 次股东会、20 次董事会、1 次战略与 可持续发展（ESG）委员会、6 次审计与内控委员会、3 次提名与薪酬 委员会、1 次独立董事专门会、1 次独立董事与董事长闭门会、1 次独 立董事与总裁闭门会、1 次独立董事与安永审计师闭门会。本年度独立 董事未对公司董事会及其专门委员会各类议题及其他事项提出反对或 弃权，未提议召开临时股东会和董事会。独立董事出席会议情况如下 表： The First A Shareholder's and H Shareholder's Class Meeting in 2025 会 议 材 料 紫金矿业集团股份有限公司 紫金矿业集团股份有限公司 ? 会议时间：2025 年 5 月 19 日（星期一）上午 9 点。 ? 网络投票时间：2025 年 5 月 ...

Core Viewpoint - Company held an earnings briefing on May 9, 2025, to discuss its financial performance and strategic direction for 2024 and beyond [1][2]. Financial Performance - In 2024, the company achieved a revenue of 5.364 billion yuan and a net profit attributable to shareholders of 757 million yuan, with a basic earnings per share of 1.0498 yuan [3]. - For Q1 2025, the company reported a revenue of 1.536 billion yuan and a net profit of 135 million yuan, with a basic earnings per share of 0.1868 yuan [3]. - As of December 31, 2024, total assets were 17.193 billion yuan, and net assets attributable to shareholders were 12.181 billion yuan [3]. Business Segments - The rare light metal (cesium and rubidium salt) segment saw significant growth, with a revenue of 1.395 billion yuan in 2024, up 24.16% year-on-year, and a gross profit of 1.092 billion yuan, up 50.98% [4]. - The cesium and rubidium fine chemical business generated 728 million yuan in revenue, while the formic acid cesium business brought in 667 million yuan [4]. Strategic Initiatives - The company is focusing on enhancing its copper production capabilities, aiming for an integrated capacity of 60,000 tons per year at the Kitumba copper mine by 2025 [5]. - The company sold the Kachihishi copper mine to a third party to allocate funds for other project developments [6]. - The Tsumeb smelter in Namibia contains 746.21 tons of germanium, with ongoing projects to extract and utilize these resources [7][8]. Future Growth Drivers - The company plans to develop a multi-metal resource pool focusing on new energy metals, bulk metals, and rare strategic metals, with an emphasis on lithium and copper [10]. - The company aims to complete the construction of a multi-metal recycling project with a designed capacity for germanium and gallium, which is expected to provide new profit growth points [9]. Industry Outlook - The lithium and cesium-rubidium sectors are expected to continue showing resilience and sustainable growth despite complex supply-demand dynamics [11]. - The company reported a significant increase in lithium salt sales, reaching 39,477 tons in 2024, up 164% year-on-year [11].

Group 1: Industry Overview - Yunnan is known as the "Kingdom of Nonferrous Metals," with reserves of tin, titanium iron ore, and platinum group metals ranking first in the country [1] - The province is strengthening its nonferrous metal industry chain, transforming resource advantages into industrial advantages, and accelerating the upgrade of the nonferrous metal industry [1] Group 2: Company Profile - Yunnan Jinding Zinc Industry Co., Ltd. is located in the Nujiang Prefecture and is a leading enterprise in the nonferrous metal mining sector, with proven lead-zinc metal reserves exceeding 14 million tons, making it the largest lead-zinc deposit in China and Asia [2] - The company has received over 6.8 million yuan in provincial and municipal awards for four technology projects in 2024 and has obtained an invention patent for its "Oxide Zinc Raw Ore Fluidized Leaching Process" [2] Group 3: Tax Incentives and Support - The tax department in Nujiang Prefecture has implemented a "one-on-one" tax policy promotion team to provide tailored policy guidance to enterprises, resulting in Yunnan Jinding Zinc Industry Co., Ltd. enjoying tax reductions of 73.89 million yuan in 2023 and 8.93 million yuan in 2024 [3] - The company has also benefited from R&D expense deductions amounting to 14.37 million yuan in 2024, significantly reducing tax costs and enhancing competitiveness [3] Group 4: Comprehensive Service Model - Yunnan has established a "full-cycle" service model to support the high-quality development of the nonferrous metal industry chain, providing customized services based on tax data analysis [4] - Yunnan Tin Industry New Materials Company has achieved over 20% market share in the domestic tin product market and over 15% globally, benefiting from tax incentives such as advanced manufacturing VAT deductions and R&D expense deductions [4] Group 5: Green Taxation and Environmental Initiatives - Yunnan is promoting the integration of green energy and manufacturing, with a focus on developing a "green aluminum + deep processing" cluster [6] - Yunnan Yun Aluminum Haixin Aluminum Co., Ltd. has invested 240 million yuan in environmental protection equipment, resulting in a significant reduction in pollutant emissions and a decrease in environmental tax payments by 22.43% compared to 2020 [6][7] - The company has improved water efficiency and received a 20% reduction in water resource tax, amounting to over 7,000 yuan [7]

Group 1: CPI Analysis - In April, the Consumer Price Index (CPI) increased by 0.1% month-on-month and decreased by 0.1% year-on-year, with the core CPI remaining stable [1] - The rise in CPI was driven by a recovery in food prices and travel service prices, with food prices up 0.2% month-on-month, exceeding seasonal levels by 1.4 percentage points [2] - The decline in CPI year-on-year was primarily influenced by a 4.8% drop in energy prices, with gasoline prices down 10.4%, contributing approximately 0.38 percentage points to the year-on-year decline [1][2] Group 2: PPI Analysis - The Producer Price Index (PPI) decreased by 0.4% month-on-month and 2.7% year-on-year, with the year-on-year decline widening compared to the previous month [1][3] - The Producer Purchase Price Index fell by 2.7% year-on-year, with a month-on-month decline of 0.6%, indicating increased price pressure in upstream materials due to external demand shocks [3] - Specific sectors such as coal mining and black metal mining continued to see price declines, while non-ferrous metal prices experienced a slight increase [3] Group 3: Policy Impact and Future Outlook - The government has intensified macro policies to promote consumption, leading to improved supply-demand relationships in certain industries, resulting in narrowed price declines [4] - High-tech industries are experiencing price increases, with wearable device manufacturing prices up 3.0% and aircraft manufacturing prices up 1.3% [4] - Analysts expect CPI to maintain a moderate trend due to domestic policy shifts towards expanding demand, while PPI may still face downward pressure amid various influencing factors [5]

Core Viewpoint - The A-share market showed significant recovery last week, with major indices such as the Shanghai Composite Index rising by 1.92% and the Shenzhen Component Index by 2.29% [1] Group 1: Market Performance - The Shanghai Composite Index closed at 3342 points, while the ChiNext Index increased by 3.27% during the week [1] - Over 90% of the companies that were surveyed by institutions reported positive returns, with notable performers including Runbei Aerospace Technology, which achieved a 31.17% increase [1] Group 2: Institutional Research Trends - A total of 452 listed companies disclosed investor research records, indicating a slight decline in research concentration but sustained enthusiasm from institutions [1] - Popular companies for institutional research included Xiangxin Technology, Xingye Silver Tin, Honghua Digital Science, and Rongbai Technology, with Xiangxin Technology receiving attention from 173 institutions [1][2] Group 3: Company Insights - Xiangxin Technology is focusing on humanoid robots as a key strategic direction, collaborating with clients from the project initiation phase to provide comprehensive technical solutions [2] - The company has established a joint technology innovation center with the Guangdong Academy of Sciences to develop intelligent solutions for humanoid robots [2] - Xingye Silver Tin is advancing its projects, including the Silverman Phase II and the expansion of Yubang Mining, with plans to issue overseas bonds to support construction [3] - Honghua Digital Science expects a 42.30% year-on-year revenue growth in 2024, driven by the digital transformation of traditional processes and increased market expansion [3] - Rongbai Technology is adapting to U.S. tariff policies by shifting exports to its Korean factory, while also focusing on supply chain development and global partnerships [4][5]

Core Viewpoint - The article discusses the significant rise in international gold prices and its impact on domestic gold stocks, particularly focusing on Zijin Mining's performance amidst the gold price surge and its broader business operations in copper and other metals [1][20]. Group 1: Gold Price Surge and Market Reaction - International gold prices have surged over 25% this year, peaking at over $3500 per ounce on April 22, before experiencing a slight pullback [1]. - The rise in gold prices has led to a rally in domestic gold stocks, with notable performances from companies like Chifeng Jilong Gold, which saw its stock price double this year [1]. - Despite the overall market enthusiasm, Zijin Mining's stock has only increased by 16.7% year-to-date, underperforming compared to other gold stocks [1][3]. Group 2: Zijin Mining's Business Overview - Zijin Mining is a global mining giant with a diverse portfolio, including copper, gold, zinc, and lithium carbonate, with copper production exceeding 1 million tons last year, ranking fourth globally [3][4]. - The company has a significant gold production output of 72.9 tons, accounting for 25% of China's total gold production, and holds substantial gold reserves [3][4]. - Zijin Mining's copper and gold businesses have shown a trend of increasing production and revenue, with a compound annual growth rate of 15.4% and 49% in revenue and net profit from 2020 to 2024, respectively [7][9]. Group 3: Cost and Profitability Analysis - The production cost for gold bars in Q1 2025 was approximately 1300 USD per ounce, which is below the global average mining cost [5]. - Although Zijin Mining's overall mining costs have increased, the company maintains competitive extraction costs compared to industry peers [6][9]. - The company's profitability has improved, with gross and net profit margins rising significantly since 2020, although it still lags behind gold-focused companies like Chifeng Jilong Gold [9]. Group 4: Future Growth Prospects - Zijin Mining has outlined growth plans, expecting copper and gold production to increase by 7.5% and 16.4% respectively in 2025, with long-term targets set for 2028 [10]. - The article suggests that both copper and gold prices have potential for long-term growth, which supports Zijin Mining's continued performance [22]. - The company is heavily invested by both domestic and foreign institutions, indicating strong market confidence in its future performance [23]. Group 5: Market Influences and Price Outlook - The article notes that short-term fluctuations in Zijin Mining's stock price are closely tied to gold price movements, which may experience volatility due to various economic factors [24]. - Factors such as U.S. tax policy and trade negotiations could impact gold prices, suggesting that a clearer upward trend may emerge after these uncertainties are resolved [24].

Investment Rating - The report maintains a "Recommended" rating for several companies including Zijin Mining, Luoyang Molybdenum, Yunnan Aluminum, Huayou Cobalt, and others [4][7]. Core Views - The macroeconomic environment shows mixed signals with U.S. non-farm employment exceeding expectations while GDP contracted, leading to concerns about economic stagnation. However, domestic monetary easing measures are expected to support industrial metal prices [2][3]. - The report highlights a shift in the supply-demand balance for cobalt and lithium, with cobalt prices expected to rise due to supply constraints, while lithium prices are under pressure from high inventory levels [3]. - Precious metals are viewed positively due to increased geopolitical tensions and ongoing central bank gold purchases, which are expected to support gold prices in the medium to long term [3]. Summary by Sections Industrial Metals - Copper: The SMM import copper concentrate index decreased by $43.11 per dry ton, indicating a tightening supply situation. The operating rate of copper cable enterprises fell to 83.49%, reflecting weak demand [2]. - Aluminum: Domestic electrolytic aluminum production capacity remains stable, with a notable decrease in social inventory by 16,000 tons, indicating a shift from accumulation to depletion [2]. - Zinc: The report notes fluctuations in zinc prices influenced by macroeconomic factors and trade uncertainties, with LME zinc prices recorded at $2,601 per ton [2][47]. Energy Metals - Cobalt: The report indicates ongoing supply tightness due to Congo's export ban, with prices expected to enter a new upward phase as inventory levels decrease [3]. - Lithium: Demand remains weak with downstream material manufacturers waiting for further price declines, while supply remains high, leading to continued downward pressure on prices [3]. Precious Metals - Gold: The report notes that the Chinese central bank has increased its gold reserves for six consecutive months, supporting a bullish outlook for gold prices amid rising geopolitical tensions [3]. - Silver: Although silver prices have declined, they are expected to rebound more significantly than gold if gold prices increase, due to silver's industrial applications [3]. Key Companies and Forecasts - The report provides earnings forecasts and valuations for key companies, with Zijin Mining projected to have an EPS of 1.57 in 2025 and a PE ratio of 11 [4]. - Other recommended companies include Luoyang Molybdenum, Yunnan Aluminum, and Huayou Cobalt, with similar positive outlooks on their earnings and valuations [4].

有色金属周报 20250511 宏观风险降温，金属价格震荡 2025 年 05 月 11 日 ➢ 本周（05/06-05/09）上证综指上涨 1.92%，沪深 300 指数上涨 2%，SW 有色 指数上涨 1.57%，贵金属 COMEX 黄金下跌-1.57%，COMEX 白银下跌-1.95%。工业 金属 LME 铝、铜、锌、铅、镍、锡价格分别变动-0.78%、-0.52%、+0.40%、 +1.83%、-0.75%、-0.62%，工业金属库存 LME 铝、铜、锌、铅、镍、锡分别变动- 1.95%、-1.97%、-1.5%、-3.09%、-1.21%、+0.19%。 ➢ 工业金属：海外宏观方面多空交织，美国 4 月非农就业超预期和失业率稳定暂缓 衰退担忧，但一季度 GDP 年化收缩 0.3%叠加潜在关税又使经济停滞风险升高；国内 开启降准降息及公积金利率下调，宏观利好氛围不变，工业金属价格震荡。铜方面，供 应端，本周 SMM 进口铜精矿指数（周）报-43.11 美元/干吨，周度环比减少 0.5 美元/ 干吨。Antofagasta 与中国冶炼厂的年中长单谈判预计将于月底正式开启，鉴于当前恶 劣的现货市场环境和严 ...

Market Overview - A-shares experienced a significant rebound last week, with the Shanghai Composite Index rising by 1.92% to close at 3342 points, the Shenzhen Component Index increasing by 2.29%, and the ChiNext Index up by 3.27% [1] Institutional Research Trends - The concentration of institutional research decreased, but enthusiasm remained high, with 452 listed companies disclosing investor research records as of May 9 [1] - Over 90% of the companies that were researched reported positive returns, with notable performers including Runbei Aerospace Technology, which achieved a 31.17% increase, and Jiuling Technology and *ST King Kong, both exceeding 20% growth [1] Popular Research Targets - Companies such as Xiangxin Technology, Xingye Silver Tin, Honghua Digital Technology, and Rongbai Technology received over 100 institutional research visits, while 14 companies, including Weikang Medical and Saiyi Information, were visited by more than 50 institutions [1] Xiangxin Technology - Xiangxin Technology received 173 institutional visits, with interest in its humanoid robot development strategy [1] - The company focuses on providing comprehensive technical solutions and has established a joint technology innovation center with the Guangdong Academy of Sciences to develop humanoid robot solutions [2] - In early 2025, Xiangxin registered a wholly-owned subsidiary, Xiangxin (Dongguan) Intelligent Robot Co., Ltd., to consolidate its humanoid robot business [2] Xingye Silver Tin - Xingye Silver Tin hosted 125 institutional visits, with inquiries about safety and project progress [3] - The company is advancing its projects, including the Silverman Phase II and the expansion of Yubang Mining, with production expected to commence in Q4 2027 for the Atlantic Tin project [3] Honghua Digital Technology - Honghua Digital Technology was a popular research target with 116 institutional visits, projecting a 42.30% year-on-year revenue growth in 2024 due to market expansion and technological innovation [4] - The company emphasizes continuous product updates based on customer needs and actively participates in industry exhibitions to promote new products [4] Rongbai Technology - Rongbai Technology received 106 institutional visits, with a focus on the impact of U.S. tariff policies on its products [4] - The company has shifted its U.S. exports to its Korean factory due to tariffs and is expanding its European customer base through partnerships and local supply [4] - Rongbai is enhancing its supply chain competitiveness by collaborating with upstream and downstream enterprises in Indonesia and Europe [4]

Financial Performance - In 2024, the company achieved a revenue of CNY 5.364 billion and a net profit of CNY 757 million, with a basic earnings per share of CNY 1.0498 [3] - In Q1 2025, the company reported a revenue of CNY 1.536 billion and a net profit of CNY 135 million, with a basic earnings per share of CNY 0.1868 [4] Rare Metals Business - The rare light metal (cesium and rubidium salt) segment generated a revenue of CNY 1.395 billion in 2024, a year-on-year increase of 24.16%, with a gross profit of CNY 1.092 billion, up 50.98% [5] - The cesium and rubidium fine chemical business contributed CNY 728 million in revenue, while the formic acid cesium business generated CNY 667 million [5] Copper Production Plans - The company aims to complete a copper production capacity of 60,000 tons per year by 2025, focusing on the Kitumba copper mine [6] - The Kachihishi copper mine has an estimated copper metal content of 60,000 tons and has been sold to a third party for further project funding [6] Geochemical Resources - The Tsumeb smelter in Namibia contains 746.21 tons of germanium with an average grade of 253.51 g/t, and a multi-metal recycling project is underway to enhance resource value [7] - The project aims to produce 33 tons of germanium ingots, 11 tons of industrial gallium, and 10,900 tons of zinc ingots annually [7] Future Growth Drivers - The company plans to develop a competitive landscape driven by new energy metals, bulk metals, and rare strategic metals, with a focus on lithium and copper [8] - The lithium salt sales reached 39,477 tons in 2024, a 164% increase year-on-year, supported by resource advantages and cost-reduction strategies [9]