Group 1 - China Merchants Industry announced the termination of the restructuring and spin-off of its subsidiaries, China Merchants Jinling and China Merchants Roll-on Roll-off, due to a lack of consensus on transaction terms and changes in market conditions [2] - Sichuan Road and Bridge is planning a related party transaction to acquire 100% equity and debt rights of Chengdu New Road and Bridge Machinery Co., which is expected to be a related party transaction but not a major asset restructuring [2] - Guotai Junan Securities plans to increase its capital by 1.5 billion yuan to Guotai Junan Futures Co., Ltd. to supplement its net capital [5] Group 2 - Innovation New Materials intends to register and issue short-term financing bonds not exceeding 500 million yuan and medium-term notes not exceeding 1.5 billion yuan to enhance liquidity management [3] - Gree Electric's wholly-owned subsidiary plans to sell 5.9088% equity of Winshang Technology for 62.6333 million yuan, which will improve asset liquidity and cash flow [4] - Yapu Co. plans to purchase approximately 54.5% of Winshang Technology for about 578 million yuan to accelerate its strategic development in key automotive components [6] Group 3 - Deep Highway announced that Yunshan Capital increased its holdings in the company's H-shares by 10.81 million shares, bringing its total shareholding to 254 million shares, accounting for 10% of the total share capital [7] - Aichuang Data plans to procure servers worth up to 4 billion yuan to provide computing power leasing services [8] - Luoping Zinc Electric is transferring 22.4% of its shares to Qujing Development Investment Group, with trading suspension starting from May 28 due to control change planning [9] Group 4 - Zhongke Haixun signed a contract for an information processing subsystem procurement project worth 163 million yuan [10] - Enhua Pharmaceutical's associate company Jiangsu Haoxin Qing plans to go public overseas to expand financing channels and is establishing a red-chip structure [11] - Yunnan Energy Investment has been awarded the development rights for three wind farm projects, including the Fuyuan Nanchong Wind Farm [13]

Core Viewpoint - The zinc market has been experiencing low-level fluctuations for nearly two months, with a focus on whether the supply from mines can meet demand in the future [2][7]. Group 1: Market Dynamics - Since early April, zinc has faced widespread selling due to escalating international trade tensions, remaining below 22,500 points [2]. - Recent maintenance at zinc smelting plants has been higher than usual, despite stable processing fees for zinc ore [3][4]. - A significant zinc smelting plant in southern China extended its maintenance period, impacting production by an estimated 20,000 to 40,000 tons, which led to a price increase [3]. Group 2: Supply and Demand Factors - The decline in social zinc inventory continues, although the demand from downstream sectors remains resilient [5]. - The real estate sector's weakness has slowed the destocking of galvanized inventory, with new construction area starting in the first four months of 2025 down 23.8% year-on-year [5]. - Domestic zinc imports have reached historical highs, contributing to a stable supply environment for smelting plants [7][8]. Group 3: Future Outlook - The mid-term outlook suggests increasing pressure on zinc supply due to the resumption of production at smelting plants and the seasonal slowdown in demand [7]. - Analysts predict that the zinc market may experience a shift towards a bearish trend as supply begins to outpace demand, with expectations of inventory accumulation starting in mid-June [7][8]. - The processing fees for zinc ore are expected to remain strong in the third quarter due to high demand, despite an anticipated oversupply of zinc ingots [8].

Group 1 - The controlling shareholder of Luoping Zinc & Electricity is planning to transfer control of the company to a municipal state-owned asset management entity, which would elevate the control from county-level to city-level [1] - The transfer involves the agreement to transfer 72.4276 million shares, accounting for 22.3960% of the total share capital, to Qujing Development Investment Group [1] - The stock of Luoping Zinc & Electricity will be suspended from trading starting May 28, with an expected suspension period of no more than two trading days [1] Group 2 - Luoping Zinc & Electricity has faced operational challenges in recent years due to environmental pollution and litigation issues, resulting in a lack of performance highlights [2] - In Q1 2025, the company reported a revenue of 185 million yuan, a year-on-year decrease of 53.55%, and a loss of 45.0088 million yuan compared to a loss of 29.526 million yuan in the same period last year [2] - The company aims to produce 80,000 tons of zinc ingots and achieve a revenue of 1.918 billion yuan in 2025 [2] Group 3 - In the 2024 annual performance meeting, the company indicated a significant improvement in profitability, with a gross margin turning positive, reflecting effective cost control and production efficiency [2] - The net cash flow from operating activities for 2024 was 103 million yuan, indicating sustained net inflow from operations [2] - The zinc industry is characterized by "tight supply, weak recovery, and high volatility," with long-term trends pointing towards green transformation and new technology applications reshaping the industry landscape [2]

Price Overview - On May 27, the spot price of lead ingots in Shanghai was quoted at 16,625.00 CNY/ton, which is a discount of 200.00 CNY/ton compared to the futures main price of 16,825.00 CNY/ton [1] - The closing price for the main Shanghai lead futures contract on May 27 was 16,825.00 CNY/ton, with a slight decline of 0.09%, reaching a high of 16,850.00 CNY/ton and a low of 16,745.00 CNY/ton during the day [2] Market Dynamics - A lead-zinc smelting plant in a southern region of China underwent temporary maintenance this week, leading to reduced production in the precious metals workshop, with the specific recovery time yet to be determined [2] - As of May 23, the inventory of Shanghai lead futures recorded 48,428.00 tons, a decrease of 7,044.00 tons compared to the previous trading day [2] Supply and Demand Analysis - According to New Lake Futures research, primary lead smelters are maintaining stable production levels, while the treatment charge (TC) for lead ore is on a downward trend [3] - The recycling sector has seen continuous low operating rates for recycled lead smelters due to ongoing losses, but profits are expected to recover as the price of waste batteries declines [3] - The traditional consumption season for lead-acid batteries is currently slow, with dealers holding high inventory levels, leading battery manufacturers to adjust production based on sales [3] - As of this week, domestic social inventory stands at 4.34 tons, with a reduction of 0.69 million tons, indicating a preference for warehouse stock among downstream players [3] - Last week, LME lead inventory saw a significant delivery of 50,000 tons, reaching a nearly 10-year high [3] - Overall, the combination of the off-peak season and weakened support from waste battery prices suggests a potential downward shift in lead prices in the short term [3]

Investment Rating - The report rates the non-ferrous metals industry as "Positive" for 2024 [4] Core Insights - The non-ferrous metals industry is expected to see profit improvement in 2024, with the characteristic of "resource supremacy" becoming more pronounced. Supply from the mining sector remains rigid, while companies are cautious with capital expenditures amid increasing macroeconomic volatility and export policy restrictions from various countries, leading to enhanced supply constraints. The demand side shows a fragmented demand landscape under the backdrop of de-globalization, with re-industrialization in Europe and the US and economic growth in emerging markets being the main demand drivers. Revenue and net profit for the non-ferrous sector are projected to grow slightly, indicating a gradual improvement in industry prosperity. Resource-based companies, particularly in copper, gold, aluminum, tin, and tungsten, are expected to perform better, with a growing focus on resource scarcity and strategic importance [19][22][26]. Summary by Sections 1. Industry Overview - The non-ferrous metals sector is projected to achieve a revenue of CNY 3.47 trillion in 2024, representing a year-on-year growth of 5.86%, and a net profit of CNY 138.41 billion, reflecting a slight increase of 1.77% [22][26]. 2. Market Dynamics - The report highlights that industrial metals experienced significant price fluctuations due to US trade tariffs in early April, but prices have since rebounded as negotiations exceeded market expectations. Small metals continue to perform well, with tungsten prices reaching new highs amid strengthened domestic export controls [20][21]. 3. Policy Changes - Domestic measures to tighten resource export controls have been noted, alongside international collaborations for mineral investment and development. Key actions include China's crackdown on strategic mineral smuggling, Australia's commitment to establishing strategic reserves for critical minerals, and various agreements between countries to enhance mining cooperation [20][21]. 4. Company Performance - Chinese listed copper companies have shown a significant increase in resource and reserve volumes, with a 27% year-on-year increase in resource volume and a 25% increase in reserves. Notable companies like Zijin Mining and Minmetals Resources have made substantial acquisitions and exploration investments to secure resource safety [22][28][32].

首席点评：集运再度回落 中共中央办公厅、国务院办公厅印发《关于完善中国特色现代企业制度的意见》。《意见》提出，完善 企业收入分配制度，推动企业健全工资合理增长机制，深化国有企业工资分配制度改革，在符合条件的 国有企业推行工资总额预算周期制管理。推动上市公司开展中长期激励，制定稳定、长期的现金分红政 策。强化控股股东对公司的诚信义务，支持上市公司引入持股比例 5%以上的机构投资者作为积极股 东。美国总统特朗普表示，同意财政部长贝森特最近的评论，即美国不需要将纺织制造业带回境内。希 望在美国制造"大物件"，并提到芯片、计算机和人工智能。特朗普还威胁称，他正在考虑从哈佛大学撤 出30亿美元的拨款，并将其拨给全美各地的职业学校。美联储短期内难有快速降息，黄金白银步入持续 整理阶段。但黄金长期驱动仍然明确提供支撑，短期内有关关税谈判扰动，美国债务问题发酵或是美联 储重新QE等动作，都会提供反弹动力，整体上呈现偏强震荡态势。 重点品种： 贵金属、沪铜、集运 贵金属： 金银价格步入整理。特朗普将把欧盟面临 50%关税的最后期限延长至7月9日，令担忧情绪降 温，上周五特朗普一度威胁对欧盟关税提高到50%，一度刺激黄金走高。上 ...

锌产业周报 2025/05/26 咨询业务资格：沪证监许可【2012】1515号 研报作者：许亮 Z0002220 审核：唐韵 Z0002422 镀锌板卷：市场情绪指数（周）. source： Wind 百分比 镀锌板卷：市场情绪指数（周） 23/06 23/12 24/06 24/12 20 40 60 80 镀锌板卷周度库存-季节性. source： Wind 万吨 2021 2022 2023 2024 2025 01/01 05/01 09/01 100 125 150 175 200 钢厂镀锌板卷周产量-季节性. source： Wind 万吨 2021 2022 2023 2024 2025 01/01 05/01 09/01 25 50 75 镀锌板（带）净出口季节性. 压铸锌合金净进口季节性. source： Wind 万吨 2021 2022 2023 2024 2025 03/01 05/01 07/01 09/01 11/01 25 50 75 100 source： Wind 吨 2021 2022 2023 2024 2025 03/01 05/01 07/01 09/01 11/0 ...

Meeting Overview - The 26th (temporary) meeting of the 8th Board of Directors of Yunnan Luoping Zinc Electric Co., Ltd. was held on May 23, 2025, via telecommunication voting [2] - All 8 directors participated, and the meeting was deemed legal and effective [2] Resolutions Passed - The board unanimously approved a proposal to provide guarantees for its wholly-owned subsidiaries, aimed at supporting their operational development and liquidity needs [3] - The board also approved a proposal for the wholly-owned subsidiary to apply for financing loans [4] Guarantee Details - The company and its subsidiaries will provide guarantees for the wholly-owned subsidiary, Puding County Xiangrong Mining Co., Ltd., to apply for loans from non-bank financial institutions [8] - The guarantee amount is set at 30 million yuan (approximately $4.6 million) with a term of 19 days at an annual interest rate of 7.2% [10] Financial Impact - The total external guarantee amount for the company and its subsidiaries is 200.9 million yuan, with an actual guarantee balance of 155.875 million yuan, representing 17.7% of the latest audited net assets [13] - The financing loan is expected to alleviate the financial pressure on the subsidiary, increasing its current liabilities by 30 million yuan and anticipated financial expenses by 110,000 yuan [19]

银河有色 有色研发报告 有色和贵金属每日早盘观察 2025 年 5 月 22 日星期四 | 研究所副所长、有色及贵 | 有色和贵金属每日早盘观察 | | --- | --- | | 金属板块负责人：车红云 | | | 期货从业证号：F03088215 | 贵金属 | | 投资咨询号：Z0017510 | 【市场回顾】 | | | 1. 贵金属市场：昨日，伦敦金继续上行，最终收涨 0.76%，报 3314.36 美元/盎司，创 | | 研究员：王伟 | 近一周新高。伦敦银最终收涨 0.95%，报 33.38 美元/盎司。受外盘驱动，沪金主力合约 | | 期货从业证号：F03143400 | 收涨 0.92%，报 777.84 元/克，沪银主力合约收涨 0.86%，报 8285 元/千克。 | | 投资咨询从业证号： Z0022141 | 2.美元指数：美元指数持续下行，最终收跌 0.56%，报 99.60。 | | | 3.美债收益率：受累于 20 年期美债标售需求疲软，10 年期美债收益率收报盘中一度触 | | 及 研究员：王露晨 CFA | 2 月以来新高 4.609%，最终收于 4.587%。 | | 期 ...

大宗商品研究所 有色研发报告 有色金属日报 2025 年 5 月 22 日星期四 研究所副所长、有色及贵 金属板块负责人：车红云 期货从业证号：F03088215 投资咨询从业证号：Z0017510 研究员：王伟 期货从业证号：F03143400 投资咨询从业证号：Z0022141 研究员：陈婧 FRM 期货从业证号：F03107034 投资咨询从业证号：Z0018401 研究员：陈寒松 期货从业证号：F03129697 投资咨询从业证号：Z0020351 联系方式： 上海：021-65789219 北京：010-68569781 1.期货：今日沪铜 2506 合约收于 77920 元，跌幅 0.22%，沪铜指数减仓 6043 手至 52.50 万 手。 2.现货：现货商甩货，现货升水大幅下降。上海报升水 135 元/吨，较上一交易日下跌 140 元/吨。天津报贴水 70 元/吨，下降 70 元/吨，由于持货商对后市悲观低价出货。广东库存 和铜价均走低，持货商挺价出货，报升水 205 元/吨，上涨 20 元/吨。 【重要资讯】 1. 5 月 22 日，铜矿商自由港印尼公司称，其位于东爪哇岛、耗资 37 亿美元 ...