Group 1 - The core viewpoint of the announcement is the company's commitment to enhancing quality, efficiency, and returns through a structured action plan for 2024 and 2025, aligning with the Shanghai Stock Exchange's initiative [1][5] Group 2 2024 Action Plan Implementation - The company achieved a 20% year-on-year increase in resource exploration within mining areas, adding 482,700 tons of lead-zinc metal resources [1] - The company maintained its lead-zinc concentrate production cost in the top 25% of the industry, with a five-year consecutive reduction in zinc smelting processing costs [1][2] - The company reported a net profit of 1.293 billion yuan and an operating cash inflow of 2.366 billion yuan for the year [1] Technological Empowerment - The company made significant technological advancements, including breakthroughs in key technologies and the establishment of a digital and intelligent mining process [2] - The company received four first-class awards from the China Nonferrous Metals Industry Science and Technology Award and filed 132 new patents [2] Green Development - The company achieved zero environmental incidents and constructed four national-level green mines and factories, maintaining a 100% compliance rate for ecological restoration and pollutant discharge [2] Governance Improvement - The company implemented 42 reform tasks and 128 key reform measures, with a focus on enhancing governance efficiency [3][4] Market Value Management - The company announced a cash dividend of 1.40 yuan per 10 shares, totaling 713 million yuan, and initiated a share buyback plan [4] Group 3 2025 Action Plan - The company plans to implement 16 exploration projects, aiming for an increase of 280,000 tons in lead-zinc metal resources [5] - The company targets an operating revenue of 10.581 billion yuan and a net profit of 932 million yuan for the year [5] Innovation and Management - The company aims to enhance innovation by integrating artificial intelligence and big data into the mining process, with a focus on key technology breakthroughs [6] - The company has set a target completion rate of 98.95% for its reform tasks by the end of 2025 [7] Safety and Environmental Goals - The company aims to achieve zero environmental incidents and is actively pursuing carbon footprint certification for its products [8] Value Return Strategy - The company plans to implement a differentiated cash dividend strategy and has allocated 268 million yuan for share repurchases [8]

Group 1 - As of August 18, the metal lead sector declined by 0.28%, ranking among the top declines in concept sectors, with companies like Shengton Mining, Zijin Mining, and Zhuhai Group experiencing significant drops [1] - In the metal lead sector, 12 stocks saw price increases, with notable gains from China Nonferrous Metal, Dazhong Mining, and Jinhui Mining, which rose by 2.30%, 2.19%, and 2.05% respectively [1] - The metal lead sector experienced a net outflow of 1.205 billion yuan in main funds today, with 23 stocks seeing net outflows, and 5 stocks with outflows exceeding 50 million yuan [2] Group 2 - The top net outflow stock was Zijin Mining, with a net outflow of 515 million yuan, followed by Shengton Mining, Hunan Silver, and Huayu Mining, with net outflows of 346 million yuan, 103 million yuan, and 62.26 million yuan respectively [2] - The stocks with the highest net inflow included China Nonferrous Metal, Zhongjin Lingnan, and China Metallurgical Group, with net inflows of 48.08 million yuan, 20.44 million yuan, and 19.89 million yuan respectively [2] - The metal lead concept sector's outflow list highlighted Zijin Mining with a decline of 2.30% and a turnover rate of 1.27%, alongside Shengton Mining with a decline of 3.54% and a turnover rate of 7.04% [3]

（文章来源：每日经济新闻） 金徽股份（SH 603132，收盘价：13.68元）8月15日晚间发布公告称，金徽矿业股份有限公司为积极推 动江洛矿区资源整合项目及公司生产经营需要，拟以现金3.8亿元收购子公司甘肃豪森矿业有限公司剩 余51%的股权，收购完成后公司将持有豪森矿业100%的股权。 2024年1至12月份，金徽股份的营业收入构成为：铅锌有色金属占比99.86%，其他业务占比0.1%，其他 占比0.04%。 ...

祁玉蓉（F03100031, Z0021060），联系电话：010-8229 5006 | | | | | | 铅锌日评20250812：区间整理 | | | | --- | --- | --- | --- | --- | --- | --- | --- | | | | 指标 | 单位 | 今值 | | 变动 近期趋势 | 2025/8/12 | | | | SMM1#铅锭平均价格 | 元/吨 | 16,725.00 | | 0.00% | | | | 沪铅期现价格 | 期货主力合约收盘价 | 元/吨 | 16,885.00 | | 0.24% | | | | | 沪铅基差 | 元/吨 | -160.00 | | -40.00 | | | | | 升贴水-上海 升贴水-LME 0-3 | 元/吨 美元/吨 | -35.00 -35.50 | | - -4.21 | | | | 价差 | 升贴水-LME 3-15 | 美元/吨 | -61.40 | | 12.20 | | | | | 沪铅近月-沪铅连一 | 元/吨 | -50.00 | | 5.00 | | | | | 沪铅连一-沪铅连二 | 元/吨 | - ...

Core Points - The articles outline the governance structure and operational guidelines of Yunnan Chihong Zinc & Germanium Co., Ltd, emphasizing the importance of legal compliance and corporate governance [1][2][3] - The company is established as a joint-stock company with a registered capital of RMB 5,040,380,483, and it operates under the principles of fairness and transparency in its share issuance [2][6] - The company is committed to social responsibility, considering the interests of stakeholders and environmental protection in its business activities [4][5] Company Structure - The company is governed by a board of directors, with the chairman serving as the legal representative [2][3] - The company has a permanent existence as a joint-stock company, ensuring continuity in its operations [2] - The articles specify the roles and responsibilities of senior management, including the general manager and financial director [3] Business Objectives - The company's business objective is to maximize profits while ensuring the preservation and appreciation of assets, thereby providing good returns to shareholders [5] - The operational scope includes mining, smelting, and processing of zinc and germanium products, as well as various related services [5] Share Issuance and Management - The company issues shares in a manner that ensures equal rights for all shareholders, with a total of 5,040,380,483 shares issued [6][24] - The company prohibits financial assistance for acquiring its shares, except under specific conditions approved by the board [7][8] Shareholder Rights and Responsibilities - Shareholders have rights to dividends, voting, and participation in company decisions, as well as obligations to comply with laws and the company's articles [12][37] - The articles outline the procedures for shareholder meetings, including the requirements for calling and conducting these meetings [19][22] Corporate Governance - The company emphasizes the importance of legal compliance and ethical conduct in its operations, with a focus on maintaining a sound governance structure [4][14] - The articles provide mechanisms for shareholders to hold the board accountable for any breaches of duty [15][16] Financial Management - The company must seek shareholder approval for significant financial decisions, including guarantees and asset transactions exceeding certain thresholds [20][35] - The articles stipulate that the company must maintain transparency in its financial dealings and adhere to regulatory requirements [20][35]

Group 1 - The company, Hongda Co., announced the convening of its fifth extraordinary general meeting of shareholders for 2025 on August 8, 2025 [2] - The meeting approved several proposals, including the use of part of its own funds for cash management [2]

格隆汇8月5日丨驰宏锌锗(600497.SH)在互动平台表示，公司主营业务为铅锌锗相关业务，目前未涉及 锶矿及锶盐领域的投资，且暂无相关计划。 ...

Report Industry Investment Rating No relevant content provided. Core Views of the Report - The global lead market shows a large visible inventory pressure, and the expected increase in supply from new capacity will suppress lead prices. However, the cost support is relatively stable, and the potential production cut expectation caused by refinery losses also provides a bottom - support for lead prices. It is expected that the lead price will fluctuate widely in August, and its upside space depends on the actual improvement in the consumption end [2][72][73]. Summary According to the Directory 1. Lead Market Review - In July, the main contract price of Shanghai lead showed a volatile decline. Affected by factors such as the passing of the US bill, good domestic PMI data, and the approaching consumption peak season at the beginning of the month, the lead price was firm. In the middle of the month, due to factors like inventory increase and less - than - expected downstream consumption improvement, the lead price adjusted. After the news of some Middle - Eastern countries imposing additional tariffs on lead - battery exports, the lead price decline was magnified. Finally, it closed at 16,735 yuan/ton, with a monthly decline of 2.7%. The London lead price first declined and then rose, closing at 1,969.5 US dollars/ton at the end of the month, with a monthly decline of 3.93% [7]. 2. Lead Fundamental Analysis 2.1 Lead Ore Supply Situation - **Global lead concentrate supply is slowly recovering**: From January to May 2025, the global cumulative lead concentrate production was 1.8111 million tons, with a cumulative year - on - year increase of 2.5%. Overseas mine production showed different year - on - year changes, indicating a slow recovery rhythm. In China, from January to June, the cumulative lead concentrate production was 787,000 tons, with a cumulative year - on - year increase of 13%. It is expected that the global lead concentrate supply will continue to recover in the second half of the year, with an expected overseas increase of 100,000 tons and a domestic increase of about 70,000 tons, and the global lead mine production growth rate will be 2.3% to 4620,000 tons [10][11]. - **Lead concentrate processing fees remain low, and the demand for silver concentrate imports is increasing**: In August, the average domestic lead concentrate processing fee was 500 yuan/metal ton, a month - on - month decrease of 100 yuan/metal ton; the import processing fee was - 60 US dollars/dry ton, a month - on - month decrease of 15 US dollars/dry ton. The import of lead concentrate maintained a loss, but the monthly import volume remained at a relatively high level. In June, the silver concentrate import volume was 126,000 tons, and the cumulative import volume from January to June was 847,000 tons. With the continuous high price of by - product silver, the import demand remained high [18][20]. 2.2 Refined Lead Supply Situation - **Global refined lead supply growth is slow**: From January to May 2025, the global cumulative refined lead production was 5.5066 million tons, with a cumulative year - on - year decrease of 1.8%. It is predicted that the global refined lead production in 2025 will be 13.272 million tons, with a year - on - year increase of 0.6% [22]. - **Refineries are resuming production, and the electrolytic lead production in August is expected to increase month - on - month**: In July, the electrolytic lead production was 321,700 tons, a month - on - month decrease of 2.1%. It is expected that the production in August will be 338,200 tons, a month - on - month increase of 5.13% [26]. - **The price of waste batteries remains high, and new projects contribute to the increase in production**: In July, the price of waste batteries fluctuated slightly. It is expected that the price will remain firm in August. In July, the production of recycled refined lead was 258,000 tons, a month - on - month increase of 13.96%. It is expected that the production in August will be 273,900 tons, a month - on - month increase of 6.16% [32][33]. 2.3 Refined Lead Demand Situation - **Global refined lead demand situation**: From January to May 2025, the global cumulative refined lead consumption was 5.4887 million tons, with a cumulative year - on - year increase of 2.69%. It is expected that the global refined lead demand in 2025 will increase by 1.5% to 13.19 million tons, and the global refined lead supply will exceed demand by 82,000 tons [44]. - **Lead - battery enters the traditional consumption peak season, and the sector shows differentiation**: In July, the consumption of electric bicycle batteries was good, while the consumption of automobile starting batteries was mixed. In August, it is expected that the battery consumption will continue to be differentiated [48]. - **The Shanghai - London ratio is not conducive to lead ingot and battery exports, and imports supplement raw material ratios**: In June, the refined lead export volume decreased month - on - month, and the import volume increased year - on - year. The high Shanghai - London ratio is not conducive to lead ingot exports, and the battery export is also affected by factors such as tariff increases [49][50]. - **Policy guidance improves the marginal consumption prospects of lead - batteries**: In the automobile sector, the battery replacement demand is stable, and the new - car demand is expected to continue to be good. In the electric bicycle sector, the replacement demand is large, and policies such as trade - in and new national standards will stimulate consumption. In the energy - storage sector, the demand for lead - batteries is expected to grow [58][60][62]. 2.4 Global Visible Inventory is Rising - In July, the global visible lead inventory was under pressure. The LME inventory remained high, and the domestic lead ingot inventory increased. If the consumption in August does not improve significantly, the inventory may continue to rise [67]. 3. Summary and Future Outlook - The supply of primary lead is expected to increase in August, but the refinery profit is compressed. The supply of recycled lead is expected to be stable with a slight increase, but there is a possibility of unexpected production cuts. The demand is differentiated, and the traditional consumption peak season is slightly lower than expected. The lead price is expected to fluctuate widely in August, and its upside depends on the consumption improvement [72][73].

Group 1 - The metal lead concept declined by 1.70% as of the close on July 28, ranking among the top declines in the concept sector, with companies like Zhejiang Fu Holdings, Huaxi Nonferrous, and Hunan Gold experiencing significant drops [1] - The metal lead concept saw a net outflow of 1.204 billion yuan from main funds today, with 26 stocks experiencing net outflows, and 8 stocks seeing outflows exceeding 50 million yuan. The largest net outflow was from Chifeng Gold, which had a net outflow of 233 million yuan [2] - The stocks with the largest net outflows in the metal lead concept included Chifeng Gold, Xingye Silver Tin, and Zhejiang Fu Holdings, with net outflows of 233 million yuan, 131 million yuan, and 123 million yuan respectively [2][3] Group 2 - The top gainers in the concept sectors today included PCB concept with a gain of 4.33%, while the metal lead concept was among the top decliners with a drop of 1.70% [2] - The main funds saw net inflows in stocks such as Zijin Mining, Western Mining, and Tibet Summit, with net inflows of 47.6 million yuan, 17.7 million yuan, and 7.3 million yuan respectively [2]

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoints - For lead, raw material tightness and peak - season expectations support the lead price, with short - term prices expected to be range - bound and firm. However, high lead prices may limit downstream purchasing, capping the upside potential [1]. - For zinc, recent macro - positive sentiment and supply - side disruptions have led to a rebound in zinc prices. But the rebound suppresses downstream purchasing, causing inventory accumulation and limited upside. Opportunities to short may emerge after positive factors fade [1]. 3. Summary by Related Catalogs Lead - **Prices and Trading Data**: SMM1 lead ingot average price rose 0.59% to 17,000 yuan/ton, and the futures main - contract closing price rose 0.09% to 17,175 yuan/ton. The trading volume of the active futures contract decreased 7.42% to 33,005 lots, while the open interest increased 1.25% to 52,261 lots. The LME 3 - month lead futures closing price (electronic) rose 0.71% to 2,058.5 dollars/ton, and the Shanghai - London lead price ratio decreased 0.62% to 8.34 [1]. - **Fundamentals**: There is no expected increase in lead concentrate imports, and processing fees are likely to rise. Primary lead production is stable with a slight increase. For secondary lead, rising scrap lead - acid battery prices, limited supplies, and hoarding by recyclers have led to some refineries reducing or halting production due to raw material shortages or cost - price inversions. Demand is shifting from the off - season to the peak season, which may reduce the drag on lead prices [1]. - **Industry News**: In June, the silver by - product output of primary lead smelters increased 1.3% month - on - month. In July, it may decline slightly due to regular maintenance. The additional tariff negotiation for the US REDDOG lead ore may end with both parties sharing the cost, and the ore will enter the domestic market by the end of the third quarter. Zhongse Co., Ltd.'s subsidiary plans to expand the production scale of the Baiyinnuoer lead - zinc mine from 990,000 tons/year to 1.65 million tons/year [1]. Zinc - **Prices and Trading Data**: SMM1 zinc ingot average price rose 0.55% to 22,090 yuan/ton, and the futures main - contract closing price rose 0.32% to 22,120 yuan/ton. The trading volume of the active futures contract decreased 2.53% to 154,513 lots, and the open interest decreased 3.46% to 114,762 lots. The LME 3 - month zinc futures closing price (electronic) rose 0.86% to 2,742.5 dollars/ton, and the Shanghai - London zinc price ratio decreased 0.54% to 8.07 [1]. - **Fundamentals**: Zinc smelters have sufficient raw material stocks, and zinc concentrate processing fees are rising. The tight supply of zinc concentrate has improved, reducing production constraints and cost support. Refinery profits and production enthusiasm have increased, with an obvious upward trend in output. Demand is weak, and downstream buyers mainly make purchases based on rigid needs [1]. - **Industry News**: In the second quarter of 2025, the Kipushi zinc mine in Congo (Kinshasa) produced 41,800 metal tons of zinc concentrate. In June, production was affected by capacity - bottleneck upgrades and low - grade ore processing. After the first - stage upgrade, the daily available time of the DMS system increased from 6 to 16 hours. The second - stage upgrade in August is expected to increase the annual processing capacity from 800,000 to 960,000 tons, and the DMS available time to 22 hours/day. The annual zinc production guidance remains at 180,000 - 240,000 tons [1].