有色商品日报 有色商品日报 | | 收至 130 元/吨。佛山 A00 报价回落至 20490 元/吨，对无锡 A00 贴水 140 元/吨，铝棒 | | | --- | --- | --- | | | 加工费包头河南临沂持稳，新疆南昌无锡广东下调 20-50 元/吨，铝杆 1A60 系、6/8 | 系 | | | 加工费持稳，低碳铝杆上调 93 元/吨。氧化铝远月矿石扰动和新增投产压力并存，区间 | | | | 震荡为主。电解铝需求边际走弱与低铸锭量和低仓单挤仓效应间存在博弈，宏观风险 | | | | 计价加码，警惕波动风险。废铝成本支撑仍在，铝合金持续关注滚动做多 AD-AL 价差 | | | | 机会。 | | | | 隔夜 LME 镍涨 0.5%报 15150 美元/吨，沪镍涨 0.75%报 120680 元/吨。库存方面，昨日 | | | | LME 库存减少 144 吨至 204216 吨，国内 SHFE 仓单减少 96 至 21263 吨。升贴水来 | | | | 看，LME0-3 月升贴水维持负数；进口镍升贴水维持 250 元/吨。据铁合金，大厂 6 | 月 | | | 高镍铁第三轮招标价为 ...

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints - For copper, recognize the short - term support of structural squeeze on absolute prices, but focus on three potential changes in the copper fundamentals in the third quarter: S232 survey results may land in July, after which prices may peak and fall; US copper inventory may flow back globally at about 60,000 tons per month; there are expectations of weaker performance in some sectors in the third quarter [1]. - For aluminum, the short - term fundamentals are okay, pay attention to demand, and consider far - month inter - month and internal - external reverse arbitrage under the low - inventory pattern [1]. - For zinc, maintain the idea of short - allocation, hold internal - external positive arbitrage, and pay attention to inter - month reverse arbitrage opportunities [2][3]. - For nickel, continue to focus on the opportunity of narrowing the nickel - stainless steel price ratio [5]. - For stainless steel, the short - term is expected to be weak and volatile [6]. - For lead, it is expected to oscillate between 16,700 - 17,100 next week, with supply in June expected to be flat and demand weak [8]. - For tin, short - term long - allocation can be held cautiously, and pay attention to short - selling opportunities after the maintenance period in the medium - long term [10]. - For industrial silicon, the spot price will be under pressure in the future, and in the long - run, it will be mainly based on the bottom operation of the cash - flow cost of leading manufacturers [14]. - For lithium carbonate, in the medium - long term, the price will be weak and volatile if the leading mining - smelting integrated enterprises' operating rates do not decline significantly; in the short - term, it is expected to continue to accumulate inventory next week, putting pressure on prices [16]. 3. Summary by Metals Copper - **Price and Inventory Changes**: From June 20 - 26, the spot price changed by 40, the warehouse receipt changed by 2226, and the LME inventory decreased by 400 tons. The LME cash - 3m spread exceeded 200 US dollars, but the 3m futures price did not rise [1]. - **Market Situation**: The market is in a state of long - short stalemate. The S232 survey may land in July, and after that, the price and the squeeze situation may change. The US copper inventory may flow back globally, and some sectors in the third quarter may see weaker performance [1]. Aluminum - **Price and Inventory Changes**: From June 20 - 26, the Shanghai aluminum ingot price changed by 80, and the inventory remained unchanged. The supply increased slightly, and the demand in June was expected to be seasonally weak [1]. - **Market Situation**: There is still a supply - demand gap. The inventory reduction is gentle from June to July. Pay attention to demand and consider some arbitrage strategies [1]. Zinc - **Price and Inventory Changes**: The zinc price fluctuated widely this week. The domestic TC and import TC remained unchanged. The social inventory was oscillating, and the LME inventory decreased slightly [2]. - **Market Situation**: Supply increased in June, domestic demand weakened marginally, and overseas demand was weak. The inventory accumulation acceleration inflection point is expected to appear at the end of June [2][3]. Nickel - **Price and Inventory Changes**: The price of 1.5% Philippine nickel ore remained at 60.0. The domestic inventory decreased slightly, and the LME premium strengthened slightly [3][5]. - **Market Situation**: The supply of pure nickel remained high, and the demand was weak. Pay attention to the opportunity of narrowing the nickel - stainless steel price ratio [5]. Stainless Steel - **Price and Inventory Changes**: The prices of 304 cold - rolled, 304 hot - rolled, etc. remained mostly unchanged, and the inventory in Xijiao and Foshan increased slightly [6]. - **Market Situation**: The supply decreased due to some steel mills' production cuts, the demand was mainly for rigid needs, and the cost remained stable. It is expected to be weak and volatile in the short - term [6]. Lead - **Price and Inventory Changes**: The lead price rebounded from a low level. The supply - side had some problems, and the demand - side was weak. The price is expected to oscillate between 16,700 - 17,100 next week [8]. - **Market Situation**: The supply - side had issues such as low scrap volume and high - cost recycling. The demand - side had high battery inventory and weak consumption [8]. Tin - **Price and Inventory Changes**: The tin price fluctuated widely. The LME inventory decreased slightly. The domestic production decreased in June, and the overseas supply disturbances basically subsided [9][10]. - **Market Situation**: The domestic raw material supply was disturbed, and the demand was expected to decline. It is in a state of weak supply and demand in the first half of the year [10]. Industrial Silicon - **Price and Inventory Changes**: The basis strengthened rapidly, and the warehouse receipts and non - standard products were removed quickly. The spot price was strong, but it is expected to be under pressure in the future [13][14]. - **Market Situation**: The overall market operation rate increased slightly. The price will be mainly based on the bottom operation of the cash - flow cost of leading manufacturers in the long - run [14]. Lithium Carbonate - **Price and Inventory Changes**: The price decreased this week. The spot premium widened the month - spread, and the basis weakened. The inventory accumulated this week [16]. - **Market Situation**: In the medium - long term, the price will be weak and volatile if the leading enterprises' operating rates do not decline significantly. In the short - term, it is expected to continue to accumulate inventory and face price pressure [16].

1. Report Industry Investment Rating No information provided in the report. 2. Core Views of the Report - The overall sentiment in the non - ferrous metals market is influenced by factors such as the US fiscal and monetary policy expectations, geopolitical situations, and supply - demand relationships in different metal industries. Some metals may see price increases due to supply shortages and low inventory levels, while others are limited by weak consumption or over - supply expectations [2][4][5][7]. 3. Summary by Metal Copper - **Price Performance**: LME copper rose 1.74% to $9,896/ton, and SHFE copper closed at 79,790 yuan/ton. - **Inventory**: LME inventory decreased by 400 to 93,075 tons, and SHFE copper warehouse receipts increased by 0.2 to 24,000 tons. - **Market Outlook**: Loose US fiscal and monetary policies boost risk appetite. Tight raw material market and low inventory may support price increases, but weakening domestic consumption limits the upside. The price may fluctuate upwards. Pay attention to import losses for potential futures structure changes. The operating range for SHFE copper is 78,800 - 80,500 yuan/ton, and for LME copper 3M it is 9,700 - 10,000 dollars/ton [2]. Aluminum - **Price Performance**: LME aluminum rose 0.72% to $2,585/ton, and SHFE aluminum closed at 20,660 yuan/ton. - **Inventory**: SHFE aluminum weighted contract open interest increased by 10,000 to 661,000 lots, and warehouse receipts decreased by 0.2 to 43,000 tons. - **Market Outlook**: With the rebound of crude oil prices, the non - ferrous metals atmosphere is positive. Low inventory levels and improved demand expectations may push prices up, but the off - season and price increases limit the upside. The operating range for SHFE aluminum is 20,400 - 20,800 yuan/ton, and for LME aluminum 3M it is 2,540 - 2,620 dollars/ton [4]. Lead - **Price Performance**: SHFE lead index rose 0.23% to 17,221 yuan/ton, and LME lead 3S rose to $2,046.5/ton. - **Inventory**: Domestic social inventory slightly increased to 50,300 tons. - **Market Outlook**: Although the export growth of lead - acid batteries has declined, the high concentration of long - positions in the July LME lead contract and the slow strengthening of the Cash - 3S structure support prices. However, weak domestic consumption restricts the increase of SHFE lead [5]. Zinc - **Price Performance**: SHFE zinc index rose 0.84% to 22,202 yuan/ton, and LME zinc 3S rose to $2,729.5/ton. - **Inventory**: Domestic social inventory slightly increased to 79,500 tons. - **Market Outlook**: Zinc mines are being converted into zinc ingots, with high expectations of zinc ingot production. Geopolitical disturbances may affect Iranian zinc ore exports, leading to large price fluctuations [7]. Tin - **Price Performance**: On June 26, 2025, SHFE tin rose 1.57% to 267,260 yuan/ton. - **Supply - Demand**: Supply is tight due to slow复产 in Myanmar and transportation issues. Demand is weak in the off - season. - **Market Outlook**: The market is in a stalemate. The price is expected to fluctuate between 250,000 - 280,000 yuan/ton in the domestic market and 31,000 - 35,000 dollars/ton in the LME market [8]. Nickel - **Price Performance**: Nickel prices rebounded with reduced positions. - **Supply - Demand**: Nickel ore prices may decline, nickel iron prices are under pressure, and the supply of intermediate products may improve. - **Market Outlook**: The oversupply of refined nickel remains, and inventory may increase again. Cost support is weakening. The operating range for SHFE nickel is 115,000 - 128,000 yuan/ton, and for LME nickel 3M it is 14,500 - 16,500 dollars/ton [10]. Lithium Carbonate - **Price Performance**: The MMLC index rose 0.83% to 60,477 yuan. - **Supply - Demand**: Production increased by 1.7% to 18,767 tons, and inventory increased by 1,936 tons to 136,837 tons. - **Market Outlook**: High production and inventory put pressure on prices, but the positive commodity atmosphere may lead to price fluctuations. The reference range for the LC2509 contract is 60,500 - 62,100 yuan/ton [12]. Alumina - **Price Performance**: The alumina index rose 0.96% to 2,937 yuan/ton. - **Supply - Demand**: Spot prices in some regions decreased, and the import window is closed. - **Market Outlook**: The over - capacity situation remains. Prices are expected to be anchored by costs and fluctuate weakly. The reference range for the AO2509 contract is 2,750 - 3,100 yuan/ton [15]. Stainless Steel - **Price Performance**: The stainless - steel contract closed at 12,635 yuan/ton, up 0.76%. - **Supply - Demand**: Social inventory decreased, and steel mills plan to cut production. - **Market Outlook**: The supply - demand contradiction is expected to ease, but the over - supply and weak demand situation persists. Prices are expected to remain weak and fluctuate [17].

摘要 2025 年有色金属市场由供应瓶颈主导，铜、铝、黄金及部分小金属下 半年值得关注。铜或因冶炼端减产上涨，铝面临交割品不足逼仓风险， 锑钼受益于旺季和地缘冲突。 铜矿供应预计全年负增长，冶炼端增速下滑，TCRC 创历史新低。中国 铜需求主要来自出口，美国需求由电解铜进口拉动。下半年供应回落幅 度大于需求，铜价看涨。 电解铝利润维持高位，氧化铝供应宽松。光伏、汽车等下游需求良好， 显性库存处于近七年低位，存在逼仓风险，铝价看涨。 上半年黄金 ETF 大额流入推动金价上涨，中国贡献较多。COMEX 非商 业端持仓下降反映需求买入，而非投机。美联储降息及央行购金预期下， 金价仍有上涨空间。 稀土政策转向冶炼环节管控，产业链利润重新分配。2025 年稀土供需 偏紧，下半年配额落地后，冶炼增速或超预期回落，稀土行情乐观。 Q&A 2025 年有色金属市场的整体表现如何？ 稀缺性裂变时代：供应瓶颈主导价格新秩序 - 2025 年金 属材料中期策略 20260626 月度总需求 20%。随着美联储降息及央行购金预期，未来黄金价格仍有进一步 上涨空间。 稀土与小金属市场有哪些重要变化？ 2025 年有色金属市场受到宏观经 ...

Report Industry Investment Rating No relevant content provided. Core Views - For copper, recognize short - term support from structural squeeze on absolute prices, but focus on three possible third - quarter fundamental changes: S232 investigation impact, US copper inventory re - distribution, and potential weakening in some sectors [1]. - For aluminum, short - term fundamentals are okay, pay attention to demand, and consider reverse spreads in low - inventory situations [1]. - For zinc, maintain a short - allocation strategy, hold long - short spreads between domestic and foreign markets, and watch for reverse spreads between different months [2]. - For stainless steel, expect short - term weakening and oscillation [3]. - For lead, expect price to oscillate between 16700 - 17100 next week, with supply flat and demand weak in June [5]. - For tin, hold long - positions cautiously in the short - term and look for short - selling opportunities after maintenance in the long - term [7]. - For industrial silicon, expect short - term price pressure and long - term bottom - running based on leading factories' cash - flow costs [9]. - For lithium carbonate, expect short - term price decline and long - term weakening oscillation if major producers' operation rates don't drop significantly [11]. - For nickel, continue to watch for opportunities to shrink the nickel - stainless steel price ratio [14]. Summary by Metals Copper - Pricing data from June 19 - 25, 2025 shows changes in various indicators. The LME inventory reaches below 100,000 tons for the first time this year, and the cash - 3M spread rises [1]. - Key factors include the possible July S232 investigation result, potential return of US copper inventory, and expected weakening in some sectors [1]. Aluminum - Pricing data is presented from June 19 - 25, 2025. Supply slightly increases, 6 - 7 demand is seasonally weak, and the 6 - 7 inventory reduction is gentle [1]. Zinc - Pricing data from June 19 - 25, 2025 reveals wide - range price oscillation. Supply increases in June, demand weakens domestically and has production issues overseas, and inventory accumulation slow now but may speed up at the end of June [2]. Stainless Steel - Pricing data covers June 19 - 25, 2025. Supply sees partial production cuts from late May, demand is mainly for essential needs, and inventory slightly increases [3]. Lead - Pricing data from June 19 - 25, 2025 shows a price low - point rebound. Supply has scrap shortage and complex TC; demand has high battery inventory and subdued consumption [5]. Tin - Pricing data is provided from June 19 - 25, 2025. Supply has production cuts in China and stable overseas; demand has limited elasticity and LME inventory decline [7]. Industrial Silicon - Pricing data from June 19 - 25, 2025. Production starts to increase, with price supported in the short - term and pressured in the long - term due to capacity over - supply [9]. Lithium Carbonate - Pricing data from June 19 - 25, 2025. Price drops, production and inventory increase, and long - term price may weaken due to capacity expansion [11]. Nickel - Pricing data from June 19 - 25, 2025. Supply maintains high levels and demand is weak, with inventory stable overseas and slightly decreasing in China [14].

Report Industry Investment Rating No relevant content provided. Core Viewpoints - The overall prices of non - ferrous metals show different trends. Copper prices may oscillate and rise, aluminum prices are expected to oscillate, lead prices are relatively strong, zinc prices are affected by multiple factors with large fluctuations, tin prices will oscillate in a short - term, nickel prices may decline, lithium carbonate prices fluctuate narrowly, alumina prices will oscillate weakly, and stainless steel prices will maintain a weak oscillation [2][4][5][7][8][10][12][14][16]. Summary by Metal Copper - Price: LME copper rose 0.65% to $9727/ton, and SHFE copper closed at 78720 yuan/ton. The expected operating range for SHFE copper is 78000 - 79200 yuan/ton, and for LME copper 3M is 9600 - 9800 dollars/ton [2]. - Inventory: LME inventory decreased by 1200 to 93475 tons, and SHFE copper warehouse receipts decreased by 0.1 to 21000 tons [2]. - Market: The copper raw material market is tight, and low inventories may support price increases, but weakening domestic consumption limits the upside [2]. Aluminum - Price: LME aluminum fell 0.06% to $2566/ton, and SHFE aluminum closed at 20345 yuan/ton. The expected operating range for SHFE aluminum is 20200 - 20600 yuan/ton, and for LME aluminum is 2530 - 2590 dollars/ton [4]. - Inventory: SHFE weighted contract positions increased by 0.1 to 651000 lots, and warehouse receipts decreased by 0.2 to 44000 tons. Domestic three - place aluminum ingot inventory decreased by 0.15 to 326500 tons [4]. - Market: Low inventories may push prices up, but the upside is limited by price increases and the off - season [4]. Lead - Price: SHFE lead index rose 1.32% to 17181 yuan/ton. Lead prices are generally strong, but the increase of SHFE lead is limited by weak domestic consumption [5]. - Inventory: Domestic social inventory slightly decreased to 49800 tons [5]. - Market: The export growth of lead - acid batteries has declined, and downstream consumption is weak. High smelting rates and other factors support the price [5]. Zinc - Price: SHFE zinc index rose 0.50% to 22017 yuan/ton. Market fluctuations are large due to repeated geopolitical disturbances [7]. - Inventory: SHFE zinc warehouse receipts decreased to 7200 tons, and domestic social inventory decreased to 77800 tons [7]. - Market: The zinc industry is in the process of converting surplus zinc ore into zinc ingots. Geopolitical events may affect zinc ore exports [7]. Tin - Price: On June 25, 2025, SHFE tin closed at 263000 yuan/ton, down 0.3%. It is expected to oscillate between 250000 - 270000 yuan/ton in the short - term, and LME tin will oscillate between 31000 - 33000 dollars/ton [8]. - Supply and demand: Supply is short - term tight, and demand is in the off - season. The upstream and downstream are in a stalemate [8]. Nickel - Price: Nickel prices rebounded slightly. It is expected that SHFE nickel will operate between 115000 - 128000 yuan/ton, and LME nickel 3M will operate between 14500 - 16500 dollars/ton [10]. - Market: Downstream cost - profit inversion affects the price of nickel ore. Nickel iron, intermediate products, and nickel sulfate prices are under pressure [10]. Lithium Carbonate - Price: The MMLC index closed at 59977 yuan, up 0.33%. The LC2509 contract closed at 60880 yuan, up 0.30%. It is recommended to operate cautiously [12]. - Market: There are many news - driven factors, but marginal changes in supply, demand, and cost are limited [12]. Alumina - Price: On June 25, 2025, the alumina index rose 0.48% to 2909 yuan/ton. It is expected to oscillate weakly, and it is recommended to short at high prices [14]. - Market: The alumina production capacity is in surplus, and the price is expected to be anchored by the cost [14]. Stainless Steel - Price: The stainless steel main contract closed at 12540 yuan/ton, up 0.80%. It is expected to maintain a weak oscillation in the short - term [16]. - Market: Market demand is weak, and supply exceeds demand. Production cuts have eased the supply - demand contradiction [16].

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 ...

Group 1: Report Industry Investment Rating - No relevant content provided Group 2: Core Views of the Report - For copper, recognize the short - term support of structural squeeze on absolute prices, but focus on three possible fundamental changes in Q3, including the impact of S232 investigation, US copper inventory flow, and the weakening of some sectors [1] - For aluminum, supply increases slightly, demand is seasonally weak in June, there is still a supply - demand gap, and pay attention to demand and low - inventory trading opportunities [1] - For zinc, maintain the idea of short - allocation, hold long - short positions between domestic and foreign markets, and pay attention to reverse - spread opportunities between months [3][4] - For nickel, the short - term fundamental situation is average, and continue to pay attention to the opportunity of narrowing the nickel - stainless steel price ratio [6] - For stainless steel, the fundamental situation is weak, and it is expected to fluctuate weakly in the short term [7] - For lead, it is expected to oscillate between 16700 - 17100 next week, with supply expected to be flat and demand weak in June [9] - For tin, hold long positions cautiously in the short term, and pay attention to short - selling opportunities after the maintenance period in the medium - long term [11] - For industrial silicon, the spot price is expected to be under pressure, and in the long - term, it will mainly operate at the bottom anchored to the cash - flow cost of leading manufacturers [14] - For lithium carbonate, it is expected to continue to accumulate inventory next week, and the price will be under upward pressure, and it will oscillate weakly in the medium - long term [16] Group 3: Summary by Metal Type Copper - Weekly changes:沪铜现货升贴水 decreased by 55,废精铜价差 increased by 100,上期所库存 decreased by 3103, etc [1] - Market situation: LME copper inventory fell below 100,000 tons for the first time this year, the cash - 3m spread continued to rise, but the 3m futures price did not rise, and the market sentiment was still anxious [1] Aluminum - Weekly changes: Shanghai, Yangtze River, and Guangdong aluminum ingot prices all decreased by 110, domestic alumina price decreased by 17, etc [1] - Market situation: Supply increased slightly, demand was seasonally weak in June, there was a supply - demand gap, and inventory decreased gently from June to July [1] Zinc - Weekly changes: Spot升贴水 decreased by 30, Shanghai zinc ingot price increased by 200, etc [3] - Market situation: Zinc price fluctuated widely this week. Supply increased, demand weakened marginally, domestic social inventory oscillated, and the inflection point of accelerated inventory accumulation is expected to appear at the end of June [3] Nickel - Weekly changes:沪镍现货 price decreased by 650,金川升贴水 increased by 250, etc [6] - Market situation: Supply remained high, demand was weak, overseas nickel plate inventory remained stable, and domestic inventory decreased slightly [6] Stainless Steel - Weekly changes: 304冷卷 price decreased by 75, 304热卷 price decreased by 100, etc [7] - Market situation: Supply decreased due to partial production cuts by steel mills, demand was mainly for rigid needs, cost remained stable, and inventory increased slightly [7] Lead - Weekly changes:现货升贴水 remained unchanged, Shanghai - Henan价差 remained unchanged, etc [9] - Market situation: Lead price rebounded from a low level. Supply was affected by multiple factors, demand was weak, and it is expected to oscillate between 16700 - 17100 next week [9] Tin - Weekly changes:现货进口收益 increased by 4745.70,现货出口收益 decreased by 4187.93, etc [10] - Market situation: Tin price fluctuated widely. Supply was affected by the situation in Myanmar, demand was limited, and it is expected to maintain a supply - demand dual - weak situation in the first half of the year [11] Industrial Silicon - Weekly changes: 421云南基差 decreased by 60, 421四川基差 decreased by 260, etc [14] - Market situation: Market start - up increased slightly, the basis strengthened rapidly, and the spot price is expected to be under pressure in the future [14] Lithium Carbonate - Weekly changes: SMM电碳价格 decreased by 50, SMM工碳价格 decreased by 50, etc [16] - Market situation: Lithium carbonate price decreased. Supply increased, demand was weak, inventory accumulated, and it is expected to continue to accumulate inventory next week [16]

General Provisions - The company aims to protect the legal rights of shareholders, employees, and creditors, and to regulate its organization and behavior according to relevant laws and regulations [1][2] - The company was established by several founding entities and registered in May 2007, with its shares first issued to the public in March 2008 [2][3] Company Structure - The company is a joint-stock limited company with a registered capital of RMB 3,226,604,400 [2][3] - The chairman serves as the legal representative of the company, and the company is responsible for civil activities conducted in its name [3][4] Business Objectives and Scope - The company's business strategy focuses on vertical integration in the molybdenum industry and diversification in related fields, adhering to principles of innovation, collaboration, and sustainable development [4][5] - The company engages in various activities including non-ferrous metal casting, smelting, and manufacturing, as well as technology services and investment activities [5][6] Share Issuance and Management - The company issues shares in the form of stocks, ensuring equal rights for all shares of the same category [7][8] - The total number of shares issued by the company is 3,226,604,400, all of which are ordinary shares [7][8] Shareholder Rights and Responsibilities - Shareholders have rights to dividends, voting, and supervision of company operations, and must adhere to legal and regulatory obligations [11][12] - Shareholders holding more than 5% of shares must report any pledges of their shares to the company [16][17] Shareholder Meetings - The company holds annual and temporary shareholder meetings, with specific procedures for calling and conducting these meetings [51][52] - Shareholder proposals must be submitted in advance, and the company must provide adequate notice of meetings [61][62] Voting and Decision-Making - Shareholder meetings require a quorum and must follow established voting procedures to ensure valid resolutions [67][68] - Meeting records must be maintained accurately, documenting all proceedings and decisions made during the meetings [80][81]