招商证券股份有限公司 关于 中盐内蒙古化工股份有限公司 重大资产重组 之 独立财务顾问报告 （修订稿） 独立财务顾问 签署日期：二〇二五年八月 招商证券股份有限公司关于中盐内蒙古化工股份有限公司重大资产重组之独立财务顾问报告（修订稿） 独立财务顾问声明与承诺 招商证券股份有限公司（以下简称"招商证券"或"本独立财务顾问"）接受中盐内蒙 古化工股份有限公司（以下简称"中盐化工"或"上市公司"）的委托，担任中盐化工参股 公司减资之重大资产重组的独立财务顾问，并制作本报告。 本报告是依据《中华人民共和国公司法》 《中华人民共和国证券法》 《上市公司重大 资产重组管理办法》 《上市公司并购重组财务顾问业务管理办法》 《公开发行证券的公司 信息披露内容与格式准则第 26 号——上市公司重大资产重组》和《上海证券交易所股 票上市规则》等有关法律、法规的要求，根据重组报告书及交易各方提供的有关资料和 承诺制作。 独立财务顾问按照行业公认的业务规范，本着诚实守信、勤勉尽责的精神，遵循独 立、客观、公正的原则，在认真审阅各方所提供的相关资料并充分了解本次交易行为的 基础上，对重组报告书发表独立财务顾问核查意见，旨在对本次交易做 ...

Core Viewpoint - The article discusses the joint issuance of the "Guiding Opinions on Financial Support for New-Type Industrialization" by seven departments, including the People's Bank of China, aimed at accelerating the construction of a financial system that supports new-type industrialization and enhances the resilience of industrial chains [3][12]. Group 1: Financial Support for Key Industries - Financial institutions are encouraged to provide medium- and long-term financing for key manufacturing industries such as integrated circuits, industrial mother machines, medical equipment, servers, and advanced materials [4][14]. - The policy aims to enhance the financing accessibility for small and micro enterprises in the manufacturing sector [5][20]. Group 2: Support for Emerging Industries - The article highlights support for emerging industries like new-generation information technology, smart (connected) vehicles, and biomedicine to access multi-tiered capital markets for financing [6][18]. - It emphasizes the need for long-term capital and patient investment to accelerate the transformation of technological achievements into practical applications [15][18]. Group 3: Enhancing Financial Services for Traditional Manufacturing - Financial institutions are urged to optimize credit policies to support the high-end, intelligent, and green development of traditional manufacturing [17][19]. - The article suggests that banks should enhance their support for digital transformation in manufacturing, particularly for small and medium-sized enterprises [17][20]. Group 4: Promoting Green and Digital Finance - The article discusses the importance of green finance in supporting the low-carbon transformation of high-carbon industries, advocating for the development of green financial products [19][28]. - It also emphasizes the role of digital finance in improving the efficiency of financial services for the manufacturing sector, particularly through the use of big data and AI [20][28]. Group 5: Strengthening Policy Coordination - The article calls for enhanced coordination between financial policies and industrial policies to ensure effective implementation of the financial support measures [27][28]. - It highlights the need for a collaborative approach among various government departments to create a conducive environment for financing new-type industrialization [27][28].

产业方面，制造业、农林渔、批发零售和维修、建筑业、采矿业等五大行业是印尼经济的支柱，合计贡 献了二季度GDP的63.59%。其中，制造业占比最高，为18.67%，同比增长5.68%。 第二季度GDP增长5.12%，这一数据是印尼自2023年二季度以来的最高水平，超出市场预期。分析认 为，这主要源于内部投资和外贸的双向拉动。据印尼投资与下游化部统计，今年第二季度，印尼实际投 资额达477.7万亿印尼盾，同比增长11.5%；外部方面，6月印尼出口同比增长11.29%，延续了二季度的 积极态势。此外，二季度政府支出环比上涨21.05%，下降速度放缓，也对GDP增长构成支撑。 新华财经雅加达8月5日电（记者冯钰林）印度尼西亚中央统计局5日宣布，2025年第二季度，印尼国内 生产总值（GDP）同比增长5.12%，高于一季度的4.87%。按现行价格计算，二季度印尼GDP为5947万 亿印尼盾。 尽管面临美国关税等风险挑战，印尼政府仍努力将2025年GDP增速维持在5%左右。 （文章来源：新华财经） ...

Employment Data - In July, the U.S. non-farm payrolls increased by 73,000, significantly below the expected 106,000 and the previous value of 14,000[3] - The unemployment rate slightly rose to 4.2%, with the previous value at 4.1% and the forecast at 4.3%[3] - The Labor Department revised the non-farm employment data for May and June, with May's initial value of 139,000 adjusted down to 19,000 and June's from 147,000 to 14,000, totaling a downward revision of 253,000[3] Labor Market Trends - The average monthly job growth over the past three months is now only 35,000, a sharp decline from the first quarter's average of 111,000, indicating a potential overestimation of previous employment strength[3] - The labor force participation rate decreased to 62.2%, contributing to the stability of the unemployment rate despite job losses[10] - The number of foreign-born workers decreased by 1.241 million from January to July, while the domestic-born workforce increased by 3.073 million, affecting overall labor supply[12] Market Reactions and Federal Reserve Implications - Following the employment data release, U.S. stock markets fell, bond yields declined, and the dollar weakened, reflecting heightened market risk aversion[5] - The disappointing employment figures have led to increased market expectations for the Federal Reserve to cut interest rates by 25 basis points in September and October[5] - Key factors for the Fed's decision will include inflation data for July and August and the potential impact of political pressures from the Trump administration[15]

2025年上半年，采矿业企业数（以下数据涉及的企业，均为规模以上工业企业，从2011年起，规模以上 工业企业起点标准由原来的年主营业务收入500万元提高到年主营业务收入2000万元）为12704个，和上 年同期相比，增加了183个，同比增长1.46%，占工业总企业的比重为2.44%。 相关报告：智研咨询发布的《2025-2031年中国采矿业市场竞争态势及投资方向分析报告》 上市公司：甘肃能化（000552），新大洲Ａ（000571），冀中能源（000937），蓝焰控股（000968）， 山西焦煤（000983），电投能源（002128），首华燃气（300483），郑州煤电（600121），兰花科创 （600123），兖矿能源（600188），晋控煤业（601001），中国神华（601088），昊华能源 （601101），陕西煤业（601225） 知前沿，问智研。智研咨询是中国一流产业咨询机构，十数年持续深耕产业研究领域，提供深度产业研 究报告、商业计划书、可行性研究报告及定制服务等一站式产业咨询服务。专业的角度、品质化的服 务、敏锐的市场洞察力，专注于提供完善的产业解决方案，为您的投资决策赋能。 数据来源：国 ...

Group 1 - The core viewpoint is that China is expanding its zero-tariff policy to 53 African countries, which will enhance trade relations and promote deeper industrial cooperation between China and Africa [1][3][4] - The zero-tariff policy will significantly lower barriers for African products entering the Chinese market, facilitating an increase in the variety and scale of exports from Africa [3][4][6] - In 2022, the trade volume between China and Africa reached $295.6 billion, marking a historical high for the fourth consecutive year, with China maintaining its position as Africa's largest trading partner for 16 years [3][4] Group 2 - The zero-tariff policy includes a wide range of products such as oil, minerals, agricultural products, and processed goods, all of which will enjoy complete tax exemption when entering the Chinese market [4][5] - The policy aims to provide equal market access for all African partners, moving from a limited opening model to a more comprehensive approach that benefits various developing countries [5][6] - The implementation of the zero-tariff policy is expected to increase exports of minerals, energy, and agricultural products from Africa to China, supporting economic diversification and industrial upgrading in African nations [6][10] Group 3 - Chinese enterprises are actively investing in African economic zones and promoting industrial chain cooperation, contributing to local tax revenue, employment, and export earnings [8][9] - The establishment of processing bases and procurement centers in Africa by Chinese companies is anticipated to enhance global capital allocation and attract more value-added industries to local markets [10] - The zero-tariff policy is expected to create competitive pressure that encourages Chinese companies to adopt advanced technologies and improve product quality, thereby fostering a mutually beneficial relationship between China and Africa [9][10]

Core Viewpoint - The economic growth rate of Mongolia for the first half of 2025 is reported at 2.4%, significantly impacted by lower-than-expected performance in the mining sector, which adversely affected related transportation, logistics, and trade industries [1] Group 1: Economic Growth - Mongolia's economic growth rate for the first half of 2025 is 2.4% [1] - The mining sector's output growth was notably below expectations, leading to negative repercussions for transportation, logistics, and trade sectors [1] Group 2: Banking Sector - The overall development of the banking sector in Mongolia is reported to be stable [1] - The top five banks in Mongolia experienced a year-on-year revenue growth of 27% [1] - There was a reduction in the scale of non-performing loans across major banks, alongside a significant increase in loan applications from individuals and businesses [1] - The number of individuals opening Mongolian Tugrik accounts has also increased [1]

Economic Performance - Shenzhen's GDP for the first half of 2025 reached CNY 18,322.26 billion, with a year-on-year growth of 5.1%[3] - The GDP growth rate in Shenzhen exceeded that of Guangdong Province by 0.9 percentage points, with Guangdong's GDP growing by 4.2%[3] Trade Dynamics - Total import and export volume in Shenzhen decreased by 1.1% year-on-year, totaling CNY 21,675.45 billion[8] - Exports fell by 7.0% to CNY 13,086.81 billion, while imports increased by 9.5% to CNY 8,588.64 billion[8] - Shenzhen's share of Guangdong's total trade rose from 46.31% in Q1 to 47.65% in H1 2025[10] Industrial Production - Industrial added value in Shenzhen grew by 4.3% year-on-year, slightly above Guangdong's 4.0%[15][16] - Key sectors such as general equipment manufacturing and electrical machinery saw growth rates of 17.1% and 8.2%, respectively[15] Investment Trends - Fixed asset investment in Shenzhen declined by 10.9%, with real estate development investment down by 15.1%[18] - Industrial technology renovation investment surged by 47.1%[18] Consumer Market - Retail sales in Shenzhen reached CNY 4,948.68 billion, growing by 3.5% year-on-year[23] - The proportion of Shenzhen's retail sales to Guangdong's total increased from 20.54% at the beginning of 2025 to 21.58% in H1[24] Financial Sector - Financial institutions in Shenzhen reported a deposit balance of CNY 141,600.14 billion, up 5.7% year-on-year[31] - Loan balances increased by 3.5% to CNY 98,469.91 billion[31] Price Levels - The Consumer Price Index (CPI) in Shenzhen rose by 0.1% year-on-year, while Guangdong's CPI fell by 0.4%[37]

格隆汇8月4日丨荣晖国际(00990.HK)公告，于2025年8月1日，公司与(a) PT MitraUnggul Berjaya（卖 方）及(b)杨成林先生（卖方担保人）就买卖于PT AnekaTambang Resources Indonesia（目标公司）的 60%权益订立具法律约束力的谅解备忘录。 谅解备忘录载有关于公司拟购买及卖方拟出售目标公司（一家在印度尼西亚共和国注册成立的公司，持 有生产经营采矿业务许可证，可开采镍商品，覆盖位于印度尼西亚哈马黑拉岛以南的奥比群岛的608公 顷面积）60%的全部已发行股本的若干谅解及条款。 ...

Market Overview - As of last Friday (August 1), London spot gold closed at $3362.64 per ounce, with a weekly increase of $26.42 per ounce, representing a 0.79% rise [1] - The highest gold price reached $3362.64 per ounce, while the lowest dipped to $3275.05 per ounce during the week [1] - The market is currently experiencing fluctuations in gold prices, with potential benefits if a rate cut is initiated [1] Economic Data - The U.S. non-farm payroll data for July was below expectations, with an increase of 73,000 jobs compared to the anticipated 104,000 [2] - Significant downward revisions were made to the May and June data, totaling a reduction of 258,000 jobs [2] - The labor force participation rate in July was 62.2%, lower than expected, while the unemployment rate was 4.2%, in line with expectations but higher than the previous value [2] Federal Reserve Actions - The Federal Reserve maintained the interest rate at 4.25%-4.5% during the July FOMC meeting, with a hawkish tone from Chairman Powell [4] - The Fed's statement acknowledged economic uncertainty and the need to monitor inflation risks, while not providing a clear response regarding a potential rate cut in September [4] Long-term Trends - The trend of "de-dollarization" globally is expected to support gold prices, as central banks continue to increase their gold reserves [7] - China's central bank reported an increase in gold reserves to 73.9 million ounces, marking the eighth consecutive month of gold accumulation [7] - The potential impact of the U.S. government's legalization of stablecoins may influence the demand for gold as a hedge against currency depreciation [6]