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]

Summary of Key Points Core Viewpoint - Anhui Xinke New Materials Co., Ltd. has provided a guarantee of RMB 50 million for its wholly-owned subsidiary, Xingu He Metal (Wuxi) Co., Ltd., bringing the total guarantee amount to RMB 169.5 million as of the announcement date, which represents 154.53% of the company's audited net assets for 2024 [1][4]. Group 1: Guarantee Details - The guarantee is for a maximum amount of RMB 50 million and is linked to a credit facility with Jiangsu Bank Wuxi Branch, with a guarantee period of three years [2]. - The total amount of external guarantees provided by the company and its subsidiaries is RMB 221.076 million, which includes the new guarantee [4][5]. - The company has no overdue guarantee matters as of the announcement date [5]. Group 2: Financial Overview - The total assets of the company are RMB 79,017.79 million (audited) and RMB 80,833.72 million (unaudited) [3]. - The total liabilities amount to RMB 16,997.77 million (audited) and RMB 18,708.43 million (unaudited) [3]. - The net assets are reported at RMB 62,020.02 million (audited) and RMB 62,125.29 million (unaudited) [3]. Group 3: Board Approval and Rationale - The guarantee has been approved by the company's board and the annual general meeting, allowing for guarantees up to RMB 300 million for financing needs [4]. - The necessity of the guarantee is justified as it supports the subsidiary's business development and aligns with the company's overall interests and strategic goals [4].

银河有色 有色研发报告 地缘方面，当前伊以双方在美国的介入下实现停火，冲突带来的避险快速回落。美国宏 观方面，尽管昨日的 PMI 数据表现出韧性，但美联储官员鲍曼和古尔斯比均暗示可能 在 7 月降息，令美元和美债收益率快速下行，对贵金属实现较好的支撑作用。整体来 看，尽管地缘因素的缓和为黄金带来一定的溢价出清的压力，但市场后续的焦点可能重 新回美国宏观基本面和美联储的货币政策上来，当前关税冲击引起的风险并未消除，美 联储也仍处于降息通道之中，这些因素为贵金属下方提供了良好的支撑。因此短期内预 计贵金属将延续在高位震荡的走势。 【交易策略】 1.单边：以逢低做多思路为主。 2.套利：观望。 3.期权：观望。 有色和贵金属每日早盘观察 2025 年 6 月 24 日星期二 | 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，伦敦金盘中宽幅震荡，最终收涨 0.01%，收报 3367.95 美元/盎 | ...

电话：0571-87006873 投资咨询业务资格：证监许可【2011】1778 号 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 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。 有色金属 | 日报 2025 年 6 月 24 日 有色日报 专业研究·创造价值 有色分化，铜强铝弱 核心观点 沪铜 昨夜铜价夜盘走强，伦铜拉升至 9700 美元一线。盘后特朗普表示 伊朗和以色列将全面停火，美铜拉升至 5 美分/磅一线。今日午间新 华社快讯:据伊朗新闻电视台报道，伊朗 24 日对以色列发动数轮袭击 后，停火开始。产业层面，23 日 Mysteel 电解铜社库为 13.19 万吨， 较上去去库 1.05 万吨。产业补库意愿上升，7-8 月差也有所走强。 此外，近期海外伦铜升水明显走强，这说明了海外电解铜 ...

有色商品日报 有色商品日报（2025 年 6 月 24 日） 一、研究观点 | 品 种 | 点评 | | --- | --- | | | 隔夜 LME 铜震荡走高，上涨 0.35%至 9694.5 美元/吨；SHFE 铜主力上涨 0.15%至 | | | 78450 元/吨；现货进口维系亏损态势，且亏损幅度加大。宏观方面，美国 6 月 Markit | | | 综合 PMI 初值 52.8，高于预期 52.1，低于前值 53，创两个月新低，数据显示经济仍 | | | 在扩张之势，减缓了市场的担忧，但制造业和服务业都面临显著的价格上涨，通胀压 | | | 力逐渐显现。欧元区综合 PMI 从 5 月份的 52.2 降至 50.8，触及五个月低点，疲软的 | | | 欧元区经济与美经济韧性形成对比，或有利于美元的企稳。库存方面，LME 库存下降 | | | 3325 吨至 95875 吨；Comex 铜库存增加 1132 吨至 182524 吨；SMM 周一统计全国主 | | | 流地区铜库存环比上周五下降 1.63 万吨至 12.96 万吨，相比上周四库存的变化，全国 | | 铜 | 各地区的库存均是下降的。伊以 ...

投资咨询业务资格：证监许可【2012】669号 中信期货研究（有⾊每⽇报告） 2025-06-24 低库存现实和需求⾛弱预期交织，有⾊延续 震荡 从业资格号：F03108013 投资咨询号：Z0021455 王雨欣 有⾊观点：低库存现实和需求⾛弱预期交织，有⾊延续震荡 交易逻辑：伊以冲突下避险情绪对美元略有提振，另外美联储6⽉利 率决议继续按兵不动，美元延续⼩幅反弹；同时，近期公布的中美经 济数据略偏弱，整体来看，伴随着伊以冲突升级，投资者对全球经济 增⻓放缓的担忧升温。供需⾯来看，基本⾦属供需略偏紧，本周国内 库存整体⼩幅去库，LME⾦属库存整体偏低，伦铜再现明显挤仓， 若伊朗真封锁霍尔⽊兹海峡，则供应端的担忧将进⼀步加重。中短期 来看，LME低库存和需求⾛弱预期交织，有⾊延续震荡，主要关注结 构性机会，谨慎关注关注铜铝锡短多机会，中⻓期来看，基本⾦属需 求前景仍存在不确定性，可关注部分供需偏过剩或者预期过剩品种的 逢⾼沽空机会。 铜观点：库存⼤幅去化，铜价⾼位运⾏ 氧化铝观点：仓单数量低位，氧化铝盘⾯⽉差⾼位 铝观点：伊朗考虑封闭海峡VS国内库存累库，铝价盘⾯冲⾼回落 铝合⾦观点：电解铝冲⾼回落，铝合⾦盘 ...

Report Industry Investment Rating There is no information provided regarding the industry investment rating in the given content. Core Viewpoints - The geopolitical situation has eased, with oil prices falling and the Fed's rate - cut expectations rising. The prices of most non - ferrous metals are affected by various factors such as supply and demand, inventory changes, and import - export conditions, showing different trends of volatility [2][4]. - For copper, the short - term price may fluctuate upwards, and the futures structure may strengthen if the import loss further expands. For aluminum, the price is expected to fluctuate in the short term. For lead, the price is expected to remain weak. For zinc, the market is affected by production and geopolitical factors, and the price volatility increases. For tin, the price is expected to oscillate in a certain range. For nickel, the price may decline, and attention should be paid to the price change of Indonesian nickel ore. For lithium carbonate, there is a risk of weakening in the short term. For alumina, the price is expected to oscillate weakly. For stainless steel, there is a lack of upward momentum in the short term [2][4][5]. Summary by Metals Copper - **Price Performance**: The LME copper rose 0.35% to $9694/ton, and the SHFE copper main contract closed at 78450 yuan/ton. The short - term price may fluctuate upwards, and the futures structure may strengthen if the import loss further expands [2]. - **Inventory**: LME inventory decreased by 3325 tons to 95875 tons, and the SHFE copper warehouse receipts decreased by 0.8 tons to 2.6 tons. The social inventory decreased by more than 10000 tons over the weekend, and the bonded area inventory decreased slightly [2]. - **Import and Export**: The domestic copper spot import loss expanded to about 2500 yuan/ton, and the Yangshan copper premium declined [2]. - **Scrap Copper**: The refined - scrap price difference slightly expanded to 1020 yuan/ton, and the substitution advantage of scrap copper slightly increased [2]. Aluminum - **Price Performance**: The LME aluminum rose 1.19% to $2592/ton, and the SHFE aluminum main contract closed at 20445 yuan/ton. The price is expected to oscillate in the short term [4]. - **Inventory**: The SHFE aluminum weighted contract position increased by 19000 lots to 666000 lots, and the warehouse receipts decreased by 0.3 tons to 4.8 tons. The domestic aluminum ingot social inventory increased by 15000 tons to 464000 tons, and the LME aluminum inventory decreased by 2000 tons to 341000 tons [4]. - **Spot Market**: The East China spot premium over futures was 160 yuan/ton, and the premium decreased by 20 yuan/ton [4]. Lead - **Price Performance**: The SHFE lead index rose 0.57% to 16926 yuan/ton, and the LME lead 3S rose 16 to $1998/ton. The price is expected to remain weak [5]. - **Inventory**: The SHFE lead ingot futures inventory was 43800 tons, and the domestic social inventory slightly decreased to 49800 tons [5]. - **Consumption and Production**: The export growth rate of lead - acid batteries has declined significantly, and the downstream consumption remains weak. The profit of primary lead smelting has increased, and the operating rate has reached a historical high of about 70% [5]. Zinc - **Price Performance**: The SHFE zinc index rose 0.44% to 21774 yuan/ton, and the LME zinc 3S rose 23.5 to $2648.5/ton. The market is affected by production and geopolitical factors, and the price volatility increases [7]. - **Inventory**: The SHFE zinc ingot futures inventory was 7700 tons, and the domestic social inventory slightly decreased to 77800 tons [7]. - **Supply and Market Situation**: The import of zinc ore in May was good, but the import of zinc ingots was lower than expected. The zinc industry is in the process of converting surplus zinc ore into zinc ingots, and the production of zinc ingots is expected to increase. Geopolitical factors may affect the export of Iranian zinc ore [7]. Tin - **Price Performance**: The SHFE tin main contract closed at 261880 yuan/ton, up 0.51%. The price is expected to oscillate between 250000 - 270000 yuan/ton in the short term [8]. - **Inventory**: The SHFE futures registered warehouse receipts decreased by 58 tons to 6444 tons, and the LME inventory decreased by 30 tons to 2145 tons [8]. - **Supply and Demand**: The resumption of tin mines in Myanmar is slow, and the import of tin ore in June is expected to decrease by 500 - 1000 tons. The terminal is in the off - season, and the downstream procurement willingness is weak [8]. Nickel - **Price Performance**: The nickel price was weak. The price may decline, and attention should be paid to the price change of Indonesian nickel ore [9]. - **Supply Chain**: The price of nickel ore may decline, the price of nickel iron is under pressure, the tight situation of intermediate products may improve, the price of nickel sulfate has declined, and the spot trading of refined nickel is okay [9]. Lithium Carbonate - **Price Performance**: The MMLC index fell 0.17% to 59677 yuan. There is a risk of weakening in the short term [11][12]. - **Supply and Demand**: The supply clearance is slow, the downstream is in the off - season, and the high inventory suppresses the price [12]. Alumina - **Price Performance**: The alumina index rose 0.49% to 2897 yuan/ton. The price is expected to oscillate weakly [14]. - **Inventory**: The futures warehouse receipts decreased by 5400 tons to 37500 tons [14]. - **Market Situation**: The alumina production capacity is in surplus, and the price is expected to be anchored by the cost [14]. Stainless Steel - **Price Performance**: The stainless steel main contract closed at 12390 yuan/ton, down 0.92%. There is a lack of upward momentum in the short term [16]. - **Inventory**: The social inventory increased to 1157400 tons, a 1.04% increase [16]. - **Market Situation**: High - nickel iron and high - carbon ferrochrome producers are under cost pressure, and the market is waiting and watching [16].

Group 1: Report Industry Investment Ratings No relevant content provided. Group 2: Core Views of the Report - The report provides weekly market analysis and investment strategies for various non - ferrous metals including copper, aluminum, zinc, nickel, stainless steel, lead, tin, industrial silicon, and lithium carbonate, highlighting the supply - demand situation, price trends, and potential investment opportunities and risks in each metal market [1][2][5][6][7][9][12][14] Group 3: Summary by Metal Copper - This week, LME copper cancelled warrants were out of storage, and the overall LME copper inventory dropped below 100,000 tons for the first time this year. The LME cash - 3m spread continued to rise, but the 3m futures price did not follow the squeeze - up. The report is concerned about three possible fundamental changes in the third quarter: the S232 investigation rumor may land in July; after the investigation, the US copper inventory may flow back globally; and there are expectations of weakening in some sectors [1] Aluminum - Supply increased slightly, and the import of aluminum ingots from January to May provided an increment. The demand in June is expected to weaken seasonally, with the export of aluminum products remaining stable and the photovoltaic sector declining. There is still a supply - demand gap. The inventory reduction is gentle from June to July. The short - term fundamentals are acceptable, and attention should be paid to demand and low - inventory arbitrage opportunities [1] Zinc - This week, the zinc price fluctuated widely. The supply side saw an increase in smelting output in June, and the processing fee of the ore end is expected to increase. The domestic demand is marginally weakening, while overseas demand in Europe is weak. The domestic social inventory is oscillating, and the premium is continuously declining. The inventory accumulation acceleration inflection point is expected to appear at the end of June. The strategy is to maintain a short - allocation idea, hold long - short domestic - foreign arbitrage, and pay attention to inter - month reverse arbitrage opportunities [2][3] Nickel - The supply side has a high - level production of pure nickel, and the import of nickel beans increased in May. The demand is weak, and the LME premium strengthened slightly. The overseas nickel plate inventory is maintained, and the domestic inventory decreased slightly. After the rumor of the Philippine ban on raw ore exports was abolished, the concern about the ore end disturbance was alleviated. Attention can be continued to be paid to the opportunity of the contraction of the nickel - stainless steel price ratio [5] Stainless Steel - Since late May, some steel mills have been passively reducing production. The demand is mainly for rigid needs. The prices of nickel iron and chrome iron are maintained. The inventory in Xijiao and Foshan has slightly increased, and some exchange warehouse receipts have expired. The fundamentals are generally weak, and the spot pressure increases after the demand fades. It is expected to oscillate weakly in the short term [6] Lead - This week, the lead price rebounded from a low level. The supply side has issues such as weak scrap battery recycling, tight waste battery supply, and environmental inspections. The demand side has high battery inventory, and the consumption is weak in the off - season. The lead price is expected to oscillate between 16,700 - 17,100 next week, with supply expected to be flat and demand weak in June [7] Tin - This week, the tin price fluctuated widely. The supply side has issues such as the need for negotiation on the short - term resumption of production in Myanmar's Wa State, low processing fees at the ore end, and production reduction in some domestic areas. The demand side has limited elasticity in solder, and the growth rate of terminal electronics and photovoltaics is expected to decline. The short - term supply and demand are expected to be weak, and there is strong support at the bottom. Long - position allocation can be cautiously held in the short term, and attention can be paid to short - selling opportunities after the maintenance period in the medium - long term [9] Industrial Silicon - This week, the overall market start - up increased slightly. The basis strengthened rapidly, and the spot price was strong due to the stimulation of downstream speculative and replenishment sentiment. However, as the upstream resumption of production accelerates, the spot price is expected to be under pressure. In the medium - long term, the price is expected to operate at the bottom anchored to the cash - flow cost of leading large enterprises [12] Lithium Carbonate - This week, the lithium carbonate price declined. The downstream demand is weak, and the supply elasticity is high. The price is expected to continue to oscillate weakly in the medium - long term. In the short term, it is expected to continue to accumulate inventory next week, which will put upward pressure on the price [14]

投资咨询业务资格：证监许可【2011】1778 号 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。 沪铜 今日铜价偏弱震荡，午后冲高回落。宏观层面，中东局势紧张， 但整体并未对国内的风险偏好造成较大影响，黄金和原油均高开低 走。产业层面，23 日 Mysteel 电解铜社库为 13.19 万吨，较上去去 库 1.05 万吨。上周铜价下挫至前期价格中枢 7.8 万一线，产业补库 意愿上升，7-8 月差也有所走强。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。在中东局势不升级的情况下， 预计铜价持续企稳回升。 沪铝 今日早盘铝价冲高回落，日内延续推升。产业层面，上周 7-8 月 差持续走弱，这很大程度上说 ...

投资咨询业务资格：证监许可【2011】1778 号 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。 专业研究·创造价值 2025 年 6 月 23 日 铜铝周报 中东局势紧张，市场风险偏好下降 核心观点 铜：市场风险偏好下降，铜价承压，关注前期价格中枢支撑 铝：国内宏观回暖，铝价延续强势 上周铝价冲高回落，在有色板块中表现强势。我们认为国内宏观 氛围回暖很大程度上推升了铝价。铝价受国际宏观影响相对较小，而 国内宏观氛围较好，产业需求也较好，电解铝库存持续去化使其维持 强势运行。随着铝价上行，月差回落，产业推动意愿下降。关注 10 日均线支撑。此外，铸造铝合金上市交易，短期铝的资金关注度上 市。目前主力期价已突破 5 ...