Core Points - The company announced a cash dividend of 0.025 CNY per share, totaling approximately 7.2 million CNY, approved at the 2024 annual shareholders' meeting on May 8, 2025 [1] - The dividend distribution is based on a total share capital of 288,176,273 shares [1] Distribution Plan - The cash dividend will be distributed to all shareholders registered with China Securities Depository and Clearing Corporation Limited, Shanghai Branch, after the market closes on the registration date [1] - The relevant dates for the A shares are as follows: - Registration date: July 3, 2025 - Last trading day: July 4, 2025 - Ex-dividend date: July 4, 2025 [5] Taxation Information - For individual shareholders holding shares for over one year, the dividend income is exempt from personal income tax; for those holding between one month and one year, 50% of the income is taxable, resulting in a 10% effective tax rate; for those holding for one month or less, the full amount is taxable at a 20% rate [2][3] - For Qualified Foreign Institutional Investors (QFII), a 10% corporate income tax will be withheld, resulting in a net dividend of 0.0225 CNY per share [4][6] - Other institutional investors will not have tax withheld by the company, and the net dividend remains 0.025 CNY per share [6]

Group 1 - The South African FTSE/JSE Africa Leading 40 Index closed down by 0.21% at 88,214.90 points, with a cumulative increase of 1.24% for the week [1] - The South African Rand appreciated approximately 0.98% against the US dollar this week, trading at 17.8176 Rand as of 23:59 Beijing time [1] - The Mauritius Stock Exchange SEMDEX Index increased by 0.68%, while the Nigerian Stock Exchange All-Share Index rose by 1.57%, and the Nairobi Stock Exchange All-Share Index surged by 4.65% [1]

本周值 环比变化 上月末值 本月变化 同期值 同期变化 45港铁矿石库存 13,930.23 36.07 13,866.58 63.65 14,926.32 -996.09 247家钢厂进口矿库存 8,847.47 -88.77 8,754.33 93.14 9,140.13 -292.66 45港铁矿石到货量 2,562.70 178.20 2,151.30 411.40 2,473.00 89.70 全球19港铁矿石发货量 3,506.70 154.00 3,188.70 318.00 3,338.00 168.70 247家钢厂日均铁水产量 242.29 0.11 241.91 0.38 239.44 2.85 45港日均疏港量 325.94 12.38 326.68 -0.74 307.78 18.16 247家钢厂进口矿日耗 301.25 0.25 299.68 1.57 293.21 8.04 主港铁矿成交周均值 98.60 2.70 96.94 1.66 97.32 1.28 数据来源：我的钢铁网 宝城期货金融研究所 铁矿石周度数据（20250627） 库存 供给 需求 10,000 11,00 ...

Core Viewpoint - Russia has made significant progress in the ongoing conflict, particularly with the control of the Shevchenko lithium mine, which is the largest lithium mine in Europe, containing approximately 14 million tons of ore [2][3][5]. Group 1: Military Developments - Russian forces have launched a substantial attack on Ukraine, firing 371 drones and 8 missiles on June 27, targeting the city of Staro Konstantinov in the Khmelnytskyi region [6]. - The Russian Defense Ministry reported intercepting and shooting down 50 Ukrainian drones in various regions, including 23 in Kursk and 11 in Rostov [7][9]. - The control of the Shevchenko lithium mine is viewed as one of Russia's most significant advancements in the conflict [5]. Group 2: U.S.-Russia Relations - The U.S. Ambassador to Russia, Lynn Tracy, is set to leave her position, marking a notable change in diplomatic relations [10][11]. - President Trump has expressed consideration for providing Ukraine with Patriot missile systems and additional military aid, indicating a potential shift in U.S. support for Ukraine [14][17]. - Trump's administration is reportedly working to repair relations with Russia, following a period of heightened tensions [13]. Group 3: EU's Position on Sanctions - During a recent EU summit, leaders emphasized increasing pressure on Russia but did not agree on a new round of sanctions, with Slovakia's Prime Minister vetoing the proposed 18th round of sanctions [18][22]. - The EU plans to provide Ukraine with €30.6 billion in financial aid by 2025, with €3.5 billion already disbursed through the "Ukraine Aid Instrument" [21].

"4月份，浦东新区与钱凯港所在的钱凯区建立了友好交流关系，双方将围绕钱凯港周边城市建设和规划 积极开展交流。" 徐凯说，"上海愿跟秘鲁一道一起努力使钱凯到上海，真正成为一条促进中秘共同发 展的友谊之路，繁荣之路。" （文章来源：新华财经） 木诺说："秘鲁是全球最大的牛油果出口国之一，如今已经拥有超250万公顷的农业种植面积，会继续增 加一倍，这就意味秘鲁将会有更多农产品出口世界；此外，秘鲁的矿业也十分发达，其中有70%为铜 矿。中国是制造业大国，在新能源汽车制造等方面需要很多矿类的金属产品。这些项目都是双方可以去 共同开发合作的。" 上海市人民政府外事办公室副主任徐凯表示，上海作为世界著名口岸城市和中国最大的经济中心城市， 也将成为越来越多秘鲁企业和产品进入中国的首选。 新华财经上海6月27日电（记者黄安琪）上海国际友城港"黄金秘鲁"推介活动于日前在虹桥品汇启动。 活动聚焦秘鲁特色产品、投资环境、钱凯航线推介及人文交流，全面深化中秘经贸与人文合作。 秘鲁共和国驻上海总领事大卫·加马拉表示，自中秘签署自由贸易协定以来，两国之间的贸易额迅速增 加，中国已连续多年成为秘鲁最大贸易伙伴。 "秘鲁还有很多的投资机遇，比 ...

Core Viewpoint - Palladium prices are gaining attention in the precious metals market, with expectations of breaking the 300 yuan/gram barrier amid significant increases in gold and platinum prices. However, achieving this goal requires careful consideration of supply-demand dynamics, industry changes, macroeconomic conditions, and capital flows [1]. Supply and Demand Dynamics - The palladium market is at a critical juncture between traditional demand and emerging sectors. While traditional automotive demand remains dominant, it faces challenges from the shift towards electrification. Global sales of fuel vehicles are declining, but the rise of hybrid vehicles (HEV/PHEV) supports palladium demand, as they require three times more palladium than pure electric vehicles. Additionally, the commercialization of hydrogen fuel cell vehicles is accelerating, with each vehicle requiring 50-100 grams of palladium catalyst, potentially leading to a new growth point for palladium demand [1][3]. Supply Challenges - The palladium market faces significant supply challenges, with over 75% of global production concentrated in Russia and South Africa. Geopolitical risks and power crises are affecting these major producing countries. Western sanctions have limited palladium exports from Russia, while South Africa is experiencing frequent production cuts due to electricity shortages. Although recycling technology has improved, accounting for 15%-20% of total demand, it cannot fully compensate for the shortfall in primary mine supply [3]. Market Sentiment - Recent price increases in palladium are driven by market sentiment, influenced by the recovery of the automotive industry, escalating geopolitical conflicts, and supply chain restructuring. Global fuel vehicle sales rose by 4.8% year-on-year in the first quarter, breaking a three-year decline. Major automakers like Tesla and Volkswagen are accelerating their hybrid vehicle strategies, further boosting palladium demand. Additionally, production cuts in Russia and South Africa due to geopolitical tensions and extreme weather have led to the lowest visible global palladium inventory in nearly a decade, raising concerns about supply shortages [3][5]. Capital Flows - Palladium is becoming a key choice for capital seeking safe-haven assets due to its industrial and financial attributes. In the context of the Federal Reserve's hawkish policies causing divergence in the precious metals sector, palladium prices have risen against the trend. The A-share precious metals sector has seen significant net inflows into leading stocks, indicating strong market interest in palladium [5]. Technical Analysis and Price Trends - Technically, palladium prices are expected to maintain a short-term strong oscillation trend. Domestic palladium prices are fluctuating in the range of 272-274 yuan/gram, with an average price of 273 yuan/gram, up by 2 yuan from the previous day. International palladium prices have also risen, with spot palladium increasing by 8.00%, reaching a peak of 1149.99 USD/ounce. However, to break the 300 yuan/gram barrier, palladium must overcome several resistance levels, particularly at 250 yuan/gram and 265 yuan/gram [5]. Long-term Outlook - The long-term trajectory of palladium prices will depend on several key variables, including the stability of fuel vehicle sales and the continued increase in the share of hybrid vehicles, which are crucial for supporting traditional palladium demand. The acceleration of hydrogen fuel cell vehicle commercialization will also drive demand growth in emerging sectors. Furthermore, the stability of supply and advancements in palladium recycling technology will significantly impact palladium prices [7].

Oil Market - Citigroup predicts that oil prices may face downward pressure in the second half of the year [1] Natural Gas - LNG carriers have been spotted near Russia's Arctic LNG 2 project for the first time in months [2] - The EIA reported that as of the week ending June 20, U.S. natural gas inventories totaled 28,980 billion cubic feet, an increase of 960 billion cubic feet from the previous week, with a year-on-year decline of 6.3% and a 6.6% increase compared to the five-year average [2] Precious Metals and Mining - Supply concerns have driven spot platinum prices to their highest level since 2014 [3] - The London Metal Exchange's key daily copper price spread reached its highest level since 2021 [3] - The Hong Kong government reported that gold exports to mainland China in May totaled 57.76 tons, down from 58.61 tons, with net gold exports of 48.127 tons, up from 43.462 tons [3] Other Commodities - Weak coal prices are putting pressure on the credit status of Asian coal producers [4] - The U.S. Energy Secretary stated that the tax legislation will ultimately lead to higher energy prices [5] - Reports indicate that Trump is leveraging U.S.-EU trade negotiations to pressure the EU and prevent oil giants from being constrained by climate regulations [5] - Due to declining Brent crude prices, the price of Ural crude oil at Russian ports has reportedly fallen below the price cap [5] - The U.S. is not expected to complete the planned delivery of strategic petroleum reserves before December, with only about 8.8 million barrels delivered out of a planned 15.8 million barrels by May [5] Agriculture - Thailand's Ministry of Commerce anticipates that rice exports will reach the target of 7.5 million tons this year [6]

铁矿石：需求韧性较强 短期偏强运行 整理 投资咨询业务资格： 从业资格号：F3059924 投资咨询号：Z0002978 电话：010-62688526 从业资格号：F3078638 投资咨询号：Z0018248 电话：010-62688555 从业资格号：F3038114 投资咨询号：Z0014834 电话：010-62688541 从业资格号：F3059529 投资咨询号：Z0018932 电话：010-62688516 晨报 铁矿石 有色金属：于梦雪 从业资格号：F03127144 投资咨询号：Z0020161 电话：021-20857653 成文时间： 需求方面：国内日均铁水量连续两周小幅回升，国内铁矿石需求韧性较强，提振盘面估值 水平。本期日均铁水产量 242.29（环比+0.11），当前钢厂盈利率水平较高且高炉利润水平相 对可观，叠加短流程全面深度亏损、铁废差显著扩大，预计短期铁矿石需求韧性较强，高需求 支撑价格。 原材料：程 鹏 原材料： 冯艳成 库存方面：钢厂端进口矿库存环比下滑，整体延续低库存管理模式，日耗因东北地区个别 钢厂复产有所增加；由于到港量环比增加幅度大于疏港量增加，本期港口库存出 ...

Group 1 - The purpose of the rules is to standardize the decision-making process of the board of directors of Dazhong Mining Co., Ltd. and enhance its operational efficiency [1] - The board consists of 7 directors, including 3 independent directors and 1 employee representative [3] - The chairman and vice-chairman of the board are elected by a majority of the directors [3] Group 2 - The board has the authority to convene shareholder meetings and report on its work [2] - It is responsible for executing shareholder resolutions and determining the company's operational plans and investment proposals [2] - The board must explain any non-standard audit opinions issued by the registered accountant to the shareholders [3] Group 3 - The board must establish strict review and decision-making procedures for external investments, asset acquisitions, and other significant transactions [3] - Major transactions must be approved by the board and disclosed in a timely manner [4] - Specific thresholds for board approval of transactions are set, including asset total exceeding 10% of the latest audited total assets [4][5] Group 4 - The board must hold at least two regular meetings annually, with the chairman responsible for convening them [6] - Special meetings can be called under certain conditions, such as proposals from shareholders holding more than 10% of voting rights [7] - Meeting notifications must be sent out at least 10 days in advance for regular meetings [8] Group 5 - A quorum for board meetings requires the presence of more than half of the directors [18] - Decisions must be made by a majority vote of the directors present [18] - Directors can delegate their voting rights to other directors, but independent directors cannot delegate to non-independent directors [19] Group 6 - Meeting records must include details such as the date, attendees, agenda, and voting results [33] - The board's resolutions must be announced in accordance with legal requirements [37] - The board chair and vice-chair are responsible for ensuring the implementation of board resolutions [38]

Core Viewpoint - The document outlines the regulations and procedures for related party transactions of Dazhong Mining Co., Ltd, emphasizing the principles of integrity, equality, and fairness in such transactions to protect the interests of the company and its shareholders [1]. Group 1: Related Parties and Transactions - Related parties include both legal entities and natural persons that have a special relationship with the company, potentially leading to biased interests [2]. - Related transactions encompass various activities such as asset purchases, sales, financial assistance, and management services, among others [3][4]. Group 2: Approval Authority and Decision-Making Procedures - Transactions exceeding 30 million yuan or involving guarantees must be approved by the shareholders' meeting [10]. - Transactions involving related natural persons over 300,000 yuan and related legal entities over 300 yuan, which also exceed 0.5% of the company's latest audited net assets, require board approval [14][27]. Group 3: Disclosure Requirements - Transactions exceeding 3 million yuan and 0.5% of the latest audited net assets must be disclosed after appropriate decision-making procedures [28]. - Transactions exceeding 30 million yuan and 5% of the latest audited net assets must be submitted for shareholders' meeting approval and disclosed accordingly [11]. Group 4: Execution of Related Transactions - Related transactions become effective upon signing and sealing the agreement after approval from the board or shareholders [23]. - Modifications or terminations of related transaction agreements require confirmation from the board or shareholders [24]. Group 5: Miscellaneous Provisions - The document specifies that the term "above" includes the number itself, while "exceed" does not [30]. - The board of directors is responsible for interpreting the regulations outlined in the document [31].