1. Report Industry Investment Rating No relevant content provided. 2. Core Views of the Report - Trump may announce tariff details on the evening of April 1st or April 2nd, and Morgan Stanley suggests focusing on whether the announcement can clarify tariff policies and whether the tariff increase is large enough to further deteriorate the economic outlook. "April 2nd" is not the "end of bad news" for US stocks [7]. - For US soybeans, the planting area is in line with expectations but the quarterly inventory is higher than expected. In the medium - short term, the supply pressure is high, the price is expected to fluctuate weakly, and in the long - term, there is strong support. Attention should be paid to the weather in the US main producing areas and Trump's tariff policies [8][9]. 3. Summary by Related Catalogs 3.1 Metals - **Gold**: Reached a new high. Media reported that the White House is considering "comprehensive high tariffs" again, and Citi said it is a "once - in - 40 - year" opportunity for gold mines [15][17]. - **Silver**: Fell due to the influence of non - ferrous metals [15]. - **Copper**: Due to the expectation of US tariff hikes, the market is cautious. Trump will announce tariff details on April 2nd, and there are also some micro - level events such as changes in China's copper imports and problems at a Chilean smelter [20][22]. - **Aluminum**: In a wide - range shock. The electrolytic aluminum and alumina markets have various data changes, and there are also news about a Vietnamese electrolytic aluminum project and the extraction of Russian aluminum from LME - certified warehouses [23][26]. - **Zinc**: Operating under pressure. China's March official manufacturing PMI was 50.5, with the fastest manufacturing expansion speed in a year [27][28]. - **Lead**: There may be pressure above. China's March official manufacturing PMI was 50.5 [30]. - **Nickel**: Nickel ore supports the cost of the pyrometallurgical process, and the accumulation of refined nickel inventory has not materialized. The Indonesian nickel iron project is gradually resuming production, and there are also policy adjustment signals for nickel resources [32][34]. - **Stainless steel**: In the short - term, the cost logic dominates, and there is still pressure on supply and demand in the medium - term [33]. - **Tin**: Stabilized and rebounded [37]. - **Industrial silicon**: The disk is still in a weak pattern. The market has various data changes such as price, inventory, and profit [41]. - **Polysilicon**: Attention should be paid to the number of warehouse receipts today [41]. - **Carbonate lithium**: The proportion of second - registration without inspection is relatively high, and the disk may be under pressure. There are also news about lithium resource imports and the development of solid - state battery materials [44][47]. 3.2 Energy and Minerals - **Iron ore**: Weakly oscillating. China's March manufacturing PMI was 50.5% [49]. - **Rebar**: Oscillating repeatedly. There are changes in production, inventory, and demand data [50][52]. - **Hot - rolled coil**: Oscillating repeatedly. Similar to rebar, there are changes in production, inventory, and demand data [51][52]. - **Silicon iron**: Weakly oscillating due to the weakening of raw material prices [12]. - **Manganese silicon**: In a wide - range shock as the main producing areas are gradually reducing production [12][56]. - **Coke**: The disk is oscillating weakly [12][59]. - **Coking coal**: The disk is oscillating weakly [12][60]. - **Steam coal**: The inventory is at a high level, and the price is under pressure [64]. 3.3 Chemicals and Others - **Glass**: The price of the original sheet is stable. The futures market has price and trading volume changes, and the spot market has a general trading atmosphere [68]. - **Para - xylene**: Supported by cost, with the maintenance of CNOOC Huizhou, a strategy of going long on PX and short on PTA is recommended [71]. - **PTA**: With the reduction of short - fiber and filament FDY production, a strategy of going long on PF and short on PTA is recommended [71]. - **MEG**: In a range - bound market, attention should be paid to the pressure at 4600 [71]. - **Rubber**: Oscillating weakly [12]. - **Synthetic rubber**: Narrowly oscillating in the short - term [12]. - **Asphalt**: Following the rise of crude oil, with a steady reduction in factory inventory [12]. - **LLDPE**: Oscillating in the short - term, and there is still pressure in the later period [12]. - **PP**: The price increased slightly, and the trading volume was average [12]. - **Caustic soda**: Mainly oscillating weakly, attention should be paid to export demand [12]. - **Pulp**: Oscillating weakly [12]. - **Log**: Weakly oscillating [12]. - **Methanol**: Oscillating under pressure [12]. - **Urea**: Oscillating, and the intraday trend depends on spot trading [12]. - **Styrene**: Close short positions [12]. - **Soda ash**: There is little change in the spot market [12]. - **LPG**: Following the rise of crude oil, but the 04 contract is still weak [14]. - **PVC**: Oscillating at a low level [14]. - **Fuel oil**: Rose at night, and may turn significantly stronger in the short - term [14]. - **Low - sulfur fuel oil**: Rebounded following crude oil, and the spread between high - and low - sulfur in the external market is temporarily stable [14]. 3.4 Agricultural Products - **Soybean meal**: The report is neutral, there are still concerns about tariffs, and the US soybeans closed down, so the Dalian soybean meal may follow the decline [14][66]. - **Soybean No. 1**: Fluctuating with the surrounding market and adjusting and oscillating [14][66]. - **Corn**: Oscillating [14][68]. - **Sugar**: Attention should be paid to the opportunity of narrowing the internal - external price difference [14][69]. - **Cotton**: Attention should be paid to the impact of macro - events [14][70]. - **Egg**: The weakness of the spot market exceeded expectations [14][72]. - **Live pig**: The expectation of secondary inventory accumulation is gradually forming [14][73]. - **Peanut**: Attention should be paid to the supply [14][74]. 3.5 Crude Oil - Trump is using sanctions and tariff threats to potentially hit the oil revenues of Iran, Russia, and Venezuela. The secondary tariff threats may have a large impact, and the US unilateral policy may subvert the G7 price - cap policy. On March 31st, crude oil futures closed higher [73][74].

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A股公告精选 | 招商银行(600036.SH)2024年净利润 同比增长1.22% 今日聚焦 1、招商银行：2024年净利润同比增长1.22% 拟10派20元 招商银行(600036.SH)发布年报，2024年实现营业收入3374.88亿元，同比下降0.48%;归属于本行股东的 净利润1483.91亿元，同比增长1.22%;基本每股收益5.66元。截至报告期末，不良贷款余额656.10亿元， 较上年末增加40.31亿元;不良贷款率0.95%，与上年末持平;拨备覆盖率411.98%，较上年末下降25.72个 百分点;贷款拨备率3.92%，较上年末下降0.22个百分点。拟每股现金分红2元(含税)。 2、中国电信：2024年股东应占利润为330亿元 同比增长8.4% 中国电信在港交所发布2024年度业绩，2024年全年营业收入为人民币5,294亿元，同比增长3.1%，服务 收入为人民币4,820亿元，同比增长3.7%;EBITDA为人民币1,408亿元，同比增长2.9%;净利润330.1亿 元，同比增长8.4%，每股基本净利润为人民币0.36元。董事会决定向年度股东大会建议公司2024年度以 现金方式分配的利润为 ...

Summary of Conference Call on Cobalt and Nonferrous Metals Industry Industry Overview - The nonferrous metals sector has shown strong performance, particularly during market adjustments, ranking first among 31 industries in January 2025 and again in the following week, indicating a preference for nonferrous metals due to solid fundamentals and the arrival of peak downstream demand [2][3] - The traditional demand peak for industrial metals such as copper, aluminum, and steel occurs during the "golden March and silver April" period, which is expected to drive demand [2] Key Insights and Arguments - **Aluminum Sector**: - Yun Aluminum Co. is highlighted as a "gold stock" with a nearly 40% increase since the beginning of 2025. The drop in alumina prices has reduced costs, while primary aluminum prices still have room for a 20%-30% increase. Electrolytic aluminum companies maintain high profitability at around 3,500 yuan per ton, with imported ore prices decreasing to 95 USD per ton [2][4] - **Steel Sector**: - The steel sector has performed well, ranking seventh among 31 industries. Current inventory levels are the lowest since 2020, and a reduction in crude steel production by 50 million tons is expected. The "golden March and silver April" period is anticipated to support iron and steel prices, leading to a positive outlook for companies like Hualin Steel, New Steel, and Nanshan Steel [5] - **Congo (DRC) Export Ban**: - The DRC's export ban, effective February 24, 2025, has led to significant price increases for related mineral products, with prices rebounding from 149,500 yuan to 180,000 yuan. This ban is expected to create supply shortages, reducing supply by over 70,000 tons and alleviating previous oversupply issues [6][7] Potential Risks and Opportunities - **Cobalt Price Increase**: - Rising cobalt prices benefit smelting companies and those with mineral resources, allowing for increased processing fees and profits. The cost increase for lithium cobalt batteries in the consumer electronics sector is limited, with downstream acceptance remaining high [8][9] - **Company Performance Expectations**: - Huayou Cobalt is expected to perform well with an annual production of 40,000 tons, benefiting from price increases and a projected value increase of 1 billion yuan from its own inventory. The nickel project is also expected to enhance performance elasticity [10] - Nomu Company, with an annual output of 110,000 tons, stands to gain significantly if cobalt prices remain high, although there are concerns about potential price suppression from oversupply [11] - Tengyuan and Hanrui companies are also expected to see profit increases due to their existing inventories benefiting from price rises [12] Future Outlook - The cobalt industry is anticipated to stabilize with government measures potentially supporting prices between 200,000 to 250,000 yuan in the coming years. This presents a favorable evaluation opportunity for the industry, with many companies, including Huayou Cobalt, still undervalued [13]

关于筹划发行股份购买资产并募集配套资金 暨关联交易事项的停牌公告 证券代码：000612 证券简称：焦作万方 公告编号：2025-013 焦作万方铝业股份有限公司 关于筹划发行股份购买资产并募集配套资金暨关联交易事项的停牌公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记 载、误导性陈述或重大遗漏。 一、停牌事由和工作安排 焦作万方铝业股份有限公司（以下简称"公司"）正在筹划发行股份购买资产并募集配套 资金暨关联交易事项（以下简称"本次交易"）。根据《上市公司重大资产重组管理办法》等 相关法律法规规定，本次交易预计构成重大资产重组并构成重组上市，亦构成公司关联交易。 因有关事项尚处于筹划阶段，存在不确定性，为了维护投资者利益，避免对公司股价造 成重大影响，根据深圳证券交易所的相关规定，经公司申请，公司证券（证券品种：A 股股票， 证券简称：焦作万方，证券代码：000612）自 2025 年 3 月 3 日开市时起开始停牌。 公司预计在不超过 10 个交易日的时间内，即在 2025 年 3 月 17 日前按照《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 ...

本报告依据中国资产评估准则编制 包头铝业有限公司拟吸收合并内蒙 古华云新材料有限公司所涉及的包 头铝业有限公司股东全部权益价值 资产评估报告 国众联评报字（2025）第 3-0011 号 此为二维码防伪标志,内含 本报告估值主要信息,建议 报告使用方查证核实 评估机构:国众联资产评估土地房地产估 价有限公司 联系地址:深圳市罗湖区清水河街道清水 河社区清水河三路 7 号中海慧 智大厦 1 栋 1C618 网址： www.gzlchina.com 电话: 0755-88832456 邮编: 518024 报告日期: 二〇二五年二月二十八日 包 头 铝 业 有 限 公 司 拟 吸 收 合 并 内 蒙 古 华 云 新 材 料 有 限 公 司 所 涉 及 的 包 头 铝 业 有 限 公 司 股 东 全 部 权 益 价 值 目 录 | 声 月】 | | --- | | 摘 英 … | | 资产评估报告 … | | 一、绪言 . | | 二、委托人、被评估单位概况及其他评估报告使用人 | | 三、评估目的 . | | 四、评估对象和评估范围 | | 五、价值类型及其定义 . | | 六、评估基准日 | | 七、评估依据 ...