Core Viewpoint - The successful acquisition of exploration rights for the Fangfan mining area by Changjiang New Materials marks a significant breakthrough in the strategic mineral resources sector, enhancing the company's competitive edge and aligning with national resource security initiatives [1][2]. Group 1 - Changjiang New Materials, through its subsidiary Hubei Changjiang Resources Investment Co., Ltd., won the exploration rights for the gold mine in the Fangfan mining area after intense bidding [1]. - The exploration area covers 14.38 square kilometers with a tenure of 5 years, and preliminary geological surveys indicate a rich deposit of gold, copper, silver, and tungsten, with estimated resources exceeding medium-sized mine scale [1]. - This acquisition strengthens the company's influence in the strategic mineral resources sector and supports its commitment to national resource security and local economic development [1]. Group 2 - Following the acquisition, the company plans to increase investments in the new materials resource sector, expedite exploration efforts, and optimize resource development plans to enhance resource efficiency [2]. - The company will adhere to an ecological priority and green development approach, exploring models for "green exploration—clean development—circular utilization" to promote high-quality development in the mineral resources industry [2]. - Leveraging its resource advantages, the company aims to extend its industrial chain and expand its business footprint, aspiring to become a leading comprehensive service provider in the domestic mineral resources sector [2].

Report Industry Investment Rating No relevant content provided. Core Viewpoints - The overall market is influenced by a combination of factors including weak US economic data, geopolitical tensions, and trade policy uncertainties. Different commodities show diverse trends based on their specific supply - demand fundamentals and macro - economic impacts [2][4][6]. Summary by Commodity Categories Macro - Overseas: US April retail sales had a 0.1% month - on - month increase, with weak consumer spending in optional categories. April PPI rose 2.4% year - on - year, lower than expected, and dropped 0.5% month - on - month. The dollar index fell to 100.7, 10Y US Treasury yield to 4.43%. Gold rebounded nearly 2% after hitting a one - month low, oil prices dropped over 2% due to supply expectations, and copper prices rose. Powell mentioned policy framework adjustments and potential long - term interest rate hikes [2]. - Domestic: A - shares declined on low volume. The bond market saw rising Treasury yields despite the arrival of trillion - level reserve requirement ratio cut funds due to concerns about the central bank's policy shift [3]. Precious Metals - International precious metal futures prices rebounded. COMEX gold futures rose 1.74% to $3243.90 per ounce, and COMEX silver futures rose 1.07% to $32.79 per ounce. Weak US economic data, a weaker dollar index, and increased geopolitical risk aversion drove the rise. Short - term price rebounds are expected, but prices are still in a phased adjustment [4][5]. Copper - LME copper inventory dropped to 186,000 tons. The global economic growth is expected to slow to 2.4% in 2025. Codelco and Rio Tinto plan to explore a new copper project in Chile. With low inventory and some positive factors, copper prices are expected to be strongly volatile in the short term [6][7]. Aluminum - Shanghai aluminum futures rose 0.47% to 20,250 yuan/ton, while LME aluminum fell 0.93% to $2499/ton. Aluminum inventories decreased significantly. Weak US economic data increased macro - pressure, but inventory reduction supported prices. Aluminum prices are expected to be short - term strong but with limited upside [8][9][10]. Alumina - Alumina futures rose 4.93% to 2019 yuan/ton. Supply is tight due to enterprise maintenance and production cuts, and the market is expected to be bullish. Attention should be paid to supply - demand pattern changes [11]. Zinc - US economic data led to increased expectations of interest rate cuts, boosting zinc prices. However, the supply growth rate is higher than the demand growth rate. Zinc prices are expected to be strongly volatile in the short term [12]. Lead - Due to inventory accumulation and weak consumption in the off - season, the fundamental support for lead prices is insufficient. But the positive macro - environment supports short - term high - level consolidation [13]. Tin - The supply - demand of tin is currently in a weak balance. The short - term trend is strong but faces pressure from the 40 - day moving average. Attention should be paid to inventory data [14][15]. Industrial Silicon - The supply is under pressure, and the demand is weak, especially in the photovoltaic industry. The market is expected to remain in a low - level oscillation [16][17]. Lithium Carbonate - The short - term fundamental situation is bearish, with high inventory suppressing prices. Lithium prices may attempt a second downward breakthrough [18][19]. Nickel - The market has different expectations after the easing of tariff frictions. The supply surplus exists, and nickel prices are expected to oscillate [20]. Crude Oil - Crude oil prices are under pressure due to the expected increase in supply from the potential US - Iran agreement. However, considering the current price level, it is not advisable to short Shanghai crude oil futures at present [21]. Steel (Rebar and Hot - Rolled Coil) - Steel demand has recovered but with limited strength. Supply is stable, and steel prices are expected to oscillate [22][23]. Iron Ore - Steel mills' demand is falling, and the supply is generally loose. Iron ore prices are expected to oscillate under pressure [24]. Soybean and Rapeseed Meal - US soybean crushing was higher than expected, and the drought in the US soybean - growing area increased. With weak domestic demand and falling Brazilian discounts, double - meal prices are expected to be weakly volatile [25][26]. Palm Oil - The sharp decline in US soybean oil prices drags down the palm oil market. Although Malaysian palm oil exports increased in the first half of May, the expected increase in domestic inventory in June may put pressure on prices. Palm oil is expected to oscillate in the short term [27][28].

Core Viewpoint - The nickel market is currently facing significant challenges, but there is potential for recovery and growth in the next five years, particularly driven by advancements in solid-state battery technology [1] Supply Expansion and Market Dynamics - Indonesia has become the dominant player in the global nickel industry, with its nickel ore resources primarily consisting of high-grade laterite nickel, accounting for over 60% of global nickel production by 2024 [2][4] - From 2015 to 2022, Indonesia's nickel production increased from 130,000 tons to 1.6 million tons, representing a 144% share of the global increase in nickel production during that period [2] - The recent increase in nickel prices has led to a situation where prices are nearing or below production costs, prompting a market correction [4] Demand Side and Battery Technology - The shift from ternary lithium batteries to lithium iron phosphate (LFP) batteries has reduced the demand for nickel, as LFP batteries do not require nickel [5][7] - Solid-state batteries, expected to be commercially available between 2027 and 2030, could significantly increase nickel demand due to their higher energy density and longer lifespan [9] - The anticipated demand for nickel in solid-state batteries could lead to a substantial increase in overall nickel consumption, with projections indicating a potential shortage by 2030 [10] Industry Outlook and Opportunities - Chinese companies have established a strong presence in the nickel supply chain, positioning themselves to benefit from future market shifts [10][11] - Companies like Grinm and others are expanding their production capabilities, with Grinm expected to increase its nickel output from 51,600 tons in 2024 to over 216,000 tons by 2027 [11] - The current market challenges may serve as a foundation for future growth, as companies that endure the downturn could emerge stronger in the next cycle [11]

"这是非常好的消息。"与中国有商业往来的人士对阿根廷《号角报》表示，中国已经与其他国家有一些 类似的免签政策，但此前还没有给拉丁美洲大国类似待遇。秘鲁《面具周刊》称，此次免签政策有望进 一步促进秘中两国之间的贸易、学术和旅游交流。报道提到，中国目前是秘鲁主要贸易伙伴之一，在秘 鲁矿业、交通运输、基础设施等领域有大量投资。 近年来，中拉之间合作动向频繁。哥伦比亚《波哥大城市报》称，从秘鲁钱凯港的启动，到哥伦比亚首 都波哥大最大的公共交通项目，中拉双方的共同雄心已转化为务实进展。作为该地区第二大贸易伙伴， 中国与拉美国家的合作范围已不仅限于原材料和制成品，还包括绿色能源、数字创新等。面向拉美裔读 者的美国"Al Día"新闻网提到，哥伦比亚日前正式加入中国共建"一带一路"倡议，成为最新拥抱这一包 含基础设施和投资项目倡议的拉美国家。 美国"旅行与旅游世界"网站评论称，最新免签政策是中国与拉美地区日益密切的关系中的一个重要里程 碑。"中国不仅鼓励更多拉美国家游客到访，也为双方在贸易、科技等领域的深化合作打开了大门，预 计双方都将受益。"报道称，繁琐的签证程序被取消后，大量拉丁美洲游客进入中国，能够惠及中国的 航空公 ...

Group 1 - The core viewpoint is that trade and investment between China and Chile have significantly increased over the past two decades, with China being Chile's largest trading partner for several consecutive years [1][3] - In 2024, the bilateral trade volume between China and Chile is projected to reach $61.69 billion, which is 8.6 times the amount before the China-Chile Free Trade Agreement came into effect and 18 times the amount before the establishment of the China-Chile Entrepreneurs Committee [1] - The trade has expanded beyond traditional labor-intensive products like agricultural products and textiles to include high-tech products such as machinery, electronics, and transportation equipment [1] Group 2 - Chile is a key investment destination for Chinese enterprises in Latin America, with direct investment stock from China in Chile reaching approximately $1.6 billion by the end of 2023 [1] - Investment areas have diversified from traditional sectors like energy and infrastructure to emerging industries such as renewable energy, digital economy, artificial intelligence, and biomedicine [1] - Chilean enterprises are increasingly active in investing and collaborating with China in technology [1] Group 3 - The "2050 National Development Vision" of Chile focuses on sustainable resource development and economic diversification, encouraging collaboration between Chinese and Chilean companies [2] - Companies are encouraged to leverage the China-Chile Free Trade Agreement along with RCEP and the Chile-ASEAN Free Trade Agreement to explore opportunities in technology innovation, digital economy, and green development [2] - Potential collaboration areas include creating a complete supply chain in manufacturing, participating in infrastructure projects through PPP and equity investments, and expanding cooperation in energy and digital technology sectors [2]

Group 1 - The company focuses on the exploration, mining, smelting, and sales of strategic mineral resources, primarily gold, copper, and cobalt, with a diversified layout of "resource development + industrial synergy" [20][21][24] - In 2024, the company achieved an operating income of RMB 5.133 billion, a decrease of 4.48% compared to the previous year, while the operating cost was RMB 4.897 billion, down 2.47% [25][26] - The company reported a net profit attributable to shareholders of RMB -0.97 billion, a slight improvement in loss compared to the previous year [25][26] Group 2 - The company has made significant progress in its South African gold mining project, achieving an annual gold ore mining volume of over 300,000 tons [6][21] - The copper production line in the Democratic Republic of Congo faced challenges in the first half of 2024 due to insufficient ore supply and local power outages, but production is expected to stabilize in the second half [7][9] - The company emphasizes sustainable development, implementing green practices and community engagement in its operations [9][10] Group 3 - The global economic recovery provides a stable demand foundation for mining products, while technological innovation opens new paths for cost reduction and efficiency improvement [16][17] - The company is actively expanding its overseas operations and resource reserves, particularly in South Africa and the Democratic Republic of Congo, to enhance its competitive position [10][20] - The company has a strong resource reserve and quality, with significant mining operations in both South Africa and the Democratic Republic of Congo [24][26]

北京 BEIJING·上海 SHANGHAI·深圳 SHENZHEN·香港 HONGKONG·广州 GUANGZHOU·西安 XI`AN 致：中矿资源集团股份有限公司 北京市嘉源律师事务所 关于中矿资源集团股份有限公司 法律意见书 嘉源(2025)-04-299 北京市嘉源律师事务所（以下简称"本所"）接受中矿资源集团股份有限公 司（以下简称"公司"）的委托，根据《中华人民共和国公司法》 （以下简称"《公 司法》"）《上市公司股东会规则》（以下简称"《股东会规则》"）等现行有效的法 律、行政法规、部门规章、规范性文件（以下简称"法律法规"）以及《中矿资 源集团股份有限公司章程》 （以下简称"《公司章程》"）的有关规定，指派本所律 师对公司 2024 年度股东大会（以下简称"本次股东大会"）进行见证，并依法出 具本法律意见书。 为出具本法律意见书，本所指派律师现场见证了本次股东大会，查阅了公司 提供的与本次股东大会有关的文件和资料，并进行了必要的审查和验证。在前述 审查和验证的过程中，本所律师得到公司的如下承诺和保证：就本所认为出具本 法律意见书所必需审查的事项而言，公司已经提供了全部相关的原始书面材料、 副本 ...

Report Industry Investment Ratings - Thread steel: Not clearly stated, represented by "ななな" [1] - Hot-rolled coil: ★★★, indicating a clearer long trend and a relatively appropriate investment opportunity [1] - Iron ore: ★★★, indicating a clearer long trend and a relatively appropriate investment opportunity [1] - Coke: Not clearly stated, represented by "ななな" [1] - Coking coal: ★★★, indicating a clearer long trend and a relatively appropriate investment opportunity [1] - Silicomanganese: ★★★, indicating a clearer long trend and a relatively appropriate investment opportunity [1] - Ferrosilicon: ★★★, indicating a clearer long trend and a relatively appropriate investment opportunity [1] Core Viewpoints - The short - term rebound of the steel, iron ore, and other futures markets is supported by factors such as the marginal improvement of weekly data and the reduction of Sino - US tariffs, but the pessimistic demand expectations limit the upside space. For most varieties, it is recommended to wait and see, paying attention to terminal demand and relevant domestic and foreign policies [1][2] Summary by Related Catalogs Steel - Today's steel futures market fluctuated narrowly. This week, the apparent demand for thread steel rebounded significantly, production was relatively stable, and inventory resumed a downward trend. The demand for hot - rolled coil also recovered, production declined, and inventory resumed a downward trend. Iron ore production is at a high level, and the supply pressure is still large. As the off - season of demand approaches, the terminal's carrying capacity needs to be observed. Domestic demand in downstream industries is still weak, manufacturing prosperity has declined, and real estate sales recovery is fluctuating [1] Iron Ore - Today's iron ore futures market fluctuated. On the supply side, the global shipment of iron ore fluctuated normally, with no obvious increase for the time being. The domestic arrival volume decreased, and the national port inventory decreased. On the demand side, terminal demand rebounded, but there is still seasonal weakening pressure in the future. With a high profit rate of steel mills, iron ore production can still maintain a high level for the time being. It is expected to fluctuate in the short term, and attention should be paid to the pressure of the decline of iron ore production in the medium term [2] Coke - The price of coke fluctuated weakly. It is expected to be reduced in price this Thursday, and daily production has increased slightly. The overall inventory of coke has not been effectively reduced and remains at a high level, and traders have no purchasing enthusiasm. The supply of carbon elements is still abundant, and the downstream iron ore production remains stable at a high level. Steel billet export orders are good. It is recommended to wait and see [3] Coking Coal - The price of coking coal fluctuated weakly. Production has gradually climbed to a relatively high level this year. The activity of the spot auction market is low, the transaction price has loosened slightly, and the terminal inventory is still high. The total inventory of coking coal is basically flat, the production - end inventory pressure remains high, and downstream coking plants and steel mills maintain just - in - time procurement. It is recommended to wait and see in the short term [5] Silicomanganese - The price of silicomanganese fluctuated narrowly. The national manganese ore port inventory has been continuously rising, with a cumulative increase of more than 300,000 tons last week. It is estimated that about 50,000 tons of South32 Australian ore will arrive at the port by the end of this month. Iron ore production remains stable at a high level, the supply of silicomanganese continues to decline, and the overall inventory level has increased significantly, which continues to suppress the price. It is recommended to wait and see and pay continuous attention to tariff trends [6] Ferrosilicon - The price of ferrosilicon fluctuated narrowly. Iron ore production remains stable at a high level. Export demand generally shows a downward trend month - on - month, but the marginal impact is small. The production of magnesium metal is basically flat and remains stable at a relatively high level, and the overall demand is acceptable. The supply of ferrosilicon has rebounded slightly, the market transaction level is average, and the on - balance - sheet inventory has continuously increased. It is recommended to wait and see and pay continuous attention to tariff trends [7]

来源：环球网 平阴山水石灰岩矿无人驾驶矿卡成果发布仪式 当时代的目光聚焦无人驾驶，矿山已经用一次次的规模化落地书写"科幻变成现实"的答案！ 5月15日，"平阴山水水泥石灰岩矿无人驾驶成果发布会暨无人驾驶矿卡应用观摩会"在山东济南盛大启 幕。该项目由平阴山水水泥有限公司主办，兖州中材、易控智驾、宇通矿卡、中国移动等联合协办，标 志着我国露天矿区全矿无人驾驶从试点探索迈向规模化落地的重要里程碑，为行业提供可复制、可推广 的绿色智运解决方案。 平阴山水无人驾驶项目高效、高质量的落地离不开矿山智能化产业链的完善与协同。项目以山水集团需 求为主导，构建了"智能装备+数字基建+创新技术+场景运营"协同范式，通过兖州中材、易控智驾、宇 通矿卡、中国移动的深度协同，形成了"技术-场景-产业"闭环，为行业提供了全要素联动的智慧矿山解 决方案样本。 作为技术赋能核心方，易控智驾依托其自研的无人驾驶技术方案'著山'，通过场景化技术适配实现精准 赋能。无人驾驶项目组深入矿区实际作业场景，对无人驾驶技术方案进行'轻量化改造'，最大限度复用 矿山现有设施，减少系统及环境改造，让无人驾驶无缝嵌入实际生产作业场景。通过自动篷布一键管控 扬尘 ...

Core Viewpoint - The A500 index has shown mixed performance with a slight decline, while the A500 ETF fund has seen significant trading activity and inflows, indicating a potential shift in investment strategies towards long-term holdings in high-dividend and high-ROE assets [3][4]. Group 1: A500 Index Performance - As of May 15, 2025, the A500 index (000510) decreased by 0.72%, with notable gainers including COSCO SHIPPING Development (601866) up 9.96% and Shenghe Resources (600392) up 7.89% [3]. - The A500 ETF fund (512050) also fell by 0.73%, priced at 0.95 yuan, with a trading volume of 18.94 billion yuan and a turnover rate of 10.89% [3]. Group 2: Investment Trends and Regulatory Changes - The head of the Financial Regulatory Bureau announced plans to expand the long-term investment pilot for insurance funds by an additional 60 billion yuan, aiming to inject more capital into the market [3]. - Adjustments to solvency regulations will lower the risk factors for stock investments by 10%, encouraging insurance companies to increase their market participation [3]. Group 3: A500 ETF Fund Details - The A500 ETF fund has reached a new high in scale at 17.496 billion yuan, with a significant increase in shares by 3.66 million over the past week, ranking first among comparable funds [4]. - The fund has seen a net inflow of 458 million yuan recently, with three out of the last five trading days recording net inflows totaling 557 million yuan [4]. Group 4: Top Holdings in A500 Index - As of April 30, 2025, the top ten weighted stocks in the A500 index include Kweichow Moutai (600519), CATL (300750), and Ping An Insurance (601318), collectively accounting for 20.8% of the index [5]. - The weightings of the top stocks are as follows: Kweichow Moutai at 4.28%, CATL at 2.96%, and Ping An at 2.46% [7].