| | | | 新疆宝地矿业股份有限公司 | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | 董 事 | 会 | | | | | | | | | | | 1： 附表 | | | | | 募集资金使用情况对照表 | | | | | | | | | | | | | | | | | | | | | 金额 | | 单位：人民币元 | | | | | | | | | | | | | | 募集资金总额： | | | | | | 814,448,113.05 | | 已累计使用募集资金总 | | | | | | 额： | | | | | 573,988,408.49 | | | | | | | | | | | | | | | | 各年度使用募集资金总额： | | | | | | | 变更用途的募集资金总额： | | | | | | | —— | 2023 | | | | | | 年： | | | | | 339,413,460.26 | | | | | | | | ...

Group 1 - The company is a major supplier of copper products and iron ore in South Africa, and it is the world's largest supplier of vermiculite [1][2] - Established in 1956, the company has evolved from a copper mining operation to a diversified and mature mining enterprise [1] - The company successfully acquired shares from Rio Tinto and Anglo American in 2013, marking a significant milestone in its overseas investment journey [1] Group 2 - The company is committed to localizing benefits, employment, and culture, adhering to South African laws, and fulfilling social responsibilities [2] - It has created numerous job opportunities for locals, with only 9 Chinese management staff and the rest being local employees [2] - The company emphasizes green development and environmental protection, providing water sources and migration routes for wildlife [2] Group 3 - The company has received widespread acclaim from employees and local communities, as well as recognition from the South African government [2] - It was awarded the Platinum Award in Deloitte's "Best Company Survey" in both 2019 and 2023, and recognized as a model for harmonious coexistence between business, people, and the environment in 2023 [2]

二、董事会会议审议情况 证券代码：001203 证券简称：大中矿业 公告编号：2025-070 债券代码：127070 债券简称：大中转债 大中矿业股份有限公司 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、董事会会议召开情况 大中矿业股份有限公司（以下简称"公司"）第六届董事会第十五次会议通 知于 2025 年 6 月 15 日以电子邮件形式通知全体董事，会议于 2025 年 6 月 18 日上午 8:30 以现场结合通讯方式召开，本次会议应参会董事 7 名，实际参会董 事 7 名。 会议由公司董事长牛国锋先生主持，本次会议的召集、召开程序符合《中华 人民共和国公司法》（以下简称"《公司法》"）相关法律、行政法规、部门规 章、规范性文件和《公司章程》有关规定。 《大中矿业股份有限公司第六届董事会第十五次会议决议》 特此公告。 大中矿业股份有限公司 董事会 经与会董事认真审议，会议审议并通过了以下议案： 审议通过《关于与临武高新技术产业开发区管理委员会签署 <投资协议书> 的议案》 表决结果：同意 7 票，反对 0 票，弃权 0 票。 公司战略与可持续发 ...

Economic Performance - In May, China's industrial added value increased by 5.8% year-on-year, slightly below the expected 5.9% and down from 6.1% in the previous month[5] - The total retail sales of consumer goods in May grew by 6.4%, exceeding the market expectation of 5.0% and up from 5.1% in April[5] - Fixed asset investment (excluding rural households) from January to May rose by 3.7%, below the expected 3.9% and down from 4.0% in the previous month[5] - The urban surveyed unemployment rate in May was 5.0%, down from 5.1% in the previous month[5] Industrial Production - The decline in industrial production growth is attributed to external factors, with a notable drop in export delivery values, which fell by 0.3 percentage points to 0.6%[9] - Domestic demand has provided support to industrial production, with the equipment manufacturing sector's added value growing by 9%, contributing 54.3% to industrial production[13] Consumer Spending - The growth in retail sales was driven by several factors, including ongoing consumption promotion policies and the early start of e-commerce sales events[19] - Key categories such as home appliances and communication equipment saw retail sales increase by 53% and 33% respectively, contributing 1.9 percentage points to total retail sales growth[19] Investment Trends - Fixed asset investment growth has slowed, with manufacturing investment showing resilience at 7.8% year-on-year in May, despite a decline from the previous month[25] - Infrastructure investment (excluding electricity, heat, gas, and water production and supply) grew by 5.6% from January to May, down 0.2 percentage points from the previous month[29] Employment Situation - The urban surveyed unemployment rate has shown a marginal improvement, remaining at 5.0% for three consecutive months, indicating a stable employment situation[37] - However, structural pressures in the labor market persist, with the unemployment rate for migrant workers rising to 5.0%[37]

Group 1 - The core viewpoint of the news is that Henan Province's fixed asset investment (excluding rural households) increased by 6.6% year-on-year from January to May 2025, with private investment growing by 9.7% [1] - Investment in the primary industry decreased by 1.5%, while the secondary industry saw a significant increase of 29.6%, and the tertiary industry experienced a decline of 4.2% [1] - Industrial investment rose by 29.5%, while infrastructure investment (excluding electricity, heat, gas, and water production and supply) fell by 8.8%, and real estate development investment decreased by 8.5% [1] Group 2 - Within industrial investment, mining investment surged by 44.9%, manufacturing investment increased by 30.8%, and investment in electricity, heat, gas, and water production and supply grew by 19.5% [1] - In terms of infrastructure investment, water conservancy, environment, and public facilities management (excluding land management) saw a decline of 2.6%, transportation and postal services dropped by 17.4%, and information transmission investment fell by 15.5% [1] - Central project investment increased by 6.9%, while local project investment grew by 6.6% [1]

Economic Overview - Hubei province's economy shows a stable and improving trend in the first five months of the year, with industrial production growing steadily, fixed asset investment expanding, and a vibrant consumer market [1][2] - The province's GDP growth is supported by high-quality development outcomes [1] Industrial Growth - The industrial added value above designated size in Hubei increased by 8.1% year-on-year, surpassing the national average by 1.8 percentage points [2] - High-tech manufacturing leads the growth with an added value increase of 17.4%, contributing 31.3% to the overall industrial growth [2] - Specific sectors such as computer, communication, and other electronic equipment manufacturing grew by 17.7%, while electrical machinery and equipment manufacturing rose by 20.0% [2] Investment Trends - Fixed asset investment in Hubei grew by 6.2% year-on-year, exceeding the national growth rate by 2.5 percentage points [2] - Manufacturing investment surged by 12.6%, while infrastructure investment increased by 2.2% [3] - Private investment grew by 6.9%, and when excluding real estate development, it increased by 11.3% [3] Consumer Market Dynamics - The total retail sales of consumer goods reached 10,798.75 billion yuan, with a year-on-year growth of 7.7%, outpacing the national average by 2.7 percentage points [4] - The "trade-in" policy has stimulated consumption, with retail sales of household appliances and audio-visual equipment rising by 32.8% and furniture by 37.5% [4] - Online retail sales grew by 26.8%, indicating a robust shift towards e-commerce [4] Foreign Trade Performance - Hubei's total import and export value reached 328.74 billion yuan, a year-on-year increase of 26.9%, significantly higher than the national average of 24.4% [4] - Exports amounted to 238.37 billion yuan, growing by 36.3%, while imports increased by 7.4% to 90.37 billion yuan [4] Fiscal and Financial Stability - Local general public budget revenue for the first five months was 189.31 billion yuan, reflecting a year-on-year growth of 7.0% [5] - Financial institutions in Hubei reported a total deposit balance of 9,883.30 billion yuan, a growth of 9.9% compared to the beginning of the year [5]

Economic Overview - The economy of Shaanxi province shows a stable and positive development trend, with industrial production maintaining rapid growth, fixed asset investment steadily expanding, and a recovering consumer market [1][2] Industrial Performance - The industrial added value of large-scale enterprises in Shaanxi increased by 9.3% year-on-year in the first five months, with mining and manufacturing sectors growing by 10.4% and 9.3% respectively [1] - The equipment manufacturing industry experienced significant growth, with an added value increase of 14.8%, particularly in electrical machinery and equipment manufacturing, which surged by 47.0%, and automobile manufacturing, which rose by 30.8% [1] - New energy products also showed strong performance, with solar cell production increasing by 39.4% and new energy vehicle production rising by 36.6% [1] Fixed Asset Investment - Fixed asset investment in Shaanxi province grew by 5.6% year-on-year in the first five months, with industrial investment increasing by 18.2% [1] - Investment in the petroleum, coal, and other fuel processing industries saw a remarkable increase of 49.2%, while automobile manufacturing investment rose by 33.2% [1] - Private investment showed vitality, growing by 16.2% and accounting for 44.3% of total investment, an increase of 2.7 percentage points compared to the same period last year [1] Consumer Market - The retail sales of consumer goods in Shaanxi's above-designated size enterprises increased by 6.2% year-on-year in the first five months, with basic living goods showing stable growth [2] - Retail sales of grain and oil, food, and cultural office supplies grew by 15.9%, 7.2%, and 6.3% respectively [2] - The retail sales of new energy vehicles increased by 18.5%, while household appliances and audio-visual equipment saw a growth of 21.2%, with energy-efficient products experiencing a remarkable 51.3% increase [2] Foreign Trade - The total import and export volume of Shaanxi province reached 202.7 billion yuan, a year-on-year increase of 6% [2] - Exports of key products, particularly electromechanical products, grew by 11.2%, accounting for 86% of total exports, an increase of 1.2 percentage points compared to the previous year [2] - The export of "new three samples" products rose by 34%, with electric vehicles seeing a dramatic increase of 103.4% [2]

Report Industry Investment Rating - The rating for treasury bonds is "oscillation" [5] Core Viewpoints of the Report - Economic data in May showed a mixed performance, with external demand weakening but government subsidies taking effect. While the economy demonstrated resilience in Q2, facing a growth target of 5% is not difficult, but pressure on the fundamentals will gradually emerge in Q3, making it necessary to introduce incremental policies. The bond market is desensitized to the fundamentals and will maintain an oscillatory pattern in the short term [1][2][3] Summary by Relevant Catalogs 1. External Demand Weakens but Government Subsidies Take Effect, Economic Data Shows Mixed Performance - **Production Side: Industrial Production Weakens, Service Industry Strengthens** - In May, the year-on-year growth rate of industrial added value was 5.8%, lower than expected and the previous value, with external demand weakening and persistently low prices being the main reasons. The growth rate of the service industry production index was 6.2%, an increase of 0.2 percentage points from the previous value, due to policy support and holiday demand [1][13][14] - Looking ahead, the production growth rate is likely to maintain a resilient decline, with structural differentiation continuing. Industrial production will face downward pressure, but the year-on-year reading of industrial added value will not decline significantly. The growth rate of the service industry production may weaken, but will not decline sharply either [19] - **Demand Side: Manufacturing, Real Estate, and Infrastructure Growth Rates All Decline** - From January to May, the cumulative investment growth rate in manufacturing was 8.5%, continuing to decline. External demand weakening, the domestic supply-demand imbalance, and policy factors have affected corporate investment willingness, but policy support has maintained a certain level of resilience [22] - From January to May, the cumulative growth rate of general infrastructure was 10.42%, showing a slight decline. The slow issuance of local special bonds is the main reason. In the short term, infrastructure growth may face downward pressure, but it will rise again with policy support [26][30] - Most real estate data continued to weaken. The willingness of the residential sector to purchase homes with debt remains low, and real estate companies are facing increasing financial pressure. Policy aims to stabilize the real estate market while accelerating industry transformation [31][32][33] - **Demand Side: Retail Sales Growth Rate Exceeds Expectations and Rebounds** - In May, the growth rate of total retail sales of consumer goods was 6.4%, higher than the previous value. Holiday factors and government subsidies have stimulated consumer demand, but the sustainability of consumption improvement needs to be observed. In Q3, incremental policies are expected to boost consumption [36][37][39] 2. The Bond Market is Desensitized to the Fundamentals and Maintains an Oscillatory Pattern in the Short Term - The fundamental environment is still favorable for the bond market, but market participants are well aware of this, so fundamental news is unlikely to drive the bond market to strengthen further. The yield curve is relatively flat, and the upward space for long-term bonds mainly depends on the performance of short-term bonds [40][41] - Short-term bonds are currently overvalued, and their upward movement requires confirmation of a continuous loosening of the money supply. In the short term, the market will be oscillatory, and the bond bull market may show a "stop-and-go" rhythm [42] - Strategies include paying attention to mid - line long positions on dips, noting that the opportunities for futures positive spreads have significantly decreased, and initial opportunities for steepening the yield curve have emerged, requiring close attention to changes in liquidity expectations [43][44][45]

Group 1 - The core viewpoint of the articles highlights the strengthening of China-Africa economic cooperation, particularly through the implementation of zero-tariff policies for 53 African countries, excluding Swaziland, as part of the commitment made during the 2024 China-Africa Cooperation Forum [1][5][6] - China has been Africa's largest trading partner for 16 consecutive years, and the new tariff policies are expected to provide opportunities for African exporters in key sectors such as agriculture, textiles, and minerals, helping them mitigate the impact of high U.S. tariffs [3][5] - The Chinese government has progressively expanded its zero-tariff treatment for African least developed countries since 2005, with 98% of tariff items from 27 African least developed countries already benefiting from this policy as of June 2024 [5][6] Group 2 - The recent U.S. tariff measures have negatively impacted the global trade system, particularly affecting the economies of the least developed African countries that rely on trade with the U.S., prompting these nations to seek alternative trade partnerships, notably with China [3][6] - The exclusion of Swaziland from the zero-tariff initiative is significant, as it maintains official relations with Taiwan, which contradicts the broader consensus among African nations supporting the One China principle [6][8] - Articles emphasize that China's approach to trade and economic cooperation is not merely symbolic but involves substantial policy implementation aimed at upgrading African industries and enhancing export capabilities [6][8]

Core Viewpoint - The economic data for May indicates a mixed performance, with supply-side growth remaining strong while demand-side indicators show signs of slowing down, particularly in investment and real estate sectors [1][5]. Supply Side: Strong Support - In May, the industrial added value for large-scale enterprises grew by 5.8% year-on-year, slightly above the market expectation of 5.7% [6]. - The manufacturing sector saw a marginal slowdown, with high-tech industries maintaining robust growth rates of 8.6% [6]. - The service sector production index increased by 6.2%, driven by recovering consumer demand and increased holiday travel [9]. Fixed Asset Investment: Real Estate Drag - Fixed asset investment grew by 3.7% year-on-year, below the expected 4.1%, with infrastructure and manufacturing growth rates declining [10]. - Real estate investment saw a significant decline of 10.7%, indicating ongoing challenges in the property market [10][14]. - The construction sector is under pressure due to local government debt and slow issuance of special bonds for projects [10][11]. Consumption: Accelerating Beyond Expectations - Social retail sales increased by 6.4%, significantly higher than the market expectation of 4.8%, with both goods and catering consumption reaching new highs for the year [19]. - The increase in consumption is attributed to policy effects, pre-scheduled shopping festivals, and high demand for electronics and home appliances [19][22]. Outlook: Stabilizing with Localized Pressure - The impact of tariff changes on the economy is expected to weaken, with the second quarter growth likely to exceed earlier market expectations [24]. - However, persistent low prices may continue to erode corporate profits and delay improvements in consumer expectations [24].