Core Viewpoint - The company, Luoping Zinc & Electricity, announced that its wholly-owned subsidiary, Puding County Derong Mining Co., Ltd., has obtained a mining license for the Jinpo lead-zinc mine located in Guizhou Province, Anshun City, Puding County [1] Group 1 - The mining method for the Jinpo lead-zinc mine is underground mining [1] - The mine is classified as a lead and zinc mine [1] - The validity period of the mining license is from September 25, 2025, to December 26, 2034 [1] Group 2 - The issuing authority of the mining license is the Anshun City Natural Resources Bureau [1]

Core Viewpoint - The company, Jinhui Co., announced a share buyback plan by its directors, supervisors, and senior management, reflecting confidence in the company's future and long-term investment value [1] Group 1: Share Buyback Plan - The buyback plan is set to commence on April 21, 2025, and will last for six months, with a total investment amount planned between 6 million and 7.7 million yuan [1] - As of September 24, 2025, the buyback plan has been completed, with a total of 488,200 shares repurchased, amounting to 6.0348 million yuan [1]

Core Viewpoint - Jinwei Co., Ltd. (603132.SH) announced a share buyback plan, with the buying entity having acquired a total of 433,200 shares, representing 0.0442% of the company's total equity, for a total amount of 5.2822 million yuan as of September 18, 2025 [1] Summary by Relevant Sections - **Share Buyback Details** - The buying entity has executed the buyback through the Shanghai Stock Exchange's centralized bidding system [1] - The total shares acquired so far amount to 433,200, which is 0.0442% of the total share capital [1] - The total expenditure for this buyback is 5.2822 million yuan [1] - **Plan Status** - The buyback plan is currently more than halfway through its designated timeline [1] - The buying entity intends to continue purchasing shares in accordance with the established buyback plan during the remaining period [1]

1. Report Industry Investment Rating - No relevant content provided 2. Core Viewpoints - For lead, the import of lead concentrates has no expected increase, and processing fees are likely to rise but not fall. However, it has not had a substantial impact on refinery operations. Some refineries have maintenance plans, and the operation of primary lead has a slight decline. The terminal market shows no significant improvement, and the peak - season effect is not evident. The supply is tightened in the short - term, and lead prices are expected to remain high in the short term, but the limited improvement in demand may suppress the upside space [1]. - For zinc, refineries have sufficient raw material stocks, and zinc ore processing fees are rising. The production profit and enthusiasm of refineries have improved, and the output shows an increasing trend. The demand has improved, and the zinc ingot export window may open. Although the fundamentals of Shanghai zinc are weak, the low LME zinc inventory and the back structure support the zinc price. After the interest - rate cut expectation is fulfilled, Shanghai zinc is expected to strengthen in the short term, but the upside space may be limited due to fundamental constraints [1]. 3. Summary by Related Catalogs Lead Price and Spread - The average price of SMM1 lead ingots is 16,950 yuan/ton with no change. The closing price of the lead futures main contract is 17,100 yuan/ton, up 0.26%. The lead basis is - 150 yuan/ton, a decrease of 45 yuan/ton. The LME 0 - 3 lead premium is - 46.43 dollars/ton, and the LME 3 - 15 lead premium is - 70.50 dollars/ton [1]. Trading Volume and Open Interest - The trading volume of the lead futures active contract is 44,958 lots, down 18.23%. The open interest is 42,195 lots, down 6.43%. The trading - to - open - interest ratio is 1.07, down 12.61% [1]. Inventory - The LME lead inventory is 225,350 tons with no change, and the Shanghai lead warehouse receipt inventory is 2,005 tons, down 0.07% [1]. News - The construction of the Zhugongtang lead - zinc mine project in Hezhang County has made phased breakthroughs. The main project of the concentrator has entered the steel - structure construction stage. The project is expected to invest 762 million yuan this year and strive to complete the main systems construction by the end of December and achieve trial production in the first mining area [1]. - On September 16, the LME 0 - 3 lead was at a discount of 49.61 dollars/ton, and the open interest decreased by 277 lots to 165,625 lots [1]. Zinc Price and Spread - The average price of SMM1 zinc ingots is 22,090 yuan/ton, down 0.32%. The closing price of the zinc futures main contract is 22,280 yuan/ton, up 0.11%. The zinc basis is - 95 yuan/ton, a decrease of 190 yuan/ton. The LME 0 - 3 zinc premium is 24.36 dollars/ton [1]. Trading Volume and Open Interest - The trading volume of the zinc futures active contract is 96,254 lots, down 0.40%. The open interest is 78,094 lots, down 8.11%. The trading - to - open - interest ratio is 1.23, up 8.40% [1]. Inventory - The LME zinc inventory is 48,975 tons with no change, and the Shanghai zinc warehouse receipt inventory is 52,720 tons, up 1.05% [1]. News - On September 17, Orion Minerals' subsidiary signed a financing and concentrate purchase agreement with a subsidiary of Glencore for the Prieska project. Orion Minerals plans to achieve the first production of the Prieska Copper Zinc Mine project at the end of 2026 or early 2027 and aims to increase copper production to over 30,000 tons/year and zinc production to 65,000 tons/year [1]. - On September 16, the LME 0 - 3 zinc was at a premium of 41.33 dollars/ton, and the open interest decreased by 2,659 lots [1]. Investment Strategy - For lead, investors with existing long positions should protect their profits [1]. - For zinc, investors can try to go long at low prices with a light position [1]

格隆汇9月15日丨豫光金铅(600531.SH)在投资者互动平台表示，公司生产的铜箔可以应用于固态电池。 公司铜箔年产量依据市场订单而定。 ...

Group 1 - The board of directors guarantees the announcement's content is free from false records, misleading statements, or significant omissions, and assumes legal responsibility for its authenticity, accuracy, and completeness [1] - The meeting held on September 11, 2025, was conducted in accordance with the Company Law and the Articles of Association, with both on-site and online voting methods [2][6] - The attendance included 8 out of 10 current directors, 3 out of 4 current supervisors, and the Chief Financial Officer, indicating a high level of participation from the management team [3][4][5] Group 2 - Six resolutions were reviewed and passed during the meeting, including the reduction of registered capital, cancellation of the supervisory board, and amendments to the Articles of Association [6][7] - The first five resolutions were ordinary resolutions, requiring more than half of the voting rights to pass, while the sixth resolution was a special resolution, requiring two-thirds of the voting rights [7] - The meeting was witnessed by Yunnan Jian Guang Law Firm, confirming that the procedures followed legal and regulatory requirements [7]

Group 1 - On September 10, Jinwei Co., Ltd. executed a block trade of 1.08 million shares, with a transaction amount of 15.0228 million yuan, accounting for 15.03% of the total transaction amount for the day [1] - The transaction price was 13.91 yuan, which represents a discount of 1.97% compared to the market closing price of 14.19 yuan [1]

Group 1 - The company's main product, lead concentrate, contains between 680g to 1,000g of silver per ton of lead concentrate [2] - As of June 30, 2025, the company has a total silver metal reserve of 881.53 tons [2]

Core Viewpoint - Yunnan Chihong Zinc & Germanium Co., Ltd. reported a revenue of 10.581 billion yuan for the first half of 2025, marking a year-on-year increase of 7.67%, with a net profit attributable to shareholders of 932 million yuan, up 3.27% [1] Group 1: Financial Performance - The company achieved a net profit of 919 million yuan after deducting non-recurring items, reflecting a year-on-year growth of 12.11% [1] - The net cash flow from operating activities reached 2.158 billion yuan, showing a significant increase of 34.73% [1] Group 2: Resource Strategy - The company advanced 16 resource exploration projects in the first half of the year, adding 280,000 tons of lead and zinc resources, with total reserves of 1.881 million tons of lead and 3.771 million tons of zinc by the end of the reporting period [2] - The company maintained a leading position in the industry with a stable cost of lead and zinc concentrate production, achieving a six-year consecutive reduction [2] Group 3: Project Development - The construction of the Hulunbuir Chihong Precious Metals Comprehensive Recovery and Smelting Project has been completed, and the lead-zinc smelting efficiency enhancement project has commenced, which will add 100,000 tons per year of lead-zinc smelting capacity upon completion [2] Group 4: Innovation and Sustainability - The company has authorized 106 new patents, including 12 invention patents, and has achieved external licensing of its independent patents for the first time [2] - The company has established four national-level green mines and four national-level green factories, achieving a 100% completion rate for green mines and a 66.67% completion rate for green factories [2] Group 5: Future Outlook - The company aims to focus on high-quality collaborative development across the entire lead-zinc-germanium industry chain, benchmarking against world-class standards, and will continue to deepen its industry chain layout [3] - The company plans to accelerate resource integration and technological upgrades, enhancing its competitiveness through innovation-driven initiatives [3]

Group 1 - The company achieved an operating income of approximately 10.581 billion yuan in the first half of 2025, representing a year-on-year increase of 7.67% [1] - The net profit attributable to shareholders was approximately 932 million yuan, reflecting a year-on-year growth of 3.27% [1] - The company plans to distribute a cash dividend of 0.3 yuan per 10 shares (including tax) to all shareholders [1] Group 2 - The company produced 151,600 tons of lead and zinc concentrate in the first half of 2025, an increase of 3,400 tons, or 2.29% year-on-year [1] - The production of lead and zinc products was 329,200 tons, a decrease of 24,700 tons, or 6.98% year-on-year, primarily due to maintenance activities [1] - The company is optimizing production organization to ensure stable and efficient production in the second half of the year [1] Group 3 - The company is enhancing its zinc alloy industry layout, with a new zinc alloy project in Weize expected to produce 60,000 tons annually starting in 2024, increasing total zinc alloy capacity to 220,000 tons per year [2] - The company plans to develop 18 new zinc alloy grades in 2025, increasing the total number of zinc alloy grades to 175 [2] - The company announced a joint investment with Chalco Group, China Aluminum, Yunnan Copper, and Chalco Capital to establish a new limited liability company, with the company contributing 300 million yuan for a 20% stake [2][3] Group 4 - The new company will serve as a unified and efficient rare metal operation platform for Chalco Group, focusing on germanium as a key metal [3] - The establishment of the new company aims to integrate resources such as technology, talent, capital, and market from Chalco Group to achieve scale effects and innovation synergy [3] - The new company will also manage other metals like gallium, selenium, tellurium, and bismuth, allowing the company to benefit from the high-value downstream operations of various rare metals [3]