Company Overview - Zhuzhou Smelter Group Co., Ltd. is established as a joint-stock company in accordance with the Company Law and other relevant regulations, with independent legal status and self-financing capabilities [1][2] - The company was approved by the Hunan Provincial Government and registered with the market supervision authority in Zhuzhou City, with a registered capital of RMB 1,072,872,703 [2][3] Corporate Governance - The company adheres to principles of equality in shareholding, shared benefits, and risk-sharing among shareholders [3] - A Party Committee is established to ensure leadership and direction, with provisions for adequate staffing and funding for party activities [3][4] Business Objectives and Scope - The company's business objective is to focus on lead and zinc smelting while diversifying into related fields, utilizing its advantages in product quality, management, and technology [4] - The operational scope includes non-ferrous metal smelting, processing, sales, and various technology development and consulting services [4] Share Structure - The company issues ordinary shares, with all shares having equal rights and obligations [6][7] - The total number of shares issued is 1,072,872,703, with a nominal value of RMB 1 per share [6][7] Shareholder Rights and Responsibilities - Shareholders have rights to dividends, voting, and participation in company decisions, as well as obligations to comply with laws and the company’s articles of association [14][15] - Shareholders holding more than 5% of shares must report any pledges of their shares to the company [18] Shareholder Meetings - The company holds annual and extraordinary shareholder meetings, with specific procedures for calling and conducting these meetings [51][52] - Shareholders can propose agenda items and must be notified of meeting details in advance [63][66] Financial Management - The company is prohibited from providing financial assistance for acquiring its own shares, except under specific conditions approved by the board [8][9] - The company can repurchase shares under certain circumstances, such as capital reduction or employee stock plans [27][28]

董事会薪酬与考核委员会实施细则 第一章 总则 第一条 为进一步建立健全公司董事及高级管理人员的考 核和薪酬管理制度，完善公司治理结构，根据《中华人民共和国 公司法》《上市公司独立董事管理办法》《上市公司治理准则》 《上海证券交易所股票上市规则》《上海证券交易所上市公司自 律监管指引第 1 号——规范运作》等法律法规、规范性文件及《公 司章程》的有关规定，公司设立董事会薪酬与考核委员会（以下 简称"委员会"），并制定本实施细则引。 第二条 委员会是董事会按照股东大会决议设立的专门工 作机构，对董事会负责，为董事会决策提供咨询和建议。 株洲冶炼集团股份有限公司 第七条 委员会委员任期与同届董事会董事任期一致。委员 任期届满，连选可以连任。期间如有委员不再担任公司董事职务， 自动失去委员资格，并由董事会根据上述的规定补足委员人数。 第八条 委员因辞职、免职或其他原因导致人数低于规定人 数时，公司董事会应当及时增补新的委员。 第九条 公司董事会办公室、人力资源部、财务证券部为委 员会工作的支持部门，负责提供公司有关经营方面的资料及被考 评人员的履职情况资料，负责筹备委员会会议并执行委员会的有 关决议。 第三章 薪酬与 ...

营业收入较上年同期增加14.89%，主要是本年度锌及贵金属产品价格上涨。 智通财经APP讯，株冶集团(600961.SH)披露2025年半年度报告，报告期公司实现营收104.12亿元，同比 增长14.89%;归属于上市公司股东的净利润5.85亿元，同比增长57.83%;扣非净利润5.94亿元，同比增长 88.63%;基本每股收益0.51元。 ...

东方财富Choice数据显示，3月份以来全球铜价持续走高，而截至北京时间3月16日凌晨，国际铜价更是 升破了9000美元/吨关口，引发资本市场高度关注。 分析人士表示，铜价走高，一方面是因为高品质铜矿山减少，冶炼端增产不易，导致铜供应偏弱；另一 方面，电动汽车兴起，电气设备更换周期来临，对铜需求逐步增长。 在产业链中游的冶炼环节，国内多家冶炼企业将降低能耗作为主要任务，向着"多产铜、降能耗、压缩 供应链综合成本"的目标不断奋进。2023年，铜陵有色在主产品产量大幅攀升的同时，能源消耗总量不 增反降，铜冶炼综合能耗下降6.9%；2023年上半年，江西铜业推进节能降碳管理，上半年总能耗同比 下降1.39%，外购电量总体下降近1800万度；2023年上半年，云南铜业旗下的西南铜业通过优化配料， 强化工艺控制等方式，实现粗铜综合煤耗同比下降35.1%，燃煤使用量下降4230吨，降低碳排放量 10670吨，云南铜业旗下的易门铜业实现粗铜综合能耗同比下降6.1%，综合能耗降低441.2吨标准煤，减 少碳排放量约1104.9吨。 在产业链下游的用铜环节，多家企业正积极应对铜价上涨带来的成本波动，通过套期保值、长单锁价、 战 ...

1. Report Industry Investment Rating The report provides investment ratings for various non - ferrous metals and related products, with most being rated as "震荡" (sideways movement), some as "震荡偏弱" (sideways with a weak bias). The specific ratings are as follows: - Copper: Sideways [7] - Alumina: Sideways [7] - Aluminum: Sideways [9] - Aluminum Alloy: Sideways [10] - Zinc: Sideways with a weak bias [12] - Lead: Sideways [13] - Nickel: Sideways in the short - term, hold short positions in the medium - to - long - term [20] - Stainless Steel: Sideways in the short - term [21] - Tin: Sideways [22] 2. Core Viewpoints of the Report - Overall non - ferrous metals: Weak US dollar supports non - ferrous metals, but the weakening demand needs to be emphasized. In the short - to - medium - term, the supply - demand situation is gradually loosening, and the risk of weakening demand is increasing, which exerts negative pressure on the prices of base metals. It is recommended to short copper and zinc on rallies. In the long - term, the expectation of potential incremental stimulus policies in China still exists, and there are still supply disturbances in copper, aluminum, and tin, so the supply - demand is expected to tighten, which supports the prices of base metals [1] - Individual metals: - Copper: Overseas recession risk rises, and copper prices are under pressure [2][6] - Alumina: Warehouse receipts continue to increase, and alumina is under sideways pressure [2][7] - Aluminum: Pay attention to consumption, and aluminum prices continue to rise [2][8] - Aluminum Alloy: Strong cost support, and the price is in high - level sideways movement [2][9] - Zinc: The price of the black series rebounds again, and zinc prices are in high - level sideways movement [2][11] - Lead: Cost still provides support, and lead prices move sideways [2][12] - Nickel: Market sentiment fluctuates, and nickel prices move in a wide range [2][14] - Stainless Steel: The price of nickel iron continues to rise, and the stainless - steel futures price moves up [2][21] - Tin: Raw material supply remains tight, and tin prices are in high - level sideways movement [2][22] 3. Summary by Related Catalogs Copper - Information: The US will impose a 50% tariff on imported semi - finished copper products and copper - intensive derivative products starting from August 1. The Fed maintained the benchmark interest rate. In July, SMM China's electrolytic copper production increased significantly. As of August 11, copper inventory decreased slightly. The US July non - farm payrolls data was far below expectations [6] - Main Logic: Macroeconomic factors show that overseas recession risk rises, and copper prices are under pressure. The supply of copper raw materials is still tight, and the risk of smelter production cuts increases. The downstream replenishment willingness weakens, and the upward momentum of copper prices weakens. Investors are becoming more cautious as the expiration date of the reciprocal tariff approaches [7] - Outlook: Copper supply constraints still exist, and inventory is still at a low level. However, demand is marginally weakening, and the US copper tariff is unfavorable to the Shanghai copper price. Copper is expected to show a sideways pattern [7] Alumina - Information: On August 11, the spot price of alumina in various regions decreased slightly. An electrolytic aluminum plant in Xinjiang tendered for alumina, and the winning price decreased in the low - price range. The alumina warehouse receipts increased [7] - Main Logic: In the short - term, the alumina market is dominated by anti - involution sentiment and warehouse receipt issues, with high volatility. Fundamentally, smelters have sufficient low - cost ores, and the operating capacity has recovered to a high level. The supply - demand balance shows an obvious surplus, inventory is accumulating, and the spot price is slightly weakening [7] - Outlook: In the short - term, alumina is expected to maintain high - volatility and wide - range sideways movement. Try shorting on rallies based on warehouse receipt changes, and gradually close out the 9 - 1 reverse spread [8] Aluminum - Information: On August 11, the average price of SMM AOO aluminum decreased slightly. The inventory of aluminum rods and electrolytic aluminum ingots in the main domestic consumption areas increased. The Shanghai Futures Exchange's electrolytic aluminum warehouse receipts increased. The US imposed new tariffs on multiple countries [8] - Main Logic: In the short - term, the US non - farm payrolls data was below expectations, and the new round of US tariffs on multiple countries was in line with expectations. The supply - side operating capacity is stable, and the marginal change is small. The demand - side is in the off - season, with low initial - stage operating rates and weak demand. Inventory is accumulating, and the aluminum price is expected to move sideways in the short - term [9] - Outlook: The short - term consumption situation and inventory accumulation rhythm need to be observed, and the price is expected to move in a range [9] Aluminum Alloy - Information: On August 11, the price of ADC12 remained unchanged. The average price of SMM AOO aluminum decreased. Some aluminum - related projects in the US are under construction or in operation. The performance of Shunbo Alloy in H1 2025 was announced, and the retail sales of the passenger car market in July decreased [10] - Main Logic: The short - term supply - demand situation is weak on both sides. The scrap aluminum price is firm, providing cost support. The supply - side off - season operating rate continues to decline, and the demand - side is in a strong off - season atmosphere. The inventory shows a pattern of decreasing factory inventory and increasing social inventory. The price of cast aluminum alloy is expected to move in a range [10] - Outlook: In the short - term, ADC12 and ADC12 - A00 are in low - level sideways movement, and the price follows that of electrolytic aluminum. There is room for an upward movement in the future, and cross - variety arbitrage can be considered [11] Zinc - Information: On August 11, the spot price of zinc in different regions was at a discount to the main contract. As of August 11, the inventory of zinc ingots increased. A lead - zinc smelting project in Xinjiang was put into production [11] - Main Logic: Macroeconomically, the demand for steel is stabilizing, and the black - series product prices are rebounding. The US non - farm payrolls data was below expectations, and the US dollar index declined. The short - term supply of zinc ore is loosening, and smelters' profitability is good. The domestic consumption is in the traditional off - season, and the demand is generally expected. In the long - term, the supply of zinc is expected to increase, and the demand growth is limited [12] - Outlook: In August, zinc ingot production will remain at a high level, and downstream demand is in the off - season. Zinc ingot inventory may continue to accumulate. However, the rebound of black - series product prices and the short - term squeeze on LME zinc suggest that the zinc price will show a sideways movement [12] Lead - Information: On August 11, the price of waste electric vehicle batteries remained unchanged, and the price of lead ingots was stable. The social inventory of lead ingots decreased slightly, and the Shanghai lead warehouse receipts increased [12] - Main Logic: In the spot market, the discount is stable, and the price difference between primary and recycled lead is stable. On the supply side, the price of waste batteries is stable, and the production of recycled lead is affected by environmental protection. Some primary lead smelters are resuming production. On the demand side, some battery factories are on holiday due to high temperatures, but the lead - acid battery market has an active trade - in activity [13] - Outlook: The US economic recession risk is increasing, and the Fed's interest - rate cut expectation suppresses the US dollar index. The supply of lead ingots may continue to increase slightly this week, and the supply - demand is expected to be slightly in surplus. The cost of recycled lead provides strong support, and the lead price is expected to move sideways [14] Nickel - Information: On August 11, LME nickel inventory decreased slightly, and Shanghai nickel warehouse receipts increased. There were multiple events in the nickel industry, such as asset acquisitions, investment plans, and production adjustments [14] - Main Logic: Market sentiment still dominates the market, and the industrial fundamentals are marginally weakening. The raw material supply may loosen after the rainy season. The production of intermediate products has recovered, and the price of nickel salts has slightly declined. The surplus of electrolytic nickel is serious, and the inventory has accumulated significantly [20] - Outlook: LME nickel inventory has exceeded 210,000 tons. Nickel prices will move in a wide range in the short - term and hold short positions in the medium - to - long - term [20] Stainless Steel - Information: The stainless - steel futures warehouse receipts increased slightly. The spot price of stainless steel was at a discount to the main contract. The price of high - nickel pig iron increased [21] - Main Logic: The price of nickel iron has stopped falling and rebounded, and the price of chrome iron is stable. The stainless - steel production in July decreased, and the supply - side over - capacity pressure has been relieved. Attention should be paid to the fulfillment of the peak - season demand [21] - Outlook: The cost has increased recently. Attention should be paid to the possibility of production cuts by steel mills. The market's acceptance of high - price products is limited. The stainless - steel price is expected to move in a range in the short - term [21] Tin - Information: On August 11, the LME tin warehouse receipts increased, and the Shanghai tin warehouse receipts decreased. The spot price of tin remained unchanged [22] - Main Logic: The resumption of production in Wa State does not change the tight supply of tin ore in China. The export of refined tin in Indonesia may decline, and African tin production may be affected by the rainy season. The supply - side tightness provides strong support for the tin price. However, the terminal demand for tin is marginally weakening in the second half of the year, and inventory reduction is difficult [22] - Outlook: The tight supply of tin ore provides support for the tin price. The tin price is expected to move sideways. The volatility of the tin price may increase in August [24]

Group 1: Report Industry Investment Ratings - Not provided in the given content Group 2: Report Core Views - The overall view on copper prices is bullish, and attention can be paid to the opportunity of reverse arbitrage positions between domestic and overseas markets in the remaining time of the third quarter [1] - For aluminum, in the short - term, it is advisable to hold at low prices under the low - inventory pattern and pay attention to the far - month inter - month and domestic - overseas reverse arbitrage; in the long - term, the domestic supply elasticity decreases, and the overseas supply is the main variable, so pay attention to the actual demand situation [2] - Regarding zinc, in the short - term, it is recommended to wait and see and focus on the sustainability of commodity sentiment due to the strong overseas and weak domestic situation; the domestic - overseas positive arbitrage can continue to be held, and attention can be paid to the inter - month positive arbitrage opportunity [5] - For nickel, the short - term real - world fundamentals are average, and the macro - level is mainly about the game of anti - involution policies. The opportunity to shrink the nickel - stainless steel price ratio can continue to be concerned [8] - For stainless steel, the fundamentals are generally weak. In the short - term, the macro - level follows the anti - involution expectation, and attention should be paid to the later policy direction [11] - For lead, it is expected that battery factories will replenish stocks next week, and the center of lead prices will rise [12] - For tin, in the short - term, it is recommended to sell short lightly at high prices due to the co - existence of domestic raw material supply disturbances and consumption decline expectations [13] - For industrial silicon, in the short - term, the supply and demand in August have turned to a balanced state, and if either the southwest or Hesheng reaches full production, the monthly balance will quickly turn to surplus; in the long - term, it is expected to fluctuate at the cycle bottom [16] - For lithium carbonate, in the short - term, the price has a large upward elasticity; in the medium - to - long - term, if the resource - end disturbance risk is resolved, the price will still fluctuate at a low level, and the downward space needs a significant weakening of demand [18] Group 3: Summary by Metal Copper - In the first half of the week, copper prices found support around 78,000 yuan, and downstream point - pricing and inventory - stocking improved. In the second half of the week, with the decline of the US dollar index and the increase of overseas interest - rate cut expectations, copper prices were strong. The downstream start - up and purchasing power provided support, and the refined - scrap substitution effect worked, so the copper inventory accumulation trend was not strong [1] Aluminum - Supply increased slightly from January to May due to aluminum ingot imports. In August, demand is expected to be in the seasonal off - season, with weak aluminum product exports, a decline in the photovoltaic sector, and some downstream production cuts. Overseas demand has declined significantly. Inventory is expected to continue to accumulate slightly in August. The short - term fundamentals are okay, and in the long - term, the domestic supply elasticity decreases [2] Zinc - This week, zinc prices fluctuated widely. On the supply side, the domestic TC has difficulty rising, while the imported TC rises slowly. In August, the smelting increment is further realized. On the demand side, domestic demand weakens seasonally, and overseas, some refineries face production resistance. Domestic social inventory rises, and overseas LME inventory decreases rapidly [5] Nickel - On the supply side, the pure nickel production remains at a high level. On the demand side, it is generally weak, and the premium has been stable recently. The domestic and overseas nickel plate inventories remain stable [8] Stainless Steel - On the supply side, some steel mills have reduced production passively. On the demand side, it is mainly for rigid needs, and some inventory replenishment has increased due to the macro - environment. The prices of nickel iron and chrome iron remain stable. The inventory in Xijiao and Foshan has decreased slightly, and the exchange warehouse receipts remain stable [11] Lead - This week, lead prices declined. On the supply side, the scrap volume is weak year - on - year, and the recycled lead maintains low - level operation. On the demand side, the battery finished - product inventory is high, and the market's peak - season expectation has fallen back to reality. The LME registered warehouse receipts have decreased [12] Tin - This week, tin prices fluctuated widely. On the supply side, the domestic smelting output may decline slightly from July to August, and overseas, the resumption of production signals are released but with recruitment difficulties. On the demand side, the solder elasticity is limited, and the terminal electronics and photovoltaic growth rates are expected to decline. The domestic inventory rises, and the overseas LME inventory is at a low level with a risk of short - squeeze [13] Industrial Silicon - In the short - term, the supply and demand in August have turned to a balanced state, and if either the southwest or Hesheng reaches full production, the monthly balance will quickly turn to surplus. In the long - term, the production capacity is still in significant surplus, and the price is expected to fluctuate at the cycle bottom [16] Lithium Carbonate - In the short - term, due to the resource - end compliance disturbances and the approaching downstream peak season, the price has a large upward elasticity. In the medium - to - long - term, if the resource - end disturbance risk is resolved, the price will still fluctuate at a low level [18]

Core Viewpoint - The company intends to temporarily use part of the idle raised funds to supplement working capital, ensuring that this does not affect the normal progress of its investment projects and complies with regulatory requirements [1][5][6]. Fundraising Basic Situation - The company was approved to issue convertible bonds totaling RMB 1,450 million, with a net amount of RMB 1,447 million after expenses [1]. - The funds are stored in a dedicated account with regulatory agreements in place [1]. Previous Fund Usage and Return - The company previously used RMB 768 million of idle funds to supplement working capital, which was fully returned to the dedicated account by August 6, 2025 [2]. Investment Project Changes - The original investment project was changed from "Annual production of 80,000 tons of small diameter thin-walled efficient heat dissipation copper tubes" to "Annual production of 80,000 tons of precision copper tubes in Thailand" [2]. - The timeline for the "Annual production of 70,000 tons of precision copper alloy bar project" has been extended by 24 months to March 2026 [2]. Current Fund Usage Plan - The company plans to use RMB 600 million of idle convertible bond funds to temporarily supplement working capital for a period not exceeding 12 months [4]. - This usage is strictly for operations related to the company's main business and will not be used for securities investments or other high-risk activities [5]. Approval and Compliance - The plan to use idle funds was approved in the board and supervisory meetings held on August 11, 2025, and complies with relevant regulatory requirements [5][6]. - The sponsor institution has confirmed that the plan will enhance fund efficiency without affecting the investment projects or shareholder interests [5].

1. Report Industry Investment Rating There is no information provided in the content about the report industry investment rating. 2. Core Viewpoints of the Report - For aluminum, due to repeated macro - expectations, the price is expected to remain high in the short term, and future attention should be paid to the development of news and the off - season situation of downstream industries [11] - For zinc, short - term focus should be on macro - sentiment, while in the medium and long term, supply increase will put pressure on the upper limit, and the zinc price is running high, so attention should be paid to the upper - limit pressure [14] - For tin, the short - term situation is one of weak supply and demand, and the downward pressure will increase in the future [16] 3. Summary by Directory 3.1 01 Colored Weekly Market Review - Copper (CU2509): The closing price of the futures main contract on August 8, 2025, was 78,490, a weekly increase of 90 or 0.11%. The spot price was 78,505, a weekly increase of 180 or 0.23% [8] - Aluminum (AL2509): The closing price of the futures main contract was 20,685, a weekly increase of 175 or 0.85%. The spot price was 20,630, a weekly increase of 140 or 0.68% [8] - Zinc (ZN2509): The closing price of the futures main contract was 22,515, a weekly increase of 195 or 0.87%. The spot price was 22,042, a weekly decrease of 144 or - 0.65% [8] - Tin (SN2509): The closing price of the futures main contract was 267,780, a weekly increase of 2,830 or 1.07%. The spot price was 268,250, a weekly increase of 3,500 or 1.32% [8] - Nickel (NI2509): The closing price of the futures main contract was 121,180, a weekly increase of 1,410 or 1.18%. The spot price was 122,190, a weekly increase of 1,230 or 1.02% [8] 3.2 02 This Week's Colored Market Forecast Aluminum - Logic: Last week, the aluminum price was high. The rising expectation of the Fed's interest - rate cut on the macro - level boosted the sentiment and basic metals. Fundamentally, the supply changed little, and the electrolytic aluminum production increased slightly. Affected by the rainy season, the bauxite shipment from Guinea decreased from late June to July, and the import volume is expected to decline starting in August. The domestic bauxite supply has limited increase. The operating rate of domestic aluminum downstream processing leading enterprises increased slightly by 0.1 percentage points to 58.7%. The aluminum cable operating rate remained stable at 61.8%, supported by grid orders, but the industry recovery rhythm was uneven, and the peak - season characteristics were not fully shown. The aluminum foil operating rate decreased slightly to 68.4%, and the industry is expected to continue to shrink. The operating rate of recycled aluminum leading enterprises remained stable at 53.1%, affected by weak off - season demand and high - temperature holidays. As of August 11, the domestic mainstream consumption area's electrolytic aluminum ingot inventory was 587,000 tons, an increase of 23,000 tons compared with last Thursday and last Monday. The uneven arrival of goods caused short - term inventory fluctuations, and the inventory is expected to continue to accumulate in the short term [10] - Viewpoint: The macro - expectation is volatile. The price is expected to remain high in the short term, and future attention should be paid to the development of news and the off - season situation of downstream industries [11] - Later Attention/Market Risks: Attention should be paid to the development of geopolitical crises, the implementation of macro - policies, the situation of supply increase, and the release of consumption [12] Zinc - Logic: Last week, the zinc price fluctuated strongly. The domestic zinc ore processing fee remained stable, and the imported zinc ore processing fee increased. The Shanghai - London ratio fell slightly to around 8.0, and the zinc ingot import window remained closed. The galvanizing operating rate was 57.35%, an increase of 0.57 percentage points from last week. In terms of raw material inventory, some enterprises replenished stocks at low prices at the beginning of the week, and the replenishment sentiment weakened as the zinc price rebounded. The zinc ingot inventory increased slightly. In August, the domestic situation of oversupply and weak consumption will continue, with clear expectations of loose supply and limited improvement in demand due to the off - season. As of August 11, the total inventory of SMM seven - region zinc ingots was 119,200 tons, an increase of 11,900 tons compared with August 4 and 6,000 tons compared with August 7 [13] - Viewpoint: Short - term focus should be on macro - sentiment, while in the medium and long term, supply increase will put pressure on the upper limit, and the zinc price is running high, so attention should be paid to the upper - limit pressure [14] - Later Attention/Market Risks: Attention should be paid to the implementation of macro - policies, the release of mine production, and the release of consumption [15] Tin - Logic: After the mining license in Wa State, Myanmar, was completed, preparations for resuming production are still underway. The market has high expectations for future tin ore output, and a large output is expected at the end of the third quarter and the beginning of the fourth quarter. The operating rates in Yunnan and Guangxi increased slightly, but the processing fee remained low. The smelter's inventory was still low, and the shortage of raw materials was alleviated but still existed. The downstream performance was weaker than in the first half of the year, with signs of decline in the automobile and home - appliance industries. The market is currently in a situation of weak supply and demand [16] - Viewpoint: The short - term situation is one of weak supply and demand, and the downward pressure will increase in the future [16] - Later Attention/Market Risks: Attention should be paid to the resumption of production in Myanmar and the trade policies of various countries [16] 3.3 03 Variety Data Aluminum - Bauxite: The price of domestic high - grade bauxite in Henan remained unchanged at 640 yuan/ton from August 1 to August 8, with a year - on - year increase of 5; the price of domestic low - grade bauxite in Henan remained unchanged at 570 yuan/ton, with a year - on - year increase of 20; the average price of imported bauxite index was 74.1 dollars/ton on August 8, an increase of 0.19 from August 1, with a year - on - year decrease of 1.11. The port - aggregated arrival volume on August 8 was 328,890 tons, a decrease of 136,680 tons from August 1, with a year - on - year decrease of 92,030 tons; the port - aggregated departure volume was 335,170 tons, a decrease of 176,000 tons from August 1, with a year - on - year decrease of 10,350 tons [20][23] - Alumina: The domestic price in Henan remained unchanged at 3,240 yuan/ton from August 1 to August 8, with a year - on - year decrease of 645; the full cost on August 8 was 2,873.7 yuan/ton, an increase of 0.6 from August 1, with a year - on - year increase of 15.6; the profit in Shanxi on August 8 was 291.38 yuan/ton, a decrease of 2.28 from August 1, with a year - on - year decrease of 670.28 [26] - Electrolytic Aluminum: The total cost on August 8 was 16,738.04 yuan/ton, an increase of 8.38 from August 1, with a year - on - year decrease of 928.23; the regional price difference between Foshan and SMM A00 aluminum was - 10 yuan/ton on August 8, a decrease of 10 from August 1, with a year - on - year increase of 50. The operating rate of aluminum cables on August 7 was 61.8, unchanged from July 31, with a year - on - year decrease of 7.2; the operating rate of aluminum foil was 68.4, a decrease of 0.5 from July 31, with a year - on - year decrease of 6.3; the operating rate of aluminum plates and strips was 64, an increase of 0.8 from July 31, with a year - on - year decrease of 6.4; the operating rate of aluminum profiles was 49.5, a decrease of 0.5 from July 31, with a year - on - year decrease of 1.7; the operating rate of primary aluminum alloy was 55.6, an increase of 1 from July 31, with a year - on - year increase of 0.6; the operating rate of recycled aluminum alloy was 53.1, unchanged from July 31, with a year - on - year decrease of 0.3. The bonded - area inventory in Shanghai on August 7 was 91,300 tons, an increase of 2,800 tons from July 31, with a year - on - year increase of 52,300 tons; the total bonded - area inventory was 111,300 tons, an increase of 3,800 tons from July 31, with a year - on - year increase of 68,100 tons; the social inventory on August 11 was 587,000 tons, an increase of 23,000 tons from August 4, with a year - on - year decrease of 242,000 tons; the weekly outbound volume of aluminum ingots in major consumption areas on August 4 was 110,700 tons, an increase of 18,200 tons from July 28, with a year - on - year decrease of 2,900 tons. The SHFE inventory on August 8 was 113,614 tons, a decrease of 3,913 tons from August 1, with a year - on - year decrease of 177,784 tons; the LME inventory was 470,575 tons, an increase of 7,775 tons from August 1, with a year - on - year decrease of 440,375 tons. The basis of SMM A00 aluminum for the current month on August 8 was - 45 yuan/ton, an increase of 15 from August 1, with a year - on - year increase of 65; the basis for the main contract was - 35 yuan/ton, a decrease of 45 from August 1, with a year - on - year increase of 130; the basis for the third - consecutive contract was 40 yuan/ton, a decrease of 60 from August 1, with a year - on - year increase of 285. The basis of SMM A00 aluminum in Foshan for the current month on August 8 was - 55 yuan/ton, an increase of 5 from August 1, with a year - on - year increase of 95; the basis for the main contract was - 45 yuan/ton, a decrease of 55 from August 1, with a year - on - year increase of 160; the basis for the third - consecutive contract was 30 yuan/ton, a decrease of 70 from August 1, with a year - on - year increase of 315. The spread between the current month and the main contract of Shanghai Aluminum on August 8 was 10 yuan/ton, a decrease of 60 from August 1, with a year - on - year increase of 50; the spread between the current month and the third - consecutive contract was 85 yuan/ton, a decrease of 75 from August 1, with a year - on - year increase of 215 [28][32][38] Zinc - Zinc Concentrate: The price of domestic zinc concentrate on August 8 was 17,020 yuan/metal ton, an increase of 36 from August 1, with a year - on - year decrease of 2,714; the domestic zinc concentrate processing fee was 3,900 yuan/metal ton, an increase of 100 from August 1, with a year - on - year increase of 2,450; the imported zinc concentrate processing fee was 82.25 dollars/dry ton, an increase of 3.5 from August 1. The enterprise production profit on August 8 was 4,020 yuan/metal ton, an increase of 36 from August 1, with a year - on - year decrease of 1,962; the import profit and loss was - 1,414.51 yuan/ton, a decrease of 641.55 from August 1, with a year - on - year decrease of 1,800.84; the inventory of imported zinc concentrate in Lianyungang on August 8 was 100,000 physical tons, an increase of 10,000 from August 1, with a year - on - year increase of 80,000 [55][58] - Refined Zinc: The social inventory of zinc ingots in SMM seven regions on August 11 was 119,200 tons, an increase of 11,900 tons from August 4, with a year - on - year decrease of 17,900 tons; the bonded - area inventory of zinc ingots on August 7 was 7,000 tons, unchanged from July 31, with a year - on - year decrease of 1,000 tons; the SHFE refined zinc inventory on August 8 was 65,917 tons, an increase of 4,193 tons from August 1, with a year - on - year decrease of 21,551 tons; the LME zinc inventory on August 8 was 81,500 tons, a decrease of 19,325 tons from August 1, with a year - on - year decrease of 160,525 tons [61] - Galvanizing: The output on August 7 was 331,050 tons, a decrease of 7,030 tons from July 31, with a year - on - year decrease of 16,525 tons; the operating rate was 57.35, an increase of 0.58 from July 31, with a year - on - year decrease of 1.28; the raw - material inventory on August 7 was 13,570 tons, an increase of 310 from July 31, with a year - on - year decrease of 435 tons; the finished - product inventory was 352,400 tons, an increase of 8,500 tons from July 31, with a year - on - year decrease of 115,800 tons [64] - Zinc Basis: The basis of SMM 0 zinc ingot for the current month on August 8 was - 30 yuan/ton, a decrease of 40 from August 1, with a year - on - year decrease of 160; the basis for the main contract was - 45 yuan/ton, a decrease of 25 from August 1, with a year - on - year decrease of 155; the basis for the third - consecutive contract was - 55 yuan/ton, an increase of 30 from August 1, with a year - on - year decrease of 275. The spread between the current month and the main contract of Shanghai Zinc on August 8 was - 15 yuan/ton, an increase of 15 from August 1, with a year - on - year increase of 5; the spread between the current month and the third - consecutive contract was - 25 yuan/ton, an increase of 10 from August 1, with a year - on - year decrease of 115 [67][68] Tin - Refined Tin: The combined output of Yunnan and Jiangxi provinces on August 8 was 0.289 million tons, an increase of 0.002 from the previous week, with a year - on - year decrease of 0.02; the combined operating rate was 59.64%, an increase of 0.41 from the previous week, with a year - on - year decrease of 4.13 [74] - Tin Ingot Inventory: The total SHFE tin ingot inventory on August 8 was 7,805 tons, an increase of 134 from the previous week, with a year - on - year decrease of 3,017; the social inventory of tin ingots in different regions of China was 10,2

Report Industry Investment Ratings - Copper: ★☆☆ (One star represents a bullish/bearish bias, with a driving force for price increase/decrease, but limited operability in the market) [1] - Aluminum: ★★★ (Three stars represent a clearer bullish/bearish trend and a relatively appropriate investment opportunity) [1] - Alumina: ★★★ [1] - Cast Aluminum Alloy: ★★★ [1] - Zinc: ★☆☆ [1] - Lead: ★★★ [1] - Nickel and Stainless Steel: ★☆☆ [1] - Tin: Not specified [1] - Lithium Carbonate: ★★★ [1] - Industrial Silicon: ★☆☆ [1] - Polysilicon: ★★★ [1] Core Views - The copper market lacks a clear guiding thread, with some underground copper mines in Chile resuming operations and waiting for the impact of tariffs. Hold short positions in the 2508 contract [2]. - The aluminum market shows narrow fluctuations, with the social inventory of aluminum ingots and bars increasing. The market is in a short - term shock, with resistance at 21,000 yuan. Cast aluminum alloy follows the trend of Shanghai aluminum, and the aluminum oxide market is in a state of surplus [3]. - The zinc market is pulled up by the external market due to continuous inventory reduction in LME zinc and increasing expectations of a Fed rate cut in September. The zinc price is expected to face resistance during the rebound [4]. - The lead market has insufficient fundamental contradictions. The supply and demand situation is complex, and it is advisable to hold long positions near 16,600 yuan/ton [6]. - The nickel and stainless - steel market is in the middle - to - late stage of a rebound, and it is recommended to enter short positions [7]. - The tin market is in a volatile state, and it is advisable to wait and see or take short - term long positions [8]. - The lithium carbonate market has a daily limit on Monday. The shutdown of a mining area in Jiangxi Yichun by CATL has affected the market, and the downstream is actively restocking [9]. - The industrial silicon market has significant supply pressure, and it is expected to show short - term shocks [10]. - The polysilicon market has a limited upward push in spot prices, and the trend may maintain a range - bound shock [11]. Summary by Metal Copper - Monday, Shanghai copper continued its upward trend in the session, with spot copper at 79,150 yuan and flat - water copper at a premium of 110 yuan/ton. Some underground copper mines in Chile resumed operations, and the market is waiting for the impact of tariffs. Hold short positions in the 2508 contract [2]. Aluminum & Alumina & Aluminum Alloy - Shanghai aluminum fluctuated narrowly, with the East China spot at a discount of 50 yuan. The social inventory of aluminum ingots increased by 23,000 tons and aluminum bars by 4,000 tons. The market is in a short - term shock, with resistance at 21,000 yuan. Cast aluminum alloy followed the trend of Shanghai aluminum, with a stable spot price of 19,800 yuan. Alumina is in a state of surplus, with limited downward space [3]. Zinc - LME zinc continued to reduce inventory, and the external market pulled up the domestic market. The term structure of zinc has flattened, and the inventory has increased. The zinc price is expected to face resistance during the rebound, and it is advisable to wait for short - selling opportunities above 23,500 yuan/ton [4]. Lead - The lead market has insufficient fundamental contradictions, with funds mainly reducing positions. The supply and demand situation is complex, and the social inventory continues to decline. It is advisable to hold long positions near 16,600 yuan/ton and pay attention to the maintenance rhythm of primary lead smelters in late August [6]. Nickel and Stainless Steel - Shanghai nickel rebounded, and the market trading was active. The upstream price support has weakened significantly. The inventory situation is complex, and it is recommended to enter short positions as the market is in the middle - to - late stage of a rebound [7]. Tin - Shanghai tin fluctuated and closed up, with spot tin at 268,000 yuan and a premium of 600 yuan to the delivery month. The social inventory decreased slightly last week. It is advisable to wait and see or take short - term long positions [8]. Lithium Carbonate - The lithium carbonate futures price had a daily limit on Monday. A mining area in Jiangxi Yichun by CATL shut down, and the downstream actively restocked. The total market inventory decreased slightly, and the price structure shows a weak near - month trend [9]. Industrial Silicon - Industrial silicon rose slightly, with stable spot prices. The market has significant supply pressure, and it is expected to show short - term shocks as the expected increase in downstream demand is less than that of industrial silicon [10]. Polysilicon - Polysilicon futures rebounded after reaching above 49,000 yuan/ton, and the spot price increase was limited. The downstream component price decreased, and the trend may maintain a range - bound shock [11].

（编辑 李家琪） 证券日报网讯 8月11日晚间，鑫科材料发布公告称，2025年8月11日，公司与华夏银行芜湖分行签署了 《最高额保证合同》，为控股子公司鑫科铜业与华夏银行芜湖分行于2025年8月11日至2026年6月27日期 间基于主合同连续发生的多笔债权在最高债权额限度内提供连带责任保证担保，担保最高债权额为人民 币6，000万元，保证期间为三年，上述担保不存在反担保。截至本公告日，公司实际为鑫科铜业提供的 担保余额为134，626万元（含此次签订的担保合同人民币6，000万元），鑫科铜业其他股东未向鑫科铜 业提供担保。 ...