Group 1 - The core viewpoint of the articles indicates that the trade war initiated by President Trump has failed, with recent agreements seen as a retreat rather than a victory for the U.S. [1] - The U.S. has agreed to significantly reduce tariffs on Chinese goods, with a notable increase of 300% in container bookings from China, indicating a strong recovery in trade activities [1] - The joint statement from the U.S. and China announced the cancellation of 91% of the imposed tariffs and a 90-day suspension of 24% "reciprocal tariffs," marking a substantial easing of tensions [1][3] Group 2 - China has emphasized the importance of controlling strategic mineral exports and has taken measures to address smuggling issues, indicating a cautious approach despite the tariff reductions [3] - The language used in the joint statement reflects a mutual understanding and respect, suggesting a shift towards cooperation rather than confrontation in trade relations [3] - The U.S. business community is calling for further tariff reductions, particularly regarding the 20% tariff on Chinese goods related to fentanyl, but there are political tensions surrounding this issue [5] Group 3 - The unpredictable nature of U.S. tariff policies under Trump has created significant uncertainty for U.S.-China trade, leading businesses to adopt a cautious stance when accepting large orders from the U.S. [6] - The Federal Reserve is facing challenges in predicting economic and inflation trends due to the fluctuating policies, with Trump urging for interest rate cuts to mitigate inflation caused by tariffs [6]

Core Viewpoint - The ongoing trade negotiations between China and the U.S. reveal a complex interplay of tariffs and resource control, particularly concerning rare metals, which are critical for modern industries and military applications [1][3][5]. Group 1: Tariff and Trade Dynamics - The U.S. has canceled 91% of tariffs on Chinese imports, but retains a 10% "base tariff" on key sectors like semiconductors, indicating a strategic approach to maintain leverage in technology [3]. - China's rare earth exports have significantly decreased, with a 37% year-on-year drop in the first four months of 2025, and exports of tungsten to the U.S. have reached zero [3][5]. - The trade negotiations are not merely about tariffs but represent a broader "resource war," where control over rare metals is seen as crucial for technological and military supremacy [3][5]. Group 2: Strategic Importance of Rare Metals - Rare metals such as tungsten, tellurium, and indium are essential for various high-tech applications, including military hardware and renewable energy technologies [5][9]. - China holds a dominant position in the global supply of these metals, with 72% of tungsten, 83% of rare earths, and 95% of indium reserves, giving it significant leverage in negotiations [5][9]. - The strategic value of these metals is underscored by their critical roles in advanced military systems, such as the guidance systems of intercontinental missiles and components of fighter jets [5][9]. Group 3: Future Resource Strategies - China is implementing a comprehensive strategy to secure its resource supply chain, including establishing strategic reserves and controlling the entire production process from mining to processing [9]. - The country is actively investing in overseas mining operations to ensure a steady supply of critical materials, which could further enhance its bargaining power in future negotiations [9]. - The ongoing developments suggest that while tariffs may be paused, the underlying competition for resource control will continue to intensify, impacting global supply chains and geopolitical dynamics [1][9].

Core Viewpoint - As of May 19, 2025, Zhongmin Resources (002738) closed at 29.87 yuan, experiencing a 0.5% decline, with a trading volume of 49,400 shares and a total transaction amount of 147 million yuan [1] Trading Information Summary - On May 19, the capital flow for Zhongmin Resources indicated a net outflow of 5.8821 million yuan from main funds, accounting for 4.0% of the total transaction amount; a net inflow of 7.7749 million yuan from speculative funds, representing 5.28% of the total transaction amount; and a net outflow of 1.8928 million yuan from retail investors, making up 1.29% of the total transaction amount [2][4] Company Announcement Summary - The sixth board of directors of Zhongmin Resources held its 17th meeting on May 19, 2025, where two proposals were approved: 1. The proposal to establish a management system for commodity futures options and derivative hedging business aimed at mitigating risks from price fluctuations of raw materials and finished products, which was unanimously approved by all directors [3][5] 2. The proposal to conduct copper commodity futures options and derivative hedging business, which will allow the company and its subsidiaries to engage in hedging activities with a total limit not exceeding 100 million yuan, and a maximum contract value of 500 million yuan per trading day, with the authorization valid for 12 months from the date of approval [5]

稀土 vs 钨，哪家强？20250519 摘要 • 工业金属估值偏低，铜铝价格虽已恢复至年初水平，但股票标的估值仍有 提升空间，铝标的业绩在 8 倍左右波动，铜标的则在 11 倍左右波动，可 考虑适度加仓。 • 能源金属中，钴的投资价值优于锂。受刚果金出口管制预期影响，钴价或 将上涨，建议关注华友钴业、丽清、盛屯矿业等标的。锂价受澳矿成本下 移影响预计将持续承压。 • 黄金价格中期逻辑不变，美元信用崩塌是其上涨本质。预计六月份可能迎 来向上突破，建议逢低配置黄金，关注赤峰黄金、山金国际、万国黄金、 灵宝黄金等标的。 • 新材料板块受关税影响回调后修复机会较大，具备供应链优势的优质新材 料公司值得关注，如博威合金、云路股份。战略矿产资源价值评估是小金 属投资主线，稀土磁材、钨、钼等品种值得关注。 • 稀土资源走势强劲，受益于中美关税缓和及供需格局支撑。稀土开采冶炼 指标尚未下发，下游补库情绪增强，进口矿供应受限，有望推动稀土产业 链发展。 Q&A 请问工业金属市场目前的情况如何？ 工业金属市场目前处于强现实和弱预期之间。铜和铝的基本面非常强劲，尽管 4 月 2 日关税超预期导致价格下跌，但随着市场风险偏好的提升 ...

Investment Rating - The report maintains an "Overweight" rating for the lithium and cobalt industry [2][5]. Core Insights - The report highlights a return to weak realities from strong expectations in the cobalt and lithium markets, with prices rebounding before retreating [14][15]. - The easing of US-China trade relations is expected to buffer the downward trend in lithium prices, although the overall market remains cautious [14][15]. - Cobalt market dynamics are characterized by a tightening supply and a cautious outlook from industry players, with many adopting a wait-and-see approach [16]. Summary by Sections 1. Cycle Assessment - The lithium sector is experiencing a slight price decline, with the Wuxi 2507 contract down 1.57% to 62,600 CNY/ton, and the Guangxi 2507 contract down 1.94% to 61,800 CNY/ton [14]. - Lithium concentrate prices have decreased to 712 USD/ton, down 13 USD/ton from the previous period [14]. - Recommended stocks for overweight positions include Zhongmin Resources, Yahua Group, Cangge Mining, Ganfeng Lithium, Keda Manufacturing, and Tibet Mining [14]. 2. Company and Industry Dynamics Tracking - The report notes significant developments in the industry, including a major discovery at the Tamarack copper-nickel project in Minnesota [19]. - The International Cobalt Institute predicts a shift to a cobalt shortage by the early 2030s, driven by demand growth outpacing supply [19]. - Salt Lake Co. has signed a project cooperation letter indicating a potential investment of around 300 million USD in Highfield Resources [19]. 3. Key Data: New Energy Material Production, Imports, and Metal Prices - Domestic production of lithium carbonate and lithium hydroxide saw a month-on-month decline in April [20]. - Lithium carbonate production decreased by 7% month-on-month but increased by 40% year-on-year [22]. - Cobalt sulfate production increased by 11% month-on-month and 48% year-on-year [23]. - The average price of battery-grade lithium carbonate fell by 2.15% to a range of 66,100-64,600 CNY/ton [57]. 4. Listed Company Profit Forecasts - Ganfeng Lithium is projected to have a PE ratio of 86.06 for 2025, while Tianqi Lithium is rated cautiously with a PE of 58.30 for 2025 [94]. - Huayou Cobalt is rated for an overweight position with a PE of 11.79 for 2025 [94].

Core Viewpoint - Bismuth prices are rapidly increasing due to China's export controls, which have led to a significant supply shortage in the market, particularly affecting the electronics and medical industries [1][3]. Group 1: Price Increase and Supply Control - Bismuth prices in Europe have surged to approximately $45 per pound, up from just over $6 in late January, marking a sevenfold increase [1][3]. - China's share in global bismuth production is 81%, and the country has implemented export controls that resulted in zero exports of unprocessed bismuth in March [3]. - The export control measures were initiated as a response to U.S. tariffs, with a reported 80% decrease in unprocessed bismuth exports in February compared to the previous month [3]. Group 2: Market Reactions and Alternatives - The market is currently relying on existing inventories to meet demand, and there are discussions about sourcing bismuth from countries outside of China to mitigate supply risks [3]. - Japan, which accounts for 3% of global bismuth production, is considering increasing its output to satisfy demand [3]. Group 3: Broader Export Control Trends - China is tightening export controls on various critical minerals, including gallium and germanium, with plans to extend these measures to antimony and certain rare earths in the coming years [4]. - The tightening of export controls is raising concerns among market participants about potential rapid price increases for related resources [4]. Group 4: Bismuth in Other Applications - Bismuth is also popular in the mineral collecting community due to its unique crystallization properties and rainbow-like appearance when heated and cooled [5]. - There is a growing interest in home-based bismuth crystal production, with materials available for purchase online, although current prices for ornamental bismuth have not yet increased [6].

Economic Overview - In Q1 2025, China's economy continued to recover, with multiple indicators showing better-than-expected performance, driven by strong domestic demand and resilient external demand [2][11][15] - Henan Province's GDP reached 14,945.58 billion, growing by 5.9% year-on-year, outperforming both 2023 and 2024 [21][26] - The province's industrial production saw a significant increase, with industrial added value growing by 8.8%, supported by strong performance in mining and manufacturing sectors [22][26] Industrial Performance - The industrial sector in Henan showed robust growth, particularly in high-tech manufacturing and export-related industries, with notable increases in electrical machinery and automotive manufacturing [22][26] - The province's industrial enterprises reported a sales rate of 92.9%, with export delivery values rising by 31.4%, indicating a temporary boost from "export rush" effects [22][26] Consumer Market - Henan's retail sales of consumer goods reached 7400.54 billion, marking a 7.0% year-on-year increase, driven by strong demand in essential goods and new policy initiatives [23][26] - The growth in retail sales was particularly pronounced in food and beverage categories, as well as in electronics and home appliances, reflecting a recovery in consumer spending [23][26] Investment Trends - Fixed asset investment in Henan grew by 5.4%, with industrial investment maintaining double-digit growth at 21.9%, primarily focused on equipment upgrades and industrial upgrades [24][26] - Real estate development investment declined by 7.5%, but there were signs of recovery in new housing sales and funding availability, indicating a potential rebound in the real estate market [24][26] Trade and External Relations - Henan's foreign trade saw a remarkable increase, with total import and export value reaching 2042.6 billion, up 28.0% year-on-year, making it the third fastest-growing province in the country [25][26] - The province's exports of electromechanical and high-tech products showed significant growth, with key trading partners including ASEAN, EU, and the US [25][26] Policy Environment - In April 2025, various policies were introduced to enhance consumption and investment, including measures to stabilize prices and promote urban renewal projects [31][36] - The Henan provincial government launched initiatives to strengthen key industries and improve economic recovery, focusing on sectors such as medical equipment and rural development [36][38]

投资者活动记录表 编号：2025-012 | | □特定对象调研 □分析师会议 | | --- | --- | | 投资者关 | □媒体采访 □业绩说明会 | | 系活动类 | □新闻发布会 □路演活动 | | 别 | √现场参观 □电话会议 | | | □其他： （请文字说明其他活动内容） | | 参与单位 | | | 名称及人 | 中国银河证券（石嘴山朝阳西街证券营业部）负责人陈广和投资者共计 19 人 | | 员姓名 | | | 时间 | 2025年5月15日下午15:00-16:00 | | 地点 | 宁夏东方钽业股份有限公司 | | 公司接待 | 证券事务代表：党丽萍、证券部员工：孙立喆 | | 人员姓名 | | | 投资者关 | 为进一步活跃市场，提振投资者信心，践行以人民为中心的发展思想，促 | | 系活动主 | 进上市公司高质量发展。5 月 15 日，中国银河证券开展"砥砺奋发新征程， | | | 投教服务再出发"主题活动走进东方钽业。证券事务代表党丽萍女士带领投资 | | 要内容介 | 者参观了公司展厅和部分生产分厂，并向投资者介绍了公司的基本情况、主要 | | 绍 | 产品及应用、未来发展 ...

盛和资源控股股份有限公司 董事会议事规则 （尚需提交股东大会审议） 第一条 宗旨 为了进一步规范本公司董事会的议事方式和决策程序，促使董事和董事会有 效地履行其职责，提高董事会规范运作和科学决策水平，根据《公司法》、 第三条 定期会议 董事会会议分为定期会议和临时会议。 《证券 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 第二条 董事会办公室 董事会下设董事会办公室，处理董事会日常事务。 董事会秘书兼任董事会办公室负责人，证券事务代表保管董事会印章。 董事会每年应当至少在上下两个半年度各召开一次定期会议。 第四条 定期会议的提案 在发出召开董事会定期会议的通知前，董事会办公室应当充分征求各董事的 意见，初步形成会议提案后交董事长拟定。 董事长在拟定提案前，应当视需要征求总经理和其他高级管理人员的意见。 第五条 临时会议 第六条 临时会议的提议程序 按照前条规定提议召开董事会临时会议的，应当通过董事会办公室或者直接 向董事长提交经提议人签字（盖章）的书面提议。书面提议中应当载明下列事项： （五）提议人的联系方式和提议日期等。 提案内容应当属于本公司《公司章程》规定的董事会 ...

Group 1 - The independent directors' special meeting of Xiamen Xatong New Energy Materials Co., Ltd. was held on May 14, 2025, via communication, with all three independent directors present [1] - The meeting's resolutions were deemed legal and effective, complying with relevant laws and regulations [1] - The first resolution approved was the acquisition of the relevant business asset group from Xiamen Tungsten Co., Ltd.'s Haicang branch, with a unanimous vote of 3 in favor [1] Group 2 - The second resolution approved was the acquisition of a 47% stake in Ganzhou Haopeng Technology Co., Ltd. from Xiamen Tungsten Co., Ltd., also with a unanimous vote of 3 in favor [2] - Independent directors believe these transactions will help implement the company's strategic planning, improve the industrial chain layout, and enhance overall competitiveness and sustainability [2] - Both transactions were confirmed not to harm the interests of the company or other shareholders, particularly minority shareholders [2]