Group 1 - The metal lead concept increased by 2.55%, ranking third in concept sector gains, with 28 stocks rising, including Zhuhai Group and Jinhui Co., which hit the daily limit [1] - Leading gainers in the metal lead sector included Xiyu Co. (5.95%), Tibet Zhufeng (4.86%), and Western Mining (4.60%) [1] - The top decliners were Chifeng Gold (-1.78%), Shanjin International (-0.94%), and Hunan Gold (-0.90%) [1] Group 2 - The metal lead concept saw a net inflow of 0.21 billion yuan, with 14 stocks receiving net inflows, and 5 stocks exceeding 30 million yuan in net inflows [2] - Xiyu Co. led the net inflow with 1.83 billion yuan, followed by ST Shengtun (597.97 million yuan) and Zhuhai Group (493.65 million yuan) [2] - The net inflow ratios for Jinhui Co. (37.62%), Xiyu Co. (15.00%), and ST Shengtun (11.19%) were the highest in the sector [3] Group 3 - The trading performance of stocks in the metal lead sector showed significant variations, with Jinhui Co. and Xiyu Co. having notable turnover rates of 0.73% and 4.85% respectively [3] - Other stocks like Western Mining and Chifeng Gold experienced declines in net inflow, indicating potential selling pressure [5] - The overall market sentiment in the metal lead sector appears positive, with several stocks achieving substantial gains amidst mixed performances [1][2]

Core Viewpoint - The company announced a cash dividend distribution of CNY 0.13 per share for the fiscal year 2024, approved at the annual shareholders' meeting on April 22, 2025 [1][2][3] Dividend Distribution Details - The cash dividend of CNY 0.13 per share is applicable to all shareholders registered by the close of trading on June 18, 2025, with the ex-dividend date set for June 19, 2025 [1][3] - The total number of shares eligible for the dividend distribution is 5,054,650,083 shares, resulting in a total cash dividend payout of approximately CNY 657.1 million (including tax) [2][3] Taxation Information - For individual shareholders holding shares for more than one year, the dividend income is exempt from personal income tax. For those holding shares for one year or less, the company will not withhold tax at the time of distribution [4][5] - The actual cash dividend received by QFII shareholders after a 10% withholding tax will be CNY 0.117 per share [5] - For Hong Kong investors through the "Shanghai-Hong Kong Stock Connect," the cash dividend will also be subject to a 10% withholding tax, resulting in an actual distribution of CNY 0.117 per share [5] Implementation Method - The company will distribute the cash dividends through its clearing system to shareholders who have registered by the ex-dividend date. Shareholders who have not completed designated transactions will have their dividends held by China Securities Depository and Clearing Corporation Limited until the transaction is completed [3][4]

Core Insights - The monthly prosperity index for China's lead-zinc industry in May is reported at 35.4, an increase of 4.4 points from April, indicating a stabilization and recovery trend within the "normal" range [1][3] - The leading index reached 76.7, up 3.3 points from April, marking a new high for 2024, suggesting a stable development foundation for the lead-zinc industry [1][7] Industry Performance Indicators - The lead-zinc market price index decreased by 8.8 points in May compared to April, influenced by international market speculation and slow consumer recovery, although terminal replenishment demand is gradually starting [8] - The M2 money supply index increased to 55.2, up 2.7 points from April, indicating stable growth without significant fluctuations, supporting the lead-zinc industry's development [8] - The production index for lead-acid batteries rose significantly by 23.6 points in May, driven by increased demand in electric vehicles and backup power sectors as the traditional consumption peak season approaches [8] - The galvanized sheet production index remained stable, reflecting consistent demand from downstream industries, with infrastructure projects boosting zinc usage despite the sluggish real estate sector [8] - The lead-zinc ore import index rose to 139.1, up 28.6 points year-on-year, as domestic smelters increased overseas procurement to address raw material shortages [8] - Fixed asset investment index increased by 12.3 points in May, ending a two-month decline, as companies ramped up investments in environmental management and smart upgrades [9] - The production index slightly declined by 18.1 points, attributed to seasonal maintenance in some lead-zinc mines, but smelting remained stable, meeting domestic consumption needs [9] - The main business revenue index increased by 16.7 points, indicating significant improvement in the overall revenue situation of the lead-zinc industry, while the profit total index rose by 1.4 points, reflecting effective cost control and product structure optimization [9] Future Outlook - With ongoing national economic growth policies, the lead-zinc industry prosperity index is expected to continue operating within the "normal" range in Q2 2025, indicating a potential mild recovery [10]

Investment Rating - The report rates the non-ferrous metals industry as "Positive" for 2024 [4] Core Insights - The non-ferrous metals industry is expected to see profit improvement in 2024, with the characteristic of "resource supremacy" becoming more pronounced. Supply from the mining sector remains rigid, while companies are cautious with capital expenditures amid increasing macroeconomic volatility and export policy restrictions from various countries, leading to enhanced supply constraints. The demand side shows a fragmented demand landscape under the backdrop of de-globalization, with re-industrialization in Europe and the US and economic growth in emerging markets being the main demand drivers. Revenue and net profit for the non-ferrous sector are projected to grow slightly, indicating a gradual improvement in industry prosperity. Resource-based companies, particularly in copper, gold, aluminum, tin, and tungsten, are expected to perform better, with a growing focus on resource scarcity and strategic importance [19][22][26]. Summary by Sections 1. Industry Overview - The non-ferrous metals sector is projected to achieve a revenue of CNY 3.47 trillion in 2024, representing a year-on-year growth of 5.86%, and a net profit of CNY 138.41 billion, reflecting a slight increase of 1.77% [22][26]. 2. Market Dynamics - The report highlights that industrial metals experienced significant price fluctuations due to US trade tariffs in early April, but prices have since rebounded as negotiations exceeded market expectations. Small metals continue to perform well, with tungsten prices reaching new highs amid strengthened domestic export controls [20][21]. 3. Policy Changes - Domestic measures to tighten resource export controls have been noted, alongside international collaborations for mineral investment and development. Key actions include China's crackdown on strategic mineral smuggling, Australia's commitment to establishing strategic reserves for critical minerals, and various agreements between countries to enhance mining cooperation [20][21]. 4. Company Performance - Chinese listed copper companies have shown a significant increase in resource and reserve volumes, with a 27% year-on-year increase in resource volume and a 25% increase in reserves. Notable companies like Zijin Mining and Minmetals Resources have made substantial acquisitions and exploration investments to secure resource safety [22][28][32].

罗平锌电（002114）公告，2025年第一季度营业收入1.85亿元，同比下降53.55%。净亏损4500.88万 元，去年同期净亏损2952.6万元。 ...

Group 1 - The metal lead concept increased by 3.32%, ranking 10th among concept sectors, with 28 stocks rising, including Huayu Mining, Huaxi Nonferrous, and ST Shengtun hitting the daily limit [1] - Notable gainers in the lead sector included Chifeng Gold, Hunan Silver, and Luoping Zinc Electric, which rose by 7.35%, 7.30%, and 5.26% respectively [1] - The leading decliners were Wolong Real Estate and Western Mining, which fell by 1.04% and 0.92% respectively [1] Group 2 - The lead concept sector saw a net inflow of 1.179 billion yuan, with 20 stocks receiving net inflows, and 6 stocks attracting over 50 million yuan [2] - Zijin Mining led the net inflow with 322 million yuan, followed by Chifeng Gold, Huayu Mining, and Western Mining with net inflows of 188 million yuan, 150 million yuan, and 144 million yuan respectively [2] - The top stocks by net inflow ratio included Huaxi Nonferrous, ST Shengtun, and Sierte, with net inflow ratios of 22.04%, 19.77%, and 13.42% respectively [3] Group 3 - The trading performance of key stocks in the lead sector showed significant activity, with Huaxi Nonferrous and ST Shengtun achieving notable trading volumes and net inflow ratios [3][4] - Chifeng Gold and Hunan Silver also demonstrated strong trading performance with respective trading volumes of 187.92 million yuan and 4005.81 million yuan [4] - The overall market sentiment in the lead sector appears positive, as indicated by the substantial net inflows and rising stock prices [2][3]