is Dentons' Preferred Law Firm in China ( ) www.dentons.cn · - 5 Xishan District, Kunming City Tel: 86 871-64326335 根据《中华人民共和国证券法》（以下简称"《证券法》"）、《中华人民共 和国公司法》（以下简称"《公司法》"）和中国证券监督管理委员会《上市公司 股东会规则》（以下简称"《股东会规则》"）等法律、法规和其他有关规范性 文件的要求，以及《云南铜业股份有限公司章程》（以下简称"《公司章程》"）、 《云南铜业股份有限公司股东大会议事规则》（以下简称"《议事规则》"）等 有关规定，北京大成（昆明）律师事务所（以下简称"本所"）接受云南铜业股 份有限公司（以下简称"公司"）的委托，指派律师参加公司 2025 年第二次临 时股东大会（以下简称"本次股东大会"）。 本所声明：本所律师仅对本次股东大会的召集程序、召开程序、出席会议人 员资格、召集人资格、表决程序及表决结果发表法律意见，并不对本次股东大会 所审议的议案、议案所涉及的数字及内容发表意见。本所律师同意将本法律意见 书随本次股东大会其他信息 ...

Core Points - Yunnan Copper Co., Ltd. held its first meeting of the 10th Board of Directors, where several key resolutions were passed, including the election of new board members and committee members [1][2][3][4][5][6][7][8]. Group 1: Board Elections - The board approved the election of Mr. Kong Desong as the Chairman of the 10th Board of Directors with unanimous support [1]. - Mr. Sun Chengyu was elected as the Vice Chairman of the 10th Board of Directors, also receiving unanimous support [2]. - The board established various specialized committees, including the ESG Committee, Audit and Risk Management Committee, Nomination Committee, Compensation and Assessment Committee, and Compliance Committee, all with unanimous approval [2][3][4]. Group 2: Management Appointments - Mr. Sun Chengyu was appointed as the General Manager of the company, effective immediately upon board approval [4][5]. - Mr. Gao Hongbo was appointed as the Chief Financial Officer and Secretary of the Board, with his term aligned with the current board's term [5][6]. - Additional appointments included Mr. Yang Wei and Mr. Feng Xinglong as Deputy General Managers, and Mr. Yuan Mingli as the Chief Legal Counsel, all receiving unanimous support [5][6][7]. Group 3: Compliance and Governance - The board confirmed that the number of senior management personnel serving as directors does not exceed half of the total number of directors, complying with relevant regulations [5][6]. - All appointed individuals have no conflicts of interest with major shareholders or other board members, ensuring compliance with corporate governance standards [8][9][10][11][12][13][14][15].

本公司董事会、全体董事及相关股东保证本公告内容不存在任何虚假记载、 误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： ? 已披露增持计划情况：宝鸡钛业股份有限公司（以下简称"公司"）于 （公告编号： 心 ， 公 司控股股 东 宝钛 集团有限公司 （以下 简称"宝钛 集团"）计 划自该 增持计划公告披露之日起 6 个月内，通过上海证券交易所交易系统以集中 竞价交易方式增持公司 A 股股票，增持金额不低于 1.5 亿元且不超过 3 亿 元人民币，增持比例不低于公司总股本的 1%且不超过公司总股本的 2%。 ? 增持计划的实施进展情况：宝钛集团于 2025 年 6 月 13 日通过上海证券 交易所系统以集中竞价方式实施了首次增持，共增持本公司 50 万股 A 股股份， 占公司总股本的比例约为 0.104651%，对应增持金额为 14,964,345 元（不含交 易费用），本次增持计划尚未实施完毕。 ? 风险提示：本次增持计划实施可能存在因资本市场情况发生变化或目前 尚无法预判的其他风险因素导致增持计划的实施无法达到预期的风险。 一、增持主体的基本情况 | 增持主体名称 | 宝 ...

有色商品日报 有色商品日报（2025 年 6 月 13 日） 一、研究观点 镍 格暂时表现坚挺，国内镍铁成交价格有小幅反弹迹象，但大厂招标价格维持 940 元/镍 点。不锈钢方面来看，原料价格持稳，供应端国内及印尼方面均有减产，但全国主流市 场不锈钢 89 仓库口径社会总库存 114.55 万吨，周环比上升 2.07%，需求疲软压制，供 应调节供需平衡仍需时间。新能源方面，品种价格表现平稳，6 月需求排产难有大量新 增。一级镍方面，6 月供应环比延续下降，国内周度库存去化。综合来看，原料成本坚 挺为托底，一级镍去库，但向上受到下游需求制约，整体仍篇震荡运行，关注镍矿升水 和一级镍库存表现。 请务必阅读正文之后的免责条款部分 EVERBRIGHT FUTURES 2 有色商品日报 | 仓减仓 手；现货方面，SMM 氧化铝价格回落至 3259 元/吨。铝锭现货升 | | 721 至 10141 | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 水扩至 元/吨，对无锡 200 | 90 | 元/吨。佛山 | ...

Report Industry Investment Rating The provided reports do not mention industry investment ratings. Core Views Nickel - Yesterday, the Shanghai nickel futures market weakened, with the main contract breaking below the 120,000 support level. Macro - wise, the news was relatively calm, and the policy remained uncertain. The market expected the Fed to cut interest rates in the second half of the year. On the industrial side, spot prices fell, and trading was mediocre. In the medium - term, supply was expected to be loose, and the market was likely to fluctuate within the range of 118,000 - 126,000 [1]. Stainless Steel - The stainless - steel market showed narrow - range fluctuations. The market sentiment improved slightly, but high - price resources had weak trading. The supply was at a relatively high level, and the demand was slowly recovering. The market was expected to fluctuate weakly within the range of 12,400 - 13,000 [4]. Lithium Carbonate - The lithium carbonate futures market declined significantly. The fundamentals were under pressure, and the market sentiment was weak. The supply was sufficient, and the demand was difficult to boost. The market was expected to run weakly within the range of 56,000 - 62,000 [5]. Tin - Tin was in a "strong reality, weak expectation" situation. The supply of tin ore was tight, and the demand was expected to be weak. After the sentiment stabilized, a short - selling strategy was recommended [6]. Aluminum Oxide - The supply of aluminum oxide was expected to increase, and the market was likely to turn relatively loose. The spot price was expected to fluctuate weakly, with the lower reference cash cost at 2,700 [7]. Aluminum - The low inventory and low warehouse receipts supported the short - term aluminum price, and it was difficult for the price to decline unilaterally. However, due to factors such as increased tariffs and weakening demand, the domestic aluminum price still faced pressure, with the lower support at 19,000 [7]. Zinc - The zinc market had a long - term supply - side easing cycle. The supply side was expected to be loose, and the demand side might weaken after the peak season. The price was expected to be in the range of 21,000 - 23,000 [9]. Copper - Copper was in a "strong reality + weak expectation" situation. The strong fundamentals restricted price drops, while the weak macro - expectations limited the upside. The price was expected to fluctuate within the range of 78,000 - 80,000 [12]. Summary by Directory Price and Basis - **Nickel**: SMM 1 electrolytic nickel was at 121,900 yuan/ton, down 0.65%; 1 Jinchuan nickel was at 122,925 yuan/ton, down 0.75%. The LME 0 - 3 was at - 196 dollars/ton, down 0.97%. The futures import loss was - 2,759 yuan/ton, a reduction of 18.78% [1]. - **Stainless Steel**: 304/2B (Wuxi Hongwang 2.0 coil) was at 12,800 yuan/ton, unchanged; 304/2B (Foshan Hongwang 2.0 coil) was at 12,900 yuan/ton, unchanged. The spot - futures price difference was 385 yuan/ton, up 4.05% [4]. - **Lithium Carbonate**: SMM battery - grade lithium carbonate was at 60,650 yuan/ton, up 0.25%; SMM industrial - grade lithium carbonate was at 59,050 yuan/ton, up 0.25% [5]. - **Tin**: SMM 1 tin was at 265,300 yuan/ton, down 0.19%; SMM 1 tin premium was at 1,100 yuan/ton, down 8.33% [6]. - **Aluminum**: SMM A00 aluminum was at 20,650 yuan/ton, up 1.23%; Yangtze River A00 aluminum was at 20,680 yuan/ton, up 1.27% [7]. - **Zinc**: SMM 0 zinc ingot was at 22,310 yuan/ton, up 0.04%; SMM 0 zinc ingot (Guangdong) was at 22,330 yuan/ton, up 0.13% [9]. - **Copper**: SMM 1 electrolytic copper was at 79,075 yuan/ton, down 0.30%; SMM Guangdong 1 electrolytic copper was at 79,010 yuan/ton, down 0.37% [12]. Production Cost - **Nickel**: The cost of integrated MHP to produce electrolytic nickel was 126,132 yuan/ton, down 0.49%; the cost of integrated high - grade nickel matte to produce electrolytic nickel was 133,478 yuan/ton, up 1.05% [1]. New Energy Material Prices - Battery - grade nickel sulfate was at 27,815 yuan/ton, unchanged; battery - grade lithium carbonate was at 60,200 yuan/ton, down 0.08%; cobalt sulfate (≥20.5%/domestic) was at 48,375 yuan/ton, down 0.57% [1]. Month - to - Month Spread - **Nickel**: 2507 - 2508 was at - 220 yuan/ton, down 10 yuan/ton; 2508 - 2509 was at - 120 yuan/ton, up 50 yuan/ton [1]. - **Stainless Steel**: 2507 - 2508 was at - 40 yuan/ton, down 15 yuan/ton; 2508 - 2509 was at 20 yuan/ton, up 40 yuan/ton [4]. - **Lithium Carbonate**: 2507 - 2508 was at - 100 yuan/ton, up 80 yuan/ton; 2507 - 2509 was at - 60 yuan/ton, up 160 yuan/ton [5]. - **Tin**: 2506 - 2507 was at 50 yuan/ton, up 80 yuan/ton; 2507 - 2508 was at 230 yuan/ton, up 40 yuan/ton [6]. - **Aluminum**: 2506 - 2507 was at 130 yuan/ton, down 150 yuan/ton; 2507 - 2508 was at 5 yuan/ton, down 115 yuan/ton [7]. - **Zinc**: 2506 - 2507 was at 290 yuan/ton, unchanged; 2507 - 2508 was at 255 yuan/ton, up 20 yuan/ton [9]. - **Copper**: 2506 - 2507 was at 290 yuan/ton, up 210 yuan/ton; 2507 - 2508 was at 160 yuan/ton, up 70 yuan/ton [12]. Supply, Demand and Inventory - **Nickel**: China's refined nickel production was 35,350 tons, down 2.62%; refined nickel imports were 8,832 tons, up 8.18%. SHFE inventory was 27,075 tons, up 0.45%; social inventory was 41,553 tons, down 1.97%; LME inventory was 197,634 tons, up 0.06% [1]. - **Stainless Steel**: China's 300 - series stainless - steel crude steel production was 179.12 million tons, up 0.36%; stainless - steel imports were 14.21 million tons, up 10.26%; exports were 44.78 million tons, down 4.85%. 300 - series social inventory (Wuxi + Foshan) was 53.08 million tons, up 2.04% [4]. - **Lithium Carbonate**: In May, lithium carbonate production was 72,080 tons, down 2.34%; demand was 93,938 tons, up 4.81%. In April, imports were 28,336 tons, up 56.33%; exports were 734 tons, up 233.72%. Total inventory in May was 97,637 tons, up 1.49% [5]. - **Tin**: In April, tin ore imports were 9,861 tons, up 18.48%; SMM refined tin production in May was 14,840 tons, down 2.37%. In April, refined tin imports were 1,128 tons, down 46.31%; exports were 1,637 tons, down 2.15%. SHEF inventory was 7,372 tons, down 9.07%; social inventory was 8,856 tons, down 2.38% [6]. - **Aluminum**: In May, aluminum oxide production was 727.21 million tons, up 2.66%; electrolytic aluminum production was 372.90 million tons, up 3.41%. China's electrolytic aluminum social inventory was 46.00 million tons, down 8.73%; LME inventory was 35.8 million tons, down 0.64% [7]. - **Zinc**: In May, refined zinc production was 54.94 million tons, down 1.08%; in April, imports were 2.82 million tons, up 2.40%; exports were 0.25 million tons, up 75.76%. China's zinc ingot seven - region social inventory was 7.71 million tons, down 2.77%; LME inventory was 13.3 million tons, down 1.47% [9]. - **Copper**: In May, electrolytic copper production was 113.83 million tons, up 1.12%; in April, imports were 25.00 million tons, down 19.06%. Domestic mainstream port copper concentrate inventory was 74.73 million tons, down 6.11%; electrolytic copper rod - making capacity utilization was 73.21%, down 1.66%. Domestic social inventory was 14.48 million tons, down 2.69%; bonded - area inventory was 5.97 million tons, up 2.93%; SHFE inventory was 10.74 million tons, up 1.52%; LME inventory was 11.69 million tons, down 2.18%; COMEX inventory was 19.21 million short tons, up 0.60% [12].

Report Industry Investment Rating No relevant content provided. Core Viewpoints - Copper is expected to remain high and fluctuate due to the support from fundamentals and inventory, with low global visible inventory and resilient consumption [1]. - Aluminum has a short - term decent fundamental situation, but attention should be paid to demand. The monthly positive spread can be held if the absolute price drops [1]. - Zinc maintains the idea of short - allocation, and the long - short spread between domestic and foreign markets and the monthly reverse spread can be held [4]. - For nickel, continue to focus on the opportunity of narrowing the nickel - stainless steel price ratio, with a generally average short - term real - world fundamental situation [8]. - Stainless steel is expected to fluctuate in the short term, with a generally weak fundamental situation [12]. - Lead is expected to oscillate between 16400 - 16700 next week, with supply expected to be flat and demand weak in June [16]. - For tin, it is recommended to wait and see in the short term and focus on short - selling opportunities in the medium term, with a co - existence of supply disturbances and consumption decline expectations [19]. - Industrial silicon may face large potential supply pressure in the future, and its price is expected to bottom - out based on the cash - flow cost of leading manufacturers in the long - term [21]. - Lithium carbonate is expected to decline after oscillation, with high supply elasticity in the future and weak short - term downstream demand [23]. Summary by Metals Copper - **Market Data**: From June 6th to 12th, the Shanghai copper spot price changed by 5, the premium changed by - 113, and the LME inventory decreased by 2600 [1]. - **Market Analysis**: Overseas, LME cash - 3m structure steepened due to concentrated cancellation of LME warrants in the eurozone. Domestically, the export window is close to opening, and inventories are gradually accumulating. The global visible inventory of copper is on a downward trend, and consumption remains resilient [1]. Aluminum - **Market Data**: From June 6th to 12th, the Shanghai aluminum ingot price increased by 260, and the LME inventory decreased by 2000 [1]. - **Market Analysis**: Supply has slightly increased, and demand is expected to seasonally weaken in June. There is still a supply - demand gap, and inventory reduction is gentle from June to July [1]. Zinc - **Market Data**: From June 6th to 12th, the Shanghai zinc ingot price increased by 10, and the LME inventory decreased by 550 [1][3]. - **Market Analysis**: Supply has increased in June, demand elasticity is limited, domestic social inventory is slightly accumulating, and overseas LME inventory has a downward trend [4]. Nickel - **Market Data**: From June 6th to 12th, the Shanghai nickel spot price decreased by 850, and the LME inventory increased by 126 [8]. - **Market Analysis**: Supply of pure nickel remains high, demand is weak, overseas nickel plate inventory is stable, and domestic inventory has slightly decreased [8]. Stainless Steel - **Market Data**: From June 6th to 12th, the price of 304 cold - rolled coil remained unchanged, and the price of scrap stainless steel decreased by 20 [12]. - **Market Analysis**: Supply increased seasonally in April and decreased passively in late May. Demand is mainly for rigid needs, and inventory in Xijiao and Foshan has slightly increased [12]. Lead - **Market Data**: From June 6th to 12th, the LME inventory decreased by 4775 [15]. - **Market Analysis**: Supply side has issues such as weak scrap volume and tight raw materials. Demand side has high battery inventory and weak consumption. The price is expected to oscillate between 16400 - 16700 next week [16]. Tin - **Market Data**: From June 6th to 12th, the LME inventory remained unchanged [19]. - **Market Analysis**: Supply is affected by the non - resumption of production in Myanmar's Wa State and the war on the Myanmar - Thailand border. Demand is limited, and short - term supply and demand are both weak [19]. Industrial Silicon - **Market Data**: From June 6th to 12th, the basis of 421 in Yunnan and Sichuan increased by 105, and the number of warehouse receipts remained unchanged [21]. - **Market Analysis**: The overall market start - up has slightly increased, short - term supply and demand have both decreased, and future supply may face large pressure [21]. Lithium Carbonate - **Market Data**: From June 6th to 12th, the SMM electric carbon price increased by 150, and the number of warehouse receipts decreased by 454 [23]. - **Market Analysis**: The price is oscillating at a low level, downstream demand is weak, and the market is expected to decline after oscillation [23].

Core Viewpoint - Yunnan Tin Company plans to increase capital in Yunnan Tin Indium Laboratory to enhance research and development capabilities through a joint investment with its parent company and a subsidiary, totaling 120 million yuan from Yunnan Tin Company, 30 million yuan from Yunnan Tin Group, and 120 million yuan from Yunnan Tin New Materials Company, resulting in a new shareholding structure [1][6][8] Group 1: Related Transaction Overview - The capital increase involves Yunnan Tin Company investing 120 million yuan, while Yunnan Tin Group and Yunnan Tin New Materials will invest 30 million yuan and 120 million yuan respectively, leading to a new shareholding structure of 40% for Yunnan Tin Group, 30% for Yunnan Tin Company, and 30% for Yunnan Tin New Materials in Yunnan Tin Indium Laboratory [1][6] - The transaction is classified as a related party transaction due to the ownership structure, with Yunnan Tin Group being the controlling shareholder of Yunnan Tin Company [2][3] - The board of directors approved the transaction unanimously, and it does not require shareholder meeting approval as per relevant regulations [2][3] Group 2: Financial and Operational Details - The registered capital of Yunnan Tin Indium Laboratory will increase from 13 million yuan to 40 million yuan following the capital increase [6][8] - The valuation of Yunnan Tin Indium Laboratory was assessed at 1,821.46 million yuan, reflecting a 359.66% increase in value, despite a negative net asset value of -701.48 million yuan [6][8] - The capital increase aims to strengthen the laboratory's role as a provincial-level high-energy technology innovation platform, focusing on the entire tin-indium industry chain [8][9] Group 3: Strategic Implications - The investment is expected to enhance the collaborative research and development efforts between Yunnan Tin Company and Yunnan Tin Indium Laboratory, thereby improving the company's technological innovation foundation and competitive advantage [8][9] - The laboratory aims to address key technological challenges in the tin-indium industry and promote the integration of innovation and industrial chains [8][9]

有色商品日报 有色商品日报（2025 年 6 月 12 日） 一、研究观点 | 品 种 | | 点评 | | | | | --- | --- | --- | --- | --- | --- | | | 隔夜 LME 铜下跌 0.8%至 9647 美元/吨；SHFE 0.77%至 78570 | | 铜主力下跌 | 元/吨；国内 | | | | 现货进口持续亏损。宏观方面，美国 5 月 CPI 同比上涨 | | 表现超预期降温，CPI | 2.4%， | | | | 略低于预期的 2.5%，但高于前值 2.3%；核心 CPI 2.8%，低于预期 数据显示，美国消费者尚未感受到关税政策带来的价格上涨压力，这也减轻了美联储 | | 同比持平于 | 2.9%。 | | | | 下半年降息的压力，数据公布后市场再度聚焦美联储政策的判断，CME 利率观察工 具显示，市场对月降息的可能性一度升至 60%附近。库存方面，LME 铜下降 950 | | | | 吨至 | | 铜 | 119450 吨；Comex 铜增加 1044 吨至 174259 铜仓单下降 373 吨至 33373 | | 吨；SHFE | | | | | ...

Report Industry Investment Rating - No relevant information provided Core View - The relaxation of mutual tariffs between China and the US has led to export expectations, and there are fluctuations in the production of multiple overseas steel mills. However, due to the traditional off - season of consumption, the destocking of domestic electrolytic copper is difficult, which may cause adjustments in the Shanghai copper price. It is recommended that investors take profits on previous long positions and pay attention to support and pressure levels [3]. Summary by Relevant Directory Market Data - **Shanghai Copper Futures**: On June 11, 2025, the closing price of the active contract was 79,290, with a volume of 64,136 lots, an increase of 410 compared to the previous day; the open interest was 209,523 lots, an increase of 838; the inventory was 33,373 tons, a decrease of 373 tons; the average price of SMM 1 electrolytic copper was 79,310, an increase of 35 [2]. - **Shanghai Copper Basis and Spreads**: The Shanghai copper basis was 20, a decrease of 375; the spot premium or discount in different regions showed various changes; the spreads between different contract months also changed, such as the spread between the near - month and the first - continuous contract decreased by 10 [2]. - **London Copper**: The closing price of the LME 3 - month copper futures (electronic trading) on June 11, 2025 was 9,647, a decrease of 78; the total inventory of registered and cancelled warrants was 0, a decrease of 119,450; the spreads between different contract periods also changed [2]. - **COMEX Copper**: The total inventory on June 11, 2025 was 4.8065 million tons, a decrease of 0.09 million tons compared to the previous day [2]. Industry Information - **Upstream**: In June 2025, the overall starting rate of Chinese anode copper enterprises is expected to increase by 1.57 percentage points to 54.56%. Some mines have production plans and issues, such as the Kamoa - Kakula copper mine may resume production in late June, and some mines need to be shut down for maintenance. The import volume of copper concentrates may increase, while the production and import volume of scrap copper may decrease [2][3]. - **Downstream**: The capacity utilization rate of some copper - related downstream industries may decline in June, such as copper rods, copper wires and cables, copper foil, etc., affected by factors such as the off - season of consumption and insufficient orders. However, the capacity utilization rate of copper foil may increase [3]. Trading Strategy - It is recommended that investors take profits on previous long positions and pay attention to the support level of 76,000 - 78,000 and the pressure level of 80,000 - 82,000 for Shanghai copper, the support level of 9,000 - 9,300 and the pressure level of 9,800 - 10,000 for London copper, and the support level of 4.5 - 4.5 and the pressure level of 5.0 - 5.5 for US copper [3].

有色早报 研究中心有色团队 2025/06/12 铜 ： 日期 沪铜现货 升贴水 废精铜 价差 上期所 库存 沪铜 仓单 现货进口 盈利 三月进口 盈利 保税库 premium 提单 premium 伦铜 C-3M LME 库存 LME 注销仓单 2025/06/05 80 805 105791 31687 -1366.56 279.74 79.0 98.0 93.15 138000 83300 2025/06/06 75 974 107404 32278 -1323.74 19.48 41.0 65.0 69.84 132400 77800 2025/06/09 70 944 107404 34242 -1215.58 217.42 43.0 66.0 95.78 122400 67800 2025/06/10 90 1043 107404 33746 -1195.14 161.13 43.0 66.0 84.10 120400 71725 2025/06/11 90 1103 107404 33373 -874.85 136.66 38.0 60.0 55.49 119450 70700 变化 0 60 ...