Group 1 - The company has announced an adjustment to the conversion price of its convertible bonds from 11.32 yuan per share to 11.27 yuan per share due to a cash dividend distribution [3][4] - The total number of shares for the dividend distribution is 660,831,161 shares, with a cash dividend of 0.5 yuan per 10 shares, resulting in a total cash dividend of approximately 33.04 million yuan [2][3] - The adjusted conversion price will take effect from May 29, 2025 [4] Group 2 - The company issued 8.3 million convertible bonds in 2022, with a total issuance amount of 830 million yuan [1] - The adjustment formula for the conversion price is based on various corporate actions such as cash dividends, stock dividends, and capital increases [1][2] - The company will disclose any changes to the conversion price in accordance with relevant regulations and ensure the protection of bondholders' rights [2]

Core Points - The company announced a cash dividend distribution plan for the fiscal year 2024, approved at the shareholders' meeting on May 16, 2025, with a distribution of RMB 0.5 per 10 shares [2][3] - The total number of shares eligible for the dividend distribution is 660,831,161 shares after excluding 8,605,420 shares held in the company's repurchase account [2][3] - The total cash dividend amount to be distributed is RMB 33,041,558.05, calculated based on the eligible shares [3][6] Dividend Distribution Details - The cash dividend will be distributed to all shareholders registered by the close of trading on May 28, 2025, with the payment date set for May 29, 2025 [4][5] - The dividend will be subject to different tax rates based on the type of shares held by investors, with specific provisions for QFII, RQFII, and individual investors [3][4] - The reference price for the stock after the dividend distribution will be adjusted by subtracting the cash dividend amount from the closing price on the record date [6][7] Adjustments and Implications - Following the dividend distribution, the conversion price of the company's convertible bonds will be adjusted from RMB 11.32 per share [7] - The maximum repurchase price for the company's shares will be adjusted to RMB 8.95 per share after accounting for the cash dividend [6][7] - The company has committed to ensuring that any changes in total share capital before the record date will not affect the distribution ratio [2][3]

有色商品日报 有色商品日报（2025 年 5 月 21 日） 一、研究观点 | 品 | 点评 | | --- | --- | | 种 | 隔夜 LME 铜先抑后扬，上涨 0.4%至 9554.5 美元/吨；SHFE 铜主力上涨 0.36%至 | | | 78140 元/吨；国内现货进口亏损幅度加大。宏观方面，欧美关税问题进行谈判，日本 | | | 考虑接受美国调降关税，而非完全豁免。国内方面，中国 4 月经济数据显示，消费略 | | | 超预期，固定资产投资整体增速较低，房地产出现回踩特征。库存方面，LME 铜库存 | | | 下降 3575 吨至 170750 吨；comex 铜库存增加 1127 吨至 155694 吨；SHFE 铜仓单下降 | | 铜 | 16175 吨至 45738。需求方面，随着铜价走高，旺季转淡季预期下，下游采购相对谨 | | | 慎，终端需求订单可能逐步放缓。昨晚黄金和原油大幅回升，带动市场情绪，铜价震 | | | 荡走高。另外，市场关注国内某仓位大量持有铜多头情况，市场或担心挤仓风险，且 | | | 铜结构也不利于空头布局，从 SHFE 仓单来看依然维系大量流出情形，表明部分投 ...

| t产业期现日报 | | | | | | | --- | --- | --- | --- | --- | --- | | 投资咨询业务资格:证监许可 【2011】1292号 | 2025年5月21日 | | | 林嘉施 | Z0020770 | | 价格及基差 | | | | | | | 现值 | | 前值 | 日 涨跌 | 日 涨跌幅 | 单位 | | SMM 1#电解误 | 124575 | 125000 | -425 | -0.34% | 元/吨 | | 1#多川镇 | 125525 | 125950 | -425 | -0.34% | 元/吨 | | 1#金川镍升贴水 | 2150 | 2100 | 50 | 2.38% | 元/肥 | | 1#进口键 | 123575 | 124050 | -475 | -0.38% | 元/吨 | | 1#进口镍升贴水 | 200 | 200 | 0 | - | 元/吨 | | LME 0-3 | -202 | -194 | -8 | 4.18% | 美元/吨 | | 期货进口盈亏 | -2726 | -3910 | 1184 | -30.28% | 元/吨 | ...

Report Industry Investment Rating - No relevant information provided Core View of the Report - The copper market shows a mixed situation with positive macro - factors but weakening fundamentals, and the Shanghai copper may maintain a volatile pattern recently [1] - For aluminum, with the uncertain impact of the Guinea issue and the approaching off - season, it is recommended to wait and see [2] - Nickel is expected to have limited downside due to cost support but may show a weakening trend in the medium - to - long - term due to supply surplus [3][5] - Tin prices are expected to have increased volatility, and it is necessary to focus on supply resumption and downstream demand [6] Summary by Related Catalogs Basic Metals Copper - As of May 20, the Shanghai copper main 06 contract fell 0.26% to 77,540 yuan/ton. Macro factors are positive, but the demand has shown signs of weakening, and the inventory is accumulating at a low level [1] Aluminum - As of May 20, the Shanghai aluminum main 07 contract fell 0.45% to 20,075 yuan/ton. The Guinea issue affects the alumina price, and the downstream demand may weaken with the approaching off - season [2] Nickel - As of May 20, the Shanghai nickel main 06 contract fell 0.83% to 122,870 yuan/ton. The nickel market has a complex situation with cost support but supply surplus in the medium - to - long - term [3][5] Tin - As of May 20, the Shanghai tin main 06 contract rose 0.29% to 264,760 yuan/ton. The tin market has a tight raw material supply, and the price is affected by supply resumption and downstream demand [6] Spot Transaction Summary Copper - Spot copper prices rose, but the downstream acceptance of high - priced copper was limited, and the actual procurement was mainly based on rigid demand [7] Aluminum - The spot aluminum market showed a weak transaction, with the holder reluctant to sell at a low price and the downstream having a low procurement willingness [8] Alumina - The alumina spot market was active, with the price rising and the trading volume increasing [9] Zinc - The spot zinc market had a weak transaction, and the downstream entered the traditional off - season with low procurement willingness [10] Lead - The lead spot market had a general trading atmosphere, and the downstream replenished inventory according to rigid demand [11][12] Nickel - The nickel spot market had an improved transaction compared with the previous day, with the demand for rigid procurement increasing at low prices [13] Tin - The tin spot market had a slow sales situation, with some merchants having a strong wait - and - see attitude [14] Warehouse Receipt and Inventory Report - SHFE copper futures warehouse receipts decreased by 16,175 tons to 45,738 tons; LME copper inventory decreased by 3,575 tons to 170,750 tons [16] - SHFE aluminum futures warehouse receipts decreased by 1,351 tons to 61,146 tons; LME aluminum inventory decreased by 2,525 tons to 390,925 tons [16] - SHFE zinc futures warehouse receipts decreased by 175 tons to 1,526 tons; LME zinc inventory decreased by 4,075 tons to 156,725 tons [16] - SHFE lead futures warehouse receipts decreased by 5,067 tons to 44,980 tons; LME lead inventory decreased by 600 tons to 245,750 tons [16] - SHFE nickel futures warehouse receipts decreased by 329 tons to 23,142 tons; LME nickel inventory increased by 90 tons to 202,098 tons [16] - SHFE tin futures warehouse receipts decreased by 94 tons to 8,025 tons; LME tin inventory decreased by 85 tons to 2,655 tons [16]

Report Summary 1. Report Industry Investment Ratings No investment ratings are provided in the reports. 2. Core Views - **Lithium Carbonate**: The market sentiment remains pessimistic, with the futures market weak. Supply pressure is evident due to increased production and imports, while demand is relatively flat. The short - term trend is expected to be weak, with the main contract price likely to test the 60,000 yuan level, but excessive bearishness is not recommended [1]. - **Nickel**: The macro - sentiment has improved, and the cost provides strong support. However, the medium - term supply is expected to be loose, restricting the upside. The short - term market is expected to be volatile, with the main contract price ranging from 122,000 to 128,000 yuan [3]. - **Stainless Steel**: The market is in a state of weak shock. The supply is in an over - capacity situation, and the demand is slowly recovering. The inventory pressure has slightly eased. The short - term market is expected to be volatile, with the main contract price ranging from 12,600 to 13,200 yuan [4]. - **Tin**: The macro - sentiment may drive the price to rebound, but considering the supply recovery and weak demand expectations, a short - selling strategy can be attempted in the 265,000 - 270,000 yuan range, with attention paid to the supply recovery [5]. - **Aluminum Oxide**: The spot market is expected to remain tight in the short term, with prices likely to be strong and volatile. Attention should be paid to the production resumption of enterprises [6]. - **Aluminum**: The macro - factors provide support, and low inventory strengthens price resilience. However, the demand is facing seasonal and trade uncertainties, limiting the upside. The price is expected to range from 19,500 to 21,000 yuan [6]. - **Zinc**: Short - term prices may be supported by tariff easing, but the long - term supply is in a loose cycle. The price may maintain a high - level shock or decline, depending on supply and demand [8]. - **Copper**: The market presents a "strong reality + weak expectation" situation. The short - term price is expected to be volatile, with attention paid to the sustainability of the strong fundamentals after May and the tariff negotiation rhythm [11]. 3. Summary by Directory Lithium Carbonate - **Price and Basis**: SMM battery - grade lithium carbonate均价 dropped 1.24% to 63,700 yuan/ton, and industrial - grade dropped 1.27% to 62,050 yuan/ton. The basis of SMM battery - grade lithium carbonate increased 200% to 720 yuan/ton [1]. - **Fundamental Data**: In April, lithium carbonate production decreased 6.65% to 73,810 tons, while demand increased 3.02% to 89,627 tons. In March, imports increased 47.03% to 18,125 tons, and exports decreased 47.25% to 220 tons [1]. Nickel - **Price and Basis**: SMM 1 electrolytic nickel均价 dropped 0.89% to 125,000 yuan/ton. The import loss increased 7.62% to - 3,910 yuan/ton [3]. - **Cost of Electrolytic Nickel Production**: The cost of integrated MHP production of electrolytic nickel decreased 0.49% to 126,132 yuan/ton, while the cost of integrated high - grade nickel matte production increased 1.05% to 133,478 yuan/ton [3]. - **Supply and Inventory**: China's refined nickel production increased 6.08% to 36,300 tons in April, and imports decreased 68.84% to 8,164 tons. SHFE inventory decreased 3.02% to 27,808 tons [3]. Stainless Steel - **Price and Basis**: The price of 304/2B (Wuxi Hongwang 2.0 coil) remained unchanged at 13,200 yuan/ton, and the basis increased 3.70% to 420 yuan/ton [4]. - **Raw Material Prices**: The price of 8 - 12% high - nickel pig iron increased 0.27% to 944 yuan/nickel point [4]. - **Fundamental Data**: In April, China's 300 - series stainless steel crude steel production increased 11.37% to 344.01 million tons, and exports increased 70.98% to 47.06 million tons [4]. Tin - **Spot Price and Basis**: SMM 1 tin均价 dropped 0.15% to 265,100 yuan/ton, and the LME 0 - 3 premium increased 35.43% to - 82 dollars/ton [5]. - **Fundamental Data (Monthly)**: In March, tin ore imports decreased 4.83% to 8,323 tons, and SMM refined tin production increased 8.75% to 15,280 tons [5]. - **Inventory Changes**: SHEF inventory decreased 3.46% to 8,417 tons, and social inventory decreased 2.30% to 9,959 tons [5]. Aluminum - **Price and Spread**: SMM A00 aluminum均价 dropped 0.20% to 20,270 yuan/ton. The import loss increased 45.3 yuan/ton to - 1,311 yuan/ton [6]. - **Fundamental Data**: In April, alumina production decreased 6.17% to 708.35 million tons, and electrolytic aluminum production decreased 2.91% to 360.60 million tons [6]. - **Inventory**: China's electrolytic aluminum social inventory decreased 2.66% to 58.50 million tons, and LME inventory decreased 0.51% to 39.3 million tons [6]. Zinc - **Price and Spread**: SMM 0 zinc ingot均价 dropped 0.53% to 22,650 yuan/ton. The import loss decreased 79.77 yuan/ton to - 386 yuan/ton [8]. - **Fundamental Data**: In April, refined zinc production increased 0.31% to 50.98 million tons. In March, imports increased 9.47% to 5.78 million tons, and exports decreased 77.37% to 0.02 million tons [8]. - **Inventory**: China's zinc ingot seven - region social inventory decreased 1.99% to 8.38 million tons, and LME inventory decreased 2.07% to 16.1 million tons [8]. Copper - **Price and Basis**: SMM 1 electrolytic copper均价 dropped 0.91% to 78,110 yuan/ton. The import loss decreased 114.59 yuan/ton to - 158 yuan/ton [11]. - **Fundamental Data**: In April, electrolytic copper production increased 0.32% to 112.57 million tons. In March, imports increased 15.24% to 30.88 million tons [11]. - **Inventory**: Domestic social inventory increased 13.08% to 13.92 million tons, and SHFE inventory increased 34.00% to 10.81 million tons [11].

Report Industry Investment Rating No relevant content provided. Core Viewpoints - For copper, the inventory destocking slope may continue to slow down, and attention should be paid to the consumption inflection point. The upward momentum of the monthly spread requires substantial shortages or a decline in absolute prices. [1] - For aluminum, the supply increases slightly, and the demand in May is not expected to decline significantly. There is still a supply - demand gap. The inventory is expected to be depleted gently from May to July. The aluminum price may rebound with destocking. The long - spread arbitrage can be held if the absolute price drops. [1] - For zinc, the zinc price fluctuates widely this week. Pay attention to the inflection point from destocking to stockpiling, and it is recommended to short at high prices. The long - spread arbitrage at home and abroad can be held. [3] - For nickel, the supply of pure nickel remains at a high level, the demand is weak, and the overseas nickel beans are slightly destocked. The opportunity to shrink the nickel - stainless steel price ratio can be continuously monitored. [4] - For stainless steel, the fundamentals remain weak, but there is macro - positive support. The short - spread arbitrage can be rolled over and held. [5] - For lead, the lead price fluctuates and rises this week. It is expected to fluctuate between 16,800 - 17,000 next week, and the supply is expected to decrease in May. [7] - For tin, the tin price fluctuates narrowly this week. In the short term, it is recommended to wait and see, and in the long - term, pay attention to short - selling opportunities. [8] - For industrial silicon, the short - term supply - demand double - reduction pattern is obvious, and the price is expected to oscillate at the bottom in the long - term. [9] - For lithium carbonate, the price oscillates and declines. In the short - term, the downstream demand enters a small peak season, but the price may still oscillate weakly in the long - term. [11] Summaries by Metals Copper - **Market Situation**: The domestic inventory shows an inflection point this week. The spot premium in North China remains weak, and the overall selling pressure is high. The demand has strong current reality but weak expectations. [1] - **Data Changes**: From May 13 - 19, the inventory decreased by 5,050 tons, and the LME C - 3M spread changed from 19.17 to 15.52. [1] Aluminum - **Market Situation**: The supply increases slightly, and the demand in May is not expected to decline significantly. The inventory is expected to be depleted gently from May to July. [1] - **Data Changes**: From May 13 - 19, the LME inventory decreased by 2,000 tons, and the LME C - 3M spread changed from 2.82 to 1.42. [1] Zinc - **Market Situation**: The zinc price fluctuates widely this week. The supply side has a slight decrease in smelting maintenance in May, and the demand side has general domestic demand elasticity and a slight recovery in European demand. [3] - **Data Changes**: From May 13 - 19, the LME inventory decreased by 3,400 tons, and the LME C - 3M spread changed from - 27 to - 32. [3] Nickel - **Market Situation**: The supply of pure nickel remains at a high level, the demand is weak, and the overseas nickel beans are slightly destocked. [4] - **Data Changes**: From May 13 - 19, the LME inventory increased by 6,786 tons, and the LME C - 3M spread changed from - 194 to - 202. [4] Stainless Steel - **Market Situation**: The supply may be reduced passively in May, the demand is mainly rigid, the cost of ferronickel is under pressure, and the inventory in Xifu area accumulates slightly. [5] - **Data Changes**: From May 13 - 19, the price of 201 cold - rolled coil decreased by 25. [5] Lead - **Market Situation**: The lead price fluctuates and rises this week. The supply side has tight raw materials, and the demand side has limited overall demand. [7] - **Data Changes**: From May 13 - 19, the LME inventory decreased by 6,825 tons, and the LME C - 3M spread changed from - 4 to - 18. [6] Tin - **Market Situation**: The tin price fluctuates narrowly this week. The supply side has some production cuts in China, and the demand side has limited elasticity. [8] - **Data Changes**: From May 13 - 19, the LME inventory increased by 5 tons, and the LME C - 3M spread changed from - 19 to - 56. [8] Industrial Silicon - **Market Situation**: The short - term supply - demand double - reduction pattern is obvious, and the price is at a low level. The social inventory begins to be depleted. [9] - **Data Changes**: From May 13 - 19, the 421 Yunnan basis decreased by 135, and the 421 Sichuan basis decreased by 85. [9] Lithium Carbonate - **Market Situation**: The price oscillates and declines. The production increases, the inventory accumulation slows down, and the downstream demand has mixed signals. [11] - **Data Changes**: From May 13 - 19, the SMM electric carbon price decreased by 800, and the SMM industrial carbon price decreased by 800. [11]

1. Report Industry Investment Ratings - Not provided in the given content 2. Core Views of the Report - Gold is expected to experience high - level oscillations. Long - term strategic allocation value is high due to international order changes. Silver will have range adjustments. Copper: long - term optimism remains, but short - term recommends taking profits on long positions. Zinc: suggests holding short positions as supply increases and demand weakens. Lead, tin, aluminum, and nickel prices are under pressure. Industrial silicon and lithium carbonate are bearish [1]. - Gold prices may continue to oscillate and adjust in the short term. After the adjustment, there is a long - term upward trend. Silver may continue to oscillate within the range of [8000, 8200] [3]. - Copper rebounds in the short term, and long - term prospects are positive. Zinc is in a bearish situation with supply increasing and demand weakening. Aluminum price rebounds are under pressure. Nickel and stainless steel are recommended for short - selling on rebounds. Lithium carbonate's fundamentals are bearish [7][10][14][16]. 3. Summary by Variety Gold - **Core View**: High - level oscillations [1]. - **Main Logic**: Tariff negotiation setbacks, US bank downgrades, and progress in Russia - Ukraine negotiations. The long - term driver is international order change. Attention should be paid to the support around 740 - 750. The price range is [744 - 767] [1]. - **Market Data**: SHFE gold is at 755.86 (up 0.54% from the previous value and down 2.13% week - on - week), COMEX gold is at 3231 (up 0.80% from the previous value and down 0.34% week - on - week). Gold ETFs are at 921.03 tons (down 21.09 tons week - on - week), and gold COMEX net long positions are at 161209 (down 1288 from the previous value and down 2109 week - on - week) [2]. - **Strategy**: Wait for the market to stabilize and then consider long - term entry [3]. Silver - **Core View**: Range adjustments [1]. - **Main Logic**: Doubts about PV demand in April data in China and the impact of national fiscal tariffs. It is sensitive to financial and commodity attributes and is greatly affected by gold and base metals. The price range is [8000 - 8200] [1]. - **Market Data**: SHFE silver is at 8133 (up 0.40% from the previous value and down 1.20% week - on - week), COMEX silver is at 33 (up 0.25% from the previous value and down 0.87% week - on - week) [2]. - **Strategy**: May continue to oscillate within the range of [8000, 8200] in the short term [3]. Copper - **Core View**: Take profits on long positions in the short term, long - term optimism [1]. - **Main Logic**: US economic data shows resilience, the Fed's interest - rate cut expectation declines, and the strong dollar suppresses copper prices. High copper prices inhibit demand. COMEX copper is draining global copper inventories. Long - term, global copper mines are in short supply. The SHFE copper price range is [77800, 78800] [1][7]. - **Market Data**: SHFE copper closes at 78160 (up 0.54% from the previous day), LME copper is at 9516 (up 0.73% from the previous day). Social inventory is 13.92 million tons [6]. - **Strategy**: Take partial profits on long positions at high levels in the short term. Long - term, there is confidence in the upward trend. SHFE copper focuses on the range [77800, 78800], and LME copper focuses on [9400, 9800] dollars/ton [7]. Zinc - **Core View**: Hold short positions [1]. - **Main Logic**: The zinc ore supply is loosening in 2025. Domestic zinc ingot production is high, and downstream demand is weak. The SHFE zinc price range is [22000, 22600] [1][9]. - **Market Data**: SHFE zinc closes at 22405 (down 0.27% from the previous day), LME zinc is at 2672.5 (down 0.50% from the previous day). SMM seven - region social inventory is 8.38 million tons [9]. - **Strategy**: Continue to hold short positions. Long - term, look for short - selling opportunities on rebounds. SHFE zinc focuses on [22000, 22600], and LME zinc focuses on [2600, 2700] dollars/ton [10]. Aluminum - **Core View**: Price rebounds are under pressure [1]. - **Main Logic**: Overseas bauxite supply in Guinea is disrupted, alumina prices rise, and downstream aluminum processing enterprise operations decline. The price range is [19800 - 20300] [1]. - **Market Data**: LME aluminum closes at 2473 (down 0.46% from the previous value), SHFE aluminum closes at 20110 (down 0.10% from the previous value). SMM aluminum ingot social inventory is 58.1 million tons [11]. - **Strategy**: Temporarily wait and see, focus on inventory changes. The main operating range is [19800 - 20500] [12]. Nickel - **Core View**: Price is under pressure [1]. - **Main Logic**: News of a mining ban in the Philippines and an increase in nickel ore royalties in Indonesia support the cost. However, domestic refined nickel production increases, and stainless - steel inventory pressure remains. The price range is [121000 - 126000] [1]. - **Market Data**: LME nickel closes at 15605 (down 1.27% from the previous value), SHFE nickel closes at 123850 (down 0.17% from the previous value). SMM pure nickel social inventory is 44151 tons [13]. - **Strategy**: Short - sell on rebounds, focus on downstream consumption. The main operating range is [120000 - 129000] [14]. Lithium Carbonate - **Core View**: Bearish [1]. - **Main Logic**: Supply remains sufficient as there is no large - scale production cut. Demand is about to enter the off - season, and the market is lowering demand expectations. The price range is [60000 - 62500] [1][16]. - **Market Data**: The main contract LC2507 is at 61180 (down 1.00% from the previous value). Weekly production is 15843 tons (down 1.28% from the previous week), and weekly inventory is 131920 tons (up 0.27% from the previous week) [15]. - **Strategy**: Hold short positions [16].

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoints - The macro - situation is favorable, but the fundamentals of non - ferrous metals are mixed. Copper may maintain a volatile pattern, aluminum requires observation, nickel is expected to oscillate weakly, and tin price volatility may increase [1][3][5][6] 3. Summary by Metal Copper - As of May 19, the closing price of SHFE copper main contract 06 dropped 0.63% to 77,820 yuan/ton. The macro trading sentiment has warmed up, but the fundamentals are weakening with demand showing signs of decline and inventory starting to accumulate at a low level. The spot premium may be under pressure, and it may maintain a volatile pattern [1] - In the spot market, domestic spot copper prices dropped significantly. The downstream's low purchasing willingness led to light trading during the day [7] - SHFE copper futures warehouse receipts decreased by 1,334 tons to 61,913 tons, and LME copper inventory decreased by 5,050 tons to 174,325 tons [16] Aluminum - As of May 19, the closing price of SHFE aluminum main contract 07 fell 0.20% to 20,110 yuan/ton. The revocation of mining licenses in Guinea has affected alumina prices. Alumina production capacity and inventory are changing, and electrolytic aluminum production capacity is increasing. The downstream开工率 may decline, and it is recommended to wait and see [2][4] - In the spot market, the aluminum market's trading was stable with most areas having a small premium, while the Guangdong market was at a discount. The alumina market's trading heat continued to rise [8] - SHFE aluminum futures warehouse receipts decreased by 323 tons to 62,497 tons, and LME aluminum inventory decreased by 2,000 tons to 393,450 tons [16] Nickel - As of May 19, the closing price of SHFE nickel main contract 06 dropped 0.67% to 123,850 yuan/ton. The macro situation has changed, and the supply - demand relationship in the nickel market is complex. The cost is firm, but there is a long - term supply surplus, so it is expected to oscillate weakly [5] - In the spot market, some merchants replenished their stocks at low prices at the beginning of the week, but overall trading activity needs further improvement [13] - SHFE nickel futures warehouse receipts decreased by 30 tons to 23,471 tons, and LME nickel inventory increased by 6,786 tons to 202,008 tons [16] Tin - As of May 19, the closing price of SHFE tin main contract 06 fell 0.22% to 264,860 yuan/ton. Tin production and import - export data have changed. The supply of tin ore is tight, but there are strong expectations of mine resumption. The price volatility may increase, and it is necessary to focus on supply and demand [6] - In the spot market, merchants replenished their stocks at low prices for essential needs [14] - SHFE tin futures warehouse receipts decreased by 64 tons to 8,119 tons, and LME tin inventory increased by 5 tons to 2,740 tons [16] Zinc - In the spot market, the price of zinc dropped. The market trading was lackluster, with loose supply leading to a decline in the premium and weak trading [9][10] - SHFE zinc futures warehouse receipts decreased by 474 tons to 1,701 tons, and LME zinc inventory decreased by 3,400 tons to 160,800 tons [16] Lead - In the spot market, the price of lead dropped. The downstream replenished stocks as needed, and the overall trading was average [11][12] - SHFE lead futures warehouse receipts increased by 126 tons to 50,047 tons, and LME lead inventory decreased by 2,500 tons to 246,350 tons [16]

? 投资者可于 2025 年 5 月 22 日(星期四)至 5 月 28 日(星期三)16:00 前通过登录 上证路演中心网站首页点击"提问预征集"栏目、发送邮件至公司邮箱 （ir@chinalco.com.cn）、传真至 010-82298158 等方式就所关注问题进行提问。 股票代码：601600 股票简称：中国铝业 公告编号：临 2025-029 中国铝业股份有限公司 关于召开 2025 年第一季度业绩说明会的公告 本公司董事会及全体董事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个别及连带责任。 重要内容提示： ? 会议召开时间：2025 年 5 月 29 日（星期四）下午 15:00-16:00。 ? 会议召开地点：上海证券交易所上证路演中心 （网址：http://roadshow.sseinfo.com/）。 ? 会议召开方式：上证路演中心网络互动方式。 公司将在说明会上对投资者普遍关注的问题进行回答。 一、说明会类型 中国铝业股份有限公司（以下简称"公司"）于 2025 年 4 月 25 日在上海证券 交易所网站（www.sse.com.cn ...