证券代码：000962 证券简称：东方钽业 公告编号：2025-064 号 宁夏东方钽业股份有限公司 二、董事会会议审议情况 《公司 2025 年半年度报告 第九届董事会第二十三次会议决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、 误导性陈述或重大遗漏。 一、董事会会议召开情况 宁夏东方钽业股份有限公司第九届董事会第二十三次会议通知于 2025 年 8 月 12 日以电子邮件、短信的形式向各位董事发出。会议于 2025 年 8 月 22 日在东方钽业办公楼二楼会议室以现场表决和通讯表决相结合的方式 召开，应出席会议董事 9 人，实出席会议董事 9 人。公司监事和部分高管人 员列席了本次会议。会议的召集、召开符合《公司法》 《公司章程》的规定。 会议由董事长黄志学先生主持。 （全文）》 详见巨潮资讯网 www.cninfo.com.cn； 《公司 2025 年半年度报告（摘要） 》详见 2025 年 8 月 26 日《证券时报》 《证 券日报》 《中国证券报》 《上海证券报》和巨潮资讯网 www.cninfo.com.cn。 表决结果：9 票同意，0 票反对，0 票弃权 持续 ...

Group 1: Overall Market Analysis - The domestic decision - makers have introduced a series of livelihood and consumption - promoting policies, but the demand repair needs time. The new RMB loans decreased by 50 billion yuan in July due to multiple factors, and the credit cycle has not started. Overseas, the market's expectation of the US interest rate cut has risen again [2]. - The market has fully priced in a 25 - basis - point interest rate cut by the Fed in September, but the US inflation stickiness has not been eradicated, and the dollar index may fluctuate around 98 in the short term [4]. - The A - share market rose significantly with heavy volume, and it is expected to have upward space in the short term, but the weak fundamentals may suppress the upward movement of the stock index center if the situation persists [6]. Group 2: Currency and Exchange Rate - The on - shore RMB against the US dollar closed at 7.1755 on the previous trading day, up 156 basis points. The central parity rate of the RMB against the US dollar was raised by 68 basis points. The US inflation is generally stable, and the Jackson Hole meeting may be crucial [3]. Group 3: Stock Index - The stock index continued to rise with heavy volume yesterday, and the small - cap stocks performed strongly. The trading volume of the two markets increased by 269.417 billion yuan. Foreign capital is accelerating its inflow into the Chinese stock market [5]. Group 4: Treasury Bonds - The bond market was less affected by the strong rise of the A - share market. The 7 - month financing was still supported by government bonds, and the new loans turned negative. It is recommended to buy the next - quarter contracts at low prices [7]. Group 5: Container Shipping - The futures prices of the container shipping index (European line) continued to decline. The spot prices of some shipping routes have changed. It is expected that the EC will fluctuate and decline or continue to fluctuate in the future [8][9]. Group 6: Commodities - Precious Metals - The prices of gold and silver rebounded. The market's expectation of the Fed's interest rate cut within the year has risen. It is recommended to buy on dips for the medium - and long - term [11][13]. Group 7: Commodities - Base Metals - Copper prices were in high - level shock. The inflation data in the US is conducive to the Fed's interest rate cut, and it is recommended to make low - level purchases [14][15]. - Aluminum prices are expected to be in high - level shock in the short term and have upward momentum in the medium term. Alumina is expected to be in weak shock, and cast aluminum alloy is expected to fluctuate [17][19]. - Nickel and stainless steel prices are expected to continue to fluctuate in the short term. Tin prices fell slightly, and it is recommended to hold cash and wait and see [20][21]. Group 8: Commodities - Black Metals - The prices of rebar and hot - rolled coil followed the decline of coking coal and then stabilized slightly at night. The short - term market is expected to be in a range - bound pattern [22][24]. - Iron ore prices declined due to the cooling of sentiment. The short - term supply is neutral, and the demand is expected to be stable, with prices expected to fluctuate [25][26]. - Coking coal and coke prices opened lower with a gap. The supply reduction expectation of coking coal is strengthened, and the medium - and long - term trends are not pessimistic, but attention should be paid to the impact of Dalian Commodity Exchange's position limit [27][29]. - The prices of ferrosilicon and ferromanganese followed the decline of coal. The demand is supported in the short term, but the long - term demand is uncertain, and they follow the price fluctuations of coal [30][32]. Group 9: Commodities - Energy and Chemicals - Crude oil prices continued to fall due to the unexpected increase in EIA inventories. The supply surplus risk is increasing, and attention should be paid to the progress of the "Trump - Putin meeting" on the cease - fire in Ukraine [34][36]. - PX - PTA prices followed the decline of the cost side. It is recommended to expand the PTA processing fee at low prices [37][39]. - Ethylene glycol prices are expected to be in a range - bound pattern, and it is recommended to buy on dips. Bottle - grade PET prices follow the cost side, and the processing fee is operated in a range [40][42]. - Methanol 09 contract is expected to be weak, and attention should be paid to the downstream resistance and the port - inland price difference [43][44]. - PP and PE prices mainly follow the macro - sentiment fluctuations. The supply and demand of PP are relatively stable, and PE is moving towards a pattern of both supply and demand growth [45][49]. - PVC is recommended to be short - allocated. It is in a state of high valuation, high inventory, and high warehouse receipts [50][51]. - Pure benzene and styrene prices are expected to be in a range - bound pattern. It is recommended to shrink the pure benzene - styrene price difference at high prices [52][54]. - Fuel oil prices are still weak, and low - sulfur fuel oil prices fell due to the drag of crude oil. Asphalt prices followed the cost side in weak shock [55][59]. - Rubber prices are under pressure above, with internal and external differentiation. It is recommended to expand the price difference between deep - colored and light - colored rubber at low prices [60]. Group 10: Commodities - Building Materials - The prices of soda ash, glass, and caustic soda are expected to be in shock. Soda ash supply is strong and demand is weak, glass is in a weak - balance state, and caustic soda needs to pay attention to the improvement of downstream demand [61][65]. - Log prices have limited downward space, and it is recommended to buy on dips [66]. Group 11: Agricultural Products - Hog prices are recommended to be short - sold at high prices, and appropriate reverse spreads can be arranged [67]. - Oilseeds are recommended to be bought on dips. The short - term decline space of domestic soybean - based products is limited, and the rapeseed - based products can be long - positioned after the short - term rise and fall [68][70]. - The prices of oils are running strongly. Palm oil, soybean oil, and rapeseed oil have different influencing factors, and attention should be paid to relevant policies and relationships [71][72]. - Cotton prices are expected to be strong in the short term. The low inventory of old cotton supports the price, and attention should be paid to the downstream stocking situation [72][73].

Group 1 - The core viewpoint of the article highlights the positive impact of the "anti-involution" policy on the mining and steel industries, aiming to prevent homogeneous competition and promote high-end and green transformation [1] - Mining ETFs, including the mining ETF (561330) and non-ferrous 60 ETF (159881), have seen an increase of over 2.5% [1] - The "anti-involution" policy is expected to enhance market sentiment and stimulate the long-dormant inventory cycle, leading to potential trading opportunities and improved supply-demand dynamics in the steel industry [1] Group 2 - Steel inventory has shown a continuous reduction, indicating a passive adjustment characteristic [1] - From 2021 to 2024, the steel industry's ROE and ROA are projected to decline to historical lows due to the downturn in the real estate market [1] - The concentration of capacity in the steel industry and the transition to high-quality green products may further optimize the supply-demand structure, aiding in the recovery of profitability [1]

Market Overview - The A-share market experienced a pullback after briefly surpassing the 3500-point mark, with the Shanghai Composite Index closing down 0.13% at 3493.05 points [1] - The total trading volume in the Shanghai and Shenzhen markets reached 1.51 trillion, an increase of 51.2 billion compared to the previous trading day [1] - The market showed mixed performance across sectors, with innovative drugs, pharmaceuticals, gaming, film, and coal leading gains, while gold stocks, non-ferrous metals, and chips lagged [1] Economic Indicators - In June, China's CPI turned positive at 0.10% year-on-year, with core CPI at 0.70%, influenced by seasonal weather and rising oil prices [3] - The decline in food prices was noted at 0.3% year-on-year, with beef prices increasing by 2.7% after 28 months of decline, while pork prices fell by 8.5% [3] - Domestic consumption policies have supported prices in the automotive and home appliance sectors [3] Monetary Policy Outlook - Due to ongoing consumer confidence issues and international trade risks, China's CPI and PPI face significant pressure, with potential for a 10 basis point rate cut by the central bank in Q4 [4] - This could open up more space in the bond market, with investors advised to focus on government bond ETFs [4] International Developments - The "Big Beautiful" Act signed by Trump on July 4th expands the U.S. fiscal deficit, potentially supporting U.S. economic growth and impacting various sectors differently [5] - Traditional energy, manufacturing, real estate, military, and agriculture sectors may benefit from tax advantages, while clean energy and healthcare may face reduced incentives [5] Copper Market Dynamics - The new 50% tariff on copper imports to the U.S. announced by Trump has led to significant fluctuations in copper prices, with U.S. copper prices rising sharply [6][10] - The current trading environment for copper is characterized by a contango structure in COMEX and a backwardation structure in LME, influenced by inventory levels and tariff expectations [10] - The anticipated tariff may reduce demand for U.S. copper, as significant stockpiling has already occurred, potentially leading to a decline in price differentials [10] Investment Recommendations - Investors are encouraged to consider opportunities in the 60 ETF (159881) and mining ETF (561330) as potential low-entry points in the current market environment [10]

Group 1 - The core viewpoint indicates that the metal industry is expected to see steady profit growth in 2024 and the first quarter of 2025, with gold, rare earths, and copper leading the sectors, while industry valuations are low and dividend returns are improving [1] - The performance of the colored ETF and its constituent stocks, such as Zijin Mining and Shandong Gold, is positively influenced by the sentiment boost from the research report [1] - Recent US-China tariff negotiations have exceeded expectations, leading to a return to fundamentals for the colored sector, with tungsten prices rising due to quota reductions, while gold is under pressure from a decrease in safe-haven sentiment [1] Group 2 - The report from CITIC Securities suggests focusing on investment opportunities in gold, rare earths, copper, and aluminum due to favorable market conditions [1] - The analysis from Huachuang Securities highlights that the reform in the public fund industry may enhance the competitiveness of niche products, indirectly benefiting the ecosystem of thematic ETFs [1] - The performance of related stocks such as Jintian Copper and Zijin Mining is expected to be influenced by the anticipated benefits from the easing of export restrictions and rising overseas prices [1]