Meeting Overview - The third temporary meeting of the ninth board of Yunnan Luoping Zinc Electric Co., Ltd. was held on December 12, 2025, with all six directors present, and the meeting was deemed legal and effective [2][3]. Resolutions Passed - The board approved a guarantee for a bank loan of 10 million yuan for its wholly-owned subsidiary, New Materials Company, to enhance its liquidity [3][12]. - A guarantee for a commercial factoring financing loan of 50 million yuan for another wholly-owned subsidiary, Xiangrong Mining Company, was also approved [3][23]. - The board proposed to purchase liability insurance for directors and senior management, which will be submitted to the shareholders' meeting for approval [3][31]. - The appointment of Zhang Jianhong as the financial director was approved [3][75]. - The board approved the plan for the company to engage in futures hedging business in 2026 [3][37]. Financial Guarantees - The total amount of external guarantees by the company and its subsidiaries is 230.9 million yuan, with an actual guarantee balance of 138.78 million yuan, accounting for 14.72% of the latest audited net assets [19][29]. Liability Insurance - The company plans to insure all directors and senior management with a maximum annual premium of 620,000 yuan and a coverage limit of 100 million yuan [32][33]. Futures Hedging Business - The company aims to conduct futures hedging to mitigate price risks and secure sales revenue, with a maximum margin requirement of 30 million yuan for the year 2026 [37][39].

Group 1: Report Industry Investment Rating - No relevant content found Group 2: Core Views of the Report - This week, copper prices first rose and then declined slightly. Downstream consumption remains weak, and the negotiation of long - term contracts between copper producers and downstream users is ongoing. The 85,000 - yuan level may be a psychological price for downstream point - pricing [1] - Aluminum prices are expected to fluctuate in the short term. Supply and demand are expected to be relatively loose in early 2026 and then gradually tighten [1][2] - Zinc prices oscillated this week. The domestic fundamentals are poor, but there may be a phased reduction in supply at the end of the year. It is recommended to wait and see for unilateral operations, pay attention to reverse arbitrage opportunities, and the positive arbitrage opportunity of 01 - 03 contracts [5] - The short - term fundamentals of nickel are weak. With continuous inventory accumulation at home and abroad, and considering the policy motivation to support prices in Indonesia, it is advisable to pay attention to short - selling opportunities on rallies [6][7] - The fundamentals of stainless steel remain weak. With high inventory and the policy motivation to support prices in Indonesia, it is advisable to pay attention to short - selling opportunities on rallies [10] - Lead prices declined this week. Supply is loose, and demand is expected to weaken. It is expected that lead prices will fluctuate narrowly next week, and cautious operation is recommended [13][14] - Tin prices increased this week. The short - term fundamentals are acceptable, and it is recommended to wait and see. In the long - term, it is advisable to hold at low prices near the cost line or use it as a long - position allocation in non - ferrous metals [17] - The supply and demand of industrial silicon in Q4 are expected to be in a balanced and slightly loose state, and prices are expected to oscillate. In the long - term, prices are expected to oscillate at the bottom of the cycle [20] - The price of lithium carbonate has fluctuated greatly. In the long - term, if energy storage demand remains high and power demand is stable, the pattern may change in the next 1 - 2 years [22] Group 3: Summary by Metal Copper - This week, copper prices first rose and then declined slightly. Downstream consumption was weak, and long - term contract negotiations were ongoing. LME copper had concentrated warehouse - receipts, and the spread between refined and scrap copper widened. The 85,000 - yuan level may be a psychological price for downstream point - pricing [1] Aluminum - Aluminum prices decreased with reduced positions. Aluminum ingot inventory remained flat, and downstream consumption was acceptable. In the short term, prices are expected to oscillate. Supply and demand are expected to be relatively loose in early 2026 and then gradually tighten [1][2] Zinc - Zinc prices oscillated. Supply - side TC declined, and there was a new production capacity in November. In December, most smelters' maintenance was expected to reduce production by over 10,000 tons. Demand was weak both at home and abroad. The export window has opened. It is recommended to wait and see for unilateral operations, pay attention to reverse arbitrage opportunities, and the positive arbitrage opportunity of 01 - 03 contracts [5] Nickel - The price of nickel ore remained stable. The short - term fundamentals were weak, with continuous inventory accumulation at home and abroad. Considering the policy motivation to support prices in Indonesia, it is advisable to pay attention to short - selling opportunities on rallies [6][7] Stainless Steel - The prices of stainless steel products declined slightly. Supply increased slightly in October, demand was mainly for rigid needs, costs remained stable, and inventory was high. With the policy motivation to support prices in Indonesia, it is advisable to pay attention to short - selling opportunities on rallies [10] Lead - Lead prices declined. Supply was loose, and demand was expected to weaken. The contradiction between supply and demand was alleviated, and social inventory began to accumulate. It is expected that lead prices will fluctuate narrowly next week, and cautious operation is recommended [13][14] Tin - Tin prices increased. The supply - side processing fee was low, and there were some disturbances in overseas production. Demand was mainly rigid. In the short term, it is recommended to wait and see. In the long - term, it is advisable to hold at low prices near the cost line or use it as a long - position allocation in non - ferrous metals [17] Industrial Silicon - The supply and demand of industrial silicon in Q4 are expected to be in a balanced and slightly loose state, and prices are expected to oscillate. In the long - term, prices are expected to oscillate at the bottom of the cycle [20] Lithium Carbonate - The price of lithium carbonate fluctuated greatly. The market sentiment declined, and there was news of mine resumption in Jiangxi. The supply - side had high price elasticity, and if energy storage demand remained high and power demand was stable, the pattern may change in the next 1 - 2 years [22]

Group 1 - A new company, Jiangxi Minglida New Materials Co., Ltd., has been established with a registered capital of 15 million RMB [1] - The legal representative of the company is Tao Cheng [1] - The company's business scope includes hazardous goods transportation, general cargo transportation, and various metal processing and recycling activities [1] Group 2 - The company is involved in the smelting of common non-ferrous metals and the manufacturing of metal materials [1] - It also focuses on the research and development of new materials and the production and sales of non-ferrous metal alloys [1] - The company is authorized to engage in domestic cargo transportation agency services, excluding projects that require approval [1]

Core Viewpoint - The A-share market is experiencing fluctuations, with sectors such as chemicals, lithium batteries, and precious metals showing strength, indicating a potential bullish trend driven by expectations for a cyclical recovery in 2024 [1] Group 1: Market Performance - On November 10, A-share indices showed volatility, with the non-ferrous metals ETF (159871) rising over 2%, aiming for a fourth consecutive increase since November 5 [1] - Leading stocks in this sector include Guocheng Mining, Shengxin Lithium Energy, Huaxi Nonferrous, and Hunan Gold [1] Group 2: Investment Insights - According to招商证券, the recent price increase in the market is driven by a preemptive move for the anticipated cyclical recovery next year, suggesting that non-ferrous metals, steel, and building materials are viable investment options [1] - 中信建投 predicts that the A-share bull market may continue until 2026, with an expectation of a steady upward trend in indices, albeit with slower growth, prompting investors to focus more on fundamental improvements and economic conditions [1] Group 3: Sector Focus - Key sectors to watch include new energy, non-ferrous metals, basic chemicals, oil and petrochemicals, non-bank financials, military industry, machinery equipment, and computers [1] - The non-ferrous metals ETF (159871) tracks the CSI Non-Ferrous Metals Index, which includes companies involved in the mining, smelting, and processing of non-ferrous metals, reflecting the overall performance of related listed companies [1]

Market Overview - The market experienced a day of low trading volume with major indices closing down, as total trading volume reached 2.35 trillion yuan, significantly lower than the previous day's 3.17 trillion yuan [1] - The Shanghai Composite Index fell by 1.3% for the week, while the Shenzhen Component Index rose by 1.14%, and the ChiNext Index increased by 2.34%, marking a seven-week consecutive rise [1] Sector Performance - The defense and military sector saw a notable rise, with Guorui Technology hitting the daily limit, and the Defense and Military ETF (512810) reaching a peak of 2% [1] - Real estate stocks showed volatility in the afternoon, with the real estate ETF (159707) rising by 2%, potentially driven by policy adjustments regarding property tax trials in Shanghai [1] - The non-ferrous metals sector rebounded significantly, with Ganfeng Lithium hitting the daily limit and the Non-ferrous Metals Leader ETF (159876) peaking at 1.7% [1] - Technology stocks displayed increased divergence, with the AI-focused ETFs showing mixed results; the Huabao ChiNext AI ETF (159363) rose by 0.58%, while the Huabao Sci-Tech AI ETF (589520) fell by 1.76% [1] Fund Flows - The top-tier brokerage ETF (512000) and the fintech ETF (159851) continued to decline, with respective decreases of 0.68% and 1.81%, despite strong fund inflows in previous days [2] - The top-tier brokerage ETF attracted 12.62 billion yuan in net inflows over the last 16 days, totaling 64.5 billion yuan [2] Hong Kong Market Dynamics - The Hong Kong market showed mixed performance, with the Hang Seng Index closing flat and the Hang Seng Tech Index slightly up by 0.37% [3] - The Hong Kong Internet ETF (513770) experienced volatility, initially rising by over 2% before closing up by 0.63% with a trading volume of 8.9 billion yuan [5] AI and Technology Sector Insights - The AI-driven technology sector remains a focal point, with significant growth potential as companies like Alibaba and Tencent continue to advance their AI capabilities [9] - The Hong Kong Internet ETF (513770) has outperformed the Hang Seng Tech Index, with a cumulative increase of over 15 percentage points [11] - The demand for AI computing power is expected to grow exponentially, with the global AI server market projected to reach 125.1 billion USD by 2024 [16] Innovation and Drug Development - The Hong Kong Innovation Drug ETF (520880) faced a decline, with a drop of 1.58% amid a broader market adjustment, but it has seen consistent inflows, totaling over 6.7 billion yuan in the past 13 days [22][23] - The ETF has been restructured to focus solely on innovative drug development, excluding CXO companies, which is expected to enhance its performance in the long run [23][24]

Core Points - The company Shenhuo Co., Ltd. (000933) will have 4.4415 million restricted shares released on July 31, accounting for 0.2% of the total share capital [1] - In the past year, a total of 4.7861 million shares have been released, representing 0.21% of the total share capital [1] - After this release, there will be 1.6951 million restricted shares remaining, which is 0.08% of the total share capital [1] Shareholder Details - The majority of the released shares (4.3142 million) are held by core management and technical personnel, valued at approximately 82.5834 million yuan [2] - Individual shareholders such as Zhang Wenzhang, Liu Jingling, and others have smaller amounts of shares released, with values ranging from 60.32 thousand to 139.50 thousand yuan [2] Financial Data and Main Business - For Q1 2025, the company reported a main revenue of 9.632 billion yuan, an increase of 17.13% year-on-year [3] - The net profit attributable to shareholders decreased by 35.05% to 708 million yuan, while the non-recurring net profit fell by 29.43% to 715 million yuan [3] - The company has a debt ratio of 49.45%, investment income of 181 million yuan, financial expenses of 41.8617 million yuan, and a gross profit margin of 14.93% [3] - Shenhuo Co., Ltd. is primarily engaged in the production, processing, and sales of aluminum products and coal, as well as power supply [3]