Report Industry Investment Rating - Not provided Core Viewpoints - The decline in copper production in Zambia's second quarter poses risks to the goal of increasing copper production to 1 million tons this year. The domestic copper smelting plant's maintenance capacity may decrease month - on - month in August, and the domestic electrolytic copper social inventory has decreased month - on - month. The inflation rebound at the US port end reduces the expected number of Fed rate cuts, but the decrease in scrap copper anode plates and domestic electrolytic copper social inventory may cause the Shanghai copper price to fluctuate. It is recommended that investors wait and see [1][2][4] Summary by Related Contents Copper Market Data - On August 15, 2025, the closing price of the active contract of Shanghai copper futures was 79,060, with an increase of 110 compared to the previous day. The trading volume was 50,116 lots, a decrease of 1,618 lots. The open interest was 152,557 lots, an increase of 216 lots. The inventory was 24,560 tons, an increase of 126 tons [2] - The average price of SMM 1 electrolytic copper was 79,180, a decrease of 255 compared to the previous day. The Shanghai copper basis difference was 120, a decrease of 365 [2] - The LME 3 - month copper futures closing price (electronic trading) was 9,760, a decrease of 17 compared to the previous day. The total inventory of registered and cancelled warrants was 0, a decrease of 155,800 [2] - The closing price of the active contract of COMEX copper futures was 4.489, a decrease of 0.01 compared to the previous day. The total inventory weight was 267,195, an increase of 400 [2] Zambia Copper Production - Zambia is the second - largest copper producer in Africa. In 2025, the first - quarter copper production was about 224,000 tons. The copper production in the first six months was 439,644 tons. Assuming no revision in the first - quarter production, the second - quarter production was about 215,644 tons, a month - on - month decrease of about 4% [2] - Four producers, Sino Metals Leach, First Quantum Minerals, Mimbula, and Sino Xinyuan, affected the second - quarter production. Sino Metals Leach was forced to close due to tailings dam failure and acid leakage [2] - Zambia produced about 820,000 tons of copper last year. The first - half production increased by about 18% year - on - year. To reach the 1 - million - ton target this year, the second - half production needs to increase by about 27% [2] Industry Projects - Jiangxi Heli Environmental Protection Technology Co., Ltd. (formerly Jiangxi Jinhui Copper Industry Co., Ltd.) plans to invest 1.9766065 billion yuan in the industrial park of Qianshan County, Jiangxi to relocate and upgrade the existing project, building an annual 200,000 - ton recycled electrolytic copper project [3] - On August 14, 2025, the environmental impact assessment of Jiangxi Hefan Environmental Protection Technology Co., Ltd.'s annual 200,000 - ton recycled electrolytic copper project was publicly announced for acceptance, with a publicity period from August 14 to August 27 [5] - Jiangxi Linghao New Material Technology Co., Ltd. plans to build a project in De'an County for annual processing of 500,000 tons of steelmaking furnace charge and 200,000 tons of copper - aluminum recycling, with a total investment of 200 million yuan and environmental protection investment of 1.31 million yuan [3] Copper Product Industry - The daily processing fee of refined copper rods for power and enameled wires in East China increased compared to last week, leading to an increase (decrease) in the capacity utilization rate of China's refined copper rods (recycled copper rods). The raw material (finished product) inventory of refined copper rod enterprises decreased (increased) compared to last week [4] - The capacity utilization rate of copper product industries may change. For example, the capacity utilization rate of copper foil in some fields may increase, while that of copper wires and cables, copper enameled wires, and copper tubes may decrease [4] Investment Strategy - It is recommended that investors wait and see. Pay attention to the support and pressure levels of Shanghai copper, London copper, and US copper [4]

Report Summary 1. Report Industry Investment Rating No relevant information provided. 2. Core View of the Report The weakening US job market has increased expectations of a Fed rate cut. However, the traditional domestic consumption off - season has suppressed downstream demand, and the inventory of electrolytic copper at home and abroad fluctuates, suggesting that the Shanghai copper price may still have room to fall. It is recommended that investors hold their previous short positions cautiously and pay attention to the support and resistance levels of Shanghai copper, London copper, and US copper [2]. 3. Summary by Related Catalogs Market Data - **Shanghai Copper Futures**: On August 5, 2025, the closing price of the active contract was 78,580, up 250 from the previous day; the trading volume was 42,792 lots, a decrease of 19,597 lots; the open interest was 159,866 lots, a decrease of 3,692 lots; the inventory was 18,767 tons, a decrease of 1,581 tons. The SMM 1 electrolytic copper average price was 78,615, up 195 [2]. - **London Copper**: The LME 3 - month copper futures closing price (electronic trading) on August 5, 2025, was 9,634.5, down 74 from the previous day; the total inventory of registered and cancelled warrants was 0, a decrease of 153,850; the LME copper futures 0 - 3 - month contract spread was - 67.32, down 14.59; the 3 - 15 - month contract spread was - 142.61, down 3.38 [2]. - **COMEX Copper**: On August 5, 2025, the closing price of the active copper futures contract was 4.3795, down 0.06; the total inventory weight was 262,190, an increase of 2,509 [2]. News and Information - **Company News**: Zangge Mining's Julong Copper Mine Phase II project is expected to be completed and put into production by the end of 2025, with an annual copper output of about 300,000 - 350,000 tons. Codelco, the world's largest copper miner, has stopped the mining operation of its flagship El Teniente copper mine due to an accident and postponed its quarterly earnings release [2]. - **Trade News**: Affected by US tariffs on copper semi - finished products, domestic copper processing exports to the US are under pressure. A copper tube enterprise's goods arriving in the US on August 5 were subject to an additional 50% tariff, with a comprehensive tariff of 97% [2]. - **Industry News**: Japan's Mitsubishi Materials may partially shut down its refinery due to falling copper concentrate processing and smelting fees (TC/RCs), while Chinese smelters maintain record - high production [2]. Industry Operation - The daily processing fee of refined copper rods for power and enameled wire in East China has increased compared to last week, leading to an increase in the operating rate of China's refined copper (recycled copper rod) production capacity. The raw material and finished - product inventory of refined copper rod enterprises has increased, while that of recycled copper rod enterprises has decreased. The operating rate of China's copper wire and cable production capacity has decreased, and the raw material and finished - product inventory has increased. The operating rate and order volume of China's copper enameled wire have increased, and the raw material and finished - product inventory days have decreased. The operating rate and production volume of China's copper strip have increased, and the raw material and finished - product inventory days have decreased. The operating rate of China's copper tube has decreased, and the raw material and finished - product inventory days have remained flat. The operating rate of China's brass rod has decreased, and the raw material and finished - product inventory days have decreased [2]. - In August, the operating rate of domestic copper processing enterprises may be affected by the easing of Sino - US tariffs and the traditional consumption off - season. The operating rates of electrolytic copper rod, copper strip, and brass rod may increase month - on - month, while those of recycled copper rod, copper wire and cable, copper enameled wire, copper foil, and copper tube may decrease [2]. Trading Strategy It is recommended that investors hold their previous short positions cautiously and pay attention to the support and resistance levels: Shanghai copper at 74,000 - 76,000 and 80,000 - 81,000; London copper at 9,300 - 9,500 and 10,000 - 10,200; US copper at 4.0 - 4.2 and 4.6 - 5.0 [2].

Core Viewpoint - The company Jingyi Co., Ltd. (002295.SZ) faced regulatory scrutiny from the Shenzhen Stock Exchange and the Guangdong Securities Regulatory Bureau due to the chairman's lack of qualifications and failure to disclose his status as a dishonest executor, leading to his resignation shortly after the announcement [2][3][4]. Group 1: Regulatory Issues - The Shenzhen Stock Exchange issued a regulatory letter highlighting that the chairman Huang Yuhui failed to disclose his status as a dishonest executor, which is a violation of the company's disclosure obligations [2][3]. - Huang Yuhui's status as a dishonest executor disqualifies him from serving as a director or senior executive under the Company Law of the People's Republic of China [3]. - The Guangdong Securities Regulatory Bureau mandated corrective measures for the company and issued warning letters to Huang Yuhui, the general manager Wei Guo, and the board secretary Yang Xiangrui [4]. Group 2: Company Background and Performance - Jingyi Co., Ltd. was established in July 1999 and successfully listed on the Shenzhen Stock Exchange in September 2009, recognized as a top private enterprise in Guangdong [7]. - The company specializes in copper processing and digital carbon services, with a comprehensive new materials industry cluster that includes copper pipes, rods, wires, and busbars, serving various sectors such as telecommunications and electric vehicles [8]. - In 2024, the company reported revenue of 3.754 billion yuan, a year-on-year increase of 38.43%, and a net profit attributable to shareholders of 27.71 million yuan, up 15.57% [8]. Group 3: Stock Market Performance - As of June 27, the stock price of Jingyi Co., Ltd. has increased by over 30% since the beginning of the year, indicating strong market performance despite the recent regulatory issues [9].

Core Viewpoint - The resignation of Huang Yuhui as Chairman of Jingyi Co., Ltd. is linked to his inclusion in the list of dishonest executors, which violates company governance regulations [1][2][3] Group 1: Company Governance and Management Changes - Huang Yuhui submitted his resignation due to personal reasons, stepping down from multiple roles including Chairman and committee positions [1] - The Guangdong Securities Regulatory Bureau issued a corrective measure against Jingyi Co., requiring the company to replace its chairman and disclose relevant information within a specified timeframe [2] - Huang Yuhui was elected as Chairman on March 28, 2025, but resigned less than three months later [2] Group 2: Financial Performance and Business Operations - Jingyi Co. reported a revenue of 3.754 billion yuan in 2024, a year-on-year increase of 38.43%, with a net profit attributable to shareholders of 27.7063 million yuan, up 15.57% [3] - The company operates a diversified business model, primarily in copper processing, which accounted for 97.23% of total revenue in 2024 [3] - The company has established a full-chain industrial system covering various copper products, supported by production bases in Guangdong Shunde and Anhui Wuhu [3]

Report Summary 1. Industry Investment Rating No industry investment rating is provided in the report. 2. Core Viewpoints - The supply of copper ore is tight in 2025, with an expected increment of 20 - 30 tons. However, domestic smelters are still increasing production, and the supply will continue to rise in the second half of the year, but the increment will drop to over 200,000 tons. Overseas, there are both production cuts and new productions [2][6]. - The market generally agrees that consumption will weaken in the second half of the year, with differences mainly in the decline range. The short - term copper price is expected to fluctuate between 77,000 - 79,000 yuan/ton, and there is strong support at 74,000 - 75,000 yuan/ton in the medium term [2]. - If the 232 investigation result is implemented, the price spread will narrow, but there is a divergence on whether the price will decline synchronously [2][6]. 3. Summary by Directory 3.1 Research Background - In 2025, the copper price has been constantly disturbed by tariffs and the supply side. The supply of copper ore is tight, and scrap copper has become a key raw material supplement. Due to the impact of US tariff policies, consumption has been advanced, and the apparent consumption growth rate in the first half of the year has exceeded 10%. The COMEX market has attracted global electrolytic copper, causing non - US inventories to drop to an absolute low. The price spreads at home and abroad show a large Back structure, with high delivery risks [4]. 3.2 Research Results Analysis - **Copper ore supply is tight, scrap copper supply is stable**: The supply increment of copper ore in 2025 is about 20 - 30 tons, and smelters' spot orders are at a loss. Domestic smelters increase production, mainly supplemented by long - term supply from overseas mines and increased scrap copper procurement. Overseas, some smelters cut production, while others start new production. Although the supply of scrap copper in China is tight, there is no actual reduction globally, but rather a supply mismatch [6]. - **LME inventory continues to decline, and the import ratio still has room to fall**: After the 232 investigation was announced, the price spread between COMEX and LME widened, and global copper inventory began to transfer. As of June 20, LME inventory decreased from 266,000 tons at the end of February to 100,000 tons. Most of the Russian copper in LME inventory has flowed into China. Before the 232 result is implemented, non - US inventories are difficult to increase effectively. There is a divergence on whether the price will decline synchronously if the 232 result is implemented [8]. - **Consumption weakens in the second half of the year, copper price fluctuates weakly**: The consumption of electrolytic copper grew rapidly in the first half of the year, especially in April. The market generally believes that consumption will weaken in the second half of the year, mainly due to the withdrawal of national subsidies for household appliances, the end of the "trade - in" program for cars, the end of the photovoltaic rush - installation period, and the pre - consumption. Most believe that copper consumption will weaken marginally but remain resilient, and the price may correct periodically [10]. 3.3 Research Details - **Jiangsu copper rod enterprise**: The company's production and sales are basically hedged, with low inventory. The consumption of copper rods was good in the first half of the year but weakened in May. The processing fee was under pressure, and orders were concentrated in leading enterprises. The stamp duty also affected the company's profitability [12]. - **Jiangsu copper processing enterprise**: The company's production was strong in the first half of the year, with high production rates in March and April. It entered the off - season in June. The company is pessimistic about the demand in the second half of the year, mainly due to the withdrawal of national subsidies and the long payment cycle of customers [13]. - **Zhejiang trading company**: The company's hedging ratio is flexible, and it mainly imports EQ copper. The domestic scrap copper supply is tight, and the company expects the price to correct to 74,000 - 75,000 yuan/ton in the medium term. There is a high risk of a short squeeze in the overseas market [14]. - **Shanghai trading company**: The company's copper trade volume is large, and it mainly imports copper through long - term contracts. The supply of copper concentrate has little increment, but the production of refined copper in China continues to increase. The consumption shows strong reality and weak expectation. The company is bullish on the long - term copper price [14]. - **Another Shanghai trading company**: The company mainly imports copper from "Belt and Road" countries. The shortage of copper concentrate is due to low processing fees. The Russian copper in LME warehouses will be shipped to China in batches. The overall supply and demand of copper are in a tight balance [15]. - **Yet another Shanghai trading company**: The market contradictions mainly come from the conflicts between traders and smelters and between raw materials and elements. The 232 result will affect the price structure, and the company is relatively optimistic about the price [17].

1. Report Industry Investment Rating - Copper is rated as "High-level consolidation, bearish in the future" [1] - The recommended strategy is to "Wait and see for now, and short later" [2][3] 2. Core View of the Report - The market is trading the weakening of the US economy, with signs of economic decline emerging. Although the copper fundamentals currently have some support, they are showing signs of weakening. The market's trading logic has changed again, and concerns about overseas miners suppressing long-term processing fees are relatively strong, reinforcing the long position's bet on copper shortage. In the short term, the downside space for copper prices may be limited, and they are expected to remain at a high level. However, due to weakening demand and lack of macro confidence, it is difficult for copper prices to continue rising [2] 3. Summary by Relevant Catalogs Macro and Industry News - The open-pit mining project of the Canon Copper Mine of WANXIANG MINING CO., LTD., a subsidiary of Chifeng Jilong Gold Mining Co., Ltd., has officially started. This is the first large-scale copper mine project restarted since the suspension of copper mining in 2021, marking that WANXIANG MINING has entered the era of "simultaneous development of gold and copper" again. After the project is put into production, it will become another important profit growth point for WANXIANG MINING [2] Variety Logic Macro Perspective - The US CPI data is lower than market expectations, and the market starts to trade the weakening of the US economy. In terms of non-farm employment, although it is higher than the Bloomberg consensus forecast, the short-term employment diffusion index has declined, indicating that although the employment market is still strong at present, there is a high risk of decline in the future. At the same time, the revised US GDP still shows negative growth, and overall, the economic weakening has begun to emerge [2] Fundamentals - **Supply Side**: The import copper concentrate processing fee of smelters is -$43.91 per dry ton, and the spot processing fee has stabilized but is still in a deep inversion state. Overseas miners are seeking to negotiate with Chinese smelters to lower the long-term processing fee, and smelters are under great pressure. Attention should be paid to whether there will be production cut actions in the future [2] - **Demand Side**: The production of copper rods, copper tubes, etc. has reached the high level of the same period in previous years, but the downstream is gradually entering the off-season [2] Strategy Recommendation - Temporarily wait and see, and short copper later [2][3]

Group 1 - Baoxing County is focusing on ecological priority and green development, transforming its economy and enhancing the quality of life for its residents [2][4] - The county has established over 130,000 acres of ecological farms, forests, and pastures, achieving an agricultural output value of 1.13 billion yuan [4][6] - Baoxing's agricultural sector is thriving, with the area under loquat cultivation reaching over 13,000 acres and an annual production of 2,100 tons, benefiting over 1,300 households [3][4] Group 2 - The tourism sector in Baoxing is experiencing significant growth, with 4.2 million visitors expected in 2024 and a projected tourism revenue of 3.7 billion yuan [4][5] - During the recent May Day holiday, Baoxing County received over 270,000 visitors, a 50.17% increase year-on-year, generating ticket revenue of 3.2 million yuan [5] - The county is enhancing its tourism offerings with various cultural activities and new experiences, such as RV camping and live performances [5] Group 3 - Baoxing County is actively pursuing industrial development, with the Ya'an Economic Development Zone achieving a comprehensive output value of 15 billion yuan in 2024 [7] - The county is focusing on green transformation and has initiated multiple projects, including a high-precision aluminum plate production facility [7][8] - Baoxing aims for a GDP growth of 6.5% in 2024, aligning local budget revenues and per capita disposable income with economic growth [8]

Company Overview - China Metal Resources Utilization Co., Ltd. specializes in the processing of recycled copper and was listed on the Hong Kong Stock Exchange in February 2014, with a market capitalization of 12 billion HKD [4] - The company has established multiple industrial bases across various provinces in China and fully owns over 20 subsidiaries involved in copper processing [4] - It has a production capacity of 880,000 tons for copper melting, 80,000 tons for deep processing, and 500,000 tons for standardized waste copper processing, forming a complete industrial chain from resource recovery to manufacturing [4] Financial Performance - As of December 31, 2024, the company reported total revenue of 468 million CNY, a year-on-year decrease of 44.13%, and a net profit attributable to shareholders of -652 million CNY, an increase of 19.03% year-on-year [2] - The gross profit margin stands at -6.57%, with a debt-to-asset ratio of 484.21% [2] Market Position and Valuation - The company's price-to-earnings (P/E) ratio is -0.19, ranking 66th in the industry, while the average P/E ratio for the general metals and minerals industry is -3.69 [3] - The company has not received any investment rating suggestions from institutions [3] Industry Context - The company operates within the broader context of the green economy and has established a comprehensive e-commerce platform for transaction settlement in the recycling industry [4] - It has received multiple honors, including being listed among the "Top 500 Private Enterprises in China" and "Top 100 Private Enterprises in Sichuan" [4]

2024 年度向特定对象发行 A 股股票的 补充法律意见书（一） 二〇二五年二月 北京市中伦律师事务所 关于上海雅仕投资发展股份有限公司 北京市中伦律师事务所（以下简称"本所"）接受上海雅仕投资发展股份有限 公司（以下简称"发行人"、"上海雅仕"或"公司"）的委托，担任发行人申请 2024 年度向特定对象发行 A 股股票的（以下简称"本次发行上市"）事宜的专项法律 顾问。 本所于 2024 年 11 月 20 日出具了《北京市中伦律师事务所关于上海雅仕投 资发展股份有限公司 2024 年度向特定对象发行 A 股股票的法律意见书》（以下 简称"《法律意见书》"）、《北京市中伦律师事务所关于上海雅仕投资发展股份 有限公司 2024 年度向特定对象发行 A 股股票的律师工作报告》（以下简称"《律 师工作报告》"）。 北京 • 上海 • 深圳 • 广州 • 武汉 • 成都 • 重庆 • 青岛 • 杭州 • 南京 • 海口 • 东京 • 香港 • 伦敦 • 纽约 • 洛杉矶 • 旧金山 • 阿拉木图 Beijing • Shanghai • Shenzhen • Guangzhou • Wuhan • Chengdu ...