证券研究报告|行业研究报告 [Table_Title] IAMGOLD 2025Q2 权益黄金产量环比增加 7.5%至 5.38 吨，2025Q2 调整后归母净利环比增长 40.0% 至 7730 万美元 [Table_Date] 2025 年 8 月 9 日 [Table_Title2] 有色金属-海外季报 [Table_Summary] 季报重点内容: ► 生产经营情况 产量：2025Q2 权益黄金产量为 17.3 万盎司（5.38 吨），环比 增加 7.5%，同比增加 4.2%。 销量：2025Q2 权益黄金销量为 17.3 万盎司（5.38 吨），环比 增加 4.8%，同比增加 10.9%。 销售价格：2025Q2 平均实现黄金价格为 3182 美元/盎司 （736.59 元/克），环比上涨 16.5%，同比上涨 38.7%。 销售成本：2025Q2 黄金销售成本为 1561 美元/盎司（361.35 元 /克），环比上涨 6.6%，同比上涨 45.1%。 现金成本：2025Q2 黄金现金成本为 1556 美元/盎司（360.19 元 /克），环比上涨 6.6%，同比上涨 45.3%。 AISC：20 ...

Investment Rating - Industry Rating: Recommended [4] Core Insights - The report highlights a 1.8% quarter-on-quarter increase in silver production to 509.4 thousand ounces (158.44 tons) in Q2 2025, with a year-on-year increase of 11.5% [1][2] - Net profit for Q2 2025 reached $189.6 million, a 12.0% increase from the previous quarter, recovering from a loss of $21.4 million in the same period last year [6][12] - The average realized price for silver in Q2 2025 was $32.91 per ounce, reflecting a 5.3% quarter-on-quarter increase and a 17.0% year-on-year increase [1][12] Production and Financial Performance Silver - Q2 2025 silver production: 509.4 thousand ounces (158.44 tons), up 1.8% quarter-on-quarter and 11.5% year-on-year [1] - Total sustaining cost (AISC) for silver: $19.69 per ounce, up 41.2% quarter-on-quarter and 8.7% year-on-year [1] - Average realized price: $32.91 per ounce, up 5.3% quarter-on-quarter and 17.0% year-on-year [1] Gold - Q2 2025 gold production: 17.87 thousand ounces (5.56 tons), down 1.9% quarter-on-quarter and 18.9% year-on-year [2] - Total sustaining cost (AISC) for gold: $1,611 per ounce, up 8.5% quarter-on-quarter and 10.0% year-on-year [2] - Average realized price: $3,305 per ounce, up 15.2% quarter-on-quarter and 41.5% year-on-year [2] Zinc - Q2 2025 zinc production: 12.6 thousand tons, down 10.0% quarter-on-quarter but up 24.8% year-on-year [2] - Average realized price: $2,597 per ton, down 7.9% quarter-on-quarter and down 10.5% year-on-year [2] Lead - Q2 2025 lead production: 6.0 thousand tons, down 10.4% quarter-on-quarter but up 22.4% year-on-year [2] - Average realized price: $1,954 per ton, down 1.0% quarter-on-quarter and down 10.0% year-on-year [2] Copper - Q2 2025 copper production: 0.7 thousand tons, up 16.7% quarter-on-quarter but down 41.7% year-on-year [2] - Average realized price: $9,401 per ton, up from $10,515 per ton in the previous year [3] Financial Metrics - Q2 2025 revenue: $811.9 million, up 5.0% quarter-on-quarter and 18.3% year-on-year [6][12] - Q2 2025 net cash generated from operating activities: $293.4 million, up 67.8% quarter-on-quarter and 80.3% year-on-year [6] - Q2 2025 sustaining capital expenditures: $60.4 million [12] Strategic Developments - The company announced a cash dividend of $0.12 per share for Q2 2025, totaling $36.2 million paid to shareholders [7] - A strategic acquisition of MAG Silver Corp. is expected to enhance the company's position in high-quality silver mining [8][10]

Investment Rating - Industry Rating: Recommended [4] Core Insights - The total gold production for Q2 2025 increased by 19.0% quarter-on-quarter to 229,454 ounces (7.14 tons), and by 12.3% year-on-year [1] - The net profit for Q2 2025 grew by 157.3% quarter-on-quarter to $161 million, compared to a loss of $34.77 million in the same period last year [3] - The average realized gold price in Q2 2025 was $3,290 per ounce, reflecting a 13.8% increase quarter-on-quarter and a 40.4% increase year-on-year [1][3] Production and Sales Summary - Gold sales for Q2 2025 totaled 210,384 ounces (6.54 tons), a 14.3% increase quarter-on-quarter and a 0.1% increase year-on-year [1] - Cash operating costs for Q2 2025 were $745 per ounce, down 10.5% quarter-on-quarter and 7.8% year-on-year [2] - Total cash costs for Q2 2025 were $1,132 per ounce, up 1.7% quarter-on-quarter and 29.1% year-on-year [2] Financial Performance - Revenue for Q2 2025 was $692 million, representing a 30.1% increase quarter-on-quarter and a 40.4% increase year-on-year [3] - Adjusted net income for Q2 2025 was $163 million, up 33.6% quarter-on-quarter and 107.8% year-on-year [5] - Cash generated from operating activities in Q2 2025 was $255 million, a 42.5% increase quarter-on-quarter and a 308.4% increase year-on-year [5] Key Project Developments - The Goose Mine achieved its first gold pour, with commercial production expected to commence in Q3 2025 [6] - The Gramalote project feasibility study indicated a tax-adjusted net present value of $941 million at a gold price of $2,500 per ounce, with an internal rate of return of 22.4% [7] - The Fekola mine reached a milestone of producing 4 million ounces of gold [8] 2025 Outlook - The company expects total gold production for 2025 to be between 970,000 and 1,075,000 ounces [10] - The cash operating cost guidance for 2025 has been updated to reflect lower fuel costs and the anticipated production from the Goose Mine [11]

Investment Rating - The report provides a recommendation for the industry [5] Core Insights - In Q2 2025, the nickel ore production decreased by 9% year-on-year to 7.08 million wet tons, while the NPI production increased by 20% year-on-year to 7,900 tons [1][2] - The lithium production at the Centenario plant was 270 tons, with a significant increase in sales to 480 tons compared to the previous quarter [3] - Manganese ore production was 1.76 million tons, showing an 11% year-on-year increase, while manganese alloy production decreased by 6% year-on-year [4][7] - The adjusted turnover for H1 2025 was €1.528 billion, reflecting a 7% decrease compared to H1 2024 [9][20] - The adjusted EBITDA for H1 2025 was €191 million, a 45% decline year-on-year, primarily due to lower nickel grades and operational challenges [10][11] Summary by Sections Nickel - Nickel ore production in Q2 2025 was 7.08 million wet tons, a 9% decrease year-on-year, while sales were 5.64 million wet tons, a 6% decrease year-on-year [1] - NPI production was 7,900 tons, a 20% increase year-on-year, with sales of 3,500 tons, a 21% increase year-on-year [2] Lithium - Lithium production (in LCE) was 270 tons in Q2 2025, down from 440 tons in Q1 2025, while sales increased significantly to 480 tons [3] - The Centenario plant is expected to reach its design capacity of 24,000 tons/year, with production delays impacting EBITDA [3][15] Manganese - Manganese ore and sinter production was 1.76 million tons, an 11% increase year-on-year, while sales were 1.43 million tons, a 2% decrease year-on-year [4] - Manganese alloy production was 160,000 tons, a 6% decrease year-on-year [7] Financial Performance - The adjusted turnover for H1 2025 was €1.528 billion, a 7% decrease from H1 2024, while adjusted EBITDA was €191 million, down 45% year-on-year [9][10] - The net income attributable to the group was -€152 million, reflecting a significant decline compared to the previous year [11][20] 2025 Outlook - Nickel production targets for 2025 have been revised to 36 to 39 million wet tons, with expectations of continued price premiums due to supply constraints [14] - Lithium production is projected to be between 4,000 and 7,000 tons for 2025, with increased capital expenditures anticipated [15] - Manganese transportation targets have been adjusted to 6.5 to 7 million tons for 2025, with cash cost targets revised to $2.1 to $2.3 per ton [16]

Investment Rating - Industry rating: Recommended [6] Core Insights - In Q2 2025, Century Aluminum's primary aluminum shipments increased by 4.6% year-on-year to 175,740 tonnes, and by 4.2% quarter-on-quarter [2] - The net sales for Q2 2025 were $628.1 million, a decrease of 0.9% quarter-on-quarter but an increase of 12% year-on-year [3] - The net loss attributable to Century Aluminum stockholders for Q2 2025 was $4.6 million, a significant improvement from a loss of $34.3 million in the previous quarter and a decrease from a loss of $2.1 million year-on-year [3] - Adjusted EBITDA for Q2 2025 was $74.3 million, down from $78 million in Q1 2025, but significantly higher than $34.2 million in Q2 2024 [4] - Century Aluminum plans to restart its Mount Holly smelter in South Carolina, investing approximately $50 million to bring back over 50,000 tonnes of idle capacity, which will increase U.S. aluminum production by nearly 10% [5][7] - The company expects adjusted EBITDA for Q3 2025 to be between $115 million and $125 million, primarily driven by increased Midwest premiums [8] Summary by Sections Production and Operations - In Q2 2025, primary aluminum shipments reached 175,740 tonnes, reflecting a 4.6% increase year-on-year and a 4.2% increase quarter-on-quarter [2] Financial Performance - Q2 2025 net sales were $628.1 million, a decrease of 0.9% from Q1 2025 but an increase of 12% from Q2 2024 [3] - The net loss attributable to stockholders was $4.6 million, a significant improvement from the previous quarter's loss of $34.3 million and a decrease from a loss of $2.1 million year-on-year [3] - Adjusted EBITDA for Q2 2025 was $74.3 million, down from $78 million in Q1 2025 but up from $34.2 million in Q2 2024 [4] Future Outlook - The company plans to restart the Mount Holly smelter, which will enhance domestic aluminum production and create over 100 new jobs [5] - Expected adjusted EBITDA for Q3 2025 is projected to be between $115 million and $125 million, influenced by rising Midwest premiums [8]

Global Market Overview - The global markets experienced a rebound this week after a significant pullback last week, with major indices showing recovery [1][9] - The US stock market remains under pressure due to high valuations and uncertainty surrounding economic policies [1][12] US Market Performance - The S&P 500, Nasdaq, and Dow Jones indices increased by 2.43%, 3.87%, and 1.35% respectively this week [2][12] - The Nasdaq index has a high P/E ratio of 40.8, indicating potential valuation risks, while the S&P 500 Shiller P/E ratio rose to 38.45, the second highest historically [1][12] - The technology sector within the S&P 500 saw a notable increase of 4.27%, while the energy sector declined by 0.98% [12][16] Hong Kong Market Performance - The Hang Seng Index, Hang Seng China Enterprises Index, and Hang Seng Hong Kong Chinese Enterprises Index rose by 1.43%, 1.03%, and 1.84% respectively this week [4][25] - The Hang Seng Technology Index increased by 1.17%, with the materials sector showing the highest growth at 10.98% [25][28] - The market is expected to continue showing divergence, with high-positioned assets likely to face further corrections while undervalued assets may present opportunities [1][39] Economic Data - In June 2025, the Eurozone PPI year-on-year growth was 0.6%, up from 0.3% previously [40][41] - The Eurozone retail sales index showed a month-on-month increase of 0.3%, improving from a previous decline of -0.3% [40][41] - The US ISM Services PMI for July was reported at 50.1, down from 50.8, indicating a slight contraction in the services sector [48][49]

证券研究报告|行业研究报告 [Table_Date] 2025 年 8 月 8 日 [Table_Title] Solid Power 2025Q2 收入为 750 万美元，净亏损为 2534 万美元 [Table_Title2] 有色金属-海外季报 [Table_Summary] 季报重点内容: ►2025Q2 年财务业绩情况 2025Q2，Solid Power 实现了 750 万美元的收入和补助收 入，而 2025 年第一季度为 600 万美元，使 2025 年上半年 的确认收入达到 1350 万美元。同比增长 8%，环比增长 28%。2025Q2 的收入主要得益于公司与 SK On Co., Ltd. 签订 的线路安装协议中工厂验收测试里程碑的实现。 2025Q2，运营亏损 2,587.1 万美元，环比亏损有所扩大。 2025Q2，净亏损 2,533.8 万美元，同环比亏损有所扩大。 截至 2025 年 6 月 30 日，现金及现金等价物为 2,624.8 万美元。 截至 2025 年 6 月 30 日，总流动性为 2.798 亿美元。 截至 2025 年 6 月 30 日，合同应收款为 460 万美 ...

Investment Rating - The industry investment rating is "Recommended" indicating that the analyst predicts the industry index will outperform the Shanghai Composite Index by 10% or more during the specified period [15]. Core Insights - In Q2 2025, the production of rare earth concentrates reached 13,145 tons, a year-on-year increase of 8% and a quarter-on-quarter increase of 45%. However, sales volume decreased by 58% year-on-year to 2,658 tons [1]. - The revenue for Q2 2025 was $57.4 million, an 84% increase year-on-year, primarily due to increased production of separated products, which led to a more balanced revenue structure from NdPr oxides and metals [3]. - The adjusted EBITDA improved significantly, reaching -$12.5 million, compared to -$27 million in the previous quarter, driven by the sales of magnetic precursor products [5][7]. Summary by Sections Production and Sales Performance - Rare earth concentrate production in Q2 2025 was 13,145 tons, up 8% year-on-year and 45% quarter-on-quarter. Sales volume was 2,658 tons, down 58% year-on-year and 54% quarter-on-quarter. The realized price was $4,468 per ton, down 7% year-on-year but up 7% quarter-on-quarter [1][10]. - NdPr production was 597 tons, a 6% year-on-year increase and a 119% quarter-on-quarter increase. Sales volume was 443 tons, down 5% year-on-year but up 226% quarter-on-quarter. The realized price for NdPr was $57 per kg, up 10% year-on-year and 19% quarter-on-quarter [2][10]. Financial Performance - Total revenue for Q2 2025 was $57.4 million, an 84% increase from the previous year, while it decreased by 6% from the previous quarter. The increase was mainly due to higher production of separated products and the introduction of magnetic precursor product sales [3][11]. - Adjusted net loss improved by $6.7 million year-on-year to -$21.4 million, attributed to the increase in adjusted EBITDA [5]. - The materials segment revenue grew by 20% year-on-year to $37.5 million, driven by a significant increase in NdPr sales, which rose by 226% [6][11]. Business Segment Performance - The materials segment's adjusted EBITDA improved by $4.9 million year-on-year to -$12.7 million, mainly due to revenue growth from NdPr products [7]. - The magnetic materials segment generated $19.9 million in revenue, driven by initial sales of magnetic precursor products, which began in Q1 2025 [8].

证券研究报告|公司点评报告 [Table_Date] 2025 年 08 月 08 日 [Table_Title] 俏尔婷婷盈利能力改善，上半年高分红 [Table_Title2] 健盛集团(603558) | [Table_DataInfo] 评级： | 买入 | 股票代码： | 603558 | | --- | --- | --- | --- | | 上次评级： | 买入 | 52 周最高价/最低价： | 11.86/7.88 | | 目标价格： | | 总市值(亿) | 34.05 | | 最新收盘价： | 9.64 | 自由流通市值(亿) | 34.05 | | | | 自由流通股数(万) | 353.18 | [Table_Summary] 事件概述 2025H1 公司收入/归母净利/扣非净利/经营性现金流分别为 11.70/1.42/1.36/2.52 亿元、同比增长 0.19%/-14.46%/-15.84%/146.96%，净利下降我们分析主要由于关税反复、市场疲软影响下而产能端人员配备 超配，叠加引入新高管导致管理费用增加；经营性现金流净高于归母净利主要由于经营性应收项目减少。 25Q2 收 ...

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - In H1 2025, the scale of pure - bond funds increased by nearly 100 billion yuan. Credit medium - and long - term bond funds showed outstanding performance in a volatile market, but the overall performance of pure - bond funds was inferior to the same period in previous years. Meanwhile, the expansion of pure - bond funds was hindered, and "Fixed Income +" funds became popular in the market [1]. - The scale of index funds increased significantly beyond the seasonal trend. Credit - based index bond funds witnessed explosive growth, while interest - rate based ones had a recovery. For medium - and long - term bond funds, the equilibrium and interest - rate styles grew in scale, while the credit style declined. Short - term and medium - short - term bond funds ended three consecutive quarters of scale reduction [3][4]. 3. Summary by Relevant Catalogs 3.1 2025 H1, the scale of pure - bond funds increased by nearly 100 billion yuan 3.1.1 Credit medium - and long - term bond funds showed outstanding performance in a volatile market - In Q1 2025, affected by multiple negative factors, the bond market was under pressure, and the yield center of pure - bond funds dropped significantly. In Q2, due to factors such as increased risk - aversion sentiment and abundant liquidity, the bond market strengthened, and the single - quarter yield center of pure - bond funds turned positive [11]. - The median return of pure - bond funds in H1 2025 was 0.76%, recovering the losses in Q1 but underperforming the same period in 2024 and 2023. Credit - style products were more popular, with the return center of medium - and long - term credit bond funds reaching 1.00%, leading other styles [1][14]. 3.1.2 The expansion of pure - bond funds was hindered, and "Fixed Income +" became popular in the market - The total scale of pure - bond funds increased from 9.50 trillion yuan at the end of 2024 to 9.59 trillion yuan in mid - 2025, with an increase of only 93.8 billion yuan. In contrast, the total scale of "Fixed Income +" funds increased by 256.9 billion yuan to 1.48 trillion yuan. The "market share" of pure - bond funds decreased by nearly 2 percentage points [18]. 3.1.3 Most of the top - tier fund managers saw an increase in scale - In H1 2025, 67 fund managers had positive scale growth, with 16 managers having a scale increase of over 10 billion yuan and 28 managers over 5 billion yuan. Among the 21 top - tier managers, 14 had a net scale increase, mainly in Q2 [23]. - Index - type bond funds quickly replaced medium - and long - term bond funds as the focus of fund managers. Among the 15 fund managers with rapid scale growth in Q2, index - type bond funds contributed 250.4 billion yuan, accounting for over 50% [2][28]. 3.2 By type, the scale growth of index funds was significantly beyond the seasonal trend 3.2.1 Index bond funds: credit - based ones had explosive growth, and interest - rate based ones had a recovery - In Q1 2025, due to the seasonal effect, the scale of index - type bond funds decreased by 92.6 billion yuan. In Q2, the scale increased by 308.3 billion yuan, reaching the highest level since 2019 [33]. - Credit - bond index funds grew rapidly, with a net increase of about 220 billion yuan in Q2, and their proportion in index - type bond funds rose from 12% at the end of Q1 to 24%. Policy - financial bond index funds had a recovery, but their proportion decreased from 71% to 60% [35]. 3.2.2 Medium - and long - term bond funds: the equilibrium and interest - rate styles grew in scale, while the credit style declined - The medium - and long - term bond fund market was first depressed and then rebounded in H1 2025. The scale decreased by 394.6 billion yuan in Q1 and rebounded by 275.1 billion yuan in Q2 but did not fully recover the losses in Q1 [48]. - There was a significant style rotation in H1 2025. In Q1, funds flowed into credit - style products, while in Q2, the equilibrium and interest - rate styles grew, and the credit style shrank. The main reason was the active adjustment of the holding structure of existing funds [48][49]. 3.2.3 Short - term and medium - short - term bond funds: ended three consecutive quarters of scale reduction - In Q2 2025, the scale of short - term and medium - short - term bond funds rebounded, ending the downward trend since Q3 2024. The scale of short - term bond funds increased by 17.1% to 545.5 billion yuan, and that of medium - short - term bond funds increased by 18.5% to 600.5 billion yuan [59]. 3.3 Appendix: Fund classification method - For the selection of the fund list each quarter, start from the initial funds of bond - type funds in the Wind first - level classification and partial - debt hybrid funds in the second - level classification. Eliminate funds that do not meet the requirements to ensure that they are pure - bond funds [67]. - Classify short - term and medium - short - term bond funds based on the full - name matching of fund products, investment scope, performance comparison benchmark, and weighted duration of heavy - position bonds. Classify medium - and long - term bond funds according to the bond - holding situation in the quarterly report and assign style labels [68].