Investment Rating - Industry rating: Recommended [5] Core Insights - In Q1 2025, the company's own copper production decreased by 30% year-on-year to 167,900 tons, and gold production decreased by 28% to 4.51 tons, primarily due to lower ore extraction rates and overall recovery rates at key mines [1][2] - Cobalt production increased by 44% year-on-year to 9,500 tons, reflecting improved grades and output from the Mutanda mine [1] - Zinc production rose by 4% year-on-year to 213,600 tons, driven by higher grades at Antamina and increased output from Australia [1] Production Performance - Q1 2025 production figures include: - Copper: 167,900 tons, down 30% YoY, down 32% QoQ [7] - Cobalt: 9,500 tons, up 44% YoY, down 19% QoQ [7] - Zinc: 213,600 tons, up 4% YoY, down 18% QoQ [7] - Lead: 49,900 tons, up 14% YoY [2] - Nickel: 18,800 tons, down 21% YoY, down 6% QoQ [2] - Gold: 145,000 ounces (4.51 tons), down 28% YoY, down 26% QoQ [2] - Silver: 4,230,000 ounces (131.57 tons), down 6% YoY, down 21% QoQ [2] - Ferrochrome: 277,000 tons, down 7% YoY, up 2% QoQ [2] - Steelmaking coal: 8.3 million tons, up 493% YoY, down 6% QoQ [2] - Energy coal: 23.4 million tons, down 7% YoY, down 12% QoQ [2] - Oil entitlement interest: 883,000 barrels of oil equivalent, down 23% YoY, down 4% QoQ [2] 2025 Guidance - The company expects 2025 production guidance as follows: - Copper: 850,000 to 910,000 tons [3] - Cobalt: 40,000 to 45,000 tons [3] - Zinc: 930,000 to 990,000 tons [3] - Nickel: 74,000 to 86,000 tons [3] - Steelmaking coal: 30 million to 35 million tons [3] - Energy coal: 8.7 million to 9.5 million tons [3]

Investment Rating - Industry rating: Recommended [4] Core Insights - In Q1 2025, the company reported a copper production of 30,958 tonnes, a decrease of 28.4% quarter-on-quarter and 10.9% year-on-year, aligning with quarterly production expectations [1] - The adjusted net profit attributable to owners reached $93.8 million, a 33.4% increase from the previous quarter, driven by strong revenue growth from copper and gold price increases and effective cost control [7][6] - The company achieved revenue of $594.9 million in Q1 2025, reflecting a year-on-year growth of 13.3% and a quarter-on-quarter increase of 1.7% [6][16] Production and Sales Summary - Copper sales in Q1 2025 were 31,768 tonnes, down 16.2% quarter-on-quarter and 5.5% year-on-year [1] - Gold production was 73,784 ounces (2.3 tonnes), a decrease of 21.6% quarter-on-quarter and 18.4% year-on-year, while gold sales were 75,092 ounces (2.3 tonnes), down 19.0% quarter-on-quarter and 30.5% year-on-year [1][2] - Silver production was 919,775 ounces (28.6 tonnes), down 29.9% quarter-on-quarter and 3.0% year-on-year, with silver sales at 1,006,968 ounces (31.3 tonnes), down 12.5% quarter-on-quarter and 5.8% year-on-year [2] - Zinc production decreased by 25.3% quarter-on-quarter to 6,265 tonnes, and sales fell by 7.7% to 4,857 tonnes [2] Cost Analysis - The consolidated cash cost per pound of copper produced was -$0.45, a historical low, compared to $0.45 in Q4 2024, attributed to higher by-product revenues and strong operational cost performance [2][15] - The sustaining cash cost per pound of copper was $0.72, down from $1.37 in Q4 2024 [3][15] Financial Performance - The company reported a net earnings of $99.2 million in Q1 2025, significantly up from $19.3 million in Q4 2024 and $18.5 million in Q1 2024 [16] - Adjusted EBITDA for Q1 2025 was $28.72 million, a 12% increase from Q4 2024 and a 34% increase from Q1 2024 [8][16] Guidance and Future Outlook - The company expects annual copper production guidance for 2025 to be between 117,000 and 149,000 tonnes, with gold production guidance between 247,500 and 308,000 ounces [17][12] - The company has extended the expected mining life of the Constancia mine to 2041, with an average annual production forecast of approximately 88,000 tonnes of copper and 31,000 ounces of gold over the next three years [12][13]

Investment Rating - The report recommends a "Buy" rating for the agricultural sector, anticipating that the sector will outperform the Shanghai Composite Index by 15% or more within the next six months [61]. Core Insights - The report highlights that in an inflationary environment, the agricultural sector tends to yield excess returns, with historical data showing that periods of CPI exceeding 3% have led to significant gains in the agricultural sector [19]. - The report emphasizes the positive outlook for the agricultural sector due to recent monetary policy adjustments, including interest rate cuts and reserve requirement ratio reductions, which are expected to stimulate demand and support price recovery [19][7]. Summary by Sections 1. Inflation Expectations Rising - The central bank's monetary policy has shifted towards promoting a reasonable price recovery, with measures such as lowering the reserve requirement ratio from 10% in August 2024 to 9% in May 2025 and reducing the 7-day reverse repo rate from 1.8% to 1.4% [7][8]. - Despite a recent decline in CPI due to fluctuations in food and energy prices, core CPI has shown positive changes, indicating underlying inflationary pressures [10][13]. 2. Swine Farming: Weak Price Fluctuations, Profits for Cost-Effective Producers - Swine prices have shown a downward trend but are expected to stabilize with policy guidance suggesting a price recovery in the second half of the year [23][27]. - The report notes that self-breeding operations remain profitable, although profits have been shrinking recently, while external piglet purchases have led to losses [31][33]. - Major pig farming companies have improved their profitability due to cost reductions, with companies like Wen's Foodstuffs and Muyuan Foods showing significant profit recovery [38]. 3. Planting: Policy Expectations & Demand Improvement, Grain Prices Gradually Recovering - Corn prices have rebounded significantly due to increased demand from recovering pig farming and strong performance in the corn processing industry, with average prices rising from 2,197 CNY/ton in Q1 2025 to 2,322 CNY/ton in April and May [46]. - Wheat prices are also expected to rise due to increased procurement by state reserves and rising corn prices, with the average price for wheat in Q1 2025 at 2,410.83 CNY/ton [50]. - The report indicates that soybean prices have slightly decreased due to the arrival of imported soybeans, but the market is expected to stabilize as supply conditions improve [53].

[Table_Title] Hudbay 2025Q1 铜产量环比减少 28.4%至 30,958 吨，调整后归属于所有者的净利润环比增长 33.4% 至 9,380 万美元 [Table_Title2] 有色金属-海外季报 [Table_Summary] 季报重点内容: ► 生产经营情况 2025Q1，铜产量 30,958 吨，环比减少 28.4%，同比减少 10.9%。符合季度生产节奏预期。铜销量 31,768 吨，环比减少 16.2%，同比减少 5.5%。 2025Q1，黄金产量 73,784 盎司（2.3 吨），环比减少 21.6%， 同比减少 18.4%。好于季度生产节奏预期。由于公司正在完成 高品位 Pampacancha 矿坑的最后剥离阶段，秘鲁的计划品位较 低，因此铜和金的综合产量低于 2024Q4，但由于马尼托巴省 的黄金品位好于预期，黄金产量增加，部分抵消了上述减少的 产量。黄金销量 75,092 盎司（2.3 吨），环比减少 19.0%，同 比减少 30.5%。 2025Q1，白银产量 919,775 盎司（28.6 吨），环比减少 29.9%，同比减少 3.0%。主要原因是秘鲁的品位较 ...

Report Industry Investment Rating - Not provided in the given content Core Viewpoints of the Report - Long - term, due to the impact of tax - cut policies, the US debt risk still exists. Tariff issues remain uncertain. With uncertainties in trade and monetary policies, the future gold price is expected to rise. Gold resource stocks are likely to see enhanced profit expectations and currently have low valuations [32] Summary by Related Catalogs Gold Price Historical Trends - After the end of the Bretton Woods system, the gold price entered an upward cycle. During the second oil crisis, there was a gold bull market. From 1980 - 1991, the gold price remained in a narrow - range low - level fluctuation during the US economic prosperity with double deficits. From 1991 - 2001, central banks sold gold, and the price declined slightly in a narrow range. From 2001 - 2011, gold had a ten - year bull market. Since 2011, the gold price has soared to a historical high due to high global economic uncertainty [4] Factors Affecting Gold Price Interest Rates - In 1981, the interest rate reached a historical high, and the federal funds rate was close to 20%. As inflation was controlled, the interest rate started to decline after 1982. High interest rates and falling inflation expectations suppressed gold demand. In the context of the global financial crisis, the Fed maintained a near - zero federal funds rate and implemented QE [7] GDP Growth, Unemployment - The document provides a chart of the relationship between US GDP growth, unemployment rate, and the gold price, but no specific analysis is given [10] CPI, PPI - In 2007 - 2008, the sharp rise in oil prices drove up CPI and PPI. In 1978 - 1979, the second oil crisis led to a significant increase in CPI. In 2022, inflation soared, and then declined with the Fed's anti - inflation policies [12] Dollar Index - Since 2000, the gold price has generally been negatively correlated with the dollar index [15] TIPS Yield - The document shows a chart of the relationship between the US 10 - year TIPS yield and the gold price, but no specific analysis is given [18] Mining Index - The document shows a chart of the relationship between the mining index and the gold price, but no specific analysis is given [21] US Fiscal Deficit - The document shows a chart of the relationship between the US fiscal deficit as a percentage of GDP and the gold price, but no specific analysis is given [24] US Treasury Debt - The document shows a chart of the relationship between the total US Treasury debt and the gold price, but no specific analysis is given [27] US Tariff Events - In 2025, the US imposed tariffs on imports from China, Mexico, and Canada. Later, some tariff policies were adjusted according to the Geneva economic and trade talks [30] Investment Recommendations - Benefiting from the expected rise in the gold price, gold resource stocks' profit expectations are enhanced, and their valuations are currently low. Beneficiary targets include [Chifeng Gold], [Shan Jin International], [Zhongjin Gold], [Shandong Gold], [Western Gold], [Xiaocheng Technology], [Zhuye Group], [Lingbao Gold], [China Gold International] [32]

Group 1: Economic Outlook - The US economy is expected to grow at an annualized rate of 5.2% in Q2 2025, with domestic demand contributing significantly to this growth[8] - The unemployment rate in the US is currently at 4.2%, indicating a state of full employment[19] - The US fiscal deficit is projected to increase by approximately $1.76 trillion over the next five years due to recent fiscal policies[27] Group 2: Monetary Policy and Interest Rates - The Federal Reserve is anticipated to maintain the federal funds rate between 4.25% and 4.50% as of May 2025, with a potential for rate cuts in September and December 2025[64][65] - The Fed's balance sheet has decreased from $9 trillion to $6.7 trillion, reflecting a reduction in monetary stimulus[67] Group 3: Inflation and Consumer Prices - The Consumer Price Index (CPI) in the US was reported at 2.3% in April 2025, showing a slight decline from previous months[61] - Core CPI remained stable at 2.8% in April 2025, indicating persistent inflationary pressures despite recent policy measures[61] Group 4: Trade and Tariff Policies - The US has implemented tariffs on steel and aluminum, raising rates to 50%, which may impact inflation and trade balances[46] - The average tariff rate on imports from China is currently around 16.80%, reflecting ongoing trade tensions[45] Group 5: Market Trends and Asset Performance - The stock market is expected to remain in a state of fluctuation due to weak catalysts and stable economic fundamentals[7] - Bond yields are projected to decline slightly if the central bank resumes purchasing government bonds[7]

Market Overview - The non-bank financial sector has seen a 28.69% increase from the "924" policy until the end of March 2025, outperforming the Shanghai Composite Index by 7.34% [3][12] - The sector's performance from April 1 to June 6, 2025, was a modest 0.32%, lagging behind the Shanghai Composite Index by 1.17% [3][12] - The non-bank financial sector's price-to-earnings ratio stands at 12.62 times, ranking 27th among primary industries, while the weighted price-to-book ratio is at 1.63 times, the lowest in the past decade [3][12] Performance Outlook - The "924" policy has stimulated market activity, with 38 comparable listed brokerages achieving adjusted revenues of CNY 415.1 billion and net profits of CNY 147 billion in 2024, reflecting year-on-year increases of 8% and 16% respectively [3][51] - In Q1 2025, these brokerages reported adjusted revenues of CNY 112.7 billion and net profits of CNY 51.9 billion, marking year-on-year increases of 34% and 81% [3][51] - The brokerage sector is expected to continue experiencing double-digit growth in 2025, supported by high growth in brokerage net income and proprietary trading net income [3][51] Policy Analysis - Since April 2025, the central bank and other authorities have actively signaled their commitment to stabilizing and invigorating the capital markets, which is expected to benefit non-bank financial institutions in the medium to long term [3][4] - A series of policies aimed at reducing liability costs are anticipated to support the insurance sector, although new business may face pressure [3][65] Investment Recommendations - For the brokerage sector, the report recommends focusing on firms with expected industry mergers and acquisitions, as well as those with strong retail brokerage and effective wealth management transformations, such as China Galaxy Securities, Huatai Securities, and Dongfang Wealth [3][4] - In the insurance sector, the report highlights opportunities driven by asset-side catalysts, recommending companies like New China Life, China Life, and China Pacific Insurance [3][4] Market Capital Flow - The average daily trading volume in China's stock market increased significantly, with a daily average of CNY 15.61 billion since the "924" policy, compared to CNY 7.746 billion prior to the policy [3][19] - New account openings surged, with 10.95 million new accounts opened in the first five months of 2025, a 30% year-on-year increase [3][22] - The insurance sector's investment in stocks and funds reached CNY 4.47 trillion, accounting for 13.3% of total insurance funds, reflecting a 24% year-on-year increase [3][41] Equity Supply - The number of IPOs in A-shares increased to 43 in the first five months of 2025, raising CNY 28.2 billion, which is a 13% year-on-year increase [3][45] - The report notes that the stock market is expected to see continued activity in equity financing, with a total of CNY 209.8 billion raised through equity financing in Q1 2025, a 51% increase year-on-year [3][45]

证券研究报告|公司深度研究报告 [Table_Date] 2025 年 06 月 09 日 [Table_Title] 全球领先的光学成像解决方案供应商，3+N 业 务布局打造成长驱动力 [Table_Title2] 弘景光电(301479) [Table_Summary] 全球领先的光学成像解决方案供应商 公司成立于 2012 年，2025 年于深交所创业板上市。成立以来， 公司专注于光学镜头及摄像模组产品的研发、设计、生产和销 售，致力于面向全球光电领域提供专业的光学成像与视频影像解 决方案。目前，公司已形成"3+N"的业务布局："3"代表智能 汽车、智能家居和全景/运动相机三大主营业务，"N"代表人工 智能硬件、机器视觉、工业检测与医疗等新兴业务。 全景/运动相机：与影石创新深度绑定，技术优势显著 行业：应用领域持续拓宽，市场规模持续提升。1）运动相机： 据弗若斯特沙利文数据，2023 年全球运动相机市场规模达 314.4 亿元，预计 2027 年增长至 513.5 亿元，2023-27 年 CAGR 为 13.0%。2）全景相机：据弗若斯特沙利文数据，2023 年全球全景 相机市场规模为 50.3 亿 ...

Market Performance - The Shanghai Composite Index closed at 3384.82, down by 14.96 points, a decrease of 0.44%[1] - The CSI 300 Index closed at 3865.47, down by 19.78 points, a decrease of 0.51%[1] - The ChiNext Index fell by 1.17%, while the STAR 50 Index dropped by 1.47%[2] Bond Market Insights - The yield on the 10-year government bond rose by 0.2 basis points to 1.66%[2] - The 30-year government bond yield decreased by 0.4 basis points to 1.87%[2] - The central bank conducted a reverse repo of 198.6 billion yuan, with a net withdrawal of 255.9 billion yuan[4] Economic and Trade Context - The ongoing US-China trade talks have led to a cautious market sentiment, impacting stock performance negatively[2] - Gold prices increased, with London gold rising from $3300 to $3340 per ounce during the talks[3] - The market is adjusting to lower volatility expectations, which may lead to sudden shifts in asset prices[6] Sector Performance - The small-cap index (CSI 2000) fell by 0.82%, indicating a crowded market that may face increased outflows[7] - The technology sector saw significant declines, with the innovation drug index rising by 0.84%, showing resilience against broader market trends[7] Investment Outlook - The current market adjustment is viewed as a healthy correction, potentially leading to increased trading activity[8] - The technology sector's fundamentals remain intact, suggesting opportunities for recovery despite recent declines[8]

证券研究报告|行业研究报告 [Table_Date] 2025 年 6 月 10 日 [Table_Title] 安托法加斯塔 2025Q1 铜产量环比减少 22.8%至 15.47 万吨，铜单位净现金成本环比增长 25.2%至 1.54 美元/磅 [Table_Title2] 有色金属-海外季报 [Table_Summary] 季报重点内容: ► 生产经营情况 1）铜 2025Q1 铜总产量为 15.47 万吨，同比增长 19.6%，环比减少 22.8%。主要得益于集团的两个选矿厂-- Los Pelambres 选矿厂 和 Centinela 选矿厂产量的增加。 2025Q1 铜销量为 17.02 万吨，同比增长 47.1%，环比减少 11.3%。 2025Q1 铜实现价格为 4.69 美元/磅，同比增长 18.1%，环比增 长 25.1%。 2025Q1 扣除副产品收益抵免前的铜单位现金成本为 2.37 美元/ 磅，同比减少 11.2%，环比增长 17.9%。主要原因是集团的选 矿厂（Los Pelambres 选矿厂和 Centinela 选矿厂）产量增加。 2025Q1 铜单位净现金成本为 1.54 ...