Investment Rating - The report indicates a positive outlook for the copper and aluminum industries, with copper showing a stable upward trend and aluminum stabilizing at the bottom [14][15][16]. Core Insights - The copper market is experiencing a slight price decline, with LME copper down 1.92% to $9,663.00 per ton, while domestic copper inventory has increased slightly [15]. - The aluminum market shows a minor price increase, with LME aluminum up 0.17% to $2,602.00 per ton, and a decrease in domestic electrolytic aluminum ingot inventory [16]. - Gold prices have increased by 0.71% to $3,370.30 per ounce, driven by geopolitical tensions and increased demand for safe-haven assets [17]. - The rare earth sector is expected to see price increases due to tightening supply and rising demand, with strategic government actions enhancing the sector's outlook [39]. - The antimony market is stabilizing, with expectations of price recovery supported by reduced domestic production and increased demand from new regulations [40]. - Molybdenum prices are rising, supported by low inventory levels and strong demand from the steel industry [41]. - Lithium prices have shown a mixed trend, with carbonate prices increasing while hydroxide prices have slightly decreased [44]. Summary by Sections 1. Overview of Bulk and Precious Metals Market - Copper shows a robust upward trend, while aluminum is stabilizing at lower levels. Precious metals are accelerating due to fiscal expansion policies [14]. 2. Bulk and Precious Metals Fundamentals Update 2.1 Copper - LME copper price decreased by 1.92% to $9,663.00 per ton, with slight increases in domestic inventory and production rates expected to rise [15]. 2.2 Aluminum - LME aluminum price increased by 0.17% to $2,602.00 per ton, with a decrease in domestic inventory [16]. 2.3 Precious Metals - Gold prices increased by 0.71% to $3,370.30 per ounce, influenced by geopolitical tensions [17]. 3. Overview of Minor Metals and Rare Earths Market - The rare earth sector is expected to benefit from supply constraints and increasing demand, with government actions enhancing market conditions [39]. 4. Minor Metals and Rare Earths Fundamentals Update 4.1 Rare Earths - Prices for rare earth elements are expected to rise due to tightening supply and strategic government actions [39]. 4.2 Antimony - Antimony prices are stabilizing, with expectations of recovery supported by reduced production and new regulations [40]. 4.3 Molybdenum - Molybdenum prices are increasing due to low inventory levels and strong demand from the steel industry [41]. 4.4 Lithium - Lithium carbonate prices increased by 2.43% to 63,200 CNY per ton, while hydroxide prices decreased slightly [44].

Investment Rating - Industry rating: Recommended [3] Core Insights - The U.S. Department of Defense (DoD) has invested billions in MP Materials to accelerate the independence of U.S. rare earth magnets, but global production remains highly concentrated in China in the short term [9][14][45] - Nickel prices have decreased due to a significant drop in demand and production halts in Indonesia, which may impact local mining operations [12][20][23] - Cobalt prices have risen due to supply tightening from the Democratic Republic of Congo, which accounts for approximately 75% of global electric vehicle battery supply [13][31] - Lithium carbonate prices have increased, but future price movements will depend on downstream demand recovery [7][38][44] - Antimony prices have remained stable, with domestic supply still tight, and production expected to decline in the coming months [32][36] Summary by Sections Rare Earth Industry - MP Materials announced a partnership with the DoD to enhance domestic production capabilities, with a new magnet manufacturing facility expected to be operational by 2028 [45][46] - The DoD has committed to a minimum price of $110 per kilogram for NdPr products, ensuring stable cash flow for MP Materials [46][47] Nickel Industry - As of July 11, LME nickel spot price was $14,955 per ton, down 1.09% from July 4, with total LME nickel inventory increasing by 1.83% [20] - Domestic NPI smelting costs remain under pressure, affecting the acceptance of high-priced raw materials [20][23] Cobalt Industry - As of July 11, cobalt prices have shown mixed trends, with electrolytic cobalt at 249,300 yuan per ton, down 0.99%, while cobalt oxide increased by 1.54% [24][31] - The extension of a temporary export ban by the Congolese government is expected to tighten global cobalt supply [31] Lithium Industry - The average price of battery-grade lithium carbonate reached 63,800 yuan per ton, up 2.36% as of July 11 [7][38] - Market sentiment is cautious, with inventory levels remaining high, limiting upward price movement [38][44] Antimony Industry - Domestic antimony ingot prices have stabilized, with supply constraints expected to support future pricing [32][36]

证券代码：600301 股票简称：华锡有色 编号：2025—041 特此公告。 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 广西华锡有色金属股份有限公司董事会 2025 年 7 月 8 日，广西壮族自治区自然资源厅在官网发布《广西壮族自治 区自然资源厅关于取消广西河池市金城江区寨平铅锌矿勘查探矿权竞得人资格 及解除探矿权出让成交确认书的公告》，由于矿业权出让所依据的客观情况发 生重大变化，根据《自然资源部关于印发矿业权出让交易规则的通知》（自然 资规〔2013〕1 号）等规定，经双方协商，决定解除与广西二一五地质队有限 公司（以下简称"二一五地质队"）签订的《探矿权出让成交确认书》（编号： GTS2025008）并取消其竞得人资格，取消广西河池市金城江区寨平铅锌矿勘查 探矿权的出让行为。 二一五地质队将按照相关规定办理竞买保证金人民币 100 万元的退回手续。 本次探矿权竞拍取消，未对公司发展战略、财务状况产生不利影响，敬请广大 投资者注意投资风险。 2025 年 7 月 10 日 1 ...

Core Viewpoint - Guangxi Zhuang Autonomous Region's Natural Resources Department announced the cancellation of the exploration rights for the Zhaiping lead-zinc mine in Hechi City, which does not adversely affect the company's development strategy or financial status [1] Group 1 - The exploration rights for the Zhaiping lead-zinc mine were canceled due to significant changes in the objective circumstances underlying the mining rights transfer [1] - The cancellation was agreed upon after negotiations between the parties involved, specifically the company and the 215 Geological Team [1] - The 215 Geological Team will process the return of the bidding deposit of 1 million RMB according to relevant regulations [1] Group 2 - The cancellation of the exploration rights auction does not have a negative impact on the company's strategic development or financial condition [1]

Investment Rating - The report maintains a "Recommended" investment rating for the gold, copper, aluminum, tin, and antimony industries [12]. Core Views - The gold market is expected to maintain an upward trend due to the Federal Reserve's ongoing interest rate cut cycle [12]. - Short-term demand for copper and aluminum may weaken, but long-term supply-demand dynamics are expected to remain tight [12]. - Tin prices are supported by tight supply, while antimony prices are expected to remain weak in the short term but are supported by long-term supply constraints [12]. Summary by Sections Industry Performance - The non-ferrous metals sector (Shenwan) saw a 6.3% increase over one month, 8.6% over three months, and 16.7% over twelve months, outperforming the CSI 300 index [3][21]. Gold Market - The average gold price in London was $3,331.90 per ounce, up 1.83% from the previous week [32]. - The SPDR gold ETF holdings decreased by 230,000 ounces to 30.47 million ounces [33]. Copper Market - LME copper closed at $9,880 per ton, a 0.25% increase from the previous week, while SHFE copper closed at 79,990 yuan per ton, a 0.11% decrease [41]. - Domestic copper social inventory was reported at 131,800 tons, a 0.17% increase from the previous week [41]. Aluminum Market - Domestic electrolytic aluminum price was 20,750 yuan per ton, down 0.91% from the previous week [42]. - The operating rate of leading aluminum profile enterprises was reported at 49.5%, a slight decrease of 0.5 percentage points [42]. Tin Market - Domestic refined tin price was 267,820 yuan per ton, down 0.88% from the previous week [43]. - LME tin inventory decreased by 65 tons to 2,110 tons [43]. Antimony Market - Domestic antimony ingot price was 185,500 yuan per ton, down 2.11% from the previous week [43]. Recommended Stocks - Gold industry recommendations include Zhongjin Gold, Shandong Gold, and Chifeng Jilong Gold [12]. - Copper industry recommendations include Zijin Mining, Luoyang Molybdenum, and Western Mining [12]. - Aluminum industry recommendations include Shenhuo Co., Yunnan Aluminum, and Tianshan Aluminum [12]. - Tin industry recommendations include Xiyang Silver Tin and Huaxi Nonferrous [12].

有色金属板块盘初下挫，精艺股份（002295）跌超7%，北方铜业（000737）、飞南资源（301500）跌 超5%，腾远钴业（301219）、华钰矿业（601020）、华锡有色（600301）纷纷下挫。 ...

Group 1 - The company, Guangxi Huaxi Nonferrous Metals Co., Ltd., through its wholly-owned subsidiary, participated in an online auction for the exploration rights of the Zhaiping lead-zinc mine in Hechi City, Guangxi, and won the bid for RMB 125.73 million [1] - The exploration rights area overlaps with the design route of the upcoming Qiangui Railway second line project, which the company was unaware of during the bidding process [1] - Due to the significant adverse impact on future exploration and related work, the company decided to voluntarily abandon the exploration rights and requested a refund of the RMB 1 million bid deposit [1][2] Group 2 - As of the announcement date, the company has not signed the exploration rights transfer contract with the Guangxi Natural Resources Department and has not paid the mineral rights price [2]

Core Viewpoint - The company, Huaxi Nonferrous Metals, has voluntarily given up its recently acquired mining exploration rights due to overlapping issues with an upcoming railway project, which was unknown at the time of bidding [1][2][4]. Group 1: Acquisition and Significance - Huaxi Nonferrous Metals' subsidiary, Guangxi 215 Geological Team, won the bidding for the mining exploration rights for the Zhaiping lead-zinc mine in Hechi City for nearly 1.26 billion yuan, marking the company's first market-based acquisition of exploration rights [1][2]. - The acquisition was seen as a significant milestone for the company, enhancing its resource control capabilities and sustainable development [2]. Group 2: Withdrawal and Reasons - On July 3, the company announced its decision to abandon the exploration rights and requested a refund of the 1 million yuan deposit due to the discovery that the exploration area overlaps with the design route of the Gui-Gui Railway, which cannot be adjusted [1][3]. - The company stated that it was unaware of the overlapping issue at the time of the bidding process, which has now posed a significant disadvantage to its future exploration and related activities [4]. Group 3: Regulatory Context - The exploration rights were subject to regulations that require bidders to be aware of existing or planned infrastructure, such as railways, and to avoid conflicts during exploration [5]. - The Gui-Gui Railway project had already passed the land use pre-examination by the State Council in December of the previous year, indicating that the railway's planning was established prior to the bidding [4].

证券代码：600301 股票简称：华锡有色 编号：2025—040 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 一、竞拍情况概述 为进一步提高广西华锡有色金属股份有限公司（以下简称"公司"）资源 掌控力、核心竞争力和可持续发展能力，公司全资子公司广西二一五地质队有 限公司（以下简称"二一五地质队"）于 2025 年 4 月 24 日参与了广西河池市 金城江区寨平铅锌矿勘查探矿权（以下简称"探矿权"）网上挂牌出让竞拍， 并以人民币 12,573 万元竞得。具体内容详见公司于 2025 年 4 月 26 日在上海证 券交易所网站（http:www.sse.com.cn）披露的《广西华锡有色金属股份有限公 司关于二一五地质队参与竞拍铅锌矿勘查探矿权及其结果的公告》（公告编号： 2025-017）。 广西华锡有色金属股份有限公司董事会 2025 年 7 月 4 日 二、本次交易的进展情况 近日，二一五地质队收到广西自然资源厅转发的《广西壮族自治区交通运 输厅关于黔桂铁路增建二线工程压覆矿业权有关问题的复函》，获悉探矿权区 块范围与 ...

期货研究报告|纯苯专题 2025-07-03 纯苯下游格局 研究院化工组 研究员 梁宗泰 020-83901031 liangzongtai@htfc.com 从业资格号：F3056198 投资咨询号：Z0015616 陈莉 020-83901135 cl@htfc.com 从业资格号：F0233775 投资咨询号：Z0000421 联系人 杨露露 0755-82790795 yanglulu@htfc.com 从业资格号：F03128371 吴硕琮 020-83901158 wushuocong@htfc.com 从业资格号：F03119179 刘启展 020-83901049 摘要 华泰期货纯苯上市专题系列之四：纯苯下游格局。分为横向对比分析及纵向自身分 析。 横向对比的分析，第一是纯苯下游苯乙烯、己内酰胺、酚酮、苯胺、己二酸五大品种 的下游需求占比及基础介绍；第二是按照外采纯苯比例加权后的纯苯下游需求占比， 找出对纯苯需求边际影响更大的品种；第三是列出五个品种的年度产能增速，对比 5 个品种的投产周期；第四是分析纯苯需求分地区占比，且各地区下游占比分析，特别 是定价主要集中地的华东的下游需求占比分析，还 ...