Group 1 - The core viewpoint of the articles focuses on the inventory status analysis of 23 representative industrial metal companies for the first half of 2025, highlighting significant changes in inventory scale and turnover efficiency [1][2]. - In the first half of 2025, the inventory scale of most industrial metal companies increased, with Huaxi Nonferrous Metals showing the largest year-on-year growth of 51%, reaching an inventory scale of 795 million yuan [1][2]. - The inventory turnover days for most companies were below 180 days, while three companies had turnover days exceeding 300 days: Baotai Co. (312.34 days), Yunnan Geology (327.51 days), and Jintian Titanium (330.15 days) [3]. Group 2 - In 2024, the proportion of inventory to total assets increased for most listed companies, with Guiyan Platinum and Xianglu Tungsten having inventory proportions exceeding 30% [2][3]. - Guiyan Platinum's inventory scale reached 7.391 billion yuan in 2024, a year-on-year increase of 44.24%, with an inventory to total assets ratio of 37.34% [2][3]. - Other companies with significant inventory proportions include Xianglu Tungsten (36.36%), China Rare Earth (36.14%), Northern Rare Earth (33.73%), and Guangsheng Nonferrous (30.76%) [2][3].

Core Viewpoint - The demand for environmental catalysts in China is projected to grow significantly, driven by increasing environmental awareness, policy support, and technological innovation, with the market size expected to reach 281.47 billion yuan by 2025 [1][6]. Group 1: Industry Definition and Requirements - Environmental catalysts are substances used to treat toxic and harmful materials, making them harmless or reducing their quantity to protect and improve the surrounding environment [2][4]. - Current environmental catalysts do not include those related to green chemistry processes, which are often referred to as green catalysts or environmentally friendly catalysts [2]. Group 2: Industry Development Status - The demand for environmental catalysts in China is expected to increase from 230,000 tons in 2017 to 358,000 tons in 2024, with the market size growing from 17.095 billion yuan to 26.743 billion yuan [1][6]. - The production of environmental catalysts is also on the rise, with an expected increase from 237,000 tons in 2017 to 397,000 tons in 2024 [1][6]. Group 3: Industry Chain - The upstream of the environmental catalyst industry includes precious metals like platinum, palladium, and rhodium, as well as metal oxides and various raw materials [6][7]. - The downstream applications primarily involve exhaust purification for automobiles and ships, industrial waste gas treatment, and solid waste management [6][7]. Group 4: Development Environment and Policies - The promotion of the "dual carbon" goals has provided a broad market space for the catalyst industry, with the government emphasizing the development of high-performance, green environmental catalyst products [7][8]. - Recent policies encourage the development of new, efficient, and environmentally friendly catalysts, aiming to enhance product performance and promote high-quality development in the catalyst industry [7]. Group 5: Competitive Landscape - Major suppliers in the environmental catalyst market include companies that provide industrial flue gas treatment catalysts and water treatment catalysts, with significant players like BASF, Johnson Matthey, and Umicore dominating the global market [8]. - Domestic competitors include Hai Xin Neng Ke, Zhong Zi Ke Ji, and Gui Yan Bo Ye, which are actively addressing technical challenges such as high-temperature stability and anti-poisoning properties [8]. Group 6: Industry Development Trends - The environmental catalyst industry is a high-value sector driven by policy and technology, playing a crucial role in global environmental efforts [9]. - With the increasing demand for clean fuels and the acceleration of oil conversion processes, the market for refining catalysts is expected to grow steadily [9]. - The market penetration of environmental catalysts is anticipated to increase, supported by ongoing government policies and a focus on pollution control [9].

Group 1 - The company Guizhou Yanfeng Platinum Industry announced that its wholly-owned subsidiary, Guizhou Yanfeng Electronic Materials (Yunnan) Co., Ltd., has completed the business change registration and the filing of the Articles of Association [1] - The subsidiary has obtained a new business license issued by the Kunming Market Supervision Administration [1]

Group 1 - The company has completed the industrial and commercial change registration for its subsidiary, Guizhou Yanyan Electronic Materials (Yunnan) Co., Ltd. [1][2] - The company’s board approved a capital increase and introduction of a strategic investor for Guizhou Yanyan Electronic Materials, resulting in a reduction of the company's ownership from 100% to 51% after the transaction [1][2] - The transaction was completed at a price of 124.726 million yuan [1] Group 2 - The registered capital of Guizhou Yanyan Electronic Materials is now 215.7 million yuan, and it operates as a limited liability company [2] - The company was established on December 26, 2022, and its legal representative is Gan Jun [2] - The business scope includes research and development, manufacturing, and sales of electronic special materials, as well as various technical services [2]

云南省贵金属新材料控股集团股份有限公司 关于子公司完成工商变更登记的公告 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个别及连带责任。 公司第八届董事会第十一次会议审议通过了《关于贵研电子材料（云南）有限公司 增资扩股并引入战略投资者的议案》，同意公司全资子公司贵研电子材料（云南）有限 公司（简称"贵研电子公司"）在云南省产权交易所公开挂牌进行增资扩股引入战略投 资者。截至挂牌公告期满，贵研电子公司征集到一名意向投资方--上海怡上电子科技有 限公司（简称"怡上电子"）。公司按照产权交易有关规定和程序，与怡上电子签署了 《贵研电子材料（云南）有限公司增资协议》。本次挂牌的成交价格为 12,472.60 万元， 交易完成后，公司持有贵研电子公司的股权由 100%降至 51%。具体内容详见公司分别于 2025 年 3 月 11 日、7 月 31 日在《中国证券报》《上海证券报》及上海证券交易所网站 （www.sse.com.cn）上披露的相关公告。 近日，贵研电子公司已按协议约定完成了工商变更登记及《公司章程》备案手续， 取得由昆明市市场监 ...

（文章来源：每日经济新闻） 每经AI快讯，9月2日，黄金概念股活跃，白银有色2连板，湖南白银、中国瑞林、西部黄金、盛达资 源、贵研铂业跟涨。 ...

Macro Insights - The recent appreciation of the Renminbi against the US dollar and a basket of currencies has been notable, with a 0.4% increase observed on August 28-29 [2] - The manufacturing PMI for August showed a slight recovery to 49.4% from 49.3% in July, indicating marginal improvement in manufacturing activity [3] - The non-manufacturing business activity index rose to 50.3% from 50.1% in July, suggesting a stable outlook for the service sector [3] Investment Strategy - The technology sector is experiencing increased investor interest, with TMT transaction volume exceeding 40% of total market activity, indicating a shift towards fundamental-driven market behavior [5] - The report suggests focusing on sectors benefiting from Renminbi appreciation, such as consumption, non-bank financials, and electric new energy, which are currently at relatively low valuations [5] - The report emphasizes the importance of maintaining flexibility in investment strategies, particularly in the context of market volatility and sector rotation [8] Company Performance - Alibaba's Q1 FY26 revenue reached 247.7 billion yuan, a year-on-year increase of 1.8%, with adjusted EBITA declining by 13.7% [14] - Huichuan Technology reported a 26.73% increase in revenue for H1 2025, reaching 20.509 billion yuan, with a net profit of 2.968 billion yuan, up 40.15% [18] - Zhonggu Logistics experienced a 41.6% increase in net profit for H1 2025, despite a 7.0% decline in revenue, attributed to high demand in the foreign trade container leasing market [19] Sector Analysis - The beverage sector showed strong sales performance, with revenue growth of 22.8% in Q2 2025, while the snack food sector faced challenges with a 0.3% decline [12] - The insurance sector is seeing a shift towards high-yield stocks, with the average allocation to FVOCI stocks increasing by 1.3 percentage points to 4.2% [10] - The real estate sector is under pressure, with China Overseas Development reporting a 4% decline in revenue for H1 2025, but maintaining a strong project pipeline for future growth [22]

据证券之星公开数据整理，近期贵研铂业（600459）发布2025年中报。截至本报告期末，公司营业总收 入295.54亿元，同比上升20.91%，归母净利润3.25亿元，同比上升2.3%。按单季度数据看，第二季度营 业总收入164.27亿元，同比上升17.34%，第二季度归母净利润1.21亿元，同比下降1.27%。本报告期贵 研铂业公司应收账款体量较大，当期应收账款占最新年报归母净利润比达362.76%。 本次财报公布的各项数据指标表现尚佳。其中，毛利率2.19%，同比减26.19%，净利率1.18%，同比减 15.7%，销售费用、管理费用、财务费用总计2.57亿元，三费占营收比0.87%，同比减7.21%，每股净资 产9.76元，同比增8.22%，每股经营性现金流1.44元，同比增197.59%，每股收益0.43元，同比增2.38% | 项目 | 2024年中报 | 2025年中报 | 同比增幅 | | --- | --- | --- | --- | | 营业总收入(元) | 244.43 Z | 295.54亿 | 20.91% | | 归母净利润(元) | 3.17 亿 | 3.25 Z | 2.30% ...

Core Insights - The company reported a revenue of 29.554 billion yuan for the first half of 2025, representing a year-on-year growth of 20.91% [1] - The net profit attributable to shareholders of the listed company was 325 million yuan, showing a year-on-year increase of 2.30% [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was 291 million yuan, with a year-on-year growth of 0.47% [1] - The basic earnings per share were 0.43 yuan [1]

公司代码：600459 公司简称：贵研铂业 云南省贵金属新材料控股集团股份有限公司 2025 年半年度报告 1 / 193 云南省贵金属新材料控股集团股份有限公司2025 年半年度报告 重要提示 一、 本公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容的真实性、准确 性、完整性，不存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 二、 公司全体董事出席董事会会议。 云南省贵金属新材料控股集团股份有限公司2025 年半年度报告 三、 本半年度报告未经审计。 四、 公司负责人王建强、主管会计工作负责人龙运江及会计机构负责人（会计主管人员）陈丽 声明：保证半年度报告中财务报告的真实、准确、完整。 五、 董事会决议通过的本报告期利润分配预案或公积金转增股本预案 否 六、 前瞻性陈述的风险声明 √适用 □不适用 本报告中所涉及的未来计划、发展战略等前瞻性描述不构成公司对投资者的实质承诺，敬请 投资者注意投资风险。 七、 是否存在被控股股东及其他关联方非经营性占用资金情况 否 八、 是否存在违反规定决策程序对外提供担保的情况 否 九、 是否存在半数以上董事无法保证公司所披露半年度报告的真实性 ...