Investment Rating - Industry rating: Recommended [5] Core Insights - In Q2 2025, global gold demand increased by 102 tons to 1079 tons, with gold ETF demand rising by 178 tons to 171 tons [1][2] - Total gold supply in Q2 2025 grew by 3% year-on-year, reaching 1249 tons, primarily due to record-high mining output of 909 tons [1][15] - Investment demand for gold surged by 78% year-on-year to 477.2 tons, driven largely by significant inflows into gold ETFs [4][38] Supply Summary - Q2 2025 gold supply reached 1249 tons, a 3% increase year-on-year, with mining output at a record 909 tons [1][15] - Gold recycling in Q2 2025 rose by 4% to 347 tons, maintaining a steady supply despite fluctuations in gold prices [23][25] Demand Summary - Total gold demand in Q2 2025 was 1079 tons, a 10% increase year-on-year but a 17% decrease quarter-on-quarter [2][29] - Jewelry demand fell by 14% year-on-year to 341 tons, marking the lowest level since Q3 2020 [3][31] - Investment demand for gold bars and coins grew by 11% year-on-year to 307 tons, indicating strong investor interest [7][42] - Central bank demand for gold remained robust at 166.5 tons, despite a 21% year-on-year decline [8][50] Jewelry Demand Insights - Q2 2025 saw a 20% year-on-year decline in gold jewelry demand in China, totaling 69 tons, reflecting ongoing economic challenges [3][33] - In India, gold jewelry consumption decreased by 17% to 89 tons, with the first half of 2025 showing the second-lowest demand since 2000 [3][34] Investment Demand Insights - Gold ETF holdings increased by 170 tons in Q2 2025, contrasting with a decrease of 7 tons in the same period last year [4][41] - North American gold ETFs saw a significant increase of 73 tons, while Asian ETFs also reported strong demand [4][41] Central Bank Demand Insights - Central banks collectively purchased 166.5 tons of gold in Q2 2025, a decrease from previous quarters but still above historical averages [8][50] - Poland emerged as the largest buyer, adding 19 tons to its reserves, despite a reduction from earlier purchases [52][51] Industrial Demand Insights - Industrial gold demand slightly decreased by 2% year-on-year to 79 tons, influenced by ongoing trade uncertainties and rising gold prices [9][56] - Demand for gold in electronics fell by 2% to 66 tons, with challenges stemming from tariffs and export restrictions [9][57]

Group 1 - The core point of the article highlights that Zhuye Group has experienced a decrease in the number of shareholders, with a total of 38,800 shareholders as of July 31, down by 4,700 from the previous period, representing a decline of 10.80% [2] - The company's stock price closed at 11.69 yuan, reflecting an increase of 4.10%, and a cumulative increase of 2.81% since the concentration of shares began [2] - In the first quarter, Zhuye Group reported a revenue of 4.803 billion yuan, a year-on-year increase of 8.50%, and a net profit of 277 million yuan, which is a significant year-on-year increase of 74.07% [2] Group 2 - On July 5, the company released a half-year performance forecast, estimating a net profit between 560 million yuan and 650 million yuan, with a fluctuation range of 50.97% to 75.23% [3] - In terms of institutional ratings, the stock received buy ratings from two institutions in the past month, with Dongfang Securities setting the highest target price at 16.32 yuan on July 20 [3]

天眼查商业履历信息显示，株洲冶炼集团股份有限公司，成立于1993年，位于株洲市，是一家以从事黑 色金属冶炼和压延加工业为主的企业。企业注册资本107287.2703万人民币，实缴资本30745.7914万人民 币。公司法定代表人为刘朗明。 通过天眼查大数据分析，株洲冶炼集团股份有限公司共对外投资了13家企业，参与招投标项目3290次， 知识产权方面有商标信息32条，专利信息500条，此外企业还拥有行政许可19个。 金融界消息 截至2025年8月4日收盘，株冶集团（600961）报收于11.69元，上涨4.1%，换手率3.96%， 成交量29.74万手，成交金额3.41亿元。 资金流向方面，今日主力资金净流入3320.12万元，占比成交额9.73%。其中，超大单净流入2066.49万 元、占成交额6.05%，大单净流入1253.63万元、占成交额3.67%，中单净流出流出202.85万元、占成交 额0.59%，小单净流出3117.28万元、占成交额9.13%。 株冶集团最新一期业绩显示，截至2025一季报，公司营业总收入48.03亿元、同比增长8.50%，归属净利 润2.77亿元，同比增长74.07%，扣非净利 ...

Group 1 - The core point of the article highlights the performance and holdings of the Invesco Great Wall State-Owned Enterprise Value Mixed A Fund, which has a recent net value of 1.3060 yuan and has experienced a weekly return of -3.04% [1] - The fund was established on May 30, 2023, and as of June 30, 2025, it has a total scale of 295 million yuan [1] - The top ten stock holdings of the fund include Zijin Mining, China Mobile, Shenhuo Co., Tencent Holdings, China National Offshore Oil, Chuan Yi Co., Sinopharm Holdings, Zhuhai Smelter Group, Yun Aluminum, and CRRC Corporation, with a combined holding percentage of 52.32% [1] Group 2 - The fund has achieved a return of 8.78% over the past three months and 8.37% year-to-date [1]

通过天眼查大数据分析，株洲冶炼集团股份有限公司共对外投资了13家企业，参与招投标项目3273次， 知识产权方面有商标信息32条，专利信息498条，此外企业还拥有行政许可19个。 来源：金融界 株冶集团最新一期业绩显示，截至2025一季报，公司营业总收入48.03亿元、同比增长8.50%，归属净利 润2.77亿元，同比增长74.07%，扣非净利润2.83亿元，同比增长112.94%，流动比率1.026、速动比率 0.615、资产负债率51.76%。 天眼查商业履历信息显示，株洲冶炼集团股份有限公司，成立于1993年，位于株洲市，是一家以从事黑 色金属冶炼和压延加工业为主的企业。企业注册资本107287.2703万人民币，实缴资本30745.7914万人民 币。公司法定代表人为刘朗明。 金融界消息 截至2025年7月29日收盘，株冶集团（600961）报收于11.92元，上涨0.17%，换手率 3.15%，成交量23.71万手，成交金额2.81亿元。 资金流向方面，今日主力资金净流出1839.19万元，占比成交额6.56%。其中，超大单净流出2832.27万 元、占成交额10.1%，大单净流入993.09万元、占 ...

内容概要：锑冶炼是指通过火法或湿法工艺从含锑矿石或锑制品中提取金属锑的过程，其核心目的是获 得精锑（纯度≥99%）或锑化合物。锑作为战略矿产资源，已被多国列入战略性矿产目录。中国对锑资 源管控政策递进且系统，2024年出台出口管制政策，2025年将其纳入国家安全储备体系。当前，中国锑 冶炼行业处于深度结构性调整期，产能格局重构，2024 年行业开工率降至历史低位，近六成企业停 产，锑锭和氧化锑产量持续下滑，2025年一季度下行趋势加剧，锑氧化物贸易规模收缩。行业已形成完 整产业链，但上游资源面临枯竭与环保压力，中游冶炼集中度高且工艺升级，下游应用传统与新兴并 进。2024年以来全球锑市场价格飙升，2025年国内市场价格也持续强劲。在此背景下，行业将加速向资 源保障、高端转型与绿色生产迈进，构建"资源-技术-市场"一体化优势。 上市企业：湖南黄金（002155.SZ）、华钰矿业（601020.SH）、华锡有色（600301.SH）、恒邦股份 （002237.SZ）、株冶集团（600961.SH）、（600531.SH） 相关企业：锡矿山闪星锑业有限责任公司、桃江久通锑业有限责任公司、湖南国电金缘黄金有限公司、 ...

Investment Rating - The investment rating for the company is "Buy" and it is maintained [5][8] Core Views - The company is expected to benefit from the dual drivers of smelting and precious metals, leading to significant profit growth and potential for dividends in the future [2][7] - The forecasted earnings per share for 2025-2027 are adjusted to 1.02, 1.15, and 1.32 yuan, respectively, up from previous estimates of 0.93, 1.03, and 1.15 yuan [3][8] - The target price based on a 16X PE valuation for comparable companies is set at 16.32 yuan [3][8] Financial Performance Summary - Revenue projections for 2023A to 2027E are as follows: 19,406 million, 19,759 million, 22,583 million, 23,814 million, and 25,281 million, with year-on-year growth rates of -4.9%, 1.8%, 14.3%, 5.5%, and 6.2% respectively [4][11] - Operating profit is expected to grow from 755 million in 2023A to 1,732 million in 2027E, with growth rates of 14.7%, 28.9%, 38.0%, 12.1%, and 15.1% [4][11] - Net profit attributable to the parent company is projected to increase from 611 million in 2023A to 1,416 million in 2027E, with growth rates of 24.0%, 28.7%, 39.0%, 12.7%, and 15.0% [4][11] - The gross margin is expected to improve from 8.5% in 2023A to 10.9% in 2027E, while the net margin is projected to rise from 3.1% to 5.6% over the same period [4][11] Market Context - The company is positioned in the non-ferrous metals industry, specifically focusing on zinc and precious metals [5][7] - The company has a significant smelting capacity of 680,000 tons of zinc products, which is expected to support profit growth amid rising processing fees [7][8]

数据是个宝 数据宝 投资少烦恼 现货白银续创近13年新高。 | 伦敦银现 | | | | | | --- | --- | --- | --- | --- | | AGUSDO 贵 | | | | | | 39.091 | 昌 | 39.116 | 昨日收 | 38.508 | | 0.583 1.51% | 低 | 38.401 | 买价 | 39.091 | | | | 38.524 | 卖价 | 39.117 | | 相关ETF 2 | | | 国投白银LOF 1.064 2.01% > | | | से में ब्र EK 月K | 周K | 品目 | 原多v | | | 均线▼ 日线 M5:37.510 M10:37.053 M20:36.685 M30:36.440 | | | | 前复权 | | -39.446 -- | | | | 39.116 | | 37.414 | | | | | | 35.382 | | | | | | 33.349 | | | | | | 31.647 | | | | | | 2025/05/05 | | | | 2025/07/14 | 7月14日，伦敦银现货盘中站 ...

持股 5%以上股东持股的基本情况 本次减持股份计划实施前，湖南湘投金冶私募股权投资基金企业（有限合伙） （以下简称"湘投金冶"）持有株洲冶炼集团股份有限公司（以下简称"公司"） 无限售条件流通股份 65,370,510 股，占公司总股本的 6.09%。 证券代码：600961 证券简称：株冶集团 公告编号：2025-019 公司于 2025 年 3 月 20 日披露了《股东减持股份计划公告》（公告编号： 2025-004），湘投金冶自该减持计划公告披露之日起 15 个交易日后 3 个月内，通 过集中竞价交易和大宗交易方式减持公司股份合计不超过 32,186,181 股，即不 超过公司总股本的 3%。其中，通过集中竞价交易方式减持公司股份数量不超过 10,728,727 股，减持比例不超过公司股份总数的 1%；通过大宗交易方式减持公 司股份数不超过 21,457,454 股，减持比例不超过公司股份总数的 2%。 减持计划的实施结果情况 株洲冶炼集团股份有限公司 股东减持股份结果公告 本公司董事会、全体董事及相关股东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 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative price increase of over 20% compared to the benchmark index within six months [6][11]. Core Views - The company is projected to achieve a net profit attributable to shareholders of between 5.6 billion to 6.5 billion yuan for the first half of 2025, representing a year-on-year increase of 50.97% to 75.23% [3]. - The company has transitioned from primarily a lead-zinc smelting business to a resource-oriented company focused on mining profitability, with over 85% of total net profit coming from mining operations [5]. - The recovery of zinc smelting processing fees, which have risen from a historical low of 1200 yuan/ton to 3800 yuan/ton, is expected to significantly enhance the company's performance in 2025 [4]. Company Overview - The latest closing price of the company's stock is 11.49 yuan, with a total market capitalization of 123 billion yuan and a circulating market value of 86 billion yuan [2]. - The company has a total share capital of 1.073 billion shares, with a debt-to-asset ratio of 50.8% and a price-to-earnings ratio of 17.41 [2]. Financial Performance - The company reported a net profit of 6.73 billion yuan for Water Mouth Mountain Nonferrous in 2024, a 64% increase from 4.11 billion yuan in 2023 [5]. - The projected net profits for the company from 2025 to 2027 are 12.89 billion yuan, 13.52 billion yuan, and 14.59 billion yuan, respectively, with year-on-year growth rates of 63.83%, 4.93%, and 7.92% [7]. - The company's earnings per share (EPS) are expected to rise from 0.73 yuan in 2024 to 1.36 yuan in 2027, reflecting a strong growth trajectory [9][10].