Group 1 - The gold sector continues to strengthen, with companies such as Dengyun Co., Hunan Silver, and Northern Copper reaching their daily limit increase [1] - Other companies including Jiangxi Copper, Luoyang Molybdenum, Zijin Mining, Silver Nonferrous, Hunan Gold, and Zhuhai Group also experienced significant gains [1]

金融界2025年8月24日消息，景顺长城国企价值混合A(018294) 最新净值1.3787元，该基金近一周收益 率-0.04%，近3个月收益率11.07%，今年来收益率14.41%。 该基金股票持仓前十分别为：紫金矿业、中国移动、神火股份、腾讯控股、中国海洋石油、川仪股份、 国药控股、株冶集团、云铝股份、中国中车。前十持仓占比合计52.32%。 来源：金融界 景顺长城国企价值混合A基金成立于2023年5月30日，基金经理邹立虎，截至2025年6月30日，景顺长城 国企价值混合A规模2.95亿元。 ...

Investment Rating - The industry rating is "Recommended" [4] Core Views - The dovish remarks from Powell have increased expectations for a rate cut in September, benefiting the prices of precious and base metals [3][41] - The market is beginning to price in the likelihood of a rate cut, with a significant increase in the probability of a September cut to 91.1% following Powell's comments [3][41] - Long-term concerns regarding global monetary policy and debt are expected to support gold prices, with the passage of the "Big and Beautiful" act projected to increase the US fiscal deficit by $3.4 trillion [3][15] Summary by Sections Precious Metals - Gold prices increased by 1.05% to $3,417.20 per ounce, while silver rose by 2.26% to $38.88 per ounce [1][24] - SPDR Gold ETF holdings decreased by 276,237.73 troy ounces, while SLV Silver ETF holdings increased by 6,992,897.80 ounces [24] - The gold-silver ratio fell by 1.19% to 87.89, indicating a potential recovery in silver prices due to increased industrial demand [1][43] Base Metals - Copper prices rose by 0.37% to $9,796.50 per ton on the LME, while aluminum increased by 0.73% to $2,622.00 per ton [6][48] - Supply disruptions from overseas mines continue to tighten raw material availability, with Peru's copper production increasing by 7.1% year-on-year [7][68] - The market anticipates a cautious improvement in consumption as the traditional peak season approaches [7][70] Small Metals - Magnesium prices remain stable at 18,920 yuan per ton, with tight inventory levels among producers [81] - Molybdenum prices have shown positive trends, with molybdenum iron prices rising by 3.60% to 287,500 yuan per ton [14][82] - The demand for molybdenum is expected to remain strong, supported by tight supply conditions [14][82]

证券之星消息，8月20日工业金属板块较上一交易日上涨1.29%，罗平锌电领涨。当日上证指数报收于 3766.21，上涨1.04%。深证成指报收于11926.74，上涨0.89%。工业金属板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | | --- | --- | --- | --- | --- | --- | --- | | 002114 | 罗平锌电 | 8.01 | 10.03% | | 17.40万 | 1.35亿 | | 600361 | 创新新材 | 4.72 | 10.02% | | 188.38万 | 8.64亿 | | 609109 | 金田股份 | 14.75 | 9.99% | 403.84万 | | 57.60亿 | | 300328 | 宜安科技 | 18.26 | 7.54% | 201.16万 | | 36.38亿 | | 600615 | 丰华股份 | 14.62 | 7.18% | | 18.80万 | 2.69Z | | 601020 | 华钰矿业 | 24.14 | 6.34% | | 91.51万 | 22.20 ...

株洲冶炼集团股份有限公司 2025 年第二次临时股东大会 会议资料 2025 年 8 月 株洲冶炼集团股份有限公司 2025 年第二次临时股东大会会议材料 目 录 | 序号 | 议案名称 | | --- | --- | | 1 | 关于调整 2025 年度日常关联交易预计额度的议案 | | 2 | 关于改聘会计师事务所的议案 | | 3 | 关于修订《公司章程》的议案 | | 4 | 关于修订《股东大会议事规则》的议案 | | 5 | 关于修订《董事会议事规则》的议案 | 2 株洲冶炼集团股份有限公司 2025 年第二次临时股东大会会议材料 议案 1 株洲冶炼集团股份有限公司 关于调整 2025 年度日常关联交易预计额度的议案 一、日常关联交易基本情况 因生产经营需要，本公司（含子公司，下同）拟调整与关联 公司的日常关联交易预计额，预计与部分公司关联采购调增 32,500 万元、与部分公司关联采购调减 69,000 万元；预计与部 分公司关联销售调增 16,800 万元，具体如下表： 单位：万元 | 关联 | | | 2025 年原 | 2025 年 1-7 | 本次 | 本次调整 | | | --- | - ...

工业金属板块震荡反弹，创新新材涨停，罗平锌电此前封板，华钰矿业、宜安科技、金田股份、株冶集 团、新威凌、宏创控股等跟涨。 ...

Group 1 - The metal zinc concept declined by 0.02% as of the close on August 18, ranking among the top declines in the concept sector, with companies like Shengtun Mining, Zijin Mining, and Zhuhai Group experiencing significant drops [1] - Among the 15 stocks that rose, *ST Jinglan, China Nonferrous Metal, and Dazhong Mining led with increases of 5.26%, 2.30%, and 2.19% respectively [1] - The metal zinc concept saw a net outflow of 1.194 billion yuan from major funds today, with 25 stocks experiencing outflows, and 5 stocks seeing outflows exceeding 50 million yuan [2] Group 2 - The top net outflow stocks in the metal zinc concept included Zijin Mining with a net outflow of 514.97 million yuan, Shengtun Mining with 345.54 million yuan, and Hunan Silver with 103.19 million yuan [3] - Conversely, the stocks with the highest net inflows included China Nonferrous Metal, Zhongjin Lingnan, and CITIC Metal, with inflows of 48.08 million yuan, 20.43 million yuan, and 18.70 million yuan respectively [2][3] - The trading volume for Zijin Mining was 1.27%, while Shengtun Mining had a turnover rate of 7.04% [3]

Investment Rating - The report maintains a "Buy" rating for the company, expecting a relative increase in stock price of over 20% within the next six months [7][8]. Core Insights - The company achieved a revenue of 10.41 billion yuan in H1 2025, representing a year-on-year growth of approximately 14.9%, and a net profit attributable to shareholders of 585 million yuan, up 57.8% from the previous year [3][4]. - The rebound in zinc processing fees and the increase in precious metal prices contributed to the company's significant performance improvement, alongside effective operational management and cost control [4][5]. - The acquisition of 100% equity in Shuikoushan Co., Ltd. has enhanced the company's resource capabilities, with Shuikoushan contributing significantly to the overall net profit [6]. Financial Performance - In H1 2025, the company reported a net profit of approximately 1 billion yuan from its smelting segment, driven by rising processing fees and product prices [5]. - The company’s net profit from Shuikoushan reached 489 million yuan in H1 2025, accounting for about 84% of the total net profit [6]. - The company forecasts net profits of 1.29 billion yuan, 1.35 billion yuan, and 1.46 billion yuan for 2025, 2026, and 2027 respectively, with year-on-year growth rates of 63.83%, 4.93%, and 7.92% [8][10]. Market Position and Outlook - The company is transitioning from a lead-zinc smelting focus to a resource-oriented model, leveraging its high-grade mineral resources [6]. - The report anticipates stable growth in the company's mining production and sales, supported by rising gold and silver prices [8].

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 shown positive returns since its inception [1] - The fund's latest net value is 1.3793 yuan, with a weekly return of 2.43%, a three-month return of 12.44%, and a year-to-date return of 14.46% [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] Group 2 - The top ten stock holdings of the fund include Zijin Mining, China Mobile, Shenhuo Holdings, Tencent Holdings, China National Offshore Oil Corporation, Chuan Yi Co., Ltd., Sinopharm Holdings, Zhuhai Yinhai Group, Yun Aluminum, and CRRC Corporation, with a combined holding percentage of 52.32% [1]

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 16.48 CNY, based on a PE valuation of 16X for comparable companies [5][3]. Core Views - The precious metals sector is expected to see both volume and price increases, contributing to sustained performance growth for the company [11]. - The company reported a net profit of 585 million CNY for the first half of 2025, representing a year-on-year growth of 57.83%, aligning with market expectations [10]. - The company is actively enhancing its supply chain resilience and safety by advancing resource exploration projects, which are anticipated to improve production capacity significantly [10]. Financial Forecasts - The adjusted earnings per share (EPS) forecasts for 2025-2027 are 1.03 CNY, 1.21 CNY, and 1.33 CNY, respectively, reflecting slight upward revisions from previous estimates [3]. - Projected revenues for 2025 are 22,447 million CNY, with a year-on-year growth of 13.6% [4]. - The gross margin is expected to improve to 10.7% in 2025, with net profit margins projected at 4.9% [4]. Business Segment Performance - The precious metals segment is expected to contribute significantly to profits, with gold and silver bullion businesses accounting for nearly 40% of gross profit [10]. - The zinc smelting segment is also performing well, contributing approximately 12% to gross profit amid rising smelting fees [10]. Market Conditions - There is a growing expectation of interest rate cuts, which could lead to a new upward trend in precious metal prices, further enhancing the company's profitability [10].