（原标题：阿尔及利亚西部矿业铁路线进入最后施工阶段） 《曙光报》网站12月10日报道，阿尔及利亚公共工程和基础设施部长贾拉维与负责矿业事务的国务 秘书塔菲尔共同前往廷杜夫省，实地查看贝沙尔—廷杜夫—加拉杰比莱特西部矿业铁路线施工进度。贾 拉维部长强调，需要加快完成最后收尾工作，为2026年年初启动运营做好准备，以落实特本总统指示。 在此次联合访问中，代表团听取了关于该省境内路段施工情况的详细汇报，目前铺轨作业已进入最终阶 段。报道称，该项目对于支持铁矿石开发、加强矿业基础设施建设具有关键作用，项目的按期完工至关 重要。 代表团还查看了与矿山开发利用项目相关的设备和处理单元以及加拉杰比莱特新建火车站，并听取了关 于施工进度和现场执行机制的技术汇报。部长代表团强调，需要加强各参与方之间的协调，以确保按照 既定期限交付项目。 fund ...

Investment Rating - The report maintains a "Buy" rating for all key companies listed, including Zijin Mining, Luoyang Molybdenum, and Huayou Cobalt [2][4]. Core Views - The report highlights that the metal prices are expected to continue rising due to the resonance of domestic and foreign fiscal and monetary policies, with a focus on the upcoming economic growth under the "14th Five-Year Plan" [8][21]. - The report emphasizes the strong demand in the lithium battery sector and the ongoing supply constraints in cobalt, indicating a bullish outlook for energy metals [8][83]. Summary by Sections Industry and Stock Performance - The report notes a decline in the Shanghai Composite Index by 0.34% and a 1.10% drop in the SW Nonferrous Index during the week [8]. - Key stocks in the nonferrous metal sector showed varied performance, with significant recommendations for companies like Zijin Mining and Luoyang Molybdenum [2][11]. Base Metals - Aluminum prices decreased by 0.88% to $2875 per ton, while copper prices fell by 0.96% to $11552.5 per ton, with zinc prices increasing by 1.31% to $3139 per ton [12][21]. - The report indicates that the domestic aluminum production capacity is stable at 44.39 million tons, with a slight increase in operational capacity due to high profits [21][23]. Precious Metals - Gold prices increased by 2.42% to $4329.80 per ounce, and silver prices rose by 5.59% to $62.09 per ounce, driven by the Federal Reserve's interest rate cuts [12][68]. - The report suggests a bullish outlook for gold and silver prices, supported by central bank purchases and weakening dollar credit [68][69]. Energy Metals - The lithium market is experiencing stable growth in supply, while demand from the energy storage sector continues to rise, leading to a positive outlook for lithium prices [8][83]. - Cobalt supply remains tight, with the Congo's cobalt export quotas expected to impact the market dynamics positively [8][83]. Other Minor Metals - The report discusses the fluctuations in prices for minor metals, including molybdenum and tungsten, with significant price increases noted for tungsten [15][83]. - The overall sentiment in the minor metals market remains cautious, with a focus on supply-demand dynamics and policy changes [55][85].

Company Overview - Western Mining (SH 601168) announced the resignation of Mr. Zhong Yongsheng from his positions as director, vice chairman, and member of the Strategic and Sustainable Development Committee due to job relocation. After his resignation, he will no longer hold any position within the company [1]. Financial Performance - For the fiscal year 2024, Western Mining's revenue composition is as follows: non-ferrous metal mining and smelting accounts for 74.49%, trading business for 23.63%, other businesses for 1.45%, and financial services for 0.43% [1]. - As of the report date, Western Mining's market capitalization stands at 60.8 billion yuan [1].

关于公司董事、副董事长离任的公告 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法律责任。 重要内容提示： 公司董事会于近日收到董事、副董事长钟永生先生提交的书面辞职报告，钟 永生先生因工作调动，申请辞去公司董事、副董事长及战略与可持续发展委员会 委员职务。辞职后，钟永生先生将不再担任公司任何职务。 | 姓名 | 离任职务 | 离任时间 | | 原定任期 到期日 | | | 是否继续在上 | 具体职务 | 是否存在 未履行完 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | | | 离任原因 | 市公司及其控 股子公司任职 | （如适用） | 毕的公开 承诺 | | 钟永生 | 董事、副 | 年 2025 | 12 | 年8 2026 | 月 | 工作调动 | 否 | 无 | 无 | | | 董事长 | 月 12 | 日 | 13 日 | | | | | | 证券代码：601168 证券简称：西部矿业 公告编号：临 2025-055 西部矿 ...

西部矿业股份有限公司 （601168） 二〇二五年第三次临时股东会 会议材料 二〇二五年十二月 西部矿业股份有限公司 二〇二五年第三次临时股东会议程 一、会议时间： 现场会议时间：2025 年 12 月 24 日 14 时 30 分开始 网络投票时间：采用上海证券交易所网络投票系统，通过交易系统 投票平台的投票时间为股东会召开当日的交易时间段，即 2025 年 12 月 24 日 9:15-9:25，9:30-11:30，13:00-15:00；通过互联网投票平台的投票 时间为股东会召开当日 2025 年 12 月 24 日 9:15-15:00。 二、会议地点：青海省西宁市海湖新区文逸路 4 号西矿•海湖商务中心 26 楼 三、会议议程： （一） 主持人宣布会议开始并通报到会股东资格审查结果，以及出 （列）席会议人员 议案一........................................................................................................... 8 关于选举王正文先生为公司第八届董事会独立董事的议案......... ...

西部矿业公告，公司董事会于近日收到董事、副董事长钟永生提交的书面辞职报告，钟永生因工作调 动，申请辞去公司董事、副董事长及战略与可持续发展委员会委员职务。辞职后，钟永生将不再担任公 司任何职务。 (本文来自第一财经) ...

西部矿业12月12日公告，公司董事会于近日收到董事、副董事长钟永生提交的书面辞职报告，钟永生因 工作调动，申请辞去公司董事、副董事长等职务。辞职后，钟永生将不再担任公司任何职务，辞职报告 自送达公司董事会之日起生效。 ...

南财智讯12月12日电，西部矿业公告，公司董事会于近日收到董事、副董事长钟永生先生提交的书面辞 职报告，钟永生先生因工作调动，申请辞去公司董事、副董事长及战略与可持续发展委员会委员职务。 辞职后，钟永生先生将不再担任公司任何职务。该辞职报告自送达公司董事会之日起生效。 ...

有色金属行业 标配（维持） 有色金属行业双周报（2025/11/28-2025/12/11） 行 业 美联储 12 月如期降息 25 基点，持续关注后续降息节奏 2025 年 12 月 12 日 投资要点： 分析师：许正堃 SAC 执业证书编号： 行情回顾。截至2025年12月11日，申万有色金属行业近两周上涨4.79%，跑赢 沪深300指数3.97个百分点，在申万31个行业中排名第3名。截至2025年12月 11日，近两周有色金属行业子板块中，工业金属板块上涨5.97%，小金属板块 上涨5.55%，能源金属板块上涨3.72%，金属新材料板块上涨3.54%，贵金属板 块上涨0.19%。 周 报 有色金属行业重要新闻及观点 本报告的风险等级为中风险。 本报告的信息均来自已公开信息，关于信息的准确性与完整性，建议投资者谨慎判断，据此入市，风险自担。 请务必阅读末页声明。 S0340523120001 电话：0769-23320072 邮箱： xuzhengkun@dgzq.com.cn 行 业 研 究 资料来源：东莞证券研究所，iFind 申万有色金属行业指数走势 工业金属。宏观层面，当地时间12月11日，美联储 ...

Group 1: Precious Metals - The report emphasizes the long-term allocation value of precious metals, particularly gold, supported by central bank purchases and a weakening dollar credit system [10][11][44] - Gold demand is expected to remain strong due to central bank purchases, with a total of 219.85 tons purchased in Q3 2025, marking a historical high [18][20] - Silver is projected to experience strong price momentum due to persistent supply-demand gaps and low domestic inventory levels [28][39] Group 2: Copper - The copper mining sector is expected to maintain low growth rates, with a projected supply shortage in 2026 due to ongoing mining and smelting conflicts [12][45] - Global copper production is anticipated to increase by approximately 10,000 tons, 70,000 tons, and 84,000 tons from 2025 to 2027, while smelting capacity is expected to rise by 217,000 tons, 100,000 tons, and 20,000 tons respectively [12][47] - The report suggests focusing on leading companies in the copper sector, such as Zijin Mining and Jiangxi Copper, as supply tightens [2][12] Group 3: Aluminum - The aluminum market is expected to maintain a tight balance, with domestic production growth rates projected at 2.2%, 1.4%, and 0.4% from 2025 to 2027 [3][13] - Demand for aluminum remains resilient, driven by investments in new energy and power grids, with a projected domestic demand growth of 2.6%, 1.0%, and 3.6% over the same period [3][13] - The report highlights the importance of high dividend stocks in the aluminum sector, recommending companies like China Hongqiao and Tianshan Aluminum [3][13] Group 4: Cobalt - The cobalt supply chain is being reshaped by policies in the Democratic Republic of Congo, leading to a significant reduction in global supply, with projections of only 96,600 tons contributed annually from 2026 to 2027 [4][14] - Demand for cobalt is expected to grow, particularly in high-end electric vehicles and solid-state batteries, with a projected global shortage of 32,000 tons and 31,000 tons in 2026 and 2027 respectively [4][14] - Companies benefiting from cobalt price elasticity, such as Huayou Cobalt and Luoyang Molybdenum, are recommended for investment [4][14]