西部矿业（601168.SH）8月11日在投资者互动平台表示，上半年研发投入增长主要是加大了冶炼单位生 产效率和关键指标的科研力度。 （文章来源：每日经济新闻） 每经AI快讯，有投资者在投资者互动平台提问：贵司研发费用相比去年同期翻了接近一倍，同比增加 了3个亿，为何会增加那么多的研发费用？投入那么多的研发费用具体是投在哪些地方？ ...

Group 1 - The metal lead concept declined by 0.27%, ranking among the top declines in the concept sector, with companies like Chifeng Jilong Gold and Hunan Gold experiencing significant drops [1] - Among the 14 stocks that rose, Tibet Summit, China Metallurgical Group, and Guocheng Mining had the highest increases of 3.08%, 2.56%, and 2.13% respectively [1] - The metal lead concept saw a net outflow of 1.027 billion yuan, with 23 stocks experiencing net outflows, and five stocks seeing outflows exceeding 50 million yuan [2] Group 2 - The leading stocks for net outflow included Zijin Mining with a net outflow of 364.15 million yuan, followed by Chifeng Jilong Gold and Hunan Gold with outflows of 235.14 million yuan and 126.18 million yuan respectively [2] - The stocks with the highest net inflows included China Metallurgical Group, Zhongjin Lingnan, and Xibu Mining, with inflows of 37.92 million yuan, 27.16 million yuan, and 19.02 million yuan respectively [3] - The overall performance of the metal lead sector reflects a challenging market environment, with significant capital outflows impacting several key players [2][3]

Investment Rating - The report maintains an "Overweight" rating for the copper industry [6]. Core Viewpoints - The copper price is expected to continue rising in 2025 due to tightening supply and improving demand [4]. - The report highlights that the LME and COMEX copper inventories are facing upward pressure, while domestic cable production rates have increased but remain significantly lower than the previous year [1][2]. - The report suggests that the demand for copper will rebound in Q4 2025, driven by the recovery in electric grid and air conditioning needs [1]. Summary by Sections Inventory - Domestic copper social inventory increased by 10.6% week-on-week, while LME copper inventory rose by 11.5% [2]. - As of August 8, 2025, domestic port copper concentrate inventory stood at 620,000 tons, up 18.8% from the previous week [2]. - Global electrolytic copper inventory totaled 472,000 tons as of August 4, 2025, reflecting a 5.0% increase [2]. Supply - The TC spot price increased by $4 per ton week-on-week, currently at -$37.98 per ton, remaining at historically low levels [3][63]. - In July 2025, China's electrolytic copper production reached 1.1743 million tons, up 3.5% month-on-month and 14.2% year-on-year [3][66]. - The report notes a decrease in the price difference between refined copper and scrap copper, indicating potential tightening in scrap supply [2][56]. Demand - The cable industry's operating rate increased by 2.6 percentage points week-on-week, with the current rate at 69.89% [3][75]. - Air conditioning production is projected to decline year-on-year, with expected reductions of 2.8%, 12.7%, and 12.1% for August, September, and October respectively [3][94]. - The report emphasizes that the demand for copper in the power sector remains strong, supported by ongoing investments in power infrastructure [75][82]. Futures - SHFE copper active contract positions decreased by 4% week-on-week, while COMEX non-commercial net long positions fell by 45% [4][32]. - As of August 8, 2025, SHFE copper active contract positions were at 157,000 lots, reflecting a 4.1% decrease from the previous week [4][32]. Investment Recommendations - The report recommends stocks such as Jincheng Mining, Zijin Mining, Luoyang Molybdenum, and Western Mining, while suggesting to pay attention to Tongling Nonferrous Metals [4].

Group 1: Company Performance and Financials - The company held a half-year performance briefing on August 8, 2025, discussing operational results and financial status with investors [1] - The company reported a net profit decrease due to a fixed asset impairment of 0.52 billion in the first half of the year [2] - The company achieved its best profit indicators since listing, with employee income increasing compared to the previous year [2] Group 2: Production and Investment Plans - The company plans to produce 183 kilograms of gold concentrate in 2025, with 134 kilograms produced in the first half of the year [3] - The investment of 4.8 billion for the Yulong Copper Mine Phase III will be gradually invested over two to three years, minimizing impact on dividend plans [2] - The company is exploring resource development opportunities to extend the lifespan of its mines and has commissioned geological research [4] Group 3: Market Outlook and Pricing - Future copper prices are expected to rise due to tight supply and demand, with factors such as mining supply constraints and increased demand from new energy and AI [3][7] - The company maintains a copper hedging ratio below 50% and will adjust this based on market conditions [5] - The company anticipates a complex market environment for the non-ferrous metal industry in 2025, with potential for both challenges and opportunities [7] Group 4: Operational Challenges and Strategies - The company is facing challenges in copper smelting due to extreme processing fees and is working to reduce raw material costs and improve recovery rates [6] - The company is actively taking measures to improve the profitability of its rare and precious metals segment, which has been affected by raw material price fluctuations [6] - The company is committed to enhancing communication with investors and has established a market value management system [2][3]

证券代码：601168 证券简称：西部矿业 公告编号：临 2025-037 西部矿业股份有限公司 关于 2025 年半年度业绩说明会召开情况的公告 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。 公司于2025年8月8日下午15:00-17:00在上海证券交易所上证路演中心采用 视频直播和网络互动方式召开"2025年半年度业绩说明会"。关于本次业绩说明 会的召开事项，公司已于2025年8月1日在《上海证券报》、《中国证券报》、《证 券时报》及上海证券交易所网站上披露了《西部矿业关于召开2025年半年度业绩 说明会的公告》（详见临时公告2025-036号）。现将有关事项公告如下： 一、投资者说明会召开情况 二、本次说明会投资者提出的主要问题及公司回复情况 公司就投资者在本次说明会提出的普遍关心的问题给予了回答，投资者提出 的主要问题及回答整理如下： 1. 请问中报科研费翻倍，主要用在什么地方，谢谢？ 答复：您好！研发方面的投入增长主要是我们致力于通过科研攻关来提升旗 下冶炼单位的生产效率和关键指标。虽然研发成果的显现需要一 ...

Economic News - The Ministry of Commerce has decided to extend the investigation period for safeguard measures on imported beef until November 26, 2025, due to the complexity of the case [1] - The State Council has issued an opinion to gradually implement free preschool education, starting from the fall semester of 2025, exempting public kindergartens from childcare fees for the last year [1] - The China Iron and Steel Association reported that the steel inventory of key steel enterprises was 14.78 million tons in late July 2025, a decrease of 5.6% month-on-month [1] - The China Passenger Car Association has raised its sales forecast for 2025, predicting a 6% increase in retail sales of passenger cars, a 14% increase in exports, and a 27% increase in wholesale sales of new energy vehicles [1] - The State Administration for Market Regulation is soliciting public opinions on the revised "Market Supervision Complaint Handling Measures," which includes 43 articles with several modifications [1] - The National Development and Reform Commission has issued a management method for enterprise training bases, focusing on supporting emerging fields with significant skill gaps and traditional industries with strong employment absorption [1] - Shanghai is supporting key technology breakthroughs in embodied intelligence, with a maximum support of 30% of total investment, not exceeding 50 million yuan [1] - The global manufacturing PMI for July was reported at 49.3%, indicating continued weakness in the manufacturing sector [1] Company News - The stock price of Shunwei New Materials has surged by 1,320.05% from July 9 to August 5, 2025, leading to multiple instances of trading anomalies [4] - Haiguang Information reported a 45.21% year-on-year increase in revenue for the first half of 2025, reaching 5.464 billion yuan, with a net profit increase of 40.78% [4] - Zhongke Shuguang's total revenue for the first half of 2025 was 5.854 billion yuan, a 2.49% increase year-on-year, with a net profit growth of 29.89% [4] - Changsheng Bearing plans to reduce its shareholding by transferring 7.8855 million shares, accounting for 2.65% of the total share capital [4] - Vanke A's largest shareholder, Shenzhen Metro Group, has provided a loan of up to 1.681 billion yuan to the company for debt repayment purposes [4] Port Industry Analysis - The port sector is characterized by stable cash flow and has the potential to become a high-dividend sector, with an overall dividend payout ratio above 30% [6][7] - The current high capital expenditure in the port industry is a constraint on dividend increases, but a peak in capital expenditure is expected in 2024, which may enhance dividend capabilities [8][9] - The analysis indicates that if capital expenditures decrease, many port companies could support higher dividend payouts, similar to trends observed in the highway sector post-2018 [9][10]

Core Insights - The performance of A-share listed companies in 2025 is mixed, with some benefiting from rising product prices while others in the downstream of the supply chain face challenges due to raw material price increases [1] Group 1: Company Performance - Western Mining reported a revenue of 31.619 billion yuan, a year-on-year increase of 27%, and a net profit of 1.869 billion yuan, up 15% [1] - The growth for Western Mining is attributed to an 8% increase in copper production and an 11% rise in copper prices compared to the previous year [3] - Cangge Mining's revenue for the first half of 2025 was 1.678 billion yuan, a decrease of 4.74%, but its net profit reached 1.8 billion yuan, a significant increase of 38.8% [3] - Cangge Mining's potassium chloride business achieved a gross margin of 61.84%, driven by a 25.57% year-on-year increase in average selling price [3] Group 2: Challenges Faced by Downstream Companies - Hanwei Technology reported a 87.86% decline in net profit due to rising material costs outpacing product price increases, leading to a decrease in gross margin [4] - In response to raw material price hikes, companies like Yinstar are adjusting their pricing models and maintaining safety stock to mitigate impacts [4] - Yinstar's products are primarily made from sintered neodymium-iron-boron, with significant cost contributions from praseodymium and neodymium metals, making them sensitive to price fluctuations [4] Group 3: Overseas Market Opportunities - Angel Yeast noted slight price increases for overseas products while maintaining stable domestic prices, with higher gross margins overseas due to significant investments in local sales channels [5] - The company sees substantial growth potential in markets like Africa, Europe, and Southeast Asia, supported by local subsidiaries and tailored market development [5] - Huagong Technology is actively pursuing a global strategy, establishing multiple industrial bases and research centers abroad, resulting in significant growth in export orders from Europe, North America, and the Middle East [5]

Summary of Western Mining Conference Call Company Overview - **Company**: Western Mining - **Industry**: Mining and Metallurgy Key Financial Performance - **Revenue**: 31.7 billion CNY, up 27% year-on-year [4] - **Total Profit**: 3.879 billion CNY, up 23% year-on-year [4] - **Net Profit Attributable to Shareholders**: 1.869 billion CNY, up 15% year-on-year [4] - **Earnings Per Share**: 0.78 CNY, up 15% year-on-year [4] Production Metrics - **Copper Production**: 91,700 tons, with Yulong Copper Mine contributing 83,400 tons [2][5] - **Zinc Production**: 63,000 tons [2][5] - **Lead Production**: 35,000 tons [2][5] - **Molybdenum Production**: 2,500 tons [2][5] - **Iron Production**: 710,000 tons [2][5] - **Smelting Output**: - Copper Cathodes: 180,000 tons - Zinc: 70,000 tons - Lead: 85,000 tons - Gold: 2.2 tons - Silver: 121 tons [2][6] Project Developments - **Yulong Copper Mine Phase III**: Approved and expected to start construction by the end of 2025, with trial production by the end of 2026, aiming to release 180,000 to 200,000 tons of copper capacity by 2027 [2][7]. - **Tailings Storage Facility**: Investment of 4.8 billion CNY, requiring national approval, with a construction period of 2.5 to 3 years [2][8]. Cost and Efficiency - **Mining Costs**: Remained stable with significant reductions in copper smelting fees [9]. - **Processing Costs**: Lead processing costs increased, while zinc and copper processing costs decreased [9]. - **Recovery Rates**: Molybdenum recovery rate improved to over 60%, copper recovery rate at 82%-83% [19]. Segment Performance - **Qinghai Copper and Precious Metals**: Reported losses of over 300 million CNY in H1 2025, but expected improvement in H2 [10]. - **New Smelting Segment**: Achieved profitability due to improved processing fees and operational control, with the introduction of 24 new cathode products [11]. Strategic Partnerships - **Mei Resources Company**: Achieved slight profitability, focusing on high-purity magnesium oxide for flame retardants and collaborating with major enterprises [12][13][14]. - **Product Quality**: High-purity magnesium oxide produced by Western Mining reaches 98%, exceeding market averages of 94%-95% [15]. Future Outlook - **Capital Expenditure**: Annual capital expenditure stable at around 3 billion CNY, with a planned 5 billion CNY for Yulong Phase III over 3-5 years, not affecting dividends [17]. - **Iron Ore Production**: Expected to increase from 1.45 million tons in 2025 to 2.5 million tons in 2026 due to ongoing projects [16]. - **Cost Projections**: Anticipated short-term cost increase post Yulong Phase III commissioning, but expected to decrease due to scale effects and technical optimizations [19]. Impairment Losses - **Impairment Losses**: Totaling approximately 230 million CNY, primarily from Gacong Ningbo Metal Mine and other subsidiaries [18]. This summary encapsulates the key points from the conference call, highlighting the financial performance, production metrics, project developments, cost management, segment performance, strategic partnerships, future outlook, and impairment losses of Western Mining.

Industry Insights - The supply-demand gap in the copper industry is expanding, indicating a long-term upward trend in copper prices [2] - The company is experiencing an increase in both copper production and prices, with the Yulong Copper Mine being a significant source of profit [2] - The third phase of the Yulong project is actively progressing [2] Company Analysis - Southwest Securities has issued a "buy" rating for Western Mining (601168.SH) with a latest price of 17.28 yuan [2]

Investment Rating - The investment rating for the non-ferrous metals industry is "Positive" (maintained) [4] Core Views - The report highlights the impact of the recent 232 tariffs on copper, which do not include refined copper, leading to a significant drop in US copper prices. The week saw a decline in copper prices with LME copper down 2.51%, SHFE copper down 1.07%, and US copper down 23.45% [5][10]. - The report emphasizes the recovery in downstream copper demand, with the copper rod operating rate increasing by 2.36 percentage points to 71.73% [5]. - The report suggests monitoring the supply disruptions in Chile and the potential impact of the Federal Reserve's interest rate cuts in September [5]. Summary by Sections 1. Industry Overview - Important macroeconomic information includes lower-than-expected job vacancies in the US and mixed employment data, indicating a cautious economic outlook [9]. - The non-ferrous metals sector underperformed, with the Shenwan non-ferrous index down 4.62%, lagging behind the Shanghai Composite Index by 3.68 percentage points [12]. 2. Industrial Metals Copper - LME copper prices fell by 2.51%, while SHFE copper prices decreased by 1.07%. LME copper inventory increased by 10.33% [26]. - The report notes a copper smelting profit of -2408 CNY/ton, indicating a narrowing loss [26]. Aluminum - LME aluminum prices dropped by 4.12%, and SHFE aluminum prices fell by 1.33%. The report indicates a decrease in aluminum smelting profit to 4116 CNY/ton, down 7.71% [37]. Lead and Zinc - LME lead prices decreased by 3.30%, and SHFE lead prices fell by 1.48%. LME zinc prices dropped by 4.59%, while SHFE zinc prices decreased by 2.19% [52]. - The report highlights a smelting profit of 346 CNY/ton for zinc, with mining profits down 6.47% to 6884 CNY/ton [52]. Tin and Nickel - LME tin prices fell by 5.10%, and SHFE tin prices decreased by 2.47%. LME nickel prices dropped by 4.08%, while SHFE nickel prices fell by 2.83% [66]. 3. Energy Metals Lithium - Lithium carbonate prices decreased by 2.13% to 71350 CNY/ton, while lithium hydroxide prices increased by 4.04% to 65670 CNY/ton [83]. - The report indicates a smelting profit of 862 CNY/ton for lithium from spodumene, while the profit from lithium from lepidolite was -4608 CNY/ton [83]. Cobalt - Domestic cobalt prices surged by 11.29% to 276000 CNY/ton, with significant increases in cobalt smelting profits [96]. 4. Market Performance - The report provides a detailed analysis of the performance of various non-ferrous metal stocks, highlighting the top gainers and losers in the market [12]. 5. Valuation Changes - The report notes that the PE_TTM for the non-ferrous sector is 20.54, with a decrease of 0.88, while the PB_LF is 2.37, down 0.11 [21].