Investment Rating - The industry investment rating is maintained at "Overweight" [6][11]. Core Insights - The report highlights a seasonal increase in inventory and slight fluctuations in the prices of base metals, with a focus on the ongoing macroeconomic environment and its impact on supply and demand dynamics [6][11]. - The report suggests that the long-term supply-demand structure is being reshaped, indicating limited downside potential for base metal prices and encouraging investors to seek new entry points, particularly for rigid supply varieties like aluminum and copper [6][11]. Summary by Sections Market Overview - The report notes that the domestic industrial metal prices have shown slight fluctuations, with the non-ferrous metal index outperforming the market. The weekly price changes for LME copper, aluminum, lead, and zinc were 0.0%, -0.3%, 0.4%, and 0.2%, respectively, while SHFE prices were 1.1%, 1.2%, 0.8%, and 2.6% [6][20][21]. Macroeconomic Factors - The report tracks three macroeconomic factors: 1. China's June export value increased by 6% year-on-year, with total exports amounting to $325.2 billion [6][27]. 2. U.S. inflation showed an uptick, with the June CPI rising by 2.7% year-on-year [6][33]. 3. The European economic sentiment index continued to rise, with the Eurozone manufacturing PMI at 49.5 [6][36]. Base Metals Analysis - For electrolytic aluminum, the macro environment remains strong, but market sentiment has cooled, leading to a price retreat. The operating capacity of the electrolytic aluminum industry increased by 10,000 tons, reaching 43.975 million tons, with production at 843,400 tons, a slight increase of 0.02% [6][40][41]. - The report indicates that the aluminum processing sector's operating rate decreased by 0.1%, averaging 58.7% as of July 24, 2025 [6][43]. - In terms of inventory, domestic aluminum ingot inventory rose by 36,000 tons to 577,000 tons, while global inventory increased by 42,300 tons to 1.2921 million tons [6][43][44]. Profitability Metrics - The report states that the immediate profit per ton for the aluminum industry remains above 3,500 yuan, with the current spot aluminum price at 20,800 yuan per ton, reflecting a 0.19% increase [6][43].

Group 1 - The small metal concept index rose by 3.08%, ranking 9th among concept sectors, with 128 stocks increasing in value [1] - Notable gainers included Tibet Tianlu, China Power Construction, and Zhongke Sanhuan, which hit the daily limit, while Huayou Cobalt, Tangyuan Electric, and Northern Rare Earth saw significant increases of 9.44%, 9.22%, and 9.00% respectively [1][2] - The largest declines were observed in Zhongjin Gold, Zhejiang Fu Holdings, and Western Gold, with decreases of 4.41%, 4.03%, and 3.59% respectively [1] Group 2 - The small metal concept sector attracted a net inflow of 4.014 billion yuan, with 92 stocks receiving net inflows and 21 stocks exceeding 100 million yuan in net inflows [2] - Northern Rare Earth led the net inflow with 1.554 billion yuan, followed by China Rare Earth, Tibet Mining, and Guangsheng Nonferrous with net inflows of 499 million yuan, 433 million yuan, and 431 million yuan respectively [2] Group 3 - In terms of net inflow ratios, Zhongke Sanhuan, Tibet Mining, and Jinchuan Group had the highest ratios at 37.98%, 31.43%, and 26.87% respectively [3] - The small metal concept's top stocks by net inflow included Northern Rare Earth, China Rare Earth, and Tibet Mining, with respective net inflows of 1.553 billion yuan, 499 million yuan, and 432 million yuan [3][4]

截至2025年7月24日 09:48，中证稀有金属主题指数(930632)强势上涨1.79%，成分股中科三环(000970)、 金钼股份(601958)10cm涨停，铂科新材(300811)上涨8.04%，宁波韵升(600366)，云路股份(688190)等个 股跟涨。稀有金属ETF(159608)现涨1.69%，盘中一度涨超2%。拉长时间看，截至2025年7月23日，稀有 金属ETF近1周累计上涨9.77%。 稀有金属ETF紧密跟踪中证稀有金属主题指数，中证稀有金属主题指数选取不超过50家业务涉及稀有金 属采矿、冶炼和加工的上市公司证券作为指数样本，以反映稀有金属主题上市公司证券的整体表现。 数据显示，截至2025年6月30日，中证稀有金属主题指数(930632)前十大权重股分别为盐湖股份 (000792)、北方稀土(600111)、洛阳钼业(603993)、华友钴业(603799)、赣锋锂业(002460)、天齐锂业 (002466)、中国稀土(000831)、西部超导(688122)、中矿资源(002738)、厦门钨业(600549)，前十大权重 股合计占比54.07%。 国盛证券指出，5月起，国家出口 ...

Investment Rating - Investment rating: Positive (maintained) [5] Core Views - The rare earth sector is experiencing price increases driven by overseas catalysts, with neodymium oxide rising 7.29% to 478,500 CNY/ton, dysprosium oxide up 2.44% to 1,680,000 CNY/ton, and terbium oxide increasing 0.84% to 7,180,000 CNY/ton [5][12] - Molybdenum prices are fluctuating at high levels due to increased steel demand, with molybdenum concentrate prices rising 4.46% to 3,985 CNY/ton [5][24] - Tungsten prices are at new highs due to supply contraction expectations, with black tungsten concentrate prices increasing 4.07% to 179,000 CNY/ton [5][29] - Tin prices are under pressure with SHFE tin down 1.01% to 264,500 CNY/ton, influenced by raw material shortages from Myanmar [5][37] - Antimony prices are adjusting downwards, with antimony ingot prices falling 1.30% to 190,000 CNY/ton due to reduced smelting output [5][48] - The controllable nuclear fusion materials sector is in a high-growth phase, with significant opportunities for upstream materials [6] Summary by Category Rare Earths - Recent price increases: neodymium oxide up 7.29% to 478,500 CNY/ton, dysprosium oxide up 2.44% to 1,680,000 CNY/ton, terbium oxide up 0.84% to 7,180,000 CNY/ton [5][12] Molybdenum - Molybdenum concentrate price increased 4.46% to 3,985 CNY/ton, while molybdenum iron (Mo60) rose 3.49% to 252,000 CNY/ton [5][24] Tungsten - Black tungsten concentrate price increased 4.07% to 179,000 CNY/ton, and ammonium paratungstate rose 4.35% to 264,000 CNY/ton [5][29] Tin - SHFE tin price decreased 1.01% to 264,500 CNY/ton, and LME tin fell 1.82% to 33,160 USD/ton [5][37] Antimony - Antimony ingot price decreased 1.30% to 190,000 CNY/ton, and antimony concentrate price fell 1.49% to 16,500 CNY/ton [5][48] Nuclear Fusion Materials - The controllable nuclear fusion industry is accelerating commercialization, with significant benefits expected for upstream materials [6]

金堆城钼业股份有限公司 第五届董事会第二十三次会议决议公告 股票代码：601958 股票简称：金钼股份 公告编号： 2024-020 金堆城钼业股份有限公司董事会 2025 年 7 月 22 日 1 个 人 简 历 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。 金堆城钼业股份有限公司（以下简称公司）第五届董事会第二十三 次会议通知和材料于 2025 年 7 月 18 日以电子邮件的形式送达全体董事， 会议于 2025 年 7 月 21 日以通讯方式召开。应参会董事 11 人，实际参会 董事 11 人。本次会议的召开符合《公司法》和《公司章程》的规定，合 法有效。与会董事审议通过《关于聘任公司副总经理的议案》，形成会 议决议如下： 该议案已经公司董事会提名与薪酬委员会事前审核；同意聘任王继 宇先生和周新文先生担任公司副总经理，聘期自董事会聘任之日起至第 五届董事会届满之日止。 表决结果：同意 11 票，反对 0 票，弃权 0 票。 王继宇先生和周新文先生个人简历附后。 特此公告。 王继宇先生：1983 年生，大学本科学历 ...

Mergers and Acquisitions - Dongfang Yuhong plans to acquire 100% equity of Chilean building materials retailer Construmart S.A. for approximately $123 million [1] Major Asset Restructuring - Hongming Co. has terminated its plan to acquire 83% equity of Shenzhen Chisu Automation Equipment Co. due to failure to reach a final agreement [2] Performance Disclosure - Sumeida reported a net profit of 646 million yuan for the first half of the year, a year-on-year increase of 12.62%, with total revenue of 55.101 billion yuan, down 1.52% [3] - Jintong Co. reported a net profit of 1.38 billion yuan for the first half of 2025, a year-on-year decrease of 8.45%, with total revenue of 6.959 billion yuan, up 5.55% [4] - Microchip Biotech expects a net profit of approximately 30.06 million yuan for the first half of 2025, a year-on-year increase of 173%, with revenue expected to be around 407 million yuan, up 35% [5] Shareholding Changes - Huasheng Lithium plans to reduce its shareholding by up to 2.24%, equating to a maximum of 3.567 million shares [6] - Yutai Micro's shareholder Li Haihua intends to reduce his stake by up to 3%, totaling no more than 2.4 million shares [7] - Hongqiang Co.'s controlling shareholder Liu Lianjun plans to reduce his stake by up to 3%, amounting to no more than 6.3478 million shares [8] Legal Issues - Jintong Ling has been prosecuted for financial fraud and false issuance of stocks, accused of providing false financial data for six consecutive years, resulting in significant investor losses [9][10]

Group 1 - Datang Power achieved a total on-grid electricity of approximately 123.99 billion kWh for the first half of 2025, a year-on-year increase of 1.30%, with wind and solar power generation increasing by 31.27% and 36.35% respectively [1] - North Self Technology signed an equipment procurement contract with a total amount of 164 million yuan [1] - Jinchuan Co. reported a net profit of 1.38 billion yuan for the first half of 2025, a year-on-year decrease of 8.45%, with operating revenue of 6.96 billion yuan, an increase of 5.55% [1][2] Group 2 - Microchip Biotech expects a revenue of 407 million yuan for the first half of 2025, a year-on-year increase of 35%, and a net profit of approximately 30.06 million yuan, a year-on-year increase of 173% [3] - Zongheng Co. anticipates a revenue of 135 million yuan for the first half of 2025, a year-on-year increase of 61.72%, with a net loss of 34.68 million yuan, reducing losses by 18.34 million yuan compared to the previous year [5] - Tuojing Technology expects a revenue of 1.21 billion to 1.26 billion yuan for the second quarter of 2025, a year-on-year increase of 52% to 58%, with a net profit of 238 million to 247 million yuan, a year-on-year increase of 101% to 108% [7] Group 3 - Star Power reported a net profit of 73.42 million yuan for the first half of 2025, a year-on-year decrease of 13.44%, with total revenue of 1.52 billion yuan, an increase of 13.70% [8] - Xiamen Tungsten reported a net profit of 972 million yuan for the first half of 2025, a year-on-year decrease of 4.41%, with operating revenue of 19.18 billion yuan, an increase of 11.75% [9] - Yikang Pharmaceutical's subsidiary received approval for clinical trials of YKYY029 injection for hypertension [11] Group 4 - Mould Technology received a project designation for luxury car exterior parts, with an expected total sales of 2.044 billion yuan over a five-year lifecycle [13] - Jinzhik Technology won multiple projects from the State Grid and Southern Power Grid, with a total bid amount of 133 million yuan [14] - Changjiang Media plans to use up to 700 million yuan of idle funds to purchase financial products [16] Group 5 - Ningbo Gaofa plans to invest up to 20 million USD to establish a production base in Morocco [20] - Xuantai Pharmaceutical's subsidiary received EU GMP certification for solid dosage production lines [22] - Changhua Group received a project designation for key metal structural components from a domestic new energy vehicle company, with an expected total sales of 235 million yuan over a four-year lifecycle [23]

Financial Performance Summary - The company reported total operating revenue of 695,895.90 million RMB, an increase of 5.55% compared to the same period last year [1] - Operating profit decreased to 181,888.02 million RMB, down 8.39% year-on-year [1] - Total profit was 181,893.51 million RMB, reflecting a decline of 8.73% compared to the previous year [1] - Net profit attributable to shareholders was 137,961.86 million RMB, a decrease of 8.45% year-on-year [1] - Basic earnings per share were 0.428 RMB, down 8.35% from the previous year [1] - The weighted average return on equity decreased by 1.58 percentage points to 7.77% [1] Operational Analysis - The decline in profit was attributed to a strategic shift towards increasing high value-added product raw material reserves, while sales volume in the processing segment saw a slight decrease [2] - The company implemented measures to mitigate adverse impacts, including scientific production organization and timely adjustments to sales structure [2] - Plans for the second half of the year include strengthening production and sales coordination, expanding market efforts, and enhancing cost control to achieve annual operational goals [2]

[Key Financial Data and Indicators](index=1&type=section&id=Item%201.%20Key%20Financial%20Data%20and%20Indicators) The company's preliminary H1 2025 financial data shows total operating revenue of 6.959 billion yuan (up 5.55%) and net profit attributable to shareholders of 1.380 billion yuan (down 8.45%) Key Financial Data and Indicators | Indicator | Current Period | Prior Year Period | Change (%) | | :--- | :--- | :--- | :--- | | **Total Operating Revenue (million yuan)** | 6,958.96 | 6,593.25 | 5.55 | | **Operating Profit (million yuan)** | 1,818.88 | 1,985.48 | -8.39 | | **Total Profit (million yuan)** | 1,818.94 | 1,993.00 | -8.73 | | **Net Profit Attributable to Shareholders (million yuan)** | 1,379.62 | 1,506.91 | -8.45 | | **Net Profit Excluding Non-recurring Items (million yuan)** | 1,335.74 | 1,490.62 | -10.39 | | **Basic Earnings Per Share (yuan)** | 0.428 | 0.467 | -8.35 | | **Weighted Average Return on Net Assets (%)** | 7.77 | 9.35 | Decrease of 1.58 percentage points | | **Total Assets (million yuan)** | 21,921.90 | 20,637.63 (Beginning of Period) | 6.22 | | **Shareholders' Equity Attributable to Parent (million yuan)** | 18,449.23 | 17,012.68 (Beginning of Period) | 8.44 | [Explanation of Operating Performance and Financial Position](index=1&type=section&id=Item%202.%20Explanation%20of%20Operating%20Performance%20and%20Financial%20Position) The company experienced revenue growth without profit increase, as total operating revenue rose by 5.55% while total profit and net profit declined due to increased raw material reserves for high-value-added products [Changes in Operating Performance](index=1&type=section&id=(I)%20Changes%20in%20Operating%20Performance%20During%20the%20Reporting%20Period) During the reporting period, the company achieved operating revenue of 6.959 billion yuan, a 5.55% increase, while total profit decreased by 8.73% to 1.819 billion yuan, and net profit attributable to shareholders decreased by 8.45% to 1.380 billion yuan Performance Indicators | Performance Indicator | Amount (million yuan) | YoY Change | | :--- | :--- | :--- | | Operating Revenue | 6,958.96 | +5.55% | | Total Profit | 1,818.94 | -8.73% | | Net Profit Attributable to Parent | 1,379.62 | -8.45% | [Analysis of Operating Performance Changes](index=2&type=section&id=(II)%20Analysis%20of%20Operating%20Performance%20Changes) The primary reason for the profit decline is the company's increased raw material reserves for high-value-added products, leading to a slight decrease in processing segment sales, with plans to enhance market expansion and cost control in the second half of the year - Profit decline reason: The company increased its own raw material reserves for high-value-added products in line with its development strategy, leading to a slight year-on-year decrease in processing segment sales[5](index=5&type=chunk) - Countermeasures and outlook: The company mitigated adverse effects through scientific production organization and timely sales structure adjustments, planning to strengthen production-sales synergy, expand markets, and enhance cost control in the second half of the year[5](index=5&type=chunk) [Risk Warning](index=2&type=section&id=Item%203.%20Risk%20Warning) The company confirms no significant uncertainties affecting the accuracy of this performance express report, but reminds investors that the disclosed data is preliminary and may differ from the final semi-annual report, advising caution regarding investment risks - The data contained in this announcement are preliminary and unaudited, and may differ from the final data disclosed in the 2025 semi-annual report[1](index=1&type=chunk)[6](index=6&type=chunk) [Reference Documents](index=2&type=section&id=Item%204.%20Reference%20Documents) Comparative balance sheets and income statements, signed and sealed by the company's legal representative, chief accountant, and head of accounting, are available as reference documents - Reference documents include comparative balance sheets and income statements signed and sealed by the company's senior management[7](index=7&type=chunk)

Core Viewpoint - Jinmoly Co., Ltd. (stock code: 601958) reported a revenue of 6.959 billion yuan in the first half of 2025, representing a year-on-year growth of 5.55%. However, the net profit decreased by 8.45% to 1.38 billion yuan [1]. Financial Performance - The company achieved an operating income of 6.959 billion yuan, which is a 5.55% increase compared to the previous year [1]. - The net profit for the period was 1.38 billion yuan, reflecting a decline of 8.45% year-on-year [1]. - The basic earnings per share also saw a year-on-year decrease due to the decline in net profit attributable to shareholders [1]. Strategic Developments - During the reporting period, the company focused on its development strategy by increasing the reserve of raw materials for high value-added products [1]. - The sales volume in the processing segment experienced a slight decline, which contributed to the overall decrease in total profit and net profit attributable to shareholders [1].