记者丨董鹏 编辑丨骆一帆 未来几年，除了5000亿市值的紫金矿业以外，"紫金系"很可能会再增紫金黄金国际、藏格矿业 两家千亿级别的上市平台。 上周末，藏格矿业发布了紫金矿业入主后的首份半年报。当期，该公司在实现16.8亿元营收的 基础上，扣非后净利润达到18.1亿元，同比增长41.55%。 其中关键，便在于巨龙铜业为其贡献的12.64亿元投资收益，这构成了上市公司当期利润的主 要来源。 更为重要的是， 后续藏格矿业还有其他明确的项目增量。 短期内，包括计划2025年底投产的巨龙铜业二期，投产后其年产量有望翻倍增加至30-35万 吨，中远期则有已经获得采矿许可的麻米错项目、处于"探转采"阶段的老挝钾盐项目。 "2025年7月，老挝发展就地下开采系统充填研究攻关召开启动会，紫金集团副总工程师带队攻 关，项目科研与前期工程正按计划推进。"藏格矿业在业绩说明会上指出。 后续，随着以上项目产能的释放，将显著增厚公司利润规模，近期部分卖方研究员已将其2026 年利润预期值上调至61亿元左右。 截至目前， 藏格矿业总市值已经升至750亿元，如若上述盈利预期能够兑现，后续公司确实存 在冲刺千亿市值的可能性。 此外，加上总资产 ...

Wind数据显示，截至8月4日15:30，共有83家A股上市公司披露2025年半年报，社保基金出现在13家上市公司前十大流通股东名单中。 2025年二季度，社保基金新进成为4家上市公司的前十大流通股东，对3家上市公司的持股数量增加。根据已披露的半年报，截至二季度末，社保基金合计持 股数量达1.60亿股，持股市值为41.26亿元（按照二季度末收盘价计算）。 从社保基金持仓市值排名看，社保基金对海大集团的持仓市值达12.32亿元，位居第一；藏格矿业、海信家电的持仓市值分居第二、第三位，分别达7.73亿 元、4.60亿元。此外，社保基金对东方雨虹持仓市值超4亿元，对宏发股份持仓市值超3亿元。 | 代理 | 名称 | | 培设量(同時) | | | | --- | --- | --- | --- | --- | --- | | | | 45.El. | (स्प्रेस) | 上期 | ↓本目 | | 002311.SZ | ：海大集团 | 2.103.4350 | 1.015.0118 | 1.088.4232 : | 123,240.26 | | 000408.SZ | ：藏格矿业 | 1,812.0000 | ...

Group 1: Market Overview - The global demand for potassium fertilizer is steadily increasing, supported by supply reductions from major suppliers and geopolitical trade disruptions, which create a tight supply-demand balance for potassium prices [2] - In the first half of 2025, domestic potassium chloride production was approximately 2.5547 million tons, a year-on-year decrease of 9.5%, indicating a tightening supply trend [2] Group 2: Strategic Planning - The company's strategic goal is to reach a global mining group level by 2027, leveraging its strengths in potassium and lithium resource development [3] - The company aims to enhance its resource reserves, production capacity, and development technology to become one of the world's most important suppliers of potassium and lithium [3] Group 3: Financial Performance - In the first half of 2025, the average sales cost of potassium chloride was 996 RMB/ton, a year-on-year decrease of 7.36% [7] - The company achieved a net profit of approximately 48.52 million RMB from lithium operations, which represents a low proportion of the overall net profit [7] Group 4: Project Updates - The company is actively pursuing the renewal of mining permits for the Chaka Salt Lake, with approvals progressing through various levels of government [5][6] - The Laos potassium project has secured a resource reserve certificate for a total of 984 million tons of potassium chloride and 16 million tons of associated bromine resources [9] Group 5: Shareholder Returns - In the first half of 2025, the company distributed cash dividends totaling 1.569 billion RMB, with cumulative dividends from 2022 to 2024 amounting to 7.4 billion RMB [12] - The company plans to maintain a reasonable dividend policy while ensuring funding for key projects, allowing investors to share in the company's growth [12]

Group 1 - The latest stock price of Cangge Mining is 47.82 yuan, an increase of 1.76 yuan, representing a rise of 3.82% compared to the previous trading day [1] - The company operates in the fertilizer industry, primarily engaged in the production and sales of potassium fertilizers and lithium salt products [1] - The production cost of lithium carbonate from the Mami Cuo Salt Lake is approximately 31,000 yuan per ton, significantly lower than the industry average [1] Group 2 - In the first half of the year, the company achieved an operating income of 1.678 billion yuan and a net profit of 1.8 billion yuan, reflecting a year-on-year growth of 38.80% [1] - The investment income from the associated company, Julong Copper Industry, contributed 1.264 billion yuan, accounting for 70.22% of the net profit [1] - The National Social Security Fund's second-quarter holdings indicate that the 103rd combination holds 18.12 million shares of Cangge Mining, representing 1.15% of the circulating shares [1] Group 3 - The company plans to implement a mid-term dividend, proposing a cash dividend of 10 yuan for every 10 shares, totaling a distribution amount of 1.569 billion yuan [1]

Core Viewpoint - The "Zijin System" is expected to expand with the potential addition of Zijin Gold International and Cangge Mining, both of which could reach a market capitalization of 100 billion yuan in the coming years, alongside Zijin Mining's current market cap of 500 billion yuan [2][12]. Company Performance - Cangge Mining reported a revenue of 1.68 billion yuan and a net profit of 1.81 billion yuan for the first half of the year, marking a year-on-year increase of 41.55% [2]. - The primary source of profit for Cangge Mining was the investment income from Jilong Copper, contributing 1.264 billion yuan to the company's earnings [5][6]. Future Projects and Growth Potential - Cangge Mining has several projects in the pipeline, including the second phase of Jilong Copper, which is expected to double its annual production capacity to 300,000-350,000 tons by the end of 2025 [3][10]. - The company has also received mining permits for the Mali Cuo project and is in the "exploration to production" phase for the Laos potassium salt project, indicating significant future growth potential [3][8]. Market Performance - Despite a general decline in lithium stocks since 2022, Cangge Mining's stock has increased by approximately 72% year-to-date, with a recent peak price of 48.65 yuan, surpassing previous cycle highs [5][6]. - Analysts have raised profit forecasts for Cangge Mining, with expected profits for 2025 and 2026 adjusted to 3.56 billion yuan and 6.08 billion yuan, respectively [11]. Strategic Integration - Following the change of control to Zijin Mining, Cangge Mining is undergoing governance reforms to enhance management efficiency and integrate into the Zijin system [7][8]. - The integration is expected to improve Cangge Mining's asset scale, resource reserves, and management effectiveness, leveraging Zijin Mining's experience [7][9]. Market Outlook - The combined market capitalization of the "Zijin System," including Zijin Mining, Zijin Gold International, and Cangge Mining, is becoming clearer, with the potential for significant valuation increases as projects come online and profits grow [12].

证券之星消息，8月4日能源金属板块较上一交易日上涨0.62%，藏格矿业领涨。当日上证指数报收于 3583.31，上涨0.66%。深证成指报收于11041.56，上涨0.46%。能源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) | | --- | --- | --- | --- | --- | --- | | 002240 | 盛新锂能 | 15.56 | -1.64% | 30.26万 | 4.70亿 | | 6633209 | 永杉坪 / | 10.00 | -1.48% | 14.84万 | 1.48亿 | | 002756 | 永兴材料 | 35.24 | -0.84% | 1 6.97万 | 2.45亿 | | 002460 | 赣锋锂业 | 35.91 | -0.75% | 26.69万 | 9.52亿 | | 300618 | 塞锐铝业 | 36.56 | -0.73% | 6.83万 | 2.49 Z | | 603799 | 华友钻业 | 42.77 | -0.51% | 40.59万 | 17.28亿 | | 002192 | 融捷 ...

Core Viewpoint - Minmetals Mining is expected to see significant growth in net profit driven by lithium, potassium, and copper production, with a strong cost advantage in lithium extraction from salt lakes [1] Financial Performance - The net profit attributable to shareholders for the first half of 2025 is projected to be 1.8 billion yuan, representing a year-on-year increase of 38.8% [1] - In Q2 2025, the net profit attributable to shareholders is expected to reach 1.05 billion yuan, showing a year-on-year increase of 37.2% and a quarter-on-quarter increase of 40.9% [1] Sales and Production Insights - Lithium sales in Q2 increased quarter-on-quarter, showcasing a significant cost advantage [1] - Potassium sales saw a substantial increase, with both price growth and cost reduction contributing to better-than-expected performance [1] - Copper production increased while costs decreased, leading to record high unit profitability [1] Growth Drivers - The company is driven by three key sectors: lithium, potassium, and copper, indicating a large growth potential [1] - The cost advantage in lithium extraction from salt lakes is highlighted as a significant factor for future profitability [1] - The ongoing expansion projects, particularly the second and third phases of the Jilong project, are progressing as planned, with expectations of exceeding project timelines [1] Future Projections - The projected net profits for 2025, 2026, and 2027 are 3.56 billion yuan, 6.08 billion yuan, and 7.93 billion yuan respectively [1] - The corresponding price-to-earnings ratios based on the closing price on August 1 are 20, 12, and 9 times [1]

民生证券研报指出，藏格矿业2025H1归母净利18.0亿元，同比+38.8%，单季度看，25Q2归母净利10.5 亿元，同比+37.2%，环比+40.9%。业绩符合前期业绩预告。其中，锂Q2销量环比增加，成本优势显 著；钾Q2销量大幅提升+价增本降，业绩超预期；铜产量增加成本下降，单位盈利再创新高。钾锂铜三 轮驱动，成长空间大，盐湖提锂成本优势显著，巨龙二三期扩产项目如期推进，紫金入主，项目进度或 超预期，预计公司2025-2027年归母净利35.6、60.8、79.3亿元，对应8月1日收盘价的PE为20、12和9 倍，维持"推荐"评级。 ...

Core Viewpoint - Cangge Mining reported significant growth in revenue and net profit for the first half of the year, driven by strong performance from its associate company, Tibet Julong Copper Industry [1][2] Financial Performance - The company achieved operating revenue of 1.678 billion yuan and a net profit attributable to shareholders of 1.8 billion yuan, representing a year-on-year increase of 38.8% [1] - Investment income from Tibet Julong Copper was 1.264 billion yuan, up 47.82% year-on-year, as Julong Copper reported a net profit of 4.166 billion yuan [2] Dividend Distribution - Cangge Mining proposed a mid-term dividend plan, distributing 10 yuan per 10 shares (including tax), totaling 1.569 billion yuan [1] Production and Sales - The company produced 485,200 tons of potassium chloride and sold 535,900 tons, achieving 48.52% and 56.41% of its annual production and sales targets, respectively [1] - The lithium carbonate production was 5,170 tons with sales of 4,470 tons, meeting 47% and 40.64% of the annual targets [2] Market Conditions - Domestic potassium chloride prices increased significantly due to large contract signings and production cuts by overseas manufacturers [1] Operational Enhancements - The company implemented various measures to ensure production stability, including the addition of new salt washing points and infrastructure improvements [2] - Technological advancements in its subsidiary, Cangge Lithium, led to improved product quality and market competitiveness [2] Project Developments - The second phase of the Julong Copper Mine expansion is expected to be completed by the end of the year, with significant progress on the Tibet Mami Cuo project [3]

Core Viewpoint - Cangge Mining has reported a significant turnaround in its financial performance for the first half of 2025, with a notable increase in net profit driven by strong contributions from its investment in Jilong Copper and improved performance in its potash fertilizer business [1][2][3]. Financial Performance - In the first half of 2025, Cangge Mining achieved operating revenue of 1.678 billion yuan, a slight decrease of 4.74% year-on-year, while net profit attributable to shareholders reached 1.8 billion yuan, marking a 38.80% increase [2][3]. - The company’s net profit and non-recurring net profit both returned to growth after two years of decline, with the latter increasing by 41.55% [2][3]. - The quarterly breakdown shows that in Q1 and Q2 of 2025, operating revenues were 552 million yuan and 1.126 billion yuan, respectively, with net profits of 747 million yuan and 1.053 billion yuan, both showing significant year-on-year growth [2]. Business Segments - Cangge Mining's core revenue driver is its potash fertilizer business, which generated 1.399 billion yuan in revenue, a 24.60% increase, supported by a 25.57% rise in average domestic prices [3][5]. - The company produced 485,200 tons of potassium chloride and sold 535,900 tons, achieving 48.52% and 56.41% of its annual targets, respectively [3]. Investment and Dividends - Cangge Mining plans to distribute a substantial interim dividend of 1.57 billion yuan, representing a payout ratio of 87.14% of its net profit [1][7]. - The company’s financial health is strong, with a debt-to-asset ratio of only 7.03% as of June 30 [8]. Market Performance - Since September 2024, Cangge Mining's stock price has doubled, reflecting positive market sentiment [9]. - Institutional investors, including Lu Stock Connect and several securities firms, have increased their holdings in Cangge Mining [10].