Investment Rating - The report maintains an "Overweight" rating for the industry [1][5][63] Core Views - The silver market is experiencing a rebound, while the gold-silver ratio is correcting from high levels. Short-term gold prices are expected to remain volatile due to underwhelming U.S. economic data and reduced safe-haven demand amid easing U.S.-China trade tensions. However, medium to long-term prospects remain positive as persistent inflation in the U.S. suggests a "stagflation-recession" phase, with gold prices likely to rise [5][63]. Summary by Sections Market Overview - The precious metals sector outperformed the CSI 300 index by 2.70 percentage points, with a weekly increase of 3.58%. The leading stock was Shengda Resources, which rose by 17.29% [5][17]. - As of June 6, COMEX gold settled at $3,346.60 per ounce, up 0.94%, and COMEX silver at $36.14 per ounce, up 9.42%. SHFE gold closed at ¥783.24 per gram, up 1.48%, and SHFE silver at ¥8,850 per kilogram, up 7.69% [5][16][17]. Economic Data Tracking - U.S. economic indicators for May were below expectations, with the ISM manufacturing PMI at 48.5 (expected 49.2) and the non-manufacturing PMI at 49.9 (expected 52.0). The unemployment rate remained stable at 4.2% [5][29][30]. - Inflation remains moderate, with April's CPI at 2.3%, below the expected 2.4%, and core CPI steady at 2.8% [5][29][30]. Gold Investment Trends - As of May 2025, China's official gold reserves increased to 7.383 million ounces, marking the seventh consecutive month of growth. Gold ETF holdings rose to 1,367.89 tons, a 2.11-ton increase [5][52][54]. - The COMEX non-commercial net long positions increased to 187,900 contracts, up from 174,200 contracts [5][57]. Gold-Silver Ratio - The gold-silver ratio as of June 6 is 92.30, down 6.78 from previous levels, indicating a potential correction in silver prices relative to gold [5][59].

Group 1 - Silver prices have surged to a 13-year high, while platinum has reached a two-year high, driven by increased demand for industrial precious metals and a strong investment sentiment in the precious metals market [2][3] - The recent price movements are attributed to a combination of supply shortages and strong demand, particularly from India for silver and a recovery in platinum demand from China [3][5] - The gold-silver ratio has surpassed 100, indicating that silver is significantly undervalued relative to gold, which is fueling expectations for a price correction in silver [3] Group 2 - Platinum ETF holdings have increased by over 3% since mid-May, while silver ETF inflows have risen nearly 8% since February, indicating growing investor interest in these assets [4] - JP Morgan's report highlights a supply shortage in platinum, driven by reduced mining output and increased demand for jewelry, suggesting a bullish outlook for platinum prices [5][6] - The potential for platinum's role in the hydrogen economy and its applications in high-end photovoltaic components may further enhance its demand in the future [5]

Group 1 - The recent surge in silver prices has led to significant gains in the stocks of silver-related companies, with notable increases in shares of Silver Industry (601212.SH), Shengda Resources (000603.SZ), and Hunan Silver (002716.SZ) reaching their daily limit, while Xingye Silver Tin (000426.SZ) rose by 8.21% [1] - The increase in stock prices is primarily attributed to the rise in silver futures and spot prices, which has boosted investor confidence, although the actual impact on company performance may be limited [2][3] - Analysts suggest that the driving force behind the current silver rally is the active correction of the "gold-silver ratio," with liquidity shifting towards silver as it breaks through key technical levels, potentially indicating continued strength for silver relative to gold [3] Group 2 - Companies engaged in silver production, such as Hunan Silver, are facing cost pressures due to rising silver prices, prompting them to enhance resource self-sufficiency by resuming operations at their own mines [3] - Shengda Resources, being a mining company, benefits from higher silver prices as it can increase product sales prices, which is favorable for its performance [4] - Multiple institutions believe that the upward trend in silver prices may persist, driven by both safe-haven demand and industrial applications, with expectations for prices to potentially reach around $38 per ounce in the short term [5]

Group 1 - The metal zinc concept has seen a significant increase of 3.22%, ranking first among concept sectors, with 33 stocks rising, including 盛达资源, 白银有色, and 湖南白银 reaching their daily limit [1][2] - Major gainers in the metal zinc sector include 新威凌 with a rise of 13.86%, 兴业银锡 at 8.21%, and 中信金属 at 6.82% [1][2] - The metal zinc sector attracted a net inflow of 7.82 billion yuan from main funds, with 25 stocks receiving net inflows, and 湖南白银 leading with a net inflow of 2.19 billion yuan [2][3] Group 2 - The top three stocks by net inflow ratio in the metal zinc sector are 湖南白银 at 34.69%, 白银有色 at 25.94%, and 中信金属 at 11.54% [3] - The trading volume and turnover rates for key stocks in the metal zinc sector show significant activity, with 湖南白银 having a turnover rate of 7.39% and 白银有色 at 3.25% [3][4] - Other notable stocks in the sector include 紫金矿业 with a net inflow of 1.36 billion yuan and 盛达资源 with a net inflow of 443.25 million yuan [3][4]

Group 1 - The precious metals sector is experiencing a significant upward trend, with silver leading the gains [1] - Hunan Silver has reached its daily limit up, while other companies like Silver Nonferrous, Xingye Silver Tin, and Shengda Resources have also shown notable increases [1] - On Thursday, the spot silver price surged by 4.5%, surpassing the $36 per ounce mark, reaching its highest level since February 2012 [1]

Group 1: Company Overview and Mining Operations - The company has several mining subsidiaries, including 6 in Inner Mongolia and 1 in Sichuan, focusing on silver, lead, zinc, and copper-gold mining [1] - The Baierndaba silver polymetallic mine, operated by Yindu Mining, has been in operation for 20 years and achieved a net profit of 3.7 billion yuan in 2024 [1] - The Dongsheng Mining's Bayannaoer silver polymetallic mine has a production capacity of 250,000 tons/year and is expected to commence production in 2026 [2] Group 2: Resource Acquisition and Production Capacity - The company completed the acquisition of the remaining 33% stake in Jingshan Mining in 2024, making it a wholly-owned subsidiary [3] - Jingshan Mining's resource reserves increased by 1.82 million tons of ore and significant amounts of silver, gold, lead, and zinc [3] - The company’s subsidiary, Deyun Mining, has a production capacity of 900,000 tons/year for the Bayannaoer silver polymetallic mine [4] Group 3: Cost Management and Efficiency - The operating costs for non-ferrous metal selection decreased by 13.36% in 2024 compared to 2023, with Yindu Mining and Jingshan Mining seeing cost reductions [5] - The company aims to optimize production processes and improve efficiency through the implementation of a long-term mechanism for cost reduction and efficiency enhancement [6] Group 4: Future Production Expectations - The Dongsheng Mining's Bayannaoer silver polymetallic mine will contribute to increased silver production once operational [8] - Jingshan Mining's production capacity is expected to increase to 480,000 tons/year post-technical upgrades [8] - The company plans to continue acquiring high-quality precious metal resources to enhance profitability [8] Group 5: Current Production Metrics - In 2024, the company produced 29,300 tons of lead concentrate and 51,600 tons of zinc concentrate [10] - The average grades for the copper-gold mine operated by Honglin Mining are 2.82 g/t for gold and 0.48% for copper [9]

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative increase in stock price of over 20% compared to the benchmark index within the next six months [2][13]. Core Insights - The company reported a revenue of 2.013 billion yuan in 2024, a year-on-year decrease of 10.66%, while the net profit attributable to shareholders reached 390 million yuan, reflecting a significant increase of 163.56% [4]. - In Q1 2025, the company achieved a revenue of 353 million yuan, with net profit attributable to shareholders at 8 million yuan, marking year-on-year growth of 33.92% and 194.37% respectively [4]. - The growth in performance is primarily attributed to rising metal prices and the completion of technical upgrades at the Jinshan mine [4][5]. - The average spot prices for silver, gold, lead, and zinc increased by 30.94%, 23.87%, 9.67%, and 8.18% respectively in 2024 [4]. Financial Performance Summary - The company’s production figures for silver, gold, lead, and zinc were 138,590 tons, 125 tons, 13,406 tons, and 24,368 tons respectively, showing a decline of 4.48%, 15.38%, 0.42%, and 1.84% year-on-year [5]. - The gross profit for 2024 was 986 million yuan, an increase of 35.53% year-on-year, with contributions from lead concentrate, zinc concentrate, and silver ingots [5]. - The company has been actively acquiring quality asset stakes, including the remaining 47% stake in Honglin Mining and 33% in its subsidiary Jinshan Mining [5]. Growth Drivers - The Jinshan Mining subsidiary is expected to enter normal production in 2025 after completing technical upgrades, with an annual mining capacity of 480,000 tons [6]. - The company anticipates revenue growth to 2.749 billion yuan in 2025, representing a year-on-year increase of 36.56%, with net profit projected at 601 million yuan, a growth of 54.05% [6][9]. - Long-term growth is supported by the potential production from Dongsheng Mining, expected to commence in 2026, and the expansion of Jinshan Mining's capacity to 900,000 tons per year [6].

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative increase in stock price of over 20% compared to the benchmark index within the next six months [2][13]. Core Insights - The company reported a revenue of 2.013 billion yuan in 2024, a year-on-year decrease of 10.66%, while the net profit attributable to shareholders reached 390 million yuan, reflecting a significant increase of 163.56% [4][9]. - In Q1 2025, the company achieved a revenue of 353 million yuan, with net profit attributable to shareholders at 8 million yuan, marking year-on-year growth of 33.92% and 194.37% respectively [4][9]. - The growth in performance is primarily attributed to rising metal prices, completion of technical upgrades at the Jingshan mine, and compensation received from litigation [4][5]. - The average spot prices for silver, gold, lead, and zinc increased by 30.94%, 23.87%, 9.67%, and 8.18% respectively in 2024 [4][5]. Financial Performance Summary - The company’s production figures for silver, gold, lead, and zinc were 138,590 tons, 125 tons, 13,406 tons, and 24,368 tons respectively, showing a decline of 4.48%, 15.38%, 0.42%, and 1.84% year-on-year [5]. - The gross profit for 2024 was 986 million yuan, an increase of 35.53% year-on-year, with contributions from lead concentrate, zinc concentrate, and silver ingots [5][9]. - The company has been actively acquiring quality asset stakes, including the remaining 47% stake in Honglin Mining and 33% in its subsidiary Jingshan Mining, with a profit commitment of no less than 470 million yuan from 2025 to 2027 [5][6]. Growth Outlook - The Jingshan Mining subsidiary is expected to resume normal production in 2025, with an annual mining capacity of 480,000 tons, while Honglin Mining is projected to begin trial production in the second half of 2025 [6]. - Revenue projections for 2025, 2026, and 2027 are 2.749 billion yuan, 3.214 billion yuan, and 3.704 billion yuan respectively, with year-on-year growth rates of 36.56%, 16.91%, and 15.24% [6][9]. - The net profit attributable to shareholders is forecasted to be 601 million yuan, 778 million yuan, and 901 million yuan for the same years, reflecting growth rates of 54.05%, 29.41%, and 15.93% respectively [6][9].

证券代码：000603 证券简称：盛达资源 公告编号：2025-038 盛达金属资源股份有限公司 关于发行股份购买资产并募集配套资金事项的进展公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误导性 陈述或重大遗漏。 特别提示： 1、盛达金属资源股份有限公司（以下简称"公司"）于 2024 年 10 月 31 日披 露的《盛达金属资源股份有限公司发行股份购买资产并募集配套资金预案》的"重 大事项提示"和"重大风险提示"章节中，详细披露了本次交易尚需履行的审批程 序及可能存在的风险因素，敬请广大投资者注意投资风险。 2、自本次交易预案披露以来，公司及交易相关方积极推进本次交易的相关工 作。截至本公告披露日，本次交易相关方尚需就交易细节进一步沟通商讨，除已披 露的风险因素外,公司尚未发现可能导致公司董事会或者交易对方撤销、中止本次 交易或者对本次交易方案作出实质性变更的相关事项，公司将继续积极推进本次交 易，并根据中国证监会和深圳证券交易所的相关规定及时履行本次交易的后续审批 和信息披露程序。 一、本次交易的基本情况 公司拟发行股份购买周清龙、马玲、陈霖、陈文林、郭福安、舒桂先、易贻辉 ...

Investment Rating - The report assigns an "Accumulate" rating for the company, indicating a clear growth trajectory in the short, medium, and long term, with potential for both volume and price increases in gold and silver [5][9]. Core Views - The dual catalysts of "interest rate cuts" and "Trump 2.0" are expected to sustain upward momentum in gold and silver prices. In the medium term, "Trump 2.0" may become the primary driver in the gold market during a 90-day tariff pause, with expectations of tariff increases, extended tax cuts, and "stagflation" providing strong support for rising gold prices. In the long term, these dual catalysts will continue to drive prices through 2025, supported by central bank reserves amid a backdrop of protectionism and great power competition [5][57][65]. - The company is a domestic leader in silver mining, having acquired several gold mining assets, which positions it well for future growth. As of the end of 2024, the company has identified approximately 12,000 tons of silver and 34 tons of gold, with an annual mining capacity nearing 2 million tons [6][15]. Summary by Sections Market Performance - The company's closing price is 13.45 yuan, with a total market capitalization of approximately 9.28 billion yuan and a circulating market value of about 8.97 billion yuan. The debt-to-asset ratio stands at 45.60%, and the net asset value per share is 4.40 yuan [3]. Financial Projections - The company is projected to achieve revenues of 2.498 billion yuan in 2025, with a year-on-year growth rate of 24.10%. The net profit attributable to shareholders is expected to be 576 million yuan, reflecting a 47.74% increase. Earnings per share (EPS) are forecasted at 0.84 yuan [7][9]. Growth Drivers - The company has a clear growth path for production from its upcoming mines, with several projects expected to come online between 2025 and 2027. Key projects include the Honglin Mining and Yindu Mining, which are anticipated to start production in 2025 and 2026, respectively [6][36][40]. - The company is actively pursuing resource acquisitions to enhance its growth potential, with plans to complete at least one acquisition project by 2025 [11][41]. Profitability and Performance Recovery - The company experienced a significant recovery in 2024, with a net profit of 390 million yuan, a 163.56% increase year-on-year, driven by the completion of technical upgrades at its subsidiaries and rising base metal prices. The first quarter of 2025 showed a revenue increase of 33.92% year-on-year [43][44]. Resource and Production Capacity - The company has a robust resource base with high-grade deposits, particularly in the Daxinganling region, which supports its strong profitability. The ongoing construction of new mines is expected to further enhance production capacity [27][30][33].