证券日报网讯铜陵有色（000630）8月27日在互动平台回答投资者提问时表示，未来，公司将继续聚焦 主业经营，努力提升核心竞争力，争取以更好的发展成果回报投资者信任。 ...

证券日报网讯铜陵有色（000630）8月27日在互动平台回答投资者提问时表示，公司的二级市场市值表 现受宏观经济走势、有色金属行业景气度、资本市场整体估值水平、公司经营业绩等多方面因素综合影 响，是市场机制作用的结果。 ...

8月14日，铜陵有色金属集团股份有限公司（以下简称铜陵有色或公司）发布2025年半年报告，其营收 收入约为760.8亿元，较上年同期增加6.39%；归属于上市公司股东的净利润约为14.41亿元，较上年同 期减少33.94%；归属于上市公司股东的扣除非经常性损益的净利润约为14.32亿元，较上年同期减少 35.19% ；基本每股收益0.11元/股，较上年同期减少35.29%。 8月14日，铜陵有色金属集团股份有限公司（以下简称铜陵有色或公司）发布2025年半年报告，其营收 收入约为760.8亿元，较上年同期增加6.39%；归属于上市公司股东的净利润约为14.41亿元，较上年同 期减少33.94%；归属于上市公司股东的扣除非经常性损益的净利润约为14.32亿元，较上年同期减少 35.19% ；基本每股收益0.11元/股，较上年同期减少35.29%。 债务方面来看，资产负债率为54.54%，较上年同期增加6.74%；流动比率为1.7，较去年的1.76相比下降 3.41%；但速动比率却不降反升，由去年的0.54增加到今年的0.55，同比增加1.85%。 铜陵有色披露，为积极响应第十四个五年规划和2035年远景目标纲要 ...

景川也表示，降息周期或不会支撑大宗商品价格持续走强。在利率与商品价格同步下行的环境中，实体 企业利润或因成本下降而阶段性回升，企业盈利改善将传导至员工收入增长，进而刺激消费与投资回 暖。唯有实体企业利润实质性提升，才能为未来经济增长注入持续动力。 编者按 近期，多种化工品、工业制品、原料价格掀起上涨浪潮，引发市场的广泛关注。价格跳动的曲线背后， 藏着市场最关切的三重追问：此轮涨价由何驱动？这波涨势能持续多久？产业链上下游企业的业绩能否 借此迎来修复契机，又将如何重塑行业竞争格局？ 春江水暖"价"先知。涨价，是经济脉络复苏中最灵敏的脉动信号。上海证券报微信公众号推出《市场 探"涨"》系列报道，意在凸显这一系列价格变化背后的市场活力与商业逻辑变迁。透过"涨"声，倾听复 苏脚步；在潮起潮落之间，探见未来可期。 当地时间8月22日，美联储主席鲍威尔发声，称美联储对降息持开放态度，市场解读为"放鸽"，受访人 士表示，这一表态对美元计价的国际大宗商品市场形成正面影响，大宗商品有望迎来价值重估。 8月25日期货市场方面，沪铜主力合约价格上涨，收盘价为79690元/吨，吨价逼近8万元关口；沪金、沪 银主力合约价格均录得上涨。 ...

者 按 近期，多种化工品、工业制品、原料价格掀起上涨浪潮，引发市场的广泛关注。价格跳动的曲线背后， 藏着市场最关切的三重追问：此轮涨价由何驱动？这波涨势能持续多久？产业链上下游企业的业绩能否 借此迎来修复契机，又将如何重塑行业竞争格局？ 春江水暖"价"先知。涨价，是经济脉络复苏中最灵敏的脉动信号。上海证券报微信公众号推出《市场 探"涨"》系列报道，意在凸显这一系列价格变化背后的市场活力与商业逻辑变迁。透过"涨"声，倾听复 苏脚步；在潮起潮落之间，探见未来可期。 当地时间8月22日，美联储主席鲍威尔发声，称美联储对降息持开放态度，市场解读为"放鸽"，受访人 士表示，这一表态对美元计价的国际大宗商品市场形成正面影响，大宗商品有望迎来价值重估。 编 大宗商品等顺周期资产 近期处于上升通道 今年以来，有色金属ETF、稀有金属ETF相较于年初分别上涨了50%、58%。 顾冯达表示，近期大宗商品等顺周期性资产价格出现反弹。"反内卷"政策及其后续配套政策有望解决大 宗商品产业链存在的终端消费乏力、结构性过剩、行业利润空间萎缩等问题。 此外，工业和信息化部总工程师谢少锋在7月18日的国新办新闻发布会上表示，钢铁、有色金属、石 ...

Summary of Key Points from Conference Call Records Industry Overview: Cobalt Industry - Global cobalt demand is expected to grow, reaching 240,000 to 250,000 tons by 2025, with the U.S. storage plan having a noticeable impact on market demand, particularly in the metal cobalt sector [1][2][3] - The supply-demand dynamics in the cobalt industry are shifting due to the export ban from the Democratic Republic of Congo (DRC), leading to reduced supply, while the U.S. storage plan and demand for ternary materials from large cylindrical batteries are driving demand [1][3] Core Insights and Arguments - Cobalt prices are anticipated to rise significantly starting in September, with projections indicating an increase from the current price of 260,000 CNY/ton to over 350,000 CNY/ton, representing a rise of more than one-third [1][8] - The strategic nature of cobalt is increasing, similar to the transition seen in the rare earth and tungsten markets, suggesting a favorable outlook for the cobalt sector [1][6] - The recent dovish comments from the Federal Reserve have boosted the non-ferrous metals sector, highlighting investment opportunities in cobalt and tungsten [1][7] Company-Specific Insights - Huayou Cobalt is highlighted as a key investment target, with expected profits of around 6 billion CNY in 2025 and a market capitalization increase from 70 billion CNY to 80 billion CNY, resulting in a price-to-earnings ratio of approximately 13 times [1][9] - Other companies such as Tengyuan and Hanrui are also noted for their potential, although their benefits may diminish in the third quarter due to the DRC's export ban [1][10] Market Dynamics and Future Outlook - The overall valuation of the non-ferrous metals sector remains low, with companies like Zijin Mining and Luoyang Molybdenum maintaining low price-to-earnings ratios, making cobalt and other small commodities particularly attractive for investment [1][11] - The copper market is expected to recover in demand during the third quarter, with no significant increase in global copper supply, indicating a favorable window for copper price increases [1][14][15] Additional Important Insights - The cobalt market is sensitive to strategic metal attributes, and the U.S. procurement plan for cobalt, which includes 7,500 tons over five years, will have a significant impact on the metal cobalt market despite its small overall industry share [2][10] - The supply situation is expected to tighten in September due to the DRC's export ban, leading to a relative vacuum in supply and subsequent price increases [1][5][6]

Market Performance - On August 25, the rare earth magnetic materials sector saw significant gains, with companies like Jinli Permanent Magnet and Dadi Bear rising over 10%, and Northern Rare Earth increasing by over 8% [1] - The non-ferrous metals sector also performed well, with companies such as Zhangyuan Tungsten and Northern Copper hitting the daily limit, and Luoyang Molybdenum rising over 7%, reaching a historical high [1] Stock Highlights - Zhangyuan Tungsten (002378.SZ) reached a price of 13.38 with a gain of 10.03% and a market cap of 159.90 billion [3] - Northern Copper (000737.SZ) increased to 12.50, up 10.04%, with a market cap of 238.07 billion [3] - Hunan Silver (002716.SZ) also saw a rise of 10.00%, reaching a price of 5.39 and a market cap of 119.14 billion [3] Regulatory Developments - On August 22, the Ministry of Industry and Information Technology, the National Development and Reform Commission, and the Ministry of Natural Resources jointly announced the "Interim Measures for Total Control Management of Rare Earth Mining and Smelting Separation," effective immediately [5] - The measures require rare earth production companies to establish a tracking system for rare earth product flows and report this information monthly [5] Industry Insights - The recent implementation of the interim measures marks the beginning of significant supply-side reforms in the rare earth industry, with a notable increase in magnetic material exports in July, up 75% month-on-month and 6% year-on-year, indicating potential for further recovery [6] - The demand for magnetic materials in the electric vehicle sector is expected to grow by nearly 20% this year, with wind power and industrial robotics also showing strong growth prospects [6] - Short-term supply and demand dynamics are shifting, with expectations of improved demand as the peak season approaches, providing support for prices [6]

Group 1 - The stock price of Tongling Nonferrous fell to 4.15 yuan, a decrease of 0.01 yuan or 0.24% from the previous trading day, with a trading volume of 10.12 billion yuan [1] - The company is primarily engaged in copper mining, smelting, and processing, with main products including cathode copper and copper processing materials [1] - Tongling Nonferrous has been included in the upcoming CSI Intelligent Selection Anhui 100 Index, which selects 100 representative listed companies in Anhui to reflect the overall performance of high-quality local enterprises [1] Group 2 - On August 22, data showed that Tongling Nonferrous experienced a net outflow of 11.4754 million yuan in main funds, with a cumulative net outflow of 660 million yuan over the past five trading days [2]

就铜陵有色盈利水平下滑及负债率增长原因，以及下半年经营目标等问题，8月19日，《华夏时报》记 者多次致电该公司证券事务代表及董秘，但均无人接听。截至发稿，记者于8月18日向铜陵有色发送的 采访提纲亦未收到回复。 不过，尽管短期业绩承压，研究机构仍看好铜陵有色未来增长，并认为米拉多铜矿扩建项目是关键支 撑。8月19日，国信证券在其发布的研报中指出，米拉多铜矿二期即将投产，公司铜矿年产能将达到31 万吨并且成本下降。另外公司铜冶炼产能具备全球竞争力，抗风险能力强，受益于铜冶炼产能出清，维 持"优于大市"评级。 铜产品营收同比增长5.31% 中报显示，铜陵有色是集铜采选、冶炼、加工、贸易为一体的大型全产业链铜生产企业，主要产品涵盖 阴极铜、硫酸、黄金、白银、铜箔及铜板带等。另据国信证券研报，今年3月份，铜陵有色铜基新材料 项目（50万吨铜冶炼）投产，至此公司铜冶炼产能达到220万吨（其中粗炼产能196万吨），超过江西铜 业成为全球最大铜冶炼公司。 根据中报数据，今年上半年，铜陵有色实现营业收入760.80亿元，同比增长6.39%。其中，铜产品营收 637.36亿元，同比增长5.31%，占总营收的比重为83.78%； ...

Core Viewpoint - Tongling Nonferrous Metals Group Co., Ltd. is currently progressing smoothly with the trial operation of the Mirador copper mine expansion project, focusing on light load debugging and optimization of system parameters as per the established plan [1] Company Summary - The company has confirmed that the trial operation of the Mirador copper mine phase II expansion project is proceeding as planned [1] - The ongoing work includes light load debugging and further optimization of relevant system parameters [1]