22日，黄金的相关话题冲上微博热搜，引发网友热议。 不过22日早间，现货黄金高位回落，盘中直线下挫，截至上午10时，报3386.600美元/盎司。 金价大涨，重回3400美元 21日晚，现货黄金大涨，涨超1.5%，重返3400美元/盎司上方。 此外，COMEX期货黄金涨1.6%，报3412美元/盎司。现货白银涨幅也扩大至2%，报38.939美元/盎司。 黄金企业上半年业绩亮眼 与年初相比，目前国际黄金期货价格已经上涨约28%。受益于此， 黄金企业上半年业绩亮眼 。 图片来源：千图网 西部黄金 称，经财务部门初步测算，预计2025年半年度实现归属于母公司所有者的 净利润为1.30亿元 至1.60亿元 ，同比将增加6379.07万元-9379.07万元，同比增加96.35%-141.66%。 山东黄金 预计2025年上半年度实现归母 净利润25.5亿元至30.5亿元 ，同比增加84.3%到120.5%；实现归 母扣非净利润25.5亿元至30.5亿元，同比增加80.3%到115.6%。 中金黄金 预计今年上半年实现归属于母公司所有者的 净利润为26.14亿元至28.75亿元 ，与上年同期相 比(同比)将增加8.71 ...

证券研究报告 证券分析师 田源 SAC：S1350524030001 tianyuan@huayuanstock.com 张明磊 SAC：S1350525010001 zhangminglei@huayuanstock.com 郑嘉伟 SAC：S1350523120001 zhengjiawei@huayuanstock.com 田庆争 SAC：S1350524050001 tianqingzheng@huayuanstock.com 项祈瑞 SAC：S1350524040002 xiangqirui@huayuanstock.com 联系人 板块表现： 小金属 行业定期报告 hyzqdatemark 2025 年 07 月 21 日 稀土：海外 MP Materials 利好不断，国内稀土价格持续走高。近两周，氧化镨钕上 涨 7.29%至 47.85 万元/吨，氧化镝上涨 2.44%至 168 万元/吨，氧化铽上涨 0.84% 至 718 万元/吨。海外方面，五角大楼同意斥资 4 亿美元购入 MP Materials 优先股成 为其最大股东；美国国防部为 MP Materials 两种最常用稀土——钕和镨， ...

7月14日，白银站上39美元/盎司，最高触及39.116美元/盎司，创下2011年9月以来的新高。如果以涨幅来看，6月以来，伦敦银现货累计涨幅已接近19%， 期货白银今年以来累计上涨约35%，已经超过了黄金的约27%。 这也让白银近期的风头，一度盖过了高位盘整的黄金。 图/图虫创意 在高盛5月发布的大宗商品展望报告中，白银被列为"最具增长潜力的贵金属资产"；另外更有投资专家在今年6月称白银是"最大便宜货"（the greatest bargin），并认为其将很快进入新一轮的上涨周期。 黄金冲高低迷过后，白银作为贵金属中的"接棒者"，这轮上涨行情还能持续多久呢？ 作为居于黄金之后贵金属的"千年老二"，白银最近正悄悄"惊艳"所有人。 "接棒"黄金，白银为什么涨？ 白银价格本轮上涨，其实是地缘风险与工业属性共振的结果。 回顾历史，白银虽然曾经与黄金一样拥有一定的货币属性，但其金融属性不如黄金，因此价格走势往往跟随黄金而动。 事实上，白银价格与黄金价格的走势密切相关，市场用"金银比"（金价/银价）来衡量这种相关性，自1968年开始，金银比均值为58左右，即1盎司黄金的 价格相当于58盎司白银的价格。 而随着今年以来地 ...

Core Viewpoint - The surge in gold prices has led to significant profit increases for gold mining companies, with all eight listed companies reporting over 50% year-on-year profit growth in the first half of the year [2][4]. Group 1: Performance of Gold Mining Companies - Eight gold mining companies have disclosed their performance forecasts, with net profits collectively expected to reach between 31.76 billion to 32.81 billion yuan, all showing a year-on-year increase [2]. - Major companies like Zijin Mining are expected to report a net profit of 23.2 billion yuan, a 54% increase compared to the previous year, surpassing their total profit for 2023 in just the first half [2][3]. - China National Gold and Shandong Gold are also expected to report substantial profit increases, with Shandong Gold's net profit forecasted to rise by 84.3% to 120.5% [3][4]. Group 2: Market Dynamics and Price Fluctuations - Gold prices have reached new highs, with London gold peaking at 3,500 USD per ounce, reflecting a year-to-date increase of approximately 26% [2]. - Despite strong earnings, gold mining stocks have shown signs of weakness in the secondary market, with several stocks experiencing declines in the past month [9]. - The correlation between gold prices and mining stock prices remains strong in the short term, but long-term performance will depend on resource reserves, cost control, and acquisition capabilities [9][10]. Group 3: Future Outlook - The industry anticipates continued production increases among gold mining companies, driven by high gold prices [5]. - Analysts suggest that while gold and gold stocks have potential for further upward movement, external factors such as U.S. tariff uncertainties and rising deficits may impact future price dynamics [10].

今日涨跌幅居前的概念板块 截至7月16日收盘，金属锌概念下跌1.18%，位居概念板块跌幅榜前列，板块内，西藏珠峰、卧龙新 能、兴业银锡等跌幅居前，股价上涨的有6只，涨幅居前的有ST盛屯、宏达股份、智慧农业等，分别上 涨1.39%、0.83%、0.64%。 金属锌概念资金流出榜 | 代码 | 简称 | 今日涨跌幅（%） | 今日换手率（%） | 主力资金流量（万元） | | --- | --- | --- | --- | --- | | 002155 | 湖南黄金 | -1.21 | 1.90 | -9236.77 | | 000426 | 兴业银锡 | -3.69 | 2.89 | -8025.05 | | 601168 | 西部矿业 | -0.49 | 0.84 | -4764.77 | | 002716 | 湖南白银 | -2.55 | 9.21 | -3528.67 | | 000960 | 锡业股份 | 0.00 | 1.27 | -3081.00 | | 600961 | 株冶集团 | -2.02 | 2.98 | -2779.32 | | 001203 | 大中矿业 | -1.69 | 1.88 ...

答：二季度由于下游需求下滑，对公司当季锑品销量有一定影响，公司绝大部分锑产品销售给中间商和贸易商，目前由于锑品出口减少和国内下 游需求下滑，贸易商和客户大多数处于观望，未来有望随着出口暖，国内需求改善，公司将及时对销售策略进行调整，加大对锑品销售力度。 问：公司黄金产能扩张有哪些规划？ 答：预计未来给公司带来黄金增量的主要有以下项目一是甘肃加鑫以地南铜金矿采选工程项目，该项目于 2025 年 6 月 26日正式启动，整体项目 建设期为 2 年，建设规模为采矿 50 万吨/年。二是万古矿区资源整合项目，目前正积极与控股股东和平江县政府进行沟通，力争早日完成资产收 购工作。 证券之星消息，2025年7月15日湖南黄金（002155）发布公告称公司于2025年7月15日接受机构调研，南方基金蒋秋洁 雷嘉源 万朝辉 钟贇 朱伟豪 谢巍 秦乾一 严必行 唐沈洋 王天瑜 陈卓参与。 具体内容如下： 问：二季度锑品销量是否受影响，下半年销售如何展望？ 问：未来公司分红怎么规划？ 答：公司高度重视投资者报，基于公司所处行业特点，在保证公司正常经营和长远发展的前提下，加大分红比例，与投资者共享发展成果。 问：湖南省国资委对公司 ...

Investment Rating - The industry rating is "Maintain Buy" [5] Core Viewpoints - Antimony prices have stabilized after a significant decline, indicating a potential bottoming out [2][13] - The export policy is showing signs of marginal easing, which may lead to an upward convergence of domestic antimony prices [3][42] - The supply-demand fundamentals for the antimony industry are strong, with expectations for long-term high prices due to geopolitical factors and administrative controls [3][42] Summary by Sections Antimony Price Review - As of July 11, antimony concentrate prices were 151,500 CNY/ton, down 31% from the April peak, while antimony ingot prices were 178,500 CNY/ton, down 28% [1][10] - The price difference between domestic and international markets has widened to 330,000 CNY/ton due to export controls and supply-demand imbalances [1][10] Demand Analysis - The demand for flame retardants has shown resilience, with prices for flame retardant masterbatches increasing by 90% from January to April, followed by a modest decline of 11% from April to July [2][13] - The photovoltaic glass sector has seen a significant increase in installation volumes, but actual installations have remained flat compared to the previous year due to delays [21][23] Supply Dynamics - Antimony ore imports decreased by 24% year-on-year in the first five months of 2025, with a significant price increase of 39% month-on-month in May [31] - Domestic production of antimony ingots and sodium antimonate has declined sharply, with a 25% year-on-year drop in June production [31][32] Investment Recommendations - Companies with quality resources in the antimony sector are expected to benefit from the industry's upward trend. Recommended companies include Huayu Mining, Hunan Gold, and Huaxi Nonferrous [4][42]

Group 1: Sales and Market Outlook - In Q2, the company's antimony product sales were impacted by a decline in downstream demand, with most sales directed to intermediaries and traders [2] - Antimony exports decreased, and domestic demand also fell, leading traders and customers to adopt a wait-and-see approach [2] - Future sales strategies will be adjusted to increase antimony sales as exports recover and domestic demand improves [2] Group 2: Expansion Plans - The company plans to expand gold production capacity through several key projects, including the Gansu Jiaxin South Copper Gold Mine project, which commenced on June 26, 2025, with a mining capacity of 500,000 tons per year [3] - The company is actively communicating with the controlling shareholder and the local government regarding the resource integration project in the Wangu mining area to expedite asset acquisition [3] Group 3: Dividend Policy - The company emphasizes investor returns and plans to increase the dividend payout ratio while ensuring normal operations and long-term development [3] Group 4: Cost Changes - The company has experienced a certain degree of cost increase in recent years due to several factors, including deeper underground mining operations leading to higher system construction and safety costs [3] - The decline in ore grade at some mines has resulted in increased unit costs for products [3] - Labor costs have also risen significantly [3] Group 5: Regulatory Oversight - The Hunan Provincial State-owned Assets Supervision and Administration Commission does not directly assess the company [3]

Core Viewpoint - The A-share market is experiencing a surge in positive earnings forecasts, with a significant number of companies reporting substantial year-on-year profit increases for the first half of 2025 [2][5]. Earnings Forecasts - A total of 510 A-share companies have released earnings forecasts for the first half of 2025, with 13 companies expecting net profit growth exceeding 800% [2]. - Limin Co. anticipates a net profit of 260 million to 280 million yuan, representing a year-on-year increase of 719.25% to 782.27% [5]. - Spring Autumn Electronics expects a net profit of 90 million to 110 million yuan, reflecting a growth of 236.05% to 310.72% [5]. - Jinjilin forecasts a net profit of 106 million yuan, up 222.36% year-on-year [5]. - Beihua Co. projects a net profit of 98 million to 111 million yuan, indicating a growth of 182.72% to 220.23% [6]. - Jiuyuan Yinhai expects a net profit of approximately 26.49 million to 32.25 million yuan, a growth of 130% to 180% [7]. - Guojin Securities anticipates a net profit of 1.092 billion to 1.137 billion yuan, reflecting a year-on-year increase of 140% to 150% [7]. - Lanqi Technology expects a net profit of 1.1 billion to 1.2 billion yuan, a growth of 85.50% to 102.36% [7]. - Weilan Lithium Core forecasts a net profit of 300 million to 360 million yuan, indicating a growth of 79.29% to 115.15% [7]. Gold Sector Performance - The gold sector is witnessing a significant earnings explosion, with companies like Zijin Mining, Zhongjin Gold, Hunan Gold, and Western Gold reporting substantial profit increases [4][11]. - Zijin Mining expects a net profit of approximately 23.2 billion yuan for the first half of 2025, a year-on-year increase of about 54% [8]. - Zhongjin Gold anticipates a net profit of 2.614 billion to 2.875 billion yuan, reflecting a growth of 50% to 65% [11]. - Hunan Gold projects a net profit of approximately 613 million to 701 million yuan, indicating a growth of 40% to 60% [12]. - Western Gold expects a net profit of approximately 130 million to 160 million yuan, a growth of 96.35% to 141.66% [13]. Market Conditions - The international gold price has been fluctuating at high levels, with COMEX gold closing at $3,370.3 per ounce as of July 11 [14]. - Global geopolitical conflicts are increasing uncertainty in the market, enhancing gold's safe-haven appeal and potentially boosting demand for gold assets [14].

Investment Rating - The report indicates a positive outlook for the copper and aluminum industries, with copper showing a stable upward trend and aluminum stabilizing at the bottom [14][15][16]. Core Insights - The copper market is experiencing a slight price decline, with LME copper down 1.92% to $9,663.00 per ton, while domestic copper inventory has increased slightly [15]. - The aluminum market shows a minor price increase, with LME aluminum up 0.17% to $2,602.00 per ton, and a decrease in domestic electrolytic aluminum ingot inventory [16]. - Gold prices have increased by 0.71% to $3,370.30 per ounce, driven by geopolitical tensions and increased demand for safe-haven assets [17]. - The rare earth sector is expected to see price increases due to tightening supply and rising demand, with strategic government actions enhancing the sector's outlook [39]. - The antimony market is stabilizing, with expectations of price recovery supported by reduced domestic production and increased demand from new regulations [40]. - Molybdenum prices are rising, supported by low inventory levels and strong demand from the steel industry [41]. - Lithium prices have shown a mixed trend, with carbonate prices increasing while hydroxide prices have slightly decreased [44]. Summary by Sections 1. Overview of Bulk and Precious Metals Market - Copper shows a robust upward trend, while aluminum is stabilizing at lower levels. Precious metals are accelerating due to fiscal expansion policies [14]. 2. Bulk and Precious Metals Fundamentals Update 2.1 Copper - LME copper price decreased by 1.92% to $9,663.00 per ton, with slight increases in domestic inventory and production rates expected to rise [15]. 2.2 Aluminum - LME aluminum price increased by 0.17% to $2,602.00 per ton, with a decrease in domestic inventory [16]. 2.3 Precious Metals - Gold prices increased by 0.71% to $3,370.30 per ounce, influenced by geopolitical tensions [17]. 3. Overview of Minor Metals and Rare Earths Market - The rare earth sector is expected to benefit from supply constraints and increasing demand, with government actions enhancing market conditions [39]. 4. Minor Metals and Rare Earths Fundamentals Update 4.1 Rare Earths - Prices for rare earth elements are expected to rise due to tightening supply and strategic government actions [39]. 4.2 Antimony - Antimony prices are stabilizing, with expectations of recovery supported by reduced production and new regulations [40]. 4.3 Molybdenum - Molybdenum prices are increasing due to low inventory levels and strong demand from the steel industry [41]. 4.4 Lithium - Lithium carbonate prices increased by 2.43% to 63,200 CNY per ton, while hydroxide prices decreased slightly [44].