内容概要：锑冶炼是指通过火法或湿法工艺从含锑矿石或锑制品中提取金属锑的过程，其核心目的是获 得精锑（纯度≥99%）或锑化合物。锑作为战略矿产资源，已被多国列入战略性矿产目录。中国对锑资 源管控政策递进且系统，2024年出台出口管制政策，2025年将其纳入国家安全储备体系。当前，中国锑 冶炼行业处于深度结构性调整期，产能格局重构，2024 年行业开工率降至历史低位，近六成企业停 产，锑锭和氧化锑产量持续下滑，2025年一季度下行趋势加剧，锑氧化物贸易规模收缩。行业已形成完 整产业链，但上游资源面临枯竭与环保压力，中游冶炼集中度高且工艺升级，下游应用传统与新兴并 进。2024年以来全球锑市场价格飙升，2025年国内市场价格也持续强劲。在此背景下，行业将加速向资 源保障、高端转型与绿色生产迈进，构建"资源-技术-市场"一体化优势。 上市企业：湖南黄金（002155.SZ）、华钰矿业（601020.SH）、华锡有色（600301.SH）、恒邦股份 （002237.SZ）、株冶集团（600961.SH）、（600531.SH） 相关企业：锡矿山闪星锑业有限责任公司、桃江久通锑业有限责任公司、湖南国电金缘黄金有限公司、 ...

Investment Rating - The report maintains a "Buy" rating for the industry and specific companies within the sector [6]. Core Views - The report highlights a positive outlook for industrial metals driven by domestic policies aimed at reducing competition and boosting infrastructure investment, alongside U.S. fiscal expansion and ongoing interest rate cuts [2][3]. - Energy metals, particularly lithium and cobalt, are expected to see price increases due to supply disruptions and strong demand from the new energy sector [3]. - Precious metals are favored due to heightened demand for gold as a safe haven amid global trade tensions and ongoing central bank purchases [4]. Summary by Sections Industrial Metals - The report notes that industrial metal prices are rising due to domestic "anti-involution" policies and infrastructure investment, with copper prices experiencing short-term fluctuations due to trade changes [2]. - Key statistics include a weekly increase in aluminum prices by 1.22% and copper prices by 1.07%, while zinc prices rose by 2.65% [11]. - Recommended companies include Zijin Mining, Luoyang Molybdenum, and China Nonferrous Mining [2]. Energy Metals - Lithium prices are rebounding significantly due to supply concerns from regions like Jiangxi and Qinghai, with expectations for continued price increases [3]. - Cobalt prices are also anticipated to rise due to raw material shortages and increased demand as the market recovers from a low trading volume [3]. - Recommended companies in this sector include Huayou Cobalt and Zangge Mining [3]. Precious Metals - The report emphasizes the increasing demand for gold driven by global trade uncertainties and central bank purchases, predicting a long-term upward trend in gold prices [4]. - Gold prices have shown a weekly increase of 0.68%, while silver prices rose by 2.13% [11]. - Recommended companies include Shandong Gold and Zhongjin Gold [4].

Transaction Overview - Hunan Gold Co., Ltd. approved a proposal for its wholly-owned subsidiary, Chenzhou Mining, to participate in the auction for a 12% stake in Hunan Gold Jewelry Industry Co., Ltd. [2] - The transfer price for the stake is set at 24.180396 million yuan [2]. - The final transaction amount will be determined by the auction results, and there is uncertainty regarding the completion of the transaction [2]. Transaction Progress - The relevant business registration changes have been completed, and Chenzhou Mining now holds a 90% stake in Hunan Gold Jewelry, which remains a subsidiary of Chenzhou Mining [4]. - The transaction will not affect the scope of the company's consolidated financial statements and will not have a significant adverse impact on the company's financial and operational status [4].

Core Viewpoint - In Q2 2025, active equity public funds continued to increase their holdings in the A-share non-ferrous metal industry, with the market value of heavy holdings in this sector rising to 2.21% of total stock investments [1][2]. Group 1: Fund Holdings and Sector Performance - Active equity public funds primarily increased their positions in the A-share precious metals and rare metals sectors, focusing on major commodity leaders such as gold and copper, while also significantly increasing holdings in rare earth and silver stocks [1][4]. - The market value of heavy holdings in the A-share non-ferrous metal sector rose by 0.03 percentage points from Q1 2025, marking two consecutive quarters of increased investment in this industry [2][3]. Group 2: Sector-Specific Insights - In Q2 2025, the market value proportions of various non-ferrous metal sub-sectors within active equity public funds were as follows: copper (0.89%), aluminum (0.19%), lead-zinc (0.11%), gold (0.48%), rare earth (0.07%), lithium (0.03%), and others, with notable changes in their respective holdings compared to Q1 2025 [3]. - The top ten A-share non-ferrous metal stocks held by active equity public funds accounted for 73.31% of the total market value of all heavy holdings in this sector, reflecting a 0.08 percentage point increase from Q1 2025 [4].

证券代码：002155 证券简称：湖南黄金 公告编号：临 2025-39 二、交易进展情况 湖南黄金股份有限公司 关于全资子公司参与竞拍湖南黄金珠宝实业有限公司 12%股权进展暨完成工商变更登记的公告 本公司董事会及全体董事、高级管理人员保证公告内容的真实、 准确和完整，对公告的虚假记载、误导性陈述或者重大遗漏负连带责 任。 一、交易概述 湖南黄金股份有限公司（以下简称公司）于 2025 年 1 月 23 日召开第七届董 事会第六次会议，审议通过了《关于全资子公司参与竞拍湖南黄金珠宝实业有限 公司 12%股权的议案》，同意公司全资子公司湖南辰州矿业有限责任公司（以下 简称辰州矿业）以自有资金参与竞拍湖南黄金珠宝实业有限公司（以下简称黄金 珠宝）股东湖南省国鼎投资有限责任公司（以下简称国鼎公司）以公开挂牌方式 转让其持有的黄金珠宝 12%股权，转让底价 2,418.0396 万元。同时授权公司及辰 州矿业管理层签署竞拍过程的相关文件，具体办理竞拍相关事宜。本次交易最终 交易金额以竞价结果确定，交易能否达成存在一定的不确定性。如辰州矿业被确 认为最终受让方，交易完成后，黄金珠宝仍为辰州矿业控股子公司，辰州矿业持 ...

长沙晚报掌上长沙7月22日讯（全媒体记者 陈星源）7月22日，财富中文网发布了2025年《财富》中国 500强排行榜。榜单显示，今年500家上榜的中国公司在2024年的总营业收入达到14.2万亿美元，和上年 上榜公司相比，下降约2.7%；净利润达到7564亿美元，较上年增长约7%。 记者注意到，本次上榜的湘企共6家，均来自长沙，分别是湖南钢铁集团有限公司、蓝思科技股份有限 公司、长沙银行股份有限公司、中联重科股份有限公司、湖南博深实业集团有限公司和湖南黄金股份有 限公司，其中湖南黄金为首次入围，其余在榜长沙企业排名也有显著增长。 | | 2025《财富》中国500强上榜长沙企业 | | | --- | --- | --- | | 排名 | 公司名 | 营收 百万美元 | | 125 | 湖南钢铁集团有限公司 | 33366. 8 | | 252 | 蓝思科技股份有限公司 | 9714.4 | | 325 | 长沙银行股份有限公司 | 6540. 1 | | 331 | 中联重科股份有限公司 | 6320. 6 | | 391 | 湖南博深实业集团有限公司 | 4981.2 | | 469 | 湖南黄金股份有限 ...

Core Viewpoint - The article highlights the significant rise in gold prices, with spot gold surpassing $3,400 per ounce, and discusses the positive performance of gold companies in the first half of the year due to this price increase [1][3][8]. Group 1: Gold Price Movement - On the evening of the 21st, spot gold surged over 1.5%, returning above $3,400 per ounce [1]. - COMEX futures gold rose by 1.6%, reaching $3,412 per ounce, while spot silver increased by 2% to $38.939 per ounce [3]. - However, on the morning of the 22nd, spot gold experienced a decline, trading at $3,386.600 per ounce [5]. Group 2: Performance of Gold Companies - Compared to the beginning of the year, international gold futures prices have increased by approximately 28%, leading to impressive performance from gold companies in the first half of the year [8]. - Western Gold expects a net profit attributable to shareholders of the parent company for the first half of 2025 to be between 130 million to 160 million yuan, an increase of 96.35% to 141.66% year-on-year [10]. - Shandong Gold anticipates a net profit of 2.55 billion to 3.05 billion yuan for the first half of 2025, reflecting a year-on-year increase of 84.3% to 120.5% [10]. - Zhongjin Gold projects a net profit of 2.614 billion to 2.875 billion yuan for the first half of this year, representing a year-on-year increase of 50% to 65% [10]. - Hunan Gold expects a net profit of 613 million to 701 million yuan for the first half of this year, a year-on-year increase of 40% to 60% [11]. - Chifeng Gold anticipates a net profit of 1.08 billion to 1.13 billion yuan for the first half of 2025, an increase of 52.01% to 59.04% year-on-year [11]. Group 3: Central Bank Gold Purchases - The article notes a continued trend of central banks purchasing gold, with China's gold reserves reaching 73.9 million ounces (approximately 2,298.55 tons) by the end of June 2025, marking a net increase for eight consecutive months [13]. - In 2024, global central bank net gold purchases reached 1,136 tons, the second-highest on record, with China, Poland, and Turkey being the top three buyers in the first quarter of 2025, accounting for over 50% of purchases [15]. - The article discusses the strategic reasons behind central banks increasing gold holdings, including optimizing foreign exchange reserve structures and enhancing the international role of the renminbi [15][16].

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]

Core Viewpoint - Silver has recently gained significant attention, reaching a price of $39.116 per ounce, the highest since September 2011, with a year-to-date increase of approximately 35%, surpassing gold's 27% rise [1][3]. Group 1: Price Dynamics - Silver's price surge is attributed to a combination of geopolitical risks and its industrial properties [4]. - The gold-silver ratio, which measures the relationship between gold and silver prices, has increased significantly, indicating that silver is undervalued compared to gold [5]. - Following a historic rise in gold prices, the gold-silver ratio peaked above 100, but has since decreased to around 90, allowing for upward movement in silver prices [5][6]. Group 2: Industrial Demand - Industrial demand constitutes 60% of silver's total demand, with significant contributions from the photovoltaic industry and emerging technologies such as electric vehicles and 5G [6]. - The World Silver Survey projects a total silver demand of 1.164 billion ounces in 2024, with industrial demand accounting for 58.5% of this figure [6]. Group 3: Investment Trends - The rise in silver prices has sparked a renewed interest in silver investment products, with sales of silver bars and coins increasing by over 40% year-on-year [7]. - The largest silver ETF, SLV, reported a record high holding of 14,966.24 tons as of July 14, 2025, reflecting strong bullish sentiment in the market [10]. - Investment inflows into silver ETFs in the first half of 2025 have already surpassed the total for the entire year of 2024, indicating a growing bullish outlook [11]. Group 4: Company Performance - Companies with significant silver production, such as Xinyi Silver and Hunan Silver, have seen substantial increases in their stock prices and market valuations due to the rising silver prices [12]. - Xinyi Silver's market capitalization reached 32.5 billion yuan, with a stock price increase of nearly 65% over three months [13]. - Hunan Silver reported a 19.01% year-on-year increase in revenue for Q1 2025, driven by the surge in silver prices [13]. Group 5: Future Outlook - Analysts maintain a bullish outlook on silver, with Citigroup raising its three-month target price from $38 to $40 and its six to twelve-month target to $43, citing tightening supply conditions [15]. - The long-term price trajectory of silver is expected to be influenced by supply-demand dynamics and financial attributes, particularly in the context of global inflation and geopolitical tensions [15].

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].