Investment Rating - The report maintains a "Buy" rating for the industry and specific companies within the non-ferrous metals sector [5]. Core Views - The report expresses optimism for industrial metals due to easing tariff expectations and a favorable domestic macroeconomic environment [2]. - Industrial metal prices have shown resilience, with LME prices for aluminum, copper, zinc, lead, nickel, and tin experiencing increases of +0.12%, +1.83%, +1.25%, +0.51%, +1.21%, and +6.70% respectively [1][2]. - The report highlights a significant decrease in industrial metal inventories, particularly for copper (-11.66%) and aluminum (-2.33%), indicating tightening supply conditions [1][2]. Summary by Sections Industrial Metals - The report notes that the SMM copper concentrate import index increased by $0.27/ton, indicating a slight improvement in supply conditions [2]. - Domestic copper cable manufacturers' operating rates decreased to 76.08%, reflecting seasonal demand weakness [2]. - Aluminum prices are stabilizing after initial volatility due to geopolitical events, with domestic aluminum ingot inventories decreasing by 0.7 thousand tons [2]. Energy Metals - Lithium prices continue to decline but are approaching mining cost levels, while cobalt prices are expected to rise due to potential supply constraints from the Democratic Republic of Congo [3]. - Nickel prices have shown slight recovery, but overall demand remains weak, leading to expectations of continued price fluctuations [3]. Precious Metals - The report indicates a bullish outlook for gold prices due to expectations of U.S. interest rate cuts and ongoing geopolitical tensions [4]. - Silver prices have surged, reaching levels not seen since March 2012, driven by a favorable market environment [4]. - Key companies in the precious metals sector are recommended for investment, including Zijin Mining and Shandong Gold [4]. Key Company Earnings Forecasts - The report provides earnings per share (EPS) and price-to-earnings (PE) ratios for several companies, with recommendations for investment in companies like Zijin Mining (PE 12), Luoyang Molybdenum (PE 11), and Yunnan Aluminum (PE 6) [4].

Summary of Zhongmin Resources Conference Call Company Overview - Zhongmin Resources is involved in the mining and processing of lithium and copper, with ongoing projects in Namibia, Zambia, and Zimbabwe [2][4][8]. Key Points Industry and Company Developments - Zhongmin Resources plans to upgrade a 25,000-ton smelting line, expected to take four months, increasing capacity to 30,000 tons by year-end [2][4]. - The company aims to establish a 10,000-ton lithium sulfate production line by the end of the year to reduce costs [2][5]. - The Namibian copper smelting plant will cease operations in Q3 due to losses, with personnel redirected to the germanium smelting plant [2][7]. - The Zambian copper project is on track for production in the second half of 2026, with a goal to reach full capacity by 2027 [2][8]. Financial Performance and Projections - The company expects a compound annual growth rate (CAGR) of 10% to 20% over the next three years, with capital expenditures projected at $1 billion, funded through internal resources and bank loans [4][29][32]. - The company reported a first-quarter shipment of 9,000 tons and anticipates total shipments of approximately 45,000 tons for the year [3]. Cost Management and Pricing - The CIF cost of spodumene from the Bikita mine is approximately $500, with smelting fees between 17,000 to 18,000 RMB [10]. - The company aims to reduce total costs to below 60,000 RMB, as current lithium carbonate prices have fallen to this level [11][12]. - The industry is experiencing pricing pressures, with costs closely aligned with selling prices, indicating a potential for further price declines in the short term [12][30]. Tax and Regulatory Issues - The company is addressing a 5% resource tax on lithium salt exports in Zimbabwe by constructing a downstream aluminum sulfate plant and negotiating tax adjustments with local authorities [13][14]. Production and Operational Updates - The mining operations maintain a monthly production of approximately 30,000 tons of concentrate, with ongoing efforts to reduce mining and processing costs [5]. - The company has initiated the divestment of its copper project, with progress reported as smooth [18]. Inventory and Market Conditions - The company has accumulated some inventory due to low prices, while overall industry inventory levels remain uncertain [17]. - The market is currently viewed as being at a low point, with potential for price adjustments driven by strong demand in the long term [12][30]. Future Plans and Shareholder Returns - The company has approved a dividend plan, distributing dividends for every 10 shares, reflecting a commitment to share profits with shareholders [34]. Conclusion - Zhongmin Resources is strategically positioning itself to enhance production capacity, manage costs, and navigate regulatory challenges while maintaining a focus on shareholder returns and long-term growth in a fluctuating market environment [2][4][11][34].

Investment Rating - The investment rating for the company is "Buy" and is maintained [7]. Core Views - The company's net profit attributable to shareholders for 2024 is 757 million yuan, a decrease of 66% year-on-year; the net profit after deducting non-recurring gains and losses is 603 million yuan, down 72% year-on-year [2][5]. - In Q1 2025, the company achieved a net profit of 135 million yuan, a decrease of 47% year-on-year and 36% quarter-on-quarter; the net profit after deducting non-recurring gains and losses is 43 million yuan, down 81% year-on-year and 77% quarter-on-quarter [2][5]. Summary by Sections Financial Performance - The company reported a total revenue of 5.364 billion yuan in 2024, with a gross profit of 1.757 billion yuan, resulting in a gross margin of 33% [14]. - The lithium segment generated revenue of 3.129 billion yuan, down 26% year-on-year, with a gross profit of 583 million yuan and a gross margin of 18.62%, a decrease of 39.15 percentage points year-on-year [11]. - The cesium and rubidium segment achieved revenue of 1.395 billion yuan, an increase of 24% year-on-year, with a gross profit of 1.092 billion yuan and a gross margin of 78.29%, an increase of 13.91 percentage points year-on-year [11]. Business Segments - The lithium segment's production volume increased by 138% year-on-year to 43,700 tons, while sales volume increased by 145% year-on-year to 42,600 tons [11]. - The cesium and rubidium segment maintained stable growth, with sales volume of 843.97 tons, down 16% year-on-year, but revenue increased significantly due to price hikes [11]. - In Q1 2025, the lithium sales volume was 9,000 tons, impacted by maintenance during the holiday period [11]. Future Outlook - The company is focusing on expanding its lithium production capacity and exploring new metal resources such as gallium and germanium [11]. - The copper segment is expected to enhance its production capacity with ongoing exploration and project developments [11].

Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Views - The company achieved a net profit attributable to shareholders of 757 million yuan in 2024, a decrease of 66% year-on-year; the net profit excluding non-recurring items was 603 million yuan, down 72% year-on-year [2][4]. - In Q1 2025, the company reported a net profit attributable to shareholders of 135 million yuan, a decline of 47% year-on-year and 36% quarter-on-quarter; the net profit excluding non-recurring items was 43 million yuan, down 81% year-on-year and 77% quarter-on-quarter [2][4]. Summary by Sections Financial Performance - The lithium segment's revenue for the year was 3.129 billion yuan, down 26% year-on-year, accounting for 58% of total revenue; gross profit was 583 million yuan, representing 33% of total gross profit, with a gross margin of 18.62%, down 39.15 percentage points year-on-year [10]. - The cesium and rubidium segment achieved revenue of 1.395 billion yuan, up 24% year-on-year, accounting for 26% of total revenue; gross profit was 1.092 billion yuan, representing 62% of total gross profit, with a gross margin of 78.29%, up 13.91 percentage points year-on-year [10]. - The company’s lithium salt production reached 43,700 tons, an increase of 138% year-on-year, while sales volume was 42,600 tons, up 145% year-on-year [10]. Business Outlook - The company is focusing on expanding its lithium, copper, and cesium/rubidium business segments while exploring opportunities in gallium and germanium [10]. - The company is advancing capacity expansion in the lithium segment and actively pursuing a 30,000-ton lithium salt production line in Africa [10]. - In the copper segment, the Kitumba project has potential for continuous resource increase, with plans for 3.5 million tons of raw ore production and 60,000 tons of copper smelting capacity [10].

Investment Rating - The report maintains a "Recommended" investment rating for the gold, copper, aluminum, tin, and antimony industries [11]. Core Views - The report highlights that the recent announcement by Trump to impose tariffs on the EU has increased global economic uncertainty, which supports a bullish trend in gold prices. Central banks continue to purchase gold, indicating a sustained long-term bullish outlook [3]. - For copper and aluminum, while there is a short-term weakness in downstream operations, the long-term supply-demand dynamics are expected to remain tight, justifying a "Recommended" rating for both industries [11]. - Tin prices are expected to stabilize at a high level, with corporate profits projected to gradually increase, leading to a "Recommended" rating for the tin industry [11]. - Antimony prices are currently weak due to short-term demand decline, but long-term supply constraints are expected to support prices, hence a "Recommended" rating is maintained [11]. Summary by Sections Market Performance - The non-ferrous metals sector (Shenwan) showed a monthly performance increase of 3.1%, a quarterly increase of 4.3%, and a yearly increase of 3.5%, outperforming the CSI 300 index [1]. Macroeconomic Indicators - China's real estate development investment from January to April decreased by 10.3%, while the industrial added value in April grew by 6.1%, exceeding expectations [4][28]. - The U.S. Markit Manufacturing PMI for May was reported at 52.3, significantly above the expected 49.9 [3][28]. Gold Market Data - The London gold price increased to $3342.65 per ounce, a rise of 3.48% from the previous week [32]. - SPDR Gold ETF holdings rose to 29.66 million ounces, an increase of 120,000 ounces [32]. Copper Market Data - LME copper closed at $9565 per ton, up by $52 from the previous week, while SHFE copper closed at 77,790 yuan per ton, down by 880 yuan [41]. - Domestic copper social inventory was reported at 139,900 tons, a decrease of 790 tons from the previous week [41]. Aluminum Market Data - Domestic electrolytic aluminum prices rose to 20,400 yuan per ton, an increase of 170 yuan [42]. - The operating rate of leading aluminum profile enterprises was reported at 56.0%, a slight decrease of 0.5 percentage points [42]. Tin and Antimony Market Data - Domestic refined tin prices were reported at 265,070 yuan per ton, a slight decrease of 370 yuan [43]. - Antimony ingot prices were reported at 220,500 yuan per ton, down by 2,000 yuan [43].

Investment Rating - The industry investment rating is "Positive" [1] Core Viewpoints - The report highlights that the lithium industry is expected to see significant production increases from key players such as Ganfeng Lithium, Tianqi Lithium, and others from 2024 to 2026, driven by various projects coming online [3][4] - Ganfeng Lithium is projected to have the highest production capacity in 2025 and 2026, with major contributions from the Goulamina project and several salt lake projects [3] - The report emphasizes the rapid growth in production rates for companies like Yahua Group and Sichuan Energy Power, indicating a robust expansion in the lithium sector [3] Summary by Relevant Sections Production Forecast - Ganfeng Lithium: Expected production of 8.6 million tons LCE in 2025, growing to 11.4 million tons LCE by 2026, with a CAGR of 49% [4] - Tianqi Lithium: Projected to produce 9.3 million tons LCE in 2025, increasing to 10.4 million tons LCE by 2026, with a CAGR of 8% [4] - Yahua Group: Anticipated to ramp up production significantly from 0.5 million tons LCE in 2024 to 3.3 million tons LCE by 2026, reflecting a CAGR of 145% [4] - Other companies like Zhongjin Lingnan and Xizang Mining are also expected to see substantial increases in production, contributing to the overall growth of the industry [3][4]

Core Viewpoint - As of May 19, 2025, Zhongmin Resources (002738) closed at 29.87 yuan, experiencing a 0.5% decline, with a trading volume of 49,400 shares and a total transaction amount of 147 million yuan [1] Trading Information Summary - On May 19, the capital flow for Zhongmin Resources indicated a net outflow of 5.8821 million yuan from main funds, accounting for 4.0% of the total transaction amount; a net inflow of 7.7749 million yuan from speculative funds, representing 5.28% of the total transaction amount; and a net outflow of 1.8928 million yuan from retail investors, making up 1.29% of the total transaction amount [2][4] Company Announcement Summary - The sixth board of directors of Zhongmin Resources held its 17th meeting on May 19, 2025, where two proposals were approved: 1. The proposal to establish a management system for commodity futures options and derivative hedging business aimed at mitigating risks from price fluctuations of raw materials and finished products, which was unanimously approved by all directors [3][5] 2. The proposal to conduct copper commodity futures options and derivative hedging business, which will allow the company and its subsidiaries to engage in hedging activities with a total limit not exceeding 100 million yuan, and a maximum contract value of 500 million yuan per trading day, with the authorization valid for 12 months from the date of approval [5]

商品期货期权和衍生品套期保值业务管理制度 第一章 总则 第一条 为规范中矿资源集团股份有限公司（以下简称"公司"）商品期货 期权和衍生品套期保值业务，有效防范因生产经营活动中原材料和产成品价格波 动所带来的风险，根据《中华人民共和国公司法》《中华人民共和国证券法》《深 圳证券交易所股票上市规则》《深圳证券交易所上市公司自律监管指引第1号--主 板上市公司规范运作》《深圳证券交易所上市公司自律监管指引第7号—交易与关 联交易》《上市公司信息披露管理办法》及《中矿资源集团股份有限公司章程》 等的有关规定，结合公司具体实际，特制定本制度。 第二条 本制度适用于公司及下属全资、控股子公司（以下统称"子公司"） 的商品期货期权和衍生品套期保值业务。子公司的商品期货期权和衍生品套期保 值业务由公司进行统一管理，未经公司审批同意，任何子公司不得擅自进行商品 期货期权和衍生品套期保值业务。 中矿资源集团股份有限公司 第三条 公司进行商品期货期权和衍生品套期保值业务，应遵循以下原则： （一）公司进行商品期货期权和衍生品套期保值业务只能以规避生产经营所 涉及原材料和产成品的价格波动等风险为目的，不得进行投机和套利交易； （二）公 ...

中矿资源集团股份有限公司 证券代码：002738 证券简称：中矿资源 公告编号：2025-030 号 中矿资源集团股份有限公司 关于开展铜商品期货期权和衍生品套期保值业务的公告 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。 重要内容提示： 1、交易目的：为进一步提高中矿资源集团股份有限公司（以下简称"公司" 或"本公司"）应对铜商品市场价格风险的能力，增强公司财务稳健性，防范价格 风险对公司成本控制和经营业绩造成的不利影响。 2、交易品种：公司及子公司本次开展商品期货期权和衍生品套期保值业务的 品种为与公司生产经营有直接关系的铜商品期货及期权合约。 3、交易场所：公司及子公司将通过境内外合法的场内或场外交易场所开展商 品期货期权和衍生品套期保值业务。 4、交易额度：公司及子公司本次开展铜商品期货期权和衍生品套期保值业务 的保证金和权利金金额合计不超过人民币10,000.00万元，铜商品期货期权和衍生 品套期保值业务任一交易日持有的最高合约价值不超过人民币50,000.00万元，上 述额度在有效期限内可循环滚动使用。 5、已履行的审议程序：本次公司开展铜商品期 ...

1、交易额度 一、开展铜商品期货期权和衍生品套期保值业务的目的 随着公司铜矿产资源板块业务的顺利推进，产能逐步释放，为提高公司应对 铜商品市场价格风险的能力，增强公司财务稳健性，防范价格风险对公司成本控 制和经营业绩造成的不利影响。公司拟利用金融工具的套期保值功能，对生产经 营业务相关的铜产品风险敞口择机开展商品期货期权和衍生品套期保值业务。 二、开展铜商品期货期权和衍生品套期保值业务的基本情况概述 中矿资源集团股份有限公司 关于开展铜商品期货期权和衍生品套期保值业务的可行性 分析报告 公司及子公司本次开展铜商品期货期权和衍生品套期保值业务的保证金和 权利金金额合计不超过人民币10,000.00万元，铜商品期货期权和衍生品套期保值 业务任一交易日持有的最高合约价值不超过人民币50,000.00万元，上述额度在有 效期限内可循环滚动使用。 2、交易方式 （1）交易场所：公司及子公司将通过境内外合法的场内或场外交易场所开 展商品期货期权和衍生品套期保值业务。 因场外交易具有定制化、灵活性、多样性等风险对冲优势，且公司的铜产品 在境外生产，客户以境外客户为主，因此公司及子公司拟通过境内外合法的场内 或场外交易场所开 ...