Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is expected to see significant growth in its performance for the first half of 2024, with projected net profit ranging from approximately 145.5 to 154.5 billion yuan, representing a year-on-year increase of about 41% to 50% [2] - The increase in performance is primarily attributed to the growth in production of key mineral products and the rise in sales prices of gold, copper, and silver [2] - The company has set ambitious production targets for 2030, aiming to rank among the top 3 to 5 globally in copper and gold production, and top 10 in lithium production [2] Summary by Sections Performance Forecast - For Q2 2024, the company anticipates a net profit of approximately 82.89 to 91.89 billion yuan, with a quarter-on-quarter growth of about 32.40% to 46.77% and a year-on-year growth of approximately 70.55% to 89.06% [2] - The production figures for H1 2024 are expected to show a year-on-year increase: gold production at about 35.4 tons (+9.6%), copper production at approximately 518,000 tons (+5.3%), and silver production at around 210.3 tons (+1.3%) [2] Price Trends - In Q2 2024, the average prices for gold, silver, and copper have increased: gold at 2338.26 USD/oz (+12.71% QoQ, +18.21% YoY), silver at 28.86 USD/oz (+23.44% QoQ, +19.26% YoY), and copper at 9873.01 USD/ton (+15.61% QoQ, +16.49% YoY) [2] Resource Expansion - The company has made significant breakthroughs in resource exploration, with the addition of 18.377 million tons of copper metal resources from its projects, accounting for approximately 14.2% of China's copper reserves as of the end of 2022 [3] - The company’s geological exploration has a competitive advantage, with exploration costs significantly lower than the global industry average [3] Financial Projections - Revenue projections for 2024 to 2026 are 3411.86 billion yuan, 3698.85 billion yuan, and 3924.63 billion yuan, with year-on-year growth rates of +16.29%, +8.41%, and +6.10% respectively [4] - Net profit forecasts for the same period are 315.90 billion yuan, 384.77 billion yuan, and 448.75 billion yuan, with year-on-year growth rates of +49.58%, +21.80%, and +16.63% respectively [4] - The earnings per share (EPS) are projected to be 1.19 yuan, 1.45 yuan, and 1.69 yuan for 2024, 2025, and 2026 respectively [4]

证 券 研 究 报 告 行 业 周 报 [行业Table_Industry] : 通信 日期: shzqdatemark2024年07月09日 | | | |-----------------------|----------------------| | [Table_Author]分析师: | 刘京昭 | | E-mail: | liujingzhao@shzq.com | | SAC 编号: | S0870523040005 | [Table_QuotePic] 最近一年行业指数与沪深 300 比较 07/23 09/23 12/23 02/24 04/24 07/24 通信 沪深300 -30% -26% -21% -17% -13% -8% -4% 0% 5% [Table_ReportInfo] 相关报告: 《AI 消息面催化不断,聚焦光通信两大投 资逻辑》 ——2024 年 07 月 03 日 《光模块指引高增,推理侧需求推高业绩 预期》 ——2024 年 06 月 26 日 《卫星互联网&商业航天协同共振,国产厂 商新成长阶段来临》 ——2024 年 06 月 20 日 下游需求拉动 AI 落 ...

证 券 研 究 报 告 行 业 周 报 [行业Table_Industry] : 通信 日期: shzqdatemark2024年07月09日 | | | |-----------------------|----------------------| | [Table_Author]分析师: | 刘京昭 | | E-mail: | liujingzhao@shzq.com | | SAC 编号: | S0870523040005 | [Table_QuotePic] 最近一年行业指数与沪深 300 比较 07/23 09/23 12/23 02/24 04/24 07/24 通信 沪深300 -30% -26% -21% -17% -13% -8% -4% 0% 5% [Table_ReportInfo] 相关报告: 《AI 消息面催化不断,聚焦光通信两大投 资逻辑》 ——2024 年 07 月 03 日 《光模块指引高增,推理侧需求推高业绩 预期》 ——2024 年 06 月 26 日 《卫星互联网&商业航天协同共振,国产厂 商新成长阶段来临》 ——2024 年 06 月 20 日 下游需求拉动 AI 落 ...

证 券 研 究 报 告 行 业 周 报 WAIC 2024 开幕,AI 大模型及应用百花 齐放 ——计算机行业周报(2024.6.24—2024.6.28) [行业Table_Industry] : 计算机 日期: shzqdatemark 2024年07月08日 | | | |-----------------------|---------------------| | [Table_Author]分析师: | 吴婷婷 | | Tel: | 021-53686158 | | E-mail: | wutingting@shzq.com | | SAC 编号: | S0870523080001 | [Table_QuotePic] 最近一年行业指数与沪深 300 比较 -41% -35% -30% -24% -18% -13% -7% -1% 5% 07/23 09/23 11/23 02/24 04/24 07/24 计算机 沪深300 [Table_ReportInfo] 相关报告: 《OpenAI 收紧管制,国产大模型迎新契 机》 ——2024 年 07 月 02 日 《鸿蒙+盘古构建系统级原生智能》 ...

Investment Rating - The industry investment rating is maintained at "Overweight" [6] Core Viewpoints - The Ministry of Ecology and Environment has solicited opinions on the "2023-2024 National Carbon Quota Allocation Plan," which is expected to reduce emission reduction costs in the power generation industry and enhance corporate awareness of emissions reduction [4][5] - The adjustments in the carbon quota allocation method aim to improve scientificity, fairness, and operability, thereby increasing market trading activity [4] - The nuclear power sector is expected to grow, with 25 nuclear units under construction and a total installed capacity of 29,570 MWe, maintaining the world's leading position [5] Summary by Sections Carbon Market Developments - The national carbon market has completed two compliance cycles, with the first cycle (2019-2020) achieving a cumulative transaction volume of 179 million tons and a transaction value of 7.661 billion yuan [4] - The second compliance cycle (2021-2022) saw a 19% increase in transaction volume and an 89% increase in transaction value, indicating heightened corporate participation [4] Nuclear Power Growth - In 2023, five new nuclear units were started, and by 2035, nuclear power is projected to account for 10% of total power generation, doubling from 2022 levels [5] - The domestic nuclear power development is expected to enter a new normal under the guidance of the "14th Five-Year Plan for Modern Energy System" [5] Investment Recommendations - The report suggests focusing on leading hydropower companies like Yangtze Power and the growing nuclear power sector, recommending companies such as China National Nuclear Corporation and China General Nuclear Power Group [6]

证 券 研 究 报 告 行 业 周 报 中国厂商引领全球车载激光雷达市场, LED 电影屏加速渗透 ——电子行业周报(2024.07.01-2024.07.05) [行业Table_Industry] : 电子 日期: shzqdatemark2024年07月08日 | | | |-----------------------|----------------------| | [Table_Author]分析师: | 马永正 | | Tel: | 021-53686147 | | E-mail: | mayongzheng@shzq.com | | SAC 编号: | S0870523090001 | | 联系人: | 陈凯 | | Tel: | 021-53686412 | | E-mail: | chenkai@shzq.com | | SAC 编号: | S0870123070004 | | 联系人: | 杨蕴帆 | | Tel: | 021-53686417 | | E-mail: | yangyunfan@shzq.com | | SAC 编号: | S0870123070033 | [最Tabl ...

证 券 研 究 报 告 行 业 周 报 错峰停窑助力水泥淡季提涨,关注底部 机会 ——建筑材料行业周报(20240701-20240705) [行业Table_Industry] : 建筑材料 日期: shzqdatemark 2024年07月08日 | | | |-----------------------|-------------------| | [Table_Author]分析师: | 方晨 | | Tel: | 021-53686475 | | E-mail: | fangchen@shzq.com | | SAC 编号: | S0870523060001 | [Table_QuotePic] 最近一年行业指数与沪深 300 比较 建筑材料 沪深300 -26% -21% -16% -12% -7% -2% 2% 7% 12% 07/23 09/23 11/23 02/24 04/24 07/24 [Table_ReportInfo] 相关报告: 《拟通过专项债支持回收闲置土地,后续 地产政策有望进一步发力》 ——2024 年 07 月 02 日 《"以购代建"提速,关注新版"产能置换" 推动行 ...

[Table_MainInfo] 比深证成指高 0.59%。混基指数上周表现介于沪深两市之间， 执业证书编号：S0870517050002 年金指数上周下跌 0.33%，表现强于沪深两市，弱于债市。 养老生命周期基金系列指数上周全部下跌，生命周期(20- 上海证券——基金指数周报（2024.7.1-2024.7.5） 日期：2024 年 7 月 8 日 基金指数周报 图 1 不同指数的上周收益率 二、主动管理基金指数 图 2 股基指数基日以来业绩表现（截止：2024/7/5） -200% 0% 200% 400% 600% 800% 1000% 1200% 1400% 中国股基指数 中证全指 数据来源：wind，上海证券基金评价研究中心 数据来源：wind，上海证券基金评价研究中心 | --- | --- | --- | --- | --- | --- | --- | |-------------------|--------|-------|------------|----------------|------------------------------------|---------| | | 本周 ...

[Table_MainInfo] 证券投资基金研究报告 / 基金市场周报 宏观数据点评 ETF市场跟踪周报（2024.7.8） [Table_Summary] 报告摘要： 1）基础市场 本期 A 股震荡调整，深市跌幅较大，港股小幅上涨。从申万一级行 业来看，本期少部分行业上涨，其中有色金属、商贸零售和钢铁等行业 领涨；从主题板块来看，低价小市值、密码学和低价股等主题本期表现 较好，陆股通日买入前二十、煤电重组和系统重要性金融机构等主题本 年表现较好。 2）ETF 市场 本期发行 3 只 ETF，发行规模合计 14.54 亿元，数量和规模都较上 期有所放缓，其中富时沙特阿拉伯指数为首次发行挂钩 ETF，且沙特股 票为首次纳入 ETF 投资标的，深证主板 50 指数也是首次发行挂钩 ETF。 截止 7/7，今年共发行 88 只 ETF，发行规模为 486.27 亿元。今年 ETF 发行数量明显超越去年同期，其中宽基 ETF、风格 ETF 和跨境 ETF 等均 大幅度超过去年同期；今年 ETF 发行规模小幅领先去年同期，其中宽基 ETF、债券 ETF 和跨境 ETF 等同比大幅增加。 本期跨境 ETF 和商品 ET ...

证 券 研 究 报 告 行 业 周 报 错峰停窑助力水泥淡季提涨,关注底部 机会 ——建筑材料行业周报(20240701-20240705) [行业Table_Industry] : 建筑材料 日期: shzqdatemark 2024年07月08日 | | | |-----------------------|-------------------| | [Table_Author]分析师: | 方晨 | | Tel: | 021-53686475 | | E-mail: | fangchen@shzq.com | | SAC 编号: | S0870523060001 | [Table_QuotePic] 最近一年行业指数与沪深 300 比较 建筑材料 沪深300 -26% -21% -16% -12% -7% -2% 2% 7% 12% 07/23 09/23 11/23 02/24 04/24 07/24 [Table_ReportInfo] 相关报告: 《拟通过专项债支持回收闲置土地,后续 地产政策有望进一步发力》 ——2024 年 07 月 02 日 《"以购代建"提速,关注新版"产能置换" 推动行 ...