Report Summary 1. Report Industry Investment Rating No information provided in the report. 2. Core Viewpoints The real estate market shows a mixed performance with both declines and growth in different segments and regions. Overall, the transaction volume of second - hand and new houses has been fluctuating, with some cities experiencing significant drops while others showing growth [1][2][3]. 3. Summary by Related Content 3.1 Second - hand Housing Transaction - **Overall Situation**: From August 1 - 7, the transaction area of second - hand housing in 15 cities was 1.82 million square meters, with a 9% week - on - week decline and a 1% year - on - year decline, having declined for nine consecutive weeks year - on - year [1]. - **By City Tier**: - **First - tier Cities**: The week - on - week decline was 13%, with Beijing, Shanghai, and Shenzhen down 20%, 11%, and 1% respectively. Year - on - year, after eight consecutive weeks of decline, there was a 1% increase, with Shenzhen and Shanghai up 4% and Beijing down 4% [1]. - **Second - tier Cities**: The transaction area declined for three consecutive weeks, with a 7% week - on - week decline this week. Some cities like Hangzhou dropped 22%, while Nanning increased 37%. Year - on - year, it declined 8% [2]. - **Third - tier Cities**: The transaction area declined for two consecutive weeks, with a 7% week - on - week decline this week. Some cities like Foshan, Jiangmen, and Dongguan had drops, while Yangzhou increased 11%. Year - on - year, it increased 27% [2]. 3.2 New Housing Transaction - **Overall Situation**: From August 1 - 7, the transaction area of new houses in 38 cities was 1.88 million square meters, with a 23% week - on - week decline and a 12% year - on - year decline, having declined for nine consecutive weeks year - on - year. The year - on - year decline in August 1 - 7 was - 12%, better than - 17% in July but weaker than - 8% in June and - 10% in May [2]. - **By City Tier**: - **First - tier Cities**: The week - on - week decline was 32%, with Beijing, Shanghai, Guangzhou, and Shenzhen down 45%, 33%, 23%, and 2% respectively. Year - on - year, it declined for nine consecutive weeks, with a 36% decline this week, and the decline in Shenzhen was the largest at 69% [3]. - **Second - tier Cities**: The week - on - week decline was 18%. Some cities like Suzhou, Hangzhou, and Wuhan had significant drops, while Chengdu and Nanning increased. Year - on - year, it declined 3% [3]. - **Third - tier Cities**: The week - on - week decline was 24%, with some cities like Wenzhou, Chizhou, etc. having large drops. Year - on - year, it increased 2% [3]. 3.3 Key City Observations - **First - tier Cities**: - **Second - hand Housing**: The week - on - week decline was 13%, and the year - on - year increase was 1%. Compared with last year's high, the transaction volumes of Beijing, Shanghai, and Shenzhen were 50%, 59%, and 44% of the high respectively [21]. - **New Housing**: The week - on - week decline was 32%, and the year - on - year decline was 12%. Compared with last year's high, the transaction volumes of Beijing, Shanghai, Guangzhou, and Shenzhen were 22%, 30%, 33%, and 15% of the high respectively [22]. - **Other Key Cities**: - **Hangzhou**: The second - hand and new housing transaction areas declined by 22% and 42% respectively compared with the previous week, and were 42% and 9% of the 2024 high respectively [23]. - **Chengdu**: The second - hand housing transaction area declined by 9%, and the new housing transaction area increased by 16% compared with the previous week, and were 48% and 41% of the 2024 high respectively [23]. 3.4 Housing Price Observation - From July 28 - August 3, the week - on - week changes in the second - hand housing listing prices in Shanghai, Beijing, and Shenzhen were + 0.10%, - 0.26%, and - 0.15% respectively. Compared with the week before the "924" policy last year, they all declined, with drops of 1.3%, 7.1%, and 6.3% respectively [49].

Investment Rating - Industry rating: Recommended [4] Core Insights - In Q2 2025, silver production increased by 9.9% quarter-on-quarter to 452.05 million ounces (140.60 tons), while silver sales rose slightly by 0.1% to 352.30 million ounces (109.58 tons) [1][6] - The net profit attributable to common shareholders surged by 100.3% quarter-on-quarter to $57.57 million, driven by rising precious metal prices and increased sales [8][6] - The cash cost of silver was reported at -$5.46 per ounce, a significant decrease from the previous quarter's $1.29 per ounce, while the All-In Sustaining Cost (AISC) fell to $5.19 per ounce, down 56.4% quarter-on-quarter [2][6] Production and Sales Summary - Silver production for Q2 2025 was 4,520,510 ounces, with payable silver ounces sold at 3,522,975 [21] - Gold production reached 45,895 ounces (1.43 tons), marking a 34.1% increase quarter-on-quarter, with gold sales at 37,333 ounces [3][21] - The realized price for silver was $34.82 per ounce, reflecting a 3.7% increase from the previous quarter, while gold realized price was $3,314 per ounce, up 12.7% [5][21] Financial Performance - Q2 2025 sales amounted to $304.03 million, a 16.3% increase quarter-on-quarter and a 23.8% increase year-on-year [6][21] - Gross profit for the quarter was $119.52 million, up 61.5% quarter-on-quarter and 132.4% year-on-year [7][21] - Adjusted EBITDA for Q2 2025 was $132.46 million, reflecting a 45.9% increase quarter-on-quarter [9][21] 2025 Guidance - Total silver production is projected to be between 15.5 million to 17.0 million ounces, with gold production guidance adjusted to 126,000 to 137,000 ounces [11][23] - Cash cost guidance for silver has been revised to between -$1.75 to -$0.75 per ounce, with AISC guidance set at $11.00 to $13.00 per ounce [17][24]

证券研究报告|行业研究报告 ► 生产经营情况 1）白银 2025Q2 白银产量 240,621 盎司（7.48 吨），环比减少 21.5%， 同比减少 1.0%。 2025Q2 白银销量 251,798 盎司（7.83 吨），环比持平，同比减 少 6.4%。 2025Q2 白银实现价格 33.77 美元/盎司（7.82 元/克），环比上 涨 6.3%，同比增长 18.4%。 2）黄金 2025Q2 黄金产量 61,736 盎司（1.92 吨），环比减少 32.8%， 同比增加 10.2%。 [Table_Date] 2025 年 8 月 9 日 [Table_Title] Fortuna Mining 2025Q2 黄金产量环比减少 32.8%至 1.92 吨，白银产量环比减少 21.5%至 7.48 吨，调 整后归母净利润环比减少 27.2%至 4260 万美元 [Table_Title2] 有色金属-海外季报 [Table_Summary] 季报重点内容: 2025Q2 黄金销量 61,631 盎司（1.92 吨），环比减少 31.6%， 同比增加 12.7%。 éguéla 销售了 38,144 盎司黄 ...

证券研究报告|行业研究报告 [Table_Title] IAMGOLD 2025Q2 权益黄金产量环比增加 7.5%至 5.38 吨，2025Q2 调整后归母净利环比增长 40.0% 至 7730 万美元 [Table_Date] 2025 年 8 月 9 日 [Table_Title2] 有色金属-海外季报 [Table_Summary] 季报重点内容: ► 生产经营情况 产量：2025Q2 权益黄金产量为 17.3 万盎司（5.38 吨），环比 增加 7.5%，同比增加 4.2%。 销量：2025Q2 权益黄金销量为 17.3 万盎司（5.38 吨），环比 增加 4.8%，同比增加 10.9%。 销售价格：2025Q2 平均实现黄金价格为 3182 美元/盎司 （736.59 元/克），环比上涨 16.5%，同比上涨 38.7%。 销售成本：2025Q2 黄金销售成本为 1561 美元/盎司（361.35 元 /克），环比上涨 6.6%，同比上涨 45.1%。 现金成本：2025Q2 黄金现金成本为 1556 美元/盎司（360.19 元 /克），环比上涨 6.6%，同比上涨 45.3%。 AISC：20 ...

Investment Rating - Industry Rating: Recommended [4] Core Insights - The report highlights a 1.8% quarter-on-quarter increase in silver production to 509.4 thousand ounces (158.44 tons) in Q2 2025, with a year-on-year increase of 11.5% [1][2] - Net profit for Q2 2025 reached $189.6 million, a 12.0% increase from the previous quarter, recovering from a loss of $21.4 million in the same period last year [6][12] - The average realized price for silver in Q2 2025 was $32.91 per ounce, reflecting a 5.3% quarter-on-quarter increase and a 17.0% year-on-year increase [1][12] Production and Financial Performance Silver - Q2 2025 silver production: 509.4 thousand ounces (158.44 tons), up 1.8% quarter-on-quarter and 11.5% year-on-year [1] - Total sustaining cost (AISC) for silver: $19.69 per ounce, up 41.2% quarter-on-quarter and 8.7% year-on-year [1] - Average realized price: $32.91 per ounce, up 5.3% quarter-on-quarter and 17.0% year-on-year [1] Gold - Q2 2025 gold production: 17.87 thousand ounces (5.56 tons), down 1.9% quarter-on-quarter and 18.9% year-on-year [2] - Total sustaining cost (AISC) for gold: $1,611 per ounce, up 8.5% quarter-on-quarter and 10.0% year-on-year [2] - Average realized price: $3,305 per ounce, up 15.2% quarter-on-quarter and 41.5% year-on-year [2] Zinc - Q2 2025 zinc production: 12.6 thousand tons, down 10.0% quarter-on-quarter but up 24.8% year-on-year [2] - Average realized price: $2,597 per ton, down 7.9% quarter-on-quarter and down 10.5% year-on-year [2] Lead - Q2 2025 lead production: 6.0 thousand tons, down 10.4% quarter-on-quarter but up 22.4% year-on-year [2] - Average realized price: $1,954 per ton, down 1.0% quarter-on-quarter and down 10.0% year-on-year [2] Copper - Q2 2025 copper production: 0.7 thousand tons, up 16.7% quarter-on-quarter but down 41.7% year-on-year [2] - Average realized price: $9,401 per ton, up from $10,515 per ton in the previous year [3] Financial Metrics - Q2 2025 revenue: $811.9 million, up 5.0% quarter-on-quarter and 18.3% year-on-year [6][12] - Q2 2025 net cash generated from operating activities: $293.4 million, up 67.8% quarter-on-quarter and 80.3% year-on-year [6] - Q2 2025 sustaining capital expenditures: $60.4 million [12] Strategic Developments - The company announced a cash dividend of $0.12 per share for Q2 2025, totaling $36.2 million paid to shareholders [7] - A strategic acquisition of MAG Silver Corp. is expected to enhance the company's position in high-quality silver mining [8][10]

Investment Rating - Industry Rating: Recommended [4] Core Insights - The total gold production for Q2 2025 increased by 19.0% quarter-on-quarter to 229,454 ounces (7.14 tons), and by 12.3% year-on-year [1] - The net profit for Q2 2025 grew by 157.3% quarter-on-quarter to $161 million, compared to a loss of $34.77 million in the same period last year [3] - The average realized gold price in Q2 2025 was $3,290 per ounce, reflecting a 13.8% increase quarter-on-quarter and a 40.4% increase year-on-year [1][3] Production and Sales Summary - Gold sales for Q2 2025 totaled 210,384 ounces (6.54 tons), a 14.3% increase quarter-on-quarter and a 0.1% increase year-on-year [1] - Cash operating costs for Q2 2025 were $745 per ounce, down 10.5% quarter-on-quarter and 7.8% year-on-year [2] - Total cash costs for Q2 2025 were $1,132 per ounce, up 1.7% quarter-on-quarter and 29.1% year-on-year [2] Financial Performance - Revenue for Q2 2025 was $692 million, representing a 30.1% increase quarter-on-quarter and a 40.4% increase year-on-year [3] - Adjusted net income for Q2 2025 was $163 million, up 33.6% quarter-on-quarter and 107.8% year-on-year [5] - Cash generated from operating activities in Q2 2025 was $255 million, a 42.5% increase quarter-on-quarter and a 308.4% increase year-on-year [5] Key Project Developments - The Goose Mine achieved its first gold pour, with commercial production expected to commence in Q3 2025 [6] - The Gramalote project feasibility study indicated a tax-adjusted net present value of $941 million at a gold price of $2,500 per ounce, with an internal rate of return of 22.4% [7] - The Fekola mine reached a milestone of producing 4 million ounces of gold [8] 2025 Outlook - The company expects total gold production for 2025 to be between 970,000 and 1,075,000 ounces [10] - The cash operating cost guidance for 2025 has been updated to reflect lower fuel costs and the anticipated production from the Goose Mine [11]

Investment Rating - The report provides a recommendation for the industry [5] Core Insights - In Q2 2025, the nickel ore production decreased by 9% year-on-year to 7.08 million wet tons, while the NPI production increased by 20% year-on-year to 7,900 tons [1][2] - The lithium production at the Centenario plant was 270 tons, with a significant increase in sales to 480 tons compared to the previous quarter [3] - Manganese ore production was 1.76 million tons, showing an 11% year-on-year increase, while manganese alloy production decreased by 6% year-on-year [4][7] - The adjusted turnover for H1 2025 was €1.528 billion, reflecting a 7% decrease compared to H1 2024 [9][20] - The adjusted EBITDA for H1 2025 was €191 million, a 45% decline year-on-year, primarily due to lower nickel grades and operational challenges [10][11] Summary by Sections Nickel - Nickel ore production in Q2 2025 was 7.08 million wet tons, a 9% decrease year-on-year, while sales were 5.64 million wet tons, a 6% decrease year-on-year [1] - NPI production was 7,900 tons, a 20% increase year-on-year, with sales of 3,500 tons, a 21% increase year-on-year [2] Lithium - Lithium production (in LCE) was 270 tons in Q2 2025, down from 440 tons in Q1 2025, while sales increased significantly to 480 tons [3] - The Centenario plant is expected to reach its design capacity of 24,000 tons/year, with production delays impacting EBITDA [3][15] Manganese - Manganese ore and sinter production was 1.76 million tons, an 11% increase year-on-year, while sales were 1.43 million tons, a 2% decrease year-on-year [4] - Manganese alloy production was 160,000 tons, a 6% decrease year-on-year [7] Financial Performance - The adjusted turnover for H1 2025 was €1.528 billion, a 7% decrease from H1 2024, while adjusted EBITDA was €191 million, down 45% year-on-year [9][10] - The net income attributable to the group was -€152 million, reflecting a significant decline compared to the previous year [11][20] 2025 Outlook - Nickel production targets for 2025 have been revised to 36 to 39 million wet tons, with expectations of continued price premiums due to supply constraints [14] - Lithium production is projected to be between 4,000 and 7,000 tons for 2025, with increased capital expenditures anticipated [15] - Manganese transportation targets have been adjusted to 6.5 to 7 million tons for 2025, with cash cost targets revised to $2.1 to $2.3 per ton [16]

Investment Rating - Industry rating: Recommended [6] Core Insights - In Q2 2025, Century Aluminum's primary aluminum shipments increased by 4.6% year-on-year to 175,740 tonnes, and by 4.2% quarter-on-quarter [2] - The net sales for Q2 2025 were $628.1 million, a decrease of 0.9% quarter-on-quarter but an increase of 12% year-on-year [3] - The net loss attributable to Century Aluminum stockholders for Q2 2025 was $4.6 million, a significant improvement from a loss of $34.3 million in the previous quarter and a decrease from a loss of $2.1 million year-on-year [3] - Adjusted EBITDA for Q2 2025 was $74.3 million, down from $78 million in Q1 2025, but significantly higher than $34.2 million in Q2 2024 [4] - Century Aluminum plans to restart its Mount Holly smelter in South Carolina, investing approximately $50 million to bring back over 50,000 tonnes of idle capacity, which will increase U.S. aluminum production by nearly 10% [5][7] - The company expects adjusted EBITDA for Q3 2025 to be between $115 million and $125 million, primarily driven by increased Midwest premiums [8] Summary by Sections Production and Operations - In Q2 2025, primary aluminum shipments reached 175,740 tonnes, reflecting a 4.6% increase year-on-year and a 4.2% increase quarter-on-quarter [2] Financial Performance - Q2 2025 net sales were $628.1 million, a decrease of 0.9% from Q1 2025 but an increase of 12% from Q2 2024 [3] - The net loss attributable to stockholders was $4.6 million, a significant improvement from the previous quarter's loss of $34.3 million and a decrease from a loss of $2.1 million year-on-year [3] - Adjusted EBITDA for Q2 2025 was $74.3 million, down from $78 million in Q1 2025 but up from $34.2 million in Q2 2024 [4] Future Outlook - The company plans to restart the Mount Holly smelter, which will enhance domestic aluminum production and create over 100 new jobs [5] - Expected adjusted EBITDA for Q3 2025 is projected to be between $115 million and $125 million, influenced by rising Midwest premiums [8]

Global Market Overview - The global markets experienced a rebound this week after a significant pullback last week, with major indices showing recovery [1][9] - The US stock market remains under pressure due to high valuations and uncertainty surrounding economic policies [1][12] US Market Performance - The S&P 500, Nasdaq, and Dow Jones indices increased by 2.43%, 3.87%, and 1.35% respectively this week [2][12] - The Nasdaq index has a high P/E ratio of 40.8, indicating potential valuation risks, while the S&P 500 Shiller P/E ratio rose to 38.45, the second highest historically [1][12] - The technology sector within the S&P 500 saw a notable increase of 4.27%, while the energy sector declined by 0.98% [12][16] Hong Kong Market Performance - The Hang Seng Index, Hang Seng China Enterprises Index, and Hang Seng Hong Kong Chinese Enterprises Index rose by 1.43%, 1.03%, and 1.84% respectively this week [4][25] - The Hang Seng Technology Index increased by 1.17%, with the materials sector showing the highest growth at 10.98% [25][28] - The market is expected to continue showing divergence, with high-positioned assets likely to face further corrections while undervalued assets may present opportunities [1][39] Economic Data - In June 2025, the Eurozone PPI year-on-year growth was 0.6%, up from 0.3% previously [40][41] - The Eurozone retail sales index showed a month-on-month increase of 0.3%, improving from a previous decline of -0.3% [40][41] - The US ISM Services PMI for July was reported at 50.1, down from 50.8, indicating a slight contraction in the services sector [48][49]

证券研究报告|行业研究报告 [Table_Date] 2025 年 8 月 8 日 [Table_Title] Solid Power 2025Q2 收入为 750 万美元，净亏损为 2534 万美元 [Table_Title2] 有色金属-海外季报 [Table_Summary] 季报重点内容: ►2025Q2 年财务业绩情况 2025Q2，Solid Power 实现了 750 万美元的收入和补助收 入，而 2025 年第一季度为 600 万美元，使 2025 年上半年 的确认收入达到 1350 万美元。同比增长 8%，环比增长 28%。2025Q2 的收入主要得益于公司与 SK On Co., Ltd. 签订 的线路安装协议中工厂验收测试里程碑的实现。 2025Q2，运营亏损 2,587.1 万美元，环比亏损有所扩大。 2025Q2，净亏损 2,533.8 万美元，同环比亏损有所扩大。 截至 2025 年 6 月 30 日，现金及现金等价物为 2,624.8 万美元。 截至 2025 年 6 月 30 日，总流动性为 2.798 亿美元。 截至 2025 年 6 月 30 日，合同应收款为 460 万美 ...