中邮证券：予西部黄金“增持”评级，美盛逐步放量贡献业绩

Core Viewpoint - The report from Zhongyou Securities highlights that Western Gold achieved a net profit attributable to shareholders of 154 million yuan in the first half of 2025, with a strong performance in Q2 driven by rising gold prices and volumes [1] Group 1: Financial Performance - In H1 2025, the average spot gold price increased by 39.21% year-on-year, while the closing price of Au9999 gold on the Shanghai Gold Exchange rose by 24.50% compared to the beginning of the year [1] - The company is expected to see significant profit growth due to the upcoming production from Xinjiang Meishengda, which will contribute positively to overall earnings [1] Group 2: Market Conditions - The manganese ore market is under pressure due to a downturn in the steel industry, but strong demand in the new energy sector (such as high-purity manganese sulfate and manganese trioxide) is expected to balance supply and demand in the second half of the year [1] - Price fluctuations in the manganese market are anticipated to narrow as the overall supply-demand situation stabilizes [1] Group 3: Investment Rating - The company is given an "Accumulate" rating, supported by the steady increase in gold prices and the expected performance contribution from Meishengda [1]