HUAYOU COBALT(SH:603799) BOHAI SECURITIES·2025-08-20 01:20Macro and Strategy Research - The economic data for July 2025 shows that the industrial added value increased by 5.7% year-on-year, lower than the expected 6.0% and previous value of 6.8% [3] - Retail sales of consumer goods grew by 3.7% year-on-year, below the expected 4.6% and previous value of 4.8% [4] - Fixed asset investment cumulative year-on-year growth is at 1.6%, also below expectations [4] Company Research: Huayou Cobalt Co., Ltd. (603799) - In the first half of 2025, the company achieved operating revenue of 37.197 billion yuan, a year-on-year increase of 23.78%, and a net profit attributable to shareholders of 2.711 billion yuan, up 62.26% [15] - Nickel product shipments increased significantly, with nickel product output reaching 139,400 tons, a year-on-year growth of 83.91% [16] - The company has made significant progress in cost reduction and efficiency improvement, with a sales net profit margin of 9.33%, an increase of 1.44 percentage points year-on-year [16] Industry Research: Metal Industry - Frequent bidding by major magnetic material manufacturers is expected to boost the price of praseodymium and neodymium oxide [10] - The steel industry is facing supply constraints due to tightened production policies, but demand may be impacted by construction site shutdowns [11] - Copper prices are expected to fluctuate due to insufficient fundamental support, with potential demand driven by seasonal inventory accumulation [11] - The rare earth market is seeing improved inquiry conditions, with light rare earth prices expected to be supported in the short term [12]