本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 公司控股子公司四川鑫源矿业有限责任公司（下称"鑫源矿业"）于近日取得 四川省自然资源厅颁发的《中华人民共和国采矿许可证》，现将相关事项公告如下： 一、采矿许可证主要信息 证书名称：中华人民共和国采矿许可证 二、对公司的影响 证券代码：601168 证券简称：西部矿业 公告编号：临 2025-029 西部矿业股份有限公司 关于控股子公司取得采矿许可证的公告 三、风险提示 由于矿产资源的开发和利用可能受到自然因素、社会因素以及与采矿相关的 法律法规和政策调整影响，最终投入生产还需办理相关审批手续，能否达到预期 开采效果尚存在不确定性，敬请广大投资者注意投资风险。 特此公告。 西部矿业股份有限公司 董事会 2025 年 4 月 30 日 2 鑫源矿业拥有的呷村银多金属矿具有 80 万吨/年矿石处理能力，是公司重要 的矿产铅、矿产锌及精矿含银生产单位之一。本次取得四川省白玉县有热铅锌矿 采矿许可证，其证载规模为 60 万吨/年，该矿区拥有铅锌矿石资源量 679.2 万吨， 铅金属量 ...

Group 1 - The core viewpoint of the news is that the 中证500质量成长指数 has shown a slight decline, with mixed performance among its constituent stocks, indicating a volatile market environment [1][2] - The 500 Quality Growth ETF has experienced a significant increase in shares, with a growth of 5 million shares this month, ranking it in the top third among comparable funds [1][2] - The top ten weighted stocks in the 中证500质量成长指数 account for 24.26% of the index, highlighting the concentration of investment in a few key companies [2] Group 2 - The short-term international economic outlook remains uncertain, but domestic policies and resilient internal demand are expected to support the A-share market's relative advantage over overseas markets [2] - The mid-term focus is on the AI technology revolution and self-sufficiency, with recommendations to pay attention to domestic technology and consumption sectors benefiting from policy support [2] - The 500 Quality Growth ETF closely tracks the 中证500质量成长指数, which selects 100 companies with high profitability, sustainable earnings, and strong cash flow from the 中证500 index [2]

Group 1: Nuclear Power Industry - The State Council approved the construction of 10 nuclear power units, indicating a positive long-term growth outlook for the nuclear power sector in China [2][4][6] - From 2022 to 2025, China has consistently approved at least 10 nuclear power units annually, with a total of 44 units under construction as of April 2025, representing a significant increase in installed capacity [3][4] - Nuclear power is recognized as a clean and stable baseload energy source, with high utilization hours and relatively stable electricity prices, which are expected to drive revenue and profit growth for related companies [4][5][6] Group 2: ASEAN Economic Cooperation - The visit of President Xi Jinping to ASEAN countries marks a significant moment for deepening cooperation in trade, investment, and industry, contributing positively to regional and global economic development [8][9] - China and ASEAN are focusing on high-end manufacturing, mineral resource development, infrastructure cooperation, and agricultural consumption, aiming for mutual benefits and deeper integration of industrial chains [10][9] - The cooperation framework includes enhancing policy coordination, leveraging complementary advantages in technology and market, and improving trade and investment facilitation to stimulate regional growth [10][9] Group 3: Precious Metals Market - Recent signals from the U.S. government regarding easing trade tensions with China have led to a temporary decline in gold prices, but medium-term prospects for gold prices remain bullish due to ongoing geopolitical risks and potential economic downturns in the U.S. [13][15] - Global gold ETF holdings and central bank purchases, particularly from emerging markets, indicate significant room for further accumulation of gold, supporting price increases [15][13] - The copper and aluminum sectors are expected to rebound due to favorable macroeconomic policies and a shift in market sentiment following the easing of trade tensions [15][16] Group 4: Agricultural Sector - He Feng Co. - He Feng Co. reported a significant turnaround in profitability for 2024, with a net profit of 3.42 billion yuan, compared to a loss in the previous year, driven by cost reduction and efficiency improvements [18][19] - The company’s feed business faced challenges with a decline in sales volume and price, but the meat and poultry segments showed resilience and growth potential [19][20] - The company plans to achieve over 10% growth in feed sales in 2025, focusing on strategic transformations across product, channel, and management aspects [19][22] Group 5: Medical Devices - Yuyue Medical - Yuyue Medical's revenue for 2024 decreased by 5.09%, but the company is focusing on strategic investments to accelerate international expansion, particularly in the blood glucose management sector [24][25] - The Continuous Glucose Monitoring (CGM) technology is identified as a key growth driver, with new products expected to significantly increase market penetration [27][29] - The company has made a strategic investment in Inogen to enhance its presence in the U.S. and European markets, indicating a commitment to long-term growth and shareholder returns [28][29]

Investment Rating - The report maintains a "Strong Buy" rating for the company, expecting it to outperform the benchmark index by over 20% in the next six months [2][3][15]. Core Views - The company's performance is driven by rising copper prices and increased production, despite some asset impairment affecting results [2][6]. - The target price is set at 17.4 CNY, with the current price at 15.44 CNY, indicating potential upside [3][6]. - The company reported a revenue of 500.26 billion CNY in 2024, a year-on-year increase of 17.02%, and a net profit of 29.32 billion CNY, up 5.1% year-on-year [6][7]. Financial Performance Summary - In Q4 2024, the company achieved a revenue of 133 billion CNY, a year-on-year increase of 26.49%, but the net profit dropped significantly by 66.33% year-on-year to 1.99 billion CNY due to asset impairment losses [6][7]. - For Q1 2025, the company reported a revenue of 165.42 billion CNY, a 50.74% increase year-on-year, with a net profit of 8.08 billion CNY, up 9.61% year-on-year [6][7]. - The average prices for copper, lead, and zinc increased by 9.7%, 10.0%, and 7.8% respectively in 2024, contributing to revenue growth [6][7]. Production and Operational Highlights - The company produced 177,543 tons of copper in 2024, a 35% increase year-on-year, with significant contributions from Yulong Copper [6][7]. - The Yulong Copper Mine's expansion project is underway, which is expected to enhance profitability in the future [6][7]. Dividend Policy - The company has a strong dividend policy, distributing 10 CNY per 10 shares in 2024, totaling 23.83 billion CNY, which represents 81% of the distributable profit for the year [6][7]. Future Outlook - The company is projected to achieve net profits of 34.6 billion CNY, 39.1 billion CNY, and 41.7 billion CNY for 2025, 2026, and 2027 respectively, with expected growth rates of 17.8%, 13.2%, and 6.6% [6][7].

Core Viewpoint - The company reported strong financial performance in Q1 2025, with significant revenue and profit growth, driven by increased production and favorable metal prices [1][2][3]. Financial Performance - In Q1 2025, the company achieved revenue of 16.542 billion yuan, representing a year-on-year increase of 50.74% and a quarter-on-quarter increase of 24.37% [1]. - The net profit attributable to shareholders was 808 million yuan, up 9.61% year-on-year and up 305.62% quarter-on-quarter [1]. Production Volume - The company saw substantial growth in the production and sales of its main products in Q1 2025: - Copper production reached 44,100 tons, a year-on-year increase of 14.35% and a quarter-on-quarter increase of 5.81% [2]. - Zinc production was 30,000 tons, up 18.17% year-on-year and 6.95% quarter-on-quarter [2]. - Lead production was 16,700 tons, showing a significant year-on-year increase of 38.38% and a quarter-on-quarter increase of 32.76% [2]. - Molybdenum production was 1,248 tons, up 43.64% year-on-year and 20.37% quarter-on-quarter [2]. - Iron concentrate production was 337,900 tons, up 14.69% year-on-year but down 13.48% quarter-on-quarter [2]. Future Prospects - The company is progressing with the preliminary procedures for the Yulong Phase III project, which is expected to enhance its production capacity significantly, reaching 30 million tons per year upon completion [2]. - The smelting segment also showed improved profitability, with copper smelting production at 90,100 tons, a year-on-year increase of 54.83% and a quarter-on-quarter increase of 11.64% [2]. Price Trends - In Q1 2025, metal prices showed a notable upward trend: - Domestic copper price was 77,000 yuan/ton, up 11.4% year-on-year and 2.3% quarter-on-quarter [3]. - Zinc price was 24,000 yuan/ton, up 14.4% year-on-year but down 5.8% quarter-on-quarter [3]. - Lead price was 17,000 yuan/ton, up 6.0% year-on-year and 1.1% quarter-on-quarter [3]. - Molybdenum concentrate price was 3,509 yuan/ton, up 5.4% year-on-year but down 5.1% quarter-on-quarter [3]. Earnings Forecast - The company forecasts earnings per share (EPS) of 1.43 yuan, 1.79 yuan, and 2.12 yuan for the years 2025 to 2027, with price-to-earnings (PE) ratios of 11, 9, and 7 respectively [3].

Core Viewpoint - The company reported strong Q1 2025 results with significant year-over-year and quarter-over-quarter growth in revenue and net profit, driven by increased production and favorable market conditions for copper and other minerals [1][2]. Financial Performance - In Q1 2025, the company achieved revenue of 16.542 billion yuan, representing a year-over-year increase of 50.74% and a quarter-over-quarter increase of 24.37% [1]. - The net profit attributable to shareholders was 808 million yuan, showing a year-over-year increase of 9.61% and a remarkable quarter-over-quarter increase of 305.62% [1][2]. - The company’s gross profit increased by 67% to 2.878 billion yuan, with a gross margin improvement of 4.47 percentage points to 17.4% [2]. Production and Market Conditions - The production volumes for various minerals in Q1 2025 were as follows: copper at 44,000 tons, molybdenum at 1,248 tons, zinc at 30,000 tons, lead at 17,000 tons, iron concentrate at 339,000 tons, gold concentrate at 62 kg, and silver concentrate at 31.3 tons [2]. - The company’s production performance indicates that it is on track to meet or exceed annual production targets for most minerals, particularly copper and molybdenum [2]. - Domestic prices for electrolytic copper, molybdenum concentrate, zinc ingots, lead ingots, iron ore, gold, and silver mostly showed a quarter-over-quarter increase, contributing to improved financial performance [2]. Dividend Policy and Growth Prospects - The company is recognized as a rare high-dividend copper mining company in the A-share market, with a proposed total dividend distribution of 2.383 billion yuan for the 2024 fiscal year, maintaining a high dividend payout ratio of 81% [3]. - The core asset, Yulong Copper Mine, is undergoing a significant expansion project that is expected to enhance copper production capacity to 180,000-200,000 tons, further driving the company's growth [3]. Rating and Future Outlook - The company maintains an "Accumulate" rating, with adjusted net profit forecasts for 2025-2027 of 3.619 billion yuan, 3.983 billion yuan, and 4.829 billion yuan, respectively [4]. - The target price for the company is set at 16.84 yuan, based on a price-to-earnings ratio of 11.1X for 2025 [4].

Core Viewpoint - The company reported strong financial performance for Q1 2025, with significant year-on-year and quarter-on-quarter growth in revenue and net profit, driven by increased production and favorable metal prices [1][2][3]. Financial Performance - In Q1 2025, the company achieved operating revenue of 16.542 billion yuan, a year-on-year increase of 50.74% and a quarter-on-quarter increase of 24.37% [1]. - The net profit attributable to shareholders was 808 million yuan, up 9.61% year-on-year and up 305.62% quarter-on-quarter [1]. - The net profit excluding non-recurring items was 781 million yuan, reflecting a year-on-year growth of 9.17% and a quarter-on-quarter growth of 331.23% [1]. Production and Pricing - The company's copper production reached 44,100 metric tons in Q1 2025, marking a year-on-year increase of 14.35% and a quarter-on-quarter increase of 5.81% [2]. - The production of zinc, lead, and molybdenum was 30,000, 16,700, and 1,200 metric tons respectively, with year-on-year growth rates of 18.17%, 38.38%, and 43.64% [2]. - Average prices for copper, lead, and zinc increased by 11.4%, 5.8%, and 14.1% year-on-year, while molybdenum concentrate prices rose by 5.1% [2]. Smelting Capacity and Cash Flow - The company has enhanced its smelting capacity, achieving annual capacities of 350,000 tons for copper, 200,000 tons for zinc, and 200,000 tons for lead [3]. - In Q1 2025, copper smelting production was 90,100 tons, up 54.83% year-on-year, while lead smelting production surged by 1,752.30% [3]. - Operating cash flow reached 2.615 billion yuan, a significant year-on-year increase of 423.69% [3]. Cost Management - The company effectively managed its expenses, with a period expense ratio of 3.75%, down 0.87 percentage points year-on-year [3]. - The breakdown of expense ratios included sales at 0.06%, management at 1.56%, R&D at 1.26%, and financial expenses at 0.87% [3]. Profit Forecast and Valuation - The company forecasts net profits of 3.226 billion, 3.969 billion, and 4.723 billion yuan for 2025-2027, with respective year-on-year growth rates of 10.06%, 23.03%, and 18.98% [4]. - Earnings per share (EPS) are projected to be 1.35, 1.67, and 1.98 yuan, with corresponding price-to-earnings (P/E) ratios of 11.4, 9.3, and 7.8 [4].

祁玉蓉（F03100031, Z0021060），联系电话：010-8229 5006 | | | | | 铅锌日评20250429：原料偏紧与需求不佳博弈，铅价区间整理；沪锌宽幅整理 | | | --- | --- | --- | --- | --- | --- | | 2025/4/29 | | 指标 | 单位 | 今值 | 变动 近期趋势 | | | | SMM1#铅锭平均价格 | 元/吨 | 16,775.00 | -0.59% | | | 沪铅期现价格 | 期货主力合约收盘价 | 元/吨 | 17,005.00 | 0.35% | | | | 沪铅基差 | 元/吨 | -230.00 | -160.00 | | | | 升贴水-上海 | 元/吨 | 25.00 | 25.00 | | | | 升贴水-LME 0-3 升贴水-LME 3-15 | 美元/吨 美元/吨 | -18.41 -69.70 | 2.78 0.60 | | | 价差 | | 元/吨 | -15.00 | -20.00 | | | | 沪铅近月-沪铅连一 沪铅连一-沪铅连二 | 元/吨 | 45.00 | 40.00 | | 铅 ...

1. Report Industry Investment Ratings There is no information provided regarding the overall industry investment ratings in the given report. 2. Core Views of the Report - The US economy faces downward pressure as indicated by the significant decline in the Texas manufacturing index, leading to a weaker and volatile US dollar index [1][12]. - From late April to mid - May, treasury bond futures are expected to perform better than in the second half of April, and the strategy of buying on dips has increased cost - effectiveness [2][19]. - Steel prices are likely to continue to fluctuate in the short term, with the market being rational and cautious about administrative production cuts [3][22]. - For zinc, the medium - term supply - demand situation remains loose, and the logic of shorting on rallies is maintained, while attention should be paid to controlling positions due to potential impacts on the domestic manufacturing PMI from tariffs [4][45]. - Oil prices are fluctuating downward as the market awaits further clarification of OPEC+ policies [5][50]. 3. Summary by Relevant Catalogs 3.1 Financial News and Comments 3.1.1 Macro Strategy (Foreign Exchange Futures - US Dollar Index) - The Texas manufacturing index dropped to its lowest level since May 2020, indicating continued downward pressure on the US economy and a bearish outlook for the US dollar index in the short term [12][13]. 3.1.2 Macro Strategy (US Stock Index Futures) - The US Treasury has raised its borrowing estimates for the second and third quarters. Although the market has temporarily set aside concerns about long - term debt sustainability, the sustainability of the risk - preference repair needs further observation due to the emerging impact of tariffs [14][17]. 3.1.3 Macro Strategy (Treasury Bond Futures) - The central bank's deputy governor mentioned the potential for timely reserve requirement ratio cuts and interest rate cuts. The market's core contradiction lies between the un - falsifiable expectation of loose monetary policy and the uncertainty of the implementation time of such policies. It is recommended to focus on the strategy of buying long - term treasury bond futures on dips [18][20]. 3.2 Commodity News and Comments 3.2.1 Black Metal (Rebar/Hot - Rolled Coil) - Shanghai's major projects are accelerating. Steel prices are in a volatile pattern. The market is waiting for details of administrative production - control policies. It is recommended to view steel prices with a short - term oscillatory perspective and maintain a hedging mindset on rallies [21][23]. 3.2.2 Black Metal (Coking Coal/Coke) - In the East China market, coking coal prices are expected to oscillate weakly in the short term. Although there is some support for prices in the short term due to reduced supply and pre - holiday restocking demand, the medium - to long - term trend remains bearish [24][25]. 3.2.3 Non - ferrous Metal (Polysilicon) - After the price decline, attention should be paid to the resumption of production in Southwest China during the wet season and the silicon wafer production schedule from May to June. Different trading strategies are recommended for different contracts [28]. 3.2.4 Non - ferrous Metal (Industrial Silicon) - The operating rate of organic silicon monomers is expected to decline. The supply side may see marginal changes due to price drops. It is recommended to partially take profits on previous short positions and wait for clear signals before considering bottom - fishing [29]. 3.2.5 Non - ferrous Metal (Lithium Carbonate) - Some salt factories plan to reduce production, but the demand is not expected to exceed expectations. It is recommended to adopt a bearish strategy in the second quarter [30][31]. 3.2.6 Non - ferrous Metal (Copper) - Macro factors have a relatively neutral short - term impact on copper prices, while the short - term fundamentals are strong, supporting copper prices and the premium. It is recommended to take a bullish approach and pay attention to the Shanghai copper inter - period positive spread strategy [34][35]. 3.2.7 Non - ferrous Metal (Nickel) - It is recommended to wait for dips to buy nickel, pay attention to position management, and hedge beta risks due to potential macro - sentiment fluctuations [38][39]. 3.2.8 Non - ferrous Metal (Lead) - The short - term bearish logic for lead is dominant. It is recommended to focus on shorting opportunities on rallies and take profit on the internal - external reverse spread [40][41]. 3.2.9 Non - ferrous Metal (Zinc) - In the short term, zinc prices are supported, but the medium - term supply - demand situation remains loose. It is recommended to look for short - selling opportunities on rallies near the moving average and maintain a long - term internal - external positive spread strategy [42][45]. 3.2.10 Energy and Chemical (Liquefied Petroleum Gas) - LPG prices are expected to oscillate weakly due to the impact of tariff policies and cost - profit squeezes [46][49]. 3.2.11 Energy and Chemical (Crude Oil) - Oil prices are expected to remain volatile in the short term as the market awaits OPEC+ policies [50][51]. 3.2.12 Energy and Chemical (Asphalt) - The fundamentals of asphalt are improving, but the impact on prices is limited due to relatively high inventory levels. It is recommended to wait and see [52][53]. 3.2.13 Energy and Chemical (PTA) - PTA prices are expected to be oscillatory and slightly bullish in the short term, but the rebound height will be restricted by the demand side in the long term [55][57]. 3.2.14 Energy and Chemical (Caustic Soda) - After a short - term rebound, caustic soda prices weakened again, but the room for further decline is relatively limited [58][59]. 3.2.15 Energy and Chemical (Pulp) - Pulp is expected to be in a weakly oscillatory pattern in the short term due to the large internal - external price gap and lack of significant positive news [60][61]. 3.2.16 Energy and Chemical (PVC) - PVC is expected to be weakly oscillatory in the short term as the short - term macro - impact has subsided [62]. 3.2.17 Energy and Chemical (Styrene) - Styrene prices are oscillating weakly recently. The supply - demand structure is expected to be negatively affected by reduced supply - side disturbances and weakening downstream demand [63][65]. 3.2.18 Energy and Chemical (Bottle Chips) - The bottle chip industry shows a situation of both increasing supply and demand. Although there is no significant short - term contradiction, the supply pressure is increasing, and processing margins are under pressure [65][66]. 3.2.19 Energy and Chemical (Soda Ash) - In the medium term, a bearish view on soda ash is maintained, while short - term attention should be paid to the impact of summer maintenance on the 09 contract [67]. 3.2.20 Energy and Chemical (Float Glass) - Glass futures prices are expected to remain in a low - level range due to weak reality and lack of positive policies, and attention should be paid to real - estate policy changes [69][70].

Core Insights - The report highlights the recent developments in the non-ferrous metals industry, including advancements in AI tools by ByteDance and Meituan, indicating a growing demand for AI-driven solutions in various sectors [1] - The market performance of the non-ferrous metals sector shows a positive trend, with the SW non-ferrous metals industry index increasing by 1.50% [2] - Key metal prices have shown varied movements, with copper, aluminum, and zinc prices rising, while some rare earth elements have decreased [3] Market Performance - As of April 25, the Shanghai Composite Index rose by 0.56% to 3295.06 points, and the CSI 300 Index increased by 0.38% to 3786.99 points [2] - The SW non-ferrous metals industry index reached 4641 points, reflecting a 1.50% increase [2] - Among the five sub-industries in non-ferrous metals, industrial metals and energy metals saw increases of 2.35% and 2.93%, respectively, while precious metals decreased by 2.52% [2] Key Metal Prices - The prices for key metals on the Shanghai Futures Exchange are as follows: copper at 77,440 CNY/ton (+1.91%), aluminum at 20,030 CNY/ton (+1.68%), zinc at 22,750 CNY/ton (+3.34%), lead at 16,945 CNY/ton (+0.68%), nickel at 125,800 CNY/ton (+0.15%), and tin at 262,840 CNY/ton (+2.39%) [3] - On the London Metal Exchange, copper, aluminum, and zinc prices also increased, with copper at 9,360 USD/ton (+1.87%) and aluminum at 2,438 USD/ton (+3.04%) [3] - Gold and silver prices on the Shanghai Futures Exchange were 787.20 CNY/gram (+0.22%) and 8,280 CNY/kilogram (+1.79%), respectively [3] Investment Recommendations - The report suggests that the easing of trade tensions between the U.S. and China may enhance market risk appetite, leading to potential rebounds in industrial metal stocks [4][5] - Specific recommendations include investing in gold-related A-shares such as Chifeng Jilong Gold Mining, Shandong Gold Mining, and Hunan Gold, as well as industrial metal leaders like Zijin Mining, Luoyang Molybdenum, and China Aluminum [5]