Core Viewpoint - The company announces the completion of the repayment and delisting of its non-publicly issued exchangeable bonds, which were secured by a portion of its shares held by the controlling shareholder, West Mining Group [1][2] Group 1 - West Mining Group issued exchangeable bonds worth RMB 1 billion on April 7, 2022, with a maturity of three years [1] - The bonds were secured by 138,000,000 shares of the company, and the bonds were referred to as "22 West Mining EB" with the code "137135.SH" [1] - As of April 7, 2025, West Mining Group completed the repayment of the principal and interest of the bonds and initiated the delisting process [1] Group 2 - West Mining Group plans to apply for the release of the pledge on 82,272,404 shares held in a special account for the exchangeable bonds [2] - After the release of the pledge, West Mining Group will hold 733,868,848 shares, representing 30.796% of the total share capital of the company [2] - The pledged shares account for 11.211% of West Mining Group's total holdings and 3.452% of the company's total share capital [2]

（原标题："国家队"连续出手，A股尾盘拉升！国资委重磅发声，最新增持回购股名单曝光（附股）） 利好频出，能否出现市场底部？ 今天A股尾盘急速拉升，上证指数在不到40分钟时间拉升超1%。市场利好消息频出，今天一早，中国人民银行和中央汇金公司重磅发声。中央汇 金明确了自己是资本市场上的"国家队"，发挥着类"平准基金"作用。央行表示，必要时向中央汇金公司提供充足的再贷款支持。 盘中国资委也重磅发声，将全力支持推动中央企业及其控股上市公司主动作为，不断加大增持回购力度，切实维护全体股东权益，持续巩固市场 对上市公司的信心，努力提升公司价值，充分彰显央企责任担当。同时，加大对央企市值管理工作的指导，引导中央企业持续为投资者打造负责 任、有实绩、可持续、守规矩的价值投资优质标的，为促进资本市场健康稳定发展作出贡献。 "国家队"再出手 中央汇金昨日已发布公告称充分认可当前A股配置价值，已再次增持了交易型开放式指数基金（ETF），未来将继续增持。另外中国国新、中国诚 通也官宣了增持中央企业股票、科技创新类股票、ETF。 今天"国家队"继续买入的迹象明显，部分ETF基金出现明显放量迹象，且买入方向开始向中小盘股、科技股扩散。其 ...

21世纪经济报道记者董鹏成都报道因关税而涨，也因关税而跌。 4月7日，COMEX铜价暂时止跌企稳，此前三个交易日该品种出现"速冻"行情，市场波动率大幅增加。 4月3日，COMEX铜收盘价为5.031美元/磅，而在4月7日最低价则到达4.03美元/磅，仅三个交易日跌幅 便达到19.88%，几乎抹平了一季度以来的所有涨幅，并带动LME铜、沪铜期货下跌。 以上铜价的大幅波动也传导至证券市场，无论是美股上市的铜矿商南方铜业、自由港麦克莫兰，还是A 股公司紫金矿业、洛阳钼业等铜业公司股价，近期都出现了较大程度的下跌。 需要指出的是，关税是今年一季度左右铜价的重要变量。 对此前期对铜价的关税传导路径，混沌天成期货归结为"关税没落地，COMEX铜与LME铜巨大价差能 使更多本不是流向美国的铜，流向美国，非美地区相对下降甚至出现短缺，COMEX铜价上行并带动 LME和SHFE铜跟涨。" 比较3月价格也可以看出，当月COMEX铜涨幅达到11.09%，而同期LME铜、沪铜期货的涨幅则分别为 3.76%和3.82%，几大主要代表性品种的价格表现差异明显。 直至上周的"对等关税"事件，再次对国际铜价的运行构成了显著影响。 广发期货指 ...

Investment Rating - The report maintains an "Outperform" rating for the non-ferrous metals sector [2]. Core Viewpoints - China's response to U.S. tariffs includes a 34% additional tariff on all imports from the U.S. starting April 10, 2025, and export controls on certain rare earth elements [5]. - The precious metals market is experiencing increased volatility due to U.S. tariff announcements, with gold prices rising by 2.5% in the domestic market [5]. - Industrial metals are facing downward price pressure, particularly copper, which has seen a price drop of 2.0% on the SHFE and 9.8% on the LME [5]. - The report highlights a potential long-term bullish trend for precious metals, especially gold, due to declining real interest rates [6]. Summary by Sections 1. Industry Data Review - Precious Metals: Gold prices have decreased, while ETF holdings have increased, with the Shanghai Gold Exchange closing at 739 CNY per gram, a weekly change of 2.5% [10]. - Industrial Metals: Prices are predominantly declining, with SHFE copper down 2.0% and LME copper down 9.8% [27]. - Rare Earths & Tungsten: Prices for praseodymium and neodymium oxides have increased, indicating a recovery in manufacturing demand [5]. - Energy Metals: Lithium carbonate prices have decreased, with a focus on future demand growth [5]. 2. Market Performance - The report notes significant price changes across various metals, with copper and aluminum both experiencing declines [28]. - The SHFE copper price is reported at 78,860 CNY per ton, reflecting a 2.0% weekly decrease [29]. - Aluminum prices have also dropped, with SHFE aluminum at 20,420 CNY per ton, down 0.8% [43]. 3. Investment Recommendations - The report suggests a favorable outlook for the non-ferrous metals sector, particularly in precious metals and industrial metals, with specific stock recommendations provided [6]. - For precious metals, companies like Shandong Gold and Zhongjin Gold are recommended due to their potential for growth [6]. - In industrial metals, companies such as Zijin Mining and China Hongqiao are highlighted for their resilience and growth potential [6].

记者了解到，3月25日晚，云南铜业发布了关于开展商品类期货和衍生品套期保值业务的公告，表示将针对生产的铜、金、银主产品和铜、银、锌贸易商 品，开展铜、金、银、锌套期保值业务。投入套期保值业务任意时点保证金最高不超过48.5亿元。 西部矿业方面表示，针对铜价大幅波动，公司管理层目前还在商讨应对措施。为了规避商品价格风险，公司一直在做套期保值，且公司签的都是长单，但期 货跟现货走势同向，所以铜价下跌对公司业绩的影响会滞后。至于维护股价的相关措施，西部矿业方面表示，上一轮大股东增持已经结束，未来可能还会有 增持计划，投资者可以关注公司后续公告。 铜陵有色方面表示，目前行情较为极端，公司还在商讨应对措施，也有套期保值业务。维护股价的相关措施方面，公司方面称回购方案已经获得通过，但具 体实施时间不方便透露。 每经记者 梁枭 每经编辑 张海妮 近日，国际铜价大幅下挫。同花顺数据显示，4月3日、4日，LME（伦敦金属交易所）期铜价格分别大跌4.02%、6.86%。今日（4月7日），沪铜主力合约开 盘跌停。或受此影响，A股上市铜企股价亦大幅下挫，截至午间收盘，金诚信（603979.SH）、北方铜业（000737.SZ）、云南 ...

Investment Rating - The report maintains an "Overweight" rating for the non-ferrous metals sector [6]. Core Viewpoints - The report highlights that the sentiment surrounding trade conflicts has a greater impact than the actual effects, with expectations for copper prices to stabilize after sentiment dissipates [1][4]. - Supply and demand dynamics indicate a tight balance in 2025, with supply constraints expected to gradually materialize, supporting a bullish outlook for copper prices [1][4]. Summary by Sections Price Trends - As of April 3, 2025, SHFE copper closed at 78,860 CNY/ton, down 2.0% week-on-week, while LME copper closed at 8,780 USD/ton, down 10.4% week-on-week [1][17]. - The report notes a significant drop in copper prices due to the U.S. imposing "reciprocal tariffs" on all trading partners [1]. Inventory - Domestic copper social inventory decreased by 6.2%, while LME copper inventory fell by 1.0% [2][25]. - As of April 3, 2025, domestic port copper concentrate inventory stood at 648,000 tons, down 18.3% week-on-week [2][46]. Supply - In March 2025, China's electrolytic copper production reached 1,122,100 tons, up 6.0% month-on-month and 12.3% year-on-year [3][65]. - The price difference between refined copper and scrap copper was 917 CNY/ton as of April 3, 2025, down 1,528 CNY/ton week-on-week [2][54]. Demand - The cable industry's operating rate increased by 8.2 percentage points to 81.06% as of April 3, 2025 [3][75]. - The report indicates that the air conditioning sector, which accounts for approximately 13% of domestic copper demand, is expected to see production increases of 9.1%, 13.0%, and 15.9% in April, May, and June 2025, respectively [3][94]. Futures Market - As of April 3, 2025, SHFE copper active contract positions decreased by 12.4% week-on-week, while COMEX non-commercial net long positions also fell by 12.0% [4][33]. Investment Recommendations - The report suggests a bullish outlook for copper prices in 2025, recommending stocks such as Jincheng Mining, Zijin Mining, Luoyang Molybdenum, and Western Mining, while keeping an eye on Minmetals Resources [4][5].

Investment Rating - The report maintains a "Recommended" rating for several companies in the non-ferrous metals sector, including Zijin Mining, Luoyang Molybdenum, and Huayou Cobalt [5][6]. Core Viewpoints - The "reciprocal tariff" policy announced by the Trump administration has significantly increased global trade costs, leading to a substantial adjustment in commodity prices. However, domestic demand resilience is expected to offset external risks and support industrial metal prices [2][4]. - The report highlights that the domestic manufacturing PMI for March remained in the expansion zone at 50.5%, indicating strong internal demand that may cushion the impact of external pressures [2]. - Supply constraints in copper due to protests blocking access to key mining operations have exacerbated supply tightness, while domestic copper cable manufacturers have seen an increase in operating rates [2][3]. Summary by Sections Industrial Metals - The report notes significant price declines for industrial metals, with LME aluminum, copper, zinc, lead, nickel, and tin prices changing by -6.37%, -11.18%, -6.37%, -5.49%, -10.73%, and -2.48% respectively [1][12]. - The SMM copper concentrate import index reported a decrease of 2.26 USD/ton, reflecting ongoing supply tightness due to protests affecting key mining routes [2][39]. - The report recommends companies such as Luoyang Molybdenum, Zijin Mining, and Western Mining based on their performance and market conditions [2][5]. Energy Metals - Cobalt prices are expected to remain strong due to ongoing supply constraints from the Democratic Republic of Congo's export ban, while lithium prices have seen a decline amid stable downstream demand [3][84]. - Nickel prices are projected to continue rising due to tight supply conditions, despite some fluctuations in demand from the stainless steel sector [3][56]. Precious Metals - The report expresses optimism for precious metal prices, particularly gold, which has seen a rise due to increased safe-haven demand amid geopolitical tensions and inflation concerns [4][67]. - Silver prices are under pressure in the short term but are expected to rebound once economic conditions stabilize [4][67]. Company Earnings Forecasts - The report provides earnings forecasts and valuations for key companies, with EPS estimates for 2024E to 2026E showing growth for companies like Zijin Mining and Huayou Cobalt, with PE ratios indicating favorable valuations [5][6].

| | | | | 持有股份 | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 股东名称 | | 变动日期 | | 股份性质 | | 占总股 | | | 占总股 | | | | | | 股数 | 本比例 | | 股数 | 本比例 | | | | | | | | （%） | | | （%） | | | 西矿集团 | 2024 年 | 3 月 | 15 | | | | | | | | | | | 无限售流 | | | | | | | | 及其一致 | 日至 | 2025 年 | 3 | | 759,982,288 | 31.89 | 734,134,307 | 30.81 | | | | | | 通股 | | | | | | | | 行动人 | 月 | 31 日 | | | | | | | | | 二、其他相关说明 | | | | | | | | | | 证券代码：601168 证券简称：西部矿业 编号：临 2025-012 西部矿业股份有限公司 关于控股股东可交换公司债券换股进展暨 权益变动的提示性公告 本公司 ...

Report Industry Investment Rating - The rating for Shanghai lead is "volatile", with a wide - range oscillation mainly within the range of 16,800 - 18,500 yuan/ton [3][4][71]. Core Viewpoints of the Report - The cost support from waste batteries and demand limit the upside of lead prices. In the second quarter, lead prices may shift to wide - range oscillations. However, due to the persistent shortage of raw materials, the probability of a sharp decline in lead prices in the second quarter is low. It is advisable to adopt a low - buying strategy in the medium - term, and pay attention to the actual performance and sustainability of replacement demand and energy storage increments [4][71]. Summaries According to Related Catalogs 1. Market Performance in Q1 2025 - Lead prices showed a generally bullish trend in Q1 2025, with two cycles of "sustained rise and periodic sharp decline". After the Spring Festival, lead prices soared due to expectations of demand recovery and low inventory accumulation in the industry chain, then fluctuated around 17,000 yuan/ton. Subsequently, there were sharp declines and rebounds due to various factors such as rumors of downstream production cuts, inventory accumulation, and changes in supply - demand relationships [5][8]. 2. Overseas Lead Mine Supply - In 2024, the global lead concentrate production was basically flat year - on - year. In Q1 2025, overseas disturbances decreased significantly, and production was expected to be basically flat quarter - on - quarter. In Q2 2025, there might be an obvious recovery due to the low base in the previous year. The expected overseas lead mine increment in 2025 is about 103,000 metal tons, but the improvement will be less than that of zinc [12][13][14]. 3. Domestic Lead Mine Supply - In 2024, the domestic lead mine shifted from shortage to tight balance. It is expected that the domestic lead mine increment in 2025 will be about 20,000 metal tons, mainly in the second half of the year. In Q1, the lead concentrate import window remained open, and in Q2, imports may decrease quarter - on - quarter but increase year - on - year. The TC has an expectation of increase in the medium - term, but the increase is highly limited [20][24]. 4. Domestic Primary Lead Production - Overseas primary lead production in 2024 was 1.454 million tons (YoY + 1%), and in January 2025, the global lead market had a supply surplus of 1,000 tons. Domestic primary lead production from January to February was 568,000 tons (YoY - 0.2%), and in March, production increased significantly by 40,000 - 50,000 tons. In Q1 2025, production was expected to be 913,000 tons (YoY + 5.7%). In Q2, there is an expectation of raw material inventory consumption, and it is difficult to repair smelting profits [28]. 5. Domestic Secondary Lead Production - It is estimated that the secondary lead production in Q1 2025 was 725,000 tons (YoY - 6.4%). Waste batteries are expected to be in a more severe shortage in 2025 compared to last year. With the operating loss of secondary lead smelters, there is a possibility of large - scale production cuts in the second quarter when demand weakens [36][47]. 6. Lead Demand - **Initial - stage demand**: After the Spring Festival, the start - up of battery enterprises was generally lower than expected. In April, the traditional lead - acid battery demand entered the off - season, and it is necessary to pay attention to the production arrangements of large enterprises in the future. Energy storage batteries showed obvious growth, and lead - carbon battery manufacturers had sufficient production orders [49][51]. - **Terminal demand**: In Q1, terminal demand may have reached its peak and will weaken marginally in Q2. Electric two - wheelers' replacement demand has recovered due to policies, but the lithium - for - lead substitution process may continue in the long - term. The automotive market was strong in Q1 but weakened in Q2. The communication base station equipment production decreased in 2024 and is expected to improve in 2025. Energy storage will contribute obvious increments [52][58]. - **Overseas demand**: The export of lead - acid batteries in 2024 slowed down. From January to February 2025, exports declined significantly. It is expected that the annual export growth rate of batteries will be adjusted down to - 1%. Exports to Belt and Road countries may increase quarter - on - quarter in Q2 [59]. 7. Inventory and Import - **LME inventory**: There was a concentrated delivery in the LME in mid - March, and the overseas consumption capacity of lead ingots remains weak. - **Domestic social inventory**: After the Spring Festival, the supply recovery rate exceeded demand, and the social inventory is currently at a seasonally neutral - to - high level. In April, social inventory may continue to rise in the short - term. - **Lead ingot import**: In Q1, the import profit and loss was close to the import window of crude lead, and some crude lead flowed in. It is possible that crude lead will continue to flow in Q2 [67]. 8. Second - Quarter Fundamental and Trading Logic Outlook - **Primary lead**: In Q2, primary lead smelters will continue to produce. Pay attention to the overseas mine repair progress and the limitations of raw materials and costs on smelting capacity. - **Secondary lead**: The shortage of waste batteries will continue. Secondary lead smelters may cut production after demand weakens. - **Demand**: Policy - driven replacement demand and high - speed growth in the energy storage sector will offset some of the weakening automotive demand and high - ratio - suppressed export demand. Demand may run stably in Q2. - **Trading logic**: Lead prices may shift to wide - range oscillations in Q2. It is advisable to adopt a low - buying strategy in the medium - term, and pay attention to inter - period positive spreads and internal - external reverse spreads [69].

Group 1: Macro and Market Overview - In March, both manufacturing and non-manufacturing sectors continued to show positive growth, remaining in the expansion zone, driven by the implementation of "two new" policies which accelerated market demand and boosted production willingness [1] - The new orders index in March increased by 0.7 percentage points compared to the previous month, contributing significantly to the rise in manufacturing PMI [1] - The construction industry saw an upturn in March due to warmer weather and accelerated construction progress, leading to improved market expectations [1] Group 2: Industry Comparisons and Valuation - The report emphasizes that relying on a single factor for industry comparison is insufficient; a multi-faceted approach is necessary, particularly focusing on valuation metrics [2] - Among various valuation indicators, the absolute PE valuation score has shown the best effectiveness, suggesting that investors should pay close attention to this metric during industry comparisons [2] Group 3: Fund Market Trends - Equity funds experienced continued withdrawal, while fixed-income funds maintained positive returns; however, pharmaceutical and consumer-themed funds saw increases [3] - The domestic market remains active with 41 new funds established, totaling 30.148 billion shares issued [3] - Stock ETFs stabilized with net inflows, primarily increasing positions in Hong Kong stocks, TMT, and commodity-themed ETFs [3] Group 4: Low-altitude Economy - The certification of EHang OC marks the beginning of low-altitude commercial operations, with a payback period of 2-3 years for tourism and sightseeing operations [4] - The development of low-altitude operations is being supported by local state-owned capital, exploring a regional industrial chain and light asset model [4] - Key companies to watch include infrastructure players like Sihua Electronics and Zhongke Xingtu, as well as manufacturers such as EHang Intelligent and Yingboer [4] Group 5: Chemical and Agricultural Sector - The report highlights a positive outlook for pesticide and fertilizer sectors, particularly in light of the new implementation plan for high-standard farmland [5] - It suggests focusing on low-valuation, high-dividend, and strong-performing companies in the "three barrels of oil" and oil service sectors, including China National Petroleum and China Petroleum & Chemical [5] - The report also notes the potential benefits for domestic semiconductor and panel material companies due to the trend of domestic substitution [5] Group 6: Metal and Mining Sector - Antimony prices have reached a five-year high, while cobalt prices have seen a comprehensive increase [7] - Lithium prices have dropped below 80,000 yuan per ton, with potential for accelerated capacity clearance in the lithium mining sector [7] - The suspension of cobalt exports from the Democratic Republic of Congo for four months may alleviate global supply excess, with a recommendation to focus on Huayou Cobalt [7] Group 7: Pharmaceutical Sector - The integration of commercial health insurance with innovative drugs is progressing, with pilot programs in Guangzhou and recommendations for Shanghai to include innovative drugs in national insurance [9] - Companies with strong R&D capabilities and commercialized innovative drug products, such as BeiGene and Hengrui Medicine, are highlighted as key investment opportunities [9] Group 8: Financial Performance of Companies - Agricultural Bank reported a revenue of 710.6 billion yuan for 2024, with a year-on-year growth of 2.3% and a net profit of 282.1 billion yuan, reflecting a 4.7% increase [12] - Yuexiu Services achieved a revenue of 3.87 billion yuan, a 20% increase year-on-year, although net profit decreased by 27.5% due to goodwill impairment [13] - Cangge Mining's revenue fell by 37.8% to 3.25 billion yuan, but investment income increased significantly due to rising copper prices [14] Group 9: Energy Sector - China National Petroleum achieved a total revenue of 2.938 trillion yuan in 2024, a decrease of 2.48%, while net profit increased by 2.02% to 164.7 billion yuan [15] - The report anticipates a stable profit outlook for the company, projecting net profits of 173 billion yuan, 178.4 billion yuan, and 182.9 billion yuan for 2025-2027 [15] Group 10: Consumer Goods Sector - Qingdao Beer reported a revenue of 32.14 billion yuan in 2024, a decrease of 5.3%, while net profit increased by 1.8% to 4.34 billion yuan [33] - The company is expected to maintain a positive outlook for 2025-2027, with projected net profits of 4.846 billion yuan, 5.171 billion yuan, and 5.442 billion yuan [33]