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贵金属专题报告:白银强势突破,迭创新高
Guo Xin Qi Huo· 2025-09-23 08:40
1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report - After two months of consolidation, the silver market saw a breakthrough in September, with both domestic and international prices hitting multi - year highs. The strong upward trend is driven by multiple factors including macro - environment, supply - demand balance, and gold - silver ratio repair [2][5]. - The market's expectation of the Fed's continued interest rate cuts is strengthening, which provides a solid foundation for the rise of precious metals including silver [11][12]. - The silver market in 2025 is expected to have a supply - demand gap, and the continuous strength of industrial demand, supply - demand imbalance, and low inventory support the long - term price elasticity and allocation value of silver [17][18]. - The current gold - silver ratio is significantly higher than historical averages, indicating that silver is undervalued and has room for a price correction [20]. - Looking ahead, loose monetary policy expectations and geopolitical uncertainties will support silver prices, but risks such as speculative profit - taking and changes in the inflation situation should be noted. It is recommended to buy on dips and pay attention to key price levels [3][25]. 3. Summary by Directory 3.1 Market Review - In September, after two months of consolidation, the silver market had a breakthrough. The New York silver price exceeded $43 per ounce and reached a high of $44.395 per ounce on September 23, with a year - to - date increase of over 50%. The domestic Shanghai silver also reached a record high of 10,359 yuan per kilogram, with a year - to - date increase of over 35% [2][5]. - The strong rise in silver prices is due to multiple factors. Macroeconomically, the Fed's interest rate cut expectation and geopolitical tensions boost silver. Industrially, the demand from sectors like photovoltaics, new - energy vehicles, and semiconductors is strong, leading to a supply - demand imbalance. The current gold - silver ratio is high, indicating undervaluation of silver [2][5]. 3.2 Macro Policy Expectations Driving Precious Metals Up - Economic indicators show a significant slowdown in the US labor market. In August, non - farm payrolls increased by only 22,000, far lower than the expected 75,000, and the unemployment rate rose to 4.3%. The inflation data shows some stickiness, and the PPI is in deflation. The initial jobless claims in the week of September 6 soared to 263,000, heightening concerns about economic slowdown [11]. - Market expectations for the Fed's continued interest rate cuts are strengthening. The September FOMC meeting cut rates by 25 basis points. As of September 22, the CME data shows a 91.9% probability of a 25 - basis - point cut in October and an 80.6% probability of another 25 - basis - point cut in December, which supports the rise of precious metals [12]. 3.3 Tight Supply - Demand Structure of Silver and Strong Industrial Demand - In 2024, global silver supply increased moderately. Global mined silver production was 819.7 million ounces, up 0.9% year - on - year, and recycled silver supply reached 193.9 million ounces, up 6% year - on - year. The total demand decreased by 3% to 1.16 billion ounces, with a significant structural differentiation. Industrial demand reached a record high, especially in electronics, photovoltaics, and other fields [17]. - In 2025, global silver supply is expected to increase by 2% to 1.0306 billion ounces, and total demand is expected to decrease slightly by 1% to 1.1483 billion ounces, resulting in a supply gap of 117.6 million ounces. Excluding ETPs, the physical gap will widen to 187.6 million ounces. The supply - demand gap and low inventory support the price of silver in the long - term [18]. 3.4 Gold - Silver Ratio Repair and Enhanced Silver's Catch - up Momentum - The current domestic and international gold - silver ratios are about 82 and 85 respectively, significantly higher than the historical averages of the past 50 years (63) and 20 years (70), indicating that silver is undervalued and has room for a price correction [20]. - Historically, when the gold - silver ratio is high, silver usually lags behind and then catches up. In the current context of interest rate cut expectations and industrial demand recovery, silver's financial and commodity attributes resonate, attracting capital inflows [20]. 3.5 Future Operation Suggestions - Loose monetary policy expectations and geopolitical uncertainties will continue to support silver prices, but risks such as speculative profit - taking and changes in inflation data should be noted [3][25]. - It is recommended to buy on dips, focus on the effectiveness of support around $40 per ounce, and set upward targets at around $45 per ounce and $48 per ounce. Attention should be paid to controlling positions and closely monitoring macro - data and capital trends [3][25].
LPG:原油成本走弱,丙烯:供需紧平衡,短期震荡运行
Guo Tai Jun An Qi Huo· 2025-08-27 02:59
1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints of the Report - The cost of LPG crude oil is weakening, while the supply and demand of propylene are in a tight - balance, with short - term fluctuations [1] 3. Summary According to Relevant Catalogs 3.1 Fundamental Tracking 3.1.1 LPG and Propylene Futures Price - PG2509 closed at 3,875 yesterday with a daily increase of 0.39%, and its night - session price was 3,892 with a night - session increase of 0.44%; PG2510 closed at 4,435 yesterday with a daily decrease of 0.27%, and its night - session price was 4,428 with a night - session decrease of 0.16%; PL2601 closed at 6,467 yesterday with a daily decrease of 0.37%, and its night - session price was 6,462 with a night - session decrease of 0.08%; PL2602 closed at 6,515 yesterday with a daily decrease of 0.23% [1] 3.1.2 Position and Trading Volume - For PG2509, yesterday's trading volume was 7,842 (a decrease of 4821 compared to the previous day), and the position was 20,526 (a decrease of 3904 compared to the previous day); for PG2510, yesterday's trading volume was 66,639 (a decrease of 10222 compared to the previous day), and the position was 94,067 (a decrease of 5907 compared to the previous day); for PL2601, yesterday's trading volume was 1,117 (a decrease of 783 compared to the previous day), and the position was 4,744 (an increase of 30 compared to the previous day); for PL2602, yesterday's trading volume was 10 (an increase of 5 compared to the previous day), and the position was 852 (a decrease of 1 compared to the previous day) [1] 3.1.3 Price Spreads - The spread between Guangzhou domestic gas and the PG10 contract was 135 yesterday (compared to 103 the previous day); the spread between Guangzhou imported gas and the PG10 contract was 185 (compared to 163 the previous day); the spread between Shandong propylene and the PL01 contract was 3 (compared to - 36 the previous day); the spread between East China propylene and the PL01 contract was 8 (compared to - 41 the previous day); the spread between South China propylene and the PL01 contract was - 42 (compared to - 66 the previous day) [1] 3.1.4 Key Industrial Chain Data - The PDH operating rate this week was 75.7%, down from 76.3% last week; the MTBE operating rate this week was 63.5%, up slightly from 63.4% last week; the alkylation operating rate remained at 49.0% this week, the same as last week [1] 3.2 Trend Intensity - The trend intensity of LPG is 0, and that of propylene is also 0. The range of trend intensity is an integer within the [-2, 2] interval, with -2 indicating the most bearish and 2 indicating the most bullish [6] 3.3 Market Information 3.3.1 CP Paper Goods Prices - On August 26, 2025, the September CP paper goods price for propane was 520 US dollars per ton, unchanged from the previous trading day; the price for butane was 495 US dollars per ton, down 1 US dollar per ton from the previous trading day. The October CP paper goods price for propane was 535 US dollars per ton, down 1 US dollar per ton from the previous trading day [7] 3.3.2 Domestic PDH Device Maintenance Plans - Multiple enterprises have PDH device maintenance plans, such as Henan Huasong New Material Technology Co., Ltd. starting maintenance on May 12, 2023, with an undetermined end - date; Jiangsu Yanchang Zhongran Chemical Co., Ltd. starting maintenance in late November 2023, with an undetermined end - date; etc. [8] 3.3.3 Domestic Liquefied Gas Factory Device Maintenance Plans - Many domestic liquefied gas factories have device maintenance plans, including Shandong's Shengli Oilfield starting a full - plant maintenance on June 16, 2025, ending in late August 2025, with a loss of 400 units; Shandong's Zhenghe Petrochemical starting a full - plant maintenance on May 14, 2024, with an undetermined end - date; etc. [8]
粘胶短纤:持续供需紧平衡,涨价趋势再起 | 投研报告
Core Viewpoint - The report highlights the resilience of viscose short fiber demand despite tariff disputes, with projected consumption growth in 2023 and 2024, and a minimal decline in H1 2025 [1][2]. Group 1: Consumption and Demand - The apparent consumption of viscose short fiber is projected to be 3.81 million tons in 2023 and 4.09 million tons in 2024, representing year-on-year increases of 9.74% and 7.28% respectively [1][2]. - In H1 2025, the apparent consumption is expected to be 1.96 million tons, with a slight year-on-year decline of only 1.00%, indicating strong demand resilience [1][2]. Group 2: Technology and Market Trends - The rapid development of vortex spinning technology is anticipated to drive continued growth in viscose short fiber demand, with its market share expected to increase from 10% to 25% [2]. - Vortex spinning technology is particularly suited for chemical fibers, showing significant achievements, although it faces challenges in natural fiber applications [2]. Group 3: Production Capacity and Utilization - Effective production capacity for viscose short fiber is projected at 5.07 million tons in 2023 and 4.885 million tons in 2024, with capacity utilization rates of 77.1% and 84.3% respectively [3]. - As of June 2025, nominal capacity is expected to be 5.16 million tons, with effective capacity at 4.935 million tons and a utilization rate of 81.5% [3]. - The industry is characterized by high concentration, with the top three companies holding a combined market share of 69.77% [3]. Group 4: Inventory and Pricing Trends - As of August 8, 2025, the inventory level for viscose short fiber is reported at 169,700 tons, equating to only 10.9 days of supply, indicating a low inventory level historically [4][5]. - The industry operating rate is at a high of 85.9%, and prices for viscose short fiber have shown an upward trend, with a recent price increase of approximately 150 yuan per ton [5]. Group 5: Market Outlook - The upcoming peak seasons for textile and apparel, along with a temporary suspension of tariffs, are expected to boost demand for viscose short fiber [5]. - The report recommends focusing on companies like Sanyou Chemical, which are likely to benefit from these market dynamics [6].
行业点评报告:粘胶短纤:持续供需紧平衡,涨价趋势再起
KAIYUAN SECURITIES· 2025-08-12 08:13
Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Viewpoints - The demand for viscose staple fiber is expected to continue growing due to rapid development in vortex spinning technology, with apparent consumption projected at 3.81 million tons in 2023 and 4.09 million tons in 2024, reflecting year-on-year growth of 9.74% and 7.28% respectively [5] - The viscose staple fiber industry has maintained a tight supply-demand balance, with capacity utilization rates above 80% and limited new capacity additions since 2022 [6] - The price of viscose staple fiber has shown resilience despite a decline in raw material prices, with recent price increases of approximately 150 CNY per ton [6] Summary by Sections Industry Overview - The viscose staple fiber industry is characterized by a high concentration, with the top three companies holding a combined market share of 69.77% [6] - The industry has seen limited new capacity additions, with only one planned project expected to come online in 2026 [6] Demand and Supply Dynamics - The apparent consumption of viscose staple fiber in the first half of 2025 is projected at 1.96 million tons, with a minor year-on-year decline of 1.00%, indicating strong demand resilience [5] - The industry has experienced a high operating rate of 85.9% as of August 2025, with inventory levels at a historical low of 10.9 days [6] Price Trends - The price gap between viscose staple fiber and its raw materials has been expanding, with viscose prices remaining firm despite fluctuations in raw material costs [6][9] - The recent suspension of tariffs between the US and China is expected to boost demand for viscose staple fiber in the upcoming peak seasons [6] Recommended Stocks - Recommended stock: Sanyou Chemical; Beneficiary stock: Zhongtai Chemical [7]
上半年欧洲补库需求拉动全球LNG贸易增长
news flash· 2025-07-27 00:15
Core Viewpoint - The international liquefied natural gas (LNG) trade volume in the first half of the year increased due to European replenishment demand, but the growth remains historically low due to renewable energy substitution and persistently high gas prices [1] Group 1: Trade Volume and Growth - The global LNG trade volume for the first half of the year reached 210 million tons, representing a year-on-year increase of 1.24% [1] - Despite the increase, the growth rate is only slightly higher than that of 2024, indicating a slow expansion phase [1] Group 2: Supply and Demand Dynamics - The global LNG market is expected to maintain a tight balance in supply and demand, influenced by weather and geopolitical factors [1] - The acceleration in global LNG liquefaction capacity and the rising share of U.S. supply have led to a more concentrated performance among leading global LNG suppliers [1]
原油、燃料油日报:美国对俄罗斯能源制裁持续扰动市场-20250715
Tong Hui Qi Huo· 2025-07-15 08:33
Report Industry Investment Rating - Not provided in the given content Core Viewpoints of the Report - Short - term: Crude oil prices may show a structural divergence, with SC crude remaining strong relative to the external market and the overseas market fluctuating at high levels. The strengthening of SC crude premium is mainly due to RMB exchange - rate fluctuations, domestic refinery restocking expectations, OPEC+’s cautious approach to production increases, and risks of Russian supply disruptions. In the overseas market, the stable Brent - WTI spread reflects the supply - demand balance in the Atlantic Basin, but geopolitical conflicts may support the Brent price, while the potential for US shale oil production increase limits the upside of WTI. Attention should be paid to the potential supply - disruption expectation gap after the implementation of US sanctions against Russia and the verification of Asia - Pacific demand based on the actual fulfillment of China's import data. [4] - Medium - term: If OPEC+’s actual production increase lags behind demand recovery, oil prices still face upward risks, but the macro - level US dollar trend and the escalation of trade frictions may intensify price fluctuations. [4] Summary by Related Catalogs 1. Daily Market Summary a. Crude Oil Futures Market Data Analysis - On July 14, the price of the SC crude oil main contract closed at 527.5 yuan/barrel, up 13.6 yuan (+2.65%) from July 11. The intraday fluctuation range widened to 510.7 - 527.5 yuan/barrel, indicating increased market divergence. WTI and Brent crude oil prices remained stable at 68.75 dollars/barrel and 70.63 dollars/barrel respectively. The SC - Brent spread significantly strengthened, expanding from 1.03 dollars/barrel to 2.95 dollars/barrel, and the SC crude oil contract's near - month to third - month spread widened from 21.9 yuan/barrel to 26.0 yuan/barrel (+18.72%), suggesting an enhanced short - term market expectation of spot tightness. [2] b. Supply - Chain, Demand, and Inventory Analysis - **Supply**: On July 14, the OPEC Secretary - General stated that OPEC+ is increasing production to meet the "very strong" demand expected in the third quarter, but emphasized a possible supply - demand tight balance in the coming months. The expectation of the US to escalate sanctions against Russia has raised concerns in the European market about restricted Russian oil supply, pushing Brent crude oil to break through 71 dollars/barrel during intraday trading. [3] - **Demand**: China's June import data is expected to improve, with the US - dollar - denominated import annual rate expected to rise from the previous - 3.4% to 1.3%. The news that the US may provide additional weapons to Ukraine has increased the geopolitical risk premium in Eastern Europe, potentially boosting the demand for crude oil as a strategic reserve. [3] - **Inventory**: China's crude oil futures warrants (including medium - sulfur crude oil) remained unchanged at 451.7 million barrels, low - sulfur fuel oil warrants were only 90 tons, and fuel oil warrants were 91,600 tons, all unchanged from the previous period, indicating no pressure on hidden inventories in the Asia - Pacific region. The change in US commercial crude oil inventories still depends on subsequent EIA data, but the expected release of strategic reserves may limit the bullish impact on the inventory side. [3] 2. Supply - Chain Price Monitoring a. Crude Oil - **Futures Prices**: On July 14, the SC crude oil futures price was 527.5 yuan/barrel, up 13.6 yuan (+2.65%) from July 11. WTI was 65.65 dollars/barrel, down 3.1 dollars (-4.51%), and Brent was 69.14 dollars/barrel, down 1.49 dollars (-2.11%). [6] - **Spot Prices**: Various spot prices showed different trends, with some rising and some falling. For example, the Oman spot price rose by 2.03 dollars (+2.89%), while the Brent spot price fell by 0.97 dollars (-1.33%). [6] - **Spreads**: The SC - Brent spread expanded from 1.03 dollars/barrel to 4.44 dollars/barrel, the SC - WTI spread from 2.91 dollars/barrel to 7.93 dollars/barrel, and the Brent - WTI spread from 1.88 dollars/barrel to 3.49 dollars/barrel. [6] - **Other Assets**: The US dollar index rose 0.25 points (+0.26%), the S&P 500 rose 8.81 points (+0.14%), the DAX index fell 94.67 points (-0.39%), and the RMB exchange rate remained unchanged. [6] b. Fuel Oil - **Futures Prices**: The FU futures price was 2,922 yuan/ton, up 11 yuan (+0.38%); the LU futures price was 3,694 yuan/ton, up 54 yuan (+1.48%); the NYMEX fuel oil price was 238.07 cents/gallon, down 8.53 cents (-3.46%). [7] - **Spot Prices**: Different fuel oil spot prices also showed different trends, with some rising and some falling. For example, the MDO price in Rotterdam rose by 9 dollars (+1.79%), while the IF0380 price in Singapore fell by 18 dollars (-4.29%). [7] - **Paper Prices**: The high - sulfur 180 paper price in Singapore (near - month) was 421.69 dollars/ton, up 0.25 dollars (+0.06%), and the high - sulfur 380 paper price in Singapore (near - month) was 411.99 dollars/ton, down 0.25 dollars (-0.06%). [7] - **Spreads**: The China high - low sulfur spread expanded from 729 yuan/ton to 772 yuan/ton, and the LU - Singapore FOB (0.5%S) spread increased from - 2,032 yuan/ton to - 1,978 yuan/ton. [7] 3. Industry Dynamics and Interpretations a. Supply - On July 14, OPEC Secretary - General Haitham Al Ghais said that OPEC and its allies are increasing oil production, expecting "very strong" oil demand in the third quarter, followed by a tight supply - demand balance in the following months. China's June import data is expected to improve. [8][9] b. Demand - OPEC expects "very strong" oil demand in the third quarter, with a tight supply - demand balance in the coming months. China's June export data is expected to improve, with the US - dollar - denominated export annual rate expected to rise from 4.8% to 5%. [10] c. Inventory - Fuel oil futures warrants were 91,640 tons, low - sulfur fuel oil warehouse futures warrants were 90 tons, and medium - sulfur crude oil futures warrants were 4,517,000 barrels, all unchanged from the previous day. [11] d. Market Information - As of 2:30, the Shanghai gold main contract closed down 0.05% at 778 yuan/gram, the Shanghai silver main contract closed down 0.11% at 9,167 yuan/kg, and the SC crude oil main contract closed down 0.71% at 519 yuan/barrel. Trump said the US will send more weapons to Ukraine, and the expectation of US sanctions against Russia pushed Brent crude oil prices above 71 dollars/barrel during European afternoon trading. [11]
农化行业:2025年6月月度观察:钾肥、草甘膦价格上行,杀虫剂“康宽”供给突发受限-20250707
Guoxin Securities· 2025-07-07 11:22
Investment Rating - The report maintains an "Outperform" rating for the agricultural chemical industry [7][10]. Core Views - The agricultural chemical industry is expected to benefit from rising prices of potassium fertilizer and glyphosate, with supply constraints for the insecticide "Kangkuan" [2][5]. - The potassium fertilizer market is characterized by tight supply and demand, with a significant reliance on imports, which is projected to increase due to food security concerns [2][27]. - The phosphoric chemical sector is anticipated to maintain high price levels due to the scarcity of phosphate rock resources and increasing demand from new applications [3][51]. Summary by Sections Potassium Fertilizer - Global potassium fertilizer prices are expected to recover as demand increases, with China being the largest consumer and heavily reliant on imports [2][27]. - Domestic production of potassium chloride is projected to decrease slightly in 2024, while imports are expected to reach a historical high [27]. - The domestic potassium chloride price is forecasted to rise by approximately 100 yuan/ton in July due to increased port prices [2][45]. Phosphoric Chemicals - The price of phosphate rock is expected to remain high due to declining grades and increasing extraction costs, with a tight supply-demand balance [3][51]. - As of June 30, 2025, the market price for 30% grade phosphate rock in Hubei is 1,040 yuan/ton, while in Yunnan it is 970 yuan/ton, both stable compared to the previous month [3][51]. - The export policy for phosphoric fertilizers emphasizes domestic priority, with reduced export quotas expected to alleviate downward pressure in the domestic market [4]. Pesticides - The supply of "Kangkuan" has been unexpectedly restricted, leading to a potential price increase for the product [5]. - Glyphosate prices have risen by 1,300 yuan/ton in June, driven by increased demand from South America as planting areas for soybeans and corn expand [5][9]. - The report recommends focusing on leading companies in the glyphosate sector, such as "Xingfa Group," which has a significant production capacity [9]. Key Company Recommendations - The report recommends "Yaji International" for potassium fertilizer, projecting production of 2.8 million tons in 2025 and 4 million tons in 2026 [5][49]. - For phosphoric chemicals, "Yuntianhua" and "Xingfa Group" are highlighted as key players due to their rich phosphate reserves [6]. - In the pesticide sector, "Xingfa Group" is recommended for its leading position in glyphosate production [9].
钾肥、磷化工行业:2025年4月月度观察:国际钾肥价格持续上行,磷矿石价格高位运行
Guoxin Securities· 2025-05-08 08:25
Investment Rating - The report maintains an "Outperform" rating for the potassium and phosphate chemical industry [5][6]. Core Views - The international potassium fertilizer prices continue to rise, with a tight supply-demand balance in the potassium fertilizer market. China, being the largest consumer, has a high import dependency exceeding 60% [1][28]. - The phosphate chemical industry is expected to maintain a high price level due to the scarcity of phosphate rock resources and increasing demand from new applications such as lithium iron phosphate [2][55]. Summary by Sections Potassium Fertilizer - The domestic potassium fertilizer production is projected to decrease by 2.7% to 5.5 million tons in 2024, while imports are expected to reach a record high of 12.633 million tons, up 9.1% year-on-year [1][28]. - As of April 2025, domestic potassium fertilizer port inventory was 1.9111 million tons, a decrease of 45.45% compared to the same period last year [1][28]. - The report highlights the resource scarcity of potassium fertilizer, recommending companies like "Yaqi International" with significant production potential [4][50]. Phosphate Chemical Industry - The long-term price center for phosphate rock is expected to remain high due to declining grades and increasing extraction costs, with the market price for 30% grade phosphate rock remaining above 900 RMB/ton for over two years [2][55]. - As of April 30, 2025, the price of 30% grade phosphate rock in Hubei was 1,040 RMB/ton, unchanged from the previous month, while in Yunnan, it increased by 20 RMB/ton to 970 RMB/ton [2][55]. - The report recommends companies with rich phosphate reserves such as "Yuntianhua" and "Xingfa Group" [4][50]. Price Trends - The prices of phosphate fertilizers showed slight fluctuations in April, with diammonium phosphate priced at 3,526 RMB/ton, down 3.53% year-on-year, while monoammonium phosphate was at 3,251 RMB/ton, up 14.55% year-on-year [3][52]. - The report indicates that the phosphate chemical industry is experiencing a tightening supply-demand situation, with phosphate rock consumption expected to grow [55][63].
国泰君安期货锡周报-20250427
Guo Tai Jun An Qi Huo· 2025-04-27 09:42
1. Report Industry Investment Rating - The report does not explicitly mention an industry investment rating [1][3] 2. Core Viewpoints - This week, tin prices showed a volatile trend, with weekly prices stabilizing around 260,000 yuan/ton. The fundamentals of tin are relatively stable, and after the re - evaluation of supply - demand balance, tin may shift from an annual shortage to a tight supply - demand balance. The current equilibrium price of tin may be between 260,000 and 270,000 yuan, and a range - bound trading strategy is recommended [5] 3. Summary by Directory 3.1 Transaction Aspect (Price, Spread, Inventory, Funds, Transaction, Position) - **Spot**: This week, the LME 0 - 3 discount was 171 US dollars/ton, and the domestic spot premium fell to 1,000 yuan/ton. Overseas premiums were basically flat compared to last week, with a slight increase in Southeast Asian premiums [9][10][15] - **Spread**: This week, the tin inter - month structure changed from a large backwardation to contango [17][18] - **Inventory**: This week, the global total tin inventory decreased by 1,579 tons, the domestic social inventory decreased by 72 tons, and the futures inventory decreased by 297 tons. The LME inventory decreased by 35 tons, and the cancelled warrant ratio rose to 13.7% [22][23][26] - **Funds**: As of this Friday, the settled funds for SHFE tin were 1.64047 billion yuan, and the funds flowed out in the past 10 days [31][32] - **Transaction and Position**: This week, the trading volume and open interest of SHFE tin dropped significantly. The trading volume of LME tin continued to decline significantly from the previous high [34][40] - **Position - to - Inventory Ratio**: This week, the position - to - inventory ratio of SHFE tin declined slightly [46] 3.2 Tin Supply (Tin Ore, Refined Tin) - **Tin Ore**: In March 2025, 8,323 tons of tin ore were imported, a year - on - year decrease of 4.83% and a cumulative year - on - year decrease of 55.44%. This week, the processing fee for 40% tin ore in Yunnan remained stable at 12,500 yuan/ton, and that for 60% tin ore in Guangxi, Jiangxi, and Hunan remained at 8,500 yuan/ton. The import profit - loss level of tin ore increased slightly [50][51] - **Smelting**: In March 2025, the domestic tin ingot output was 15,080 tons, a year - on - year decrease of 3.06%. This week, the combined operating rate of enterprises in Jiangxi and Yunnan provinces was 56.34%, a slight decline from last week [53][55] - **Import**: In March 2025, 2,101 tons of domestic tin ingots were imported, 1,673 tons were exported, and the net import was 428 tons. Among them, 1,093 tons of tin ingots were imported from Indonesia to China. The latest import profit - loss was - 8,039 yuan/ton [60][62] 3.3 Tin Demand (Tin Materials, End - Users) - **Consumption Volume**: In February 2025, the apparent consumption of tin ingots was 13,546 tons, and the actual consumption was 12,662 tons, a slight decline from the previous month [66] - **Tin Materials**: This week, the downstream processing fees remained stable, and the operating rate of solder enterprises in February increased slightly [68] - **End - User Consumption**: In December 2024, the output of end - user products generally increased month - on - month and year - on - year. The consumption of household appliances and new energy also showed an upward trend month - on - month and year - on - year. This week, the Philadelphia Semiconductor Index declined, in line with the performance of tin prices [75][77][82]
【北方稀土(600111.SH)】Q4归母净利润为全年单季最高,2025年生产经营目标利润总额增长53.5%——2024年报点评
光大证券研究· 2025-04-23 09:10
点击注册小程序 查看完整报告 事件: 2025年4月19日,北方稀土公布2024年报,公司2024年实现营业收入329.66亿元,同比-1.58%;实现归母 净利润10.04亿元,同比-57.64%。 点评: 2024年业绩下滑主要系稀土产品价格下跌,但公司主要品种销量均增长 Q4单季归母净利润为5.99亿元,为2024年单季最高值。公司2024年归母净利润同比下滑主要系以稀土镨钕 产品为代表主要稀土产品价格总体呈震荡下行走势:2024年 氧化镨钕 / 氧化镝 / 氧化铽 / 氧化镧 产品平均 价格分别为 392.57 / 1,832.31 / 5,749.52 / 4.00元 /公斤,分别同比 -25.99% / -21.32% / -37.15% /-26.74% 。 但公司 2024年主要产品 销量 均同比提升: 公司实现 稀土氧化物 / 稀土盐类 /稀土金属销量分别为 30,573.32吨 / 104,051.25 吨 / 35,326.95吨 , 同比 +6.07%/ 19.26 %/13.77% 。 推进绿色冶炼升级改造项目, 2025年主要生产经营目标再有提升 特别申明: 本订阅号中所涉及的证券 ...