Core Viewpoint - The non-ferrous metal industry in China demonstrated strong resilience in the first quarter of the year, with production and profits showing positive growth despite a complex environment [1][2] Group 1: Production and Trade - The production of ten non-ferrous metals reached 19.85 million tons in the first quarter, representing a year-on-year increase of 2% [1] - Refined copper production was 3.536 million tons, and electrolytic aluminum production was 11.066 million tons, with year-on-year growth of 5% and 3.2% respectively [1] - The total import volume of copper ore and its concentrates was 7.108 million tons, reflecting a year-on-year increase of 1.8% [1] Group 2: Financial Performance - The revenue of large-scale non-ferrous metal enterprises reached 2.22933 trillion yuan, marking a year-on-year increase of 19.6% [2] - The total profit amounted to 91.77 billion yuan, which is a year-on-year growth of 40.7% [2] Group 3: Market Trends - The prices of most non-ferrous metals continued to rise, with average prices for copper, aluminum, lead, and zinc increasing by 11.4%, 7.3%, 5.9%, and 14.8% respectively year-on-year [1]

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Core Viewpoint - 中铝国际's stock closed at 4.48 yuan, with a 2.75% increase, and a rolling PE ratio of 73.09 times, indicating a significant premium compared to the industry average [1][3] Group 1: Company Overview - 中铝国际 specializes in design consulting, EPC engineering contracting, construction, and equipment manufacturing, leveraging its leading technology and talent in the non-ferrous metal industry [2] - The company has participated in over 500 projects, receiving numerous prestigious awards, including the China Construction Engineering Luban Prize and the Civil Engineering Zhan Tianyou Award [2] Group 2: Financial Performance - In the first quarter of 2025, 中铝国际 reported revenue of 4.804 billion yuan, a year-on-year decrease of 3.63%, and a net profit of 65.797 million yuan, down 36.71% year-on-year, with a gross profit margin of 8.91% [2] - The total market capitalization of 中铝国际 is 13.377 billion yuan, ranking 59th in the engineering construction industry based on PE ratio [1][3] Group 3: Industry Comparison - The average PE ratio for the engineering construction industry is 12.61 times, with a median of 20.14 times, highlighting 中铝国际's relatively high valuation compared to its peers [1][3]

证券研究报告|行业研究报告 [Table_Date] 2025 年 5 月 6 日 [Table_Title] Hecla Mining 2025Q1 年白银产/销量分别环比增加 6.14%/1.04%至 127.91/109.42 吨，调整后归属普通 股股东的净利润环比增长 0.68%至 2322.2 万美元 [Table_Title2] 有色金属-海外季报 [Table_Summary] 季报重点内容: ► 2025Q1 生产经营情况 1）白银 2025Q1 白银产量 411.24 万盎司（127.91 吨），环比增加 6.14%，同比减少 1.90%。 2025Q1 白银销量 351.80 万盎司（109.42 吨），环比增加 1.04%，同比增加 0.85%。 2025Q1 白银现金成本 1.29 美元/盎司（0.30 元/克），上一季度 为-0.27 美元/盎司，同比减少 73.01%。 2025Q1 白银 AISC 为 11.91 美元/盎司（2.78 元/克），环比增 加 3.48%，同比减少 9.08%。 2025Q1 白银实现价格为 33.59 美元/盎司（7.83 元/克），环比 增长 1 ...

Group 1 - The core viewpoint is that the non-ferrous metal sector is experiencing positive growth, reflected in the strong performance of related ETFs and optimistic market expectations [1] - The China Nonferrous Metals Industry Association forecasts a 6% increase in the industry's added value in the first half of the year, with a 3% rise in the production of ten non-ferrous metals [1] - Investment in mining and green technology is maintaining rapid growth, while copper and aluminum prices are fluctuating at high levels, indicating a robust market environment [1] Group 2 - The cobalt export ban in the Democratic Republic of Congo is leading to a tightening supply situation, with rising prices expected as inventory levels decrease [2] - In the lithium market, while some producers are reducing output, the overall supply remains high, leading to a continued oversupply situation [2] - Cobalt prices are anticipated to rise as supply tightens and demand increases, particularly as inventory levels are consumed [2] Group 3 - The increase in U.S. tariffs is contributing to economic recession risks and heightened credit risks for the dollar, which may drive gold prices higher [3] - Gold prices are stabilizing around $3,000 per ounce, which is expected to enhance the performance and cash flow of gold companies [3] - A-shares in gold stocks, currently near a decade-low valuation, are likely to experience a revaluation due to these market dynamics [3]

证券研究报告|行业研究报告 [Table_Date] 2025 年 4 月 30 日 [Table_Title] Greenbushes 锂矿 2025Q1 产销量分别同比增长 22%/100%至 34.1 万吨/36.6 万吨， 2025Q1 单位 现金生产成本同比下降 12%至 341 澳元/吨 [Table_Title2] 有色金属-海外季报 [Table_Summary] 季报重点内容: ►锂业务 1、Greenbushes 锂矿（100%基础） 2025Q1 锂精矿生产量为 34.1 万吨，环比减少 13%，同比 增长 22%。环比产量下降反映了选矿厂产量下降和进料品位降 低，符合预期。 2025Q1 锂精矿销售量为 36.6 万吨，环比增长 17%，同比 增长 100%。环比销量增长，部分原因是由于港口拥堵，前一 季度的发货延迟至 2025 年 1 月。 Greenbushes 控股公司 Windfield Holdings 向 TLEA 支付 了 5610 万美元（8840 万澳元）的股息。 3 月份股息支付后，Windfield 季度末的现金余额为 4.243 亿美元（6.757 亿澳元），已 ...

证券研究报告|行业研究报告 [Table_Date] 2025 年 4 月 30 日 4 月初，反常的强降雨也对产量造成了不利影响，原因是 此前的短暂停工，包括工厂进料延误和工艺库存损失。之后， 加工业务已恢复正常，目前仍在继续稳定工厂化学成分，并利 用被强降雨浸透的库存来补充原料。 2025Q1，公司 U3O8 销量为 872,435 磅，环比增长 74%。 在本季度，U3O8 的销售量超过了其生产量，这主要是由于公 司合同组合下交付时间的原因。Paladin 目前已与全球一级客户 签订了 12 份包销合同，合同期至 2030 年，合同供应量为 2230 万磅八氧化三铀。公司本季度履行了所有交付义务。Paladin 已 将纳米比亚发生的五十年一遇的恶劣天气事件告知客户，并将 继续与客户就未来的合同交付事宜进行合作。 2025Q1，公司单位生产成本为 40.6 美元/磅，环比下降 4%。 [Table_Title] LHM 项目 2025Q1 U3O8 产量/销量环比增长 17%/74%至 74.55 万磅/87.24 万磅，平均实现价格 环比上涨 4%至 69.9 美元/磅 [Table_Title2] 有 ...

有色商品日报 有色商品日报（2025 年 4 月 30 日） 一、研究观点 | 品 种 | 点评 | | --- | --- | | 铜 | 隔夜 LME 铜上涨 0.44%至 9446.5 美元/吨；SHFE 铜主力上涨 0.19%至 77740 元/吨；国 | | | 内现货进口维系亏损。宏观方面，美国 3 月 JOLTS 职位空缺 719.2 万人，大幅低于预期 | | | 750 万人和前值 756.8 万人；美国 4 月谘商会消费者信心指数降至 86，创 2020 年 5 月份 | | | 以来新低。美国总统特朗普预计将采取措施减轻其汽车关税政策带来的冲击。这也表明 | | | 虽然美政府态度仍会反复，但在发债压力下总体相比 4 月份将缓和。库存方面来看， | | | LME 库存下降 300 吨至 20.25 万吨；Comex 库存增加 2372.31 吨至 12.49 万吨；SHFE | | | 铜仓单下降 2842 吨至 34042 吨；BC 铜仓单下降 100 吨至 9863 吨。需求方面，总体来 | | | 看订单较为平稳。外围宏观情绪缓和，国内旺季成色较足，快速去库下看空情绪偏弱， | ...

铝方面，安泰科预计长期来看，供应受限支撑铝价的逻辑仍然存在，但出口下降、国内需求环比有转弱 风险，同时成本重心继续下移，价格上涨空间或受压制，整体将表现为前高后低趋势，预计全年价格重 心同比持平。 研判金属价格走向，挖掘未来发展机遇，推进有色金属产业加速转型升级。4月29日，安泰科2025年 （第十六届）有色金属市场报告会在北京铁道大厦召开。会上，由深圳市中金岭南期货有限公司（以下 简称"中金岭南期货"）和北京安泰科信息股份有限公司（以下简称"安泰科"）携手打造的产融服务平台 ——"金泰有色金属研究中心"（以下简称"金泰研究中心"）揭牌成立。 锡方面，安泰科预计锡价格仍将在宏观托举下震荡上行；基本面看锡市场仍可以保持去库存状态，对价 格形成支撑。伴随刚果金主力矿山复产，佤邦筹备复产工作的启动，全球锡供应将从二季度起开始恢 复，需求虽受关税战影响或承压，但全年仍将有1%-3%的小幅增长。 有色金属技术经济研究院有限责任公司党委副书记、总经理马存真在致辞中表示，当前有色金属工业整 体生产保持平稳增长，国内消费稳中有增，投资和贸易保持活跃，数智化有序推进，行业转型升级步伐 稳健，行业景气度处在合理区间。不过，在供需 ...

Core Insights - The Chinese non-ferrous metals industry had a strong start in the first quarter of this year, with production of ten non-ferrous metals increasing by 2% year-on-year [1] - Despite a decline in total import and export trade, key mineral product imports continued to grow, indicating resilience in the sector [1] - The market for common and new energy metals showed significant price increases, with copper, aluminum, lead, and zinc prices rising by 11.4%, 7.3%, 5.9%, and 14.8% respectively [1] Production and Trade - In the first quarter, the production of ten non-ferrous metals reached 19.85 million tons, with refined copper and electrolytic aluminum production at 3.54 million tons and 11.07 million tons, reflecting year-on-year growth of 5% and 3.2% respectively [1][2] - The total import and export trade value for non-ferrous metals was $88.38 billion, a year-on-year decrease of 8.7%, while the import volume of copper ore and its concentrates increased by 1.8% to 7.11 million tons [1] Financial Performance - Major non-ferrous metal enterprises achieved operating revenue of 2.23 trillion yuan, a year-on-year increase of 19.6%, and a total profit of 91.77 billion yuan, reflecting a year-on-year growth of 40.7% [2]