Group 1 - CITIC Metal is a key subsidiary of CITIC Group in the advanced materials sector, recognized as a leading trader of metals and mining products in China, and has recently listed on the A-share market under the main board registration system [1] - The company has a diverse range of trading products including niobium, copper, aluminum, iron ore, and steel, while also focusing on mining investments with stable operations in core projects such as Brazil's CBMM and Peru's BHP Copper Mine [1] - The demand for steel is expected to remain high in the long term, driven by emerging industries like new energy vehicles and wind power, necessitating a focus on deep decarbonization in energy activities to achieve China's "dual carbon" goals [1] Group 2 - Niobium is a stable metal that significantly enhances the strength and toughness of advanced materials like steel and high-temperature alloys, with 90% of niobium used as a micro-alloying element in steel production [2] - CITIC Metal has maintained a market share of over 80% in the niobium sector, contributing to a record high consumption of niobium in China, and has established a partnership with CBMM to become its exclusive distributor in the country [2] - The annual production of niobium-containing steel in China has increased from less than 30,000 tons in 1990 to over 10 million tons, significantly advancing the development of high-performance steel materials in the country [2]

证券代码：000807 证券简称：云铝股份 1 | | 回复：未来，公司将根据国家和地区的铝产业相关政策，进一 | | --- | --- | | | 步统筹规划公司"合金化"发展，不断延伸和完善产业链，做强铝 | | | 合金产业，持续提升公司综合竞争力和抗风险能力。 | | 附件清单 （如有） | 无 | | 日 期 | 2025 年 6 月 20 日 | 2 云南铝业股份有限公司投资者关系活动记录表 | | √特定对象调研 □分析师会议 | | --- | --- | | 投资者关系活 | □媒体采访 □业绩说明会 | | 动类别 | □新闻发布会 □路演活动 | | | □现场参观 | | | □其他 （请文字说明其他活动内容） | | 参与单位名称 | 博时基金、长江证券等投资机构、行业分析师 3 人。 | | 时 间 | 2025 年 6 月 20 日上午 10:30-11:30 | | 地 点 | 云南铝业股份有限公司办公楼三楼会议室。 | | 上市公司接待 | 财务总监、董事会秘书：郑利海先生 | | 人员姓名 | 证券事务代表：王冀奭先生 | | | 投资者提出的主要问题及公司回复情况如下： ...

事件 预计公司2025-2027 年收入分别为143/156/183 亿元，预计实现归母净利润分别为32/35/38 亿元，EPS 分 别为0.98/1.07/1.19元，对应PE 分别为10/9/8 倍。维持"买入"评级。 风险提示 产品价格波动风险；安全环保管理风险；元素替代风险。 公司1Q25 末资产负债率为9.81%，环比、同比分别下降2.47pct、0.78pct，公司资本结构持续优化。 下游精深加工持续推进。2024 年以来公司13 项国之重器项目进展顺利，其中低氧钼粉产业化项目攻克 全流程惰性气体保护关键技术，实现产品销售；单重130 千克钼顶头实现批量供货；增材制造用等离子 体球形钼粉项目实现陶瓷管、送粉器等关键易耗零部件国产化；大长径比薄壁钼合金管材制备研究及产 业化项目实现产品销售。 继续看多钼价上涨，公司业绩弹性较大。今年以来钢招量稳健；展望后市，钢厂盈利水平或有望受益行 业供给优化和成本让利，钼铁倒挂情况有望缓解；待年内316/双相不锈钢排产逐步回升，产业链上下游 去库，顺价逻辑逐步兑现叠加钢材合金化趋势（钼等元素含量提升），钼价"有量无价"的僵局有望打 破，上涨通道进一步明确；钼亦有 ...