Core Insights - The report indicates that cobalt production cuts are gradually being realized, leading to an expected increase in cobalt prices due to tightening supply conditions [1][6][98] - The report maintains a bullish stance on strategic metals, particularly recommending rare earths and antimony due to their rigid supply characteristics and potential for value reassessment [6][84] Industry Overview - The total market capitalization of the industry is approximately 32,393.83 billion yuan, with a circulating market value of about 30,354.97 billion yuan [2] - In May, the production of electric vehicles in China saw a significant year-on-year increase, with sales reaching 1.27 million units, marking a 35% growth [22][24] - The photovoltaic sector also experienced robust growth, with newly installed capacity reaching 197.85 GW in the first five months of 2025, a 150% increase year-on-year [19] Cobalt Market Analysis - The Democratic Republic of Congo (DRC) has extended its export ban on cobalt for an additional three months, which is expected to further tighten supply and drive prices upward [6][98] - In June, the production of electrolytic cobalt was reported at 2,730 tons, a decrease of 22% month-on-month, indicating a tightening supply situation [6][106] - The price of standard-grade MB cobalt was reported at $15.78 per pound, down 0.79% from the previous period, while alloy-grade MB cobalt increased by 1.31% to $19.35 per pound [17][98] Rare Earth Market Insights - The report highlights that rare earth prices are at a cyclical low, with the domestic price of praseodymium-neodymium oxide at 446,000 yuan per ton, reflecting a 0.22% increase [6][82] - The strategic value of rare earths is being reassessed due to export controls on medium and heavy rare earths, which are expected to lead to a more concentrated supply structure [84] Lithium Market Dynamics - The price of battery-grade lithium carbonate has shown signs of recovery, with a current price of 62,300 yuan per ton, up 2.05% [43][44] - Lithium hydroxide prices have slightly decreased by 0.74%, currently at 60,100 yuan per ton, while lithium concentrate prices increased by 3.80% to $653 per ton [44][70] Antimony and Other Metals - Antimony remains in a tight supply situation, with domestic antimony ingot prices at 185,500 yuan per ton, down 2.11% [6][8] - Tin prices are experiencing fluctuations, with SHFE tin prices at 267,300 yuan per ton, down 0.60%, while LME tin prices increased by 0.61% to $33,770 per ton [6][8]

行 有色金属 2025 年 06 月 22 日 业 研 究 有色金属 20250622 周报：刚果（金）钴出口禁令延期，或 提振钴价上行 投资要点： 行 业 定 期 报 告 贵金属：美国关税政策反复，黄金长期配置价值不改。近期多项美国 经济数据展现疲软态势，进一步加剧了市场对经济前景的担忧。经济数据 走弱将为美联储未来降息提供依据。根据钢联援引世界黄金协会调查数据， 全球73家央行中有76%预计未来五年将持续增持黄金以分散对美元资产的 依赖，凸显地缘因素及美元信用下滑背景下央行购金意愿。短期而言，美 "对等关税"的潜在风险及不确定性引发市场避险情绪支撑金价，整体呈 现易涨难跌格局；中长期而言，全球关税政策和地缘政治的不确定性背景 下，避险和滞涨交易仍是黄金交易的核心，长期配置价值不改。个股：黄 金建议关注中金黄金、山东黄金、赤峰黄金，低估弹性关注株冶集团，其 他关注湖南黄金及招金矿业；白银建议关注兴业银锡、盛达资源。 分析师： 王保庆(S0210522090001) WBQ3918@hfzq.com.cn 相关报告 1、地缘危机与美联储降息预期共振，黄金走强— —2025.06.14 2、美对华上调钢铁和铝关 ...

4、天健会计师事务所（特殊普通合伙）为本公司出具了标准无保留意见的审计报告。 登录新浪财经APP 搜索【信披】查看更多考评等级 公司代码：603948 公司简称：建业股份 浙江建业化工股份有限公司2024年年度报告摘要 第一节 重要提示 1、本年度报告摘要来自年度报告全文，为全面了解本公司的经营成果、财务状况及未来发展规划，投 资者应当到上海证券交易所（www.sse.com.cn）网站仔细阅读年度报告全文。 2、本公司董事会、监事会及董事、监事、高级管理人员保证年度报告内容的真实性、准确性、完整 性，不存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 3、公司全体董事出席董事会会议。 5、董事会决议通过的本报告期利润分配预案或公积金转增股本预案 经公司第五届董事会第十二次会议审议通过，公司拟向全体股东每股派发现金红利1.00元(含税)。截至 2025年4月24日，公司总股本162,489,167股，以此计算合计拟派发现金红利162,489,167元(含税)。本次 不向股东派送股票股利，不以资本公积金转增股本，剩余未分配利润结转以后年度分配。本次利润分配 预案尚需提交公司2024年年度股东大会 ...