证券研究报告|行业研究报告 [Table_Date] 2025 年 8 月 9 日 [Table_Title] Pan American Silver 2025Q2 白银产量环比增加 1.8%至 158.44 吨，净利润环比增长 12.0%至 1.896 亿美元 [Table_Title2] 有色金属-海外季报 [Table_Summary] 季报重点内容: ► 生产经营情况 1）白银 产量：2025Q2 白银产量为 509.4 万盎司（158.44 吨），环比增 加 1.8%，同比增加 11.5%。 总维持成本（AISC）：2025Q2 白银 AISC 为 19.69 美元/盎司 （4.56 元/克），环比上涨 41.2%，同比上涨 8.7%。 平均实现价格：2025Q2 白银平均实现价格为 32.91 美元/盎司 （7.62 元/克），环比上涨 5.3%，同比上涨 17.0%。 2）黄金 产量：2025Q2，黄金产量为 17.87 万盎司（5.56 吨），环比减 少 1.9%，同比减少 18.9%。 总维持成本（AISC）：2025Q2 黄金 AISC 为 1611 美元/盎司 （372.92 元/克）， ...

Group 1 - The core viewpoint of the news highlights that the profit of large-scale non-ferrous metal industrial enterprises in China reached 128.17 billion yuan from January to April, marking a year-on-year increase of 30.3% [1] - The mining and selection industry saw a profit growth of 47.8%, while the smelting and processing industry experienced a profit increase of 24.5% [1] - The copper industry is currently supported by low processing fees for concentrates and strong demand from domestic power grid investments and new energy sectors [1] Group 2 - The global macro environment remains volatile, with industrial metal prices, particularly copper and aluminum, continuing to fluctuate [1] - A series of policies introduced in the second half of 2024 is expected to gradually improve domestic macro sentiment, alongside a tightening supply and an improvement in manufacturing sector conditions, as indicated by a 0.5 percentage point increase in the PMI to 49.5% in May [1] - The aluminum supply chain's vulnerability was highlighted by the bauxite incident, while the tightening supply of copper concentrates may lead to potential production cuts due to declining smelting processing fees [1] Group 3 - Strategic metals such as tungsten have seen prices break historical highs, while the price of neodymium oxide has started to recover from a low point [1] - The pursuit of supply chain autonomy by various countries is expected to create opportunities for valuation reconstruction in strategic metals [1]

Core Viewpoint - Shandong Hengbang Smelting Co., Ltd. maintains an AA+ credit rating with a stable outlook, primarily due to its advantages in gold smelting, scale, technology, and strong shareholder support, despite facing challenges such as increased inventory, declining processing fees, and rising financial leverage [1][4][5]. Company Overview - The company focuses on gold smelting and has established a certain scale and technological advantage in the industry [1][4]. - It has diversified into non-ferrous metal smelting and the recovery of various valuable elements, which supplement its revenue and profit [1][4]. - The company benefits from strong support from its controlling shareholder, Jiangxi Copper Co., Ltd., which enhances its financial and strategic capabilities [4][7]. Financial Performance - In 2024, the company reported total assets of 247.24 billion yuan and total liabilities of 116.84 billion yuan, with a net profit of 4.66 billion yuan [3]. - The operating income for 2024 was 500.47 billion yuan, reflecting a significant increase compared to previous years [3]. - The company's financial leverage has increased, with total debt rising to 86.57 billion yuan, indicating a weakening in debt repayment capacity [1][3]. Market Conditions - Gold prices have surged, with the average price in 2024 reaching 2,403.55 USD/ounce, a year-on-year increase of 22.97% [5]. - The domestic gold price also rose significantly, with a year-end price of 616.68 yuan/gram, up 28.30% from the beginning of the year [5]. - The copper market is experiencing fluctuations, with processing fees declining, which may impact the profitability of related enterprises [6][14]. Operational Challenges - The company has faced challenges such as increased inventory levels due to expanded operations and rising capital expenditures [1][4]. - Safety incidents have led to temporary production halts, affecting the output of copper and sulfuric acid [13][14]. - The company is under scrutiny for safety management practices following a significant production safety incident [14]. Strategic Initiatives - The company is focusing on expanding its gold mining resources and enhancing its smelting capabilities through various ongoing projects [9][17]. - It aims to strengthen its position in the high-end materials manufacturing sector by leveraging its existing resources [9][17]. - The company is also working on integrating its operations with its controlling shareholder to avoid competition and enhance resource control [10][17].