【环球时报记者 苑基荣 环球时报特约记者 辛斌】在全球聚焦关键矿产之际，阿富汗政府官员向印度企 业抛出"橄榄枝"，邀请赴阿投资采矿。这一消息在印度国内引发热烈讨论。印度媒体报道称，阿方此举 旨在创造就业机会，并促进两国经济合作。但面对地质勘查、安全风险等多重障碍，印度《祖国报》援 引该国产业界人士的话警告说，相关企业需要三思而后行。 " 万亿矿产资源待开发 " ？ 这则消息源于阿富汗政府工业与商业部长努鲁丁·阿齐兹于19日—25日访印期间。此次访问旨在通过确 保贸易、投资等来加强两国关系。周一，阿齐兹在与印度工商联合会座谈时推介了阿富汗广泛的投资机 会。 尽管阿富汗发出邀请并向印度承诺提供勘探机会，但印度工商联合会对此反应谨慎，指出采矿仍然"比 较困难"，需要进行详细的地质勘查前期工作，才能进行投资。 "开采阿富汗隐藏矿产资源困难重重。"美国《外交学者》杂志曾报道称，阿富汗的崎岖山脉中蕴藏着各 种珍贵的宝石和矿产，其价值高昂让许多阿富汗人憧憬着更加美好的未来。然而，那些试图开采这些沉 睡资源的企业却面临着各种各样的问题，其中包括国际市场需求下降、运输成本高企以及额外关税负担 等。 英国《金融时报》也曾援引一位 ...

每日经济新闻 （记者 张明双） 免责声明：本文内容与数据仅供参考，不构成投资建议，使用前请核实。据此操作，风险自担。 每经AI快讯，东吴证券11月22日发布研报称，给予高能环境（603588.SH，最新价：6.8元）"买入"评 级。评级理由主要包括：1）自有资金控股3家矿业公司；2）关联人与公司共同投资深度绑定管理层与 矿业板块核心人员；3）金矿资源优质主要处于详查与普查阶段储量有望增加；4）战略进军矿业，协同 资源化打开第二成长曲线。风险提示：原材料价格波动，产能利用率不及预期，竞争加剧。 每经头条（nbdtoutiao）——"抛售日本"？GDP负增长，股市跳水，国债被抛，日元贬值！高市早苗"亡 命一搏"："灌水"21万亿！专家：恐赴"特拉斯风暴"后尘 ...

证券研究报告·公司点评报告·环境治理 高能环境（603588） 战略进军矿业，协同资源化打开第二成长曲 线 买入（维持） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 10,580 | 14,500 | 15,061 | 16,244 | 17,552 | | 同比（%） | 20.58 | 37.04 | 3.87 | 7.85 | 8.05 | | 归母净利润（百万元） | 504.64 | 481.82 | 803.26 | 909.25 | 1,051.34 | | 同比（%） | (27.13) | (4.52) | 66.72 | 13.19 | 15.63 | | EPS-最新摊薄（元/股） | 0.33 | 0.32 | 0.53 | 0.60 | 0.69 | | P/E（现价&最新摊薄） | 20.53 | 21.50 | 12.89 | 11.39 | 9.85 | [Table_Tag] [Table ...

盈利预测与投资评级：公司资源化项目经营情况稳步提升，战略进军矿业，我们维持2025-2027 年归母 净利润预测8.0/9.1/10.5 亿元，2025-2027年PE 为13/11/10 倍（2025/11/21），维持"买入"评级。 风险提示：原材料价格波动，产能利用率不及预期，竞争加剧。 关联人与公司共同投资深度绑定管理层与矿业板块核心人员。李鲁湘上海东方雨虹防水有限责任公司董 事，怀化蕴峰由公司董事凌锦明、张华振、龙少鹏、孙敏合计持股约48.34%。 金矿资源优质主要处于详查与普查阶段储量有望增加。金矿项目位于湖南洪江市，天鑫公司持有青山洞 矿区金矿详查、芭蕉湾矿区金矿普查两宗探矿权。岳坪公司持有桐溪金矿田大坪金矿详查探矿权。瑞岳 公司持有母溪矿区金矿详查探矿权。具体来看4 个项目：1）青山洞金矿：已完成详查，详查报告显示 全区保有（332+333）矿石量725585 吨，金金属量2445 千克，平均品位3.37×10-6；2）芭蕉湾金矿：处 于普查阶段，表现出找矿潜力；3）大坪金矿：处于详查阶段，普查报告估算全区（333+334）矿石量 337600 吨，金金属量2029 千克，平均品位6.01×1 ...

证券代码：603588 证券简称：高能环境 公告编号：2025-090 北京高能时代环境技术股份有限公司关于与关联人共同收购矿业公司股权暨关联交易公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容 的真实性、准确性和完整性承担法律责任。 重要内容提示： ● 交易简要内容： 为进一步延伸公司固废危废资源化利用业务产业链，形成公司进军矿业领域的产业布局，经各方友好协 商，北京高能时代环境技术股份有限公司（以下简称"高能环境"或"公司"）拟联合自然人李鲁湘先生、 关联方怀化蕴峰矿业合伙企业（有限合伙）（以下简称"怀化蕴峰"）共同投资收购怀化天源矿业有限公 司（以下简称"天源公司"）持有的怀化市天鑫矿业有限公司（以下简称"天鑫公司"）59%股权、怀化岳 坪矿业有限责任公司（以下简称"岳坪公司"）59%股权、怀化瑞岳矿业有限责任公司（以下简称"瑞岳 公司"）59%股权，本次股权转让交易金额合计8,260万元。本次交易完成后，公司将取得三家公司各 45.2%股权，股权转让交易金额为6,328万元；自然人李鲁湘将取得三家公司各10%的股权，股权转让交 易金额为1,400万元；关 ...

ANRM主席Jacinto Rocha表示，该机构将加强执法力度，支持多元化发展。在Moxico省和Cuando Cubango新发现的铜矿，以及在Namibe省发现的锂矿都需要更为严格的监管。 此举支持了安哥拉试图扩大其非石油矿产行业并吸引外国资本的意图。包括嘉能可（Glencore）、艾芬 豪矿业（Ivanhoe Mines）和泰兰纳资源公司（Tyranna Resources Ltd.）在内的多家公司都是活跃于该国 采矿业的国际勘探公司。 11月20日（周四），安哥拉将缩短采矿权授予时间，以便吸引更多投资进入该国的矿业部门。 矿业和石油部长Diamantino Azevedo在和矿产监管机构举行的一次活动上发表声明称，矿产监管机构必 须减少官僚主义，加强审查，并加快推出数字化采矿登记系统，以提升透明度。 Azevedo表示，安哥拉国家矿产资源局（ANRM）也应缩短许可证审批时间，但他并未具体说明目前的 审批流程需要多长时间，也未说明应缩短多少。 ...

Core Insights - The Future Minerals Forum (FMF) has announced a strategic partnership with BMO to promote global mining investment opportunities [1][3] - This collaboration aims to enhance engagement with target investors and create a robust platform for mining investment [1][3] Group 1: Partnership Details - The partnership marks FMF's first collaboration with BMO, signifying a significant step in promoting mineral development investments in the super regions of Africa, West Asia, and Central Asia [3] - FMF will leverage BMO's expertise in metals and mining to connect mining companies with large investors [1][3] Group 2: Upcoming Events and Initiatives - FMF 2026 will take place from January 13 to 15 in Riyadh, focusing on creating opportunities for the mining sector's growth and sustainability [3] - BMO will provide closed-door information sessions for potential local and regional investors, covering the entire mineral value chain from exploration to mining and processing [3] - FMF and BMO will jointly host strategic presentations from major mining companies, offering investors exclusive opportunities to interact with industry leaders [3]

Core Viewpoint - Luoyang Molybdenum Co., Ltd. reported strong financial performance for the first three quarters, achieving record high net profit and revenue growth, indicating robust operational efficiency and market demand [1] Financial Performance - For the first three quarters, the company achieved operating revenue of 145.485 billion yuan and a net profit attributable to shareholders of 14.280 billion yuan, representing a year-on-year increase of 72.61% [1] - The third quarter alone saw a net profit of 5.608 billion yuan, marking a significant year-on-year growth of 96.40% [1] - Revenue from the mining segment reached 56.594 billion yuan, accounting for nearly 40% of total revenue, with the copper segment contributing 38.618 billion yuan, which is over 68% of the mining revenue [1] Investment Projects - The company’s board approved an investment of 1.084 billion USD for the construction of the KFM Phase II project in the Democratic Republic of the Congo, with a construction period of 2 years and expected completion in 2027 [1] - The KFM Phase II project is anticipated to add a raw ore processing capacity of 7.26 million tons per year, with an expected average annual production of 100,000 tons of copper metal upon reaching full capacity [1]

Investment Rating - The report maintains a "Buy" rating for the company [4][6] Core Views - The company reported a revenue of 2.4 billion yuan for the first three quarters of 2025, a year-on-year increase of 3.35%, and a net profit attributable to shareholders of 2.75 billion yuan, up 47.3% year-on-year [1] - The copper segment showed stable operations with production and sales increasing by 16.8% and 18.1% year-on-year, respectively, while the average market price for copper rose by 5.7% year-on-year [2] - The potassium chloride segment experienced seasonal declines in production and sales in Q3, with production down 33.6% and sales down 30.6% quarter-on-quarter [3] - The lithium segment is expected to recover as the company obtained new mining permits, with annual carbonate lithium production and sales adjusted to 8,510 tons from the original plan of 11,000 tons [3] Summary by Sections Financial Performance - For Q3 2025, the company achieved a revenue of 723 million yuan, a year-on-year increase of 28.7%, but a quarter-on-quarter decrease of 35.76% [1] - The investment income for Q3 2025 was 686 million yuan, accounting for 72.1% of the net profit attributable to shareholders [2] Segment Analysis Copper Segment - Production for the first three quarters reached 142,500 tons, up 16.8% year-on-year, with sales at 142,400 tons, up 18.1% year-on-year [2] - Q3 production and sales were approximately 49,700 tons each, with quarter-on-quarter increases of 7.1% and 7.3%, respectively [2] Potassium Chloride Segment - Year-to-date production was 702,000 tons, down 7.2% year-on-year, while sales were 784,000 tons, up 9.6% year-on-year [3] - Q3 production was 216,000 tons, down 33.6% quarter-on-quarter, and sales were 248,000 tons, down 30.6% quarter-on-quarter [3] Lithium Segment - Year-to-date production was 6,021 tons, down 35.1% year-on-year, and sales were 4,800 tons, down 53.0% year-on-year [3] - Q3 production was 851 tons, down 71.7% quarter-on-quarter, and sales were 330 tons, down 88.8% quarter-on-quarter [3] Project Progress - The second phase of the Jilong copper mine is on track for production, with successful testing of the second concentrator's selection system [3] - Preparations for the Laos potassium fertilizer project are ongoing, including infrastructure and technical advancements [4]

Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The company's performance has significantly improved due to the rise in potassium chloride and copper prices, with a notable increase in net profit [2][3] - The resumption of lithium carbonate production and the steady progress of new projects are expected to contribute positively to future earnings [3] Summary by Sections Financial Performance - In the first three quarters of 2025, the company achieved revenue of 2.401 billion yuan, a year-on-year increase of 3.35% - The net profit attributable to shareholders reached 2.751 billion yuan, up 47.26% year-on-year, while the net profit after deducting non-recurring gains and losses was 2.756 billion yuan, an increase of 49.27% year-on-year - For Q3 2025, the company reported a revenue of 723 million yuan, a year-on-year increase of 28.71%, but a quarter-on-quarter decrease of 35.76% [1] Product Sales and Pricing - The potassium chloride sales volume for the first three quarters of 2025 was 783,800 tons, a year-on-year increase of 9.6%, primarily due to the release of approximately 80,000 tons from national reserves - The average selling price of potassium chloride was approximately 2,920 yuan per ton, reflecting a year-on-year increase of 26.9% - The company’s lithium carbonate sales volume was 4,800 tons, a decrease of 53.0% year-on-year, with an average selling price of 67,300 yuan per ton, down 24.6% year-on-year [2] Investment Income - The company received investment income of 1.95 billion yuan from its associate, Julong Copper Industry, representing a year-on-year increase of 43.1% - Julong Copper's copper production was 142,500 tons, up 16.8% year-on-year, with sales volume of 142,400 tons, an increase of 18.1% year-on-year, and an average selling price of 83,000 yuan per ton, up 8.0% year-on-year [2] Future Outlook - The company has resumed production at its lithium subsidiary and adjusted its lithium carbonate production and sales plan for 2025, expecting both to reach 8,510 tons - New projects, including the completion of photovoltaic power station construction contracts and the progress of the Laotian potassium salt mine project, are on track [3] Profit Forecast and Valuation - The profit forecast for 2025-2027 has been raised, with expected net profits of 3.645 billion, 4.845 billion, and 5.828 billion yuan respectively - The report maintains the "Buy" rating based on the anticipated growth driven by rising potassium chloride and copper prices [3][4]