美联储政策收紧

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鲍威尔潜在继任者泽尔沃斯:美联储从来都不独立
Sou Hu Cai Jing· 2025-08-20 16:31
来源:格隆汇APP 格隆汇8月21日|美联储主席鲍威尔的潜在继任者泽尔沃斯(David Zervos)表示,将美联储描述为"独 立"并不准确,他还称鲍威尔在政治上左倾。泽尔沃斯亦支持总统特朗普及财长贝森特的减息呼吁,称 美联储政策过于收紧。 ...
able_Title] 韦丹塔 2025Q2 原铝产量同比增长 1%至 60.5 万吨,税后利润同比下降 13%至 445.7 亿印度卢比
HUAXI Securities· 2025-08-07 08:10
Investment Rating - Industry rating: Recommended [6] Core Insights - The report highlights a 1% year-on-year increase in primary aluminum production to 605,000 tons in Q2 2025, with a 13% decline in after-tax profit to 44.57 billion Indian Rupees [2][3] - Record alumina production of 587,000 tons in Q2 2025, representing a 9% year-on-year increase and a 36% quarter-on-quarter increase [2] - Zinc production in India reached a historical high of 265,000 tons in Q2 2025, marking a 1% year-on-year increase but a 15% quarter-on-quarter decrease [4] - The overall production cost decreased by 21% year-on-year to 1,269 USD/ton [5] - The report indicates a significant increase in iron ore production, which rose by 42% year-on-year to 1.8 million tons in Q2 2025 [5] Production and Operational Performance - Primary aluminum production remained stable at 605,000 tons, with the lowest HM cost in 16 quarters at 888 USD/ton [3] - Zinc production from international companies increased by 50% year-on-year to 57,000 tons [4] - Oil production averaged 93,200 barrels per day in Q2 2025, with new oil fields partially offsetting natural declines [5] - The report notes a record high in pig iron production at 213,000 tons, with a 4% increase year-on-year and quarter-on-quarter [5] Financial Performance - Total revenue for Q2 2025 was 374.34 billion Indian Rupees, a 6% year-on-year increase, driven by premium and foreign exchange gains [10] - EBITDA grew by 5% year-on-year to 107.46 billion Indian Rupees, with an EBITDA margin of 35%, the highest in 13 quarters [11] - After-tax profit decreased by 13% year-on-year to 44.57 billion Indian Rupees, with a net debt to EBITDA ratio of approximately 1.3x [16][18]
有色金属海外季报:必和必拓2025Q2铜产量同比增加2%至51.62万吨,2025财年铜产量同比增加8%至201.67万吨
HUAXI Securities· 2025-07-19 11:34
Investment Rating - Industry rating: Recommended [8] Core Insights - In Q2 2025, copper production increased by 2% year-on-year to 516,200 tons, with a full-year production forecast of 2,016,700 tons, an 8% increase compared to the previous year [2][11] - Nickel production in Q2 2025 saw a significant decline of 99% year-on-year, totaling 300 tons, due to temporary shutdowns [3][12] - Iron ore production reached 70.3 million tons in Q2 2025, a 2% increase year-on-year, with a full-year forecast of 263 million tons, reflecting a 1% increase [4][13] - Coking coal production increased by 5% year-on-year to 10.3 million tons in Q2 2025, while full-year production is expected to decrease by 19% to 36 million tons [5][14] - Thermal coal production rose by 8% year-on-year to 4.1 million tons in Q2 2025, with a full-year forecast of 15 million tons, a 2% decrease [6][15] Summary by Sections Copper - Q2 2025 copper production was 516,200 tons, up 2% year-on-year and 1% quarter-on-quarter [2] - Average realized price for copper was $4.43 per pound, down 3% year-on-year and quarter-on-quarter [19] Nickel - Q2 2025 nickel production was 300 tons, down 99% year-on-year and 87% quarter-on-quarter [3] - Full-year nickel production forecast is 30,200 tons, a 63% decrease compared to the previous year [12] Iron Ore - Q2 2025 iron ore production was 70.3 million tons, up 2% year-on-year and 14% quarter-on-quarter [4] - Average realized price for iron ore was $79.93 per wet ton, down 12% year-on-year and 8% quarter-on-quarter [19] Coking Coal - Q2 2025 coking coal production was 10.3 million tons, up 5% year-on-year and 31% quarter-on-quarter [5] - Average realized price for coking coal was $177.32 per ton, down 28% year-on-year and 4% quarter-on-quarter [19] Thermal Coal - Q2 2025 thermal coal production was 4.1 million tons, up 8% year-on-year and 13% quarter-on-quarter [6] - Average realized price for thermal coal was $85.70 per ton, down 31% year-on-year and 12% quarter-on-quarter [19] Major Projects - The Jansen project is progressing, with 68% completion of the JS1 project, and capital expenditure expected to rise to between $7 billion and $7.4 billion [16]
有色金属海外季报:Metro Mining 025Q1向客户发送18.4万湿吨铝土矿,2025年 4-5月出货量同比增长20.3%至109.66万吨
HUAXI Securities· 2025-06-19 14:47
Investment Rating - Industry rating: Recommended [5] Core Insights - The report highlights that Metro Mining achieved a record shipment of 184,000 wet tonnes of bauxite in Q1 2025, with a year-on-year increase of 20.3% to 1,096,600 tonnes in April-May 2025 [1][2] - The operational season was extended due to the benefits from the 2024 expansion project, which included the Ikamba floating terminal designed for safe loading in higher sea conditions [1][2] - In April 2025, Metro's shipment reached 424,700 wet tonnes, a 12.2% increase year-on-year, while May 2025 saw shipments of 671,900 wet tonnes, up 26% from May 2024 [3] - The company is on track to meet its 2025 shipment target of 6.5 to 7 million wet tonnes [3] Production and Operational Performance - Q1 2025 shipment volume reached 184,000 tonnes, marking a record for the Bauxite Hills rainy season [1] - A large-scale maintenance plan was successfully completed during the rainy season, including upgrades to loading systems and automation of the plant [2] - Approximately 80% of Metro's sales volume is negotiated quarterly, with expected offshore prices in Q2 2025 rising about 20% compared to Q4 2024 [2] Financial Performance - As of the end of Q1 2025, Metro's cash position was AUD 12.2 million [4] - The total secured debt financing amounts to USD 56.6 million, with USD 5.2 million drawn in the current quarter [4] - Metro has implemented a currency hedge with a nominal value of USD 50 million at an average exchange rate of AUD 0.68 per USD [6]