镍矿堆成山，企业却关门，这不是天灾，是政策和钱袋子的故事在公开上演，普拉博沃做了什么，印尼 在付出什么代价？ 印尼有近六成全球镍矿在地下，按理这是躺着赚钱的家底，可现实不是这么简单，外资来了，工人多 了，钞票没留下多少，这里有结构性问题，也有政策性失误，最关键的是，钱花哪儿了，谁在收割？ 普拉博沃上台，要当"强人总统"，口号响亮，方案更响亮——砍预算、开主权基金、扩军队办产业，听 着像大手笔，实际上像把剪刀和喂钱机器同时上阵，国家的钱袋子被他一会儿捅窟窿，一会儿又往神秘 的基金里塞。 先说节流，他一刀砍下190亿美元，公共工程的钱没了，合同暂停，地方财政被迫加税，这活儿用谁来 干，路谁来修，穷人承担代价，地方政府也只能找门路收钱，结果就是房产税飙升、车购税上涨、电商 代扣新规，民怨四起，这叫把财政紧缩的成本外部化给普通百姓。 再说开源，达南塔拉——第二支主权基金，目标听起来像是冲上云霄的野心，从国企里抽血，把控制权 集中到一个直接对总统负责的机构，账面光鲜，透明度欠奉，亏了谁来负责，这个问题很现实，也是 《财富》杂志质疑的点，政府说和中国投行合作能提高效率，实务操作里，权力与资本合并的危险性不 可小觑。 镍产 ...

Economic Growth and Development - The GDP of Tibet has increased from 327 million yuan in 1965 to 276.5 billion yuan in 2024, representing a growth of 155 times with an average annual growth rate of 8.9% [1] - Central government transfer payments to Tibet have exceeded 1 trillion yuan over 60 years, providing solid support for modernization [1] Financial Sector Evolution - The financial sector in Tibet has evolved from basic banking services to sophisticated financial institutions, with total deposits and loans exceeding 600 billion yuan [1] - Since 2011, banks have provided over 130 billion yuan in preferential interest rates for loans to Tibetan enterprises, benefiting 235,000 business entities [1] Policy Initiatives and Support - The China Securities Regulatory Commission has implemented favorable policies for IPOs of Tibetan enterprises since 2016, facilitating immediate review and approval [2] - The "Galsang Flower Action" initiated in 2023 aims to promote the growth of Tibetan enterprises by attracting talent, technology, and capital [2] Resource Utilization and Industry Development - Tibet's unique ecological, clean energy, mineral, and cultural tourism resources are becoming attractive for investment, necessitating further financial and fiscal policy support [2] - There is a need to enhance product service innovation and diversify financing models to better utilize natural resources for economic development [2] Infrastructure and Livelihood Improvement - Major projects like the Yaluzangbu River hydropower project and the Sichuan-Tibet Railway present historical opportunities for economic growth and improved livelihoods [3] - Continuous financial support and effective use of policies are essential for sustaining development momentum and ensuring that all ethnic groups benefit from modernization [3]

Core Viewpoint - The company announced its 2025 H1 earnings forecast, which aligns with expectations, showing significant year-on-year growth in net profit and non-recurring net profit due to lean production and rising gold prices [1][2]. Financial Performance - For 2025 H1, the company expects a net profit attributable to shareholders of 2.55-3.05 billion yuan, representing a year-on-year increase of 84.3%-120.5%. The non-recurring net profit is also projected to be in the same range, with a year-on-year increase of 80.3%-115.6% [1]. - In Q2 2025, the net profit is anticipated to be 1.52-2.02 billion yuan, reflecting a quarter-on-quarter increase of 48.5%-97.3%, with non-recurring net profit expected to follow a similar trend [1]. Gold Price Trends - The average gold price for H1 2025 is projected at 723 yuan per gram, a year-on-year increase of 38.3%, while Q2 2025 is expected to see a price of 773 yuan per gram, a quarter-on-quarter increase of 15.2% [2]. - The upward trend in precious metal prices is expected to continue, driven by gold's attributes as a financial product, particularly its safety and liquidity in the context of global economic uncertainties [2]. Project Developments - The company has multiple ongoing projects that are expected to enhance its resource advantages and economic benefits, including the Cardino project, which is set to begin trial production in November 2024, with an expected annual gold output of 8.4 tons [2]. - Other projects, such as the Jiao Jia Mine and New Town Gold Mine, are also in development, with anticipated annual outputs of 18.854 tons and 7.77 tons, respectively [2]. Investment Outlook - The company maintains a buy rating and forecasts net profits of 6.87 billion yuan, 8.50 billion yuan, and 9.48 billion yuan for 2025-2027, corresponding to price-to-earnings ratios of 20x, 17x, and 15x [3]. - As the three major mining projects gradually come online, the company is expected to benefit significantly from the rising gold price cycle, translating resource advantages into economic benefits [3].