对于业绩的驱动因素，公告显示，上半年，面对市场的诸多不确定性，锡业股份紧盯市场变化，抢抓市 场机遇，积极拓展原料渠道，确保生产稳定创效，发挥矿山、冶炼产业协同效应，强化生产全流程管 控，充分释放有价金属效能，提升冶炼生产综合效益，上半年生产经营形势持续稳中向好，圆满完成既 定生产经营目标任务。 上海钢联（300226）稀贵金属事业部锡分析师郭砺成对《证券日报》记者表示："缅甸佤邦7月份召开矿 业会议后，尽管部分运营商已开始办理采矿许可证，但受人员设备调配影响，三季度前期锡矿供应紧张 局面难以显著缓解，锡矿短缺仍将为锡价提供底部支撑，资源龙头优势显现。" 2024年，锡业股份锡精矿、铜精矿、锌精矿自给率分别为30.21%、15.91%、72.72%；今年上半年，公 司原料自给率还在持续提升。 对此，锡业股份相关负责人对《证券日报》记者表示："公司大力推进原料采购'双渠道'战略，在稳住 精矿采购渠道的同时，不断拓展二次原料采购渠道。同时，公司高效组织矿山生产，优化采场布局，强 化选厂抛废流程，积极克服出矿量及出矿品位的挑战，矿山基础进一步夯实。有价金属回收效能也进一 步释放，冶炼生产综合效益不断提升，有效对冲加工 ...

Core Insights - The nickel prices on the London Metal Exchange have plummeted to a five-year low of $14,000 per ton, nearing Indonesia's production cost of $9,000 to $10,000, leading to the shutdown of numerous nickel smelting plants [2] - Indonesia's nickel industry has dramatically shifted from a minor player with a 6% share in the global refined nickel market four years ago to a dominant position with a 65% share in 2024, showcasing an annual production capacity of 2.2 million tons [4] - The initial expectation was that Indonesia's nickel industry would thrive, contributing $30 billion in annual exports and creating hundreds of thousands of jobs, but the reality has turned into a nightmare [4] Market Dynamics - Indonesia's miscalculation regarding China's nickel demand led to a ban on nickel ore exports in 2020, aiming to secure Chinese investment in its processing facilities [6][8] - The rapid advancement of battery technology in China, particularly the rise of lithium iron phosphate batteries, has reduced the necessity for nickel, leading to a significant decrease in demand [10] - By the end of 2024, China is expected to increase its strategic nickel reserves by 100,000 tons, capitalizing on the low nickel prices [12] Industry Challenges - Indonesia now faces a paradox of having the world's largest nickel production capacity while becoming a victim of market changes, with domestic consumption unable to keep pace, leading to imports of nickel ore from the Philippines [14] - The broader trend of "de-China" has led many countries to pursue similar ambitions in critical mineral sectors, but without the necessary technological capabilities, they face significant challenges [18] Technological Implications - The success of China's nickel industry is attributed to technological innovation rather than mere resource extraction, with a focus on the entire supply chain from mining to recycling [21] - Countries attempting to replicate China's model must recognize that resource abundance alone is insufficient; technological prowess and strategic stability are crucial for success [25][28]

根据公告，该分红承诺呈刚性。在满足"年度可分配利润为正"且"审计报告无保留意见"条件下，公司每 年现金分红比例锁定40%底线，且上不封顶。 6月4日晚间，大中矿业（001203）股份有限公司(以下简称"大中矿业")正式发布《未来三年股东分红回 报规划(2024年—2026年)》，郑重承诺"公司每年进行一次现金分红，每年以现金方式分配的利润应不 低于当年实现的可分配利润的40%(含40%)"。 大中矿业相关负责人对《证券日报》记者表示："此举是公司对2023年股东大会通过分红议案的重新修 订，将以高于A股平均股利支付率水平的回报力度，向资本市场传递出共享发展红利的坚定决心和对公 司盈利可持续性与现金流管控的强大信心，标志着公司治理与股东价值管理迈入新阶段。" 当前随着碳酸锂价格中枢不断下移，锂电板块估值整体处于历史低位，大中矿业以确定性分红承诺对冲 行业估值波动，彰显"现金奶牛"属性，筑起投资者信任壁垒，将资源禀赋转化为可预期的长期回报。 邢星表示，随着未来锂电行业逐步走出周期底部，大中矿业凭借其持有的优质锂矿资源以及高额分红的 承诺，有望成为长线资金抵御周期波动的核心配置标的，长期配置价值凸显。 "公司将深耕 ...