证券研究报告 | 公司点评 gszqdatemark 2025 07 14 年 月 日 2025H1 量价拆分：铜金产量双位数增长，金价同比增长 39.5%。 2025Q2 量价拆分：矿产金量价大幅提升，或为公司主要业绩增长点。 年内公司完成加纳 Akyem 金矿交割，拟收购哈国 RG 金矿项目，助力公 司完成 2028 年矿产金 100-110 吨规划目标。 2025 年 4 月 17 日，公司通过境外全资子公司完成收购纽蒙特旗下加纳 Akyem 金矿 100%权益。加纳金矿 2021-2024 年黄金产量分别为 11.9/13.1/9.2/6.4 吨。2023 年度实现销售收入 5.74 亿美元，净利润 1.28 亿美元。 2025 年 7 月 1 日，公司公告拟以全资子公司紫金黄金国际（拟分拆至香 港联合交易所上市的主体），拟以 12 亿美元对价，收购 Cantech 持有的 RG 金矿项目 100%权益，RG 金矿项目保有资源量（金价 2000 美元/盎 司）：控制+推断级别矿石量 2.41 亿吨，金平均品位 1.01 克/吨，金金属 量 242.1 吨，项目剩余服务年限 16 年（2025 年至 2 ...

Core Viewpoint - The performance forecast for the first half of 2025 by Zhuhai Group indicates a significant increase in net profit, driven by rising precious metal prices and improved operational efficiency [1][2]. Group 1: Company Performance - Zhuhai Group expects a net profit of 560 million to 650 million yuan for the first half of 2025, representing a year-on-year increase of 50.97% to 75.23% [1]. - The net profit excluding non-recurring gains and losses is projected to grow by 80.97% to 109.55% year-on-year [1]. - The company attributes its performance growth to the increase in precious metal prices and a recovery in zinc smelting processing fees, alongside enhanced operational efficiency through refined management practices [1]. Group 2: Industry Trends - The lead and zinc business of Zhuhai Group is currently in a recovery phase, with an expected increase in processing fees and improved supply-demand dynamics for zinc concentrate [2]. - The average processing fee for domestic zinc concentrate in the first quarter of 2025 was 4,463 yuan per ton, reflecting a month-on-month increase of 937 yuan per ton [2]. - The prices of gold and silver are expected to continue rising, supported by global geopolitical tensions and central bank purchasing trends, with gold prices increasing nearly 30% this year following a 27% rise last year [2][3]. Group 3: Future Outlook - Institutions remain optimistic about the upward trend in precious metal prices, which is expected to support the performance of related companies [3]. - Recent dovish comments from Federal Reserve officials regarding potential interest rate cuts are anticipated to bolster gold prices [3]. - Silver, with its dual industrial and financial attributes, is expected to see increased demand, particularly from the photovoltaic sector, leading to a favorable supply-demand balance [3].

Group 1 - The mining ETF (561330) rose over 1.2% on July 1, driven by expectations of interest rate cuts by the Federal Reserve, leading to a general increase in metal prices [1] - Copper prices have been affected by the U.S. Section 232 import investigation, prompting traders to ship large quantities of copper to the U.S. to avoid potential tariffs, resulting in a significant shortage of inventory in non-U.S. regions [1] - LME deliverable copper inventory has plummeted by approximately 80% this year, with the spot price reaching a premium of $300/ton over three-month futures, the highest since 2021 [1] Group 2 - Aluminum prices have been impacted by supply issues from the Guinea bauxite mines, highlighting the vulnerability of the industrial chain, while LME aluminum inventory continues to deplete [1] - The equipment manufacturing sector has seen a year-on-year profit increase of 7.2%, significantly supporting industrial profits, with the non-ferrous metal smelting and rolling industry experiencing a profit growth of 9.8% [1] - Current economic resilience supports a strong fluctuation in basic metal prices, although there are concerns regarding the impact of tariff policies and geopolitical factors on supply and demand [1] Group 3 - The mining ETF tracks the non-ferrous mining index, which is compiled by China Securities Index Co., Ltd., selecting major listed companies in the non-ferrous metal mining sector from the A-share market as index samples [1] - This index comprehensively reflects the overall performance of China's non-ferrous metal mining industry, characterized by significant cyclicality and resource attributes, providing effective investment targets for investors focusing on resource stocks [1]

美国流动性宽松预期强化，看多基本金属 20250627 摘要 美国 7 月面临多重关键事件：国会休会前夕的投票、对欧盟关税豁免到 期以及美联储潜在降息决策，这些因素共同影响商品市场和下半年流动 性预期，尤其是 7 月 4 日经济刺激法案落地与否至关重要。 美联储官员释放降息信号，主席鲍威尔暗示关税积极变化是降息条件， 市场传闻中美贸易缓和，若 7 月经济刺激落地，将形成宽财政和宽流动 性双重支持，利好基本金属需求和抗通胀能力。 COMEX 铜与 LME 铜价差扩大至 1,400 美元/吨，溢价率达 14.2%，主 因市场预期美国可能落地铜的 232 调查，叠加 LME 限制多单交易， COMEX 市场更为积极，推动价差走高，带动伦铜和沪铜走强。 国内铜市场远期价格疲软，远月合约从 Contango 转为 Backwardation，不利于权益投资，因股票市场偏好现货价格上涨且远 期基差扩大的走势，当前状况可能导致投资者对股票投资持谨慎态度。 宏观预期上调、流动性释放、现货低库存以及中报季临近，共同支撑基 本金属价格上行，业绩、宏观预期和短期交易行为共振，有望推动基本 金属价格上涨。 Q&A 2025 年 7 ...

Core Insights - The recent surge in platinum prices has led consumers to shift their purchasing preferences from gold to platinum, indicating a change in market dynamics [1] - Platinum prices have increased significantly, surpassing 300 yuan per gram, with a year-to-date increase of over 36%, outpacing gold's price growth [1] - Demand for platinum jewelry has risen sharply, with reports of supply shortages as sales volumes have increased from approximately 150-200 kilograms per month to potentially 400-500 kilograms during peak periods [1]

Group 1 - The recent surge in precious metals prices, particularly silver and platinum, has outpaced gold, attracting significant market attention [3][6] - As of June 6, silver prices increased by 9.04% to $35.9648 per ounce, while platinum reached a high of $1172.59 per ounce, marking a nearly two-year peak [3][4] - Year-to-date, silver has risen approximately 24% and platinum has increased by 28% [3] Group 2 - The price increases of silver and platinum are seen as a technical rebound following gold's previous gains, which rose by 42% over the past year [4][6] - The industrial demand for silver, driven by the solar energy sector, and the automotive industry's need for platinum in catalytic converters are key factors supporting the price increases [7][8] - Both silver and platinum markets are facing supply shortages, with platinum expected to have a shortfall of 30 tons by 2025, exacerbated by declining production in major mining regions [8] Group 3 - The long-term outlook for precious metals remains positive due to ongoing global economic uncertainties and geopolitical tensions, which enhance their appeal as safe-haven assets [10]

Core Viewpoint - The report from ANZ indicates that a weaker US dollar has boosted investor demand for copper, with basic metal prices expected to rise due to tight market supply [1] Group 1: Market Performance - Three-month copper on the London Metal Exchange rose by 1.2% to $9,614 per ton [1] - Three-month aluminum increased by 0.4% to $2,466 per ton [1] Group 2: Economic Factors - The depreciation of the US dollar has made commodities priced in dollars cheaper for international buyers, enhancing demand for copper [1] - Concerns about the economic backdrop have limited the price increases of other base metals [1] Group 3: Supply Dynamics - The report highlights that while market concerns are understandable, the slowdown in aluminum supply growth may keep the overall market tight [1]

有色金属 报告日期：2025 年 05 月 13 日 证券研究报告 贵金属主升浪带动业绩大增，工业金属静待需求复苏 ——有色金属行业 2024 年年报及 2025 年一季报综述 华龙证券研究所 最近一年走势 摘要： 执业证书编号：S0230523080001 邮箱： ngdy@h zq.com 有色金属行业周报》2025.05.06 加剧—有色金属行业周报》2025.04.28 报》2025.04.07 请认真阅读文后免责条款 投资评级：推荐（维持） 2024 年，以金、铜为代表的主要金属品类价格显著上涨，带动相 关上市公司整体业绩增长。其中，贵金属价格较 2023 年增长 20% 以上，主要上市公司量价齐升，同时经营水平稳步提升、降本增 效成果显著，贵金属上市公司归母净利润增速超过 40%。铜、铝 价格分别同比上涨 7.89%、7.53%，铅、锌价格跌、涨互现，工业 金属上市公司归母净利润同比增长超 30%，弹性较大。能源金属 方面，电池级碳酸锂和氢氧化锂价格跌超 60%，行业上市公司归 母净利润下滑 97.88%，行业盈利水平仍在筑底中。维持行业"推 荐"评级。 分析师：景丹阳 相关阅读 《美国关税预期缓 ...

Core Insights - The overall performance of the non-ferrous metal industry in 2024 is positive, with over 70% of companies reporting revenue growth and nearly 90% achieving profitability [1] - The demand for non-ferrous metals is increasing, driven by rising gold prices and a significant upward shift in the prices of traditional industrial metals like copper, aluminum, and zinc [1][2] - Companies are actively expanding their resource reserves and production capacity through acquisitions and exploration [2] Industry Performance - As of April 27, 2024, 124 non-ferrous metal companies have released their annual reports, showing a comprehensive index of industry prosperity on the rise [1] - The average annual prices for copper and lead have reached their highest levels in five years [1] Company Highlights - China Aluminum Corporation reported a revenue of 237.066 billion yuan, a year-on-year increase of 5.21%, and a net profit of 12.4 billion yuan, up 85.38% [1] - Zijin Mining Group achieved a revenue of 303.64 billion yuan, a 3.49% increase, and a net profit of 32.051 billion yuan, up 51.76% [2] - Jinhui Mining reported a revenue of 1.539 billion yuan, a 19.97% increase, and a net profit of 477 million yuan, up 39.06% [1] Strategic Moves - Companies are accelerating resource acquisition and capacity expansion, with Jinhui Mining successfully bidding for mining rights and establishing new subsidiaries [2] - Tongling Nonferrous Metals Group completed a 70% acquisition of China Railway Construction Copper Crown Investment Co., enhancing its resource reserves and production capabilities [2] Future Outlook - Experts predict that non-ferrous metal prices will remain high into 2025, sustaining a high level of industry prosperity [3]

长江商报消息 ●长江商报记者 汪静 4月14日晚间，锡业股份披露2025年第一季度业绩预告，公司预计实现归属于上市公司股东的净利润 （以下简称"净利润"）为4.7亿元—5.3亿元，同比增长44.06%—62.45%。锡、铜、锌等金属市场价格同 比上涨，是公司业绩增长的主要原因。 长江商报记者注意到，锡业股份是全球锡、铟双龙头。自2005年以来，公司锡产销量稳居全球第一， 2024年全球市场占有率升至25.03%。 2017年以来，锡业股份一直处于盈利状态，并在2021年创下业绩新高，当年实现营业收入538.4亿元、 净利润28.17亿元。 锡价震荡走高，锡业股份（000960.SZ）业绩高增。 2024年，锡业股份有色金属总产量达36.10万吨，其中锡8.48万吨、铜13.03万吨、锌14.40万吨，总产量 及锡、锌产量均创历史新高。 锡价震荡走高带动净利增长 根据业绩预告，2025年第一季度，锡业股份预计净利润为4.7亿元—5.3亿元，同比增长44.06%— 62.45%；扣非净利润为4.64亿元—5.24亿元，同比增长52.68%—72.42%。 锡业股份表示，报告期内，主要产品锡、铜、锌等金属市场价格同 ...