新华财经伦敦9月27日电 伦敦金属交易所基本金属价格26日收盘时普遍下跌。 3个月期锡收于每吨34415.00美元，比前一交易日的收盘价每吨上涨25.00美元，涨幅为0.07%。 截至当天收盘，3个月期铜价收于每吨10205.00美元，比前一个交易日的收盘价每吨下跌70.50美元，跌 幅为0.69%。 3个月期铝收于每吨2649.00美元，比前一交易日的收盘价每吨下跌15.00美元，跌幅为0.56%。 3个月期镍收于每吨15155.00美元，比前一个交易日的收盘价每吨下跌85.00美元，跌幅为0.56%。 3个月期铅收于每吨2001.50美元，比前一交易日的收盘价每吨下跌7.50美元，跌幅为0.37%。 3个月期锌收于每吨2886.50美元，比前一交易日的收盘价每吨下跌36.00美元，跌幅为1.23%。 伦敦金属交易所基本金属价格26日收盘时普遍下跌，反映了市场基调的转变——市场在早先上涨后回 落，下游需求减弱，并且只有持续供应紧张的金属出现选择性走强，而更广泛的需求和情绪因素则拉低 了其余价格。 （文章来源：新华财经） ...

Group 1 - Non-ferrous stocks experienced a collective decline in early trading, with Jiangxi Copper down 4.53% to HKD 25.3, China Aluminum down 4.35% to HKD 7.26, Luoyang Molybdenum down 3.87% to HKD 12.41, and Zijin Mining down 3.79% to HKD 28.42 [1] - Guotai Junan Securities noted that the US August CPI met expectations, and the weakening job market has led to rising interest rate cut expectations, positively impacting precious and industrial metal prices [1] - Citic Securities indicated that industrial metal prices are influenced by both financial and commodity attributes, with the Fed entering a rate cut cycle and global copper and aluminum inventories at relatively low levels, suggesting improved demand due to China's economic recovery and the new energy sector [1]

Group 1 - The non-ferrous metal stocks experienced a collective decline in early trading, with Jiangxi Copper Co. down 4.53% to HKD 25.3, China Aluminum down 4.35% to HKD 7.26, Luoyang Molybdenum down 3.87% to HKD 12.41, and Zijin Mining down 3.79% to HKD 28.42 [1] - Guotai Junan Securities noted that the U.S. August CPI met expectations, and the weakening job market has led to rising expectations for interest rate cuts, positively impacting precious and industrial metal prices [1] - Citic Securities previously indicated that industrial metal prices are influenced by both financial and commodity attributes, with the Federal Reserve entering a rate-cutting cycle and global copper and aluminum inventories at relatively low levels, suggesting a potential improvement in demand due to China's economic recovery and the boost from the new energy sector [1]

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for future performance [6]. Core Views - The company achieved a net profit attributable to shareholders of 1.062 billion yuan in the first half of 2025, representing a year-on-year increase of 32.76% [1]. - The company is focused on enhancing the value of its existing mines, with plans to strengthen resource exploration in the Karafang mining area and improve the utilization of tailings resources [3]. - The average prices of tin, copper, and zinc increased year-on-year in the first half of 2025, contributing to the company's improved financial performance [2]. Financial Performance Summary - In Q2 2025, the company reported a net profit of 562 million yuan, up 18.76% year-on-year and 12.61% quarter-on-quarter [1]. - The gross margin for Q2 2025 was 13.06%, an increase of 1.56 percentage points from the previous quarter [2]. - The company produced a total of 181,300 tons of non-ferrous metals in the first half of 2025, exceeding production plans for tin, copper, and zinc [3]. Profit Forecast and Valuation - The profit forecast for 2025 has been adjusted downwards due to fixed asset disposals, while forecasts for 2026 and 2027 have been raised, with expected net profits of 2.36 billion yuan, 2.59 billion yuan, and 2.67 billion yuan for 2025, 2026, and 2027 respectively [4]. - The company's price-to-earnings (P/E) ratios are projected to be 14x, 13x, and 13x for 2025, 2026, and 2027 [4]. - The company is positioned as a leader in the global tin industry, with expectations for improved profitability as tin demand recovers [4].

Investment Rating - The report maintains a "Buy" rating for the company, expecting a relative increase in stock price of over 20% within the next six months [7][8]. Core Insights - The company achieved a revenue of 10.41 billion yuan in H1 2025, representing a year-on-year growth of approximately 14.9%, and a net profit attributable to shareholders of 585 million yuan, up 57.8% from the previous year [3][4]. - The rebound in zinc processing fees and the increase in precious metal prices contributed to the company's significant performance improvement, alongside effective operational management and cost control [4][5]. - The acquisition of 100% equity in Shuikoushan Co., Ltd. has enhanced the company's resource capabilities, with Shuikoushan contributing significantly to the overall net profit [6]. Financial Performance - In H1 2025, the company reported a net profit of approximately 1 billion yuan from its smelting segment, driven by rising processing fees and product prices [5]. - The company’s net profit from Shuikoushan reached 489 million yuan in H1 2025, accounting for about 84% of the total net profit [6]. - The company forecasts net profits of 1.29 billion yuan, 1.35 billion yuan, and 1.46 billion yuan for 2025, 2026, and 2027 respectively, with year-on-year growth rates of 63.83%, 4.93%, and 7.92% [8][10]. Market Position and Outlook - The company is transitioning from a lead-zinc smelting focus to a resource-oriented model, leveraging its high-grade mineral resources [6]. - The report anticipates stable growth in the company's mining production and sales, supported by rising gold and silver prices [8].

Group 1 - LME copper prices increased by 0.48% to $9,685 per ton due to supply concerns following an accident at Codelco's mine in Chile, despite rising copper inventories limiting price gains [1] - The Shanghai Futures Exchange (SHFE) September copper contract fell by 0.25% to 78,280 yuan per ton, with Codelco required to submit four reports regarding the El Teniente mine collapse before resuming underground operations [2] - El Teniente mine produced 356,000 tons of copper last year, and traders are now re-exporting a portion of record shipments to the U.S. to capitalize on higher prices, overshadowing supply concerns from Chile [3] Group 2 - LME registered copper inventories increased by 2,275 tons (1.48%) to 156,125 tons, rising over 70% since the end of June [3] - Weak U.S. employment data has led to speculation about potential interest rate cuts by the Federal Reserve in September, resulting in a weaker dollar, making dollar-denominated metals like copper cheaper for holders of other currencies [3] - Other LME metals also saw price increases, with aluminum up 0.6% to $2,578 per ton, nickel up 0.64% to $15,120 per ton, lead up 1.27% to $1,998.5 per ton, tin up 0.69% to $33,485 per ton, and zinc up 0.62% to $2,775 per ton [3]

Group 1: Military Industry New Materials - The price of electrolytic cobalt has increased to 265,000 CNY/ton, a week-on-week increase of 6.9% [3] - The price ratio of electrolytic cobalt to cobalt powder is 0.95, up by 4.5% week-on-week; the price ratio of electrolytic cobalt to cobalt sulfate is 5.15, up by 6.2% [3] - Carbon fiber price remains at 83.8 CNY/kg with a gross profit of -8.24 CNY/kg [3] Group 2: New Energy Vehicle Materials - The CIF price of Li2O 5% lithium concentrate is 677 USD/ton, down by 4.51% week-on-week [4] - Prices for battery-grade lithium hydroxide, industrial-grade lithium carbonate, and battery-grade lithium carbonate are 73,200 CNY/ton, 70,200 CNY/ton, and 65,200 CNY/ton, with week-on-week increases of 7.9%, 6.95%, and 8.2% respectively [4] - The price of cobalt sulfate is 50,800 CNY/ton, up by 2.01% week-on-week [4] - Prices for lithium iron phosphate and 523-type cathode materials are 32,700 CNY/ton and 111,000 CNY/ton, remaining stable with slight increases of 0% and 0.4% respectively [4] - The price of neodymium oxide is 531.15 CNY/kg, up by 3.5% week-on-week [4] Group 3: Photovoltaic New Materials - The price of photovoltaic-grade polysilicon is 4.94 USD/kg, remaining stable [5] - EVA price is 10,100 CNY/ton, down by 0.5%, at a low level since 2013 [5] - The price of 3.2mm photovoltaic glass coating remains at 24.0 CNY/sqm [5] Group 4: Nuclear Power New Materials - Prices for zirconium-related materials are stable, with prices for zirconium oxychloride, sponge zirconium, hafnium oxide, zirconium silicate, and zircon sand at 14,750 CNY/ton, 150 CNY/kg, 9,000 CNY/kg, 13,950 CNY/ton, and 14,012.5 CNY/ton respectively [6] - The uranium price is projected to be 59.58 USD/lb in June 2025, up by 4.0% [6] Group 5: Consumer Electronics New Materials - The price of cobalt tetroxide is 207,500 CNY/ton, up by 2.47% week-on-week [7] - The price of lithium cobalt oxide is stable at 175.0 CNY/kg [7] - The price of silicon carbide remains at 5,400.00 CNY/ton [7] - Prices for high-purity gallium, crude indium, and refined indium are 1,755.00 CNY/kg, 2,575.00 CNY/kg, and 2,675.00 CNY/kg, with changes of -1.7%, 0%, and 0% respectively [7] - The price of germanium dioxide is stable at 9,800 CNY/kg, with 50% used for optical fibers and 15% for electronics and solar devices [7] Group 6: Other Materials - The prices for platinum, rhodium, and iridium are 312.00 CNY/g, 1,865.00 CNY/g, and 1,305.00 CNY/g, with changes of -6.3%, +9.4%, and +5.7% respectively [8]

北京时间17:17，LME三个月期铜下跌0.15%，报每吨9,672.5美元。 上海期货交易所（SHFE）主力期铜合约上涨0.5%，报每吨78,580元。 8月5日（周二），伦敦金属交易所（LME）期铜逆转稍早涨势下滑，因库存大幅增长，但智利供应担 忧限制跌幅。 一位新加坡金属交易商称，Codelco的El Teniente铜矿停产以及风险偏好回升都有助于铜价。 伦敦期铝上涨0.63%至每吨2569美元；期镍下跌0.57%至14980美元；期铅上涨0.46%至1968美元；期锡 下跌0.09%至33175美元；期锌上涨0.75%至2770美元。 沪铝涨0.5%，报20,560元；沪镍涨0.8%，报120,910元；沪铅持平，报16,775元；沪锡涨0.5%，报 267,490元；沪锌涨0.8%，报22,380元。 库存数据显示，LME铜库存增加14,275吨或10.23%，至153,850吨，创逾两个月高位。 智利国营铜业公司(Codelco)周一表示，上周地震引发塌方后，其El Teniente铜矿的地下作业仍处于暂停 状态。 （文华综合） ...

8月4日（周一），伦敦金属交易所（LME）期铜上涨，因担忧全球最大铜生产国智利的供应，但全球 经济前景担忧限制涨幅。 北京时间16:47，LME三个月期铜上涨0.96%，报每吨9,723美元。 智利矿业部长周日表示，官员们将确定何时可以安全地恢复该矿山的运营，该矿山去年生产35.6万吨 铜。 日本亦出现另一潜在供应问题，三菱材料公司（Mitsubishi Materials）表示，由于加工精炼费用 （TC/RCs）下降对盈利造成压力，该公司正考虑缩减其Onahama冶炼厂和精炼厂的铜精矿加工规模。 哥本哈根Saxo Bank大宗商品策略主管Ole Hansen表示："这确实支撑价格，并帮助缓解了周五就业报告 后的一些经济增长担忧。" 上海期货交易所交投最活跃的期铜合约上涨0.1%，收报每吨78,330元。 上海金属方面，沪铝上涨0.2%，报20525元；沪镍上涨0.5%，报120630元；沪铅上涨0.5%，报16750 元；沪锡上涨0.9%，报266490元；沪锌下滑0.4%，报22255元。 LME铜价自4月触及逾16个月低点以来已反弹逾五分之一，但仍较7月初逾10,000美元的高点有所回落。 智利国家铜业 ...

Investment Rating - Industry rating: Recommended [3] Core Insights - The U.S. Department of Defense (DoD) has invested billions in MP Materials to accelerate the independence of U.S. rare earth magnets, but global production remains highly concentrated in China in the short term [9][14][45] - Nickel prices have decreased due to a significant drop in demand and production halts in Indonesia, which may impact local mining operations [12][20][23] - Cobalt prices have risen due to supply tightening from the Democratic Republic of Congo, which accounts for approximately 75% of global electric vehicle battery supply [13][31] - Lithium carbonate prices have increased, but future price movements will depend on downstream demand recovery [7][38][44] - Antimony prices have remained stable, with domestic supply still tight, and production expected to decline in the coming months [32][36] Summary by Sections Rare Earth Industry - MP Materials announced a partnership with the DoD to enhance domestic production capabilities, with a new magnet manufacturing facility expected to be operational by 2028 [45][46] - The DoD has committed to a minimum price of $110 per kilogram for NdPr products, ensuring stable cash flow for MP Materials [46][47] Nickel Industry - As of July 11, LME nickel spot price was $14,955 per ton, down 1.09% from July 4, with total LME nickel inventory increasing by 1.83% [20] - Domestic NPI smelting costs remain under pressure, affecting the acceptance of high-priced raw materials [20][23] Cobalt Industry - As of July 11, cobalt prices have shown mixed trends, with electrolytic cobalt at 249,300 yuan per ton, down 0.99%, while cobalt oxide increased by 1.54% [24][31] - The extension of a temporary export ban by the Congolese government is expected to tighten global cobalt supply [31] Lithium Industry - The average price of battery-grade lithium carbonate reached 63,800 yuan per ton, up 2.36% as of July 11 [7][38] - Market sentiment is cautious, with inventory levels remaining high, limiting upward price movement [38][44] Antimony Industry - Domestic antimony ingot prices have stabilized, with supply constraints expected to support future pricing [32][36]