本报讯 （记者刘欢）8月26日晚间，白银有色集团股份有限公司（以下简称"白银有色"）发布2025半年度报告。公司上半 年实现营业收入445.59亿元，归属于上市公司股东的净利润4.33亿元。 作为一家大型有色金属及贵金属企业，白银有色主营业务覆盖铜、锌、铅、金、银多种有色金属及贵金属的采选、冶炼、 加工及贸易，具备年产铜40万吨、铅锌40万吨、金50吨、白银800吨的生产能力，形成了贯穿勘探、采矿、选矿、冶炼、加工 的全产业链布局，业务遍及国内外多个地区。 今年上半年，白银有色采选系统产出精矿铜铅锌钼金属量13.05万吨，冶炼系统生产铜锌铅金属产品总量42.62万吨。 公司旗下白银有色长通电线电缆有限责任公司在超导电缆和微细电磁线领域持续实现突破，成功研发并交付国内首根用于 核聚变装置的750米超导电缆，微细电磁线生产能力达到2万吨/年，技术水平已达到行业先进水平。参股企业甘肃德福新材料 有限公司已形成7万吨产能规模的高档电解铜箔；参股企业白银时代瑞象新材料科技有限公司一期2万吨磷酸锰铁锂（LMFP） 正极材料项目已建成投产，产品经检测符合标准；另一家参股公司甘肃银石中科纳米科技有限公司一期5000吨纳米氧化 ...

据证券之星公开数据整理，近期盛达资源(000603)发布2025年中报。根据财报显示，盛达资源增收不增 利。截至本报告期末，公司营业总收入9.06亿元，同比上升6.34%，归母净利润7009.64万元，同比下降 15.03%。按单季度数据看，第二季度营业总收入5.54亿元，同比下降5.99%，第二季度归母净利润 6181.23万元，同比下降32.28%。 本次财报公布的各项数据指标表现一般。其中，毛利率44.02%，同比增24.76%，净利率11.39%，同比 减9.08%，销售费用、管理费用、财务费用总计1.74亿元，三费占营收比19.17%，同比增6.22%，每股净 资产4.39元，同比减4.28%，每股经营性现金流0.19元，同比减42.28%，每股收益0.1元，同比减15.4% | 项目 | 2024年中报 | 2025年中报 | 同比增幅 | | --- | --- | --- | --- | | 营业总收入(元) | 8.52亿 | 9.06亿 | 6.34% | | 归母净利润(元) | 8249.48万 | 7009.64万 | -15.03% | | 扣非净利润(元) | 7764.74万 ...

Group 1: Industry Overview - The non-ferrous metal industry is stabilizing in prices due to rising expectations of interest rate cuts by the Federal Reserve and a recovery in industrial demand during the peak season [1] - Precious metals and industrial metals prices have generally strengthened, with COMEX gold and silver rising by 1.05% and 2.26% respectively, while LME aluminum and copper prices have also seen slight increases [1] - Companies are enhancing their competitiveness through capacity expansion and strategic positioning, with a particular focus on Shengda Resources and Zijin Mining [1] Group 2: Shengda Resources - Shengda Resources reported a 44.24% year-on-year increase in revenue from its non-ferrous metal mining and selection business, reaching 640 million yuan [2] - The company's core mines exhibit high profitability, with a gross margin of 62.64%, showcasing both resource endowment and operational advantages [2] - Shengda has identified approximately 12,000 tons of silver and 34 tons of gold through its seven controlled mining subsidiaries, with ongoing efforts to integrate mining rights at its main mine [2] - The company is progressing with its capacity expansion plans, with new mines expected to gradually release production capacity, supported by the rising metal prices [2] Group 3: Zijin Mining - Zijin Mining has established Fujian Zijin Precious Metals Co., Ltd. with a registered capital of 5 billion yuan, extending its business into precious metal smelting and resource extraction [3] - This move aims to enhance the company's industrial chain and synergize with its existing copper and gold operations, improving comprehensive resource development capabilities [3] - Recent large transactions indicate institutional investors' recognition of Zijin Mining's long-term value, with a total of 43 large transactions amounting to 727 million yuan in the past three months [3] - The strategic actions and capital movements of Zijin Mining are positioned to capitalize on the favorable industry cycle, supported by macroeconomic policies and demand recovery [3]

待产矿山中，东晟矿业的巴彦乌拉银多金属矿，证载生产规模为25万吨/年，目前正在进行矿山建设工 作，该矿区建成后将通过与银都矿业签订委托加工协议，拟由银都矿业代加工后进行销售；鸿林矿业拥 有的菜园子铜金矿为中大型待产铜金矿，证载生产规模为39.60万吨/年，目前矿山建设已基本完成，并 进行了选矿厂联动试车，力争尽快完成安全生产许可证的办理；德运矿业证载生产规模为90万吨/年， 除采矿权外，德运矿业还拥有一宗巴彦包勒格区铅锌多金属矿勘探的探矿权。目前，德运矿业正在进一 步开展探矿和相关手续办理工作。 银都矿业作为盛达资源的主力矿山，拥有国内上市公司中毛利率领先的银多金属矿。报告期内，银都矿 业有序推进拜仁达坝银多金属矿采矿权与外围拜仁达坝银多金属矿普查探矿权的整合工作，力争下半年 取得新采矿许可证，组织开展相关工作，为采矿工程奠定基础。 金山矿业是盛达资源唯一一座在产金银矿山，也是国内单体银矿储量最大、生产规模最大的独立大型矿 山之一。报告期内，金山矿业资源储量核实报告通过评审，累计查明矿石资源量增加182.09万吨，银金 属量增加608.67吨。 公司待产矿山建设逐步推进，公司产量增长路线明晰。当前，东晟矿业、 ...

Group 1: Semiconductor Industry - In the first half of 2025, China's semiconductor industry is expected to reach a total investment of 455 billion, with semiconductor equipment investment growing by 53.4% [6] - Shanghai Hejing, a leading integrated epitaxy company, is benefiting from recovering downstream demand and capacity expansion, with a projected return to growth after 2024 [6] - The company has established relationships with seven of the top ten global foundries and six power device IDM manufacturers, indicating strong market positioning [6] Group 2: Consumer Electronics - Apple's iPhone 17 has entered mass production, with Foxconn's Zhengzhou factory ramping up hiring to meet production demands [15][21] - The upcoming iPhone is expected to trigger a new replacement cycle, with core suppliers anticipating an increase in average selling prices [15] - Companies like Chaoyang Technology have established stable partnerships with major brands, enhancing their position in Apple's supply chain [21] Group 3: Rare Metals - The strategic importance of rare metals is increasing amid global geopolitical uncertainties [23] - Huayu Mining is projected to increase its gold equity production from 1 ton to 3.6 tons and antimony equity production from 0.4 million tons to 1.1 million tons over the next three years [23] - The company has seen significant stock price increases, reflecting positive market sentiment [23] Group 4: Other Notable Companies - RichChip Microelectronics has become a key partner for major clients like BYD and Yushun, with revenue showing substantial growth over eight consecutive quarters [13] - Companies like Lingyi Zhi Zao and Youyan Powder Materials are experiencing significant stock price increases due to their innovative technologies and market potential [26]

Core Viewpoint - Jin Hui Co., Ltd. has demonstrated robust performance in the non-ferrous metal mining sector, with positive financial results and a commitment to shareholder returns through a cash dividend plan [1][2]. Financial Performance - In the first half of 2025, the company achieved operating revenue of 792 million yuan, representing a year-on-year increase of 10.50% [1]. - The net profit attributable to shareholders was 253 million yuan, reflecting a year-on-year growth of 19.62% [1]. - The company plans to distribute a cash dividend of 2.00 yuan per 10 shares (including tax), totaling 196 million yuan [1]. Resource Expansion Efforts - The resource expansion initiatives have shown significant progress, particularly in the Dongpo lead-zinc mine exploration project, which has completed approximately 26,000 meters of drilling with a discovery rate exceeding 80% [2]. - A substantial mineral layer has been identified below 600 meters, measuring approximately 1,500 meters in length and 500 meters in width, with an average grade of 6%-8% for lead and zinc [2]. - The company aims to complete the exploration and detailed survey work by 2026, laying a solid resource foundation for future production capacity enhancement [2]. Industry Outlook - The non-ferrous metal industry is showing signs of recovery, with expectations for continued upward trends in metal prices due to macroeconomic stabilization and increased demand in emerging sectors like electric vehicles and 5G communications [3]. - Jin Hui Co., Ltd. plans to focus on safety, efficiency, resource expansion, capacity enhancement, and meticulous management to strengthen its core competitiveness during the industry's recovery [3].

Core Viewpoint - The company, Xiyeg股份, is actively engaging in share repurchase to reduce its registered capital, reflecting a strategic move to enhance shareholder value amidst fluctuating stock performance [1] Group 1: Stock Performance - As of August 7, 2025, Xiyeg股份's stock price closed at 18.04 yuan, down by 0.15 yuan, representing a decline of 0.82% from the previous trading day [1] - The trading volume on that day was 208,182 hands, with a total transaction amount of 375 million yuan, and the stock experienced a fluctuation of 3.46% [1] Group 2: Company Operations - Xiyeg股份 primarily engages in the mining, smelting, deep processing, and sales of tin and other non-ferrous metals [1] - The company's product offerings include tin ingots, tin materials, and tin chemical products, which are widely used in the electronics, metallurgy, and chemical industries [1] Group 3: Financial Performance - In the first quarter of 2025, Xiyeg股份 achieved an operating revenue of 9.729 billion yuan and a net profit attributable to shareholders of 499 million yuan [1] Group 4: Share Repurchase - On August 7, 2025, the company announced its first share repurchase of 170,000 shares, accounting for 0.0103% of the total share capital, with a transaction price range of 17.74 to 17.85 yuan, totaling 3.02 million yuan [1]

Group 1 - The mining ETF (561330) rose over 1.2% in the afternoon, indicating a potential sustained recovery in the rare earth sector [1] - The mining ETF tracks the non-ferrous metal index (931892), which is compiled by China Securities Index Co., Ltd., reflecting the overall performance of listed companies in the non-ferrous metal industry in China [1] - The index exhibits strong cyclical characteristics, with industry allocation primarily concentrated in sub-sectors such as base metals and precious metals [1] Group 2 - Investors without stock accounts can consider the Guotai CSI Non-Ferrous Metal Mining Theme ETF Initiated Link C (018168) and Link A (018167) [1]

Group 1 - The company Guocheng Mining (SZ 000688) announced a board meeting on August 5, 2025, to discuss a proposal regarding capital increase in an associated company and related transactions [2] - For the year 2024, Guocheng Mining's revenue composition is as follows: non-ferrous metal mining and selection accounted for 72.46%, chemical manufacturing accounted for 26.57%, and trade and others accounted for 0.96% [2]

Core Viewpoint - The recent plunge in the domestic non-ferrous metal market reflects deep-seated challenges faced by the industry, driven by multiple long-term factors [1] Group 1: Small Metals Sector - The small metals sector, particularly manganese silicon, experienced a significant drop, with futures contracts plummeting 4.95%, a daily decline of 308 yuan, reaching a new low of 5910 yuan/ton [3] - Tungsten and cobalt indices also fell by 3.55% and 2.51% respectively, indicating accelerated capital outflow from the small metals sector [3] - The previous rise in manganese silicon prices by 15% due to steel production cuts was reversed due to lower-than-expected actual demand, leading to concentrated profit-taking and subsequent market collapse [3] Group 2: Industrial Metals Sector - The industrial metals sector saw widespread declines, with copper futures breaking the psychological barrier of 78,000 yuan/ton, closing at 78,110 yuan/ton, down 960 yuan or 1.21% [5] - Aluminum prices fell to 20,525 yuan/ton, a decrease of 0.46%, while zinc and nickel also experienced significant drops [5] - The overall performance of the industrial metals sector has been notably weaker than the industrial product index, with supply-demand imbalances particularly pronounced in the aluminum market [5] Group 3: Precious Metals Sector - The precious metals sector was not spared, with silver prices dropping significantly more than gold, with silver futures falling 2.04% compared to a 0.36% decline in gold [5] - The disparity in price movements between gold and silver highlights increasing internal differentiation within the precious metals market [5] Group 4: Market Sentiment and External Pressures - The market sentiment is low due to multiple pressures, including a 50% tariff on imported copper products from the U.S., weak downstream demand, and accelerated capital withdrawal, with a net outflow of 19.6 billion yuan in a single day [6] - Although domestic copper inventories decreased by 13.17%, this was primarily due to reduced imports rather than a recovery in consumption [6] - The manufacturing PMI slightly rebounded to 49.7 but remains below the expansion threshold, indicating ongoing challenges in traditional industries [6] Group 5: Structural Issues and External Shocks - The non-ferrous metal export value increased by 29.1% in the first half of the year, mainly driven by gold, while the trade volume between China and the U.S. fell by 11% due to trade frictions [7] - Profits in the mining sector grew by 41.7%, while processing sector profits declined by 0.4%, indicating a concentration of profits in upstream resources [7] - The government's stringent carbon reduction targets for the electrolytic aluminum industry further squeeze profit margins, particularly for small smelting enterprises [7] - Short-term demand expectations are negatively impacted by the decline in photovoltaic installations and reduced subsidies for home appliance replacements, despite long-term demand prospects in the new energy sector [7]