公告称，收益增加乃主要由于钼精粉的产品销量增加所致。期内溢利乃主要由于期内集团采矿业务全面 复苏，产能及营运效率均显着提升所致。采矿业务恢復稳定对集团的整体表现有重大正面影响。 智通财经APP讯，北方矿业(00433)发布截至2025年6月30日止6个月中期业绩，该集团取得收益9.26亿港 元，同比增加49%;公司拥有人应占溢利7013.7万港元，去年同期亏损5854.3万港元;每股基本盈利0.56港 仙。 ...

北方矿业(00433)发布截至2025年6月30日止6个月中期业绩，该集团取得收益9.26亿港元，同比增加 49%;公司拥有人应占溢利7013.7万港元，去年同期亏损5854.3万港元;每股基本盈利0.56港仙。 公告称，收益增加乃主要由于钼精粉的产品销量增加所致。期内溢利乃主要由于期内集团采矿业务全面 复苏，产能及营运效率均显着提升所致。采矿业务恢復稳定对集团的整体表现有重大正面影响。 ...

从能源到矿业，从园区到人才，产业援藏正以"授人以渔"的智慧，持续激活西藏经济的"造血"机 能。 西藏经济发展从"输血"到"造血"的关键跨越中，产业援藏可谓关键一环。各省市、各央企的援藏行动，不仅带 来资金与项目，更带来技术、理念与产业生态，为西藏培育内生发展动力。 多布水电站周边的文旅项目——藏南桃谷正在建设中。该项目是援藏项目。根据公开资料，藏南桃谷是深圳援 藏项目，由深圳市南山区、华侨城集团负责落实，目标是将该项目打造为深圳援藏名片。 "建设一个项目，形成一个景区，带动一方经济，造福一方百姓。"国家能源集团尼洋河公司党委书记、董事长 吴智平说。 西藏矿业同样是央企援藏的担当。"尽管西藏矿业营收和利润在中国宝武集团中占比较小，但战略地位不一 般。"西藏矿业董事长张金涛在接受记者采访时表示，中国宝武集团入主西藏矿业，更多体现其在产业援藏方 面的社会责任担当。 责编：李丹 校对： 刘榕枝 版权声明 证券时报各平台所有原创内容，未经书面授权，任何单位及个人不得转载。我社保留追 究相关 行 为主体 法律责任的权利。 "在产业帮扶方面，西藏矿业全面推动当地乡村地区经济发展。"张金涛称，"扎布耶项目开发时，公司运输和 ...

Investment Rating - The report maintains a rating of "Accumulate" for the company [5][12]. Core Views - The company's performance in the first half of 2025 met expectations, with steady progress in new projects in Vietnam and stable overall production and sales [2][12]. - The demand for stainless steel is showing stable growth, with a year-on-year increase in apparent consumption of 2.83% in the first half of 2025 [12]. - New projects are progressing smoothly, with the Jiangsu Jingjiang project ramping up production and the Vietnam project showing significant improvement in capacity utilization [12]. Financial Summary - Total revenue for 2025 is projected at 45.708 billion yuan, reflecting a 9.2% increase from 2024 [4]. - Net profit attributable to the parent company is expected to be 828 million yuan in 2025, a 2.9% increase from 2024 [4]. - Earnings per share (EPS) for 2025 is estimated at 2.27 yuan, with a projected price-to-earnings (P/E) ratio of 10 times for valuation [12][14]. Market Data - The current stock price is 18.30 yuan, with a target price set at 22.70 yuan [5][6]. - The company has a total market capitalization of 6.691 billion yuan [6]. - The stock has traded within a range of 15.59 to 21.64 yuan over the past 52 weeks [6]. Project Progress - The company has successfully launched its titanium and battery shell material projects, which are expected to contribute to profits in 2025 [12]. - The production volume for the company's products increased by 4.29% year-on-year in the first half of 2025, with stable profit margins per ton of product [12].

Group 1: PPI Trends and Economic Impact - Since July, the "anti-involution" policy has led to a rebound in some commodity prices, suggesting that PPI may stabilize and rise in the second half of the year[1] - As of July 2025, the cumulative decline in PPI is 9.6%, with a duration of 37 months, which is longer than the median duration of previous declines[10] - If PPI stabilizes and rises, it is expected to accelerate corporate profits, nominal GDP growth, and residents' income growth[1] - During PPI rising periods, the median year-on-year growth rate of industrial enterprises' revenue is 24.1%, while during falling periods, it drops to 5.4%[21] Group 2: Industry and Consumption Insights - In July, China's retail sales growth narrowed to 3.7%, the lowest in six months, indicating a slowdown in consumer spending[35] - The operating rate of blast furnaces remains above 83%, while PTA operating rates have seen significant declines recently[35] - The real estate market has shown signs of cooling after a brief improvement in transaction volumes[35] Group 3: Macro Policy and Market Performance - The central bank has implemented policies to maintain liquidity and reduce financing costs, including interest subsidies for personal consumption loans[3] - As of August 16, the Chinese equity market has outperformed major asset classes, driven by a strong M1 growth rate and reduced deposit willingness due to equity market gains[2] - The upcoming Jackson Hole global central bank meeting from August 21 to 23 is a key event to watch for potential policy implications[65] Group 4: Risks and Considerations - There are concerns regarding the sustainability of macro policies, potential declines in the real estate market, and increasing geopolitical risks[66] - The high actual interest rates resulting from declining PPI may suppress credit demand, impacting overall economic activity[32]

Investment Rating - The report maintains a "Buy" rating for Shougang Co., Ltd. with a target price of 4.76 CNY [5][12]. Core Views - The company's net profit attributable to shareholders is expected to grow significantly in the first half of 2025, driven by a decline in raw material prices and ongoing product structure optimization [3][12]. - The report anticipates a gradual decrease in depreciation and amortization expenses, which will further enhance profitability [12]. - The overall industry supply-demand dynamics are expected to improve, leading to a recovery in profitability for the company [12]. Financial Summary - Total revenue for 2023 is projected at 113.76 billion CNY, with a decline of 3.7% year-on-year. However, net profit attributable to shareholders is expected to drop by 41% to 664 million CNY in 2023, before rebounding to 1.52 billion CNY in 2025, representing a growth of 223.1% [4][13]. - Earnings per share (EPS) is forecasted to increase from 0.09 CNY in 2023 to 0.20 CNY in 2025 [4][13]. - The return on equity (ROE) is expected to rise from 1.3% in 2023 to 3.0% in 2025 [4][13]. Product Structure Optimization - The company is focusing on enhancing its product mix, with electrical steel, automotive sheets, and tinplate being the three strategic products that offer higher added value. The total output of these products is expected to reach 7.07 million tons in 2024, a year-on-year increase of 10.9% [12]. - The company plans to develop medium-thick plates as its fourth strategic product, which is anticipated to become a new profit growth driver [12]. Industry Outlook - The report highlights a potential stabilization in steel demand as the negative impact from the real estate sector diminishes. The government is also implementing measures to control crude steel production, which may lead to long-term profitability recovery in the industry [12].

Group 1 - The core revenue composition of Jiangte Electric for the year 2024 is as follows: mining industry accounts for 49.86%, electric motors account for 46.18%, and other manufacturing accounts for 3.95% [1] Group 2 - Jiangte Electric announced on August 12 that it has completed the industrial and commercial change registration procedures related to the equity transfer, with Wubai Yingli Technology now holding 50% of Jiangte Industrial's shares [3] - The actual controllers of the company have changed from "Mr. Zhu Jun and Mr. Lu Shunmin" to "Mr. Wang Xin and Mr. Zhu Jun" [3]

Economic Overview - The latest data indicates that the US economy is facing increasing risks of stagflation, with the services PMI almost stagnating and the manufacturing PMI dropping to a near one-year low, suggesting a complex situation of slowing economic activity and persistent inflation pressures [1][4] Services Sector - In July, the services PMI fell from 50.8 in June to 50.1, significantly below the market expectation of 51.5, indicating that the expansion pace of the services sector has nearly halted [2] - The services price index rose from 67.5 in June to 69.9 in July, approaching levels seen at the end of 2022, reflecting ongoing inflation pressures in the services sector due to tariffs and immigration policies [2] - The employment index decreased from 47.2 to 46.4, indicating a contraction in hiring levels and a weakening job market [2] Manufacturing Sector - The manufacturing PMI declined from 49 in June to 48 in July, falling short of the market expectation of 49.5, further exacerbating the contraction trend [3] - Although the output index showed an acceleration in expansion, the new orders index slightly rebounded but remained in the contraction zone, with employment contraction reaching a near one-year high [3] - The price index decreased from 69.7 to 64.8, indicating a slowdown in inflation pressure, yet it remains significantly above the post-pandemic average [3] Federal Reserve Policy - The PMI data reveals stagflation risks, presenting the Federal Reserve with a challenging policy decision in the third quarter, balancing a weakening job market against rising inflation due to tariffs [4] - Market expectations suggest that the Federal Reserve may maintain interest rates in September but could lower rates in October and December, with year-end policy rates projected to drop to 3.75%-4% [4] - The current economic conditions, characterized by slowing growth and a pressured job market alongside persistent inflation, complicate the Federal Reserve's monetary policy path [4]

Core Viewpoint - Ronghui International (00990) has entered into a legally binding memorandum of understanding to acquire a 60% stake in PT Aneka Tambang Resources Indonesia, a company engaged in nickel mining in Indonesia [1] Group 1 - The memorandum outlines the terms and conditions for the purchase of 60% of the entire issued share capital of the target company [1] - The target company holds a mining business license for nickel and covers an area of 608 hectares located in the Obi Islands, south of Halmahera Island in Indonesia [1]

Investment Rating - The report maintains a "Buy" rating for the company [5][11]. Core Views - The company plans to acquire Jingzhi Minerals for 6.5 billion CNY, which will significantly increase its ore resource volume. The expected production of titanium concentrate and vanadium-titanium iron concentrate will rise, and the company's performance is anticipated to gradually improve as new mines commence operations [2][11]. - The acquisition is expected to create strong synergies as the newly acquired mine is part of the same mineral vein as the company's existing operations, allowing for collaborative mining efforts [11]. - The company is progressing steadily with its 60,000-ton titanium material project, which will extend its current titanium concentrate business and open new growth opportunities in various applications [11]. Financial Summary - The projected total revenue for 2023 is 1,856 million CNY, with a slight decrease of 7.0% from the previous year. Revenue is expected to grow to 3,325 million CNY by 2027, reflecting a significant increase of 63.2% [4][12]. - The net profit attributable to the parent company is forecasted to be 936 million CNY in 2023, with a decline of 14.5%, but is expected to rise to 1,029 million CNY by 2027 [4][12]. - The earnings per share (EPS) is projected to be 1.98 CNY in 2023, increasing to 2.18 CNY by 2027 [4][12]. Valuation - The target price for the company has been raised to 39 CNY, based on a 20x price-to-earnings (PE) ratio for 2025, which is slightly above the industry average [11][13]. - The current market price is 29.61 CNY, with a market capitalization of 13,976 million CNY [6][11]. Industry Context - The company operates in the metals and mining sector, focusing on titanium concentrate and iron ore, with plans to expand into titanium materials [5][11]. - The report compares the company with peers in the industry, indicating a favorable position due to its resource base and ongoing projects [13].