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洛阳钼业(03993):因当前股价已反映很高的铜价,所以下调评级(持有)
Daily Spotlight 26 August 2025 Michael MENG (852) 3988 6433 michael.meng@bocigroup.com Index Performance | | Last close | % 1D | % YTD | | --- | --- | --- | --- | | HSI | 25,830 | 1.9 | 28.8 | | HSCEI | 9,248 | 1.9 | 26.9 | | HSCCI | 4,389 | 1.0 | 16.1 | | MSCI HK | 13,644 | 1.8 | 29.2 | | MSCI CHINA | 85 | 2.2 | 30.9 | | FTSE CHINA A50 | 15,031 | 2.0 | 11.2 | | CSI 300 | 4,469 | 2.1 | 13.6 | | TWSE | 24,277 | 2.2 | 5.4 | | SENSEX | 81,307 | (0.8) | 4.1 | | NIKKEI 225 | 42,808 | 0.4 | 7.3 | | KOSPI | 3,210 ...
特朗普将铜钾肥列关键矿 黄金突破3375压力
Jin Tou Wang· 2025-08-26 06:25
美国特朗普政府将把铜和钾肥等纳入关键矿产草案清单,这是自2018年首次发布以来最重大的调整。美 国地质调查局(US Geological Survey)最新列出的关键矿物清单中,新增了6种提议,其中包括铜和钾 肥,美国彭博社称,这为更广泛的政策支持扫清了道路。 在当今的美国政策舞台上,特朗普政府把恢复本国金属与矿产的生产置于极为重要的优先地位。在这众 多矿产之中,铜格外引人注目,它在住宅建设、电网铺设以及交通运输等关键领域都有着广泛应用。据 悉,内政部长的最终名单有望在未来30天内正式揭晓。 美国国家矿业协会对此次将关乎基础设施、国家安全及技术领先地位的矿产纳入相关名单之举给予了高 度评价,并且倡导所有矿产都应被视作关键矿产。国际铜业协会主席Juan Ignacio Diaz指出:"铜无疑是 符合这一标准的理想选择。它不仅是电气化、国防事业和清洁能源发展的基石,而且其供应链正承受着 日益增大的压力。美国若能充分认识到铜的重要性,将极大助力自身竞争力的提升,并为能源转型筑牢 根基。" 摘要今日周二(8月26日)亚盘时段,现货黄金目前交投于3386.27美元附近,截至发稿,现货黄金最新 报3375.09美元/盎司 ...
希尔威金属矿业上涨2.02%,报4.489美元/股,总市值9.81亿美元
Jin Rong Jie· 2025-08-21 14:36
Core Viewpoint - Silver Mountain Mines (SVM) experienced a 2.02% increase in stock price, reaching $4.489 per share, with a total market capitalization of $981 million as of August 21 [1] Financial Performance - As of June 30, 2025, Silver Mountain Mines reported total revenue of $81.334 million, reflecting a year-over-year growth of 12.71% [1] - The company's net profit attributable to shareholders was $18.126 million, which represents a year-over-year decrease of 17.38% [1] Company Overview - Silver Mountain Mines is a low-cost silver production company based in Canada, with multiple mining operations in China [1] - The company's vision is to create value for shareholders by acquiring projects with resource potential and development opportunities [1]
山金国际(000975):金价驱动利润增长,港股IPO进展顺利
Minsheng Securities· 2025-08-19 10:38
Investment Rating - The report maintains a "Recommended" rating for the company, considering the current upward trend in metal prices [4][6]. Core Insights - The company reported a revenue of 9.246 billion yuan for the first half of 2025, representing a year-on-year growth of 42.14%, and a net profit attributable to shareholders of 1.596 billion yuan, up 48.43% year-on-year [1]. - The production of gold, silver, lead concentrate, and zinc concentrate in the first half of 2025 was 3.7 tons, 61.8 tons, 4,354 tons, and 7,917 tons respectively, with gold and silver production slightly down but overall sales exceeding production [2]. - The company plans to list on the Hong Kong Stock Exchange to enhance its global strategy and optimize its capital structure [3]. Financial Performance - The average gold price in Q2 2025 was 3,281 USD/ounce, a 40.3% increase year-on-year, while the average silver price was 33.68 USD/ounce, up 16.8% year-on-year [2]. - The gross profit margin for the gold and silver segments was 79.15% and 55.20% respectively, reflecting an increase of 7.26 and 6.03 percentage points year-on-year [2]. - The company forecasts net profits of 3.646 billion yuan, 4.173 billion yuan, and 5.502 billion yuan for 2025, 2026, and 2027 respectively, with corresponding PE ratios of 14, 12, and 9 [4][5].
希尔威金属矿业上涨2.08%,报4.655美元/股,总市值10.18亿美元
Jin Rong Jie· 2025-08-15 15:43
Core Viewpoint - Hilltop Metal Mining (SVM) has shown a significant increase in stock price and financial performance, indicating strong growth potential in the silver mining sector [1] Financial Performance - As of March 31, 2025, Hilltop Metal Mining reported total revenue of $299 million, representing a year-over-year increase of 38.9% [1] - The company's net profit attributable to shareholders reached $58.19 million, reflecting a year-over-year growth of 60.28% [1] Company Overview - Hilltop Metal Mining is a low-cost silver producer based in Canada, with multiple mining operations in China [1] - The company's vision focuses on creating shareholder value through the acquisition of projects with resource potential and development opportunities [1]
有色金属周度报告-20250815
Xin Ji Yuan Qi Huo· 2025-08-15 11:53
1. Report Industry Investment Rating No information provided. 2. Report's Core View - In the short - term, lithium carbonate is prone to rise and difficult to fall, but market sentiment may fluctuate, so positions should not be too heavy; in the long - term, the monthly output of lithium carbonate is still rising, and the oversupply pattern remains unchanged [43]. - For alumina and Shanghai aluminum, in the short - term, they will oscillate within a range, and it is advisable to go long on dips; in the long - term, as it enters the downstream consumption peak season, pay attention to the improvement of downstream orders, and if consumption recovers, Shanghai aluminum has upward momentum [44][45]. 3. Summary by Relevant Catalogs 3.1 Domestic Main Metal Spot Price Trends - Copper: The futures主力合约 (CU2509) rose from 78,490 to 79,060, a weekly increase of 0.73%; the spot price rose from 78,550 to 79,200, a weekly increase of 0.83% [2]. - Aluminum: The futures主力合约 (AL2510) rose from 20,650 to 20,750, a weekly increase of 0.48%; the spot price rose from 20,640 to 20,700, a weekly increase of 0.29% [2]. - Zinc: The futures主力合约 (ZN2510) rose from 22,520 to 22,530, a weekly increase of 0.04%; the spot price fell from 22,490 to 22,460, a weekly decrease of 0.13% [2]. - Lead: The futures主力合约 (PB2509) rose from 16,845 to 16,850, a weekly increase of 0.03%; the spot price fell from 16,725 to 16,700, a weekly decrease of 0.15% [2]. - Nickel: The futures主力合约 (NI2510) fell from 121,340 to 120,770, a weekly decrease of 0.47%; the spot price fell from 121,950 to 121,500, a weekly decrease of 0.37% [2]. - Alumina: The futures主力合约 (AO2601) rose from 3,201 to 3,205, a weekly increase of 0.12%; the spot price remained unchanged at 3,270 [2]. - Industrial silicon: The futures主力合约 (SI2511) rose from 8,710 to 8,805, a weekly increase of 1.09%; the spot price rose from 9,400 to 9,600, a weekly increase of 2.13% [2]. - Lithium carbonate: The futures主力合约 (LC2511) rose from 76,960 to 86,900, a weekly increase of 12.92%; the spot price rose from 71,500 to 82,000, a weekly increase of 14.69% [2]. - Polysilicon: The futures主力合约 (PS2511) rose from 50,790 to 52,740, a weekly increase of 3.84%; the spot price remained unchanged at 47,000 [2]. 3.2 Copper Inventory in Major Exchanges - As of August 15, the SHFE copper inventory was 86,300 tons, an increase of 4,400 tons (5.37%) from last week [13]. - As of August 15, the LME copper inventory was 155,800 tons, a decrease of 5 tons (-0.03%) from last week [13]. - As of August 14, the COMEX copper inventory was 266,800 tons, an increase of 3,600 tons (1.37%) from last week [17]. 3.3 Copper Concentrate Spot TC As of August 14, the copper concentrate spot TC dropped to -$38/ton, a slight increase of $3/ton. The tight supply expectation at the mine end still exists, and the weekly processing fee increased slightly [20]. 3.4 Aluminum Raw Material Supply - The supply disruption of bauxite in Guinea has eased, but there is still room for fermentation. The previously suspended port in Guinea has resumed operations, but due to the rainy season and the unfinished government election, future supply disruptions may occur [21][23]. - The alumina supply side has seen an increase in production and a rapid increase in inventory. With the recovery of alumina prices, the production and willingness to start operations of alumina enterprises have increased simultaneously [24][25]. - The electrolytic aluminum supply side has maintained a high - level operation. Electrolytic aluminum enterprises have a strong willingness to start operations due to high profits, but the available primary aluminum in the market is limited. Recently, due to insufficient downstream demand, the profit of aluminum alloy ingots has declined, which may reduce the proportion of molten aluminum and increase the ingot - casting volume [28]. - As of August 15, the LME aluminum inventory was 479,600 tons, an increase of 9,000 tons from last week; the SHFE aluminum inventory was 120,700 tons, an increase of 7,000 tons from last week; as of August 14, the COMEX aluminum inventory was 9,061 tons, a decrease of 50 tons from last week. Overall, the electrolytic aluminum inventory continued to accumulate this week [30][31]. 3.5 Demand Side - In June, automobile production and sales were 2.794 million and 2.904 million respectively, a month - on - month increase of 5.5% and 8.1%, and a year - on - year increase of 11.4% and 13.8%. New energy vehicle production and sales were 1.268 million and 1.329 million respectively, a year - on - year increase of 35% and 36.9%, and new energy vehicle sales accounted for 45.8% of total vehicle sales [34]. - From January to June, the new housing construction area was 303.64 million square meters, a decrease of 20%. Among them, the new residential construction area was 222.88 million square meters, a decrease of 19.6%. The housing completion area was 225.67 million square meters, a decrease of 14.8%. Among them, the residential completion area was 162.66 million square meters, a decrease of 15.5% [36]. - In June, the new photovoltaic installed capacity was 14.36GW, a year - on - year decrease of 38% and a month - on - month decrease of 84.54%. As of the end of June, the national cumulative power generation installed capacity was 3.65 billion kilowatts, a year - on - year increase of 18.7%. Among them, the wind power installed capacity was 570 million kilowatts, a year - on - year increase of 22.7% [38]. 3.6 Lithium - related Market - The lithium spodumene concentrate (CIF China) index soared this week. The latest quote was $940/ton, an increase of $163 (20.98%) from August 8, reaching an annual high [41]. - The core trading logic of the lithium carbonate market this week revolved around the shutdown expectation caused by the expiration of mining licenses of 8 mining areas. The main 2511 contract rose 12.91% this week. Although the Jiaxiaowo lithium mine has shut down, the mining licenses of the other 7 mines will not expire until 2027. The new Mineral Resources Law has upgraded the associated - mineral recognition standard for lithium. The shutdown of the Jiaxiaowo lithium mine has led to a monthly gap of about 10,000 tons of lithium carbonate. In the short - term, lithium carbonate is prone to rise and difficult to fall, but there is still uncertainty about the policy implementation of the other 7 mining areas [42]. 3.7 Strategy Recommendation - For lithium carbonate, in the short - term, be cautious of market sentiment fluctuations and do not hold heavy positions; in the long - term, the oversupply pattern remains unchanged [43]. - For alumina and Shanghai aluminum, in the short - term, they will oscillate within a range, and it is advisable to go long on dips; in the long - term, pay attention to the improvement of downstream orders during the consumption peak season [44][45].
希尔威金属矿业上涨2.02%,报4.519美元/股,总市值9.88亿美元
Jin Rong Jie· 2025-08-12 15:15
Core Insights - Silver Valley Metals (SVM) experienced a 2.02% increase in stock price, reaching $4.519 per share with a trading volume of $6.1282 million and a total market capitalization of $988 million [1] Financial Performance - As of March 31, 2025, Silver Valley Metals reported total revenue of $299 million, representing a year-over-year growth of 38.9% [1] - The company's net profit attributable to shareholders was $58.19 million, showing a significant increase of 60.28% compared to the previous year [1] Company Overview - Silver Valley Metals is a low-cost silver producer based in Canada, with multiple mining operations in China [1] - The company's vision focuses on creating shareholder value through the acquisition of projects with resource potential and development opportunities [1]
澳大利亚矿业巨头FMG获142亿元人民币银团贷款,称与中方共同推进绿色技术
Sou Hu Cai Jing· 2025-08-08 00:49
Core Insights - Fortescue Metals Group (FMG) announced the successful acquisition of a 14.2 billion yuan (approximately 2 billion USD) syndicated term loan, marking the first such loan for an Australian company in renminbi [1] - The funds will be utilized for general corporate purposes, including establishing partnerships with Chinese suppliers and leading technology firms [1] - FMG's Executive Chairman, Andrew Forrest, emphasized that this transaction signifies a strong signal of collaboration potential when partners share common goals, particularly in advancing green technologies essential for a global industrial revolution [1] Financial Details - The loan is structured as a five-year term and involves participation from major banks including Bank of China and Industrial and Commercial Bank of China [1] - This transaction is considered a milestone for FMG, reflecting its long-term cooperative relationship with China [1] Strategic Implications - The loan acquisition is positioned as a strategic move amidst the backdrop of the U.S. reducing investments in significant global industries, highlighting FMG's commitment to green technology development in collaboration with China [1]
宝城期货资讯早班车-20250807
Bao Cheng Qi Huo· 2025-08-07 02:22
资讯早班车 资讯早班车-2025-08-07 一、 宏观数据速览 | 发布日期 | 指标日期 | 指标名称 | 单位 | 当期值 | 上期值 | 去年同期值 | | --- | --- | --- | --- | --- | --- | --- | | 20250715 | 2025/06 | GDP:不变价:当季同比 | % | 5.20 | 5.40 | 4.70 | | 20250731 | 2025/07 | 制造业 PMI | % | 49.30 | 49.70 | 49.40 | | 20250731 | 2025/07 | 非制造业 PMI:商务活 动 | % | 50.10 | 50.50 | 50.20 | | 20250714 | 2025/06 | 社会融资规模增量:当 | 亿元 | | 41993.00 22899.00 | 32985.00 | | | | 月值 | | | | | | 20250714 | 2025/06 | M0(流通中的现金):同 比 | % | 12.00 | 12.10 | 11.70 | | 20250714 | 2025/06 | M1(货币):同比 | ...
宝城期货资讯早班车-20250806
Bao Cheng Qi Huo· 2025-08-06 02:02
1. Macro Data Overview - GDP in Q2 2025 grew 5.2% year-on-year, slightly lower than the previous quarter's 5.4% but higher than the same period last year's 4.7% [1] - In July 2025, the Manufacturing PMI was 49.3%, down from 49.7% in the previous month and 49.4% in the same period last year [1] - The non-manufacturing PMI for business activities in July 2025 was 50.1%, lower than the previous month's 50.5% but similar to the same period last year's 50.2% [1] - In June 2025, the year-on-year growth rates of M0, M1, and M2 were 12.0%, 4.6%, and 8.3% respectively, with M1 showing a significant increase compared to the previous month and the same period last year [1] - In June 2025, the year-on-year growth rates of exports and imports were 5.9% and 1.1% respectively, with exports accelerating and imports turning positive [1] 2. Commodity Investment Reference 2.1 Comprehensive - In July 2025, the national futures market volume was 1.059 billion lots, with a turnover of 71.31 trillion yuan, up 48.89% and 36.03% year-on-year respectively [2] - In H1 2025, the number of new futures customers in the market was 410,000, a 2.5% increase from the same period last year. By the end of June 2025, the total number of effective customers reached 2.61 million, a record high [2] - The China Futures Association is seeking public comments on the "Management Rules for Unfair Competition in Futures Company Brokerage Business" [2] 2.2 Metals - As the Fed's rate cut expectations rise, gold has regained institutional favor. Citi raised its three - month gold price forecast to $3,500 per ounce [4] - On August 4, copper inventory reached a two - month high, zinc inventory hit an 18 - month low, and nickel inventory reached a four - year high [5] - Trump excluded refined copper from the 50% tariff list, leading to a surge in LME copper inventory [6] 2.3 Coal, Coke, Steel, and Minerals - Hebei steel mills raised the purchase price of coke by 50 - 55 yuan/ton [7] - Brazilian iron ore exports in H1 2025 were 185.9 million tons, a 3.8% increase year - on - year [7] - Zhangyuan Tungsten Industry announced its procurement prices for the first half of August, with increases for various products [8] 2.4 Energy and Chemicals - The NDRC and the National Energy Administration issued a guidance on improving the natural gas pipeline transportation price mechanism [9] - The China Chamber of Commerce for Import and Export of Machinery and Electronic Products issued a photovoltaic industry initiative to resist unfair competition [9] - Non - OPEC oil supply growth is expected to peak in early 2026, while demand remains strong [10] 2.5 Agricultural Products - The Ministry of Finance and the Ministry of Agriculture and Rural Affairs allocated 455 million yuan for agricultural disaster relief [12] - The State Administration of Grain and Material Reserves approved the launch of the minimum purchase price plan for wheat in Jiangsu [12] - Japan plans to shift its rice policy from production suppression to production increase in fiscal year 2027 [12] 3. Financial News Compilation 3.1 Open Market - On August 5, the central bank conducted 160.7 billion yuan of 7 - day reverse repurchase operations, with a net withdrawal of 288.5 billion yuan [14] 3.2 Key News - The State Council executive meeting proposed consumer loan and service industry business loan discount policies [15] - Seven departments including the central bank issued a guidance on financial support for new industrialization [15] - The National Association of Financial Market Institutional Investors required enterprises to disclose semi - annual reports by August 31 [15] - Inner Mongolia has exited the list of high - risk debt regions, and Ningxia and Jilin are also working on exiting [16] - In the past seven months, the top 100 real estate developers' land acquisition amount increased by over 30% year - on - year [16] 3.3 Bond Market Summary - After the short - term shock of VAT resumption, the bond market showed a narrow - range and slightly bullish trend [19] - The central bank's liquidity injection is expected to remain reasonable and abundant, and the money market interest rates are likely to stay at low levels [24] - European and US bond yields showed mixed trends [22] 3.4 Foreign Exchange Market - The on - shore RMB against the US dollar closed at 7.1876 on August 5, down 110 basis points from the previous trading day [23] - The US dollar index rose 0.01% in New York trading, and most non - US currencies rose [23] 3.5 Research Report Highlights - Xingzheng Fixed Income recommends focusing on the participation value of secondary capital bonds and perpetual bonds of some regional city and rural commercial banks [24] - Xingzheng Fixed Income believes that the convertible bond market has the potential to break through, and the low - price convertible bond strategy space has narrowed [24] - Yangtze River Fixed Income expects the central bank to continue to support the money market in August [24] 3.6 Today's Reminders - On August 6, 179 bonds will be listed, 146 bonds will be issued, 104 bonds will be paid, and 108 bonds will pay principal and interest [27] 4. Stock Market Key News - The regulatory authorities are cracking down on third - party companies that provide substantial fraud services for listed companies [28] - On August 5, the A - share market rose, with the Shanghai Composite Index hitting a new high for the year [29] - The Hong Kong stock market also rose, and southbound funds had a large - scale net purchase [29] - Chinese assets are attracting foreign capital inflows, and the number of QFII - held stocks and their market value have increased [29] - In July, the number of private securities funds filed for registration reached a new high in nearly 27 months [30]