证券研究报告 有色金属 行业定期报告 hyzqdatemark 2025 年 07 月 13 日 证券分析师 田源 SAC：S1350524030001 tianyuan@huayuanstock.com 张明磊 SAC：S1350525010001 zhangminglei@huayuanstock.com 郑嘉伟 SAC：S1350523120001 zhengjiawei@huayuanstock.com 田庆争 SAC：S1350524050001 tianqingzheng@huayuanstock.com 陈轩 chenxuan01@huayuanstock.com 板块表现： 关税落地，铜价承压 投资评级： 看好（维持） ——有色金属 大宗金属周报（2025/7/7-2025/7/11） 投资要点： 请务必仔细阅读正文之后的评级说明和重要声明 铜：关税落地，铜价承压。本周伦铜/沪铜/美铜涨跌幅为-2.43%/-1.63%/+10.30%。 周三凌晨特朗普宣布将对铜征收关税 50%，将于 7 月下旬或 8 月 1 日实施。美国铜 关税提前落地，预计全球库存转移将结束，受此催化，美铜大涨，伦铜和沪铜 ...

证券研究报告|行业研究周报 [Table_Date] 2025 年 7 月 13 日 DoD 入股 MP 以加速美国稀土磁体独立，但 短期全球稀土永磁体生产仍高度集中于中国 [Table_Title2] 有色-能源金属行业周报 [Table_Summary] 报告摘要: ►本周沪镍价格环比下跌，国内 NPI 冶炼厂成本倒挂依 然严重 截止到 7 月 11 日，LME 镍现货结算价报收 14955 美元/ 吨，较 7 月 4 日下跌 1.09%，LME 镍总库存为 206178 吨，较 7 月 4 日增加 1.83%；沪镍报收 12.14 万元/吨，较 7 月 4 日下 跌 0.83%，沪镍库存为 25,047.00 吨，较 7 月 4 日增加 0.50%；截止到 7 月 11 日，硫酸镍报收 27,900.00 元/吨，较 7 月 4 日价格下跌 2.11%。根据 SMM，从供给端来看，菲律宾 主产区矿区降雨影响较小。进入 7 月，预计整体三季度发运量 都将维持较高水平，矿到港量将继续增加，供应充足。截止到 7 月 11 日，中国镍矿港口库存增加至 720 万湿吨。前期发运 船只陆续到港，库存增加。受于超长雨 ...

截至7月11日收盘，金属钴概念上涨2.45%，位居概念板块涨幅第7，板块内，32股上涨，中色股份、华 宏科技等涨停，华新环保、大地熊、兴业银锡等涨幅居前，分别上涨8.51%、8.36%、5.23%。跌幅居前 的有道氏技术、容百科技、赣锋锂业等，分别下跌0.81%、0.68%、0.46%。 | 688005 | 容百科 | -0.68 | 4.14 | -1130.39 | -2.65 | | --- | --- | --- | --- | --- | --- | | | 技 | | | | | | 002266 | 浙富控 | 0.31 | 0.76 | -1191.99 | -9.87 | | | 股 | | | | | | 300409 | 道氏技 术 | -0.81 | 5.76 | -1953.95 | -3.10 | | 000060 | 中金岭 南 | 1.91 | 1.95 | -2251.71 | -6.45 | | 601390 | 中国中 | 0.35 | 0.68 | -2897.28 | -3.54 | | | 铁 | | | | | | 603993 | 洛阳钼 | 0.62 | 1 ...

| 股票代码：603799 | 股票简称：华友钴业 | 公告编号：2025-077 | | --- | --- | --- | | 转债代码：113641 | 转债简称：华友转债 | | | | 浙江华友钴业股份有限公司 | | 公司本期超短期融资券发行的具体情况和相关文件详见中国货币网 浙江华友钴业股份有限公司（以下简称"公司"）分别于 2025 年 4 月 17 日召开 的第六届董事会第二十九次会议和 2025 年 5 月 9 日召开的 2024 年年度股东大会审 议通过了《关于公司及子公司 2025 年度发行非金融企业债务融资工具的议案》，同 意公司及子公司可以发行的债务融资工具类型包括但不限于公司债、企业债、短期 融资券、超短期融资券、中期票据、永续债、定向工具（PPN）、境外债券、北金所 债权融资计划等在内的本外币债务融资工具，发行方式包括公开发行和非公开定向 发行。 公司已于近日完成了浙江华友钴业股份有限公司 2025 年度第五期科技创新债 券（债券简称：25 华友钴业 SCP005（科创债），以下简称"本期债券"）的发行。 本期债券发行额为 6 亿元人民币，期限为 270 天，单位面值为 100 ...

Group 1 - The core viewpoint of the news is that Tengyuan Cobalt Industry has experienced a significant decline in its stock price since its IPO, currently trading at 51.72 yuan, down 2.12%, and is in a state of breaking its initial offering price [1] - Tengyuan Cobalt Industry was listed on the Shenzhen Stock Exchange's ChiNext board on March 17, 2022, with an initial public offering (IPO) price of 173.98 yuan per share and a total of 31.4869 million shares issued [1] - The company raised a total of 5.478 billion yuan from its IPO, with a net amount of 5.204 billion yuan after deducting issuance costs, which was 3.006 billion yuan more than the originally planned fundraising of 2.198 billion yuan [1] Group 2 - The company announced a cash dividend of 12.00 yuan per 10 shares for the year 2022, totaling 272.05 million yuan, along with a capital reserve distribution of 3 additional shares for every 10 shares held, increasing the total share capital to 294,717,182 shares [2] - The previous year's dividend distribution included a cash payout of 39.9 yuan per 10 shares and a capital reserve increase of 8 shares for every 10 shares held [2]

Group 1 - Shanghai Xiba plans to participate in the auction of lithium sulfide business assets from Yuyuan Rare Earth New Materials Co., indicating a strategic move into the new energy sector and solid-state battery technology [1] - The auctioned assets include intangible and fixed assets, with a focus on lithium sulfide production technology, which is solely owned by Yuyuan Rare Earth [1] - The transaction does not constitute a related party transaction or a major asset restructuring, suggesting manageable risk for Shanghai Xiba [1] Group 2 - Huayou Cobalt expects a net profit of 2.6 billion to 2.8 billion yuan for the first half of 2025, representing a year-on-year increase of 55.62% to 67.59% [2] - The profit increase is attributed to the continuous release of integrated operational advantages, rising cobalt prices, and ongoing management reforms and cost reduction efforts [2] - The company reported a net profit of 1.252 billion yuan in the first quarter, with the second quarter expected to yield a net profit of 1.348 billion to 1.548 billion yuan, indicating strong operational momentum [2] Group 3 - A lithium battery recycling plant in Spain experienced a fire that lasted for three days, injuring two individuals and raising safety concerns within the industry [3] - The fire, caused by several explosions, highlights potential operational stability issues for related companies and may prompt the industry to enhance safety standards [3] - The incident could negatively impact market confidence in the lithium battery recycling sector in the short term, despite potential long-term benefits for compliant enterprises [3]

Investment Rating - The investment rating for the non-ferrous metals industry is "Positive" (maintained) [4][106]. Core Views - The report highlights that copper prices are experiencing fluctuations due to the interplay of the 232 investigation and interest rate cut expectations, with recent price changes showing a mixed trend [5]. - The report emphasizes the importance of low inventory levels in supporting copper prices, while also noting the potential impact of the 232 copper import investigation and upcoming interest rate decisions by the Federal Reserve [5]. - The report suggests monitoring companies such as Zijin Mining, Luoyang Molybdenum, Jincheng Mining, and Western Mining for investment opportunities [5]. Summary by Sections 1. Industry Overview - The report provides insights into macroeconomic indicators, including U.S. employment data, which may influence market conditions [9]. - The non-ferrous metals sector's performance is analyzed, with the sector underperforming compared to the Shanghai Composite Index [11]. 2. Industrial Metals 2.1 Copper - Recent price movements show LME copper up by 0.25%, while SHFE copper is down by 0.24% [25]. - Inventory levels for copper have increased, indicating a potential shift in market dynamics [25]. 2.2 Aluminum - LME aluminum prices increased by 0.41%, with inventory levels also rising [35]. - The report notes a decrease in aluminum smelting profits, attributed to rising costs [35]. 2.3 Lead and Zinc - Lead prices have seen a slight increase, while zinc prices have decreased [48]. - Inventory levels for both metals are discussed, highlighting market supply conditions [48]. 2.4 Tin and Nickel - Tin prices have decreased slightly, while nickel prices have shown an upward trend [62]. - The report discusses profitability metrics for nickel producers in both domestic and international markets [62]. 3. Energy Metals 3.1 Lithium - Lithium prices have shown a slight rebound, with specific price changes noted for lithium carbonate and lithium spodumene [74]. - The report indicates that supply-side adjustments are anticipated, which may affect future pricing [74]. 3.2 Cobalt - Cobalt prices have increased domestically due to export bans from the Democratic Republic of Congo, which may create supply constraints [86]. - The report highlights the profitability of domestic cobalt refining operations [86].

行业研究丨深度报告丨金属、非金属与采矿 [Table_Title] 长夜渐明，星图已显——能源金属行业 2025 年 度中期投资策略 %% %% %% %% research.95579.com 1 丨证券研究报告丨 报告要点 [Table_Summary] 全球有色资源分布不均，世界格局风云变化，战略资源成为各国兵家必争之地，战略金属价值 重估仍将继续，供给仍为核心线索。不同于过去以交易宏观需求复苏为主的有色轮动顺序，今 年以来战略金属走出了相较于有色指数及基本金属较强的超额收益，供给成为核心催化主线。 分析师及联系人 [Table_Author] 王鹤涛 王筱茜 许红远 SAC：S0490512070002 SAC：S0490519080004 SAC：S0490520080021 SFC：BQT626 肖百桓 周相君 SAC：S0490522080001 请阅读最后评级说明和重要声明 2 / 31 金属、非金属与采矿 cjzqdt11111 [Table_Title 长夜渐明，星图已显——能源金属行业 2] 2025 年 度中期投资策略 [Table_Summary2] 战略金属价值重估，供给为核心主线 ...

证券研究报告|行业研究周报 [Table_Date] 2025 年 7 月 5 日 缅甸锡矿进口量连续多月低于 1 万吨警戒线， 供应偏紧预期对锡价或有支撑 [Table_Title2] 有色-能源金属行业周报 [Table_Summary] 报告摘要: ►本周沪镍价格环比上涨，贸易商仍存在补库需求 截止到 7 月 4 日，LME 镍现货结算价报收 15,120 美元/ 吨，较 6 月 27 日上涨 0. 6%，LME 镍总库存为 202,470.00 吨，较 6 月 27 日减少 0.89%；沪镍报收 12.24 万元/吨，较 6 月 27 日上涨 1.50%，沪镍库存为 24,922.00 吨，较 6 月 27 日 减少 0.83%；截止到 6 月 27 日，硫酸镍报收 28,500.00 元/吨， 较 6 月 27 日价格持平。根据 SMM，从供给端来看，国内市场 方面，菲律宾镍矿的 CIF 价格较高，冶炼厂的生产成本显著增 加。华北地区部分冶炼厂的生产负荷有所下调，且由于菲律宾 镍矿品位的下降，国内金属产量或面临走弱的预期。印尼方 面，主流冶炼厂的生产成本出现倒挂，部分冶炼厂已经开始进 行检修，加之可 ...

关于回购注销部分限制性股票暨通知债权人的公告 股票代码：603799 股票简称：华友钴业 公告编号：2025-074 转债代码：113641 转债简称：华友转债 浙江华友钴业股份有限公司 关于回购注销部分限制性股票暨通知债权人的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 一、通知债权人的原由 浙江华友钴业股份有限公司（以下简称"公司"）于2025年7月2日召开2025年 第二次临时股东大会，审议通过了《关于变更注册资本并修订 <公司章程> 的议案》， 鉴于2023年限制性股票激励计划首次授予部分激励对象中，10人因不受个人控制 的岗位调动或公司裁员而离职、2人因退休而离职、59人因个人原因主动辞职、1 人因个人过错被公司解聘，同意对上述激励对象已获授但尚未解除限售的271,500 股限制性股票进行回购注销；此外，由于2023年限制性股票激励计划首次授予部 分第二个解除限售期公司层面业绩考核未达标，同意对该部分激励对象已获授但 尚未解除限售的2,784,780股限制性股票进行回购注销；鉴于2024年限制性股票激 励计划 ...