今年，中国没有进口任何美国大豆，特朗普期待的结果没有出现，反而迫使他寻找其他途径来解决这一问题。然而，出乎特朗普意料的是，一种新的情况悄 然发生。 然而，中国是否购买美国大豆的核心问题在于，中国已经有能力对全球经济产生重大影响。比如，曾长期对华不友好的新加坡，自2016年以来，中国通过在 马来西亚的投资，成功将马六甲海峡的港口多元化，打破了新加坡港的垄断地位，进而迫使新加坡改变对华态度，转向更为务实和理性。另一个例子是，中 国曾被澳大利亚通过铁矿石出口卡住脖子，为此，中国投资了西非的西芒杜铁矿，并在几内亚修建了铁路和深水港，这让中国在铁矿市场的供应变得更加自 主。同时，俄罗斯也宣布将投入290亿吨铁矿，全面参与国际市场竞争。这些事件都体现了中国对全球经济格局的深远影响。 尽管如此，外界仍然有疑问，在中美贸易战之前，双方已经历了多年贸易摩擦，彼此应当已经十分了解。中国在人工智能、半导体等领域大量布局，目的是 避免被"卡脖子"。然而，美国明知道中国是全球大豆市场的唯一大买家，却没有调整其农业结构，仍然寄希望于"虚空造牌"对中国有效。现在，中国仍然没 有购买美国大豆，特朗普只能寻找新的出口，但无论是加拿大、墨西哥， ...

淡水河谷下调 2025 年资本开支指引至 54-57 亿美元，自由现金流强劲， 若净负债低于 100 亿美元目标下限，将考虑增加股东回报，包括股票回 购或特别股息。 全球第二大铜矿 Grasberg 泥石流事故影响解读及淡水河 谷巴西铁矿调研反馈 20250925 摘要 自由港麦克莫兰 Grasberg 矿山事故导致停产，预计 2025 年铜产量减 少超 20 万吨，2026 年减量或近 30 万吨，2027 年完全复产后仍有至 少 10 万吨以上减量，严重影响公司盈利能力。 Grasberg 矿山 GBC 矿体事故暴露出地下开采的技术或设计缺陷，修复 费用预估可能达 10 亿美元以上，加之铜精矿出口禁令和运营合同续约 谈判的不确定性，公司面临多重挑战。 矿山事故加剧全球铜供应紧张，LME 铜价维持高位，叠加美联储降息预 期，未来几个季度铜价预计维持强势，建议关注专注于铜矿开采的公司。 淡水河谷卡帕内马项目重启新增 1,500 万吨铁矿石产能，生产成本低于 20 美元/吨，采用干法选矿避免尾矿坝风险，提升公司盈利能力。 淡水河谷卡拉加斯地区 Ceris 扩产项目提前获得运营许可，巴卡巴铜矿 初步工作许可获批， ...

全球最大的铁矿石宝藏，足足有22.5亿吨，正悄无声息地搅动着全球铁矿石市场的风云。 铁矿石，对于全球制造龙头的中国来说，一直是头等大事。然而，我们却长期被视作贫铁的国家。 随着一场非洲大陆上一场交易尘埃落地，全球铁矿资源局势将彻底扭转，中国也将发生翻天覆地的变化。 一、铁矿价飙三成，钢企采购难 中国作为全球最大的钢铁生产与消费国，对铁矿石的需求极其庞大，但国内的铁矿资源并不充裕， 据海关总署的数据，2022年1月至11月期间，中国进口了9.87亿吨的铁矿砂及其精矿，较去年同期需求下降了2%。然而平均进口价格为每吨828.5元，同比上 涨了31.9%。尤其是11月，铁矿石的进口均价达到了每吨1075元。 上述数据显示，国际铁矿石价格显著上涨，中国作为主要进口国，其钢铁行业面临采购成本的急剧增加。在国际铁矿石市场上，中国企业处于不利地位，谈 判能力受限。 二、中非五年破局共赢，拿下全球最大铁矿 在全球矿业版图中，有一颗璀璨的明珠——位于非洲几内亚的西芒杜铁矿，它被认为是世界上最大的未开发铁矿项目，储备量达22.5亿吨。然而，这座蕴含 巨大潜力的矿山已经闲置了将近30年。 近来，我国传出一则振奋人心的消息：中国企业 ...

Core Viewpoint - The expansion of mining activities in northern Sweden is threatening the traditional reindeer herding practices of the Sámi people, which have existed for thousands of years, and could lead to the extinction of their cultural identity [2][3][4]. Group 1: Impact of Mining on Sámi Culture - The proposed mining at the Peergajee site is expected to disrupt the migration routes of reindeer, which are essential for the livelihood and cultural practices of the Sámi herders [2][4]. - Reindeer herding is central to Sámi culture, influencing their food, language, and traditional knowledge [2][3]. - The Sámi community is concerned that continued mining will lead to the end of their traditional way of life, as they rely on reindeer for their economic and cultural survival [2][5]. Group 2: Climate Change Effects - Climate change is exacerbating the challenges faced by Sámi reindeer herders, with warmer winters leading to rain instead of snow, creating ice layers that prevent reindeer from accessing food [6]. - Summer temperatures reaching 30 degrees Celsius (86 degrees Fahrenheit) hinder reindeer from accumulating enough fat reserves for winter survival [6]. - Proposed solutions, such as transporting reindeer by truck, are deemed impractical as they disrupt the animals' natural foraging behavior during migration [6][5]. Group 3: Economic Considerations - The Swedish government and LKAB (Luossavaara-Kiirunavaara AB) aim to reduce Europe's dependence on Chinese rare earth minerals through the mining project, which is crucial for various technologies and the transition to renewable energy [4][6]. - The Sámi community plans to legally oppose the mining project, but they face significant challenges due to the resources and influence of mining companies [5][4].

Core Viewpoint - Aowei Holdings (01370) reported a decline in revenue and an increase in net loss for the six months ending June 30, 2025, primarily due to the depletion of exploitable resources at its subsidiary Jiheng Mining and a decrease in iron concentrate prices [1] Financial Performance - The company achieved revenue of RMB 273 million, representing a year-on-year decrease of 15.63% [1] - The net loss amounted to RMB 75.624 million, which is an increase of 49.49% compared to the previous year [1] - Basic loss per share was reported at RMB 0.05 [1] Operational Challenges - The loss during the reporting period was mainly attributed to the exhaustion of exploitable resources at Jiheng Mining, leading to a suspension of mining activities [1] - Additionally, the decline in iron concentrate prices contributed to a decrease in gross profit margin [1]

Core Viewpoint - Aowei Holdings (01370) reported a decline in revenue and an increase in net loss for the six months ending June 30, 2025, primarily due to the depletion of exploitable resources at its subsidiary Jiheng Mining and a decrease in iron concentrate prices [1] Financial Performance - The company achieved revenue of RMB 273 million, representing a year-on-year decrease of 15.63% [1] - The net loss amounted to RMB 75.624 million, which is an increase of 49.49% compared to the previous year [1] - Basic loss per share was reported at RMB 0.05 [1] Operational Challenges - The loss during the reporting period was mainly attributed to the exhaustion of exploitable resources at Jiheng Mining, leading to a suspension of mining activities [1] - Additionally, the decline in iron concentrate prices resulted in a decrease in gross margin [1]

Group 1 - In the first half of 2025, the company achieved significant performance growth despite challenges in the steel industry and declining iron ore prices, driven by its "three transformations" strategy focusing on operational quality, capital operations, and corporate culture [1] - The company reported a revenue of 768 million yuan, a year-on-year increase of 10.17%, and a total profit of 193 million yuan, up 98.33% year-on-year, with a net profit attributable to shareholders of 150 million yuan, reflecting an 88.14% increase [1] - The net cash flow from operating activities reached 126 million yuan, marking a substantial year-on-year growth of 171.67%, with the second quarter net profit attributable to shareholders reaching 101 million yuan, a quarter-on-quarter increase of 106.12% [1] Group 2 - The company made key progress in resource expansion, successfully obtaining exploration rights for iron ore in the high-grade, thick, and shallow mineral area of Qihe County, Shandong Province, which is expected to become a new high-quality resource base [2] - The company has implemented a stable dividend mechanism, distributing a total of 65.49 million yuan in cash dividends for the 2024 fiscal year, with a dividend payout ratio of 52.54% of the net profit attributable to shareholders [2] - A proposed cash dividend of 0.50 yuan per share for the first half of 2025 is expected to distribute 29.77 million yuan, continuing to share corporate growth value with shareholders [2] Group 3 - The company ranked 23rd in the 2024 list of China's top 50 metallurgical mining enterprises, improving by 8 positions from 2023, reflecting its enhanced industry standing [3] - The company received the third prize for three management achievements in the "2024 China Metallurgical Mining Enterprise Management Modernization Innovation Achievements," showcasing its leadership in management innovation and operational efficiency [3]

Core Viewpoint - Aowei Holdings (01370.HK) anticipates a loss attributable to equity holders of approximately RMB 90 million for the six months ending June 30, 2025, compared to a loss of RMB 50.6 million in the same period of 2024 [1] Group 1 - The expected loss is primarily due to the depletion of the mineable portion at its subsidiary, Laiyuan Jiheng Mining Co., Ltd., which has halted operations [1] - Additionally, the decline in iron concentrate prices has led to a decrease in gross margin [1]

Core Viewpoint - The company anticipates a loss attributable to equity holders of approximately RMB 90 million in the first half of 2025, compared to a loss of RMB 50.6 million in the same period of 2024 [1] Group 1: Financial Performance - The expected loss for the first half of 2025 is significantly higher than the previous year's loss, indicating a worsening financial situation [1] - The primary reasons for the loss include the depletion of the exploitable portion of the open-pit iron mine operated by its subsidiary, Laiyuan Jiheng Mining Co., Ltd., and a decline in the selling price of iron concentrate, which has led to a decrease in gross margin [1]

Group 1 - The company expects to incur a loss attributable to equity holders of approximately RMB 90 million in the first half of 2025, compared to a loss of RMB 50.6 million in the same period of 2024 [1] - The primary reasons for the loss during the reporting period include the depletion of the exploitable portion of the open-pit iron ore mine operated by its subsidiary, Laiyuan Jiheng Mining Co., Ltd., and the suspension of mining activities [1] - Additionally, the decline in the selling price of iron concentrate has led to a decrease in gross profit margin [1]