Group 1 - The core viewpoint emphasizes the importance of ecological environment protection and the need for strict oversight and rectification of heavy metal environmental risks in Guangxi [1][2][3] - The local mining company, Tingfeng Mining Co., was ordered to suspend operations for rectification due to violations in ecological environment protection [2] - The government is committed to a thorough investigation and remediation of environmental risks, particularly in the heavy metal sector, to ensure sustainable development without compromising ecological integrity [3] Group 2 - The region has abundant non-ferrous metal resources, but most industries are at a low end of the value chain, posing significant environmental risks [3] - The government aims to balance high-level ecological protection with high-quality development, promoting green transformation in the non-ferrous metal industry [3] - There is a call for precise measures and comprehensive strategies to address ecological issues, ensuring that environmental safety is prioritized in industrial development [2][3]

紫金矿业（601899）公告，2025年第一季度实现营业收入789.28亿元，较上年同期增长5.55%。利润总 额为146.88亿元，与上年同期相比增长66.37%。净利润达到124.65亿元，同比增长62.96%。归母净利润 101.67亿元，同比增长58.76%。 ...

Group 1 - The company announced a projected operating revenue of 50.026 billion yuan for 2024, representing a year-on-year increase of 17% [1] - The net profit attributable to shareholders of the listed company is expected to be 2.932 billion yuan, reflecting a year-on-year growth of 5% [1] - The company plans to distribute a cash dividend of 10 yuan (including tax) for every 10 shares to all shareholders [1]

Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core Views - **Copper**: On April 9, China intensified counter - measures, and Trump announced a 90 - day delay of tariff measures on non - counter - retaliatory countries, leading to a general rise in global assets. The marginal impact of tariff policy on the market decreased, and the relaxation of tariffs spurred a bullish counter - attack. LME copper rose last night, reaching around $9,000, and SHFE copper increased with higher positions, standing above 75,000 yuan. Short - term market sentiment improved, and the futures price is expected to continue rising [4]. - **Aluminum**: Today, the aluminum price opened higher and fluctuated narrowly around 19,800 yuan, with a continuous decline in positions. The relaxation of US tariff measures last night catalyzed a bullish counter - attack. In the industrial aspect, the supply and demand of electrolytic aluminum are both strong, with no prominent contradictions at present. Electrolytic aluminum plants maintain high profits and high capacity utilization. Domestic demand is expected to be good due to new policies, but overseas terminal exports may decline due to tariffs. Overall demand expectations have decreased compared to the previous period. Short - term attention should be paid to the pressure at the 20,000 - yuan level [5]. - **Nickel**: Today, the nickel price opened higher and fluctuated upwards, with little change in positions. The relaxation of US tariff measures last night spurred a bullish counter - attack. In the industrial aspect, the nickel ore market is strong, supporting the nickel price, and the downstream stainless steel market is also strong. Previously, under the influence of macro factors, the nickel price broke below the bottom since November 2023. With the short - term improvement in macro sentiment, the futures price may have an oversold rebound [6]. 3. Summary by Related Catalogs 3.1 Industry Dynamics - **Copper**: On April 10, Mysteel reported that Anglo American's Chilean company called on Chile to speed up the approval process to expand copper mining and address future copper supply shortages. Although the president promised to shorten the approval time, the reform is still under review in Congress [8]. - **Nickel**: On April 10, for the refined nickel Shanghai market's mainstream reference contract, the SHFE nickel 2505 contract, the mainstream premium of Jinchuan electrolytic nickel was +3,250 yuan/ton, with a price of 123,830 yuan/ton; Russian nickel's mainstream premium was +300 yuan/ton, with a price of 120,880 yuan/ton; Norwegian nickel's mainstream premium was +2,900 yuan/ton, with a price of 123,480 yuan/ton; and nickel beans' mainstream premium was - 900 yuan/ton, with a price of 119,680 yuan/ton [9]. 3.2 Related Charts - **Copper**: Charts include copper basis, copper monthly spread, domestic visible inventory of electrolytic copper (social inventory + bonded area inventory), overseas copper exchange inventory, LME copper canceled warrant ratio, and SHFE warrant inventory [10][12][13]. - **Aluminum**: Charts cover aluminum spread, domestic social inventory of electrolytic aluminum, alumina trend, overseas exchange inventory of electrolytic aluminum (LME + COMEX), and alumina inventory [22][24][26]. - **Nickel**: Charts consist of nickel basis, LME nickel inventory and canceled warrant ratio, LME nickel trend, nickel monthly spread, SHFE inventory, and nickel ore port inventory [34][35][37].

Core Viewpoint - Guangxi Huaxi Nonferrous Metals Co., Ltd. has completed the change registration of the mining rights for the Tongkeng Mine, which is expected to enhance the company's resource availability and extend the service life of the mine, providing a resource guarantee for long-term sustainable development [1][4]. Mining Rights Change Situation - The mining rights change involves merging the exploration rights of the "Deep Zinc Polymetallic Mine Exploration" into the existing mining rights of the Tongkeng Mine, with the new mining license issued by the Ministry of Natural Resources of the People's Republic of China [1][2]. - The previous mining rights included a production scale of 2.376 million tons per year and a mining area of 15.7786 square kilometers, valid until May 23, 2030 [1]. Mining Rights Continuation Contract - The mining rights contract has been signed between the Ministry of Natural Resources and Guangxi Huaxi Mining Co., Ltd., with a mining area of 15.7786 square kilometers and a registration period of 27 years [3]. - The mining rights transfer revenue from the unutilized resources from September 30, 2006, to April 30, 2023, amounts to RMB 64.218 million, with the first installment of RMB 9.8708 million already paid [3]. Impact on the Company - As of September 30, 2020, the confirmed resource reserves within the mining rights area include 73.0414 million tons of ore, with main metal reserves of tin at 81,873 tons and zinc at 2,055,925 tons [4]. - The completion of the mining rights change is expected to increase the company's exploitable resources and support long-term sustainable development, although it will not have a significant short-term impact on the company's operating performance [4].

Investment Rating - Industry rating: Recommended [5] Core Insights - Kamoa-Kakula's copper production in Q1 2025 reached approximately 133,120 tons, a year-on-year increase of 54.58%, with expectations for accelerated growth in quarterly output [2][3] - The Kipushi concentrator achieved record zinc production of 42,736 tons in Q1 2025, with an average zinc grade of 32.5% [4] Production Performance Copper Production - Kamoa-Kakula's Q1 2025 copper production was 133,120 tons, a 54.58% increase year-on-year, with a record milling of 3.72 million tons of ore [2] - The average daily copper production in March reached 1,509 tons, with a peak of 1,919 tons on March 28, significantly exceeding the 2025 guidance of 520,000 to 580,000 tons [3] Zinc Production - Kipushi concentrator milled 151,403 tons of ore in Q1 2025, producing 42,736 tons of zinc concentrate, with a recovery rate of approximately 88% [4] - The concentrator is expected to maintain its annual production guidance of 180,000 to 240,000 tons of zinc [4] Power Supply - Kamoa-Kakula's average power requirement in March was between 130 to 140 MW, with plans to increase imported hydropower from Zambia [8][9] - A new solar power agreement aims to provide an additional 30 MW of continuous power, with plans to expand capacity to 120 MW [9] Smelting Operations - The commissioning of Kamoa-Kakula's copper smelter, with an annual capacity of 500,000 tons, is underway, with initial production expected in July [10] - As of the end of Q1 2025, Kamoa-Kakula held approximately 48,000 tons of unsold copper inventory [10] Project Developments - The "95 Project" aims to enhance the recovery rate of the Kamoa-Kakula concentrators from 87% to 95%, with a budget of approximately $180 million [11][12]

金十数据4月9日讯，鹏欣资源公告，预计2025年第一季度实现归属于母公司所有者的净利润10000万元 到13000万元，与上年同期相比，将增加7190.33万元到10190.33万元。预计2025年第一季度实现归属于 母公司所有者的扣除非经常性损益后的净利润10200万元到13200万元，与上年同期相比，将增加 11333.36万元到14333.36万元。报告期内公司阴极铜等产品产销量提升，同时氢氧化钴价格反弹，公司 现有的氢氧化钴存货以前年度计提减值转回。 鹏欣资源：预计一季度净利润1亿元-1.3亿元 ...

Group 1: Soybean Oil - Spot market: Before the Tomb - Sweeping Festival, the price of first - grade soybean oil at Zhangjiagang Donghai Grain and Oil was 8,520 yuan/ton, down 100 yuan/ton from the previous trading day [2] - Market analysis: The 2024/25 Brazilian soybean crop harvest rate is faster than last year, and South America's new season may be in a bumper - harvest pattern. Currently, it's the U.S. soybean export and South American growth and harvest season. Domestically, short - term soybean oil supply and downstream demand may remain neutral, and short - term inventory may be stable [2] - Reference view: The soybean oil 2505 contract may run weakly in the short term [2] Group 2: Soybean Meal - Spot information: 43 soybean meal prices in different regions: Zhangjiagang 3,010 yuan/ton (- 10), Tianjin 3,130 yuan/ton (- 30), Rizhao 3,070 yuan/ton (- 10), Dongguan 2,970 yuan/ton (0) [3] - Market analysis: Sino - U.S. tariff policies have caused market panic. CBOT soybeans have declined due to demand concerns. In April, the number of imported soybeans is expected to increase. Terminal breeding demand is average, and downstream feed enterprises mainly replenish stocks on a rolling basis. Oil mill soybean meal inventory remains neutral [3] - Reference view: Soybean meal may fluctuate within a range in the short term [3] Group 3: Corn - Spot information: The average purchase price of new corn in key deep - processing enterprises in the three northeastern provinces and Inner Mongolia is 2,082 yuan/ton; in North China and the Huang - Huai region, it's 2,281 yuan/ton. The purchase price at Jinzhou Port and Bayuquan Port is 2,130 - 2,155 yuan/ton [4] - Market analysis: The U.S. corn planting area in 2025 is expected to reach 95.326 million acres, a 12 - year high. Domestically, farmers' grain sales are nearly 90% complete, and imported corn and substitute grains have decreased significantly. Downstream pig production capacity is recovering, but there are still potential suppressing factors [4] - Reference view: The short - term corn futures price will fluctuate within a range, and an interval operation strategy is recommended [4] Group 4: Electrolytic Copper - Spot information: The price of Shanghai 1 electrolytic copper is 79,010 - 79,290 yuan, down 905 yuan. The import copper ore index is - 26.4, down 2.26 [5] - Market analysis: Global "irrational" tariffs have caused turmoil in overseas capital markets. Domestically, policies are continuously strengthening, giving the market strong expectations. The raw material impact is still extreme, and the copper price is in a stage of resonance [5] - Reference view: Affected by the external market, Shanghai copper may open sharply lower. It is recommended to keep the strategy unchanged [5] Group 5: Lithium Carbonate - Spot information: The market price of battery - grade lithium carbonate (99.5%) is 74,100 yuan/ton, and that of industrial - grade lithium carbonate (99.2%) is 72,200 yuan/ton. The price difference between them is 1,900 yuan/ton, remaining unchanged from the previous trading day [6] - Market analysis: Lithium ore prices are unchanged, and inventory has increased. Supply is growing but at a slower pace, and the salt - lake end has started to resume production. Demand has improved but is still insufficient to drive prices up [6][7] - Reference view: The lithium carbonate 2505 contract may oscillate weakly. Short - selling on rallies is recommended [7] Group 6: Steel - Spot information: The price of Shanghai rebar is 3,260 yuan, the Tangshan start - up rate is 80.58%, the social inventory is 6.28 million tons, and the steel mill inventory is 2.2578 million tons [8] - Market analysis: The fundamentals of steel are gradually improving, with a weaker near - term and stronger long - term situation. The cost is rising, and the inventory is accumulating but at a low level. The short - term market is dominated by macro - policy expectations [8] - Reference view: The market sentiment is pessimistic, and steel prices will oscillate at a low level [8] Group 7: Coking Coal and Coke - Spot information: The price of main coking coal (washed coal, Meng 5) is 1,270 yuan/ton; the price of quasi - first - grade metallurgical coke at Rizhao Port is 1,370 yuan/ton. The port inventory of imported coking coal is 3.8623 million tons, and the port inventory of coke is 2.0013 million tons [9] - Market analysis: Supply is relatively loose, demand is still sluggish, inventory is slightly accumulating, and the average profit per ton of coke is approaching the break - even point [9] - Reference view: Due to loose supply, coking coal and coke will rebound weakly at a low level with limited space [9] Group 8: Iron Ore - Spot information: The Platts iron ore index is 102.95, the price of Qingdao PB (61.5%) powder is 786 yuan, and the price of Australian iron ore powder (62% Fe) is 787 yuan [10] - Market analysis: Supply is increasing, demand is weak both domestically and overseas, and there are concerns about the contraction of long - process steelmaking demand. However, the weakening of the U.S. dollar index provides some support [10] - Reference view: The iron ore 2505 contract will mainly oscillate weakly in the short term. Traders are advised to be cautious [10] Group 9: Crude Oil - Market analysis: After the U.S. announced "reciprocal tariffs" and China counter - attacked, global capital markets tumbled, and crude oil prices dropped more than 10% during the holiday. OPEC+ decided to increase production in May, and the U.S. PMI data in February contracted [11] - Reference view: The WTI main contract will experience a sharp decline after the holiday. Attention should be paid to the supplementary decline in the domestic market [11] Group 10: Rubber - Spot information: The price of domestic full - latex rubber is 16,600 yuan/ton, Thai RSS3 is 21,600 yuan/ton, Vietnamese 3L standard rubber is 17,750 yuan/ton, and 20 - grade rubber is 16,350 yuan/ton [12] - Market analysis: U.S. "reciprocal tariffs" have affected China's tire and automobile exports, causing rubber prices to fall. Domestically, full - latex rubber production is gradually resuming, and the global rubber supply and demand are both loose [13] - Reference view: Rubber prices will mainly oscillate weakly. Attention should be paid to the supplementary decline after the holiday [13] Group 11: PVC - Spot information: The mainstream price of East China 5 - type PVC is 4,900 yuan/ton, and that of ethylene - based PVC is 5,150 yuan/ton, both remaining unchanged [14] - Market analysis: The PVC production enterprise start - up rate has increased. Downstream demand has not improved significantly, and inventory has decreased. The current supply - demand contradiction is still prominent [14] - Reference view: In the short term, lacking fundamental positive drivers, the futures price will oscillate at a low level [14] Group 12: Soda Ash - Spot information: The national mainstream price of heavy soda ash is 1,471.56 yuan/ton, down 1.57 yuan/ton month - on - month [15] - Market analysis: The soda ash start - up rate has increased, production has risen, and factory inventory has accumulated. Social inventory has decreased slightly. Demand is average, and there is resistance to high - price goods [15] - Reference view: Before the holiday, the 05 contract fluctuated narrowly. It is expected that the futures price will mainly oscillate widely in the short term [15]

Investment Rating - The report maintains a "Recommended" rating for several companies in the non-ferrous metals sector, including Zijin Mining, Luoyang Molybdenum, and Huayou Cobalt [5][6]. Core Viewpoints - The "reciprocal tariff" policy announced by the Trump administration has significantly increased global trade costs, leading to a substantial adjustment in commodity prices. However, domestic demand resilience is expected to offset external risks and support industrial metal prices [2][4]. - The report highlights that the domestic manufacturing PMI for March remained in the expansion zone at 50.5%, indicating strong internal demand that may cushion the impact of external pressures [2]. - Supply constraints in copper due to protests blocking access to key mining operations have exacerbated supply tightness, while domestic copper cable manufacturers have seen an increase in operating rates [2][3]. Summary by Sections Industrial Metals - The report notes significant price declines for industrial metals, with LME aluminum, copper, zinc, lead, nickel, and tin prices changing by -6.37%, -11.18%, -6.37%, -5.49%, -10.73%, and -2.48% respectively [1][12]. - The SMM copper concentrate import index reported a decrease of 2.26 USD/ton, reflecting ongoing supply tightness due to protests affecting key mining routes [2][39]. - The report recommends companies such as Luoyang Molybdenum, Zijin Mining, and Western Mining based on their performance and market conditions [2][5]. Energy Metals - Cobalt prices are expected to remain strong due to ongoing supply constraints from the Democratic Republic of Congo's export ban, while lithium prices have seen a decline amid stable downstream demand [3][84]. - Nickel prices are projected to continue rising due to tight supply conditions, despite some fluctuations in demand from the stainless steel sector [3][56]. Precious Metals - The report expresses optimism for precious metal prices, particularly gold, which has seen a rise due to increased safe-haven demand amid geopolitical tensions and inflation concerns [4][67]. - Silver prices are under pressure in the short term but are expected to rebound once economic conditions stabilize [4][67]. Company Earnings Forecasts - The report provides earnings forecasts and valuations for key companies, with EPS estimates for 2024E to 2026E showing growth for companies like Zijin Mining and Huayou Cobalt, with PE ratios indicating favorable valuations [5][6].

对于公司2024年业绩波动有关情况及应对措施的提问，公司方面直言：2024年公司业绩波动由两方面因素构成，一是公司全资子公司国城资源在报告期内投 产，销售收入增加，但产量爬坡期各项生产成本较高，加之报告期内主要产品销售价格处于低位，因此对公司业绩产生较大影响；二是报告期内受锂产品市 场价格整体下滑影响，公司参股子公司金鑫矿业业绩较上年同期下滑，导致公司投资收益同比大幅减少。 全景网了解到，随着国城资源全面投产，公司各业务板块协同效应进一步增强。2024年末国城矿业在建工程大规模转为固定资产，期末固定资产账面价值 36.99亿元，同比大增102.2%；产能扩大亦带动期末存货水涨船高，这实际上为公司业务多元化发展与主业提质升级奠定了坚实的基础。 必须看到，尽管2024年国城矿业面临净利润同比下压的挑战，但其营业收入的显著增长、资产规模的稳步扩大、业务多元化的发展以及丰富的资源储备，为 公司未来的可持续发展奠定了坚实的基础。 4月3日，国城矿业（000688）2024年度业绩说明会在全景路演成功举办。 公司表示，将坚持以资源为核心的经营策略，持续通过技改扩建提升现有产能，同时不断增厚优质资源储备，进而巩固和提升自身 ...