Report 1: Zinc Futures Research Report 1. Report Industry Investment Rating - Zinc - Bearish outlook [1] 2. Core View - Tariff impact is temporarily receding, short - term supply is changing from tight to loose, and in the medium - to - long - term, there is an overall surplus, so it should be viewed bearishly [3] 3. Summary by Directory Macro & Industry News - Due to the trade war, Teck is considering other export options for its US concentrates. After China imposed a new round of retaliatory tariffs on US goods, Teck's lead - zinc concentrates from the Red Dog mine in Alaska became a "victim" of the Sino - US trade conflict. The company's business team is evaluating various solutions [1] Supply - Mining enterprise profits are affected by tariff policies, with single - ton profits shrinking from over 6,000 to around 4,000. However, TC prices have not declined, indicating no production cuts at the mine end. The supply side is generally becoming looser, and the possibility of production cuts for both pure smelting and integrated enterprises is extremely low [2] Demand - The peak demand season of "Golden March and Silver April" is coming to an end. Galvanizing shows low capacity utilization and production, and manufacturers' production enthusiasm is low. The demand for zinc ingots is expected to decline in the short term. In the die - casting alloy and zinc oxide markets, demand is weak [3] Conclusion - Tariff impact is temporarily receding, short - term supply is changing from tight to loose, and in the medium - to - long - term, there is an overall surplus, so it should be viewed bearishly [3] Operation Suggestion - Wait for an opportunity to short; if there is no rebound, the downside space is limited [4] Report 2: Nickel and Stainless Steel Futures Research Report 1. Report Industry Investment Rating - Nickel - Short after a rebound; Stainless steel - Hold [5] 2. Core View - Although the Sino - US trade concerns remain, market sentiment has eased. Nickel prices have rebounded in the short term, but the fundamental trend of surplus remains unchanged. The support from the mine end is not sustainable [6] 3. Summary by Directory Macro & Industry News - In the first week of May 2025, the price of 1.6% grade nickel ore (CIF) increased by $1.1 per metric ton, while the price of 1.2% grade nickel ore (CIF) remained stable. Some processed product prices declined [5] Supply - Indonesia has increased mining royalties, and the price at the mine end is firm. The probability of the mine end becoming looser is high. The profit of ferronickel produced from medium - grade nickel ore is close to the break - even point, while the profit from low - grade nickel ore is still substantial. The total supply of domestic electrolytic nickel remains at a high level, and the cost of electrowinning nickel is expected to decline [5] Demand - In the process of producing nickel sulfate from nickel beans, the nickel cost is about 127,000 yuan, which is consistent with the technical pressure level. The demand support from downstream nickel sulfate cost is about 134,000 yuan/ton, and the profit critical point for external - purchasing manufacturers is about 137,000 yuan/ton. The possibility of stainless steel production cuts is small [6] Conclusion - Although the Sino - US trade concerns remain, market sentiment has eased. Nickel prices have rebounded in the short term, but the fundamental trend of surplus remains unchanged. The support from the mine end is not sustainable [6] Operation Suggestion - Short [7]

Core Viewpoint - Western Gold plans to acquire 100% equity of Xinjiang Meisheng Mining Co., Ltd. for cash, aiming to enhance its independence and avoid potential competition with its controlling shareholder, Xinjiang Nonferrous Metals Industry Group [1][2][3] Group 1: Acquisition Details - The acquisition will be financed through self-owned funds and loans, with Xinjiang Meisheng becoming a wholly-owned subsidiary of Western Gold post-transaction [3] - The transaction is expected to be classified as a related party transaction due to Xinjiang Nonferrous being the controlling shareholder of Western Gold [3] - The transfer price will be negotiated based on the costs incurred by Xinjiang Nonferrous during its acquisition and cultivation of Xinjiang Meisheng [3] Group 2: Financial Performance - Xinjiang Meisheng reported negative net profits of approximately -35.94 million yuan in 2024 and -14.16 million yuan in Q1 2024 [4] - As of March 2023, Xinjiang Meisheng's net assets were about 90 million yuan [4] Group 3: Project Outlook - Xinjiang Meisheng is expected to commence production in the second half of 2025, with the Karatbaasu gold-copper polymetallic mine project having a proven ore volume of 25.67 million tons and gold resources of 78.7 tons [7] - Upon reaching full production capacity, the project aims for a daily production scale of 4,000 tons, resulting in an annual output of 120,000 tons of ore and approximately 3.3 tons of gold [7][8]

Group 1: Company Projects and Developments - The company has several upcoming construction projects, including the Silverman Phase II and Yubang mining projects, with the Silverman Phase II already having 50% of its underground engineering completed by the end of 2024 [5][7]. - The Atlantic Tin project is expected to start production in Q4 2027, with an estimated annual output of around 6,000 tons of tin metal [5][6]. - The Yubang mining project is currently seeking construction permits from the National Emergency Management Department [5]. Group 2: Financial Strategies and Performance - The company plans to issue $300 million in overseas bonds to support the Moroccan project and optimize its financing structure [5][6]. - In 2024, the company’s subsidiary, Qianjinda Mining, achieved a net profit of approximately 245 million RMB, a 39.16% increase year-on-year [8]. - The increase in contract liabilities in Q1 2025 is primarily due to an increase in advance payments received [11]. Group 3: Resource Management and Exploration - The Atlantic Tin project has an average ore grade of 0.55% with a recovery rate of 70%, and the planned annual ore processing capacity is 150,000 tons [6][9]. - The company is actively exploring the Silverman and Yubang mining areas, with significant potential for resource expansion identified [9][10]. - The company has four mining licenses covering 140 square kilometers in Morocco, with promising geological conditions for further exploration [6][9]. Group 4: Safety and Operational Management - The company emphasizes safety management, implementing strict risk control measures and training programs to enhance operational safety [10]. - A comprehensive safety responsibility system has been established to ensure the safety of employees and the sustainable development of the company [10]. Group 5: Stakeholder Engagement - The company held an investor relations event on May 5, 2025, to discuss its annual and quarterly performance with various investment institutions [5][11]. - Key executives, including the President and CFO, participated in the event to address investor inquiries regarding project developments and financial strategies [5].

Group 1 - Zijin Mining has completed the acquisition of control over Zangge Mining, holding 411 million shares, which is 26.18% of its total share capital [3] - Huayi Group plans to acquire 60% equity of San Aifu for approximately 4.09 billion yuan, aiming to enhance business expansion and competitiveness [6] - Silex reported April sales of 31,488 new energy vehicles, a year-on-year increase of 12.99%, while cumulative sales for the year reached 86,040 units, down 29.87% [4] Group 2 - Huamao Technology's controlling shareholder intends to increase its stake in the company by 100 million to 200 million yuan within six months [2] - Haixing Power's controlling shareholder has signed an agreement to transfer 5% of the company's shares, amounting to 57.9 million yuan, to a related party [5] - Huaneng Technology's controlling shareholder is planning a change in control, which may lead to a transfer of 15% of the company's shares [12] Group 3 - Huzhou Intelligent successfully bid for 75% equity of Shanghai Aerospace Yigeng Intelligent Technology Co., Ltd. for 101 million yuan, focusing on high-end five-axis linkage machine tools [13] - Changchuan Technology plans to establish a joint venture for high-end packaging and testing equipment localization with a registered capital of 100 million yuan [8] - Aoheng Electric received a project confirmation from a leading new energy vehicle brand, with an estimated total revenue of approximately 619 million yuan over the project lifecycle [9] Group 4 - Huazhi Media's film "Dumpling Queen" has grossed approximately 218 million yuan in ticket sales within six days of release, exceeding 50% of the company's last audited annual revenue [10] - Yinlun Co. plans to repurchase shares worth 50 million to 100 million yuan, with a maximum price of 36 yuan per share [11]

Core Viewpoint - Zijin Mining (601899) announced the completion of control acquisition of Zangge Mining (000408) by its wholly-owned subsidiary Zijin International Holdings on April 30, 2025, holding a total of 411 million shares, accounting for 26.18% of Zangge Mining's total share capital [1] Group 1 - The acquisition is expected to facilitate the integration of high-quality resources and add potassium resource reserves [1] - The company aims to become a significant potassium salt producer through this acquisition [1] - The acquisition is anticipated to enhance the operational management efficiency of the Julong Copper Mine and accelerate the conversion of resource advantages into economic benefits [1]

Summary of the Conference Call for Xingye Silver Tin Company and Industry Overview - **Company**: Xingye Silver Tin - **Industry**: Mining and Metals, specifically focusing on tin and silver production Key Points and Arguments 1. **Acquisition of Atlantic Tin Industry**: Xingye Silver Tin plans to acquire 75% of Atlantic Tin Industry, which holds the core asset of the Ashmashlin Tin Mine in Morocco, containing 253,300 tons of tin metal. This acquisition aims to enhance the company's tin reserves and support international expansion, with production expected to commence in Q4 2027 and reach full capacity in 2028, processing approximately 6,000 tons of rare metals annually [2][11][12] 2. **Exploration Results**: The Atlantic Gas Project has shown significant exploration results, with controlled resources of 210,000 tons at an average grade of 0.55%. The project features an 8-kilometer mineralization belt, indicating potential for further discoveries [2][6][7] 3. **Debt Issuance**: The company plans to issue $300 million in overseas bonds to finance the Atlantic Tin project and other international expansion initiatives. Despite high overseas interest rates, this aligns with the company's international growth strategy and aims to optimize capital structure [2][9][12] 4. **Production Forecast for 2025**: Xingye Silver Tin anticipates producing 1,355 tons of tin, 304 tons of silver, and 9,400 tons of rare metals in 2025, with significant growth expected in tin and silver production [2][17] 5. **Revenue Breakdown for 2024**: The company projects revenues of 1.4 billion for rare metals (3.14% of total), 1.16 billion for silver (27.29%), and 980 million for other rare metals (22.97%) [2][16] 6. **Project Updates**: Key projects include the Yungmai 27 project, which is in land acquisition, and the expansion of Yubang Mining, currently awaiting approval for a 825,000-ton expansion [3][10][19] 7. **Future Silver Price Outlook**: The company holds an optimistic view on silver prices, citing its industrial applications and historical performance during precious metal bull markets, where silver typically outperforms gold [3][32] 8. **Cost and Efficiency of Atlantic Tin Project**: The production cost for the Atlantic Tin project is estimated to be around 200 RMB per ton, with a recovery rate of approximately 70% [2][13] 9. **Debt Restructuring Progress**: The company is in discussions with AMC for debt restructuring, aiming to complete the process by August 12, 2025, to ensure judicial reorganization [3][14][39] 10. **Safety and Risk Management**: The company emphasizes safety management, implementing strict controls and training to mitigate risks associated with mining operations [3][40] Other Important but Potentially Overlooked Content - **Future Capital Expenditure Plans**: The company anticipates significant capital expenditures for various projects, including the Atlantic Tin project and expansions, while maintaining a healthy cash flow [3][24] - **Environmental and Regulatory Compliance**: The company is actively engaging with local governments and regulatory bodies to ensure compliance and facilitate project approvals [3][10][19] - **Investor Relations**: Xingye Silver Tin plans to maintain regular communication with investors through various channels to enhance transparency and engagement [3][43]

Investment Rating - The report maintains a "Buy" rating for several companies in the non-ferrous metals sector, including Zijin Mining, Luoyang Molybdenum, and Huayou Cobalt [4][5]. Core Insights - Industrial metals are experiencing a rebound in prices due to ongoing inventory depletion, with LME aluminum, copper, zinc, lead, nickel, and tin prices showing increases of +1.11%, +0.83%, +0.57%, +1.28%, +0.35%, and +1.79% respectively [1][2]. - The report highlights the impact of macroeconomic factors, including concerns over economic slowdown and uncertainties surrounding U.S. tariffs, which have led to increased market volatility [2]. - Key recommendations include companies such as Luoyang Molybdenum, Zijin Mining, and Huayou Cobalt, among others, indicating strong potential for investment [2][3]. Summary by Sections Industrial Metals - The report notes a significant decrease in inventory levels for copper, with SMM social inventory dropping below 130,000 tons, indicating a tight supply situation [2][38]. - Aluminum production is recovering due to domestic restarts and new projects, with a notable inventory reduction of 71,000 tons driven by pre-holiday stocking [2][21]. - The report emphasizes the ongoing tightness in the cobalt market due to export bans from the Democratic Republic of Congo, which is expected to lead to price increases [3][54]. Precious Metals - Gold prices have recently declined due to reduced demand for safe-haven assets amid optimistic trade negotiations between the U.S. and China, while silver prices have shown resilience due to its industrial applications [3][66]. - The report anticipates a long-term upward trend in gold prices driven by de-dollarization and ongoing geopolitical tensions, despite short-term fluctuations [3][66]. Key Company Performance - The report provides earnings forecasts and valuations for key companies, with Zijin Mining projected to have an EPS of 1.21 yuan in 2024, and a PE ratio of 14 times [4]. - Other companies such as Huayou Cobalt and Luoyang Molybdenum are also highlighted for their strong earnings potential and favorable market conditions [4][5].

Group 1 - The company plans to issue overseas bonds to expand financing channels and optimize its capital structure, with a maximum issuance size of up to $300 million [2][3][4] - The bond issuance will be conducted by the company or its subsidiary, Yinxing Gold (Hong Kong), with a maturity of no more than 3 years [3][4] - The funds raised will be used for domestic and overseas project construction and to supplement working capital [4][6] Group 2 - The company has signed a conditional offer agreement to acquire Atlantic Tin Ltd at a price of AUD 0.24 per share, with a total estimated value of approximately AUD 0.96 million for all issued shares [8][9][11] - The offer period is set for one month, with the possibility of extension until October 31, 2025, if necessary [10][28] - The acquisition is supported by the largest shareholder of Atlantic Tin, Pala Investments, which holds 72.26% of the shares [8][10][11] Group 3 - The acquisition aims to enhance the company's strategic goal of expanding its overseas mineral resource investments and integrating international resources [33][34] - The Achmmach tin project, which is part of Atlantic Tin's assets, is expected to start commercial production in 2026, contributing to the company's growth [34][35] - The company will utilize its mining expertise to enhance operational efficiency and profitability in the Achmmach project [34][35]

登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：601020 证券简称：华钰矿业 公告编号：临2025-028号 西藏华钰矿业股份有限公司 关于召开2024年度暨2025年第一季度业绩暨现金分红说明会的公告 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。 重要内容提示： 会议召开时间：2025年05月12日（星期一）10:00-11:00 会议召开网址：价值在线（www.ir-online.cn） 会议召开方式：网络文字互动 三、参加人员 公司总经理陈旭先生、独立董事何佳先生、董事会秘书李想先生、财务总监邢建军先生等（如有特殊情 况，参加人员可能调整）。 ● 会议问题征集：投资者可于2025年05月12日前访问网址https://eseb.cn/1nRIvRxHnby或使用微信扫描下 方小程序码进行会前提问，公司将通过本次业绩说明会，在信息披露允许范围内就投资者普遍关注的问 题进行回答。 ■ 西藏华钰矿业股份有限公司（以下简称"公司"或"华钰矿业"）已于2025年4月28日召开第五届董事会第 二次会议审议通过了《公 ...

Group 1 - The company reported a revenue of 2.457 billion yuan in Q1 2025, representing a year-on-year growth of 3.65%, showcasing its resilience amid volatile non-ferrous metal prices and a complex economic environment [1] - The company has a dual business model of "resources + engineering," which strengthens its risk resistance capabilities [1] - The company actively engages in international operations, signing significant engineering contracts in markets like Kazakhstan, Indonesia, and Vietnam, which supports its future business development [1] Group 2 - The company announced a cash dividend of 0.46 yuan per 10 shares to all shareholders, reflecting its commitment to shareholder returns [2] - The major shareholder, China Nonferrous Mining Group Co., Ltd., increased its stake by 3.986 million shares, accounting for 2.00% of the total share capital [2] - The company released its second annual ESG report, highlighting its achievements in governance, social responsibility, and sustainable development [2] Group 3 - The year 2025 is critical for the non-ferrous metal industry, with expectations of increased mining investment and improved domestic zinc concentrate supply due to large-scale projects [3] - The international engineering contracting industry is expected to benefit from infrastructure development and industrial upgrades, despite challenges such as narrowing profit margins and raw material price fluctuations [3] - The company aims to enhance resource development, expand its international engineering business, and cultivate high-end equipment sectors to achieve high-quality growth [3]