Investment Rating - The report maintains an "Outperform" rating for the industry [7]. Core Insights - The report highlights that the precious metals sector is expected to perform strongly due to rising expectations for interest rate cuts by the Federal Reserve, driven by political pressures and potential changes in monetary policy [3][12]. - Industrial metals are anticipated to see price increases supported by traditional consumption peaks and ongoing supply constraints, particularly for copper [14][17]. - The lithium market is experiencing short-term disruptions but has strong long-term fundamentals, making it a strategic investment opportunity [18]. - Tungsten prices have surged significantly, while rare earth elements have stabilized after a decline, indicating a mixed outlook for these sectors [19]. Summary by Sections 1. Precious Metals - The report discusses the impact of political events, such as President Trump's actions against the Federal Reserve, which could lead to a crisis in the dollar credit system and boost demand for precious metals [3][12]. - Key stocks to watch include A-shares like Zhaojin Mining and Zijin Mining, and H-shares like WanGuo and LingBao [3]. 2. Industrial Metals - The report notes that copper prices are supported by a tight supply situation, with a projected increase in demand due to seasonal consumption patterns [14][17]. - Key stocks recommended include Jiangxi Copper and Tongling Nonferrous [17]. 3. New Energy Metals - Lithium prices are expected to remain strong due to resilient demand, despite short-term supply disruptions [18]. - Recommended stocks include Tianqi Lithium and Ganfeng Lithium [18]. 4. Other Minor Metals - Tungsten prices have increased by 16.7% recently, while rare earth prices have stabilized after a decline [19]. - Key stocks to monitor include China Rare Earth and North Rare Earth [19]. 5. Market Review - The report indicates that the non-ferrous index rose by 7.2%, outperforming the broader market, with notable gains in stocks like Jinli Permanent Magnet and China Rare Earth [5][25]. - The report also highlights that the copper and aluminum sectors are currently undervalued [33]. 6. Major Events - The report mentions significant macroeconomic events, including Trump's dismissal of a Federal Reserve board member, which could influence market dynamics [41]. - It also notes that China's copper production has increased by 9.4% year-on-year for the first seven months of the year [46].

Investment Rating - The investment rating for Tianshan Aluminum (002532.SZ) is "Buy" (maintained) [1] Core Views - Tianshan Aluminum demonstrates a rare growth attribute within the industry, highlighting its investment value [1] - The company achieved a revenue of 15.328 billion yuan in H1 2025, representing a year-on-year increase of 11.19%, while the net profit attributable to shareholders was 2.084 billion yuan, up 0.51% year-on-year [4] - The report anticipates that the company's net profit for 2025 to 2027 will be 4.709 billion, 5.602 billion, and 6.429 billion yuan respectively, reflecting year-on-year growth rates of 5.7%, 19.0%, and 14.8% [4] Financial Performance Summary - In H1 2025, the company produced 585,400 tons of electrolytic aluminum, remaining stable year-on-year, while alumina production increased by 9.76% to 1.1999 million tons [5] - The average selling price for electrolytic aluminum was approximately 20,250 yuan per ton, up 2.8% year-on-year, and for alumina, it was about 3,700 yuan per ton, up 6% year-on-year [5] - The comprehensive electricity cost for electrolytic aluminum production decreased by approximately 17% year-on-year due to lower coal procurement prices and new power supply agreements [5] Growth Potential - The company has initiated a green low-carbon efficiency improvement project for 1.4 million tons of electrolytic aluminum capacity, which is expected to enhance annual production capacity significantly [6] - The report emphasizes the company's unique growth potential within the industry, supported by its integrated layout and regional advantages [4][6] Valuation Metrics - The projected earnings per share (EPS) for 2025, 2026, and 2027 are 1.01, 1.20, and 1.38 yuan respectively, with corresponding price-to-earnings (P/E) ratios of 7.3, 6.1, and 5.3 times [4][8] - The company's revenue is expected to grow from 28.975 billion yuan in 2023 to 32.566 billion yuan in 2027, with a compound annual growth rate (CAGR) of approximately 7.5% [8]

Group 1 - Hailiang Co., Ltd. achieved a revenue of 44.476 billion yuan, a year-on-year increase of 1.17%, and a net profit of 711 million yuan, a year-on-year increase of 15.03% [1] - Yinfai Storage reported a revenue of 543 million yuan, a year-on-year decrease of 18.97%, and a net profit of 62.347 million yuan, a year-on-year decrease of 20.05% [1] - Huamao Technology achieved a revenue of 1.108 billion yuan, a year-on-year increase of 14.42%, and a net profit of 137 million yuan, a year-on-year increase of 3.21% [2] Group 2 - Postal Savings Bank reported a revenue of 179.446 billion yuan, a year-on-year increase of 1.5%, and a net profit of 49.228 billion yuan, a year-on-year increase of 0.85% [4] - Bright Dairy achieved a revenue of 12.472 billion yuan, a year-on-year decrease of 1.9%, and a net profit of 217 million yuan, a year-on-year decrease of 22.53% [6] - Pianzaihuang reported a revenue of 5.379 billion yuan, a year-on-year decrease of 4.81%, and a net profit of 1.442 billion yuan, a year-on-year decrease of 16.22% [7] Group 3 - Great Wall Motors achieved a revenue of 92.335 billion yuan, a year-on-year increase of 0.99%, and a net profit of 6.337 billion yuan, a year-on-year decrease of 10.21% [9] - Haowei Group reported a revenue of 13.956 billion yuan, a year-on-year increase of 15.42%, and a net profit of 2.028 billion yuan, a year-on-year increase of 48.34% [10] - Batian Co., Ltd. achieved a revenue of 2.543 billion yuan, a year-on-year increase of 63.93%, and a net profit of 456 million yuan, a year-on-year increase of 203.71% [12] Group 4 - Yuxin Technology reported a revenue of 1.415 billion yuan, a year-on-year decrease of 5.01%, and a net profit of 220 million yuan, a year-on-year increase of 35.26% [14] - Zhongti Industry reported a revenue of 787 million yuan, a year-on-year decrease of 25.24%, and a net loss of 24.3955 million yuan [15] - Kemei Diagnostics achieved a revenue of 165 million yuan, a year-on-year decrease of 27.03%, and a net profit of 24.3408 million yuan, a year-on-year decrease of 68.24% [16] Group 5 - Huatai Co., Ltd. reported a revenue of 6.409 billion yuan, a year-on-year decrease of 1.86%, and a net profit of 67.6382 million yuan, a year-on-year decrease of 63.13% [17] - Fudan Fuhua reported a revenue of 326 million yuan, a year-on-year increase of 2.20%, and a net loss of 711.58 million yuan [19] - Haili Co., Ltd. achieved a revenue of 12.426 billion yuan, a year-on-year increase of 13.16%, and a net profit of 333.546 million yuan, a year-on-year increase of 693.76% [21] Group 6 - Xintong New Science reported a revenue of 61.852 million yuan, a year-on-year increase of 8.49%, and a net loss of 30.393 million yuan [22] - Newzhisoft achieved a revenue of 897 million yuan, a year-on-year decrease of 3.40%, and a net profit of 30.3531 million yuan, a year-on-year increase of 42.84% [24] - Maolai Optics reported a revenue of 319 million yuan, a year-on-year increase of 32.26%, and a net profit of 32.7555 million yuan, a year-on-year increase of 110.36% [25] Group 7 - Qianjin Pharmaceutical achieved a revenue of 1.818 billion yuan, a year-on-year decrease of 5.52%, and a net profit of 128 million yuan, a year-on-year increase of 8.50% [28] - Quanfeng Automotive reported a revenue of 1.218 billion yuan, a year-on-year increase of 18.90%, and a net loss of 167 million yuan [29] - Zhongjin Lingnan's application for a specific issuance of A-shares has been accepted by the Shenzhen Stock Exchange [31] Group 8 - Zhonglv Electric achieved a revenue of 2.333 billion yuan, a year-on-year increase of 29.30%, and a net profit of 618 million yuan, a year-on-year increase of 33.06% [33] - Sanhuan Group reported a revenue of 4.149 billion yuan, a year-on-year increase of 21.05%, and a net profit of 1.237 billion yuan, a year-on-year increase of 20.63% [35] - China Energy Construction achieved a revenue of 212.091 billion yuan, a year-on-year increase of 9.18%, and a net profit of 28.02 billion yuan, a year-on-year increase of 0.72% [37] Group 9 - Liou Co., Ltd. reported a revenue of 9.635 billion yuan, a year-on-year decrease of 9.62%, and a net profit of 478 million yuan, turning from a loss to profit [38] - Suzhou Bank achieved a revenue of 6.504 billion yuan, a year-on-year increase of 1.81%, and a net profit of 3.134 billion yuan, a year-on-year increase of 6.15% [40] - Shunxin Agriculture reported a revenue of 4.593 billion yuan, a year-on-year decrease of 19.24%, and a net profit of 173 million yuan, a year-on-year decrease of 59.09% [43] Group 10 - Tongfu Microelectronics achieved a revenue of 13.038 billion yuan, a year-on-year increase of 17.67%, and a net profit of 412 million yuan, a year-on-year increase of 27.72% [44] - Weidao Nano reported a revenue of 1.05 billion yuan, a year-on-year increase of 33.42%, and a net profit of 192 million yuan, a year-on-year increase of 348.95% [44] - ZTE Corporation achieved a revenue of 715.53 billion yuan, a year-on-year increase of 14.51%, and a net profit of 50.58 billion yuan, a year-on-year decrease of 11.77% [46]

Investment Rating - The report maintains a standard rating for the non-ferrous metals industry, indicating a positive outlook for investment in this sector [1]. Core Insights - The non-ferrous metals industry has seen a significant increase in performance, with an overall rise of 8.37% in the last two weeks, outperforming the CSI 300 index by 1.41 percentage points, ranking 5th among 31 industries [2][11]. - The small metals and new materials sectors have shown particularly strong performance, with increases of 21.87% and 13.84% respectively in the same period [2][16]. - The report highlights the positive impact of government policies on the rare earth sector, leading to a rapid price recovery for rare earth products [4][72]. Industry Analysis Market Performance - As of August 28, 2025, the non-ferrous metals industry has increased by 16.08% this month and 44.99% year-to-date, ranking 5th and 2nd respectively among 31 industries [11][12]. - The small metals sector has surged by 77.45% year-to-date, while the new materials sector has risen by 55.77% [16]. Price Trends - As of August 28, 2025, key prices include: - LME copper at $9,839.50 per ton - LME aluminum at $2,607 per ton - LME lead at $1,988 per ton - LME zinc at $2,787 per ton - LME nickel at $15,300 per ton - LME tin at $34,825 per ton [22]. - The rare earth price index reached 226.27, up 21.16 from early August, with specific prices for praseodymium-neodymium oxide averaging 604 yuan per kilogram [41][72]. Company Performance - Notable companies in the sector include: - China Rare Earth (000831) and Kingstone Permanent Magnet (300748), which are recommended for attention due to their strong market positions [73]. - In the last two weeks, the top-performing stocks include Zhangyuan Tungsten (57.70%), Kingstone Permanent Magnet (54.48%), and Northern Rare Earth (46.39%) [18][20]. - Year-to-date, the top gainers are Copper Crown Copper Foil (217.60%), Zhongzhou Special Materials (211.00%), and Northern Rare Earth (165.00%) [20].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has launched a three-year dividend plan, highlighting its high dividend attributes. It commits to distributing no less than 60% of its distributable profits in cash dividends from 2025 to 2027 [5][7] - In the first half of 2025, the company achieved revenue of 10.574 billion yuan, a year-on-year decrease of 3.82%, while the net profit attributable to shareholders increased by 59.55% to 707 million yuan [5] - The company has adjusted its profit forecasts for 2025 to 2027, expecting net profits of 1.971 billion, 2.448 billion, and 2.731 billion yuan respectively, with year-on-year growth rates of 180.0%, 24.2%, and 11.5% [5] Financial Performance Summary - In the first half of 2025, the company reported a revenue of 10.574 billion yuan, with a net profit of 707 million yuan, and a non-recurring net profit of 646 million yuan [5] - For Q2 2025, the company achieved revenue of 5.552 billion yuan, a year-on-year decrease of 4.47%, but a quarter-on-quarter increase of 10.57% [5] - The company’s earnings per share (EPS) for 2025 is projected to be 0.49 yuan, with corresponding price-to-earnings (P/E) ratios of 11.1, 8.9, and 8.0 for the years 2025, 2026, and 2027 respectively [5][9] Business Development - The company has completed the acquisition of a 24% stake in Zhongfu Aluminum, increasing its electrolytic aluminum capacity to 750,000 tons per year [6] - The company is investing 70.386 million yuan in a new clean energy materials project, expected to recover its investment in approximately 2.06 years with an investment return rate of 107.47% [6] Shareholder Engagement - As of August 12, 2025, the company completed its employee stock ownership plan, purchasing 329 million shares, accounting for 8.21% of the total share capital [7]

有色金属/工业金属 紫金矿业（601899.SH） 金铜齐驱，有色龙头再创佳绩 2025 年 08 月 29 日 投资评级：买入（维持） | 日期 | 2025/8/28 | | --- | --- | | 当前股价(元) | 22.52 | | 一年最高最低(元) | 23.30/13.94 | | 总市值(亿元) | 5,985.27 | | 流通市值(亿元) | 4,636.40 | | 总股本(亿股) | 265.78 | | 流通股本(亿股) | 205.88 | | 近 3 个月换手率(%) | 48.81 | 股价走势图 数据来源：聚源 -16% 0% 16% 32% 48% 2024-08 2024-12 2025-04 紫金矿业 沪深300 相关研究报告 《受益于铜金量价齐升，单季归母净 利创新高 —公司信息更新报告》 -2025.4.15 《三季度业绩表现稳健，并购优质项 目培厚资源储备—公司信息更新报 告》-2024.10.21 孙二春（分析师） 冯伟珉（联系人） sunerchun@kysec.cn fengweimin@kysec.cn 证书编号：S0790525060001 证书编 ...

Core Viewpoint - Western Mining has shown a positive stock performance with a year-to-date increase of 23.09% and a recent 5-day increase of 3.40% [1] Group 1: Stock Performance - As of August 29, Western Mining's stock price reached 18.55 CNY per share, with a market capitalization of 442.05 billion CNY [1] - The company experienced a net inflow of main funds amounting to 477.55 million CNY, with significant buying and selling activities [1] - Over the past 60 days, the stock has increased by 20.61% [1] Group 2: Financial Performance - For the first half of 2025, Western Mining reported a revenue of 316.19 billion CNY, reflecting a year-on-year growth of 26.59% [2] - The net profit attributable to shareholders for the same period was 18.69 billion CNY, marking a 15.35% increase compared to the previous year [2] Group 3: Shareholder Information - As of August 20, the number of shareholders increased by 2.17% to 113,100, while the average circulating shares per person decreased by 2.12% to 21,069 shares [2] - The company has distributed a total of 107.23 billion CNY in dividends since its A-share listing, with 69.11 billion CNY distributed in the last three years [3] - Notable changes in institutional holdings include a decrease of 12.19 million shares by Hong Kong Central Clearing Limited and an increase of 3.32 million shares by Southern CSI 500 ETF [3]

Core Viewpoint - The stock price of Jinchengxin has shown significant growth this year, with a year-to-date increase of 74.23% and a notable rise of 15.43% in the last five trading days [2] Company Overview - Jinchengxin Mining Management Co., Ltd. was established on January 7, 2008, and listed on June 30, 2015. The company is located in Fengtai District, Beijing [2] - The main business activities include mining engineering construction, mining operation management, and mining design and technology research and development [2] - The revenue composition is as follows: sales of cathode copper, copper concentrate, and phosphate rock account for 46.11%, mining operation management 39.63%, mining engineering construction 11.85%, materials, equipment, and others 1.29%, mining machinery and equipment 1.00%, and mining design consulting 0.13% [2] Financial Performance - For the first half of 2025, Jinchengxin achieved operating revenue of 6.316 billion yuan, representing a year-on-year growth of 47.82%. The net profit attributable to shareholders was 1.111 billion yuan, with a year-on-year increase of 81.29% [2] - Since its A-share listing, Jinchengxin has distributed a total of 768 million yuan in dividends, with 477 million yuan distributed in the last three years [3] Shareholder Information - As of June 30, 2025, the number of shareholders is 16,600, a decrease of 13.57% from the previous period. The average circulating shares per person increased by 15.70% to 37,570 shares [2] - Among the top ten circulating shareholders, Hong Kong Central Clearing Limited is the third-largest, holding 13.8932 million shares, a decrease of 16.2626 million shares from the previous period [3] Market Activity - On August 29, Jinchengxin's stock price rose by 2.08%, reaching 62.46 yuan per share, with a trading volume of 123 million yuan and a turnover rate of 0.32%. The total market capitalization is 38.961 billion yuan [1] - In terms of capital flow, there was a net outflow of 6.4946 million yuan from main funds, with large orders accounting for 11.53% of purchases and 16.03% of sales [1]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's revenue for H1 2025 reached 29.078 billion yuan, a year-on-year increase of 17.98%, with a net profit attributable to shareholders of 2.768 billion yuan, up 9.88% year-on-year. The second quarter of 2025 saw revenue of 14.667 billion yuan, a year-on-year increase of 10.36% and a quarter-on-quarter increase of 1.78%, while net profit attributable to shareholders was 1.793 billion yuan, a year-on-year increase of 32.33% and a quarter-on-quarter increase of 84.05% [4][5] - The company expects to maintain high aluminum profit margins due to the anticipated rise in aluminum prices and low prices for alumina in H2 2025 [5] - The company plans to implement a mid-term dividend of approximately 1.109 billion yuan, representing about 40.10% of the net profit attributable to shareholders for the first half of 2025, an increase from 32.23% in 2024 [6] Financial Summary - For 2025, the company is projected to achieve a net profit of 6.800 billion yuan, with year-on-year growth of 54.1%. The expected earnings per share (EPS) for 2025 is 1.96 yuan, with a price-to-earnings (P/E) ratio of 9.5 times based on the closing price on August 28, 2025 [4][7] - The company's revenue is expected to grow from 54.450 billion yuan in 2024 to 56.979 billion yuan in 2025, with a year-on-year growth rate of 4.6% [7][9] - The gross profit margin is projected to improve from 13.2% in 2024 to 19.1% in 2025, while the net profit margin is expected to rise from 8.1% in 2024 to 11.9% in 2025 [7][9]

Group 1 - Xinhua Media achieved a net profit of 32.34 million yuan in the first half of 2025, a year-on-year increase of 9.29% [1] - Xinhua Media's operating income for the first half of 2025 was 631 million yuan, a year-on-year growth of 2.45% [1] - China Galaxy reported a net profit of 6.488 billion yuan, up 47.86% year-on-year, with an operating income of 137.47 billion yuan, a 37.71% increase [2] Group 2 - Lek Electric's net profit decreased by 29.01% to 428 million yuan, despite a slight revenue increase of 0.65% to 4.781 billion yuan [3] - Honghui Fruits and Vegetables reported a net profit of 6.9243 million yuan, down 44.82%, with revenue of 470 million yuan, up 7.86% [4] - Bull Group's net profit fell by 8% to 2.06 billion yuan, with a revenue decline of 2.6% to 8.168 billion yuan [5] Group 3 - Nanshan Aluminum achieved a net profit of 2.625 billion yuan, a year-on-year increase of 19.95%, with operating income of 17.274 billion yuan, up 10.25% [6] - Zhujiang Beer reported a net profit of 612 million yuan, a 22.51% increase, with revenue of 3.198 billion yuan, up 7.09% [8] - Baolong Technology's net profit decreased by 9.15% to 135 million yuan, with revenue growth of 24.06% to 3.95 billion yuan [10] Group 4 - Jindi Co. reported a net profit of 75.93 million yuan, a year-on-year increase of 32.86%, with operating income of 835 million yuan, up 40.57% [12] - China Vision Media turned a profit with a net profit of 19.9811 million yuan, compared to a loss of 18.4349 million yuan in the previous year, despite a revenue decline of 10.75% to 229 million yuan [14] - Botao Bio's net profit fell by 82.82% to 12.4024 million yuan, with revenue down 23.91% to 203 million yuan [16] Group 5 - Caitong Securities reported a net profit of 1.083 billion yuan, a year-on-year increase of 16.85%, with operating income of 2.959 billion yuan, down 2.19% [18] - Yili Group's net profit decreased by 4.39% to 7.2 billion yuan, with revenue growth of 3.49% to 61.777 billion yuan [19] - Springlight Technology achieved a net profit of 7.3787 million yuan, a year-on-year increase of 83.73%, with revenue of 251 million yuan, up 39.6% [20] Group 6 - China Haifeng reported a net profit of 94.5739 million yuan, a year-on-year increase of 25.48%, with operating income of 1.385 billion yuan, up 19.64% [21] - Zhongke Titanium White's net profit decreased by 14.83% to 259 million yuan, with revenue growth of 19.66% to 3.77 billion yuan [23] - Huasheng Tiancai turned a profit with a net profit of 14 million yuan, compared to a loss in the previous year, despite a revenue decline of 10.75% to 226 million yuan [25] Group 7 - Shen Zhou Cell reported a net loss of 33.7711 million yuan, with revenue down 25.50% to 972 million yuan [26] - Meihu Co. achieved a net profit of 101 million yuan, a year-on-year increase of 10.26%, with operating income of 1.075 billion yuan, up 10.74% [28] - Jifeng Technology plans to apply for a comprehensive credit of 170 million yuan to supplement working capital [29] Group 8 - Foton Motor reported a net profit of 777 million yuan, a year-on-year increase of 87.57%, with operating income of 30.371 billion yuan, up 26.71% [41] - BOE Technology achieved a net profit of 3.247 billion yuan, a year-on-year increase of 42.15%, with operating income of 110.278 billion yuan, up 8.45% [42] - CIMC reported a net profit of 1.278 billion yuan, a year-on-year increase of 47.63%, with operating income of 76.09 billion yuan, down 3.82% [43]