继2月白宫争吵、4月罗马促膝短谈后，特朗普与泽连斯基终于达成一致： 美乌矿产协议签署，美国获特权。 此前该协议曾因美国"要价太高"，泽连斯基愤然拒绝。 不过在特朗普不断威胁施压下，一波三折后的泽连斯基还是不得不妥协了。 据悉，该协议将使美国享有新投资项目的特权，以开发乌克兰的自然资源，包括铝、石墨、石油和天然气等。 来源：美财政部X平台账号 美国 "让步 "？ 乌克兰当地时间5月1日，乌第一副总理兼经济部长斯维里坚科表示，乌克兰和美国签署了《美乌重建投资基金成立协议》。 即，"美乌矿产协议"。 依据乌方5月1日公布的协议内容，美乌共同创建乌克兰重建投资基金，并采取乌美各占一半的股权结构，由乌克兰和美国共同管理。 乌方预计在最初的10年里，基金的利润和收入不会进行分配，而是全部投资于乌克兰的新项目或用于重建，具体条件将进一步商讨。 同时，乌克兰方面强调，协议明确规定乌克兰拥有对乌境内矿产资源的所有权和控制权。 另外，协议未提及乌克兰对美国的债务义务。 此前这部分内容是美乌之间达成协议的主要分歧之一，特朗普曾一度要求协议设立的基金收入优先偿还此前美对乌援助的债务，然后再用于乌克兰重建。 美国财政部稍早前也表示，这 ...

美乌矿产协议草案：乌克兰同意给予美国或其指定方自然资源新投资机会的优先权，以及颁发自然资源 许可证和执照的优先权。 ...

4月22日，在自然资源部"从山顶到海洋"科技成果巡展重庆首站现场，重庆市地矿局测试中心科技创新研究院总工程师李珂团队自主研发的数字化智能 重选摇床吸引了参观群众的目光。"智能重选摇床就像是一个聪明的选矿工人，即便是再细微的矿物特征，都逃不过它锐利的'眼睛'。"李珂介绍道。 地质力学及成矿系列理 NIC SIR 12 il DI 1181 s 李珂（右）在自然资源部"从山顶到海洋"科技成果巡展重庆首站现场向参观群众介绍数字化智能重选摇床 作为重庆市地矿局领军人才，去年，他和团队在继承传统选冶手段优势的基础上，引入人工智能视觉识别和数字化远程操控技术，研发出了重庆市首台 数字化智能重选摇床。 初衷：提升选冶实验效率和准确性 硕士和博士期间分别攻读重庆交通大学水土结构专业和重庆大学岩石工程专业的李珂，经常思考怎样才能让传统的地质检测和灾害防治手段智能化。于 是，他利用业余时间学习了大量有限元分析计算和编程相关知识，并研发了落石运动分析与被动防治辅助设计软件2．0版、泥石流防治结构计算程序、变截 面型钢砼结构计算程序等成果。 2023年，李珂作为高级人才被引进到重庆市地矿局测试中心主攻矿产资源高效利用相关研究。实验过 ...

Core Viewpoint - The mining industry in China faces challenges in high-quality development due to fluctuating market prices and operational difficulties, necessitating a focus on risk management, resource recycling, and green transformation [1]. Group 1: Building a Mining Risk Early Warning System - Strengthening the resilience of the mining industry through technology integration (AI, green technology) and data-driven approaches to shift from passive risk response to proactive risk prediction [2]. - Vertical extension of the industrial chain to hedge against price volatility by moving from a traditional model of raw material extraction to high-value manufacturing, as exemplified by the Inner Mongolia Baotou Rare Earth Mine [2]. - Horizontal expansion of industrial collaboration to create a diversified income structure, reducing reliance on primary mineral resources, demonstrated by the Gansu Jinchang's integration of mining and new energy [2]. Group 2: Technological Innovation to Promote Resource Recycling - Utilizing new mining technologies to enhance the comprehensive utilization of associated resources, which is crucial for high-quality development [4]. - Resource recovery from tailings through advanced technologies like spectral imaging and AI data analysis, forming a closed-loop industry that improves circular economy benefits [5]. - Remanufacturing old mining equipment to extend service life and provide solutions to mining development challenges through a circular economy approach [5]. Group 3: Driving Green Transformation in Mining - Establishing a resource development compensation mechanism to alleviate funding pressures for transformation, integrating policy innovation and technological empowerment [6]. - Ecological restoration and landscape reconstruction of tailings ponds to convert ecological value into economic value, addressing environmental challenges [6]. - Reutilizing underground spaces in abandoned mining areas by integrating geological engineering and ecological restoration to create sustainable utilization models [6].

国企改革步入纵深阶段，法律层面的难题逐渐成为横亘在改革道路上的"绊脚石"。如何破局，让"绊脚 石"成为改革"垫脚石"，成为制胜关键。 在重庆国企改革战场上，上海中联（重庆）律师事务所（以下简称中联重庆）凭借专业法律智慧，运 用"专业工具箱"里的案例数据库、风险预警系统，为国企改革注入强劲法治动能。 重庆市渝矿实业有限责任公司在与重庆市源庆矿业开发有限责任公司（以下简称：源庆矿业公司）合并 前，就曾遇到了特殊的难题。 源庆矿业公司代持着某地质队在某破产企业债权人合伙企业的合伙份额，计划将份额无偿划转给地质队。 根据法律规定及合伙协议约定："普通合伙人经投委会审议通过，并经有表决权占合伙企业三分之二以上 的合伙人表决通过，可以转让全部合伙企业份额，否则可能无法完成工商变更。" 特别是针对矿产企业的跨国关停、资产重组、矿产合规等难题，中联重庆办公室高级合伙人牛子文带领团 队，从法律专业角度，提供专业知识，以高度的政治责任感和使命感，以向"新"而行，以"质"致远为目 标，为国有矿业企业改革保驾护航。 但合伙企业合伙人数量众多，且份额排名靠前的合伙人涉及多家银行，如同盘根错节的树根，协调起来难 度大、耗时长。中联重庆团 ...

海南矿业（601969）公告，2025年第一季度营收为11.89亿元，同比增长7.17%；净利润为1.6亿元，同 比下降35.20%。 ...

Group 1: Nuclear Power Industry - The State Council approved the construction of 10 nuclear power units, indicating a positive long-term growth outlook for the nuclear power sector in China [2][4][6] - From 2022 to 2025, China has consistently approved at least 10 nuclear power units annually, with a total of 44 units under construction as of April 2025, representing a significant increase in installed capacity [3][4] - Nuclear power is recognized as a clean and stable baseload energy source, with high utilization hours and relatively stable electricity prices, which are expected to drive revenue and profit growth for related companies [4][5][6] Group 2: ASEAN Economic Cooperation - The visit of President Xi Jinping to ASEAN countries marks a significant moment for deepening cooperation in trade, investment, and industry, contributing positively to regional and global economic development [8][9] - China and ASEAN are focusing on high-end manufacturing, mineral resource development, infrastructure cooperation, and agricultural consumption, aiming for mutual benefits and deeper integration of industrial chains [10][9] - The cooperation framework includes enhancing policy coordination, leveraging complementary advantages in technology and market, and improving trade and investment facilitation to stimulate regional growth [10][9] Group 3: Precious Metals Market - Recent signals from the U.S. government regarding easing trade tensions with China have led to a temporary decline in gold prices, but medium-term prospects for gold prices remain bullish due to ongoing geopolitical risks and potential economic downturns in the U.S. [13][15] - Global gold ETF holdings and central bank purchases, particularly from emerging markets, indicate significant room for further accumulation of gold, supporting price increases [15][13] - The copper and aluminum sectors are expected to rebound due to favorable macroeconomic policies and a shift in market sentiment following the easing of trade tensions [15][16] Group 4: Agricultural Sector - He Feng Co. - He Feng Co. reported a significant turnaround in profitability for 2024, with a net profit of 3.42 billion yuan, compared to a loss in the previous year, driven by cost reduction and efficiency improvements [18][19] - The company’s feed business faced challenges with a decline in sales volume and price, but the meat and poultry segments showed resilience and growth potential [19][20] - The company plans to achieve over 10% growth in feed sales in 2025, focusing on strategic transformations across product, channel, and management aspects [19][22] Group 5: Medical Devices - Yuyue Medical - Yuyue Medical's revenue for 2024 decreased by 5.09%, but the company is focusing on strategic investments to accelerate international expansion, particularly in the blood glucose management sector [24][25] - The Continuous Glucose Monitoring (CGM) technology is identified as a key growth driver, with new products expected to significantly increase market penetration [27][29] - The company has made a strategic investment in Inogen to enhance its presence in the U.S. and European markets, indicating a commitment to long-term growth and shareholder returns [28][29]

Core Insights - The company reported a revenue of 9.94 billion yuan for 2024, representing a year-on-year increase of 34.37%, and a net profit attributable to shareholders of 1.584 billion yuan, up 53.59% [1] - In Q1 2025, the company achieved a revenue of 2.811 billion yuan, a year-on-year increase of 42.49% but a quarter-on-quarter decrease of 5.41%, with a net profit of 422 million yuan, up 54.10% year-on-year but down 14.01% quarter-on-quarter [1] Resource Business - The resource development segment has fully launched as a new growth engine, with five resource projects established across four countries by the end of 2024, including four operational projects [2] - The company is progressing with the production operations at the Two Chas River phosphate mine and Dikulushi mine, while the Lonshi copper mine's west area is expected to reach full production capacity by Q4 2024 [2] - A feasibility study for the Lonshi copper mine's east area has been completed, with a planned investment of 750 million USD for construction, expected to take 4.5 years, aiming for an annual production of approximately 100,000 tons of copper metal [2] - In 2024, the company produced 48,700 tons of copper metal and sold 49,200 tons, alongside producing 356,500 tons of phosphate rock and selling 361,100 tons [2] - For 2025, the company plans to produce 79,400 tons of copper metal (equivalent) and sell 78,900 tons, while aiming to produce and sell 300,000 tons of phosphate rock [2] Mining Services Business - The mining services segment continues to develop steadily, with new and renewed contract amounts reaching approximately 11.5 billion yuan in 2024 [3] - The company focuses on "large projects, large clients, and large owners" as its market development strategy, successfully renewing contracts for the Plang copper mine and the Kamoa-Kakula copper mine [3] - The company has achieved a smooth transition from infrastructure to production in its first EPC general contracting project [3] - Earnings per share (EPS) are projected to be 3.39, 3.91, and 4.61 yuan for 2025-2027, with price-to-earnings (PE) ratios of 11, 10, and 8 respectively, maintaining a "buy" rating [3]

Core Viewpoint - The company reported strong revenue and profit growth for 2024 and Q1 2025, driven by the resource development segment, while the mining services segment faced challenges [1][2][3]. Financial Performance - In 2024, the company achieved operating revenue of 9.942 billion, a year-on-year increase of 34.37%, and a net profit attributable to shareholders of 1.584 billion, up 53.59% [1]. - For Q1 2025, the company reported operating revenue of 2.810 billion, a year-on-year increase of 42.49%, but a quarter-on-quarter decline of 5.41%. The net profit attributable to shareholders was 422 million, reflecting a year-on-year growth of 54.10% but a quarter-on-quarter decline of 14.01% [1]. Resource Development Segment - The resource development segment saw a significant increase in revenue, with sales reaching 3.21 billion in 2024, a staggering growth of 412.85%, accounting for 32% of total revenue. In Q1 2025, this segment's revenue share rose to 46% [2]. - The gross profit from the resource development segment was 1.36 billion in 2024, representing 43% of the company's total gross profit, which increased to 62% in Q1 2025 [2]. - The company produced 48,700 tons of copper and 357,000 tons of phosphate rock in 2024, with plans to increase copper production to 79,400 tons and phosphate rock to 300,000 tons in 2025 [2]. Mining Services Segment - The mining services segment faced pressure, completing 93.4% of its production target with revenues of 6.54 billion in 2024, remaining flat year-on-year. This trend continued into Q1 2025, where gross profit dropped by 14.61% to 350 million [2][3]. - The company completed a total mining volume of 41.49 million tons and a total excavation volume of 4.1717 million cubic meters in 2024, slightly below targets [2]. Profit Drivers and Challenges - The increase in net profit for 2024 was primarily driven by gross profit growth from the resource segment, while rising costs from taxes and financial expenses posed challenges [3]. - In Q1 2025, the growth in net profit was attributed to gross profit increases, particularly from the mining resource development segment, which saw a year-on-year revenue increase of 232.7% and gross profit growth of 247.26% [3]. Future Outlook - The company is expected to continue benefiting from both the mining services and resource segments, with ongoing expansion in high-margin overseas operations and resource volume growth anticipated [3][4].

Core Insights - The overall business activity index in Texas manufacturing has significantly declined to -35.8, marking the lowest level since May 2020, with a drop of 19.5 points from the previous month, reflecting increasing pessimism among businesses regarding the economic environment [1] - Despite the weak overall business atmosphere, Texas manufacturing output remained slightly positive in April, with a production index around 5.1, indicating minor expansion [1] - The new orders index plummeted by 20 points to -20.0, reaching a new low for the year, while the capacity utilization index fell to -3.8, and the shipments index turned negative for the first time this year, dropping from 6.1 to -5.5, highlighting weak demand [1] - Companies' outlook on future business conditions has worsened, with the future company outlook index dropping to -28.3, the lowest level since the COVID-19 pandemic, and the uncertainty index rising to 47.1, indicating heightened uncertainty among businesses [1] Employment and Labor Market - The labor market indicators show a slight decline in employment, with the employment index stabilizing at -3.9, where 9% of companies reported net hiring and 13% reported net layoffs [2] - The average work hours index decreased from -2.9 to -6.4, indicating a reduction in average working hours [2] Price and Cost Pressures - Input cost pressures have intensified, with the raw materials price index rising by 11 points to 48.4, the highest level since mid-2022, and the finished goods price index increasing by 9 points to 14.9, above the long-term average [2] - In contrast, the wages and benefits index remained stable at 14.3, slightly below historical averages, suggesting relatively steady wage growth [2] Texas Manufacturing Overview - Texas manufacturing generated approximately $296 billion in output in 2023, accounting for about 11% of the national manufacturing output, ranking second in the U.S. behind California, and leading in manufacturing exports [2] - Texas plays a crucial role in the U.S. refining industry, producing significant amounts of oil and coal products, and contributing over 13% of the nation's chemical product output, as well as more than 10% of non-metallic mineral products [2] Future Outlook - The future business activity index for Texas manufacturing has dropped to -15.2, the lowest level in 2023, indicating ongoing challenges [3] - The future production index, while still positive, decreased by 13 points to 14.8, suggesting a weakening expansion momentum [3] - Most indices reflecting future manufacturing activity remain in the expansion zone but are significantly below historical averages [3]