Investment Rating - The report maintains a "Buy" investment rating for the company [1] Core Views - The company has shown a revenue increase of 12.50% year-on-year in H1 2025, with total revenue reaching 2.473 billion yuan [3] - The net profit attributable to shareholders decreased by 9.93% year-on-year to 796 million yuan in H1 2025, primarily due to operational disruptions [3][8] - The company is expected to benefit from high silver and tin prices, along with two acquisitions that will support future capacity growth [12] Revenue and Profit Analysis - In H1 2025, the company produced 3,589.82 tons of tin, a decrease of 20.64% year-on-year, while silver production increased by 4.57% to 131.32 tons [4] - The main revenue segments for H1 2025 were tin (31.03%), silver (35.05%), and zinc (19.46%), with total main business revenue of 2.455 billion yuan, up 11.92% year-on-year [5] - The gross profit margin for tin was 68.39%, while silver's gross profit margin was 54.66%, both showing slight declines due to increased costs [7] Acquisition and Resource Expansion - The company successfully acquired 85% of Yubang Mining, which contributed to revenue growth and resource expansion [5] - In August 2025, the company acquired 96.04% of Atlantic Tin Industry, marking its first overseas acquisition and enhancing its international resource portfolio [10] Future Earnings Forecast - Projected revenues for 2025, 2026, and 2027 are 5.243 billion, 5.700 billion, and 5.700 billion yuan respectively, with net profits expected to be 2.113 billion, 2.413 billion, and 2.470 billion yuan [12][14]

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - In August, domestic tin prices fluctuated strongly. The main reasons were the positive macro - atmosphere and the slow resumption of tin mines in Myanmar, which led to high ore prices and pushed up the center of tin prices. - On the supply side, the resumption of tin mines in Wa State, Myanmar was slow. The shortage of tin mines in Yunnan was still severe, with smelters' raw material inventory generally less than 30 days and low operating rates. Some smelting enterprises planned to conduct maintenance in September, further suppressing production. In Jiangxi, smelting enterprises maintained normal production, but the shortage of crude tin supply made it difficult to increase refined tin production. It is estimated that the refined tin production in September will decrease by 29.89% month - on - month. - On the demand side, it was the off - season for downstream consumption. Traditional consumption areas were weak. Although AI computing power increased some tin demand, the scale was still low, having limited impact on overall demand. The spot trading of tin was light due to weak terminal demand. - Overall, although the off - season consumption on the demand side was a bit weak, the short - term decline in supply was obvious. It is expected that tin prices will fluctuate mainly. [12][13] 3. Summary by Relevant Catalogs 3.1 Monthly Assessment and Strategy Recommendation - Cost end: Although the mining licenses in Wa State, Myanmar have been approved, the resumption progress is slow. It is expected that the tin ore supply will not significantly recover until the fourth quarter. In July, the domestic tin ore import volume was 10,200 tons (equivalent to about 4,335 metal tons), a month - on - month decrease of 13.71% and a year - on - year decrease of 31.79%, 688 metal tons less than in June. - Supply end: The slow resumption of tin mines in Myanmar and the shortage of tin mines in Yunnan led to low smelter operating rates. It is estimated that the refined tin production in September will decrease by 29.89% month - on - month. - Demand end: The consumption of electronic products such as smartphones and tablets was sluggish. The growth of emerging industries such as servers and AI glasses was fast but the scale was low, having limited impact on tin solder demand. After the end of the photovoltaic rush - installation, the component production decreased, leading to a significant decline in the demand for photovoltaic solder strips. The demand for tin in areas such as tin - plated sheets and chemicals was relatively stable. Downstream enterprises generally had low inventory levels and mainly purchased on - demand at low prices. [12] 3.2 Futures and Spot Market No specific analysis content is provided, only figures about the basis of Shanghai tin main contract and LME tin premium/discount are presented. [19] 3.3 Cost End - The short - term supply of tin ore is generally tight, and the processing fees remain at a low level. [27] 3.4 Supply End - The resumption of tin mines in Wa State, Myanmar is slow. Yunnan has a severe shortage of tin mines, and smelters' raw material inventory is generally less than 30 days. Some smelting enterprises in Yunnan plan to conduct maintenance in September, and the refined tin production in Jiangxi is difficult to increase due to the shortage of crude tin supply. It is estimated that the refined tin production in September will decrease by 29.89% month - on - month. [12] 3.5 Demand End - Semiconductor: China's semiconductor sales growth rate rebounded slightly, and global semiconductor sales maintained high growth. - Electronics: In the second quarter of 2025, the global PC shipments increased by 8.4% year - on - year. Mobile phone consumption continued to be sluggish, and it is predicted that the global smartphone shipments in 2025 will increase by 0.6% year - on - year to 1.24 billion units. The "trade - in" subsidy policy in the first half of the year stimulated the growth of consumer electronics to some extent, but the demand recovery was limited. - Automobile: In the first half of 2025, the new energy vehicle production increased by 40% year - on - year. - Home appliances: No overall summary is provided, but data on the production of various home appliances such as washing machines, air conditioners, refrigerators, and color TVs are presented. - Photovoltaic: There was a phased rush - installation in the first five months, with the installation volume growing by nearly 100% year - on - year. After the end of the rush - installation in June, the installation volume declined significantly. - Other: Tin consumption in the tin - plate field continued to decline, while the PVC output increased slightly year - on - year in the first half of the year. [46][49][55] 3.6 Supply - Demand Balance A supply - demand balance table from January 2023 to June 2025 is provided, including data on refined tin production, export, import, social inventory, social inventory change, and apparent consumption. [73]

Group 1 - The company Zijin Mining (601899)(02899) announced a mid-term dividend distribution of 2.2 yuan per 10 shares for the six months ending June 30, 2025 [1]

Core Viewpoint - Bank of America Securities has raised its profit forecast for Luoyang Molybdenum (03993, 603993.SH) for the fiscal year 2025 and the following years by 1% to 6%, primarily due to the company's commitment to efficient production, technological reforms, and the expansion of TFM/KFM, which is expected to increase copper production by 1% in the coming years [1] Group 1 - The company has a robust balance sheet and a high-quality new management team, which, along with potential acquisitions beyond the expansion of TFM and KFM mines, lays a solid foundation for stable growth over the next five years [1] - The bank has maintained a positive outlook on copper prices since the second half of this year, citing various reasons for this optimism [1]

Group 1 - The company announced the convening of its fifth extraordinary general meeting of shareholders for 2025 on September 4, 2025 [2] - The meeting approved the proposal regarding providing guarantees for affiliated companies and related transactions [2]

Group 1 - The core viewpoint of the article highlights that Zijin Mining's A-share stock price surged nearly 6% on September 5, 2025, closing at 25.27 yuan per share, marking a historical high for both the stock price and the company's market capitalization, which exceeded 520 billion yuan [1] - As a result of this increase, Zijin Mining's A-share market capitalization ranked it nineteenth among A-share companies [1]

Core Viewpoint - Bank of America Securities has raised its profit forecast for Luoyang Molybdenum (603993) for the fiscal year 2025 and the following years by 1% to 6%, driven by the company's commitment to efficient production, technological reforms, and the expansion of TFM/KFM, which will increase copper output by 1% to 6% in the coming years [1] Group 1 - The target price for Luoyang Molybdenum's Hong Kong stock has been increased from HKD 12 to HKD 14, while the A-share target price has been raised from RMB 12.5 to RMB 14.5 [1] - The company is expected to achieve stable growth over the next five years due to a solid balance sheet, a quality new management team, and potential mergers and acquisitions beyond the expansion of TFM and KFM mining areas [1] - The outlook for copper prices remains positive, attributed to tight copper concentrate supply, steady demand growth, and expectations of interest rate cuts [1] Group 2 - Copper supply is under continuous pressure due to operational disruptions, such as reduced output at Kamoa-Kakula Mine and the shutdown of Codeco's El Teniente Mine, with Chilean production only maintaining long-term average levels [1] - Demand for copper remains robust, benefiting from increased investment in China's power grid starting in the second half of the year and the peak season for electric vehicle sales [1]

Group 1 - The core viewpoint of the report is that Bank of America Securities has raised its earnings forecast for Luoyang Molybdenum (03993, 603993.SH) for the fiscal year 2025 and the following years by 1% to 6% due to the company's commitment to efficient production, technological reforms, and expansion of TFM/KFM, which will increase copper production by 1% to 6% in the coming years [1] - The target price for Luoyang Molybdenum's Hong Kong stock has been increased from HKD 12 to HKD 14, while the A-share target price has been raised from RMB 12.5 to RMB 14.5, with a reiterated "Buy" rating [1] - The report highlights Luoyang Molybdenum's strong balance sheet, a quality new management team, and potential acquisitions beyond the expansion of TFM and KFM mines as foundations for stable growth over the next five years [1] Group 2 - The outlook for copper prices remains positive due to tight supply conditions, driven by operational disruptions such as reduced output at Kamoa-Kakula Mine and the shutdown of Codeco's El Teniente Mine, along with Chilean production maintaining long-term average levels [1] - Demand for copper is expected to remain robust, supported by increased investment in China's power grid starting in the second half of the year and the peak season for electric vehicle sales [1]

Group 1 - The core viewpoint of the report is a positive outlook on copper prices due to tight supply, steady demand growth, and expectations of interest rate cuts [1] - Copper supply remains tight due to operational disruptions, including reduced output at Kamoa-Kakula Mine and the shutdown of Codeco's El Teniente Mine, with Chilean production only maintaining long-term average levels [1] - Demand for copper is robust, driven by increased investment in China's power grid and the peak season for electric vehicle sales in the second half of the year [1] Group 2 - Bank of America has raised its earnings forecast for Luoyang Molybdenum for the fiscal year 2025 and the following years by 1% to 6%, attributing this to the company's focus on efficient production, technological innovation, and expansion of TFM/KFM [1] - The expected increase in copper production for the coming years is projected to be between 1% to 6% [1] - The target price for Luoyang Molybdenum's H-shares has been raised from HKD 12 to HKD 14, while the A-shares target price has been adjusted from CNY 12.5 to CNY 14.5, with a reiterated "buy" rating [1]

投资者： 西藏矿业广大股民问询: 董秘在平台回复默许了西藏矿业2026年营收22亿以上，年利润预估6- -7亿的提问。截止目前，大盘今年以来已上涨30%多，可是西藏矿业股价仍低于2025年初价格，请问董 秘，作为央企，宝武集团以及西藏矿业是如何落实证监会要求的国有企业上市公司股价稳定及国有资产 保值增值的？2025年后几个月采取什么措施来弥补？请具体说明。 董秘： 公司一方面深耕内部运营，拓展销售渠道、通过精细化管理降本增效；另一方面，积极推进重 点项目建设进度。具体公司重大事项进展及业绩请以公司公告信息为准。 当日关注点 来自交易信息汇总：9月4日主力资金净流出769.6万元，占总成交额1.98%。 截至2025年9月4日收盘，西藏矿业(000762)报收于21.28元，上涨0.42%，换手率3.48%，成交量18.14万 手，成交额3.89亿元。 董秘最新回复 投资者： 贵公司宣布暂时不考虑收购中节能挂牌转让的扎布耶盐湖股权，会不会导致中节能承担国有 资产流失的风险？谢谢 董秘： 您好，公司始终高度重视全体股东的权益，所有经营决策均以审慎评估为基础。感谢您的关 注。 以上内容为证券之星据公开信息整理，由A ...