证券研究报告|行业研究报告 [Table_Date] 2025 年 6 月 10 日 [Table_Title] 安托法加斯塔 2025Q1 铜产量环比减少 22.8%至 15.47 万吨，铜单位净现金成本环比增长 25.2%至 1.54 美元/磅 [Table_Title2] 有色金属-海外季报 [Table_Summary] 季报重点内容: ► 生产经营情况 1）铜 2025Q1 铜总产量为 15.47 万吨，同比增长 19.6%，环比减少 22.8%。主要得益于集团的两个选矿厂-- Los Pelambres 选矿厂 和 Centinela 选矿厂产量的增加。 2025Q1 铜销量为 17.02 万吨，同比增长 47.1%，环比减少 11.3%。 2025Q1 铜实现价格为 4.69 美元/磅，同比增长 18.1%，环比增 长 25.1%。 2025Q1 扣除副产品收益抵免前的铜单位现金成本为 2.37 美元/ 磅，同比减少 11.2%，环比增长 17.9%。主要原因是集团的选 矿厂（Los Pelambres 选矿厂和 Centinela 选矿厂）产量增加。 2025Q1 铜单位净现金成本为 1.54 ...

证券代码：000603 证券简称：盛达资源 公告编号：2025-039 盛达金属资源股份有限公司 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误导 性陈述或重大遗漏。 盛达金属资源股份有限公司（以下简称"公司"）2024 年年度权益分派方案 已获 2025 年 5 月 20 日召开的 2024 年度股东大会审议通过，现将权益分派事宜 公告如下： 一、股东大会审议通过利润分配方案情况 度利润分配方案》，公司 2024 年度利润分配方案如下：公司拟以 2024 年末总股 本 689,969,346 股为基数，向全体股东进行现金分红，每 10 股派发现金红利 1.00 元（含税），合计派发现金红利 68,996,934.60 元（含税），不送红股，不以资本 公积金转增股本，剩余未分配利润结转至下一年度。本次利润分配方案公告后至 实施前，公司总股本由于股份回购、发行新股等原因发生变动的，将按照分配总 额不变的原则对分配比例进行调整。 致的。 二、本次实施的权益分派方案 公司 2024 年年度权益分派方案为：以公司现有总股本 689,969,346 股为基 数，向全体股东每 10 股派 1. ...

Investment Rating - The industry rating is "Recommended" [7] Core Insights - In Q1 2025, copper production totaled 154.7 thousand tons, a year-on-year increase of 19.6%, but a quarter-on-quarter decrease of 22.8%. This was primarily due to increased output from the Los Pelambres and Centinela mines [2][13] - Copper sales reached 170.2 thousand tons, reflecting a year-on-year growth of 47.1% but a quarter-on-quarter decline of 11.3% [2][13] - The realized copper price was $4.69 per pound, up 18.1% year-on-year and 25.1% quarter-on-quarter [2][14] - The net cash cost for copper was $1.54 per pound, a decrease of 20.2% year-on-year but an increase of 25.2% quarter-on-quarter [3][13] - Gold production was 42.9 thousand ounces (1.33 tons), marking a year-on-year increase of 28.8% but a quarter-on-quarter decrease of 37.1% [4][13] - The realized gold price was $3,098 per ounce, up 42.4% year-on-year and 16.1% quarter-on-quarter [4][14] - Molybdenum production was 3,100 tons, with a year-on-year increase of 14.8% and a quarter-on-quarter increase of 10.7% [5][13] - The realized molybdenum price was $19.3 per pound, down 8.5% year-on-year and 10.2% quarter-on-quarter [5][14] Production and Cost Summary - The total copper production for Q1 2025 was 154.7 thousand tons, with a cash cost before by-product credits of $2.37 per pound [13] - The total gold production for Q1 2025 was 42.9 thousand ounces, with a realized price of $3,098 per ounce [4][14] - The total molybdenum production for Q1 2025 was 3,100 tons, with a realized price of $19.3 per pound [5][14] Project Development Updates - The Centinela Phase II project is progressing as expected, focusing on assembling mining equipment and completing concrete work for the foundations of the mills [8] - The Los Pelambres expansion project is also on track, with ongoing work on the concentrate pipeline and seawater desalination plant [9] - The Cachorro exploration project submitted an environmental impact statement in January 2025 for additional exploration work [10] 2025 Outlook - The annual copper production target remains unchanged, expected to be between 660,000 and 700,000 tons [11] - The cash cost guidance remains unchanged, with costs before and after by-product credits expected to be between $2.25-$2.45 and $1.45-$1.65 per pound, respectively [11] - Capital expenditure guidance remains at $3.9 billion [12]

Group 1 - Rio Tinto's board remains unified in supporting its lithium strategy despite recent challenges, including CEO Jakob Stausholm's unexpected departure and a significant acquisition of Allkem for AUD 10 billion [3] - The company is launching five large alternative iron ore mines over the next five years, with the first, Western Range, now operational and expected to produce 25 million tons annually [3] - Stausholm emphasized the importance of lithium as a future pillar of the business, highlighting the strategic value of lithium brine projects in Argentina and Chile [3] Group 2 - Geopacific Resources' stock surged by 20% following the announcement that gold producer St Barbara will acquire a significant stake, potentially becoming a strategic shareholder with 14.4% ownership [6] - The partnership is expected to create strategic synergies, particularly with Geopacific's Woodlark gold project in Papua New Guinea [6] Group 3 - Australian Strategic Materials' stock increased by 27.09% due to rising inquiries for its high-purity rare earth materials from its Korean metal plant and successful sales contracts with major partners [7] - The company is positioning itself as a leading producer of NdPr metals and NdFeB alloys outside of China, with plans to establish a metal plant in the U.S. [7] Group 4 - Robex Resources debuted on the ASX with a 16.08% increase, raising AUD 120 million through its IPO, focusing on gold exploration and production in West Africa [12][13] - The Kiniero project in Guinea has an estimated resource of 71.23 million tons at a grade of 0.96 grams per ton, containing 2.2 million ounces of gold [13] Group 5 - IperionX Limited's stock rose by 28.84%, reflecting a 114.35% increase over the past year, as the company transitions from mineral exploration to a focus on low-carbon critical metals [17][27] - The company has secured a significant contract from the U.S. Department of Defense, with a maximum value of USD 99 million, highlighting its role in the domestic materials manufacturing strategy [25][27] Group 6 - Solstice Minerals reported promising results from its Bluetooth gold project, confirming shallow, stable, and wide gold mineralization, which supports future open-pit mining potential [32][34] - The company is advancing exploration in multiple target areas, with a strong cash position of AUD 13.6 million to support ongoing projects [36][38]

钨的新时代 20250609 摘要 全球钨需求旺盛，硬质合金为主要消费领域，占比 65%，新能源车、航 空航天等新兴行业及军工领域需求增长，欧美再工业化、新兴市场国家 工业化和中国制造业高端化转型均驱动钨需求。 中国钨资源储量占全球 51%，产量占 80%，行业集中度高，江西、湖 南、河南三省储量占中国 80%，全球 40%。前五大企业产量占中国一 半，全球 40%，产业链一体化优势显著，具备战略控制力。 钨价上涨由环保要求、出口管制和结构性管制等多重因素驱动。中国收 紧供给指标，对中上游产品实施出口管制，同时放开下游高附加值产品， 旨在优化国内产品结构，提高出口毛利率。 各国对钨产业链安全日益重视，中国收紧供给指标并强化出口管制，欧 美致力于产业链重构，支持海外钨矿项目建设，并计划建立更高的战略 库存，国内外价格体系形成割裂。 今年以来，钨价上涨主要受中国政策收紧和海外地缘冲突驱动。2 月中 国实施出口管制，4 月自然资源部收紧开采指标，5 月印度巴基斯坦冲 突，钨价创 2011 年以来新高，累计涨幅达 21.8%。 Q&A 为什么中金公司特别看好钨市场的未来发展？ 钨市场的未来发展被看好主要基于其战略性。 ...

证券研究报告|行业研究报告 [Table_Date] 2025 年 6 月 9 日 [Table_Title] KGHM 2025Q1 精矿含铜产量同比减少 5.6%至 16.92 万吨，净利润同比减少 22.2%至 3.30 亿兹罗 提 [Table_Title2] 有色金属-海外季报 [Table_Summary] 季报重点内容: ► 生产经营情况 2025Q1 公司精矿含铜产量 16.92 万吨，同比减少 5.6%。其中 KGHM Polska Miedź S.A.铜产量 13.40 万吨，同比减少 8.3%； KGHM INTERNATIONAL LTD.铜产量 1.44 万吨，同比减少 10.0%；Sierra Gorda S.C.M.铜产量 2.08 万吨，同比增长 22.4%。 2025Q1 公司银产量 320.7 吨，同比增长 1.5%。 2025Q1 KGHM Polska Miedź S.A.铜 C1 成本 3.15 美元/磅，同 比增长 4.7%，成本增加的主要原因是矿产开采税导致税负增 加，以及铜精矿自产产量减少，同时由于白银和黄金价格的上 涨，副产品的价格也有所上涨；KGHM INT ...

2025 年 6 月 9 日 镍：现实支撑与弱势预期博弈，镍价震荡运行 不锈钢：负反馈传导减产增加，钢价区间震荡 2）根据钢联，4 月 27 日，中国恩菲 EPC 总承包的印尼 CNI 镍铁 RKEF 一期项目成功产出镍铁，标志 着项目正式进入试生产阶段。CNI 项目位于印尼东南苏拉威西省，生产品位 22%的镍铁，单条线年产金属 镍约 1.25 万吨。 请务必阅读正文之后的免责条款部分 1 张再宇 投资咨询从业资格号：Z0021479 zhangzaiyu@gtht.com 【基本面跟踪】 镍基本面数据 | | | 指标名称 | T | T-1 | T-5 | T-10 | T-22 | T-66 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | 沪镍主力（收盘价） | 122,200 | 630 | 1,100 | 1,100 | -2,250 | -6,190 | | 期 | | 不锈钢主力（收盘价） | 12,680 | -10 | -5 | -5 | -30 | -740 | | 货 | | 沪镍主力（成交量） | 98,6 ...

Core Insights - The core viewpoint of the articles highlights the significant growth and volatility in the financial performance of the company, Shanjin International, over its 25 years since listing, with a notable increase in market capitalization and profitability despite fluctuations in recent years [1][3][5] Company Performance - Shanjin International was listed on June 8, 2000, with an initial closing price of 14.56 yuan and a market capitalization of 2.694 billion yuan, which has grown to 56.312 billion yuan, indicating a 19.91 times increase in market value [1][5] - The company’s main business includes precious and non-ferrous metal mining and trading, with its core products being alloy gold and gold trading, where alloy gold accounts for 32.56% of revenue [3] - From its initial year of listing, Shanjin International achieved a net profit attributable to shareholders of 0.37 billion yuan in 2000, which increased to 2.173 billion yuan in the latest complete fiscal year of 2024, marking a cumulative profit growth of 5714.40% [3] - Over the past 25 years, the company has experienced two years of losses, with net profit growth occurring in 12 years, representing 48.0% of the time [3] - Revenue analysis shows that Shanjin International's revenue rose from 7.906 billion yuan in 2020 to 13.585 billion yuan in 2024, with a pattern of initial growth, followed by a decline, and then a significant recovery [3] - The net profit attributable to shareholders increased from 1.242 billion yuan in 2020 to 2.173 billion yuan in 2024, maintaining an overall growth trend despite fluctuations in the interim [3] Market Capitalization - As of April 17, 2025, Shanjin International reached a peak market capitalization of 65.392 billion yuan, with the stock price rising to 23.55 yuan [5] - By June 6, 2025, the stock price had decreased to 20.28 yuan, resulting in a market capitalization of 56.312 billion yuan, reflecting a reduction of 9.08 billion yuan and a 13.89% decrease from its peak [5]

有色金属周报 20250608 关税缓和，工业金属价格震荡走强 2025 年 06 月 08 日 ➢ 本周（06/02-06/06）上证综指上涨 1.13%，沪深 300 指数上涨 0.88%，SW 有 色指数上涨 3.34%，贵金属 COMEX 黄金变动+0.54%，COMEX 白银变动+9.24%。 工业金属 LME 铝、铜、锌、铅、镍、锡价格分别变动+0.12%、+1.83%、+1.25%、 +0.51%、+1.21%、+6.70%，工业金属库存 LME 铝、铜、锌、铅、镍、锡分别变动- 2.33%、-11.66%、-1.56%、-1.71%、+0.36%、-8.96%。 ➢ 工业金属：关税预期缓和，国内宏观持续向好，看好工业金属表现。铜方面，供 应端本周SMM进口铜精矿指数（周）报-43.29美元/干吨，环比增加0.27美元/干吨。 Antofagasta 与中国冶炼厂的二轮年中谈判还未启动。刚果金 Kamoa-Kakula 铜矿有 望于本月晚些时候重启矿山西侧区域。泰克资源旗下 5 万吨 Carmen de Andacollo 铜 矿因机械故障将停产 1 个月左右。需求端本周 SMM 铜线缆企业开工 ...

铅锌产业链周度报告 范玲 期货从业资格号：F0272984 投资咨询资格号：Z0011970 中航期货 2025-6-6 | 目 | 录 | | | | | --- | --- | --- | --- | --- | | 0 0 1 1 | 报 报 | 告 告 | 摘 摘 | 要 要 | | 0 0 2 2 | 多 多 | 空 空 | 焦 焦 | 点 点 | | 0 0 3 3 | 数 数 | 据 据 | 分 分 | 析 析 | | 4 4 0 0 | 后 后 | 市 市 | 研 研 | 判 判 | | 告 | 摘 | 报 | 要 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- ...