国家经济多元化部门表示，五个综合经济集群是"经济多元化"计划成果的一部分，旨在促进经济多 元化各支柱行业的发展，并在实施"阿曼2040愿景"框架下，在未来五年发展计划中增强阿曼的投资吸引 力。经研究，五个综合经济集群为企业提供500个投资机会，涉及粮食安全、运输、仓储、旅游、工业 和矿业等领域。 杜库姆经济特区综合冷链经济集群咨询服务招标是实施五个综合经济集群的第一步。杜库姆综合经 济集群拥有许多重要的投资机会，包括建立区域冷链综合体和综合体内的先进制造业、鱼类产品（增值 产品）制造业综合中心、红肉产品（增值产品）制造业综合中心、用于储存和分销药品的综合仓库，以 及专门从事分类、罐装和包装活动的鲜花进出口中心。经研究，已发现中小企业30个服务业领域投资机 会，17个生产业领域投资机会，20个粮食安全领域投资机会，12个交通物流领域投资机会，14个旅游领 域投资机会。佐法尔省纳季德农业经济集群旨在加强粮食安全，预计该集群的投资将达到2.3亿里亚 尔。佐法尔省沙利姆及哈拉尼亚特群岛综合矿业经济集群旨在创建一个集采矿和工业设施、渔业、旅游 业和物流业于一体的综合经济体系，该集群预计产生经济回报达 5.17 亿里亚尔 ...

证券研究报告|行业研究报告 [Table_Date] 2025 年 4 月 30 日 [Table_Title] Mt Marion 2025Q1 锂精矿产量同比减少 23%至 14 万吨，Mt Wodgina 2025Q1 锂精矿产量同比增加 29%至 12.6 万吨 2025Q1，公司权益锂精矿的加权平均实现价格为 844 美元 /吨 （折 SC6 锂精矿），环比上涨 2%。 2）MT MARION（100%基础） 2025Q1 锂精矿产量为 14 万吨，环比增长 21%，同比减少 23%。产量环比增长主要得益于当前矿井进料品质的提高，从 而显著提高了回收率。因此，Mt Marion 2025 财年的产量预期 已从 15 万-17 万吨 SC6 锂精矿上调至 18.5 -20 万吨 SC6 锂精 矿。 2025Q1 锂精矿发运量为 13.8 万吨，环比增长 25%，同比 减少 9%。发运锂精矿的平均品位为 4.4%，上一季度为 4.4%。 2025Q1 锂精矿发运量折 SC6 为 10.2 万吨，环比增长 24%，同 比减少 2%。 2025Q1 锂精矿销售量为 14 万吨，环比增长 25%。 [Tabl ...

Economic Overview - In the first quarter of 2025, Jiangmen's GDP reached 91.723 billion yuan, with a year-on-year growth of 2.8% [2][6] - Jiangmen's GDP growth rate is lower than the provincial average of 4.1% [2] Sector Performance - The primary industry added value was 5.238 billion yuan, growing by 0.1% [2] - The secondary industry added value was 37.980 billion yuan, with a growth of 2.7% [2] - The tertiary industry added value was 48.505 billion yuan, showing a growth of 3.3% [2] Trade Performance - Jiangmen's total import and export volume in the first quarter was 47.15 billion yuan, with a growth rate of 10.1% [4] - The export volume was 40.44 billion yuan, increasing by 13.2% [4] County-Level GDP - Xinhui led the city with a GDP of 22.834 billion yuan, while Heshan showed the highest growth rate at 4% [5][7] - Other counties ranked by GDP include Pengjiang (21.361 billion yuan), Taishan (11.815 billion yuan), and Kaiping (10.978 billion yuan) [5][7] Industrial Growth - The total output value of agriculture, forestry, animal husbandry, and fishery was 13.891 billion yuan, with a growth of 0.9% [8] - The industrial added value for large-scale enterprises grew by 3.4%, with manufacturing increasing by 4.7% [8] Investment Trends - Fixed asset investment in Jiangmen decreased by 21.7% year-on-year [9] - The decline in investment was observed across all sectors, with the primary industry down by 36% and the secondary industry down by 26.1% [9] Consumer Spending - The total retail sales of social consumer goods reached 30.796 billion yuan, growing by 1.8% [10] - Urban retail sales grew by 1.7%, while rural retail sales increased by 2.1% [10]

2025年1—3月份全国规模以上工业企业利润增长0.8% 1—3月份，全国规模以上工业企业实现利润总额15093.6亿元，同比增长0.8%（按可比口径计算）。 1—3月份，规模以上工业企业中，国有控股企业实现利润总额5599.5亿元，同比下降1.4%；股份制企业实 现利润总额11101.5亿元，增长0.1%；外商及港澳台投资企业实现利润总额3883.5亿元，增长2.8%；私营企业 实现利润总额3709.7亿元，下降0.3%。 1—3月份，采矿业实现利润总额2204.4亿元，同比下降25.5%；制造业实现利润总额10826.4亿元，增长 7.6%；电力、热力、燃气及水生产和供应业实现利润总额2062.8亿元，增长5.4%。 1—3月份，主要行业利润情况如下：农副食品加工业利润同比增长40.3%，有色金属冶炼和压延加工业增 长33.6%，专用设备制造业增长14.2%，通用设备制造业增长9.5%，电气机械和器材制造业增长7.5%，纺织业 增长7.1%，电力、热力生产和供应业增长6.1%，计算机、通信和其他电子设备制造业增长3.2%，化学原料和 化学制品制造业下降0.4%，石油和天然气开采业下降3.1%， 汽车制造业 ...

印尼此前提高了对镍、煤炭、铜、黄金及其他矿物生产所征收的税率，这一举措影响到了包括淡水河谷 和自由港麦克莫兰铜金公司（Freeport-McMoRan）在内的一些全球最大的矿业集团。镍的税率将从统 一的10%提高到14%至19%，具体税率取决于镍金属的价格。印度尼西亚是世界上最大的镍生产国，而 镍是不锈钢和电动汽车电池的关键成分。（英国金融时报） ...

Investment Rating - The report maintains a "Recommended" rating for Baowu Magnesium Industry [5][11]. Core Views - The company achieved a revenue of 8.983 billion yuan in 2024, a year-on-year increase of 17.39%, but the net profit attributable to shareholders decreased by 47.91% to 160 million yuan due to low magnesium prices and increased operating expenses [2][10]. - The production and sales of magnesium-aluminum alloy products continue to grow, with production increasing by 27.81% to 460,000 tons and sales up by 23.54% to 450,000 tons in 2024 [3]. - The company is increasing its research and development investment, which rose from 309 million yuan in 2021 to 455 million yuan in 2024, accounting for 5.1% of revenue [4]. Summary by Sections Financial Performance - In 2024, the company reported a revenue of 8.983 billion yuan, with a net profit of 160 million yuan, and basic earnings per share of 0.16 yuan, reflecting a decrease of 50.93% year-on-year [2]. - For Q1 2025, the company achieved a revenue of 2.033 billion yuan, a 9.08% increase year-on-year, but the net profit decreased by 53.58% to 28 million yuan [2]. Production and Sales - The production of magnesium-aluminum alloy and deep-processed products saw a dual increase in 2024, with production up by 27.81% and sales up by 23.54% [3]. - The company has a current magnesium alloy capacity of 200,000 tons and aluminum alloy capacity of 150,000 tons, with plans to increase magnesium alloy capacity by 150% to 500,000 tons [3]. R&D and Market Development - The company is focusing on R&D to enhance the application of magnesium alloys in various sectors, including automotive lightweighting and robotics [4]. - A significant breakthrough was achieved in collaboration with Seres, leading to the development of the world's largest integrated die-casting magnesium alloy rear body for mass production [4]. Future Projections - The company is projected to achieve revenues of 10.916 billion yuan, 14.398 billion yuan, and 15.864 billion yuan for 2025, 2026, and 2027 respectively, with net profits expected to reach 452 million yuan, 785 million yuan, and 905 million yuan [11][12].

元/吨；贵州5650（-80）元/吨。 【期货】 4月28日，锰硅09合约对昨收+0.14%（+8），收于5804元/吨，主力合约持仓+10187手。 【现货】 现货方面，主产区价格变动：6517锰硅内蒙5680（-20）元/吨；广西5700（-50）元/吨；宁夏5550（-） 库存方面，截至4月25日，中国主要港口锰矿库存405.5万吨，环比+32.8万吨；其中天津港319.9万吨， 环比+35.2万吨，钦州港85.1吨，环比-2.4万吨。 【供给】 Mysteel统计全国187家独立硅锰企业样本开工率41.59%，较上周减2.63%；日均产量26580吨，减365 吨。周产量186060吨，环比上周减1.35%。 【成本】 内蒙成本5750（-16）元/吨，广西生产成本6417（-）元/吨，内蒙生产利润-70（-3.8）元/吨。 【锰矿】 港口锰矿活跃度恢复，受下游厂家节前补库影响，市场成交尚可。天津港（600717）半碳酸成交围绕 32.5-33元/吨度左右，南非高铁30.5-31元/吨度，澳块报价38元/吨度左右，加蓬成交围绕37元/吨度左 右。钦州港半碳酸价格34-34.5元/吨度，澳籽37.5-3 ...

Abstract 摘要 中金研究 本篇报告中，我们对2025年二季度印度尼西亚经济进行展望。 点击小程序查看报告原文 宏观经济：在全球不利因素背景下应对内部结构性挑战 2025年一季度，印尼经济面临挑战。根据彭博一致预期，印尼全国GDP增速预计放缓至4.9%，内部结构性挑战大于外部不利因素。展望2025年二季度， 我们认为印尼有望通过采取更多措施应对对于资源过度依赖以及重建外国投资者信心：1）在印尼盾贬值和货币宽松之间寻求更加均衡的货币政策；2）战 略性开放市场，在保证核心技术留存的同时允许外国投资者加大对重点行业的持股；3）重振国内消费。 推出新的主权财富基金Danantara[1]以及新的资源出口外汇收益留存政策 对外贸易：印尼对美贸易敞口有限，对等关税风险可控 印尼出口市场较为多元化，对美出口敞口较小。2024年，对美出口在印尼整体出口中所占比重仅为10%，在此印尼不同于东盟内受到供应链回流以及"友 岸外包"影响的其他国家。此外我们认为对外贸易对于印尼经济增速的平均贡献较低（仅为0.3%，而2009年至2024年期间印尼实际GDP平均增速为4.8%） 可以使得印尼受关税影响较小。 采矿业面临的挑战：矿区 ...

Economic Overview - In 2021, China's GDP reached 114.4 trillion yuan, growing by 8.1% year-on-year, equivalent to approximately 17.7 trillion USD, accounting for over 18% of the global economy, solidifying its position as the second-largest economy in the world [1] - The historical context highlights that during the Song Dynasty, China accounted for 60% of the world's GDP, and even during the Qing Dynasty, it held 35% before being surpassed by Western countries due to the Industrial Revolution [1] Historical Context - The establishment of a unified state in China began with the Qin Dynasty, followed by the Han Dynasty, which defined the Chinese nation. Population growth was significant during stable periods, with the Han population increasing from 18 million to 60 million in about 200 years [3] - The Ming Dynasty saw a population increase from under 60 million to over 200 million by the early 17th century, while the Qing Dynasty's population grew from 120 million to over 430 million by the 19th century due to stable agricultural conditions [3] European Context - In contrast, Europe was fragmented into numerous feudal states post-1453, leading to frequent wars and a smaller population due to the instability of the "Dark Ages" [5] - The rise of the Ottoman Empire disrupted trade routes, increasing costs for Western nations, which relied heavily on trade with China for resources [5] Industrial Revolution - The search for new trade routes led to the Age of Exploration, with European nations seeking maritime paths to Asia, culminating in the discovery of the Americas by Columbus in 1492 [7] - The need for labor to process the vast resources from colonies prompted European countries to innovate and develop machinery, marking the beginning of the Industrial Revolution [7][10] - By the late 18th century, the introduction of the spinning jenny and the steam engine revolutionized production, leading to the mechanization of the textile industry in Britain [10][12] - The transition from hand production to machine-based manufacturing in the cotton industry was largely completed by 1830, establishing Britain as the first industrialized nation [14] Conclusion - The Industrial Revolution represented a significant leap in productivity and wealth creation, enabling Britain to become a dominant global power, often referred to as the "empire on which the sun never sets" [14] - The conditions that led to the Industrial Revolution were unique to Britain, as other nations lacked the necessary preconditions to replicate this transformation [14]

Core Points - The prevention and control of traditional occupational diseases such as pneumoconiosis and noise-induced hearing loss remain challenging, particularly in small and micro enterprises [1][4] - The number of newly reported occupational disease cases in China has significantly decreased from 26,393 in 2013 to 12,087 in 2023, a reduction of 54.2% [2] - New categories of occupational diseases have been added, including occupational musculoskeletal disorders and occupational mental and behavioral disorders, bringing the total number of legally recognized occupational diseases to 12 categories and 135 types [2][3] Group 1: Occupational Health Challenges - The issue of noise exceeding safety standards is still prominent, especially in high-risk industries such as mining and machinery manufacturing [1][4] - The clinical manifestations of new occupational diseases, such as carpal tunnel syndrome, are primarily caused by repetitive tasks and excessive force, leading to nerve damage and pain in the hands [3] - The prevention of noise-induced hearing loss is critical, with the World Health Organization estimating that by 2050, nearly 2.5 billion people will experience varying degrees of hearing loss, with 16% attributed to workplace noise exposure [4][5] Group 2: Regulatory and Preventive Measures - Employers are required to improve processes and equipment, organize work tasks effectively, and reduce the frequency and load of repetitive wrist tasks [3] - Health checks for workers engaged in repetitive wrist activities are mandated, along with the implementation of supportive standards and increased awareness of self-protection among workers [3] - In 2024, the government will conduct on-site testing of occupational disease hazards at 70,000 employers, focusing on 500,000 key positions [4]