国泰君安期货 2025-04-28 期 请务必阅读正文之后的免责条款部分 1 期货研究 期货研究 中共中央政治局会议：统筹国内经济工作和国际经贸斗争，坚定不移办好自己 的事 观点分享： 中共中央政治局 4 月 25 日召开会议，分析研究当前经济形势和经济工作。中共中央总书 记习近平主持会议。会议强调，统筹国内经济工作和国际经贸斗争，坚定不移办好自己的事。 要加快构建房地产发展新模式，持续巩固房地产市场稳定态势；对受关税影响较大的企业， 提高失业保险基金稳岗返还比例；根据形势变化及时推出增量储备政策，加强超常规逆周期 调节；要提高中低收入群体收入，大力发展服务消费。 所长 早读 所 长 首 推 | 板块 | 关注指数 | | --- | --- | | PTA | ★★★★ | PTA：短期反弹，中期仍有压力。多 PTA 空 MEG。本周中美关税有所缓和，终端需求预期 修复，节前终端补库，聚酯产销好转，库存压力缓解，高开工或维持一段时间。而 PTA PX 方面工厂检修较为集中，逸盛大连、恒力、虹港等装置检修落地后，PTA 现货供需偏紧，基 差月差大幅上行，目前已经处于高位，且加工费有所修复，但不排除在高加工费（ ...

Core Viewpoint - Luoyang Molybdenum's recent quarterly report indicates strong financial performance driven by rising copper and cobalt prices, with net profit increasing by 90.47% year-on-year to 3.946 billion yuan, and total revenue surpassing 200 billion yuan for the first time [1][2]. Financial Performance - The company reported stable revenue in the first quarter, with net profit reaching 39.46 billion yuan, a 90.47% increase compared to the same period last year [1]. - As of the end of the first quarter, Luoyang Molybdenum had cash reserves of 32.05 billion yuan, with total current assets reaching 92.3 billion yuan [2][13]. - The company's operating cash flow for 2024 is projected to be approximately 32.4 billion yuan, reflecting a year-on-year growth of 108.4% [12]. Production Capacity and Market Dynamics - Luoyang Molybdenum's copper production capacity is now among the top ten globally, and it remains the largest cobalt producer worldwide [1]. - The company achieved a copper production of 170,500 tons in the first quarter, slightly below the previous quarter but exceeding annual guidance [4]. - Cobalt production increased by 20.68% during the same period, despite a temporary suspension of cobalt exports from the Democratic Republic of Congo [4][5]. Strategic Acquisitions and Management Changes - The company announced a 30 billion yuan acquisition of Canadian Lumina Gold, aiming to enhance its asset portfolio amid rising gold prices [8]. - Recent management changes, including the resignation of the chairman and vice-chairman, suggest a strategic shift towards external acquisitions and international expansion [2][14]. - New executives with extensive experience in mining investment and operations have been appointed, aligning with the company's growth strategy [16][17]. Future Outlook - The company aims to achieve a copper production target of 800,000 to 1 million tons by 2028, although this may lead to a lack of immediate performance growth in the next three years [1][3]. - The management's "three-step" strategy focuses on cost reduction, capacity expansion, and achieving world-class operational standards, indicating a clear roadmap for future growth [19].

甘肃省酒泉市税务部门紧紧围绕企业在科技创新与产业升级方面的涉税诉求，充分发挥税收职能作用， 不断升级优化税费服务举措，推动政策高效落地落实，助力企业突破技术瓶颈，走稳高质量发展之路。 对接需求增底气 走进酒泉市金塔县亚泰有色金属有限公司生产车间，机器轰鸣，矿石从这里经过一道道程序被运往选 厂。据了解，该公司是当地投资大、产能高的有色金属矿山及铜精矿粉、粗铜冶炼企业，近年来，经过 多次技术改造，生产规模不断扩大。 矿业企业的绿色转型离不开技术研发与设备升级，也离不开税收优惠释放的政策红利。酒泉市税务部门 持续优化服务举措，针对辖区内企业建立"点对点"服务机制，运用"一企一策""税收管家"等模式精准对 接企业需求，打通政策落地"最后一公里"，以精细化服务推动政策直达落地，及时解决企业涉税疑难问 题，帮助缓解资金压力，不断增强企业稳健发展的动力。 "近两年，我们享受研发费用加计扣除、资源税优惠、节能环保设备抵免等各类税收优惠政策累计减免 税款46万元，将省下来的资金投入到选冶技术研发和环保设施升级当中，显著提升了资源回收率，降低 了能耗，实现废水零排放、废气达标排放。"金塔县亚泰有色金属有限公司董事长马永升介绍，近 ...

Core Insights - The overall performance of the non-ferrous metal industry in 2024 is positive, with over 70% of companies reporting revenue growth and nearly 90% achieving profitability [1] - The demand for non-ferrous metals is increasing, driven by rising gold prices and a significant upward shift in the prices of traditional industrial metals like copper, aluminum, and zinc [1][2] - Companies are actively expanding their resource reserves and production capacity through acquisitions and exploration [2] Industry Performance - As of April 27, 2024, 124 non-ferrous metal companies have released their annual reports, showing a comprehensive index of industry prosperity on the rise [1] - The average annual prices for copper and lead have reached their highest levels in five years [1] Company Highlights - China Aluminum Corporation reported a revenue of 237.066 billion yuan, a year-on-year increase of 5.21%, and a net profit of 12.4 billion yuan, up 85.38% [1] - Zijin Mining Group achieved a revenue of 303.64 billion yuan, a 3.49% increase, and a net profit of 32.051 billion yuan, up 51.76% [2] - Jinhui Mining reported a revenue of 1.539 billion yuan, a 19.97% increase, and a net profit of 477 million yuan, up 39.06% [1] Strategic Moves - Companies are accelerating resource acquisition and capacity expansion, with Jinhui Mining successfully bidding for mining rights and establishing new subsidiaries [2] - Tongling Nonferrous Metals Group completed a 70% acquisition of China Railway Construction Copper Crown Investment Co., enhancing its resource reserves and production capabilities [2] Future Outlook - Experts predict that non-ferrous metal prices will remain high into 2025, sustaining a high level of industry prosperity [3]

Summary of Luoyang Molybdenum's Q1 2025 Earnings Call Company Overview - **Company**: Luoyang Molybdenum Co., Ltd. (洛阳钼业) - **Date of Earnings Call**: Q1 2025 Key Financial Highlights - **Revenue**: Q1 2025 revenue was 460.1 billion CNY, approximately flat year-on-year, with the mining segment revenue increasing by 44% to 197.5 billion CNY, driven by higher gross margins for copper and molybdenum products [2][6] - **Gross Margins**: Copper product gross margin reached 55%, while molybdenum product gross margin was 61% [2][6] - **Cost Management**: Selling and administrative expenses decreased by 30% year-on-year, and interest expenses fell by 27% due to optimized debt structure [2][6] - **EBITDA**: Increased by 47% to 8.6 billion CNY [2][6] - **Net Profit**: Net profit attributable to shareholders surged by 90% to 3.95 billion CNY, with a return on equity of 5.49% [2][6] - **Debt Levels**: Asset-liability ratio decreased to a historical low of 50%, with cash reserves at 32.1 billion CNY [2][7] Production and Sales Performance - **Copper Production**: Total copper production reached 170,000 tons, a 15.6% increase year-on-year, with sales of 124,000 tons, impacted by delays in sales contracts [3][11] - **Molybdenum Production**: Molybdenum production was stable at 3,341 tons, achieving 25% of the production guidance [3][6] - **Nickel and Phosphate Production**: Nickel production in Brazil was 2,616 tons, up 4.4% year-on-year, while phosphate production was slightly up by 0.2% [3] Strategic Developments - **Acquisition of Ecuador Gold Mine**: A new gold mine project in Ecuador was acquired, expected to start development by late 2026 or early 2027, with production anticipated by 2029 [4][17] - **Management Changes**: Recent management adjustments aim to enhance leadership and execution capabilities, with a focus on flexible acquisition strategies [4][10][12] - **ESG Initiatives**: The company maintains a strong ESG commitment, achieving 100% coverage across all operations and maintaining an MSCI ESG rating of two A's [8][9] Market and Regulatory Environment - **Congo Policy Impact**: The company is monitoring the impact of export policies in the Democratic Republic of Congo on cobalt sales, with no immediate effects noted in Q1 [2][15] - **Geopolitical Risks**: Luoyang Molybdenum is aware of geopolitical risks in its operating regions and is taking measures to mitigate these risks [21][23] Future Outlook - **Production Capacity Expansion**: Plans to achieve copper and cobalt production capacity of 800,000 to 1,000,000 tons by 2028 in the Democratic Republic of Congo [2][14] - **Market Strategy**: The company will continue to adapt its strategies to market changes, ensuring stable sales performance [11][12] - **Focus on Gold Projects**: The company is optimistic about gold projects, with a strategic focus on expanding its portfolio in this area [27][28] Additional Insights - **Cash Flow**: Free cash flow for Q1 was 890 million CNY, with significant reductions in capital expenditures by 74% [7][12] - **Inventory Management**: The company is managing copper inventory effectively, with a current stock of over 140,000 tons [13] - **Long-term Growth Strategy**: Luoyang Molybdenum aims to leverage its strong balance sheet and cash reserves to pursue growth opportunities in both existing and new markets [12][24]

国城矿业（维权）(000688)发布2025年一季报，公司一季度实现营业收入5.3亿元，同比增长77.25%；归 属于上市公司股东的净利润为6.12亿元，同比增长18279.65%。净利润增长主要系出售子公司产生的投 资收益增加所致。 太钢不锈(000825)发布2025年一季报，一季度实现营业收入233.1亿元，同比下降4.71%；净利润1.88亿 元，同比增长5506.92%。 深深房a(000029)发布2025年一季报，报告期内实现营业收入3.3亿元，同比增长457.38%；归属于上市公 司股东的净利润为7242.11万元，同比增长3718.51%。 青达环保(688501)4月27日晚间披露2025年一季报，公司一季度实现营业收入6.19亿元，同比增长 317.43%；净利润6871.27万元，同比增长990.26%。 上市公司进入2024年年报及2025年一季报的披露高峰期。 今夜又有多家上市公司大手笔分红。其中： 古井贡酒(000596)4月27日晚间发布2024年年度报告，公司实现营业收入235.78亿元，同比增长16.41%； 净利润55.17亿元，同比增长20.22%。公司拟以2024年末 ...

Core Viewpoint - The research team led by Wang Jian from the China Nonferrous Metals Industry Association conducted a special investigation at Jinhui Co., focusing on the progress of the largest core museum and achievements in green mining construction [2][5]. Group 1: Green Mining and Core Museum - Jinhui Co. has demonstrated the practical path of "lucid waters and lush mountains are invaluable assets" in green mining construction, providing significant reference value for the industry [5]. - The core museum, covering over 10,000 square meters, is the largest professional facility for core storage, designed to store 2 million meters of core samples, and plays a crucial role in collecting, preserving, processing, digitizing, and sharing geological data [7]. - The core samples stored in the museum serve as a "geological gene bank," providing direct evidence for mineral formation research and analysis of mineralization laws, thus holding immense scientific value [10]. Group 2: Employee Welfare and Corporate Culture - Jinhui Co. emphasizes employee welfare by providing a scenic work-life environment, free meals, accommodation, medical services, and various benefits, enhancing employees' sense of belonging and happiness [11]. - The company has established a unique "Jinhui Family Culture," focusing on creating a better life and sharing development achievements with employees [11]. Group 3: Industry Transformation and Collaboration - Wang Jian noted that Jinhui Co.'s practices provide a vivid model for the industry's transformation and upgrading, with plans to establish a regular communication mechanism for standard setting, technology promotion, and policy recommendations [13]. - The association aims to promote the nonferrous metals industry towards high-end, intelligent, and green development during the "14th Five-Year Plan" period, encouraging Jinhui Co. to continue enhancing its green mining construction system [13].

4月25日晚间，四川金顶发布2024年年报与2025年一季报。作为西南区域石灰石开采的先进企业，业绩 呈现明显触底回升态势。 值得一提的是，从财务数据来看，尽管2024年前三季度因经济环境原因出现小幅亏损，但在盈利质量方 面，公司展现出强劲的自我修复能力。 2024年，公司全年经营活动产生的现金流量净额达1.09亿元，同比激增1111.55%；每股经营现金流达到 0.3134元。在小幅亏损的情况下，该数据仅次于2019年，为公司历史第二佳表现。这一指标的强势反 弹，为公司后续业务拓展提供了充足的资金保障。 2025年一季度，随着基建领域需求复苏及产品价格回升，公司业绩延续了高质量反弹趋势。在实现扭亏 的同时，公司今年一季度经营现金流达到1295.27万元，继续同比大增1197.37%，充分展现了企业在行 业周期波动中的经营韧性。 年报显示，公司2024年度实现营业收入3.57亿元，较上年增长8.86%，但受前三季度宏观经济波动及行 业调整影响，全年归属于上市公司股东的净亏损1918.82万元。值得关注的是，与2023年同期相比，公 司亏损规模已大幅收窄2204.88万元，减亏幅度显著。 而自2024年第四季度 ...

新任命4位管理层人员 洛阳钼业公告显示，因个人原因，袁宏林向公司董事会申请辞去董事长、非执行董事及董事会相关专门 委员会委员职务，该辞呈于公司股东大会增补相关董事的决议作出之时生效；辞呈生效之前，袁宏林将 继续履行前述相关职务。因个人原因，李朝春向公司董事会申请辞去副董事长、执行董事、战略及可持 续发展委员会委员及首席投资官职务，辞呈生效日期为送达董事会当日。 4月25日，洛阳钼业召开相关会议，同意增补阙朝阳、刘建锋为公司第七届董事会执行董事候选人。另 外，公司同意聘任阙朝阳为常务副总裁兼首席运营官、刘建锋为首席投资官、Kenny Ives为副总裁兼首 席商务官、谭啸为副总裁。 公告显示，阙朝阳1970年9月出生，曾任紫金矿业集团海内外多个大型项目、区域公司、事业部总经 理，集团公司副总裁兼总工程师。阙朝阳具有丰富的矿业投资并购、勘查、项目建设及运营经验。 刘建锋1977年1月出生，历任中国海油集团商务总监、复星国际洛克石油执行董事兼首席财务官、洲际 油气执行总裁兼首席财务官、新奥能源执行董事兼总裁及湖州燃气股份有限公司副董事长兼非执行董 事，主导多宗大型跨国并购与资源整合项目。 每经记者 王佳飞 每经编辑 ...

Core Viewpoint - The company has reported significant financial performance improvements in the first quarter of 2025, driven by favorable market conditions and operational enhancements. Financial Performance - The company achieved a net profit attributable to shareholders of 18.03 million yuan in Q1 2025, attributed to improved economic conditions in the Sichuan region and increased demand for limestone products [6]. - Total operating revenue for the period reached 125.88 million yuan, representing a 46.19% increase compared to the same period last year [7]. - Limestone sales revenue amounted to 112.33 million yuan, showing a substantial year-on-year increase of 151.01% [7]. Corporate Actions - The company has decided to terminate its plan for a specific stock issuance due to changes in the capital market environment and its own development needs, with the Shanghai Stock Exchange confirming the termination of the review process [5]. - The board approved a new guarantee limit for 2024 not exceeding 650 million yuan, with specific allocations based on the subsidiaries' debt ratios [6].