Core Viewpoint - The performance forecast for the first half of 2025 by Zhuhai Group indicates a significant increase in net profit, driven by rising precious metal prices and improved operational efficiency [1][2]. Group 1: Company Performance - Zhuhai Group expects a net profit of 560 million to 650 million yuan for the first half of 2025, representing a year-on-year increase of 50.97% to 75.23% [1]. - The net profit excluding non-recurring gains and losses is projected to grow by 80.97% to 109.55% year-on-year [1]. - The company attributes its performance growth to the increase in precious metal prices and a recovery in zinc smelting processing fees, alongside enhanced operational efficiency through refined management practices [1]. Group 2: Industry Trends - The lead and zinc business of Zhuhai Group is currently in a recovery phase, with an expected increase in processing fees and improved supply-demand dynamics for zinc concentrate [2]. - The average processing fee for domestic zinc concentrate in the first quarter of 2025 was 4,463 yuan per ton, reflecting a month-on-month increase of 937 yuan per ton [2]. - The prices of gold and silver are expected to continue rising, supported by global geopolitical tensions and central bank purchasing trends, with gold prices increasing nearly 30% this year following a 27% rise last year [2][3]. Group 3: Future Outlook - Institutions remain optimistic about the upward trend in precious metal prices, which is expected to support the performance of related companies [3]. - Recent dovish comments from Federal Reserve officials regarding potential interest rate cuts are anticipated to bolster gold prices [3]. - Silver, with its dual industrial and financial attributes, is expected to see increased demand, particularly from the photovoltaic sector, leading to a favorable supply-demand balance [3].

Core Viewpoint - The company, Zhuyou Group, anticipates a significant increase in net profit for the first half of 2025, projecting a net profit attributable to shareholders of 560 million to 650 million yuan, representing a year-on-year increase of 189 million to 279 million yuan, or 50.97% to 75.23% [1] Financial Projections - The expected net profit attributable to shareholders, excluding non-recurring gains and losses, is projected to be between 570 million and 660 million yuan, which indicates an increase of 255 million to 345 million yuan compared to the same period last year, translating to a year-on-year growth of 80.97% to 109.55% [1]

Group 1 - The introduction of innovative technologies in the zinc smelting industry is significantly reducing energy consumption by approximately 30% and pollutant emissions by over 40%, enhancing metal recovery rates and achieving both environmental and economic benefits [1] - The production of ultra-high purity metals such as 6N and 7N grade tellurium, cadmium, zinc, and indium is entering mass production, supporting the transition of companies from raw material leaders to strong players in new materials [1] - Traditional industries in Jiyuan are actively innovating and upgrading to improve competitiveness in response to increasing domestic and international competition and environmental constraints [1] Group 2 - Jiyuan Steel has developed a world-first non-exchange electrode (10.4-meter self-consumption electrode) process to produce ultra-pure electric slag steel ingots, addressing the challenges of the steel industry's internal competition [2] - Jinma Energy is establishing a complete hydrogen energy industrial chain, supplying 700 to 800 million cubic meters of hydrogen annually to local petrochemical projects [2] - Wanyuan Group is leveraging selenium resources from industrial by-products to produce selenium products, achieving an annual output value of 15 million yuan [2] Group 3 - Jiyuan is implementing a "1+5+N" strategic layout to enhance high-quality development, focusing on five key areas including building a strong industrial city [3] - The city is deepening technological reforms and establishing a comprehensive innovation system to boost productivity through technological advancements [3] - Jiyuan is actively promoting traditional industry upgrades and implementing policies to support enterprise development through a multi-faceted service system [3] Group 4 - The non-ferrous metal industry cluster in Jiyuan has an annual output value of nearly 200 billion yuan, with steel processing and modern chemical industries also approaching the 100 billion yuan mark [4] - All enterprises in the region have achieved ultra-low emissions, and the output value of the circular economy accounts for over 30% of the total industrial output value [4]

债券代码：110096 债券简称：豫光转债 河南豫光金铅股份有限公司 关于 2024 年度利润分配方案每股分配比例的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗 漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 重要内容提示： ●每股分配比例：每股派发现金红利由 0.225 元（含税）调整为 0.22500 元 （含税，保留小数点后 5 位） ●本次调整原因：自 2025 年 4 月 1 日起至本公告披露日，"豫光转债" 转 换成公司股票的数量为 2,430 股。因此，截至本公告披露日，实际参与权益分派的 股份数量发生变化。 一、2024 年度利润分配方案的基本情况 证券代码：600531 证券简称：豫光金铅 公告编号：临 2025-042 二、本次利润分配方案调整情况 自 2025 年 4 月 1 日起至本公告披露日，"豫光转债" 转换成公司股票的数量 为 2,430 股。因此，截至本公告披露日，公司本次实际参与权益分派的股份数量为 基于上述实际参与权益分派的股份数量的变化，公司按照分配总额不变的原 则，相应调整每股分配比例，每股派发现金红利由 0.225 元 ...

祁玉蓉（F03100031, Z0021060），联系电话：010-8229 5006 | 铅锌日评20250702：区间整理 | | | --- | --- | | 指标 今值 变动 2025/7/2 单位 | 近期趋势 | | SMM1#铅锭平均价格 元/吨 16,925.00 -0.15% | | | 沪铅期现价格 17,100.00 -0.58% 期货主力合约收盘价 元/吨 | | | 沪铅基差 元/吨 -175.00 75.00 | | | 元/吨 -35.00 - 升贴水-上海 | | | 升贴水-LME 0-3 美元/吨 -32.45 -4.88 升贴水-LME 3-15 美元/吨 -59.10 -4.50 | | | 价差 元/吨 沪铅近月-沪铅连一 -30.00 - | | | 沪铅连一-沪铅连二 元/吨 -30.00 -5.00 | | | 铅 元/吨 沪铅连二-沪铅连三 5.00 -15.00 | | | 期货活跃合约成交量 手 31,387.00 -2.89% | | | 成交持仓 期货活跃合约持仓量 51,411.00 0.01% 手 | | | 成交持仓比 / 0.61 -2.90 ...

锌周报 2025 年 6 月 30 日 宏微观共振 锌价低位反弹 核心观点及策略 上周沪锌主力期价低位反弹。宏观面看，以伊停火，中东 地缘紧张局势缓和。美国经济就业数据走弱，叠加美联储 官员释放鸽派言论，增强 7 月降息预期，降息及避险回落 影响下，美元跌势不止，利好金属。国内股市持续走强， 且第三批以旧换新资金 7 月下发提振耐用品消费预期，市 场情绪偏好。 gao.h@jyqh.com.cn 从业资格号：F03099478 投资咨询号：Z0017785 王工建 wang.gj@jyqh.com.cn 从业资格号：F3084165 投资咨询号：Z0016301 赵凯熙 zhao.kxj@jyqh.com.cn 从业资格号：F03112296 投资咨询号：Z0021040 投资咨询业务资格 沪证监许可【2015】84 号 李婷 021-68555105 li.t@jyqh.com.cn 从业资格号：F0297587 投资咨询号：Z0011509 黄蕾 huang.lei@jyqh.com.cn 从业资格号：F0307990 投资咨询号：Z0011692 高慧 敬请参阅最后一页免责声明 1/ 8 基本面看，受罢 ...

2025年06月30日 | 国泰君安期货商品研究晨报 | | --- | 观点与策略 | 铜：美元弱势，支撑价格 | 3 | | --- | --- | | 锌：短期高位，关注量价 | 5 | | 铅：存旺季预期，支撑价格 | 6 | | 镍：矿端支撑有所松动，冶炼端限制上方弹性 | 7 | | 不锈钢：库存边际小幅去化，钢价修复但弹性有限 | 7 | | 碳酸锂：基本面承压叠加仓单矛盾，高波动或延续 | 9 | | 工业硅：减产消息扰动，关注上方空间 | 11 | | 多晶硅：关注市场情绪发酵 | 11 | | 铁矿石：预期反复，宽幅震荡 | 13 | | 螺纹钢：宽幅震荡 | 14 | | 热轧卷板：宽幅震荡 | 14 | | 硅铁：现货情绪提振，宽幅震荡 | 16 | | 锰硅：港口报价提振，宽幅震荡 | 16 | | 焦炭：震荡偏强 | 18 | | 焦煤：检查扰动持续发酵，震荡偏强 | 18 | | 动力煤：日耗修复，震荡企稳 | 20 | | 原木：主力切换，宽幅震荡 | 21 | | 对二甲苯：供应收缩，月差偏强 | 23 | | PTA：月差反套 | 23 | | MEG：单边偏弱 | 23 ...

Group 1 - 株冶集团 (600961) experienced a trading halt today with a daily turnover rate of 6.85% and a transaction amount of 569 million yuan, showing a fluctuation of 8.78% [2] - The stock was listed on the Shanghai Stock Exchange due to a daily price deviation of 10.75%, with institutional investors net selling 5.82 million yuan and the Shanghai-Hong Kong Stock Connect net selling 619,400 yuan [2] - The top five trading departments accounted for a total transaction amount of 201 million yuan, with a net buying amount of 12.08 million yuan [2] Group 2 - As of June 26, the margin trading balance for the stock was 218 million yuan, with a financing balance of 218 million yuan and a securities lending balance of 238,800 yuan [3] - Over the past five days, the financing balance increased by 14.99 million yuan, representing a growth of 7.39%, while the securities lending balance decreased by 28,140 yuan, a decline of 54.09% [3] - The company's Q1 report indicated a revenue of 4.803 billion yuan, a year-on-year increase of 8.50%, and a net profit of 277 million yuan, a year-on-year increase of 74.07% [3]

海外锌冶炼罢工，锌价持续走强 重要数据 现货方面：LME锌现货升水为-17.39 美元/吨。SMM上海锌现货价较前一交易日上涨60元/吨至22260元/吨，SMM 上海锌现货升贴水较前一交易日下跌65元/吨至185元/吨，SMM广东锌现货价较前一交易日上涨90元/吨至22220元/ 吨。SMM广东锌现货升贴水较前一交易日下跌35元/吨至145元/吨，SMM天津锌现货价较前一交易日上涨50元/吨 至22190元/吨。SMM天津锌现货升贴水较前一交易日下跌75元/吨至115元/吨。 新能源及有色金属日报 | 2025-06-27 期货方面：2025-06-26沪锌主力合约开于22090元/吨，收于22240元/吨，较前一交易日上涨275元/吨，全天交易日 成交168109手，较前一交易日增加9578手，全天交易日持仓135638手，较前一交易日增加5773手，日内价格震荡， 最高点达到22400元/吨，最低点达到22030元/吨。 库存方面：截至2025-06-26，SMM七地锌锭库存总量为7.95万吨，较上周同期减少-0.01万吨。截止2025-06-26，LME 锌库存为119850吨，较上一交易日减少302 ...

证券研究报告：基础化工 | 公司点评报告 发布时间：2025-06-26 股票投资评级 增持 |首次覆盖 个股表现 2024-06 2024-09 2024-11 2025-01 2025-04 2025-06 -14% -7% 0% 7% 14% 21% 28% 35% 42% 49% 宏达股份 基础化工 资料来源：聚源，中邮证券研究所 公司基本情况 | 最新收盘价（元） | 8.00 | | --- | --- | | 总股本/流通股本（亿股）20.32 | / 20.32 | | 总市值/流通市值（亿元）163 | / 163 | | 52 周内最高/最低价 | 9.14 / 5.36 | | 资产负债率(%) | 82.9% | | 市盈率 | 449.44 | | 第一大股东 | 蜀道投资集团有限责任 | | 公司 | | 研究所 分析师:李帅华 SAC 登记编号:S1340522060001 Email:lishuaihua@cnpsec.com 分析师:魏欣 SAC 登记编号:S1340524070001 Email:weixin@cnpsec.com 宏达股份(600331) 集团支持加码，世 ...