Investment Rating - The report maintains an "Outperform" rating for the non-ferrous metals sector [2]. Core Viewpoints - China's response to U.S. tariffs includes a 34% additional tariff on all imports from the U.S. starting April 10, 2025, and export controls on certain rare earth elements [5]. - The precious metals market is experiencing increased volatility due to U.S. tariff announcements, with gold prices rising by 2.5% in the domestic market [5]. - Industrial metals are facing downward price pressure, particularly copper, which has seen a price drop of 2.0% on the SHFE and 9.8% on the LME [5]. - The report highlights a potential long-term bullish trend for precious metals, especially gold, due to declining real interest rates [6]. Summary by Sections 1. Industry Data Review - Precious Metals: Gold prices have decreased, while ETF holdings have increased, with the Shanghai Gold Exchange closing at 739 CNY per gram, a weekly change of 2.5% [10]. - Industrial Metals: Prices are predominantly declining, with SHFE copper down 2.0% and LME copper down 9.8% [27]. - Rare Earths & Tungsten: Prices for praseodymium and neodymium oxides have increased, indicating a recovery in manufacturing demand [5]. - Energy Metals: Lithium carbonate prices have decreased, with a focus on future demand growth [5]. 2. Market Performance - The report notes significant price changes across various metals, with copper and aluminum both experiencing declines [28]. - The SHFE copper price is reported at 78,860 CNY per ton, reflecting a 2.0% weekly decrease [29]. - Aluminum prices have also dropped, with SHFE aluminum at 20,420 CNY per ton, down 0.8% [43]. 3. Investment Recommendations - The report suggests a favorable outlook for the non-ferrous metals sector, particularly in precious metals and industrial metals, with specific stock recommendations provided [6]. - For precious metals, companies like Shandong Gold and Zhongjin Gold are recommended due to their potential for growth [6]. - In industrial metals, companies such as Zijin Mining and China Hongqiao are highlighted for their resilience and growth potential [6].

Investment Rating - The report maintains a "Buy" rating for the company, with a target price not specified [6]. Core Views - The company's performance in 2024 met expectations, with revenue of 38.37 billion yuan, a year-on-year increase of 2%, and a net profit attributable to shareholders of 4.31 billion yuan, a decrease of 27.1% year-on-year. The decline in performance is attributed to falling prices and volumes of coal products, as well as rising prices of aluminum's main raw material, alumina [1][2]. - The company plans to maintain a high level of dividends, distributing 8 yuan per 10 shares, totaling 1.799 billion yuan, which is consistent with the previous year [4]. - The report anticipates improved profit margins in the coming years due to fluctuations in aluminum prices and a decrease in alumina prices, projecting net profits of 5.57 billion yuan, 6.76 billion yuan, and 7.11 billion yuan for 2025, 2026, and 2027 respectively [4][5]. Financial Performance Summary - In 2024, the company achieved an aluminum production of 1.6285 million tons, a year-on-year increase of 7.3%, with sales of 1.6289 million tons, up 6.7% year-on-year. The average selling price of aluminum was 15,956 yuan per ton, down 3.6% year-on-year [2]. - The coal production and sales in 2024 were 6.739 million tons and 6.7013 million tons, respectively, representing a decrease of 6.0% and 7.5% year-on-year. The average selling price of coal was 1,019 yuan per ton, down 7.8% year-on-year [3]. - The company reported an investment income of 666.5 million yuan in 2024, a significant increase of 98.5% year-on-year, primarily due to the transfer of a 51% stake in Shenhuo Power [3]. Financial Data and Valuation - The company's revenue is projected to grow from 38.37 billion yuan in 2024 to 41.18 billion yuan in 2025, with a growth rate of 7.33% [5]. - The net profit attributable to shareholders is expected to rebound to 5.57 billion yuan in 2025, reflecting a growth rate of 29.31% [5]. - The price-to-earnings ratio (P/E) is projected to be 7.41 in 2025, indicating a favorable valuation compared to historical levels [5].

港交所最新权益披露信息显示，今年一季度，新加坡政府投资公司(GICPrivateLimited，简称GIC)减持 紫金矿业（601899）(港股代码：02899.HK，A股代码：601899.SZ)达到6200万股，按照公司一季度的成 交均价16.1元计算，GIC套现约10亿港元。 根据紫金矿业H股的股东信息来看，2024年6月末，GIC为公司H股的第三大股东，彼时该外资股东持有 公司H股4.28亿股。然而，就在黄金价格一路走高的背景下，GIC的减持行为引发市场诸多猜测。 | 2024-06-30 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | | 应号 | 脂东名称 | 服份性质 | 直接所取时世 | 占已发行量通额比例(%) | FINEERS 服东频型 | 将向其他和雷 | | | 新公司有限公司之所之所有因此方言 | AM9 | 60.84 | 22.89 | : 搏脸5%以上睡东 | | | 2 | 中国证券金融股份有限公司 | శాక్ | 6.91 | 2.60 | ... 机构设图書 | :Q | | 3 | GIC Priv ...

Investment Rating - The report initiates coverage with a "Buy" rating for the company [3] Core Viewpoints - The company is positioned as a core player in military carbon fiber prepregs, copper-based materials, and special thermal equipment, with expectations of significant growth over the next three years [1][3] - The subsidiary Jiangsu Tianniao is the leading domestic supplier of carbon fiber prepregs, expected to benefit from the rapid delivery of missile orders and new military equipment in the upcoming years [1][3] - The copper-based materials segment is projected to maintain stable revenue growth, with the company actively exploring applications in emerging fields such as robotics and AI computing [2][3] - The special thermal equipment segment is also expected to grow, with the subsidiary Dingli Technology planning to go public on the Beijing Stock Exchange [2][3] Summary by Sections Military Carbon Materials - Jiangsu Tianniao, a subsidiary, is the leading domestic player in carbon fiber prepregs, supplying nearly all carbon fiber prepregs for aircraft brake systems and solid rocket engine throat liners [1] - Revenue for Jiangsu Tianniao is projected to be CNY 621 million in 2024, a year-on-year decrease of 16.87%, with a net profit of CNY 94 million, down 47.19% [1] Copper-Based Materials - The company is a leading domestic copper-based materials enterprise, with revenue expected to grow from CNY 36.43 billion in 2021 to CNY 52.48 billion in 2024 [2] - The copper processing industry is projected to grow steadily, with the company benefiting from applications in new fields [2] Special Thermal Equipment - Dingli Technology, another subsidiary, is a leading player in the special thermal equipment sector, with expected revenue of CNY 65.3 million in 2024, a year-on-year increase of 1.6%, and a net profit of CNY 11.5 million, down 9.49% [2] - The company is well-positioned to benefit from the growth of emerging industries such as aerospace and semiconductors [2] Financial Projections - The company’s projected net profits for 2025, 2026, and 2027 are CNY 711 million, CNY 895 million, and CNY 1.057 billion, respectively, with corresponding P/E ratios of 19X, 15X, and 13X [3] - Revenue is expected to grow from CNY 46.31 billion in 2023 to CNY 65.60 billion in 2027, with a compound annual growth rate of approximately 14.1% [5][11]

Group 1 - A50ETF Huabao (159596) achieved a trading volume of 67 million yuan with a turnover rate of 5.46%, ranking first among its peers [1] - The market is gradually focusing on high-performance, dividend, and low-volatility stocks as it approaches the earnings season in April [2] - There is an expectation for a rotation towards low-priced, high-performance stocks with strong earnings improvement potential [2] Group 2 - The market is anticipated to experience increased volatility in April, particularly in the first half, due to various internal and external disturbances [3] - Domestic macro policy expectations may shift due to an important meeting at the end of April, with a focus on fiscal and monetary policy support [3] - Investment strategies should target sectors that have lagged behind, are undervalued, and have potential policy catalysts [3][4] Group 3 - Investors are advised to focus on three key areas: stable banks and insurance with long-term strategic value, consumer sectors supported by policy, and metals with economic support [4] - A50ETF Huabao (159596) and its off-market linked funds (Class A 021216/Class C 021217) are recommended for investment [5] - MACD golden cross signals indicate positive momentum for certain stocks [6]

来看，美元信用弱化为主线，看好金价中枢上移。白银兼具金融和工业属性，近年来光伏用 银增长带动供需格局紧张，银价弹性相对更高，价格有望创历史新高。重点推荐：万国黄金 集团、赤峰黄金、山金国际、招金矿业、山东黄金、中金黄金、湖南黄金，关注中国黄金国 际，白银标的推荐盛达资源、兴业银锡。 风险提示：需求不及预期、供给超预期释放、海外地缘政治风险。（民生证券 邱祖学, 张弋清 ） 免责声明：本文内容与数据仅供参考，不构成投资建议，使用前请核实。据此操作，风 险自担。 民生证券近日发布有色金属周报：工业金属高位震荡，金价再创历史新高。 以下为研究报告摘要： 本周（03/21-03/28）上证综指下跌0.4%，沪深300指数上涨0.01%，SW有色指数上涨 0.28%，贵金属COMEX黄金上涨2.97%，COMEX白银上涨3.85%。工业金属LME铝、铜、 锌、铅、镍、锡价格分别变动-2.84%、-0.70%、-2.60%、-0.22%、1.17%、4.35%；工业金属 库存LME铝、铜、锌、铅、镍、锡分别变 动-3.69%、-5.20%、-8.42%、-0.45%、-0.19%、-18.88%。 工业金属：关税担忧刺激 ...

Investment Rating - The investment rating for the company is "Outperform the Market" [6][25]. Core Views - The company's net profit attributable to shareholders is expected to increase by 85% year-on-year in 2024, with revenue projected at 237.07 billion yuan, a 5.21% increase [1][10]. - The significant growth in net profit is primarily driven by rising prices of aluminum and alumina, with the average price of A00 aluminum increasing by 6.5% and alumina by 39.7% year-on-year [2][11]. - The company plans to distribute a cash dividend of 0.217 yuan per share, totaling approximately 3.72 billion yuan, which represents 30.02% of the projected net profit for 2024 [1][10]. Summary by Sections Financial Performance - In 2024, the company achieved a revenue of 237.07 billion yuan, a year-on-year increase of 5.21%, and a net profit of 12.40 billion yuan, up 85.38% [1][10]. - The fourth quarter alone saw a revenue of 63.29 billion yuan, a 71.44% increase year-on-year, and a net profit of 3.38 billion yuan, reflecting a 153.13% increase [1][10]. - The company reported a significant increase in asset impairment losses, totaling 2.75 billion yuan in 2024, compared to 755 million yuan in 2023, due to the update of old equipment [2][11]. Production and Sales - The company’s production of primary aluminum (including alloys) increased by 12% year-on-year in 2024, with total alumina production reaching 21.18 million tons [3][24]. - The company’s alumina segment achieved a pre-tax profit of 11.69 billion yuan, while the primary aluminum segment reported a pre-tax profit of 8.97 billion yuan [3][24]. Future Projections - The company’s revenue is projected to reach 269.71 billion yuan in 2025, with a year-on-year growth rate of 13.77%, and net profit is expected to be 14.71 billion yuan, reflecting an 18.62% increase [4][25]. - The diluted EPS is forecasted to be 0.86 yuan in 2025, with a corresponding PE ratio of 8.9 [4][25].

Investment Rating - The industry investment rating is "Outperform the Market" (maintained) [1][72]. Core Views - Precious Metals - Gold: Gold prices continue to reach new highs, with the COMEX gold futures contract rising by 2.97% to $3118 per ounce as of March 28. The SPDR Gold ETF increased by 0.2% to 931.94 tons. Concerns about re-inflation in the U.S. are growing, with the core PCE in February at 2.79% year-on-year. The manufacturing PMI for February is at 50.3, indicating continued economic activity. The expectation is for gold prices to remain strong in the medium to long term due to persistent re-inflation expectations and weakening dollar credit [4]. - Industrial Metals: The demand season is starting, and there is a focus on the rising prices of metals driven by supply and demand dynamics [5]. Summary by Sections Precious Metals - Gold prices have reached new highs, with significant increases noted in both futures and ETF holdings. The market is experiencing inflation concerns, which are expected to support gold prices in the long term [4][13]. Industrial Metals - **Copper**: As of March 28, SHFE copper futures fell by 0.2% to 80,450 CNY/ton. Domestic copper social inventory decreased by 11,900 tons to 334,500 tons. The demand is expected to recover as downstream operations resume. Supply disruptions are anticipated due to the suspension of operations at Glencore's Altonorte copper smelter, which has an annual capacity of 350,000 tons. The expectation is for copper prices to gradually rise due to tightening supply and increasing demand [6][8]. - **Aluminum**: SHFE aluminum futures fell by 0.6% to 20,580 CNY/ton. Domestic aluminum social inventory is at 802,000 tons, with demand recovering as downstream operations resume. The upcoming bidding for power grid projects is expected to increase orders, particularly for aluminum cables. The expectation is for aluminum prices to rise in the second quarter due to strong demand [6][8]. - **Tin**: SHFE tin futures rose by 2.22% to 282,290 CNY/ton. Domestic tin social inventory increased by 934 tons to 11,482 tons. The supply of tin is expected to tighten due to production issues at the Bisie mine. The demand is anticipated to recover as the semiconductor sector improves, leading to a potential increase in tin prices [7][8]. Investment Recommendations - The report suggests focusing on the copper, aluminum, and tin sectors. For copper, the recommendation is to pay attention to Zijin Mining due to recovering domestic demand and tightening supply. For aluminum, Tianshan Co. is recommended as prices are expected to rise. For tin, attention is drawn to Xiyang Co. due to ongoing supply constraints and increasing demand from AI applications [8][70].

Investment Rating - The investment rating for the company is "Buy" with a target price not specified [7] Core Views - The company achieved a revenue of 303.64 billion yuan in 2024, representing a year-on-year increase of 3.5%, and a net profit attributable to shareholders of 32.05 billion yuan, up 51.8% year-on-year [1][5] - The company benefits from rising copper and gold prices, with sales prices for copper and gold increasing by 13.7% and 28.2% respectively [2] - The company has successfully completed its production targets for major metals, with copper and gold production reaching historical highs [3] Financial Performance - Revenue and profit growth: The company reported a revenue of 303.64 billion yuan in 2024, with a net profit of 32.05 billion yuan, reflecting significant growth compared to previous years [1][5] - Cost control: The company maintained low production costs for copper and gold, with sales costs of 23,000 yuan per ton and 230.6 yuan per gram respectively, showing effective cost management [2] - Production and sales: The company achieved a copper production of 1.0685 million tons and gold production of 72.94 tons, with sales volumes increasing by 1.6% and 1.65% respectively [2] Resource and Capacity Expansion - Resource growth: The company reported significant increases in resource reserves, including 3.651 million tons of copper resources in Heilongjiang and 2.81 million tons of copper resources in Serbia [3] - Future production targets: The company aims to produce 1.15 million tons of copper and 85 tons of gold in 2025, with ongoing projects expected to enhance production capacity [4] Profit Forecast and Valuation - Profit forecasts: The company is expected to achieve net profits of 40.95 billion yuan, 45.35 billion yuan, and 51.02 billion yuan for 2025, 2026, and 2027 respectively, with corresponding PE ratios of 11.79, 10.64, and 9.46 [4][5] - Valuation metrics: The company’s current price-to-earnings ratio is 15.06, with a projected increase in earnings per share to 1.54 yuan by 2025 [5]

Investment Rating - The investment rating for the company is "Buy" with a target price not specified [7] Core Views - The company achieved a revenue of 303.64 billion yuan in 2024, representing a year-on-year increase of 3.5%, and a net profit attributable to shareholders of 32.05 billion yuan, up 51.8% year-on-year [1][5] - The company benefited from rising copper and gold prices, with sales prices for copper and gold increasing by 13.7% and 28.2% respectively [2] - The company has successfully completed its production targets for major metals, with copper and gold production reaching historical highs [3] Financial Performance - Revenue and profit growth: The company reported a revenue of 303.64 billion yuan in 2024, with a net profit of 32.05 billion yuan, reflecting significant growth compared to the previous year [1][5] - Cost control: The company maintained low production costs for copper and gold, with sales costs of 23,000 yuan per ton and 230.6 yuan per gram respectively, showing effective cost management [2] - Production targets: The company achieved 96.4% of its copper production target and 99.3% of its gold production target for 2024 [3] Future Outlook - Production goals for 2025 include 1.15 million tons of copper and 85 tons of gold, with ongoing projects expected to enhance production capacity [4] - The company is expected to achieve net profits of 40.95 billion yuan, 45.35 billion yuan, and 51.02 billion yuan for 2025, 2026, and 2027 respectively, reflecting a positive growth trajectory [4][5]