Core Viewpoint - Jinwei Co., Ltd. plans to acquire the remaining 51% stake in Gansu Haosen Mining Co., Ltd. for a total of 650 million yuan, aiming to consolidate its resources and enhance its operational capabilities [1][2][4]. Group 1: Acquisition Details - The acquisition will be completed in two phases: the first phase involves purchasing 51% for 380 million yuan, and the second phase involves acquiring 49% for 270 million yuan [1][2][5]. - After the acquisition, Jinwei will hold 100% of Haosen Mining, which is currently in the exploration phase and holds two mining rights [3][6]. Group 2: Financial Projections - The seller has committed to a profit guarantee, ensuring that Haosen Mining will achieve a net profit of no less than 1.02 billion yuan annually for three years starting in 2027, totaling 3.06 billion yuan [3][7]. - The valuation of Haosen Mining shows a significant increase, with an assessed value of 5.56 billion yuan against a total asset of 1.83 billion yuan and liabilities of 2.09 billion yuan, resulting in a valuation increase rate of 2204.87% [4][6]. Group 3: Company Performance - Jinwei Co., Ltd. reported a revenue of 1.539 billion yuan in 2024, a year-on-year increase of 19.97%, and a net profit of 477 million yuan, up 39.06% [8]. - In the first half of 2025, the company achieved a revenue of 792 million yuan, reflecting a growth of 10.50%, and a net profit of 253 million yuan, an increase of 19.62% [8][9]. - The company is actively expanding its mining capacity, with a production capability of 178 million tons per year and ongoing construction of the Xiejiaogou flotation plant [8][9].

Group 1 - As of August 18, 2025, Luoyang Molybdenum's stock price closed at 10.77 yuan, down 0.34 yuan, a decrease of 3.06% from the previous trading day [1] - The trading volume on that day was 3.6559 million hands, with a transaction amount of 3.995 billion yuan [1] - Luoyang Molybdenum is primarily engaged in the mining, smelting, and deep processing of minerals such as copper, molybdenum, tungsten, cobalt, niobium, and phosphorus, possessing a complete industrial chain from mining to downstream processing [1] Group 2 - On August 18, a block trade occurred involving 14 million shares, with a transaction amount of 151 million yuan, and the transaction price was in line with the closing price of the day [1] - The buyer of this block trade was Haitong Securities Co., Ltd. International Department Y, while the seller was CITIC Securities Co., Ltd. Shenzhen Binhai Avenue Securities Business Department [1] - On that day, the net outflow of main funds was 47.5247 million yuan, accounting for 0.03% of the circulating market value, while the net inflow over the past five days was 94.0409 million yuan, accounting for 0.05% of the circulating market value [1]

Group 1 - The core point of the article is the recent change in the senior management of Zhaojin Mining Industry Co., Ltd. [1] - Li Hongai has been appointed as a supervisor, while Zhao Hua has resigned from the supervisory position [2] - Zhaojin Mining was established in 2004, is located in Yantai City, and primarily engages in non-ferrous metal mining and selection [2] Group 2 - The company has a registered capital of 35,423.93204 million RMB, which is also its paid-in capital [2] - Zhaojin Mining has invested in 58 enterprises and participated in 5,000 bidding projects [2] - The company holds 417 patents and has obtained 121 administrative licenses [2]

Core Viewpoint - Guocheng Mining announced that as of the date of the announcement, the actual external guarantee balance of the company and its controlling subsidiaries is approximately 1.676 billion yuan, accounting for 56.03% of the company's most recent audited net assets [2] Summary by Relevant Sections - Current Guarantee Balance - The actual external guarantee balance is approximately 1.676 billion yuan [2] - This amount represents 56.03% of the company's most recent audited net assets [2] - Post-Guarantee Projections - After the provision of this guarantee, the actual external guarantee balance will not exceed approximately 1.7 billion yuan [2] - This projected balance will account for 56.83% of the company's most recent audited net assets [2]

开源证券研报指出，华锡有色是广西省核心有色上市平台，有望充分受益锡锑价格上涨。锡、锑价格持 续高位，公司内增外延不断成长，维持"买入"评级。锡锭板块来看，2025Q2公司锡锭产量3237.96吨， 同比+90%，环比+11%，锡精矿产量1650.28吨，同比-7%，环比+2%。粗略测算二季度铅锑精矿不含税 售价约8.47万元/吨，2025Q2该板块实现毛利2.40亿元，环比+53%，毛利率近90%，环比+9.36pct。此 外，公司提出《三年行动方案》，2025年3月，高峰公司拟投资10.9亿元建设100+105号矿体深部开采工 程项目，项目产能将由33万吨/年提升至45万吨/年；2025年4月，广西南丹县大厂矿田铜坑矿深部锌多 金属矿完成探转采变更，变更后，华锡矿业铜坑矿证载规模由237.6万吨/年提升至350万吨/年。 ...

Group 1 - The core viewpoint of the article highlights the significant increase in the stock price of China Daye Non-Ferrous Metals, which rose by 5.97% to 0.071 yuan per share, with a trading volume of 2.2535 million yuan as of 13:03 on August 18 [1] - China Daye Non-Ferrous Metals Mining Co., Ltd. has over 50 years of experience in the exploration and development of non-ferrous mineral resources and is one of the top five copper raw material bases in China, ranking among the leaders in terms of cathode copper production and sales revenue [1] - The company currently holds five copper mines, with operations spanning across various regions in China, including Hubei, the Yangtze River Delta, the Pearl River Delta, Hunan, Xinjiang, and Hong Kong, as well as in countries like Kyrgyzstan and Mongolia [1] Group 2 - As of the 2024 annual report, China Daye Non-Ferrous Metals reported a total operating revenue of 57.853 billion yuan and a net profit of 40.197 million yuan [2]

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - Last week, the main contract price of Shanghai zinc futures fluctuated slightly. Macroeconomically, the extension of Sino - US tariffs, the moderate growth of US CPI but the unexpected increase in PPI, and the changing expectations of the Fed's interest rate cut in September led to the stabilization of the US dollar. In China, the financial and economic data in July were weak, indicating a slow economic recovery, although the new fiscal policies for personal consumption loan subsidies were helpful for economic repair [3][12]. - Fundamentally, the temporary shutdown of Nexa's mines had no substantial impact on production. The recovery of zinc concentrates was smooth, and the processing fees improved, boosting refinery profits and maintaining a high supply of refined zinc. On the demand side, the approaching military parade in early September affected the black - metal industry, with some stocking behaviors. The start - up rates of different downstream industries varied. Overseas, LME continued to reduce inventories, which supported zinc prices [4][12][13]. - Overall, the fundamental contradiction is concentrated overseas. The LME inventory reduction strongly supports zinc prices, but the repeated interest - rate cut expectations and the digestion of the inventory - reduction benefits limit the upside of zinc prices. Considering the uncertainty of the Russia - Ukraine situation and the upcoming speech by Powell, zinc prices are expected to fluctuate this week [4][13]. 3. Summary According to Relevant Catalogs 3.1 Transaction Data | Contract | 8/8 | 8/15 | Change | Unit | | --- | --- | --- | --- | --- | | SHFE Zinc | 22515 | 22505 | - 10 | Yuan/ton | | LME Zinc | 2834 | 2796.5 | - 37.5 | US dollars/ton | | SHFE - LME Ratio | 7.94 | 8.05 | 0.10 | | | SHFE Inventory | 65917 | 76803 | 10886 | Tons | | LME Inventory | 81500 | 76325 | - 5175 | Tons | | Social Inventory | 11.69 | 10.37 | - 1.32 | Ten thousand tons | | Spot Premium | - 30 | - 50 | - 20 | Yuan/ton | [5] 3.2 Market Review - The main contract of Shanghai zinc (ZN2510) first rose and then fell last week. Market risk appetite changed with interest - rate cut expectations. The US dollar first fell and then rose, and zinc prices followed a similar trend. Eventually, it closed at 22505 yuan/ton, with a weekly decline of 0.04%. LME zinc fluctuated sideways, supported by continuous low - level inventory reduction but restricted by the rebound of the US dollar, closing at 2796.5 US dollars/ton, with a weekly decline of 1.32% [6]. - In the spot market as of August 15, prices in different regions varied, with downstream demand mainly for rigid needs, and spot transactions were mostly among traders, with a slight spot discount [7]. - In terms of inventory, as of August 15, LME zinc inventory decreased by 5175 tons, while SHFE inventory increased by 10886 tons. As of August 14, social inventory increased by 1.60 million tons compared with last Thursday, mainly due to low downstream提货 during the off - season and the impact of the upcoming military parade in Tianjin [8]. - Macroeconomically, in the US, the CPI in July increased moderately, but the PPI growth exceeded expectations. There were different views among Fed officials on interest - rate cuts. Sino - US tariffs were extended for 90 days. In China, the financial data in July were weak, but new fiscal policies for personal consumption loan subsidies were introduced [9][10][11]. 3.3 Industry News - As of August 15, the average weekly domestic TC price of SMM Zn50 remained unchanged at 3900 yuan/metal ton, and the SMM imported zinc concentrate index rose by 8.05 US dollars/dry ton to 90.3 US dollars/dry ton [14]. - According to 29Metals' second - quarter report, its zinc concentrate production in the second quarter was 12,300 tons, a 28% decrease from the previous quarter, mainly due to the decrease in zinc grade and recovery rate. Its production guidance for 2025 is 60,000 - 70,000 tons [14]. - On August 12, Nexa Resources' Cerro Pasco mining complex was partially shut down due to illegal blockades, but it had no substantial impact on production, and the production guidance remained unchanged [15].

Core Viewpoint - The company, Jinhui Co., Ltd. (603132.SH), reported a strong performance in its 2025 mid-year report, showing continuous growth in revenue, net profit, and cash flow from operating activities compared to the same period last year [1][2]. Financial Performance - The total operating revenue for the company reached 792 million yuan, an increase of 75.19 million yuan year-on-year, representing a growth of 10.50% [1]. - The net profit attributable to shareholders was 253 million yuan, up by 41.53 million yuan from the previous year, marking a year-on-year increase of 19.62% [1]. - The net cash inflow from operating activities was 337 million yuan, which is an increase of 55.08 million yuan compared to the same period last year, reflecting a year-on-year growth of 19.51% [1]. Profitability Metrics - The latest gross profit margin stood at 64.18%, which is an increase of 2.33 percentage points from the previous quarter and up by 3.91 percentage points year-on-year [2]. - The return on equity (ROE) was reported at 7.77%, an increase of 1.00 percentage point compared to the same period last year [2]. - The diluted earnings per share were 0.26 yuan, an increase of 0.04 yuan year-on-year, representing an 18.18% growth [2]. Efficiency Ratios - The total asset turnover ratio was recorded at 0.11 times [2]. - The inventory turnover ratio was 10.01 times, which is an increase of 1.99 times year-on-year, reflecting a growth of 24.82% [2]. Shareholder Information - The number of shareholders was reported at 22,300, with the top ten shareholders holding 901 million shares, accounting for 92.10% of the total share capital [2]. Leverage - The company's debt-to-asset ratio was reported at 56.75% [3].

Investment Rating - The report does not explicitly state an investment rating for the industry Core Insights - The non-ferrous metals industry maintains a strong operational trend due to macroeconomic sentiment and supply disruptions [1][2][3] - The U.S. and China have agreed to pause tariff increases for 90 days, which may positively impact trade relations [1] - Recent U.S. CPI data has increased expectations for a potential interest rate cut by the Federal Reserve, although PPI data suggests inflation may rise in the coming months [2][3] - The U.S. has expanded the range of steel and aluminum import tariffs, affecting hundreds of products [3] - Zambia's copper production has declined, raising concerns about meeting the government's annual production target of 1 million tons [5][19] Summary by Sections 1. Weekly Market Review - The non-ferrous metals sector saw a weekly increase of 3.62%, outperforming the Shanghai Composite Index by 1.92 percentage points [9] - Key stocks that performed well include Bowei Alloy (+39.60%) and Jintian Co. (+34.32%) [9] 2. Key Focus & Metal Prices & Inventory Changes 2.1 Industrial Metals - Copper prices on LME were $9,760/ton, down 0.08% week-on-week, while SHFE prices were ¥79,060/ton, up 0.73% [21][23] - Aluminum prices on LME were $2,603/ton, down 0.46%, and SHFE prices were ¥20,770/ton, up 0.41% [21][23] 2.2 Precious Metals - COMEX gold prices were $3,381.70/oz, down 2.21%, while SHFE gold prices were ¥775.80/g, down 1.52% [35][36] 2.3 Energy Metals - Battery-grade lithium carbonate prices rose to ¥82,000/ton, up 14.69% week-on-week [40][41] 2.4 Strategic Metals - Prices for praseodymium oxide reached ¥568,100/kg, up 5.46% week-on-week [44] 3. Core View Updates and Key Stock Tracking - For industrial metals, companies like Zijin Mining and Western Mining are recommended due to supply constraints and strong price support [54][56] - In precious metals, companies such as Chifeng Jilong Gold and Shandong Gold are favored due to ongoing U.S. tariff policies and debt issues [54] - Strategic metals like tungsten and antimony are expected to see valuation reconstruction opportunities, with recommendations for companies like Bowei Alloy [55]

Investment Rating - The investment rating for the non-ferrous metals industry is "Positive" (maintained) [4] Core Views - The report highlights that copper prices are experiencing fluctuations due to expectations of interest rate cuts by the Federal Reserve, with domestic copper inventories showing a slight increase [5] - Aluminum prices are expected to remain stable amid rising inventories, while lithium prices are on the rise due to increased demand and supply disruptions [5] - Cobalt prices are anticipated to rise as raw material inventories are expected to be consumed faster due to export bans from the Democratic Republic of Congo [5] Summary by Sections 1. Industry Overview - The non-ferrous metals sector has shown a strong performance, with the Shenwan non-ferrous index rising by 3.62%, outperforming the Shanghai Composite Index by 1.92 percentage points [11] - The report notes significant price movements in various metals, with copper and lithium showing notable increases [11][20] 2. Industrial Metals Copper - Copper prices have fluctuated, with LME copper up by 0.31% and SHFE copper up by 0.73%. Domestic copper inventories have increased by 5.4% [25] Aluminum - Aluminum prices are expected to remain stable, with SHFE aluminum rising by 0.34% and inventories increasing [36] Lead and Zinc - Lead prices have decreased slightly, while zinc prices have shown minor increases. The report notes changes in inventory levels for both metals [48] Tin and Nickel - Tin prices have decreased, while nickel prices have remained stable. The profitability of nickel enterprises has improved [61] 3. Energy Metals Lithium - Lithium prices have surged, with lithium carbonate up by 15.02% to 82,700 yuan/ton, and spodumene concentrate up by 20.98% to 940 USD/ton [77] Cobalt - Cobalt prices have shown a slight decline domestically, but the report anticipates a potential increase due to supply constraints from export bans [89]