来源：环球网 平阴山水石灰岩矿无人驾驶矿卡成果发布仪式 当时代的目光聚焦无人驾驶，矿山已经用一次次的规模化落地书写"科幻变成现实"的答案！ 5月15日，"平阴山水水泥石灰岩矿无人驾驶成果发布会暨无人驾驶矿卡应用观摩会"在山东济南盛大启 幕。该项目由平阴山水水泥有限公司主办，兖州中材、易控智驾、宇通矿卡、中国移动等联合协办，标 志着我国露天矿区全矿无人驾驶从试点探索迈向规模化落地的重要里程碑，为行业提供可复制、可推广 的绿色智运解决方案。 平阴山水无人驾驶项目高效、高质量的落地离不开矿山智能化产业链的完善与协同。项目以山水集团需 求为主导，构建了"智能装备+数字基建+创新技术+场景运营"协同范式，通过兖州中材、易控智驾、宇 通矿卡、中国移动的深度协同，形成了"技术-场景-产业"闭环，为行业提供了全要素联动的智慧矿山解 决方案样本。 作为技术赋能核心方，易控智驾依托其自研的无人驾驶技术方案'著山'，通过场景化技术适配实现精准 赋能。无人驾驶项目组深入矿区实际作业场景，对无人驾驶技术方案进行'轻量化改造'，最大限度复用 矿山现有设施，减少系统及环境改造，让无人驾驶无缝嵌入实际生产作业场景。通过自动篷布一键管控 扬尘 ...

Core Viewpoint - The A500 index has shown mixed performance with a slight decline, while the A500 ETF fund has seen significant trading activity and inflows, indicating a potential shift in investment strategies towards long-term holdings in high-dividend and high-ROE assets [3][4]. Group 1: A500 Index Performance - As of May 15, 2025, the A500 index (000510) decreased by 0.72%, with notable gainers including COSCO SHIPPING Development (601866) up 9.96% and Shenghe Resources (600392) up 7.89% [3]. - The A500 ETF fund (512050) also fell by 0.73%, priced at 0.95 yuan, with a trading volume of 18.94 billion yuan and a turnover rate of 10.89% [3]. Group 2: Investment Trends and Regulatory Changes - The head of the Financial Regulatory Bureau announced plans to expand the long-term investment pilot for insurance funds by an additional 60 billion yuan, aiming to inject more capital into the market [3]. - Adjustments to solvency regulations will lower the risk factors for stock investments by 10%, encouraging insurance companies to increase their market participation [3]. Group 3: A500 ETF Fund Details - The A500 ETF fund has reached a new high in scale at 17.496 billion yuan, with a significant increase in shares by 3.66 million over the past week, ranking first among comparable funds [4]. - The fund has seen a net inflow of 458 million yuan recently, with three out of the last five trading days recording net inflows totaling 557 million yuan [4]. Group 4: Top Holdings in A500 Index - As of April 30, 2025, the top ten weighted stocks in the A500 index include Kweichow Moutai (600519), CATL (300750), and Ping An Insurance (601318), collectively accounting for 20.8% of the index [5]. - The weightings of the top stocks are as follows: Kweichow Moutai at 4.28%, CATL at 2.96%, and Ping An at 2.46% [7].

Group 1 - The company held an online investor relations event on May 13, 2025, to discuss its Q1 2025 performance and future strategies [1][2] - The company plans to distribute a cash dividend of 158 million yuan for the fiscal year 2024, which was approved at the annual shareholders' meeting on April 16, 2025 [2][4] - The company has implemented a share buyback plan with a budget of 75 million to 150 million yuan, aimed at enhancing shareholder returns [4][13] Group 2 - The company reported a revenue of 4.066 billion yuan for 2024, with iron ore, oil and gas, and bulk trade contributing 36.99%, 48.40%, and 10.50% respectively [6][14] - The company achieved a net profit of 160 million yuan in Q1 2025, despite a 35.20% year-on-year decline due to falling prices of iron ore and crude oil [14] - The company’s oil and gas production reached 2.7523 million barrels of oil equivalent in Q1 2025, marking a 38.63% increase year-on-year [15] Group 3 - The company is focusing on strategic resources, including iron ore, oil, and lithium, and is actively pursuing mergers and acquisitions in these sectors [10][12] - The company has completed the construction of its lithium hydroxide project in Danzhou, which is expected to start production soon [11][16] - The company is optimistic about the long-term demand for strategic resources, despite short-term price fluctuations [12][11]

【环球时报报道 记者 白云怡 李萌 刘彩玉】5月14日上午，国家主席习近平在北京人民大会堂会见来华 出席中拉论坛第四届部长级会议的哥伦比亚总统佩特罗。会见后，两国元首共同见证签署《中华人民共 和国政府与哥伦比亚共和国政府关于共同推进丝绸之路经济带和21世纪海上丝绸之路建设的合作规 划》。 习近平指出，要以哥伦比亚正式加入高质量共建"一带一路"大家庭为契机，推动两国合作提质升级。中 方愿进口更多哥伦比亚优质产品，支持中国企业赴哥投资兴业，参与基础设施建设。双方可进一步拓展 风能、新能源汽车、数字经济、人工智能等新兴领域合作，共同实现绿色低碳转型。 "在中哥两国建交45周年之际，波哥大正式加入'一带一路'这一覆盖基础设施、贸易和投资等多个领域 的重大倡议。"古巴拉美社14日写道。报道援引佩特罗的话称，"中国是多元世界的一部分，我们希望进 一步加强彼此关系，共同前进。" 哥伦比亚总统府14日当天在X平台上发文称，"一带一路"将推动哥伦比亚开展"新一代工业项目"，帮助 该国成为全球格局中的战略枢纽。加入该倡议将加强中国与拉美的联系，并促进地区经济增长。与此同 时，中国驻哥伦比亚使馆也在X平台上转发两国签署协议的视频并 ...

Investment Rating - The report recommends a "Buy" rating for the industry, predicting that the industry index will outperform the Shanghai Composite Index by 10% or more during the specified period [4]. Core Insights - In Q1 2025, the silver equivalent production increased by 49% year-on-year to 239.86 tons, with net profit turning from a loss to a profit of 6.2 million USD [1][3]. - The company achieved a record EBITDA of 98.8 million USD in Q1 2025, significantly up from 6.6 million USD in Q1 2024, reflecting strong operational performance [5][9]. - The average realized price for silver equivalent was 32.50 USD/ounce, marking a 37% increase year-on-year [1][9]. Production and Operational Performance - Q1 2025 silver production reached 3,704,503 ounces (115.22 tons), representing a 57% increase quarter-on-quarter and an 88% increase year-on-year [1][9]. - Gold production in Q1 2025 was 36,469 ounces (1.13 tons), showing a decrease of 8% quarter-on-quarter but a slight increase of 1% year-on-year [1][9]. - The total ore processed in Q1 2025 was 944,373 tons, a 27% increase from Q4 2024 and a 60% increase from Q1 2024 [9]. Financial Performance - The company's revenue for Q1 2025 was 243.9 million USD, a 130% increase year-on-year and a 42% increase quarter-on-quarter [2][9]. - Mine operating earnings reached 63.8 million USD, a significant increase from a loss of 0.3 million USD in Q1 2024 [3][9]. - The adjusted net profit for Q1 2025 was 20.9 million USD, compared to an adjusted net loss of 18.4 million USD in Q1 2024, reflecting a 213% increase [5][9]. Cash Flow and Capital Expenditures - As of the end of Q1 2025, the company's cash and restricted cash balance reached a historical high of 462.6 million USD, a 50% increase from the end of Q4 2024 [6][9]. - Capital expenditures totaled 51 million USD in Q1 2025, an 81% increase compared to 28.2 million USD in Q1 2024, primarily due to the inclusion of Cerro Los Gatos [7][9].

| | | | SDIC FUTURES | | 2025年05月14日 | | --- | --- | --- | | | 操作评级 | | | 螺纹 | ☆☆☆ | 曹颖 首席分析师 | | 热卷 | ☆☆☆ | F3003925 Z0012043 | | 铁矿 | ☆☆☆ | 何建辉 高级分析师 | | 焦炭 | ☆☆☆ | F0242190 Z0000586 | | 焦煤 | ☆☆☆ | | | 锰硅 | ☆☆☆ | 韩惊 高级分析师 | | 硅铁 | ☆☆☆ | F03086835 Z0016553 | | | | 李啸尘 高级分析师 | | | | F3054140 Z0016022 | | | | 010-58747784 | | | | gtaxinstitute@essence.com.cn | 【钢材】 今日盘面继续反弹。节前下游补库透支,淡季临近需求走弱，螺纹表需大幅下滑，产量有所回落,库存有所累积。热卷需求同 步回落，产量趋稳，库存有所累积。铁水产量处于高位，供应压力明显增大，终端承接能力不足引发负反馈担忧。从下游行业 看，4月CPI、PPI依然低迷，制造业景气度有所下滑，地产销售复苏 ...

中国海外投资概览 （2025年一季度） 海外并购回暖，一季度同比大增77%；对外 直接投资保持稳步增长 安永中国海外投资业务部 2025年5月8日 " 2025年一季度，中国经济实现良好开局，GDP同比增长5.4%，高于2024年全年5%的增速1；外贸保持平稳，一季度货物出口 同比增长7.2%，与"一带一路"共建国家贸易额占比继续超过50%2 ，多元化贸易格局继续深化。 然而外部环境急剧变化，贸易保护主义升级，全球产业链和供应链稳定性受到威胁，全球经济发展前景的不确定性增加。面 对冲击，中国政府时隔十二年再次召开中央周边工作会议，明确共建"一带一路"平台的重要地位；而4月底举行的中央政治 局会议也强调要坚定不移扩大高水平对外开放，加强对企业"走出去"的服务，加快推动内外贸一体化，积极维护多边主义。 这些行动彰显了中国政府以高质量发展的确定性应对外部环境急剧变化的不确定性的信心和决心。 展望未来，中企出海大势难挡，危机中也蕴含新机遇——中企将加速向高端制造与全球价值链上游发展，并向"全球创新枢 纽"转型，中企或将迎来更具韧性的全球化新阶段。 资料来源：1.中国国家统计局；2.中国海关总署，按人民币计。 第2页 ...

Export Performance - In April 2025, exports increased by 8.1% year-on-year, down from 12.4% in the previous month[3] - Traditional consumer goods exports showed a decline, with footwear, toys, luggage, and clothing down by -8.6%, -5.4%, -12.7%, and -1.5% respectively[5] - Mechanical and electrical products exports performed well, with a year-on-year growth of 8.3% in April 2025[5] Import Trends - Imports decreased by -0.2% year-on-year, a significant improvement from -4.3% in the previous month[3] - The decline in imports was narrowed by increased purchases of bulk commodities like soybeans and copper ore[5] - The import growth rate for certain mechanical and electrical products also increased[5] Trade Dynamics - Exports to ASEAN countries saw a remarkable increase of 20.8% year-on-year, while exports to the US fell sharply by -21%[5] - The proportion of tariff exemptions for exports to the US was approximately 27.1%, with 22.8% being tariff exemptions on electronics[5] - Indirect trade channels have shown resilience, with a potential offsetting ratio of 44.5% to 90% for trade losses with the US[5]

1）白银 2025Q1 白银产量 242,993 盎司（7.56 吨），环比减少 71%，同 比减少 23%。 2025Q1 白银销量 251,810 盎司（7.83 吨），环比减少 71%，同 比减少 23%。 2025Q1 白银实现价格 31.77 美元/盎司（7.46 元/克），环比增 长 2%，同比增长 36%。 2）黄金 2025Q1 黄金产量 91,893 盎司（2.86 吨），环比减少 4%，同比 增加 8%。 2025Q1 黄金销量 90,107 盎司（2.80 吨），环比减少 7%，同比 增加 8%。 证券研究报告|行业研究报告 [Table_Date] 2025 年 5 月 13 日 [Table_Title] Fortuna Mining 2025Q1 黄金产量环比减少 4%至 2.86 吨，白银产量环比减少 71%至 7.56 吨，调整 后归母净利润环比增长 68%至 6210 万美元 [Table_Title2] 有色金属-海外季报 [Table_Summary] 季报重点内容: ► 生产经营情况 2025Q1 黄金实现价格 2,883 美元/盎司（676.64 元/克），环比 上涨 ...

| | | | SDIC FUTURES | | 2025年05月13日 | | --- | --- | --- | | | 操作评级 | | | 螺纹 | ☆☆☆ | 曹颖 首席分析师 | | 热卷 | ☆☆☆ | F3003925 Z0012043 | | 铁矿 | ☆☆☆ | 何建辉 高级分析师 | | 焦炭 | ☆☆☆ | F0242190 Z0000586 | | 焦煤 | ☆☆☆ | | | 锰硅 | ☆☆☆ | 韩惊 高级分析师 | | 硅铁 | ☆☆☆ | F03086835 Z0016553 | | | | 李啸尘 高级分析师 | | | | F3054140 Z0016022 | | | | 010-58747784 | | | | gtaxinstitute@essence.com.cn | 【钢材】 今日盘面高开低走。节前下游补库透支,淡季临近需求走弱,螺纹表需大幅下滑，产量有所回落,库存有所累积。热卷需求同 步回落，产量趋稳，库存有所累积。铁水产量处于高位，供应压力明显增大，终端承接能力不足引发负反馈担忧。从下游行业 看，4月CPI、PPI依然低迷，制造业景气度有所下滑，地产销售复苏 ...