Q2 归母净利环比改善，高端转型与项目推进助力长期发展 事件：公司于 8 月 22 日披露 25H1 业绩，公司实现营收 170 亿元，同比 +11%；归母净利 9.4 亿元，同比-12%；扣非归母净利 8.3 亿元，同比- 8%。单季来看，25Q1/Q2 公司实现营收 81/89 亿元，Q2 同比+9%，环 比+9%；归母净利 4.4/5 亿元，Q2 同比-29%，环比+14%。 证券研究报告 | 半年报点评 gszqdatemark 2025 08 23 年 月 日 明泰铝业（601677.SH） 公司在新兴领域实现重点突破。子公司明泰交通新材料实现全铝立柱机器 人本体（含立柱、大臂、小臂）量产，基于铝合金轨道车体技术积淀，产 品具备一次成形、轻量化与长臂展优势，已出口日本并应用于食品饮料、 医药电子等高精度场景，正与行业龙头深化合作拓展航空清洁、高层厂房 等复杂需求。依托鸿晟新材在建的高端热处理设备（气垫炉/辊底炉），瞄 准低空飞行器与航天军工材料需求，通过高端产线建设突破强韧性调控工 艺，目标替代进口航空铝合金，为机体结构件与蒙皮材料提供本土化解决 方案。 2026-2028 年公司分红比例不低于 3 ...

证券之星消息，近日明泰铝业披露，截至2025年6月30日公司股东户数为5.58万户，较3月31日减少928.0 户，减幅为1.63%。户均持股数量由上期的2.19万股增加至2.23万股，户均持股市值为27.67万元。 | | | | 统计截止日｜区间股价涨跌幅｜股东户数｜增减｜增减比例｜户均持股市值（元）｜户均持股数（股) | | | | --- | --- | --- | --- | --- | --- | | 2025-06-30 | -1.55% | 55834 -928 | -1.63% | 27.67万 | 2.23万 | | 2025-03-31 | 6.35% | 56762 -5879 | -9.39% | 27.91万 | 2.19万 | | 2024-12-31 | -19.91% | 62641 17020 | 37.31% | 23.88万 | 1.99万 | | 2024-09-30 | 29.93% | 45621 -1010 | -2.17% | 40.95万 | 2.73万 | 根据统计，明泰铝业2025年3月31日至2025年6月30日，主力资金净流出2.18亿元，游资资金净 ...

证券之星消息，8月22日工业金属板块较上一交易日上涨0.25%，鹏欣资源领涨。当日上证指数报收于 3825.76，上涨1.45%。深证成指报收于12166.06，上涨2.07%。工业金属板块个股涨跌见下表： 以上内容为证券之星据公开信息整理，由AI算法生成（网信算备310104345710301240019号），不构成投资建议。 | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | | --- | --- | --- | --- | --- | --- | --- | | 600490 | 鹏欣资源 | 5.69 | 10.06% | 199.42万 | | 11.01亿 | | 002540 | 亚太科技 | 6.70 | 6.69% | 84.31万 | | 5.66亿 | | 300328 | 宜安科技 | 17.69 | 2.67% | 156.87万 | | 27.54亿 | | 000603 | 盛达资源 | 16.48 | 2.23% | 17.43万 | | 2.86亿 | | 002379 | 宏创控股 | 16.71 | 1.58% | 15.08万 | ...

责任编辑：小浪快报 资料显示，鹏欣环球资源股份有限公司位于上海市闵行区联航路1188号32号楼，成立日期2000年9月29日，上市日期2003年6月26日，公司主营业务涉及金属铜、金、钴等金属的开采、冶炼、 鹏欣资源所属申万行业为：有色金属-工业金属-铜。所属概念板块包括：有色铜、中盘、融资融券、锂电池、低价等。 截至3月31日，鹏欣资源股东户数8.16万，较上期减少3.08%；人均流通股24433股，较上期增加3.17%。2025年1月-3月，鹏欣资源实现营业收入15.30亿元，同比增长156.54%；归母净利 分红方面，鹏欣资源A股上市后累计派现1.66亿元。近三年，累计派现0.00元。 机构持仓方面，截止2025年3月31日，鹏欣资源十大流通股东中，香港中央结算有限公司位居第七大流通股东，持股1562.67万股，相比上期减少1006.83万股。南方中证1000ETF（512100 8月22日，鹏欣资源盘中上涨2.13%，截至09:38，报5.28元/股，成交7167.48万元，换手率0.69%，总市值116.84亿元。 资金流向方面，主力资金净流入52.72万元，特大单买入274.77万元，占比3.83 ...

（文章来源：第一财经） 中国银河证券认为，2025年7月以来，反内卷板块涉及的大宗商品价格多数上涨，直接驱动板块指数行 情。7月1日-8月15日，沪深300指数上涨6.76%，而钢铁、水泥、玻璃玻纤、工程机械、光伏设备、能源 金属、工业金属等均涨超10%；此外，装修建材、电池也跑赢沪深300指数。在交易拥挤度方面，受反 内卷政策影响，2025年7月中上旬，煤炭、钢铁、水泥、玻璃玻纤、装修建材、建筑装饰、工程机械、 光伏设备、电池等板块成交额占全A指数成交额比例显著提升。但7月下旬以来，上述板块成交额占比 陆续冲高回落。此外，短期内，随着一系列旨在缓解行业内卷的政策密集出台，市场对相关板块的业绩 改善预期迅速升温，大量资金涌入，交投活跃度快速攀升，反内卷板块估值明显提升。中长期来看，反 内卷政策通过提高毛利率、产能利用率促进业绩改善，提升相关板块中长期投资价值。 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [7] Core Views - The company's performance in H1 2025 met expectations, with a significant improvement in Q2 profitability for electrolytic aluminum [5][14] - The company achieved a revenue of 20.43 billion yuan in H1 2025, a year-on-year increase of 12.12%, while the net profit attributable to shareholders was 1.904 billion yuan, a year-on-year decrease of 16.62% [13] - In Q2 2025, the company reported a net profit of 1.196 billion yuan, a year-on-year increase of 0.22% and a quarter-on-quarter increase of 68.89% [13] Summary by Sections Financial Performance - In H1 2025, the company sold 871,400 tons of aluminum products, a year-on-year increase of 16.26%, primarily due to increased sales from Yunnan Shenhuo electrolytic aluminum [5][14] - The sales gross margin for Q2 2025 was 24.41%, a year-on-year decrease of 1.10 percentage points but a quarter-on-quarter increase of 9.48 percentage points [5][15] - The company’s coal sales volume in H1 2025 was 3.7275 million tons, a year-on-year increase of 18.31% [5][16] Price Trends - The price of alumina has significantly decreased, leading to improved profitability for electrolytic aluminum [5][15] - The average price of electrolytic aluminum in H1 2025 was 20,300 yuan per ton, a year-on-year increase of 2.6%, while the average price of alumina was 3,460 yuan per ton, a year-on-year decrease of 1.4% [5][15] Profitability Outlook - The company expects net profits for 2025-2027 to be 5.257 billion, 6.708 billion, and 7.214 billion yuan respectively, with year-on-year growth rates of 22.06%, 27.61%, and 7.54% [17] - The current stock price corresponds to a price-to-earnings ratio (P/E) of 8.2 for 2025, 6.5 for 2026, and 6.0 for 2027 [17][18]

Investment Rating - The report assigns a "Buy" rating to the company with a target price of HKD 29.0, indicating a potential upside of 24% from the current price [4]. Core Insights - The company experienced significant profit growth in the first half of 2025, with revenue reaching RMB 81.039 billion, a year-on-year increase of 10.1%. Gross profit rose to RMB 20.805 billion, up 16.9%, and net profit attributable to shareholders surged by 35.0% to RMB 12.361 billion [2]. - The company's integrated cost advantages are highlighted, with 75.3% of bauxite supply sourced from Guinea, ensuring stable raw material costs. The electrolytic aluminum sales volume was 2.906 million tons, with a gross margin increase of 0.6 percentage points to 25.2% [2]. - The global supply-demand balance for aluminum remains tight, with China's primary aluminum production accounting for approximately 59.7% of global output. The report anticipates that aluminum prices will maintain a range of RMB 20,600 to 21,300 per ton in the second half of 2025 [3]. - The company has committed to a share buyback plan of no less than HKD 3 billion, reflecting management's confidence in future growth and shareholder returns [3]. Financial Summary - The projected revenues for the company from 2025 to 2027 are RMB 156 billion, RMB 161.1 billion, and RMB 167.4 billion, respectively. The net profit attributable to shareholders is expected to be RMB 24.5 billion, RMB 25 billion, and RMB 25.8 billion for the same period [4]. - Key financial metrics include a gross margin of 25.7% and a net margin of 16.7% for the first half of 2025, with basic earnings per share increasing by 36.0% to RMB 1.31 [2].

行业景气趋势及配置建议：关注现金流改善、扩大内需、科技创新三条线索。结合宏观经济环境、中观景气和业绩、产业趋势发展，推荐下半年重点围绕以 下三条线索布局：第一：围绕现金流改善的高质量因子驱动领域，如工程机械、饮料乳品、食品加工、化学制药、乘用车、工业金属等；第二：内需发力、 新型消费领域，如估值性价比较高的游戏、化妆品、个护用品、互联网电商、数字媒体、文娱用品、休闲食品、饲料等；第三：受益于科技创新周期及国内 自主可控政策加码的领域，如计算机设备、自动化设备、半导体、国防军工等。重点推荐关注计算机、机械设备（工程机械、自动化设备）、国防军工、有 色金属、医药生物（化学制药）等行业。 贵金属基本面无明显变化，随着美国与日本、欧洲的贸易协议签订，市场风险偏好回落，这对金价有一定影响。目前黄金最大的影响因素是美元指数，历史 上看，高位的黄金很难在强势美元的情况下大幅上涨，建议密切关注美元指数的走势情况。关税缓和压制情绪，中期看降息预期边际变化。避险情绪减退， 降息预期回升，金价维持震荡状态。长期而言，全球地缘政治和中美关税政策的不确定性背景下，避险、央行购金和滞涨交易仍是黄金交易的核心，长期配 置价值突显。 由于离 ...

Investment Rating - The investment rating for the company is "Outperform the Market" [4][23]. Core Views - The company's net profit attributable to shareholders decreased by 17% in the first half of 2025, with revenue reaching 20.43 billion yuan, a year-on-year increase of 12.1%. The net profit was 1.9 billion yuan, down 16.6% year-on-year, while the net profit excluding non-recurring items was 2.01 billion yuan, down 6.8% year-on-year. The net cash flow from operating activities was 4.43 billion yuan [5][6]. - The decline in profitability is primarily due to falling coal prices. In the first half of 2025, coal production was 3.71 million tons, returning to normal levels, with production costs decreasing to 682 yuan per ton from 862 yuan per ton in 2024. However, coal prices fell more significantly, with an average selling price of 773 yuan per ton, down 260 yuan per ton from 2024. The gross profit per ton of coal was 91 yuan, a decrease of 78 yuan from 2024. Starting from the end of June, coking coal prices have rebounded, and the profitability of the coal segment is expected to improve in the third quarter [5][6]. - The electrolytic aluminum segment showed stable profitability, with production reaching 870,000 tons in the first half of 2025, marking the first full production year since the establishment of Yunnan Shenhuo. The operating cost for electrolytic aluminum was 12,283 yuan per ton, with a gross profit of 3,986 yuan per ton, remaining stable compared to the full year of 2024 [2][5]. Financial Forecasts and Key Indicators - Revenue forecasts for 2025-2027 are 39.606 billion yuan, 39.827 billion yuan, and 39.827 billion yuan, respectively, with net profits of 4.56 billion yuan, 4.78 billion yuan, and 4.84 billion yuan, reflecting year-on-year growth rates of 5.9%, 4.9%, and 1.2% [3][21]. - The diluted EPS for 2025-2027 is projected to be 2.03 yuan, 2.13 yuan, and 2.15 yuan, with corresponding PE ratios of 9.5x, 9.0x, and 8.9x [2][21]. - The company is positioned as a leading player in the domestic electrolytic aluminum market, benefiting from structural reforms in supply-side management and is currently in an industry upcycle. With the end of large-scale capital expenditures, there is potential for increased dividends [2][21].

Group 1: Monetary Policy and Market Trends - The second quarter monetary policy report emphasizes a focus on domestic demand, with a shift towards supporting technology innovation and consumption [3] - The bond market is expected to remain volatile in the short term due to cautious monetary policy and a relatively active fiscal policy [3][4] Group 2: Company Performance and Industry Insights - Today International's H1 2025 revenue decreased by 14.36% to 1.412 billion yuan, with a net profit decline of 22.53% [6][7] - The company signed new orders worth 2.14 billion yuan, a year-on-year increase of 101.2%, driven by the renewable energy sector [7] - Wei Long's H1 2025 revenue increased by 18.5% to 3.483 billion yuan, with a net profit growth of 18% [10][11] - The company’s gross margin decreased to 47.2% due to rising raw material costs, but internal cost reduction measures helped maintain profitability [13] - Shenhuo Co. reported a 12.1% increase in revenue to 20.43 billion yuan in H1 2025, despite a 16.6% decline in net profit [15][16] - The company’s aluminum production increased by 16.2% to 871,000 tons, benefiting from lower alumina prices [16] - Yanghe Co. experienced a significant revenue drop of 35.32% to 14.796 billion yuan in H1 2025, attributed to industry-wide challenges [19][20] - The company’s sales expenses increased, impacting profitability, with a net profit margin of 18.84% [21] - Dongfang Cable's H1 2025 revenue grew by 9.0% to 4.432 billion yuan, but net profit fell by 26.6% [23][24] - The company has a record high backlog of orders, indicating strong future revenue potential [25] - Weilon Co. announced a stock incentive plan to boost long-term growth, with a target revenue increase of 11%-14% from 2025 to 2027 [28][29] - Haichuang Pharmaceutical's first product, Deuteroenzalutamide, has been commercialized, contributing 13.07 million yuan in revenue in Q2 2025 [32][33]