特此公告。 四、风险提示 本次业绩预告是公司财务部门初步测算的结果，未经会计师事务所审计，具体 财务数据请以公司后续披露的《2025 年半年度报告》数据为准。敬请广大投资者 注意投资风险。 证券代码：000408 证券简称：藏格矿业 公告编号：2025-064 藏格矿业股份有限公司 一、本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 二、 假记载、误导性陈述或重大遗漏。 一、本期业绩预计情况 项目 本报告期 上年同期 归属于上市公司股东 盈利：175,000 万元-190,000 万元 盈利：129,699.38 万元 的净利润 比上年同期增长：34.93%-46.49% 扣除非经常性损益后 盈利：177,000 万元-192,000 万元 盈利：127,756.93 万元 的净利润 比上年同期增长：38.54%-50.29% 基本每股收益 盈利：1.1205 元/股-1.2165 元/股 盈利：0.8258 元/股 二、与会计师事务所沟通情况 公司已就业绩预告有关事项与会计师事务所进行了预沟通，双方在业绩预告 方面不存在分歧。本次业绩预告数据未经会计师事务所审计。 三、业绩变动原因说明 报 ...

Performance Forecast - The company expects a positive net profit for the period from January 1, 2025, to June 30, 2025, with an estimated profit of 40 million to 46 million yuan, representing a year-on-year increase of 121.41% to 154.62% compared to 18.0658 million yuan in the same period last year [1] - The net profit after deducting non-recurring gains and losses is projected to be between 32.6 million and 38.6 million yuan, also showing a year-on-year growth of 115.04% to 154.62% compared to 15.1597 million yuan last year [1] - Basic earnings per share are expected to be between 0.0614 yuan and 0.0706 yuan, compared to 0.0277 yuan per share in the previous year [1] Reasons for Performance Change - The company has actively expanded its production capacity and continuously developed customer resources, leading to a year-on-year increase in sales scale [1] - Ongoing implementation of excellence performance management and cost control measures has further enhanced profitability and improved operational efficiency [1]

Group 1 - The company expects a significant loss in the first half of 2025, with total profit estimated to be a loss of 190 million to 230 million yuan, compared to a profit of 168.53 million yuan in the same period last year [1] - The net profit attributable to shareholders is projected to be a loss of 180 million to 220 million yuan, down from a profit of 137.31 million yuan in the previous year [1] - The operating revenue is expected to be between 4.13 billion and 4.20 billion yuan, a decrease from 7.16 billion yuan in the same period last year [1] Group 2 - The decline in revenue and profit is primarily attributed to a decrease in the prices of vanadium and titanium products compared to the previous year, with a net profit decrease of approximately 317 million to 357 million yuan [1] - The company is actively responding to market changes by adjusting its product mix to mitigate the impact of falling prices [1]

Group 1 - Silver prices surged to the highest level since 2011, driven by rising premiums in the U.S. and signs of supply tightness in the London spot market [1] - Spot silver increased by 3% to over $38 per ounce, while New York silver futures rose by 4% to $38.80 per ounce, indicating unusual price discrepancies [1] - The annualized leasing rate for one-month silver in London jumped to approximately 4.5%, significantly higher than the usual near-zero level, signaling market tension [4] Group 2 - The Silver Institute reported that the silver market is expected to face a supply deficit for the fifth consecutive year [5] - Concerns over new tariffs proposed by Trump have led investors to seek safe-haven assets, resulting in a rise in gold and palladium prices [5] - The Royal Bank of Canada has adjusted its forecast for the Federal Reserve's interest rate cuts from September to December, reflecting increased market uncertainty [7] Group 3 - The influx into silver ETFs has been strong, with holdings increasing by 1.1 million ounces in just one day, indicating robust demand [4] - The free float of silver in the London market has reportedly dropped to record low levels, suggesting a potential liquidity crisis [4] - Silver's dual role as both a financial asset and an industrial raw material, particularly in clean energy technologies, is becoming increasingly significant [4]

New Stock Offerings - The new stock offerings include Jiyuan Group with an issuance price of 10.88 yuan per share and a subscription limit of 12,000 shares [1] - Shanda Electric Power has an issuance price of 14.66 yuan per share and a subscription limit of 10,000 shares [1] Regulatory Updates - The Ministry of Finance issued a notice on July 11 to enhance long-term assessments for state-owned commercial insurance companies, focusing on improving asset-liability management and investment capabilities [2] - The notice adjusts the weight of net asset return rates to 30% for annual indicators, 50% for three-year indicators, and 20% for five-year indicators [2] Index Compilation Changes - Shenzhen Stock Exchange announced revisions to the ChiNext Composite Index, including a monthly removal mechanism for stocks under risk warning and an ESG negative removal mechanism for stocks rated C or below [3] - These changes will take effect on July 25, 2025 [3] Healthcare Insurance Updates - The adjustment of the national basic medical insurance and commercial health insurance innovative drug directories began on July 11, focusing on high-innovation drugs that cannot be included in the basic directory [3] Industrial Policy Initiatives - The Ministry of Industry and Information Technology released work priorities for 2025, emphasizing the transformation of industrial chains and the development of high-standard digital parks [4] Trading Regulations - The Shanghai and Shenzhen Stock Exchanges issued guidelines for program trading reports for investors in the Stock Connect, effective January 12, 2026 [5] Self-Regulation in Securities Industry - The China Securities Association issued implementation opinions to enhance self-regulation and promote high-quality development in the securities industry [5] Financial Management Guidelines - The National Financial Regulatory Administration released guidelines on the appropriateness of financial institution products, emphasizing the need for comprehensive client information collection and sales personnel evaluation [5] Company Performance Highlights - Huaxi Securities expects a year-on-year net profit increase of 1025.19% to 1353.9% for the first half of the year [8] - Guolian Minsheng anticipates a year-on-year net profit increase of approximately 1183% [8] - Shuanglu Pharmaceutical projects a year-on-year net profit increase of 237.95% to 356.24% [8] - Yongding Co. expects a year-on-year net profit increase of 731% to 922% [8] - Yunnan Energy Holdings anticipates a net profit of 95 million to 120 million yuan, marking a turnaround from losses [8] - Several companies, including Lanke Technology and Yuntian Lifi, are planning to issue H-shares and list on the Hong Kong Stock Exchange [8]

Group 1 - Bosnia's total foreign trade in Q1 2025 amounted to 11.3 billion marks, with exports at 4.12 billion marks and imports at 7.18 billion marks, resulting in a trade deficit of 3.07 billion marks [1] - The total foreign trade increased by 5.96% year-on-year, with imports growing by 5.48% and exports by 6.81%, leading to an export-to-import coverage rate of 57.29%, up by 0.71 percentage points [1] - Exports to EU countries reached 3.04 billion marks, a year-on-year increase of 5.18%, while imports from the EU were 4.19 billion marks, up by 3.06%, resulting in a reduced trade deficit of 1.15 billion marks, down by 2.15% [1] Group 2 - The main export destinations for Bosnia in Q1 2025 were Croatia (718 million marks), Germany (612 million marks), and Serbia (455 million marks) [2] - Major import sources included Germany (802 million marks), Italy (778 million marks), and Serbia (765 million marks) [2] - Bosnia's export coverage rates to Austria, Slovenia, and Croatia were 153.5%, 128.88%, and 105.83% respectively [2] Group 3 - The implementation of tariff reduction policies has led to an investment of 16.6 million marks and total revenues of approximately 2 billion marks for related enterprises, with exports increasing by 24.2 million marks [3] - Most enterprises reported growth in production, employment, and income, although the textile, footwear, and furniture sectors faced factory closures and layoffs due to the EU market crisis, while the chemical industry remained stable [3]

Group 1 - The Federal Reserve's interest rate cut debate is intensifying, with Waller supporting a cut while Powell remains cautious, highlighting a divergence in perspectives on economic data and inflation impacts from tariffs [1][11] - Market reactions to news can be counterintuitive, as institutional interests often dictate stock price movements rather than the news itself, leading to situations where good news results in price declines and bad news leads to price increases [2][10] Group 2 - The analysis of two companies, "Shengtun Mining" and "Qifeng New Materials," reveals that institutional investors leverage market perceptions of concepts and good news to influence stock prices, rather than the actual performance metrics [6][9] - The importance of "institutional inventory" data is emphasized, as it reflects the trading activity of large investors, which can predict stock price trends more accurately than superficial news [9][10] Group 3 - The focus should be on how institutional investors utilize news, such as Waller's comments on interest rate cuts, rather than speculating on the timing or magnitude of potential cuts [11] - Ordinary investors are advised to look beyond surface-level information and to utilize quantitative data analysis tools to navigate the complexities of the market [12][13]

本报记者 徐一鸣 同花顺iFinD数据显示，截至7月11日记者发稿，有色金属行业内已有9家A股上市公司率先披露2025年 上半年业绩预告。报告期内，包括中国北方稀土（集团）高科技股份有限公司（以下简称"北方稀 土"）、浙江华友钴业股份有限公司（以下简称"华友钴业"）等在内的9家公司业绩全部预喜。 前海开源基金首席经济学家、基金经理杨德龙在接受《证券日报》记者采访时表示，有色金属作为工业 生产的重要基础材料，随着新能源、高端制造等新兴领域需求持续释放，行业增长空间将会打开。同 时，多家产业链上市公司发展正从周期性转向成长性。 杨德龙认为，有色金属行业内上市公司业绩表现预喜，会增强在市场中的吸引力和关注度，进而提升板 块的整体估值水平，投资者可能会加大对有色金属板块的配置比例，进一步推动板块的活跃度。 上游资源公司业绩表现亮眼 在全球能源转型浪潮中，掌握核心资源的有色金属上游企业迎来发展期。 "今年第一季度以来，受上游原料供应收紧及下游消费刺激等政策影响，稀土市场整体活跃。同时，受 国际环境影响稀土价格出现短暂回落，但随着国家政策的逐渐明朗，稀土行业的关注度也随之上涨，带 动了产品价格的上涨。"北方稀土相关负责人 ...

第二，虽然沪指呢收出了十字墓碑的形态，但是呢深成指和创业板走势呢非常健康，尾盘呢非但没有下 跌，反而翘尾上涨，这就说明呢主力尾盘偷袭离开去产能板块和银行板块，抄底了大科技板块。 今天大盘冲高回落，收出了很长的上引线，这是不是传说中的十字墓碑，而且尾盘集合竞价之后，银行 为首的大权重标标啊集体跳水，这牛市还在吗？和讯投顾冯珂认为，牛市没有结束，大盘上涨趋势不 变，原因有三个： （原标题：和讯投顾冯珂：创业板下周预计迎来主升浪，大科技4朵金花将全面启动） 首先今天银行板块大跳水，散户苦银行久矣，只有银行跌倒，主力资金呢才能流入中小盘板块，大盘呢 才能普涨，散户呢才能吃饱。 之前说是都在二三月份牛市的第二阶段，那么最近几个月呢大盘一直处于震荡市的关键原因呢就是成交 量不足，而成交量不足的原因就是没有信心，现在楚国与我们妥协，牛市证券板块变身牛市猛男价格飙 涨的同时，业绩呢也都大涨10倍以上，形成了戴维斯双击，我天天在直播间强调大盘呢能否上涨，就看 证券证券涨和场外资金呢就有信心进场，成交量呢就会放大，水涨则船高。 所以综合以上三点，今天只是一次经典的洗盘而已。今天反内卷板块，地产、光伏、玻璃等等都阶段性 的见顶了， ...

证券研究报告 | 2025年07月11日 金融工程日报 沪指放量微涨，银行冲高回落，稀土、券商爆发 市场表现：今日(20250711) 大部分指数处于上涨状态，规模指数中中证 1000 指数表现较好，板块指数中科创 50 指数表现较好，风格指数中中证 500 成 长指数表现较好。非银、计算机、有色金属、钢铁、综合金融行业表现较好， 银行、建材、煤炭、纺织服装、交通运输行业表现较差。稀土、炒股软件、 稀土永磁、CRO、中国国际进口博览会等概念表现较好，玻璃纤维、覆铜板、 银行精选、电路板、央企银行等概念表现较差。 市场情绪：今日收盘时有 68 只股票涨停，有 14 只股票跌停。昨日涨停股票 今日收盘收益为 2.42%，昨日跌停股票今日收盘收益为-2.29%。今日封板率 66%，较前日下降 7%，连板率 29%，较前日下降 6%。 市场资金流向：截至 20250710 两融余额为 18737 亿元，其中融资余额 18605 亿元，融券余额 132 亿元。两融余额占流通市值比重为 2.2%，两融交易占市 场成交额比重为 9.4%。 折溢价：20250710 当日 ETF 溢价较多的是 A50 增强 ETF，ETF ...