盛达资源8月22日晚间发布半年度业绩报告称，2025年上半年营业收入约9.06亿元，同比增加6.34%；归 属于上市公司股东的净利润约7010万元，同比减少15.03%；基本每股收益0.1016元，同比减少15.4%。 （文章来源：每日经济新闻） ...

Core Viewpoint - Jinling Mining (000655.SZ) reported a significant increase in both revenue and net profit for the first half of 2025, indicating strong financial performance and growth potential [1] Financial Performance - The company's operating revenue reached 768 million yuan, representing a year-on-year growth of 10.17% [1] - The net profit attributable to shareholders of the listed company was 150 million yuan, showing a substantial year-on-year increase of 88.14% [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was 137 million yuan, reflecting a year-on-year growth of 70.91% [1] - Basic earnings per share were reported at 0.2525 yuan [1]

格隆汇8月22日丨金岭矿业(000655.SZ)公布半年度报告，报告期内，公司实现营业总收入76,849.19万 元，比上年同期增加10.17%；实现利润总额19,324.58万元，比上年同期增加98.33%；实现归属于上市 公司股东净利润15,030.02万元，比上年同期增加88.14%。向全体股东每10股派发现金红利0.5元。 ...

Core Viewpoint - The company is committed to integrating ecological protection with mining development, focusing on creating green, intelligent, and modern mining operations [1][3][4]. Group 1: Green Mining Initiatives - The company has been recognized for its green mining projects, including the Tai Steel Yuanjiacun Iron Mine and others, which have been awarded national-level green mine status [3]. - The company emphasizes a philosophy of "environmentally friendly mining and dust-free transportation," leading to a new development path characterized by technology-driven, green mining practices [1][3]. Group 2: Technological Innovations - In the Tibet Yulong Copper Mine project, the company plans to deploy 10 unmanned electric dump trucks in 2024, utilizing a "cloud-network-vehicle" collaborative solution to enhance operational efficiency [6]. - The use of unmanned systems, drones, and remote digital management technologies positions the company at the forefront of the industry in promoting low-carbon and efficient construction [7]. Group 3: Ecological Restoration Efforts - The company invested 320 million yuan in the ecological restoration project at the Maghai Iron Mine, which involved backfilling 37.34 million cubic meters (approximately 80 million tons) of waste rock to restore the local ecosystem [10]. - The restoration efforts have significantly contributed to the habitat of the wild Bactrian camel, thereby enhancing biodiversity in the protected area [10]. Group 4: Community and Environmental Engagement - At the Shanxi Tai Steel Yuanjiacun Iron Mine, the company has implemented environmental education programs and green beautification projects, including the greening of 25.9 hectares, with 15.9 hectares already completed [12]. - The company promotes sustainable agriculture within its mining areas, growing organic vegetables and fruits to enrich the diet of its employees [12]. Group 5: International Projects and Collaboration - The Mirador Copper Mine in Ecuador, developed by the company, features a 30-hectare botanical garden and has achieved a 95% reclamation rate for its slope waste sites, showcasing the company's commitment to green development abroad [14][15]. - The company's projects, such as the Tai Steel Yuanjiacun Iron Mine and Mirador Copper Mine, have elevated the overall green construction management standards across its operations [15].

东兴证券研报指出，山金国际上半年实现归属上市公司股东净利润15.96亿元，同比增长48.43%，创历 史同期新高；基本每股收益0.57元/股，同比增长46%。全球黄金价格中枢持续攀升，公司黄金储量增 厚，多金属采选流程不断优化，多因素共振推动公司业绩创历史新高。行业高景气度叠加生产流程优化 推升盈利，持续增储扩产提升业绩弹性。考虑到黄金传统的依靠纯金融属性定价方式逐渐弱化，而依靠 商品供需属性的定价方式明显强化，黄金金融属性决定价格弹性而供需属性决定价格韧性。黄金已进入 商品供需层面上结构性偏紧状态，价格将呈现趋势性的易涨难跌格局。认为黄金价格有望受益于避险溢 价、流动性溢价及汇率溢价的发酵而稳步提升；锌铅产品供需关系稳定，预计价格稳中有升。维持"推 荐"评级。 ...

转自：草原云 八月，包头白云鄂博矿区的风掠过新栽的沙棘苗，智能喷淋系统在矿坡上织出薄薄水雾。8月19日，记 者在现场看到，不远处，矿坑深处电铲车精准作业，苜蓿草在修复后的边坡上连成绿浪。 白云鄂博矿区地质环境治理项目区。 内蒙古的矿山转型是一场刀刃向内的革命。作为国家能源与战略资源的"压舱石"，这里矿产种类丰富， 矿山数量众多，最多时达数千个，计划经济时期粗放的开发也留下了生态旧痕。而如今，398座绿色矿 山星罗棋布，数量跃居全国前列。从包钢白云鄂博铁矿覆土育新苗，到宝山矿业封闭车间内粉尘监测仪 闪烁，绿色变革已渗透至采矿的毛细血管。 包钢集团矿山治理项目。 转型的引擎是制度创新与科技赋能。内蒙古出台了关于进一步加强绿色矿山建设的通知，明确政府主 导、部门联动、企业主建、社会监督的绿色矿业发展机制，自治区13个部门联动构建"绿色矿山支持措 施"，9个部门协同强化小型矿山参照绿色矿山管理，九大行业地方标准精准落地。政策工具箱层层打 开：金融创新推出"绿色矿山治理贷"，资源、节能、环保等税务减免助力企业前行，科技资金直指绿色 开采技术痛点。赤峰吉隆矿业以6400万科技创新投入实现井下充填节水40%，包钢白云鄂博铁 ...

Group 1 - The core point of the news is that Shengda Resources (000603) has seen a net financing inflow of 413.21 million yuan on August 19, 2025, with a financing balance of 4.76 billion yuan, indicating a positive trend in investor sentiment [1][4]. - Over the past three trading days, Shengda Resources has recorded a cumulative net financing inflow of 1,114.86 million yuan, with 12 out of the last 20 trading days showing net financing inflows [1][4]. - The financing balance increased by 0.87% from the previous day, reflecting a growing interest in the stock [4]. Group 2 - On the same day, the company had no shares sold short, but 200 shares were repaid, resulting in a net short position of 200 shares, with a remaining short balance of 10.4 thousand shares [3]. - The total margin trading balance for Shengda Resources reached 4.77 billion yuan, which is an increase of 412.47 million yuan compared to the previous day [4].

Group 1 - Tin is recognized as a "computing metal" due to its essential role in chip soldering and integrated circuit manufacturing, benefiting from the rapid growth in AI technology and computing power demand [1][1] - Over 65% of tin consumption is attributed to solder, with increased usage in AI servers, HBM, and advanced packaging, indicating a strong market demand [1][1] - The company has not reported sales of indium ingots in the first half of 2025, suggesting that they are being held as inventory, with operational adjustments based on market conditions and strategic planning [1][1]

Core Viewpoint - The report highlights that Huaxi Nonferrous (600301) has shown significant performance growth driven by the resonance of tin and antimony, with promising potential for future resource expansion [1][6]. Financial Performance - In H1 2025, the company achieved operating revenue of 2.787 billion yuan, a year-on-year increase of 23.66%, and a net profit attributable to shareholders of 382 million yuan, up 9.49% year-on-year [2]. - For Q2 2025, the company reported operating revenue of 1.543 billion yuan, a quarter-on-quarter increase of 23.95% and a year-on-year increase of 26.64%, with a net profit of 228 million yuan, up 48.87% quarter-on-quarter and 7.83% year-on-year [2]. Production Volume - In H1 2025, the company produced approximately 3,273.80 tons of tin concentrate, down 6.18% year-on-year, while sales increased by 41.02% to about 124.34 tons [3]. - Tin ingot production was approximately 6,147.02 tons, up 19.30% year-on-year, with sales of about 5,781.59 tons, an increase of 7.39% [3]. - Zinc concentrate production was about 27,100 tons, down 1.17% year-on-year, with sales of 11,000 tons, down 4.67% [3]. Pricing and Margins - The average price for tin, antimony, zinc, lead, and copper in H1 2025 was 262,100 yuan/ton, 189,000 yuan/ton, 23,100 yuan/ton, 17,000 yuan/ton, and 77,600 yuan/ton, respectively, with year-on-year changes of +2,120 yuan, +8,310 yuan, +90 yuan, -10 yuan, and +270 yuan [4]. - The company's overall gross margin was 36.36%, a decrease of 2.56 percentage points year-on-year, with specific product margins showing varied performance [4]. Resource Expansion Potential - The company has made progress in resource layout, with significant increases in mineral reserves, including a 93.59% increase in lead-zinc resources at the Fozichong mining area [5]. - As of H1 2025, the company holds a total mineral resource of 89.591 million tons, with metal resources including tin, antimony, indium, zinc, lead, silver, and copper totaling 4.4925 million tons [5]. Investment Recommendations - The company is positioned as a leader in tin and antimony, with rich mineral resource reserves and ongoing exploration projects that suggest further resource expansion [6]. - Future net profit forecasts for 2025, 2026, and 2027 are 984 million yuan, 1.139 billion yuan, and 1.323 billion yuan, respectively, with corresponding price-to-earnings ratios of 17, 14, and 12 times based on the closing price on August 18, 2025 [6].

（文章来源：每日经济新闻） 民生证券8月18日发布研报称，给予华锡有色（600301.SH）推荐评级。评级理由主要包括：1）事件： 公司发布2025年半年报；2）量：2024年公司金属产量同比稳中有增，受到春节假期叠加冶炼厂检修等 影响自产矿销售量或同比小幅下降；3）价：锑价同环比显著提升带动业绩稳步增长，锡价较为平稳维 持高位；4）资源端布局稳步推进，增储潜力可期。风险提示：锡、锑、锌价格大幅波动，安全环保风 险，下游需求不及预期。 ...