本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容 的真实性、准确性和完整性承担法律责任。 重要内容提示： ● 山西华阳新材料股份有限公司（以下简称"公司"）股票于2025年4月30日、5月6日和5月7日连续三个 交易日内收盘价格涨幅偏离值累计达到20%。根据《上海证券交易所交易规则》的有关规定，属于股票 交易异常波动情形。 ● 经公司自查并向本公司控股股东及相关方核实，不存在应披露而未披露的重大信息。 ● 2025年4月30日、5月6日和5月7日连续三个交易日涨幅23.82%，远高于同期申万小金属行业涨幅，存 在市场情绪过热的情形。公司敬请广大投资者注意二级市场交易风险，理性决策，审慎投资。 一、股票交易异常波动的具体情况 公司股票于2025年4月30日、5月6日和5月7日连续三个交易日内收盘价格涨幅偏离值累计达到20%，根 据《上海证券交易所交易规则》等相关规定，属于股票交易异常波动的情形。 二、公司关注并核实相关情况 针对公司股票交易异常波动，公司对有关事项进行了核查，并书面发函本公司控股股东及相关方，现将 有关情况说明如下： （一）生产经营情况 经公司自查，公司 ...

Report Overview - The report is a macro financial data daily report released by the Guomao Futures Research Institute's Macro Financial Research Center on May 7, 2025 [2][3] Central Bank Operations and Monetary Policy - The central bank conducted 405 billion yuan of reverse repurchase operations yesterday, with 1087 billion yuan of reverse repurchases maturing, resulting in a net withdrawal of 682 billion yuan [3] - This week, 1617.8 billion yuan of reverse repurchases in the central bank's open market will mature, with 1087 billion yuan and 530.8 billion yuan maturing on Tuesday and Wednesday respectively [4] - The Politburo meeting stated the need to "timely cut reserve - requirement ratios and interest rates", "create new structural monetary policy tools, and establish new policy - based financial tools to support technological innovation, expand consumption, and stabilize foreign trade" [4] Interest Rate Market | Variety | Closing Price | Change from Previous Day (bp) | | --- | --- | --- | | DRO01 | 1.71 | -7.58 | | DR007 | 1.73 | -7.14 | | GC001 | 1.71 | 17.00 | | GC007 | 1.74 | 1.50 | | SHBOR 3M | 1.75 | -0.20 | | LPR 5 - year | 3.60 | 0.00 | | 1 - year Treasury Bond | 1.46 | 0.25 | | 5 - year Treasury Bond | 1.51 | 0.75 | | 10 - year Treasury Bond | 1.63 | 0.50 | | 10 - year US Treasury Bond | 4.36 | 3.00 | [3] Stock Index and Futures Market Index Performance - The CSI 300 rose 1.01% to 3808.5, the SSE 50 rose 0.55% to 2647.7, the CSI 500 rose 1.93% to 5740.3, and the CSI 1000 rose 2.57% to 6102.9 [6] - The trading volume of the Shanghai and Shenzhen stock markets reached 1336.2 billion yuan, an increase of 166.8 billion yuan from the previous trading day [6] - Most industry sectors rose, with small metals, power equipment, consumer electronics, precious metals, general equipment, communication equipment, computer equipment, diversified finance, and motor sectors leading the gains, while only the banking sector declined [6] Futures Market | Variety | Closing Price | Change from Previous Day (%) | Volume Change (%) | Open Interest Change (%) | | --- | --- | --- | --- | --- | | IF Current Month | 3798 | 1.2 | 22.8 | 0.9 | | IH Current Month | 2646 | 0.7 | -0.6 | 0.0 | | IC Current Month | 5706 | 2.1 | 19.0 | 3.3 | | IM Current Month | 6060 | 2.6 | 1.6 | 2.9 | [5] Market Outlook and Strategy - On the first trading day after the holiday, the A - share market showed a gap - up and high - going trend driven by the collective recovery of overseas markets, with IM leading the gains in index futures [7] - Two repair drivers are worthy of attention: the expectation of Sino - US tariff relaxation and the verification of overseas AI industry prosperity are beneficial to improving market liquidity and boosting the technology sector; after the earnings disclosure window in late April, the performance uncertainty of small - and medium - cap companies has significantly decreased [7] - The CSI 1000's repair strength has significantly lagged behind large - cap indexes such as the CSI 300. If the market continues to recover, its technical catch - up potential is worthy of attention. Historically, the average excess return of CSI 1000 index constituents during the earnings vacuum period (May - July) is 2.3% [7] - It is expected that the significant differentiation between large - and small - cap styles may converge. The strategy is to focus on the elasticity release opportunities of small - and medium - cap stocks after the market stabilizes, with IM as the main long - position variety [7] Index Futures Premium and Discount | Variety | Current Month Contract | Next Month Contract | Current Quarter Contract | Next Quarter Contract | | --- | --- | --- | --- | --- | | IF Premium/Discount | 10.49% | 9.02% | 7.04% | 5.35% | | IH Premium/Discount | 2.64% | 5.55% | 5.00% | 3.24% | | IC Premium/Discount | 22.09% | 16.72% | 11.98% | 9.90% | | IM Premium/Discount | 25.91% | 19.90% | 14.46% | 12.20% | [8]

财信证券认为，周二大盘放量上涨，三大指数全线收涨，全市场成交额较前一个交易日也有显著提升。 随着有增量资金入场迹象，资金风险偏好有所增加，市场风格也随之切换，科技线成为主导方向，高股 息红利资产走弱，但周二的风格切换是否有持续性还有待观察，后续仍可留意各题材板块之间的轮动机 会。整体来看，"五一"假期之后，在国内政策加力、AI产业趋势加持下，市场有望走出震荡向上的结构 性行情。5月份随着海外关税战对市场扰动效应逐步消退，市场大概率重新回归AI产业趋势以及扩内需 驱动逻辑。 东莞证券认为，周二，市场在5月首个交易日迎来"开门红"，三大指数集体走强。从技术分析角度看， 沪指处于5日均线上方，技术形态上延续企稳回升的态势，叠加量能放大的积极信号，短期或延续震荡 上行趋势。当日，"五一"假期相关消息被市场集中反应，盘面延续了4月底以来的科技成长及中小盘风 格主导格局。在科技成长板块的带动下，市场整体风险偏好出现回升，叠加流动性环境延续宽松，投资 者情绪有所回暖。"五一"假期期间国内消费动能持续释放，内需修复趋势延续。A股上市公司一季报披 露完毕，盈利端整体呈现改善态势，行业营收增速表现出结构性分化。展望5月，市场短期 ...

Investment Rating - The investment rating for the company is "Buy" [8] Core Views - The company reported a revenue of 5.36 billion in 2024, a decrease of 10.8% year-on-year, and a net profit of 760 million, down 65.7% year-on-year. The first quarter of 2025 saw a revenue of 1.54 billion, an increase of 36.4% year-on-year, but a net profit decline of 47.4% year-on-year [1][6] - The lithium business continues to grow, with a production of 43,700 tons in 2024, up 137.8% year-on-year, and sales of 42,600 tons, up 145.0% year-on-year. The company is implementing cost-reduction measures to mitigate market risks [2][3] - The cesium and rubidium business is showing strong performance, with a revenue of 345 million in the first quarter of 2025, a growth of 94% year-on-year [3] - The copper smelting business faced challenges due to a tight global supply of copper concentrate, leading to a net loss of approximately 100 million in the first quarter of 2025 [4] - The company aims to achieve a production capacity of 60,000 tons per year at the Kitumba copper project by 2026, with a total copper resource of 27.9 million tons [5][6] Summary by Sections Financial Performance - In 2024, the company achieved a revenue of 5.36 billion, with a net profit of 760 million, reflecting a significant decline in profitability. The first quarter of 2025 showed a revenue of 1.54 billion, but net profit decreased to 130 million [1][6] - The projected net profits for 2025-2027 are 640 million, 1.32 billion, and 1.98 billion respectively, with corresponding EPS of 0.89, 1.83, and 2.74 [6][12] Business Segments - The lithium segment is expanding, with a production increase to 43,700 tons in 2024 and a sales increase to 42,600 tons. The company is also focusing on cost reduction strategies [2][3] - The cesium and rubidium segment reported a revenue increase of 94% in the first quarter of 2025, indicating strong market demand [3] - The copper smelting segment is under pressure due to reduced processing fees, resulting in a net loss in early 2025 [4] Future Outlook - The company is targeting a production capacity of 60,000 tons per year at the Kitumba copper project by 2026, with ongoing construction and development plans [5][6]

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [4] Core Views - The injection of the Shizhu Garden tungsten mine is expected to significantly enhance the company's profitability [4] - The company operates as a management platform for the tungsten industry under China Minmetals, managing a complete tungsten industry chain from mining to smelting, processing, and trading [6][4] - The company has achieved a notable increase in revenue and net profit, with a projected growth in net profit from 1.08 billion RMB in 2025 to 1.26 billion RMB in 2027 [4][6] Financial Summary - For 2024, the company reported a revenue of 14.743 billion RMB, a year-on-year increase of 7.8%, and a net profit of 939 million RMB, up 17.5% year-on-year [6] - The projected revenues for 2025, 2026, and 2027 are 15.523 billion RMB, 16.462 billion RMB, and 17.546 billion RMB respectively, with corresponding net profits of 1.08 billion RMB, 1.175 billion RMB, and 1.264 billion RMB [4][7] - The company's gross profit margin for 2024 was 22.1%, with a total gross profit of 3.25 billion RMB [6][7] Market Performance - The acquisition of Shizhu Garden Company, which owns the largest single tungsten mine currently in production, is expected to enhance the company's asset quality and profitability [6][4] - The company has optimized its product structure, focusing on high-value-added products, and has achieved a significant market share in the CNC blade production [6][4] Profitability Forecast - The company is expected to maintain a steady growth trajectory, with projected earnings per share (EPS) of 0.47 RMB in 2025, 0.52 RMB in 2026, and 0.55 RMB in 2027 [4][7] - The return on equity (ROE) is projected to be 6.44% in 2025, gradually increasing to 6.78% by 2027 [4][7]

公司报告 | 季报点评 中国稀土（000831） 证券研究报告 稀土价格企稳回升，公司量增明显 业绩：24 年公司实现营收 30.27 亿元，同比-24%，主要受稀土价格下行影 响；25Q1 实现营收 7.28 亿元，同比+141%，环比-32%，主要由于稀土价格 回升，公司调整了销售策略；利润端，24 全年归母净利润-2.87 亿元，主要 受补缴税费及减值影响（其中资产减值 4.15 亿，子公司中稀湖南补缴以前 年度税费 1.52 亿，去除影响后利润 2.8 亿），扣非净利润-1.45 亿；2 5Q1 归 母净利润 0.73 亿元，业绩大幅修复。 销量大增，25Q1 价格回升 中国稀土集团核心上市公司，资源优势显著 公司是中国稀土集团核心上市公司，业务涉及稀土矿开采到金属冶炼，目 前中稀湖南拥有湖南省目前唯一一宗离子型稀土矿采矿权，所属的矿区、 达大型离子型稀土矿藏的规模，资源优势明显，且中稀湖南是"国家级绿 色矿山"中第一座离子型稀土矿山。此外，公司通过参股华夏纪元持有的 圣功寨稀土矿探矿权和肥田稀土矿，为提高探转采工作效率，公司正优先 开展圣功寨稀土矿探转采办理工作。具体来看，24 年公司稀土氧化物/稀 ...

Investment Rating - The investment rating for the company is "Buy" with a target price not specified [6][4]. Core Views - The company has shown a significant recovery in performance, with a notable increase in sales volume and a rebound in rare earth prices. The revenue for Q1 2025 reached 728 million yuan, a year-on-year increase of 141% [1][2]. - The company is positioned as a core listed entity of the China Rare Earth Group, benefiting from substantial resource advantages, including exclusive mining rights in Hunan province [3]. - Profitability is on a recovery path, with a gross margin of 9.77% in Q1 2025, reflecting a year-on-year increase of 5.46% [4]. Financial Performance Summary - For 2024, the company is expected to achieve a revenue of 3.03 billion yuan, a decrease of 24% year-on-year, primarily due to falling rare earth prices. However, projections for 2025 and beyond indicate a recovery, with expected revenues of 3.47 billion yuan in 2025 and 4.43 billion yuan in 2026 [11][14]. - The company reported a net profit attributable to shareholders of -286.91 million yuan in 2024, but is projected to return to profitability with 285.61 million yuan in 2025 and 502.52 million yuan in 2026 [14][11]. - The gross margin for 2024 is projected at 15.75%, with expectations of improvement in subsequent years [15][14]. Sales and Production Insights - The sales volume of rare earth oxides and metals increased significantly in Q1 2025, with respective volumes of 6,512 tons and 1,906 tons, marking year-on-year increases of 80% and 142% [2]. - The company’s mining output reached 2,384 tons, with smelting and separation primarily conducted by its subsidiaries [2][3]. Market Position and Strategy - The company is recognized for its unique resource advantages, being the only operator of ion-type rare earth mines in Hunan, and is classified as a "national green mine" [3]. - The company is actively working on exploration and mining efficiency improvements through partnerships, such as with Huaxia Jiyuan [3]. Future Projections - The company is expected to benefit from its position within the China Rare Earth Group, with projected net profits of 286 million yuan in 2025, 503 million yuan in 2026, and 765 million yuan in 2027 [4][11].

Investment Rating - The report maintains a "Buy" rating for the company [2] Core Views - The company reported a total revenue of 41.973 billion yuan in 2024, a slight decrease of 0.91% year-on-year, while the total profit reached 1.835 billion yuan, an increase of 5.15% year-on-year. The net profit attributable to the parent company was 1.444 billion yuan, up 2.55% year-on-year. In the first quarter of 2025, the company achieved a total revenue of 9.729 billion yuan, a year-on-year increase of 15.82%, with total profit of 608 million yuan, up 40.51% year-on-year, and net profit of 499 million yuan, up 53.09% year-on-year [5][6] - The company experienced an increase in production and prices for its main products, with total production of non-ferrous metals reaching 361,000 tons in 2024, including 84,800 tons of tin, 130,300 tons of copper, and 144,000 tons of zinc. The self-sufficiency rates for tin, copper, and zinc were 30.21%, 15.91%, and 72.72%, respectively [5] - The supply-demand dynamics for tin remain favorable, with a tightening global supply due to policy restrictions in Southeast Asia and stable demand growth driven by sectors such as electric vehicles and semiconductors [5] - The company is a leader in the tin industry, with a domestic market share of 47.98% and a global market share of 25.03% in 2024, positioning it well to benefit from ongoing industry prosperity [5] Financial Data Summary - The company’s total assets were reported at 36.803 billion yuan, with a total market capitalization of 22.827 billion yuan. The earnings per share (EPS) for 2024 is projected at 0.88 yuan, with a net profit margin of 3.7% [6][8] - Forecasted net profits for 2025, 2026, and 2027 are 2.269 billion yuan, 2.406 billion yuan, and 2.828 billion yuan, respectively, indicating a strong growth trajectory [5][8]

Investment Rating - The report maintains a "Buy" rating for the company, with a target price indicating a potential return of over 20% within six months [6][18]. Core Views - The company is expected to benefit from rising tungsten prices and increased production capacity, leading to a potential increase in both volume and price [3][4]. - The injection of mining assets, particularly the acquisition of the Shizhu Garden tungsten mine, is crucial for stabilizing the company's performance amid fluctuating market conditions [2][4]. Financial Performance - In 2024, the company is projected to achieve revenue of 14.74 billion yuan, a year-on-year increase of 7.8%, with a net profit of 939.45 million yuan, reflecting a 17.47% increase [1][5]. - For Q1 2025, the company reported revenue of 3.39 billion yuan, a 3.52% increase year-on-year, but a 24.86% decrease quarter-on-quarter [1]. Production and Market Position - The company aims to produce over 14,000 tons of hard alloy in 2024, maintaining its position as the global leader in this sector [2]. - The Shizhu Garden tungsten mine is expected to contribute significantly to the company's profits, with a projected net profit of 705 million yuan in 2024, accounting for approximately 70% of the total net profit [2]. Supply and Demand Dynamics - The tightening supply of tungsten is anticipated to drive prices higher, supported by a reduction in mining quotas and increasing domestic and international demand [3]. - The company is investing 1.8 billion yuan in upgrading the Shizhu Garden mine, which is expected to increase production capacity by approximately 59% by 2030 [3]. Future Projections - Revenue forecasts for 2025 to 2027 are 16.40 billion yuan, 17.98 billion yuan, and 19.33 billion yuan, respectively, with corresponding net profits of 994.73 million yuan, 1.23 billion yuan, and 1.31 billion yuan [4][5]. - The company is expected to maintain a price-to-earnings ratio of 21.88, 17.73, and 16.57 for the years 2025 to 2027 [5].

Summary of Key Points from the Conference Call Industry Overview: Antimony and Related Markets Antimony Price Dynamics - Recent increase in bromine prices has compressed antimony price potential: Bromine prices rose by 16,000 CNY/ton, which, due to a cost ratio of 3:1 with antimony, effectively limited the potential increase in antimony prices by 50,000 CNY/ton, leading to market expectations being constrained and small traders selling off, accelerating the price decline [1][2][4] - Antimony exports have decreased significantly, but potential demand remains strong: Antimony exports fell by 45%-50% year-on-year in the first two months of the year, but some antimony oxide was exported in the form of flame retardant masterbatch, which was not accounted for. A recovery in exports is expected post-May Day, alongside stricter export audits, which may push antimony prices upward [1][5] Zinc Market Insights - Significant decline in zinc imports indicates potential price rebound: Zinc imports dropped by 80%-90% year-on-year in March, with the decline expanding. This reduction, combined with increased exports and alleviated cost pressures, suggests that zinc prices have likely bottomed out and may see an upward trend in May [1][6] Photovoltaic Glass Market Stability - Stable production levels in the photovoltaic glass sector: Despite a slowdown in installations, weekly production remains at 540,000 tons, a year-on-year increase of approximately 2%. Profit margins are still positive, indicating that the industry is not in a state of significant loss. Production is expected to remain stable post-531 [1][7][9] Key Factors Influencing Antimony Prices - Supply-demand tightness supports antimony prices: Antimony prices only fell by 12% last year despite export controls and weak demand, indicating a stronger-than-expected supply-demand tightness. China accounts for half of global antimony supply, with leading companies controlling significant market shares [1][3][8] - Impact of Myanmar earthquake on supply: The earthquake in Myanmar has halted mining operations for at least six months, affecting supply to the European and American markets. Recovery in overseas demand post-trade war may drive prices higher [1][3][13] Investment Opportunities - Antimony sector valuations are low, presenting investment opportunities: Domestic antimony prices are expected to rise above 300,000 CNY, with companies like Huaxi Nonferrous, Huayu Mining, and Hunan Gold being undervalued and worthy of attention [1][3][11][12][14] Conclusion - The antimony market is currently experiencing a complex interplay of price pressures from bromine costs, export dynamics, and supply constraints due to external factors like natural disasters. The photovoltaic glass market remains stable, and there are promising investment opportunities in undervalued companies within the antimony sector.