Report Title - The report is titled "Non-ferrous Metals | Daily Report" dated August 1, 2025 [4] Investment Rating - No investment rating for the industry is provided in the report Core Views - **Copper**: Today, copper prices fluctuated within a narrow range. Affected by the weakening sentiment in the commodity market since last Friday, the futures price of Shanghai copper showed weakness. However, due to the limited previous increase in copper prices, the adjustment range in this round was also relatively limited. In the short term, attention should be paid to the change in the overall atmosphere of the commodity market and the long - short game at the 78,000 mark [5] - **Aluminum**: Today, aluminum prices fluctuated within a narrow range. Affected by the weakening sentiment in the commodity market since last Friday, the futures price of Shanghai aluminum showed weakness. Due to the limited previous increase in aluminum prices, the adjustment range in this round was relatively limited. In the short term, with the weakening of the overall sentiment in the commodity market and the relatively loose supply - demand pattern of aluminum, it is expected that aluminum prices will run weakly in the short term [6] - **Nickel**: Today, nickel prices fluctuated weakly and closed slightly lower. Affected by the weakening sentiment in the commodity market since last Friday, the futures prices of nickel and aluminum showed weakness. Due to the limited previous increase in nickel prices, the adjustment range in this round was relatively limited. In the short term, it is expected that Shanghai nickel will fluctuate weakly [7] Industry Dynamics Copper - On the first trading day of August, the procurement and sales sentiment in the spot market both increased. The procurement sentiment of Shanghai electrolytic copper spot was 3.11, and the sales sentiment was 3.16. As it was Friday, downstream buyers stocked up for the weekend and bargained for purchases, causing the spot premium to decline slightly. However, the overall supply of domestic single - piece copper was insufficient recently, and the spread between the inter - month BACK contracts was only 10 - 20 yuan/ton, so the willingness of holders to significantly lower the quotation was low [9] Aluminum - According to SMM statistics on August 1, the total inventory of bauxite in 9 domestic ports was 23.79 million tons, a decrease of 130,000 tons from the previous week [10] - According to data released by the Guinea Geological Bureau, Australia's AMCG Mining Company's Koumbia Mine in the Boke Mining Area shipped two ships of bauxite from the Dapilon Port from July 21 - 27, with a total of 349,973 tons, which was the first shipment since its completion. The Koumbia mining area has a total resource reserve of 2.175 billion tons, with an average Al2O3 content of 43.5% and a silica content of 3.8% [11] Nickel - Recently, the stainless - steel composite material manufacturing project of Fujian Qingtuo Composite New Materials completed the record - filing. The project plans to produce 50,000 tons of stainless - steel composite materials annually, which will further enrich the regional stainless - steel industrial chain layout. The project will purchase a series of equipment, and the equipment installation cost will reach 3 million yuan. After the project is put into production, it will increase the production capacity of stainless - steel composite materials and promote regional industrial upgrading [12] Related Charts Copper - Charts include copper basis, domestic visible inventory of electrolytic copper (social inventory + bonded area inventory), LME copper cancelled warrant ratio, overseas copper exchange inventory, Shanghai copper month - spread, and SHFE warrant inventory [13][15][16] Aluminum - Charts include aluminum basis, aluminum month - spread, domestic social inventory of electrolytic aluminum, overseas exchange inventory of electrolytic aluminum (LME + COMEX), alumina trend, and alumina inventory [26][32][30] Nickel - Charts include nickel basis, LME nickel cancelled warrant ratio, LME nickel trend, SHFE inventory, and nickel ore port inventory [39][43][46]

金融界消息 截至2025年8月1日收盘，紫金矿业（601899）报收于19.26元，上涨0.57%，换手率0.59%， 成交量122.00万手，成交金额23.51亿元。 资金流向方面，今日主力资金净流入4868.23万元，占比成交额2.07%。其中，超大单净流入2600.58万 元、占成交额1.11%，大单净流入2267.65万元、占成交额0.96%，中单净流出流入1101.44万元、占成交 额0.47%，小单净流出5969.67万元、占成交额2.54%。 通过天眼查大数据分析，紫金矿业集团股份有限公司共对外投资了76家企业，参与招投标项目791次， 知识产权方面有商标信息491条，专利信息768条，此外企业还拥有行政许可314个。 紫金矿业最新一期业绩显示，截至2025一季报，公司营业总收入789.28亿元、同比增长5.55%，归属净 利润101.67亿元，同比增长62.39%，扣非净利润98.81亿元，同比增长58.76%，流动比率1.026、速动比 率0.704、资产负债率54.89%。 来源：金融界 天眼查商业履历信息显示，紫金矿业集团股份有限公司，成立于2000年，位于龙岩市，是一家以从事有 色金属 ...

Group 1 - The core viewpoint of the news is that ST Shengtun (600711) has shown a positive stock performance with a closing price of 7.91 yuan, up 5.05% as of August 1, 2025 [1] - The company reported a total operating revenue of 13.804 billion yuan for the first half of 2025, representing a year-on-year increase of 20.94% [1] - The net profit attributable to shareholders decreased by 5.81% year-on-year to 1.053 billion yuan, while the non-recurring net profit also saw a decline of 6.53% to 1.162 billion yuan [1] Group 2 - ST Shengtun has a current liquidity ratio of 1.135 and a quick ratio of 0.653, indicating its short-term financial health [1] - The company's debt-to-asset ratio stands at 55.79%, reflecting its leverage position [1] - ST Shengtun has made investments in 43 companies and has participated in 9 bidding projects, showcasing its active engagement in the market [2]

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative increase in stock price of over 20% compared to the benchmark index within the next six months [2][15]. Core Insights - The company reported a revenue of 31.619 billion yuan for the first half of 2025, representing a year-on-year growth of 26.59%. The net profit attributable to shareholders was 1.869 billion yuan, up 15.35% year-on-year [4]. - The increase in performance is primarily attributed to an 8% rise in copper production and an 11% increase in copper prices compared to the previous year [4]. - The company’s copper production for H1 2025 was 91,800 tons, a year-on-year increase of 7.65%, with significant contributions from various mines [5]. - The report highlights improvements in recovery rates for various minerals, indicating operational efficiency [5]. - The smelting capacity is gradually increasing, with significant year-on-year growth in production for copper, lead, and zinc [6]. - The company’s subsidiary, Yulong Copper Industry, achieved a net profit of 3.491 billion yuan, contributing significantly to the overall profitability [6]. - Future growth is supported by ongoing projects and expansions, including the approval of the Yulong Copper Mine Phase III, which is expected to increase production capacity significantly [7][9]. Financial Projections - Revenue projections for 2025, 2026, and 2027 are 56.134 billion yuan, 59.120 billion yuan, and 63.471 billion yuan, respectively, with year-on-year growth rates of 12.21%, 5.32%, and 7.36% [9][11]. - The net profit attributable to shareholders is expected to reach 3.857 billion yuan in 2025, with a growth rate of 31.56% [11]. - Earnings per share (EPS) are projected to be 1.62 yuan for 2025, with corresponding price-to-earnings (P/E) ratios of 10.31, 9.71, and 9.01 for the years 2025, 2026, and 2027 [9][11].

Group 1 - The core point of the article is the strategic cooperation between Luoyang Molybdenum and the government of Catalão, Goiás, to advance the reconstruction of the Sebastião de Padua highway, which is crucial for connecting local mining, industrial, and logistics sectors [1] - The upgrade of the highway is expected to significantly enhance the economic vitality of the region [1]

Group 1 - Chile's copper production in June was reported at 424,390 tons, representing a 6% decrease compared to the same month last year [2]

证券代码：601168 证券简称：西部矿业 公告编号：临2025-036 登录新浪财经APP 搜索【信披】查看更多考评等级 会议召开地点：上海证券交易所上证路演中心（网址：https://roadshow.sseinfo.com/） 会议召开方式：上证路演中心视频直播和网络互动 投资者可于2025年8月1日（星期五）至8月7日（星期四）16:00前登录上证路演中心网站首页点击"提问 预征集"栏目或通过公司邮箱wm@westmining.com进行提问。公司将在说明会上对投资者普遍关注的问 题进行回答。 西部矿业股份有限公司 关于召开2025年半年度业绩说明会的公告 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： 会议召开时间：2025年8月8日（星期五）15:00-17:00 财务负责人、董事会秘书：王伟先生 独立董事：黄大泽先生 四、投资者参加方式 （一）投资者可在2025年8月8日（星期五）15:00-17:00，通过互联网登录上证路演中心 （https://roadshow.sseinfo.com/），在 ...

证券代码：601020 证券简称：华钰矿业 公告编号：临 2025-043 号 西藏华钰矿业股份有限公司 关于《上海证券交易所监管工作函》的回复公告 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。 西藏华钰矿业股份有限公司（以下简称"华钰矿业""华钰公司""上市公 司"或"公司"）于近日收到上海证券交易所下发的《关于西藏华钰矿业股份有 限公司对收购股权估值调整补偿及进一步现金收购股权暨关联交易的监管工作 函》（上证公函〔2025〕1122 号）（以下简称"《工作函》"），公司就《工 作函》关注的相关问题逐项进行认真落实。现就有关问题回复如下： 问题 1.关于估值调整补偿的合理性。公告显示，2020 年 4 月亚太矿业全部 股权的评估值为 18.43 亿元，评估基准日为 2019 年 9 月 30 日。由于广西地润所 持部分亚太矿业股权被质押，以及亚太矿业尚未完成选冶工程项目核准等开采 手续，交易双方协商亚太矿业全部股权价值为 12.5 亿元，同时约定取得开工许 可证后，双方按照有效的评估报告协商确定重估价值。2021 年 2 ...

证券代码：601168 证券简称：西部矿业 公告编号：临 2025-036 西部矿业股份有限公司 关于召开 2025 年半年度业绩说明会的公告 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： ??会议召开时间：2025 年 8 月 8 日（星期五）15:00-17:00 ? 会议召开地点：上海证券交易所上证路演中心（网址： https://roadshow.sseinfo.com/） ? 会议召开方式：上证路演中心视频直播和网络互动 ? 投资者可于 2025 年 8 月 1 日（星期五）至 8 月 7 日（星期四）16:00 前登录 上证路演中心网站首页点击"提问预征集"栏目或通过公司邮箱 wm@westmining.com 进行提问。公司将在说明会上对投资者普遍关注的问题进 行回答。 西部矿业股份有限公司（以下简称"公司"）已于 2025 年 7 月 26 日发布公司 营成果、财务状况，公司计划于 2025 年 8 月 8 日（星期五）15:00-17:00 举行 2025 年半年度业绩说明会，就投资者关心的 ...

关于上海证券交易所 监管工作函所涉法律事项 的回复 北京德恒（济南）律师事务所 山东省济南市高新区舜泰北路 567 号银丰科技公园 2 号楼 电话：+86 531-8166 3606 传真：+86 531-8166 3607 邮编：250102 北京德恒（济南）律师事务所 关于上海证券交易所监管工作函所涉法律事项的回复 北京德恒（济南）律师事务所 关于上海证券交易所 监管工作函所涉法律事项 的回复 德恒 11F20250229-02 号 上海证券交易所上市公司管理一部： 北京德恒（济南）律师事务所（以下简称"本所"或"德恒"）接受西藏华 钰矿业股份有限公司（以下简称"华钰矿业"或"公司"或"上市公司"）的委托， 就贵所于 2025 年 7 月 23 日下发的《关于西藏华钰矿业股份有限公司对收购股权 估值调整补偿及进一步现金收购股权暨关联交易的监管工作函》（上证公函 [2025]1122 号，以下简称"监管工作函"）中提到的需要律师发表意见的问题出具 本回复。德恒及经办律师根据《中华人民共和国公司法》《中华人民共和国证券 法》《律师事务所从事证券法律业务管理办法》《律师事务所证券法律业务执业 规则（试行）》等法 ...