新华社北京4月30日电 特稿｜"中国提供了值得信赖的增长路径"——欧美企业"向东看"折射中国经济 底气与能量 新华社记者闫洁 最近，英国48家集团主席杰克·佩里注意到英国企业的一个微妙变化："他们不再问'我们是否应关注中 国'，而是问'我们该如何在中国建立可持续的合作关系'。" 提问内容的"小差别"，折射的是欧美企业长期规划与战略选择的"大不同"。面对贸易保护主义带来的不 确定性，欧美企业正加快"向东看"步伐，将目光投向市场规模庞大、经济增长稳定、投资环境持续开放 的中国。"到中国去"，成为越来越多跨国企业的共识。 不确定性与运营压力俱增 欧美企业面临现实困难 这种"大不同"，源自贸易保护主义给全球经济复苏和企业长期增长前景带来的现实困难。 国际货币基金组织4月22日发布最新一期《世界经济展望报告》，将2025年全球经济增长预期由今年1月 的3.3%下调至2.8%。报告认为，美国政府一系列关税措施是对全球经济的一次"重大负面冲击"，其实 施过程中的不确定性也对经济活动和经济前景产生负面影响。 澳大利亚矿业巨头必和必拓首席执行官迈克·亨利（中文名韩慕睿）日前表示，不断升级的贸易战将损 害全球经济。尽管美国关税政 ...

Investment Rating - The report maintains an "Outperform" rating for the company [1] Core Views - The company reported a revenue of 9.94 billion yuan in 2024, representing a year-on-year growth of 34.4%, and a net profit attributable to shareholders of 1.58 billion yuan, up 53.6% year-on-year, primarily driven by rising copper prices and significant growth in copper sales [7] - The mining service segment remains stable, with a revenue of 6.54 billion yuan in 2024, accounting for 67% of total revenue, while the resource segment's gross profit margin increased to 44% [7] - The company has made strategic acquisitions, including the purchase of Terra Mining and the Lubambe copper mine, to enhance its operational capabilities and resource base [7] Financial Data and Profit Forecast - Total revenue is projected to reach 13.28 billion yuan in 2025, with a year-on-year growth rate of 33.6% [5] - The net profit attributable to shareholders is expected to be 2.09 billion yuan in 2025, reflecting a growth of 31.8% compared to the previous year [5] - The company’s earnings per share (EPS) is forecasted to be 3.35 yuan in 2025, with a price-to-earnings (PE) ratio of 11 [5][8]

Group 1: Investment Recommendations - The top ten stocks for May 2025 include companies with significant growth potential, such as 假儅潂 (300502.SZ) with an EPS of 8.60 for 2025E and a PE of 0.51[5] - 腾讯控股 (0700.HK) shows strong business resilience with a projected EPS of 27 for 2025E and a stable PE of 19[11] - 紫金矿业 (601899.SH) is highlighted for its robust growth momentum, with an EPS of 1.54 for 2025E and a PE of 11.51, benefiting from rising gold and copper prices[17] Group 2: Market Trends and Analysis - A-shares experienced a decline of 1.42% in April 2025, with a focus on policy and funding in May[8] - The report suggests that A-shares are likely to experience a volatile recovery in May, emphasizing the importance of structural opportunities[8] - The investment landscape is influenced by policies and capital flows, with a recommendation to focus on sectors benefiting from government support[8] Group 3: Financial Performance Metrics - 假儅潂 (300502.SZ) has an annualized return of 79.36% and a volatility of 76.22%[12] - 腾讯控股 (0700.HK) shows an impressive annualized return of 103.54% with a volatility of 56.54%[12] - The projected revenue for 腾讯控股 is expected to reach 711,566 million yuan in 2025, with a growth rate of 7.8%[15]

Group 1 - Australian mining companies have experienced a significant decline in iron ore production, dropping by 10% [1] - There is a persistent demand for replenishment ahead of the holiday season, indicating ongoing market activity [1] - The question remains whether iron ore prices can break through the current trading range amidst these supply and demand dynamics [1]

Core Viewpoint - The company reported strong Q1 2025 results with a significant increase in net profit, driven by growth in the copper and cobalt segments despite a decline in revenue and sales volume [1][2]. Financial Performance - In Q1 2025, the company achieved revenue of 46.006 billion yuan, a year-on-year decrease of 0.25% and a quarter-on-quarter decrease of 21.05% [1]. - The net profit attributable to shareholders was 3.946 billion yuan, a year-on-year increase of 90.47% but a quarter-on-quarter decrease of 24.97% [1]. - The non-recurring net profit was 3.928 billion yuan, reflecting a year-on-year growth of 87.82% and a quarter-on-quarter decrease of 13.99% [1]. Segment Performance - The increase in net profit by 1.874 billion yuan year-on-year was primarily due to a gross profit increase of 4.376 billion yuan, attributed to the copper and cobalt segments [2]. - In Q1 2025, the prices for cathode copper and metallic cobalt were 9,352 USD/ton and 11.9 USD/pound, showing year-on-year changes of +10.8% and -11.9%, respectively [2]. - The production of copper and cobalt in Q1 2025 was 170,600 tons and 30,400 tons, representing year-on-year increases of 15.6% and 20.7% [2]. - Despite significant year-on-year production growth, the sales volume of copper and cobalt decreased quarter-on-quarter by 43.4% and 16.7% to 124,000 tons and 24,000 tons, respectively [2]. Strategic Developments - The company plans to acquire 100% of Lumina Gold for 581 million CAD, which includes the Cangrejos gold project in Ecuador with substantial resources [3]. - The Cangrejos project has a resource estimate of 1.376 billion tons with an average gold grade of 0.46 g/t, containing 638 tons of gold [3]. - The project is expected to have a lifespan of 26 years and will be developed in three phases, with an initial capacity of 30,000 tons per day [3]. - The company aims to achieve annual production targets of 800,000 to 1,000,000 tons of copper, 90,000 to 100,000 tons of cobalt, and over 10,000 tons of niobium by 2028 [3]. Investment Outlook - The company forecasts net profits of 14.975 billion, 17.521 billion, and 20.035 billion yuan for 2025-2027, with corresponding EPS of 0.70, 0.81, and 0.93 yuan [4]. - The projected PE ratios based on the latest stock price are 10X, 9X, and 8X for the respective years [4].

Core Viewpoint - The company reported strong financial performance for Q1 2025, with significant year-on-year and quarter-on-quarter growth in revenue and net profit, driven by increased production and favorable metal prices [1][2][3]. Financial Performance - In Q1 2025, the company achieved operating revenue of 16.542 billion yuan, a year-on-year increase of 50.74% and a quarter-on-quarter increase of 24.37% [1]. - The net profit attributable to shareholders was 808 million yuan, up 9.61% year-on-year and up 305.62% quarter-on-quarter [1]. - The net profit excluding non-recurring items was 781 million yuan, reflecting a year-on-year growth of 9.17% and a quarter-on-quarter growth of 331.23% [1]. Production and Pricing - The company's copper production reached 44,100 metric tons in Q1 2025, marking a year-on-year increase of 14.35% and a quarter-on-quarter increase of 5.81% [2]. - The production of zinc, lead, and molybdenum was 30,000, 16,700, and 1,200 metric tons respectively, with year-on-year growth rates of 18.17%, 38.38%, and 43.64% [2]. - Average prices for copper, lead, and zinc increased by 11.4%, 5.8%, and 14.1% year-on-year, while molybdenum concentrate prices rose by 5.1% [2]. Smelting Capacity and Cash Flow - The company has enhanced its smelting capacity, achieving annual capacities of 350,000 tons for copper, 200,000 tons for zinc, and 200,000 tons for lead [3]. - In Q1 2025, copper smelting production was 90,100 tons, up 54.83% year-on-year, while lead smelting production surged by 1,752.30% [3]. - Operating cash flow reached 2.615 billion yuan, a significant year-on-year increase of 423.69% [3]. Cost Management - The company effectively managed its expenses, with a period expense ratio of 3.75%, down 0.87 percentage points year-on-year [3]. - The breakdown of expense ratios included sales at 0.06%, management at 1.56%, R&D at 1.26%, and financial expenses at 0.87% [3]. Profit Forecast and Valuation - The company forecasts net profits of 3.226 billion, 3.969 billion, and 4.723 billion yuan for 2025-2027, with respective year-on-year growth rates of 10.06%, 23.03%, and 18.98% [4]. - Earnings per share (EPS) are projected to be 1.35, 1.67, and 1.98 yuan, with corresponding price-to-earnings (P/E) ratios of 11.4, 9.3, and 7.8 [4].

1. Report Industry Investment Ratings There is no information provided regarding the overall industry investment ratings in the given report. 2. Core Views of the Report - The US economy faces downward pressure as indicated by the significant decline in the Texas manufacturing index, leading to a weaker and volatile US dollar index [1][12]. - From late April to mid - May, treasury bond futures are expected to perform better than in the second half of April, and the strategy of buying on dips has increased cost - effectiveness [2][19]. - Steel prices are likely to continue to fluctuate in the short term, with the market being rational and cautious about administrative production cuts [3][22]. - For zinc, the medium - term supply - demand situation remains loose, and the logic of shorting on rallies is maintained, while attention should be paid to controlling positions due to potential impacts on the domestic manufacturing PMI from tariffs [4][45]. - Oil prices are fluctuating downward as the market awaits further clarification of OPEC+ policies [5][50]. 3. Summary by Relevant Catalogs 3.1 Financial News and Comments 3.1.1 Macro Strategy (Foreign Exchange Futures - US Dollar Index) - The Texas manufacturing index dropped to its lowest level since May 2020, indicating continued downward pressure on the US economy and a bearish outlook for the US dollar index in the short term [12][13]. 3.1.2 Macro Strategy (US Stock Index Futures) - The US Treasury has raised its borrowing estimates for the second and third quarters. Although the market has temporarily set aside concerns about long - term debt sustainability, the sustainability of the risk - preference repair needs further observation due to the emerging impact of tariffs [14][17]. 3.1.3 Macro Strategy (Treasury Bond Futures) - The central bank's deputy governor mentioned the potential for timely reserve requirement ratio cuts and interest rate cuts. The market's core contradiction lies between the un - falsifiable expectation of loose monetary policy and the uncertainty of the implementation time of such policies. It is recommended to focus on the strategy of buying long - term treasury bond futures on dips [18][20]. 3.2 Commodity News and Comments 3.2.1 Black Metal (Rebar/Hot - Rolled Coil) - Shanghai's major projects are accelerating. Steel prices are in a volatile pattern. The market is waiting for details of administrative production - control policies. It is recommended to view steel prices with a short - term oscillatory perspective and maintain a hedging mindset on rallies [21][23]. 3.2.2 Black Metal (Coking Coal/Coke) - In the East China market, coking coal prices are expected to oscillate weakly in the short term. Although there is some support for prices in the short term due to reduced supply and pre - holiday restocking demand, the medium - to long - term trend remains bearish [24][25]. 3.2.3 Non - ferrous Metal (Polysilicon) - After the price decline, attention should be paid to the resumption of production in Southwest China during the wet season and the silicon wafer production schedule from May to June. Different trading strategies are recommended for different contracts [28]. 3.2.4 Non - ferrous Metal (Industrial Silicon) - The operating rate of organic silicon monomers is expected to decline. The supply side may see marginal changes due to price drops. It is recommended to partially take profits on previous short positions and wait for clear signals before considering bottom - fishing [29]. 3.2.5 Non - ferrous Metal (Lithium Carbonate) - Some salt factories plan to reduce production, but the demand is not expected to exceed expectations. It is recommended to adopt a bearish strategy in the second quarter [30][31]. 3.2.6 Non - ferrous Metal (Copper) - Macro factors have a relatively neutral short - term impact on copper prices, while the short - term fundamentals are strong, supporting copper prices and the premium. It is recommended to take a bullish approach and pay attention to the Shanghai copper inter - period positive spread strategy [34][35]. 3.2.7 Non - ferrous Metal (Nickel) - It is recommended to wait for dips to buy nickel, pay attention to position management, and hedge beta risks due to potential macro - sentiment fluctuations [38][39]. 3.2.8 Non - ferrous Metal (Lead) - The short - term bearish logic for lead is dominant. It is recommended to focus on shorting opportunities on rallies and take profit on the internal - external reverse spread [40][41]. 3.2.9 Non - ferrous Metal (Zinc) - In the short term, zinc prices are supported, but the medium - term supply - demand situation remains loose. It is recommended to look for short - selling opportunities on rallies near the moving average and maintain a long - term internal - external positive spread strategy [42][45]. 3.2.10 Energy and Chemical (Liquefied Petroleum Gas) - LPG prices are expected to oscillate weakly due to the impact of tariff policies and cost - profit squeezes [46][49]. 3.2.11 Energy and Chemical (Crude Oil) - Oil prices are expected to remain volatile in the short term as the market awaits OPEC+ policies [50][51]. 3.2.12 Energy and Chemical (Asphalt) - The fundamentals of asphalt are improving, but the impact on prices is limited due to relatively high inventory levels. It is recommended to wait and see [52][53]. 3.2.13 Energy and Chemical (PTA) - PTA prices are expected to be oscillatory and slightly bullish in the short term, but the rebound height will be restricted by the demand side in the long term [55][57]. 3.2.14 Energy and Chemical (Caustic Soda) - After a short - term rebound, caustic soda prices weakened again, but the room for further decline is relatively limited [58][59]. 3.2.15 Energy and Chemical (Pulp) - Pulp is expected to be in a weakly oscillatory pattern in the short term due to the large internal - external price gap and lack of significant positive news [60][61]. 3.2.16 Energy and Chemical (PVC) - PVC is expected to be weakly oscillatory in the short term as the short - term macro - impact has subsided [62]. 3.2.17 Energy and Chemical (Styrene) - Styrene prices are oscillating weakly recently. The supply - demand structure is expected to be negatively affected by reduced supply - side disturbances and weakening downstream demand [63][65]. 3.2.18 Energy and Chemical (Bottle Chips) - The bottle chip industry shows a situation of both increasing supply and demand. Although there is no significant short - term contradiction, the supply pressure is increasing, and processing margins are under pressure [65][66]. 3.2.19 Energy and Chemical (Soda Ash) - In the medium term, a bearish view on soda ash is maintained, while short - term attention should be paid to the impact of summer maintenance on the 09 contract [67]. 3.2.20 Energy and Chemical (Float Glass) - Glass futures prices are expected to remain in a low - level range due to weak reality and lack of positive policies, and attention should be paid to real - estate policy changes [69][70].

| 服务类型 | -10 THE BE | 图段后 | | | | --- | --- | --- | --- | --- | | | 胶量(胶) | 12.84 (49 | 数量(股) | 出演 [4] | | 一,顾雷备并遭遇寂/非改造股 | 192,956,314 | 12.80 | 224,402,854 | 14.88 | | 一天限量外挂设计 | 1,315,065,274 | 8720 | 1,203,610,734 | 05.12 | | 三、颜色影影 | 1.508.021.588 | 100 | 1.508.021.588 | 100 | | 股份资型 | 선 같다 같이 | 图段后 | | | | --- | --- | --- | --- | --- | | | 胶量(胶) | BE SHE (199) | 数量(股) | HON (NG | | 一,顾看条件渠道厨/非改造胶 | 192,956,314 | 12.80 | 208,679,584 | 13.84 | | 二、无限管务并设计的 | 1,315,065,274 | 87.20 | 1.299.342.004 | 06.16 ...

证券代码：601020 证券简称：华钰矿业 公告编号：临 2025-022 号 西藏华钰矿业股份有限公司 2024 年度生产经营数据公告 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。 根据上海证券交易所《上市公司自律监管指引第 3 号——行业信息披露》、 《上市公司行业信息披露指引第十六号——有色金属》要求，现将西藏华钰矿 业股份有限公司（以下简称"公司"）2024 年度（1-12 月）主要有色金属品种 产销量及盈利情况披露如下（财务数据已经审计）： 币种：人民币 | 主要产品 | | | 营业收入 | 营业成本 | 毛利率 | | --- | --- | --- | --- | --- | --- | | | 生产量 | 销售量 | （万元） | （万元） | （%） | | 锌精矿（金属吨） | 19,600.93 | 20,169.87 | 24,002.20 | 11,468.06 | 52.22 | | 铅锑精矿含银（金属吨） | 16,597.92 | 16,953.14 | 53,848.48 | 26,260 ...