内容概况：海绵铪行业作为支撑核能发展和高端电子材料制造的战略性基础产业，近年来保持稳定增长 的发展态势。在核能领域，随着国内新一代核反应堆建设步伐加快和现役机组维护需求持续释放，海绵 铪作为控制棒关键材料的应用范围不断扩大；同时半导体产业国产化进程的深入推进，特别是先进制程 芯片对高纯铪靶材需求的快速增长，共同推动了行业产能的稳步提升和技术工艺的持续优化。通过分离 提纯技术的创新突破，国内海绵铪生产的回收效率和产品纯度得到显著改善，产品质量已逐步接近国际 先进水平。据统计，2024年中国海绵铪行业产量约为18吨。未来，随着可控核聚变等前沿技术研发投入 的持续加大，以及半导体制造工艺向更精密方向演进，海绵铪市场需求有望保持稳定增长，行业将迎来 更广阔的发展空间，预计2025年中国海绵铪行业产量将达到19吨。 相关上市企业：中国核电（601985）、中国广核（003816）、东方电气（600875）、钢研高纳 （300034）、抚顺特钢（600399）、西部超导（688122）、宏昌电子（603002）、美联新材 （300586）、雅克科技（002409）、上纬新材（688585）等。 相关企业：中信锦州金属股份 ...

1. Report Industry Investment Rating - No relevant content provided 2. Core Viewpoints - On August 19, the manganese - silicon 2601 contract was reported at 5914, down 3.21%. For the spot market, Inner Mongolia silicon - manganese spot was reported at 5850, down 50 yuan/ton. The market sentiment was affected by position limits. The production has been on an upward trend since mid - May, and after the recent price recovery, the inventory has decreased for 5 consecutive weeks to a neutral level. The operation should be treated as a volatile one [2]. - On August 19, the ferrosilicon 2511 contract was reported at 5678, down 3.53%. For the spot market, Ningxia ferrosilicon spot was reported at 5560, down 50 yuan/ton. After the profit improvement, the production has rebounded rapidly in recent weeks, and the inventory has also increased. The operation should be treated as a volatile one [2]. 3. Summary by Relevant Catalogs 3.1 Futures Market - SM main contract closing price was 5,842.00 yuan/ton, down 184.00 yuan; SF main contract closing price was 5,678.00 yuan/ton, down 202.00 yuan [2]. - SM futures contract holding volume was 601,464.00 lots, up 10,775.00 lots; SF futures contract holding volume was 467,055.00 lots, up 21,035.00 lots [2]. - Manganese - silicon top 20 net holding was - 83,020.00 lots, down 1,901.00 lots; Ferrosilicon top 20 net holding was - 36,662.00 lots, down 12,602.00 lots [2]. - SM 1 - 9 month contract spread was 72.00 yuan/ton, down 22.00 yuan; SF 1 - 9 month contract spread was 152.00 yuan/ton, down 4.00 yuan [2]. - SM warehouse receipts were 73,191.00 pieces, down 469.00 pieces; SF warehouse receipts were 20,766.00 pieces, up 50.00 pieces [2]. 3.2 Spot Market - Inner Mongolia manganese - silicon FeMn68Si18 was 5,850.00 yuan/ton, down 50.00 yuan; Inner Mongolia ferrosilicon FeSi75 - B was 5,640.00 yuan/ton, down 60.00 yuan [2]. - Guizhou manganese - silicon FeMn68Si18 was 5,900.00 yuan/ton, down 50.00 yuan; Qinghai ferrosilicon FeSi75 - B was 5,520.00 yuan/ton, unchanged [2]. - Yunnan manganese - silicon FeMn68Si18 was 5,900.00 yuan/ton, down 20.00 yuan; Ningxia ferrosilicon FeSi75 - B was 5,560.00 yuan/ton, down 50.00 yuan [2]. - Manganese - silicon index average was 5,870.00 yuan/ton, up 37.00 yuan; SF main contract basis was - 118.00 yuan/ton, up 152.00 yuan [2]. - SM main contract basis was 8.00 yuan/ton, up 134.00 yuan [2]. 3.3 Upstream Situation - South African ore: Mn38 block at Tianjin Port was 34.00 yuan/ton - degree, unchanged; Silica (98%) in the northwest was 210.00 yuan/ton, unchanged [2]. - Inner Mongolia Wuhai secondary metallurgical coke was 1,150.00 yuan/ton, unchanged; Semi - coke (medium material) in Shenmu was 680.00 yuan/ton, up 10.00 yuan [2]. - Manganese ore port inventory was 446.60 million tons, down 2.30 million tons [2]. 3.4 Industry Situation - Manganese - silicon enterprise operating rate was 45.75%, up 2.32%; Ferrosilicon enterprise operating rate was 36.18%, up 1.86% [2]. - Manganese - silicon supply was 207,060.00 tons, up 11,235.00 tons; Ferrosilicon supply was 112,900.00 tons, up 3,800.00 tons [2]. - Manganese - silicon manufacturer inventory was 158,800.00 tons, down 2,700.00 tons; Ferrosilicon manufacturer inventory was 65,180.00 tons, down 6,590.00 tons [2]. - Manganese - silicon national steel mill inventory was 14.24 days, down 1.25 days; Ferrosilicon national steel mill inventory was 14.25 days, down 1.13 days [2]. - Five major steel types' manganese - silicon demand was 125,382.00 tons, up 182.00 tons; Five major steel types' ferrosilicon demand was 20,313.96 tons, up 47.66 tons [2]. 3.5 Downstream Situation - 247 steel mills' blast furnace operating rate was 83.57%, down 0.20%; 247 steel mills' blast furnace capacity utilization rate was 90.24%, up 0.17% [2]. - Crude steel production was 7,965.82 million tons, down 352.58 million tons [2]. 3.6 Industry News - The current flood season is still ongoing, and there may be extreme emergencies. There may be typhoon formation by the end of August [2]. - On August 18, mainstream coking enterprises raised the coke price for the seventh time, with the tamping wet - quenched coke up 50 yuan/ton and the tamping dry - quenched coke up 55 yuan/ton, effective from 0:00 on August 19 [2]. - Premier Li Qiang emphasized further enhancing the effectiveness of macro - policies, stabilizing market expectations, expanding effective investment, and promoting private investment [2]. - The vice - president of the China Iron and Steel Association believes that the steel industry achieved good results in the first half of the year, with the fundamental reason being the significant reduction in crude steel production [2].

（原标题：美股异动｜必和必拓夜盘涨约1.9% 2025财年派息超预期） 必和必拓(BHP.US)夜盘涨约1.9%，报54.44美元。消息面上，必和必拓公布，截至6月30日的2025财年录 得基础盈利101.6亿美元，同比下降超25%，分析师平均预期为102.2亿美元，铜价上涨未能抵消铁矿石 和煤炭价格走弱的影响。董事会宣布每股派息60美分，低于去年74美分，但超过市场预期的51美分；由 此，全年派息达每股1.1美元，高于市场预期的1.01美元。 另外，必和必拓已与CoreX达成具有约束力的协议，同意以最高4.65亿美元的价格出售其位于巴西的铜 矿资产。该交易预计将于2026年初完成。(格隆汇) ...

当地时间6月3日，美国白宫发表声明称，美国总统特朗普宣布将进口钢铁和铝及其衍生制品的关税从 25%提高至50%。该关税政策自美国东部时间2025年6月4日凌晨00时01分起生效。 美国特朗普政府宣布扩大对钢铁和铝进口征收50%关税的范围，扩大的关税清单将于8月18日正式生 效。 当地时间8月15日，美国特朗普政府宣布扩大对钢铁和铝进口征收50%关税的范围，将数百种衍生产品 纳入加征关税清单。 美国商务部在当天晚间发布的《联邦公报》公告中表示，工业与安全局已将407个产品编码加入《美国 协调关税表》，这些产品将因所含钢铁和铝成分而被加征额外关税。 公告称，这些产品中非钢铁和铝的部分，将适用特朗普总统对特定国家商品所征收的关税税率。扩大的 关税清单将于8月18日正式生效。 美国劳工部发布的最新数据显示，美国7月份PPI（生产者价格指数）环比上涨0.9%，大幅高于6月份的 零增长和市场预期的0.2%，为2022年6月以来的最大涨幅；该指数同比涨幅为3.3%，大幅高于6月份的 2.3%和市场预期的2.6%，为今年2月以来的最高水平。 美国劳工部的数据还显示，7月份PPI上涨主要被服务业驱动。服务业生产者价格指数当月环 ...

Group 1 - The core viewpoint of the article highlights the significant financial performance of the company, with a notable increase in both revenue and net profit for the first half of 2025 [1] Group 2 - The company reported a revenue of 2,997,208,702.81 yuan for the first half of 2025, representing a year-on-year growth of 44.80% [1] - The net profit attributable to shareholders of the listed company reached 34,954,022.34 yuan, showing a remarkable year-on-year increase of 159.47% [1]

Core Viewpoint - China Rare Earth Holdings (03788) reported a revenue of RMB 1.405 billion for the six months ending June 30, 2025, representing a year-on-year increase of 10.77%, while the profit attributable to shareholders decreased by 2.93% to RMB 104 million [1] Financial Performance - The company's revenue for the first half of 2025 was RMB 1.405 billion, up 10.77% year-on-year [1] - The profit for the period was RMB 104.5 million, a decrease of 1.99% compared to the previous year [1] - Earnings per share stood at 5.4 cents [1] Operational Highlights - Production and sales of iron concentrate and high-purity iron exceeded both the previous year and the budget for the period [1] - Despite the overall market conditions leading to lower average selling prices per ton, the company managed to achieve a turnaround in its high-purity iron business, recording a pre-tax profit of RMB 14.96 million, compared to a pre-tax loss of RMB 35.50 million in the same period last year [1] Market Environment - The high-purity iron industry in China is facing intense competition and a general decline in prices [1] - The company is enhancing management levels across the entire process of procurement, production, and sales to meet its strategic goals [1]

Core Viewpoint - Southern Manganese (01091.HK) reported a significant decline in revenue for the first half of 2025, with a year-on-year decrease of 49.2% to HKD 2,912.4 million [1] Financial Performance - The operating profit for the company was HKD 207.0 million, a recovery from a loss of HKD 10.4 million in the first half of 2024 [1] - Profit attributable to the owners of the company was HKD 172.7 million, compared to a loss of HKD 162.8 million in the same period last year [1] Dividend Policy - The board of directors has decided not to recommend any interim dividend for the first half of 2025, consistent with the decision made for the first half of 2024 [1]

News Summary Core Viewpoint - The pricing and demand for silicon manganese have shown an upward trend, with significant increases in both price and volume compared to the previous month [1][2]. Group 1: Pricing and Volume - Hebei Steel Group set the silicon manganese price at 6200 CNY/ton for August, up from 5850 CNY/ton in July, marking an increase of 350 CNY/ton [1]. - The procurement volume for silicon manganese in August reached 16100 tons, an increase of 1500 tons from July's 14600 tons [1]. Group 2: Supply and Inventory - The manganese ore shipment from Gabon fell to 154800 tons in the first week of August, while port manganese ore inventory slightly increased to 4.49 million tons, up by 10000 tons [1]. - The port manganese ore prices have stabilized at low levels, providing short-term support for alloy prices [2]. Group 3: Market Sentiment and Outlook - Market sentiment remains mixed, with a cautious outlook on coal and coke performance, while the demand is expected to stabilize [2]. - The metallurgical coke prices are strong, but the support from manganese ore is considered weak, leading to a wait-and-see approach regarding production recovery [2].

Core Viewpoint - The company, Yongjie New Materials Co., Ltd., has announced its 2025 semi-annual profit distribution plan, proposing a cash dividend of 1.80 RMB per 10 shares, totaling approximately 35.41 million RMB, which represents 19.06% of the net profit attributable to shareholders for the first half of 2025 [7][22][21]. Company Overview - Yongjie New Materials Co., Ltd. held its fifth board meeting on August 11, 2025, to discuss and approve the semi-annual report and dividend distribution plan [4][5]. - The company has a total share capital of 196,720,000 shares as of June 30, 2025 [7][22]. Financial Data - The company reported a net profit attributable to shareholders of 185.82 million RMB for the first half of 2025 [22]. - The proposed cash dividend distribution amounts to 35,409,600 RMB (including tax) [7][22]. Important Matters - The board and supervisory committee confirmed that the semi-annual report and its summary accurately reflect the company's financial status and operational results without any false statements or omissions [5][13]. - The company has not experienced any significant changes in its operational situation during the reporting period [3]. Dividend Distribution Plan - The cash dividend of 1.80 RMB per 10 shares will be distributed based on the total share capital as of the equity distribution registration date, with no bonus shares or capital reserve fund transfers [7][21]. - The distribution plan will be adjusted if there are changes in the total share capital before the registration date [2][21]. Fund Management - The company raised a total of 1.01352 billion RMB from its initial public offering, with a net amount of 931.92 million RMB after deducting issuance costs [31]. - As of June 30, 2025, the company has utilized 520.33 million RMB of the raised funds, leaving a balance of 153.57 million RMB in the special account [32][34].

Report Industry Investment Rating - Not provided in the content Core Viewpoints - This week, the manganese ore market remained firm, and silicon-manganese alloy plants maintained just-in-time procurement. With the stable rise in coke prices, there was strong cost support for silicon-manganese alloy spot and futures prices [2]. - The silicon-manganese futures market showed high-level fluctuations this week, and the market still had a mindset of holding prices. High-level hedging was common in Inner Mongolia and Ningxia. The production in the north and south markets was stable. Due to smooth sales in late July, inventory decreased, and factories in early August were mostly producing on order to replenish inventory, so the inventory pressure was small, and manufacturers were more willing to maintain high prices. Given the market fluctuations, many manufacturers were waiting and watching, and some stopped quoting prices, waiting for the market to become clearer before adjusting prices [2]. - This week, HBIS Group's silicon-manganese procurement volume in August was 16,100 tons, an increase of 1,500 tons from the previous round. The first-round inquiry price for silicon-manganese in August was 6,000 yuan/ton, a rise of 150 yuan compared to the July pricing of 5,850 yuan/ton. The increase in steel tender quantity and inquiry price in August may support the short-term sentiment in the silicon-manganese market [2]. - Overall, the silicon-manganese market showed high-level fluctuations under the combined influence of multiple factors such as cost, supply, and demand this week. It is expected that this fluctuating trend will continue in the short term. Attention should be paid to the trend of silicon-manganese futures and HBIS's tender pricing [2]. - The market is expected to continue its relatively strong fluctuating trend in the short term [3] Summary by Directory Manganese-Silicon Supply - **Capacity**: Data on the monthly capacity of Chinese silicon-manganese enterprises and annual production in different regions (Guangxi, Guizhou, Inner Mongolia, Ningxia, Yunnan, and other areas) are presented in charts [7][8] - **Production - Annual**: Not elaborated further in text, only the title is provided [9] - **Production - Weekly, Monthly, and Capacity Utilization**: Charts show weekly and monthly production of Chinese silicon-manganese and weekly capacity utilization of Chinese silicon-manganese enterprises [11] - **Production - Regional Production**: Charts display monthly production in Inner Mongolia, Ningxia, and Guizhou, as well as daily average production in Inner Mongolia, Ningxia, Guizhou, and Guangxi [12][13] Manganese-Silicon Demand - **Steel Tender Purchase Price**: Charts show the monthly purchase prices of silicon-manganese by various steel companies, including Baoshan Iron & Steel Co., Ltd., Baowu Egang, Chengde Jianlong, Heilongjiang Jianlong, Yangchun Iron and Steel, Jilin Jianlong, and Nanjing Iron and Steel Co., Ltd. [16] - **Daily Average Hot Metal and Profitability**: Charts show the weekly daily average hot metal production and profitability of 247 Chinese steel enterprises [18] Manganese-Silicon Import and Export - Charts show the monthly import and export volumes of Chinese ferromanganese-silicon [20] Manganese-Silicon Inventory - Charts show the weekly inventory of 63 sample Chinese silicon-manganese enterprises, as well as the monthly average available inventory days in China, the northern region, and East China [22] Manganese-Silicon Cost - **Manganese Ore - Import Volume**: Charts show the monthly import volume of manganese ore from different sources (including total import volume by trade method, from Gabon, southern Africa, and Australia) [24] - **Manganese Ore - Port Inventory and Available Days**: Charts show the weekly port inventory of manganese ore in China, Qinzhou Port, and Tianjin Port, as well as the weekly average available inventory days in China [26] - **Manganese Ore - High-Grade Ore Port Inventory**: Charts show the weekly port inventory of high-grade manganese ore from different origins (Australia, Gabon, Brazil) in Qinzhou Port and Tianjin Port [28] - **Manganese Ore - Tianjin Port Manganese Ore Price**: Charts show the daily price of different types of manganese ore in Tianjin Port [29] - **Regional Cost**: Charts show the daily cost of silicon-manganese in different regions (Inner Mongolia, northern region, Ningxia, southern region, Guangxi) [30] Manganese-Silicon Profit - Charts show the daily profit of silicon-manganese in different regions (northern region, southern region, Inner Mongolia, Ningxia, Guangxi) [32]