Core Insights - Dabaoshan Mine, a key player in China's multi-metal mining sector, has achieved significant growth in revenue and profit, with Q1 2025 revenue reaching 459 million yuan and profit totaling 172 million yuan, marking year-on-year increases of 17.89% and 43.61% respectively [1] - The mine is committed to high-quality development through its "Climb Plan 2.0," focusing on smart and green initiatives to enhance operational efficiency and resource security [1][17] - Dabaoshan Mine has transitioned from iron to non-ferrous metals, positioning itself as a strategic resource base for copper, sulfur, tungsten, and molybdenum [3] Historical Context - Established in 1958, Dabaoshan Mine has played a crucial role in China's industrialization, initially producing 1.2 million tons of iron ore annually [3] - The mine has evolved to meet modern demands, aligning its development with national strategies to ensure resource security [3] Corporate Governance - The mine emphasizes high-quality party building to drive development, implementing a "13168" party work system to integrate governance with operational performance [5] - Political and ethical standards are prioritized to foster a positive work environment, enhancing productivity and commitment to national resource security [5] Resource Management - Dabaoshan Mine focuses on resource expansion and production, actively engaging in geological exploration and securing new mining opportunities [7] - The mine has established a presence in Xinjiang to broaden its resource acquisition strategy, aligning with the Belt and Road Initiative [7] Operational Efficiency - The mine has implemented a comprehensive operational strategy, achieving stable production levels despite adverse weather conditions, with a total excavation volume of 1.741 million cubic meters [10] - Cost-saving measures have led to significant financial benefits, with savings of 9.23 million yuan and additional revenue from resource recovery exceeding 55.9 million yuan [11] Technological Innovation - Dabaoshan Mine is advancing its technological capabilities, focusing on smart mining solutions and innovative resource recovery techniques, achieving industry-leading recovery rates for copper and sulfur [12][13] - The mine is integrating advanced technologies such as drones and automated systems to enhance operational safety and efficiency [13] Environmental Responsibility - The mine has initiated ecological restoration projects, significantly reducing soil erosion and increasing vegetation coverage in previously degraded areas [14] - Dabaoshan Mine's environmental efforts have garnered recognition, including awards for technological progress and ecological protection [14] Talent Development - The mine is committed to attracting and retaining talent through its "Baoshan Shengcai" plan, enhancing workforce capabilities and incentivizing high-performance employees [15] - A focus on training and development ensures a skilled workforce, essential for the mine's ongoing success and innovation [15] Future Outlook - Dabaoshan Mine aims to align its strategic goals with national priorities, focusing on asset securitization and potential IPO plans to enhance its market position [17] - The company is dedicated to transforming its operational framework to support higher quality development and contribute to national resource security [17]

投资咨询业务资格：证监许可【2012】31 号 镍：过剩格局难改，寻底未完待续 投资观点： 震荡偏空 报告日期 2025-6-30 半年度报告 ⚫ 观点总结 展望下半年，美联储降息节奏、海外关税政策等不确定事件将扰动市 场，国内政策端有望加码，宏观情绪仍将对镍价形成阶段性影响。基 本面来看，原生镍过剩格局难改，需求负反馈加剧，镍价寻底之路未 完待续，若矿端支撑走弱，或带动镍价估值进一步下移，下方估值可 关注一体化 MHP 产电积镍成本（随矿价浮动），但需警惕印尼政策及 宏观消息对镍价的影响。操作上关注逢高建空机会，可通过卖出虚值 看涨期权等组合策略增厚收益，注意控制风险。 ⚫ 风险提示 资源国镍相关政策变动、国内外宏观消息扰动、镍库存变化 | 镍（NI） | | --- | | 分析师：谢灵 | | 从业资格证号：F3040017 | | --- | | 投资咨询证号：Z0015788 | LME&SHFE 镍价格走势 农产品指数与油脂期货价格走势 数据来源：Wind 往期相关报告 1 行情回顾：上半年镍价先扬后抑，重心下移 2025 年上半年，镍价先扬后抑，价格重心下移，特朗普关税政策扰动反复，美联储降息 ...

| 铅锌日评20250630：反弹持续性有限 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | | 2025/6/30 指标 单位 今值 变动 近期趋势 | | | | | | | | SMM1#铅锭平均价格 元/吨 17,000.00 0.00% | | | | | | | | 沪铅期现价格 期货主力合约收盘价 元/吨 17,125.00 -0.58% | | | | | | | | 沪铅基差 元/吨 -125.00 100.00 | | | | | | | | 元/吨 升贴水-上海 -35.00 - 升贴水-LME 0-3 美元/吨 -22.14 -0.74 | | | | | | | | -58.00 -0.30 升贴水-LME 3-15 美元/吨 价差 | | | | | | | | 沪铅近月-沪铅连一 元/吨 -50.00 -15.00 | | | | | | | | 沪铅连一-沪铅连二 元/吨 -20.00 -15.00 铅 | | | | | | | | 沪铅连二-沪铅连三 元/吨 - 5.00 | | | | | | | | 期 ...

Core Viewpoint - Zijin Mining is expanding its overseas resource portfolio by acquiring 100% equity of RG Gold LLP and RG Processing LLP in Kazakhstan for a total consideration of $1.2 billion, aiming to enhance its asset scale and profitability in the international market [2][5][10]. Acquisition Details - The acquisition involves Zijin's wholly-owned subsidiary, Zijin Gold International, and its Singapore subsidiary, Jin Ha Mining, which signed an agreement with Cantech S.a.r.l on June 29, 2025 [1][5]. - The purchase price is based on a "cash-free, debt-free" principle as of September 30, 2025, with adjustments based on the financial statements of the target companies [1][5]. - The target companies, RGG and RGP, have a combined asset total of $566 million and a net asset value of $291 million as of the end of 2024 [7]. Project Overview - The RG Gold project is located in Akmola region, Kazakhstan, with a valid mining license until December 31, 2040, and includes six exploration rights [7][8]. - Projected gold production from 2022 to 2024 is 2.0 tons, 5.9 tons, and 6.0 tons respectively, with an estimated average annual production of 5.5 tons over the remaining service life of 16 years [8][10]. - The cash cost of gold production for 2024 is estimated at $796 per ounce [7]. Strategic Implications - The acquisition is expected to significantly enhance Zijin Gold International's asset scale and profitability, supporting its upcoming listing on the Hong Kong Stock Exchange [5][11]. - The RG Gold project is anticipated to create synergies with Zijin's existing operations in Tajikistan and Kyrgyzstan, facilitating deeper penetration into the resource-rich Central Asian market [10][11]. Financial Performance - Zijin Mining reported a revenue of 303.64 billion yuan for 2024, a year-on-year increase of 3.49%, and a net profit of 32.051 billion yuan, up 51.76% [11]. - In Q1 2025, the company achieved a revenue of 78.928 billion yuan, reflecting a 5.55% year-on-year growth, with a net profit of 10.167 billion yuan, up 62.39% [11].

情绪扰动降温 镍价震荡偏弱 核心观点及策略 一、 投资咨询业务资格 沪证监许可【2015】84 号 李婷 2025 年 6 月 30 日 021-68555105 li.t@jyqh.com.cn 从业资格号：F0297587 投资咨询号：Z0011509 黄蕾 huang.lei@jyqh.com.cn 从业资格号：F0307990 投资咨询号：Z0011692 高慧 gao.h@jyqh.com.cn 从业资格号：F03099478 投资咨询号：Z0017785 王工建 wang.gj@jyqh.com.cn 从业资格号：F3084165 投资咨询号：Z0016301 赵凯熙 zhao.kx@jygh.com. cn 从业资格号：F03112296 投资咨询号：20021040 敬请参阅最后一页免责声明 1 / 8 ⚫ 宏观面，美国一季度经济数据不及预，但近月表现尚可，经 济层面无明显扰动。地缘冲突降温，前期表现偏弱的商品市 场风险偏好升温，推高价格。 ⚫ 基本面：镍矿紧缺程度有所放缓，冶炼厂检修拖累镍矿消 费。而镍价在周初创下新低，刺激下游采买，现货升贴水大 幅拉升。不锈钢价格在情绪驱动下有所回升，现货 ...

有色新材料板块周观点更新 20260629 摘要 上周有色金属市场分化，黄金因中东局势缓和下跌，COMEX 黄金期货 收于 2,326.92 美元/盎司，下跌 94 美元/盎司。工业金属普涨，伦铜突 破 1 万美元/吨，镍、锡、锌涨幅超 5%，铜、铅、锌库存大幅减少，铝 库存增加。 稀有金属价格稳定，钋、钕价格零变动，镝、铪氧化物及金属价格小幅 回落。钨精矿、钨酸铵、锑精矿、锑锭、钼和钼精矿价格回落，其中钼 金属降幅较大，达 7.41%，铟及其他金属价格保持高位稳定。 能源金属方面，多晶硅和金属硅期货小幅反弹，现货价格未变，碳酸锂 期货明显上涨，现货价格小幅上涨，氢氧化锂价格稳定。刚果（金）延 长钴出口政策，钴金属价格小幅上涨。 宏观事件方面，美国总统不满美联储降息节奏，美联储官员对降息预期 存在分歧，但普遍认为下半年可能降息。香港发布数字资产发展政策 2.0，将贵金属、有色金属及可再生能源纳入代币化范畴。 行业动态方面，西部矿业增加玉龙铜业产能至 3,000 万吨，紫金矿业增 加在黑龙江的投资和采矿规模，中矿资源技改锂盐产线。冠盛锂业已涵 盖固态电池多种材料，有研新材转让硫化锂专利技术。 Q&A 上周有色金 ...

如何看待当前有色金属市场的牛市现象？ 有色（新质生产力元素）牛市持续 20250627 摘要 有色金属牛市由新能源需求、高端材料需求及供给端刚性约束（双碳政 策、疫情、贸易摩擦）共同驱动，铜、铝等金属供应紧张，支撑其高利 润。 小金属市场如钼、稀土、硒、铀等因高端制造业需求增长和供给限制， 价格持续上涨。钼价自 2016 年以来大幅攀升，反映了中国高端制造业 对关键金属需求的增长趋势。 新材料板块受益于第四次产业革命，具有强成长性。博迁新材和龙磁科 技在各自领域内均为全球领先企业，东睦股份在精密成型领域与华为深 度绑定，业绩增长潜力巨大。 东睦公司在汽车领域粉末冶金齿轮业务持续增长，消费电子领域与华为、 苹果、三星等合作，预计消费电子收入将显著增长。同时，在机器人领 域布局盘式电机，具备竞争优势。 隆基科技获得 AI 芯片电感国际大客户一供资格，标志着其向器件公司转 型。车载电感业务逐步放量发货，为未来高速成长奠定基础。 Q&A 有色金属市场的牛市主要基于三个方面。首先是美元走弱，其次是第四次产业 革命带来的新生产要素需求崛起，这与 2006 年主要依赖基建地产需求不同， 当前需求集中在军工航天、新能源新材料 ...

证券代码：000688 证券简称：国城矿业 公告编号：2025-051 国城矿业股份有限公司 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误导 性陈述或重大遗漏。 一、捐赠事项概述 乌拉特后旗地处巴彦淖尔市北部，荒漠、半荒漠化草原，面积大约2.1万平方 公里，约占全旗总面积的86%。受干旱少雨、风沙较大的气候条件影响，全旗生 态环境不断恶化，特别是西部大开发政策实施以来，随着工业经济的发展，人居 环境加剧恶化。为进一步推进全旗生态恢复建设，改善人居环境，促进地方发展， 经甲乙双方充分协商达成一致，乙方向甲方捐赠人居环境整治资金人民币195万 元。 上述协议经公司履行相应审议决策程序后签署并生效。 三、本次捐赠事项对公司的影响 本次东矿通过对外捐赠切实履行企业社会责任，为乌拉特后旗生态恢复建 设，改善人居环境贡献自身力量，有助于进一步提升公司社会形象和影响力。本 次捐赠资金来源为东矿自有资金，对公司当期及未来经营业绩不构成重大影响， 亦不存在损害公司及全体股东利益的情形。 四、备查文件 特此公告。 国城矿业股份有限公司董事会 为积极履行社会责任和促进当地发展，国城矿业股份有限公司（以 ...

锡周报报告 范玲 期货从业资格号：F0272984 投资咨询资格号：Z0011970 中航期货 2025-6-27 目录 01 报告摘要 01 报告摘要 03 数据分析 03 数据分析 02 多空焦点 02 多空焦点 04 后市研判 04 后市研判 多空焦点 PART 02 | 利 多 因 素 | 利 空 因 素 | | --- | --- | | 锡 矿 及 废 料 维 持 紧 张 | 消 费 电 子 及 汽 车 电 子 采 购 低 迷 | | 库 存 有 所 落 回 | 光 伏 组 件 排 产 降 幅 明 显 | | 美 元 指 数 明 显 回 落 | | 数据分析 PART 03 世界金属统计局（WBMS）公布的最新报告显示，2025年4月，全球精炼锡产量为2.98万吨，消费量为3.04万吨，供应短缺0.06万吨.2025年1-4月， 全球精炼锡产量为11.94万吨，消费量为11.17万吨，供应过剩0.77万吨。2025年4月，全球锡矿产量为2.76万吨。2025年1-4月，全球锡矿产量为 10.37万吨。 -2 -1 -1 0 0 1 1 02-28 03-28 04-28 05-28 06-28 0 ...

资金流入比率方面，金徽股份、锡业股份、ST盛屯等流入比率居前，主力资金净流入率分别为 37.62%、15.00%、11.19%。（数据宝） 金属锌概念资金流入榜 | 代码 | 简称 | 今日涨跌幅 | 今日换手率 | 主力资金流量（万 | 主力资金净流入比率 | | --- | --- | --- | --- | --- | --- | | | | （%） | （%） | 元） | （%） | | 000960 | 锡业股 份 | 5.95 | 4.85 | 18347.12 | 15.00 | | 600711 | ST盛屯 | 4.06 | 2.84 | 5979.69 | 11.19 | | 600961 | 株冶集 团 | 10.05 | 6.85 | 4936.49 | 8.67 | | 603132 | 金徽股 份 | 10.01 | 0.73 | 3426.46 | 37.62 | | 600338 | 西藏珠 峰 | 4.86 | 5.21 | 3105.09 | 5.94 | | 000603 | 盛达资 源 | 2.91 | 3.59 | 2984.22 | 8.22 | | 000426 ...