Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's Q2 cost reduction efforts have shown significant results, and there is considerable price elasticity expected in the second half of the year [8] - The company achieved a revenue of 3.69 billion yuan in H1 2025, a year-on-year decrease of 17.8%, with a net profit attributable to shareholders of 400 million yuan, down 47.8% year-on-year [8] - The lithium carbonate sales volume in H1 2025 was 12,000 tons, with expectations of reaching 25,000 to 26,000 tons for the entire year [8] - The company is expected to maintain a low cost level in the second half of the year, with lithium prices projected to fluctuate around 80,000 yuan per ton, potentially contributing 300 million yuan in profit [8] - The company’s investment income significantly increased, with a 143% year-on-year growth in H1 2025 [8] - The profit forecast for the company has been adjusted, with expected net profits of 900 million yuan, 1.11 billion yuan, and 1.67 billion yuan for 2025, 2026, and 2027 respectively [8] Financial Summary - The total revenue forecast for 2023 is 12.19 billion yuan, with a year-on-year decrease of 21.76% [1] - The net profit attributable to shareholders for 2023 is projected at 3.41 billion yuan, reflecting a year-on-year decrease of 46.09% [1] - The earnings per share (EPS) for 2023 is estimated at 6.32 yuan, with a P/E ratio of 5.54 [1] - The company’s total assets are projected to reach 15.25 billion yuan by 2025, with a debt ratio of 9.84% [6][9]

证券研究报告 永兴材料 (002756 CH) 锂价下跌对公司上半年业绩形成拖累 2025 年 8 月 22 日│中国内地 特钢 | 华泰研究 | | | 中报点评 | 投资评级(维持): | 增持 | | --- | --- | --- | --- | --- | --- | | 2025 年 | 8 月 | 22 日│中国内地 | 特钢 | 目标价(人民币): | 38.39 | 李斌 研究员 | SAC No. S0570517050001 | libin@htsc.com | | --- | --- | | SFC No. BPN269 | +(86) 10 6321 1166 | | 张智杰* | 联系人 | | SAC No. S0570124050019 | zhangzhijie@htsc.com | 基本数据 | 目标价 (人民币) | 38.39 | | --- | --- | | 收盘价 (人民币 截至 8 月 21 日) | 34.98 | | 市值 (人民币百万) | 18,858 | | 6 个月平均日成交额 (人民币百万) | 322.43 | | 52 周价格范围 (人民币) ...

Group 1: Report Summary - The report is a daily report on lithium carbonate futures dated August 22, 2025, written by researchers Zhang Ping, Yu Feifei, and Peng Jinglin from the Nonferrous Metals Research Team of Jianxin Futures [2][3][4] Group 2: Market Review and Operation Suggestions - Lithium carbonate futures stopped falling, and the market selling sentiment eased. The logic of production cuts at the lithium resource end still exists, and the futures once turned positive. The spot price of electric carbon dropped by 500 to 85,200, with the spot at a premium to the futures, showing resistance to decline [9] - Australian ore remained flat at 960, lithium mica ore dropped by 15 to 2,110, the price of 5-series power ternary materials remained flat, and lithium iron phosphate dropped by 125. The short - term price decline led to price cuts in both upstream and downstream of the industrial chain [9] - The production profit of salt plants purchasing lithium spodumene narrowed to 3,613, and the production loss of salt plants purchasing lithium mica widened to 2,995. This week's weekly lithium carbonate production decreased by 842 tons to 19,138 tons compared with last week, and social inventory decreased by 713 tons to 141,543 tons. Production is still at a relatively high level, and it is judged that the inflection point of social inventory has appeared [9] - With the spot at a premium and the market's enthusiasm for speculating on ore - end production cuts remaining high before the end of September, it is expected that the downward space for lithium carbonate prices is limited [9] Group 3: Industry News - The Ningxia - Hunan ±800 kV UHV DC transmission project was put into operation on August 20. It is China's first approved UHV transmission channel mainly for transmitting new energy from large - scale wind and photovoltaic bases in the "Sahara - Gobi - Desert" area. The project has a supporting power generation capacity of 17.64 million kilowatts, including 13 million kilowatts of new energy (4 million kilowatts of wind power and 9 million kilowatts of photovoltaic power) [12] - Premier African Minerals announced that its Zulu lithium project has made a major breakthrough, transitioning from the commissioning phase to the refining optimization phase. The project has successfully produced salable spodumene concentrate with a lithium oxide grade of over 5% (up to 6.2%) and achieved full - process automated continuous production [12][13]

据证券之星公开数据整理，近期西藏矿业（000762）发布2025年中报。截至本报告期末，公司营业总收 入1.34亿元，同比下降65.91%，归母净利润-1530.5万元，同比下降113.78%。按单季度数据看，第二季 度营业总收入6598.03万元，同比下降73.01%，第二季度归母净利润-186.5万元，同比下降102.13%。本 报告期西藏矿业三费占比上升明显，财务费用、销售费用和管理费用总和占总营收同比增幅达 178.17%。 本次财报公布的各项数据指标表现不尽如人意。其中，毛利率25.51%，同比减55.69%，净利 率-24.47%，同比减159.05%，销售费用、管理费用、财务费用总计6156.5万元，三费占营收比46.04%， 同比增178.17%，每股净资产5.63元，同比减0.35%，每股经营性现金流0.09元，同比减83.06%，每股收 益-0.03元，同比减113.61% | 项目 | 2024年中报 | 2025年中报 | 同比增幅 | | --- | --- | --- | --- | | 营业总收入(元) | 3.92亿 | 1.34Z | -65.91% | | 归母净利润(元) ...

Group 1: Company Overview - The company is named Dazhong Mining Co., Ltd., with stock code 001203 and bond code 127070 [1][2]. Group 2: Investor Relations Activity - The investor relations activity was held on August 21, 2025, via Tencent Meeting, with participation from various securities firms and funds [2]. - Key company representatives included Chairman Niu Guofeng, CFO Zou Qingli, and Secretary of the Board Lin Puzheng [2]. Group 3: Lithium Mining Progress - The company is progressing with the mining license for the Hunan Jijiao Mountain lithium mine, with the application currently under review by the Ministry of Natural Resources [2][5]. - The company plans to complete the first phase of the Hunan lithium mine project, with a capacity of 20,000 tons, by 2026 [5]. - The Sichuan Jiada lithium mine has an estimated lithium equivalent of 148.42 thousand tons, exceeding expectations, with drilling completed over 15,100 meters and a 95% discovery rate [6]. Group 4: Financial Performance - For the first half of 2025, the company reported revenue of 1.972 billion CNY, with iron concentrate contributing 1.402 billion CNY and pellets 404 million CNY [4]. - Net profit for the same period was 406 million CNY, a decrease of 12.32% year-on-year, attributed to a 14.53% drop in the Platts index [4]. - The average selling price of iron concentrate was 827 CNY/ton, down 11.61% year-on-year, but still outperforming market benchmarks [4]. Group 5: Cost Management and Production - The company has successfully completed the pilot test of the sulfuric acid lithium extraction process, addressing key equipment and process issues [3][7]. - The production cost advantages from by-products like potassium sulfate and hydrofluoric acid are being evaluated, with potential revenue to offset production costs [7]. Group 6: Market Outlook - The iron ore market is expected to remain stable, supported by national infrastructure projects, despite potential impacts from the commissioning of the Ximangdu iron mine [6].

Investment Rating - The investment rating for the company is "Buy" (maintained) [2][6]. Core Views - The company reported a 33% year-on-year increase in net profit for the first half of 2025, despite a 13% decline in revenue, primarily due to falling lithium prices. The stable performance of the civil explosives segment supported overall earnings [3][4]. - The lithium business saw a revenue decline of 26% year-on-year, with a gross margin of 1.63%, while the civil explosives segment experienced a 3.7% revenue increase and a gross margin of 35.9% [5][6]. Financial Performance Summary - For the first half of 2025, the company achieved operating revenue of 3.423 billion yuan, a decrease of 13% year-on-year. The net profit attributable to the parent company was 136 million yuan, an increase of 33% year-on-year, while the net profit after deducting non-recurring items was 75 million yuan, a decrease of 0.17% year-on-year [4]. - In Q2 2025, the company reported operating revenue of 1.886 billion yuan, a quarter-on-quarter increase of 23%, with a net profit of 53 million yuan, down 35% quarter-on-quarter [4]. Lithium Business Insights - The lithium business generated revenue of 1.764 billion yuan in the first half of 2025, down 26% year-on-year. The average market price for lithium carbonate was 70,300 yuan per ton, a decrease of 22% compared to the average price in 2024 [5]. - The company is expected to produce 280,000 tons of Kamativ lithium concentrate this year, with plans to increase production to 350,000 tons next year, significantly enhancing its self-supply capability [5]. Civil Explosives Business Insights - The civil explosives segment reported revenue of 1.465 billion yuan in the first half of 2025, an increase of 3.7% year-on-year, with a net profit of 253 million yuan, reflecting a 2.4% growth [6]. - The company holds a market share of nearly 5% in industrial explosives and over 11% in electronic detonators in China, with significant market share increases in the Sichuan region [6]. Profit Forecast and Investment Recommendations - The company is projected to achieve net profits of 493 million yuan, 679 million yuan, and 843 million yuan for 2025, 2026, and 2027, respectively, reflecting a downward adjustment in lithium price and production volume expectations [6]. - The corresponding price-to-earnings ratios (P/E) are estimated to be 33, 24, and 19 times for the respective years, with a maintained "Buy" rating due to the significant potential for increased self-supply in the lithium business [6].

中伟股份盐湖锂矿的战略布局 2、成本支撑：当价格低于6万元/吨时，高成本锂辉石矿减产形成底部支撑。南美盐湖提锂现金成本仅 4,000-6,000美元/吨，显著低于锂辉石矿的6,000-8,000美元/吨。 3、需求端回暖：新能源汽车销量持续增长，叠加春节前补库需求，推动碳酸锂采购量上升。 碳酸锂作为动力电池的核心原材料，其价格波动牵动整个新能源产业链。2025年8月19日，碳酸锂期货 主力合约LC511价格近9万元/吨，较前期低点涨幅超50%。带动了拥有锂矿企业的资产价值重估。 碳酸锂价格上涨驱动因素 1、供应端收缩：江西地区锂矿资源审查导致部分产能停产，智利环保政策要求盐湖企业卤水抽水量减 少25%，直接影响雅宝和SQM等巨头的生产计划。 随着碳酸锂价格回升至8万元/吨以上，中伟股份盐湖资产正经历三重价值重估： 1、成本优势释放：阿根廷盐湖项目完全成本约4-4.5万元/吨，当前价格下毛利率达45%-50%，经济优势 显著 2、资源稀缺性溢价：全球优质盐湖资源有限且多被国际巨头控制，中伟股份全资控股的1000万吨LCE 资源具有战略价值。 3、产业链协同效应：作为年产能超20万吨的前驱体供应商，盐湖锂矿布局实 ...

Report Summary 1. Report Industry Investment Rating - Not provided in the content 2. Core View of the Report - The fundamentals of lithium carbonate may be in a situation of both supply and demand increasing, but the inventory is still at a relatively high level. The option market sentiment has turned bullish, with a slight increase in implied volatility. Technically, the 60 - minute MACD shows the double - line above the 0 - axis and the green column converging. The operation suggestion is to conduct short - selling transactions at high prices with a light position and pay attention to controlling risks in trading rhythm [2] 3. Summary by Relevant Catalogs 3.1 Futures Market - The closing price of the main contract is 82,760 yuan/ton, up 1,780 yuan; the net position of the top 20 is - 142,510 lots, down 3,052 lots; the position of the main contract is 390,069 lots, down 5,033 lots; the spread between near and far - month contracts is 820 yuan/ton, up 660 yuan; the Guangzhou Futures Exchange warehouse receipt is 24,045 lots, up 430 lots [2] 3.2 Spot Market - The average price of battery - grade lithium carbonate is 85,200 yuan/ton, down 500 yuan; the average price of industrial - grade lithium carbonate is 82,900 yuan/ton, down 500 yuan; the basis of the Li₂CO₃ main contract is 2,440 yuan/ton, down 2,280 yuan [2] 3.3 Upstream Situation - The average price of spodumene concentrate (6% CIF China) is 980 US dollars/ton, unchanged; the average price of amblygonite is 8,275 yuan/ton, down 250 yuan; the price of lepidolite (2 - 2.5%) is 2,645 yuan/ton, unchanged [2] 3.4 Industry Situation - The monthly output of lithium carbonate is 44,600 tons, up 500 tons; the monthly import volume is 13,845.31 tons, down 3,852.31 tons; the monthly export volume is 366.35 tons, down 63.31 tons; the monthly operating rate of lithium carbonate enterprises is 48%, down 4 percentage points; the monthly output of power batteries is 133,800 MWh, up 4,600 MWh [2] 3.5 Downstream and Application Situation - The price of ternary material (523 single - crystal type) in China is 131,000 yuan/ton, up 1,000 yuan; the monthly operating rate of ternary cathode materials is 52%, up 1 percentage point; the price of lithium iron phosphate is 34,300 yuan/ton, unchanged; the monthly operating rate of lithium iron phosphate cathodes is 51%, down 1 percentage point [2] - The monthly production of new - energy vehicles is 1,243,000 units, down 25,000 units; the monthly sales volume is 1,262,000 units, down 67,000 units; the cumulative sales penetration rate is 44.99%, up 0.68 percentage points; the cumulative sales volume is 8,220,000 units, up 2,286,000 units; the monthly export volume is 225,000 units, up 20,000 units; the cumulative export volume is 1.308 million units, up 600,000 units [2] 3.6 Option Situation - The total call position is 159,626 contracts, up 14,286 contracts; the total put position is 146,399 contracts, down 1,225 contracts; the put - call ratio of total positions is 91.71%, down 9.8577 percentage points; the at - the - money IV implied volatility is 0.44%, up 0.0080 percentage points [2] 3.7 Industry News - From August 1 - 17, the retail sales of the national passenger car market were 866,000 units, a year - on - year increase of 2% compared with the same period in August last year and an 8% increase compared with the same period last month. The cumulative retail sales this year were 13.611 million units, a year - on - year increase of 10%. The retail sales of the national passenger car new - energy market were 502,000 units, a year - on - year increase of 9% compared with the same period in August last year and a 12% increase compared with the same period last month. The retail penetration rate of the national passenger car new - energy market was 58.0%. The cumulative retail sales this year were 6.958 million units, a year - on - year increase of 28% [2] - From January - July 2025, the top ten SUV manufacturers in terms of sales sold a total of 5.599 million vehicles, accounting for 67.2% of the total SUV sales. Among these ten enterprises, the sales of Tesla and GAC Toyota decreased to varying degrees compared with the same period last year, while the sales of other enterprises increased to varying degrees [2] - Premier African Minerals announced that its Zulu lithium project has made a major breakthrough, and the plant has moved from the commissioning phase to the refining optimization phase [2] - Sigma Lithium's lithium concentrate production in the second quarter reached 68,368 tons, a year - on - year increase of 38%, exceeding the quarterly target of 67,500 tons; the full - sustaining cost dropped to 594 US dollars/ton, lower than the target value of 660 US dollars [2]

第一：白酒反攻结束 连续反攻两天，白酒今天高开低走，可能要歇歇才能够继续涨。 我之前说，龙头茅子没跟上大涨，可能要补涨，可以参考今天的中药。龙头开始补涨了。 不知不觉，A股逼近3800点了，已经远远超过2024年10月8日开盘的高位，而且看起来还有余力，想要继续攀爬。 上午，我继续重刷了一遍自己熟悉的板块，依旧发现没啥可以下手的。 于是，只能继续等待，做一个安静的观察者。 昨晚直播，为梦而战兄说这是知行合一，感谢能够看懂。就是如此，我们说好了不做能力圈之外的事情，就是不做。 不管外界怎么变化，我们都坚守自己内心的道，以股证道就是如此，这才是真正的以股会友。 板块上： 第二：证券高开低走 牛市旗手的证券，周一出现高位十字星之后，持续在高位来回震荡。 这个板块我熟悉，但这个位置我不会做，等待机会就好了，有就上，没有就拉倒。 第三：硅料、锂矿走势一般 作为反内卷的主力军，也是新能源行业的上游材料板块，近期锂矿、硅料走势很一般。 甚至有一种隐隐要下跌的感觉，总之这个位置，我找不到下手的地方和理由。 知行合一，而不是因为股市涨了、或者跌了，就把自己的原则抛到九霄云外。那学知识有什么用？ 我是财经聪哥，一个立志花10年让 ...

民生证券8月21日发布研报称，给予雅化集团（002497.SZ，最新价：14.04元）推荐评级。评级理由主 要包括：1）业务成本优化，毛利率小幅提升；2）自有矿产能逐步释放；3）锂盐龙头，产能加速扩 张；4）海外矿服业务提供新增长点。风险提示：地缘政治风险，扩产项目进度不及预期。 （文章来源：每日经济新闻） ...