智通财经7月21日电，波兰最大综合矿业集团KGHM六月铜产量57500吨，同比下降1.4%；铜销量达 63000吨，同比增长6.8%。 ...

Core Viewpoint - The Hong Kong Hang Seng Index closed up 0.68% at 24,994.14 points, reaching a new high since February 2022, with significant contributions from state-owned enterprises [1] Group 1: Market Performance - The Hang Seng Index briefly surpassed the 25,000 points mark during trading [1] - The AH premium decreased by 0.67% to 125.44, marking the lowest level since June 2020, indicating a narrowing price gap between H-shares and A-shares [2] Group 2: Stock Movements - Major state-owned enterprises led the gains in the Hang Seng Index, with China Petroleum & Chemical Corporation rising by 5.53%, China National Petroleum Corporation by 3.61%, and China Shenhua Energy Company by 2.94% [1] - Several companies related to the Yarlung Tsangpo River hydropower project saw significant stock price increases, with Huaxin Cement, Dongfang Electric, and Chongqing Iron & Steel achieving daily price limits in A-shares, while their H-shares surged by 85.63%, 65.21%, and 25.53% respectively [2] Group 3: AH Share Premiums - As of July 21, the number of AH companies with H-shares priced higher than A-shares increased to 8, with CATL showing the highest premium of 36.69% [3] - Other companies with significant premiums included Huaxin Cement (17.99%), Dongfang Electric (14.84%), and Hengrui Medicine (14.1%) [3] Group 4: Market Trends and Outlook - The AH premium has remained low for the past month, with only 3 companies previously showing H-shares priced higher than A-shares [4] - Despite challenges such as external tariff pressures and a weakening domestic growth cycle, the Hong Kong market remains active, with a daily average trading volume of 2,406 million HKD, an increase of over 80% from 2024 [4] - The influx of southbound capital has also been robust, with an average daily inflow of 61.5 million HKD, nearly double the 34.7 million HKD from 2024 [4] Group 5: IPO and Market Dynamics - The number of companies listing in Hong Kong is increasing, with 10 A-share companies converting to H-shares, raising 70% of their funds from this transition [5] - Short-term AH premiums are constrained by a "hidden floor" due to dividend tax arrangements, while long-term macro factors supporting Hong Kong's capital market remain unchanged [5]

Summary of Key Points from the Conference Call Industry Overview - The focus is on the molybdenum industry, particularly its price dynamics and demand in various sectors such as energy, high-end manufacturing, and military applications [1][2]. Core Insights and Arguments - Molybdenum prices have surged to approximately 40,000 RMB per ton, driven by strong demand across multiple sectors, particularly in special steel and high-end stainless steel [1][2]. - The actual demand for molybdenum in China exceeded expectations in the first half of 2025, with a 13% year-on-year increase in "tender volume," indicating robust demand for special materials [6]. - The military-grade special steel demand is expected to rise gradually in 2025, with molybdenum iron and concentrate levels dropping significantly, suggesting potential for price increases due to supply-demand imbalances [1][9]. - A state-owned molybdenum mining company in central China is expected to halt production, impacting national output by approximately 7-8% and global supply by about 3-4%, which could further elevate prices [10]. Specific Applications of Molybdenum - Molybdenum is primarily used in the steel industry, with 85% of its demand coming from special steel and high-end stainless steel, particularly in military applications [3][4]. - The addition of molybdenum enhances the properties of steel, making it more resistant to high temperatures and corrosion, which is crucial for energy applications [3]. Market Dynamics and Trends - The steel industry is experiencing internal competition, leading to a shift towards higher-quality products, which indirectly boosts molybdenum demand as companies adjust their formulas to include more alloying elements [5]. - The growth in demand for high-end stainless steel has slowed, but military and manufacturing materials are emerging as new growth drivers [8]. Future Supply Expectations - Domestic molybdenum production is expected to see limited growth until at least 2028, with anticipated production growth rates of only 2-3% in 2026 and 2027 [11]. - Global molybdenum supply growth is projected at around 3% over the next two years, indicating a tight supply environment [11]. Price Projections - Molybdenum prices are expected to range between 4,000 and 4,500 USD per ton, with potential spikes to 5,000 USD per ton if military demand or production cuts catalyze further price increases [10][12]. Company Outlook - Jinmoly Co. is projected to achieve revenues exceeding 4 billion RMB if molybdenum prices reach 4,500 USD per ton, with a potential valuation increase from 8-9 times earnings to 11-12 times [13]. - Guocheng Mining, after asset injections, could produce 6,000-7,000 tons of molybdenum annually, with long-term profits expected to reach 2.5-3 billion RMB, suggesting a valuation increase from single digits to 15 times earnings [13].

Group 1 - The stock price of Guangsheng Nonferrous (600259) closed at 55.85 yuan on July 18, 2025, with an increase of 1.92% and a turnover rate of 6.74% [1] - On July 18, the net outflow of main funds was 211.74 thousand yuan, accounting for 0.17% of the total transaction amount, while retail investors had a net inflow of 245.15 thousand yuan, accounting for 0.19% [2][4] - Guangsheng Nonferrous held its fourth extraordinary general meeting of shareholders on December 30, 2024, where it approved the proposal to register and issue medium-term notes and ultra-short-term financing bonds, with a maximum issuance of 1 billion yuan [2] Group 2 - The company completed the issuance of its first ultra-short-term financing bond for 2025, with an issuance amount of 400 million yuan, a term of 252 days, and an interest rate of 1.78% [2][4] - The number of compliant subscription applications for this issuance was 14, with a total subscription amount of 765 million yuan, and the effective subscription amount was 515 million yuan [3]

Investment Rating - The report maintains an "Overweight" rating for the non-ferrous metals sector [1] Core Views - The non-ferrous metals sector experienced a weekly increase of 1.82%, ranking above average among all primary industries [14] - Industrial metal prices are under pressure due to rising U.S. inflation and a strong dollar, while domestic "anti-involution" sentiment creates a mixed outlook [27][28] - Gold prices are expected to remain stable in the short term due to the strong dollar and interest rate expectations [48] Summary by Sections Market Review - The Shanghai Composite Index rose by 0.69%, with the non-ferrous metals sector outperforming by 1.13 percentage points [14] - Among sub-sectors, small metals increased by 4.45%, energy metals by 3.31%, precious metals by 1.61%, industrial metals by 1.00%, and new metal materials by 0.19% [14] Industrial Metals - Copper: LME copper price reached $9,795/ton, up 1.36% week-on-week, while SHFE copper price was 78,410 CNY/ton, down 0.03% [32] - Aluminum: LME aluminum price was $2,638/ton, up 1.38%, and SHFE aluminum price was 20,510 CNY/ton, down 0.89% [37] - Zinc: LME zinc price was $2,824/ton, up 3.14%, while SHFE zinc price was 22,295 CNY/ton, down 0.38% [41] - Tin: LME tin price was $33,355/ton, down 0.63%, and SHFE tin price was 264,540 CNY/ton, up 0.23% [43] Precious Metals - Gold: COMEX gold closed at $3,355.50/oz, down 0.44%, while SHFE gold closed at 777.02 CNY/g, up 0.45% [47]

关于参股公司存续分立完成工商变更登记 暨关联交易进展公告 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、关联交易情况概述 司）第九届董事会第三十七次会议和第九届监事会第二十八 次会议审议通过了《云南铜业股份有限公司关于参股公司存 续分立暨关联交易的议案》，同意对参股公司凉山矿业股份 有限公司（以下简称凉山矿业）实施存续分立，分立完成后， 凉山矿业主体继续存续，同时分立形成一家新设公司凉山富 鼎矿业有限公司（以下简称富鼎矿业）。 证券代码：000878 证券简称：云南铜业 公告编号：2025-054 云南铜业股份有限公司 （公告编号：2025-031）。 二、关联交易进展情况 近日，本次存续分立的工商变更登记手续已完成，凉山 矿业及富鼎矿业分别取得各自营业执照。 本次分立完成后，凉山矿业与富鼎矿业的注册资本及股 权结构如下： 分立前 分立后 公司 名称 注册资本 注册资本 股东及持股比例 股东及持股比例 分立后形成的凉山矿业与富鼎矿业注册资本之和与分 立前的凉山矿业注册资本一致，公司对存续的凉山矿业以及 分立形成的富鼎矿业维持现有持股比例，各方实际权益在凉 ...

Group 1 - BHP Group reported record high production of iron ore and copper for the fiscal year, demonstrating the company's operational strength and resilience amid global uncertainties [1][2] - The company produced over 2 million tons of copper, with significant contributions from the Escondida copper mine in Chile, which reached its highest output in 17 years [1][2] - BHP's total copper production for the fiscal year was 2.0167 million tons, an 8% increase from the previous fiscal year's 1.865 million tons [2][3] Group 2 - The demand for global commodities remains resilient, driven by renewable energy investments, grid construction, strong machinery exports, and electric vehicle sales [2] - Despite potential economic slowdowns and trade tensions, stimulus measures from China and the U.S. are expected to mitigate short-term impacts on demand [2] - BHP's fourth-quarter copper production was 516,200 tons, up from 510,800 tons in the previous quarter and 2.25% higher than the same quarter last year [2][3]

Investment Rating - Industry rating: Recommended [7] Core Insights - The report highlights a 3.5% quarter-on-quarter increase in copper production to 160,100 tons in Q2 2025, with a year-on-year growth of 3.1% [2] - Copper sales decreased by 4.8% year-on-year and 9.6% quarter-on-quarter, totaling 153,800 tons [2] - The realized copper price was $4.40 per pound, reflecting a decrease of 6.3% year-on-year and 6.2% quarter-on-quarter [2] - The net cash cost for copper dropped to $1.12 per pound, a reduction of 42.5% year-on-year and 27.3% quarter-on-quarter, attributed to lower base costs and increased by-product revenues [3] Production and Financial Performance - Copper production for the year-to-date reached 314,900 tons, up 10.6% from 2024 [14] - Gold production in Q2 2025 was 48,300 ounces (1.50 tons), marking a 43.7% year-on-year increase and a 12.6% quarter-on-quarter increase [4] - Molybdenum production surged by 74.8% year-on-year and 41.9% quarter-on-quarter to 4,400 tons [5] - The average realized price for gold was $3,442 per ounce, up 43.5% year-on-year and 11.1% quarter-on-quarter [4] Project Development Updates - Ongoing developments include the assembly of key mining equipment at the Esperanza Sur mine and progress on the Centinela concentrator phase two [8] - The Los Pelambres expansion project is advancing with the installation of ventilation and lighting systems in the elevated tunnel [9] - The environmental impact assessment for the Zaldívar mine has been approved, extending its lifespan to 2051 [11] 2025 Outlook - The annual copper production guidance remains unchanged at 660,000 to 700,000 tons [12] - Cash cost guidance is maintained at $2.25 to $2.45 per pound before by-product credits and $1.45 to $1.65 per pound after by-product credits [12] - Capital expenditure guidance is also unchanged at $3.9 billion [13]

没有股票账户的投资者可关注国泰中证有色金属ETF发起联接A（013218），国泰中证有色金属ETF发 起联接C（013219）；国泰中证有色金属矿业主题ETF发起联接C（018168），国泰中证有色金属矿业 主题ETF发起联接A（018167）。 注：如提及个股仅供参考，不代表投资建议。指数/基金短期涨跌幅及历史表现仅供分析参考，不预示 未来表现。市场观点随市场环境变化而变动，不构成任何投资建议或承诺。文中提及指数仅供参考，不 构成任何投资建议，也不构成对基金业绩的预测和保证。如需购买相关基金产品，请选择与风险等级相 匹配的产品。基金有风险，投资需谨慎。 （文章来源：每日经济新闻） 西部证券指出，美国计划从8月1日起对所有进口铜征收50%关税，这将导致短期内美国以外地区铜价承 压，利多COMEX。铝价方面，LME铝库存周环比上涨7.85%。 有色60ETF跟踪的是中证有色指数，该指数由中证指数有限公司编制，从沪深市场中选取贵金属、工业 金属等有色金属行业内具有代表性的上市公司证券作为指数样本，全面覆盖有色金属产业链各细分领 域。作为反映中国A股市场有色金属行业整体表现的权威指标，该指数具有显著的周期性特征，其 ...

Investment Rating - Investment rating is maintained as "Buy" [2] Core Views - The company expects a net profit attributable to shareholders of 8.2 to 9.1 billion yuan for the first half of 2025, representing a year-on-year increase of 51.37% to 67.98% [6] - In the first half of 2025, copper production is projected to be 353,600 tons, up 12.68% year-on-year, and cobalt production is expected to be 61,100 tons, up 13.05% year-on-year [7] - The company completed the acquisition of Lumina Gold in June 2025, gaining 100% ownership of the Cangrejos gold mine in Ecuador, which has a resource reserve of 1.376 billion tons and a gold content of 638 tons [8] - The projected net profits for 2025, 2026, and 2027 are 16.217 billion, 18.093 billion, and 18.759 billion yuan respectively, with corresponding P/E ratios of 10.67, 9.57, and 9.23 [9] Financial Summary - The company anticipates a revenue of 213.029 billion yuan in 2024, with a year-on-year growth of 14.4%, and projected revenues of 223.839 billion, 232.065 billion, and 240.274 billion yuan for 2025, 2026, and 2027 respectively [11] - The gross profit margin is expected to be 16.5% in 2024, increasing to 17.0% by 2026 and remaining stable in 2027 [11] - The return on equity (ROE) is projected to be 19.1% in 2024, peaking at 20.2% in 2025, and then declining to 18.3% by 2027 [11]