Group 1 - Jinguang Electric won a bid for a State Grid procurement project worth 66.6956 million yuan, accounting for 8.97% of the company's projected 2024 revenue [1] - Yian Technology's biodegradable magnesium bone fixation screws received acceptance from the National Medical Products Administration [1] - East China Pharmaceutical's subsidiary received approval for clinical trials of HDM2005 for treating diffuse large B-cell lymphoma [1][2] Group 2 - New Hope reported April pig sales of 1.596 million heads, with revenue of 2.278 billion yuan, showing a month-on-month increase of 2.92% [3] - Yingfang Software received a government subsidy of 5.4 million yuan related to its earnings [4] - Hanyu Pharmaceutical's subsidiary's liraglutide raw material received acceptance from South Korea's MFDS [5] Group 3 - Tianshan Co. announced that its controlling shareholder pledged not to reduce holdings for 12 months [6] - Huaren Pharmaceutical's subsidiary obtained a medical device registration certificate for a disposable sliding mat [8] - Hanma Technology reported April truck sales of 1,127 units, a year-on-year increase of 56.96% [9] Group 4 - Huatai Co. successfully commissioned a 700,000-ton chemical wood pulp project [10] - Green Ecology's subsidiary won a bid for a tourism infrastructure project in Sanqingshan, with a bid amount of 238 million yuan [12] - Zhonghua Rock and Soil's subsidiary won a bid for the Urumqi Airport expansion project worth 181 million yuan [13] Group 5 - Aohua High-tech signed a contract for an optical system development worth 297 million yuan, representing 39.84% of its projected 2024 revenue [15] - Linglong Tire's controlling shareholder plans to increase its stake by 200 to 300 million yuan [17] - Tianbang Food reported April sales of 470,900 pigs, generating revenue of 691 million yuan [20] Group 6 - Weisheng Information won a project from State Grid Hebei Power Company worth 15.4587 million yuan [21] - Haon Automotive received a product designation letter from a leading new energy vehicle brand, with an estimated total revenue of 619 million yuan over the project's lifecycle [22] - Mingpu Optical Magnetic's subsidiary obtained a patent for an inductance testing machine [23] Group 7 - Dongni Electronics received a government subsidy of 3.82 million yuan, accounting for 33.17% of its projected 2024 net profit [24] - Xibu Animal Husbandry reported April fresh milk production of 3,024.95 tons, a year-on-year increase of 0.47% [25] - Jianke Intelligent obtained multiple patent certificates and an international trademark registration [26] Group 8 - Roman Co. won a bid for a 100MW photovoltaic power station project worth 403 million yuan [26] - Chenguang Biological obtained several patent certificates, including one in Europe [26] - Hengxing Technology's subsidiary received a government subsidy of 2 million yuan [27] Group 9 - Guanshi Technology's executives plan to reduce their holdings by a total of 359,400 shares [28] - Softcom Power's shareholder plans to reduce its stake by up to 1% [29] - Fuchuang Precision's major shareholder plans to increase its stake by 120 to 240 million yuan [29] Group 10 - Laofengxiang's subsidiary signed a strategic cooperation agreement with Shanghai Jiushi Sports [31] - Xingye Silver Tin plans to issue up to 300 million USD in overseas bonds [32] - *ST Gongzhi faces delisting due to financial report issues [34]

资料显示，指数样本每半年调整一次，样本调整实施时间分别为每年6月和12月的第二个星期五的下一 交易日。权重因子随样本定期调整而调整，调整时间与指数样本定期调整实施时间相同。在下一个定期 调整日前，权重因子一般固定不变。特殊情况下将对指数进行临时调整。当样本退市时，将其从指数样 本中剔除。样本公司发生收购、合并、分拆等情形的处理，参照计算与维护细则处理。 本文源自：金融界 从指数持仓来看，中证香港300资源指数十大权重分别为：中国海洋石油（30.06%）、中国石油股份 （12.61%）、紫金矿业（10.24%）、中国神华（9.93%）、中国石油化工股份（9.73%）、中国宏桥 （3.85%）、中煤能源（3.31%）、招金矿业（3.21%）、兖矿能源（2.66%）、洛阳钼业（2.42%）。 从中证香港300资源指数持仓的市场板块来看，香港证券交易所占比100.00%。 从中证香港300资源指数持仓样本的行业来看，石油与天然气占比52.82%、煤炭占比18.05%、贵金属占 比15.42%、工业金属占比10.09%、稀有金属占比3.18%、其他有色金属及合金占比0.44%。 金融界5月6日消息，上证指数高开高走，中 ...

有色金属与新材料 2025 年 5 月 5 日 有色金属与新材料周报 工业金属节前去库至低位，关注节后需求表现 强于大市（维持） 行情走势图 -30% -20% -10% 0% 10% 20% 30% 24-04 24-07 24-10 25-01 25-04 沪深300 有色金属 证券分析师 | 陈潇榕 | 投资咨询资格编号 | | --- | --- | | | S1060523110001 | | | chenxiaorong186@pingan.com.cn | 马书蕾 投资咨询资格编号 S1060524070002 mashulei362@pingan.com.cn 核心观点： 报 告 贵金属-黄金：美联储 6 月降息预期回落，黄金偏弱震荡。 截至 5.2， COMEX 金主力合约环比下跌 2.49%至 3247.4 美元/盎司。SPDR 黄 金 ETF环比下降 0.2%为 944.26 吨。4 月美国非农就业人数新增 17.7 万人；失业率 4.2%，与前值持平。4 月美国非农数据表现相对稳健， 市场对美联储 6 月降息预期回落，金价现震荡走弱。我们认为特朗普 政策反复带来的市场边际预期调整仍将持 ...

2025 年 5 月 5 日 有色金属与新材料周报 工业金属节前去库至低位，关注节后需求表现 强于大市（维持） 行情走势图 -30% -20% -10% 0% 10% 20% 30% 24-04 24-07 24-10 25-01 25-04 沪深300 有色金属 证券分析师 有色金属与新材料 | 陈潇榕 | 投资咨询资格编号 | | --- | --- | | | S1060523110001 | | | chenxiaorong186@pingan.com.cn | 马书蕾 投资咨询资格编号 S1060524070002 mashulei362@pingan.com.cn 核心观点： 贵金属-黄金：美联储 6 月降息预期回落，黄金偏弱震荡。 截至 5.2， COMEX 金主力合约环比下跌 2.49%至 3247.4 美元/盎司。SPDR 黄 金 ETF环比下降 0.2%为 944.26 吨。4 月美国非农就业人数新增 17.7 万人；失业率 4.2%，与前值持平。4 月美国非农数据表现相对稳健， 市场对美联储 6 月降息预期回落，金价现震荡走弱。我们认为特朗普 政策反复带来的市场边际预期调整仍将持续，且随 ...

Investment Rating - The report maintains a positive outlook on the metals and new materials industry, indicating a "Buy" recommendation for key sectors such as gold and copper [3][4]. Core Insights - The report highlights that the recent pullback in gold prices does not alter the long-term upward trend, supported by ongoing demand and supply dynamics in the copper and aluminum markets [3][4]. - The report emphasizes the importance of monitoring macroeconomic indicators, such as U.S. employment data and central bank policies, which influence commodity prices [4][21]. Weekly Market Review - The Shanghai Composite Index fell by 0.49%, while the Shenzhen Component decreased by 0.17%. The non-ferrous metals index underperformed, dropping 0.81% [5][4]. - Precious metals saw a decline, with gold prices down 2.49% and silver down 2.54% week-on-week [4][14]. - Year-to-date performance shows precious metals up 31.29%, while aluminum and energy metals have seen slight declines [9][4]. Price Changes - Industrial metals experienced varied price changes, with copper down 0.09%, aluminum up 0.14%, and zinc down 1.47% [14][4]. - Lithium prices have decreased, with battery-grade lithium carbonate down 2.19% [17][4]. Key Company Valuations - Notable companies in the sector include Zijin Mining, with a projected PE ratio of 22 for 2023, and China Aluminum, with a PE ratio of 15 [18][19]. - The report suggests focusing on companies with stable earnings and dividend attributes, such as Baosteel and Shandong Steel [4][19]. Supply and Demand Analysis - Copper demand remains stable, with operating rates for copper rods at 79.9%. However, the supply side shows a decrease in social inventory by 5.2% [29][4]. - Aluminum production is constrained by lower operating rates in downstream processing, with a current operating rate of 61.65% [45][4]. Growth Cycle Investment Recommendations - The report recommends investing in sectors with stable supply-demand dynamics, particularly in new energy manufacturing [4][4].

Investment Rating - The report maintains a "Buy" rating for the company, with a target price not specified [7]. Core Views - The company reported a significant year-on-year increase in net profit for Q1 2025, achieving a net profit of 3.946 billion yuan, up 90.47% year-on-year, primarily due to rising copper prices and cost reductions from lean management [1][4]. - The production of copper and cobalt exceeded expectations, with copper production increasing by 15.65% year-on-year, and both metals achieving over 27% of their annual production targets by the end of Q1 2025 [2][4]. - The company announced the acquisition of Lumina Gold Company for 581 million Canadian dollars, adding a gold product to its diversified resource portfolio, with the Cangrejos gold mine being the core asset of this transaction [4]. Financial Performance - In Q1 2025, the company achieved an operating revenue of 46.006 billion yuan, a slight decrease of 0.25% year-on-year, while the comprehensive gross margin improved to 22.34%, up 9.55 percentage points year-on-year [1][3]. - The average prices for copper and cobalt in Q1 2025 were 9,419.8 USD/ton and 11.8 USD/pound, reflecting a year-on-year increase of 10.3% for copper and a decrease of 12.4% for cobalt [2]. - The company forecasts net profits of 14.88 billion yuan, 16.03 billion yuan, and 18.06 billion yuan for the years 2025, 2026, and 2027, respectively, corresponding to a price-to-earnings ratio of 10.3, 9.6, and 8.5 times [4][6].

Group 1: Precious Metals - Gold - The short-term volatility of gold prices is expected to increase, while the medium to long-term outlook remains positive [2][6] - As of April 25, the COMEX gold futures contract decreased by 0.33% to $3,330.2 per ounce, and the SPDR Gold ETF fell by 0.6% to 946.27 tons [2][6] - Market expectations are being adjusted due to the fluctuating policies of Trump, which is likely to continue impacting gold prices [2][6] Group 2: Industrial Metals - Copper - As of April 25, the SHFE copper futures contract rose by 1.7% to 77,440 yuan per ton, with domestic copper social inventory at 181,700 tons, a decrease of 51,700 tons [3] - The market sentiment is recovering marginally, but remains relatively low due to uncertainties surrounding Trump's policies [3] - The demand for copper is expected to improve as domestic policies are implemented, with a tightening supply trend anticipated [3][6] Group 3: Industrial Metals - Aluminum - As of April 25, the SHFE aluminum futures contract increased by 1.7% to 20,030 yuan per ton, with domestic aluminum social inventory at 658,000 tons, down by 31,000 tons [4][5] - The traditional consumption peak season is approaching, leading to an increase in operating rates among downstream processing enterprises [5] - The aluminum price is expected to rise in the second quarter due to improved demand expectations from both domestic and overseas markets [5][6] Group 4: Investment Recommendations - The company suggests focusing on gold, copper, and aluminum sectors, with specific recommendations for Chifeng Gold, Zijin Mining, and Tianshan Shares [6]

Investment Rating - The report maintains a positive investment rating for the non-ferrous metals industry, highlighting strong performance in precious and industrial metals [5][7]. Core Insights - The report emphasizes the rising gold prices, which have reached new highs, and suggests focusing on strategic minor metal investment opportunities due to geopolitical tensions and supply chain dynamics [5][23]. - The non-ferrous metals index increased by 2.43% over the past two weeks, outperforming the Shanghai and Shenzhen 300 index by 1.46 percentage points [2][13]. Summary by Sections Market Review - The non-ferrous metals industry index rose by 2.43% from April 14 to April 25, 2025, ranking 11th among 31 sectors [2][13]. - Energy metals (4.34%), industrial metals (3.84%), and precious metals (1.74%) showed the highest gains, while minor metals and new metal materials declined by -1.66% and -1.78%, respectively [2][13]. Precious Metals - As of April 25, COMEX gold closed at $3,330.20 per ounce, up 2.31% over two weeks and 24.67% year-to-date [3][22]. - COMEX silver closed at $33.34 per ounce, increasing by 3.56% over two weeks and 11.19% year-to-date [3][22]. - The report notes that geopolitical risks and monetary policy expectations are driving gold prices, with a potential for short-term corrections but long-term support factors remaining strong [23][26]. Industrial Metals - LME copper settled at $9,364 per ton, up 2.00% over two weeks and 7.81% year-to-date [30]. - LME aluminum closed at $2,412 per ton, increasing by 5.56% over two weeks but down 4.89% year-to-date [30]. - The report highlights that copper prices are influenced by tariff policy changes and long-term demand from the renewable energy sector [30][34]. Minor Metals - Black tungsten concentrate (≥65%) price reached 146,000 CNY per ton, up 1.74% over two weeks and 2.28% year-to-date [37]. - Antimony ingot (99.65%) price was 237,500 CNY per ton, down 1.04% over two weeks but up 66.08% year-to-date [37]. - The report indicates that antimony prices are supported by supply constraints and strong demand from the photovoltaic sector [38]. Rare Earths - The rare earth price index was 171.62, down 5.28% over two weeks but up 4.79% year-to-date [50][51]. - The report notes that the market is experiencing downward pressure due to reduced demand from key industries amid a slowing global economy [51]. Energy Metals - Cobalt prices for electrolytic cobalt averaged 240,500 CNY per ton, up 2.78% over two weeks and 41.06% year-to-date [57]. - Lithium carbonate (99.5% battery grade) averaged 69,800 CNY per ton, down 2.51% over two weeks and down 7.06% year-to-date [60]. Investment Recommendations - The report suggests focusing on strategic minor metals due to changing supply dynamics and geopolitical factors, recommending companies involved in these sectors [5][51].

Investment Rating - The report maintains a positive investment rating for the non-ferrous metals industry, highlighting strong performance in precious and industrial metals [5][7]. Core Insights - The report emphasizes the recent surge in gold prices, reaching new highs, and suggests focusing on strategic minor metal investment opportunities due to geopolitical tensions and supply chain dynamics [5][23]. - The non-ferrous metals index increased by 2.43% over the past two weeks, outperforming the Shanghai and Shenzhen 300 index by 1.46 percentage points [2][13]. Summary by Sections Market Review (April 14 - April 25, 2025) - The non-ferrous metals industry index rose by 2.43%, ranking 11th among 31 sectors, with energy metals (4.34%), industrial metals (3.84%), and precious metals (1.74%) leading the gains [2][13]. Precious Metals - As of April 25, COMEX gold closed at $3,330.20 per ounce, up 2.31% over two weeks and 24.67% year-to-date. COMEX silver closed at $33.34 per ounce, up 3.56% over two weeks and 11.19% year-to-date [3][22]. - The report notes that geopolitical risks and monetary policy changes are driving gold prices, with a recent peak above $3,400 per ounce [23][24]. Industrial Metals - LME copper settled at $9,364 per ton, up 2.00% over two weeks and 7.81% year-to-date. LME aluminum closed at $2,412 per ton, up 5.56% over two weeks but down 4.89% year-to-date [30][33]. - The report attributes copper's recent price increase to easing tariff policies and strong demand from the renewable energy sector [30][34]. Minor Metals - Black tungsten concentrate (≥65%) was priced at 146,000 CNY per ton, up 1.74% over two weeks and 2.28% year-to-date. LME tin was priced at $31,975 per ton, up 1.52% over two weeks and 12.35% year-to-date [37][41]. - Antimony prices are experiencing high volatility due to supply constraints and strong demand from the photovoltaic sector [38][39]. Rare Earths - The rare earth price index was 171.62, down 5.28% over two weeks but up 4.79% year-to-date. Prices for praseodymium-neodymium oxide fell by 5.14% over two weeks [50][51]. - The report indicates that recent export control policies are impacting market dynamics, with demand from new energy sectors remaining strong [51]. Energy Metals - Cobalt prices are stable, with electrolytic cobalt averaging 240,500 CNY per ton, up 2.78% over two weeks and 41.06% year-to-date. Sulfuric cobalt (≥20.5%) averaged 49,375 CNY per ton, up 0.05% over two weeks [58][59]. - The report highlights cobalt's critical role in electric vehicle batteries and renewable energy technologies [58]. Investment Recommendations - The report suggests focusing on strategic minor metals due to changing supply dynamics and geopolitical factors, recommending companies involved in these sectors [5][51].

Group 1 - Jinchengxin signed a mining production contract with Western Mining for approximately 377 million yuan [1] - Weishinkang's subsidiary received a drug registration certificate for compound amino acid injection (18AA-Ⅸ) [1] - Kangyuan Pharmaceutical obtained a drug registration certificate for Yunu Jian granules [2] Group 2 - Zongheng Communication reported a net profit of 3.42 million yuan in Q1 2025, turning from loss to profit [3] - Phoenix Holdings achieved a net profit of 1.39 million yuan in Q1 2025, also turning from loss to profit [3] - Dayuan Pump Industry reported a net profit of 39.21 million yuan in Q1 2025, a decrease of 3.95% year-on-year [5] Group 3 - Shuo Beid reported a net profit of 14.53 million yuan in Q1 2025, an increase of 276.05% year-on-year [7] - Tongde Chemical reported a net profit of 10.31 million yuan in Q1 2025, a decrease of 51.51% year-on-year [8] - Vanadium Titanium Co. reported a net loss of 98 million yuan in Q1 2025, a decline of 40.84% in revenue [9] Group 4 - Xineng Taishan reported a net profit of 16.23 million yuan in Q1 2025, turning from loss to profit [10] - Andavil reported a net profit of 13.83 million yuan in 2024, a decrease of 87.82% year-on-year [12] - Xingyuan Environment reported a net loss of 302 million yuan in 2024, a reduction in loss by 69.46% [14] Group 5 - China Rare Earth reported a net loss of 287 million yuan in 2024, turning from profit to loss [15] - Zhejiang Huaye reported a net profit of 92.94 million yuan in 2024, an increase of 32.21% year-on-year [16] - Mengjie Co. reported a net profit of 24.88 million yuan in 2024, an increase of 10.99% year-on-year [18] Group 6 - Tongde Chemical reported a net loss of 71.99 million yuan in 2024, turning from profit to loss [19] - Rongsheng Development reported a net loss of 8.44 billion yuan in 2024, turning from profit to loss [21] - Sanwei Communication reported a net loss of 27.1 million yuan in 2024, turning from profit to loss [22] Group 7 - Wankang Technology reported a net loss of 16.3 million yuan in 2024, turning from profit to loss [24] - Huitian New Materials reported a net profit of 1.02 billion yuan in 2024, a decrease of 65.91% year-on-year [25] - Luzhou Laojiao reported a net profit of 13.47 billion yuan in 2024, an increase of 1.71% year-on-year [27] Group 8 - Haiyuan Composite reported a net loss of 16 million yuan in 2024 [29] - Hongchuan Wisdom reported a net profit of 15.8 million yuan in 2024, a decrease of 46.57% year-on-year [30] - Gree Electric reported a net profit of 32.18 billion yuan in 2024, an increase of 10.91% year-on-year [30]