证券代码：000426 证券简称：兴业银锡 公告编号：2025-62 内蒙古兴业银锡矿业股份有限公司 关于以场外要约收购方式收购 Atlantic Tin Ltd 的 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、本次交易概述 于 2025 年 4 月 30 日召开第十届董事会第十七次会议及第十届监事会第十五次 会议审议通过了《关于以场外要约收购方式收购 Atlantic Tin Ltd 的议案》。 同日，公司与 Atlantic Tin Limited（大西洋锡业有限公司，以下简称"目标公 司"，澳大利亚非上市公众公司）签署了《要约实施协议》，公司拟指定全资子 公司兴业黄金（香港）矿业有限公司（以下简称"兴业黄金（香港）"）以每股 附条件要约收购。公司将为兴业黄金（香港）本次交易提供资金保障。此要约也 同时面向任何在要约期内通过行使目标公司期权（包括目标公司未上市的附条件 期权、未上市的期权和未上市的员工期权等，下同）而发行的新增股份。要约期 为一个月，公司可以将其延长至 2025 年 10 月 31 日。如果没有法定自动延期或 目标公司同意 ...

Core Viewpoint - Zijin Mining Group Co., Ltd. expects to achieve a net profit attributable to shareholders of approximately RMB 23.2 billion for the first half of 2025, representing an increase of about RMB 8.1 billion or 54% compared to the same period last year [1] Performance Forecast - The company anticipates a net profit attributable to shareholders of approximately RMB 23.2 billion for the first half of 2025, up from RMB 15.1 billion in the same period last year, an increase of about RMB 8.1 billion or 54% [1] - The expected net profit after deducting non-recurring gains and losses is approximately RMB 21.5 billion, an increase of about RMB 6.1 billion or 40% year-on-year [1] Production and Sales Performance - The production volume of key mineral products for the first half of 2025 is as follows: - Copper: 570,000 tons, up 10% from 520,000 tons in the same period last year - Gold: 41 tons, up 17% from 35 tons - Zinc (Lead): 200,000 tons, down 9% from 220,000 tons - Silver: 223 tons, up 6% from 210 tons - Lithium Carbonate Equivalent: 7,315 tons, up 2,961% from 239 tons [1] - The sales prices of gold, copper, zinc, and silver have increased year-on-year during the reporting period [1]

Core Viewpoint - Zijin Mining (601899) expects to achieve a net profit attributable to shareholders of approximately RMB 23.2 billion for the first half of 2025, representing an increase of about RMB 8.1 billion compared to the same period last year, which is a year-on-year increase of approximately 54% [1] Financial Performance - The company anticipates a net profit attributable to shareholders, excluding non-recurring gains and losses, of approximately RMB 21.5 billion for the first half of 2025, which is an increase of about RMB 6.1 billion compared to the same period last year, reflecting a year-on-year increase of approximately 40% [1]

Group 1 - The company expects a net profit attributable to shareholders of 1.75 billion to 1.90 billion yuan for the current reporting period, representing a year-on-year growth of 34.93% to 46.49% compared to 1.296994 billion yuan in the same period last year [1] - The net profit after deducting non-recurring gains and losses is expected to be between 1.77 billion and 1.92 billion yuan, which indicates a year-on-year increase of 38.54% to 50.29% from 1.2775693 billion yuan in the previous year [1] - The basic earnings per share are projected to be between 1.1205 yuan and 1.2165 yuan, compared to 0.8258 yuan per share in the same period last year [1] Group 2 - The increase in net profit is primarily attributed to the investment income from the associated company, Tibet Julong Copper Co., Ltd., with an expected recognition of investment income of approximately 1.265 billion yuan, reflecting a growth of about 48.08% compared to the previous year [1]

Group 1 - The Federal Reserve's interest rate cut debate is intensifying, with Waller supporting a cut while Powell remains cautious, highlighting a divergence in perspectives on economic data and inflation impacts from tariffs [1][11] - Market reactions to news can be counterintuitive, as institutional interests often dictate stock price movements rather than the news itself, leading to situations where good news results in price declines and bad news leads to price increases [2][10] Group 2 - The analysis of two companies, "Shengtun Mining" and "Qifeng New Materials," reveals that institutional investors leverage market perceptions of concepts and good news to influence stock prices, rather than the actual performance metrics [6][9] - The importance of "institutional inventory" data is emphasized, as it reflects the trading activity of large investors, which can predict stock price trends more accurately than superficial news [9][10] Group 3 - The focus should be on how institutional investors utilize news, such as Waller's comments on interest rate cuts, rather than speculating on the timing or magnitude of potential cuts [11] - Ordinary investors are advised to look beyond surface-level information and to utilize quantitative data analysis tools to navigate the complexities of the market [12][13]

Core Viewpoint - The non-ferrous metal industry is experiencing positive performance forecasts from listed companies, driven by increasing demand in emerging sectors such as new energy and high-end manufacturing, which is expected to enhance the overall valuation of the sector [1][2]. Group 1: Company Performance - Nine A-share listed companies in the non-ferrous metal industry have reported optimistic performance forecasts for the first half of 2025, including China Northern Rare Earth Group High-Tech Co., Ltd. and Zhejiang Huayou Cobalt Co., Ltd. [1] - China Northern Rare Earth expects a net profit attributable to shareholders of 0.9 billion to 0.96 billion yuan, representing a year-on-year increase of 1882.54% to 2014.71% [2]. - Huayou Cobalt anticipates a net profit of 2.6 billion to 2.8 billion yuan, reflecting a year-on-year growth of 55.62% to 67.59% [2]. Group 2: Industry Trends - The non-ferrous metal sector is shifting from a cyclical to a growth-oriented phase, with companies benefiting from the demand in green sectors such as electric vehicles and wind power [1][3]. - The overall performance of upstream resource companies is strong, with a notable increase in orders and a positive outlook on rare earth prices due to market activity and supportive policies [2][3]. Group 3: Technological Development - Technology-driven companies are showing high-quality development, with improvements in product quality and market competitiveness, although their profitability has not been as pronounced as that of resource companies [4]. - Anhui Chuangjiang Technology New Materials Co., Ltd. expects a net profit of 0.24 billion to 0.29 billion yuan, benefiting from technological upgrades in semiconductor materials [4].

Group 1: Company Performance and Financials - The company achieved a net profit of approximately 245 million CNY in 2024, representing a year-on-year growth of 39.16% [6] - In 2024, the company produced 228 tons of silver, with 158.82 tons from Yinman Mining and 46.07 tons from Qianjinda [10] - The company aims to optimize its operational strategies to enhance profitability and increase market value [4] Group 2: Future Plans and Projects - The company is actively advancing the Yinman Phase II and Yubang Mining expansion projects, with a production capacity target of 8.25 million tons per year [15] - The completion of the Yinman Phase II project is expected to take 1-2 years [5] - The company plans to maintain a focus on silver and tin resources while moderately investing in copper and gold [8] Group 3: Market and Investor Relations - The company has not yet engaged in hedging transactions despite the rapid increase in silver prices [2] - There are no current plans for stock buybacks using loans, although the company is open to future considerations [5] - The company is committed to enhancing communication with shareholders and the capital market to improve market activity and brand image [4] Group 4: Strategic Partnerships and Collaborations - The company is exploring potential collaborations with top-tier global mining service companies to improve construction speed and safety [3] - The company has signed a strategic cooperation framework agreement with China Railway Tunnel Bureau for future TBM excavation operations [2]

Core Viewpoint - Cangge Mining (000408.SZ) expects a net profit attributable to shareholders for the first half of 2025 to be between 1.75 billion and 1.9 billion yuan, representing a year-on-year increase of 34.93% to 46.49% [1] Financial Performance - The growth in net profit is primarily attributed to the strong performance of its associate company, Tibet Julong Copper Co., Ltd., which is expected to contribute approximately 1.265 billion yuan in investment income, an increase of about 48.08% compared to the same period last year [1]

Market Overview - The market showed strong performance this week, with the Shanghai Composite Index surpassing 3500 points, recording three consecutive weekly gains. The Shanghai Composite Index rose by 1.09%, the Shenzhen Component Index increased by 1.78%, the ChiNext Index gained 2.36%, the STAR 50 Index rose by 0.98%, and the Beijing Stock Exchange 50 Index increased by 0.41% [1][3][5]. Economic Indicators - In June, the Consumer Price Index (CPI) turned from a decline to an increase, rising by 0.1% year-on-year, while the Producer Price Index (PPI) saw an expanded decline. The core CPI reached a 14-month high of 0.7% [2][9][10]. - The CPI's increase was driven by a significant recovery in industrial consumer goods prices, with international commodity prices contributing to increases in gold and platinum jewelry prices by 39.2% and 15.9%, respectively [9][10]. - The PPI's year-on-year decline expanded by 0.3 percentage points compared to the previous month, influenced by seasonal price decreases in raw materials and energy [9][10]. Policy Developments - The State Council issued 19 measures to stabilize employment, and the National Development and Reform Commission allocated an additional 10 billion yuan for employment support projects, which are expected to benefit 310,000 key groups [10][12]. - The government emphasized the need for industry self-discipline to prevent excessive competition, particularly in sectors like photovoltaic, steel, and cement [10][12]. International Trade and Monetary Policy - The U.S. has imposed tariffs on imports from multiple countries, with rates ranging from 25% to 50%, which may continue to pressure global trade growth expectations [12][13]. - The Federal Reserve is experiencing a divergence in opinions regarding interest rate policies, influenced by the potential impact of tariffs on inflation [12][13]. Sector Recommendations - The report suggests focusing on sectors such as banking, public utilities, construction decoration, non-ferrous metals, and technology, media, and telecommunications (TMT) for potential investment opportunities [14].

Group 1 - The company expects a significant increase in net profit for the first half of 2025, projecting a range of CNY 173 million to CNY 229 million, which represents an increase of CNY 63.79 million to CNY 119.79 million compared to the same period last year, equating to a year-on-year growth of 58.40% to 109.68% [1][2] - The projected net profit attributable to shareholders after deducting non-recurring gains and losses is estimated to be between CNY 159 million and CNY 212 million, indicating an increase compared to the previous year's figure [2] - The increase in profit is attributed to a combination of rising sales volumes and higher metal market prices, along with non-recurring gains from government subsidies totaling CNY 18.55 million [3] Group 2 - The previous year's net profit attributable to shareholders was CNY 109.21 million, with a total profit of CNY 195.45 million [2] - The company emphasizes that there are no significant uncertainties affecting the accuracy of the performance forecast [3]