智通财经APP讯，兴业合金(00505)发布公告，截至2025年6月30日止6个月(本期间)本集团权益股东应占 溢利较截至2024年6月30日止6个月(上期间)的人民币1.41亿元预期将减少约25%。本期间本集团权益股 东应占溢利的预期减少主要归因于：新增雇员及调薪导致人工成本增加;购置新设备及其他基础设施使 得折旧成本增加;及由于中国政府取消部分铜材产品出口退税政策，导致公司海外销售的毛利减少。 ...

Group 1 - The core point of the article highlights the significant increase in the stock price of China Silver Group, which rose by 8.24% to 0.46 HKD per share, with a trading volume of 7.1221 million HKD [1] - China Silver Group is a comprehensive enterprise in the silver and precious metals industry, focusing on silver manufacturing, jewelry retail, and silver trading [1] - The company is recognized as a leading private silver producer in China and has been a member of the London Bullion Market Association, receiving accolades as one of the "Top 20 Most Popular Silver Brands in China" for 12 consecutive years [1] Group 2 - As of the 2024 annual report, China Silver Group reported a total operating revenue of 4.314 billion CNY and a net profit of 9.966 million CNY [2]

（文章来源：新华财经） 汇丰银行在一份报告中说，美国积累的大量铜库存现在可能会减少，削弱美国对铜的需求。因买家预期 美国对铜征收更大关税，当前COMEX铜库存攀升至21年高位。汇丰银行预测，2025年铜价平均为每磅 4.24美元，2026年为每磅4.15美元。 ...

"反内卷"预期走弱带动情绪退坡， 投机头寸建议观望，抓住套保机会 陈张滢（黑色建材组） 锰硅周报 2025/08/02 0755-23375161 chenzy@wkqh.cn 从业资格号：F03098415 交易咨询号：Z0020771 CONTENTS 目录 01 周度评估及策略推荐 04 供给及需求 02 期现市场 05 库存 03 利润及成本 06 图形走势 产业链示意图 01 周度评估及策略推荐 周度要点小结 ◆ 天津6517锰硅现货市场报价5900元/吨，环比上周-110元/吨；期货主力（SM509）收盘报5962元/吨，环比上周-452元/吨；基差128元/吨， 环比上周+342元/吨，基差率2.12%，处于历史统计值中性水平。 ◆ 利润：锰硅测算即期利润（不含折旧等费用）维持低位，内蒙-338元/吨，环比上周-74元/吨；宁夏-317元/吨，环比上周-194元/吨；广西- 531元/吨，环比上周-57元/吨。（利润为测算值，仅供参考） ◆ 成本：测算内蒙锰硅即期成本（不含折旧等费用)在6058元/吨，环比上周+94元/吨；宁夏在6017元/吨，环比上周+94元/吨；广西在6331元/ 吨，环比 ...

Mergers and Acquisitions - Sanan Optoelectronics plans to acquire 100% equity of Lumileds Holding B.V. in collaboration with foreign investor Inari Amertron Berhad for a cash consideration of $239 million [1] - Wehua New Materials intends to acquire controlling stake in Jiangsu Heyutai Chemical Co., with the specific acquisition ratio to be negotiated [2] - Cixing Co. has terminated its plan to acquire 75% of Shunyi Technology due to disagreements on commercial terms with some counterparties [3] Performance Disclosure - Zangge Mining reported a 38.80% year-on-year increase in net profit attributable to shareholders for the first half of 2025, with total revenue of 1.678 billion yuan, a decrease of 4.74% [4] - Beijing Culture recorded a net loss of 233 million yuan for the first half of 2025, despite a significant revenue increase of 1944.24% to 158 million yuan [5] - Rongbai Technology reported a net loss of 68.39 million yuan for the first half of 2025, with revenue of 6.248 billion yuan, down 9.28% year-on-year [6] Shareholding Changes - Yuxin Technology's controlling shareholder, Yuqin Hongtai, plans to reduce its stake by up to 1.50%, amounting to a maximum of 10.56 million shares [7] - Henghua Technology's shareholder, Chen Xianlong, intends to reduce his stake by up to 1.50%, equating to a maximum of 9 million shares [8] - Kangpeng Technology's shareholders plan to collectively reduce their stake by up to 5.89% of the company's total equity [9]

Core Insights - The announcement by President Trump to exclude refined copper from a 50% import tariff led to a significant price drop in COMEX copper, with prices falling over 20% within an hour of the announcement [1] - The copper market experienced its second circuit breaker activation in less than a month, indicating high volatility and market sensitivity to tariff announcements [1][2] Group 1: Market Reactions - COMEX copper prices plummeted by 22% to $4.5030 per pound, equivalent to $9,927 per ton, triggering a rapid liquidation of long positions [1] - The trading halt occurred for two minutes due to the dynamic circuit breaker mechanism, which is activated when price fluctuations exceed ±10% within a rolling 60-minute window [2] Group 2: Tariff Implications - The White House announced that starting August 1, a 50% tariff will be imposed on various imported copper products, while raw copper inputs and scrap copper will be exempt from these tariffs [1] - The premium of COMEX copper over the London Metal Exchange (LME) benchmark has narrowed significantly from approximately $3,000 per ton to around $10 per ton, reflecting changes in market dynamics since the tariff proposal [2]

新京报贝壳财经讯（记者张晓翀）7月31日，朝阳金达钛业股份有限公司（简称"金钛股份"）发布公告 称，收到了北交所出具的《关于公司公开发行股票并在北交所上市申请文件的第二轮审核问询函》。涉 及收入核查充分性及业绩下滑风险、新增大额固定资产核查充分性、进一步说明成本核算准确性、未取 得危险化学品安全生产许可、进一步说明产能消化能力及固定资产折旧影响、研发费用核算准确性、毛 利率与可比公司差异等问题。 公司是主要从事海绵钛系列产品研发、生产和销售的高新技术企业。公司深耕高端海绵钛产品十余年， 已成为国内领先、国际一流的高端海绵钛生产基地之一，是中国钛行业产业链核心成员之一。 编辑 岳彩周 校对 穆祥桐 ...

Core Viewpoint - The announcement of a 50% tariff on imported copper products by the U.S. has led to a significant drop in copper prices, with COMEX copper falling over 20% on July 30, 2023, as market expectations shifted following the tariff implementation [1][2]. Tariff Impact - The U.S. government, under President Trump, has officially imposed a 50% tariff on imported copper semi-finished products and high-copper derivatives starting August 1, 2023, while excluding copper input materials and scrap from this tariff [2][3]. - The market had previously reacted to the tariff expectations, driving COMEX copper prices to nearly $6 per pound, but the actual announcement led to a substantial price correction [2][4]. Market Reactions - Following the tariff announcement, COMEX copper experienced a significant price drop, while London copper prices remained relatively stable, indicating a divergence in market reactions [2][4]. - Analysts expect that the copper market will return to a more rational pricing structure, especially if electrolytic copper is excluded from the tariff, which would eliminate arbitrage opportunities [3][4]. Additional Negative Factors - Rising copper inventories in the U.S. have contributed to the price decline, with COMEX copper inventories reaching their highest level since 2004, having more than doubled this year [4]. - The Federal Reserve's decision to maintain interest rates and the strengthening of the U.S. dollar, driven by better-than-expected economic data, have also negatively impacted copper prices [4]. Future Price Outlook - Despite the recent downturn, analysts remain cautiously optimistic about copper prices for the remainder of the year, with expectations for LME copper prices to average $9,500 per ton by Q4 2025, reflecting a 2.7% increase from previous forecasts [5][6]. - Concerns over declining copper ore grades and production levels continue to support copper prices, with significant reductions in production forecasts from major companies like Glencore [6].

Group 1 - The U.S. government announced a 50% tariff on certain imported copper products, effective August 1, which includes semi-finished copper products and copper-intensive derivatives [1][3] - The announcement led to a significant drop in copper prices, with New York copper prices falling over 18% to $4.60 per pound, and major copper producers Freeport-McMoRan and Southern Copper saw declines of approximately 10% and 6% respectively [1][3] - The new regulations are expected to disrupt global copper trade flows, as refined copper (electrolytic copper) is excluded from the tariff list, which may lead to a re-export of large quantities of copper previously shipped to the U.S. [4][5] Group 2 - Copper is the third most consumed metal globally, following iron and aluminum, with about half of the copper used in the U.S. being imported, primarily from Chile [5]

Group 1: Report's Investment Rating - No information provided Group 2: Core Views of the Report - In the first half of the year, global iron ore shipments decreased by 0.96% year-on-year. Australian and Brazilian shipments were affected by weather in Q1 and increased in Q2. Non-Australian and non-Brazilian shipments decreased significantly year-on-year, and non-mainstream shipments were more affected by ore prices compared to mainstream shipments from Australia and Brazil [2]. - It is expected that the output and shipments of the four major mines will increase in the second half of the year. Rio Tinto and Vale's output/shipments in the first half of the year did not reach half of their guidance targets, while FMG and BHP raised their guidance targets for fiscal year 2026 [2]. - The main contradiction in the black sector lies in the terminal demand for steel, which depends on policy support. The bargaining power of imported iron ore is relatively strong. It is expected that the downside space for iron ore in the second half of the year is limited, and the upside space depends on the trend of steel prices [2]. Group 3: Summary by Relevant Catalogs 1. Iron ore shipments in the first half of the year - In H1 2025, the cumulative global iron ore shipments were 778 million tons, a year-on-year decrease of 0.96%. Affected by cyclones in Australia and rainfall in Brazil in Q1, the cumulative shipments were 362 million tons, a year-on-year decrease of 3.39%. In Q2, shipments increased to make up for the previous shortfall and due to the end - of - quarter rush by Australian mines [3]. - From the source of shipments, the total shipments from Australia and Brazil in H1 were 648 million tons, accounting for 83% of global shipments, with a year-on-year increase of 0.84%. Non-Australian and non-Brazilian shipments were only 130 million tons, a year-on-year decrease of 9.09%. Iron ore prices have a greater impact on non-Australian and non-Brazilian shipments, and Australian and Brazilian shipments show obvious seasonal patterns [5]. 2. Expected increase in shipments of the four major mines in the second half of the year 2.1 Supply summary in the first half of the year - According to SteelHome data, the cumulative shipments of the four major mines in H1 2025 were 529 million tons, a year-on-year increase of 0.29%. Structurally, Rio Tinto and BHP's shipments decreased, FMG's shipments increased significantly, and Vale's shipments increased steadily [6]. - Rio Tinto's 2025 production guidance target remained unchanged. Affected by cyclones and capacity replacement in Q1, its H1 shipments decreased by 5% year-on-year. The Pilbara mine achieved its highest Q2 output since 2018, and the first shipment of iron ore from the Simandou project was advanced to around November 2025. The品位 of PB mixed ore decreased [8][11]. - FMG's Q2 output and shipments increased significantly quarter-on-quarter. In fiscal year 2025, it shipped 198 million tons of iron ore, a year-on-year increase of 4%, achieving its fiscal year target. It raised its 2026 fiscal year guidance target by 5 million tons to 195 - 205 million tons [12][13]. - BHP's Q2 2025 output was 77 million tons, and its fiscal year 2025 output was 290 million tons, a year-on-year increase of 1%. It raised its 2026 fiscal year guidance target by 2 million tons. It increased shipments in Q2 by optimizing operations [14][15]. - Vale's Q2 output was 83.6 million tons, a significant increase, mainly due to the strong performance of the Southeast and Northern systems. It adjusted its 2025 iron ore pellet target output downwards by 7 million tons due to weak demand [16][18]. 2.2 Supply outlook in the second half of the year - It is expected that the iron ore shipments of the four major mines will increase in the second half of the year. Rio Tinto is expected to speed up production and shipments, with the Xipo and Simandou projects as key sources of growth. FMG is expected to have some room for shipment growth. BHP's output and shipments are expected to remain sufficient. Vale's production is expected to accelerate in the second half of the year [19]. 3. Fundamental analysis 3.1 Domestic ore supply - In H1 2025, China's raw iron ore output was about 509 million tons, a year-on-year decrease of 9.1%. The cumulative output of iron concentrate from 433 domestic mines was 138 million tons, a year-on-year decrease of 8.0%. Domestically sourced iron accounted for about 19.0% of the total supply [20]. 3.2 Demand - More than half of the steel mills were profitable in H1. The total profit of规上 steel enterprises in H1 was 46.28 billion yuan, a year-on-year increase of 13.7 times. However, the revenue of the steel industry decreased by 7.5% year-on-year, and the cumulative crude steel output was 515 million tons, a year-on-year decrease of 3.0%. Steel mills' profits came from cost reduction. High steel mill profits supported high pig iron production and thus iron ore demand [21]. 3.3 Inventory - In H1, the inventory pressure on steel mills and ports was small. Steel mills' inventory was below 100 million tons after the Spring Festival, and the inventory - to - consumption ratio was around 30. The inventory of imported iron ore decreased by about 3 million tons year-on-year. The inventory at 47 ports decreased from about 156 million tons at the beginning of the year to 144 million tons by July, 14 million tons lower than last year [24][26]. 4. Future outlook - In Q1, iron ore prices were relatively firm. In Q2, coking coal prices rebounded, but iron ore price increases were limited. In July, affected by policy expectations, funds flowed into coking coal. The main contradiction in the black sector lies in steel terminal demand, which depends on policy support. In the second half of the year, iron ore supply is expected to be strong, demand depends on policies, and inventory pressure is not large. The downside space for iron ore is limited, and the upside space depends on steel prices [27][30].