Group 1 - The company reported a copper production of 13,914 tons for the three months ending March 31, 2025, representing an increase of approximately 6.8% compared to 13,026 tons in the same period of 2024, driven by a shift from electrolytic copper to copper concentrate production at the Ruashi mine [1] - The company temporarily halted the high electricity consumption solvent extraction-electrolytic refining (SX-EW) system at the Ruashi mine in January 2025 due to unstable power supply from the national grid in the Democratic Republic of Congo, leading to a decrease in electrolytic copper production [1] - The company sold 11,957 tons of copper in the first quarter, a decrease of approximately 9.5% from 13,206 tons in the same period of 2024 [1] Group 2 - Cobalt production in the first quarter was 71 tons, a significant decrease of approximately 86.6% from 530 tons in the same period of 2024, due to the temporary suspension of the SX-EW system [1] - The reduction in copper sales in the first quarter was impacted by the Congolese government's announcement in February 2025 to temporarily suspend all cobalt exports for four months, which unexpectedly affected copper concentrate sales at the Ruashi mine [2] - The Kinsenda mine's copper concentrate production was not affected by the cobalt export ban, while the company did not sell any cobalt during the period, compared to 318 tons sold in the same period of 2024 [2]

证券研究报告|行业研究报告 [Table_Date] 2025 年 6 月 10 日 [Table_Title] 安托法加斯塔 2025Q1 铜产量环比减少 22.8%至 15.47 万吨，铜单位净现金成本环比增长 25.2%至 1.54 美元/磅 [Table_Title2] 有色金属-海外季报 [Table_Summary] 季报重点内容: ► 生产经营情况 1）铜 2025Q1 铜总产量为 15.47 万吨，同比增长 19.6%，环比减少 22.8%。主要得益于集团的两个选矿厂-- Los Pelambres 选矿厂 和 Centinela 选矿厂产量的增加。 2025Q1 铜销量为 17.02 万吨，同比增长 47.1%，环比减少 11.3%。 2025Q1 铜实现价格为 4.69 美元/磅，同比增长 18.1%，环比增 长 25.1%。 2025Q1 扣除副产品收益抵免前的铜单位现金成本为 2.37 美元/ 磅，同比减少 11.2%，环比增长 17.9%。主要原因是集团的选 矿厂（Los Pelambres 选矿厂和 Centinela 选矿厂）产量增加。 2025Q1 铜单位净现金成本为 1.54 ...

Investment Rating - The industry rating is "Recommended" [7] Core Insights - In Q1 2025, copper production totaled 154.7 thousand tons, a year-on-year increase of 19.6%, but a quarter-on-quarter decrease of 22.8%. This was primarily due to increased output from the Los Pelambres and Centinela mines [2][13] - Copper sales reached 170.2 thousand tons, reflecting a year-on-year growth of 47.1% but a quarter-on-quarter decline of 11.3% [2][13] - The realized copper price was $4.69 per pound, up 18.1% year-on-year and 25.1% quarter-on-quarter [2][14] - The net cash cost for copper was $1.54 per pound, a decrease of 20.2% year-on-year but an increase of 25.2% quarter-on-quarter [3][13] - Gold production was 42.9 thousand ounces (1.33 tons), marking a year-on-year increase of 28.8% but a quarter-on-quarter decrease of 37.1% [4][13] - The realized gold price was $3,098 per ounce, up 42.4% year-on-year and 16.1% quarter-on-quarter [4][14] - Molybdenum production was 3,100 tons, with a year-on-year increase of 14.8% and a quarter-on-quarter increase of 10.7% [5][13] - The realized molybdenum price was $19.3 per pound, down 8.5% year-on-year and 10.2% quarter-on-quarter [5][14] Production and Cost Summary - The total copper production for Q1 2025 was 154.7 thousand tons, with a cash cost before by-product credits of $2.37 per pound [13] - The total gold production for Q1 2025 was 42.9 thousand ounces, with a realized price of $3,098 per ounce [4][14] - The total molybdenum production for Q1 2025 was 3,100 tons, with a realized price of $19.3 per pound [5][14] Project Development Updates - The Centinela Phase II project is progressing as expected, focusing on assembling mining equipment and completing concrete work for the foundations of the mills [8] - The Los Pelambres expansion project is also on track, with ongoing work on the concentrate pipeline and seawater desalination plant [9] - The Cachorro exploration project submitted an environmental impact statement in January 2025 for additional exploration work [10] 2025 Outlook - The annual copper production target remains unchanged, expected to be between 660,000 and 700,000 tons [11] - The cash cost guidance remains unchanged, with costs before and after by-product credits expected to be between $2.25-$2.45 and $1.45-$1.65 per pound, respectively [11] - Capital expenditure guidance remains at $3.9 billion [12]

证券研究报告|行业研究报告 [Table_Date] 2025 年 6 月 9 日 [Table_Title] KGHM 2025Q1 精矿含铜产量同比减少 5.6%至 16.92 万吨，净利润同比减少 22.2%至 3.30 亿兹罗 提 [Table_Title2] 有色金属-海外季报 [Table_Summary] 季报重点内容: ► 生产经营情况 2025Q1 公司精矿含铜产量 16.92 万吨，同比减少 5.6%。其中 KGHM Polska Miedź S.A.铜产量 13.40 万吨，同比减少 8.3%； KGHM INTERNATIONAL LTD.铜产量 1.44 万吨，同比减少 10.0%；Sierra Gorda S.C.M.铜产量 2.08 万吨，同比增长 22.4%。 2025Q1 公司银产量 320.7 吨，同比增长 1.5%。 2025Q1 KGHM Polska Miedź S.A.铜 C1 成本 3.15 美元/磅，同 比增长 4.7%，成本增加的主要原因是矿产开采税导致税负增 加，以及铜精矿自产产量减少，同时由于白银和黄金价格的上 涨，副产品的价格也有所上涨；KGHM INT ...

Core Insights - In May 2025, the national industrial producer's ex-factory prices decreased by 3.3% year-on-year and 0.4% month-on-month, while the purchasing prices dropped by 3.6% year-on-year and 0.6% month-on-month [1][4][6] - The average decline for both ex-factory and purchasing prices from January to May was 2.6% compared to the same period last year [1][7] Group 1: Year-on-Year Changes - In May, the prices of production materials fell by 4.0%, contributing approximately 2.98 percentage points to the overall decline in ex-factory prices [3][7] - The mining industry saw a significant price drop of 11.9%, while raw materials and processing industries experienced declines of 5.4% and 2.8%, respectively [3][7] - Consumer goods prices decreased by 1.4%, with food prices also down by 1.4%, while clothing prices remained stable [3][7] Group 2: Month-on-Month Changes - In May, production material prices decreased by 0.6%, impacting the overall ex-factory price level by approximately 0.44 percentage points [6][7] - The mining sector's prices fell by 2.5%, while raw materials and processing industries saw declines of 0.9% and 0.3%, respectively [6][7] - Consumer goods prices remained stable, with food prices down by 0.1% and clothing prices up by 0.2% [6][7] Group 3: Purchasing Prices - The purchasing prices for fuel and power decreased by 2.1%, while chemical raw materials fell by 1.2% and black metal materials by 0.6% [6][9] - Notably, the prices of non-ferrous metal materials and wires increased by 4.6% [9][10] - The average decline in purchasing prices from January to May was 2.6% compared to the same period last year [7][9]

Investment Rating - The report maintains a "Buy" rating for the industry and specific companies within the non-ferrous metals sector [5]. Core Views - The report expresses optimism for industrial metals due to easing tariff expectations and a favorable domestic macroeconomic environment [2]. - Industrial metal prices have shown resilience, with LME prices for aluminum, copper, zinc, lead, nickel, and tin experiencing increases of +0.12%, +1.83%, +1.25%, +0.51%, +1.21%, and +6.70% respectively [1][2]. - The report highlights a significant decrease in industrial metal inventories, particularly for copper (-11.66%) and aluminum (-2.33%), indicating tightening supply conditions [1][2]. Summary by Sections Industrial Metals - The report notes that the SMM copper concentrate import index increased by $0.27/ton, indicating a slight improvement in supply conditions [2]. - Domestic copper cable manufacturers' operating rates decreased to 76.08%, reflecting seasonal demand weakness [2]. - Aluminum prices are stabilizing after initial volatility due to geopolitical events, with domestic aluminum ingot inventories decreasing by 0.7 thousand tons [2]. Energy Metals - Lithium prices continue to decline but are approaching mining cost levels, while cobalt prices are expected to rise due to potential supply constraints from the Democratic Republic of Congo [3]. - Nickel prices have shown slight recovery, but overall demand remains weak, leading to expectations of continued price fluctuations [3]. Precious Metals - The report indicates a bullish outlook for gold prices due to expectations of U.S. interest rate cuts and ongoing geopolitical tensions [4]. - Silver prices have surged, reaching levels not seen since March 2012, driven by a favorable market environment [4]. - Key companies in the precious metals sector are recommended for investment, including Zijin Mining and Shandong Gold [4]. Key Company Earnings Forecasts - The report provides earnings per share (EPS) and price-to-earnings (PE) ratios for several companies, with recommendations for investment in companies like Zijin Mining (PE 12), Luoyang Molybdenum (PE 11), and Yunnan Aluminum (PE 6) [4].

兴业银锡 20250605 摘要 公司最近在股东层面和资源层面发生了较大变化。上个月底，债务重整迎来了 最终进展，大股东的债务问题即将解决。此外，公司上周披露了银根矿山的储 量报告，显示该矿山储量和品位均为世界级。这些因素使公司进入了发展的快 车道。 兴业银锡受益于白银和锡的牛市行情，尤其是在光伏需求爆发后，白银 需求大幅增加，而供给端增长有限，库存处于低位，价格弹性巨大。同 时，锡市场需求稳定，受半导体行业 AI 驱动影响显著，公司有望受益于 金属价格上涨。 公司白银产能规划显示，2025 年预计产量 300 多吨，2027-2028 年 三座矿山全部投产后将达 1,800 吨，接近全球前三大白银公司水平，未 来三年白银产能增长空间约为 2.7 倍，若包括布敦银根则增长空间可达 6 倍。 兴业银锡的白银生产成本具有显著优势，2024 年成本约为 8.9 美元/盎 司，低于全球前十大矿山平均成本 20 美元/盎司，处于全球成本曲线的 25%以内，具备较强的盈利能力和竞争优势。 公司通过一系列收购和托管，资源储量显著扩张，包括银漫矿业、宇邦 新材和布敦银根等，使公司整体储量达到亚洲第一、全球第八水平，并 计划收 ...

企业名称丹东吉镁工业科技有限公司法定代表人武拓宇注册资本1000万人民币国标行业采矿业>有色金 属矿采选业>常用有色金属矿采选地址辽宁省丹东市凤城经济开发区高校科技产业园企业类型其他有限 责任公司营业期限2025-6-4至无固定期限登记机关凤城市市场监督管理局 天眼查App显示，近日，丹东吉镁工业科技有限公司成立，法定代表人为武拓宇，注册资本1000万人民 币，营口镁航新材料有限公司、东沃（丹东）生物科技有限公司持股。 序号股东名称持股比例1营口镁航新材料有限公司73%2东沃（丹东）生物科技有限公司20%3武拓宇7% 经营范围含许可项目：非煤矿山矿产资源开采；矿产资源勘查；检验检测服务。（依法须经批准的项 目，经相关部门批准后方可开展经营活动，具体经营项目以相关部门批准文件或许可证件为准）常用有 色金属冶炼；贵金属冶炼；稀有稀土金属冶炼；选矿；工程和技术研究和试验发展；新材料技术研发； 矿物洗选加工；技术服务、技术开发、技术咨询、技术交流、技术转让、技术推广；资源再生利用技术 研发；固体废物治理；农林废物资源化无害化利用技术研发；金属材料销售；非金属矿及制品销售；金 属矿石销售；高性能纤维及复合材料销售；有色 ...

Report Industry Investment Ratings - Nickel: Rolling short [1] - Stainless steel: Hold [1] - Zinc: Bearish outlook [3] Core Views Nickel and Stainless Steel - The Philippines has emerged from the rainy season, leading to increased nickel ore arrivals and shipments, causing a seasonal decline in nickel ore prices and reduced costs across the nickel industry chain [1]. - Domestic nickel - iron production has slightly decreased due to negative profit margins, but Indonesian nickel - iron production has grown rapidly, with a year - on - year increase of over 30% and a month - on - month increase of over 10%. Total nickel - iron supply remains in surplus [1]. - The cost of nickel in the nickel - bean - to - nickel - sulfate process is around 127,000 yuan, and demand support from downstream nickel - sulfate costs is about 126,700 yuan/ton. The profit threshold for external procurement manufacturers has dropped to 133,000 yuan/ton [2]. - Nickel - iron and stainless - steel integrated manufacturers could use nickel - iron profits to offset stainless - steel losses. However, since May, nickel - iron profits have shrunk rapidly, potentially affecting stainless - steel production. Overall demand is weak [2]. - The main operating range for nickel is between 118,000 and 133,000 yuan, with a core range of 120,000 - 127,000 yuan [2]. Zinc - From January to April, the revenue of 11,945 large - scale non - ferrous metal industrial enterprises increased by 18.0% year - on - year, and the revenue profit margin was 4.15%, up 0.39 percentage points from the previous year [4]. - During the narrow - range zinc price fluctuations, miners' per - ton profit remained around 4,000 yuan/ton. Smelters can achieve profitability with by - products. Overall zinc supply is loose [4]. - Galvanized production capacity has expanded, but utilization and output are low, and manufacturers' production enthusiasm is weak. Zinc oxide production is driven by seasonal demand, with limited upside. Die - casting alloy production has increased, but downstream demand is expected to weaken. Zinc demand has some resilience but is difficult to improve significantly in the short term [5]. - The impact of tariffs has temporarily subsided. Short - term supply is stable with a slight increase, the demand peak season has passed, and manufacturers are pessimistic about terminal demand. Overall, a bearish view is taken [5]. Summary by Directory 1. Macro Indicators - The report presents data on exchange rates (nominal US dollar index: broad, USDCNY spot exchange rate) and the Dow Jones Industrial Average [7][8][14] 2. Spot Premiums and Discounts - It shows spot premiums and discounts for various metals such as nickel, zinc, lead, and stainless steel, including domestic and LME data [9][11][15][22][24] 3. Spread Analysis - Analyzes spreads such as the monthly spread of lead and zinc futures, the spread between high - nickel iron and electrolytic nickel, and the spread between nickel sulfate and electrolytic nickel [27][28][33][35] 4. Inventory Analysis - Displays inventory data for lead, zinc, and nickel in the Shanghai Futures Exchange and LME, including seasonal inventory charts [36][38][40] 5. Profit - Presents profit data for domestic zinc smelters, high - nickel iron production, nickel sulfate production, and stainless - steel production [49][51][53][55] 6. Import Profit and Loss - Shows import profit and loss data for lead, zinc, and nickel, as well as the Shanghai - London ratio for these metals [57][59][61]

智通财经6月4日电，秘鲁预计2025年铜产量280万吨。 ...