天眼查App显示，近日，湖南逸鸿矿业有限公司成立，法定代表人为李军，注册资本1000万人民币，经 营范围为一般项目：金属矿石销售;贵金属冶炼;新型金属功能材料销售;金属链条及其他金属制品销售; 有色金属压延加工;金属材料销售;新材料技术研发;高性能有色金属及合金材料销售;供应链管理服务;选 矿（除稀土、放射性矿产、钨）;非金属矿及制品销售;资源再生利用技术研发;再生资源加工;常用有色 金属冶炼;货物进出口;技术进出口;进出口代理;固体废物治理（除依法须经批准的项目外，自主开展法 律法规未禁止、未限制的经营活动）。 ...

证券研究报告 | 2025年09月29日 策略快评 2025 年 10 月各行业金股推荐汇总 策略研究·策略快评 | 证券分析师： | 王开 | 021-60933132 | wangkai8@guosen.com.cn | 执证编码：S0980521030001 | | --- | --- | --- | --- | --- | | 证券分析师： | 陈凯畅 | 021-60375429 | chenkaichang@guosen.com.cn | 执证编码：S0980523090002 | 10 月金股推荐汇总 表1：2025 年 10 月各行业金股推荐标的汇总 | 行业名称 | 分析师 | 股票代码 | 股票名称 | 投资逻辑 | | --- | --- | --- | --- | --- | | | | | | 连接与处理能力兼具，全面受益端侧物联网 AI 化趋势。公司自身除了稀缺的 2-5G 全制式蜂窝通 信能力外，兼备端侧连接与计算能力。连接方面，WiFi/蓝牙/GNSS/Lora 等主流通信协议均有成 | | 电子 | 胡剑 | 688220.SH | 翱捷科技 | 熟产品；处理方面，相关 CP ...

Core Insights - In the first eight months of the year, Shanxi Province's total import and export value reached 91.47 billion yuan [1] - In August alone, imports amounted to 5.69 billion yuan, reflecting a year-on-year growth of 8.5% [1] Import and Export Performance - A total of 1,962 enterprises engaged in import and export activities, marking an increase of 11.8% year-on-year, with a net addition of 207 companies [1] - Major export products included mobile phone parts valued at 3.89 billion yuan, lithium-ion batteries at 290 million yuan (a significant increase of 126.5% year-on-year), and agricultural products at 1.18 billion yuan [1] - The total import value of various metal ores reached 16.98 billion yuan [1] Commodity Trends - The import of bulk commodities, including metal ores and coal, totaled 22.05 billion yuan, showing a year-on-year increase of 8.5%, which contributed to a 3.8 percentage point increase in the province's overall import growth rate [1] - The share of bulk commodities in total imports rose by 4.6 percentage points compared to the same period last year, reaching 49.5% [1] Special Supervision Areas - The Taiyuan Wusu Comprehensive Bonded Zone achieved an import and export value of 4.742 billion yuan, reflecting a year-on-year growth of 46.2%, ranking 99th among 161 comprehensive bonded zones nationwide [1] - The Shanxi Fanglue Bonded Logistics Center reported an impressive 19.57 billion yuan in import and export value, with a staggering year-on-year growth of 776%, ranking 17th among 85 bonded logistics centers nationwide [1]

Core Insights - In August, Shanghai's import and export value reached 387.43 billion yuan, marking a year-on-year growth of 11.7%, continuing a growth streak for seven consecutive months since February [1] - Exports amounted to 183.08 billion yuan, surpassing 180 billion yuan for the first time in a single month, with a growth rate of 17.1%, while imports were 204.35 billion yuan, growing by 7.3% [1] - For the first eight months of the year, the total import and export value was 2.94 trillion yuan, reflecting a growth of 4.5%, with an acceleration of 1 percentage point compared to the previous seven months [1] Export Performance - In August, the export of mechanical and electrical products reached 125.39 billion yuan, growing by 19%, accounting for nearly 70% of the total exports [2] - Notable growth was observed in the exports of ships and high-end machine tools, which increased by 45.1% and 43.7% respectively [2] - The demand for green products surged, with exports of electric vehicles, lithium batteries, and photovoltaic products growing by 37.1%, 112.1%, and 39% respectively [2] Import Dynamics - The import of metal ores, unrefined copper, and copper products increased by 15% and 21% respectively, reflecting a recovery in raw material manufacturing [2] - The development of the semiconductor and artificial intelligence industries drove significant growth in imports of semiconductor manufacturing equipment and computer accessories, which surged by 105.5% and 55.2% respectively [2] - Consumer goods imports also saw growth, with beef, milk powder, perfume, and sports equipment increasing by 10.5%, 43.2%, 29.4%, and 35.8% respectively [2] Market Opportunities - The strong performance in August was significantly driven by private enterprises, which accounted for 166.85 billion yuan in imports and exports, growing by 31.5% and contributing 11.5 percentage points to the overall growth [1] - Emerging markets such as Africa, ASEAN, the Middle East, and India saw exports totaling 53.74 billion yuan, a year-on-year increase of 45%, contributing 10.7 percentage points to the overall export growth [1] - The export of shipbuilding and marine engineering equipment, along with engineering machinery, showed remarkable performance, with increases of 10.6 times and 72.8% respectively, contributing 16.5 percentage points to the growth in emerging markets [1]

Group 1 - Sunrise Energy Metals Ltd, backed by Canadian mining entrepreneur Robert Friedland, has received a letter of interest from the U.S. Export-Import Bank for $67 million in debt financing [1] - The financing is intended for the Syerston Scandium project, which is significant for the production of scandium, a critical mineral [1] - This funding could enhance the company's ability to advance its project and potentially increase its market position in the mining sector [1] Group 2 - The involvement of the U.S. Export-Import Bank indicates a growing interest in supporting domestic production of critical minerals [1] - The Syerston Scandium project is positioned to contribute to the supply chain for industries reliant on scandium, such as aerospace and energy [1] - The financing aligns with broader trends in the mining industry focusing on sustainability and the development of essential materials for modern technologies [1]

Core Insights - The Ministry of Natural Resources announced significant achievements in resource management and exploration, highlighting the completion of the "14th Five-Year Plan" with a focus on sustainable development and resource protection [1][4]. Group 1: Land Resources - By the end of 2024, the total cultivated land area in China is projected to reach 1.94 billion acres, an increase of 28 million acres since 2020, ensuring the protection of arable land [4]. - Provinces such as Heilongjiang, Inner Mongolia, Henan, Jilin, and Xinjiang each have cultivated land exceeding 100 million acres, contributing to a comprehensive protection framework for quantity, quality, and ecology [4]. Group 2: Mineral Resources - A total of 163 types of minerals have been surveyed, with 534 new large and medium-sized oil and gas fields and mineral deposits discovered, marking significant progress in the exploration of strategic minerals like oil, gas, and lithium [4][6]. - Major breakthroughs in energy minerals include the discovery of 10 large oil fields and 19 large gas fields, with significant geological reserves of coalbed methane added in the Ordos Basin [7]. - New resource bases are emerging, such as the 1,500-ton gold deposit in Liaoning, which is expected to become another world-class gold mine following the Shandong Jiaodong gold mine [8][10]. Group 3: Marine Resources - China's marine production value has surpassed 10 trillion yuan, growing by 34% since the end of the 13th Five-Year Plan, accounting for 7.8% of the national GDP [12]. - The country has become one of the most comprehensive marine industry nations, with all 15 major marine industries represented and thriving [12]. - The marine economy is a significant driver of national economic growth, with marine aquaculture production leading globally for 36 consecutive years [12].

Gas Sector - Jiufeng Energy is providing special gas products to support low-orbit satellite launch missions [1] Metals Sector - Shengda Resources reports that the gold and silver concentrate produced by Jingshan Mining in the first half of the year will begin gradual sales in the third quarter [1] Liquid Cooling Sector - Wanma Technology is still in the development phase of liquid-cooled server cabinets for the communication industry [1] - Sulian Co., Ltd. is currently in a confidential stage regarding its cooperation with clients in the liquid cooling industry [1] Other Developments - Kangda New Materials has a subsidiary whose products are applied in the Tiangong-1 and Shenzhou-9 missions [1] - Zhejiang Zhenyuan's S1 production line for histidine products is scheduled to officially start production at the end of August [1] - Del Co., Ltd. has technical reserves related to hydrogen refueling machines and membrane electrodes [1] - Tuobang Co., Ltd. has established close cooperation with leading clients in humanoid robots for its hollow cup motors and components, and has received bulk orders [1]

Investment Rating - The report maintains a "Recommended" rating for the company [1] Core Views - The company's lithium business is under pressure due to falling lithium prices, while the cesium and rubidium salt segment supports overall performance [1][5] - The company achieved a revenue of 3.267 billion yuan in the first half of 2025, a year-on-year increase of 34.89%, but net profit attributable to shareholders decreased by 81.16% to 89 million yuan [4] - The cesium and rubidium salt segment saw a revenue increase of 50.43% to 708 million yuan, indicating strong performance in this area [4][5] Financial Performance Summary - In Q2 2025, the company reported a revenue of 1.730 billion yuan, a year-on-year increase of 33.61% and a quarter-on-quarter increase of 12.62% [4] - The average price of lithium hydroxide in China fell by 26.98% year-on-year to 67,385.47 yuan/ton in the first half of 2025 [4] - The lithium battery raw material segment's revenue decreased by 17.84% to 1.307 billion yuan, with gross profit down 74.82% to 142 million yuan [4] Business Segment Performance - The cesium and rubidium salt segment's gross profit increased by 50.15% to 511 million yuan, with the fine chemical business contributing significantly [4] - The company is enhancing its lithium salt production capacity through technological upgrades and new projects, aiming for a total capacity of 418,000 tons/year of lithium concentrate and 71,000 tons/year of battery-grade lithium salt [4][5] - The company is making progress in its copper and multi-metal strategic layout, with ongoing projects in Zambia and Namibia [4]

Core Viewpoint - The company, Shanjin International, has shown significant growth in revenue and net profit for the first half of 2025, driven by its metal trading and mining operations [1] Financial Performance - In the first half of 2025, Shanjin International achieved operating revenue of 9.246 billion yuan, representing a year-on-year increase of 42.14% [1] - The net profit attributable to shareholders reached 1.596 billion yuan, marking a year-on-year growth of 48.43% [1] Business Operations - Shanjin International is primarily engaged in metal commodity trading and non-ferrous metal mining, owning multiple gold and polymetallic mining enterprises [1] - The company has successfully implemented a strategy of exploration and resource expansion, adding 3.85 tons of gold metal in the first half of the year, further solidifying its resource reserves [1] Market Developments - The company's Hong Kong IPO is progressing smoothly, and its operations in the Yunnan region are steadily advancing [1] - The Namibian gold mine is expected to contribute additional output in the future [1] - The international gold price has been fluctuating at high levels, positively impacting the overall performance of the gold industry [1] Capital Flow - On August 20, Shanjin International experienced a net outflow of main funds amounting to 55.5376 million yuan, with a total net outflow of 1.52 billion yuan over the past five days [1]

Group 1 - Shandong Province's import and export volume reached 2.04 trillion yuan in the first seven months of the year, a year-on-year increase of 7.3% [1] - Exports amounted to 1.24 trillion yuan, growing by 6.6%, while imports were 793.2 billion yuan, increasing by 8.5% [1] - Shandong ranked first in import and export growth among the top five foreign trade provinces [1] Group 2 - Private enterprises in Shandong accounted for 1.55 trillion yuan in imports and exports, a year-on-year increase of 8.5%, representing 75.9% of the total [1] - State-owned enterprises had imports and exports of 183.43 billion yuan, growing by 12.2%, making up 9% of the total [1] Group 3 - Shandong's exports of mechanical and electrical products reached 599.03 billion yuan, a year-on-year increase of 10.7%, constituting 48.2% of total exports [2] - Key export items included auto parts at 84.4 billion yuan (up 1.7%), game consoles at 40.89 billion yuan (up 78.7%), and electronic components at 36.06 billion yuan (up 12.1%) [2] Group 4 - Shandong imported 63.83 million tons of crude oil, a year-on-year increase of 30.6%, valued at 238.02 billion yuan, up 15.9% [2] - The import of metal ores reached 15 million tons, increasing by 19.9%, valued at 157.18 billion yuan, a growth of 27.5% [2] Group 5 - Shandong listed companies are accelerating overseas investment, with firms like Sailun Tire and Linglong Tire announcing overseas investment plans [3] - The provincial government has encouraged foreign investment in listed companies through the "Shandong Province 2025 Action Plan for Stabilizing Foreign Investment" [3] - The trend in overseas investment is characterized by regional diversification and capital collaboration, focusing on traditional industries and high-end manufacturing [3]