Workflow
铅锌冶炼
icon
Search documents
豫光金铅:公司生产的黄金、白银,均为铅铜冶炼过程中综合回收的副产品
Mei Ri Jing Ji Xin Wen· 2025-10-10 08:57
豫光金铅(600531.SH)10月10日在投资者互动平台表示,公司生产的黄金、白银,均为铅铜冶炼过程 中综合回收的副产品。为平抑贵金属价格波动对经营业绩的潜在影响、保障公司稳健运营,公司会通过 开展适当比例的套期保值业务,有效防范价格波动风险,实现经营的稳定性。 每经AI快讯,有投资者在投资者互动平台提问:进入三季度以来,金银铜期货价格涨幅可观,公司金 银铜相关产品能否完全享受涨价带来的额外收益? (文章来源:每日经济新闻) ...
河南豫光金铅股份有限公司 关于间接控股股东国有股权无偿划转及控股股东更名完成工商变更登记的公告
Core Points - The announcement details the transfer of 100% equity of Henan Yuguang Group Co., Ltd. to the Jiyuan Urban Integration Demonstration Zone State-owned Assets Supervision and Administration Bureau without compensation [1] - The company has completed the registration of the change in business operations, confirming that the controlling shareholder and actual controller remain unchanged [2] Group 1 - The indirect controlling shareholder's state-owned equity has been transferred to the Jiyuan State-owned Assets Bureau [1] - The name of the controlling shareholder has been changed to "Henan Yuguang Group Co., Ltd." [1] - The company’s controlling shareholder remains Yuguang Group, and the actual controller is still the Jiyuan State-owned Assets Bureau [2]
豫光金铅:公司无逾期对外担保情况
Zheng Quan Ri Bao· 2025-09-25 12:33
Group 1 - The company, Yuguang Gold Lead, announced on the evening of September 25 that it has no overdue external guarantees [2]
豫光金铅:已制备出7N的超高纯碲、镉、铟产品 正在对接下游客户进行产品试用
Xin Lang Cai Jing· 2025-09-25 10:47
Core Viewpoint - The company is currently in the pilot testing phase for its high-purity metal materials, specifically focusing on the production of 7N ultra-pure metals as intermediates, which are not for sale [1] Group 1 - The company has successfully prepared 7N ultra-pure products of tellurium, cadmium, and indium [1] - The company is in the process of connecting with downstream customers for product trials [1] - Future production will be scaled up based on the progress of pilot testing and market conditions [1]
供需端双增,铅价高位震荡
Group 1: Report Industry Investment Rating - No relevant content provided Group 2: Core Views of the Report - The market's optimistic sentiment has cooled as the positive impact of the Fed's rate cut has materialized. The fundamentals are expected to show a situation of both supply and demand increasing. Primary lead smelters will resume production in the second half of the month, and some secondary lead smelters will resume production due to profit recovery, leading to an expected increase in supply. At the same time, the pre - holiday stocking demand of downstream enterprises has improved, and purchases have increased. With multiple factors at play, it is expected that lead prices will remain volatile at high levels in the short term, and there may be a slight adjustment after the downstream stocking ends [3][7] Group 3: Summary by Directory Transaction Data - From September 12th to September 19th, the SHFE lead price rose from 17,040 yuan/ton to 17,150 yuan/ton, an increase of 110 yuan/ton; the LME lead price fell from 2,019 dollars/ton to 2,003 dollars/ton, a decrease of 16 dollars/ton; the Shanghai - London ratio increased from 8.44 to 8.56, an increase of 0.12; the SHFE inventory decreased by 9,229 tons to 57,332 tons; the LME inventory decreased by 9,275 tons to 220,300 tons; the social inventory increased by 0.35 million tons to 3.94 million tons; the spot premium increased by 10 yuan/ton to - 115 yuan/ton [4] Market Review - Last week, the main contract of SHFE lead switched to PB2511, and the futures price fluctuated narrowly at a high level, closing at 17,180 yuan/ton, a weekly increase of 0.76%. LME lead fluctuated sideways around 2,000 dollars/ton, closing at 2,003 dollars/ton, a weekly decrease of 0.79%. In the spot market, the supply of goods was limited, and holders held firm on prices. Downstream enterprises mainly made purchases based on rigid demand and preferred to buy directly from smelters [5] Industry News - In the week of September 12th, the average domestic lead concentrate processing fee remained unchanged at 350 yuan/metal ton compared with the previous week, while the average imported lead concentrate processing fee decreased by 10 dollars/dry ton to - 100 dollars/dry ton [8] Related Charts - The report includes multiple charts showing the trends of SHFE and LME lead prices, Shanghai - London ratio, inventory, lead ingot premium, price difference between primary and secondary lead, waste battery prices, secondary lead enterprise profits, lead ore processing fees, electrolytic lead and secondary refined lead production, lead ingot social inventory, and refined lead import profit and loss [10][13][17][20][21]
豫光金铅20250917
2025-09-17 14:59
Summary of Yuguang Jin Lead Conference Call Company Overview - **Company**: Yuguang Jin Lead - **Industry**: Lead and Silver Mining and Smelting Key Points Silver Production and Recovery - Silver production is closely linked to the silver content in lead concentrate, with a stable production forecast for the next 1-2 years and a target of 1,700 tons by 2025 [2][3] - The company boasts a silver recovery rate of over 99.5%, significantly higher than the industry average of 92%-95%, providing a competitive advantage [2][7] - The silver recovery is primarily achieved through the recycling of precious metals from lead concentrates [3] Raw Material Procurement - The lead concentrates procured contain silver in low, medium, and high grades, with low-grade silver not being priced [4] - The pricing coefficient for high-grade ores is influenced by market supply and demand, as well as negotiation outcomes [5] - The company optimizes raw material structure by purchasing high-silver-content ores rather than solely increasing the proportion of raw ores [10] Mining Projects - The company holds a 25% stake in an Australian mining project, currently in the exploration phase, focusing on report completion, market analysis, and financing [2][9] - The project has low open-pit mining costs and high silver content, but the company plays a collaborative role due to its minority stake [9] Production Capacity and Financials - The company’s smelting capacity utilization for lead and copper is at 100%, while gold and silver are close to full capacity [4][39] - Recent investments have led to high depreciation costs, approximately 300 million yuan annually, with future capital expenditures directed towards fundraising projects, R&D, and environmental improvements [4][40] Market Dynamics and Pricing - The company faces challenges in negotiating with miners due to a relatively weak bargaining position, influenced by tight raw material supply [14] - The prices of small metal products are significantly affected by market fluctuations, impacting profit margins [12][13] High-Purity Metals and R&D - The company is in the pilot stage for high-purity metals, with no mass production yet achieved [15][17] - The copper foil project has a production capacity of about 3,000 tons, with ongoing efforts to improve yield and cost control [19] Environmental and Operational Strategies - The company emphasizes environmental protection, including wastewater treatment projects, with a treatment cost of approximately 27-30 yuan per ton [23] - The company has a long-term strategy to extend its industrial chain towards upstream mining resources, although challenges exist due to resource scarcity [25] Industry Outlook - The overall profitability of the lead-zinc smelting industry is currently favorable, driven by high silver and precious metal prices [28] - Future silver price trends are expected to be influenced more by its financial attributes rather than industrial demand, with a supply-demand imbalance supporting price increases [34] Conclusion - Yuguang Jin Lead is strategically positioned in the lead and silver industry with a focus on optimizing production processes, enhancing recovery rates, and navigating market dynamics to maintain competitiveness and profitability in a challenging environment [35][36]
铅锌日评20250916:或偏强整理-20250916
Hong Yuan Qi Huo· 2025-09-16 02:52
Report Summary 1) Report Industry Investment Rating - Not provided in the given content 2) Core Views - **Lead**: Supply is temporarily tightened, and with the increasing expectation of the Fed's interest - rate cut, the pressure on non - ferrous metals is reduced. The lead price has broken through 17,000 yuan/ton. However, limited improvement in demand may suppress the upside space of the lead price. It is expected to fluctuate at a high level in the short term [1]. - **Zinc**: The fundamental situation of Shanghai zinc remains weak, but the extremely low LME zinc inventory overseas and the continuous back structure of LME 0 - 3 support the upward movement of the London zinc price, which in turn boosts Shanghai zinc. With the impact of the interest - rate cut expectation, Shanghai zinc is expected to be in a moderately strong consolidation in the short term, but the upside space may be limited due to fundamental constraints [1]. 3) Summary by Relevant Catalogs Lead - **Price and Market Data**: SMM1 lead ingot average price is 16,950 yuan/ton, up 1.04%; futures主力合约收盘价 is 17,160 yuan/ton, up 0.70%; LME3 - month lead futures closing price (electronic) is 2,001.50 dollars/ton, down 0.79%; the ratio of Shanghai - London lead price is 8.57, up 1.51%. Futures active contract trading volume is 58,666 hands, down 7.51%; futures active contract open interest is 47,056 hands, down 9.83%. LME inventory is 225,625 tons, and Shanghai lead warehouse receipt inventory is 59,417 tons, down 0.11% [1]. - **Fundamentals - Supply**: Lead concentrate imports are not expected to increase, and processing fees are likely to rise. Some refineries have maintenance plans, with a slight fluctuation in primary lead production. In the secondary lead sector, due to raw materials and losses, the refinery's operating enthusiasm has weakened, and the scope of production cuts has expanded, with the current operating rate below 30% [1]. - **Fundamentals - Demand**: The terminal market has not improved significantly, and the peak - season effect has not been reflected. Dealers mainly digest inventory, and production enterprises produce according to sales. After the lead price broke through 17,000 yuan/ton last Friday, downstream buyers were afraid of high prices, and the purchasing sentiment improved slightly [1]. - **Trading Strategy**: Protect the profits of previous long positions [1]. Zinc - **Price and Market Data**: SMM1 zinc ingot average price is 22,160 yuan/ton; futures主力合约收盘价 is 22,310 yuan/ton, up 0.02%; LME3 - month zinc futures closing price (electronic) is 2,982 dollars/ton, up 0.88%; the ratio of Shanghai - London zinc price is 7.48, down 0.85%. Futures active contract trading volume is 97,830 hands, down 5.57%; futures active contract open interest is 92,003 hands, down 5.83%. LME inventory is 50,150 tons, and Shanghai zinc warehouse receipt inventory is 51,371 tons, up 11.91% [1]. - **Fundamentals - Supply**: Refineries have sufficient raw material reserves, and zinc concentrate processing fees are rising. The profit and production enthusiasm of refineries have improved, and the output shows an obvious increasing trend [1]. - **Fundamentals - Demand**: After the impact of the parade and the SCO Summit dissipates, the downstream enterprises' operating rate has increased significantly, and demand has improved. Also, as the Shanghai - London ratio continues to decline, the zinc ingot export window may open [1]. - **Trading Strategy**: Temporarily stay on the sidelines [1]
豫光金铅(600531.SH):生产的铜箔可以应用于固态电池
Ge Long Hui· 2025-09-15 08:16
Group 1 - The core viewpoint of the article is that Yuguang Jin Lead (豫光金铅) has announced that its produced copper foil can be applied in solid-state batteries [1] - The annual production capacity of the company's copper foil is determined based on market orders [1]
铅锌日评:或偏强整理-20250915
Hong Yuan Qi Huo· 2025-09-15 07:14
Report Industry Investment Rating No relevant information provided. Core Viewpoints - The lead price is expected to fluctuate strongly at high levels in the short term, but the limited improvement in demand may suppress the upside space of the lead price. It is recommended to try long positions with a light position [1]. - The Shanghai zinc is expected to be sorted strongly in the short term, but the upside space may be limited due to the suppression of fundamentals. It is recommended to wait and see [1]. Summary by Related Catalogs Lead Price and Market Data - On September 15, 2025, the average price of SMM1 lead ingots was 16,775 yuan/ton, up 0.15% from the previous day; the closing price of the main futures contract of Shanghai lead was 17,040 yuan/ton, up 0.83% [1]. - The trading volume of the active futures contract was 63,429 lots, up 51.85%; the open interest was 52,188 lots, up 5.21% [1]. - The LME inventory was 229,575 tons, unchanged; the Shanghai lead warrant inventory was 59,485 tons, down 0.42% [1]. Industry News - From September 5th to September 11th, the weekly operating rate of primary lead enterprises was 66.68%, a week-on-week increase of 0.07 percentage points; the weekly operating rate of secondary lead enterprises was 22.3%, a week-on-week decrease of 4.5 percentage points; the weekly operating rate of lead-acid battery enterprises was 72.14%, a week-on-week decrease of 0.01 percentage points [1]. - On September 11th, the [LME0 - 3 lead] was at a discount of 42.99 US dollars/ton, and the open interest was 158,239 lots, an increase of 784 lots [1]. Fundamental Analysis - The import of lead concentrates has no incremental expectation, and the processing fee is likely to rise but difficult to fall, but it has not had a substantial impact on the refinery's operation. Some refineries have maintenance plans, and the operation of primary lead has fluctuated slightly [1]. - In the secondary lead sector, the lead price has been consolidating. Due to raw materials and losses, the refineries' enthusiasm for operation has weakened, the scope of production cuts and suspensions has further expanded, and the current operation rate is less than 30%. Some enterprises purchase from peers to fulfill long - term orders, resulting in a temporary tightening of supply [1]. - On the demand side, the terminal market has not improved significantly, the peak - season effect has not been reflected, dealers mainly digest inventory, and production enterprises produce according to sales. After the lead price broke through the 17,000 - yuan mark last Friday, downstream buyers were afraid of rising prices, and the purchasing sentiment improved slightly [1]. Zinc Price and Market Data - On September 15, 2025, the average price of SMM1 zinc ingots was 22,160 yuan/ton, up 0.23% from the previous day; the closing price of the main futures contract of Shanghai zinc was 22,305 yuan/ton, up 0.25% [1]. - The trading volume of the active futures contract was 103,603 lots, up 11.02%; the open interest was 97,697 lots, down 2.73% [1]. - The LME inventory was 50,525 tons, unchanged; the Shanghai zinc warrant inventory was 45,905 tons, up 2.18% [1]. Industry News - From September 5th to September 11th, the weekly operating rate of galvanized enterprises was 56.06%, a week-on-week increase of 5.98 percentage points; the weekly operating rate of die - cast zinc alloy enterprises was 53.99%, a week-on-week increase of 2.99 percentage points; the weekly operating rate of zinc oxide enterprises was 57.21%, a week-on-week increase of 2.71 percentage points [1]. - As of September 12th, the total inventory of SMM zinc concentrates at major ports in China was 44.55 million tons, an increase of 1.66 million tons from the previous week, and the inventory at Lianyungang Port increased significantly [1]. Fundamental Analysis - Refineries have sufficient raw material reserves, and the zinc ore processing fee has continued to rise. Last week, the processing fee for domestic zinc concentrates was flat week-on-week at 3,850 yuan/metal ton, and the import zinc ore processing fee index increased week-on-week to 98.75 US dollars/dry ton. Affected by the low internal - external price ratio, domestic ores have a strong advantage, and refineries mainly purchase domestic ores. The domestic TC in September may have limited upside [1]. - On the supply side, refineries' profits and production enthusiasm have improved, and the output increase trend is obvious [1]. - On the demand side, as the impact of the military parade and the SCO Summit fades, the operation of downstream enterprises has rebounded significantly, and demand has improved. In addition, as the Shanghai - London price ratio continues to deteriorate, the zinc ingot export window may open [1].
豫光金铅(600531.SH):目前无自有白银矿
Ge Long Hui· 2025-09-05 08:07
Core Viewpoint - The company, Yuguang Gold Lead (豫光金铅), does not own any silver mines and primarily recovers silver as a byproduct from lead and copper smelting processes, positioning silver as one of its important byproducts [1] Group 1 - The company's silver production capacity ranks among the top in the industry [1] - Recent silver spot prices have reached the highest level since 2014, positively impacting the company's revenue from silver-related business [1] - The increase in silver prices has led to a corresponding rise in the prices of the company's silver products, reflecting market trends [1]