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驰宏锌锗: 驰宏锌锗关于2024年度“提质增效重回报”行动方案评估报告暨2025年度“提质增效重回报”行动方案的公告
Zheng Quan Zhi Xing· 2025-08-26 16:13
证券代码:600497 证券简称:驰宏锌锗 公告编号:临 2025-039 云南驰宏锌锗股份有限公司 关于 2024 年度"提质增效重回报"行动方案评估报告 暨 2025 年度"提质增效重回报"行动方案的公告 一、聚力增储上产,经营质效稳步提升 一是通过"勘探+并购"双轮驱动,完成 19 个勘查项目立项论证,实地考察 勘查为重点,2024 年采矿范围内生产勘探资源量同比提升 20%,铅锌金属资源 增储 48.27 万吨,矿产资源储量持续保持净增长。二是项目建设聚焦提质增效和 可持续发展,12 个重点项目加速推进,工程建设和开发生产提质、提速、提效。 三是聚焦降本增效,公司矿山铅锌精矿完全成本稳定保持在行业前 1/4 分位,冶 炼锌产品完全加工成本实现"五年连降",再树锌冶炼 C3 成本标杆。四是精益 生产组织,2024 年实现矿山铅锌精矿金属产量 28.98 万吨,冶炼铅锌产品产量 亿元、归属于上市公司股东的净利润 12.93 亿元、经营性净现金流入 23.66 亿元, 的发展态势。 二、聚焦科技赋能,发展动力更加强劲 一是围绕地质勘探、采选冶工艺及新材料研发领域,通过关键技术攻关与产 业链协同创新,推动技术 ...
铅锌日评:区间整理-20250822
Hong Yuan Qi Huo· 2025-08-22 02:46
Report Industry Investment Rating No relevant content provided. Core Viewpoints - The lead market shows a situation where supply and demand both increase, with no obvious contradictions. The tight raw material supply and the expectation of the peak season support the lead price. It is expected that the lead price will be range - bound in the short term [1]. - The zinc market has an increase in both zinc ore and zinc ingot supply, while demand is in the off - season, and domestic inventory continues to accumulate. However, the continuous decline of LME zinc inventory overseas provides some support. It is expected that the zinc price will be range - bound in the short term [1]. Summary by Related Catalogs Lead Market Price and Market Data - The average price of SMM1 lead ingots increased by 0.45% compared to the previous day, and the closing price of the main contract of Shanghai lead futures increased by 0.12% [1]. - The trading volume of the active lead futures contract decreased by 25.41%, and the open interest decreased by 5.44%. The trading - to - open - interest ratio decreased by 21.12%. The LME lead inventory remained unchanged, and the Shanghai lead warehouse receipt inventory decreased by 2.43% [1]. Industry News - Due to the approaching "parade" event, relevant government departments in the Beijing - Tianjin - Hebei region issued notices. From August 25th, vehicles of National V and below are not allowed to enter the factories of recycled lead smelters in Henan, and the lifting of the restriction will be notified separately [1]. - The recycling of waste lead - acid batteries in the Beijing - Tianjin - Hebei region has temporarily slowed down, and the supply of raw materials for recycled lead smelting enterprises in North China has decreased. It is expected to return to normal after the event [1]. Fundamental Analysis - There is no expected increase in lead concentrate imports, and the processing fee is likely to rise. The resumption of production of previously shut - down smelters has led to a steady increase in the production of primary lead. In the recycled lead sector, due to factors such as high prices of waste lead - acid batteries and limited supply of raw materials, some smelters have reduced or stopped production, and the overall production is at a relatively low level [1]. - The terminal market has not improved significantly, the peak - season effect has not been reflected, and dealers are mainly digesting inventory [1]. Zinc Market Price and Market Data - The average price of SMM1 zinc ingots increased by 0.27% compared to the previous day, and the closing price of the main contract of Shanghai zinc futures decreased by 0.11% [1]. - The trading volume of the active zinc futures contract decreased by 23.28%, and the open interest decreased by 0.51%. The trading - to - open - interest ratio decreased by 22.88%. The LME zinc inventory remained unchanged, and the Shanghai zinc warehouse receipt inventory remained unchanged [1]. Industry News - Nexa Resources' Cerro Pasco mine in Peru has fully resumed normal operation. The short - term disruption is expected to cause a zinc production loss of about 1,200 metal tons, but the company expects to make up for the loss within a month and maintains its annual production guidance for 2025 [1]. - As of August 21st, the total inventory of SMM zinc ingots in seven regions was 132,900 tons, showing a decrease in domestic inventory [1]. Fundamental Analysis - The raw material inventory of zinc smelters is sufficient, and the zinc ore processing fee is expected to continue to rise, weakening the cost support. The profit and production enthusiasm of smelters have improved, and the production increase trend is obvious [1]. - The downstream mainly consumed existing inventory last week. Due to the good performance of black metal prices, some terminals stocked up, driving an increase in the galvanizing production rate [1].
每经热评︱豫光金铅定增计划“一日游” 上市公司决策当严谨
Mei Ri Jing Ji Xin Wen· 2025-08-20 07:41
Core Viewpoint - The recent announcement by Yuguang Jinlan to terminate its stock issuance plan has raised concerns about the company's decision-making rigor and transparency [1][2]. Group 1: Company Actions - Yuguang Jinlan's board initially approved a plan to raise up to 400 million yuan for working capital and bank loan repayment, with a share price set at 6.74 yuan, representing a 24% discount from the closing price on August 13 [1]. - The termination of the stock issuance plan occurred just one day after its approval, indicating a lack of thoroughness in the decision-making process [2]. - The company did not provide a detailed explanation for the termination, which has led to skepticism regarding its commitment to shareholder interests [1][2]. Group 2: Market Reaction - Following the announcement of the stock issuance plan, Yuguang Jinlan's share price fell by 3.85%, reflecting the negative sentiment among small investors [1]. - The rapid decision to terminate the plan may erode market trust and negatively impact the company's reputation [2]. Group 3: Financing History - Yuguang Jinlan has a history of frequent financing activities, including a 710 million yuan convertible bond issuance in August 2024, with a significant portion allocated to Yuguang Group [2]. - The company’s repeated attempts to raise funds for working capital within a short timeframe raise questions about the necessity and efficiency of its financing strategies [2]. Group 4: Recommendations - Companies should adopt a rigorous approach when implementing financing plans, ensuring that the necessity and pricing are well-justified to maintain investor confidence [3]. - There is a need to explore mechanisms that allow small investors to participate in financing activities, which could enhance market fairness and transparency [3].
铅锌日评:区间整理-20250820
Hong Yuan Qi Huo· 2025-08-20 02:19
Report Summary 1. Investment Rating The report does not provide an industry investment rating. 2. Core Viewpoints - The lead market shows no significant contradictions with both supply and demand increasing. Supported by tight raw materials and peak - season expectations, the short - term lead price is expected to move in a range [1]. - For the zinc market, considering the macro situation and the increase in both zinc ore and zinc ingot supply during the off - season of demand, with continued inventory accumulation in the domestic market and a continuous decline in overseas LME zinc inventory providing some support, the short - term zinc price is also expected to move in a range [1]. 3. Summary by Related Catalogs Lead - **Price and Market Data**: The average price of SMM1 lead ingots remained flat compared to the previous day, while the closing price of the Shanghai lead futures main contract rose 0.30% from the previous day. The LME3 - month lead futures (electronic) closed at $1,973.50 per ton, up 0.13%. The trading volume of the active futures contract decreased by 10.92%, and the open interest decreased by 2.80%. The LME lead inventory remained unchanged, while the Shanghai lead warehouse receipt inventory decreased by 1.40%. The Shanghai - London lead price ratio increased by 0.17% [1]. - **Industry News**: Some small - scale secondary lead smelters in South China stopped production due to losses and stopped purchasing waste lead - acid batteries. They plan to resume production when the raw material inventory reaches around 5,000 tons. On August 18, the [LME0 - 3 lead] was at a discount of $44 per ton, and the open interest decreased by 522 to 159,114 contracts [1]. - **Fundamentals**: There is no expected increase in lead concentrate imports, and processing fees are likely to rise. Primary lead smelters that had maintenance are gradually resuming production, with stable - to - increasing production. In the secondary lead sector, due to high waste battery prices, limited supply, and strong hoarding sentiment among recyclers, some smelters have reduced or stopped production, resulting in relatively low overall production. The demand side shows no significant improvement, with dealers mainly consuming inventory and producers producing based on sales [1]. Zinc - **Price and Market Data**: The average price of SMM1 zinc ingots decreased by 0.45% from the previous day, and the closing price of the Shanghai zinc futures main contract decreased by 0.60%. The trading volume of the active futures contract increased by 37.72%, and the open interest increased by 51.62%. The LME zinc inventory remained unchanged, and the Shanghai zinc warehouse receipt inventory also remained unchanged. The LME3 - month zinc futures (electronic) closed at $2,770 per ton, down 0.25%. The Shanghai - London zinc price ratio decreased by 0.35% [1]. - **Industry News**: Peru's Romina zinc project has reached 50% completion and is expected to be officially put into production in Q2 2026. A zinc smelter in the northwest plans to continue its maintenance from September to October, with the expected impact to be made up in November - December. On August 18, the [LME0 - 3 zinc] was at a discount of $8.65 per ton, and the open interest increased by 3,010 to 193,998 contracts [1]. - **Fundamentals**: Zinc smelters have sufficient raw material inventories, and zinc ore processing fees are rising. The production of zinc is showing an upward trend. On the demand side, downstream enterprises mainly consume existing inventory, but due to concerns about future production cuts, some terminals have stockpiled goods, leading to a rebound in galvanizing production [1].
河南豫光金铅股份有限公司关于控股股东可转债质押的公告
Shang Hai Zheng Quan Bao· 2025-08-19 20:52
登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码:600531 证券简称:豫光金铅 公告编号:临2025-074 债券代码:110096 债券简称:豫光转债 河南豫光金铅股份有限公司 关于控股股东可转债质押的公告 3、股东累计质押可转债情况 截至公告披露日,控股股东累计质押可转债情况如下: 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏,并对其内容 的真实性、准确性和完整性承担个别及连带责任。 重要内容提示: ● 公司控股股东河南豫光金铅集团有限责任公司持有公司可转债210,143,000元,占公司可转债总发行量 的29.60%,本次质押后累计质押公司可转债210,000,000元,占其所持公司可转债的99.93%,占公司可 转债总发行量的29.58%。 河南豫光金铅股份有限公司(以下简称"公司")近日接到公司控股股东河南豫光金铅集团有限责任公司 (以下简称"豫光集团")的通知,豫光集团将其所持有的部分公司可转债办理了质押手续。具体情况如 下: 一、股东可转债质押基本情况 2、本次质押不存在被用做重大资产重组业绩补偿等事项的担保或其他保障 用途的情形。 特此公告。 河 ...
国家统计局:1-7月中国铅产量446.8万吨;锌产量416.6万吨
Guo Jia Tong Ji Ju· 2025-08-19 07:41
Group 1 - In July, China's lead production reached 629,000 tons, a year-on-year increase of 0.5% [1] - In July, China's zinc production was 617,000 tons, showing a significant year-on-year increase of 13.8% [1] - From January to July, China's cumulative lead production totaled 4,468,000 tons, reflecting a year-on-year decrease of 0.8% [1] - From January to July, China's cumulative zinc production reached 4,166,000 tons, with a year-on-year increase of 1.3% [1]
铅锌日评:区间整理-20250819
Hong Yuan Qi Huo· 2025-08-19 01:36
Report Industry Investment Rating - Not provided in the content Core Viewpoints - The lead market has no obvious contradictions with both supply and demand increasing. Tight raw materials and peak - season expectations support lead prices. Short - term lead prices are expected to move in a range [1]. - For the zinc market, macro "anti - involution" sentiment in China is unstable. The supply of zinc ore and ingots is increasing, while demand is in the off - season with inventory accumulation. However, the continuous decline of overseas LME zinc inventory provides some support. Short - term zinc prices are expected to move in a range [1]. Summary by Relevant Information Lead Market - **Price and Market Indicators**: On August 19, 2025, the SMM1 lead ingot average price was 16,675 yuan/ton, down 0.15%; the futures main contract closing price was 16,775 yuan/ton, down 0.45%; the LME3 - month lead futures closing price (electronic) was 1,971 dollars/ton, down 0.50% [1]. - **Inventory**: LME lead inventory was 260,475 tons, unchanged; Shanghai lead warehouse receipt inventory was 62,225 tons, up 0.71% [1]. - **Trading Volume and Position**: The trading volume of the active lead futures contract was 30,595 lots, down 6.15%; the position was 49,496 lots, down 3.34% [1]. - **Fundamentals**: There is no expected increase in lead concentrate imports, and processing fees are likely to rise. Pre - maintenance smelters are gradually resuming production. For secondary lead, scrap lead - acid battery prices are likely to rise, and some smelters have reduced or stopped production due to raw material shortages or cost inversion. Terminal demand has not improved significantly [1]. - **Industry News**: An East - China large secondary lead smelter plans to stop production for 1 month, expected to affect August secondary refined lead output. Dongying Xinsanyuan's 200,000 - ton lead - acid battery environmental utilization project has determined the winning bidder [1]. Zinc Market - **Price and Market Indicators**: On August 19, 2025, the SMM1 zinc ingot average price was 22,230 yuan/ton, down 0.67%; the futures main contract closing price was 22,340 yuan/ton, down 0.73%; the LME3 - month zinc futures closing price (electronic) was 2,777 dollars/ton, down 0.70% [1]. - **Inventory**: LME zinc inventory was 75,850 tons, unchanged; Shanghai zinc warehouse receipt inventory was 32,538 tons, up 62.53% [1]. - **Trading Volume and Position**: The trading volume of the active zinc futures contract was 80,217 lots, down 3.61%; the position was 69,630 lots, down 8.80% [1]. - **Fundamentals**: Zinc smelters have sufficient raw material stocks, and zinc ore processing fees are rising. In August, zinc concentrate processing fees are expected to continue rising. Downstream demand is mainly consuming existing inventories, but some terminal demand has increased due to concerns about zinc price increases [1]. - **Industry News**: Indian Zinc (HZL) plans to build a zinc tailings re - processing plant in Rajasthan and expand its metal (zinc + lead) production capacity [1].
株冶集团(600961):精锌加工费触底反弹,水口山业绩表现亮眼
China Post Securities· 2025-08-18 06:11
证券研究报告:有色金属 | 公司点评报告 发布时间:2025-08-18 股票投资评级 资料来源:聚源,中邮证券研究所 公司基本情况 | 最新收盘价(元) | 12.25 | | --- | --- | | 总股本/流通股本(亿股)10.73 | / 7.52 | | 总市值/流通市值(亿元)131 | / 92 | | 52 周内最高/最低价 | 12.38 / 6.79 | | 资产负债率(%) | 50.8% | | 市盈率 | 18.56 | | 第一大股东 | 湖南水口山有色金属集 | | 团有限公司 | | 研究所 分析师:杨丰源 SAC 登记编号:S1340525070002 Email:yangfengyuan@cnpsec.com 分析师:李帅华 SAC 登记编号:S1340522060001 Email:lishuaihua@cnpsec.com 株冶集团(600961) 精锌加工费触底反弹,水口山业绩表现亮眼 l 25H1 实现归母净利润 5.85 亿元,Q2 业绩表现亮眼 2025H1 公司实现营收 104.12 亿元,同比增长约 14.9%;实现归 母净利润5.85亿元,与上年同期3 ...
铅锌日评:区间整理-20250814
Hong Yuan Qi Huo· 2025-08-14 01:21
Report Industry Investment Rating No information provided. Core Viewpoints - For the lead market, supply and demand are both increasing with no obvious contradictions. Tight raw materials and peak - season expectations support lead prices, and short - term lead prices are expected to move in a range [1]. - For the zinc market, macro "anti - involution" sentiment fluctuates. Fundamentally, both zinc ore and zinc ingot supplies are increasing, demand is in the off - season, inventories are accumulating, and the continuous decline of LME zinc inventories overseas provides some support. Short - term zinc prices are expected to move in a range [1]. Summary by Related Catalogs Lead Market Price and Market Indicators - SMM1 lead ingot average price was 16,750 yuan/ton, down 0.15% [1]. - Futures main contract closing price was 16,930 yuan/ton, up 0.09% [1]. - Shanghai lead basis was - 180 yuan/ton, down 40 yuan [1]. - LME3 - month lead futures closing price (electronic trading) was 1,988 dollars/ton, down 1.39% [1]. - Shanghai - London lead price ratio was 8.52, up 1.50% [1]. Supply - related Information - The "Limit Specification for Harmful Elements in Heavy Non - ferrous Metal Concentrate Products" will be implemented on September 1, 2025, mainly restricting the entry of imported lead concentrates with excessive harmful elements, but currently having no obvious impact on supply [1]. - Some lead smelting enterprises in Henan may face vehicle transportation restrictions during August 26 - September 3 due to environmental protection emergency control [1]. - South American mining company Nexa Resources' Cerro Pasco complex partially shut down temporarily, but it has not had a substantial impact on production [1]. Market Fundamentals - Lead concentrate imports have no expected increase, processing fees are likely to rise, but it has not affected smelter operations significantly. Primary lead production is stable with a slight increase [1]. - For recycled lead, waste lead - acid battery prices are likely to rise, raw materials are in short supply, some smelters cut or stop production, and the overall production is at a relatively low level [1]. Demand - side Situation - Some battery enterprises' operations declined last week due to high temperatures and poor demand, and downstream purchasing was cautious after the lead price rebounded [1]. Zinc Market Price and Market Indicators - SMM1 zinc ingot average price was 22,490 yuan/ton, up 0.27% [1]. - Futures main contract closing price was 22,600 yuan/ton, down 0.13% [1]. - Shanghai zinc basis was - 110 yuan/ton, up 90 yuan [1]. - LME3 - month zinc futures closing price (electronic trading) was 2,811.5 dollars/ton, down 1.28% [1]. - Shanghai - London zinc price ratio was 8.04, up 1.16% [1]. Supply - related Information - Zinc smelters have sufficient raw material stocks, zinc concentrate processing fees are rising, and production is expected to increase [1]. Market Fundamentals - The cost - side support for zinc is weakening, smelter profits and production enthusiasm are improving, and the output is increasing significantly [1]. Demand - side Situation - Downstream zinc buyers purchased more when the price was low last week, and the restocking sentiment weakened after the price rebounded [1].
株冶集团:2025年半年度归属于上市公司股东的净利润同比增长57.83%
Zheng Quan Ri Bao· 2025-08-13 07:41
Group 1 - The core point of the article is that Zhuhai Group reported significant financial growth for the first half of 2025, with a notable increase in both revenue and net profit [2] - The company achieved operating revenue of 10,411,729,810.94 yuan, representing a year-on-year growth of 14.89% [2] - The net profit attributable to shareholders of the listed company was 585,449,810.33 yuan, showing a substantial year-on-year increase of 57.83% [2]