中欧红利优享灵活配置混合A（004814）基金经理为蓝小康。 截至发稿，蓝小康累计任职时间8年224天，现任基金资产总规模228.39亿元，任职期间最佳基金回报 172.63%， 任职期间最差基金回报0.05%。 12月18日，驰宏锌锗涨5.79%，截至发稿，报7.13元/股，成交4.46亿元，换手率1.28%，总市值359.38亿 元。 资料显示，云南驰宏锌锗股份有限公司位于云南省曲靖市经济技术开发区翠峰路与学府路交叉口，成立 日期2000年7月18日，上市日期2004年4月20日，公司主营业务涉及铅、锌、锗系列产品的采选、冶炼、 深加工与销售。主营业务收入构成为：铅锌采选冶73.82%，其他15.00%，有色金属贸易11.18%。 从驰宏锌锗十大流通股东角度 数据显示，中欧基金旗下1只基金位居驰宏锌锗十大流通股东。中欧红利优享灵活配置混合A （004814）三季度增持518.06万股，持有股数4777.79万股，占流通股的比例为0.95%。根据测算，今日 浮盈赚取约1863.34万元。 中欧红利优享灵活配置混合A（004814）成立日期2018年4月19日，最新规模96.68亿。今年以来收益 44.98% ...

Group 1 - The company, Chihong Zn & Ge Co., Ltd., indicated that it will consider shareholder demands while planning its annual production, operation, and investment strategies [1] - The company aims to ensure that shareholder returns are aligned with its development and growth [1] - The company is planning to coordinate dividend distribution and share repurchase matters [1]

Group 1 - The core viewpoint of the news is that Chihong Zn & Ge Co., Ltd. reported its third-quarter performance, showing a revenue increase but a decline in net profit and earnings per share [1] Group 2 - For the first three quarters of 2025, the company achieved a revenue of approximately 17.178 billion yuan, representing a year-on-year increase of 17.24% [1] - The net profit attributable to shareholders was about 1.324 billion yuan, reflecting a year-on-year decrease of 10.18% [1] - The basic earnings per share were 0.2626 yuan, which is a year-on-year decrease of 9.29% [1] Group 3 - As of the report date, the market capitalization of Chihong Zn & Ge Co., Ltd. was 34.2 billion yuan [2]

Core Viewpoint - The company reported its 2025 semi-annual results, showing a steady growth in revenue and net profit, indicating a positive outlook for the lead-zinc industry [1] Financial Performance - In the first half of 2025, the company's operating revenue reached 10.581 billion yuan, a year-on-year increase of 7.67% [1] - The net profit attributable to shareholders was 932 million yuan, up 3.27% year-on-year, while the net profit excluding non-recurring items was 919 million yuan, reflecting a 12.11% increase [1] Production and Pricing - The lead-zinc concentrate production in H1 2025 was 151,600 tons, an increase of 3,400 tons year-on-year, with lead and zinc production changing by +13.8% and +1.3% respectively [1] - Zinc processing fees showed a significant upward trend, although the refined lead-zinc product output decreased by 6.98% year-on-year to 329,200 tons due to maintenance impacts [1] Cost and Expenses - The company's sales, management, and R&D expenses were 32 million, 554 million, and 63 million yuan respectively, with year-on-year changes of +44.10%, +23.91%, and +41.06%, primarily due to increased salary provisions [1] Future Outlook - The company is a leading player in the lead-zinc industry with excellent resource endowment, holding over 32 million tons of lead-zinc resources and maintaining production costs in the top 25% of the industry [1] - Asset injection is ongoing, with the 100% equity of Qinghai Hongxin already injected into the company and the formal management of Yun Copper [1] Investment Recommendations - The company is expected to maintain growth due to its rich lead-zinc resources, with projected net profits of 1.862 billion, 2.017 billion, and 2.363 billion yuan for 2025-2027, and corresponding EPS of 0.37, 0.40, and 0.47 yuan per share [1]

Core Viewpoint - Yunnan Chihong Zinc & Germanium Co., Ltd. reported a 7.67% increase in operating revenue for the first half of 2025, reaching approximately 10.58 billion yuan, compared to 9.83 billion yuan in the same period last year [2][3] Financial Summary - Total assets at the end of the reporting period were approximately 25.67 billion yuan, a decrease of 2.65% from the previous year's end [2] - The net profit attributable to shareholders of the listed company was approximately 932.28 million yuan, reflecting a 3.27% increase compared to 902.80 million yuan in the same period last year [2] - The total profit for the period was approximately 1.15 billion yuan, an increase of 8.42% from 1.06 billion yuan year-on-year [2] - The net cash flow from operating activities was approximately 2.16 billion yuan, up 34.73% from 1.60 billion yuan in the previous year [2] - Basic earnings per share were 0.1831 yuan, an increase of 3.27% from 0.1773 yuan [2] Shareholder Information - The top shareholder, Yunnan Metallurgical Group Co., Ltd., holds 38.19% of the shares, amounting to approximately 1.94 billion shares [4] - Other significant shareholders include China Aluminum Corporation with 1.96% and Hong Kong Central Clearing Limited with 1.75% [4] - The total number of shareholders at the end of the reporting period was 169,507 [2]

Group 1 - The company reported a revenue of 10.581 billion yuan for the first half of 2025, representing a year-on-year increase of 7.67% [1] - The net profit attributable to shareholders reached 932 million yuan, showing a year-on-year growth of 3.27% [1] - The basic earnings per share were 0.1831 yuan [1] Group 2 - The company plans to distribute a cash dividend of 0.3 yuan per 10 shares (including tax) to all shareholders [1]

Investment Rating - The report assigns an "Outperform" rating for the company, with a reasonable valuation range of 15.41 to 18.49 CNY per share, indicating a potential upside of 47% to 77% from the current price of 10.24 CNY [5]. Core Insights - The company is a leading player in the domestic zinc smelting industry, with a comprehensive business model that includes mining, smelting, and sales of non-ferrous metals, particularly lead, zinc, gold, and silver [1][27]. - The company has a robust production capacity, with an annual output of over 40,000 tons of lead and zinc metals, along with 1.8 to 2 tons of gold and approximately 60 tons of silver [1][38]. - The company has recently completed a significant asset restructuring, acquiring core lead and zinc assets, which has enhanced its operational capabilities and resource base [16][47]. Summary by Sections Business Overview - The company primarily engages in the mining and smelting of lead, zinc, and precious metals, with nearly half of its gross profit derived from precious metals [1]. - It operates three mines and has a total mining capacity of 860,000 tons per year, with significant resources in lead, zinc, gold, and silver [2][32]. Financial Performance - The company forecasts a substantial increase in net profit, projecting 1.1 billion CNY for 2025, representing a 40% growth from the previous year [4]. - Revenue is expected to grow from 19.4 billion CNY in 2023 to 20.9 billion CNY in 2025, reflecting a compound annual growth rate (CAGR) of 6.1% [4][28]. Resource and Production Capacity - The company has a total lead and zinc metal resource of approximately 870,000 tons, with gold and silver resources of 43 tons and 1,259 tons, respectively [35]. - The mining rights include the Water Mouth Mountain lead-zinc mine and the Bafang copper mine, which contribute to the company's strong resource base [2][19]. Market Dynamics - The report highlights an improving market for zinc processing fees, with domestic zinc concentrate processing fees showing an upward trend, which is expected to enhance smelting profits [2]. - The company benefits from a favorable resource endowment, with high-grade ore and a well-structured supply chain that supports its production needs [32][35].