来源：市场资讯 （来源：矿业俱乐部） 镉0#28600-29600元/吨0铬99A81100-84600元/吨0碲741-751元/千克 0 铼28100-32600 元/千克0 锑0#锑锭171100-174100元/吨100002#高铋163100-166100元/吨10000镁99.9%上 海17005-17105元/吨 0 铌≥99.9%665-675元/千克0钒≥99.5%1461-1561元/千克0电解锰广西 13400-13600元/吨 0金属锂≥99%575100-610100元/吨0金属砷6705-7205 元/吨0海绵钛≥97-98%45-46元/千克0海绵锆≥99% 166-171元/千克0 1631-1681元/吨碳酸稀土44305-44705元/吨红土镍矿 1.8%（FOB） 72-75美元/湿吨 非金属报价 产品名称 矿产品报价品名规格产地涨跌铜精矿18-20%74012-77769元/金属吨铅精矿50%河南16650-16800元/金属 吨云南16750-16900元/金属吨锌精矿50%云南 18604-18704元/金属吨 湖南18554-18654元/金属吨钼精矿45%367 ...

Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoint No clear core viewpoint presented in the given text. 3. Summary by Related Catalogs Price - **Silicon Iron**: Spot prices in different regions showed various changes, e.g., Ningxia 72 remained at 5150 with no daily change and a -20 weekly change; Inner Mongolia 72 was at 5200 with no daily or weekly change. Futures prices also had different daily and weekly variations, such as the 01 - contract at 5506 with a 16 - point daily change and an - 80 - point weekly change [2]. - **Silicon Manganese**: Spot prices in different regions had different changes, like Inner Mongolia 6517 remained at 5600 with no daily change and a -20 weekly change; Ningxia 6517 was at 5550 with a -10 daily and weekly change. Futures prices also had corresponding fluctuations, e.g., the 01 - contract at 5756 with a -6 daily and -42 weekly change [2]. Supply - **Silicon Iron**: The production data of 136 silicon - iron enterprises in China from 2021 - 2025 were presented, including monthly production and weekly production with a 95% capacity share. The capacity utilization rates of these enterprises in Inner Mongolia, Ningxia, and Shaanxi were also shown [4]. - **Silicon Manganese**: The production data of silicon manganese in China from 2021 - 2025 were provided, including weekly production and the procurement volume and price of Hebei Iron and Steel Group [6]. Demand - **Silicon Iron**: The demand - related data included the production of crude steel, stainless - steel crude steel, and the procurement volume of Hebei Iron and Steel Group in China from 2021 - 2025 [4]. - **Silicon Manganese**: The demand data of silicon manganese in China from 2021 - 2025 were shown, including the estimated demand volume (Steel Union caliber) and the procurement volume of Hebei Iron and Steel Group [4][7]. Inventory - **Silicon Iron**: The inventory data of 60 sample enterprises in China from 2021 - 2025 were presented, including total inventory, inventory in different regions (Ningxia, Inner Mongolia, Shaanxi), and inventory - related indicators such as warehouse receipts, effective forecasts, and inventory - available days in different regions [5]. - **Silicon Manganese**: The inventory data of silicon manganese from 2021 - 2025 were provided, including warehouse receipts, effective forecasts, total inventory, and inventory - available days in China, as well as the inventory of 63 sample enterprises [7]. Cost and Profit - **Silicon Iron**: The cost - related data included electricity prices in different regions (Inner Mongolia, Qinghai, Ningxia, Shaanxi), the market price of semi - coke, and the market price of silica. The profit - related data included the production profit in Inner Mongolia and Ningxia, and the export profit of 75 - grade silicon iron [5]. - **Silicon Manganese**: The profit - related data included the profit in Inner Mongolia, Guangxi, and other regions, as well as the profit of silicon manganese converted to the main - contract price in Guangxi and Ningxia [7].

Core Points - The stock of Western Gold (601069) closed at 26.45 yuan on November 4, 2025, down 3.54% with a turnover rate of 1.68% and a trading volume of 148,900 hands, resulting in a transaction amount of 396 million yuan [1] - The net outflow of main funds was 53.55 million yuan, accounting for 13.51% of the total transaction amount, while retail investors saw a net inflow of 53.78 million yuan, also accounting for 13.57% of the total transaction amount [1][2] Fund Flow Summary - On November 4, 2025, the main funds had a net outflow of 53.55 million yuan, while retail investors had a net inflow of 53.78 million yuan [2] - Over the past five days, the stock experienced fluctuations in fund flows, with notable net outflows from main funds on November 3 and November 4, and a significant net inflow from retail investors on those days [2] - The financing data indicates a net repayment of 2.53 million yuan on November 4, with a total financing balance of 291 million yuan [3] Financial Performance - For the first three quarters of 2025, Western Gold reported a main revenue of 10.404 billion yuan, a year-on-year increase of 106.2%, and a net profit attributable to shareholders of 296 million yuan, up 168.04% year-on-year [5] - The third quarter alone saw a main revenue of 5.374 billion yuan, representing a 159.71% increase year-on-year, and a net profit of 143 million yuan, up 222.03% year-on-year [5] - Key financial ratios indicate that the company has a gross margin of 8.12% and a net margin of 2.76%, with a debt ratio of 68.49% [5] Industry Comparison - Western Gold's total market capitalization is 24.096 billion yuan, which is significantly lower than the industry average of 44.376 billion yuan, ranking 6th in the precious metals industry [5] - The company's price-to-earnings ratio (P/E) stands at 61.03, compared to the industry average of 42, ranking 8th in the sector [5] - The net asset value of Western Gold is 4.553 billion yuan, also below the industry average of 14.533 billion yuan, ranking 7th [5]

Group 1 - The company received inquiries from investors regarding the market's lack of recognition for its mineral resource concept, especially when other mineral resource stocks have seen significant increases [2] - The company clarified that its subsidiary, Lijiawan Manganese Mine, produces manganese carbonate ore, and all extracted manganese ore is used for its own electrolytic manganese product processing [2]

Core Viewpoint - The lawsuit filed by Hunan Lianshao against Wuling Mining for unpaid project payments totaling 37.34 million yuan highlights ongoing financial difficulties within the manganese sector of China Three Gorges Water Conservancy [1][2] Group 1: Lawsuit Details - Wuling Mining is being sued for a total of 37.34 million yuan, which includes principal and interest for unpaid engineering fees [1] - The lawsuit involves three contracts: the first phase of the project with a total payment of 193 million yuan, where 17.2 million yuan has been paid, leaving 20.74 million yuan outstanding; the second phase with 11.92 million yuan unpaid; and a remaining balance of 24,740 yuan for the activity room project [2] Group 2: Financial Performance - China Three Gorges Water Conservancy's manganese and trading business has been consistently unprofitable, reporting a loss of 47.76 million yuan in the first half of the year, which accounted for -38.68% of the company's operating profit [3][4] - As of mid-2025, the company's total assets and liabilities were 25.368 billion yuan and 14.139 billion yuan, respectively, with a debt ratio of 55.74% [4] Group 3: Company Structure - Wuling Mining is a subsidiary of China Three Gorges Water Conservancy, with 60% ownership by Chongqing Wujiang Industrial Group, which is a wholly-owned subsidiary of China Three Gorges [3]

Report Industry Investment Rating - No relevant content found Core Viewpoints - No relevant content found Summary by Category Price - For silicon ferroalloy, on September 26, 2025, the latest prices of Ningxia 72 and Inner Mongolia 72 were 5330 and 5380 respectively, with daily changes of 0 and weekly changes of -20 and 30. The latest prices of the main contract and 01 contract were 5786 and 5736, with daily changes of 44 and 28, and weekly changes of 30 and -8 [2]. - For silicon manganese, on September 26, 2025, the factory - ex prices of Inner Mongolia 6517, Ningxia 6517, Guangxi 6517, Guizhou 6517, and Yunnan 6517 were 5700, 5660, 5730, 5680, and 5680 respectively. The latest price of the main contract was 5938, with a daily change of 22 and a weekly change of -32 [2]. Supply - The report shows long - term trends of 136 silicon ferroalloy production enterprises' output in China (monthly and weekly, with weekly capacity accounting for 95%), and the capacity utilization rates of these enterprises in Inner Mongolia, Ningxia, and Shaanxi (monthly) from 2021 to 2025 [4]. - It also presents the long - term trends of silicon manganese production in China (weekly) from 2021 to 2025 [7]. Demand - The report provides long - term trends of the demand for silicon ferroalloy and silicon manganese in China (in ten thousand tons, steel - union caliber) from 2021 to 2025 [4][8]. - It also shows the long - term trends of the procurement volume and price of FeSi75 - B by Hebei Iron and Steel Group (monthly) from 2021 to 2025, as well as the procurement volume and price of FeMn65Si17 by Hebei Iron and Steel Group (monthly) [4][7]. Inventory - For silicon ferroalloy, the report shows the long - term trends of the inventory of 60 sample enterprises in China (weekly), and the inventory of these enterprises in Ningxia, Inner Mongolia, and Shaanxi (weekly) from 2021 to 2025. It also presents the long - term trends of CZCE silicon ferroalloy's total warehouse receipts, effective forecasts, and the sum of warehouse receipts and effective forecasts (daily) [6]. - For silicon manganese, the report shows the long - term trends of CZCE silicon manganese's total warehouse receipts, effective forecasts, and the sum of warehouse receipts and effective inventory (daily), as well as the long - term trends of the inventory of 63 sample enterprises in China (weekly, in tons) from 2021 to 2025 [8]. Cost and Profit - For silicon ferroalloy, the report shows long - term trends of electricity prices in Inner Mongolia, Qinghai, Ningxia, and Shaanxi, the market price of small - sized blue coke in Shaanxi, the start - up rate of blue coke in China (weekly), the production profit of blue coke in China (daily), and the production cost, profit of folding the main contract, and spot profit of silicon ferroalloy in Ningxia and Inner Mongolia from 2021 to 2025 [6]. - For silicon manganese, the report shows long - term trends of the profit of silicon manganese in Inner Mongolia, Guangxi, the northern region, and the southern region (steel - union, yuan/ton), and the profit of folding the main contract of Guangxi silicon manganese from 2021 to 2025 [8].

Group 1 - The company has a complete industrial chain for manganese mining, electrolytic manganese production, processing, and sales [1] - The electrolytic manganese products are primarily sold to customers in the steel (stainless steel) industry [1]

Core Viewpoint - As of September 12, 2025, Western Gold (601069) closed at 31.6 yuan, down 1.22%, with a trading volume of 588,300 shares and a turnover of 1.829 billion yuan [1] Group 1: Financial Performance - The company reported a main revenue of 5.03 billion yuan for the first half of 2025, a year-on-year increase of 69.01% [5] - The net profit attributable to shareholders was 154 million yuan, up 131.94% year-on-year [5] - The second quarter of 2025 saw a main revenue of 3.087 billion yuan, a 99.39% increase year-on-year, and a net profit of 119 million yuan, up 248.88% year-on-year [5] Group 2: Market Activity - On September 12, 2025, the net outflow of main funds was 125 million yuan, accounting for 5.75% of the total turnover [2] - Over the past five days, the stock experienced fluctuations, with a peak closing price of 33.20 yuan on September 10, 2025, and a subsequent decline [2][3] - The financing balance on September 12, 2025, was 378 million yuan, with a net financing purchase of 8.5 million yuan [3] Group 3: Industry Comparison - Western Gold's total market value is 28.56 billion yuan, ranking 6th in the precious metals industry [5] - The company's net asset value is 4.741 billion yuan, with a net profit margin of 2.87%, both below industry averages [5] - The company's price-to-earnings ratio (66.76) and return on equity (3.26%) also rank lower compared to industry averages [5]

Investment Rating - The report initiates coverage with a "Buy" rating for the company [5]. Core Views - The company is positioned for significant growth with the completion of the acquisition of Xinjiang Meisheng, which is expected to enhance its gold and copper production capabilities [2]. - The anticipated restart of interest rate cuts in the U.S. is expected to drive gold prices higher, benefiting the company's revenue [2]. - The company is projected to turn profitable in 2024 and enter a high growth phase in 2025, with substantial increases in revenue and net profit forecasted for the coming years [3]. Summary by Sections 1. Company Overview - The company, Western Gold, is a major player in the gold mining sector in Xinjiang, China, and has expanded into manganese and beryllium through acquisitions [1][10]. - The company has a total gold resource of 32.1 tons and a manganese resource of 1,136 tons, with ongoing projects aimed at increasing production capacity [1][22]. 2. Core Assets - The company has significant assets in Xinjiang, including the Katerba Asu gold-copper mine, which has a gold resource of 78.73 tons and is expected to start production in late 2025 [2][52]. - The company’s gold production is expected to increase significantly, with plans to produce 1.79 tons in 2025 [23]. 3. Industry Outlook - The report highlights a favorable outlook for gold prices due to anticipated monetary easing and increased demand from central banks [2][3]. - The company is well-positioned to benefit from these trends, with a diversified portfolio that includes gold, manganese, and beryllium [1][2]. 4. Financial Projections - Revenue is projected to grow from 9.04 billion yuan in 2025 to 14.58 billion yuan in 2027, with net profit expected to increase from 469 million yuan to 2.44 billion yuan in the same period [3][4]. - The company’s PE ratio is expected to decrease significantly from 53 in 2025 to 10 in 2027, indicating strong earnings growth potential [3][4].

1. Report Industry Investment Rating - No relevant information provided 2. Core Viewpoints - No clear core viewpoints are explicitly stated in the provided content 3. Summary According to Relevant Catalogs Price - For silicon iron, the latest prices of natural lump in different regions vary: Ningxia 72 is 5500, Inner Mongolia 72 is 5450, etc. The prices of qualified lump and export prices are also provided. For silicon manganese, the latest prices of different grades in various regions are presented, such as Inner Mongolia 6517 at 5800 [1]. - Multiple price - related charts show the historical price trends of silicon iron and silicon manganese in different regions from 2021 - 2025, including market prices, contract closing prices, and basis prices [2][6] Supply - For silicon iron, the production data of 136 enterprises in China, including monthly and weekly production, and the capacity utilization rates in Inner Mongolia, Ningxia, and Shaanxi are presented. For silicon manganese, the weekly production in China and the procurement volume and price of Hebei Iron and Steel Group are provided [4][6] Demand - The demand - related data includes the estimated and actual production of crude steel in China, the production of stainless - steel crude steel, the production and export of metal magnesium, and the demand for silicon manganese in China [4][7] Inventory - For silicon iron, the inventory data of 60 sample enterprises in China and different regions (Ningxia, Inner Mongolia, Shaanxi), the number of warehouse receipts, effective forecasts, and the average available days of inventory in different regions are provided. For silicon manganese, the inventory data of 63 sample enterprises in China, the number of warehouse receipts, effective forecasts, and the average available days of inventory in China are presented [5][7] Cost and Profit - For silicon iron, the cost and profit data include electricity prices in different regions, the market price and production profit of semi - coke, the market price of silica and iron oxide scale, the production cost in Ningxia and Inner Mongolia, and the profit of export and conversion to the main contract. For silicon manganese, the cost - related data includes the price of chemical coke and various manganese ores, and the profit data in different regions (Inner Mongolia, Guangxi, etc.) are provided [5][7]