三峡水利（600116.SH）10月14日在投资者互动平台表示，尊敬的投资者你好，公司下属李家湾锰矿系 碳酸锰锰矿，所采锰矿石全部用于自有电解锰产品加工。 （文章来源：每日经济新闻） 每经AI快讯，有投资者在投资者互动平台提问：请问为什么资本市场不认可贵公司的矿产资源概念， 其他矿产资源股都涨到天了，贵公司的矿产资源丰富吗？ ...

10月13日晚间，三峡水利发布公告表示，近日，下属控股子公司贵州武陵矿业有限公司（以下简称武陵 矿业）收到松桃苗族自治县人民法院送达的民事起诉状、传票等资料，武陵矿业被原告湖南涟邵建设工 程（集团）有限责任公司（以下简称湖南涟邵）追讨工程款本金和资金占用利息(合计)3734.01万元（截 至2025年7月18日），上述诉讼已被法院立案受理。 《每日经济新闻》记者注意到，武陵矿业是三峡水利旗下的锰业板块子公司，而三峡水利锰业及贸易业 务持续处于亏损状态。上述诉讼中的原告湖南涟邵则是上市公司广东宏大的全资孙公司。事涉李家湾锰 矿开采项目 记者注意到，在2025年半年报中，三峡水利截至2025年上半年末的应付账款为9.47亿元，其中应付工程 款2.73亿元，但"账龄超过1年或逾期的重要应付账款"则显示为"不适用"。 根据财报，截至2025年上半年末，三峡水利的资产总额和负债总额分别为253.68亿元和141.39亿元，资 产负债率为55.74%；不过，其流动资产和流动负债分别为54.47亿元和79.31亿元，流动比率仅为0.69。 三峡水利在公告中表示，由于上述诉讼案件尚未开庭审理，目前无法判断其对公司业绩的具体影 ...

价格 供应 5500 6500 7500 8500 9500 01/01 02/01 03/01 04/01 05/01 06/01 07/01 08/01 09/01 10/01 11/01 12/01 CZCE：硅锰：主力合约：收盘价（日） 2021 2022 2023 2024 2025 -1000 -500 0 500 1000 01/01 02/01 03/01 04/01 05/01 06/01 07/01 08/01 09/01 10/01 11/01 12/01 CZCE：硅锰：基差（江苏）（钢联口径） 2021 2022 2023 2024 2025 -1000 -500 0 500 1000 01/01 02/01 03/01 04/01 05/01 06/01 07/01 08/01 09/01 10/01 11/01 12/01 硅锰主力月 内蒙基差（日） 2021 2022 2023 2024 2025 -200 -100 0 100 200 300 400 500 600 01/01 02/01 03/01 04/01 05/01 06/01 07/01 08/01 09/01 1 ...

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]

9月12日的资金流向数据方面，主力资金净流出1.25亿元，占总成交额5.75%，游资资金净流入2684.78 万元，占总成交额1.24%，散户资金净流入9800.44万元，占总成交额4.51%。 近5日资金流向一览见下表： | | | | | 日期 收盘价 涨跌幅 主力净流入 主力净占比 游资净占比 散户净流入 散户净占比 | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 2025-09-12 | 31.35 -2.00% | | -1.25 亿 | -5.75% | 2684.78万 | 1.24% | 9800.44万 | 4.51% | | 2025-09-11 | 31.99 -3.64% | | -1.33亿 | -5.38% | -3802.60万 | -1.54% | 1.71亿 | 6.92% | | 2025-09-10 | 33.20 7.41% | | -6277.17万 | -2.21% | 6093.38万 | 2.14% | 183.79万 | 0.06% | | 2025-09-09 | 30. ...

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].

铁合金早报 2025/8/13 价格 供应 5500 6500 7500 8500 9500 01/01 02/01 03/01 04/01 05/01 06/01 07/01 08/01 09/01 10/01 11/01 12/01 CZCE：硅锰：主力合约：收盘价（日） 2021 2022 2023 2024 2025 -1000 -500 0 500 1000 01/01 02/01 03/01 04/01 05/01 06/01 07/01 08/01 09/01 10/01 11/01 12/01 CZCE：硅锰：基差（江苏）（钢联口径） 2021 2022 2023 2024 2025 -1000 -500 0 500 1000 01/01 02/01 03/01 04/01 05/01 06/01 07/01 08/01 09/01 10/01 11/01 12/01 硅锰主力月 内蒙基差（日） 2021 2022 2023 2024 2025 -200 -100 0 100 200 300 400 500 600 01/01 02/01 03/01 04/01 05/01 06/01 07/ ...

Report Industry Investment Rating - Not provided Core Viewpoints - Not provided Summary by Relevant Catalogs Price - **Silicon Iron**: The latest prices of 72% FeSi in different regions vary, with prices in Ningxia, Inner Mongolia, Qinghai, and Shaanxi at 5600, 5600, 5600, and 5550 respectively, and prices of 75% FeSi in Shaanxi at 5950. There are also price differences among different contracts and bases, such as the main contract at 5696, and the main monthly basis at 204 [1]. - **Silicon Manganese**: The closing price of the main contract of CZCE silicon manganese, basis differences in different regions, and price differences between different varieties are presented, like the main contract closing price, Jiangsu basis, and north - south price difference [5]. Supply - **Silicon Iron**: The production of 136 silicon - iron enterprises in China, their capacity utilization rates in Inner Mongolia, Ningxia, and Shaanxi, and the export prices of 72% and 75% FeSi at Tianjin Port are shown. The production of 136 silicon - iron enterprises in China has different trends from 2021 - 2025 [3]. - **Silicon Manganese**: The production of silicon manganese in China, the procurement price and quantity of Hebei Iron and Steel Group, and the prices of manganese ores from different origins are included. The production of silicon manganese in China has shown different values from 2021 - 2025 [5]. Demand - **Silicon Iron**: The demand - related data includes the production of crude steel in China, the price and production of metal magnesium, the export quantity of silicon iron, and the procurement of Hebei Iron and Steel Group. The production of crude steel in China has different pre - estimated values from 2021 - 2025 [3]. - **Silicon Manganese**: The demand data involves the demand in China (by Steel Union's caliber), the export quantity, and the production of crude steel in China. The demand in China has been changing from 2021 - 2025 [6]. Inventory - **Silicon Iron**: The inventory data of 60 sample enterprises in China, Ningxia, Inner Mongolia, and Shaanxi, as well as the warehouse receipts, effective forecasts, and inventory average available days in different regions are provided. The inventory of 60 sample enterprises in China has different values from 2021 - 2025 [4]. - **Silicon Manganese**: The warehouse receipts, effective forecasts, and inventory data of 63 sample enterprises in China, as well as the inventory average available days in China are presented. The warehouse receipts of silicon manganese in China have shown different trends from 2021 - 2025 [6]. Cost and Profit - **Silicon Iron**: The cost - related data includes electricity prices in different regions, the market price of semi - coke, and the production cost and profit in Ningxia and Inner Mongolia. The electricity price in Inner Mongolia has changed from 2021 - 2025 [4]. - **Silicon Manganese**: The profit data in Inner Mongolia, Guangxi, and different regions, as well as the profit of Guangxi silicon manganese converted to the main contract, are shown. The profit in Inner Mongolia has different values from 2021 - 2025 [6].

价格 供应 5500 6500 7500 8500 9500 01/01 02/01 03/01 04/01 05/01 06/01 07/01 08/01 09/01 10/01 11/01 12/01 CZCE：硅锰：主力合约：收盘价（日） 2021 2022 2023 2024 2025 -1000 -500 0 500 1000 01/01 02/01 03/01 04/01 05/01 06/01 07/01 08/01 09/01 10/01 11/01 12/01 CZCE：硅锰：基差（江苏）（钢联口径） 2021 2022 2023 2024 2025 -1000 -500 0 500 1000 01/01 02/01 03/01 04/01 05/01 06/01 07/01 08/01 09/01 10/01 11/01 12/01 硅锰主力月 内蒙基差（日） 2021 2022 2023 2024 2025 -200 -100 0 100 200 300 400 500 600 01/01 02/01 03/01 04/01 05/01 06/01 07/01 08/01 09/01 1 ...

Report Industry Investment Rating - No relevant information provided Core Viewpoints - No relevant information provided Summary by Related Catalogs Price - For silicon iron, on July 10, 2025, the latest price of Ningxia 72 natural block was 5050 yuan, with a daily change of -50 yuan and a weekly change of -50 yuan; the latest price of Inner Mongolia 72 natural block was 5150 yuan, with a daily change of 50 yuan and a weekly change of 50 yuan. The export price of Tianjin 72 was 1010 US dollars, with a daily change of 0 and a weekly change of -10 US dollars. The主力合约 price was 5392 yuan, with a daily change of 42 yuan and a weekly change of -44 yuan [2]. - For silicon manganese, on July 10, 2025, the latest price of Inner Mongolia 6517 was 5500 yuan, with a daily change of 0 and a weekly change of 0; the latest price of Guangxi 6517 was 5570 yuan, with a daily change of 20 yuan and a weekly change of 20 yuan. The主力合约 price was 5718 yuan, with a daily change of 68 yuan and a weekly change of -8 yuan [2]. Supply - The monthly production of 136 silicon iron enterprises in China from 2021 - 2025 is presented, with the data ranging from 350,000 to 550,000 tons. The weekly production of 136 silicon iron enterprises (with a capacity - share of 95%) in China from 2021 - 2025 is also shown, with the data fluctuating [4]. - The monthly production of silicon manganese in China from 2021 - 2025 is presented, with the data ranging from 5500 to 9000 tons [6]. Demand - The monthly estimated and revised production of crude steel in China from 2021 - 2025 is presented, with the data ranging from 6500 to 10500 tons. The monthly production of stainless - steel crude steel in China from 2021 - 2025 is also shown, with the data ranging from 0 to 4000 tons [4]. - The monthly demand for silicon manganese in China (according to Steel Union's data) from 2021 - 2025 is presented, with the data ranging from 20 to 70 tons [4]. Inventory - The weekly inventory of 60 sample silicon - iron enterprises in China from 2021 - 2025 is presented, with the data ranging from 30,000 to 110,000 tons. The daily total number of silicon - iron warehouse receipts on CZCE from 2021 - 2025 is also shown, with the data ranging from - 1000 to 15000 [5]. - The daily total number of silicon - manganese warehouse receipts on CZCE from 2021 - 2025 is presented, with the data ranging from 0 to 140,000. The weekly inventory of 63 sample silicon - manganese enterprises in China from 2021 - 2025 is also shown, with the data ranging from 6500 to 10000 tons [7]. Cost and Profit - The electricity prices for ferroalloys in Qinghai, Ningxia, Shaanxi, and Inner Mongolia from 2021 - 2025 are presented, with the prices ranging from 0.3 to 0.7 yuan per degree. The production cost and profit of silicon iron in Ningxia and Inner Mongolia from 2021 - 2025 are also shown [5]. - The profit of silicon manganese in Inner Mongolia, Guangxi, the northern region, and the southern region from 2021 - 2025 is presented, with the profit data showing different fluctuations [7].