来源：市场资讯 （来源：安泰科） 一、进口货源集中到港，锌精矿进口量环比大幅增加 2025年11月，中国进口精锌1.8万吨，同比下降48.1%，环比下降2.9%； 1-11月累计进口29.5万吨，同比 下降28.7%。从精锌进口结构来看，0#锌、2#锌进口累计同比分别下降59.4%、38.9%，1#锌进口累计同 比增加53.8%。 分国别看，1-11月精锌进口主要来自哈萨克斯坦、澳大利亚和印度，进口量占总进口的81.1%，其中， 澳大利亚和印度的进口量分别为4.7万吨和1.8万吨，降幅分别为62.0%和8.9%，哈萨克斯坦进口量增加 30.2%至17.4万吨。 精锌现货出口窗口持续打开。11月精锌出口量为4.3万吨，环比上涨402.6%，1-11月精锌累计出口量为 6.7万吨，同比增加437.5%。 主要流向新加坡、中国香港、中国台湾和越南等地区，四地出口量占据合计出口量的81%。其中向新加 坡地区出口2.1万吨，向中国香港地区出口0.7万吨，向中国台湾地区出口1.9万吨，向越南地区出口0.8万 吨。 当前比值小幅回升至7.5左右，精锌出口窗口关闭，但仍有部分在途货物，预计12月精锌的出口量仍保 持较高水平。 ...

来源：矿业汇 12月19日，中国有色矿业发布公告，宣布与哈萨克斯坦SM Minerals的原股东签署股权购买协议，中国 有色将以8900万美元收购6.47万股SM Minerals股份，占其已发行股本的55%，加之已持有的15%股份。 此次完成交割后，中国有色将合计持有SM Minerals已发行股本的70%，正式开启在中亚的战略布局。 SM Minerals公司核心项目是位于哈萨克斯坦Aktobe省的本卡拉项目，该项目由本卡拉北采矿权和本卡 拉南探矿权组成，涵盖34.3平方公里的面积。截至目前，本卡拉北矿区矿石资源量3.84亿吨，金属铜158 万吨，平均品位0.41%。其中，探明及控制金属铜94万吨。本卡拉南矿床尚处早期阶段。 本项目同样有伴生金，但由于历史金化验工作滞后，合资格报告未统计伴生金资源量。2025年7月份以 来，公司补充勘查已完成野外工作，待资源量估算完成后将进一步披露更新后的铜金属资源量和伴生金 情况。 公告显示，初步预计项目建设规模为露天采选矿石处理能力1,400万吨╱年，最终产品为铜精矿，达产 年产铜精矿含铜约4.5万吨。项目预计2029年投产。 作为中亚经济龙头，哈萨克斯坦矿产资源非常 ...

Group 1 - The company has not yet initiated research into zinc battery business [2] - The company's zinc products include refined zinc and zinc alloys [2]

格隆汇12月10日丨锌业股份(000751.SZ)在互动平台表示，公司锌产品有精锌、锌合金等产品，目前公 司尚无开展锌电池业务研究工作。 ...

Core Viewpoint - Baiyin Nonferrous Group Co., Ltd. has reported a significant recovery in its main business for Q3 2023, with substantial increases in revenue and profit driven by rising metal prices and expanded production capacity [2][3]. Financial Performance - For the first three quarters of the year, the company achieved a revenue of 72.643 billion yuan, a year-on-year increase of 5.21%. In Q3 alone, revenue reached 28.084 billion yuan, marking a substantial growth of 70.72% year-on-year [2]. - The total profit for the first three quarters was 983 million yuan, reflecting a year-on-year growth of 30.14%. In Q3, profit soared to 550 million yuan, with an impressive year-on-year increase of 1018.02% [2]. Production and Sales - The total output of the three main metals (copper, zinc, lead) reached 612,000 tons in the first three quarters, a year-on-year increase of 4.78%. Specifically, cathode copper production was 296,100 tons (up 7.93%), refined zinc production was 296,300 tons (up 0.39%), and refined lead production was 19,600 tons (up 34.27%) [2]. - The precious metals segment showed remarkable growth, with gold production at 1.91 tons (up 56%) and silver production at 435.62 tons (up 20.37%) [2]. Sales Performance - The sales volume of copper, zinc, and lead (excluding trade) reached 579,300 tons in the first three quarters. Copper sales were 290,000 tons (up 2.26%), zinc sales were 270,000 tons (up 22.56%), and lead sales were 19,300 tons (up 33.10%) [3]. - Gold sales exceeded 19.03 tons, a staggering increase of 102.73% year-on-year, while silver sales reached 419.1 tons (up 21.69%) [3]. Business Overview - Baiyin Nonferrous's main business includes the exploration, mining, selection, smelting, processing, and trading of various nonferrous and precious metals, covering a full industry chain both domestically and internationally [3]. - The company holds significant metal reserves, with domestic mines containing 7.8148 million tons of copper, lead, and zinc, and 12.42 tons of gold. Its overseas subsidiary, First Gold Group, has approximately 799.89 tons of gold resources [3]. Strategic Initiatives - In addition to strengthening its traditional business, Baiyin Nonferrous is actively expanding into new materials and renewable energy sectors, enhancing its growth potential [4]. - The company has established production capacities for fine electromagnetic wire (20,000 tons) and high-end electrolytic copper foil (70,000 tons) through its subsidiaries [4]. - The production of lithium iron phosphate (LMFP) cathode materials and nano zinc oxide is also underway, with projects expected to contribute to future growth [4].

Investment Rating - The report maintains a "Buy" rating for the company, expecting a relative increase in stock price of over 20% within the next six months [7][8]. Core Insights - The company achieved a revenue of 10.41 billion yuan in H1 2025, representing a year-on-year growth of approximately 14.9%, and a net profit attributable to shareholders of 585 million yuan, up 57.8% from the previous year [3][4]. - The rebound in zinc processing fees and the increase in precious metal prices contributed to the company's significant performance improvement, alongside effective operational management and cost control [4][5]. - The acquisition of 100% equity in Shuikoushan Co., Ltd. has enhanced the company's resource capabilities, with Shuikoushan contributing significantly to the overall net profit [6]. Financial Performance - In H1 2025, the company reported a net profit of approximately 1 billion yuan from its smelting segment, driven by rising processing fees and product prices [5]. - The company’s net profit from Shuikoushan reached 489 million yuan in H1 2025, accounting for about 84% of the total net profit [6]. - The company forecasts net profits of 1.29 billion yuan, 1.35 billion yuan, and 1.46 billion yuan for 2025, 2026, and 2027 respectively, with year-on-year growth rates of 63.83%, 4.93%, and 7.92% [8][10]. Market Position and Outlook - The company is transitioning from a lead-zinc smelting focus to a resource-oriented model, leveraging its high-grade mineral resources [6]. - The report anticipates stable growth in the company's mining production and sales, supported by rising gold and silver prices [8].