各种各样的矿石资源对我国的发展至关重要，因为它们是工业化进程中不可或缺的支柱。矿产资源对我国既有进口，也有出口，但如果要说到我国的钢铁资 源，那么就不得不提一个地方——攀枝花。这座位于四川的城市，可以说是中国工业化迅速发展的关键所在。若没有攀枝花，可能就没有今天中国的钢铁产 业，更谈不上工业化的飞速前进。那么，攀枝花究竟蕴藏着怎样的力量？它又是如何在短短几年内成为中国的钢铁之都呢？接下来，我们一起探索。 除此之外，攀枝花还建立了全国最大的露天钒钛磁铁矿山——尖铁矿，和全国最大的独立煤矿——宝鼎煤矿，以及独一无二的地下火力发电厂、503地下战 备电厂和投资最大的水电站——二滩水电站。 从这些建设中，我们可以看出，攀枝花经历了一个飞速发展的时期。其丰富的矿产资源被充分开发，并广泛 应用到我国各类建设中。可以说，正是我国的工业化成就了攀枝花，而攀枝花的矿产资源同样成就了我国的工业化。 不过，经历了多年的发展，攀枝花也不可避免地遇到了技术上的难题。那么，面对这些难题，攀枝花是如何迎难而上的呢？我国对于攀枝花未来又有哪些展 望呢？ 三、不断精进技术，攀枝花成为现代化工业重镇 早在2018年，攀枝花就遇到了EB炉电子束枪 ...

Group 1 - Recent prices of various rare earth minerals have reached historical highs, with non-ferrous metals like copper, aluminum, and tin also experiencing significant price increases [1] - Analysts attribute the surge in rare earth prices to China's stricter export controls, and anticipate a comprehensive revaluation of key resources due to the U.S. "Treasury Plan" and China's increased copper strategic reserves [1] Group 2 - The rapid development of AI has made it a significant consumer of resources, with computational power demands doubling every 3.5 months, leading to increased demand for metals in data centers and power grid construction [3] - The World Economic Forum predicts that by 2035, global data center capacity will triple, and investments in power grids will reach trillions of dollars, enhancing the "AI value" of metals [3] - Vanadium, crucial for energy storage, has a value contribution of 29% in power grid facilities, while copper is essential across AI infrastructure, facing supply constraints due to resource depletion [3] Group 3 - Geopolitical dynamics are creating a "safety premium" for resources, with countries prioritizing strategic autonomy and recognizing key minerals as central to national security [4] - Historical precedents show that safety demands can surpass industrial cycles, leading to significant price surges for metals during geopolitical tensions [4][5] - Recent export control measures from resource-rich countries, such as cobalt bans from the Democratic Republic of Congo and rare earth controls from China, have further elevated safety premiums [5] Group 4 - Investment themes emerging from the intersection of AI demand and geopolitical risks include copper, which is vital for both AI infrastructure and defense industries, and rare earth elements like neodymium and dysprosium, which are critical for AI chips and military applications [7] - Vanadium is recognized as a rising star in energy storage, while lithium and aluminum are experiencing rapid demand growth driven by AI and electric vehicles [7] - Gold remains a traditional hedge against uncertainty, while silver offers both industrial and financial attributes, making it a flexible investment choice [7] Group 5 - The structural bull market for commodities may just be beginning, driven by the dual forces of the AI revolution and safety premiums, positioning resource assets as a new battleground for capital [8] - Investors are encouraged to focus on scarcity and strategic value, moving beyond traditional cyclical frameworks to capitalize on emerging opportunities in the commodities market [8]

一些金属凭借在数据中心和电网设施建设中的核心应用率先迎来牛市，合并各金属矿物对数据中心和电网设施分别 的价值贡献度来看，可对金属矿产的"AI含金量"排序，依次为钒、铜、锂、镓、铝等。金银等则依托金融属性成为 AI 泡沫的对冲工具，原油因抑制通胀的中选诉求暂时站在了AI叙事对立面。 本文来自格隆汇专栏：国金证券研究所，作者：宋雪涛 核心观点 大宗商品的涨价与AI叙事有千丝万缕的联系，并且不同的大宗商品对AI的敞口不同，如同光谱呈现鲜明的差异化。 风险提示：AI商业化节奏超预期；有色金属涨价对下游制造业需求形成挤出；AI领域对各金属矿物依赖度数据可得 性有限，文中采用世界经济论坛基于2035年的预测，但未来9-10年科技发展会有较多不确定性，对金属价格的影响 存在变数。 正文 一、大宗商品从周期性定价转向结构性定价 当AI发展所面临的实体资源瓶颈逐渐成为共识，这些瓶颈正在重塑各类大宗商品在新时代下的价格逻辑。AI算力指 数级增长所需要的电力、设备、传输介质等物理基础，都依赖于大宗商品。一部分商品的物理属性直接受益于能源 电力基础设施、电气基础设施、冷却与热管理系统、半导体及硬件投入、数据中心建筑材料相关的建设投入 ...

Investment Rating - Industry Rating: Recommended [4] Core Insights - The precious metals market is experiencing significant volatility, with prices fluctuating sharply due to geopolitical tensions and changes in U.S. Federal Reserve leadership. Recent comments from former President Trump advocating for lower interest rates have positively impacted precious metals [3][6][29] - The report highlights a strong demand for gold driven by central bank purchases and geopolitical risks, with expectations for continued price increases in the long term due to global monetary and debt concerns [7][21] - Silver has shown a dramatic price drop recently, attributed to profit-taking and market reactions to Federal Reserve announcements, but the underlying supply-demand dynamics remain supportive of future price increases [8][23] Summary by Sections Precious Metals - COMEX gold prices fell by 1.52% to $4,907.50 per ounce, while COMEX silver dropped by 17.44% to $85.25 per ounce. In contrast, SHFE gold rose by 4.10% to ¥1,161.42 per gram, and SHFE silver increased by 11.92% to ¥27,941.00 per kilogram [1][33] - The gold-silver ratio increased by 19.29% to 57.57, indicating a shift in market dynamics [34] - The geopolitical landscape, particularly tensions involving Iran, has heightened demand for safe-haven assets like gold and silver, leading to increased volatility in their prices [3][6][29] Base Metals - In the LME market, copper prices decreased by 0.44% to $13,070.50 per ton, while aluminum fell by 1.20% to $3,135.50 per ton. Zinc, however, saw a rise of 3.09% to $3,370.00 per ton [9] - The SHFE market showed copper prices increasing by 2.31% to ¥103,680.00 per ton, with aluminum and zinc also experiencing gains [9] - Supply disruptions from overseas mines and structural demand from emerging industries are expected to support copper prices in the long term, despite current demand weakness in China [10][24] Small Metals - Magnesium prices rose by 1.45% to ¥18,240 per ton, driven by increased demand ahead of the Chinese New Year and stable supply from major production areas [19] - Molybdenum and vanadium prices have shown slight increases, supported by tight supply and steady demand from steel manufacturers [20]

Core Viewpoint - The company expects a significant decline in revenue and a net loss for the fiscal year 2025, primarily due to falling prices of vanadium and titanium products [1] Financial Projections - The company forecasts a revenue of 8.8 billion to 9 billion yuan for 2025, representing a year-on-year decline of 31.86% to 33.38% [1] - The anticipated net loss attributable to shareholders is between 80 million to 110 million yuan, a decrease of 365 million to 395 million yuan compared to the previous year [1] Market Conditions - The decline in revenue and profit is attributed to the year-on-year decrease in prices of vanadium and titanium products, along with changes in the business model of certain products [1] - The company is actively responding to market changes by improving production and sales coordination and adjusting product varieties to mitigate the impact of price declines [1]

Core Insights - The U.S. has escalated its interest in Greenland, warning countries that do not support its acquisition plans of potential tariffs, highlighting the strategic importance of Greenland's mineral resources [1] Group 1: Current Situation - Greenland, an autonomous territory of Denmark, has a population of approximately 57,000 and faces significant development challenges due to reliance on Danish funding and weak infrastructure [3] - The local government has expressed the need for investment from traditional Western capital or alternative partners to address economic transformation pressures [3] Group 2: Resource Wealth - Greenland is rich in mineral resources, with 25 out of 34 critical minerals identified by the EU confirmed on the island, including significant rare earth elements essential for electric vehicles and defense industries [4] - The island's rare earth reserves are among the largest globally, with the Tamires rare earth mine recognized as one of the world's largest deposits [4][5] Group 3: Mining Challenges - Despite its resource wealth, Greenland faces multiple challenges in mining development, including extreme cold temperatures, high environmental standards, and community opposition [6] - The lack of adequate infrastructure, such as ports and roads, further complicates large-scale mining operations, necessitating substantial investment [6] Group 4: Geopolitical Dynamics - The U.S. has positioned Greenland as a focal point in its geopolitical strategy, emphasizing its importance for national security and potential military control [7] - Denmark's defense response to U.S. military actions regarding Greenland indicates a complex and contradictory relationship within NATO [7] Group 5: Chinese Interests - Greenland has become a point of contention in U.S.-China relations, with the U.S. perceiving Chinese activities in the Arctic as a threat [8] - Denmark has explicitly prohibited Chinese investments in Greenland, citing security concerns, while U.S. diplomatic pressure has hindered Chinese access to key mineral resources [8]

Core Viewpoint - The company plans to acquire a 51% stake in NORTH WEST VANADIUM PROPRIETARY LIMITED (NWV) for USD 1 million to expand its overseas business and operational development [1] Group 1: Acquisition Details - The acquisition will make NWV a subsidiary of the company upon completion [1] - The purchase price for the stake is set at USD 1 million [1] Group 2: Strategic Rationale - The acquisition aligns with the company's need for overseas business expansion and operational development [1] - The company has obtained exploration rights for vanadium-titanium magnetite, which has significant reserves and high grades of vanadium and iron [1] - The proximity of NWV to the Vametco vanadium-titanium magnetite mine, which has been open-pit mined for years, provides a reference for quality and mining difficulty [1] Group 3: Future Prospects - The company aims to partner with steel industry players to jointly develop the vanadium-titanium magnetite and extract valuable rare metals such as vanadium and titanium [1] - This acquisition is expected to increase the company's rare metal resource base, enhance profitability, and improve risk resistance and market competitiveness [1] - The long-term sustainable development of the company is positively impacted by this strategic move [1]

Group 1 - The company will change its name from 荣晖国际集团有限公司 to 至源控股有限公司 on August 5, 2025 [1] - The company plans to expand its business focus beyond existing operations to include commodity trading (iron ore, nickel ore, and precious metals), ore processing, and financial licensing [1] - The board believes that broadening the company's business focus will benefit future growth and development, aligning with the best interests of the company and its shareholders [1] Group 2 - The company will emphasize the exploration, mining, processing, and trading of resources such as sulfur iron, nickel, titanium, vanadium, phosphorus, and aluminum [1] - There are plans for appropriate expansion into gold, silver, copper, and lithium sectors [1]

Core Viewpoint - The company will change its name from 荣晖国际集团有限公司 to 至源控股有限公司 and will expand its business focus to include exploration, mining, processing, and trading of various resources such as sulfur iron, nickel, titanium, vanadium, phosphorus, and aluminum, while also considering expansion into gold, silver, copper, and lithium sectors [1] Business Expansion - The company aims to diversify its business beyond its current operations, which include commodity trading (iron ore, nickel ore, and precious metals), ore processing, and financial licensing [1] - The board believes that broadening the business focus will benefit future growth and development, aligning with the best interests of the company and its shareholders [1]

（股份代號：990） 自願公告 業務最新狀況 本公告乃由至源控股有限公司（「本公司」，連同其附屬公司，「本集團」）自願作出。 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不負責，對其準確性或完 整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部分內容而產生或因倚賴該等內 容而引致的任何損失承擔任何責任。 本公司董事會謹此知會股東及投資者，於如本公司日期為二零二五年八月五日之公 告所列本公司將名稱由榮暉國際集團有限公司更改為至源控股有限公司後，本集團 在原有業務以外，即商品貿易（包括鐵礦石、鎳礦石及貴金屬）、礦石加工及金融牌 照業務，將更注重硫鐵、鎳、鈦、釩、磷和鋁資源的勘探、開採、加工及貿易，並 將適時適當擴張至金、銀、銅和鋰等領域。董事會認為拓寬本集團業務的重心範圍 有利於其未來增長及發展，且符合本公司及其股東的整體最佳利益。 DEEP SOURCE HOLDINGS LIMITED 承董事會命 至源控股有限公司 * 至源控股有限公司 （於百慕達註冊成立之有限公司） 吳磊 香港，二零二五年十二月九日 於本公告日期，執行董事為江江先生及吳磊先生；非執行董事為丁琳先生及康健先生；及 ...