财联社倾力打造王牌栏目《风口研报》，替您"扒一扒"市场含金量超高的研报、调研信息。以机构视 角，追踪研报和调研纪要细节里的"超预期"、"拐点"、"事件催化"和"价值洼地"。 前言 ①充电桩"三年倍增"方案出台，叠加国内价格战接近尾声+出海+大功率产品迭代，分析看好行业龙头迎来 量价齐升时代，高质量发展获得业绩增量；②煤炭开启"迎峰度冬"补库需求、"反内卷"下供需关系进一步 趋紧，这家公司煤矿+钼矿双轮驱动，资产注入助力达成每年3亿吨产量目标。 ...

Investment Rating - The report maintains a "Buy" rating for both China Metallurgical Group (中国中冶) and China Railway Group (中国中铁) [5][12]. Core Insights - China Metallurgical Group has significant copper reserves, with a valuation potential of 707 billion H shares, indicating a 62% upside [16][27]. - China Railway Group benefits from rising molybdenum prices, with a valuation potential of 1,471 billion H shares, indicating a 71% upside [30][31]. Summary by Sections China Metallurgical Group - The company has three operating mines and two mines awaiting development, with copper resources totaling 1,484 thousand tons [16][23]. - In the first half of 2025, the operating mines generated a profit of 5.5 billion yuan, a 29% increase year-on-year, contributing 18% to the company's net profit [16][18]. - The potential profit from the two awaiting mines is estimated at approximately 33 billion yuan, significantly enhancing the resource segment's contribution [23][29]. - The estimated total value of the company is 876 billion yuan, with a 23% upside compared to its current market value [23][27]. China Railway Group - The company operates five modern mines with significant copper and molybdenum reserves, leading to a 27% year-on-year increase in net profit from its resource segment [30][31]. - In the first half of 2025, the company reported a net profit of 258 billion yuan, with a projected decline of 7.4% year-on-year [30][31]. - The estimated total value of the company is 1,872 billion yuan, with a 36% upside compared to its current market value [30][31]. - The company has seen a significant increase in new orders, with a 20% year-on-year growth in Q2 2025, indicating a recovery in its construction segment [33][34]. Profit Forecast and Valuation - For China Metallurgical Group, the projected net profits for 2025-2027 are 61, 65, and 70 billion yuan, respectively [29]. - For China Railway Group, the projected net profits for 2025-2027 are 258, 253, and 255 billion yuan, respectively [30][31]. - Both companies are currently trading at low price-to-earnings (PE) ratios, indicating potential for valuation recovery [29][31].

Core Viewpoint - Yanzhou Coal Mining Company Limited (兖矿能源) reported a decrease in sales revenue and profit for the first half of 2025, indicating challenges in the coal industry amidst ongoing market fluctuations [1] Financial Performance - Sales revenue for the six months ending June 30, 2025, was 53.966 billion RMB, a year-on-year decrease of 13.17% [1] - Shareholder profit was 4.731 billion RMB, down 38.7% compared to the previous year [1] - Basic earnings per share were 0.47 RMB [1] Resource Development - The company has established coal production bases in Shandong, Inner Mongolia, Xinjiang, and Australia, creating a strong resource aggregation advantage [1] - As of the end of 2024, the coal resource amount is 46.4 billion tons (JORC standard), ranking among the top in the industry [1] - The acquisition of Northwest Mining added 6.352 billion tons of coal resources and increased recoverable reserves by 3.652 billion tons [1] Product Diversification - The company produces various types of coal, including thermal coal, injection coal, and coking coal, to meet diverse market demands [1] - In addition to coal, the company is actively expanding into other mineral sectors, holding six potash mining rights in Canada with proven high-quality potassium chloride resources of 1.7 billion tons [1] - Plans are in place to develop the Caosiyou Molybdenum Mine in Inner Mongolia, which has a resource amount of 1.04 billion tons, supporting sustainable development [1]

Group 1 - The core point of the article is that Jintong Co., Ltd. (601958) has signed a letter of intent with Zijin Mining (601899) to collaborate on the development of the Shapinggou molybdenum mine in Jinzhai, Anhui [1] - Zijin Mining plans to transfer part of its stake in Jinsha Molybdenum to Jintong Co., Ltd. at cost price, resulting in Zijin Mining (or its affiliates) holding 60% of Jinsha Molybdenum and Jintong Co., Ltd. holding 34% [1] - Both companies intend to jointly invest in the establishment of a smelting company to engage in the smelting and deep processing of molybdenum metal [1] - The letter of intent is a framework agreement, and there is uncertainty regarding the signing of a formal transaction contract in the future [1]

民生证券研报指出，赤峰黄金2025年上半年实现归母净利润11.07亿元，同比增长55.79%，单季度看， 25Q2归母净利润6.23亿元，同比增长22.25%，环比增长28.97%。业绩略低于预期，产量不及预期以及 成本上行是影响业绩的核心原因。重点项目推进，驱动产能提升。五龙矿业完成选厂改造，处理能力提 升至3000吨/天；吉隆矿业27号箕斗井提升改造完成，其余项目已按计划陆续启动；华泰矿业一采区 （三采分区）复工项目完成可研报告，采矿权延续工作按计划推进，五采区扩建项目基建工程有序开 展；锦泰矿业一期工程顺利推进，预计年底完成回采，二期工程已完成项目勘查和探转采工作；瀚丰矿 业东风钼矿现有选厂改扩建项目已启动设计；金星瓦萨加速推进地采主采区新区开拓，同时在矿区中段 Benso区新增4个露天采坑，充填系统恢复顺利，预计Q3可满负荷运行。另外从矿床类别看，公司老挝 原在产矿体为卡林型金矿，此次新发现矿体为斑岩型金铜矿，体量较大且选矿流程相对容易，回收率更 高，未来计划对该矿体实行进一步勘探工作。维持"推荐"评级。 ...

Core Insights - The newly revised Mineral Resources Law emphasizes national mineral resource security and aims to establish a comprehensive system for mineral resource security [1] - The implementation of the new law is expected to create new development opportunities for high-quality growth in the mining industry, with multiple policy benefits being released [1] - There is a significant increase in investment in mineral exploration, with a 23.9% year-on-year growth in funding for non-oil and gas mineral exploration in the first half of the year [2] Group 1: Policy and Regulatory Changes - The new Mineral Resources Law, effective from July 1, introduces a mineral rights registration system and enhances the protection of mineral rights as a type of property right [1] - The law aims to improve the licensing system for mineral exploration and mining, as well as the management of transfer contracts [1] - The Ministry of Natural Resources has increased the supply of exploration rights, with a record 581 strategic mineral exploration rights to be issued in 2024 [5] Group 2: Investment Trends - In the first half of the year, total investment in mineral exploration reached 6.993 billion yuan, with social funding accounting for 3.359 billion yuan, indicating a growing enthusiasm among enterprises for mineral exploration [2] - Investment in various minerals such as tin, bauxite, tungsten, copper, and phosphate has seen over 50% year-on-year growth [2] - The mining rights market is becoming increasingly active, with significant transactions reported in regions like Gansu and Inner Mongolia, totaling hundreds of billions of yuan [5][6] Group 3: Market Environment - The external environment for mineral resources is currently unstable, while domestic demand for mineral resources is on the rise [4][6] - The mining industry is undergoing a transformation period, balancing development and ecological protection, necessitating a new round of strategic actions for mineral exploration [6][7] - The Ministry of Natural Resources is encouraging policy innovation and social capital involvement in mineral geological surveys to address various local issues [7]

Core Viewpoint - The "Guocheng System" is facing a critical leap as it navigates high leverage and aggressive capital strategies, with significant implications for its future operations and market position [2][5][7]. Group 1: Restructuring and Valuation - On December 18, 2024, Guocheng Mining announced a restructuring plan to acquire at least 60% of Guocheng Industrial, which holds valuable resources like the Dasu Molybdenum Mine, indicating the importance of this transaction for the "Guocheng System" [3]. - Despite the announcement, the restructuring has remained at the "proposal" stage for over six months, raising concerns about execution [4]. - The combined market value of Guocheng Mining and Zhonghe Co. exceeds 300 billion RMB, with Guocheng Industrial valued at over 50 billion RMB, leading to a total asset valuation of over 350 billion RMB for the "Guocheng System" [5]. Group 2: Leverage and Financial Maneuvering - The "Guocheng System" has effectively utilized leveraged financing, initially collaborating closely with banks like Lanzhou Bank, which has led to a high pledge rate of shares in Guocheng Mining [7][9]. - In 2017, Guocheng Holdings injected 5 billion RMB to take control of Guocheng Mining, acquiring a 40.99% stake through a bankruptcy restructuring process [9]. - The funding for this acquisition was largely sourced from external parties, with significant loans from institutions like Zhejiang Merchants Investment [12][13]. Group 3: Strategic Acquisitions and Market Position - The "Guocheng System" has ambitions beyond Guocheng Mining, as evidenced by its acquisition of a controlling stake in Zhonghe Co. and plans for further market consolidation [32][33]. - The acquisition of Jin Xin Mining, which holds significant lithium resources, positions the "Guocheng System" strategically within the high-demand lithium market [36]. - The company has engaged in multiple transactions involving its own subsidiaries, indicating a complex internal asset management strategy [40]. Group 4: Risks and Concerns - The high pledge rates of shares, with Guocheng Holdings and Guocheng Holdings pledging nearly all their stakes in Guocheng Mining, pose significant risks if market conditions deteriorate [44]. - The reliance on external financing and the aggressive use of leverage raise concerns about the sustainability of the "Guocheng System's" growth strategy [42][43].

Core Viewpoint - The investment capability of Zijin Mining has become the most important driving factor for its development, combining technology, management, and investment ability, enhanced by its private mechanism and state-owned enterprise credibility [3]. Group 1: Acquisitions Overview - Since 2020, Zijin Mining has made significant acquisitions in the mining sector, including: - In 2020, Zijin acquired 100% of Guyana Goldfields for CAD 323 million (approximately RMB 1.699 billion), with a resource reserve of about 178 tons of gold [5]. - In 2020, Zijin acquired 50.1% of Jilong Copper for approximately RMB 3.883 billion, with a recorded copper metal amount of 10.72 million tons [5]. - In 2021, Zijin acquired Canadian Lithium Company for CAD 960 million, focusing on the 3Q salt lake project in Argentina [6]. - In 2022, Zijin invested RMB 4 billion to acquire 30% of Ruihai Mining, which holds 100% of the Haiyu Gold Mine, the largest single gold mine in China [7]. - In 2023, Zijin completed the acquisition of the Rosebel Gold Mine, one of the largest and most cost-effective gold mines globally [11]. Group 2: Future Investment Plans - For 2024, Zijin plans to invest USD 1 billion (approximately RMB 707.1 million) to acquire 100% of the Akyem Gold Mine in Ghana, which has a gold resource of 54.4 tons [13]. - Zijin also plans to acquire 100% of La Arena Copper Mine in Peru for USD 245 million, with additional payments contingent on future production [13]. - In 2025, Zijin intends to acquire control of Zangge Mining for RMB 13.7 billion, enhancing its domestic mineral resource portfolio [14]. Group 3: Capital Raising Activities - In 2024, Zijin's subsidiary signed a share subscription agreement to invest approximately CAD 129.6 million (about RMB 690 million) in Solaris Resources, becoming the second-largest shareholder [15]. - Zijin also participated in private placements, including an investment of CAD 57.3 million (approximately RMB 300 million) in Montage Gold, acquiring 9.9% of the company [15]. - In September 2024, Zijin agreed to subscribe for shares in Wan Guo Gold Group for a total consideration of HKD 1.3794 billion (approximately RMB 1.249 billion) [16].

一、本次交易概述 江西赣锋锂业集团股份有限公司（以下简称"公司"）于 2025 年 2 月 21 日召开的第五届董事会第八十九次会议审议通过了《关于以 持有子公司股权及矿权质押担保涉及关联交易的议案》，为保障公司 日常经营活动正常开展，同意公司将持有的参股子公司五矿盐湖有限 公司（以下简称"五矿盐湖"）49%股权、江西金峰矿业有限公司横 峰县松树岗钽铌矿（以下简称"横峰县松树岗钽铌矿"）及江西西部 资源锂业有限公司河源锂辉石矿（以下简称"宁都河源锂辉石矿"） 的矿权质押给金融机构，为公司在金融机构的融资授信及日常业务提 供质押担保。授权公司经营层全权办理本次交易相关事宜并签署相关 法律文件。 因公司董事邓招男女士在五矿盐湖担任副董事长及总经理，本次 交易构成关联交易，但不构成《上市公司重大资产重组管理办法》规 定的重大资产重组，本次交易尚需提交公司股东大会审议。 二、质押标的基本情况 （一）五矿盐湖有限公司 证券代码：002460 证券简称：赣锋锂业 编号：临2025-023 江西赣锋锂业集团股份有限公司 关于以持有子公司股权及矿权质押担保涉及关联交易的公告 本公司及其董事会全体成员保证公告内容的真实、准确和 ...