华安证券（600909）股份有限公司许勇其,黄玺近期对铜陵有色（000630）进行研究并发布了研究报告《一体化布局的老牌铜企，资源自给率持续 提升》，首次覆盖铜陵有色给予买入评级。 铜陵有色 主要观点： 产业链一体布局的安徽老牌铜企 铜陵有色依托铜陵矿山资源布局矿山-冶炼-加工的完整产业链：矿山端，公司下属冬瓜山铜矿、安庆铜矿等国内矿山，并控股子公司中铁建铜冠 获得厄瓜多尔米拉多铜矿70%的控制权。下游，公司是国内最大的阴极铜生产企业之一，阴极铜年产能超170万吨，同时具备年产各类高精度电子 铜箔产能8万吨。2025年上半年公司实现营收760.8亿元(同比+6.4%)，实现归母净利润14.4亿元(同比-33.9%，主因境外子公司分红安排调整导致所 得税费用提升)，其中铜产品贡献的收入/毛利占比分别为83.78%/56.91%。 供需矛盾持续演绎，铜价具备支撑 供给端，冶炼产能扩张而铜矿供应紧张，2024年以来冶炼加工费持续下行，供需矛盾下铜价持续上涨。需求端，国内制造业PMI表现平稳，传统 制造业需求托底，电网投资在2024年的高基数上维持增长，1-7月增速为12.5%，新兴领域如AI数据中心有望贡献需求增量 ...

Company Overview - Jincheng Mining Management Co., Ltd. is located in Fengtai District, Beijing, and was established on January 7, 2008. The company was listed on June 30, 2015. Its main business includes mining engineering construction, mining operation management, and mining design and technology research [1][2]. Financial Performance - For the period from January to June 2025, Jincheng achieved operating revenue of 6.316 billion yuan, representing a year-on-year growth of 47.82%. The net profit attributable to shareholders was 1.111 billion yuan, with a year-on-year increase of 81.29% [2]. - As of June 30, 2025, the company had a total of 16,600 shareholders, a decrease of 13.57% from the previous period. The average number of circulating shares per person increased by 15.70% to 37,570 shares [2]. Stock Performance - As of August 27, Jincheng's stock price increased by 2.01%, reaching 61.00 yuan per share, with a trading volume of 166 million yuan and a turnover rate of 0.44%. The total market capitalization is 38.05 billion yuan [1]. - Year-to-date, Jincheng's stock price has risen by 70.15%, with a 15.79% increase over the last five trading days, a 21.78% increase over the last 20 days, and a 56.73% increase over the last 60 days [1]. Shareholder Information - Since its A-share listing, Jincheng has distributed a total of 768 million yuan in dividends, with 477 million yuan distributed over the past three years [3]. - As of June 30, 2025, Hong Kong Central Clearing Limited is the third-largest circulating shareholder, holding 13.8932 million shares, a decrease of 16.2626 million shares from the previous period [3]. Business Segmentation - The company's main business revenue composition includes: mining operation management (44.45%), sales of copper products and phosphate rock (32.28%), mining engineering construction (20.15%), and other segments (3.12%) [1].

华友钴业（603799.SH）2025 年半年报点评 业绩持续快速增长，周期成长属性凸显 2025 年 08 月 26 日 ➢ 事件：公司发布 2025 年半年报，业绩继续快速增长。2025H1，公司实现 营收约 372 亿元，同比增长 23.78%，归母净利润 27.11 亿元，同比增加 62.26%；扣非归母净利润 25.87 亿元，同比增加 47.68%。2025Q2，公司实现 营收约 194 亿元，同比增长 28.28%，环比增长 8.48%，实现归母净利润 14.59 亿元，同比增长 27.04%，环比增长 16.51%；扣非归母净利 13.60 亿元，同比 增长 14.89%，环比增长 10.89%。 ➢ 量：镍项目持续稳产超产。1）镍：华飞和华越项目持续超产（超产幅度约 30%），25H1 预计 MHP 产量达 12 万吨，同比增长超 40%，25H1 镍产品出 货量 13.94 万吨，同比增长 83.91%；2）铜：25H1 铜产品同比小幅下降，主 要系自产铜量逐步下滑；3）钴：25H1 钴产品出货量 2.08 万吨，同比下降 9.89%，主要系公司看好钴价后续涨势调整销售策略；4）锂：25H ...

格隆汇8月25日丨云南铜业(000878.SZ)公布半年度报告，公司牢固树立市场主体意识，统筹抓好改革发 展、生产组织、指标优化、创新提质等各项工作，积极应对原料供应紧张、铜市场TC创历史新低等挑 战，进一步完善产供销储运财运营管理协同机制，不断夯实极致经营基本盘，实现主产品产量创历史新 高、创新能力持续提升等目标。上半年，公司实现营业收入889.13亿元同比增长4.27%、利润总额18.95 亿元同比增长2.94%、归母净利润13.17亿元同比增长24.32%。 ...

公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容 的真实、准确、完整，不存在虚假记载、误导性陈述或者重大遗漏，并承担 个别和连带的法律责任。 公司负责人刘路坷、主管会计工作负责人岳敏及会计机构负责人(会计主 管人员)武武声明：保证本半年度报告中财务报告的真实、准确、完整。 所有董事均已出席了审议本次半年报的董事会会议。 报告中所涉未来计划等前瞻性陈述，不代表对公司未来盈利预测，不构成 公司对投资者的实质承诺，敬请投资者注意投资风险。公司在本报告"第三节 十、公司面临的风险和应对措施"中，已详细描述公司可能面临的风险及公司 拟应对措施，敬请投资者查阅。 公司计划不派发现金红利，不送红股，不以公积金转增股本。此外，公 司 1 亿元（含）-2 亿元（含）回购股份并注销的方案已于 2025 年 8 月 7 日首 次实施。 第 1 页 共 162 页 第 2 页 共 162 页 （一）载有公司负责人、主管会计工作负责人、会计机构负责人签名并盖章的财务报表； （二）报告期内公开披露过的所有公司文件的正本及公告的原稿； （三）载有公司法定代表人签名的 2025 年半年度报告文本。 第 3 页 共 162 页 ...

Market Overview - The A-share market experienced strong fluctuations on August 21, with the Shanghai Composite Index nearing 3,800 points, reaching a 10-year high, and closing up 0.13% at 3,771.1 points [2] - The Shenzhen Component Index slightly decreased by 0.06% to 11,919.76 points, while the ChiNext Index fell by 0.47% to 2,595.47 points [2] - The total trading volume in the Shanghai and Shenzhen markets was 24,608 billion yuan, showing a slight increase compared to the previous day [2] Sector Performance - Over 3,000 stocks in the market were in the red, with the semiconductor sector declining significantly; Dongxin Co. fell over 12%, and other companies like Chipone Technology and Nanchip Technology dropped over 5% [2] - The AI industry chain stocks collectively fell, with companies like Feilong Co., Tenglong Co., and Jintian Co. hitting the daily limit down, while Industrial Fulian dropped over 5% [2][8] - Resource stocks, including oil, electricity, coal, and gas, saw a collective rise, with companies like Quanyou Co. and Anyuan Coal Industry hitting the daily limit up [2] Notable Stocks - Domestic software stocks surged, with Beixin Source hitting the daily limit up with a 20% increase, and ZTE Corporation also seeing a significant rise of over 6% [4][6] - Ji Shi Media experienced a dramatic "地天板" (ground-to-sky) performance, closing at the daily limit after previously hitting the limit down [11][12] AI Industry Insights - The National Development and Reform Commission reported that by the end of 2024, China's software revenue is expected to grow by 80% compared to 2020, with the electronic information manufacturing industry's added value increasing by over 70% [6] - The daily average consumption of tokens in AI applications has surged from 1 trillion to over 30 trillion in just one and a half years, indicating rapid growth in AI application scale [6] AI Sector Decline - AI-related stocks, including Huaguang New Materials and Tongfei Co., saw declines exceeding 10%, with several companies hitting the daily limit down [8][9]

Market Overview - The A-share market continued its upward trend, with the Shanghai Composite Index reaching a ten-year high, close to 3800 points, closing at 3779.52 points, up 0.35% [1] - The Shenzhen Component Index closed at 11980.08 points, up 0.45%, and the ChiNext Index closed at 2613.08 points, up 0.21% [1] - Total market turnover for the half-day was 159.12 billion yuan, an increase of 5.62 billion yuan compared to the same period the previous day [1] Sector Performance - The combustible ice sector saw a significant surge, with New Jin Power rising nearly 9% and Shen Kai Co. increasing over 7% due to breakthroughs in large-scale utilization [3] - Digital currency concept stocks were active, with Yu Yin Co. achieving three consecutive trading limits and Zhongyou Capital hitting two trading limits in three days [3] - The consumer electronics sector remained active, with Lens Technology rising over 10% and Zhaoyi Innovation hitting the trading limit [3] Company Highlights - Muyuan Foods reported a nearly 12-fold increase in net profit, leading to a nearly 9% rise in its stock price [5][6] - For the first half of the year, Muyuan Foods achieved operating revenue of 764.63 billion yuan, a year-on-year increase of 34.46%, and a net profit of 105.3 billion yuan, up 1169.77% [6][7] - The company plans to distribute a cash dividend of 9.32 yuan per 10 shares, totaling 50.02 billion yuan [7] - Muyuan Foods is adjusting its breeding stock in response to national supply-demand balance measures, expecting to reduce its breeding sows to 3.3 million by year-end [7][9] - The company has established an overseas business team to explore international markets, aiming to replicate its domestic advantages abroad [8] Stock Performance - Jin Tian Co. reported a total revenue of 592.94 billion yuan for the first half of the year, a year-on-year increase of 2.46%, and a net profit of 3.73 billion yuan, up 203.86% [12][13] - However, Jin Tian Co. warned of potential market overheating due to its stock's recent performance exceeding industry and index growth [13] - Both Jin Tian Co. and Tenglong Co. faced significant declines in stock prices, with Tenglong Co. also issuing a risk warning regarding its exposure to the liquid cooling market [10][12][13]

Market Overview - On August 21, A-shares opened higher with major indices rising, particularly in diversified finance, brokerage, and digital currency sectors, while photovoltaic, rare earth, and military industries saw slight declines [1] - Liquid cooling server and AI hardware stocks opened lower, with Jintian Co. hitting the daily limit down after a strong performance in previous days [1] Company Performance - Jintian Co. reported a total revenue of 59.294 billion yuan for the first half of the year, a year-on-year increase of 2.46%, and a net profit of 373 million yuan, up 203.86% [3] - Jintian Co. primarily engages in non-ferrous metal processing, with copper products and rare earth permanent magnet materials as its main offerings [3] - China Mobile's AI general computing device procurement project has awarded contracts, with ZTE Corporation being the largest winner, securing approximately 885 million yuan, accounting for over 50% of the total [6] Sector Movements - The semiconductor sector saw strong gains, with the Shenwan Electronics Industry Index rising over 1%, reaching a new high [4] - The consumer electronics sector experienced a short-term surge, with Kosen Technology achieving five consecutive trading limit ups [6] - The small metals sector also saw significant movement, with Zhangyuan Tungsten hitting the daily limit up, alongside other companies in the rare earth and tungsten industries [6] Hong Kong Market Highlights - In the Hong Kong market, the Hang Seng Index and Hang Seng Tech Index declined, while pharmaceutical stocks rebounded and stablecoin concepts surged [3] - Zhenrongxin saw a significant increase, with shares rising nearly 30% at one point, following a previous day where the stock price surged over 90% [8][10] - Zhong An Online reported total premiums of 16.661 billion yuan for the first half of 2025, a year-on-year increase of 9.3%, with net profit rising by 1103.5% [10] Cryptocurrency Sector - The cryptocurrency sector in Hong Kong saw initial gains, with Okex Chain rising over 9% and New Fire Technology Holdings increasing by over 8% [11]

Group 1 - The liquid cooling server concept experienced a decline on the 21st, with companies such as Tenglong Co. and Jintian Co. hitting the daily limit down, while Feilong Co. dropped over 9% [1] - Jintian Co. had previously achieved 5 limit-up days in the last 6 trading days, and the company indicated that its stock's short-term increase exceeded the industry and Shanghai Composite Index, suggesting an overheated market sentiment [1] - Jintian Co. primarily engages in non-ferrous metal processing, with main products including copper products and rare earth permanent magnet materials, which are used in various sectors such as power, electronics, construction materials, air conditioning, and new energy vehicles [1] Group 2 - Tenglong Co. also noted that its stock had increased by 67.34% over the past 6 trading days, compared to a 6.76% increase in the automotive parts industry index, indicating a significant short-term rise [1] - The trading volume for Tenglong Co. reached a cumulative turnover rate of 119.35% over 6 days, with an average daily turnover rate of 19.89%, which is significantly higher than usual [1] - The company confirmed that there had been no major changes in its fundamentals during this period [1] Group 3 - The company has noted recent market interest in data center/server liquid cooling and energy storage liquid cooling, and currently has small batch products supplied to domestic customers for these applications [2] - In the first half of 2025, the sales revenue from electronic water pump products for server liquid cooling is approximately 800,000 yuan, and revenue from hoses for energy storage liquid cooling is about 970,000 yuan, which is a small proportion of the company's total revenue [2] - The business development in these areas presents significant uncertainty, and the company advises investors to be cautious and make rational decisions [2]

Core Viewpoint - China Daye Non-Ferrous Metals (00661) anticipates a revenue of approximately RMB 29.306 billion for the six months ending June 30, 2025, representing a year-on-year decrease of about 10.72% [1] - The company expects a gross profit of approximately RMB 514 million, a year-on-year decrease of about 37.47% [1] - A net loss of approximately RMB 6 million is projected for the period, contrasting with a profit of approximately RMB 148 million in 2024 [1] Revenue and Profit Analysis - The expected revenue decline is attributed to a combination of accelerated release of domestic and international smelting capacity and tight supply of copper concentrate [1] - The sustained low level of smelting processing fees and reduced product output have contributed to the decrease in revenue and narrowed profit margins [1] Financial Performance Outlook - The board of directors indicates that the anticipated net loss for the first half of 2025 is primarily due to the reduction in gross profit [1] - The significant drop in gross profit reflects the challenges faced by the company in the current market environment [1]