智通财经APP获悉，中国中冶(01618)绩后涨超8%，截至发稿，涨7.49%，报2.44港元，成交额1.81亿港 元。 消息面上，中国中冶发布中期业绩，营业收入2375.33亿元人民币，同比减少20.52%；股东应占溢利 30.99亿元，同比减少25.31%。国盛证券指出，分季度看，Q1/Q2公司营收分别同降18%/23%；归母净利 润分别同比-40%/+1%，Q2增速转正，环比大幅提速，主要受益于毛利率提升以及减值损失减少。 该行指出，上半年公司三座在产矿山合计实现营业收入28亿元，同增3%；实现归属中方利润5.5亿元， 同增29%，占公司归母净利润的18%，其中瑞木镍钴矿/山达克铜金矿/杜达铅锌矿归属中方利润分别为 2.3/1.5/1.7 亿元。此外，锡亚迪克铜矿项目巴基斯坦相关审批程序已全部申请并基本获批，阿富汗艾娜 克铜矿正加快推进可研论证、进矿道路建设等前期准备工作，上述两座矿山投产后，资源板块业绩贡献 有望显著增厚，价值重估空间可观。 ...

天风证券（601162）股份有限公司鲍荣富,王涛,蹇青青近期对中国中冶（601618）进行研究并发布了研究报告 《Q2扣非同比增长31%，重视矿产资源价值重估》，给予中国中冶买入评级。 中国中冶 Q2扣非同比增长31%，维持"买入"评级 公司2025年上半年实现收入2375.33亿，同比-20.52%，归母、扣非净利润为30.99、23.26亿，同 比-25.31%、-27.71%。其中，25Q2单季实现收入1152.6亿，同比-22.59%，归母、扣非净利润为14.92、7.2 亿，同比+1.43%、+30.88%。上半年公司收入主要受建筑行业增长乏力、房地产行业深度调整等影响，工程 承包等板块业务收入下降所致。考虑到公司上半年经营情况，我们下调公司25-27年归母净利润为 61.5/66.6/72.7亿(前值70.9/75.7/81.5亿)，维持"买入"评级。 重大铜矿项目逐步推动，公司矿产资源业务潜力较大 最新盈利预测明细如下： 分业务来看，25H1公司工程承包/特色业务/综合地产业务分别实现营收2169.15、183.13、47.97亿，同 比-21.79%、-5.23%、-4.63%，毛利率分别同比 ...

中国中冶（01618）盘中涨超6%，截至发稿，股价上涨3.83%，现报2.17港元，成交额1.44亿港元。 中国中冶发布公告，公司2025年1-7月新签合同额人民币6113.4亿元，较上年同期降低18.5%，其中新签 海外合同额人民币612.6亿元，较上年同期增长38.0%。公开资料显示，中国中冶是国家确定的重点资源 类企业之一，在产的瑞木镍钴矿、杜达铅锌矿、山达克铜金矿储量丰富。 来源：新浪港股 ...

Core Viewpoint - Pakistan has awarded the development rights of the Reko Diq copper-gold mine to Barrick Gold of Canada, raising questions about its preference for Western partnerships over Chinese companies amid China's urgent need for copper resources [1][2]. Group 1: Historical Context and Bilateral Relations - Since establishing diplomatic relations in 1951, China and Pakistan have maintained a strong friendship, with China providing support in various sectors including aerospace, healthcare, and energy [3]. - China has also offered significant military assistance to Pakistan, enhancing its defense capabilities against threats from India [3]. Group 2: Economic Considerations - Pakistan possesses abundant natural resources, including coal, oil, and copper, but has faced challenges in resource development due to technical limitations and geopolitical conflicts [3]. - Canada has committed to investing $7 billion, along with an additional $1 billion for railway construction connecting the mine to Gwadar Port, which helps alleviate Pakistan's cash flow crisis and positions its copper production among the top five globally [2][3]. Group 3: Geopolitical Factors - Pakistan's ties with Canada are strengthened by shared language and legal systems as both are part of the Commonwealth, and their relationship with the West has been improving [5]. - The collaboration with Canada allows Pakistan to access European markets for its resources, a goal that is currently difficult for China to achieve [5]. Group 4: Strategic Positioning - Pakistan maintains a neutral stance in great power competition, balancing support from China while also engaging with Western partners to mitigate sanctions pressure [7]. - The decision to partner with Canada reflects Pakistan's focus on immediate economic benefits, risk diversification, and the need to repair international relations, emphasizing that national interests remain paramount in international friendships [7].

Core Insights - Jacob Stausholm has taken over as CEO of Rio Tinto, focusing on repairing relationships and exploring new investment areas, particularly in battery materials like lithium [1] - The board has requested Stausholm's resignation and is seeking a successor who can maximize the potential of Rio Tinto's key growth assets, including the Oyu Tolgoi copper-gold mine in Mongolia and the Simandou iron ore project in Guinea [1] - The future direction of the company will prioritize operational expertise and performance records, potentially positioning Simon Trott, head of iron ore, and Jerome Pacheco, an aluminum executive, as candidates to succeed Stausholm later this year [1]

Group 1 - The core point of the news is the acquisition of Baiyin Nonferrous Metals Group Co., Ltd. by CITIC Group, which has resulted in a significant change in the company's ownership structure, with CITIC Group becoming the actual controller of the company through its subsidiary, CITIC Guoan Industrial Group Co., Ltd. [1][5][28] - CITIC Group holds a total of 2,445,671,272 shares in Baiyin Nonferrous, accounting for 33.03% of the total share capital, following the completion of the acquisition process [1][5][6]. - The acquisition was facilitated by a court-approved restructuring plan for CITIC Guoan Group and other related companies, which allowed for the transfer of shares and the establishment of CITIC Guoan as the largest shareholder of Baiyin Nonferrous [1][5][6]. Group 2 - The acquisition process complied with the relevant regulations, allowing CITIC Group to avoid making a public tender offer for additional shares, as it was deemed beneficial for market stability and the protection of minority shareholders [2][5]. - Throughout the acquisition process, CITIC Group and Baiyin Nonferrous have fulfilled their reporting and announcement obligations as required by law [6][28]. - The financial advisor confirmed that the transfer of shares was completed on June 6, 2023, and the actual control of the first major shareholder was officially changed to CITIC Group on November 1, 2023 [6][28]. Group 3 - The acquisition does not involve any adjustments to Baiyin Nonferrous's main business operations, and there are no plans for significant changes in the company's business strategy within the next 12 months [8][21]. - Baiyin Nonferrous is planning to invest in a copper-gold mining project in Brazil to enhance its international operations and resource security, which has been approved by the board [8][9]. - The company is also in the process of publicly transferring 100% of its subsidiary, Tangjisa (Barbados) Ltd., through an open bidding process, which is expected to improve operational efficiency [9][10][12]. Group 4 - The company has reported internal control deficiencies, including one significant financial reporting deficiency related to employee collusion leading to inventory shortages, which has been addressed through corrective measures [23][27]. - Baiyin Nonferrous has implemented an SAP information system to enhance its internal control and risk management capabilities, with ongoing evaluations planned for the system's reliability [27][28]. - The company has maintained compliance with corporate governance and internal control regulations throughout the acquisition process, with no violations reported [28][29].