Investment Rating - The report maintains a "Positive" investment rating for the non-ferrous metals industry [2] Core Viewpoints - The antimony industry is expected to enter a strong prosperity cycle due to a mismatch in supply and demand growth rates [4][8] - China's antimony resource reserves account for 30% of the global total, with a significant increase in reserves from 480,000 tons in 2020 to 670,000 tons in 2024, reflecting a CAGR of 8.7% [4][18] - Global antimony production is highly concentrated, with China accounting for 58% of the total production in 2024, although production has been declining [5][23] - The demand for antimony is projected to grow significantly, driven by the rapid development of photovoltaic installations and the increasing use of antimony in glass for solar panels [6][42] Summary by Sections 1. Antimony Supply Dynamics - Antimony supply is experiencing an unexpected contraction, with China's environmental and export restrictions contributing to a rigid supply growth characteristic [8][27] - The global antimony supply is expected to decline from 137,000 tons in 2024 to 129,000 tons by 2027, with a CAGR of -2% [30][57] - China's reliance on imported antimony concentrates is high, with approximately 45.7% of the supply coming from imports in 2024 [28][31] 2. Antimony Demand Growth - Global antimony consumption is projected to increase by 10.8% year-on-year to 166,000 tons in 2024, with the fastest growth in demand coming from photovoltaic glass [6][45] - The demand for antimony in photovoltaic glass is expected to grow from 49,000 tons in 2024 to 90,000 tons by 2027, reflecting a CAGR of 22% [43][49] - The overall global antimony demand is anticipated to rise from 166,000 tons in 2024 to 224,000 tons by 2027, with a CAGR of 11% [45][50] 3. Supply-Demand Gap and Price Outlook - The supply-demand gap for antimony is expected to widen significantly, with projected deficits of 2.8 million tons in 2024 and increasing to 9.5 million tons by 2027 [51][58] - The tightening supply conditions and increasing demand are likely to push antimony prices into an upward trajectory, with potential price increases of up to 56% anticipated [52][52] - The report highlights that changes in China's export policies could fundamentally alter the global antimony trade flow and pricing dynamics [10][52] 4. Related Companies - Companies mentioned in the report include Huayu Mining, Huaxi Nonferrous, and Hunan Gold [11][59]

Summary of Alkane Resources Conference Call Company Overview - Alkane Resources is a mid-tier Australian gold company with three operating assets: - Tomingley mine in New South Wales (75,000-80,000 ounces production for the year) - Costerfield mine in Victoria (45,000-50,000 ounces production for the year) - Björkdal mine in Sweden (40,000-45,000 ounces production for the year) [1][2] Financial Position - Strong balance sheet with approximately AUD 160 million in cash and AUD 15 million in bullion - Debt-free except for equipment finance [1][2] - Guidance for the year is 160,000-175,000 ounces equivalent production - All-in sustaining costs are approximately USD 1,600-1,650 at Tomingley and Costerfield, and USD 2,700 at Björkdal [2][3] Growth Prospects - Significant growth projects at Tomingley and Costerfield, focusing on open cuts and drilling to expand reserves, respectively [3][4] - Tomingley has a mine life of seven years, with ongoing exploration expected to yield additional resources [4][5] - Costerfield is noted for high-grade gold and antimony, with ongoing drilling expected to add 50,000-100,000 ounces to reserves [6][8] Production and Cost Management - Last quarter production was just under 40,000 ounces equivalent, with an all-in cost of about AUD 3,000 per ounce [3] - Expected cash generation for the current quarter is between AUD 45 million and AUD 50 million [4] - Alkane has a strong track record of meeting production guidance, having only missed once in the last 13 years [14] Future Development Projects - Botokaisa project in Australia has potential for 15 million ounces equivalent, with a pre-feasibility study already completed [12] - Plans to submit for approval by 2027, with ongoing environmental studies and community engagement [13] Market Position and Strategy - Alkane is the largest supplier of antimony in the Western world, contributing 6% of revenue [10] - Actively seeking inorganic growth opportunities in Australia, New Zealand, Canada, the U.S., and Scandinavia, targeting mines with production capabilities of 70,000-120,000 ounces [16][17] - Increased liquidity with daily trading volumes of AUD 6 million-AUD 8 million, allowing larger funds to invest [17] Conclusion - Alkane Resources is in a strong financial position with significant growth potential across its assets, a solid production track record, and plans for future development projects. The company is actively seeking to expand its operations and improve its market position while maintaining a focus on cost management and cash generation [18]

Group 1: Tungsten Market - Black tungsten concentrate price increased by 12.23% to 312,000 CNY/ton, and ammonium paratungstate price rose by 13.30% to 460,000 CNY/ton [1][3] - Supply side shows a reduction in tungsten concentrate mining indicators, with mines generally slowing production pace, leading to tighter industry circulation [1][3] - Domestic demand remains stable, primarily driven by essential procurement, with recent APT procurement prices for early November rising by 52,000 CNY/ton, boosting market bullish sentiment [1][3] Group 2: Rare Earth Market - Rare earth supply and demand are both weak, with praseodymium-neodymium oxide rising by 10.49% to 553,000 CNY/ton, while dysprosium oxide increased by 1.63% to 1,560,000 CNY/ton [2] - The Chinese Ministry of Commerce announced new export controls on rare earth items and technologies, targeting violations of existing measures [2] - Supply side sees some production companies controlling output due to cost pressures, while demand from downstream magnetic material companies remains low [2] Group 3: Molybdenum Market - Molybdenum concentrate price decreased by 9.78% to 3,965 CNY/ton, and molybdenum iron price fell by 7.62% to 254,500 CNY/ton [2] - Supply side indicates signs of shrinking molybdenum concentrate, while demand from steel procurement is increasing but facing price pressure from steel mills [2] Group 4: Tin Market - Tin prices are experiencing a weak supply-demand balance, with SHFE tin down by 0.28% to 283,500 CNY/ton and LME tin up by 0.35% to 36,100 USD/ton [3] - Supply side affected by low operating rates of refining tin smelting enterprises due to raw material shortages from Myanmar [3] - High tin prices are leading to low replenishment willingness in the electronics and home appliance sectors, with downstream manufacturers primarily engaging in essential procurement [3] Group 5: Antimony Market - Antimony ingot price decreased by 6.27% to 149,500 CNY/ton, and antimony concentrate price fell by 7.07% to 131,500 CNY/ton [4] - Supply side sees tight domestic antimony raw materials due to a halt in overseas mines entering the domestic market, coupled with weak smelting profitability [4] - Demand remains focused on essential procurement, with strong demand in the photovoltaic sector, while short-term export demand is under pressure [4] Group 6: Nuclear Fusion New Materials - The commercialization of controlled nuclear fusion is accelerating, with upstream materials expected to benefit significantly [5] - Domestic advancements include breakthroughs in the localization of second-generation high-temperature superconducting strips [5] - Internationally, significant investments and reports on fusion research are emerging, indicating a growing interest in the sector [5]

Investment Rating - Investment rating: Positive (maintained) [4] Core Views - The report highlights a mixed supply and demand situation in the rare earth sector, with prices for praseodymium and neodymium oxide increasing by 10.49% to 553,000 CNY/ton, while dysprosium oxide rose by 1.63% to 1,560,000 CNY/ton. However, terbium oxide saw a decline of 1.71% to 6,625,000 CNY/ton [4][11] - Molybdenum prices are experiencing fluctuations, with molybdenum concentrate prices dropping by 9.78% to 3,965 CNY/ton, and molybdenum iron (Mo60) prices decreasing by 7.62% to 254,500 CNY/ton [4][20] - Tungsten prices have reached historical highs due to supply constraints and price increases in long-term contracts, with black tungsten concentrate prices rising by 12.23% to 312,000 CNY/ton and ammonium paratungstate prices increasing by 13.30% to 460,000 CNY/ton [4][28] - Tin prices are fluctuating with SHFE tin down by 0.28% to 283,510 CNY/ton, while LME tin increased by 0.35% to 36,050 USD/ton [4][32] - Antimony prices are under pressure, with antimony ingot prices falling by 6.27% to 149,500 CNY/ton and antimony concentrate prices down by 7.07% to 131,500 CNY/ton [4][40] - The report notes that the controllable nuclear fusion industry is accelerating commercialization, with upstream materials expected to benefit significantly [4][5] Summary by Sections Rare Earths - Supply and demand are weak, with praseodymium and neodymium oxide prices rising by 10.49% to 553,000 CNY/ton [4][11] - The report suggests monitoring companies like Guangsheng Youse and China Rare Earth [4] Molybdenum - Molybdenum concentrate prices decreased by 9.78% to 3,965 CNY/ton, while molybdenum iron prices fell by 7.62% to 254,500 CNY/ton [4][20] - Suggested company to watch: Jinduicheng Molybdenum [4] Tungsten - Black tungsten concentrate prices increased by 12.23% to 312,000 CNY/ton, and ammonium paratungstate prices rose by 13.30% to 460,000 CNY/ton [4][28] - Recommended companies include Zhongtung High-tech and Xiamen Tungsten [4] Tin - SHFE tin prices fell by 0.28% to 283,510 CNY/ton, while LME tin prices rose by 0.35% to 36,050 USD/ton [4][32] - Companies to focus on: Yunnan Tin and Huaxi Silver Tin [4] Antimony - Antimony ingot prices dropped by 6.27% to 149,500 CNY/ton, and concentrate prices fell by 7.07% to 131,500 CNY/ton [4][40] - Companies to monitor include Huaxi Silver and Hunan Gold [4] Nuclear Fusion New Materials - The commercialization of controllable nuclear fusion is accelerating, with significant benefits expected for upstream materials [4][5]

Investment Rating - The investment rating for the small metals and new materials sector is "Positive" (maintained) [4] Core Views - Rare earth prices have experienced fluctuations, with a notable decline in praseodymium and neodymium oxide by 10.22% to 500,500 CNY/ton, while tungsten prices have rebounded due to supply constraints and price adjustments [5][6] - The controlled fusion new materials sector is accelerating towards commercialization, with significant advancements in technology and international collaborations [6] Summary by Sections Rare Earths - Recent price adjustments include a 10.22% drop in praseodymium and neodymium oxide to 500,500 CNY/ton, a 5.25% drop in dysprosium oxide to 1,535,000 CNY/ton, and a 4.06% drop in terbium oxide to 6,740,000 CNY/ton [5][12] - The demand side shows weakening terminal demand, with major manufacturers primarily purchasing based on essential needs [5] Molybdenum - Molybdenum concentrate prices increased by 0.46% to 4,395 CNY/ton, while molybdenum iron (Mo60) prices decreased by 0.18% to 275,500 CNY/ton [24] Tungsten - Black tungsten concentrate prices rose by 3.73% to 278,000 CNY/ton, and ammonium paratungstate prices increased by 3.70% to 406,000 CNY/ton [29] Tin - SHFE tin prices fell by 0.72% to 284,300 CNY/ton, and LME tin prices decreased by 1.58% to 35,925 USD/ton [34] Antimony - Antimony ingot prices declined by 4.78% to 159,500 CNY/ton, and antimony concentrate prices fell by 5.35% to 141,500 CNY/ton [45] Controlled Fusion New Materials - The domestic controlled fusion industry is witnessing rapid commercialization, with significant breakthroughs in energy extraction technology and international collaborations [6]

Investment Rating - The report maintains a positive outlook on copper, aluminum, and precious metals, indicating a high level of market activity and potential for growth in these sectors [13][16]. Core Insights - Copper prices have surged due to unexpected production cuts, leading to significant supply shortages and rapid price increases [13]. - Aluminum is showing signs of recovery with inventory levels decreasing and downstream processing rates improving, suggesting a potential for sustained high profitability [15]. - Precious metals, particularly gold, are expected to rise further due to market anticipation of continuous interest rate cuts [16]. Summary by Sections Copper - This week, LME copper price increased by 2.09% to $10,205.00 per ton, while Shanghai copper rose by 3.20% to 82,500 yuan per ton [14]. - Supply side: The import copper concentrate processing fee index rose to -$40.36 per ton; national copper inventory decreased by 4,400 tons to 140,100 tons [14]. - Consumption side: Brass rod enterprises' operating rate was 48.49%, showing a slight increase of 0.71 percentage points [14]. Aluminum - This week, LME aluminum price decreased by 1.01% to $2,649.00 per ton, and Shanghai aluminum fell by 0.24% to 20,700 yuan per ton [15]. - Supply side: Electrolytic aluminum ingot inventory in major consumption areas dropped by 21,000 tons to 617,000 tons [15]. - Demand side: Downstream processing enterprises' operating rate increased by 0.8 percentage points to 63.0%, driven by pre-holiday stocking [15]. Precious Metals - This week, COMEX gold price rose by 0.23% to $3,789.80 per ounce, with SPDR gold holdings increasing by 5.15 tons to 1,005.72 tons [16]. - The market is experiencing fluctuations due to U.S. tariffs and escalating geopolitical risks, contributing to a volatile trading environment [16]. Rare Earths - The price of praseodymium and neodymium oxide decreased, while the export volume of magnetic materials saw significant growth [32]. - Domestic rare earth separation enterprises are preparing for production halts, indicating potential supply constraints [32]. Antimony - Antimony ingot price is at 174,900 yuan per ton, showing a decrease of 2.26% [33]. - The demand for antimony is expected to recover as the photovoltaic glass market stabilizes [33]. Molybdenum - Molybdenum concentrate price is 4,450 yuan per ton, with a slight decrease of 0.45% [34]. - The demand for molybdenum is expected to rise as major steel mills resume procurement [34]. Tin - Tin ingot price increased by 1.74% to 273,700 yuan per ton, with inventory decreasing by 6.14% [35]. - The supply-demand dynamics are favorable, supported by strong inventory levels and demand from the semiconductor sector [35].

Group 1 - The company held a half-year performance briefing on September 24, 2025, attended by key executives including the chairman and general manager, to interact with investors [1] - The company has seen a significant increase in the production of zinc concentrate, lead-antimony concentrate, and other minerals due to a strategic focus on resource utilization in the first half of 2025 [2] - The construction of a smelting plant under the Tal Aluminum project aims to extend the antimony industry chain, with compliance to regulatory disclosure obligations [2][3] Group 2 - The underground mining section of the Nibao project is expected to commence production in January 2027 [2] - The company plans to increase gold production in response to rising gold prices, particularly with the upcoming production from the Guizhou Nibao project [2] - The company is committed to achieving its 2025 production targets despite previous declines in gold and antimony concentrate production [3]

Group 1: Rare Earths - Recent price movements show a 4.18% decrease in praseodymium and neodymium oxide to 572,500 CNY/ton, while dysprosium oxide increased by 0.62% to 1,625,000 CNY/ton, and terbium oxide rose by 1.41% to 7,175,000 CNY/ton [1][2] - The U.S. Department of Defense has agreed to invest $400 million in MPMaterials, becoming its largest shareholder, and set a procurement price of $110 per kilogram for the two most commonly used rare earths, neodymium and praseodymium [1][2] - MPMaterials has announced a $500 million partnership with Apple to supply critical raw materials for its electronic products [1][2] Group 2: Molybdenum - Molybdenum concentrate prices increased by 0.22% to 4,515 CNY/ton, while molybdenum iron (Mo60) prices decreased by 0.69% to 287,500 CNY/ton [3] - Supply signals indicate a gradual contraction in molybdenum concentrate, while demand from steel mills is increasing, leading to a short-term strong price fluctuation [3] - Recommended companies to watch include Jinduicheng Molybdenum [3] Group 3: Tungsten - Black tungsten concentrate prices rose by 13.60% to 284,000 CNY/ton, and ammonium paratungstate prices increased by 12.16% to 415,000 CNY/ton [4] - Supply constraints due to reduced mining quotas and stable domestic demand are supporting tungsten prices [4] - Companies to monitor include China Tungsten and Hightech Materials, Xiamen Tungsten, and Zhangyuan Tungsten [4] Group 4: Tin - Tin prices on SHFE fell by 1.69% to 274,000 CNY/ton, and LME tin decreased by 2.14% to $34,800/ton [5] - Supply issues due to low operating rates in Yunnan's refining sector and weak demand from electronics and home appliances are affecting the market [5] - Companies to focus on include Yunnan Tin Company, Huaxi Group, and Xinyi Silver Tin [5] Group 5: Antimony - Antimony ingot prices remained stable at 182,500 CNY/ton, while antimony concentrate prices held at 160,000 CNY/ton [6] - Supply tightness is driven by a halt in overseas mineral imports and low operating rates in smelting plants [6] - Anticipated recovery in export demand starting in October may boost marginal demand [6] Group 6: Nuclear Fusion New Materials - The commercialization of controlled nuclear fusion is accelerating, with significant breakthroughs in welding technology recognized internationally [7] - CFS has raised $863 million in funding, planning to deploy a nuclear fusion reactor in Japan by the late 2030s or early 2040s [7] - Companies to watch in this sector include Antai Technology, SRE New Materials, and West Superconducting [7]

Investment Rating - The industry investment rating is "Positive" (maintained) [5] Core Viewpoints - The report highlights that rare earths are currently focused on inventory digestion, with prices for praseodymium and neodymium oxide experiencing a decline of 4.18% to 572,500 CNY/ton, while dysprosium and terbium oxides have seen slight increases [5][12] - The report notes that the supply side for tungsten is tightening, leading to new price highs, with black tungsten concentrate prices rising by 13.60% to 284,000 CNY/ton [5][33] - Molybdenum prices are expected to remain strong due to increased demand from steel mills, with molybdenum concentrate prices rising by 0.22% to 4,515 CNY/ton [5][24] - Tin prices are under pressure due to weak supply and demand dynamics, with SHFE tin prices down 1.69% to 274,000 CNY/ton [5][41] - Antimony prices are stable, with expectations for demand recovery in October, maintaining antimony ingot prices at 182,500 CNY/ton [5][52] - The report emphasizes the accelerating commercialization of controlled nuclear fusion materials, indicating significant opportunities for upstream materials [5][6] Summary by Sections Rare Earths - Recent price movements include a 4.18% drop in praseodymium and neodymium oxide to 572,500 CNY/ton, while dysprosium and terbium oxides have increased slightly [5][12] Molybdenum - Molybdenum concentrate prices have increased by 0.22% to 4,515 CNY/ton, with strong demand from steel mills [5][24] Tungsten - Black tungsten concentrate prices have surged by 13.60% to 284,000 CNY/ton due to supply constraints [5][33] Tin - SHFE tin prices have decreased by 1.69% to 274,000 CNY/ton, reflecting weak supply and demand [5][41] Antimony - Antimony ingot prices remain stable at 182,500 CNY/ton, with expectations for demand recovery in October [5][52] Nuclear Fusion Materials - The commercialization of controlled nuclear fusion is accelerating, presenting significant opportunities for upstream materials [5][6]

证券代码：601020 证券简称：华钰矿业 公告编号：临 2025-049 号 西藏华钰矿业股份有限公司 2025 年第二季度生产经营数据公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 根据上海证券交易所《上市公司自律监管指引第 3 号——行业信息披露》、 《上市公司行业信息披露指引第十六号——有色金属》要求，现将西藏华钰矿 业股份有限公司（以下简称"公司"）2025 年度（4-6 月）主要有色金属品种产 销量及盈利情况披露如下（财务数据未经审计）： 以上经营数据信息来源于公司报告期内财务数据，上述数据未经审计。敬 请广大投资者理性投资，注意投资风险。 特此公告。 1 单位：元 币种：人民币 主要产品 生产量 销售量 营业收入 （万元） 营业成本 （万元） 毛利率 （%） 锌精矿（金属吨） 7,827.14 4,675.98 5,373.40 2,578.73 52.01% 铅锑精矿含银（金属吨） 7,091.84 4,372.09 16,264.93 6,069.51 62.68% 氧化锌精矿（金属吨） 1,444.4 ...