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 ...

Core Viewpoint - The antimony industry is facing supply pressure due to declining demand and rising import costs, leading to a significant drop in domestic production in July. The long-term outlook remains positive for antimony prices due to strong fundamentals and geopolitical factors [1][4][6]. Supply Side - Domestic antimony ingot production in July was 3,729 tons, a decrease of 36% year-on-year and 25% month-on-month. From January to July, production totaled 40,300 tons, down 6% year-on-year [4]. - The supply forecast for antimony from 2025 to 2027 is projected at 112,000 tons, 119,000 tons, and 127,000 tons respectively, with a relatively rigid supply-demand gap [5]. Demand Side - Antimony demand is expected to decline in 2025 due to reduced production in photovoltaic glass and inventory adjustments. However, traditional demand from flame retardants and lead-acid batteries is anticipated to remain stable [5]. - July saw domestic photovoltaic glass production drop to 2.09 million tons, a 21% decrease month-on-month and 17% year-on-year [4]. Price Trends - As of August 22, domestic antimony concentrate prices remained stable at 152,000 yuan/ton, while antimony ingot prices were 179,000 yuan/ton. The external market price was 493,000 yuan/ton, reflecting a 3% decrease from early August [2]. - The company expects that the tightening of antimony exports may be nearing its end, and a return to normal purchasing patterns in photovoltaic glass could enhance price elasticity [6]. Import and Export Dynamics - In July, antimony concentrate imports were 2,307 tons, a 63% decrease year-on-year but a 26% increase month-on-month. The average import price was 35,400 yuan/ton, up 48% month-on-month [3]. - Antimony oxide exports were 74 tons in July, continuing a low trend, significantly below the levels seen earlier in the year [3].

Investment Rating - The industry investment rating is maintained as "Add" [5] Core Viewpoints - The report indicates that the supply of antimony is expected to continue declining due to reduced production from major mines, while demand from photovoltaic glass is projected to decrease in 2025. However, traditional demand from flame retardants and lead-acid batteries is expected to remain stable [3][37] - The report suggests that the recent tightening of antimony exports may be nearing its end, and a return to normal purchasing patterns in the photovoltaic sector could enhance price elasticity [3][41] - The long-term outlook for antimony prices is positive, driven by strong supply-demand fundamentals and geopolitical factors that may amplify supply-demand imbalances [3][41] Supply and Demand Summary - In July, domestic antimony ingot production was 3,729 tons, a year-on-year decrease of 36% and a month-on-month decrease of 25%. For the first seven months of the year, production totaled 40,300 tons, down 6% year-on-year [2][23] - The report updates the supply-demand balance for 2025-2027, forecasting supply to be 11.2, 11.9, and 12.7 million tons, while demand is expected to be 13.1, 13.9, and 14.8 million tons, indicating a persistent supply-demand gap [3][39] - The report highlights that July antimony ore imports were 2,307 tons, a year-on-year decrease of 37%, while the average import price rose by 48% month-on-month to 35,400 yuan per ton [12][23] Price Outlook - As of August 22, domestic antimony concentrate prices remained stable at 152,000 yuan per ton, while external prices decreased by 3% to 493,000 yuan per ton. The price gap between domestic and external markets is 310,000 yuan per ton [10][12] - The report anticipates that the antimony industry will experience a high price run in the medium to long term due to its strategic metal attributes and ongoing geopolitical tensions [3][41] Investment Recommendations - The report recommends focusing on mining companies with quality resources that are likely to benefit from the upward trend in the antimony industry, specifically mentioning Huayu Mining and Huaxi Nonferrous [4][41]

Investment Ratings - The report does not explicitly provide investment ratings for the industries discussed [2][3][4][5][6]. Core Insights - The copper market shows a stable upward trend with expectations of demand recovery in mid-September, despite current seasonal weakness [15]. - The aluminum sector is stabilizing at the bottom, with a slight increase in processing rates among leading companies [16]. - The gold market remains highly active, influenced by international geopolitical developments and trade agreements [17]. - The rare earth sector is experiencing significant price increases and regulatory changes, indicating a bullish outlook [35]. - The antimony market is expected to see price recovery due to improved export expectations and domestic production cuts [36]. - The molybdenum market is witnessing price increases driven by rising demand from steel manufacturers [37]. Summary by Sections 1. Base and Precious Metals Market Overview - Copper prices decreased slightly, with LME copper at $9734.50 per ton and SHFE copper at ¥78,700 per ton [15]. - Aluminum prices also fell, with LME aluminum at $2593.00 per ton and SHFE aluminum at ¥20,600 per ton [16]. - Gold prices showed a minor increase, with COMEX gold at $3383.50 per ounce [17]. 2. Base and Precious Metals Fundamental Updates 2.1 Copper - The copper processing fee index dropped to -$41.15 per ton, and domestic copper inventory decreased by 0.2 thousand tons to 13.17 thousand tons [15]. - The operating rate in the copper industry fell by 7.39% to 52.1% due to raw material shortages [15]. 2.2 Aluminum - Domestic aluminum ingot inventory decreased by 1.1 thousand tons to 596 thousand tons, while the operating rate for aluminum processing companies rose by 0.5% to 60.0% [16]. - The complete cost of electrolytic aluminum is ¥16,718 per ton, with industry profits around ¥3,960 per ton [16]. 2.3 Precious Metals - The gold market is influenced by international trade agreements and geopolitical tensions, maintaining a volatile trading environment [17]. 3. Minor Metals and Rare Earth Market Overview - The rare earth sector is seeing price increases, with praseodymium-neodymium oxide at ¥622,300 per ton, up 11.61% [35]. - Antimony prices are expected to recover due to improved export conditions and domestic production cuts [36]. - Molybdenum prices are rising as demand from steel manufacturers increases, with molybdenum concentrate prices at ¥4,420 per ton [37]. 4. Minor Metals and Rare Earth Fundamental Updates 4.1 Rare Earth - Regulatory changes in the rare earth industry are expected to enhance market conditions, with significant price increases anticipated [35]. 4.2 Antimony - The antimony market is poised for recovery, supported by export expectations and production cuts [36]. 4.3 Molybdenum - Molybdenum prices are on the rise due to increased demand from the steel sector, with a notable recovery in steel procurement volumes [37].

Investment Rating - The report maintains a "Recommended" rating for the antimony industry, indicating a positive outlook for the sector's fundamentals and expectations for the industry index to outperform the benchmark index [8]. Core Insights - Antimony prices have stabilized and are expected to initiate a new round of increases, with domestic antimony ingot prices at 180,500 CNY/ton and antimony concentrate prices at 161,000 CNY/metal ton as of August 19 [1]. - Following the implementation of export controls in September 2024, antimony exports saw a significant decline, with only 4,650 tons of antimony oxide exported in the first half of 2025, representing just 27% of the same period last year [1][4]. - Antimony prices experienced a peak increase from 137,000 CNY/ton to 233,000 CNY/ton during the first quarter of 2025, but have since retreated due to a crackdown on strategic mineral smuggling [1]. - New trade support policies are anticipated to be introduced in early September, coinciding with the traditional peak season for demand, which may lead to a rebound in antimony prices [1][4]. Summary by Sections Export Trends - After a brief recovery, antimony exports plummeted following the implementation of export controls, with monthly average exports of antimony oxide at 1,195 tons from December to April, only 38% of the average for the first nine months of 2024 [4]. - The export volume of antimony oxide dropped significantly in May, with only 320 tons exported in total from May to July [4]. Industry Scale - The antimony industry comprises 235 listed companies, with a total market capitalization of 496.67 billion CNY and a circulating market value of 461.06 billion CNY [8]. Import Trends - Antimony ore imports from January to July 2025 totaled 20,223 tons, a decrease of 36.9% year-on-year, indicating a tight domestic supply situation [13]. Recommendations - The report suggests focusing on companies such as Hunan Gold, Huayu Mining, Huaxi Nonferrous, Zhuhai Group, and Xingye Silver Antimony as potential investment opportunities [15].

Investment Rating - The investment rating for the small metals industry is "Positive" (maintained) [5] Core Views - The report highlights that the export improvement has driven the continuous rise in praseodymium and neodymium oxide prices, with a recent increase of 4.99% to 557,500 CNY/ton. Meanwhile, dysprosium oxide and terbium oxide prices have decreased by 1.83% and 1.90%, respectively [6][13] - The report emphasizes the strong demand for rare earths, particularly in the context of the U.S. Department of Defense's investment in MP Materials and its collaboration with Apple, which is expected to support the supply of key raw materials for electronic products [6] - The report suggests that the small metals sector is experiencing a high level of activity and potential growth, particularly in the context of controlled nuclear fusion materials, which are expected to benefit from ongoing technological breakthroughs and commercialization efforts [7] Summary by Sections Rare Earths - In the last two weeks, praseodymium and neodymium oxide prices increased by 4.99% to 557,500 CNY/ton, while dysprosium and terbium oxide prices decreased by 1.83% to 1.61 million CNY/ton and by 1.90% to 6.975 million CNY/ton, respectively [6][13] Molybdenum - Molybdenum concentrate prices rose by 1.87% to 4,365 CNY/ton, and molybdenum iron (Mo60) prices increased by 1.28% to 277,000 CNY/ton [25] Tungsten - Black tungsten concentrate prices increased by 3.63% to 200,000 CNY/ton, and ammonium paratungstate prices rose by 5.26% to 300,000 CNY/ton [33] Tin - SHFE tin prices rose by 0.71% to 266,800 CNY/ton, while LME tin prices increased by 1.70% to 33,750 USD/ton [48] Antimony - Antimony ingot prices decreased by 2.67% to 182,500 CNY/ton, and antimony concentrate prices fell by 1.54% to 16,000 CNY/ton [50] Nuclear Fusion New Materials - The report notes that the commercialization of controlled nuclear fusion is accelerating, with significant advancements in technology and potential benefits for upstream materials [7]