在各国央行持续增加黄金储备与西方ETF资金强劲流入等多重因素推动下，全球黄金价格近期呈现凌厉 涨势。10月7日-8日，纽约商品交易所黄金期货价格和现货黄金价格先后突破4000美元/盎司整数关口， 纷纷刷新历史最高纪录。黄金价格的持续攀升为黄金板块上市公司带来广阔市场机遇与估值提振动力。 2023年11月，宝鼎科技（002552）顺利完成对河西金矿100%股权的收购，并正式将其纳入公司合并财 务报表范围，标志宝鼎科技新增金矿采选及成品金销售核心业务，成为驱动公司营收增长的重要新引 擎。2024年，宝鼎科技有色金属矿采选业实现营收3.34亿元，同比增长27.43%，毛利率54.91%，同比增 长15.16%；2025年上半年，该项业务实现营收1.75亿元，同比增长20.09%，毛利率61.57%，同比增长 11.88%。连续多个报告期毛利率大幅增长，反映公司在金矿采选环节的成本控制能力持续优化，也得 益于成品金价格高位运行带来的盈利空间释放。 根据《河西矿区金矿2024年储量年度报告》显示，截至2024年末，河西矿区采矿权范围内资源储备充 裕，保有金储量合计矿石量160.17万吨，对应金金属量4.54吨；保有金资 ...

PCB 作为电子元器件关键互联件，属于二级封装环节，承担支撑、互联功能，其技术演进正朝着高密度、高 电气性能方向快速发展。当前， AI 服务器、高速通信及汽车电子等下游需求驱动 PCB 技术从材料、工艺和架 构三大维度全面升级 ： 1) 材料端， M9/PTFE 树脂、 Rz ≤ 0.4 微米的 HVLP 铜箔及低损耗石英布等高端材料成为实现 224G 高速传输 的关键 ; 2) 工艺端， mSAP/SAP 工艺将线宽 / 线距推向 10 微米以下，激光钻孔背钻及高多层堆叠工艺支撑高密度互连 ; 3) 架构端， CoWoP 封装通过去除 ABF 基板将芯片直连 PCB ，对板面平整度、尺寸稳定性及制造良率提出极 高要求 ，正交背板方案为满足 224GSerDes 传输需采用 M9 或 PTFE 等低损耗材料，埋嵌式工艺则通过将功率 芯片嵌入板内，实现去散热器化与系统级降本，但需引入半导体级洁净室与 IC 工艺。 点击 最 下方 "在看"和" "并分享，"关注"材料汇 添加 小编微信 ，遇见 志同道合 的你 正文 内容目录（8部分）： 投资要点、PCB技术演进、PCB上游（树脂、铜箔、玻纤布）、PCB市场、国内 ...

Group 1 - The core idea emphasizes the importance of investing in human capital to enhance economic development and meet the people's expectations for a better life [3][7][8] - The focus on "investing in people" reflects a commitment to improving the quality of life and economic growth through education and skills development [4][6][7] - The collaboration between educational institutions and industries aims to create a practical training environment that aligns with market needs, thereby reducing the adaptation period for new employees [4][6][7] Group 2 - The introduction of affordable rental housing in Hohhot is part of a broader strategy to support young professionals and address housing challenges, facilitating their employment and entrepreneurial efforts [9][11][14] - The city has implemented policies that combine housing support with talent attraction, offering significant rent reductions for eligible graduates [11][14] - The development of community-oriented housing projects aims to provide not just shelter but also essential amenities, enhancing the living conditions for young residents [11][14] Group 3 - The focus on technological innovation in companies like Anhui Tongguan Copper Foil Group highlights the commitment to addressing consumer needs and improving quality of life through advanced materials [15][17][20] - The company has invested significantly in research and development to create products that enhance communication quality, demonstrating a direct link between innovation and consumer satisfaction [15][17][20] - Local government support for innovation projects aims to ensure that technological advancements translate into tangible benefits for the community, reinforcing the connection between industry growth and public welfare [20]

Group 1 - The core idea emphasizes the importance of "investing in people" to enhance economic development and improve the quality of life for citizens, aligning with the central government's focus on high-quality development [1][4] - The article highlights the collaboration between vocational schools and enterprises to create a talent cultivation system, which significantly shortens the adaptation period for new employees [2][3] - Investment in vocational education is seen as a crucial step in improving labor skills and promoting high-quality economic and social development [4][6] Group 2 - The article discusses the implementation of affordable rental housing policies in Hohhot to address housing challenges for young professionals, thereby supporting their employment and entrepreneurial efforts [5][6] - The city has combined housing policies with talent attraction strategies, providing various forms of housing solutions for young people, including significant rent reductions for students [6][7] - Hohhot has successfully gathered 18,400 units of recognized affordable rental housing, serving over 25,000 young talents and providing substantial financial subsidies [7] Group 3 - The focus on "investing in people" extends to technological innovation, with companies aiming to ensure that their research and development efforts directly benefit the public and enhance economic growth [8][10] - The article highlights a specific case of a company that invested 60 million yuan annually in R&D to develop key materials for 5G communication, addressing a significant market need [10][11] - The successful development of proprietary HVLP copper foil has improved communication quality for residents in remote areas, demonstrating the tangible benefits of innovation [10][11]

激发有潜能的消费、扩大有效益的投资，从供需两侧发力，才能推动释放更大的内需潜力。 习近平总书记强调，"要顺应人民群众对美好生活的期待，坚持人民主体地位，把人口高质量发展同人民高品质生活紧密结合起来，把'投资 于物'同'投资于人'紧密结合起来"。 "投资于人"，是以人民为中心的发展思想的具体体现。推动更多资金资源"投资于人"、服务于民生，不仅提升了人民群众的获得感、幸福 感、安全感，更为经济高质量发展注入信心和动力。 投向人才成长，让每个人生都精彩绽放 "国庆、中秋'双节'前包裹较多，派送速度得再快点儿。"在天津市蓟州区一家物流公司站点，28岁的负责人赵思桐按下"派送优先级"按钮，精 准调派快递员。从一线收派员到片区负责人，赵思桐走出校园后，仅用7年时间就实现了职业发展的多次跃升。 "要感谢我的母校天津交通职业学院，注重学生职业技能的打磨和职业认同的塑造。入职后，我们很快能成长为业务骨干。"赵思桐说。 据了解，赵思桐供职的这家物流公司在天津与多家职业院校共建"产学协同"培养体系，这些职校输送的物流人才上岗适应期较其他新人缩短 近一半。今年，企业又招聘了约200名职校毕业生。 赵思桐在供职的物流公司一处分拨中心调 ...

Core Viewpoint - The company, Anhui Tongguan Copper Foil Group Co., Ltd., has shown significant growth in revenue and profitability in the first half of 2025, driven by strong demand for HVLP copper foil and lithium battery copper foil, despite facing challenges from market oversupply and fluctuating copper prices [3][11]. Company Performance - In the first half of 2025, the company achieved total revenue of 2.997 billion yuan, representing a year-on-year increase of 44.80% [3][10]. - The net profit attributable to shareholders was 34.95 million yuan, marking a turnaround from previous losses [3][11]. - The company reported a negative cash flow from operating activities of -458 million yuan, compared to -352 million yuan in the same period last year [3]. Production and Market Strategy - The company produced 35,078 tons of copper foil in the reporting period, with high-frequency and high-speed substrate copper foil experiencing a supply shortage, accounting for over 30% of PCB copper foil production [4]. - The production capacity for HVLP copper foil exceeded the total production level for 2024 in the first half of 2025, indicating rapid growth in this segment [5][10]. - The company is actively optimizing its product structure and market strategy to focus on high-end markets, leveraging its position as a pioneer in high-end copper foil [3][5]. Industry Context - The copper foil industry is currently facing an oversupply situation, with a projected demand of 999,000 tons in 2024, while total domestic production capacity is expected to reach 2,113,000 tons [7]. - The fluctuating prices of copper, a key raw material, have significantly impacted the company's cost control, with high copper prices exerting pressure on profit margins [7][8]. - The company benefits from stable and relatively low-cost raw material supplies through its association with its controlling shareholder, Tongling Nonferrous Metals, which provides a cost advantage of 35% compared to industry peers [8]. Market Outlook - The global PCB market is projected to grow at a compound annual growth rate (CAGR) of 5.2% from 2024 to 2029, reaching a market size of approximately 94.661 billion USD by 2029 [9]. - The demand for HVLP copper foil is expected to increase due to the growth of AI servers and the overall PCB industry, providing a favorable environment for the company's continued revenue growth [10][11].

未来全球铜矿产量增长将显著收缩！ 随着全球第二大铜矿暂停生产，国际铜矿趋紧压力进一步加大。而针对铜冶炼行业"内卷式"竞争导致铜精矿加 工费持续低位的问题，相关协会近日发出"反内卷"的明确信号。 这些行业供给频频扰动的信息，让市场对于未来金属铜供需本已偏紧的预期进一步增强。9月25日，沪铜市场 迎来78亿元资金流入，市场成交量大幅放大。而含"铜"量高的指数基金产品迎来大量资金流入，都让金属铜的 含"金"量越来越高。 "铜博士"狂飙 9月24日晚，美国矿业巨头自由港麦克莫兰公司对旗下印尼铜矿因为泥浆溃涌事故而宣布停产，并下调今年四 季度及明年全年铜销量预期。公司初步评估显示，第三季度铜和黄金销售指引，分别较2025年7月的预期降低 4%和6%。同时，公司预计2026年的铜和黄金产量可能较此前的估算骤降约35%。而该铜矿最早要到2027年才 能恢复事故前的生产水平。 这对于本来就供应紧张的金属铜市场来说，可谓雪上加霜。高盛分析师将此事件定性为"黑天鹅"，预计未来 12-15个月内造成50万吨的铜供应损失，并断言"铜价必须因此上涨"。 9月25日，沪铜主力合约2511收盘报价82710元/吨，涨幅3.40%。LME铜 ...

证券日报网讯铜冠铜箔（301217）9月25日在互动平台回答投资者提问时表示，HVLP铜箔作为高端覆 铜板的关键原材料，技术壁垒高，全球范围内，仅少数企业能批量生产。公司较早布局高端铜箔市场， 积极对接市场需求，打破技术垄断，相关产品实现批量供应，并实现规模化出口。公司拥有多条HVLP 铜箔完整产线，并新购置多台表面处理机以扩充HVLP铜箔生产，满足未来增长需求。2025年上半年， 公司的HVLP产能已超过2024年全年产能。 ...

铜冠铜箔（301217.SZ）9月25日在投资者互动平台表示，HVLP铜箔作为高端覆铜板的关键原材料，技 术壁垒高，全球范围内，仅少数企业能批量生产。公司较早布局高端铜箔市场，积极对接市场需求，打 破技术垄断，相关产品实现批量供应，并实现规模化出口。公司拥有多条HVLP铜箔完整产线，并新购 置多台表面处理机以扩充HVLP铜箔生产，满足未来增长需求。2025年上半年，公司的HVLP产能已超 过2024年全年产能。 （文章来源：每日经济新闻） 每经AI快讯，有投资者在投资者互动平台提问：日本三井金属宣布HVLP涨价15%，请问公司的HVLP 铜箔在国内产量是不是最大的？ ...

格隆汇9月25日丨铜冠铜箔(301217.SZ)在投资者互动平台表示，HVLP铜箔作为高端覆铜板的关键原材 料，技术壁垒高，全球范围内，仅少数企业能批量生产。公司较早布局高端铜箔市场，积极对接市场需 求,打破技术垄断，相关产品实现批量供应，并实现规模化出口。公司拥有多条HVLP铜箔完整产线，并 新购置多台表面处理机以扩充HVLP铜箔生产，满足未来增长需求。2025年上半年，公司的HVLP产能 已超过2024年全年产能。 ...