Zhao Tong Financial learned that on August 20, Tibet Mineral Development and many other mining companies announced their mid-term reports for 2024. Many companies achieved high performance growth in the first half of the year. Among them, Tibet Mineral Development's net profit in the first half of the year increased by 338.99% year-on-year, while Nanshan Aluminium's net profit in the first half of the year increased by 66.68% year-on-year. In addition, Zhangyuan Tungsten Industry raised its offer price for long orders in the second half of August: 55% black tungsten concentrate and white tungsten concentrate both increased by 4500 yuan/ton. At the same time, the Ministry of Natural Resources continued to promote the breakthrough strategy of exploration and new mining, and a new round of strategic alliances for gold mining breakthroughs was established to promote exploration and development of energy and important mineral resources. Related targets: Tianqi Lithium (09696), Zijin Mining (02899), Zhongguancun Mining (01164), Luoyang Molybdenum (03993), Minmetals Resources (01208).

On July 29, Chen Xuesen, a member of the Party Committee and Vice Chairman of the China Nonferrous Metals Industry Association, and the spokesperson for news, said that in the first half of the year, the added value of the industry of nonferrous metals enterprises increased by 10.8% compared with the same period last year, which was 4.8 percentage points higher than that in the industry. Among them, the added value of the mining and dressing enterprises increased by 9.1%, which was 2.3 percentage points higher than that in the first quarter; the added value of the smelting and processing enterprises increased by 11.1%.

It is reported that in the first half of 2024, the production of ten non-ferrous metals was 39.002 million tons, an increase of 7.1% year-on-year. Among them, the refined copper production was 6.672 million tons, a year-on-year increase of 7.1%; the electrolytic aluminum production was 21.552 million tons, a year-on-year increase of 6.9%. The content of six concentrates was 3.000 million tons, a year-on-year increase of 0.1%; the alumina production was 41.327 million tons, a year-on-year increase of 1.8%; the copper material production was 10.610 million tons, a year-on-year increase of 0.2%; the aluminum material production was 33.255 million tons, a year-on-year increase of 9.5%.

Specifically, in the first half of 2024, Tibet Mineral Development achieved operating income of 392 million yuan, a year-on-year increase of 38.40%. The net profit attributable to shareholders of the listed company was 111 million yuan, a year-on-year increase of 338.99%. The net profit attributable to shareholders of the listed company excluding non-recurring gains and losses was 96.3076 million yuan, a year-on-year increase of 1170.61%.

Regarding the reasons for the increase in performance, Tibet Mineral Development stated in its half-year report that during the reporting period, the company seized the opportunity of the mainstream lump ore price of chromite being stable and rising, continued to increase production capacity, adjusted and optimized sales strategies according to the market situation of lithium carbonate, and both the sales of chromite and lithium concentrate increased significantly year-on-year. We have carried out in-depth cost accounting management, effectively controlled the expenditure of costs and expenses, and pushed for the implementation of corporate income tax preferential policies, effectively promoting the company's operating performance to achieve a substantial increase.

In the first half of 2024, Nanshan Aluminium achieved operating income of 15.667 billion yuan, an increase of 8.05% over the same period of the previous year; and achieved net profit attributable to shareholders of the listed company of 2.189 billion yuan, an increase of 66.68% over the same period of the previous year. Nanshan Aluminum stated that the company had previously actively deployed the Southeast Asian market, establishing a 2 million ton aluminum oxide project in Indonesia, and also planned to build an aluminum electrolysis project. This provided a new growth point for the company's performance.

In the first half of 2024, Baodi Mining achieved operating income of 583 million yuan, a year-on-year increase of 69.61%; net profit attributable to shareholders of the listed company was 103 million yuan, an increase of 53.24% year-on-year; net profit attributable to shareholders of the listed company excluding non-recurring gains and losses was 91.9338 million yuan, a year-on-year increase of 48.42%.

In the first half of the year, Minmetals Resources turned losses into gains. In the first half of 2024, the group achieved revenue of US$1.918 billion, an increase of 1%; the profit attributable to equity holders of the company was US$21.1 million, compared with a loss of US$58.8 million in the same period last year.

It is worth noting that since August, the spot gold price has successively broken through the integer thresholds of 2500 US dollars/ounce, 2510 US dollars/ounce, and 2520 US dollars/ounce, setting historical highs continuously. The highest price once rose to 2525.23 US dollars/ounce, refreshing historical highs for the 25th time this year. On the same day, COMEX gold futures quickly raised in the intraday session, rising to a high of 2563.8 US dollars/ounce, setting a new historical high for the 30th time since 2024. Analysts said that the continuous new highs in gold prices in recent times are mainly due to the warming of expectations of the US Federal Reserve's interest rate cuts and the increase in overseas geopolitical risks.

その一方で、鉱脈探査突破戦略の行動は持続しています。自然資源省は発表会で新しい鉱脈探査突破戦略の新しいラウンドを推進し、エネルギーと重要な鉱産物資源の探査や開発を推進することを提案しました。7月19日、自然資源部は会議で重要なエネルギーと鉱物資源の探査と開発を強化すること、そして新しい鉱脈探査突破戦略の新しいラウンドを確実に推進することを提案しました。政策の完善と最適化によって、社会的資本の注入を誘発し、戦略的鉱物資源の調査と開発を促進します。既に海埋めに対する厳格な規制を維持し、国家の深海三大プラットフォームの建設を加速化する。

8月20日、新しい金鉱探査突破戦略連盟が立ち上がりました。この連盟は、山東省地質鉱産探査開発局が主導したもので、地質調査ユニット、研究所、大学、鉱業企業が共同で設立しています。新しい鉱脈探査突破戦略に焦点を当て、地質科学技術の革新を積極的に推進し、各種プロフェッショナル技術、理論科学、資金産業などの優位性を最大限に活用し、科技と産業の融合イノベーションを展開し、科学研究と実践的成果を広め、産業の核心競争力を高め、金鉱資源の探査開発と埋蔵量の増加、生産量の増加に貢献し、国のエネルギー資源の安全を確保します。

将来を見据えて、首投証券は、長期的には、アメリカの赤字率の上昇、地政学的な混乱、アメリカのサプライチェーンの沿岸化などの要因が重なり、中央銀行が金を購入するロジックは変わらず、利下げペースは米国の雇用状況の弱化に伴い加速する可能性があり、金価格が2024年下半期に再度上昇する見通しです。

天風証券によると、米連邦準備制度理事会が利下げサイクルに入ると、流動性が徐々に緩和されることになり、金価格はさらに支援されることになります。黄金銘柄は長期的なものであり、黄金の大バル市場が到来すると、PEが一度上昇し、その後、金価格の上昇に伴い、黄金銘柄の業績が徐々に兑現され、PE純利益解放後の2回の作用が高点を達成し、「Davis Double Click」を実現します。

関連するテーマ株：

Tianqi Lithium Corporation（09696）：計画では、Tianqi Lithium Corporationの製品は主にリチウム資源とリチウム化合物の2つの領域に分けられますが、リチウム資源にはリチウム鉱石などが含まれ、リチウム化合物はリチウムイオンバッテリーの重要原料です。摩根スタンレーによると、長期的には、Tianqi Lithium CorporationはそのGreenbushes鉱山からの鉱石輸入に基づいて（リチウムの生産コストを）競争力を維持することができ、同時に中流の能力を高めることで上流リソースをより良く活用できるようになります。

Zijin Mining Group（02899）：Zijin Mining Groupは、銅、金、亜鉛、リチウムなどのリソースの開発をグローバルに行っています。銅と金などの金属価格上昇、海外鉱山の技術改善と買収、鉱山産業能力の改善により、同社の業績が2024年まで持続的に向上することが予想されています。

CGNPC Uranium Resources Co., Ltd（01164）：CGNPC Uranium Resources Co., Ltdは、CGNPCグループの核発電子会社のうちの1つであり、世界第3位の核発電企業です。 CGNPC Uranium Resources Co., Ltdは、ウラン鉱山の開発、投資、財務の唯一のプラットフォームで、60％の現物価格のうちウランに対するポジションを所持しています。ウラン価格の上昇による恩恵を受ける可能性があります。

CMOC Group Limited（03993）：同社は、モリブデン、タングステン、および金などの貴金属の採掘、精錬、加工、貿易、科学研究などを行っており、モリブデンの採掘、選鉱、焼成、モリブデン化学およびモリブデン金属製造などの上流、中流および下流産業チェーンが完全に整備されています。

MMG Limited（01208）：MMG Limitedは、オーストラリアの鉱業探査会社です。同社は、オーストラリア、コンゴ、ペルーの鉛、亜鉛、銅、金、銀などの鉱床を中心に探査、開発、採掘しています。同社の事業にはLas Bambas、Kinsevere、Rosebery、およびDugald Riverが含まれています。Las Bambas鉱山は、ペルーのコタパンバスにあるオープンピット銅およびモリブデン採掘作業で拡張可能です。