连续三个季度净利超百亿 紫金矿业的经营业绩再创历史新高。 长江商报消息 ●长江商报记者 沈右荣 全球黄金价格仍然在顽强上涨，站上了4300美元/盎司，"矿茅"紫金矿业（601899.SH，02899.HK）赚嗨 了。 2025年10月17日晚，紫金矿业披露了2025年三季度报告。前三季度，公司实现营业收入超过12500亿 元，同比增长逾10%；归母净利润约379亿元，同比增长幅度超过50%。其中，第三季度，归母净利润 约146亿元。 长江商报记者发现，前三季度，紫金矿业实现的归母净利润已经超过2024年全年水平，日均盈利数达到 惊人的1.4亿元。 矿产金产量增加，金价大涨是紫金矿业前三季度利润增长的重要引擎。前三季度，公司矿产金产量65 吨，同比增长20%。 紫金矿业的经营现金流大幅回流。2025年前三季度，公司经营现金流净额为521.07亿元，同比增长 48.62%。与之对应的是，公司资产负债率进一步至53.01%，较上年末下降2.18个百分点。 持续并购扩张，紫金矿业的资产规模持续扩大。截至2025年9月底，公司总资产达4830.08亿元，较2024 年末增加863.97亿元。 根据最新披露的2025年三 ...

17、公告精选︱紫金矿业：前三季度净利润378.64亿元，同比增长55.45%；广大特材：董事长兼总经理 徐卫明已解除留置； 18、A股投资避雷针︱华夏幸福：累计未能如期偿还债务金额合计240.07亿元。 1、本周大事提醒：中国三季度GDP、中国二十届四中全会将召开，美国CPI、制造业PMI等数据； 2、上周五美股三大指数集体收涨，超微电脑、ARM跌超3%，中概指数跌0.14%； 3、特朗普：对华加征100%关税不可持续； 4、特朗普签署行政令 对进口中型和重型卡车征收25%关税； 5、美国官员据报探讨特朗普与金正恩会面可能性； 6、"特朗普全程在骂人"，上周五与泽连斯基再现"白宫争执"； 7、美媒：英伟达与台积电推出首片在美国制造的Blackwell芯片晶圆； 8、黄仁勋将出席亚太经合组织CEO峰会，计划与全球领导人和韩企高管见面； 9、日本自民党与维新会就结盟基本达成一致，高市早苗或大概率被选举为新任首相； 10、本周美股数十家公司将发布财报； 11、加沙硝烟再起：以军誓将报复哈马斯的袭击 哈马斯回应则称不知情； 1、召开在即！一张图，带你了解二十届四中全会； 2、何立峰与贝森特视频通话，同意尽快举行新一 ...

早 报 精 选 4、财政部等三部门：11月1日起纳税人销售自产的利用海上风力生产的电力产品，增值税即征即退50%。 5、士兰微：拟200亿元共同投建12英寸高端模拟集成电路芯片制造生产线项目。 宏 观 新 闻 1、 中国共产党第二十届中央委员会第四次全体会议将于10月20日至23日在北京召开。主要议程：中共中央政治局向中央委员会报 告工作，研究关于制定国民经济和社会发展第十五个五年规划的建议。会议分析研究当前经济形势，部署下半年经济工作。 2、北京时间10月18日上午，中美经贸中方牵头人、国务院副总理何立峰与美方牵头人、美国财政部长贝森特和贸易代表格里尔举行 视频通话，双方围绕落实今年以来两国元首历次通话重要共识，就双边经贸关系中的重要问题进行了坦诚、深入、建设性的交流，同 意尽快举行新一轮中美经贸磋商。 3、为巩固拓展经济回升向好势头，财政部宣布采取两项措施：近期，中央财政从地方政府债务结存限额中安排5000亿元下达地方， 规模较上年增加1000亿元，支持范围亦有拓展；同时，财政部明确今年将提前下达2026年新增地方政府债务限额。 5、中国互联网络信息中心在2025（第六届）中国互联网基础资源大会上发布《生 ...

行业报告 | 行业研究周报 金属与材料 证券研究报告 宏观扰动依旧，贵金属持续突破 基本金属：情绪推涨铜价，基本面支撑有限。1）铜：本周铜价下跌，沪铜收于 84390元/吨。基本面上当 前国内冶炼厂的检修仍在持续，国内产出处于近几个月来的低位，不过好在近期铜价走高，再生铜供应有 所回升，因此供应端的扰动因素也有所减弱，但冶炼厂的产出依然偏低;国内消费受限于价格上涨,市场新增 订单量有限，下游近期提货表现也并不理想，需求端整体呈现一个较弱的状态，并未有明显的旺季特征体 现，从供需来看，对铜价的支撑有明显减弱。近期出口窗口打开，冶炼厂出口较为积极，因此国内库存的 积聚在需求走弱的背景下也并未有明显增长。整体来看，当前市场情绪对铜价的引导更为强烈，基本面对 铜价的支撑有限，且高铜价在产业链的传递上并不理想，市场预计仍将延续近期的高波动状态，市场的风 险依然较大，需要注意近期需求传递上的表现，对市场供需的影响或更为直观，尤其是现货端的表现。建 议关注：紫金矿业、洛阳钼业、金诚信、五矿资源等，同时关注铜矿自给率提升以及具备成本优势的冶炼 标的中国有色矿业（H）、铜陵有色、江西铜业（A+H）2）铝：本周铝价上行，沪铝收于 ...

Investment Rating - The investment rating for the non-ferrous metals industry is "Positive" (maintained) [3] Core Views - The report anticipates a potential upward trend in copper prices due to expected shortages in copper mines, particularly with the global second-largest copper mine, Grasberg, facing production halts. The report suggests that the copper supply-demand balance may shift from tight equilibrium to shortage by 2026 [4] - The report highlights the performance of various metals, including aluminum, lithium, and cobalt, with specific recommendations for companies to watch in each segment [4] Summary by Sections 1. Industry Overview - Recent macroeconomic developments include a new round of US-China trade negotiations and comments from Trump regarding the unsustainability of high tariffs on China [8] 2. Market Performance - The overall performance of the non-ferrous metals sector saw a decline, with the Shanghai Composite Index down 1.47% and the Shenwan Non-Ferrous Metals Index down 3.07%, underperforming the Shanghai Composite by 1.60 percentage points [10][11] 3. Valuation Changes - The PE_TTM for the Shenwan Non-Ferrous Metals Index is 26.96, down 1.78 from the previous week, while the PB_LF is 3.22, down 0.22 [19][22] 4. Copper - Copper prices have seen a decline, with LME copper down 1.86% and SHFE copper down 1.77%. However, the report indicates a potential for price recovery due to supply disruptions and seasonal demand [21][44] 5. Aluminum - Aluminum prices are experiencing fluctuations, with LME aluminum down 0.45% and SHFE aluminum down 0.47%. The report notes a decrease in inventory levels, which may support price stability [33][44] 6. Lithium - Lithium prices are showing mixed trends, with lithium carbonate down 0.27% and lithium spodumene up 0.83%. The report suggests that lithium prices may stabilize due to seasonal demand [73] 7. Cobalt - Cobalt prices have increased, with MB cobalt up 5.40% to $20.98 per pound, driven by changes in export regulations from the Democratic Republic of Congo [86]

Investment Rating - The report maintains a recommendation for the non-ferrous metals industry, highlighting ongoing uncertainties regarding tariffs and record high prices for gold and silver [2][3]. Core Views - The report emphasizes that while short-term tariff uncertainties persist, precious metals are expected to trend upward in the long term due to factors such as geopolitical risks and central bank gold purchases [6][8]. - The performance of companies like Zijin Mining and Huayou Cobalt is noted, with both showing strong revenue growth and profitability in their recent quarterly reports [6][8]. Industry Overview - **Basic Industry Data**: The non-ferrous metals sector comprises 125 listed companies with a total market capitalization of approximately 45,379.37 billion yuan and a circulating market value of about 39,608.97 billion yuan [3]. - **Price Performance**: The absolute performance over the last 12 months is reported at 69.1%, with a relative performance of 50.0% [4]. Precious Metals - **Market Trends**: Gold futures closed at 999.8 yuan per gram, up 10.9% week-on-week, while silver futures rose 10.53% to 12,249 yuan per kilogram [6]. - **Company Performance**: Zijin Mining reported a total revenue of 2,542.0 billion yuan for the first three quarters of 2025, a year-on-year increase of 10.33%, with net profit rising by 55.45% to 378.64 billion yuan [6][8]. New Energy Metals - **Cobalt Market**: The report notes that cobalt prices are on the rise, with the average price for electrolytic cobalt reaching 381,000 yuan per ton, a 9.01% increase from the previous week [8]. - **Company Insights**: Huayou Cobalt's revenue for the first three quarters of 2025 was 589.41 billion yuan, up 29.57% year-on-year, with net profit increasing by 39.59% to 42.16 billion yuan [8]. Stock Recommendations - The report recommends focusing on the performance of precious metals stocks, particularly companies like Zhongjin Gold and Chifeng Jilong Gold Mining, as well as silver stocks such as Xingye Silver Tin [7][8].

紫金黃金國際截至 2025 年 9 月 30 日止 9 個月未經審核財務資料及營運情況 隨附紫金礦業集團股份有限公司（「本公司」）附屬公司紫金黃金國際有限公司（「紫金黃金 國際」，其股份於香港聯合交易所有限公司上市（股票代碼：2259））發佈的內幕消息—關於 截至 2025 年 9 月 30 日止 9 個月未經審核財務資料及營運情況的公告。 本公司董事會提醒投資者及股東於買賣本公司證券時，務須謹慎行事。 2025 年 10 月 17 日 中國福建 * 本公司之英文名稱僅供識別 1 紫金黃金國際有限公司（「本公司」）根據香港聯合交易所有限公司證券上市規則（「上市 規則」）第 13.09(2)(a)條及證券及期貨條例（香港法例第 571 章）第 XIVA 部項下之內幕消 息條文（定義見上市規則）作出本公告。 本公司董事會（「董事會」）欣然公佈截至 2025 年 9 月 30 日止 9 個月本公司及其附屬公司 （統稱「本集團」）未經審核財務資料及營運情況如下： 以國際財務報告準則編制的截至 2025 年 9 月 30 日止 9 個月未經審核財務資料 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不 ...

持续上涨后，波动加剧 股指周报 2025/10/18 0755-23375128 jiangwb@wkqh.cn 从业资格号：F3048844 交易咨询号：Z0017196 蒋文斌（宏观金融组） 目录 06 估值 周度评估及策略推荐 周度评估及策略推荐 重要消息：1、北京时间10月18日上午，国务院副总理何立峰与美方牵头人、美国财政部长贝森特和贸易代表格里尔举行视频通话，双方同 意尽快举行新一轮中美经贸磋商；2、工信部：到2027年实现城域算力1毫秒时延圈覆盖率不低于70% 打造高品质毫秒入算底座；3、寒武纪 第三季度营收为17.27亿元，同比增长1332.52%；净利润为5.67亿元。紫金矿业：前三季度归母净利润同比增长55%；4、摩根大通宣布未来 十年将为美国稀土、AI、能源、机器人等关键产业提供高达1.5万亿美元融资与项目支持；这项计划的出台恰逢美国政府到处入股关键产业 公司的节点。 经济与企业盈利：1、国家统计局：8月份规模以上工业增加值同比实际增长5.2%，2025年1—7月份全国固定资产投资增长0.5%，7月份社会 消费品零售总额同比增长3.4%，增速延续回落态势；2、中国9月官方制造业PMI为4 ...

Core Viewpoint - The current surge in gold prices and gold stocks is driven by central banks' strategic shift towards gold as a reliable asset, particularly in light of geopolitical tensions and concerns over U.S. debt reliability [3][4]. Group 1: Central Bank Actions - Central banks globally have been net buyers of over 1,000 tons of gold annually, with China increasing its reserves to 2,303 tons by September [3]. - The global gold ETF market saw a significant increase, with a net addition of 130 tons in Q3, bringing the total to nearly 4,000 tons [3]. Group 2: Performance of Gold Stocks - The gold stock index in A-shares has doubled this year, with leading companies like Zijin Mining and Shandong Gold seeing nearly 100% increases, while smaller stocks have more than doubled [3][4]. - Zijin Mining's revenue rose from 12.9 billion to 21.2 billion over three years, with net profit increasing from 1.3 billion to 3.4 billion, reflecting strong performance [3]. Group 3: Valuation and Investment Considerations - Key factors for selecting gold stocks include resource reserves and extraction costs, with Zijin and Shandong having longer mine life and lower costs compared to others like Chifeng Gold [4]. - Current valuations show Zijin at 61 times earnings, Shandong at 44 times, and Chifeng below 30 times, indicating a premium for companies with longer mine life and higher reserves [4][5]. - The optimistic market sentiment is supported by the increasing monetary attributes of gold, as central banks continue to buy despite high prices, reflecting a long-term bullish outlook [5].

Core Insights - The report highlights that Zijin Mining's profitability has significantly improved due to rising gold prices, with net profit growth outpacing revenue growth, demonstrating the profit elasticity of high-quality resource leaders during a commodity bull market [1][2] Financial Performance - For the first three quarters of 2025, Zijin Mining achieved a revenue of 254.2 billion yuan, a year-on-year increase of 10.33%, and a net profit attributable to shareholders of 37.864 billion yuan, up 55.45%, both setting historical highs for the same period [1] - The company's gold production reached 65 tons, a 20% increase year-on-year, with Q3 production at 24 tons, reflecting a 7% quarter-on-quarter growth, making it the fastest-growing among its four main products [1] Business Developments - Zijin Mining successfully spun off its gold segment, Zijin Gold International, for an IPO on the Hong Kong Stock Exchange, raising approximately 28.7 billion HKD, marking the largest IPO in the global gold mining industry [1] - The gold segment has become a crucial profit driver, with production exceeding annual targets, primarily due to acquisitions and new projects in Ghana, Xinjiang, and other regions [1] Market Conditions - In Q3 2025, international gold prices showed a strong upward trend, with London spot gold closing up approximately 16.8% from the beginning of the quarter, while Shanghai gold prices rose about 14.5% [2] - The gross margin for Zijin Mining's mining operations was 60.62%, an increase of 2.91 percentage points year-on-year, although revenue and net profit growth rates slowed in Q3 [2] Challenges and Risks - The decrease in copper and silver production in Q3 was noted, with copper output down 6% to 260,000 tons, attributed to flooding at the Kamoa-Kakula copper mine in the Democratic Republic of Congo [3] - The company is facing challenges with rising unit sales costs for mineral products, partly due to lower ore grades and increased stripping ratios, as well as high transitional costs from newly acquired mines [2][3] Stock Performance - Zijin Mining's stock surged by 52.14% in Q3, with a market capitalization exceeding 800 billion yuan, reaching a historical high of 32.65 yuan post-National Day holiday [3] - Institutional investors have shown caution, with significant sell-offs in Q3, including a reduction in holdings by major investors [3] Future Outlook - The outlook for Q4 2025 remains uncertain, with gold prices reaching new highs but potential short-term corrections due to market concerns about overbuying [4] - The company's ability to manage costs effectively through refined management and technological innovation will be critical in maximizing benefits from rising gold prices [4]