上周，微盘股指数连创历史新高，而沪深300、上证50等大盘股指数持续调整。 今天上午，两者强弱发生转换。大盘股走强，沪深300指数、上证50指数上涨，其中，上证50指数盘中最高涨超1.8%。微盘股指数、中证2000指数上午均 下跌，其中，中证2000指数下跌1.39%。 中国海油、紫金矿业、山东黄金、潍柴动力、中金黄金、中国铀业等大市值龙头股今日上午大涨，盘中股价均创历史新高。其中，紫金矿业、中国海油总 市值均超1万亿元，分别上涨6.28%、6.53%。 | 三是此业 | | | | | | --- | --- | --- | --- | --- | | 601899 ■ 唐殿通 LI | | | | | | 高 40.48 39.92 | | | 市值 1.06万亿 量比 | 2.85 | | 38.73 (EE | | | 流通 8223.9亿 换 | 2.23% | | 2.36 6.28% 开 | | | 38.74 市盈 23.30 额 181.42亿 | | | 港股 42.460 5.05% | | | H/A溢价率 -4.62% 溢价分析 | | | 同代目 唐诺 | | 异动解读:巨龙铜矿+ ...

受益于金价上涨，多家黄金相关企业预计2025年业绩同比增长。 目前，高盛最新报告已经将今年底黄金价格预测由每盎司4900美元上调至5400美元，因私人投资者及央 行的需求不断增强。高盛预计，今年各国央行每月将购买60吨黄金，同时随着美联储降息，ETF所购买 的黄金规模也会增加，进一步推升估值。华西证券最新研报预测，2026年金价涨幅或介于10%—35%， 而杰富瑞集团更是喊出6600美元/盎司的惊人目标。 世界黄金协会美洲CEO兼全球研究负责人安凯表示，展望2026年，黄金市场将进入多重力量交织、动态 平衡的新阶段。一方面，地缘经济不确定性依然高企，美元或将延续弱势，投资者和央行的结构性需求 有望持续为金价提供支撑。另一方面，全球经济复苏的可能性、利率周期的变化以及美元阶段性反弹等 因素，也可能对黄金价格形成一定压力。 1月25日晚，湖南黄金发布业绩预告，预计2025年净利润为12.7亿元—16.08亿元，同比增长50%— 90%。 此前，赤峰黄金曾于1月5日发布2025年度业绩预增公告，预计2025年度净利润为30亿元到32亿元，与上 年同期（法定披露数据）相比增长约70%到81%。主要原因为公司2025年 ...

1月26日，港股股指早盘走势分化，恒指高开低走后再度拉升整体呈现"W"型走势，科指低位窄幅震 荡，截止午盘，恒生指数涨0.09%报26773.97点，恒生科技指数跌1.31%报5721.82点，国企指数跌0.09% 报9152.69点，红筹指数涨1.15%，报4265.56点。 盘面上，大型科技股涨跌互现，阿里巴巴跌1.25%，腾讯控股涨0.92%，京东集团涨1.39%，小米集团跌 2.32%，网易涨0.48%，美团跌0.87%，快手跌3.63%，哔哩哔哩跌2.97%；黄金带领有色金属股上涨，灵 宝黄金、山东黄金、紫金黄金国际等多股持续创新高价，中国有色矿业亦大涨超11%。石油股走强，中 海油涨超4%；商业航天股普跌，亚太卫星跌超8%，另外，军工股、半导体及苹果概念股跌幅明显。 企业新闻 上海复旦(01385.HK)：预计2025年营业收入约为人民币39.3亿元至40.3亿元，同比增加9.46%至 12.25%；净利润1.9亿元至2.83亿元，同比减少约为66.82%至50.58%。 中国人寿(02628.HK)：拟出资40亿元成立合伙企业，聚焦长三角人工智能引领的"科技创新、产业升 级"新机遇；拟认缴84. ...

每经AI快讯，铜业股午前集体走强，截至发稿，中国有色矿业(01258.HK)涨12.02%，报16.68港元；五 矿资源(01208.HK)涨11.02%，报5.05港元；中国黄金国际(02099.HK)涨7.25%，报233.6港元；紫金矿业 (02899.HK)涨5.05%，报42.46港元；江西铜业股份(00358.HK)涨4.07%，报47.06港元。 ...

智通财经APP获悉，铜业股午前集体走强，截至发稿，中国有色矿业(01258)涨12.02%，报16.68港元； 五矿资源(01208)涨11.02%，报5.05港元；中国黄金国际(02099)涨7.25%，报233.6港元；紫金矿业 (02899)涨5.05%，报42.46港元；江西铜业股份(00358)涨4.07%，报47.06港元。 消息面上，正信期货表示，宏观预期情绪有所降温，但地缘担忧仍存，尽管美国政府持续施压美联储， 但市场对于降息定价较为保守，同时通胀数据暂未超预期，失业率回落，美国自身经济韧性仍存。产业 端来看，虽然远期的供需预期暂难证伪，但近段弱现实特征延续，全球库存进一步增加至100万吨。铜 价在10万关口调整后再度反弹，主要还是受地缘以及金价指引，价格高位震荡为主。 广州期货认为，当下驱动铜价上涨逻辑有所松动，但铜矿供应脆弱+新兴领域带来的刚性需求，以及战 略资源属性愈发强化，铜价底部依旧坚实，调整空间相对有限，倾向于震荡蓄势后延续涨势。 ...

广州期货认为，当下驱动铜价上涨逻辑有所松动，但铜矿供应脆弱+新兴领域带来的刚性需求，以及战 略资源属性愈发强化，铜价底部依旧坚实，调整空间相对有限，倾向于震荡蓄势后延续涨势。 铜业股午前集体走强，截至发稿，中国有色矿业(01258)涨12.02%，报16.68港元；五矿资源(01208)涨 11.02%，报5.05港元；中国黄金（600916）国际(02099)涨7.25%，报233.6港元；紫金矿业（601899） (02899)涨5.05%，报42.46港元；江西铜业（600362）股份(00358)涨4.07%，报47.06港元。 消息面上，正信期货表示，宏观预期情绪有所降温，但地缘担忧仍存，尽管美国政府持续施压美联储， 但市场对于降息定价较为保守，同时通胀数据暂未超预期，失业率回落，美国自身经济韧性仍存。产业 端来看，虽然远期的供需预期暂难证伪，但近段弱现实特征延续，全球库存进一步增加至100万吨。铜 价在10万关口调整后再度反弹，主要还是受地缘以及金价指引，价格高位震荡为主。 ...

Core Viewpoint - The non-ferrous metal sector is experiencing a significant rally, driven by multiple factors that are reshaping the pricing logic of non-ferrous metals [1][3]. Group 1: Market Performance - The non-ferrous metal ETF, Huabao (159876), surged by 5.02%, reaching a new high since its listing, with a trading volume of 1.42 billion yuan within the first hour of trading [1]. - The ETF has seen a net subscription of 1.09 million units, accumulating a total of 569 million yuan over the past 10 days [1]. - Key stocks in the sector, such as Steel Titanium Co., Tongling Nonferrous Metals, and Silver Nonferrous Metals, have all reached their daily limit up, with significant increases in trading volumes [4]. Group 2: Driving Factors - The rising U.S. debt and deficit are causing global concerns about sustainability and the credibility of the dollar, leading central banks to diversify their reserves by reducing U.S. Treasury holdings and increasing gold reserves, which supports higher precious metal prices [3]. - The development of the AI industry and the acceleration of global energy transition are driving increased demand for industrial metals like copper and aluminum [3]. - The global supply chain is shifting focus from efficiency to security, prompting countries to increase reserves of critical minerals and energy, thereby boosting demand for bulk commodities [3]. - A long-term contraction in capital expenditure for major non-ferrous metals since 2011 has created a significant output gap, which continues to constrain supply and support prices [3]. Group 3: Industry Outlook - The current high profitability in the non-ferrous metal sector is expected to persist for an extended period, with new demand driving growth and leading to a potential revaluation of the sector [3]. - Domestic non-ferrous metal companies are valued lower compared to their overseas counterparts, despite having similar growth potential and core competitiveness [3]. - Continuous exploration and breakthroughs in core technologies such as exploration, mining, and metallurgy by domestic companies contribute significantly to global mining development [3].

今 日 早 评 重点品种： 【短评-甲醇】江苏太仓甲醇市场价2263元/吨，上升25元/ 吨；国内甲醇周产能利用率89.92%，环比-1.18%；下游总产能 利用率71.26%，周下降1.3%；甲醇港口样本库存145.75万吨， 周上升2.22万吨；中国甲醇样本生产企业库存43.83万吨，周降 1.25万吨，样本企业订单待发23.83万吨，周微增0.05万吨。 评：国内甲醇开工高位，下游需求下降，本周甲醇港口库存略 有积累，江苏沿江主流库区提货良好。内地甲醇市场偏弱，企 业竞拍成交一般，港口甲醇市场基差走弱，商谈成交一般。甲 醇港口库存高位上升，现货市场表现偏弱，预计短期震荡运 行。 【短评-白银】受风暴影响，截至当地时间1月23日下午， 美国至少14个州宣布进入紧急状态。其中包括密苏里州、阿肯 色州、路易斯安那州、密西西比州、田纳西州、得克萨斯州 等。得州州长宣布134个县进入灾难状态。评：美国风暴或影响 市场的风险偏好，利空白银。但是黄金在避险推动下持续走 高，使得白银重拾涨势。白银长期依然看多，但是短期进一步 上涨动能或有限，关注黄金、白银相互影响。 投资咨询中心 2026年01月26日 研究员 姓名： ...

Summary of the Conference Call for Zijin Mining Industry Overview - Geopolitical easing has not reduced global asset reallocation, with expectations for a dovish Federal Reserve chairman candidate, which is favorable for non-ferrous metals. Demand for non-ferrous metals is expected to resonate upwards over the next five years [2][4] - Recent funding trends show a return to net inflows, with gold and copper experiencing net outflows while other sectors saw net inflows. A consolidation phase is anticipated due to seasonal factors and high prices, with a potential upward trend post-Chinese New Year [2][5][6] Key Points on Metals Gold - As of the end of 2025, investment-grade gold will account for only 3% of global disposable financial assets, significantly below the historical peak of 5%. This indicates substantial room for gold allocation, which could drive prices higher [2][7] Copper - Electrolytic copper demand is weak, with inventory accumulation noted. However, its financial attributes support copper prices, and downstream replenishment demand is emerging, suggesting limited downside risk for copper prices [2][8] Aluminum - Aluminum prices are low, with stable demand benefiting from export tax rebates and significant growth in photovoltaic demand. The supply-demand balance is relatively strong compared to copper [2][9][10] Lithium Carbonate - The lithium carbonate market is experiencing robust demand despite the seasonal downturn, with battery companies actively seeking exports. Supply remains stable, and prices are expected to maintain high levels [2][11] Rare Earths - Rare earth prices have risen from 520,000-530,000 to around 670,000, an increase of approximately 20%. Supply is constrained due to national quota controls, while downstream demand continues to grow, indicating a long-term supply-demand imbalance [2][12] Company-Specific Insights on Zijin Mining - Zijin Mining's profit forecast has been significantly revised upwards, with expected net profit of approximately 80.8 billion by 2026. The company is well-positioned for future growth due to a complete management system and ongoing mine upgrades [2][15] - The company is expected to maintain strong growth and profitability, with copper production projected to reach 1.2 million tons and gold production at 105 tons [2][16] - The valuation of Zijin Mining is expected to benefit from its strong growth potential and liquidity, with a target market value revised to 1.6 trillion, reflecting a 20% valuation premium [2][17] - Zijin Mining has completed five resource acquisition projects in the past two years, enhancing its resource reserves and production capacity. Continued acquisitions in 2026 could further strengthen its market competitiveness [2][18] Conclusion - The overall outlook for non-ferrous metals, particularly for Zijin Mining, is positive, with strong demand projections and strategic growth through acquisitions. The company is expected to capitalize on favorable market conditions and maintain a leading position in the industry [2][15][18]

热点栏目 自选股 数据中心 行情中心 资金流向 模拟交易 客户端 受益于金价上涨，多家黄金相关企业预计2025年业绩同比增长。 1月25日晚，湖南黄金发布业绩预告，预计2025年净利润为12.7亿元—16.08亿元，同比增长50%— 90%。 对于业绩增长，湖南黄金表示，报告期内，业绩上涨主要是公司金、锑、钨产品销售价格同比上涨。 无独有偶，招金黄金1月25日晚也发布2025年度业绩预告，预计净利润为1.22亿元—1.82亿元，上年同期 亏损12742.80万元。 招金黄金表示，业绩变动原因为主营业务扭亏，子公司斐济瓦图科拉金矿技改增产增效，叠加黄金价格 上涨，毛利润大幅提高。 此前，赤峰黄金曾于1月5日发布2025年年度业绩预增公告，预计2025年度净利润为30亿元到32亿元，与 上年同期（法定披露数据）相比增长约70%到81%。主要原因为公司2025年度主营黄金产量约为14.4 吨，主营黄金产品销售价格同比上升约49%，境内外矿山企业盈利能力增强。 紫金矿业2025年年度业绩也预喜。据紫金矿业公告，预计公司2025年净利润约510亿—520亿元，与上年 同期320.51亿元相比，将增加约189亿—199亿 ...