Core Viewpoint - Zijin Mining is expected to achieve a net profit attributable to shareholders of approximately RMB 510 billion to 520 billion in 2025, marking a year-on-year increase of about 60% compared to RMB 320.51 billion in 2024, setting a historical record for the company [3][4]. Group 1: Financial Performance - The projected net profit for 2025 represents an increase of approximately RMB 189 billion to 199 billion, with a growth rate of about 59% to 62% year-on-year [3]. - The company's net profit per day in 2025 is estimated to be nearly RMB 1.4 million [3]. - The expected net profit excluding non-recurring items is projected to be around RMB 475 billion to 485 billion, reflecting a year-on-year increase of approximately RMB 158 billion to 168 billion, or a growth rate of 50% to 53% [3]. Group 2: Production Growth - The significant increase in net profit is attributed to a rise in the production of key mineral products, with gold production expected to reach approximately 90 tons in 2025, up from 73 tons in 2024 [3][4]. - The production of copper and other major products also saw growth during the reporting period [3]. - The equivalent lithium carbonate production is projected to be about 25,000 tons in 2025, a substantial increase from 261 tons in 2024 [4]. Group 3: Future Outlook - For 2026, Zijin Mining has set production targets of 105 tons of gold, 1.2 million tons of copper, 120,000 tons of equivalent lithium carbonate, and 520 tons of silver, although these figures are subject to change based on market conditions [5]. - Research institutions remain optimistic about the gold market in 2026, with expectations of continued price increases driven by factors such as declining real interest rates and central bank purchasing behavior [6][7].

2025年，福建省A股上市公司市值增量为20048亿元，较年初市值增长54.10%。 其中，紫金矿业、宁德时代、华电新能为市值增长的核心驱动，其年内贡献的市值增量分别为5147亿 元、5047亿元、2624亿元，占全省市值增量的25.67%、25.18%、13.09%。而TOP5的其余两家企业，即 兴业银行、航天发展，市值增量均未超过500亿元，全省市值增长贡献率未超过3%。 福建省市值缩量最为严重的企业为片仔癀、永辉超市、星宸科技、建发股份、亿联网络，但其市值降幅 均未超过300亿元。 新浪合作大平台期货开户 安全快捷有保障 2025年，福建省A股上市公司市值增量为20048亿元，较年初市值增长54.10%。 其中，紫金矿业、宁德时代、华电新能为市值增长的核心驱动，其年内贡献的市值增量分别为5147亿 元、5047亿元、2624亿元，占全省市值增量的25.67%、25.18%、13.09%。而TOP5的其余两家企业，即 兴业银行、航天发展，市值增量均未超过500亿元，全省市值增长贡献率未超过3%。 福建省市值缩量最为严重的企业为片仔癀、永辉超市、星宸科技、建发股份、亿联网络，但其市值降幅 均未超过300亿元 ...

Market Overview - The Hang Seng Index closed down 0.87% at 25,630.54 points, with a total trading volume of HKD 1,189.66 million. The Hang Seng China Enterprises Index fell 0.86%, while the Hang Seng Tech Index decreased by 1.12% [1] - For the year 2025, the Hang Seng Index recorded a cumulative increase of 27.77%, marking its best performance since 2017. The China Enterprises Index rose by 22.27%, and the Tech Index increased by 23.45%, the best since its inception [1] - Looking ahead to 2026, under a backdrop of loose monetary policy, foreign and southbound capital are expected to continue net inflows, with potential for substantial improvement in the profitability of Hong Kong-listed companies [1] Blue-Chip Stocks Performance - Baidu Group-SW (09888) rose 1.39% to HKD 131.5, contributing 3.55 points to the Hang Seng Index, driven by growth in its AI business [2] - Other blue-chip stocks included Sunny Optical Technology (02382) up 1.16%, Zijin Mining (601899) up 0.85%, while Innovent Biologics (01801) fell 3.66%, and New Oriental-S (09901) dropped 2.49% [2] Sector Highlights - Major tech stocks mostly declined, with Alibaba down over 1% and Tencent down 0.17%, while Baidu saw an increase [3] - The film sector remained active, with the total box office for the 2025 New Year holiday surpassing HKD 5 billion, marking a new high for the past eight years [3] - The aviation sector saw collective gains among major airlines, with China Eastern Airlines (00670) up 4.92%, China Southern Airlines (01055) up 4.3%, and Air China (00753) up 3.36% [4] Mining Sector - Zijin Mining Group reported a projected net profit of USD 1.5-1.6 billion for 2025, a year-on-year increase of approximately 212%-233%, while Zijin Mining expects a net profit of CNY 51-52 billion, up 59%-62% [5] - Zijin Mining's production targets for 2026 include 105 tons of gold and 120,000 tons of copper, indicating strong growth potential [5] Automotive Sector - The automotive sector showed mixed results, with Great Wall Motors (02333) up 3.24% and GAC Group (02238) up 0.74%, while Li Auto-W (02015) fell 1.44% [6] - New policies for 2026 regarding vehicle subsidies have been announced, which may stabilize consumer expectations for car purchases [6] Notable Stock Movements - InnoCare Pharma (03696) surged 23.88% to HKD 37.14, recognized for its advancements in AI-driven drug discovery [7] - Derin Holdings (01709) increased by 9.68% after announcing conditional approval for virtual asset trading services [8] - Jiangxi Copper (00358) reached a new high, up 5.36% to HKD 42.88, supported by rising copper prices [9] - KANAT Optical (02276) rose 4.25% following the announcement of new policies supporting digital and smart products [10]

Core Viewpoint - The article highlights a significant inflow of funds into the non-ferrous metal sector, particularly through the Huabao ETF, indicating strong market expectations for future performance in this industry [1]. Group 1: Fund Inflows and Market Sentiment - As of the report, the Huabao non-ferrous ETF (159876) has seen a net subscription of 3.6 million units, with an additional 85.71 million yuan attracted over the previous five days, reflecting positive investor sentiment towards the non-ferrous metal sector [1]. - The overall performance of the non-ferrous metal sector is leading among 31 first-level sub-industries in the A-share market, driven by macroeconomic policies and structural supply-demand changes [3]. Group 2: Company Performance and Projections - Zijin Mining announced an expected net profit of 51 to 52 billion yuan for 2025, representing a year-on-year increase of 59% to 62%, with a non-recurring net profit forecast of 47.5 to 48.5 billion yuan, up 50% to 53% [2][3]. - The growth in Zijin Mining's performance is attributed to increased production and rising prices of core mineral products, including approximately 90 tons of gold, 1.09 million tons of copper, and 437 tons of silver for 2025 [3]. Group 3: Market Dynamics and Investment Strategy - Analysts from Dongfang Securities and Guoxin Futures suggest that the upward trend in copper prices is driven by supply shortages and increasing demand, particularly in the context of global monetary easing and the rise of new demands in AI and renewable energy sectors [3]. - The article recommends a diversified investment approach through the Huabao ETF, which covers a wide range of non-ferrous metals, thereby mitigating risks associated with investing in single metal sectors [4].

今日（12月31日）揽尽有色金属行业龙头的有色ETF华宝（159876）场内价格盘中涨超2.5%，现涨 0.81%，继续刷新上市以来的高点！ 成份股方面，江西铜业领涨超9%，宝钛股份涨逾7%，云南锗业、国城矿业涨超5%。权重股方面，紫 金矿业涨超3%，洛阳钼业涨逾2%，中国铝业涨钞1%。 | 序号 | 名称 | 涨跌幅 ▼ | 两日图 | 申万一级行业 | 申万二级行业 | 申万三级行业 | 总市值 | 成交额 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 1 | 江西铜业 | 9.43% | | 有色金属 | 工业金属 | 铜 | 1679亿 | 61.78亿 | | 2 | 宝林服务 | 7.57% | ------ | 有色全顾 | 小含厨 | 其他小全属 | 191亿 | 11.95亿 | | 3 | 云南接业 | | 5.42% mmm | 有色金属 | 小会属 | 其他小金属 | 207亿 | 12.86亿 | | ব | 国城市,亚 | 5.40% | Caroline of Children College of the ...

Group 1 - The core viewpoint of the news is the performance of the non-ferrous metal ETF and the expected profit growth of Zijin Mining in 2025, indicating a positive outlook for the sector [1][2] - As of December 31, 2025, the non-ferrous metal ETF (512400) rose by 0.31% with a turnover of 3.77%, totaling 784 million yuan [1] - The index tracking the non-ferrous metal sector, the Zhongzheng Shenwan Non-Ferrous Metal Index, includes key stocks such as Zijin Mining, Jiangxi Copper, and Yunnan Copper, which have shown significant price increases [1][2] Group 2 - Zijin Mining announced an expected net profit of approximately 51 to 52 billion yuan for 2025, representing an increase of about 59% to 62% compared to the previous year [1] - The expected net profit excluding non-recurring gains is projected to be around 47.5 to 48.5 billion yuan, reflecting a year-on-year increase of approximately 50% to 53% [1] - The sales prices of gold, copper, and silver are expected to rise year-on-year during the reporting period, contributing to the profit growth [1]

Market Overview - The Hong Kong stock market closed with a slight decline, with the Hang Seng Index down 0.87% to 25,630.54 points, and a total trading volume of HKD 118.97 billion. The Hang Seng China Enterprises Index fell 0.86%, while the Hang Seng Tech Index dropped 1.12% [1] - For the year 2025, the Hang Seng Index recorded a cumulative increase of 27.77%, marking its best performance since 2017, while the China Enterprises Index and Tech Index rose by 22.27% and 23.45%, respectively [1] - Looking ahead to 2026, it is expected that under a backdrop of loose monetary policy, foreign and southbound capital will continue to flow into the market, potentially leading to a substantial increase in the profitability of Hong Kong-listed companies [1] Blue-Chip Stocks Performance - Baidu Group-SW (09888) rose 1.39% to HKD 131.5, contributing 3.55 points to the Hang Seng Index, driven by growth in its AI business [2] - Other blue-chip stocks included Sunny Optical Technology (02382) up 1.16%, Zijin Mining (02899) up 0.85%, while Innovent Biologics (01801) fell 3.66% and New Oriental-S (09901) dropped 2.49% [2] Sector Highlights - Major technology stocks mostly declined, with Alibaba down over 1% and Tencent down 0.17%, while Baidu saw an increase [3] - The airline sector saw a collective rise, with China Eastern Airlines (00670) up 4.92%, China Southern Airlines (01055) up 4.3%, and Air China (00753) up 3.36%, attributed to increased travel demand during the New Year holiday [4] - The film industry remained active, with the total box office for the New Year season surpassing HKD 5 billion, marking a new high for the past eight years [3] Mining Sector - Zijin Mining Group reported a projected net profit of USD 1.5-1.6 billion for 2025, a year-on-year increase of approximately 212%-233%, while Zijin Mining expects a net profit of CNY 51-52 billion, up 59%-62% year-on-year [5] - Zijin Mining's production targets for 2026 include 105 tons of gold and 120,000 tons of copper, indicating a strong growth trajectory [5] Automotive Sector - The automotive sector showed mixed results, with Great Wall Motors (02333) up 3.24% and GAC Group (02238) up 0.74%, while Li Auto-W (02015) fell 1.44% [6] - New policies for 2026 regarding vehicle subsidies have been announced, which may stabilize consumer expectations for car purchases [6] Notable Stock Movements - In the AI-driven pharmaceutical sector, Insilico Medicine (03696) surged 23.88% to HKD 37.14, reflecting its advancements in drug discovery [7] - Delin Holdings (01709) rose 9.68% to HKD 2.04 after announcing conditional approval for virtual asset trading services [8] - Jiangxi Copper (00358) reached a new high, up 5.36% to HKD 42.88, supported by rising copper prices [9] - KANAT Optical (02276) increased by 4.25% to HKD 54, benefiting from new policies supporting digital and smart products [10]

Market Performance - The Hang Seng Index closed down 0.87% at 25,630.54 points, while the Hang Seng Tech Index fell 1.12% to 5,515.98 points, and the National Enterprises Index decreased by 0.86% to 8,913.68 points [1] - The overall market saw declines in tech stocks, with Alibaba down 1.18%, Tencent down 0.17%, and JD Group down 1.76%, while Bilibili and Baidu saw gains of 0.42% and 1.39% respectively [1] - The annual performance of the Hang Seng Index increased by 27.77%, marking the best performance since 2017, while the Hang Seng Tech Index rose by 23.45%, the best since 2020 [2] Sector Performance - The gold and precious metals sector showed significant gains, with Zhu Feng Gold rising over 1200% and Lingbao Gold increasing by over 570% throughout the year [2] - The semiconductor sector performed well, with Huahong Semiconductor up over 240% and SMIC up over 120% [2] - The aviation sector saw strong performance, with Southern Airlines rising over 4% [1] Company Updates - Zijin Mining (02899.HK) expects a net profit of approximately RMB 51-52 billion for 2025, a year-on-year increase of about 59%-62% due to increased production and sales prices [3] - Xingqian Development (00640.HK) reported a revenue of approximately HKD 835 million for the year ending September 30, 2025, a 13.4% year-on-year increase, with net profit rising by 21.7% to approximately HKD 122 million [3] - Shanghai Electric (02727.HK) plans to sell a 47.4% stake in Electric Guoxuan and waive the right of first refusal for an additional 3.6% stake [4] Investment Insights - Everbright Securities noted that the overall profitability of Hong Kong stocks remains strong, with relatively low valuations despite recent increases, suggesting long-term investment opportunities [13] - Founder Securities highlighted positive signals from government policies aimed at optimizing the automotive industry, indicating potential for improved market conditions and value in leading automotive companies [14] - CITIC Securities projected a 7.9% increase in private residential transactions in Hong Kong for 2026, driven by a favorable interest rate environment and increased asset allocation demand [14]

中经记者 陈家运 北京报道 2025年12月30日晚间，紫金矿业（601899.SH、02899.HK）发布2025年度业绩预增公告。公司预计全年 实现归母净利润510亿元至520亿元，同比增长59%至62%；扣非净利润475亿元至485亿元，同比增长 50%至53%。上年同期，公司归母净利润为320.51亿元，扣非净利润为316.93亿元。 业绩增长主要受益于核心矿产品"量价齐升"。2025年，紫金矿业主要矿产品产量均实现同比增长。其 中，矿产金约90吨，矿产铜（含卡莫阿权益产量）约109万吨；矿产银约437吨；当量碳酸锂（含藏格矿 业5—12月产量）约2.5万吨。与此同时，2025年，紫金矿业的矿产金、矿产铜、矿产银销售价格同比上 升。 根据紫金矿业披露的产能目标，其在2026年的矿产金105吨、矿产铜120万吨、矿产银520吨、当量碳酸 锂12万吨。 （编辑：董曙光 审核：吴可仲 校对：颜京宁） ...

智通财经获悉，紫金矿业(02899)涨超3%，截至发稿，涨3.51%，报36.6港元，成交额6.42亿港元。 本文源自：智通财经网 消息面上，12月30日，紫金矿业发布2025年业绩预告，预计全年实现归母净利润约510-520亿元，同比 增长约59%-62%，再创历史新高。2025年，公司主营产品持续放量，矿产金同比增长23.5%至90吨，矿 产铜同比增长2%至109万吨。公司指出，根据此次公告披露，其2026年产量仍将保持高速增长：矿产金 105吨、矿产铜120万吨、当量碳酸锂12万吨、矿产银520吨。这一目标如按期完成，矿产金产量将较原 计划提前两年突破百吨大关。 ...