该行最新预测明年铜价为每吨12,750美元，金价为每盎司3,925美元，结合公司指引，将2025至27年的公 司盈利预测分别上调8%、38%及11%，至82亿、118亿及115亿元人民币。 花旗发布研报称，虽然预期江西铜业（600362）股份(00358)的铜冶炼业务毛利明年将同比下降，且长 期冶炼及精炼业务有下行压力，但预料铜、金及硫酸价格提高，将推动公司明年的整体毛利上升，并将 江西铜业H股目标价由27.9港元升至39.8港元，江西铜业(600362.SH)A股目标价由33.8元人民币升至47.9 元人民币;该行认为目前估值具吸引力，A股及H股均维持"买入"评级。 ...

该行最新预测明年铜价为每吨12750美元，金价为每盎司3925美元，结合公司指引，将2025至27年的公 司盈利预测分别上调8%、38%及11%，至82亿、118亿及115亿元，并将江西铜业H股目标价由27.9港元 升至39.8港元，A股目标价由33.8元升至47.9元；该行认为目前估值具吸引力，A股及H股均维持"买 入"评级。 花旗发表研究报告指，虽然预期江西铜业股份的铜冶炼业务毛利明年将按年下降，且长期冶炼及精炼业 务有下行压力，但预料铜、金及硫酸价格提高，将推动公司明年的整体毛利上升。 ...

December 15, 2025 09:01 PM GMT China Materials | Asia Pacific 2026 Outlook – Equity Implications: Traditional Materials For 2026, we prefer gold, copper and aluminum, with macro and micro factors supporting prices. Demand for copper and aluminium from Energy Storage Systems (ESS) looks bullish, after strong growth in 2025 that we expect to continue in 2026. Suppliers across the supply chain are receiving 50% or higher demand growth from customers for 2026. For every 100GWH produced ESS consumes about 60kt o ...

Ac t i o n | 15 Dec 2025 12:34:02 ET │ 18 pages Jiangxi Copper (0358.HK/600362.SS) Benefits from Hiking Copper and Sulfuric Acid Price; Model Update and Maintain Buy CITI'S TAKE We update our JXC model to factor in Citi's Commodities team's latest price forecast and company guidance. Despite a YoY decrease in gross profit of copper smelting business in 2026E with potential lower long-term TC/RC, we expect the higher copper, gold, and sulfuric acid price to drive a higher total gross profit of Jiangxi Copper ...

江西铜业（600362）股份(00358)早盘涨超3%，截至发稿，涨3.23%，报35.78港元，成交额8265.48万港 元。 公告称，修改后的潜在要约价格对索尔黄金全部已发行及将要发行的普通股股本估值约为8.42亿英镑， 并代表较11月19日(即江西铜业首次与索尔黄金董事会接洽前的最后营业日)索尔黄金每股收盘价19.6便 士溢价约42.9%；较截至11月27日止(索尔黄金公告江西铜业初步提议前的最后营业日)3个月索尔黄金的 成交量加权平均股价每股约17.6便士溢价约58.5%；较截至11月27日止12个月的成交量加权平均股价每 股约11.8便士溢价约136%；及较11月27日索尔黄金的收盘价每股约26.2便士溢价约7.1%。 消息面上，江西铜业股份发布公告，有关潜在收购海外上市公司SolGoldplc(索尔黄金)的股份，于12月 12日，公司及索尔黄金就江西铜业(香港)投资有限公司向索尔黄金作出修改后的潜在要约。 ...

智通财经APP获悉，江西铜业股份(00358)早盘涨超3%，截至发稿，涨3.23%，报35.78港元，成交额 8265.48万港元。 消息面上，江西铜业股份发布公告，有关潜在收购海外上市公司SolGoldplc(索尔黄金)的股份，于12月 12日，公司及索尔黄金就江西铜业(香港)投资有限公司向索尔黄金作出修改后的潜在要约。 公告称，修改后的潜在要约价格对索尔黄金全部已发行及将要发行的普通股股本估值约为8.42亿英镑， 并代表较11月19日(即江西铜业首次与索尔黄金董事会接洽前的最后营业日)索尔黄金每股收盘价19.6便 士溢价约42.9%；较截至11月27日止(索尔黄金公告江西铜业初步提议前的最后营业日)3个月索尔黄金的 成交量加权平均股价每股约17.6便士溢价约58.5%；较截至11月27日止12个月的成交量加权平均股价每 股约11.8便士溢价约136%；及较11月27日索尔黄金的收盘价每股约26.2便士溢价约7.1%。 ...

Group 1 - Citigroup raised the target price for Jiangxi Copper's A and H shares by approximately 42% [1] - Higher prices for copper, gold, and sulfuric acid are expected to drive the company's total gross profit growth by 2026 [1] - Analysts predict a copper price of $12,750 per ton and a gold price of $3,925 per ounce under baseline forecasts for 2026 [1] Group 2 - A 5% increase in copper and gold prices is projected to lead to a 4% and 1% increase in Jiangxi Copper's net profit for 2026, respectively [1] - The target price for Hong Kong shares was adjusted from HKD 27.9 to HKD 39.8, while the target price for A shares was raised from RMB 33.8 to RMB 47.9 [1]

上周五（12月12日），中国江西铜业再次提高对英国上市公司SolGold的收购报价至每股28便士，总价值约8.42亿英镑（11.3亿美元）。11月23日，江西铜 业首次提出非约束性收购提议遭到拒绝后，于11月28日再次出价每股26便士，同样被董事会否决。最新的28便士报价是这家中国铜业巨头三周内第三次出 价。 SolGold Plc于2005年在澳大利亚布里斯班创立，现总部位于英国伦敦，其核心资产就是南美洲的顶级铜金矿项目-Cascabel项目，这也是江西铜业锲而不舍 的原因之所在。 Cascabel项目位于厄瓜多尔因巴布拉省，是近十年南美发现的规模最大、品位最优的未开发铜金矿之一。SolGold 将其定位为 "可支撑 50 年以上开采的多 代人资产"，目标是建成南美洲前二十大铜金一体化矿山 Cascabel项目主要的Alpala矿床拥有探明、控制及推断资源量，包括铜1220万吨、金3050万盎司、银10230万盎司。据公开资料显示，其铜矿平均品位达到 0.78%，而当前全球铜矿的平均开采品位已降至0.5%左右，部分老矿的品位甚至低于0.3%。高品位意味着更低的开采成本、更高的生产效率，在铜价波动 的周期中， ...

12月12日，江西铜业（600362）（600362.SH）公告将收购索尔黄金100%股份，较上次报价提高2便士/股，修改后的潜在要约价格对索尔黄金已发行及将 发行的全部普通股股本估值约为8.42亿英镑。索尔黄金的核心资产为厄瓜多尔的Cascabel项目，项目主要的Alpala矿床目前拥有探明、控制及推断资源 量：铜1220万吨、金3050万盎司、银1.02亿盎司。 12月15日，矿业巨头洛阳钼业（603993）（603993.SH）开盘后强势拉升翻红，一度涨超4%，随后震荡走低。截至收盘报17.93元/股，涨1.99%，总市值超 3800亿元。或受益于全球贵金属价格飙涨，今年以来，洛阳钼业股价已涨近180%。 值得注意的是，此前受刚果金的钴出口禁令影响，洛阳钼业钴销量大幅下滑。国信证券指出，明年公司钴出口配额为3.2万吨，虽然销量会大幅下滑，但 是钴价上涨弥补了销量下滑的影响。 金价飙升，年内多家矿企掀起并购狂潮 矿企巨头频频"拥"金的背后，是金价的不断攀升。数据显示，截至12月15日，年初至今COMEX黄金累计涨幅超65%，沪金涨幅也达58.14%。 在此背景 下，年内亦有不少矿企选择加码金矿。 金价飙涨 ...

Summary of Key Points from Conference Call Records Industry Overview - **Metals Industry**: The records discuss the metals industry, particularly focusing on precious metals, industrial metals, and energy metals, with insights into market trends and forecasts for 2026 [1][2][6][12][26]. Precious Metals - **Silver Price Volatility**: Silver prices have experienced significant fluctuations due to decreasing inventories and demand expectations, with a short-term pullback influenced by AI trends, but long-term trends are expected to follow gold prices [1][3]. - **Federal Reserve's Impact**: The recent 25 basis point rate cut by the Federal Reserve and the initiation of short-term U.S. debt purchases have enhanced liquidity expectations, driving precious metal prices upward, with silver reaching nearly $64 per ounce [2][5]. - **Long-term Support Factors**: Factors such as the Federal Reserve's asset purchases, interest rate cuts, and the U.S. strategic shift away from the dollar are expected to provide long-term support for precious metal prices [1][4][5]. Industrial Metals - **Optimistic Outlook**: The industrial metals market outlook is optimistic, with expectations of demand rebound in traditional manufacturing and real estate due to easing high-interest rates and supportive policies from China's 14th Five-Year Plan [1][6]. - **Copper Price Trends**: Copper prices reached new highs following the Fed's rate cut but faced adjustments due to concerns over AI and U.S. economic data. Future price trends will depend on economic resilience indicators [7][8]. - **Aluminum Market Dynamics**: The aluminum market is expected to remain strong due to fiscal and monetary easing, despite seasonal demand pressures. The overall demand is anticipated to be supported by storage and export activities [10][11]. Energy Metals - **Lithium Demand**: Lithium demand remains robust, driven by the economics of energy storage, with high order expectations for 2026. Supply-side disruptions continue, maintaining a tight supply-demand balance [12][15]. - **Cobalt Market Stability**: Cobalt prices are expected to remain stable in the short term, with supply concerns easing due to improved political conditions in the Democratic Republic of Congo [12][13]. Steel Industry - **Policy Changes**: The steel industry has reinstated the steel export license system to optimize export structures and limit low-value product exports, which is expected to impact the market significantly [23][24]. - **Investment Opportunities**: Despite short-term market reactions to new policies, there are long-term investment opportunities in high-end manufacturing steel companies, which are less affected by these changes [24][25]. Conclusion - **Investment Strategy**: The overall analysis indicates various investment opportunities across precious metals, industrial metals, and energy metals, emphasizing the need to monitor policy changes and market dynamics closely to adjust investment strategies accordingly [26].