36氪获悉，紫金矿业A股总市值突破1万亿元，现涨超5%，成交额超59亿元。 ...

紫金矿业A股总市值突破1万亿元，现涨超6%，成交额超57亿元。 ...

格隆汇1月6日｜紫金矿业A股涨超6%，总市值突破1万亿元，成交额近60亿元。 ...

每经AI快讯，紫金矿业(02899.HK)涨近6%，高见38.78港元，再创历史新高。截至发稿，紫金矿业涨 5.84%，报38.76港元，成交额13.27亿港元。 （文章来源：每日经济新闻） ...

1月6日，A股三大股指早盘继续走高，沪指刷新2015年7月底以来的新高，创业板一度站上3300点，脑机接口、半导 体设备等板块继续活跃。港股同样上涨，恒指、恒科指双双涨超1%，科网股悉数拉升，京东健康涨超7%。债市方 面，国债期货全线下跌。商品方面，国内商品期货涨跌不一，金属期货继续走高，其中铂金、钯金、沪银、沪铜悉 数拉升，焦煤、焦炭下跌。核心市场走势： | 代码 | 名称 | 两日图 | 现价 | 涨跌 | 涨跌幅 | | --- | --- | --- | --- | --- | --- | | 000001 | 上证指数 | | 4058.69 | 35.27 | 0.88% | | 399001 | 深证成指 | | 13903.77 | 75.14 | 0.54% | | 399006 | 创业板指 | 14.1 | 3284.35 | -10.21 | -0.31% | | 000300 | 沪深300 | | 4759.76 | 42.01 | 0.89% | | 000016 | FiFFSO | | 3146.57 | 46.82 | 1.51% | | 000680 | 科创综 | | ...

1月6日消息，现涨近6%，成交额超15亿，市值突破1万亿港元。盘中高见38.96港元再创历史新高。 花旗发布研报称，紫金矿业创始人兼董事长陈景河已正式退休。自其决定退休的公告发布后，尽管他仍将担任公司高级顾问及名誉董事长，但部分投资者似 乎感到担忧并选择获利了结。花旗认为这些担忧是错置的。主要由于陈景河认为现在是将管理权移交给管理团队的合适时机，因为这是将紫金矿业从"创始 消息面上，近期发布年度业绩盈喜，预计全年实现归母净利润510亿至520亿元，较上年同期的320.51亿元增加约189亿至199亿元，同比增幅约为59%至 62%。公告显示，2025年紫金矿业主要矿产品产量全面增长，叠加矿产金、铜、银销售价格同比上涨，形成双重利好；碳酸锂业务从"零星产出"到"规模量 产"的跨越式突破。 人驱动"转型为"机制驱动"的必要一步。 编辑/melody ...

Group 1 - Precious metals are experiencing a correction due to increased margin requirements by CME, leading to a decrease in speculative sentiment and a drop in prices for silver, platinum, and palladium, with gold also following suit. Short-term outlook remains positive due to potential political events in the Americas around New Year's that may trigger safe-haven demand, alongside inflows into ETFs driven by interest rate cuts [1][2] - Copper prices have risen, supported by a supply-demand imbalance expected in 2026 due to lowered production forecasts from Freeport and Teck Resources. The expectation of increased fiscal spending by the U.S. government further strengthens this outlook, suggesting that current price adjustments present buying opportunities [2] - Aluminum is recommended for buying on dips, with macroeconomic support expected from the implementation of a national subsidy plan in 2026 aimed at stimulating demand. Supply disruptions are anticipated due to maintenance at the Mozal aluminum plant, while demand remains constrained by high prices and environmental production limits [2] Group 2 - Cobalt prices have increased across the board, with electrolytic cobalt prices rising significantly due to tight supply conditions. The domestic raw material market remains structurally tight, providing solid support for prices [3] - Lithium prices have surged, driven by favorable signals from domestic new energy vehicle subsidies and expected production resumption from a key mine. The overall demand for lithium hexafluorophosphate remains strong, suggesting that carbonated lithium will continue to deplete inventories, making it a buy on dips [3] - Investment recommendations include companies such as Xingye Silver Tin, Xiyang Co., Huaxi Nonferrous, and Zijin Mining, among others, indicating a focus on firms within the precious metals and base metals sectors [4]

Core Viewpoint - Zijin Mining (601899)(02899) has seen a nearly 6% increase in stock price, reaching a historical high of 38.78 HKD, following the announcement of a positive annual earnings forecast [1] Financial Performance - Zijin Mining expects to achieve a net profit attributable to shareholders of 51 to 52 billion CNY for the year, an increase of approximately 18.9 to 19.9 billion CNY compared to the previous year's profit of 32.051 billion CNY, representing a year-on-year growth of about 59% to 62% [1] Production and Sales Outlook - The company anticipates comprehensive growth in the production of its main mineral products by 2025, alongside a year-on-year increase in sales prices for gold, copper, and silver, creating a dual benefit [1] - Zijin Mining has made a significant leap in its lithium carbonate business, moving from "sporadic production" to "scale production" [1] Management Transition - Citigroup released a report noting that the founder and chairman of Zijin Mining, Chen Jinghe, has officially retired. Although he will continue to serve as a senior advisor and honorary chairman, some investors appear concerned and have opted to take profits [1] - Citigroup believes these concerns are misplaced, as Chen Jinghe views this as an appropriate time to transfer management authority to the management team, marking a necessary shift from a "founder-driven" to a "mechanism-driven" model for Zijin Mining [1]

花旗发布研报称，紫金矿业创始人兼董事长陈景河已正式退休。自其决定退休的公告发布后，尽管他仍 将担任公司高级顾问及名誉董事长，但部分投资者似乎感到担忧并选择获利了结。花旗认为这些担忧是 错置的。主要由于陈景河认为现在是将管理权移交给管理团队的合适时机，因为这是将紫金矿业从"创 始人驱动"转型为"机制驱动"的必要一步。 消息面上，紫金矿业近期发布年度业绩盈喜，预计全年实现归母净利润510亿至520亿元，较上年同期的 320.51亿元增加约189亿至199亿元，同比增幅约为59%至62%。公告显示，2025年紫金矿业主要矿产品 产量全面增长，叠加矿产金、铜、银销售价格同比上涨，形成双重利好；碳酸锂业务从"零星产 出"到"规模量产"的跨越式突破。 智通财经APP获悉，紫金矿业(02899)涨近6%，高见38.78港元，再创历史新高。截至发稿，涨5.84%， 报38.76港元，成交额13.27亿港元。 ...

Summary of Key Points from the Conference Call Industry Overview - **Industry Focus**: Chinese Basic Materials - **2026 Outlook**: Expected stable year for Chinese commodity demand with growth rates ranging from -1.3% to +2.0% year-over-year, improving sequentially from 2H25A [1][24] Core Insights and Arguments - **Demand Growth**: - Chinese copper and aluminum demand projected to grow by 2.0% and 0.8% respectively in 2026E, a deceleration from 1H25A but approximately 3% better than 2H25A [21][27] - Demand for lithium is expected to remain strong due to energy storage systems (ESS) [21] - Cement and steel demand under pressure due to weakened infrastructure activities, though government financing may improve conditions [22] - **Supply Dynamics**: - Solid supply/demand balance for most commodities, but strong pricing in 2025 may lead to changes in supply outlook [2] - Supply discipline is challenged in aluminum, while lithium shows signs of accelerated supply response; copper supply is expected to remain tight [2][17] - Anti-involution policies in oversupplied segments may improve industry capacity utilization by 10% [3] - **Acquisitions and Strategic Shifts**: - Increased acquisitions and asset injections by large state-owned enterprises (SOEs) in coal, steel, and other sectors, reflecting strategic repositioning [4] Commodity-Specific Insights - **Cement**: Positive outlook with expected recovery in capacity utilization from 49% to 60% by end of 2026E due to capacity closures [17] - **Coal**: Stable pricing anticipated due to balanced demand and supply [18] - **Copper**: Continued strong pricing expected due to limited supply growth [17] - **Lithium**: Market expected to tighten in 1H26E before easing in 2H26E, with potential for a balanced market depending on supply responses [17] - **Steel**: Margins expected to remain depressed with slower capacity work [17] - **Gold**: Forecasted price to reach US$4,900/oz by Dec-2026, supported by central bank purchases [20] Important but Overlooked Content - **Investment Ratings**: - Positive ratings maintained for Zijin-H/A, CMOC-H/A, and Anhui Conch-H/A; cautious stance on Ganfeng-H/A and Tianqi-H/A [16] - Upgrades for most coal names to NEUTRAL from Sell, indicating a more constructive view on coal [16] - **Market Dynamics**: - The contribution from the property sector to steel and cement demand is now limited, accounting for only 7-8% [22] - Expectations of flat coal demand driven by stable coal-fired power generation [23] - **Key Assumptions for Demand Estimates**: - Infrastructure investment growth projected at 4% for 2026E, with traditional infrastructure expected to grow by 1% [26] This summary encapsulates the critical insights and projections regarding the Chinese basic materials industry, highlighting both opportunities and risks for investors.