Core Viewpoint - The company's performance growth is driven by both increased production and rising prices of key mineral products, with a clear strategy for continued expansion outlined in the 2026 production targets [3][5][6] Group 1: Production Growth - In 2025, the company's key mineral product output saw comprehensive growth, with gold production reaching approximately 90 tons, a 23% increase from 73 tons in 2024 [5] - Copper production, including Kamoa's equity output, was about 1.09 million tons, a slight increase from 1.07 million tons in 2024 [5] - Silver production remained stable at approximately 437 tons, similar to 436 tons in 2024 [5] - The company's lithium carbonate equivalent production surged to about 25,000 tons, a significant increase from just 261 tons in 2024, indicating rapid expansion in the new energy minerals sector [5] Group 2: Price Increases - Sales prices for gold, copper, and silver all experienced year-on-year increases, contributing significantly to the company's performance growth [5] - The combination of rising metal prices and increased production led to a nearly 60% increase in net profit [5] Group 3: Future Production Targets - The company has set ambitious production targets for 2026, aiming for 105 tons of gold, a 17% increase from the expected 2025 output [6] - The copper production target is set at 1.2 million tons, reflecting a 10% increase [6] - The lithium carbonate equivalent production target is dramatically raised to 120,000 tons, nearly quadrupling the 2025 target [6] - Silver production is targeted at 520 tons, representing a year-on-year growth of approximately 19% [6]

2025 年度業績預增公告 紫金礦業集團股份有限公司（「本公司」或「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。 重要內容提示： 一、本期業績預告情況 （一）業績預告期間 2025 年 1 月 1 日至 2025 年 12 月 31 日。 （二）業績預告情況 經財務部門初步測算，預計 2025 年度實現歸屬於上市公司股東的淨利潤約人民幣 510—520 億元，與上年同期人民幣 320.51 億元相比，將增加約人民幣 189—199 億元，同比增加約 59%—62%。 預計 2025 年度實現歸屬於上市公司股東的扣除非經常性損益的淨利潤約人民幣 475—485 億 元，與上年同期人民幣 316.93 億元相比，將增加約人民幣 158—168 億元，同比增加約 50%— 53%。 （三）本次業績預告未經會計師事務所審計。 1 1. 公司預計 2025 年度實現歸屬於上市公司股東的淨利潤約人民幣 510—520 億元（幣種下 同），與上年同期相比將增加約人民幣 1 ...

Core Viewpoint - Zijin Mining expects a significant increase in net profit for the year 2025, projecting a rise of approximately 59%-62% compared to the previous year, with an estimated net profit of around 51 billion to 52 billion yuan [1] Group 1: Financial Performance - The company anticipates a net profit attributable to shareholders of approximately 51 billion to 52 billion yuan for 2025 [1] - This represents a year-on-year increase of about 59%-62% [1] Group 2: Production and Sales - During the reporting period, the production volume of major mineral products increased year-on-year [1] - The production and sales prices of mineral gold, mineral copper, and mineral silver have risen [1] - There was a significant increase in the production of lithium carbonate equivalent, contributing to the company's profit growth [1]

Group 1 - Fujian Zixin Lithium Battery Materials Co., Ltd. has been established with a registered capital of 100 million yuan [1] - The company's business scope includes the manufacturing and sales of electronic special materials [1] - Shareholders include Zijin Mining Group's Fujian Zijin Lithium Material Technology Co., Ltd., Xiamen Zijin New Energy Materials Technology Co., Ltd., Guangdong Guangxin Innovation Research Institute Co., Ltd., and Fospower Technology [1]

证券代码：601899 股票简称：紫金矿业 编号：临 2025-102 紫金矿业集团股份有限公司 2025 年度业绩预增公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 1.紫金矿业集团股份有限公司（以下简称"公司"）预计2025年度实现归属 于上市公司股东的净利润约人民币510-520亿元（币种下同），与上年同期相比将 增加约189-199亿元，同比增加约59%-62%。 2.预计2025年度实现归属于上市公司股东的扣除非经常性损益的净利润约 475-485亿元，与上年同期相比将增加约158-168亿元，同比增加约50%-53%。 一、本期业绩预告情况 2025年1月1日至2025年12月31日。 （二）业绩预告情况 经财务部门初步测算，预计2025年度实现归属于上市公司股东的净利润约 510-520亿元，与上年同期320.51亿元相比，将增加约189-199亿元，同比增加约 59%-62%。 预计2025年度实现归属于上市公司股东的扣除非经常性损益的净利润约 475-485亿元，与上年同期316.93亿 ...

每经AI快讯，12月30日，紫金矿业(601899.SH)公告称，紫金矿业预计2025年度归属于上市公司股东的 净利润约510亿元-520亿元，同比增加约59%-62%。报告期内，主要矿产品产量同比增长，其中矿产 金、矿产铜、矿产银产量及销售价格上升，当量碳酸锂产量大幅增长，推动公司盈利显著提升。 ...

Core Viewpoint - Zijin Mining announced an expected net profit attributable to shareholders for 2025 of 51-52 billion yuan, representing a year-on-year increase of 59%-62% [1] Financial Performance - The projected non-GAAP net profit is approximately 47.5-48.5 billion yuan, reflecting a year-on-year increase of 50%-53% [1] - The previous year's net profit was 32.051 billion yuan, and the non-GAAP net profit was 31.693 billion yuan [1] Production and Sales - The increase in performance is primarily due to a year-on-year rise in the production of major mineral products and an increase in sales prices for gold, copper, and silver [1] - The company has set production targets for 2026, including 105 tons of gold, 1.2 million tons of copper, 120,000 tons of lithium carbonate equivalent, and 520 tons of silver [1]

Group 1 - A-shares maintained a "zero破发" status in 2025, with an average first-day increase of approximately 256%, marking the best performance in three years [2][4] - A total of 114 new companies were listed on A-shares in 2025, a 14% increase from the previous year, raising a total of 130.64 billion yuan, which is a 94% increase year-on-year [2] - The top ten IPOs in A-shares included Huadian New Energy, which raised 18.17 billion yuan, and Moer Technology, which raised 8 billion yuan [2] Group 2 - Hong Kong's IPO market saw a significant increase in 2025, with 117 new listings raising a total of 285.69 billion HKD, reclaiming the title of the world's largest IPO market [4][5] - The average first-day increase for new stocks in Hong Kong was 38%, with a 28% rate of breaking [4] - Notably, six of the top ten IPOs in Hong Kong were companies that originated from A-shares, indicating a high "含A率" [4] Group 3 - The main industries driving IPOs in A-shares included electronics, power equipment, automotive, basic chemicals, and machinery, accounting for over 60% of new listings [3] - In Hong Kong, the healthcare, consumer discretionary, and information technology sectors had the highest number of new listings, collectively exceeding 60% [5] Group 4 - Looking ahead to 2026, there is optimism for continued IPO activity in both A-shares and Hong Kong, with expectations of 150-200 new listings in Hong Kong and a fundraising target exceeding 300 billion HKD [9][10] - The upcoming IPOs are expected to focus on sectors such as AI, new energy, high-end manufacturing, and biotechnology, aligning with national development priorities [10]

Investment Rating - The report maintains a "Positive" rating for the steel industry and a "Positive" rating for the non-ferrous metals industry, with "Buy" ratings for specific companies including Luoyang Molybdenum (603993), Zhongjin Gold (600489), Huayou Cobalt (603799), Zijin Mining (601899), and China Aluminum (601600) [5][6]. Core Insights - The steel industry is expected to see improved profitability due to the implementation of stable growth policies and an anticipated increase in demand from shipbuilding and construction sectors. The focus on "equipment upgrades" and "low-carbon transformation" is expected to drive industry development [3][5]. - In the copper sector, global copper supply is projected to tighten further due to incidents at major mines, providing support for copper prices. Demand is expected to increase as major economies enter a rate-cutting cycle, enhancing the industry's outlook [3][5]. - The aluminum sector is facing a supply surplus, with stable supply conditions and weak demand expected to keep prices under pressure in the short term. However, the industry is anticipated to benefit from improved profitability as the "anti-involution" policy takes effect [5][6]. - Gold prices are influenced by geopolitical risks and changes in U.S. economic data, with long-term trends favoring gold due to central bank purchases and the weakening of the U.S. dollar [5][6]. - The rare earth sector is expected to see a revaluation of related companies due to China's export control upgrades, with significant demand growth anticipated from robotics and new energy sectors [5][6]. - The cobalt market is expected to remain tight due to constrained supply from the Democratic Republic of Congo, with demand driven by electric vehicles and consumer electronics [5][6]. Summary by Sections Steel Industry - The steel industry is experiencing a seasonal decline in demand, with limited improvement expected. Steel inventory pressures may accumulate further as demand weakens [2][3][16]. - As of December 26, 2025, the total steel inventory was 12.58 million tons, a decrease of 2.73% from the previous week but an increase of 12.07% year-on-year [24][25]. - The average price of steel on December 26 was 3,439.15 CNY per ton, reflecting a decrease of 0.28% from the previous week [31][32]. Copper Industry - The copper market is facing a seasonal demand slowdown, with high prices suppressing downstream demand. Supply is expected to contract as the year ends, leading to weaker price drivers in the short term [4][34]. - On December 26, the price of copper was 98,000 CNY per ton, an increase of 5.79% from the previous week [38]. Aluminum Industry - The aluminum sector is characterized by stable supply and weak demand, with prices expected to remain under pressure. The average price of aluminum on December 26 was 22,000 CNY per ton, a 0.92% increase from the previous week [42]. Gold Industry - Geopolitical tensions and U.S. economic data are key factors influencing gold prices, which are expected to experience increased volatility in the short term. On December 26, gold prices were 4,562.00 USD per ounce, up 4.42% from the previous week [47]. Rare Earth and Cobalt Industries - The rare earth sector is poised for growth due to strategic importance and demand from emerging technologies. The cobalt market is expected to remain tight, driven by electric vehicle demand [5][6].

Core Viewpoint - Morgan Stanley reports that the National Development and Reform Commission (NDRC) has issued an article titled "Vigorously Promoting the Optimization and Upgrading of Traditional Industries," which emphasizes the management and optimization of the alumina and copper smelting industries, encouraging large backbone enterprises in these sectors to pursue mergers and acquisitions [1] Industry Summary - The new policy may restrict the planning of new alumina production capacity, which is expected to benefit industry leaders such as China Aluminum and China Hongqiao [1] - The anticipated lower annual copper concentrate processing/refining fees and long-term contract concentrate volumes may indicate a reduction in refined copper production by 2026 [1] - These factors, combined with relatively stable demand, are expected to support copper prices at high levels, benefiting companies like Zijin Mining, Luoyang Molybdenum, Minmetals Resources, and Jiangxi Copper [1]