Investment Rating - The report maintains a standard rating for the non-ferrous metals industry, indicating a positive outlook for investment in this sector [1]. Core Insights - The non-ferrous metals industry has seen a significant increase in performance, with an overall rise of 8.37% in the last two weeks, outperforming the CSI 300 index by 1.41 percentage points, ranking 5th among 31 industries [2][11]. - The small metals and new materials sectors have shown particularly strong performance, with increases of 21.87% and 13.84% respectively in the same period [2][16]. - The report highlights the positive impact of government policies on the rare earth sector, leading to a rapid price recovery for rare earth products [4][72]. Industry Analysis Market Performance - As of August 28, 2025, the non-ferrous metals industry has increased by 16.08% this month and 44.99% year-to-date, ranking 5th and 2nd respectively among 31 industries [11][12]. - The small metals sector has surged by 77.45% year-to-date, while the new materials sector has risen by 55.77% [16]. Price Trends - As of August 28, 2025, key prices include: - LME copper at $9,839.50 per ton - LME aluminum at $2,607 per ton - LME lead at $1,988 per ton - LME zinc at $2,787 per ton - LME nickel at $15,300 per ton - LME tin at $34,825 per ton [22]. - The rare earth price index reached 226.27, up 21.16 from early August, with specific prices for praseodymium-neodymium oxide averaging 604 yuan per kilogram [41][72]. Company Performance - Notable companies in the sector include: - China Rare Earth (000831) and Kingstone Permanent Magnet (300748), which are recommended for attention due to their strong market positions [73]. - In the last two weeks, the top-performing stocks include Zhangyuan Tungsten (57.70%), Kingstone Permanent Magnet (54.48%), and Northern Rare Earth (46.39%) [18][20]. - Year-to-date, the top gainers are Copper Crown Copper Foil (217.60%), Zhongzhou Special Materials (211.00%), and Northern Rare Earth (165.00%) [20].

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年8月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 紫金礦業集團股份有限公司 呈交日期: 2025年9月1日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | A | | | 於香港聯交所上市 (註1) | | 否 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 601899 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 20,591,232,240 | RMB | | 0.1 | RMB | | 2,059,123,224 | | 增加 / 減少 (-) | | | | 0 | | | RMB | | 0 | | 本月底結存 | | | 20,591,232,240 | RMB | | 0.1 | RMB | | 2,059,123,224 | ...

Group 1 - The core point of the article is that Jintong Co., Ltd. (601958) has signed a letter of intent with Zijin Mining (601899) to collaborate on the development of the Shapinggou molybdenum mine in Jinzhai, Anhui [1] - Zijin Mining plans to transfer part of its stake in Jinsha Molybdenum to Jintong Co., Ltd. at cost price, resulting in Zijin Mining (or its affiliates) holding 60% of Jinsha Molybdenum and Jintong Co., Ltd. holding 34% [1] - Both companies intend to jointly invest in the establishment of a smelting company to engage in the smelting and deep processing of molybdenum metal [1] - The letter of intent is a framework agreement, and there is uncertainty regarding the signing of a formal transaction contract in the future [1]

Group 1 - The company reported a significant increase in net profit for H1 2025, with a year-on-year growth of 54.41%, reaching approximately 23.29 billion yuan [1] - The company's revenue for H1 2025 was 167.71 billion yuan, reflecting an 11.5% increase compared to the previous year [1] - The company has raised its profit forecasts for 2025-2027, expecting net profits of 46.45 billion yuan, 51.33 billion yuan, and 57.12 billion yuan respectively [1] Group 2 - In H1 2025, the company saw a 9% increase in copper production to 567,000 tons and a 16% increase in gold production to 41.2 tons [2] - The average selling price of copper increased by 6.21% and gold by 42.51% in H1 2025 [2] - The sales costs for copper and gold rose by 8.85% and 37.34% respectively in Q2 2025, primarily due to declining ore grades and increased operational distances [2] Group 3 - The company signed an agreement to acquire 100% equity of the Raygorodok gold mine in Kazakhstan, enhancing its resource base in Central Asia [3] - The RG gold mine has a resource estimate of 241 million tons with an average gold grade of 1.01 grams per ton, totaling 242.1 tons of gold [3] - This acquisition is expected to strengthen the company's regional control by linking it with existing mines in Central Asia [3]

有色金属/工业金属 紫金矿业（601899.SH） 金铜齐驱，有色龙头再创佳绩 2025 年 08 月 29 日 投资评级：买入（维持） | 日期 | 2025/8/28 | | --- | --- | | 当前股价(元) | 22.52 | | 一年最高最低(元) | 23.30/13.94 | | 总市值(亿元) | 5,985.27 | | 流通市值(亿元) | 4,636.40 | | 总股本(亿股) | 265.78 | | 流通股本(亿股) | 205.88 | | 近 3 个月换手率(%) | 48.81 | 股价走势图 数据来源：聚源 -16% 0% 16% 32% 48% 2024-08 2024-12 2025-04 紫金矿业 沪深300 相关研究报告 《受益于铜金量价齐升，单季归母净 利创新高 —公司信息更新报告》 -2025.4.15 《三季度业绩表现稳健，并购优质项 目培厚资源储备—公司信息更新报 告》-2024.10.21 孙二春（分析师） 冯伟珉（联系人） sunerchun@kysec.cn fengweimin@kysec.cn 证书编号：S0790525060001 证书编 ...

【免责声明】本文仅代表作者本人观点，与和讯网无关。和讯网站对文中陈述、观点判断保持中立，不 对所包含内容的准确性、可靠性或完整性提供任何明示或暗示的保证。请读者仅作参考，并请自行承担 全部责任。邮箱：news_center@staff.hexun.com 紫金矿业盘中涨超5%，截至发稿，股价上涨4.54%，现报25.80港元，成交额12.27亿港元。 紫金矿业发布截至2025年6月30日止6个月中期业绩，该集团取得营业收入人民币1677.11亿元（单位下 同），同比增加11.5%；归属于上市公司股东的净利润232.92亿元，同比增加54.41%；基本每股收益 0.877元，拟每10股派发现金红利2.2元（含税）。期内，主营矿产品产量稳步提升，公司实现矿产铜57 万吨，同比增长9%；矿产金41吨，同比增长16%，矿产银224吨，同比增长6%；矿产锌（铅）20万吨， 当量碳酸锂7，315吨。得益于量价齐升及成本优化，公司整体矿产品毛利率同比增加3个百分点至 60.23%。 汇丰环球研报指出，引述紫金矿业管理层，预期全年铜及金的成本按年升幅将控制在5%至8%之间，又 相信未来加纳Akyem金矿及新疆紫金黄金项目的黄 ...

Group 1 - Goldman Sachs research indicates optimistic expectations for China's economic policies and export resilience, benefiting the rare earth sector, with companies like Zijin Mining gaining [1] - Federal Reserve's interest rate cut expectations boost commodity prices, alongside a weaker dollar driving up the non-ferrous sector, with cobalt prices rising due to supply tightness, positively impacting companies like Huayou Cobalt [1] - Dongfang Wealth's strategy highlights institutional preference for the cyclical non-ferrous sector, with potential raw material shortages exacerbated by Congo's cobalt supply quota policy, attracting funds to Chinese rare earth companies [1] Group 2 - As of August 29, the non-ferrous ETF fund (159880.SZ) rose by 3.04%, with the related index Guozhen Non-ferrous (399395.SZ) increasing by 3.30%; major constituents like Zijin Mining rose by 3.95%, Luoyang Molybdenum by 5.48%, China Rare Earth by 10.00%, Northern Rare Earth by 2.37%, and Huayou Cobalt by 4.90% [1] - Guojin Securities notes that the rare earth industry's supply-demand reform is officially in place, with multiple catalysts expected to lead to a "Davis Double Play," while cautioning about policy execution and downstream demand impacts on the industry's fundamentals [1] - Wucai Securities, analyzing Australian mining's Q2 2025 financial report, states that the non-ferrous metal industry's cost reduction has reached a bottleneck, with limited downward space for production costs, urging vigilance regarding raw material price fluctuations and capacity expansion not meeting expectations [1]

Group 1 - The core viewpoint of the articles indicates a bullish sentiment towards gold, driven by geopolitical tensions and expectations of interest rate cuts by the Federal Reserve [3][4][6] - The Gold ETF (159937) has shown a year-to-date increase of 26.23%, with a trading volume of 68.3 million on August 29 [1] - Spot gold prices have recently surpassed the $3400 mark, trading around $3412.65 per ounce, with a daily high of $3419.22 and a low of $3407.70 [3] Group 2 - Geopolitical risks, particularly the recent airstrikes by Israel on Houthi forces in Yemen, have heightened demand for gold as a safe-haven asset [3][6] - The market anticipates an 87% probability of a 25 basis point rate cut by the Federal Reserve in September, which typically supports gold prices [4] - Analysts from Dongwu Futures and Everbright Futures suggest that the upcoming Fed meeting and ongoing geopolitical tensions will likely keep gold prices strong in the short term [5][6] Group 3 - The long-term outlook for gold remains positive due to persistent global inflation, economic recovery uncertainties, and increasing central bank gold purchases [6] - Gold ETFs and related funds offer low-cost, diversified investment opportunities, allowing investors to hedge against market volatility [6]

Core Viewpoint - Zijin Mining (02899) reported a strong interim performance for the six months ending June 30, 2025, with significant increases in revenue and net profit, reflecting robust operational efficiency and market conditions [1] Financial Performance - The company achieved operating revenue of RMB 167.71 billion, a year-on-year increase of 11.5% [1] - Net profit attributable to shareholders reached RMB 23.29 billion, up 54.41% year-on-year [1] - Basic earnings per share were RMB 0.877, with a proposed cash dividend of RMB 2.2 per 10 shares (tax included) [1] Production Metrics - The production of copper reached 570,000 tons, a 9% increase year-on-year [1] - Gold production was 41 tons, reflecting a 16% year-on-year growth [1] - Silver production totaled 224 tons, up 6% year-on-year [1] - Zinc (lead) production was 200,000 tons, and lithium carbonate equivalent production was 7,315 tons [1] Profitability and Cost Management - The overall gross profit margin for mineral products increased by 3 percentage points to 60.23% year-on-year, driven by both volume and price increases as well as cost optimization [1] - HSBC Global Research noted that the company expects annual cost increases for copper and gold to be controlled between 5% and 8% [1] - The management believes there is potential for cost reductions in the Akyem gold mine in Ghana and the Zijin Gold project in Xinjiang [1] Future Outlook - HSBC remains optimistic about Zijin Mining, anticipating stable production and profit growth [1] - The gold business's gross profit contribution is expected to increase with rising sales and potential price surges due to interest rate cuts [1]

Core Viewpoint - Zijin Mining (601899)(02899) reported a strong interim performance for the six months ending June 30, 2025, with significant increases in revenue and net profit, reflecting robust operational efficiency and cost optimization [1] Financial Performance - The company achieved operating revenue of RMB 167.71 billion, a year-on-year increase of 11.5% [1] - Net profit attributable to shareholders reached RMB 23.29 billion, up 54.41% year-on-year [1] - Basic earnings per share were RMB 0.877, with a proposed cash dividend of RMB 2.2 per 10 shares (tax included) [1] Production Metrics - The production of copper reached 570,000 tons, a 9% increase year-on-year [1] - Gold production was 41 tons, reflecting a 16% year-on-year growth [1] - Silver production totaled 224 tons, up 6% year-on-year [1] - Zinc (lead) production was 200,000 tons, with lithium carbonate equivalent production at 7,315 tons [1] Profitability and Margins - The overall gross margin for mineral products increased by 3 percentage points to 60.23% year-on-year, driven by both volume and price increases along with cost optimization [1] Future Outlook - HSBC Global Research noted that the management expects annual cost increases for copper and gold to be controlled within 5% to 8% [1] - There is anticipated cost reduction potential for the Akyem gold mine in Ghana and the Zijin Gold project in Xinjiang [1] - The firm remains optimistic about Zijin Mining, expecting stable production and profit growth [1] - The gold business's gross profit contribution is expected to rise with increased sales and potential price surges due to interest rate cuts [1]