格隆汇2月17日｜麦格理表示，在全球最大矿商必和必拓(BHP)发布的一系列最新动态中，其43亿美元 的白银流交易是当中的一大亮点。该行在一份报告中称："业绩表现强劲，但关键在于必和必拓的创新 做法，即在为前景可观的铜业务增长提供资金的同时获取潜在价值，并保持了收益率不变。"该行强 调，铜业务现已成为必和必拓的"主要收入来源"。该矿商称，上半年铜业务贡献了51%的基础利息、税 项、折旧、摊销前收益(Ebitda)。麦格理指出，必和必拓还提供了其铜业务增长项目储备的最新情况， 包括Vicuna和奥林匹克大坝(Olympic Dam)的资本密集度。麦格理对必和必拓的评级为中性，目标价为 51.00澳元。 ...

穆迪评级高级信用评级主任Saranga Ranasinghe称，必和必拓的上半年业绩凸显了该矿商持续强劲的资 产负债表，并突显出铜业务对其公司日益增长的重要性。Ranasinghe称，铜业务目前贡献了集团约一半 的利息、税项、折旧、摊销前收益，"并提供了一个强大的收益支柱"。"这种向铜业务的转变增强了产 品组合的韧性，因其长期需求前景看好且成本定位有利。" ...

Key TakeawaysBHP Group (BHP) reported a sharp rise in first-half profit, driven primarily by surging global demand for copper and favorable commodity pricing.Donald Trump indicated a potential diplomatic breakthrough with Iran, stating that the nation "wants to make a deal" and confirming his indirect involvement in ongoing negotiations.A decision on Taiwan arms sales is expected "soon," a move that could significantly impact U.S.-China relations and defense sector volatility.The "Board of Peace" initiative ...

责任编辑：王永生 888、666、188……专属炒股靓号来了！新年定制福利，开启马年投资好运>> 888、666、188……专属炒股靓号来了！新年定制福利，开启马年投资好运>> 责任编辑：王永生 摩根士丹利分析师Rahul Anand称，必和必拓的上半年业绩好于市场预期，其中利息、税项、折旧、摊 销前收益（Ebitda）和该矿商的中期股息分别较市场平均预期高出2.2%和22%。Anand在谈到该矿商的 中期股息时称："必和必拓在资产出售的支持下，额外派发了约8亿美元。"他表示："加上最近的基础设 施出售，今天的白银流出售将释放60亿美元现金，用于专注于股东回报和增长。"摩根士丹利给予必和 必拓强于大盘评级，目标价为55.50澳元。 摩根士丹利分析师Rahul Anand称，必和必拓的上半年业绩好于市场预期，其中利息、税项、折旧、摊 销前收益（Ebitda）和该矿商的中期股息分别较市场平均预期高出2.2%和22%。Anand在谈到该矿商的 中期股息时称："必和必拓在资产出售的支持下，额外派发了约8亿美元。"他表示："加上最近的基础设 施出售，今天的白银流出售将释放60亿美元现金，用于专注于股东回报和增长。"摩根 ...

智通财经APP获悉，全球矿业巨头必和必拓(BHP.US)发布了截至2025年12月31日的2026财年上半年业绩 报告。财报数据显示，受益于全球电气化转型带动的铜价飙升以及核心矿区创纪录的产出，公司在该财 季实现了强劲的财务增长。报告期内，必和必拓实现基础利润62.0亿美元，同比增长22%，这一成绩显 著高于此前市场分析师普遍预期的60.3亿美元。与此同时，公司营收规模增长11%至279.0亿美元，归属 于母公司的净利润更是同比大幅攀升28%，达到了56.4亿美元。基于稳健的现金流表现，必和必拓宣布 发放每股73美分的中期股息，较上年同期的50美分增长近五成，派息率维持在60%的高位水平。 本季财报最引人注目的变化在于业务结构的战略性反转，铜业务历史性地取代铁矿石成为公司最主要的 盈利引擎。由于上半年公司实现的铜平均销售价格同比大幅上涨32%，加之智利等矿区的稳定运营，铜 业务(含副产品)贡献的运营盈利达到79.5亿美元，占集团总利润的51%。 结合此前在去年12月完成的西澳铁矿电力基础设施相关交易，必和必拓通过资产货币化手段在短期内累 计解锁了超过60亿美元的现金。首席执行官Mike Henry表示，这些举 ...

At Escondida, Henry said BHP raised copper production guidance for this year and next, and remains on track to meet full-year guidance across the rest of the business. He also highlighted the role of the BHP Operating System (BOSS) in enabling teams to identify and act on improvement opportunities, and said it has helped the company meet production and unit cost guidance more reliably than competitors.Henry said BHP set operational records in copper and iron ore during the half, “and we did it safely.” He n ...

格隆汇2月17日｜全球市值最高的矿业公司必和必拓公布，得益于铜需求的增长，其上半财年净利润增 长近30%。该公司表示，截至12月31日的六个月内，营收同比增长11%，达到279亿美元，股东应占利 润增长28%，至56亿美元。业绩超出了分析师的预期。公司CEO表示，这是"必和必拓的一个业绩里程 碑"，铜首次贡献了利润的最大份额，占基础税息折旧及摊销前利润的51%。CEO表示，多个项目支撑 了必和必拓的铜产量增长计划，该公司的目标是到2030年代中期，年产量达到250万吨。 来源：格隆汇APP ...

Financial Data and Key Metrics Changes - The company's underlying EBITDA grew by 25%, with an increased margin of 58% [10] - Underlying attributable profit reached $6.2 billion, and return on capital employed was 24%, both significantly up from the previous year [10] - An interim dividend of $0.73 per share was declared, representing a 46% increase half-on-half, with a total half-year dividend of $3.7 billion and a payout ratio of 60% [4][10] Business Line Data and Key Metrics Changes - Copper business generated a record $8 billion of EBITDA, accounting for over half of the group total, with a margin of 66% [11] - Production in copper increased by 2%, while gold production rose by 12% in Copper South Australia, leading to a more than 50% reduction in unit costs [12] - Western Australia Iron Ore achieved record first-half production and shipments, with C1 costs up only 1% to $17.66 per ton, maintaining its position as the lowest-cost major iron ore producer globally [12] Market Data and Key Metrics Changes - Global demand for copper is projected to grow by around 70% between 2021 and 2050, driven by traditional economic growth, energy transition, and increased data center needs [22] - The company expects to generate around $60 billion in attributable free cash flow over the next five years, even in a prolonged low-price environment [13] Company Strategy and Development Direction - The company's strategy focuses on investing in highly attractive commodities, operating world-class assets, and maintaining disciplined capital allocation [4][8] - Plans to grow copper production by around 40% by 2035, with a capital-efficient, predominantly brownfield growth approach [21] - The company aims to unlock up to $10 billion in capital for reinvestment into higher-returning opportunities and increased shareholder returns [4][16] Management's Comments on Operating Environment and Future Outlook - The management expressed confidence in the business's ability to thrive amid favorable commodity demand and supportive policy environments, particularly in China and India [18][19] - The company is well-positioned to benefit from tight supply and strong fundamentals in the commodities market [19] Other Important Information - The company has made significant progress in its capital allocation framework, including a valuable silver streaming agreement related to Antamina's future silver production, unlocking $4.3 billion in cash [14][15] - The company is advancing its plans for the Jansen Potash asset, expected to deliver around $1 billion of EBITDA per year per stage, with margins above 60% [21] Q&A Session Summary Question: What is the outlook for copper production growth? - The company has raised production guidance for financial year 2026 and 2027, expecting to deliver over 500,000 more tons over the next five years compared to previous estimates, which could result in an additional $5 billion of EBITDA [23][24] Question: How does the company plan to manage costs amid increasing competition? - The company has maintained its position as the world's lowest-cost major iron ore producer and aims to reduce costs further while increasing production volumes [20]

Financial Data and Key Metrics Changes - The company's underlying EBITDA grew by 25%, with an increased margin of 58% [10] - Underlying attributable profit reached $6.2 billion, and return on capital employed was 24%, both significantly up from the previous year [10] - An interim dividend of $0.73 per share was declared, representing a 46% increase half-on-half, with a total half-year dividend of $3.7 billion and a payout ratio of 60% [4][10] Business Line Data and Key Metrics Changes - Copper business generated a record $8 billion of EBITDA, accounting for over half of the group total, with a margin of 66% [11] - Production in copper increased by 2%, while gold production rose by 12% in Copper South Australia, leading to a more than 50% reduction in unit costs [12] - Western Australia Iron Ore achieved record first-half production and shipments, with C1 costs up only 1% to $17.66 per ton, maintaining its position as the lowest-cost major iron ore producer globally [12] Market Data and Key Metrics Changes - Global demand for copper is projected to grow by around 70% between 2021 and 2050, driven by traditional economic growth, energy transition, and increased use of data centers [22] - The company expects to generate around $60 billion in attributable free cash flow over the next five years, even in a prolonged low-price environment [13] Company Strategy and Development Direction - The company's strategy focuses on investing in highly attractive commodities, operating world-class assets, and maintaining disciplined capital allocation [4][8] - Plans to grow copper production by around 40% by 2035, with a capital-efficient, predominantly brownfield growth approach [21] - The company aims to unlock up to $10 billion in capital for reinvestment into higher-returning opportunities and increased shareholder returns [4][16] Management's Comments on Operating Environment and Future Outlook - The management expressed confidence in the business's ability to deliver strong results amid favorable commodity prices and operational excellence [3][10] - Expectations for global GDP growth in 2026 to be broadly in line with the previous year, supported by policy responses in major economies [18] - The company is well-positioned to thrive through commodity price cycles due to its diversified portfolio [13] Other Important Information - The company has made significant progress in its capital allocation framework, including a valuable silver streaming agreement related to Antamina's future silver production, unlocking $4.3 billion in cash [14][15] - The Jansen Potash asset is expected to become a world-class, low-cost potash producer, contributing significantly to the company's EBITDA [21] Q&A Session Summary Question: What is the outlook for copper production growth? - The company plans to increase copper production by around 40% by 2035, with a clear pathway for growth [21] Question: How does the company plan to manage capital allocation? - The capital allocation framework ensures all users of capital compete to maximize value and return for shareholders, with a focus on unlocking additional value from the capital base [14] Question: What are the expectations for global demand in the coming years? - Global demand for commodities is expected to remain robust, supported by favorable trade outcomes and improved confidence in major economies [18]

必和必拓集团公布，上半年基本利润在铜矿部门的推动下高于预期，铜矿部门的盈利首次超过铁矿石部 门，占这家全球顶级矿商盈利的一半以上。必和必拓的股价大涨 7%，创下历史新高，投资者对其股息 远超预期以及未来可观的派息前景大加赞赏。 由于人工智能数据中心用电量的快速增长以及向清洁能源的转变，对红色金属的需求激增，这刺激了矿 业巨头对优质铜资产的争夺，铜业的强劲业绩也随之而来。全球第一大铜生产商必和必拓强调了自身的 铜矿增长选择，并淡化了收购需求，去年曾放弃了收购英美资源集团的计划。上半年基本应占利润增长 22%，达到 62.0 亿美元，超过 Visible Alpha 的 60.3 亿美元的共识。必和必拓宣布派发每股 73 美分的中 期股息，高于市场预期的 63 美分，派息率达到 60%。在截至 12 月 31 日的六个月里，铜（包括黄金等 副产品）为必和必拓的营业利润贡献了 79.5 亿美元，高于铁矿石的 75.0 亿美元，占集团基本营业利润 总额 154.6 亿美元的 51%。这主要是由于铜的实际价格飙升了 32%，以及作为副产品的贵金属价格飙 升。上半年铁矿石产量创下历史新高，同时价格上涨也提高了矿商的利润。 ...