2月19日，随着全球大宗商品市场的波动加剧，秘鲁矿业巨头Buenaventura（BVN）近期披露的年度财 报引起了市场的广泛关注。EasyMarkets易信表示，该公司在2025年不仅实现了稳健的产量目标，其第 四季度平均销售价格的大幅攀升，反映了贵金属市场在高通胀环境下的强劲支撑力。尤其是在黄金和白 银领域，该公司通过优化运营模式，成功锁定了市场高位波动的红利，为2026年的资本开支和业务扩张 奠定了坚实的财务基础。 从细分产量数据来看，相关统计显示其2025年黄金总产出为 138919 盎司，而铜产量也达到了 52445 公 吨的水平。EasyMarkets易信认为，尽管2026年的白银指引略有收窄（预计在 12900000 至 14500000 盎 司之间），但黄金产量的预期增长（最高可达 186500 盎司）将有效抵消基本金属波动的风险。这种多 元化的金属组合配置，使得企业在面对不同大宗商品周期时具备更强的抗风险能力，也为投资者评估相 关衍生品价值提供了清晰的参考指标。 在矿区运营效益方面，Orcopampa与Coimolache矿区的超预期表现证明了技术改进对产能的提振作用。 尽管San Gabr ...

Core Viewpoint - Compañía de Minas Buenaventura S.A.A. reported its production and sales volume results for Q4 2025, highlighting significant production figures and future guidance for gold production [1]. Production Results - For the three months ended December 31, 2025, Buenaventura produced a total of 5,862 ounces of gold from its El Brocal mine, which represents a 61.43% increase compared to previous periods [1]. - The Orcopampa mine contributed 15,754 ounces of gold production during the same period [1]. Year-End Results - For the year ended December 31, 2025, the total gold production reached 21,102 ounces, indicating a strong performance for the company [1]. - The company has set a production guidance for the year ending December 31, 2026, estimating gold production to be between 15,000 to 17,000 ounces [1].

Core Insights - Sagil Capital has fully exited its position in Compañía de Minas Buenaventura S.A.A., selling 447,516 shares for approximately $10.89 million during the fourth quarter [1][2] Company Overview - Compañía de Minas Buenaventura S.A.A. is a Peruvian mining company with a diversified portfolio of precious and base metal assets, operating multiple mining units and by-product streams [6][9] - As of February 11, the company's shares were priced at $40.48, reflecting a significant increase of 220.51% over the past year, outperforming the S&P 500's 14% gain [3][10] - The company has a market capitalization of $10.28 billion, with a trailing twelve months (TTM) revenue of $1.41 billion and a net income of $432.45 million [4] Recent Performance - The company's stock has experienced extraordinary growth, reaching $40.48 as of February 11, driven by stronger production and improved realized metal prices [10] - The mining sector is characterized by cyclical trends and capital intensity, making it sensitive to commodity price fluctuations [10] Investment Implications - The decision to exit the position may reflect a strategic move to manage portfolio risk, especially given the significant gains in the mining stock [7][11] - For long-term investors, the focus should be on cycle exposure, as Buenaventura's earnings are closely linked to global pricing trends and operational conditions in Peru [12]

Core Viewpoint - Compañía de Minas Buenaventura S.A.A. (BVN) has been a long-term focus for over 20 years, with a recent investment made in August 2025, indicating confidence in the company's potential for growth and value appreciation [1]. Group 1: Company Analysis - The company is highlighted for its long-term investment potential, reflecting a strategic approach to equity selection based on fundamental analysis [1]. - The analyst emphasizes the importance of financial statements in driving valuation and investment decisions, showcasing a data-driven methodology [1]. Group 2: Investment Strategy - The investment strategy involves managing a high yield Latam bond fund, indicating a focus on generating returns through fixed income securities in the Latin American market [1]. - The analyst's approach includes taking personal positions in various investment ideas, suggesting a belief in the long-term viability of selected companies [1].

Core Viewpoint - The stock price of Buena Ventura Mining (BVN.us) experienced a significant decline of 5.21% on December 29, 2025 [1] Financial Performance - The company reported a revenue of $432 million, a net profit of $168 million, and earnings per share of $0.66 [2] Analyst Opinions - Among the seven participating institutions, 29% of brokers recommend a buy rating, while 71% suggest holding the stock [3] Company Status - As of February 11, 2026, there is no new public information regarding future events such as earnings releases, project developments, or company activities [4]

Group 1 - Steven Cress is the Head of Quantitative Strategies at Seeking Alpha, managing quant ratings and factor grades on stocks and ETFs [1] - Cress leads Alpha Picks, selecting two attractive stocks to buy each month and determining when to sell them [1] - The quantitative stock rating system created by Cress is designed to interpret data for investors, offering insights and saving time [2] Group 2 - Cress has over 30 years of experience in equity research, quantitative strategies, and portfolio management, positioning him well to discuss various investment topics [2] - He previously founded CressCap Investment Research, which was acquired by Seeking Alpha in 2018, enhancing its quant analysis and market data capabilities [2] - Cress has a background in running a proprietary trading desk at Morgan Stanley and leading international business development at Northern Trust [2]

Industry Overview - The Zacks Mining - Silver industry is experiencing strong momentum due to rising silver prices and robust demand from industrial applications, which are expected to account for a significant share of global silver consumption [1][4] - Only 20% of silver comes from mining activities where it is the primary revenue source, while the rest is a by-product of mining other metals [3] Demand Drivers - Industrial applications, particularly in the solar energy sector, account for approximately 59% of total silver demand, with significant growth expected due to the global push for renewable energy [4] - The electrification of the automotive industry and the rise of AI are emerging as new demand drivers for silver, solidifying its role as a critical metal for future technologies [4] Price Performance - Silver prices surged by 170% in 2025, significantly outperforming gold, driven by geopolitical risks, economic uncertainty, and strong demand [4] - As of late January 2026, silver reached a record high of $121.67 per ounce, with prices up 16.4% year-to-date [4] Cost Management - Industry players are facing rising production costs, particularly in energy, which constitutes about 50% of their production costs [5] - Companies are investing in R&D and technological innovations to improve efficiency and manage costs effectively [5] Industry Ranking - The Zacks Mining - Silver industry holds a Zacks Industry Rank of 16, placing it in the top 7% of 244 Zacks industries, indicating strong prospects in the near term [6] Stock Performance - The Mining-Silver Industry has outperformed both the Basic Material sector and the Zacks S&P 500 composite over the past year, with a collective gain of 162.9% compared to 35.7% and 18% respectively [8] Valuation Metrics - The industry is currently trading at a trailing 12-month EV/EBITDA ratio of 22.67X, higher than the S&P 500's 19.17X and the Basic Material sector's 16.32X [11] Company Highlights - **Fresnillo plc (FNLPF)**: Reported silver production of 48.7 million ounces in 2025, with shares gaining 85.2% in the past three months. The Zacks Consensus Estimate for fiscal 2026 earnings has increased by 16.7% [15][16] - **Buenaventura Mining (BVN)**: Initiated operations at the San Gabriel gold mine, with shares up 72.9% in the past three months. The Zacks Consensus Estimate for fiscal 2026 earnings has risen by 35.8% [20][21] - **Hecla Mining (HL)**: Produced 17 million ounces of silver in 2025, with shares increasing by 95.8% in the past three months. The Zacks Consensus Estimate for fiscal 2026 earnings indicates growth of 56.5% [22][25] - **Avino Silver Mines (ASM)**: Produced 2.6 million silver equivalent ounces in 2025, with shares gaining 152.4% in the past three months. The Zacks Consensus Estimate for fiscal 2026 earnings has moved up by 68% [27][28]

Core Viewpoint - Growth stocks are appealing due to their potential for above-average financial growth, but identifying strong candidates involves navigating inherent risks and volatility [1] Group 1: Company Overview - Buenaventura (BVN) is highlighted as a recommended growth stock with a favorable Growth Score and a top Zacks Rank [2] Group 2: Earnings Growth - Buenaventura has a historical EPS growth rate of 33.9%, with projected EPS growth of 60.1% this year, surpassing the industry average of 57.2% [5] Group 3: Cash Flow Growth - The company exhibits a year-over-year cash flow growth of 1411.9%, significantly higher than the industry average of 63.6% [6] - Over the past 3-5 years, Buenaventura's annualized cash flow growth rate has been 199.3%, compared to the industry average of 14.9% [7] Group 4: Earnings Estimate Revisions - There has been a positive trend in earnings estimate revisions for Buenaventura, with the Zacks Consensus Estimate for the current year increasing by 16.6% over the past month [8] Group 5: Investment Positioning - Buenaventura's combination of a Zacks Rank 1 and a Growth Score of B positions it well for potential outperformance, making it an attractive option for growth investors [9][10]

Core Viewpoint - Buenaventura is preparing for its Fourth Quarter 2025 Earnings Conference Call, which is crucial for stakeholders to understand its financial status and strategic direction [1] Financial Performance - Buenaventura reported a revenue of approximately $431.8 million and a net income of about $167.4 million for the latest quarter [2] - The company's gross profit was roughly $185.2 million, with an operating income of $152.5 million, indicating strong profitability [2] - Earnings per share (EPS) were recorded at $0.66, and EBITDA was approximately $274 million, showcasing operational efficiency [2] - The cost of revenue amounted to around $246.6 million, reflecting production-related expenses [2] - Pre-tax income was reported at about $221.2 million, with an income tax expense of $41.7 million, providing insights into financial health and expense management [2] Analyst Ratings - Scotiabank reaffirmed its "Sector Perform" rating for Buenaventura, with an optimistic price target adjustment from $27 to $42, indicating positive growth prospects [1][2] Upcoming Events - The upcoming earnings call is highlighted as a critical opportunity for stakeholders to gain detailed insights into Buenaventura's financial health and strategic plans [2]

Core Viewpoint - Compañía de Minas Buenaventura S.A.A. will hold its Fourth Quarter 2025 earnings conference call on February 27, 2026, at 10:00 AM Eastern Time [1] Group 1 - The call will feature Leandro García Raggio, the Chief Executive Officer, along with other senior management team members [1] - The purpose of the call is to review Buenaventura's financial and operating results for the Fourth Quarter of 2025 [1]