智通财经APP获悉，中金发布研报称，紫金矿业(02899,601899.SH)今年首三季收入2,542亿元人民币(下 同)，同比升10.33%; 归母净利润378.64亿元，同比升55.45%。 单计第三季，收入864.89亿元，按季跌 2.58%，归母净利润145.72亿元，按季升11.02%，超出市场预期，主要因非经收益超预期。基于紫金第 三季非经收益超预期及铜金价格上行，该行分别上调其2025及26年归母净利润预测11.2%及18.8%，至 509.1亿及650.9亿元，维持"跑赢行业"评级，H股目标价升33%至40港元，A股目标价上调31%至38元。 ...

Core Insights - Zhongjin Company reported that Zijin Mining's revenue for the first three quarters of this year reached 254.2 billion yuan, an increase of 10.33% year-on-year [1] - The net profit attributable to shareholders was 37.864 billion yuan, up 55.45% year-on-year [1] - In the third quarter alone, revenue was 86.489 billion yuan, a quarter-on-quarter decrease of 2.58%, while net profit attributable to shareholders was 14.572 billion yuan, a quarter-on-quarter increase of 11.02%, exceeding market expectations due to better-than-expected non-operating income [1] Financial Forecast Adjustments - Based on the better-than-expected non-operating income in the third quarter and rising copper and gold prices, the company has raised its net profit forecasts for 2025 and 2026 by 11.2% and 18.8%, respectively, to 50.91 billion yuan and 65.09 billion yuan [1] - The rating of "outperforming the industry" is maintained, with the target price for H-shares increased by 33% to 40 HKD and the target price for A-shares raised by 31% to 38 yuan [1]

Core Insights - Zijin Mining experienced a 2.00% decline in stock price on October 22, with a trading volume of 9.159 billion yuan [1] - The company reported a net financing outflow of 416 million yuan on the same day, with total financing and securities balance reaching 7.531 billion yuan [1] - As of September 30, Zijin Mining achieved a revenue of 254.2 billion yuan, marking a year-on-year growth of 10.33%, and a net profit of 37.864 billion yuan, up 55.45% year-on-year [2] Financing and Margin Trading - On October 22, Zijin Mining had a financing buy-in of 661 million yuan, with a financing balance of 7.474 billion yuan, representing 1.23% of its market capitalization [1] - The financing balance is above the 90th percentile of the past year, indicating a high level of leverage [1] - The company also saw a securities lending activity with 308,400 shares repaid and 305,600 shares sold, totaling approximately 8.9999 million yuan in sales [1] Shareholder and Dividend Information - As of September 30, the number of shareholders increased to 529,800, a rise of 57.83% [2] - Since its A-share listing, Zijin Mining has distributed a total of 59.277 billion yuan in dividends, with 27.772 billion yuan distributed in the last three years [3] - Major shareholders include Hong Kong Central Clearing Limited, which holds 1.354 billion shares, a decrease of 235 million shares from the previous period [3]

Investment Rating - The investment rating for the company is "Outperform the Market" [6][36]. Core Views - The company reported strong performance in Q3, with revenue of 254.2 billion yuan, a year-on-year increase of 10.33%, and a net profit attributable to shareholders of 37.864 billion yuan, up 55.45% year-on-year [1][9]. - The successful listing of Zijin Gold International on the Hong Kong Stock Exchange is expected to enhance the company's valuation [3][30]. - The company has completed several significant acquisitions this year, including the Akyem Gold Mine in Ghana and the Raygorodok Gold Mine in Kazakhstan, which are expected to contribute positively to future production and profitability [3][29]. Financial Performance Summary - For the first three quarters, gold production reached 64.95 tons, a year-on-year increase of 19.68%, while copper production was 829,900 tons, up 5.12% year-on-year [2][11]. - The unit operating costs for gold, copper, zinc, and silver have increased, indicating rising cost pressures [2][17]. - The company’s gross margin improved to 24.93%, a year-on-year increase of 5.4 percentage points, with gold and copper gross margins at 62.17% and 60.93%, respectively [19][26]. Earnings Forecast and Valuation - The earnings forecast has been revised upwards, with projected revenues for 2025-2027 at 377.8 billion, 425.7 billion, and 445.6 billion yuan, respectively, reflecting growth rates of 24.4%, 12.7%, and 4.7% [4][36]. - The net profit attributable to shareholders is expected to reach 51.483 billion, 63.559 billion, and 69.864 billion yuan for the same period, with growth rates of 60.6%, 23.5%, and 9.9% [4][36]. - The current stock price corresponds to a price-to-earnings ratio of 15.5, 12.6, and 11.4 for the years 2025, 2026, and 2027, respectively [4][36].

Group 1 - The core viewpoint of the article is that Guosen Securities has given Zijin Mining (601899.SH, latest price: 29.45 CNY) an "outperform" rating based on its strong financial performance and resource foundation [1] - In the third quarter, Zijin Mining achieved a net profit attributable to shareholders of approximately 14.6 billion CNY, representing a quarter-on-quarter increase of about 11% [1] - Zijin Mining's resource base is continuously being strengthened, highlighted by the listing of Zijin Gold International on the main board of the Hong Kong Stock Exchange [1]

Investment Rating - The investment rating for the company is "Outperform the Market" [6][36]. Core Views - The company reported strong performance in Q3, with revenue of 254.2 billion yuan, a year-on-year increase of 10.33%, and a net profit attributable to shareholders of 37.864 billion yuan, up 55.45% year-on-year [1][9]. - The successful listing of Zijin Gold International on the Hong Kong Stock Exchange is expected to enhance the company's valuation [3][30]. - The company has completed several significant acquisitions this year, including the Akyem Gold Mine in Ghana and the Raygorodok Gold Mine in Kazakhstan, which are expected to contribute positively to future production and profitability [3][29]. Financial Performance - For the first three quarters, gold production reached 64.95 tons, a year-on-year increase of 19.68%, while copper production was 829,900 tons, up 5.12% year-on-year [2][11]. - The unit operating costs for gold, copper, zinc, and silver have increased, indicating rising cost pressures [2][17]. - The company’s gross margin for core mineral products was 60.62%, reflecting a year-on-year increase of 2.91 percentage points [19]. Earnings Forecast - The earnings forecast has been revised upward, with projected revenues for 2025-2027 at 377.8 billion, 425.7 billion, and 445.6 billion yuan, respectively, representing year-on-year growth rates of 24.4%, 12.7%, and 4.7% [4][36]. - The net profit attributable to shareholders is expected to reach 51.483 billion, 63.559 billion, and 69.864 billion yuan for the same period, with growth rates of 60.6%, 23.5%, and 9.9% [4][36]. Market Position and Strategy - The company is positioned as a core player in the domestic non-ferrous metal sector, with a rich reserve of mineral resources and an accelerating internationalization process [4][36]. - The strategic focus on green metal and new energy minerals, along with significant acquisitions, is expected to provide a solid resource base for sustainable development [29][30].

Investment Rating - The report maintains a "Buy" investment rating for Zijin Mining [10] Core Views - The strong growth in gold business is primarily driven by rising gold prices, while copper production has been affected by the Kamoa Copper Mine [2][9] - The company has achieved significant revenue and profit growth in Q3 2025, with total revenue of 864.89 billion yuan, up 8.14% year-on-year, and net profit of 145.72 billion yuan, up 57.14% year-on-year [1][10] Summary by Sections Financial Performance - In Q3 2025, Zijin Mining reported operating revenue of 864.89 billion yuan, a year-on-year increase of 8.14%, and a net profit of 145.72 billion yuan, reflecting a year-on-year growth of 57.14% [1] - For the first three quarters of 2025, the company achieved total revenue of 2542.00 billion yuan, up 10.33% year-on-year, and a net profit of 378.64 billion yuan, up 55.45% year-on-year [1] Mineral Production - In Q3 2025, the company produced 263,100 tons of copper, a decrease of 2.89% year-on-year, while gold production reached 23.76 tons, an increase of 25.98% year-on-year [2] - The total revenue from copper business was 141.69 billion yuan, up 19.12% year-on-year, with a total gross profit of 85.24 billion yuan, reflecting a gross profit margin of 60.16% [3] Gold Business - The gold business generated total revenue of 169.34 billion yuan in Q3 2025, a significant increase of 81.81% year-on-year, with a gross profit of 107.70 billion yuan, up 104.46% year-on-year [4][8] - The company successfully completed the IPO of its subsidiary, Zijin Gold International, raising 287 billion HKD, marking it as the largest IPO in the global gold mining industry [9] Profit Forecast - The report adjusts profit forecasts upward due to rising gold and copper prices, predicting revenues of 3526.83 billion yuan, 3879.77 billion yuan, and 4066.42 billion yuan for 2025-2027, with corresponding net profits of 534.41 billion yuan, 632.85 billion yuan, and 710.34 billion yuan [10][12]

Core Viewpoint - Zijin Mining achieved a net profit attributable to shareholders of 37.864 billion yuan in Q1-Q3 2025, representing a year-on-year increase of 55.45% [1] - The company is benefiting from rising copper and gold prices, which are expected to continue driving performance growth [1] Financial Performance - In Q3 2025, Zijin Mining reported a net profit attributable to shareholders of 14.572 billion yuan, up 57.14% year-on-year and 11.02% quarter-on-quarter [1] - The average gross profit per ton of copper increased by 6% to 38,000 yuan/ton in Q1-Q3 [1] - The average gross profit per gram of gold surged by 64% to 448 yuan/gram in Q1-Q3 [1] Project Development - The lithium carbonate project is progressing steadily and is expected to contribute to performance growth [1] - The company is expanding its resource endowment through both internal growth and external acquisitions, which is likely to enhance copper and gold production [1] Future Outlook - The net profit forecasts for Zijin Mining for 2025-2027 are adjusted to 51.1 billion, 62.1 billion, and 72.9 billion yuan, respectively [1] - The earnings per share (EPS) estimates for the same period are set at 1.92, 2.34, and 2.74 yuan per share, with corresponding price-to-earnings (PE) ratios of 15.5, 12.7, and 10.9 times [1] - The company maintains a "buy" rating based on these projections [1]

来源：市场资讯 （来源：环球豪源基金） NEWS 近日，紫金矿业发布公告称，今年前三季度，公司实现营业收入约2542亿元(人民币)，同比增长10.33%；实现归属于 上市公司股东的净利润约378.64亿元，同比增长55.45%。 公告还显示，今年第三季度，紫金矿业实现营业收入约864.89亿元，同比增长8.14%；实现归属于上市公司股东的净利 润约145.72亿元，同比增长57.14%。 截至10月21日收盘，该公司总市值近8000亿元，稳居全球矿业公司前三位，在A股全市场市值排名中位列第16位。 高盛9月发布的一份报告显示，当前除了各国央行购金，在美元走弱的环境下，个人和私营投资者将投资分散至黄金趋 势明显。 中国黄金储量之王：紫金矿业以近4000吨储量领跑行业 黄金作为重要的避险资产和储备资源，其储量是衡量黄金上市公司投资价值的重要指标。根据最新数据，中国黄金行 业中资源储量居前的上市公司格局明朗，紫金矿业以绝对优势位居榜首。 紫金矿业是国内黄金行业的绝对龙头，截至2024年底，黄金储量高达3973吨，占全国黄金储量的显著比重。 该公司不仅是国内第一，也是全球第六大黄金生产商，2024年矿产金产量达到72 ...

兴银策略智选混合A（010427）成立日期2020年11月10日，最新规模3553.8万。今年以来收益31.63%， 同类排名2585/8160；近一年收益36.45%，同类排名1747/8026；成立以来收益20.57%。 兴银策略智选混合A（010427）基金经理为张世略。 截至发稿，张世略累计任职时间4年348天，现任基金资产总规模1.83亿元，任职期间最佳基金回报 52.17%， 任职期间最差基金回报-26.06%。 风险提示：市场有风险，投资需谨慎。本文为AI大模型自动发布，任何在本文出现的信息（包括但不 限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，不构成个人投资建 议。 责任编辑：小浪快报 10月22日，紫金矿业跌5.49%，截至发稿，报28.40元/股，成交58.89亿元，换手率0.99%，总市值 7548.03亿元。 资料显示，紫金矿业集团股份有限公司位于福建省上杭县紫金大道1号,福建省厦门市思明区环岛东路 1811号中航紫金广场B塔,香港九龙柯士甸道西1号环球贸易广场75楼7503A室，成立日期2000年9月6 日，上市日期2008年4月25日，公司主营业务涉及矿 ...