ZIJIN MINING GROUP COMPANY LIMITED* （在中華人民共和國註冊成立的股份有限公司） （A股股份代號： 601899 H股股份代號： 2899） 2025 中期報告 為人類美好生活 提供低碳礦物原料 *僅供識別 中期報告 2025 目錄 2 公司資料 3 釋義 4 本報告基本資料 5 經營回顧 11 管理層討論與分析 22 股本與股東情況 25 董事、監事及最高行政人員的權益及淡倉 26 其他事項 54 合併資產負債表 57 合併利潤表 59 合併股東權益變動表 61 合併現金流量表 63 資產負債表 65 利潤表 66 股東權益變動表 68 現金流量表 70 財務報表附註 2 紫金礦業集團股份有限公司 2025年中期報告 公司資料 執行董事 陳景河 （董事長） 鄒來昌 （副董事長、總裁） 林泓富 林紅英 謝雄輝 吳健輝 非執行董事 李建 獨立非執行董事 何福龍 （獨立董事召集人） 李常青 孫文德 薄少川 吳小敏 毛景文 （於2025年3月31日辭任） 監事 提名與薪酬委員會 何福龍 （主任委員） 孫文德 薄少川 吳小敏 （於2025年1月10日獲委任為委員） 李建 陳景河 戰略 ...

Group 1 - The Hong Kong stock market saw mixed performance with the Hang Seng Technology Index slightly down by 0.13%, while the National Enterprises Index rose marginally by 0.01% [2] - The Hang Seng Technology Index experienced a peak increase of 2% during the trading session before closing with a minor decline [2] Group 2 - Major technology stocks generally maintained an upward trend, with Xiaomi rising by 4.48%, JD.com by 3.46%, and Baidu by 2.33% [4] - Automotive stocks collectively increased, with Chery Automobile seeing a significant rise of nearly 14% on its first trading day, while other companies like Li Auto, NIO, and BYD also posted gains [4] - Copper prices surged due to supply tightness following an accident at the world's second-largest copper mine, leading to strong performances in the copper sector, with China Daye Non-Ferrous Metals soaring by 25% [4]

Core Viewpoint - The Hong Kong stock market experienced fluctuations with the Hang Seng Technology Index slightly declining by 0.13%, while the Hang Seng Index showed a modest increase of 0.01%. Major technology stocks generally maintained an upward trend, with significant movements in various sectors [1] Group 1: Technology Sector - Major technology stocks showed positive performance, with Xiaomi rising by 4.48%, JD.com by 3.46%, Baidu by 2.33%, and Kuaishou by 1.69%. Tencent and Meituan managed to stay slightly positive, while Alibaba and NetEase fell over 1% [1] - The Hang Seng Technology Index had a peak increase of 2% during the trading session before closing down slightly [1] Group 2: Copper and Mining Sector - A significant accident at the world's second-largest copper mine has led to tighter supply, resulting in a rise in copper prices. This has positively impacted copper-related stocks, with China Daye Non-Ferrous Metals soaring by 25% and China Nonferrous Mining rising by 11% [1] - Gold stocks also performed well, with Zijin Mining reaching a new historical high during the session [1] Group 3: Automotive Sector - The automotive sector saw collective gains, highlighted by Chery Automobile's debut, which surged nearly 14%. Other companies like Li Auto, NIO, BYD, and Xpeng also experienced increases [1] Group 4: Other Sectors - Lithium battery stocks, cosmetics stocks, semiconductor stocks, aviation stocks, and biomedicine stocks were generally active in the market [1] - Conversely, the banking sector faced downward pressure, with CITIC Bank dropping nearly 3% and other major banks like ICBC, BOC, and CCB declining over 2% [1] - Home appliance stocks, brain-computer interface concept stocks, dairy stocks, and port and shipping stocks also saw declines [1]

格隆汇9月25日｜由于黄金价格持续创下历史新高，铜价也有望创下有史以来的最佳年度表现，矿业巨 头紫金矿业在9月25日A股收盘后，市值达到7247.7亿元人民币，首次收盘突破1000亿美元关口，仅次于 全球其它两家矿业集团：必和必拓(1400亿美元)、力拓(1120亿美元)。紫金矿业目前正计划为其国际黄 金业务进行公开上市，不过受超强台风"桦加沙"影响，紫金黄金国际股份在香港联交所挂牌并开始上市 交易的日期推迟至2025年9月30日。 ...

Core Viewpoint - The Federal Reserve has restarted interest rate cuts after nine months, lowering rates by 25 basis points, which aligns with market expectations and signals the potential beginning of a new easing cycle [1] Group 1: Market Impact - The Fed's rate cut is expected to support the non-ferrous metals sector by enhancing purchasing demand and boosting metal prices due to a weaker dollar [1] - The easing of monetary policy is likely to improve liquidity globally, increasing risk appetite and attracting funds to cyclical commodities, particularly in the non-ferrous metals sector [1] - A moderate global economic recovery driven by lower financing costs is anticipated to benefit demand for industrial metals like copper, aluminum, and zinc, as well as strategic metals such as nickel and rare earths [1] Group 2: Supply and Demand Dynamics - The fundamentals for most non-ferrous metals remain strong, supported by global economic recovery and domestic policies aimed at optimizing production factors [2] - The ongoing "anti-involution" policies in China are expected to enhance profitability across various sectors, facilitating the transmission of rising metal prices to downstream industries [2] Group 3: Market Performance - The non-ferrous metals sector ETF (159876) experienced a significant increase, with a peak intraday rise of 2.7% and a cumulative increase of 55.21% since its low on April 8, outperforming major indices [3] - Leading copper companies have shown substantial gains, with several stocks, including Luoyang Molybdenum and Northern Copper, experiencing significant price increases [3] Group 4: Investment Strategy - A diversified investment approach through the non-ferrous metals sector ETF and its associated funds is recommended to capture the overall sector's performance while mitigating risks [7]

瑞银发表报告表示，FCX因今年9月8日印尼Grasberg矿区(全球第二大铜矿)地下出现矿难(大量湿泥涌入 矿洞且扩散至多层工作面)宣布暂时停产，FCX对今明两年铜产量降幅预测比市场预期更大，这将加剧 2026年全球铜市场预期的供给缺口，该行重申对铜价乐观展望。瑞银表示，矿股重点推荐Anglo American(NGLOY.US)、Teck Resources(TECK.US)及紫金矿业（601899）(02899)。 FCX提到，约80万吨湿物料突然涌入矿井，并快速向下流入多个作业层，Grasbergblock cave(GBC)区域 原本预计贡献Grasberg矿山2029年前的70%铜及黄金产量。本次事故发生于GBC五个开采分区之一，但 导致其他GBC生产区的基础设施也受损。FCX初步评估，多间生产将延后，预计2025年第四季仅少量产 出和销售;计划分阶段于2026年重启及逐步恢复生产，初步估计矿山铜产量将较此前指引下调约35%。 Grasberg预计2027年才能恢复至事故前估算产能。 2026年铜精炼供应预测下调，将扩大精炼市场的供给缺口。虽然与关税相关的宏观不确定性及市场波动 持续，中国铜需求仍展 ...

智通财经APP获悉，瑞银发表报告表示，FCX因今年9月8日印尼Grasberg矿区(全球第二大铜矿)地下出 现矿难(大量湿泥涌入矿洞且扩散至多层工作面)宣布暂时停产，FCX对今明两年铜产量降幅预测比市场 预期更大，这将加剧2026年全球铜市场预期的供给缺口，该行重申对铜价乐观展望。瑞银表示，矿股重 点推荐Anglo American(NGLOY.US)、Teck Resources(TECK.US)及紫金矿业(02899)。 FCX提到，约80万吨湿物料突然涌入矿井，并快速向下流入多个作业层，Grasbergblock cave(GBC)区域 原本预计贡献Grasberg矿山2029年前的70%铜及黄金产量。本次事故发生于GBC五个开采分区之一，但 导致其他GBC生产区的基础设施也受损。FCX初步评估，多间生产将延后，预计2025年第四季仅少量产 出和销售;计划分阶段于2026年重启及逐步恢复生产，初步估计矿山铜产量将较此前指引下调约35%。 Grasberg预计2027年才能恢复至事故前估算产能。 瑞银指，Grasberg指引下调(约20万吨)再叠加今年Kamoa Kakula与El Teniente矿山事 ...

注：本文系新闻报道，不构成投资建议，股市有风险，投资需谨慎。 （原标题：紫金矿业成交额超100亿元） 数据宝统计，截至14:33，紫金矿业成交额100.19亿元，超100亿元。最新股价上涨5.40%，换手率1.79%。上一交易日该股全天成交额为43.24亿 元。（数据宝） ...

Core Viewpoint - UBS report indicates that Freeport-McMoRan, a major U.S. mining company, has announced a temporary production halt at its Grasberg mine in Indonesia due to a mining accident, leading to a larger-than-expected reduction in copper output for the next two years, which will exacerbate the anticipated supply gap in the global copper market by 2026 [1] Group 1: Company Impact - Freeport-McMoRan's temporary production halt at the Grasberg mine is a significant event impacting its copper output forecasts [1] - The company’s revised copper production outlook is more pessimistic than market expectations, indicating potential challenges ahead [1] Group 2: Market Outlook - UBS maintains an optimistic outlook on copper prices despite the production issues, suggesting a bullish sentiment in the market [1] - Global refined copper production is forecasted to be 27.853 million tons in 2025, with demand at 27.586 million tons, resulting in a supply-demand balance deficit of 267,000 tons for that year [1] - For 2026, refined copper production is expected to reach 28.062 million tons, while demand is projected at 28.482 million tons, leading to a forecasted supply-demand balance deficit of 421,000 tons [1] - The supply-demand balance deficits are expected to worsen in subsequent years, with projections of negative 510,000 tons in 2027, negative 756,000 tons in 2028, and negative 1.224 million tons in 2029 [1] Group 3: Investment Recommendations - UBS recommends several mining stocks, including Anglo American, Teck Resources, Antofagasta, and Zijin Mining, as key investment opportunities in the sector [1]

Core Viewpoint - UBS reports that Freeport-McMoRan, a major U.S. mining company, has announced a temporary production halt at its Grasberg mine in Indonesia due to a mining accident, leading to a larger-than-expected reduction in copper production forecasts for the next two years, which will exacerbate the anticipated supply gap in the global copper market by 2026 [1] Group 1: Company Impact - Freeport-McMoRan has temporarily halted production at the Grasberg mine, the second-largest copper mine globally, due to an underground mining accident involving a significant influx of wet mud [1] - The company has revised its copper production forecasts downward, indicating a more substantial decline than market expectations for the next two years [1] Group 2: Market Outlook - UBS maintains an optimistic outlook on copper prices, citing the expected supply gap in the global copper market [1] - The global refined copper production forecast for 2025 is projected at 27.853 million tons, with a demand of 27.586 million tons, resulting in a supply-demand imbalance of 267,000 tons for this year [1] - For 2026, the refined copper production is expected to reach 28.062 million tons, while demand is anticipated to be 28.482 million tons, leading to a projected supply-demand imbalance of -421,000 tons [1] - Further estimates indicate that the global refined copper supply-demand imbalances for 2027 and 2029 will be -510,000 tons and -756,000 tons, and -1.224 million tons, respectively [1] Group 3: Stock Recommendations - UBS recommends focusing on mining stocks such as Anglo American, Teck Resources, Antofagasta, and Zijin Mining in light of the current market conditions [1]