A股有色金属上市公司中期业绩受益行业高景气

Group 1: Industry Overview - As of August 28, 2025, 116 listed companies in the non-ferrous metals sector have disclosed their semi-annual reports, with 72 companies reporting year-on-year growth in net profit attributable to shareholders, and 18 companies achieving over 100% growth [1] - The non-ferrous metals industry benefited from the increase in prices and sales of gold, silver, and copper in the first half of the year, with leading companies continuing to invest in innovation and actively reducing costs [1] Group 2: Price Trends - In the first half of the year, the average domestic spot copper price was 77,600 yuan/ton, up 4.2% year-on-year; aluminum averaged 20,300 yuan/ton, up 2.6%; and gold averaged 725.6 yuan/gram, up 46.8% [2] - Overall, the prices of major metal minerals showed a strong upward trend [2] Group 3: Company Performance - Zijin Mining Group reported revenue of 167.71 billion yuan and a net profit of 23.29 billion yuan in the first half of 2025, representing year-on-year growth of 11.5% and 54.41%, respectively [2] - Zijin Mining's growth was attributed to the increase in both volume and price of mineral products, as well as improved operational efficiency [2] - Shengtu Mining's energy metal business achieved revenue of 9.19 billion yuan with a gross margin of 27.17% [3] - Xiamen Tungsten's revenue reached 8.86 billion yuan with a total profit of 1.27 billion yuan in the first half of the year, focusing on tungsten, molybdenum, and rare earths [4] - Jiangxi Jinli Permanent Magnet reported revenue of 3.51 billion yuan and a net profit of 305 million yuan, with a year-on-year growth of 4.33% and 154.81%, respectively [5] Group 4: Demand Trends - The demand for small metals continues to rise, driven by the rapid development of emerging industries [4] - The demand for rare earth materials is growing rapidly, particularly for high-performance permanent magnet materials, which are essential for energy-saving and environmentally friendly manufacturing [5] - Analysts predict that the demand for small metals will continue to increase due to the rising needs in sectors such as new energy vehicles, batteries, and smart grids [6]