以下文章来源于财经天下WEEKLY ，作者财经天下 财经天下WEEKLY . 《财经天下》周刊官方账号，提供有品质的深度报道，讲述中国企业在时代浪潮中的精彩故事。 在国际金价屡创历史新高之时，资本市场正经历一场有趣的分化：有人急于套现离场，有人却大举加码。近日，一笔超280亿元的跨境并购让紫金矿业这家从闽西山 区走出的企业，再次成为市场焦点。如果此次收购顺利完成，紫金矿业的矿产金年产量将突破100吨，加快迈向"世界级矿业巨头"的步伐。 文 ｜ 周遐观 编辑 ｜ 朗明 来源｜ 财经天下WEEKLY（ID：cjtxweekly） 封面来源 ｜ unsplash 280亿元撬动4座金山 1月26日晚间，A股万亿矿业巨头紫金矿业一纸公告刷屏资本市场——其控股子公司紫金黄金国际有限公司（以下简称"紫金黄金国际"）拟出资55亿加元 （约合280亿元人民币），全资收购在多伦多、纽约两地上市的黄金矿业公司"联合黄金"的全部股权，并将后者旗下的4座金矿收入囊中。 若该项交易能够最终完成，这将是紫金矿业史上最大规模的并购案。 消息一出，紫金矿业股价强势上涨。1月27日至29日，公司A股股价累计上涨10%。在此之前，2025年1月 ...

Investment Rating - The report maintains a "Recommended" investment rating for the gold, copper, aluminum, tin, and antimony industries [11]. Core Insights - The domestic copper inventory is beginning to decrease, which may lead to stronger prices [6]. - The gold market is expected to stabilize and rise further due to the anticipated interest rate cuts by the Federal Reserve [5]. - The aluminum supply remains rigid, supporting the investment outlook for the aluminum sector [11]. - Tin prices are expected to be supported by tight supply conditions [11]. - Antimony prices are rebounding after a six-month decline, indicating a positive outlook for the antimony sector [11]. Summary by Sections Industry Performance - The non-ferrous metals sector (Shenwan) has shown significant performance with a 1-month increase of 22.6%, a 3-month increase of 35.7%, and a 12-month increase of 128.5% [3]. Precious Metals - Gold prices reached $4981.85 per ounce, with a week-on-week increase of $35.60, or 0.72%. Silver prices were $103.19 per ounce, up $4.19, or 4.23% [4]. Copper and Aluminum - Copper prices closed at $13,440 per ton on the LME, up $460 per ton, or 3.54%. SHFE copper closed at ¥103,170 per ton, up ¥2,120, or 2.10% [6]. - Domestic aluminum prices were ¥24,640 per ton, with a week-on-week increase of ¥510 [7]. Tin and Antimony - Domestic refined tin prices were ¥423,630 per ton, down ¥110, or 0.03%. The supply and demand for tin are weak, leading to a price fluctuation around high levels [9]. - Antimony prices remain supported due to tight supply conditions, with current prices at ¥160,000 per ton [10]. Recommended Stocks - The report recommends specific stocks in various sectors, including Zhongjin Gold, Shandong Gold, Zijin Mining, and others across gold, copper, aluminum, tin, and antimony industries [12].

Core Viewpoint - The silver market is experiencing volatility, impacting the stock prices of mining giants like Shengda Resources, which has seen significant fluctuations in its market value due to recent silver price drops [2][18]. Group 1: Company Expansion and Acquisitions - Shengda Resources, led by Zhao Mantang, has aggressively pursued acquisitions, recently acquiring a 55% stake in Guangxi Jinshi for 270 million yuan and a 60% stake in Yichun Jinshi Mining for 500 million yuan [5][9]. - The acquisitions are part of a strategy to enhance resource reserves and production capacity, with a focus on cost-effective projects that align with industry cycles [4][10]. - The Yichun project is expected to significantly increase Shengda's copper, silver, lead, and zinc reserves, with a planned construction start in 2027 [9][10]. Group 2: Financial Performance - Shengda Resources reported a 36.98% increase in revenue for the current reporting period, with net profit rising by 116.39% [16]. - The company has achieved a net profit of 320 million yuan in just nine months, nearing its total profit for the previous year [16]. - The stock price has surged fourfold since the beginning of 2025, reaching 61 yuan per share by January 30 [17]. Group 3: Market Conditions and Future Outlook - The silver market has seen prices rise dramatically, with a peak of 121.6 USD/oz in late January, contributing positively to Shengda's performance [13][12]. - However, the market is currently experiencing a downturn, posing challenges for the company in 2026 [18][28]. - The management emphasizes a balanced approach to production and expansion, aiming to solidify its position as a leading domestic mining company while navigating market fluctuations [26][28].

宏观与地缘方面，美联储维持基准利率在3.50%-3.75%不变，在连续三次降息25个基点后暂停行动，符合市场预期。 美联储主席候选人沃勒支持降息25个基点，与特朗普"钦点"理事米兰立场一致。美联储在声明中指出，失业率已 现初步企稳迹象，通胀仍处于相对高位，经济前景的不确定性依然较高。美联储主席鲍威尔在新闻发布会上表示， 加息并非任何人对下一步行动的基本假设，不相信美联储会丧失独立性，将建议下一届美联储主席远离政治。地 缘方面，美国总统特朗普再次对伊朗发出威胁称，下次对伊朗的打击将更加猛烈。特朗普称，一支庞大的舰队正 前往伊朗，已准备好迅速履行其使命。针对特朗普威胁，伊朗外长阿拉格齐表示，伊朗武装力量高度戒备，将对 任何针侵略作出迅速而果断的回应。 新能源及有色金属日报 | 2026-01-29 持货商挺价情绪明显 铜价维持震荡格局 市场要闻与重要数据 期货行情： 2026-01-28，沪铜主力合约开于 101900元/吨，收于 103060元/吨，较前一交易日收盘0.45%，昨日夜盘沪铜主力合 约开于 102,540元/吨，收于 102,430 元/吨，较昨日午后收盘上涨0.18%。 现货情况： 据 SMM ...

Group 1: Report Information - Report Name: Copper Futures Daily Report [2] - Date: January 29, 2026 [3] - Researcher: Zhang Ping, Yu Feifei, Peng Jinglin [4] Group 2: Core Views - Copper prices rebounded after hitting the bottom. Trump's statement on the US dollar intensified the market's bearish sentiment towards the US dollar, and the market's bullish sentiment increased during the day, causing Shanghai copper to recover its overnight losses. The spot price rose by 290 to 101,660, and the discount narrowed by 25 to 240. The spot import loss narrowed to around 430. The LME 0 - 3 contango widened to 93.8. The continuous inventory build - up in the LME market led to the collapse of the local price difference structure. The C - L spread was - 6, and there was further pressure on LME inventory build - up. COMEX inventory was also rising continuously. It is expected that the pressure on the domestic and foreign spot markets will increase in the short term. However, current copper prices are more affected by macro factors. With the Fed's interest - rate meeting approaching, it is widely expected that the Fed will pause rate cuts. Trump's statement on the US dollar and the change of the Fed chairman are putting pressure on the US dollar. It is expected that copper prices are likely to rise rather than fall under the background of a weak US dollar [11] Group 3: Industry News - The Shanghai Futures Exchange announced that it agreed to register the "Jiangtong" brand Grade A copper produced by Jiangtong Guoxing (Yantai) Copper Co., Ltd. on the exchange. The registered production capacity is 180,000 tons, and the standard price is implemented. As of the announcement date, the above products can be used for the performance and delivery of the Shanghai Futures Exchange's cathode copper futures contracts [11] - A report released by Bain & Company shows that mining companies are using mergers and acquisitions (M&A) as a core growth strategy, which is driving the transaction market in Canada to reach its highest level in more than a decade. This strategic shift is due to multiple pressures faced by enterprises: continuously rising capital costs, lengthening development cycles of mining projects, and increasingly fierce market competition for high - quality mining assets. These three factors are reshaping the way mining enterprises achieve growth and improve operational efficiency. Bain & Company estimates that the number of global mining transactions with a scale of over $500 million in 2025 will increase by about 45% compared to 2024. Mining enterprises are choosing to achieve scale expansion and enhance operational resilience through mergers and acquisitions rather than investing in new greenfield development projects. The report also predicts that the next round of mining M&A transactions will be larger in scale and more complex in structure, and the success or failure of M&A operations will be a key factor in determining whether an enterprise can gain an advantage in the long - term in the industry [11]

国际金价迭创新高，一轮金矿并购热潮同步上演。1月26日晚间，紫金矿业宣布以55亿加元（约合人民 币280亿元）收购加拿大联合黄金，创下公司最大单笔并购纪录。 这是中国矿企全球"揽金"中的一例。洛阳钼业40天"闪电"交割南美金矿资产；江西铜业宣布以约8.42亿 英镑全面要约收购索尔黄金；灵宝黄金拟以3.7亿澳元将巴布亚新几内亚Simberi在产金矿纳入麾下；盛 屯矿业则以1.9亿美元收购刚果（金）Adumbi金矿……2025年下半年以来，中国矿企境外黄金矿山收购 总规模已接近600亿元人民币，交易标的遍布非洲、南美等地。 矿企加速全球"揽金" 在全球矿业并购市场，黄金已成为最炙手可热的标的。标普全球数据显示，自2023年起黄金资产并购金 额便超越普通金属，2024年黄金资产并购案件与金额占全球采矿业整体的70%左右。 中国企业已然成为其中最活跃的参与者之一。2026年1月26日晚，紫金矿业公告，旗下紫金黄金国际拟 以55亿加元（约合人民币280亿元）收购加拿大联合黄金全部股权，将马里Sadiola金矿、科特迪瓦金矿 综合体及埃塞俄比亚Kurmuk金矿收入囊中。这三座矿山合计拥有金资源量533吨，2024年产金1 ...

受益于2025年金价的史诗级上涨，紫金矿业业绩创下历史新高。根据其此前发布的预告，2025年公司归 母净利润预计在510亿至520亿元之间，同比增幅高达59%-62%。 1月26日晚间，紫金矿业发布公告称，其控股子公司紫金黄金国际将以约55亿加元(折合人民币约280亿 元)的现金对价，全资收购在多伦多和纽交所上市的加拿大黄金公司Allied Gold Corporation(联合黄金)。 交易完成后，紫金黄金国际的资产版图将扩展至12个国家的12座大型金矿，进一步巩固其全球顶级黄金 生产商的地位。 公告显示，联合黄金虽然2023年和2024年分别录得1.92亿美元和1.20亿美元的净亏损，但2025年前三季 度已实现扭亏为盈(净利润1700万美元)。其核心资产包括马里Sadiola金矿、科特迪瓦Bonikro和Agbaou 金矿(均在产)，以及预计2026年下半年投产的埃塞俄比亚Kurmuk金矿。 截至2024年底，联合黄金拥有黄金资源量533吨，平均品位1.48克/吨。根据规划，依托现有矿山的技改 扩建及新建项目投产，其年产量将从2025年的约12吨大幅提升至2029年的25吨。紫金矿业表示，该项目 基础设 ...

2026年开年，洛阳钼业海外并购再传捷报——公司以最高10.15亿美元收购的巴西金矿资产于1月23日完 成交割，从签约到交割仅用40天，发挥出跨国矿业并购的"洛钼速度"。 据悉，巴西金矿为在产项目，能够立即为公司贡献产量和利润，预计2026年将实现6至8吨的黄金产量， 为洛阳钼业添上一份沉甸甸的"黄金大礼"。 洛阳钼业董事长刘建锋1月25日在机构交流会上表示，巴西金矿交割后仍有降本增效潜力。公司在厄瓜 多尔及巴西的金矿将推动公司黄金年产能达到20吨，2030年公司黄金产能有望在此基础上再进一步。 此前，公司于2025年12月15日宣布，计划以最高10.15亿美元收购加拿大Equinox Gold公司在巴西的 Aurizona金矿、RDM金矿及Bahia综合体三项金矿资产（四座矿山）的100%权益。随着协议约定的先决 条件全部实现或豁免，该交易已于1月23日正式完成。从签约到交割仅历经40天。 此次交割的巴西金矿是在产项目，收购完成即可为公司贡献产量和利润。洛阳钼业认为，上述金矿资源 量较大，基础设施完善，选矿工艺成熟，盈利能力较强，预期投资回报期短，经济效益良好。此次交易 涉及的金矿资产合计包含黄金资源量50 ...

Core Insights - The report by McKinsey & Company and the Future Minerals Forum indicates that global mining M&A transaction value reached approximately $30 billion in the first three quarters of 2025, with 74% of this value directed towards Latin America as investors withdraw from higher-risk jurisdictions [1] Group 1: Mining Investment Trends - The "Future Minerals Outlook Report" tracks supply chain conditions in Africa, West Asia, Central Asia, and Latin America, revealing a widening gap between mineral resource endowment and investment [2] - Since 2021, mining transaction value in Latin America has increased by over 200%, while Africa has seen a nearly 80% decline in transaction value due to capital flowing to perceived more stable jurisdictions [3] Group 2: Supply Chain Pressures - The report warns that the global supply chain for critical minerals is under increasing pressure due to accelerating demand driven by energy transition, digitalization, and rising defense needs [4] - Demand for copper, lithium, nickel, and rare earths is growing faster than new supply can come online, with long permitting cycles, infrastructure gaps, capital intensity, and policy uncertainty slowing project development [5] Group 3: Geopolitical Risks and Future Needs - Over 45% of electric vehicle material refining capacity is concentrated in a single region, increasing vulnerability to geopolitical risks, trade disruptions, and price volatility [7] - The report estimates that approximately $5 trillion in cumulative investment will be needed by 2035 to meet critical mineral demand, with current exploration spending still 40% to 50% below required levels [11]

Group 1: Mining Operations - The drainage work at the Vatukoula gold mine has been largely completed, and restoration of the mining face is underway. The exploration at North Island Kashi Mountain is set to begin this year, with an estimated 2-3 years required for production readiness, subject to various approvals and external factors [1][2] - The Vatukoula gold mine has a gold grade of approximately 3 g/t for mined ore, while the geological grade is around 7 g/t. The difference is attributed to the mining method and the inherent variability of volcanic rock deposits [3] Group 2: Mergers and Acquisitions - The company’s acquisition strategy focuses on regions outside of existing mining areas in China, particularly in Africa, Central Asia, and potentially South America. Priority is given to projects that are either in production or nearing production, as they are more attractive for financing [2] Group 3: Financial Performance - The main source of revenue for the company comes from gold product sales and rental income, with sales from the Vatukoula gold mine accounting for over 95% of total revenue projected for 2024 [3] - The company utilizes various financing methods, including self-funding, financial institution loans, and capital market financing for its projects [2] Group 4: Risk Management - The political situation in Fiji is relatively stable, with the government focused on creating a safe environment to attract tourism. The company has measures in place to manage exchange rate risks, including procurement and sales strategies to mitigate potential impacts [2] - The rainy season in Fiji significantly affects surface construction but has minimal impact on underground operations, with the company implementing strategies to mitigate associated risks [3]