记者丨董鹏 编辑丨骆一帆 未来几年，除了5000亿市值的紫金矿业以外，"紫金系"很可能会再增紫金黄金国际、藏格矿业 两家千亿级别的上市平台。 上周末，藏格矿业发布了紫金矿业入主后的首份半年报。当期，该公司在实现16.8亿元营收的 基础上，扣非后净利润达到18.1亿元，同比增长41.55%。 其中关键，便在于巨龙铜业为其贡献的12.64亿元投资收益，这构成了上市公司当期利润的主 要来源。 更为重要的是， 后续藏格矿业还有其他明确的项目增量。 短期内，包括计划2025年底投产的巨龙铜业二期，投产后其年产量有望翻倍增加至30-35万 吨，中远期则有已经获得采矿许可的麻米错项目、处于"探转采"阶段的老挝钾盐项目。 "2025年7月，老挝发展就地下开采系统充填研究攻关召开启动会，紫金集团副总工程师带队攻 关，项目科研与前期工程正按计划推进。"藏格矿业在业绩说明会上指出。 后续，随着以上项目产能的释放，将显著增厚公司利润规模，近期部分卖方研究员已将其2026 年利润预期值上调至61亿元左右。 截至目前， 藏格矿业总市值已经升至750亿元，如若上述盈利预期能够兑现，后续公司确实存 在冲刺千亿市值的可能性。 此外，加上总资产 ...

Core Viewpoint - The "Zijin System" is expected to expand with the potential addition of Zijin Gold International and Cangge Mining, both of which could reach a market capitalization of 100 billion yuan in the coming years, alongside Zijin Mining's current market cap of 500 billion yuan [2][12]. Company Performance - Cangge Mining reported a revenue of 1.68 billion yuan and a net profit of 1.81 billion yuan for the first half of the year, marking a year-on-year increase of 41.55% [2]. - The primary source of profit for Cangge Mining was the investment income from Jilong Copper, contributing 1.264 billion yuan to the company's earnings [5][6]. Future Projects and Growth Potential - Cangge Mining has several projects in the pipeline, including the second phase of Jilong Copper, which is expected to double its annual production capacity to 300,000-350,000 tons by the end of 2025 [3][10]. - The company has also received mining permits for the Mali Cuo project and is in the "exploration to production" phase for the Laos potassium salt project, indicating significant future growth potential [3][8]. Market Performance - Despite a general decline in lithium stocks since 2022, Cangge Mining's stock has increased by approximately 72% year-to-date, with a recent peak price of 48.65 yuan, surpassing previous cycle highs [5][6]. - Analysts have raised profit forecasts for Cangge Mining, with expected profits for 2025 and 2026 adjusted to 3.56 billion yuan and 6.08 billion yuan, respectively [11]. Strategic Integration - Following the change of control to Zijin Mining, Cangge Mining is undergoing governance reforms to enhance management efficiency and integrate into the Zijin system [7][8]. - The integration is expected to improve Cangge Mining's asset scale, resource reserves, and management effectiveness, leveraging Zijin Mining's experience [7][9]. Market Outlook - The combined market capitalization of the "Zijin System," including Zijin Mining, Zijin Gold International, and Cangge Mining, is becoming clearer, with the potential for significant valuation increases as projects come online and profits grow [12].