紫金矿业公布，根据中国会计准则计，第三季净利润146亿元人民币，每股盈利0.548元人民币，同比增 57%。首三季经常性净利润达347亿元人民币，相当于该行对2025年全年预估的69%，及市场预估的 73%。经常性业绩基本符合该行与市场预期。 该行指，基于全球大宗商品团队对铜价与金价上调预测，加上分拆紫金黄金国际(02259)及近期完成RG 金矿收购的影响，将紫金矿业2025至2027财年盈利预测上调1%至26%。 智通财经APP获悉，高盛发布研报称，预期紫金矿业(02899,601899.SH)在2025至2026年将维持强劲盈利 增长动能，实现约50%的年均复合增长率，主要受惠于金价和铜价上涨及产量增长。维持紫金矿业H 股/A股"买入"评级，H股目标价由30港元升至37.5港元，A股目标价由31元人民币升至37.5元人民币。 ...

高盛发表报告指，紫金矿业公布，第三季净利润146亿元，每股盈利0.548元，按年增57%。首三季经常 性净利润达347亿元，相当于该行对2025年全年预估的69%，及市场预估的73%。经常性业绩基本符合 该行与市场预期。该行指，基于全球大宗商品团队对铜价与金价上调预测，加上分拆紫金黄金国际及近 期完成RG金矿收购的影响，将紫金矿业2025至2027财年盈利预测上调1%至26%。 该行预期紫金矿业在2025至2026年将维持强劲盈利增长动能，实现约50%的年均复合增长率，主要受惠 于金价和铜价上涨及产量增长；H股目标价由30港元上调至37.5港元，A股目标价由31元上调至37.5元， 均维持"买入"评级。 ...

Core Viewpoint - Zijin Mining's Q3 2025 financial results exceeded market expectations, with a net profit of 37.864 billion yuan for the first three quarters, a year-on-year increase of 55.45%, significantly surpassing last year's total [1][2] Financial Performance - For the first three quarters of 2025, Zijin Mining achieved operating revenue of 254.2 billion yuan, a year-on-year growth of 10.33%, and a net profit of 37.864 billion yuan, reflecting a 55.45% increase [2] - The gross margin for mining companies was 60.62%, up by 2.91 percentage points year-on-year, while the overall gross margin was 24.93%, an increase of 5.40 percentage points [2] - In Q3 alone, the company reported operating revenue of 86.489 billion yuan and a net profit of 14.572 billion yuan, marking a year-on-year increase of 57.14% and a quarter-on-quarter growth of over 10% [2] Production and Sales - Zijin Mining's gold production reached 65 tons from January to September, a 20% increase year-on-year, significantly outpacing the industry average [2] - The average selling price of gold concentrate was 685.21 yuan per gram, up 41% year-on-year, while the average selling price of gold ingots was 746.43 yuan per gram, a 44% increase [2] - The company’s copper production for the first three quarters was 830,000 tons, a 5% year-on-year increase, although Q3 production saw a 6% decrease due to flooding at the Kamoa-Kakula copper mine in the Democratic Republic of Congo [3] New Projects and Investments - Zijin Mining announced an internal project approval for the Shapingou molybdenum mine with an estimated investment of approximately 7.206 billion yuan, targeting an annual production capacity of 10 million tons [4] - The Shapingou molybdenum mine was acquired in October 2022 and has a molybdenum resource of 2.1 million tons, with a design capacity of 10 million tons per year [4][5] - The development of the Shapingou molybdenum mine aligns with the company's strategic planning and positions it to become one of the largest molybdenum producers globally [5]

美联储降息对大宗商品价格或也形成一定支撑。国家金融与发展实验室特聘高级研究员、中国首席经济 学家论坛理事邵宇接受上海证券报采访时表示，美联储降息将导致美元指数下行，大宗商品价格上涨。 避险资产黄金和风险资产大宗金属、科技股的组合或具有配置价值。 固态电池板块今日震荡上行。截至9月19日上午收盘，赣锋锂业(002460.SZ)涨停，股价报52.82元，创两 年来新高，市值为1087亿元。华亚智能、厦钨新能、腾远钴业、天齐锂业、中一科技等跟涨。 消息面上，在9月19日举行的2025遂宁国际锂电产业大会上，工业和信息化部电子信息司二级巡视员吴 国纲在发言中表示，下一步，将强化锂电池技术创新引领，加快布局前瞻技术，加快固态电池、钠离子 电池、全气候电池、快充电池及关键材料的研发和产业化等。加强对锂电池企业全球化布局的指导，支 持国内企业联合出海，开拓国际市场等。 赣锋锂业2025年半年报显示，公司上半年营业收入为83.76亿元，同比下降12.65%；归母净亏损5.31亿 元，上一年同期亏损额为7.6亿元。 该公司表示，2025 年上半年，全球锂盐行业经历深度调整，受供需格局转变、锂产品市场波动的影 响，锂盐及锂电池产 ...

Core Viewpoint - The market shows a declining risk appetite for growth stocks, with a structural market trend where more stocks are declining than rising, influenced by expectations of interest rate cuts by the Federal Reserve and other catalysts [4][5]. Market Performance - A total of 1,926 stocks rose, indicating a structured market where declines outnumbered gains [5]. - The total trading volume in the two markets reached 2.52 trillion yuan, reflecting a 3.41% increase, with active trading sentiment among investors [6]. - The Shanghai Stock Exchange's trading volume growth outpaced that of the Shenzhen Stock Exchange [6]. Fund Flows - There is a net outflow of institutional funds while retail investors are seeing net inflows [7]. - Institutions are taking profits and reallocating their portfolios, focusing on sectors like electric machinery, small metals, and non-ferrous metals, while selling off previously high-performing sectors such as communication equipment and consumer electronics [8]. Sector Performance - The market is experiencing a shift in focus towards technology growth sectors (semiconductors/storage chips), cyclical commodities (non-ferrous metals), and policy-driven sectors (real estate, film and television) [5]. - Adjustments are primarily affecting large financial sectors (banks, insurance, securities) and certain consumer sectors (liquor) [5]. Investor Sentiment - As of September 12, 29.39% of investors increased their positions, while 21.90% reduced their holdings, with 48.71% remaining neutral [13]. - The sentiment indicates a mixed outlook for the next trading day, with a significant portion of investors uncertain about market direction [14][15].

Core Viewpoint - Minmetals Resources (01208) has seen a nearly 5% increase in stock price, attributed to strong mid-year performance with significant revenue and profit growth [1] Financial Performance - The company reported a revenue of $2.817 billion for the first half of the year, representing a 47% year-on-year increase [1] - Profit attributable to equity holders reached $340 million, marking a substantial 1511% increase compared to the previous year [1] - Revenue growth was driven by increased sales volume and rising commodity prices [1] Production and Market Factors - The profit increase was primarily due to enhanced copper production from three mines, along with rising market prices for copper, gold, silver, and zinc [1] - The unit cost at Las Bambas has decreased, contributing positively to the overall profit margins [1] Future Outlook - CCB International forecasts that the company's net profit will grow by 4% in the second half of 2025 [1] - A conservative estimate suggests a 10% semi-annual decline in copper production, with Las Bambas expected to see a 20% decrease based on annual guidance midpoint [1] - The company has sufficient buffer space in its guidance following road blockages related to mining in June and early July, indicating potential for annual production to exceed 400,000 tons if operations remain uninterrupted [1]

Group 1 - The recent surge in molybdenum prices is attributed to supply constraints caused by an accident at China Gold Group's Inner Mongolia mining company, which has led to a production halt, affecting approximately 3.9% of the country's molybdenum concentrate output [2][6][8] - Molybdenum prices have increased significantly, with domestic molybdenum concentrate prices rising from 3985 RMB/ton to 4285 RMB/ton, and molybdenum iron prices increasing from 252,500 RMB/ton to 276,500 RMB/ton, marking a 9.5% rise over four days [6][10] - The demand for molybdenum iron remains stable, with a 10.47% year-on-year increase in domestic bidding volume for molybdenum iron, and a 15% increase in the production of duplex steel in the first half of the year [7] Group 2 - The steel industry is facing multiple cost pressures, leading to a joint statement from major steel companies condemning irrational market speculation and calling for a return to fundamental pricing based on supply and demand [4][10] - The rising prices of raw materials, including iron ore and coke, have prompted the China Coking Industry Association to recommend further price increases to alleviate operational difficulties in the industry [3][12][13] - The joint statement from leading steel companies highlights the conflict between upstream molybdenum prices and downstream steel production costs, emphasizing the need for a balanced approach to pricing [10][12]

Core Viewpoint - The recent decline of the US dollar index, which has dropped over 10% this year and reached a low of 96.9923, is attributed to factors such as the weakening of dollar credit, changes in global geopolitical situations, and negative impacts from tariff policies on the US economy [1][3]. Group 1: Impact on Commodities - The decline in the US dollar index typically correlates with an increase in commodity prices, particularly for globally traded commodities priced in dollars [3]. - Specific commodities like copper, aluminum, and platinum have seen significant price increases this year, benefiting from the depreciation of the dollar [4]. - Precious metals, including gold and silver, have experienced substantial gains, with both rising over 20% this year due to the favorable conditions created by the falling dollar index [4]. Group 2: Impact on Stock Markets - The weakening dollar index tends to have a positive short-term effect on the US stock market, especially for export-oriented US companies that gain a price advantage in international markets [4]. - The depreciation of the dollar also encourages liquidity to flow towards non-US markets, potentially boosting their stock performance [4]. Group 3: Impact on Bond Markets - The effects of the declining dollar index on the bond market are complex, with expectations of potential interest rate cuts by the Federal Reserve providing a bullish outlook for US Treasuries [4]. - However, inflationary pressures from tariff policies may negatively impact US bonds, leading to a mixed performance in the bond market [4]. - Historical data indicates that during periods of dollar index decline, bonds tend to perform weaker compared to other asset classes, with significant selling pressure observed in long-term bonds [5]. Group 4: Historical Analysis and Future Outlook - Historical analysis shows that during past declines of the dollar index, precious metals and financial commodities like copper have benefited the most, followed by US and Hong Kong stocks, and then US bonds [5]. - Given the current trend of the dollar index, there is an expectation that investments in gold, silver, and undervalued commodities, as well as core stocks in Hong Kong, may yield significant benefits [5].