孙勇在致辞中表示，当前，新能源新材料产业正迎来爆发式增长的黄金时期，期现联动已成为推动产业升级的必然趋势，南沙正全力推动"产业+金融"深 度融合，着力构建大宗商品贸易产业集聚区，已成功汇集超过30家以大宗商品贸易为主体的优质企业。为推动期货与实体经济深度融合，南沙正倾力打造 全国首个期货金融全要素产业园，邀请期货机构及产业企业集聚南沙、扎根南沙，南沙将以优质政策、高效服务、坚实保障，为企业发展提供全周期服 务，共同探索期现联动新路径，共享大湾区发展红利。 曹子海在致辞中表示，广州期货交易所自设立以来，以服务绿色发展为己任，构建新能源金属板块，先后上市了工业硅、碳酸锂、多晶硅、铂、钯期货及 期权等10个品种，为光伏、锂电、汽车尾气处理、风电、氢能等行业的稳健发展提供有力支持。在各方支持下，新能源金属期货板块市场功能逐步发挥， 国际影响力初现端倪。未来，广期所将立足服务实体经济的根本宗旨，继续坚持以服务绿色发展为抓手，根据产业实际，丰富新能源新材料产业相关品种 布局，不断加大市场培育服务力度，加强市场监管，防范市场风险，更好服务绿色发展、服务粤港澳大湾区建设、服务"一带一路"倡议。 期货日报网讯（记者 刘威魁）近 ...

Investment Rating - The investment rating for the company is "Outperform the Market" [6][36]. Core Views - The company reported strong performance in Q3, with revenue of 254.2 billion yuan, a year-on-year increase of 10.33%, and a net profit attributable to shareholders of 37.864 billion yuan, up 55.45% year-on-year [1][9]. - The successful listing of Zijin Gold International on the Hong Kong Stock Exchange is expected to enhance the company's valuation [3][30]. - The company has completed several significant acquisitions this year, including the Akyem Gold Mine in Ghana and the Raygorodok Gold Mine in Kazakhstan, which are expected to contribute positively to future production and profitability [3][29]. Financial Performance - For the first three quarters, gold production reached 64.95 tons, a year-on-year increase of 19.68%, while copper production was 829,900 tons, up 5.12% year-on-year [2][11]. - The unit operating costs for gold, copper, zinc, and silver have increased, indicating rising cost pressures [2][17]. - The company’s gross margin for core mineral products was 60.62%, reflecting a year-on-year increase of 2.91 percentage points [19]. Earnings Forecast - The earnings forecast has been revised upward, with projected revenues for 2025-2027 at 377.8 billion, 425.7 billion, and 445.6 billion yuan, respectively, representing year-on-year growth rates of 24.4%, 12.7%, and 4.7% [4][36]. - The net profit attributable to shareholders is expected to reach 51.483 billion, 63.559 billion, and 69.864 billion yuan for the same period, with growth rates of 60.6%, 23.5%, and 9.9% [4][36]. Market Position and Strategy - The company is positioned as a core player in the domestic non-ferrous metal sector, with a rich reserve of mineral resources and an accelerating internationalization process [4][36]. - The strategic focus on green metal and new energy minerals, along with significant acquisitions, is expected to provide a solid resource base for sustainable development [29][30].

Group 1 - The core point of the news is that Sichuan Xingdong Investment Group Co., Ltd. acquired a 29.9% stake in Guangdong Jingyi Metal Co., Ltd. for 1.086 billion yuan, changing the company's controlling shareholder to the state-owned assets supervision and administration office of Meishan City Dongpo District [1][12] - The acquisition is significant as it marks the first instance of a county-level state-owned enterprise in Sichuan acquiring control of a listed company in 2023, enhancing the capital liquidity and operational efficiency of state-owned capital in the region [12] - The auction for the shares was highly competitive, with 32,000 participants and 77 bids, ultimately resulting in a price approximately 40% higher than the starting bid [7][12] Group 2 - Guangdong Jingyi Metal Co., Ltd. reported a revenue of 3.754 billion yuan in 2024, representing a year-on-year increase of 38.43%, and a net profit of 27.7 million yuan, up 15.57% [5] - The company has a solid asset structure, with total assets of 2.088 billion yuan and a debt ratio of 35.03%, indicating a safe financial leverage position [5] - The cash flow situation is healthy, with a net increase in cash and cash equivalents of 158 million yuan, and a year-end cash balance of 353 million yuan [6] Group 3 - The company operates in a traditional industry but maintains a robust fundamental performance, benefiting from the growing demand for copper materials in the renewable energy sector [4] - The company has established itself as a strategic supplier for leading enterprises such as Gree and Midea, with its products widely used in refrigeration, communications, and new energy sectors [5] - The acquisition allows the state-owned enterprise to leverage capital market resources to integrate industrial resources in new energy and intelligent manufacturing sectors [12]

Investment Rating - The investment rating for the company is "Outperform the Market" [5][35]. Core Views - The company's revenue for the first half of the year reached 167.71 billion yuan, a year-on-year increase of 11.50%, while the net profit attributable to shareholders was 23.29 billion yuan, up 54.41% year-on-year. The significant growth in gold production and prices contributed to this performance [1][9]. - The company plans to spin off its overseas gold mining assets into a separate entity, which is expected to enhance its valuation and facilitate rapid expansion in overseas gold operations [2][30]. Summary by Sections Financial Performance - In Q2 2025, the company achieved revenue of 88.78 billion yuan, a year-on-year increase of 17.38% and a quarter-on-quarter increase of 12.49%. The net profit attributable to shareholders was 13.13 billion yuan, up 48.75% year-on-year and 29.10% quarter-on-quarter [1][9]. - The company’s core mineral product output for the first half of the year included 41.19 tons of gold (up 16.3% year-on-year) and 566,900 tons of copper (up 9.3% year-on-year) [1][13]. Cost Management - The unit operating cost for gold was 261.97 yuan per gram, an increase of 15.41% year-on-year. The company is focused on strict cost control and enhancing management efficiency [2][16]. Dividend Policy - The company plans to distribute a mid-term cash dividend of 2.2 yuan per 10 shares (tax included), totaling approximately 5.847 billion yuan, which accounts for 25.10% of the net profit attributable to shareholders for the first half of the year [2][25]. Strategic Initiatives - The spin-off of the overseas gold segment is a significant strategic move, expected to create a dedicated platform for overseas gold operations and lead to a revaluation of the company's overall business structure [2][30]. - The company is actively pursuing international expansion and diversification into new energy materials, aiming to position itself among the top global mining enterprises [3][35]. Financial Forecast - The company’s revenue projections for 2025-2027 are 365.1 billion yuan, 381.7 billion yuan, and 400.5 billion yuan, with corresponding net profits of 46.06 billion yuan, 52.66 billion yuan, and 58.48 billion yuan [3][36].