作者：牧龙闲人 这段时间，金价真的是杀疯了。 受全球经济动荡、地缘政治风险加剧等因素影响，国际金价一路飙涨，连续刷新历史纪录，现货黄金已突破1000元/克，连带着国内黄金零售价也水涨船 高。 截至1月6日，国内品牌金店的首饰金价整体再创新高，整体价格已经突破1370元大关。 有业内人士称，自己从业多年，从未碰到过这么牛的行情，"真是一天一个价，每天都在见证历史。" 面对不断上涨的金价，有人欢喜有人忧，要说最赚的，大概就是"中国金王"陈景河了。 ●陈景河 作为"中国第一大金矿"掌门人，陈景河带领的紫金矿业，从一个微不足道的县属小矿，昂首跻身金属矿企全球前三。 2026年1月1日，陈景河却发布了一封荣休告白，宣布即日起正式退休，为自己长达44周年的矿业生涯画上了句号。 在全球金价飙升的浪潮中，不少人艳羡，说他接住了泼天的富贵，就连退休都赶上了最好的时代。 其实，只有了解他的人，才知道他这一路走来是多么得不容易。 绝境逆袭，他的这波富贵，换个人恐怕还真接不住。 "亚洲第一爆" 黄金产量第一、黄金可利用资源量第一、采选规模第一等，是中国黄金协会授予的"中国第一大金矿"，也是世界级的特大金矿。 但就是这样一座"金山"， ...

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 来源：市值风云 躺赢。 作者 | 贝壳XY 编辑 | 小白 2025年金价一路狂飙，闭着眼睛都知道，巨头紫金矿业（601899.SH）一定赢麻了。 （来源：紫金矿业公告20251231） 业绩预告显示，公司2025年度归母净利润预计约510-520亿元，同比增长约59%-62%；扣非净利润预计 约475-485亿元，同比增长约50%-53%。 对于一家近万亿市值的巨头来说，这样的增速可谓大象起舞！ 量价齐升，多重利好叠加 2025年业绩爆发，直接驱动力是量与价共振。 量方面，公司去年陆续完成了加纳阿基姆金矿、藏格矿业控制权、安徽沙坪沟钼矿、哈萨克斯坦 Raygorodok金矿等重要项目的收购与交付，推动金、铜、锂、钼资源储量再上台阶，并新增了钾资源储 备。 新并购的加纳阿基姆金矿，新投产的新疆萨瓦亚尔顿金矿，稳产的巨龙铜矿、刚果金卡莫阿铜矿，复产 的波格拉金矿，以及处理量提升的贵州水银洞金矿、塞尔维亚博尔铜金矿等，共同推高矿产品产量。 2025年，公司矿产金约90吨，同比增加17吨；矿产铜约109万吨，同比增加2万吨；矿产银约437吨， ...

躺赢。 作者 | 贝壳XY 编辑 | 小白 2025年金价一路狂飙，闭着眼睛都知道，巨头紫金矿业（601899.SH）一定赢麻了。 业绩预告显示，公司2025年度归母净利润预计约510-520亿元，同比增长约59%-62%；扣非净利润预计约 475-485亿元，同比增长约50%-53%。 对于一家近万亿市值的巨头来说，这样的增速可谓大象起舞！ （来源：紫金矿业公告20251231） 量价齐升，多重利好叠加 2025年业绩爆发，直接驱动力是量与价共振。 量方面，公司去年陆续完成了加纳阿基姆金矿、藏格矿业控制权、安徽沙坪沟钼矿、哈萨克斯坦 Raygorodok金矿等重要项目的收购与交付，推动金、铜、锂、钼资源储量再上台阶，并新增了钾资源储 备。 新并购的加纳阿基姆金矿，新投产的新疆萨瓦亚尔顿金矿，稳产的巨龙铜矿、刚果金卡莫阿铜矿，复产 的波格拉金矿，以及处理量提升的贵州水银洞金矿、塞尔维亚博尔铜金矿等，共同推高矿产品产量。 前三季度，公司矿产金和矿产铜售价分别同比上涨44.42%、8.5%，推动利润空间上行。 | 项目 | | | 销售数量 | | | 单价 | | | 单位销售成本 | | 毛利率(%) | | ...

2025年前三季度，公司实现营业收入1454.85亿元，同比下降5.99%；归母净利润142.80亿元，同比增长 72.61%。其中，第三季度营收507.13亿元，同比下降2.36%，环比增长3.99%；归母净利润56.08亿元， 同比增长96.40%，环比增长18.69%。利润增长主要受益于产品价格同比上升，以及铜产品产销量增 加。 12月15日早上开盘前，矿业巨头洛阳钼业宣布拟10亿美元并购位于巴西的四个金矿，开盘后一度涨超 4%，今日收盘报17.93元／股，上涨1.99%，总市值3836亿元。 受益于铜等全球金属价格飙涨，2025年洛阳钼业股价已经上涨近200%，上周沪铜主连（CU888）一度 逼近95000元／吨的历史新高，沪金主连（AU888）也一度逼近1000元／克。 业内人士认为，黄金依然有上涨空间，本次交易符合公司以铜和金为主的投资并购战略规划，有利于进 一步增厚公司资源储备；不过也有业内人士提醒，无论是铜还是黄金，年内涨幅都比较大并创出历史新 高，一旦行情逆转的话就有"买在高点"的风险。 10亿美元收购巴西金矿 公告披露，洛阳钼业拟以10.15亿美元总对价收购加拿大Equinox Gold（ ...

2025.12.15 本文字数：2145，阅读时长大约4分钟 作者 |第一财经 李隽 洛阳钼业表示，本次交易完成后，标的资产 LatAm 和 LGC 将纳入公司合并财务报表范围。本次交易涉 及的四个金矿均为在产项目，是继凯歌豪斯金矿后，公司再次在南美布局的金矿项目。巴西金矿资源丰 富，地缘政治相对稳定，本次交易完成后，公司金的年产量预计达8吨。本次交易符合公司以铜和金为 主的投资并购战略规划，有利于进一步增厚公司资源储备。本次交易预计2026年第一季度完成，尚需通 过巴西反垄断机构及中国相关监管部门审批。 洛阳钼业属于有色金属矿采选业，主要从事有色金属的采、选、冶等矿山采掘及加工业务和金属贸易业 务。目前，公司主要业务分布于亚洲、非洲、南美洲和欧洲，是全球领先的铜、钴、钼、钨、铌生产 商，亦是巴西领先的磷肥生产商。 2025年前三季度，公司实现营业收入1454.85亿元，同比下降5.99%；归母净利润142.80亿元，同比增长 72.61%。其中，第三季度营收507.13亿元，同比下降2.36%，环比增长3.99%；归母净利润56.08亿元， 同比增长96.40%，环比增长18.69%。利润增长主要受益于产品 ...

Core Viewpoint - Luoyang Molybdenum Co., Ltd. announced a $1 billion acquisition of four gold mines in Brazil, aligning with its strategy focused on copper and gold, while benefiting from rising global metal prices [3][4][5]. Group 1: Acquisition Details - The acquisition involves a total consideration of $1.015 billion for 100% equity of four gold mines, including Aurizona, RDM, and Bahia, with $900 million as an upfront payment and up to $115 million contingent on gold sales in the first operational year [5]. - The transaction is expected to increase the company's annual gold production to 8 tons and is anticipated to be completed in Q1 2026, pending regulatory approvals [5][6]. Group 2: Financial Performance - For the first three quarters of 2025, the company reported revenues of 145.485 billion yuan, a year-on-year decrease of 5.99%, while net profit attributable to shareholders was 14.280 billion yuan, an increase of 72.61% [6]. - The third quarter saw revenues of 50.713 billion yuan, a year-on-year decline of 2.36%, but a quarter-on-quarter increase of 3.99%, with net profit rising 96.40% year-on-year [6]. Group 3: Market Context and Risks - Industry experts suggest that while gold prices may still have room to rise, the significant increases in copper and gold prices this year pose a risk of "buying at a high point" if market conditions reverse [3][9]. - The acquisition is viewed as a strategic move to diversify the company's asset portfolio, but concerns exist regarding the timing of such investments in a potentially peaking market [10][11].

公告披露，洛阳钼业拟以10.15亿美元总对价收购加拿大Equinox Gold（TSX: EQX，NYSE-A: EQX）位 于巴西的四个金矿100%权益，标的包括Aurizona金矿、RDM金矿及Bahia综合矿区（Fazenda金矿与 Santa Luz金矿），对价由9亿美元首付款及最高1.15亿美元或有付款构成，后者依据交割后首个运营年 度的黄金销量确定。 洛阳钼业表示，本次交易完成后，标的资产 LatAm 和 LGC 将纳入公司合并财务报表范围。本次交易涉 及的四个金矿均为在产项目，是继凯歌豪斯金矿后，公司再次在南美布局的金矿项目。巴西金矿资源丰 富，地缘政治相对稳定，本次交易完成后，公司金的年产量预计达8吨。本次交易符合公司以铜和金为 主的投资并购战略规划，有利于进一步增厚公司资源储备。本次交易预计2026年第一季度完成，尚需通 过巴西反垄断机构及中国相关监管部门审批。 洛阳钼业属于有色金属矿采选业，主要从事有色金属的采、选、冶等矿山采掘及加工业务和金属贸易业 务。目前，公司主要业务分布于亚洲、非洲、南美洲和欧洲，是全球领先的铜、钴、钼、钨、铌生产 商，亦是巴西领先的磷肥生产商。 2025年前三季度 ...

Investment Rating - The report initiates coverage with an "Accumulate" rating for the company [5] Core Views - The company has established a world-class resource moat through exceptional counter-cyclical acquisition capabilities and a governance structure combining private mechanisms with industrial resources [5] - The core copper-cobalt segment is experiencing capacity release and rising copper prices, with significant growth potential from the TFM and KFM mines in the Democratic Republic of Congo [5] - The diversified asset portfolio includes copper-cobalt, molybdenum-tungsten, niobium-phosphate, and gold, providing both high growth potential and safety margins [5] Summary by Sections Company Overview - The company is a global leader in the production of copper, cobalt, molybdenum, tungsten, and niobium, with operations across Asia, Africa, South America, and Europe [4][16] - It has undergone three ownership reforms since 2004, establishing a governance structure that is agile and well-suited for international competition [17][25] Copper-Cobalt Segment - The company acquired the TFM copper mine in 2016 and the KFM copper-cobalt mine in 2020, positioning itself as a major player in the global copper and cobalt markets [4][5] - The TFM mine is expected to reach an annual copper production capacity of 450,000 tons and cobalt production of 37,000 tons by 2024 [4] Molybdenum-Tungsten Segment - The domestic molybdenum-tungsten business provides stable cash flow and profit margins, with the potential for a strategic revaluation of tungsten prices due to limited supply growth [4][5] Niobium-Phosphate Segment - The acquisition of Brazilian niobium-phosphate assets has made the company the second-largest niobium producer globally, with production expected to exceed 10,000 tons in 2024 [4][5] Gold Segment - The company successfully acquired the Cangrejos gold mine in Ecuador, which is projected to become a significant profit contributor with substantial gold and copper reserves [7][5] Trade Business - The acquisition of IXM, a major global base metals trader, has enabled the company to integrate mining and trading operations, enhancing its market intelligence and operational synergies [7][5]

Summary of Poly Property Conference Call Company Overview - **Company**: Poly Property - **Industry**: Property Management Key Points Financial Performance - The basic property management segment maintained double-digit revenue growth, primarily benefiting from Poly Development's deliveries and third-party market expansion [2][3] - Non-owner value-added segments experienced revenue decline due to the real estate cycle, indicating significant pressure for the year [2][3] - The company achieved a net profit growth rate in line with guidance, but faced greater pressure relative to revenue growth [2][3] - The repayment rate from small owners declined significantly due to falling property prices, while public service and commercial office repayments remained generally controllable [3] Market Expansion - For the first three quarters of 2025, market expansion continued with double-digit growth, focusing on state-owned enterprises, commercial public services, and Samsung industrial clients [2][4] - The annual target for new contract amounts is set to be no less than 3 billion yuan [4][8] - The company reported a contract amount growth of approximately 17-18% in the first half of the year, with continued double-digit growth in the third quarter [3][8] Dividend Policy - No guidance for the 2025 dividend has been released yet, but the company aims to provide predictable and steady dividend returns in the long term [2][5] - The dividend payout ratio for 2024 is set at 50%, up from 25% in 2022 [5] Service Quality and Product Offering - The company is focusing on improving service quality by offering different products for various tiers of residential communities [6] - Upgrades to the customer service center and intelligent work order systems have been implemented to enhance response and service efficiency [6] Profitability and Margin Pressure - Despite an increase in property fees for new projects, the rapid growth of third-party properties has led to structural impacts on overall margins [3][14] - The basic property management segment has a relatively low gross margin, while community value-added services have the highest gross margin, but their revenue share is declining [14] - Profit margins are expected to remain under pressure in 2026, but a sharp decline is not anticipated [14] Cash Management and Investment Plans - The company plans to reserve approximately 3 billion yuan for three months of operational funds, with remaining funds allocated for technology investments and exploring new business lines [9][10] - The largest use of funds will still be for acquisitions, with the company actively seeking market targets to support future growth [10] Robotics and Technology Integration - The company is exploring the application of robotics in property management, with a focus on custom development to improve adaptability and cost-effectiveness [11] - Currently, a cleaning robot can replace 1 to 1.5 cleaning staff, but human assistance is still required [11] Future Business Planning - The company is in the process of formulating its "15th Five-Year Plan," with details expected to be shared in March of the following year [5] Non-owner Value-added Services - Non-owner value-added service revenue is closely related to upstream real estate development intensity, with a current contribution of only 5.9% to overall gross profit [15] Competitive Landscape - The company has strengthened its competitive advantage through the establishment of benchmark projects and a background in state-owned enterprises, particularly in the public service sector [13] This summary encapsulates the key insights from the Poly Property conference call, highlighting the company's financial performance, market strategies, and future outlook.

Core Viewpoint - Gold prices are at historical highs, benefiting gold mining companies like Zijin Mining, which reported a net profit of 37.8 billion yuan in the first three quarters of this year, surpassing its total profit for the previous year [2][5]. Company Performance - Zijin Mining's net profit for the first three quarters reached 37.864 billion yuan, a year-on-year increase of 55%, averaging over 4.2 billion yuan per month [5][7]. - The company has a market capitalization exceeding 800 billion yuan and is the only Chinese company in the global top ten gold mining firms, holding over 1,500 tons of gold reserves, which is 46% of China's total [2][3]. Market Position and Valuation - Despite strong performance, Zijin Mining's valuation remains lower than its peers, with a price-to-earnings ratio of around 14, compared to over 20 for global gold and copper mining companies [5][7]. - The company's overseas gold business has become a significant profit driver, contributing 6.484 billion yuan to profits [7]. Strategic Expansion - Zijin Mining has expanded its operations internationally, owning large mining bases in 16 countries, with overseas assets accounting for 47% of its total and contributing 52% to profits [8][9]. - The company has made strategic acquisitions, including the purchase of Continental Gold for 1.33 billion Canadian dollars, enhancing its resource base [10]. Cost Management - Zijin Mining emphasizes cost control, with a full sustaining cost of 1,458 USD per ounce, ranking among the lowest in the top 15 global gold mining companies [15]. - The company has successfully turned previously unprofitable mines into profitable operations through technological improvements and cost management [15]. Leadership and Governance - Chairman Chen Jinghe has led Zijin Mining for over 32 years, focusing on separating ownership and management to enhance decision-making efficiency [18][20]. - The company has a strong shareholder base, with significant investments from institutions like the Abu Dhabi Investment Authority [20]. Future Outlook - Zijin Mining aims to achieve a gold production target of 100-110 tons by 2028, supported by recent acquisitions like the Raygorodok gold mine in Kazakhstan [21].