智通财经APP获悉，五矿资源(01208)盘中涨近3%，截至发稿，涨2.14%，报8.1港元，成交额2.01亿港 元。 汇丰研究又预计，五矿资源今年将实现全年约50万吨铜及约23万吨锌的产量指引，预计其2026年产量将 温和增长。但鉴于产量增长有限，盈利因铜价变动的敏感度仍相当高，预计铜价每变动1%，将导致 2026年盈利变动约1.7%。该行表示，由于第四季增长动能强劲，铜、锌产量稳定且金属价格走强，预 计五矿资源2026年产量将温和增长，Las Bambas矿区产量稳定，Kinsevere矿区的产量提升取决于电力供 应；又因铜基本面改善但短期上行空间有限，维持"持有"评级。 汇丰研究发布研报称，五矿资源的Las Bambas矿区在本季运作畅顺，预计今年第四季铜产量将超过10万 吨，且所有现场库存将于年底前售出。Kinsevere矿区的扩建按计划进行顺利，而随着新承包商运作趋 稳，Khoemacau矿区的产量预计将按季增加。Dugald River矿区和Rosebery矿区的表现则在本季保持稳 定，因大宗商品市场整体环境仍乐观，铜精矿供应紧张，锌价受季节性因素影响走高。 ...

Core Insights - Peru's copper production in September increased by 3.7% year-on-year, reaching 240,995 tons [1] - For the first nine months of 2025, Peru's copper production totaled approximately 2.048 million tons, reflecting a year-on-year growth of 2.7% [1] Summary by Category Copper Production - September copper production: 240,995 tons, up 3.7% year-on-year [2] - Cumulative copper production from January to September: 2,048,395 tons, up 2.7% year-on-year [2] Other Metals Production - Gold production in September: 9,314,156 grams, down 4.6% year-on-year [2] - Zinc production in September: 127,555 tons, down 13.0% year-on-year [2] - Silver production in September: 326,746 kilograms, down 6.3% year-on-year [2] - Lead production in September: 27,791 tons, up 2.8% year-on-year [2] - Tin production in September: 3,009 tons, up 2.5% year-on-year [2] Year-to-Date Performance - Year-to-date gold production: 80,475,617 grams, up 0.1% year-on-year [2] - Year-to-date zinc production: 1,117,876 tons, up 17.5% year-on-year [2] - Year-to-date silver production: 2,778,168 kilograms, up 8.3% year-on-year [2] - Year-to-date lead production: 233,191 tons, up 7.5% year-on-year [2] - Year-to-date tin production: 25,423 tons, up 3.2% year-on-year [2]