格隆汇11月17日丨露笑科技(002617.SZ)在投资者互动平台表示,公司有部分库存铜，铜价上涨对公司该 部分库存铜有利。 ...

每经AI快讯，11月13日，LME伦铜向上触及11000美元/吨，最新报11005.3美元/吨，日内上涨0.56%。 ...

*此图由AI生成 作者| 史大郎&猫哥 来源| 是史大郎&大猫财经Pro 今年国际铜价涨了不少，已经突破86000元/吨，AI、新能源车的需求大涨，供应不足，只能涨价，而跟 铜沾边的公司，今年的净利润纷纷大涨。 | 大猫财经Pro | | | | | 0 . . | | --- | --- | --- | --- | --- | --- | | 期货LME伦铜价格 | 沪铜期货主连价格 | | 沪铜期货2412价格 | | 沪铜期货2503价格 | | 10761.5 ↑ | 86350 1 | | 74870 1 | | 80350 1 | | +98 +0.919% | +920 +1.0769% | | +190 +0.2544% | | +450 +0.5632% | | 今日现货铜价 | | | | | 更多 > | | 名称 | 价格范围 | 均价 | 照跌 | 单位 | 目期 | | 长江或货制设 | 06698 - 09658 | 85970 | +450 | 元/吨 | 2025-11-06 | | 上海今日铜价 | 85660 - 86330 | BEGGBB | +660 | 元/吨 | ...

Core Viewpoint - Morgan Stanley has resumed coverage of Zijin Mining (601899)(02899) with an "Overweight" rating and a target price of HKD 46.1, highlighting the company's unique position due to growth in copper and gold production, effective cost control, and attractive valuation [1] Group 1: Company Performance - Zijin Mining has recorded growth in both copper and gold production, which is a key factor in its positive outlook [1] - The company is noted for its effective cost control measures, contributing to its competitive advantage in the market [1] Group 2: Market Outlook - Morgan Stanley anticipates a significant widening of the copper supply-demand gap by 2026 due to three major copper mine incidents this year leading to production halts [1] - The current copper prices are expected to have substantial upside potential, driven by the anticipated supply constraints [1] - The firm is also optimistic about gold price trends, projecting that gold could reach USD 4,500 per ounce by mid-next year [1]

Group 1 - The core viewpoint of the report is that due to three copper mine incidents globally this year, the supply-demand gap for copper is expected to widen by 2026, indicating significant upward potential for copper prices [1] - Morgan Stanley identifies Zijin Mining as the best choice in the sector, with an expected compound annual growth rate (CAGR) of 10.5% for copper production and 7.3% for gold production from 2025 to 2028 [1] - The company has effective cost control measures, utilizing advanced autonomous geological exploration technology and self-developed equipment, resulting in average mining costs significantly lower than industry levels [1] Group 2 - Morgan Stanley has initiated coverage on Zijin Mining with a target price of HKD 46.1 for H-shares and CNY 42.2 for A-shares, both rated as "Buy" [1] - The firm anticipates an increase in copper prices in 2025 and 2026, while gold prices may rebound after recent adjustments, with a forecast of reaching USD 4,500 per ounce by mid-2026 [1]

Core Viewpoint - Copper stocks have risen, driven by news of Glencore's plans to close its smelter and copper refining plant in Quebec, Canada, due to environmental issues and high renovation costs. This is expected to widen the supply-demand gap, leading to higher copper prices in the future [1] Group 1: Market Reaction - Jiangxi Copper (600362) shares increased by 3.42%, reaching HKD 30.88 [1] - China Nonferrous Mining (01258) shares rose by 2.27%, reaching HKD 13.57 [1] - Luoyang Molybdenum (603993) shares gained 1.75%, reaching HKD 15.72 [1] Group 2: Supply and Demand Dynamics - Citic Securities reports that the supply-demand gap for copper is expected to widen, with copper prices potentially reaching new peaks by 2026 [1] - Major copper mining companies experienced a nearly 5% year-on-year decline in production in Q3 2025, with Q4 expected to continue this contraction [1] - Domestic refined copper supply is anticipated to shrink due to raw material shortages and stable demand, leading to a moderate reduction in domestic inventory [1] Group 3: Future Price Projections - The global refined copper supply gap is projected to widen by 50% next year due to low supply and steady demand [1] - LME copper prices are expected to demonstrate upward elasticity, potentially exceeding USD 10,000 per ton [1] - The copper sector is recommended for investment opportunities based on these dynamics [1]

Core Viewpoint - Copper stocks have risen due to supply concerns following Glencore's planned closure of its smelter and copper refinery in Quebec, Canada, driven by environmental issues and high renovation costs [1] Group 1: Company Performance - Jiangxi Copper Co. (00358) increased by 3.42%, trading at HKD 30.88 [1] - China Nonferrous Mining (01258) rose by 2.27%, trading at HKD 13.57 [1] - Luoyang Molybdenum (03993) gained 1.75%, trading at HKD 15.72 [1] Group 2: Market Analysis - Citic Securities reports that the supply-demand gap for copper is expected to widen, with copper prices potentially reaching new highs by 2026 [1] - Major copper mining companies experienced a nearly 5% year-on-year decline in production in Q3 2025, with Q4 expected to continue this contraction [1] - The anticipated raw material shortage and potential "anti-involution" factors are likely to contribute to a reduction in domestic refined copper supply in Q4, alongside stable demand [1] Group 3: Price Forecast - Global refined copper supply gap is projected to widen by 50% next year due to low supply and steady demand [1] - LME copper prices are expected to exceed USD 10,000 per ton, reflecting significant upward elasticity [1] - The copper sector is recommended for investment opportunities based on these market dynamics [1]

中信证券研报指出，在存量项目接连发生重大扰动、增量项目遭遇瓶颈的背景下，Q3全球主要铜矿企 业产量同比下降近5%，Q4有望延续收缩。原料短缺以及潜在"反内卷"将助力Q4国内精炼铜供给收缩， 叠加需求平稳，国内库存有望温和去化，而明年供给低迷以及需求稳健将助力全球精炼铜供给缺口拉阔 50%，LME铜价有望在10000美元/吨以上充分展现向上弹性。推荐铜板块配置机遇。（中信证券研究） ...

Group 1 - The core viewpoint of the article highlights that international copper prices have reached a new high, leading to a collective rise in Hong Kong copper stocks, with Jiangxi Copper Co. rising over 6% and other companies also experiencing significant gains [1] - The London Metal Exchange (LME) copper futures hit a historical high due to increasing global mining supply constraints, with copper prices rising 8.86% this month and 27.38% year-to-date, driven by production disruptions at major copper mines [1] - Mining giant Glencore has lowered its 2025 copper production forecast to 850,000 to 875,000 tons, down from a previous estimate of 850,000 to 890,000 tons, intensifying market concerns over supply tightness [1] Group 2 - Anglo American reported a 9% year-on-year decline in copper production for the first nine months of the year, indicating ongoing pressure on global mining supply [1] - Analysts from ANZ Bank noted that in addition to supply-side factors, the increase in European automobile sales also contributes positively to demand for copper [1] - The article provides specific stock performance data for various companies, including Jiangxi Copper Co. at 34.840 with a 6.15% increase, Minmetals Resources at 7.150 with a 4.23% increase, and others [1]

Core Insights - The company reported a revenue of 21.72 billion yuan for Q3 2025, a year-on-year increase of 23.0%, with a net profit attributable to shareholders of 1.70 billion yuan, up 0.1% year-on-year [1] - The copper segment of the company showed stable production, with a copper output of 101,800 tons in the first half of 2025, and ongoing expansion projects [2] - Global copper supply growth has been revised down, leading to a continuous rise in copper prices, which is expected to benefit the company's future performance [3] - The company announced plans to acquire a gold mine in the Democratic Republic of the Congo for 1.35 billion yuan, expanding its business footprint [4] - The company is advancing projects globally, including nickel production in Indonesia and copper capacity expansion in the Democratic Republic of the Congo [5] - Due to the steady rise in copper prices, the company has adjusted its revenue and profit forecasts for 2025-2027, indicating strong growth potential [6] Financial Performance - For Q3 2025, the company achieved a revenue of 7.91 billion yuan, a year-on-year increase of 26.7%, but a quarter-on-quarter decrease of 2.8% [1] - The net profit for Q3 2025 was 650 million yuan, up 11.3% year-on-year but down 14.8% quarter-on-quarter [1] - The adjusted revenue forecasts for 2025, 2026, and 2027 are 31.798 billion yuan, 34.433 billion yuan, and 37.180 billion yuan, respectively, with year-on-year growth rates of 23.6%, 8.3%, and 8.0% [6] Copper Segment Insights - The company’s copper production in the first half of 2025 was 46,600 tons, with stable operations in its copper-cobalt smelting projects [2] - The copper output from the Karongwe project was affected by insufficient rainfall, resulting in a production of 23,300 tons [2] - The global copper supply growth is expected to be only 420,000 tons in 2025, with a significant downward revision, indicating a tight supply situation [3] Acquisition and Expansion - The company plans to acquire 100% of the issued shares of Loncor, which owns 85% of the Adumbi gold mine in the Democratic Republic of the Congo, with a resource estimate of 123.7 tons of gold [4] - The planned processing capacity for the new gold mine is 3.6 million tons per year [4] Global Project Development - The company is optimizing production processes and enhancing resource utilization in its nickel segment in Indonesia to mitigate market challenges [5] - The copper capacity expansion project in the Democratic Republic of the Congo is progressing, with total copper capacity expected to reach 120,000 tons per year after completion [5]