【必和必拓CEO称铜牛市或在未来几年持续】12月18日，必和必拓CEO迈克·亨利指出，铜是"至关重 要"的金属。在需求激增但供应难以跟上的压力下，铜的牛市行情可能在未来几年持续。市场对"大宗商 品整体篮子"关注度上升，或也将支撑铜价。 本文由 AI算法生成，仅作参考，不涉投资建议，使用风险自担 ...

历史新高，又被刷新了——这次是铜。 当大宗商品的王者脱下"周期"的旧袍，换上一身"稀缺"的新装，市场才猛然惊醒：那个曾经被预言过无 数次的铜牛市，这一次可能是动真格的。从矿山的接连震颤，到全球电网的无声扩张，再到AI数据中 心如饥似渴的耗电需求，一场关于"红色金属"的供需革命，正撕开所有温和的预期。 资料来源：Wind 矿山的"心跳"： 供给的脆弱超乎想象 铜价的史诗级上涨，从来不是单一剧本。 2025年开年，美联储的降息信号像是点燃了第一把火。但真正的剧情转折，发生在那些远离金融中心、 深埋于地壳之下的矿洞里。 3月，故事还只是"矿端紧缺"的朦胧预期。但随后，地球仿佛对铜矿开了个残酷的玩笑： 5月24日，非洲的Kamoa-Kakula矿传来震动。不是市场波动，是真正的地质震动。东区井下作业被迫暂 停，这座巨型矿山全年产量计划被狠狠砍去近15万吨。市场第一次意识到，现代矿业在自然力量面前何 等脆弱。 7月31日，悲剧升级。智利，全球铜业心脏，Codelco旗下的El Teniente矿山发生矿震，六名矿工遇难。 受影响的矿区占该矿总产量的18%，而复产，可能需要漫长的三年。这笔账简单而残酷：直接影响产量 超过 ...

Core Viewpoint - Luoyang Molybdenum's Q3 2025 financial report shows record revenue and net profit, indicating strong growth momentum despite management changes and market challenges [2][4][9]. Financial Performance - The company achieved a revenue of 145.485 billion yuan and a net profit of 14.28 billion yuan in Q3 2025, marking a year-on-year profit increase of 72.61% [2][4]. - Year-to-date, the company's A-share price has risen by 166.25%, while its Hong Kong stock has increased by over 230% [4]. - Despite a 5.99% year-on-year decline in revenue, net profit increased significantly, with Q3 net profit reaching 5.608 billion yuan, a 96.40% year-on-year growth [4][5]. Operational Highlights - Copper remains the main revenue driver, with production reaching 543,400 tons, a 14.14% increase year-on-year [5]. - The company reported a gross profit margin of 54.07% for its copper business, reflecting a 1.73 percentage point increase year-on-year [5]. - The cobalt segment, despite a 36% drop in sales volume, saw a significant increase in gross margin to 63.46%, up 26.97 percentage points year-on-year [5]. Management Changes - Luoyang Molybdenum appointed Peng Xuhui as the new President and CEO, following the resignation of former President Sun Ruiwen [2][11]. - The new management team includes executives with extensive experience in mining and international acquisitions, indicating a strategic shift towards global expansion [10][11]. Strategic Initiatives - The company is pursuing a strategic transformation, including a recent acquisition of Lumina Gold for approximately 3.07 billion yuan, marking a return to the gold sector [2][4]. - A planned investment of 1.084 billion USD for the KFM Phase II project aims to add 100,000 tons of copper capacity annually [8][12]. Market Challenges - The recent changes in Congo's export policies, including a shift to annual export quotas, may impact Luoyang Molybdenum's overall shipment pace and revenue [13][14]. - The company faces challenges in cash flow efficiency, with a net cash ratio dropping to 0.96, indicating potential issues in converting profits into cash [6][8].