证券日报网12月5日讯中金岭南（000060）在12月5日回答调研者提问时表示，截至2024年年底，公司所 属矿山保有金属资源量锌713万吨，铅366万吨，铜143万吨，银6607吨，金90吨，镍9.24万吨，镓717 吨，锗240吨，钨1.65万吨。公司以资源优先战略为引领，加快建设具有全球竞争力的有色金属全产业 链国际矿冶集团。公司拥有亚洲大型铅锌银矿山凡口铅锌矿及多座在产铅锌矿山，是国家铜铅锌战略资 源重要保障力量；作为广东省有色金属全产业链协同发展的头部矿冶集团，公司深耕省内关键资源，成 功摘牌"韶关万侯钨银多金属矿探矿权""广东省新兴县天堂铅锌铜多金属矿普查探矿权"等多个优质矿 权，并通过自有矿权"增储上产"，持续推动广东省有色金属资源开发利用水平提升。2025年10月，公司 凡口铅锌矿资源整合I期采矿工程开工建设。项目稳产达产后，将进一步延长矿山服务年限，提升中金 岭南铅、锌、镓、锗、银等有价金属的供给能力。 ...

证券代码：000060 证券简称：中金岭南 深圳市中金岭南有色金属股份有限公司 投资者关系活动记录表 今年以来，中金岭南深入践行 FAITH 经营理念，以"增资源、优结构、 强战新"为主线，内外发力提质增效，强力推进深化改革，深入开展科技 创新，加快优化产业结构，保持了稳中向好、稳中提质的发展态势。前三 季度，中金岭南实现营业总收入 485.05 亿元，同比增长 11.81%；实现归母 净利润 8.41 亿元，同比增长 5.18%。 3、请介绍公司未来发展战略。 公司秉承高效集约、绿色高端、安全智能、以人为本、融合发展的基 本要求，提出"一体两翼"新战略。"一体"即掌握丰富金属资源的行业头 部企业，"两翼"即：大力发展铜铅锌冶炼及精深加工产业，大力发展金、 银、镓、锗、铟、硒、碲、铋、铂、钯、铑等稀有稀散稀贵金属及新材料 精深加工产业，加快形成新质生产力，为国家供应链安全作贡献。公司坚 持"外延发展"与"内涵发展"并举，坚持"聚焦主业+资本运营"双轮驱 动，以项目建设、投资并购、资本运作为抓手，不断完善产业链布局，优 化产品结构，多措并举促进高质量、高效益发展。 编号：2025-08 投资者关系活动 类别 □ ...

智通财经APP获悉，中国银河证券发布研报称，近日，纽约联储主席威廉姆斯发表"就业下行风险增 加，通胀上行风险减弱，近期内存在进一步调整联邦基金利率目标区间的空间"的鸽派言论，叠加非农 报告数据显示劳动力市场潜在趋势依旧疲软后，市场对美联储12月降息的预期在上周重新升温。此外， 上周末中国铜原料联合谈判小组(CSPT)达成共识决定2026年度降低矿铜产能负荷10%以上，改善铜精矿 供需基本面。若冶炼端的减产发生或将使2026年的精铜供应更为紧张，进一步刺激铜价的上涨。 今年以来全球主力铜矿事故频发扰动生产，全球铜矿产量预期持续下调，连带明年铜矿产量仍具有较大 不确定性。全球铜矿原料紧缺背景下，2025年年底全球最大铜生产Codelco向中国冶炼厂买家提出2026 年精炼铜年度合约升水报价高达335-350美元/吨，较2025年的89美元/吨猛增超275%，矿冶矛盾激化。 中国银河证券主要观点如下： 近日，纽约联储主席威廉姆斯发表"就业下行风险增加，通胀上行风险减弱，近期内存在进一步调整联 邦基金利率目标区间的空间"的鸽派言论，以及美国9月非农就业报告显示劳动力市场潜在趋势依旧疲软 后，市场对美联储12月降息的预 ...

Group 1: Mineral Resources and Exploration - As of the end of 2024, the company holds metal resources including 7.13 million tons of zinc, 3.66 million tons of lead, 143,000 tons of copper, 6,607 tons of silver, 90 tons of gold, 92,400 tons of nickel, 717 tons of gallium, 240 tons of germanium, and 16,500 tons of tungsten [1] - The company is a key player in the national copper, lead, and zinc strategic resource sector, with significant mining operations in Asia, including the large-scale Fankou lead-zinc-silver mine [1] - The company has successfully acquired multiple high-quality mining rights in Guangdong Province, enhancing its resource development capabilities [1] Group 2: Production Plans and Output - In 2025, the mining sector plans to produce a total of 25.17 million tons of lead and zinc metals, with specific targets of 7.1 million tons of lead and 18.07 million tons of zinc [2] - The smelting sector aims to achieve a total output of 196.05 million tons of lead, zinc, and copper, including 92.54 million tons of zinc ingots and 31.49 million tons of copper [2] - The company plans to produce 196.05 million tons of industrial sulfuric acid in 2025, with 147 million tons produced by the end of Q3 2025 [2] Group 3: Industry Chain Advantages - The company has established a strategic layout focusing on resource-centric operations and the recycling of rare metals, enhancing its competitive edge in the green mining and deep processing of non-ferrous metals [2] - The integration of upstream and downstream operations in copper smelting is continuously being improved, focusing on the comprehensive recovery and high-purity preparation of rare metals [2] - The company aims to develop high-end, high-value products in the non-ferrous metal new materials sector, thereby increasing internal coherence, risk resistance, and profitability [2]

Group 1: Company Products and Applications - The company primarily produces lead ingots, zinc ingots, zinc alloys, cathode copper, silver, gold, gallium, germanium concentrate, industrial sulfuric acid, and sulfur [1] - Lead is mainly used in lead-acid batteries, lead materials, and lead alloys, while zinc is utilized in galvanizing, die-casting alloys, and batteries [1] - Cathode copper has extensive applications across various industries, including electronics, machinery, construction, and aerospace [1] Group 2: New Materials Sector - The company has entered the high-end new materials sector through internal innovation and acquisitions, with its subsidiary focusing on advanced materials [2] - In 2023, the company acquired a leading domestic enterprise in the hot bimetal sector, enhancing its position in composite metal materials [2] - Production figures for the first half of 2025 include 10,800 tons of battery zinc powder and 1,237 tons of hot bimetals [2] Group 3: Resource and Exploration Activities - The company prioritizes resource strategy and aims to build a globally competitive non-ferrous metal industry chain [3] - It holds significant mining assets, including the large-scale Fankou lead-zinc-silver mine and several others in Guangdong, Australia, and the Dominican Republic [3] - As of the end of 2024, the company has metal resources of 7.13 million tons of zinc, 3.66 million tons of lead, and 6,607 tons of silver [3] Group 4: Sulfuric Acid Production - The company produced 1.47 million tons of industrial sulfuric acid by the end of Q3 2025, with a target of 1.96 million tons for the entire year [4] Group 5: Future Development Strategy - The company emphasizes efficient, green, and intelligent development, proposing a new strategy of "one body and two wings" [5] - The strategy focuses on leading the industry with rich metal resources while developing deep processing of copper, lead, and zinc [5] - The company aims to enhance its production capabilities and contribute to national supply chain security through project construction and capital operations [6]

Core Viewpoint - The article discusses the key points of the "15th Five-Year Plan" proposed by the Central Committee, emphasizing a shift from a focus on quantity to quality in economic development, addressing both opportunities and challenges in the current global and domestic landscape [2][29]. Group 1: Situation Assessment and Main Goals - The next five years will see a profound impact on China's development due to global changes, with a focus on high-quality development amidst increasing uncertainties and risks [2][3]. - The guiding principles for the "15th Five-Year Plan" include prioritizing economic construction, high-quality development, and balancing development with security [3][4]. - Key goals include enhancing economic quality, significantly improving technological self-reliance, upgrading living standards, and strengthening national security [4]. Group 2: Corporate Sector - The corporate sector's focus will shift towards building a modern industrial system, emphasizing the transformation from traditional industries to stronger, more competitive sectors [5][6]. - New and future industries will be cultivated, with a focus on emerging sectors like renewable energy and advanced technologies, aiming for a diversified technological and commercial landscape [6][7]. - The integration of manufacturing and services will be prioritized, enhancing the overall competitiveness of the industrial system [7]. Group 3: Resident Sector - The plan emphasizes improving residents' quality of life through a combination of enhancing welfare and promoting consumption, aiming for a more sustainable and inclusive growth model [10][11]. - Key indicators for the resident sector include consumer spending, income growth, and labor remuneration, all interconnected to enhance overall economic resilience [11][12]. - Specific initiatives will focus on boosting consumption, advancing urbanization, and improving social welfare systems [12][13][14]. Group 4: Government Sector - The government will enhance macroeconomic governance by promoting effective market mechanisms and ensuring a proactive role in economic management [16][20]. - Key tasks include invigorating various business entities, improving the market allocation of resources, and enhancing fiscal sustainability [21][22]. - Financial reforms will be prioritized to strengthen the financial system and support the real economy, with an emphasis on risk management and regulatory improvements [23][24]. Group 5: Regional Policy - The plan aims to leverage the synergies of various regional development strategies to optimize spatial layouts and promote coordinated growth [25]. - Highlighting key growth areas, such as the Beijing-Tianjin-Hebei region and the Yangtze River Delta, will enhance regional competitiveness [25]. Group 6: External Circulation - The plan emphasizes a shift towards a more proactive and rule-based approach to international trade, aiming to enhance China's global competitiveness [26][27]. - Initiatives will focus on promoting trade innovation, fostering a balanced investment environment, and enhancing financial openness and the internationalization of the Renminbi [27][28].

Core Insights - The company reported a significant increase in revenue and profit for the first three quarters of 2025, with total revenue reaching 48.442 billion yuan, a year-on-year growth of 31.90%, and net profit attributable to shareholders at 2.945 billion yuan, up 7.80% [1][2] Financial Performance - The company achieved a record high quarterly revenue of 16.823 billion yuan in Q3 2025, representing a 43.20% year-on-year increase, and has maintained a net profit exceeding 1 billion yuan for two consecutive quarters [2] - The asset-liability ratio decreased by 1.69 percentage points to 57.92% compared to Q3 2024, indicating improved financial stability [2] Resource Acquisition and Expansion - The company successfully acquired exploration rights for the Chating copper polymetallic mine in Anhui province for 8.609 billion yuan, enhancing its resource reserves and positioning in the non-ferrous metals industry [3] - The company is actively engaged in resource exploration and project validation to strengthen its core business and expand its resource base [3] Market Outlook - There is a projected long-term supply shortage in copper due to declining ore grades and rising costs, with global refined copper demand expected to reach 33 million tons by 2035 [4] - The company aims to capitalize on the anticipated long-term upward trend in copper prices by expanding existing copper production capacity and exploring new copper resources [4]

Group 1: Resource and Mining Operations - The company prioritizes resource strategy, aiming to build a globally competitive non-ferrous metal industry chain, with significant holdings in major lead-zinc-silver mines in Asia [1] - As of the end of 2024, the company holds metal resources of 7.13 million tons of zinc, 3.66 million tons of lead, 143,000 tons of copper, 6,607 tons of silver, 90 tons of gold, 92,400 tons of nickel, 717 tons of gallium, 240 tons of germanium, and 16,500 tons of tungsten [1] Group 2: New Materials Sector - The company has entered the high-end new materials sector through internal innovation and external acquisitions, focusing on advanced materials such as high-performance powder materials and energy storage materials [2] - In 2023, the company acquired a leading domestic enterprise in thermal bimetals, rapidly entering the high-end composite metal materials market [2] Group 3: Future Development Strategy - The company adopts a "one body, two wings" strategy, focusing on mastering rich metal resources and developing deep processing industries for various metals and new materials [3] - The strategy emphasizes both external and internal development, aiming to enhance industrial chain layout and optimize product structure for high-quality growth [3] Group 4: Financial Performance (H1 2025) - In the first half of 2025, the company achieved a revenue of 31.089 billion yuan, a year-on-year increase of 1.54%, and a net profit of 559 million yuan, up 3.12% [4] - The company produced 125,400 tons of lead-zinc metal from its mining operations and 447,800 tons of copper-lead-zinc products from its smelting operations during the same period [4]

Group 1: Company Performance - In the first half of 2025, the company achieved an operating income of 31.089 billion yuan, a year-on-year increase of 1.54% [1] - The net profit attributable to shareholders was 559 million yuan, reflecting a year-on-year growth of 3.12% [1] - The company produced 125,400 tons of refined lead and zinc metals, with domestic mines contributing 76,000 tons [1] Group 2: Stock Issuance and Financial Strategy - The company plans to issue A-shares to raise no more than 1.5 billion yuan, aimed at supplementing working capital and repaying bank loans [2] - The funding from the controlling shareholder, Guangsheng Holdings Group, is expected to help reduce the asset-liability ratio and alleviate financial pressure [2] - The issuance is pending approval from the Shenzhen Stock Exchange and the China Securities Regulatory Commission, with uncertain timelines for approval [2] Group 3: Resource and Exploration Activities - The company prioritizes resource strategy, aiming to build a globally competitive non-ferrous metal industry chain [3] - As of the end of 2024, the company holds metal resources of 7.13 million tons of zinc, 3.66 million tons of lead, and 1.43 million tons of copper [3] - The company has successfully acquired several mining rights in Guangdong Province, enhancing its resource development capabilities [3] Group 4: New Materials Sector - The company has entered the high-end new materials sector through innovation and acquisitions, focusing on advanced materials [4] - Its subsidiary, Zhongjin Technology, specializes in high-performance powder materials and has received multiple national awards [4] - In 2023, the company acquired a leading domestic enterprise in the thermal bimetal sector, furthering its capabilities in composite metal materials [5]

Industry Insights - The supply-demand gap in the copper industry is expanding, indicating a long-term upward trend in copper prices [2] - The company is experiencing an increase in both copper production and prices, with the Yulong Copper Mine being a significant source of profit [2] - The third phase of the Yulong project is actively progressing [2] Company Analysis - Southwest Securities has issued a "buy" rating for Western Mining (601168.SH) with a latest price of 17.28 yuan [2]