中国钢铁产业在全球铁矿石市场上的崛起，是一部充满博弈与变革的史诗。 曾几何时，澳大利亚的矿产资源以其高昂的售价，令人咋舌。而远在大洋彼岸的英国，也出现了令人颇感意外的景象，一些英国女性加入了澳大利亚矿业的 行列。 在加入世界贸易组织之后，中国的进口需求如潮水般涌来。2003年，中国进口了惊人的一亿四千八百万吨铁矿石，超越了日本，成为全球最大的进口国。日 本早已与澳大利亚的矿业巨头力拓、必和必拓以及巴西的淡水河谷签署了长期合同，锁定了价格。 从2003年到2008年，铁矿石价格犹如坐上了过山车，年涨幅分别为8.9%、18.62%、71.5%、19%、9.5%和65%。在这短短几年间，中国为进口铁矿石多支付 了高达七千亿元人民币。 进口资质一度放开，曾有多达523家企业获得进口许可。然而，这却催生了市场的乱象：一些拥有长协价合同的代理商，以较低的价格拿到矿石，随后又高 价转售给小型钢厂，从中牟取暴利。小型钢厂不仅要承受高昂的矿石成本，还要面对日益严格的环保罚款。 为了整顿市场秩序，2005年2月28日，中国钢铁工业协会（中钢协）大幅缩减了进口资质企业数量，仅保留了118家，其中包括70家钢厂和48家代理商。然 而 ...

铁矿石周度观点 国泰君安期货研究所 张广硕（分析师） 投资咨询从业资格号：Z0020198 日期：2025年11月23日 Guotai Junan Futures all rights reserved, please do not reprint 铁矿观点：需求与宏观风偏双重压制，高估值压力较大 | | 最近一周切片数据 | | | | | YTD累计发运数据 | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 条目 全球发货量 | 当周值 3516.4 | 环比 447.4 | 同比 505.5 | 全球发货 | 46W2025 143203.7 | 46W2024 140376.7 | 累计同比 2827.0 | 累计同比% 2.0% | | | 澳发货量 | 1985.7 | 268.1 | 263.1 | 澳发货 | 82127.6 | 82326.5 | -198.9 | -0.2% | | | 巴发货量 | 847.9 | 122.2 | 11.7 | 巴发货 | 34940.7 | 34586.3 ...

海南矿业晚间公告，持股24.88%的股东海南海钢集团有限公司拟自公告披露之日起满15个交易日后的3 个月内（2025年12月12日～2026年3月11日），通过集中竞价减持公司股份不超过1500万股，占公司总 股本0.75%；若期间公司发生送红股、转增股本、增发新股或配股等除权事项，拟减持比例将进行相应 调整。目前海钢集团持股4.97亿股，均来源于IPO前取得。 ...

大中矿业再度涨停，6个交易日内录得4个涨停，累计涨幅为53.04%，累计换手率为28.67%。截至9:38， 该股今日成交量2318.23万股，成交金额7.91亿元，换手率1.80%。最新A股总市值达535.65亿元，A股流 通市值458.31亿元。 龙虎榜数据显示，该股因连续三个交易日内，涨幅偏离值累计达20%上榜龙虎榜1次，买卖居前营业部 中，机构净卖出5517.02万元，深股通累计净卖出4867.88万元，营业部席位合计净买入1.70亿元。 公司发布的三季报数据显示，前三季公司共实现营业收入30.25亿元，同比增长1.60%，实现净利润5.94 亿元，同比下降10.28%，基本每股收益为0.3900元，加权平均净资产收益率9.08%。（数据宝） 近日该股表现 | 日期 | 当日涨跌幅（%） | 换手率（%） | 主力资金净流入（万元） | | --- | --- | --- | --- | | 2025.11.19 | 4.77 | 6.92 | -13989.99 | | 2025.11.18 | -0.23 | 9.12 | -44790.43 | | 2025.11.17 | 10.01 | 5. ...

智通财经APP讯，新矿资源(01231)发布公告，集团于截至2025年9月30日止9个月期间取得未经审核净亏 损;及集团预期截至2025年12月31日止年度取得净亏损约220万美元，而截至2024年12月31日止年度取得 净亏损约30万美元。 此外，如公司于较早前日期为2025年10月24日的公告所披露，Koolan Iron Ore Pty Limited (Koolan)的 Koolan Island作业区主矿坑东侧下盘发生重大落石事故。集团已获通知，Koolan于落石影响区域的补救 工作及恢复采矿作业并不可行。因此，Koolan的采矿活动已经暂停，而Koolan含铁量预期低于55%的低 品位铁矿石仍可继续发货。集团最近亦获通知，若干原定于2025年第四季度进行的发货最近须予以延迟 或取消。集团现正与 Koolan就(其中包括)未来铁矿石供应及潜在补救工作(如有)进行磋商。于本公告日 期，有关磋商仍在进行中。本公司将继续密切关注事态发展，并于必要时适当采取进一步行动。 Koolan为与集团订立的长期赤铁矿供应协议项下的主要赤铁矿供应商。于2025年9月30日，集团确认根 据合同自Koolan购买赤铁矿矿石 ...

Group 1: Core Insights - Rio Tinto's iron ore profit margin is projected to decline from 81% in 2023 to 48% in 2026, indicating a significant shift in revenue sources as global steel demand decreases [1] - The copper business of Rio Tinto has shown substantial growth, with EBITDA reaching $3.105 billion in the first half of 2025, a 69% increase year-on-year, and now accounting for over 20% of the group's EBITDA [3] - BHP's copper production reached a record 2.017 million tons in the 2025 fiscal year, marking a 28% increase from the previous year, with copper contributing 45% to the group's EBITDA [3][5] Group 2: Company Strategies and Investments - BHP plans to invest between $7.3 billion and $9.8 billion for technological upgrades and new concentrator plants, aiming to stabilize copper production at around 1.4 million tons annually by 2031 [5] - Rio Tinto's key copper assets include the Oyu Tolgoi mine in Mongolia and the Escondida mine in Chile, with plans to expand copper resources significantly through various projects [6] - Vale's copper production is expected to grow, with a target of reaching 700,000 tons annually by 2030, reflecting the increasing focus on copper as a strategic asset [7] Group 3: Market Trends and Demand - The demand for copper is surging due to its applications in renewable energy, electric vehicles, and AI data centers, prompting mining companies to invest heavily in copper assets [9] - Despite a stable demand for iron ore, the supply is slightly increasing, indicating a potential shift in market dynamics as companies explore copper resources in various regions [9]

华夏卓越成长混合A（024928）基金经理为钟帅。 截至发稿，钟帅累计任职时间5年115天，现任基金资产总规模132.6亿元，任职期间最佳基金回报 172.61%， 任职期间最差基金回报-4.15%。 风险提示：市场有风险，投资需谨慎。本文为AI大模型自动发布，任何在本文出现的信息（包括但不 限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，不构成个人投资建 议。 责任编辑：小浪快报 11月18日，金岭矿业跌5.01%，截至发稿，报9.86元/股，成交1.04亿元，换手率1.74%，总市值58.70亿 元。 资料显示，山东金岭矿业股份有限公司位于山东省淄博市张店区中埠镇，成立日期1996年9月28日，上 市日期1996年11月28日，公司主营业务涉及铁矿石开采,铁精粉、铜精粉、钴精粉、球团矿的生产、销 售及机械加工与销售。主营业务收入构成为：铁精粉76.99%，球团9.03%，其他(补充)8.46%，铜精粉 5.10%，机械加工0.41%。 从金岭矿业十大流通股东角度 数据显示，华夏基金旗下1只基金位居金岭矿业十大流通股东。华夏卓越成长混合A（024928）三季度 新进十大流通股东，持有 ...

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - On November 11, 2025, the Simandou project held a grand commissioning ceremony. The first shipment of iron ore by the Weltrade fleet marked the full completion and official operation of the world - class Simandou mining and infrastructure integration project [6][11][49]. - Guinea is rich in mineral resources, especially bauxite and iron ore. The Simandou iron ore is the world's largest undeveloped high - grade iron ore with great potential. Its proven resources are about 5 billion tons, and the total resource is estimated to reach 10 billion tons [6][12][49]. - The commissioning of the Simandou project, led by domestic funds, will impact the global iron ore supply pattern. In the early stage of production ramp - up, the incremental contribution is limited. The combined output of the north and south blocks is expected to reach 20 million tons in 2026, and approach 80 million tons in 2028. The north and south blocks are conservatively estimated to reach full production in 2029 and 2030 respectively. The new capacity release may lead to lower prices, and the project is unlikely to impact the four major miners but may squeeze the share of non - mainstream miners with medium - high costs [7][36][50]. 3. Summary by Directory 3.1 Guinea's Rich Mineral Resources - Guinea, located in western Africa, is known as a "geological miracle" with rich minerals. In 2024, its GDP was $25.76 billion, with a 6% year - on - year increase. The mining industry accounted for 25% [12]. - Guinea is the world's second - largest bauxite exporter. In 2024, its bauxite reserves reached 7.4 billion tons, about 1/4 of the global total. In 2023, its bauxite production was 122.9918 million tons (up 19% year - on - year), and exports were 126.5877 million tons (up 24% year - on - year). Many international mining companies have invested in Guinea [13]. - Guinea also has abundant iron ore resources, with proven reserves of 19.9 billion tons in 2018 and an iron grade of 56% - 65%. Well - known iron ore projects include Simandou, Zogota, and Monts Nimba [14]. - China - Guinea economic and trade cooperation has deepened. China is Guinea's largest export destination and import source. By June 2025, there were 114 Chinese - funded enterprises in Guinea, mainly in the mining industry. In the first half of 2025, Chinese - funded enterprises contributed 96.2% of the incremental bauxite shipments. Chinese enterprises are also involved in engineering construction and infrastructure operation in Guinea [20][21][22]. 3.2 Basic Information of the Simandou Iron Ore Project - The Simandou mountain range in Guinea is rich in iron ore. The Simandou Iron Ore Project consists of the north block (mining areas 1&2) and the south block (mining areas 3&4), with a total resource of over 4.6 billion tons [23][25][26]. - The north block is jointly developed by the Winning Consortium (WCS) and Baowu Resources Group, with iron ore reserves of over 1.8 billion tons and an iron grade of about 65.5%. The south block is led by Simfer, with participation from Rio Tinto and China Aluminum Iron Ore Holdings, and has reserves of about 2.8 billion tons and an iron grade of 65.5% [26][27]. - The Simandou project's infrastructure includes a railway system over 600 kilometers long and a dual - hub port system. By September 2025, the SimFer port was in the final equipment commissioning stage, with an annual shipping capacity of 65 million tons [30][31]. - The Simandou ore is mainly hematite, with high grade and low impurities. The average iron grade is 65.5%, and the average aluminum and silicon contents are below 3% and 2% respectively. However, as the mining depth increases, the main mineral components will change, which may affect costs in the long term [34][35]. 3.3 Analysis of the Impact of Simandou's Commissioning on Iron Ore Supply - Although the Simandou project was successfully commissioned in November 2025, its current impact is more symbolic, and the incremental supply may not exceed 1 million tons. It is expected to gradually release production capacity during the 14th Five - Year Plan period. The combined output of the north and south blocks is expected to reach 20 million tons in 2026 and approach 80 million tons in 2028 [36]. - The Simandou project is expected to break the current pattern dominated by Australia and Brazil and form a new supply pattern of "Australia - Brazil - Africa". It also helps improve domestic resource supply security [41]. - New capacity release may lead to price decline. Referring to FMG's history, the new capacity of Simandou is unlikely to impact the four major miners but may squeeze the share of non - mainstream miners with medium - high costs, making the overall ore supply more abundant and testing the cost support of non - mainstream miners [41][42]. 3.4 Conclusion - The Simandou project was officially put into operation on November 11, 2025. Guinea is rich in mineral resources, and the Simandou iron ore has great advantages [49]. - The commissioning of the Simandou project will affect the global iron ore supply pattern. The output will gradually increase in the future, and the new capacity may lead to price decline and squeeze the share of non - mainstream miners [50].

铁矿周报 2025 年 11 月 17 日 铁水产量反弹 铁矿震荡运行 核心观点及策略 投资咨询业务资格 沪证监许可【2015】84 号 李婷 从业资格号：F0297587 投资咨询号：Z0011509 王工建 从业资格号：F3084165 投资咨询号：Z0016301 赵凯熙 从业资格号：F03112296 投资咨询号：Z0021040 何天 从业资格号：F03120615 投资咨询号：Z0022965 焦鹏飞 从业资格号：F03122184 投资咨询号：Z0023260 敬请参阅最后一页免责声明 黄蕾 从业资格号：F0307990 投资咨询号：Z0011692 高慧 从业资格号：F03099478 投资咨询号：Z0017785 1/11 ⚫ 需求端：上周钢厂因停产时间较长而复产，铁水产量 环比回升，目前略高于去年同期水平，预计后期窄幅 波动。上周247家钢厂高炉开工率82.81%，环比上周 减少0.32个百分点，同比去年增加0.73个百分点，日 均铁水产量 236.88万吨，环比上周增加2.66万吨， 同比去年增加0.94万吨。 ⚫ 供应端：上周海外发运量与到港量减少，但仍处于近 年偏高水平，港口库存仍保 ...

Core Insights - The West African country of Guinea is set to officially launch the world's largest and highest-quality iron ore project, the Simandou project, on November 11, 2025, marking a significant milestone in the global mining industry [1][2] - The project, with a total investment exceeding $20 billion, includes the construction of over 600 kilometers of new multi-purpose railway and supporting port facilities, with an expected annual export capacity of up to 120 million tons of iron ore [1][2] Project Development History - The development of the Simandou project can be divided into four stages, starting from 1997 when Rio Tinto acquired exploration rights, followed by a series of ownership changes and political challenges that delayed progress [4][5][6] - In 2010, Chinese companies began to enter the project, forming a joint venture with Rio Tinto, which marked the beginning of a new phase in the project's development [5] - The project saw a significant turning point in 2019 when BSG Resources relinquished its mining rights, leading to the formation of the winning alliance, which included several Chinese companies, and a successful bid of $14 billion [6][10] Strategic Implications - The successful launch of the Simandou project is expected to shift the global iron ore supply landscape from resource monopolization to diversified competition, providing China with low-cost resources and supply chain leverage [1][11] - The project is projected to supply 5% of the global iron ore market, with potential implications for China's iron ore import structure, which is currently heavily reliant on Australia [11][14] - The project represents a significant achievement for Chinese enterprises in global resource development, showcasing their ability to collaborate and compete on an international scale [14][15]