Investment Rating - Industry rating: Recommended [8] Core Insights - The report highlights the production and sales performance of various aluminum and metal operations, indicating a mixed performance across different regions and products [2][4][6][7][9][10][11][15][17][18][20]. Production and Sales Summary - Worsley alumina production in Q4 2025 was 959,000 tons, a 10% decrease year-on-year but a 3% increase quarter-on-quarter, with sales of 985,000 tons, up 2% year-on-year and 12% quarter-on-quarter [2]. - Brazil alumina production in Q4 2025 was 355,000 tons, a 2% increase year-on-year and flat quarter-on-quarter, with sales of 387,000 tons, up 6% year-on-year and 17% quarter-on-quarter [4]. - Brazil electrolytic aluminum production in Q4 2025 was 37,000 tons, a 9% increase year-on-year and flat quarter-on-quarter, with sales of 45,000 tons, up 25% year-on-year and 55% quarter-on-quarter [6]. - Hillside electrolytic aluminum production in Q4 2025 was 181,000 tons, a 1% decrease year-on-year and flat quarter-on-quarter, with sales of 187,000 tons, down 3% year-on-year but up 11% quarter-on-quarter [7]. - Mozal electrolytic aluminum production in Q4 2025 was 90,000 tons, flat year-on-year and down 3% quarter-on-quarter, with sales of 62,000 tons, down 30% year-on-year and 38% quarter-on-quarter [9]. - Sierra Gorda copper mine produced 18,000 tons in Q4 2025, a 6% decrease year-on-year and a 2% decrease quarter-on-quarter, with sales of 19,300 tons, down 4% year-on-year but up 12% quarter-on-quarter [10]. - Cannington zinc mine produced 54,500 tons in Q4 2025, a 29% decrease year-on-year but a 13% increase quarter-on-quarter, with silver production of 242,000 ounces, down 35% year-on-year but up 17% quarter-on-quarter [11]. - Cerro Matoso nickel mine produced 5,600 tons in Q4 2025, a 43% decrease year-on-year and a 40% decrease quarter-on-quarter, with sales of 5,000 tons, down 44% year-on-year and 51% quarter-on-quarter [14]. - Australia manganese production in Q4 2025 was 806,000 wet tons, a 26% increase year-on-year but a 6% decrease quarter-on-quarter, with sales of 865,000 wet tons, down 8% quarter-on-quarter [15]. - South Africa manganese production in Q4 2025 was 506,000 wet tons, a 4% increase year-on-year and flat quarter-on-quarter, with sales of 546,000 wet tons, up 10% year-on-year [17]. Development Projects Update - The Hermosa project saw an investment of $338 million in growth capital expenditures in the first half of FY2026, focusing on the construction of the Taylor zinc-lead-silver project and exploration of the Clark battery-grade manganese deposit [18]. - The Ambler Metals project has a budget of approximately $35 million for FY2026, focusing on exploration and development activities for high-grade Arctic polymetallic deposits [20]. - Exploration projects in promising areas are being advanced with an investment of $15 million in the first half of FY2026, including $14 million for the Hermosa project [21].

Core Viewpoint - Citi's report indicates that Zijin Mining (02899) is expected to achieve steady production growth in the coming years through existing mine expansion plans and acquisitions, maintaining a "Buy" rating with a target price of HKD 39 [1] Production Guidance - Zijin Mining's production guidance for 2026 includes copper at 1.2 million tons, gold at 105 tons, lithium at 120,000 tons, zinc at 400,000 tons, silver at 520,000 tons, and molybdenum at 15,000 tons, representing year-on-year growth rates of 10%, 17%, 380%, flat, 19%, and 36% respectively [1] - The production targets for 2028 are set at copper between 1.5 to 1.6 million tons, gold between 130 to 140 tons, lithium between 270,000 to 320,000 tons, zinc between 400,000 to 450,000 tons, silver between 600 to 700 tons, and molybdenum between 25,000 to 35,000 tons, with changes compared to previous guidance showing flat growth for copper and zinc, an increase of 30 tons for gold, an increase of 20,000 tons for lithium, and flat for silver and molybdenum [1] Compound Annual Growth Rate (CAGR) - The compound annual growth rates from 2025 to 2028 for gold and copper are projected to be between 13% to 16% and 11% to 14% respectively, while lithium is expected to have a CAGR of 121% to 134% [1]

紫金公布其2026年至2028三年生产计划及至2035年的目标概要。2026年的生产指引为矿产铜120万吨、 金105吨、锂12万吨、锌40万吨、银52吨及钼1.5万吨，同比增长分别为10%、17%、380%、持平、19% 及36%。2028年的生产目标为矿产铜1.5至1.6百万吨、金130吨至140吨、锂27至32万吨、锌40至45万 吨、银600至700吨及钼2.5至3.5万吨，与此前指引相比，分别为持平、增加30吨、增加2万吨、减少15万 吨、持平及持平。意味着2025年至2028年间，矿产金和铜的年复合增长率分别为13%至16%及11%至 14%，而锂的年复合增长率预计为121%至134%。 花旗发布研报称，相信通过现有矿山的扩张计划及并购，紫金矿业（601899）(02899)的产量在未来几 年将持续稳健增长，维持首选推荐，目标价为39港元，评级"买入"。 ...

Core Viewpoint - Zijin Mining has announced its three-year production plan for major mineral products from 2026 to 2028, aiming to enhance its resource reserves and production capacity, with gold and copper output expected to rank among the top three globally by 2028 [1][3] Group 1: Production Plans and Goals - The company plans to produce 105 tons of gold, 120,000 tons of copper, 520 tons of silver, 400,000 tons of zinc/lead, 120,000 tons of lithium carbonate equivalent, and 15,000 tons of molybdenum by 2026 [1] - By 2028, Zijin Mining aims to further improve its rankings in resource reserves, production output, sales revenue, asset scale, and profit [1] Group 2: Performance and Capacity Expansion - Zijin Mining is focused on maximizing the production capacity of its key mineral products, particularly in the lithium sector, and is set to launch several major construction projects [3] - The company is accelerating production at several gold mines, including those in Papua New Guinea, Australia, Colombia, Guyana, Tajikistan, and Kyrgyzstan, while also enhancing domestic production capabilities [3] - In the copper sector, Zijin Mining is expediting the production capacity of its three major copper mines, including the Jilong Copper Mine and the Kamoa-Kakula Copper Mine in the Democratic Republic of Congo [3] Group 3: Financial Performance and Forecast - Zijin Mining expects a net profit of 51 to 52 billion yuan for 2025, representing a year-on-year increase of 59% to 62% [5] - The company anticipates an increase in the production of major mineral products in 2025, including approximately 90 tons of gold and 1.09 million tons of copper [5] Group 4: Recent Acquisitions and Developments - Zijin Mining's subsidiary, Zijin Gold International, has signed an agreement to acquire Allied Gold Corporation for approximately 5.5 billion Canadian dollars (about 28 billion yuan), which includes several gold mining assets [6] - The second phase of the Jilong Copper Mine has been completed, increasing its production capacity to 350,000 tons per day, with significant increases in annual copper and molybdenum production expected [7]

花旗发表研报指，紫金矿业公布其2026年至2028三年生产计划及至2035年的目标概要。2026年的生产指 引为矿产铜120万吨、金105吨、锂12万吨、锌40万吨、银52吨及钼1.5万吨，按年增长分别为10%、 17%、380%、持平、19%及36%。2028年的生产目标为矿产铜1.5至1.6百万吨、金130吨至140吨、锂27 至32万吨、锌40至45万吨、银600至700吨及钼2.5至3.5万吨，与此前指引相比，分别为持平、增加30 吨、增加2万吨、减少15万吨、持平及持平。意味着2025年至2028年间，矿产金和铜的年复合增长率分 别为13%至16%及11%至14%，而锂的年复合增长率预计为121%至134%。该行相信，通过现有矿山的扩 张计划及并购，紫金的产量在未来几年将持续稳健增长，维持首选推荐，目标价为39港元，评级"买 入"。 ...

花旗发表研报指，紫金矿业公布其2026年至2028三年生产计划及至2035年的目标概要。2026年的生产指 引为矿产铜120万吨、金105吨、锂12万吨、锌40万吨、银52吨及钼1.5万吨，按年增长分别为10%、 17%、380%、持平、19%及36%。2028年的生产目标为矿产铜1.5至1.6百万吨、金130吨至140吨、锂27 至32万吨、锌40至45万吨、银600至700吨及钼2.5至3.5万吨，与此前指引相比，分别为持平、增加30 吨、增加2万吨、减少15万吨、持平及持平。意味着2025年至2028年间，矿产金和铜的年复合增长率分 别为13%至16%及11%至14%，而锂的年复合增长率预计为121%至134%。该行相信，通过现有矿山的扩 张计划及并购，紫金的产量在未来几年将持续稳健增长，维持首选推荐，目标价为39港元，评级"买 入"。 ...

公司规划，到2028年，公司的资源储量、主要矿产品产量、销售收入、资产规模、利润等综合指标排名 进一步提升，铜、金矿产品产量进入全球前3位，全面建成高度适配且具有紫金特色的全球化运营管理 体系和ESG可持续发展体系；力争到2035年，公司主要指标较2025年实现跨越式增长，部份指标达到全 球首位，全面建成"绿色高技术超一流国际矿业集团"。 消息面上，紫金矿业发布公告，2026年2月8日，公司召开第九届董事会2026年第4次临时会议，会议审 议通过《公司三年(2026—2028年)主要矿产品产量规划和2035年远景目标纲要》，明确未来3年主要矿 产品产量规划指标，并提出至2035年全面建成"绿色高技术超一流国际矿业集团"的远景目标。 智通财经APP获悉，紫金矿业(02899)盘中涨超4%，截至发稿，涨3.63%，报40.52港元，成交额12.36亿 港元。 ...

吉利科技集团有限公司，成立于2015年，位于杭州市，是一家以从事有色金属矿采选业为主的企业。企 业注册资本43333.333333万人民币。通过天眼查大数据分析，吉利科技集团有限公司共对外投资了44家 企业，参与招投标项目9次，财产线索方面有商标信息3条，专利信息78条，此外企业还拥有行政许可3 个。 浙江吉利商务服务有限公司，成立于2010年，位于杭州市，是一家以从事商务服务业为主的企业。企业 注册资本2000万人民币。通过天眼查大数据分析，浙江吉利商务服务有限公司共对外投资了2家企业， 参与招投标项目11次，专利信息6条，此外企业还拥有行政许可6个。 国家知识产权局信息显示，浙江吉利控股集团有限公司、吉利科技集团有限公司、浙江吉利商务服务有 限公司申请一项名为"一种航班推荐方法和相关设备"的专利，公开号CN121481673A，申请日期为2025 年11月。 声明：市场有风险，投资需谨慎。本文为AI基于第三方数据生成，仅供参考，不构成个人投资建议。 专利摘要显示，本申请提供一种航班推荐方法和相关设备，航班推荐方法包括：本申请中，响应于用户 的航班查询操作，根据所述航班查询操作获取所述用户输入的订票信息以及 ...

Core Viewpoint - The Tianhong Nonferrous Metals ETF (159157) has shown strong market activity, leading in turnover and trading volume among similar products, indicating a robust interest in the nonferrous metals sector [1][2]. Group 1: ETF Performance - As of February 6, 2026, the Tianhong Nonferrous Metals ETF (159157) had a turnover rate of 28.68% and a trading volume of 291 million yuan, ranking first among similar products in the Shenzhen market [1]. - The ETF experienced a net subscription of 285 million shares on its first day of listing, reflecting significant investor interest [1]. Group 2: Index and Sector Highlights - The ETF closely tracks the CSI Industrial Nonferrous Metals Theme Index, which has a notable allocation of over 10% to the rare earth sector, making it the third-largest industry in the index [3]. - The top two industries in the index are copper and aluminum, with expectations of limited supply growth in the coming years, suggesting potential for long-term price increases [3]. Group 3: Market Trends and Mergers - Nonferrous metal prices, particularly copper and aluminum, are currently maintaining high levels, with a surge in mergers and acquisitions among international mining companies, particularly involving Chinese firms [4]. - Since the second half of 2025, Chinese mining companies have acquired nearly 60 billion yuan worth of overseas gold mines, indicating a clear trend of Chinese firms securing quality nonferrous resources globally [4]. Group 4: Institutional Insights - Goldman Sachs has raised its forecast for LME aluminum prices for the first half of 2026 from $2,575 per ton to $3,150 per ton, indicating a potential revaluation of aluminum prices [5]. - CICC has noted that the supply-demand gap for electrolytic aluminum will continue to widen in 2026, with supportive fiscal and monetary policies likely driving aluminum prices to new highs [5]. - Galaxy Securities highlights the importance of building a domestic copper resource reserve system to enhance supply chain resilience, predicting an expansion of the global copper supply gap and upward pressure on copper prices due to "security premiums" [5].

公司规划，到2028年，公司的资源储量、主要矿产品产量、销售收入、资产规模、利润等综合指标排名进一步提升，铜、金矿产品产量进入全球前3位，全 面建成高度适配且具有紫金特色的全球化运营管理体系和ESG可持续发展体系;力争到2035年，公司主要指标较2025年实现跨越式增长，部分指标达到全球 首位，全面建成"绿色高技术超一流国际矿业集团"。 智通财经APP讯，紫金矿业(601899.SH)公告，公司董事会审议通过《公司三年(2026-2028年)主要矿产品产量规划和2035年远景目标纲要》，明确未来三年 主要矿产品产量规划指标，并提出至2035年全面建成"绿色高技术超一流国际矿业集团"的远景目标。 ...