报告指出，洛钼于2025年12月宣布收购巴西黄金资产，并于2026年1月完成交易。该行预计该资产在 2026年将贡献7.1吨应占黄金产量，贡献约24亿元人民币净利润。 基于花旗大宗商品团队对2026年黄金基准价格4,600美元/盎司的预测，该行预计新收购资产在2026年将 贡献7.1吨的应占黄金产量，为洛钼带来24亿元的净利润，约占总净利润的7%。 花旗发布研报称，将洛阳钼业（603993）(03993)2025年、2026年及2027年的净利润预测分别上调 3.8%、34.2%、17.5%，至205亿元、339亿元及318亿元人民币。将洛阳钼业目标价从20.6港元上调至 28.3港元，并维持"买入"评级。 ...

Group 1 - The core viewpoint of the report is that Bank of America Securities reaffirms Zijin Mining (02899) as a preferred stock, maintaining a "Buy" rating with a target price of HKD 50 for H-shares and CNY 45 for A-shares, citing strong long-term production growth, strict cost control, and reasonable valuation, along with a positive outlook for gold and copper prices [1] Group 2 - Zijin Mining has raised its production guidance for 2026 to 2028, expecting gold production to reach 130 to 140 tons by 2028, up from the previous guidance of 100 to 110 tons, with a compound annual growth rate (CAGR) of 13% to 16% from 2025 to 2028 [1] - The company also projects copper production to reach 1.5 to 1.6 million tons by 2028, with a CAGR of 11% to 14% from 2025 to 2028 [1] - Additionally, Zijin Mining has increased its lithium production guidance for 2028 to 270,000 to 320,000 tons, up from the previous range of 250,000 to 300,000 tons, indicating a CAGR of 121% to 134% from 2025 to 2028 [1]

Core Viewpoint - Bank of America Securities reaffirms Zijin Mining (601899) (02899) as a preferred stock, maintaining a "Buy" rating with a target price of HKD 50 for H-shares and CNY 45 for A-shares, citing strong long-term production growth, strict cost control, and reasonable valuation, while being optimistic about gold and copper price prospects [1] Production Guidance - Zijin Mining has raised its production guidance for 2026 to 2028, expecting gold production to reach 130 to 140 tons by 2028, up from the previous guidance of 100 to 110 tons, with a compound annual growth rate (CAGR) of 13% to 16% from 2025 to 2028 [1] - The company also projects copper production to reach 1.5 to 1.6 million tons by 2028, with a CAGR of 11% to 14% during the same period [1] - Additionally, the lithium production guidance for 2028 has been increased to 270,000 to 320,000 tons, up from the previous estimate of 250,000 to 300,000 tons, indicating a CAGR of 121% to 134% from 2025 to 2028 [1]

花旗发表研报，将洛阳钼业2025年、2026年及2027年的净利润预测分别上调3.8%、34.2%、17.5%，至 205亿元、339亿元及318亿元。基于花旗大宗商品团队对2026年黄金基准价格4600美元/盎司的预测，该 行预计新收购资产在2026年将贡献7.1吨的应占黄金产量，为洛钼带来24亿元的净利润，约占总净利润 的7%。报告指出，洛钼于2025年12月宣布收购巴西黄金资产，并于2026年1月完成交易。该行预计该资 产在2026年将贡献7.1吨应占黄金产量，贡献约24亿元净利润。花旗将洛阳钼业目标价从20.6港元上调至 28.3港元，并维持"买入"评级。 ...

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 记者丨李益文 编辑丨叶映橙 2月10日，招金矿业（1818.HK）开盘跌超8%，截至11时19分报32.7港元/股，跌幅达5.55%。 | < 日 | | 招金矿业(1818) | | | | | --- | --- | --- | --- | --- | --- | | | | 02-10 11:19:27 通 | | | | | 32.700 | | 额 10.8亿 股本35.42亿 市盈 39.35 | | | 力得 | | -1.920 | -5.55% | 换 1.15% 市值 1158亿 市净 4.38 | | | | | से स्व | 五日 | 園K 日K | 月K | 电关 | | | 叠加 | | | 均价: 32.454 | 盟口 | 成交 | | 37.640 | | | 8.72% 卖10 32.900 | | 3.7万(4) | | | | | 更 | 32.880 | 1.4万(4) | | | | | 菱8 | 32.860 | 1.2万(2) | | | | | 英7 | 32.840 | 6500( ...

记者丨李益文 | 编辑丨叶映橙 | | --- | | 2月10日，招金矿业（1818.HK）开盘跌超8%，截至11时19分报32.7港元/股，跌幅达5.55%。 | | 2月10日，指立φ 业（1618.HK） 庁益 次 通 。 | | | | | --- | --- | --- | --- | | 招会矿业(1818) C | | | | | 02-10 11:19:27 通 | | | | | ３２.７００ 额 10.8亿 股本35.42亿 市盈™ 39.35 | | 万得 | | | -1.920 -5.55% 换 1.15% 市值 1158亿 市净 4.38 | | 20 | | | से मिश 五日 日Ｋ 周Ｋ 月Ｋ 更多 | | | | | 叠加 均价: 32.454 盘口 | | 成交 | | | 37.640 8.72% 卖10 32.900 | | 3.7万(4) | | | 至9 32.880 | | | 1.4万(4) | | 重8 32.860 卖7 32.840 | | | 1.2万(2) 6500(3) | | इ.6 32.820 | | | 1.4万(3) | | 季5 3 ...

Core Viewpoint - Bank of America Securities reports that Zijin Mining has raised its production guidance for gold, copper, and lithium for the years 2026 to 2028, indicating strong long-term growth potential and favorable commodity price outlooks [1] Production Guidance - Zijin Mining expects gold production to reach 130 to 140 tons by 2028, up from the previous guidance of 100 to 110 tons, with a compound annual growth rate (CAGR) of 13% to 16% from 2025 to 2028 [1] - The company projects copper production to reach 1.5 to 1.6 million tons by 2028, reflecting a CAGR of 11% to 14% during the same period [1] - Lithium production guidance has been increased to 270,000 to 320,000 tons for 2028, up from the previous range of 250,000 to 300,000 tons, indicating a CAGR of 121% to 134% from 2025 to 2028 [1] Investment Rating - Bank of America Securities reaffirms Zijin Mining as a preferred stock, maintaining a "Buy" rating with target prices of HKD 50 for H-shares and HKD 45 for A-shares, citing strong long-term production growth, strict cost control, and reasonable valuation [1]

"可能需要长达两年甚至更长时间才能降低矿山风险并消除瓶颈，"他在非洲矿业投资大会（Africa Mining Indaba）间隙表示。"目前这座矿山的产能受到限 制，需要进行一些重新思考和资本重组。" Harmony黄金公司是南非产量最大的黄金生产商，由于南非金矿开采成本更高、地质条件更具挑战性（例如矿井深度较深），该公司正将业务多元化拓展至 铜矿领域。铜是电动汽车和电网基础设施的关键金属。 他表示，需要解决的两个核心问题是通风不足和由于隔热不足导致的采矿灵活性受限。 Harmony公司正在审查旨在改善通风和实现更深层采矿的短期项目。该公司计划在3月份公??布半年业绩时，首次正式发布该矿山的产量展望，业绩涵盖1月 至6月的六个月。 "我们并不指望产量会大幅增长。我的意思是，这座矿山的产能受到限制，"Nel说道。 南非矿业公司Harmony Gold公司首席执行官Beyers Nel周一表示，该公司近期收购的位于澳大利亚的CSA铜矿需要注资并进行战略调整，这可能需要两年时 间。 去年10月，Harmony黄金公司正式接管了位于新南威尔士州的CSA铜矿，此前该公司以10.3亿美元的价格从澳大利亚矿业公司Mac C ...

Core Viewpoint - Luoyang Molybdenum (603993) has seen a stock price increase of over 4%, currently trading at HKD 22.9, following the completion of a USD 1.015 billion acquisition of a gold mine in Brazil, which has reserves of 3.87 million ounces at an average grade of 1.45 grams per ton [1] Group 1: Acquisition and Production Plans - The acquisition of the Brazilian gold mine is expected to synergize with the company's existing copper and cobalt businesses, enhancing overall profitability [1] - Management plans to contribute 6-8 tons of gold production by 2026, with a target to increase annual production to 20 tons before 2030 [1] Group 2: Profitability and Production Guidance - Morgan Stanley has raised the company's profit expectations for 2026-2027 by 27%-30%, anticipating over 50% profit growth for consecutive years [1] - The copper production guidance for 2026 is set at 760,000 to 820,000 tons, driven by process optimization and technological upgrades at TFM and KFM mines [1] - The KFM Phase II project is expected to commence production in 2027, adding approximately 100,000 tons of copper capacity annually [1] - The target for copper production in 2028 is set at 800,000 to 1,000,000 tons, with the TFM Phase III project currently undergoing feasibility studies for additional capacity [1] - The company aims to further optimize copper business unit costs by reducing bulk material procurement prices and maintaining leading capital expenditure and operational cost levels globally [1]

Core Viewpoint - Luoyang Molybdenum (03993) has seen a stock increase of over 4%, currently trading at HKD 22.9 with a transaction volume of HKD 237 million, following the completion of a USD 1.015 billion acquisition of a gold mine in Brazil, which has reserves of 3.87 million ounces at an average grade of 1.45 grams per ton [1] Group 1: Acquisition and Production Plans - The acquisition of the Brazilian gold mine is expected to synergize with the company's existing copper and cobalt businesses, enhancing overall profitability [1] - Management plans to contribute 6-8 tons of gold production by 2026 and aims to increase annual production to 20 tons before 2030 [1] Group 2: Profitability and Production Guidance - Morgan Stanley has raised the company's profit expectations for 2026-2027 by 27%-30%, anticipating over 50% profit growth for consecutive years [1] - The copper production guidance for 2026 is set at 760,000 to 820,000 tons, driven by process optimization and technological upgrades at TFM and KFM mines [1] - The KFM Phase II project is expected to commence production in 2027, adding approximately 100,000 tons of copper capacity annually [1] Group 3: Cost Optimization - The company aims to further optimize unit costs in its copper business by reducing the procurement price of bulk materials and maintaining leading levels of capital expenditure and operational costs globally [1]