Investment Rating - The investment rating for the non-ferrous metals industry is "Positive" (maintained) [4] Core Views - Copper prices rebounded after a significant drop, with attention on the ongoing US-China trade dynamics and recession expectations in the US. The weekly performance showed US copper up 3.75%, London copper up 2.97%, and Shanghai copper down 4.6%. The decline in copper prices led to increased downstream activity and accelerated inventory depletion, with copper rod operating rates at 74.76%, up 0.21 percentage points week-on-week. Social inventory of electrolytic copper decreased by 14.80% to 267,200 tons, while Shanghai copper inventory fell by 18.96% to 182,900 tons. Short-term price rebounds may be limited by US recession expectations, with key focus areas being US-China trade developments, US economic and inflation data, and Federal Reserve interest rate expectations. Recommended stocks include Zijin Mining, Luoyang Molybdenum, Jincheng Mining, and Tongling Nonferrous Metals [4] - Aluminum prices fell due to tariff impacts, with signs of weakening demand in the peak season and continued inventory depletion. The alumina market remains oversupplied, with prices dropping 5.12% to 2,870 RMB/ton. The operating capacity of alumina plants decreased by 1.91 million tons to 84.82 million tons/year. Electrolytic aluminum prices fell 3.72% to 19,675 RMB/ton, with profit margins down 15.54% to 3,650 RMB/ton. Overall, the supply side of electrolytic aluminum shows no increase in capacity, leading to a potential shortage this year, which could drive aluminum prices up significantly. Recommended stocks include Hongchuang Holdings, Yun Aluminum, Tianshan Aluminum, Shenhuo Co., and China Aluminum [4] - Lithium prices continued to decline, with carbonate lithium down 3.11% to 71,600 RMB/ton. The supply side remains oversupplied, with inventory increasing by 1.3% to 131,000 tons. Demand growth is hindered by tariff impacts on downstream exports, with expectations for a narrowing of the oversupply throughout the year. Recommended stocks include Yahua Group, Zhongjin Lingnan, Yongxing Materials, and Ganfeng Lithium [4] Summary by Sections 1. Industry Overview - The US March CPI was lower than expected at 2.4%, with initial jobless claims matching expectations at 223,000 [8] 2. Industrial Metals 2.1. Copper - London copper rose 2.97%, while Shanghai copper fell 4.60%. Inventory levels decreased significantly, with Shanghai copper inventory down 18.96% [21][24] 2.2. Aluminum - London aluminum increased by 0.50%, while Shanghai aluminum decreased by 3.72%. The operating profit for aluminum companies fell by 15.54% [33] 2.3. Lead and Zinc - London lead prices fell 0.57%, while Shanghai lead prices decreased by 2.44%. London zinc prices rose 0.34%, but Shanghai zinc prices fell 2.36% [48] 2.4. Tin and Nickel - London tin prices dropped 12.17%, and Shanghai tin prices fell 13.22%. Nickel prices also saw a decline [61] 3. Energy Metals 3.1. Lithium - Lithium carbonate prices fell 3.11% to 71,600 RMB/ton, with continued oversupply in the market [77] 3.2. Cobalt - Overseas MB cobalt prices increased by 0.16% to 15.88 USD/pound, while domestic cobalt prices fell [88]

Investment Rating - The report maintains a "Recommended" rating for the company [5] Core Views - The company achieved a record high net profit in Q1 2025, driven by increased copper and gold prices and production [12][16] - The company is expected to see continuous growth in copper and gold production, with projected net profits of 41.81 billion, 46.13 billion, and 48.16 billion for 2025, 2026, and 2027 respectively [4][47] Summary by Sections Q1 2025 Financial Performance - In Q1 2025, the company reported revenue of 789.3 billion, a year-on-year increase of 5.55% and a quarter-on-quarter increase of 7.76% [12] - The net profit attributable to shareholders was 101.7 billion, representing a year-on-year growth of 62.39% and a quarter-on-quarter growth of 32.15% [12][16] Revenue and Profit Breakdown - The year-on-year increase in net profit was primarily due to a gross profit increase of 56.5 billion, attributed to rising copper and gold prices [16] - The gross profit margin for Q1 2025 was 22.9%, up 6.3 percentage points year-on-year [21] Production and Sales - Copper and gold production saw significant growth, with copper production increasing by 7.33% and gold production by 6.92% quarter-on-quarter [31] - The company benefited from the ramp-up of production at various projects, including the La Arena project in Peru [31] Cost and Pricing - The average prices for copper and gold increased by 5.05% and 11.98% respectively in Q1 2025 [31] - The cost of production for copper and gold increased slightly, with gold costs rising by 6.82% [32] Future Outlook - The company is expected to continue benefiting from rising copper and gold prices, with projected net profits of 418 billion, 461 billion, and 482 billion for 2025, 2026, and 2027 respectively [4][47] - The company has initiated a share buyback program, purchasing 64.32 million shares at an average price of 15.55 per share, reflecting confidence in its market value [14]

Core Viewpoint - The investment capability of Zijin Mining has become the most important driving factor for its development, combining technology, management, and investment ability, enhanced by its private mechanism and state-owned enterprise credibility [3]. Group 1: Acquisitions Overview - Since 2020, Zijin Mining has made significant acquisitions in the mining sector, including: - In 2020, Zijin acquired 100% of Guyana Goldfields for CAD 323 million (approximately RMB 1.699 billion), with a resource reserve of about 178 tons of gold [5]. - In 2020, Zijin acquired 50.1% of Jilong Copper for approximately RMB 3.883 billion, with a recorded copper metal amount of 10.72 million tons [5]. - In 2021, Zijin acquired Canadian Lithium Company for CAD 960 million, focusing on the 3Q salt lake project in Argentina [6]. - In 2022, Zijin invested RMB 4 billion to acquire 30% of Ruihai Mining, which holds 100% of the Haiyu Gold Mine, the largest single gold mine in China [7]. - In 2023, Zijin completed the acquisition of the Rosebel Gold Mine, one of the largest and most cost-effective gold mines globally [11]. Group 2: Future Investment Plans - For 2024, Zijin plans to invest USD 1 billion (approximately RMB 707.1 million) to acquire 100% of the Akyem Gold Mine in Ghana, which has a gold resource of 54.4 tons [13]. - Zijin also plans to acquire 100% of La Arena Copper Mine in Peru for USD 245 million, with additional payments contingent on future production [13]. - In 2025, Zijin intends to acquire control of Zangge Mining for RMB 13.7 billion, enhancing its domestic mineral resource portfolio [14]. Group 3: Capital Raising Activities - In 2024, Zijin's subsidiary signed a share subscription agreement to invest approximately CAD 129.6 million (about RMB 690 million) in Solaris Resources, becoming the second-largest shareholder [15]. - Zijin also participated in private placements, including an investment of CAD 57.3 million (approximately RMB 300 million) in Montage Gold, acquiring 9.9% of the company [15]. - In September 2024, Zijin agreed to subscribe for shares in Wan Guo Gold Group for a total consideration of HKD 1.3794 billion (approximately RMB 1.249 billion) [16].

【环球网财经综合报道】2025年4月12日，紫金矿业（股票代码：601899.SH）发布2025年第一季度业 绩报告。数据显示，公司多项核心财务指标实现显著突破，营收、净利润、现金流等关键数据均创同期 历史新高。 报告期内，公司实现营业总收入789.28亿元，较去年同期增加41.52亿元，同比增长5.55%；归母净利润 达101.67亿元，同比大幅增长62.39%，连续两年保持上升趋势。摊薄每股收益0.38元，同比增幅 60.92%，盈利能力持续增强。 公司经营活动现金净流入125.28亿元，同比激增53.31%，连续五年实现正增长，凸显主营业务造血能 力。资产负债率进一步降至54.89%，同比降低3.41个百分点，环比下降0.30个百分点，财务结构更趋稳 健。 本季度公司毛利率达22.89%，同比提升6.28个百分点，连续七个季度环比增长，反映成本管控及高附加 值业务占比提升成效显著。净资产收益率（ROE）同比增加1.60个百分点至6.97%，资产周转效率持续 优化。此外，总资产周转率0.20次、存货周转率1.76次，均显示资产运营效率稳中向好。 市场分析人士指出，紫金矿业凭借资源储备优势与全球化运营能力， ...

Core Viewpoint - The company reported Q1 2025 results with revenue of 78.93 billion, a year-on-year increase of 5.55% and a quarter-on-quarter increase of 7.76%. Net profit attributable to shareholders reached 10.17 billion, up 62.39% year-on-year and 32.15% quarter-on-quarter, meeting expectations [1][2] Financial Performance - Year-on-year, the company's Q1 net profit increased by 3.906 billion, primarily due to a gross profit increase of 5.65 billion, driven by rising copper and gold prices. The gross profit from the mining of gold and copper increased by 3.29 billion and 1.79 billion respectively, while other business segments contributed an additional 720 million [1] - Quarter-on-quarter, the net profit attributable to shareholders grew by 2.474 billion, mainly due to a gross profit increase of 1.2 billion, significantly influenced by rising copper and gold prices. The production volumes for gold and copper increased by 6.92% and 7.33% respectively, attributed to capacity ramp-up from various projects [2] - The prices of gold and copper increased by 11.98% and 5.05% respectively quarter-on-quarter, while costs for gold and copper rose by 6.82% and 0.43% respectively [2] Growth Drivers - The copper production is expected to grow organically, with significant contributions from world-class mining clusters in Serbia, Congo, and Tibet from 2025 to 2028. The gold production is also set to increase with multiple projects progressing, including the resumption of operations at Bogala and other mines [3] - The company has made several acquisitions since 2024, including stakes in Solaris Resources and Montage Gold, as well as controlling interests in La Arena copper-gold mine and Akyem gold mine [3] Valuation and Investment Outlook - The company's valuation is at historical lows, with a recent buyback of 643.2 million shares for 1 billion, indicating confidence in the stock. The expected net profits for 2025-2027 are projected at 41.8 billion, 46.1 billion, and 48.2 billion respectively, with corresponding PE ratios of 11x, 10x, and 9x based on the closing price on April 11 [3]

Financial Performance - In the first quarter of 2025, the company's net profit attributable to shareholders reached 10.17 billion yuan, a year-on-year increase of 62.39% [4][9] - The company's operating income for the same period was approximately 78.93 billion yuan, reflecting a growth of 5.55% compared to the previous year [5] - The net cash flow from operating activities was 12.53 billion yuan, up 53.31% year-on-year [5] Production and Market Performance - The company reported a 13% year-on-year increase in gold production and a 9% increase in copper production in the first quarter of 2025 [10] - The average price of gold was 641.51 yuan per gram, up 40.07% year-on-year, while the average price of copper was 62,030 yuan per ton, an increase of 16.69% [12][13] Shareholder Activity - Abu Dhabi Investment Authority and two investment platforms managed by Deng Xiaofeng increased their holdings in the company during the first quarter [15][20] - As of the end of the first quarter of 2025, Abu Dhabi Investment Authority became one of the top ten shareholders, holding approximately 163 million shares [17][21] - The company’s stock price was reported at 17.15 yuan, with a market capitalization exceeding 440 billion yuan [22]

Group 1 - The core viewpoint emphasizes the importance of ecological environment protection and the need for strict oversight and rectification of heavy metal environmental risks in Guangxi [1][2][3] - The local mining company, Tingfeng Mining Co., was ordered to suspend operations for rectification due to violations in ecological environment protection [2] - The government is committed to a thorough investigation and remediation of environmental risks, particularly in the heavy metal sector, to ensure sustainable development without compromising ecological integrity [3] Group 2 - The region has abundant non-ferrous metal resources, but most industries are at a low end of the value chain, posing significant environmental risks [3] - The government aims to balance high-level ecological protection with high-quality development, promoting green transformation in the non-ferrous metal industry [3] - There is a call for precise measures and comprehensive strategies to address ecological issues, ensuring that environmental safety is prioritized in industrial development [2][3]

紫金矿业（601899）公告，2025年第一季度实现营业收入789.28亿元，较上年同期增长5.55%。利润总 额为146.88亿元，与上年同期相比增长66.37%。净利润达到124.65亿元，同比增长62.96%。归母净利润 101.67亿元，同比增长58.76%。 ...

Group 1 - The company announced a projected operating revenue of 50.026 billion yuan for 2024, representing a year-on-year increase of 17% [1] - The net profit attributable to shareholders of the listed company is expected to be 2.932 billion yuan, reflecting a year-on-year growth of 5% [1] - The company plans to distribute a cash dividend of 10 yuan (including tax) for every 10 shares to all shareholders [1]

Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core Views - **Copper**: On April 9, China intensified counter - measures, and Trump announced a 90 - day delay of tariff measures on non - counter - retaliatory countries, leading to a general rise in global assets. The marginal impact of tariff policy on the market decreased, and the relaxation of tariffs spurred a bullish counter - attack. LME copper rose last night, reaching around $9,000, and SHFE copper increased with higher positions, standing above 75,000 yuan. Short - term market sentiment improved, and the futures price is expected to continue rising [4]. - **Aluminum**: Today, the aluminum price opened higher and fluctuated narrowly around 19,800 yuan, with a continuous decline in positions. The relaxation of US tariff measures last night catalyzed a bullish counter - attack. In the industrial aspect, the supply and demand of electrolytic aluminum are both strong, with no prominent contradictions at present. Electrolytic aluminum plants maintain high profits and high capacity utilization. Domestic demand is expected to be good due to new policies, but overseas terminal exports may decline due to tariffs. Overall demand expectations have decreased compared to the previous period. Short - term attention should be paid to the pressure at the 20,000 - yuan level [5]. - **Nickel**: Today, the nickel price opened higher and fluctuated upwards, with little change in positions. The relaxation of US tariff measures last night spurred a bullish counter - attack. In the industrial aspect, the nickel ore market is strong, supporting the nickel price, and the downstream stainless steel market is also strong. Previously, under the influence of macro factors, the nickel price broke below the bottom since November 2023. With the short - term improvement in macro sentiment, the futures price may have an oversold rebound [6]. 3. Summary by Related Catalogs 3.1 Industry Dynamics - **Copper**: On April 10, Mysteel reported that Anglo American's Chilean company called on Chile to speed up the approval process to expand copper mining and address future copper supply shortages. Although the president promised to shorten the approval time, the reform is still under review in Congress [8]. - **Nickel**: On April 10, for the refined nickel Shanghai market's mainstream reference contract, the SHFE nickel 2505 contract, the mainstream premium of Jinchuan electrolytic nickel was +3,250 yuan/ton, with a price of 123,830 yuan/ton; Russian nickel's mainstream premium was +300 yuan/ton, with a price of 120,880 yuan/ton; Norwegian nickel's mainstream premium was +2,900 yuan/ton, with a price of 123,480 yuan/ton; and nickel beans' mainstream premium was - 900 yuan/ton, with a price of 119,680 yuan/ton [9]. 3.2 Related Charts - **Copper**: Charts include copper basis, copper monthly spread, domestic visible inventory of electrolytic copper (social inventory + bonded area inventory), overseas copper exchange inventory, LME copper canceled warrant ratio, and SHFE warrant inventory [10][12][13]. - **Aluminum**: Charts cover aluminum spread, domestic social inventory of electrolytic aluminum, alumina trend, overseas exchange inventory of electrolytic aluminum (LME + COMEX), and alumina inventory [22][24][26]. - **Nickel**: Charts consist of nickel basis, LME nickel inventory and canceled warrant ratio, LME nickel trend, nickel monthly spread, SHFE inventory, and nickel ore port inventory [34][35][37].