智通财经APP获悉，中金发布研报称，紫金矿业(02899)中期业绩符该行预期，上半年实现营业收入 1,677.11亿元人民币(下同)，同比增11.5%;实现归母净利润232.92亿元，同比增长54.41%。中金表示，公 司铜金锂远期产量系统性上升，业绩加速释放，上调今明两年归母净利预测各9%、22%，至分别458亿 及548亿元，维持紫金矿业A股(601899.SH)、港股"跑赢行业"评级;考虑A股、港股资源板块估值中枢上 行，上调A股目标价26.1%至29元，H股目标价上调40.1%至30港元。 该信息由智通财经网提供 ...

9月1日，紫金矿业大宗交易成交69.26万股，成交额1688.56万元，占当日总成交额的0.19%，成交价 24.38元，较市场收盘价24.38元持平。 | 交易日期 | 豆瓣圆修 | 证券代码 | | | 成交价(元) 成交金额(万元) 成交量(*) 英入管业部 | | 卖出营业部 | 是否为专场 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 2025-09-01 | 紫金矿业 | 668T09 | 24.38 | 695.32 | 28.52 | 中国国际金融股份 有限公司北京建国 | 平安证券股份有限 公司深圳金田路运 | ਦੂਵ | | | | | | | | 门外大街证券营业 | 券管业部 | | | | | | | | | 87 | | | | 2025-09-01 | 家会矿业 | 601899 | 24.38 | 496.62 | 20.37 | 中国国际全融股份 | 平安证券股份有限 | 84 | | | | | | | | 有限公司北京建国 | 公司温圳金田路证 | | | | | | | | | 门外大街证券営业 ...

| 600884 | 杉杉股 | 3.10 | 6.92 | 6484.36 | 4.49 | | --- | --- | --- | --- | --- | --- | | | 份 | | | | | | 000603 | 盛达资 | 9.99 | 4.57 | 4545.90 | 7.94 | | | 源 | | | | | | 605376 | 博迁新 | 3.05 | 3.89 | 4152.53 | 8.09 | | | 材 | | | | | | 601061 | 中信金 | 3.22 | 10.26 | 3514.16 | 7.37 | | | 属 | | | | | | 300919 | 中伟股 | 1.31 | 2.33 | 2783.03 | 3.49 | | | 份 | | | | | | 601618 | 中国中 | 0.59 | 0.95 | 1987.47 | 3.43 | | | 冶 | | | | | | | 寒锐钴 | | | | | | 300618 | 业 | 10.14 | 15.50 | 1883.93 | 1.02 | | 603568 | 伟明环 | 0.42 | ...

Investment Rating - The report maintains a "Buy" rating for the company [6]. Core Views - The company exceeded production targets in the first half of 2025, leading to better-than-expected financial performance. Revenue reached 94.773 billion yuan, a year-on-year decrease of 7.83%, while net profit attributable to shareholders was 8.671 billion yuan, an increase of 60.07% [1][2]. - The company achieved production targets across all product lines, with copper production at 353,600 tons, a year-on-year increase of approximately 12.68%, and cobalt production at 61,100 tons, a year-on-year increase of approximately 13.05% [2]. - The company is optimistic about future copper prices due to macroeconomic factors and supply-demand dynamics, expecting a price increase in the coming months [3]. Summary by Sections Financial Performance - In the first half of 2025, the company reported revenue of 94.773 billion yuan, a decrease of 7.83% year-on-year, and a net profit of 8.671 billion yuan, an increase of 60.07% year-on-year. The net profit excluding non-recurring items was 8.724 billion yuan, up 55.08% year-on-year [1][4]. - The company has adjusted its full-year production expectations upward due to strong performance in the first half and rising prices for tungsten and molybdenum [4]. Production and Pricing - The company’s copper and cobalt mines, TFM and KFM, are set for expansion, with TFM achieving an annual capacity of 450,000 tons of copper and 37,000 tons of cobalt, and KFM with a capacity of over 150,000 tons of copper and 50,000 tons of cobalt [3]. - Prices for copper, cobalt, molybdenum, ammonium paratungstate, and monoammonium phosphate have all increased in the first half of 2025, with copper averaging $9,431 per ton, a 3.75% increase year-on-year [2]. Profit Forecast and Valuation - The report projects net profits for 2025, 2026, and 2027 to be 16.44 billion yuan, 17.62 billion yuan, and 19.006 billion yuan respectively, with increases of 22%, 23%, and 16% compared to previous estimates. The current stock price corresponds to P/E ratios of 15, 14, and 13 for 2025-2027 [4][17].

Core Viewpoint - The report from CICC indicates that Zijin Mining's mid-year performance met expectations, with significant revenue and profit growth [1] Financial Performance - Zijin Mining achieved operating revenue of 167.71 billion RMB in the first half of the year, representing a year-on-year increase of 11.5% [1] - The company reported a net profit attributable to shareholders of 23.29 billion RMB, which is a year-on-year increase of 54.41% [1] Future Outlook - CICC forecasts a systematic increase in the company's copper, gold, and lithium production in the future, leading to accelerated performance [1] - The net profit forecasts for the next two years have been raised by 9% and 22%, reaching 45.8 billion RMB and 54.8 billion RMB respectively [1] Ratings and Target Price - CICC maintains a rating of "A-share +1.130" and "H-share outperforming the industry" for Zijin Mining [1] - The target price for H-shares has been increased by 40.1% to 30 HKD, considering the upward adjustment in valuation for the resource sector in both A-shares and H-shares [1]

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative increase in stock price of over 20% compared to the benchmark index within the next six months [12]. Core Views - The company's revenue for the first half of 2025 reached 2.787 billion yuan, a year-on-year increase of 23.66%, with a net profit attributable to shareholders of 382 million yuan, up 9.49% year-on-year. The second quarter saw revenues of 1.543 billion yuan, reflecting a quarter-on-quarter increase of 19.61% and a year-on-year increase of 23.94% [3]. - The growth in performance is primarily driven by rising prices of tin and antimony, alongside ongoing efficiency improvements [3]. - The company has stable production levels for tin and antimony concentrates, with tin ingot production increasing by 19.30% year-on-year [4]. - Significant improvements in profitability were noted across subsidiaries, with net profits for Huaxi Mining, Gaofeng Mining, and Fozu Mining increasing by 13.71%, 47.02%, and 123.53% respectively [4]. - Future growth potential is highlighted by ongoing projects aimed at increasing mining capacity and efficiency, including the expansion of the Gaofeng mine and the successful transition of exploration rights at the Tongkeng tin-zinc mine to mining rights [5]. Financial Projections - The company is projected to achieve revenues of 5.709 billion yuan in 2025, 6.476 billion yuan in 2026, and 7.327 billion yuan in 2027, with year-on-year growth rates of 23.28%, 13.43%, and 13.15% respectively [5][8]. - Net profit attributable to shareholders is expected to reach 829 million yuan in 2025, 953 million yuan in 2026, and 1.164 billion yuan in 2027, with growth rates of 26.02%, 14.98%, and 22.17% respectively [5][8]. - The projected price-to-earnings (P/E) ratios for 2025, 2026, and 2027 are 24.32, 21.15, and 17.31 respectively [5][8].

9月1日，A股风格再度轮动至"反内卷"主题，有色板块直线冲高，领衔一众"反内卷"板块，有色50ETF(159652)放量涨超2%，盘中价创上市以来新高！截至 10:58，有色50ETF(159652)成交额达1.02亿元，已超上一交易日全天成交额，市场交投高度活跃！ 机构观点上，招商证券认为，美联储强降息预期下，预计美元持续偏弱，利多全球定价的贵金属和工业金属。有色资源股低估值、供需基本面有长期支撑、 宏观宽松敏感度高，看好有色资源股普涨的投资机会。重点关注铜金稀土钨锑钴铝等品种。（来源：招商证券《宽松周期，全面看好有色资源股》） 中信建投证券指出，美联储青睐的通胀指标核心PCE温和上涨，稳定了市场对美联储在9月议息会议降息的预期，特朗普解雇美联储理事库克的事件持续发 酵，严重威胁着美联储独立性，美元走弱，激发黄金货币属性与铜的金融属性，商品价格突破前高在即，打开权益标的上行空间。有色板块呈现各个子版块 全面开花的局面，价格驱动EPS与情绪改善及战略定位提升PE的双击进行时，建议积极参与。 国盛证券指出，特朗普罢免美联储理事库克事件持续发酵，美元信用受损叠加美国核心PCE数据连续回升，市场对美联储降息预期持续 ...

Core Viewpoint - Zijin Mining has achieved record-breaking operating performance in the first half of 2025, with significant increases in both revenue and net profit, driven by rising product prices and sales volume [1][2][4]. Financial Performance - In the first half of 2025, Zijin Mining reported revenue of 167.71 billion yuan, a year-on-year increase of 11.50%, and a net profit attributable to shareholders of 23.29 billion yuan, up over 50% [1][2][4]. - This marks the first time in the company's history that net profit exceeded 20 billion yuan in the first half of the year [2]. - The company's operating cash flow net amount reached 28.83 billion yuan, a year-on-year increase of approximately 41% [2]. - The asset-liability ratio stood at 56.36% as of June 30, 2025 [2][9]. Sales and Production - Sales prices for gold, silver, copper, and zinc all saw year-on-year increases, with gold and silver prices rising over 20% [2][6]. - The production volumes for copper, gold, zinc, and silver were 570,000 tons, 410 tons, 200,000 tons, and 2,230 tons respectively, with significant increases in copper and gold production [7]. Asset Growth and Dividends - As of June 30, 2025, the total assets of Zijin Mining reached 439.74 billion yuan, an increase of 70.87 billion yuan from the previous year [2][9]. - The company plans to distribute cash dividends of 5.847 billion yuan, which is 2.2 times the amount distributed in the same period last year [2][9]. Market Performance - Zijin Mining's stock price has surged over 50% year-to-date, reflecting strong investor interest [3][10]. - The company's market capitalization has increased by 211.5 billion yuan this year, reaching 613.4 billion yuan [10].

Group 1: IPO Overview - Two companies are scheduled for IPO review next week (September 1-5), with a total fundraising target of 5.608 billion yuan [1] - The companies include Xihua Technology and China Uranium, with respective fundraising amounts of approximately 1.498 billion yuan and 4.11 billion yuan [2][10] Group 2: Xihua Technology - Xihua Technology has reduced its fundraising target from 2.048 billion yuan to 1.498 billion yuan, eliminating the supplementary working capital project [3] - The company is primarily engaged in the research, manufacturing, and sales of specialized components for large high-end equipment, focusing on wind power gearbox components [7] - In the past three years, Xihua Technology has maintained a net profit of over 1 billion yuan annually, with a global market share of approximately 20% in the wind power gearbox component casting segment [7][8] Group 3: Financial Performance of Xihua Technology - For the fiscal year 2024, Xihua Technology reported total assets of 1.678 billion yuan and a net profit of 141.93 million yuan [9] - The company’s revenue for 2024 is projected at 954.78 million yuan, with a net profit margin reflected in a basic earnings per share of 0.39 yuan [9] Group 4: China Uranium - China Uranium focuses on the comprehensive utilization of natural uranium and radioactive co-associated mineral resources, ranking among the top ten natural uranium producers globally [10] - The company has a registered capital of 1.82 billion yuan and is controlled by China National Nuclear Corporation [11] - China Uranium plans to issue between 202.22 million and 321.18 million shares, with a total capital post-issue ranging from 2.022 billion to 2.141 billion shares [11] Group 5: Financial Performance of China Uranium - For the fiscal year 2024, China Uranium reported total assets of approximately 20.683 billion yuan and a net profit of 1.712 billion yuan [13] - The company’s revenue for 2024 is projected at 17.279 billion yuan, with a basic earnings per share of 0.80 yuan [13]

Core Insights - The company reported a revenue of 94.773 billion yuan for the first half of 2025, a year-on-year decrease of 7.83%, while the net profit attributable to shareholders increased by 60.07% to 8.671 billion yuan [1] - The company achieved significant cost reduction and efficiency improvements, with production completion rates exceeding 50% for all major products [2] - Financial pressure from expenses decreased, with a reduction in financial expense ratio due to optimized debt structure [3] - The company is expected to see growth driven by copper and cobalt businesses, with gold resources potentially providing new growth points [4] Revenue and Profit - Revenue for H1 2025 was 94.773 billion yuan, down 7.83% year-on-year [1] - Net profit attributable to shareholders was 8.671 billion yuan, up 60.07% year-on-year [1] - The net profit after deducting non-recurring gains and losses was 8.724 billion yuan, an increase of 55.08% year-on-year [1] Production and Pricing - Major product prices increased, with copper, cobalt, and other products seeing price rises of 3.75%, 7.69%, and 1.37% respectively [2] - Production volumes for copper and cobalt increased by 12.68% and 13.05% respectively, while molybdenum and tungsten saw slight declines [2] - The gross profit margin increased by 2.77 percentage points to 21.15%, and the net profit margin increased by 4.23 percentage points to 10.39% [2] Cost Management and Projects - The company successfully reduced financial expenses by decreasing long-term borrowings [3] - Ongoing projects include the TFM and KFM mining areas, with significant progress in geological modeling and project preparations [3] - The company is advancing its hydroelectric and renewable energy projects to support future capacity increases [3] Future Outlook - The net profit forecasts for 2025-2027 are adjusted to 16.028 billion, 18.715 billion, and 20.212 billion yuan respectively, with corresponding EPS of 0.75, 0.87, and 0.94 yuan per share [4] - The company maintains a "buy" rating based on its growth potential and cost management strategies [4]