南财智讯1月29日电，盛达资源在投资者关系活动中表示，2026年伊春金石矿业的工作重心是推进460高 地铜钼矿的探转采手续办理，争取2027年矿山开工建设；Ⅱ、Ⅲ号金矿带仍在勘探中，未来将联合专业 机构深入开展勘探工作。 ...

Core Viewpoint - China Rare Earth Holdings (03788) has successfully completed the subscription and placement of shares as per the terms of the agreements, with all conditions met for the transactions scheduled for January 29, 2026 [1] Subscription Details - A total of 43.96 million subscription shares were issued at a subscription price of HKD 3.80 per share to various subscribers, including 10.26 million shares to Zijin Global Fund, 7.90 million shares to Luyin, 5.30 million shares to Oriental Jinye, and 20.50 million shares to Manna Lake [1] Placement Details - A total of 162 million placement shares were successfully placed at a price of HKD 3.80 per share to no fewer than six subscribers, with all parties being independent third parties [1]

智通财经APP获悉，摩根士丹利发布研报称，紫金矿业(02899,601899.SH)将持续增加黄金与铜产量，当 前估值水平极具吸引力，H股目标价由46.1港元上调至59港元，A股目标价上调至56元人民币，并重申 对其H股及A股的"增持"评级。 金价已超越该行商品团队此前对下半年每盎司4,750美元的预测，但考虑到地缘政治风险、央行积极信 号及ETF买盘等因素，金价可能尚未见顶。该行强调其看涨情境下，金价有望于下半年触及每盎司 5,700美元。铜价方面，尽管年初已对包括铜在内的金属持正面展望，但价格已提前突破该行对第二季 度每吨12,200美元的预测。该行认为，供应紧张及强劲的宏观背景将继续支撑铜价，但受美国进口走势 不确定性及中国3月前数据有限影响，短期可能出现波动。预计2026年铜市将出现约60万吨的供应缺 口，有限的矿山供应增长将被数据中心及储能系统等新需求驱动所抵消。 ...

Group 1 - Goldman Sachs raised its gold price forecast for 2026 to 2027 by 10% to 16%, expecting an average price of $4,978 per ounce in 2026 and $5,585 per ounce in the first half of 2027 [1] - The firm also increased its copper price forecast for 2026 by 7% to $12,200 per ton, leading to an upward revision of earnings forecasts for covered Chinese copper and gold mining stocks by 9% to 33% [1] - Preferred stocks include Zijin Mining (02899) and Luoyang Molybdenum (03993), benefiting not only from rising commodity prices but also from simultaneous growth in copper and gold production [1] Group 2 - Zijin Mining's copper production is expected to grow by 9% to 14% in 2026, with both companies on track to meet their 2028 production targets, indicating a 40% to 45% increase compared to 2025 [1] - Zijin Mining's recurring profit forecast for 2026 to 2027 was raised by 14% to 18%, with target prices adjusted to HKD 52 for H-shares and RMB 50 for A-shares, maintaining a "Buy" rating [1] - Luoyang Molybdenum's recurring profit forecast for 2026 to 2027 was increased by 20% to 24%, with target prices set at HKD 27 for H-shares and RMB 28 for A-shares, also maintaining a "Buy" rating [2]

该行上调紫金矿业2026至2027年经常性盈利预测14%至18%，紫金矿业H股目标价由39.5港元升至52港 元，紫金矿业A股(601899.SH)目标价由38元升至50元人民币，维持"买入"评级。 同时，该行上调洛阳钼业2026至2027年经常性盈利预测20%至24%，洛阳钼业H股目标价由21.5港元升 至27港元，洛阳钼业A股(603993.SH)目标价由21.5元升至28元人民币，亦维持"买入"评级。 智通财经APP获悉，高盛发布研报称，将2026至2027年金价预测上调10%至16%，料2026年均价为每盎 司4,978美元，2027年上半年为每盎司5,585美元。该行同时调升2026年铜价预测7%至每吨12,200美元。 因此，该行上调其覆盖的中国铜业及金矿股2026至2027年的盈利预测，幅度介乎9%至33%，首选股份 为紫金矿业(02899)及洛阳钼业(03993)，因其不单止受惠于商品价格上升，其铜及黄金产量亦将同步增 长。 该行预期紫金矿业及洛阳钼业2026年铜产量将增长9%至14%。根据目前的项目进度，两间公司均有望 达成2028年产量目标，意味着届时产量较2025年增长40%至45%。在 ...

报告称，对嘉能可而言，冶金煤和铜价强劲贡献了约三分之二的现货隐含EBITDA上行空间，而黄金和白银虽非核心盈利驱动因素，却贡献了逾4%的增长。 力拓盈利动能尤为强劲，过去六个月市场共识对其2026年EBITDA预期上调幅度达18%，远超同行水平，而现货价格仍暗示其存在21%的上行空间。这强化 了力拓的相对优势，但同时也提高了通过股票融资进行大规模收购的门槛——因为盈利上调预期越来越多地反映了企业自身努力和铜业务的贡献。 相比之下，嘉能可同期2026年EBITDA仅增长5%，若现货价格持续走强，其盈利上调空间更大。 *从"铜博士"到"商品之王"* 一项大宗商品研究报告显示，现货金属价格攀升正为多元化矿企创造近年最强劲的盈利年景，其中力拓集团和嘉能可领跑上行潜力。 若当前价格水平得以维持，现货价格将使主要多元化矿企EBITDA提升18%-21%，创2025年初以来最大盈利增幅。报告指出力拓与嘉能可表现最佳，约有 20%-21%的盈利上行空间。 行业分析师表示，以力拓和嘉能可为首，大型矿企的EBITDA共识预期将加速上调。盈利预期上调可能推动更多股票融资并购，但也可能增加执行风险，力 拓尤为如此。 盈利增长的构成与 ...

1月29日，兴业银锡涨5.03%，截至发稿，报72.26元/股，成交16.18亿元，换手率1.27%，总市值1283.07 亿元。 资料显示，内蒙古兴业银锡矿业股份有限公司位于内蒙古自治区赤峰市新城区玉龙大街76号兴业大厦， 成立日期1996年8月23日，上市日期1996年8月28日，公司主营业务涉及有色金属、黑色金属资源的采掘 和冶炼。主营业务收入构成为：矿产银34.80%，矿产锡30.81%，矿产锌19.32%，矿产铅5.12%，矿产铁 3.34%，矿产锑2.90%，矿产铜2.01%，其他(补充)0.72%，矿产金0.66%，矿产铋0.32%。 从基金十大重仓股角度 数据显示，上银基金旗下1只基金重仓兴业银锡。上银内需增长股票A（009899）四季度增持1.02万股， 持有股数10.63万股，占基金净值比例为7.03%，位居第三大重仓股。根据测算，今日浮盈赚取约36.78 万元。 上银内需增长股票A（009899）成立日期2020年8月24日，最新规模5267.58万。今年以来收益16.3%， 同类排名430/5551；近一年收益53.32%，同类排名1296/4285；成立以来收益19.1%。 上银内需 ...

Core Viewpoint - The report from Morgan Stanley indicates that Minmetals Resources' preliminary performance for 2025 shows core earnings in line with expectations, with operational fundamentals improving [1] Financial Performance - Minmetals Resources expects core earnings to reach between $700 million and $730 million for 2025, aligning with Morgan Stanley's forecast [1] - After accounting for an impairment of $280 million to $300 million related to the Kinsevere project, the annual net profit is projected to be between $500 million and $520 million [1] Impairment Reasons - The impairment is primarily due to the local cobalt plant being in maintenance mode due to sales restrictions, unstable power supply, and uncertainties in local fiscal policies [1] Operational Stability - Other major mining operations under Minmetals Resources, including Las Bambas and Khoemacau, are maintaining stable production [1] Market Conditions - With global copper supply tightening and a weakening dollar, copper prices are expected to remain high, providing strong support for the company's overall profitability [1] Future Outlook - Despite the short-term impact of the impairment on net profit, the company's core profitability remains robust, and major operational challenges are being addressed through financial provisions and substantial improvement measures [1] - The future trajectory of profit growth is expected to remain clear, with a positive outlook maintained for Minmetals Resources, benefiting from strong copper prices and improved operational efficiency [1]

Core Viewpoint - The report from Morgan Stanley indicates that Minmetals Resources' preliminary performance for 2025 shows core earnings in line with expectations, with operational fundamentals improving [1] Financial Performance - Minmetals Resources expects core earnings to reach between $700 million and $730 million for 2025, aligning with Morgan Stanley's forecast [1] - After accounting for an impairment of $280 million to $300 million related to the Kinsevere project, the annual net profit is projected to be between $500 million and $520 million [1] Impairment Reasons - The impairment is primarily due to the local cobalt plant being in maintenance mode due to sales restrictions, unstable power supply, and uncertainties in local fiscal policies [1] Operational Stability - Other major mining operations under Minmetals Resources, including Las Bambas and Khoemacau, are maintaining stable production [1] Market Conditions - With global copper supply being tight and a weakening dollar, copper prices are expected to remain high, providing strong support for the company's overall profitability [1] Future Outlook - Despite the short-term impact of the impairment on net profit, the company's core profitability remains robust, and major operational challenges are being addressed through financial provisions and substantial improvement measures [1] - The future trajectory of profit growth is expected to remain clear, with a positive outlook maintained by Morgan Stanley, anticipating benefits from strong copper prices and improved operational efficiency [1]

Core Viewpoint - The company anticipates a significant increase in net profit for the year 2025, projecting a rise of 92.28% to 135.01% compared to the previous year, driven by improved operational efficiency and favorable market conditions [1][3]. Group 1: Performance Forecast - The company expects a net profit attributable to shareholders of the parent company to be between 441.5 million and 539.6 million yuan for the year 2025, an increase of 211.89 million to 309.99 million yuan from the previous year [1][3]. - The projected net profit, excluding non-recurring gains and losses, is estimated to be between 445.1 million and 544.0 million yuan, reflecting an increase of 189.03 million to 287.93 million yuan year-on-year [1][3]. Group 2: Previous Year Performance - In the previous year, the net profit attributable to shareholders of the parent company was 229.61 million yuan, and the net profit after excluding non-recurring gains and losses was 256.07 million yuan [4]. Group 3: Reasons for Performance Increase - The increase in performance is attributed to a recovery in production capacity and market conditions, with significant growth in the output of mineral products and improved sales prices due to high global prices for non-ferrous metals and precious metals [6]. - The company has implemented efficiency improvement measures, optimizing production processes and enhancing management, which have contributed positively to the performance [6]. - Positive exchange rate fluctuations have resulted in foreign exchange gains, further enhancing the company's net profit [8].