Group 1 - Company Luoyang Molybdenum (603993.SH) is scheduled to release its 2025 annual report on March 28, 2026 [1][6] - For Q4 2025, the expected revenue is projected to be between 181.73 billion to 264.12 billion yuan, with a year-on-year change of -14.7% to 24.0% [2][6] - The expected net profit for Q4 2025 is forecasted to be between 16.26 billion to 20.67 billion yuan, representing a year-on-year growth of 20.2% to 52.8% [2][6] Group 2 - According to Minsheng Securities, Luoyang Molybdenum's production in 2024 is expected to exceed forecasts, with copper and cobalt production increasing significantly by 55% and 106% year-on-year, respectively [4][8] - The company’s production capacity for copper and cobalt has surpassed annual production targets, achieving completion rates of 114.1% and 163.1% [4][8] - The company aims for a copper production target of 800,000 to 1,000,000 tons and cobalt production of 90,000 to 100,000 tons over the next five years [4][9] Group 3 - Guosheng Securities anticipates a significant increase in Luoyang Molybdenum's net profit for 2024, estimating it to reach between 12.8 billion to 14.2 billion yuan, a year-on-year increase of 55.2% to 72.1% [5][9] - The company is expected to see a quarter-on-quarter net profit growth of 58.6% to 107.6% in Q4 2024 [5][9] - The company has signed a cooperation agreement for the Nzilo_II hydropower station to ensure power supply, and projects TFM and KFM are progressing smoothly [10]

Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report - Tin prices are expected to run strongly. The increase in supply from Myanmar has alleviated high - priced tin to some extent, but the ongoing tense situation in the DRC has kept tin prices high and even pushed them to new highs. With the continuous rise of tin prices, the downstream's willingness to take delivery has decreased, and tin inventories at home and abroad have been accumulating recently. In terms of demand, the semiconductor industry maintains growth, while the growth of the domestic automobile and home appliance industries shows a decline in the month - on - month growth rate [14]. - Lithium carbonate is expected to stabilize in a range - bound manner, with strengthened cost support and a tight supply - demand balance dominating the fluctuations. The upstream raw material prices have increased, strengthening the cost support. The supply capacity is being released in an orderly manner, but the demand for cathode materials has slightly decreased, and the inventory pattern remains tight. The industry is facing increasing profit pressure [15]. Summary by Directory 01. Weekly Review of Non - ferrous Metals Market - **Copper**: The closing price of the futures main contract CU2602 on December 26, 2025, was 98,720 yuan, with a weekly increase of 5,540 yuan and a weekly increase rate of 5.95%. The average price of copper in Shanghai Wumaomarket was 97,865 yuan, with a weekly increase of 5,385 yuan and a weekly increase rate of 5.82% [9]. - **Aluminum**: The closing price of the futures main contract AL2602 on December 26, 2025, was 22,405 yuan, with a weekly increase of 220 yuan and a weekly increase rate of 0.99%. The average price of aluminum (A00) in the non - ferrous market was 22,060 yuan, with a weekly increase of 220 yuan and a weekly increase rate of 1.01% [9]. - **Zinc**: The closing price of the futures main contract ZN2602 on December 26, 2025, was 23,170 yuan, with a weekly increase of 105 yuan and a weekly increase rate of 0.46%. The price of zinc ingots (0, Zn99.995, domestic and imported) was 23,120 yuan, with a weekly decrease of 24 yuan and a weekly decrease rate of - 0.10% [9]. - **Tin**: The closing price of the futures main contract SN2602 on December 26, 2025, was 338,550 yuan, with a weekly decrease of 4,490 yuan and a weekly decrease rate of - 1.31%. The average price of tin in Shanghai Wumaomarket was 334,000 yuan, with a weekly decrease of 2,000 yuan and a weekly decrease rate of - 0.60% [9]. - **Nickel**: The closing price of the futures main contract NI2602 on December 26, 2025, was 126,750 yuan, with a weekly increase of 9,570 yuan and a weekly increase rate of 8.17%. The average price of nickel (1) was 130,810 yuan, with a weekly increase of 10,020 yuan and a weekly increase rate of 8.30% [9]. 02. This Week's Forecast of Non - ferrous Metals Market - **Tin**: The supply from Myanmar has increased, but the situation in the DRC has kept tin prices high. The downstream's willingness to take delivery has decreased, and inventories have accumulated. The semiconductor industry maintains growth, while the growth of the domestic automobile and home appliance industries has slowed down. Tin prices are expected to run strongly [14]. - **Lithium carbonate**: - **Market performance**: Last week, the lithium carbonate contract price on the disk was strong, and the price center continued to rise. The main contract LC2605 increased by 17.16% week - on - week, reaching a new high since July 2024. The average price of SMM electric carbon increased by 6.94% week - on - week to 103,400 yuan/ton. There was a divergence between the spot and futures markets, with the spot market weakly fluctuating and the futures premium expanding [15]. - **Supply side**: Upstream raw materials increased slightly month - on - month and significantly year - on - year, strengthening cost support. The overall supply capacity was released in an orderly manner, with production and operating rates increasing by 0.53% month - on - month [15]. - **Demand side**: The production of cathode materials slightly decreased, and inventories continued to decline. Phosphoric acid iron - lithium cells showed strong performance, with a year - on - year production increase of 61.58%, while ternary cells were weak, with a production of 7.1 GWh (a month - on - month decrease of 1.25% and a year - on - year decrease of 4.83%) [15]. - **Inventory**: Social inventories increased slightly, and sample inventories continued to decline but at a slower pace. The overall inventory was still tight [15]. - **Cost and profit**: Mainstream production processes continued to be in a loss state, and the loss differentials expanded. Import and export and delivery arbitrage profits showed different characteristics [15]. 03. Variety Data (Tin, Lithium Carbonate) Tin - **Refined tin production and operating rate**: In the week of December 26, the combined production of refined tin in Yunnan and Jiangxi provinces was 0.338 million tons, a month - on - month increase of 0.002 million tons and a year - on - year increase of 0.0265 million tons. The combined operating rate was 69.75%, a month - on - month increase of 0.41% and a year - on - year increase of 5.47% [20]. - **Tin ingot inventory**: In the week of December 19, the total SHFE tin ingot inventory was 8,095 tons, a month - on - month increase of 704 tons and a year - on - year increase of 1,261 tons. The social inventory of tin ingots in different regions of China was 9,192 tons, a month - on - month increase of 732 tons and a year - on - year increase of 1,387 tons [23]. - **Tin concentrate processing fees**: The processing fees for 40% tin concentrate in Yunnan and 60% tin concentrate in Guangxi, Hunan, and Jiangxi remained flat week - on - week and decreased year - on - year [24]. - **Tin ore import profit and loss**: In the week of December 25, the import profit and loss level of tin ore was 22,313.14 yuan/ton, a week - on - week decrease of 8,852 yuan and a year - on - year increase of 4,232.29 yuan [26]. - **Spot average prices**: The average prices of 40% tin concentrate in Yunnan and 60% tin concentrate in Guangxi, Hunan, and Jiangxi decreased week - on - week and increased year - on - year [30]. Lithium Carbonate - **Key high - frequency data in the industrial chain**: - The closing price of the main contract on December 26, 2025, increased by 17.16% week - on - week and 68.37% year - on - year. - The trading volume of the main contract decreased by 53.85% week - on - week and increased by 363.18% year - on - year. - The position of the main contract decreased by 13.72% week - on - week and increased by 253.34% year - on - year. - The basis of the main contract increased by 33.48% week - on - week and 869.79% year - on - year. - The number of warehouse receipts of lithium carbonate in the Guangzhou Futures Exchange increased by 15.34% week - on - week and decreased by 65.30% year - on - year [32]. - **Supply side**: - **Raw material market**: The prices of various types of lithium ore increased significantly, strengthening cost support [34]. - **Operating rate**: The total weekly operating rate of lithium carbonate increased slightly week - on - week and year - on - year, with significant differences among different production processes [36]. - **Production**: The total weekly production of lithium carbonate increased slightly week - on - week and significantly year - on - year [41]. - **Demand side**: - **Cathode material market**: The overall cathode material market showed a short - term decline in production and continuous inventory reduction [45]. - **Terminal market**: The production of power cells decreased slightly, showing a differentiation between strong phosphoric acid iron - lithium and weak ternary [48]. - **Inventory**: The inventory pattern remained tight, and the inventory structure shifted from the production and consumption ends to the trading end [55]. - **Cost and profit**: - The production of lithium carbonate using purchased lithium spodumene concentrate and lithium mica concentrate was in a loss state, with the loss of lithium spodumene concentrate production expanding and that of lithium mica concentrate production narrowing year - on - year [60]. - The import of lithium carbonate still had a profit, but the profit margin had narrowed. There were significant differences among varieties, and the delivery arbitrage window for lithium carbonate was opened [60][61].

（记者 王晓波） 中矿资源（002738.SZ）12月29日在投资者互动平台表示，公司赞比亚西北省希富玛铜矿为在产矿山， 公司正在开展自有矿山的地质勘查增储工作，相关工作按计划稳步推进。 每经AI快讯，有投资者在投资者互动平台提问：请问贵司希富玛铜矿和卡布韦铜矿是否在产？目前产 能多少？是否有扩建计划？ ...

| | 01 | 周度回顾 | | --- | --- | --- | | | | 1 | | | 02 | 供给端 | | 目 录 | 03 | 需求端 | | | 04 | 库存变化 | | CONTENTS | | | | | 05 | 宏观扰动 | 周度回顾 供应偏紧需求续弱，沪锌维持 震荡偏强走势 中泰期货· 2025年12月29日 中泰期货研究所 王竣冬 期货从业资格：F3024685 交易咨询从业证书号：Z0013759 Ø 周度综述 | | 项目 | | | | 产业数据 | | | --- | --- | --- | --- | --- | --- | --- | | | | 上期 | 当期 | 环比 | 环比率 | 综述 | | | 锌精矿国产TC(元/金属 | 1600 | 1500 | -100.00 | -6.25% | | | | 世 ) | | | | | 国内锌矿阶段性偏紧持续,锌矿加工费加速下跌,对锌价存在一定底部支撑。 | | | | | | | | 在当前锌矿紧缺背景下,国内12月锌精矿加工费跌势持续。 | | | 国内锌精矿产量(月度) | 33.08 | 31.14 ...

江西铜业称，公司自2020年11月起为索尔黄金股东，现为索尔黄金最大单一股东，持有索尔黄金已发行股本约12.2%。索尔黄金的旗舰项目Cascabel位于厄 瓜多尔北部因巴布拉省，为全球最重要的未开发斑岩型铜金矿床之一，并有望成为南美洲的标志性矿业项目。 江西铜业股份(0358.HK)盘中一度涨超12%至41.98港元，创历史新高，半日收涨近10%报40.92港元。消息面上，公司宣布，附属江铜香港投资及索尔黄金董 事会，已就以全现金收购索尔黄金全部已发行及将要发行的普通股股本的条款达成协议。江铜香港投资将可能支付的最高总对价将不超过7.64亿英镑。 ...

北方铜业（000737.SZ）12月29日在投资者互动平台表示，公司控股股东中条山集团所属的胡家峪矿业 公司外围采矿权证目前仍在自然资源部门审核中，预计还需1-2个月时间。公司铜矿峪矿80米标高以下 深部在前期详勘基础上，尚需进一步勘探工作，目前还不具备办理新增采矿权的条件。 每经AI快讯，有投资者在投资者互动平台提问：请问，中条山集团子公司山西中条山集团胡家峪矿业 有限公司外围采矿权证和北方铜业铜矿峪矿的新增采矿权证，目前在哪个部门审核？预计还有多久能够 办理？ （记者 王瀚黎） ...

公开资料显示，公司自2020年11月起为索尔黄金股东，现为索尔黄金最大单一股东，持有索尔黄金已发行股本约12.2%。索尔黄金股份于伦敦证券交易所主 板市场公开交易。索尔黄金的旗舰项目Cascabel位于厄瓜多尔北部因巴布拉省，为全球最重要的未开发斑岩型铜金矿床之一，并有望成为南美洲的标志性矿 业项目。 编辑/KOKO 今日， 高开近10%，截至发稿，涨11.44%，报41.5港元，成交额3.42亿港元。 消息面上，江西铜业股份宣布，其全资附属江铜香港投资将以全现金收购索尔黄金(SolGold plc)全部已发行及将要发行之普通股股本，基于公告日期已发行 之索尔黄金股份总数及已授出之购股权(惟江铜香港投资已持有的索尔黄金股份除外)计算，江铜香港投资根据收购事项将可能支付之最高总对价将不超过 7.64亿英镑。收购事项的完成仍须待索尔黄金股东批准，并须满足或豁免其他条件。 ...

【财华社讯】江西铜业股份(00358.HK)公布，于2025年12月24日，公司全资附属公司江铜香港投资及索 尔黄金董事会已就经目标公司董事会推荐的，以全现金收购索尔黄金全部已发行及将要发行普通股股本 的条款达成协议。收购事项将根据《公司法》第26部分协议安排进行。基于本公告日期已发行索尔黄金 股份总数及已授出购股权(惟江铜香港投资已持有的索尔黄金股份除外)计算，江铜香港投资根据收购事 项将可能支付最高总对价将不超过7.64亿英镑。截至发稿，江西铜业股份涨11.39%，报41.48港元。 索尔黄金的旗舰项目Cascabel位于厄瓜多尔北部因巴布拉省，为全球最重要的未开发斑岩型铜金矿床之 一，并有望成为南美洲的标志性矿业项目。公司自2020年11月起为索尔黄金股东，现为索尔黄金最大单 一股东，持有索尔黄金已发行股本约12.2%。公司熟悉索尔黄金位于Cascabel的旗舰矿床及其勘探项目 组合，并同索尔黄金管理层观点一致，认为Cascabel具备创造巨大价值的潜力。公司认为，凭藉其技术 实力、工程能力、供应链及财务资源，以及作为索尔黄金长期股东透过过往投资累积的项目认知，公司 具备充分条件执行所需进一步工作并投入 ...

格隆汇12月29日丨江西铜业股份(00358.HK)发布公告，2025年12月24日，江铜香港投资(为公司的全资 附属公司)及索尔黄金董事会已就经目标公司董事会推荐的以全现金收购索尔黄金全部已发行及将要发 行的普通股股本的条款达成协议。收购事项将根据《公司法》第26部分的协议安排进行。基于本公告日 期已发行的索尔黄金股份总数及已授出的购股权(惟江铜香港投资已持有的索尔黄金股份除外)计算，江 铜香港投资根据收购事项将可能支付的最高总对价将不超过约7.64亿英镑。 在取得索尔黄金股东批准及满足或豁免(视情况而定)收购事项的其他条件后，江铜香港投资将于收购事 项完成后持有索尔黄金全部已发行及将要发行的股本，索尔黄金将成为公司间接全资附属公司，其财务 业绩将据此合并于公司的综合财务报表。 江铜香港投资自2022年12月起成为索尔黄金股东。继于2025年3月向SolGold Canada Inc.收购约5.24%的 索尔黄金股份后，江铜香港投资目前直接及间接持有索尔黄金已发行股本约12.2%。索尔黄金成立于 2006年，现已成为厄瓜多尔最大的特许权持有者之一，并在极具潜力的安第斯铜矿带开展勘探工作。索 尔黄金的旗舰项目 ...

江铜香港投资自2022年12月起成为索尔黄金股东。继于2025年3月向SolGold Canada Inc.收购约5.24%的 索尔黄金股份后，江铜香港投资目前直接及间接持有索尔黄金已发行股本约12.2%。索尔黄金成立于 2006年，现已成为厄瓜多尔最大的特许权持有者之一，并在极具潜力的安第斯铜矿带开展勘探工作。索 尔黄金的旗舰项目Cascabel("Cascabel项目")位于厄瓜多尔北部因巴布拉省，为全球最重要的未开发斑岩 型铜金矿床之一，并有望成为南美洲的标志性矿业项目。索尔黄金股份于伦敦证券交易所主板市场公开 交易(股票代号：SOLG)。索尔黄金集团于瑞士楚格、英国伦敦及厄瓜多尔基多均设有办公室。 格隆汇12月29日丨江西铜业股份(00358.HK)发布公告，2025年12月24日，江铜香港投资(为公司的全资 附属公司)及索尔黄金董事会已就经目标公司董事会推荐的以全现金收购索尔黄金全部已发行及将要发 行的普通股股本的条款达成协议。收购事项将根据《公司法》第26部分的协议安排进行。基于本公告日 期已发行的索尔黄金股份总数及已授出的购股权(惟江铜香港投资已持有的索尔黄金股份除外)计算，江 铜香港投资根据收 ...