Core Viewpoint - China General Nuclear Power Corporation (CGN) Mining reported a production of 644.3 tons of natural uranium in Q3 2025, achieving a completion rate of 96.5% of its quarterly plan [1] Group 1: Production Details - The joint venture in Kazakhstan, Semizbay-U LLP, produced 184.5 tons of natural uranium, while another joint venture, Ortalyk LLP, produced 459.7 tons [1] - The total natural uranium held by the company as of September 30, 2025, is 1,454 tons (approximately 3.78 million pounds of U3O8) [1] Group 2: Financial Metrics - The weighted average cost of the natural uranium held by the company is $71.8 per pound of U3O8 [1] - The company has signed but not yet delivered contracts for 3,965 tons of natural uranium (approximately 10.31 million pounds of U3O8), with a weighted average selling price of $81.40 per pound of U3O8 [1]

Core Viewpoint - China General Nuclear Power Corporation (CGN) Mining reported a production of 644.3 tons of natural uranium in Q3 2025, achieving a completion rate of 96.5% for the quarter [1] Group 1: Production Details - The joint venture Semizbay-U LLP, in which CGN holds a 49% stake, produced 184.5 tons of natural uranium [1] - The other joint venture, Ortalyk LLP, also with a 49% stake, produced 459.7 tons of natural uranium [1] Group 2: Uranium Holdings and Sales - As of September 30, 2025, CGN holds a total of 1,454 tons of natural uranium, equivalent to approximately 3.78 million pounds of U3O8, with a weighted average cost of $71.8 per pound of U3O8 [1] - The company has signed contracts for an undelivered quantity of 3,965 tons of natural uranium, which is about 10.31 million pounds of U3O8, at a weighted average selling price of $81.40 per pound of U3O8 [1]

上 市 公 司 有色金属 2025 年 10 月 21 日 紫金矿业 (601899) —— 25Q3 业绩再创新高，矿金贡献亮眼 报告原因：有业绩公布需要点评 买入（维持） | 市场数据： | 2025 年 10 月 20 日 | | --- | --- | | 收盘价（元） | 29.75 | | 一年内最高/最低（元） | 32.65/15.00 | | 市净率 | 4.7 | | 股息率%（分红/股价） | 1.68 | | 流通 A 股市值（百万元） | 612,491 | | 上证指数/深证成指 | 3,863.89/12,813.21 | | 注："股息率"以最近一年已公布分红计算 | | | 基础数据: | 2025 年 09 月 30 日 | | --- | --- | | 每股净资产（元） | 6.31 | | 资产负债率% | 53.01 | | 总股本/流通 A 股（百万） | 26,578/20,588 | | 流通 B 股/H 股（百万） | -/5,989 | 一年内股价与大盘对比走势： 10-21 11-21 12-21 01-21 02-21 03-21 04-21 05-2 ...

有色贵金属与新能源团队 | 作者： | 杨莉娜 | | --- | --- | | 从业资格证号： | F0230456 | | 投资咨询证号： | Z0002618 | | 联系方式： | 010-68573781 | | 作者： | 胡彬 | | 从业资格证号： | F0289497 | | 投资咨询证号： | Z0011019 | | 联系方式： | 010-68576697 | | 作者： | 梁海宽 | | 从业资格证号： | F3064313 | | 投资咨询证号： | Z0015305 | | 联系方式： | 010-68518650 | 投资咨询业务资格：京证监许可【2012】75号 成文时间：2025年10月20日星期一 更多精彩内容请关注方正中期官方微信 期货研究院 有色金属日度策略 Metal Futures Daily Strategy 摘要 铜： 市场对关税担忧降温，日间国内权益资产反弹，沪铜受风险偏好回 升影响震荡走高，中长期上涨逻辑并未改变。市场对美国加征铜进 口关税的担忧未来可能再度升温，美国市场的虹吸效应当前犹在， 造成全球铜库存的结构性矛盾难解。今年前三季度国内固定资产增 ...

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 [8][14]. Core Insights - The company reported a strong performance in Q3 2025, achieving a net profit attributable to shareholders of 146 billion yuan, with a year-on-year increase of 57% [3][8]. - The company has successfully listed its subsidiary, Zijin Gold International, on the Hong Kong Stock Exchange, raising approximately 28.7 billion HKD, marking it as the largest IPO in the global gold mining industry to date [6]. - The company has completed several significant acquisitions in 2025, enhancing its resource reserves in gold, copper, lithium, and molybdenum, which are expected to contribute positively to future profits [6][8]. Financial Performance - For the first three quarters of 2025, the company achieved a total revenue of 254.2 billion yuan, a year-on-year increase of 10.3%, and a net profit of 378.6 billion yuan, up 55.5% year-on-year [3][4]. - The company’s gross profit margin improved, with a mining enterprise gross margin of 60.62%, an increase of 2.91 percentage points year-on-year [4]. - The company’s unit sales costs for gold and copper increased slightly in Q3 2025, attributed to factors such as declining ore grades and increased transportation distances [5]. Production and Cost Analysis - The company’s gold production for Q1-Q3 2025 was 65 tons, a 20% increase year-on-year, while copper production reached 830,000 tons, a 5% increase [4]. - The unit sales cost for gold concentrate was 194.96 yuan/g, and for copper concentrate was 22,128 yuan/ton, reflecting a slight increase from the previous quarter [5]. Earnings Forecast - The company is projected to achieve net profits of 535 billion yuan, 684 billion yuan, and 749 billion yuan for the years 2025, 2026, and 2027, respectively, with year-on-year growth rates of 67%, 28%, and 9% [8][10].

Core Points - The 10th Chile Week in Tianjin emphasizes deepening trade cooperation between Chile and China [1][2] - The event coincides with the 55th anniversary of diplomatic relations and the 20th anniversary of the free trade agreement between the two countries [2] Group 1: Event Overview - The opening ceremony of the 2025 China-Chile Week took place in Tianjin, where several memorandums of understanding were signed between Chile and various institutions in Tianjin [1] - This year's Chile Week features professional seminars focused on agricultural trade, investment, and innovation [2] - Chilean representatives will visit Tianjin Port and engage with Tianjin Foreign Shipping Agency [2] Group 2: Trade and Export Insights - Chile has become a major supplier of cherries and mussels to the Chinese market in recent years, and is now also exporting pears, walnuts, and bamboo fish [2] - The main focus of Chile's service exports to China is in transportation and information technology, with a strong reputation in agriculture, aquaculture, and mining sectors [2] - Chile aims to provide innovative solutions in high-quality technology and services for these industries in the future [2] Group 3: Future Activities - The 2025 China-Chile Week will continue in Chongqing, Shenzhen, and Shanghai [2]

上证180ETF指数基金(530280)，场外联接(平安上证180ETF联接A：023547；平安上证180ETF联接C：023548；平安上证180ETF联接E：024609)。 数据显示，截至2025年9月30日，上证180指数(000010)前十大权重股分别为贵州茅台(600519)、紫金矿业(601899)、恒瑞医药(600276)、药明康德(603259)、 中国平安(601318)、中芯国际(688981)、寒武纪(688256)、工业富联(601138)、招商银行(600036)、海光信息(688041)，前十大权重股合计占比26.75%。 | 股票代码 | 股票简称 | 涨跌幅 | 权重 | | --- | --- | --- | --- | | 200519 | 贵州茅台 | 0.48% | 4.92% | | 201899 | 紫美矿业 | 2.45% | 2.96% | | 601318 | 中国平安 | 0.60% | 2.75% | | 600276 | 恒瑞医药 | 0.61% | 2.62% | | 600036 | 招商银行 | 0.53% | 2.62% | | 600900 ...

Core Viewpoint - China Mineral Resources Group has requested domestic buyers to suspend purchases of BHP's iron ore priced in USD, indicating a significant shift in the iron ore trade dynamics and China's intent to enhance its pricing power in the market [1][2][3] Group 1: Market Dynamics - China, as the largest iron ore buyer globally, has been unable to participate in pricing, leading to reduced profits for its steel companies and hindering industrial upgrades [2] - Major global iron ore suppliers, including BHP, Rio Tinto, and Vale, control over 70% of the maritime iron ore trade, creating a monopolistic environment that has historically disadvantaged Chinese steel producers [2][6] - The recent suspension of BHP's iron ore purchases by China marks an escalation in China's efforts to assert its influence over iron ore pricing [1][2] Group 2: Strategic Initiatives - China is working to establish an independent iron ore supply system, exemplified by the Simandou project in Guinea, which has significant reserves and high-quality ore [3] - The formation of China Mineral Resources Group aims to consolidate procurement efforts among Chinese steel companies, enhancing bargaining power against global suppliers [4] Group 3: Currency and Pricing Mechanisms - The focus of the current negotiations is on settling iron ore purchases in local currency, with precedents set in transactions with Brazil and Russia [5] - The dominance of USD in iron ore transactions has led to significant profit losses for Chinese companies, with BHP's profits from iron ore sales reaching $20 billion in 2023, compared to less than $10 billion for Chinese steel firms [5][6] Group 4: New Pricing Index - The launch of the "North Iron Index" by the Beijing Iron Ore Trading Center aims to provide a transparent pricing mechanism for iron ore, challenging the existing opaque pricing models dominated by financial capital [11][13] - The index is based on real transaction data, reducing subjective influences and aiming to establish a more equitable pricing structure in the iron ore market [13] Group 5: Industrial and Economic Implications - China's advancements in industrial capabilities and its strategic partnerships with resource-rich countries position it favorably in the global iron ore market [14][15] - The shift towards local currency transactions and the establishment of a new pricing index are expected to reshape the international iron ore pricing landscape, reducing reliance on Western-dominated financial systems [12][14]

智通财经APP获悉，美国总统特朗普与澳大利亚总理安东尼·阿尔巴内塞周一签署了一项关键矿产协 议，旨在抗衡中国。此次会晤期间，特朗普还就过往批评对澳大利亚驻美大使发难。美国总统还支持与 澳大利亚达成战略性的核动力潜艇协议，以强化印太地区安全。 尽管特朗普与阿尔巴内塞热情互致问候，但特朗普对澳大利亚驻美大使、前总理陆克文过往对他的批评 表示恼怒。陆克文曾在2020年称特朗普是"史上最具破坏性的总统"，随后在社交媒体上删除了该言论。 特朗普表示他此前并不知晓这些批评性言论，并询问这位大使现在何处。当看到陆克文在桌子对面时， 特朗普说："我也不喜欢你，而且可能永远都不会。" 此次访问在其他方面似乎进展顺利，阿尔巴内塞和特朗普签署了一项矿物协议，特朗普称该协议是近几 个月谈判达成的。阿尔巴内塞将其描述为一条价值850亿美元的"待启动管道"。 美国一直在寻求增加其获取全球关键矿物的渠道。关键矿物一词涵盖一系列矿物，包括稀土、锂和镍。 根据美国地质调查局的数据，中国拥有世界上最大的稀土储量，但澳大利亚也拥有可观的储量。这些矿 物用于从电动汽车到飞机发动机和军用雷达等产品。 两国政府发布的协议副本显示，双方将在未来六个月内各 ...

Core Viewpoint - The company reported significant growth in revenue and net profit for the first three quarters of 2025, driven by rising prices of potassium chloride and copper, despite a decline in lithium carbonate sales volume [4][5]. Financial Performance - For the first three quarters of 2025, the company achieved revenue of 2.401 billion yuan, a year-on-year increase of 3.35% [4]. - The net profit attributable to shareholders reached 2.751 billion yuan, up 47.26% year-on-year [4]. - The adjusted net profit was 2.756 billion yuan, reflecting a 49.27% increase year-on-year [4]. - In Q3 2025, the company recorded a single-quarter revenue of 723 million yuan, a year-on-year growth of 28.71%, but a quarter-on-quarter decrease of 35.76% [4]. Product Performance - Potassium chloride sales volume for the first three quarters was 783,800 tons, a year-on-year increase of 9.6%, primarily due to the release of approximately 80,000 tons from national reserves [5]. - The average selling price of potassium chloride was approximately 2,920 yuan/ton, marking a year-on-year increase of 26.9% [5]. - Lithium carbonate sales volume decreased to 4,800 tons, down 53.0% year-on-year, with an average selling price of 67,300 yuan/ton, a decline of 24.6% [5]. Investment Gains - The company reported investment income of 1.95 billion yuan from its stake in Julong Copper Industry, a year-on-year increase of 43.1% [5]. - Julong Copper's copper production reached 142,500 tons, up 16.8% year-on-year, with sales volume of 142,400 tons, an 18.1% increase [5]. - The average selling price for copper was 83,000 yuan/ton, reflecting an 8.0% year-on-year increase, with a net profit per ton of 45,000 yuan, up 22.8% [5]. Project Developments - The company’s subsidiary, Cangge Lithium Industry, resumed production on October 11, 2025, following the acquisition of mining rights for various minerals [6]. - The company adjusted its 2025 lithium carbonate production and sales plan to 8,510 tons each [6]. - New projects include the completion of contracts for a photovoltaic power station at the Mami Cuo Salt Lake project and progress in the construction of a lithium hydroxide production line [6].