宏观数据点评报告 新动能及反内卷支撑下，全年工企利润实现增长 ――2025 年 1-12 月工业企业效益数据点评 分析师： 严佩佩 SAC NO： S1150520110001 2026 年 1 月 27 日 [Table_Summary] [Table_Author] 证券分析师 事件：2026 年 1 月 27 日，统计局公布了 2025 年 12 月的规模以上工业企业 效益数据。 点评： SAC NO:S1150520110001 宋亦威 022-23861608 SAC NO:S1150514080001 songyw@bhzq.com 研究助理 靳沛芃[Table_IndInvest] 022-23839160 SAC NO：S1150124030005 jinpp@bhzq.com 2025 年 1-12 月规模以上工业企业利润同比增速边际回升 0.5 个百分点至 0.6%；其中，12 月规模以上工业企业利润同比增长 5.3%，由负转正回升 18.4 个百分点。从量、价、利润率三因素来看，首先，受出口韧性以及高技术产 业和装备制造业的拉动，2025 年 12 月规模以上工业增加值同比增长 5.2% ...

国城矿业今日下跌8.20%，全天换手率3.92%，成交额13.82亿元，振幅7.39%。龙虎榜数据显示，机构净 卖出1.21亿元，深股通净买入4345.62万元，营业部席位合计净卖出1025.41万元。 深交所公开信息显示，当日该股因日跌幅偏离值达-8.10%上榜，机构专用席位净卖出1.21亿元，深股通 净买入4345.62万元。 证券时报·数据宝统计显示，上榜的前五大买卖营业部合计成交5.26亿元，其中，买入成交额为2.19亿 元，卖出成交额为3.07亿元，合计净卖出8811.75万元。 国城矿业1月27日交易公开信息 | 买/卖 | | 会员营业部名称 | 买入金额（万元） | 卖出金额（万元） | | --- | --- | --- | --- | --- | | 买一 | 深股通专用 | | 14119.00 | 9773.38 | | 买二 | | 国金证券股份有限公司深圳分公司 | 2374.56 | 316.45 | | 买三 | 机构专用 | | 2054.06 | 944.65 | | 买四 | 机构专用 | | 1814.99 | 1581.56 | | 买五 | 机构专用 | | 153 ...

国城矿业今日跌8.20%，成交额13.82亿元，换手率3.92%，盘后龙虎榜数据显示，深股通专用席位买入 1.41亿元并卖出9773.38万元，3家机构专用席位净买入1441.55万元，有3家机构专用席位净卖出1.36亿 元。 ...

格隆汇1月27日｜富瑞研究报告指，洛阳钼业(3993.HK)去年12月宣布收购EquinoxGold公司在巴西的黄 金资产组合，收购对价最高约为10亿美元。相关交易已经完成。该行的资产净值分析显示，其隐含金价 约为每盎司3,320美元，对比现货金价超过5,000美元，而年初至今平均价高于4,500美元。公司在去年中 期业务更新时表示，黄金将成为公司继铜以外的另一个业务支柱。管理层认为，以是次收购约10亿美元 的成本计算，预期将获得合理回报，并对黄金持建设性看法。另外，管理层亦表示有望一步降低收购所 得资产的营运成本，包括协同效应和效率提升，以及公司所提供更具竞争力的采购和供应链管理。 ...

| 行业 | 营业收入 | | 营业成本 | | 利润总额 | | | --- | --- | --- | --- | --- | --- | --- | | | 全额 | 同比增长 | 金额 | 同比增长 | 金额 | 同比增长 | | | (亿元) | (%) | (亿元) | (%) | (亿元) | (%) | | 总计 | 1391980.6 | 1.1 | 1187524.1 | 1.3 | 73982.0 | 0.6 | | 煤炭开采和洗选业 | 26088.6 | -17.8 | 18734.0 | -11.9 | 3520.0 | -41.8 | | 石油和天然气开采业 | 11480.1 | -5.2 | 6767.0 | 1.1 | 2764.9 | -18.7 | | ■ 黑色金属矿采选业 | 4572.9 | -7.0 | 3661.6 | -6.0 | 458.1 | -16.0 | | 有色金属矿采谈 V | 4247.4 | 12.7 | 2397.9 | 4.2 | 1248.7 | 36.1 | | 非金属矿采选业 | 3476.8 | -5.1 | 2471.6 | -5 ...

（原标题：洛阳钼业成交额超100亿元） 数据宝统计，截至13:56，洛阳钼业成交额100.14亿元，超100亿元。最新股价下跌0.53%，换手率2.31%。上一交易日该股全天成交额为114.64亿 元。 据天眼查APP显示，洛阳栾川钼业集团股份有限公司成立于1999年12月22日，注册资本427886.20352万人民币。（数据宝） 注：本文系新闻报道，不构成投资建议，股市有风险，投资需谨慎。 | 黄金ETF华夏 | | --- | | (产品代码: 518850) | | ★ 跟踪:上海黄金交易所黄金现货实盘合约 | | 近五日涨跌：9.13% | | 资金流向: 最新份额为14.3亿份, 增加 | | 了1740.0万份,净申赎1.8 | | 亿元。 | | 黄金股ETF | | --- | | (产品代码:159562) | | ★ 跟踪：中证沪深港黄金产业股票指数 | | 近五日涨跌: 12.89% | | 市盈率:33.88倍 | | 资金流向: 最新份额为20.4亿份, 增加 | | 了1.4亿份,净申赎4.1亿 | | 元。 | | 估值分位:72.77% | | 有色金属ETF基金 | | - ...

Group 1 - The core point of the news is that Tibet Summit's stock price dropped by 5.27% to 19.94 CNY per share, with a trading volume of 1.241 billion CNY and a turnover rate of 6.64%, resulting in a total market capitalization of 18.229 billion CNY [1] - Tibet Summit Resources Co., Ltd. is primarily engaged in the mining and production of lead, zinc, and copper concentrates, with 99.99% of its revenue coming from mining activities and only 0.01% from other sources [1] - The company is also involved in the development of lithium salt lake resources and the production of lithium salt products through its subsidiaries [1] Group 2 - Among the top ten circulating shareholders of Tibet Summit, Huaxia Fund's Huaxia CSI 1000 ETF (159845) has recently entered the list, holding 4.9689 million shares, which accounts for 0.54% of the circulating shares [2] - The estimated floating loss for Huaxia CSI 1000 ETF today is approximately 5.5155 million CNY [2] - The fund was established on March 18, 2021, with a current scale of 49.908 billion CNY, and has achieved a year-to-date return of 10.1%, ranking 1484 out of 5548 in its category [2]

证券日报网讯1月26日，西部矿业（601168）在互动平台回答投资者提问时表示，本次新增储量将进一 步延长矿山的服务年限，推动战略性矿产资源储量的提升，为公司的可持续发展奠定坚实基础，并持续 增强公司的盈利能力，巩固和提升在有色金属矿产领域的市场竞争力。玉龙铜业储量增加后，未来开发 将以三期建设项目为核心，稳步推进"十五五"规划。目前，公司正按照既定计划，积极推进玉龙铜业三 期建设工程，通过扩产升级进一步增强市场竞争力，为公司和股东创造更大价值。三期项目预计在2026 年底完成基建调试，2027年初达产，届时原矿处理规模将提升至3000万吨/年。 ...

"过山车"行情后，贵金属延续上涨。 1月27日，现货黄金突破5070美元/盎司，日内涨1.24%。沪银主力合约涨超6%，现货白银涨超5%，纽约期银涨超5%突破109美元/盎司。 二级市场上，有色板块分歧加剧，湖南黄金二连板，白银有色、中钨高新、兴业银锡、赣锋锂业等跟涨，湖南白银一度由跌停拉升至翻红。有色矿业ETF招 商（159690）跌0.32%，连续11日获资金净申购合计达2.3亿元。 东方证券观点认为，当前美国长期债务周期已进入晚期阶段，在此背景下贵金属价格的上涨标志着资金对现有法币体系信任的瓦解，买入实物资产是保存财 富与规避债务风险的本能反应。看好贵金属价格在2026年持续刷新历史记录。这一逻辑不仅适用于贵金属，工业金属同样有望在比价效应下加速上涨。 有色矿业ETF招商（159690）跟踪有色矿业指数，聚焦资源品上游，黄金、铜、铝等关键金属权重占比近6成，直接受益于上游涨价逻辑。截至1月23日，有 色矿业指数近一年涨幅达135.19%，领跑主流有色指数。 钨 3.9% -- 辑 0.8% 钻 5.7% - 其他 0.8% 铅锌 6.0% - 铜 31.5% 其他小金属- 7.4% 锂 8.2%- 稀土 ...

Company and Industry Summary Company:炼丹师 (炼丹师) Key Points - **Production Capacity and Timeline** The third phase is expected to commence production by the end of 2026 with a capacity of 30 million tons and a copper output of 200,000 tons. The fourth phase is already in planning, aiming for a total capacity of 45 million tons, with a reserve for tailings storage in the third phase. The fourth phase is projected to add an additional 50,000 tons of copper output [1][2] - **Resource Assessment and Production Estimates** By June 2026, the company anticipates completing resource assessment filings, with preliminary estimates indicating over 300 tons of gold resources and over 2 million tons of copper resources. Based on a 30-year development cycle, the annual production is estimated to be over 8 tons of gold and 60,000 tons of copper [1][2] - **Growth Potential and Profitability** The company is focusing on internal potential and resource expansion, with plans to secure 2-3 additional projects similar to the 茶亭 project during the 15th Five-Year Plan. The estimated profit from 130 tons of silver at a price of 25 CNY per gram is projected to exceed 1 billion CNY by 2026, indicating significant elasticity in profitability [4] - **Future Production and Market Valuation** By 2025, the company plans to produce 100,000 tons of lead and zinc, along with 30 tons of silver. Current price calculations suggest lead and zinc will contribute 600-700 million CNY, while silver will contribute over 400 million CNY, with silver's contribution nearing 40% of total profits. The company’s growth is expected to materialize in 2026, with a target market valuation of 100 billion CNY [4] - **Resource Acquisition and Profit Projections** The company has acquired the Raura zinc polymetallic mine, which has silver resources of 1,872 tons and reserves of 551 tons, with an annual output exceeding 40 tons. The mine is projected to generate an annualized profit of 160 million CNY, which could increase to over 300 million CNY post-technical improvements. A rise in silver prices could add 600 million CNY to profits, effectively treating it as a silver mine [4] - **Market Capitalization Estimates** The Raura mine is expected to contribute over 900 million CNY, with the main lead and zinc operations contributing 350 million CNY and engineering projects adding 300 million CNY. The total market valuation is estimated at 23 billion CNY based on a 15x multiple. Additionally, the company holds shares in 盛达资源 and a 17.25% stake in 中国瑞林, valued at 1.7 billion CNY, bringing the total estimated market value to 25 billion CNY [5] Additional Insights - **Market Trends and Recommendations** The company suggests maintaining positions in various metals, including copper, tin, and nickel, during market fluctuations. It recommends specific companies for investment in these sectors, indicating a strategic approach to market dynamics [6][7]