（记者 曾健辉） 每经头条（nbdtoutiao）——地方国资开始"抄底"法拍房！单价六七千元"扫货"广州南沙区超60套房 源，同小区二手房挂牌均价逾2万元 每经AI快讯，国城矿业1月23日晚间发布业绩预告，预计2025年归属于上市公司股东的净利润10亿元 ~11.2亿元，基本每股收益0.8438元~0.9451元。业绩变动主要原因是，公司完成国城实业60%股权的收 购，相关数据纳入公司合并报表。国城实业2025年度预计实现净利润11亿元-12亿元。公司完成对赤峰 宇邦矿业有限公司65%股权的出售并确认相应的投资收益，影响归属于上市公司股东的净利润约6.58亿 元。公司全资子公司内蒙古国城钛业有限公司所处钛白粉行业产品销售价格处于低位，对公司净利润产 生较大影响。 ...

藏格矿业公告称，江苏藏青基金在原规模53.10亿元基础上拟扩募14亿元。公司全资子公司藏格矿业投 资（成都）有限公司按原出资比例47.08%追加认购65,913.37万元。近日，本次扩募资金14亿元已募集 完成且资金实缴到位。扩募后，藏格矿业投资（成都）有限公司总认缴金额达315,913.37万元，出资比 例47.0810%，基金总规模达67.10亿元。 ...

格隆汇1月23日丨紫金矿业(02899.HK)公告，2026年1月23日，公司旗下巨龙铜矿的二期工程正式建成投 产。在现有15万吨／日采选工程基础上，巨龙铜矿将新增生产规模20万吨／日，形成35万吨／日的总生 产规模。 二期工程达产后，巨龙铜矿年矿石采选规模将从4,500万吨提升至1.05亿吨，矿产铜年产量将从2025年的 19万吨提高至约30－35万吨(预计2026年矿产铜产量将达30万吨)，矿产钼年产量将从2025年的0.8万吨提 高至约1.3万吨，矿产银年产量将从2025年的109吨提高至约230吨；巨龙铜矿将成为中国最大的铜矿， 同时也是全球海拔最高、入选品位最低的世界级超大型铜矿。 巨龙铜矿地处海拔5,000米以上的高寒缺氧区域，自然地理环境恶劣，作业条件艰苦，施工管理难度极 高。公司自2020年6月收购并主导建设运营巨龙铜矿以来，依托强大的全流程自主技术与工程研发创新 能力，以及"艰苦创业、开拓创新"的紫金精神，仅用时约18个月便实现一期工程建成投产；二期工程自 动工后，再次以约18个月的工期实现建成投产。 根据巨龙铜矿于2024年在自然资源主管部门备案的资源储量情况，巨龙铜矿累计查明铜金属资源量 ...

Major Announcements - Huayi Co., Ltd. has applied for a 5-day extension to respond to the Shanghai Stock Exchange's inquiry regarding its acquisition matters due to the need for further confirmation and improvement of certain issues [1] - Shuaifeng Electric is expected to report a net loss of 43 million to 62 million yuan for 2025, with revenue projected between 210 million and 250 million yuan, potentially leading to a delisting risk warning for its stock [1] - Zijin Mining's second phase of the Julong Copper Mine has commenced production, increasing its total production capacity to 350,000 tons per day, with plans for a third phase that could significantly enhance copper output [1] Performance Forecasts - Yongchun Intelligent expects a net profit of 128 million to 155 million yuan for 2025, representing a year-on-year increase of 721.57% to 894.86% [3] - Fuda Alloy anticipates a net profit of 100 million to 146 million yuan for 2025, with a growth of 119.14% to 219.95% driven by expanding demand in emerging sectors [4] - Xiling Power forecasts a net profit of 90 million to 110 million yuan for 2025, reflecting a year-on-year increase of 77.82% to 117.33% due to rising sales in automotive parts [4] - Haoshi Electromechanical expects a net profit of 128 million to 165 million yuan for 2025, with a growth of 54.4% to 99.03% attributed to increased demand in the PCB market [4] - Shenkong Co., Ltd. predicts a net profit of 90 million to 110 million yuan for 2025, with a growth of 118.71% to 167.31% driven by the recovery in the semiconductor market [5] - Lianchuang Optoelectronics anticipates a net profit of 435 million to 532 million yuan for 2025, representing a growth of 80.36% to 120.57% [5] - Xiangnong Chip expects a net profit of 480 million to 620 million yuan for 2025, with a growth of 81.77% to 134.78% driven by demand for enterprise-level storage products [6] - Shuangyi Technology forecasts a net profit of 155 million to 172 million yuan for 2025, reflecting a growth of 80% to 100% [6] - Feirongda anticipates a net profit of 360 million to 420 million yuan for 2025, with a growth of 57.23% to 83.43% [8] - Jingfang Technology expects a net profit of 365 million to 385 million yuan for 2025, representing a growth of 44.41% to 52.32% [9] - Youbuxun predicts a net profit of 72 million to 107 million yuan for 2025, marking a turnaround from a loss of 150 million yuan in the previous year [10] - Zhongwei Company anticipates a net profit of 2.08 billion to 2.18 billion yuan for 2025, with a growth of 28.74% to 34.93% [11] Loss Forecasts - Shanying International expects a net loss of 850 million to 1 billion yuan for 2025, compared to a loss of 451 million yuan in the previous year [12] - Baiyin Nonferrous Metals anticipates a net loss of 450 million to 675 million yuan for 2025, a significant decline from a profit of 8.08 million yuan in the previous year [13] - Zhengzhou Coal Electricity plans to stop production at the Chao Hua Coal Mine due to resource depletion, expecting to recognize a 311 million yuan impairment loss [17] - Changcheng Electric forecasts a net loss of approximately 315 million yuan for 2025, compared to a loss of 225 million yuan in the previous year [17] - Standard Co. expects a net loss of 120 million to 140 million yuan for 2025, with a reduction in losses compared to the previous year [17] - Hongqingtian anticipates a net loss of 100 million to 150 million yuan for 2025, with a decline in revenue due to weak consumer demand [17]

Core Insights - The report highlights a bullish outlook for the metals sector, driven by macroeconomic factors such as the Federal Reserve's interest rate cuts and a recovering global economy, particularly in China [3][44] - Key investment themes for 2026 include expanding demand for precious metals like gold and silver, improving fundamentals for aluminum and copper, strategic opportunities in rare earths, and supply-side disruptions due to overcapacity in certain sectors [3][4] Group 1: Precious Metals - The report suggests a long-term bullish view on gold, with expectations of price increases driven by anticipated interest rate cuts and geopolitical tensions, which enhance gold's appeal as a safe-haven asset [3][44] - Silver is also highlighted as a key investment opportunity due to its high price ratio to gold, indicating potential for significant price appreciation [3] - Specific companies to watch include Shandong Gold (600547.SH) and Zijin Mining (601899.SH), which are expected to benefit from increased production and operational efficiencies [4] Group 2: Industrial Metals - The report notes that aluminum and copper are set to see improved profitability due to lower production costs and increased demand, particularly in the context of infrastructure investments [3][4] - Companies such as Zhongfu Industrial (600595.SH) and Zijin Mining (601899.SH) are identified as having strong positions in the copper market, with expected profit growth [4] - The report emphasizes the importance of monitoring supply chain dynamics, particularly in copper, where inventory levels are shifting significantly [18][58] Group 3: Rare Earths and Strategic Metals - The report identifies rare earth elements as a critical area for investment, particularly in light of geopolitical tensions between the US and China, which may create opportunities for companies involved in rare earth mining and processing [3][4] - Companies like Northern Rare Earth (600111.SH) and China Rare Earth (000831.SZ) are highlighted for their potential to benefit from price increases in rare earth materials [4] Group 4: Energy Metals - The report discusses the rebound in lithium and nickel prices, driven by strong demand from the battery sector, with specific mention of companies like Tianqi Lithium (002466.SZ) and Ganfeng Lithium (002460.SZ) [4][27] - The expected growth in energy storage solutions is also noted as a significant driver for demand in these metals [4] Group 5: Overall Market Performance - The overall performance of the non-ferrous metals sector is noted to have outperformed the broader market, with a cumulative increase of 96.46% in 2025 compared to a 21.65% increase in the Shanghai Composite Index [33][35] - The report indicates that while the sector has seen significant gains, valuations are currently at historical averages, suggesting potential for further growth [35]

Report Overview - Report Type: Futures Research Report [2] - Report Date: January 23, 2026 [4] - Report Industry: Non-ferrous Metals [2] Industry Investment Rating - Not mentioned in the report Core Views - **Copper**: This week, Shanghai copper fluctuated weakly around the 100,000 level, with a significantly narrower amplitude than last week. It repeatedly fell below the 100,000 mark during the week and then stabilized and rebounded, with a slight increase in open interest. At the macro level, market risk appetite rebounded with the reversal of the Greenland event, and the US dollar index was weakly running. At the industrial level, as the copper price dropped to the 100,000 mark, the restocking willingness of some downstream industries increased. On Thursday, the electrolytic copper inventory decreased slightly, the monthly spread rebounded slightly, and the import loss also narrowed, reflecting the increasing domestic industrial support. Continuously monitor the long-short game at the 100,000 mark [6]. - **Aluminum**: This week, the aluminum price fluctuated around the 24,000 level, with a slight increase in open interest. At the macro level, the Greenland issue reversed, and US President Trump postponed tariffs, leading to a rebound in market risk appetite. At the industrial level, the electrolytic aluminum inventory increased slightly, and the downstream remained in a wait-and-see mood. Continuously monitor the long-short game at the 24,000 mark [7]. - **Nickel**: This week, the nickel price fluctuated above the 140,000 level, repeatedly falling below the 140,000 mark during the session and then bottoming out and rebounding. At the macro level, the market atmosphere warmed up during the week, and the non-ferrous metal sector stabilized as a whole. Recently, after the nickel price digested the supply disturbance in Indonesia, the intraday amplitude narrowed, the short-term strong industrial expectation drive declined, and the weak reality pattern remained unchanged. Technically, continuously monitor the support at the 140,000 mark [8]. Industry Dynamics Copper - Lundin Mining Corporation achieved its production targets for various metals on a consolidated basis for the third consecutive year in 2025. In 2025, its copper production was 331,232 tons, gold production was 141,859 ounces, and nickel production at the Eagle mine was 9,907 tons. In Q4 2025, the company's copper production exceeded 87,000 tons and gold production exceeded 34,000 ounces. The Caserones mine achieved its highest quarterly copper production since acquisition in Q4, reaching 39,612 tons, mainly due to increased ore grade and cathode copper production. Looking ahead, Lundin expects its consolidated copper production to be 310,000 - 335,000 tons in 2026, 315,000 - 340,000 tons in 2027, and 290,000 - 315,000 tons in 2028. The cash cost guidance for 2026 is $1.90 - $2.10 per pound. The expected maintenance capital expenditure in 2026 is $550 million, expansion capital expenditure is about $445 million, and exploration expenditure is expected to be $53 million, mainly for in-mine and near-mine exploration [10]. - The operating rate of domestic scrap anode copper enterprises declined. This week, the operating rate of SMM scrap anode plate enterprises was 72.17%, a 3.73 percentage point decrease from the previous week. It is expected to decline by 0.83 percentage points to 71.34% next week [11]. - On January 22, Mysteel's electrolytic copper social inventory was 335,200 tons, a decrease of 2,800 tons from the 19th [12]. Aluminum - On January 22, the SHFE aluminum futures warehouse receipts were 138,856 tons, an increase of 101 tons from the previous trading day. In the past week, the SHFE aluminum futures warehouse receipts increased by 773 tons, a growth rate of 0.56%. In the past month, they increased by 62,767 tons, a growth rate of 82.49% [13]. - On January 22, Mysteeel's electrolytic aluminum social inventory was 768,000 tons, an increase of 4,000 tons from the 19th [13]. Related Charts Copper - Copper basis, Shanghai electrolytic copper social inventory, LME copper cancelled warrant ratio, global copper exchange inventory (SHFE + LME + COMEX), SHFE warehouse receipt inventory, monthly spread of Shanghai copper, SHFE inventory, and inventory warehouse receipts are presented in the report [14][16][17] Aluminum - Aluminum basis, electrolytic aluminum domestic social inventory, Shanghai-London ratio, aluminum monthly spread, electrolytic aluminum overseas exchange inventory (LME + COMEX), and aluminum bar inventory are presented in the report [25][27][29] Nickel - Nickel basis, LME inventory, LME nickel trend, nickel monthly spread, SHFE inventory, and nickel ore port inventory are presented in the report [37][39][41]

Core Viewpoint - Zijin Mining announced that the second phase of the Jilong Copper Mine will officially commence production on January 23, 2026, significantly increasing its production capacity and output of various minerals [1] Production Capacity Expansion - The Jilong Copper Mine will add a new production scale of 200,000 tons per day, bringing the total production capacity to 350,000 tons per day [1] - After the completion of the second phase, the annual ore processing capacity will increase from 45 million tons to 105 million tons [1] Mineral Output Projections - The annual copper production is expected to rise from 190,000 tons in 2025 to approximately 300,000 to 350,000 tons, with an estimated output of 300,000 tons in 2026 [1] - Molybdenum production is projected to increase from 8,000 tons in 2025 to about 13,000 tons [1] - Silver production is anticipated to grow from 109 tons in 2025 to approximately 230 tons [1] Industry Position - Upon completion, the Jilong Copper Mine will become the largest copper mine in China and the world's highest-altitude, lowest-grade world-class super-large copper mine [1]

格隆汇1月23日｜紫金矿业公告称，公司旗下巨龙铜矿的二期工程于2026年1月23日正式建成投产。二期 工程达产后，巨龙铜矿年矿石采选规模将从4500万吨提升至1.05亿吨，矿产铜年产量将从2025年的19万 吨提高至约30-35万吨。巨龙铜矿将成为中国最大的铜矿，同时也是全球海拔最高、入选品位最低的世 界级超大型铜矿。公司正在进一步规划实施巨龙铜矿三期工程，若项目得到政府有关部门批准，三期工 程最终开采海拔标高将从二期4452米降低到3880米，每年采选矿石量将达约2亿吨规模；巨龙铜矿届时 将成为全球采选规模最大的铜矿山，达产后年产铜约60万吨。 ...

Group 1 - The core point of the article is that Northern Mining Co., Ltd. has obtained a patent for an efficient combination of collectors and mining methods for oxidized copper-cobalt ore under a high magnesium recycling system, with the patent announcement number CN120169568B and an application date of April 2025 [1] - Northern Mining Co., Ltd. was established in 2021 and is located in Beijing, primarily engaged in the non-ferrous metal mining and selection industry [1] - The company has a registered capital of 4 billion RMB and has made investments in 2 enterprises, participated in 47 bidding projects, and holds 20 trademark information and 161 patent information [1]

Core Viewpoint - Minmetals Resources has demonstrated strong operational performance in 2025, with multiple mines achieving record or near-record production levels, leading to significant increases in copper, zinc, and precious metal outputs [1] Group 1: Production Performance - The total copper production for the year increased by 27% to 506,900 tons, primarily driven by the strong operational performance of the flagship Las Bambas mine [1] - Zinc production rose by 6% to 232,100 tons, mainly due to record annual output from the Dugald River mine [1] - The company achieved a total gold production of 118,100 ounces, reflecting a 22% year-on-year increase, and silver production reached 1,056,480 ounces, up 17% year-on-year [1] Group 2: Financial Impact - The significant production increases, combined with high commodity prices, resulted in substantial by-product revenues, effectively reducing the C1 costs across various mines [1] - The company's strategy focuses on maximizing the value of by-products, which has positively contributed to overall profitability [1]