Core Viewpoint - The company announced that its stock experienced an abnormal fluctuation, with a cumulative increase of over 20% in closing prices over three consecutive trading days from January 21 to January 23, 2026 [1] Group 1 - The company confirmed that there were no corrections or supplements to previously disclosed information [1] - The company's production and operations are normal, and there have been no changes in the internal and external environment [1] - The controlling shareholder and actual controller have not disclosed any significant matters that should have been disclosed, and they did not trade the company's stock during the period of abnormal fluctuation [1] Group 2 - The company advises investors to rely on information disclosed through designated media and to invest rationally while being aware of risks [1]

数据来源：国家统计局，智研咨询整理 知前沿，问智研。智研咨询是中国一流产业咨询机构，十数年持续深耕产业研究领域，提供深度产业研 究报告、商业计划书、可行性研究报告及定制服务等一站式产业咨询服务。专业的角度、品质化的服 务、敏锐的市场洞察力，专注于提供完善的产业解决方案，为您的投资决策赋能。 根据国家统计局数据可知：2025年12月全国有色金属矿采选业出口货值为1.1亿元，同比下降2.6%； 2025年全国有色金属矿采选业累计出口货值为6.6亿元，累计同比下降11%。 2019年-2025年全国有色金属矿采选业出口货值统计图 上市公司：焦作万方（000612），铜陵有色（000630），合金投资（000633），中钨高新（000657）， 国城矿业（000688），北方铜业（000737），常铝股份（002160），东方锆业（002167），楚江新材 （002171），宝武镁业（002182），融捷股份（002192），海亮股份（002203） 相关报告：智研咨询发布的《2026-2032年中国有色金属行业市场发展现状及竞争格局预测报告》 ...

证券日报网讯 1月23日，国城矿业发布2025年度业绩预告称，公司预计2025年度归属于上市公司股东的 净利润为100000万元–112000万元。 （文章来源：证券日报） ...

Core Viewpoint - The AI Fund Xinhua Dividend Return Mixed Fund (003025) reported a profit of 4.7656 million yuan for Q4 2025, with a weighted average profit per fund share of 0.0595 yuan, and a net value growth rate of 5.56% during the reporting period [3][4]. Fund Performance - As of January 22, the fund's unit net value was 1.227 yuan, with a one-year cumulative net value growth rate of 52.02%, the highest among its peers [3][4]. - The fund's performance rankings are as follows: - Last three months: 25.01% growth, ranked 4 out of 134 [4] - Last six months: 42.13% growth, ranked 14 out of 134 [4] - Last year: 52.02% growth, ranked 18 out of 131 [4] - Last three years: 33.78% growth, ranked 31 out of 124 [4]. Investment Strategy - The fund employs a stable and progressive asset allocation strategy, dynamically adjusting the proportions of stocks, convertible bonds, and pure bonds while controlling downside risk [4]. - In Q4, the bond investments were primarily in interest rate bonds with a shorter duration and lower allocation [4]. - The stock market showed improved liquidity and investor risk appetite in Q4, leading to a higher stock allocation, particularly increasing positions in sectors such as non-ferrous metals, electronics, and machinery, while reducing exposure in telecommunications, non-bank financials, and computers [4]. Fund Composition - As of December 31, the fund's total assets amounted to 88.9998 million yuan [15]. - The top ten holdings of the fund include Zijin Mining, Cangge Mining, Luoyang Molybdenum, Jincheng Mining, Yingliu Co., Yun Aluminum, Hu Dian Co., Shenzhen South Circuit, Xingye Silver Tin, and Shengtun Mining [18]. Risk Metrics - The fund's Sharpe ratio over the last three years is 0.5143, ranking 68 out of 122 among comparable funds [8]. - The maximum drawdown over the last three years is 16.12%, with a ranking of 18 out of 120 [10].

本报讯 （记者冯雨瑶） 1月23日晚间，国城矿业股份有限公司（以下简称"国城矿业"）发布2025年度业绩预告，预计归属于上市公司股东的净利 润为10.00亿元至11.20亿元，上年同期（重组后）盈利4.53亿元。 （编辑 何帆） 国城矿业表示，业绩变动原因系公司完成内蒙古国城实业有限公司60%股权的收购，根据《企业会计准则》的相关规定， 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11亿元至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。此外，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。 ...

每经AI快讯，1月23日，国城矿业（000688）(000688.SZ)发布2025年度业绩预告，预计归属于上市公司 股东的净利润为10.00亿元~11.20亿元，上年同期(重组后)盈利4.53亿元。业绩变动原因系公司完成国城 实业60%股权收购并将其纳入合并报表，同时出售赤峰宇邦矿业65%股权确认投资收益约6.58亿元。 ...

Investment Rating - Industry rating: Recommended [4] Core Insights - In 2025, copper production reached 453.5 thousand tons, a year-on-year increase of 1.7%, aligning with previously disclosed guidance, driven by strong operational performance across all assets in Q4 [1] - The Quebrada Blanca mine had a notable Q4 performance with copper production of 55,400 tons, while Q4 copper sales were lower than production due to weather and sea conditions causing temporary inventory buildup [1] - Zinc production in 2025 was 565.0 thousand tons, with a Q4 refined zinc production of 68.1 thousand tons, reflecting a year-on-year increase of 9.8% [2][7] - The 2026 production guidance for all Teck-operated mines remains unchanged, with adjustments made to the Antamina mine's zinc production guidance [3] Summary by Sections Production and Operations - Q4 2025 copper production was 134.1 thousand tons, a year-on-year increase of 9.9% and a quarter-on-quarter increase of 28.9% [1][7] - Q4 2025 zinc production was 108.6 thousand tons, with a year-on-year decrease of 25.6% and a quarter-on-quarter decrease of 11.0% [2][7] 2026 Guidance - The 2026 guidance for Antamina's zinc production was revised down from 55,000-65,000 tons to 35,000-45,000 tons, reflecting updates to the mine plan [3] - The copper production guidance for Antamina remains unchanged at 95,000-105,000 tons for 2026 [3]

（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。 ...

Core Viewpoint - Zijin Mining (02899.HK) announced the completion and production commencement of the second phase of the Julong Copper Mine on January 23, 2026, significantly increasing its production capacity and establishing it as the largest copper mine in China and a world-class super-large copper mine [1][2]. Group 1: Production Capacity and Output - The second phase of the Julong Copper Mine will add a production scale of 200,000 tons per day, bringing the total production capacity to 350,000 tons per day [1]. - After reaching full capacity, the annual ore processing scale will increase from 45 million tons to 105 million tons, with copper production expected to rise from 190,000 tons in 2025 to approximately 300,000 to 350,000 tons, with an estimated 300,000 tons in 2026 [1]. - Molybdenum production is projected to increase from 8,000 tons in 2025 to approximately 13,000 tons, while silver production is expected to rise from 109 tons in 2025 to about 230 tons [1]. Group 2: Future Development Plans - The company is planning the third phase of the Julong Copper Mine, which, if approved, will lower the mining elevation from 4,452 meters in the second phase to 3,880 meters, with available copper reserves exceeding 20 million tons and an annual ore processing capacity of approximately 200 million tons [2]. - Upon completion, the Julong Copper Mine is expected to become the largest copper mining operation globally, with an anticipated annual copper output of around 600,000 tons [2]. - The cumulative verified copper metal resource at the Julong Copper Mine is 25.88 million tons, which is 2.5 times the verified resource of 10.41 million tons at the time of acquisition, making it the largest copper mine in China by recorded resource [2].