| 主要财务指标 | 2024 年 | 2023 年 | 本期比上年同期增减(%) | 2022年 | | --- | --- | --- | --- | --- | | 基本每股收益(元/股) | 1.21 | 0.80 | 51.25 | 0.76 | | 稀释每股收益(元/股) | 1.20 | 0.80 | 50.00 | 0.76 | | 扣除非经常性损益后的基本每股收益 ( 元 / 股 ) | 1.20 | 0.82 | 46.34 | 0.74 | | 加权平均净资产收益率(%) | 25.89 | 21.43 | 上升 4.46 个百分点 | 25.29 | | 扣除非经常性损益后的加权平均净资产收益率(%) | 25.60 | 21.94 | 上升 3.66 个百分点 | 24,64 | 4月11日晚间，紫金矿业发布的2025年一季报显示，该公司一季度归母净利润为101.67亿元，日赚约1.13亿元。阿布达比投资局、高毅资产邓晓峰管理的两 个投资平台均在一季度增持紫金矿业。 紫金矿业矿产金、铜量价齐升 2025年第一季度，紫金矿业的归母净利润为101.67亿元，同比增长62.39%；扣非后净 ...

有色金属 姓名：何彬 宝城期货投资咨询部 从业资格证号：F03090813 投资咨询证号：Z0019840 电话：0571-87006873 邮箱：hebin@bcqhgs.com 作者声明 本人具有中国期货业协会授 予的期货从业资格证书，期货投 资咨询资格证书，本人承诺以勤 勉的职业态度，独立、客观地出 具本报告。本报告清晰准确地反 映了本人的研究观点。本人不会 因本报告中的具体推荐意见或观 点而直接或间接接收到任何形式 的报酬。 有色金属 | 日报 2025 年 4 月 10 日 有色日报 专业研究·创造价值 美国关税政策放松，有色反弹 核心观点 沪铜 4 月 9 日，我国加码反制措施。随之而来的是美国特朗普表示将 延缓未反制国家的关税措施 90 天，全球资产普涨，隔夜美股反弹明 显。从市场表现来看，关税政策的加码对盘面的边际影响下降明 显，而关税措施的放松催化了多头的反攻。昨夜伦铜尾盘应声上 涨，伦铜回升至 9000 美元一线。今日铜价维持强势运行，沪铜日内 增仓上行，站上 7.5 万关口。短期市场情绪回暖，预计期价持续回 升。 沪铝 今日铝价高开后围绕 1.98 万一线窄幅震荡，持仓量持续下降。宏 观 ...

证券代码：600301 股票简称：华锡有色 编号：2025-014 广西华锡有色金属股份有限公司 关于华锡矿业铜坑矿采矿权完成变更登记的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容 的真实性、准确性和完整性承担法律责任。 （一）采矿权基本情况 广西华锡有色金属股份有限公司（以下简称"公司"）所属全资子公司广西华锡矿业有限公司（以下简 称"华锡矿业"）于2025年4月9日完成铜坑矿采矿权变更登记，并取得中华人民共和国自然资源部颁发的 变更后的《采矿许可证》。现将相关事项公告如下： 一、采矿权变更情况 本次采矿权变更以原"广西华锡矿业有限公司铜坑矿"采矿权为主体，将深部"广西南丹县大厂矿田铜坑 矿深部锌多金属矿勘探"探矿权转采矿权合并变更登记。变更前采矿权及探矿权基本内容如下： "广西华锡矿业有限公司铜坑矿"采矿权，该《采矿许可证》由中华人民共和国自然资源部颁发，证号： C1000002011033220107832，开采矿种为锡矿，开采方式为地下开采，生产规模为237.6万吨/年，矿区 面积为15.7786平方公里，开采标高自地表+925米至+150米，有效期 ...

对于公司2024年业绩波动有关情况及应对措施的提问，公司方面直言：2024年公司业绩波动由两方面因素构成，一是公司全资子公司国城资源在报告期内投 产，销售收入增加，但产量爬坡期各项生产成本较高，加之报告期内主要产品销售价格处于低位，因此对公司业绩产生较大影响；二是报告期内受锂产品市 场价格整体下滑影响，公司参股子公司金鑫矿业业绩较上年同期下滑，导致公司投资收益同比大幅减少。 全景网了解到，随着国城资源全面投产，公司各业务板块协同效应进一步增强。2024年末国城矿业在建工程大规模转为固定资产，期末固定资产账面价值 36.99亿元，同比大增102.2%；产能扩大亦带动期末存货水涨船高，这实际上为公司业务多元化发展与主业提质升级奠定了坚实的基础。 必须看到，尽管2024年国城矿业面临净利润同比下压的挑战，但其营业收入的显著增长、资产规模的稳步扩大、业务多元化的发展以及丰富的资源储备，为 公司未来的可持续发展奠定了坚实的基础。 4月3日，国城矿业（000688）2024年度业绩说明会在全景路演成功举办。 公司表示，将坚持以资源为核心的经营策略，持续通过技改扩建提升现有产能，同时不断增厚优质资源储备，进而巩固和提升自身 ...

长按即可参与 风险提示：本文所提到的观点仅代表个人的意见，所涉及标的不作推荐，据此买卖，风险自负。 作者： 柯中 来源：雪球 本文不吹不黑 ， 单纯的记录和分析公开信息 ， 并做简单的假设 。 一 、 2017 年 ： 阿尔巴尼亚普拉提铜矿 收购标的 ： BALKAN RESOURCES 公司持有的普拉提铜矿 100% 采矿权 交易金额 ： 首期支付 330.72 万加元 （ 约合人民币 1650 万元 ） ， 后期根据开发进度分期 支付最高 500 万加元 （ 约合人民币 2500 万元 ） 资产与储量 ： 矿权面积 290 公顷 ， 属铁氧化物铜金 （ IOCG ） 型矿床 目前这个矿暂时处于未开发阶段 。 二 、 2018 年 ： 江西东鹏新材料 收购标的 ： 江西东鹏新材料 100% 股权 交易金额 ： 18 亿元人民币 （ 其中现金支付 3.99 亿元 ， 其余通过发行股份支付 ） 资产与储量 ： 锂盐产能 ： 电池级氟化锂 6000 吨 / 年 、 氢氧化锂 + 碳酸锂 2.5 万吨 / 年 。 铯资源 ： 通过包销协议锁定津巴布韦 Bikita 矿山铯榴石原料 。 战略意义 ： 整合 " 矿产 ...

Core Viewpoint - The company reported its 2024 performance, meeting expectations with significant growth in revenue and net profit driven by increased production and favorable pricing of key products [1][2]. Financial Performance - In 2024, the company achieved revenue of 213.03 billion yuan, a year-on-year increase of 14.4%, and a net profit attributable to shareholders of 13.53 billion yuan, up 64.0% year-on-year [1]. - The fourth quarter of 2024 saw revenue of 58.27 billion yuan, a year-on-year increase of 6.8% and a quarter-on-quarter increase of 12.2%, with a net profit of 5.26 billion yuan, down 9.43% year-on-year but up 84.2% quarter-on-quarter [1]. Production and Sales - In 2024, the company exceeded production guidance, ranking among the top ten copper producers globally, with significant increases in production across various metals: copper production reached 650,000 tons (up 55% year-on-year), cobalt production 114,000 tons (up 106% year-on-year) [2]. - The sales figures for 2024 included copper sales of 690,000 tons (up 77% year-on-year) and cobalt sales of 109,000 tons (up 266% year-on-year) [2]. Cost Management - The unit sales cost for copper in 2024 was 30,000 yuan per ton, a decrease of 12.5% year-on-year, while the unit sales cost for cobalt was 53,000 yuan per ton, down 26.9% year-on-year [2]. Future Outlook - For 2025, the company set production guidance for copper at 600,000 to 660,000 tons and for cobalt at 100,000 to 120,000 tons, with plans for further expansion and new projects [3]. - The company aims to achieve an annual copper production of 800,000 to 1,000,000 tons within the next five years as part of its strategic development goals [3]. Investment Rating - The company maintains a "buy" rating, with revised profit forecasts for 2025-2027 due to rising copper and cobalt prices, projecting net profits of 14.77 billion yuan, 16.77 billion yuan, and 18.06 billion yuan respectively for those years [4].

Financial Data and Key Metrics Changes - The company's revenue increased by 3.5% to RMB 303.6 billion, with profits rising by 53.7% to RMB 48.1 billion and net attributable profit up by 51.8% to RMB 32.1 billion [10] - Operating net cash flow rose by 32.6% to RMB 48.9 billion, while total assets increased by 15.6% year on year [11] - The share of net debt to EBITDA decreased by 28.6%, and the debt ratio dropped by 4.47% [11] - Earnings per share (EPS) increased by 51.3% year on year, and cash dividend payout rose by 53.5% [11] Business Line Data and Key Metrics Changes - Copper production reached 1,070,000 tonnes, contributing 45% to revenue, while gold output was 73 tonnes, contributing 30% [10][14] - Zinc production was 410,000 tonnes, with a gross profit margin of 41%, despite a 3.5% drop in output due to lower feed grades [15] - The gross profit margin for gold concentrate was nearly 68%, reflecting a significant increase over the previous year [15] Market Data and Key Metrics Changes - The company is ranked number four globally in copper output and number six in gold output, with significant growth in both resources and reserves [13][14] - The company faced rising costs in overseas operations but managed to reduce copper concentrate costs by 4.3% [13][14] Company Strategy and Development Direction - The company aims to enhance its international operations management and consolidate global competitiveness while focusing on ESG initiatives [7][8] - Plans include accelerating the construction of copper, gold, and lithium projects to strengthen output growth foundations [7][8] - The strategic focus for 2025 includes achieving production targets of 1,150,000 tonnes of copper and 85 tonnes of gold [32][56] Management's Comments on Operating Environment and Future Outlook - Management acknowledged complex challenges in the operating environment but emphasized the importance of cost control and profitability [4][9] - The company is optimistic about future growth, driven by strategic acquisitions and resource expansion [49][56] - Management highlighted the need for continuous improvement in ESG practices to support sustainable growth [34][36] Other Important Information - The company reported a significant increase in social contributions, reaching RMB 7.5 billion, and dividend payments of RMB 9.7 billion [6][7] - The company is committed to responsible mining practices and aims to produce cleaner, more sustainable copper [12] Q&A Session All Questions and Answers Question: How does the company participate in decision-making and supervision activities? - The independent director outlined participation through board meetings, site visits, and daily communications, emphasizing the importance of internal control and risk management [62][63] Question: What are the prospects for costs and expenses in 2025? - The CFO discussed the challenges of rising costs but expressed confidence in maintaining cost competitiveness through optimization and technological innovation [72][76] Question: What is the company's investment and acquisition strategy? - The chairman explained that the company will continue to pursue M&A opportunities while being prudent in selecting projects based on cost-effectiveness and resource potential [89][92] Question: What are the prospects for the lithium sector given the current market downturn? - Management confirmed that the adjustment in production guidance does not indicate a withdrawal from the sector, emphasizing ongoing commitment to improving technology and cost management [106][108] Question: What are the main achievements in resource expansion and future plans? - The company highlighted successful resource expansion efforts and outlined priorities for future growth, focusing on producing projects that can deliver profits [113]

Investment Rating - The industry is rated as "Outperform the Market," indicating a positive outlook with expectations that the industry index will outperform the CSI 300 index in the next six months [21]. Core Insights - The report highlights a significant decline in the Consumer Price Index (CPI) for February, which fell by 0.7% year-on-year, marking the first negative growth since January 2024. This decline is attributed to various factors, including a high base effect from the previous year's Spring Festival [2]. - The Producer Price Index (PPI) also saw a year-on-year decrease of 2.2% in February, with production material prices dropping by 2.5%. The report suggests that the PPI decline may continue to narrow as industrial demand recovers [2]. - The report anticipates that with the implementation of consumption promotion policies, the CPI is expected to rebound, despite the current negative growth [2]. Summary by Sections Macro Research - February CPI decreased by 0.7% year-on-year, with food prices down by 3.3% and non-food prices down by 0.1%. The CPI also fell by 0.2% month-on-month [2]. - The PPI decreased by 2.2% year-on-year and 0.1% month-on-month, with significant drops in production material prices [2]. - The report notes that the industrial production is gradually recovering, and the PPI's year-on-year decline may continue to narrow [2]. Price Trends - The report provides insights into various price trends, including a notable decrease in fresh vegetable prices by 3.8% month-on-month due to warmer weather and a drop in pork prices by 1.9% [2]. - The report also mentions that prices in the new energy and artificial intelligence sectors are experiencing upward trends, with certain metal prices increasing [2].

高增长的逻辑：量价齐升。 （2024年业绩预告） 这个产量比2023年定下2024年的目标略低，当时预计矿产铜产量为111万吨，矿产金73.5吨，不过整 体上相差不大。 （资料来源：2023年年报） 从主要产品价格来看，黄金价格比铜价格涨幅更多： 作者 | 木盒 编辑 | 小白 1月22日，国内沪金再创历史新高，盘中一度最高触及648.86元/克，与此同时，紫金矿业公布了2024 年业绩预告：预计2024年归母净利润320亿，大增51.5%！ 核心原因是量价齐升，即主要的金属矿（金、铜等）价格在上涨，产量也在增加。比如2024年矿产铜 107万吨，比2023年101万吨增长6%；矿产金73吨，比2023年68万吨增长7.4%。 （1）伦敦黄金现货的价格大幅上涨，年度涨幅约28%，国内黄金现货价格也水涨船高，Au99.99全年 涨幅达30%左右，国内上期所黄金价格已经创新高； （伦铜期货价格，wind） （SHFE期货价格，wind） （2）2024年伦铜上涨2.6%，相对涨幅较小。 （LME铜价格，wind） 紫金矿业2025年计划的产量还继续增加：矿产铜115万吨，矿产金85吨，矿产锌（铅）44万吨，当量 ...

锑：相对稀缺的战略性中国优势矿种。 "工业味精"锑由于稀缺、难回收等特性被多国列入关键矿产目录。 作为中国的优势矿种，我国在锑矿储量、矿产量、冶炼及回收产量占比上均居全球第一位，2023年占比分 别为34%、47%、89%，其中冶炼及回收产量的30%用于出口。 摘要 行业近况 据亚洲金属网报道[1]，10月30日，中国海关恢复氧化锑出口编码，国内拥有出口资质的企业陆续开始申请 出口许可证，目前出口许可证发放正常。 评论 氧化锑出口许可证发放有望推动出口量好转 。 8月15日[2]我国发布锑出口管制公告以来，8、9月我国锑出 口量环比显著提升。据海关数据，8、9月我国出口锑产品折金属量环比分别+25%/+61%。考虑到锑出口量 自9月15日出口管制正式实施后降为0，而过去三年氧化锑出口占比超75%，我们认为伴随氧化锑出口许可 证的逐步发放，我国锑出口量有望逐步好转。 传统领域需求回暖及光伏玻璃减产速度放缓有望改善整体需求。 据我们测算，2023年锑下游消费结构中， 阻燃剂占比52%，光伏玻璃占比22%。一是我们认为以旧换新政策的逐步落地及家电季节性需求回升有望 带动阻燃剂用锑量增长。二是据隆众石化网，10月31 ...