Investment Rating - The report maintains an "Accumulate" rating for the company [5] Core Views - The company is expected to achieve a net profit attributable to shareholders of approximately 510-520 billion yuan in 2025, representing a year-on-year increase of about 59%-62% [1] - The company anticipates significant growth in mineral production for 2025, with gold production expected to increase by 23% and copper production by 2% [2] - The report highlights a favorable outlook for gold and copper prices due to a weakening US dollar and supply-demand dynamics, supporting the company's profitability [3] Summary by Sections Financial Performance - The company forecasts a net profit of approximately 475-485 billion yuan after excluding non-recurring gains and losses for 2025, which is a year-on-year increase of about 50%-53% [1] - For Q4 2025, the estimated net profit attributable to shareholders is around 136 billion yuan, reflecting a year-on-year increase of 77% but a quarter-on-quarter decrease of 6.4% [1] Production Outlook - The company projects mineral production for 2026 to grow by 17% for gold, 10% for copper, 19% for silver, and 380% for lithium carbonate [2] - The planned production for 2026 includes 105 tons of gold, 1.2 million tons of copper, 12,000 tons of lithium carbonate, and 520 tons of silver [2] Price Trends - The average spot price of gold in London from October 1, 2025, to December 29, 2025, is expected to be 4,164 USD/ounce, a 56% increase from Q4 2024 and a 19% increase from Q3 2025 [2] - The average price of copper on the LME is projected to be 11,048 USD/ton, marking a 19% increase from Q4 2024 and a 12% increase from Q3 2025 [2] Profitability and Valuation - The report adjusts the company's profit forecast based on rising gold and copper prices, estimating net profits of 515.1 billion yuan, 755.0 billion yuan, and 815.6 billion yuan for 2025, 2026, and 2027 respectively, with year-on-year growth rates of 61%, 47%, and 8% [3] - The current stock price corresponds to a P/E ratio of 17, 12, and 11 for the years 2025, 2026, and 2027 respectively [3]

Core Viewpoint - Zijin Mining is positioned as a significant winner in 2025, with a projected net profit of approximately 51-52 billion yuan, reflecting a year-on-year increase of about 189-199 billion yuan, or a growth rate of approximately 59%-62% [1] Group 1: Market Outlook - The market remains optimistic about copper and gold prices, driven by the increasing demand for computing power from AI, with Goldman Sachs predicting an average copper price of $11,400 per ton in 2026 [2] - Gold prices are expected to continue rising, with Ed Yardeni forecasting that gold could reach $10,000 by the end of 2029, although the World Gold Council warns of potential price corrections of 5% to 20% under extreme scenarios [2] Group 2: Production Plans - Zijin Mining plans to increase production in 2026, targeting gold and copper output of 105 tons and 1.2 million tons, respectively, which represents a year-on-year increase of 15 tons and 110,000 tons [2] - The company's expansion strategy is supported by its global investments, with significant mining projects in 17 countries [2] Group 3: International Expansion Challenges - Zijin Mining faces challenges in cross-cultural communication during its overseas project expansions, including language barriers and differences in management philosophies [4] - Specific challenges have been noted in projects in Serbia and Africa, where cultural differences have impacted labor management [4] Group 4: Cultural Communication Strategies - To address these challenges, Zijin Mining has developed a cross-cultural labor communication system that includes respecting local customs and implementing localized employment strategies [5] - Initiatives such as adjusting work schedules for religious holidays and organizing family open days have been introduced to bridge cultural gaps [5] - The company has also focused on skill enhancement and cultural exchange through training programs and opportunities for employees from diverse backgrounds [5] Group 5: Performance Recognition - In 2025, Zijin Mining not only set new historical records for the company but also solidified its position as a leading player in the global mining industry [5]

紫金矿业（601899）(02899)发布公告，公司第九届董事会第一次会议于2025年12月31日在公司上杭总 部以现场方式召开，会议选举邹来昌先生为公司第九届董事会董事长，选举林泓富先生为公司第九届董 事会副董事长，任期均为三年。 陈景河先生不再担任公司董事长;邹来昌先生不再担任公司副董事长、总裁;林泓富先生不再担任公司常 务副总裁;林红英女士不再担任公司副总裁;郑友诚先生不再担任公司董事会秘书。 根据总裁林泓富先生的提名，聘任吴健辉先生为公司常务副总裁，聘任谢雄辉先生、沈绍阳先生、吴红 辉先生、龙翼先生、王春先生、廖元杭先生、丘国柱先生、简锡明先生、高文龙先生为公司副总裁;聘 任吴红辉先生为公司财务总监(兼)，聘任蔡雪琳女士为公司联席财务总监;聘任吴健辉先生为公司总工程 师(兼);任期均为三年。 根据董事长邹来昌先生的提名，聘任林泓富先生为公司总裁，聘任高文龙先生为公司董事会秘书，任期 均为三年。 ...

根据总裁林泓富先生的提名，聘任吴健辉先生为公司常务副总裁，聘任谢雄辉先生、沈绍阳先生、吴红 辉先生、龙翼先生、王春先生、廖元杭先生、丘国柱先生、简锡明先生、高文龙先生为公司副总裁;聘 任吴红辉先生为公司财务总监(兼)，聘任蔡雪琳女士为公司联席财务总监;聘任吴健辉先生为公司总工程 师(兼);任期均为三年。 陈景河先生不再担任公司董事长;邹来昌先生不再担任公司副董事长、总裁;林泓富先生不再担任公司常 务副总裁;林红英女士不再担任公司副总裁;郑友诚先生不再担任公司董事会秘书。 智通财经APP讯，紫金矿业(02899)发布公告，公司第九届董事会第一次会议于2025年12月31日在公司上 杭总部以现场方式召开，会议选举邹来昌先生为公司第九届董事会董事长，选举林泓富先生为公司第九 届董事会副董事长，任期均为三年。 根据董事长邹来昌先生的提名，聘任林泓富先生为公司总裁，聘任高文龙先生为公司董事会秘书，任期 均为三年。 ...

本次换届选举后，公司股东会批准聘任陈景河先生为公司终身荣誉董事长、高级顾问，其不再担任公司 执行董事、董事长;林红英女士不再担任公司执行董事、副总裁;何福龙先生、李常青先生、孙文德先生 不再担任公司独立非执行董事;林水清先生不再担任公司监事会主席;刘文洪先生、曹三星先生、丘树金 先生、林燕女士不再担任公司监事。 紫金矿业（601899）(02899)发布公告，有关选举本公司第九届董事会非独立董事及独立董事的议案已 分别于临时股东会上获股东批准通过。据此，邹来昌先生、林泓富先生、吴健辉先生、沈绍阳先生、郑 友诚先生及吴红辉先生(作为执行董事);李建先生(作为非执行董事);以及吴小敏女士、薄少川先生、林寿 康先生、曲晓辉女士、洪波先生及王安建先生(作为独立非执行董事)自临时股东会结束时起正式就任第 九届董事，其任期将于2028年12月30日届满(即第九届董事会任期届满时)。 公司于2025年12月29日召开职工代表大会，选举谢雄辉先生为公司第九届董事会职工董事。谢雄辉先生 与公司临时股东会选举产生的董事共同组成公司第九届董事会，任期与第九届董事会任期一致。 ...

截至今天下午收盘，洛阳钼业大涨超过3.39%，有的投资者朋友问我：还可以买洛阳钼业吗？还能继续 持有吗？今天我就跟大家从基本面、技术面、未来成长潜力三个方面来聊一聊。 洛阳钼业是稀缺战略性矿产的龙头，下面我们来看一下其基本面： 首先，该公司在中国、非洲、南美洲布局了核心矿产资源，资源规模和质量都是排名全球前列。 1、在刚果金布局了铜和钴的矿产资源。持有两大世界级的铜矿，控制铜资源量超过3000万吨，钴资源 量超过200万吨，矿山铜品位、钴品位远超行业平均水平。2023年跻身全球第一大钴生产商。2024年跻 身全球前十铜矿生产商。 其铜生产成本为每吨3200美元，而行业平均值为每吨4800美元，每吨铜的生产成本比同行业低1600美 元。其钼的生产成本也稳居中国前三甲。其生产成本优势全球领先，这就增加了其利润。 第三，其子公司IXM为全球第三大金属贸易商，成功实现了生产、贸易的全产业链闭环，业绩确定性 强。同时与需求方宁德时代签订股权协议，宁德时代控股8.5%，意味着其订单具有稳定性。 其次，我们再来看看其具体的业绩 1、2025年前三季度其归母净利润142.8亿元，超越2024年全年的135.32亿元，5年5倍 ...

Core Viewpoint - Zijin Mining is expected to achieve a net profit attributable to shareholders of approximately RMB 510 billion to 520 billion in 2025, marking a year-on-year increase of about 60% compared to RMB 320.51 billion in 2024, setting a historical record for the company [3][4]. Group 1: Financial Performance - The projected net profit for 2025 represents an increase of approximately RMB 189 billion to 199 billion, with a growth rate of about 59% to 62% year-on-year [3]. - The company's net profit per day in 2025 is estimated to be nearly RMB 1.4 million [3]. - The expected net profit excluding non-recurring items is projected to be around RMB 475 billion to 485 billion, reflecting a year-on-year increase of approximately RMB 158 billion to 168 billion, or a growth rate of 50% to 53% [3]. Group 2: Production Growth - The significant increase in net profit is attributed to a rise in the production of key mineral products, with gold production expected to reach approximately 90 tons in 2025, up from 73 tons in 2024 [3][4]. - The production of copper and other major products also saw growth during the reporting period [3]. - The equivalent lithium carbonate production is projected to be about 25,000 tons in 2025, a substantial increase from 261 tons in 2024 [4]. Group 3: Future Outlook - For 2026, Zijin Mining has set production targets of 105 tons of gold, 1.2 million tons of copper, 120,000 tons of equivalent lithium carbonate, and 520 tons of silver, although these figures are subject to change based on market conditions [5]. - Research institutions remain optimistic about the gold market in 2026, with expectations of continued price increases driven by factors such as declining real interest rates and central bank purchasing behavior [6][7].

华锡有色(600301.SH)公告称，公司及下属子公司2026年计划投资金额约16.67亿元。其中，新建项目计 划投资12.04亿元，续建项目计划投资4.63亿元。公司2026年度投资计划的实施有利于公司强化资源掌控 能力，加强矿山安全环保管理，提高矿山智能化、绿色化水平，提升产品质量，推进强链、补链、延 链，实现公司高质量、可持续发展。 ...

中经记者 陈家运 北京报道 2025年12月30日晚间，紫金矿业（601899.SH、02899.HK）发布2025年度业绩预增公告。公司预计全年 实现归母净利润510亿元至520亿元，同比增长59%至62%；扣非净利润475亿元至485亿元，同比增长 50%至53%。上年同期，公司归母净利润为320.51亿元，扣非净利润为316.93亿元。 业绩增长主要受益于核心矿产品"量价齐升"。2025年，紫金矿业主要矿产品产量均实现同比增长。其 中，矿产金约90吨，矿产铜（含卡莫阿权益产量）约109万吨；矿产银约437吨；当量碳酸锂（含藏格矿 业5—12月产量）约2.5万吨。与此同时，2025年，紫金矿业的矿产金、矿产铜、矿产银销售价格同比上 升。 根据紫金矿业披露的产能目标，其在2026年的矿产金105吨、矿产铜120万吨、矿产银520吨、当量碳酸 锂12万吨。 （编辑：董曙光 审核：吴可仲 校对：颜京宁） ...

紫金系发盈喜，港股市场紫金矿业一度涨4.5%，紫金黄金国际一度涨3.6%。紫金矿业预计，2025年度 股东应占净利润约510亿至520亿元，同比增长约59%至62%，主要原因包括期内主要矿产品产量按年增 加，以及矿产金、矿产铜、矿产银销售价格按年上升。紫金黄金预计截至2025年12月底止年度股东应占 净利润约15亿至16亿元美元，按年增加约2.12倍至2.33倍。 ...