Core Insights - Jinling Mining reported a significant increase in both revenue and net profit for the first three quarters of 2025, marking a positive financial performance [2][3]. Financial Performance - For the first three quarters, Jinling Mining achieved a revenue of 1.247 billion yuan, representing a year-on-year growth of 12.98% [3]. - The net profit attributable to shareholders reached 220.47 million yuan, showing a substantial increase of 47.09% compared to the previous year [3]. - In Q3 alone, the company recorded a revenue of 478.80 million yuan, up 17.78% year-on-year, and a net profit of 70.17 million yuan, which is a slight increase of 0.25% [3]. Operational Highlights - The growth in performance is attributed to increased sales of the main product, iron concentrate, a decrease in unit production costs, and a rise in both volume and price of the by-product, copper concentrate [5]. - The company announced a profit distribution plan, proposing a cash dividend of 0.50 yuan per 10 shares, totaling 29.77 million yuan [5]. Industry Context - Jinling Mining primarily engages in iron ore mining and the production and sale of iron concentrate and pellets, with copper concentrate as a by-product [4]. - The overall market sentiment appears positive, as 30 companies have reported positive growth in their earnings forecasts, with several companies, including Northern Rare Earth, expecting significant increases in net profit [8][9].

Core Viewpoint - Jinling Mining reported a significant increase in both revenue and net profit for the first three quarters of 2025, marking a positive trend in its financial performance [2][3]. Financial Performance Summary - For the first three quarters, Jinling Mining achieved a revenue of 1.247 billion yuan, representing a year-on-year growth of 12.98% [3]. - The net profit attributable to shareholders reached 220 million yuan, showing a substantial increase of 47.09% compared to the previous year [3]. - In Q3 alone, the company generated revenue of 478.8 million yuan, up 17.78% year-on-year, while the net profit was 70.17 million yuan, a modest increase of 0.25% [3]. Operational Highlights - The growth in performance is attributed to increased sales of the main product, iron concentrate, a decrease in unit production costs, and a rise in both volume and price of the by-product, copper concentrate [5]. - Jinling Mining's main business includes iron ore mining, production and sales of iron concentrate and pellet ore, as well as mechanical processing and sales [4]. Profit Distribution - The company announced a profit distribution plan for the first three quarters of 2025, proposing a cash dividend of 0.50 yuan per 10 shares, totaling 29.77 million yuan to be distributed to shareholders [5]. Industry Context - As of October 10, 2025, 30 companies have released their earnings forecasts for the first three quarters, all reporting positive growth, with 14 companies expecting a net profit increase of over 100% [8]. - Notably, Northern Rare Earth is projected to achieve a net profit of 1.51 to 1.57 billion yuan, reflecting a year-on-year growth of 272.54% to 287.34% [9].

Core Viewpoint - BHP, Australia's largest iron ore giant, faces a critical business threat as China halts all US dollar-denominated iron ore purchases, impacting over 100 billion AUD in annual revenue [1][4]. Group 1: Trade Dynamics - China demands that any resumption of iron ore trade must be conducted in RMB, marking a significant shift in trade practices [3]. - The iron ore trade has been dominated by the Platts index and US dollar settlements, positioning China as a "price taker" despite being the largest buyer [6]. - The establishment of China Mineral Resources Group in 2022 has unified procurement efforts among Chinese steel companies, enhancing negotiating power [6]. Group 2: Supply Chain Alternatives - China is diversifying its supply sources, with companies like Vale in Brazil already accepting RMB for iron ore purchases [8]. - New mining projects, such as the Simandou mine in Guinea, are set to produce significant quantities of iron ore, further reducing reliance on Australian imports [8]. - The proportion of iron ore imported from Australia by China has decreased by 12 percentage points in the first eight months of 2025 [8]. Group 3: Pricing Mechanisms - The Dalian Commodity Exchange's iron ore futures, priced in RMB, have a trading volume over 20 times that of the Singapore market, establishing a new pricing benchmark [9]. - The "Beijing Iron Ore Index," based on actual transaction data, is emerging as a competitor to the Platts index [9]. Group 4: Currency Settlement Implications - The suspension of purchases in September 2025 represents China's first public stance in this pricing power struggle, putting BHP's reliance on the Chinese market at risk [11]. - The shift to RMB settlements allows Chinese companies to avoid exchange rate risks and save billions in currency conversion costs [13]. - The trend of RMB settlements is growing, with 45% of Sino-Russian iron ore trade and 28% of Vale's transactions with China now conducted in RMB [15]. Group 5: Broader Economic Impact - The increasing use of RMB in commodity trading is challenging the dominance of the US dollar, providing a replicable model for de-dollarization in various sectors [15]. - The share of RMB settlements in global metal trade has risen from 2.1% in 2020 to 9.2% by the third quarter of 2025, indicating a rapid acceleration of this trend [15].

公告显示，金岭矿业第三季度实现营业收入4.79亿元，同比增长17.78%；归属于上市公司股东的净利润 为7016.81万元，同比增长0.25%。前三季度，金岭矿业实现营业收入12.47亿元，同比增长12.98%；归 属于上市公司股东的净利润为2.20亿元，同比增长47.09%。 公司表示，业绩增长系公司主产品铁精粉销量增加、铁精粉单位生产成本同比下降及副产品铜精粉量价 齐升所致。 沪深两市今年首份三季报出炉。10月10日晚，金岭矿业披露2025年三季度报告称，前三季度，公司实现 营业收入12.47亿元，同比增长12.98%；归属于上市公司股东的净利润为2.20亿元，同比增长47.09%。 Wind数据显示，截至记者发稿，已有超过40家上市公司发布前三季度业绩预告，其中多家公司业绩大 幅预增。 前三季度净利润同比增长47.09% 10月10日晚，北方稀土发布2025年前三季度业绩预告显示，预计归属于上市公司股东的净利润为15.1亿 元-15.7亿元，同比增长272.54%-287.34%。报告期内，公司紧抓市场变化，强化预算管理与降本增效， 科学组织生产，加强市场研判和营销运作，推进重点项目建设和科研创新，主要 ...

Core Viewpoint - Guangdong Mingzhu (600382) expects a significant increase in net profit for the first three quarters of 2025, projecting a growth of up to 10 times compared to the previous year, primarily driven by the performance of its wholly-owned subsidiary, Mingzhu Mining [1][2] Financial Performance - The company anticipates a net profit of between 215 million to 263 million yuan for the first three quarters of 2025, representing a year-on-year increase of 858.45% to 1071.44% [1] - The expected non-deducted net profit for the same period is projected to be between 215 million to 263 million yuan, with a year-on-year growth of 428.49% to 545.93% [1] Operational Highlights - Mingzhu Mining's expansion project has led to a significant increase in iron concentrate production and sales, with an estimated year-on-year sales increase of approximately 212.49% [1] - The completion of technical upgrades to the washing stone production line has improved production efficiency and product competitiveness, contributing to enhanced sales performance [2] Contribution to Profit - In the first half of the year, Mingzhu Mining contributed a net profit of 143 million yuan, reflecting a year-on-year increase of 104.91% [2] - The projected net profit for Mingzhu Mining for the current period is estimated to be between 244 million to 298 million yuan, indicating a year-on-year growth of 280.43% to 364.98% [1] Financial Adjustments - The company noted that non-operating gains and losses have impacted the financial results for the first three quarters, particularly due to the amortization of unrecognized financing income from a previous equity transfer [2] - The company expects to recognize a fair value change gain of 4.73 million yuan from stock investments, an increase of 11.93 million yuan compared to the previous year [2]

劃件圖介 今日彭博社发布消息称,由于谈判陷入僵局,必和必拓(BHP)与中国铁矿石贸易商之间的磋商可能将 持续数月，甚至延续至2026年初。目前，BHP已售出大部分11月和12月交货的铁矿石，因此其发往中国 的数量几乎未受影响。中方暂停采购所带来的影响，可能要等到BHP开始销售明年1月交货的矿石时才会 逐步显现。 基本面情况 据Mysteel统计, 2024年BHP矿山（按100%权益计算）总发运量约为2.9亿吨,其中发往中国的约为2.5 亿吨，约占其总发运量的86%，占中国47港铁矿石到港总量的19%。截至2025年10月3日，BHP矿山 (按100%权益计算) 已向中国发运1.89亿吨,同比减少315万吨。 三期货有限公司 2025/10/9 BHP与中国矿商谈判僵局短期影响有限 中信期货研究所 黑色建材团队 BHP发运量 500 400 300 BHP发中国 300 200 数据来源: Mysteel Bloomberg 中信期货研究所 研究员: 后市展望 若彭博社报道属实，短期内BHP发运量所受影响预计较小，将维持在与去年同期相当的水平，该消息对 盘面价格的影响也较为有限。后续需持续关注双方谈判的进展情 ...

Core Viewpoint - Guangdong Mingzhu (600382.SH) is expected to report a significant increase in net profit for the first three quarters of 2025, driven by the "Expansion Project" which has boosted its iron concentrate business, with net profit projected to exceed 215 million yuan, representing a year-on-year growth of 8 to 10 times [1] Group 1: Financial Performance - The company anticipates a net profit attributable to shareholders of 215 million to 263 million yuan for the first three quarters of 2025, reflecting a year-on-year increase of 858.45% to 1071.44% [1] - The net profit after deducting non-recurring gains and losses is also expected to be in the range of 215 million to 263 million yuan, showing a year-on-year growth of 428.49% to 545.93% [1] - Mingzhu Mining's net profit is projected to reach 244 million to 298 million yuan, indicating a year-on-year increase of approximately 280.43% to 364.98% [1] Group 2: Business Operations - The increase in production and sales of iron concentrate is attributed to the new mining output from the Expansion Project and the completion of a technical upgrade of the washing stone production line, which has enhanced iron concentrate output [1] - The iron concentrate sales volume for Mingzhu Mining is expected to increase by approximately 212.49% year-on-year [1] - The overall growth in the iron ore business is supported by the recovery in the iron ore industry during the third quarter, contributing to the explosive growth in Guangdong Mingzhu's performance [1] Group 3: Market Context - Analysts note that the iron ore futures market experienced a strong upward trend in July, supported by "anti-involution" policies and a tight supply-demand balance, with continued strong performance into August and September [2] - The slight positive growth in terminal steel demand has shifted industry sentiment from pessimism to a more moderate outlook, leading steel mills to replenish their iron ore and coke inventories, which has bolstered mineral prices [2] - The pre-announced performance for the third quarter validates Guangdong Mingzhu's strategic foresight in its industry chain layout and highlights the value of upgrading subsidiary operations to strengthen its core business [2]

格隆汇10月9日｜广东明珠公告，预计2025年前三季度净利润为2.15亿元到2.63亿元，与上年同期相比， 预计将增加1.93亿元到2.41亿元，同比增长858.45%到1,071.44%。扣除非经常性损益后的净利润预计为 2.15亿元到2.63亿元，同比增长428.49%到545.93%。业绩增长主要得益于全资子公司明珠矿业经营业绩 增加，铁精粉产销量同比增加，以及非经营性损益的影响。 ...

Group 1: Iron Ore Market Dynamics - BHP's insistence on signing long-term contracts at $109.5 per ton, despite spot iron ore prices dropping to $80 per ton, reflects a monopolistic mindset and disregard for Chinese market demands [1][3] - 90% of BHP's iron ore exports go to China, indicating that a halt in Chinese purchases would severely impact BHP and Australia's fiscal revenue [3] - The commencement of production at Guinea's Simandou iron ore mine is leading to a global oversupply, reducing China's reliance on Australian iron ore [3] Group 2: Soybean Trade Shifts - China has not purchased U.S. soybeans for five consecutive months, shifting its sourcing to Brazil, Argentina, Russia, Ethiopia, and Tanzania [5] - As the largest soybean consumer, China's market power influences global agricultural production, affecting U.S. farmers who are struggling due to the trade war [5] Group 3: Breakthroughs in Battery Technology - China has achieved significant advancements in solid-state battery technology, which could revolutionize the global electric vehicle industry by replacing traditional lithium-ion batteries [6] - The cost control capabilities of Chinese companies in bringing this cutting-edge technology to the mass market are noteworthy [6] Group 4: China's Economic Ascendancy - The developments in iron ore, soybeans, and battery technology indicate that China is gaining dominance in the global economy, with increased market power and negotiation leverage [8] - The current global economic landscape is shifting, challenging the post-World War II U.S. hegemony, with China positioned at the center of this transformation [10]

Core Viewpoint - The article discusses the changing dynamics of Australia's trade relationships, particularly with China, and the implications for its key exports like iron ore and gold, amidst geopolitical tensions and shifts in global currency usage [1][3][5]. Group 1: Trade Relations and Exports - Since Albanese took office, Australia has restored normal trade relations with China, which is crucial for its economy that heavily relies on exports like iron ore and wine [1]. - Iron ore remains Australia's most significant export, but recent developments have raised concerns about its future, especially with the rise of Russia as a key supplier to China [10][15]. - By June 2026, gold is expected to become Australia's second-largest export, benefiting from increased production and rising prices, while liquefied natural gas will lose its position as the second-largest export [8]. Group 2: Currency and Economic Implications - The U.S. is particularly concerned about the potential decline of the dollar's global status due to Australia's iron ore exports and China's increasing use of the yuan in international trade [3][5]. - Australia's media warns that refusing to accept yuan for iron ore transactions could lead to significant economic losses, while accepting it may strain relations with the U.S. [13][17]. - By the 2025-2026 fiscal year, iron ore revenue is projected to decrease to 113 billion AUD, a drop of 3.9 billion AUD from previous estimates, indicating a challenging outlook for this key export [11].