证券日报网讯 1月14日，西藏珠峰在互动平台回答投资者提问时表示，公司定期报告中披露的银金属产 量，是铅精矿、铜精矿中的银金属量，关于2025年银金属产量，敬请关注公司后续披露的2025年年度报 告。公司在定期报告和财务报表编制过程中，已依据企业会计准则以及行业惯例，将主营业务分产品列 报。未来，公司将根据监管合规要求，进一步优化信息披露内容。 （文章来源：证券日报） ...

| 项目类别 | 数据指标 | 最新 | 环比 数据指标 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | 期货市场 | 期货主力合约收盘价:沪铜(日,元/吨) | 104,120.00 | +1830.00↑ LME3个月铜(日,美元/吨) | 13,176.00 | +12.00↑ | | | 主力合约隔月价差(日,元/吨) | -250.00 | -60.00↓ 主力合约持仓量:沪铜(日,手) | 241,222.00 | +68262.00↑ | | | 期货前20名持仓:沪铜(日,手) | -75,925.00 | -8758.00↓ LME铜:库存(日,吨) | 141,550.00 | +4325.00↑ | | | 上期所库存:阴极铜(周,吨) | 180,543.00 | +35201.00↑ LME铜:注销仓单(日,吨) | 51,825.00 | +29750.00↑ | | | 上期所仓单:阴极铜(日,吨) | 149,339.00 | -2856.00↓ | | | | | SMM1#铜现货(日,元/吨) | 103,915.00 ...

1月13日，藏格矿业披露业绩预告，2025年归属上市公司股东的净利润37-39.5亿元，同比增长43.41%至 53.1%。 与前两年一样，公司参股的巨龙铜业再次成为了公司的"利润奶牛"，2024年由此确认的投资收益达到 26.8亿元，约占当期净利润的7成左右。 21世纪经济报道记者 董鹏 无论是业绩表现，还是股价涨幅，藏格矿业（000408.SZ）都是近几年最成功的矿业公司之一。 也正是因为有巨龙铜业的存在，2023年至2025年的锂价杀跌期间，藏格矿业盈利下滑幅度远小于其他同 业公司。这使得公司能够脱离锂矿板块，走出独立上涨行情提供了可能。 在近期碳酸锂期货市场连续跳涨，锂矿股"不跟涨"引入投资者普遍抱怨的背景下，藏格矿业去年凭借紫 金矿业入主所带来的想象空间，以210%的年度涨幅位居行业第二位，并且早已将2022年的周期高点甩 在身后。 如果将其业绩增长周期进一步拉长，藏格矿业所能带来的超额收益更为可观。2020年5月，藏格矿业曾 经跌至2.94元（前复权），公司最新价则达到了89.9元，至今涨幅高达29.58倍左右。 上述背景下，去年出售部分股份给紫金矿业的原实控人肖永明，不仅获得了近百亿元股权转让资 ...

记者丨董鹏 编辑丨朱益民 无论是业绩表现，还是股价涨幅，藏格矿业（000408.SZ）都是近几年最成功的矿业公司之一。 1月13日，藏格矿业披露业绩预告，2025年归属上市公司股东的净利润37—39.5亿元，同比增长43.41%至53.1%。 与前两年一样，公司参股的巨龙铜业再次成为了公司的"利润奶牛"，2024年由此确认的投资收益达到26.8亿元，约占当期净利润的7成左 右。 也正是因为有巨龙铜业的存在，2023年至2025年的锂价杀跌期间，藏格矿业盈利下滑幅度远小于其他同业公司。这使得公司能够脱离锂矿 板块，走出独立上涨行情提供了可能。 在近期碳酸锂期货市场连续跳涨，锂矿股"不跟涨"引入投资者普遍抱怨的背景下，藏格矿业去年凭借紫金矿业入主所带来的想象空间，以 210%的年度涨幅位居行业第二位，并且早已将2022年的周期高点甩在身后。 盈利仍存提升空间 股价提前锂价见顶。上一轮周期，锂价高点出现在2022年11月下旬，而wind锂矿指数在同年7月初便开始率先回落。 如果将其2022年7月的周期高点当成坐标，目前绝大多数的锂矿股仍有不小距离，仅有中矿资源、藏格矿业等少数个股成功突破前高。 而上述两家公司的共同 ...

记者丨董鹏 编辑丨 朱益民 无论是业绩表现，还是股价涨幅，藏格矿业（000408.SZ）都是近几年最成功的矿业公司之一。 1月13日， 藏格矿业披露业绩预告，2025年归属上市公司股东的净利润37—39.5亿元，同比增长43.41%至53.1%。 与前两年一样，公司参股的巨龙铜业再次成为了公司的"利润奶牛"，2024年由此确认的投资收益达到26.8亿元，约占当期净利润 的7成左右。 也正是 因为有巨龙铜业的存在，2023年至2025年的锂价杀跌期间，藏格矿业盈利下滑幅度远小于其他同业公司。 这使得公司能够 脱离锂矿板块，走出独立上涨行情提供了可能。 在近期碳酸锂期货市场连续跳涨，锂矿股"不跟涨"引入投资者普遍抱怨的背景下， 藏格矿业去年凭借紫金矿业入主所带来的想象 空间，以210%的年度涨幅位居行业第二位 ，并且早已将2022年的周期高点甩在身后。 盈利仍存提升空间 股价提前锂价见顶。上一轮周期，锂价高点出现在2022年11月下旬，而wind锂矿指数在同年7月初便开始率先回落。 如果将其2022年7月的周期高点当成坐标，目前绝大多数的锂矿股仍有不小距离，仅有中矿资源、藏格矿业等少数个股成功突破前 高。 而上述 ...

1. Report Industry Investment Rating No information provided in the report. 2. Core Viewpoints of the Report - The probability of the Fed cutting interest rates in January is low, and the short - term macro support for Shanghai copper is weak. The potential merger of mining giants Rio Tinto and Glencore may increase their control of the global copper resource supply share to 15%, highlighting the tightness in the copper mine segment. There are concerns about the US advancing the proposal of refined copper tariffs, which may disrupt the balance of copper resources in other regions. The downstream spot demand is suppressed by high - priced copper, resulting in a structure of strong expectations but weak reality for copper. With the increase in copper prices, the downstream's acceptance of high prices may improve. Copper is expected to have a phased correction and a long - term upward trend [3]. 3. Summary by Relevant Catalogs 3.1 Market Analysis - **Macro aspect**: The US added only 50,000 non - farm jobs in December, below the expected 65,000, and the unemployment rate dropped to 4.4%. The probability of the Fed cutting interest rates in January is low. China's CPI in December 2025 increased by 0.8% year - on - year, and the core CPI increased by 1.2% year - on - year [3]. - **Supply aspect**: In 2026, copper smelters cannot profit from long - term contracts, and the spot market is weak. The by - products such as sulfuric acid and gold are the main profit points. The refined copper production is expected to decline in January, with 5 smelters planning to stop production and one delayed commissioning [3]. - **Demand aspect**: The terminal demand is growing strongly, but the copper products segment is cautious. High prices and the expectation of year - end holidays slow down the raw material procurement. Copper inventories have increased significantly. As of January 9, the Shanghai Futures copper inventory was 111,200 tons, a weekly increase of 36%; the cathode copper inventory was 180,000 tons, a weekly increase of 24.22% [3]. 3.2 Shanghai Copper Price Trend - This week, Shanghai copper fluctuated and rose. The weekly high was 105,500 yuan/ton, the low was 98,700 yuan/ton, the weekly amplitude was 6.85%, and the interval increase was 3.23% [6]. 3.3 Shanghai Copper Spot Market - As of January 9, the average premium/discount of East China cathode copper was 0 yuan/ton, and the average premium of South China was 5 yuan/ton. The downstream's willingness to take delivery was weak, and the holders' willingness to sell at a discount was low [11]. 3.4 LME Copper Spread Structure - As of January 9, LME copper rose 3.84% within the week, closing at $12,990/ton, with a spot premium of $70/ton [16]. 3.5 Copper Concentrate Supply - Rio Tinto and Glencore restarted merger negotiations. If the deal is completed, their share of the global copper resource supply may reach 15%. A Canadian copper miner's Chilean mine went on strike, with an expected 70% drop in production. In 2025, China's import of copper ore and concentrates is expected to be 30.26 million physical tons, a year - on - year increase of 7.43% [22]. 3.6 Scrap Copper Supply - In November 2025, the scrap copper import volume was 208,100 tons, a year - on - year increase of 19.92%. The cumulative import volume from January to November was 2.104 million tons, a year - on - year increase of 3.51%. The operating rate of recycled copper rods this week was 12.99%, a decrease of 1.72% from last week. The scrap copper substitution advantage is significant, but the transaction is blocked due to weak downstream demand [27]. 3.7 Smelter Fees - As of January 9, China's spot rough smelting fee (TC) was - $45.1/dry ton, and the RC fee was - 4.60 cents/pound. The CSPT announced a joint production cut of over 10% in 2026. The 2026 copper concentrate long - term processing fee was set at $0/ton and 0 cents/pound [31]. 3.8 Refined Copper Supply - In December 2025, SMM China's electrolytic copper production increased by 75,000 tons month - on - month, a 6.8% increase. The cumulative production from January to December increased by 1.372 million tons, a 11.38% increase. In January 2026, the refined copper production is expected to decline. In November 2025, China imported 427,000 tons of unwrought copper and copper products, and the cumulative import from January to November was 4.883 million tons, a year - on - year decrease of 4.7% [35]. 3.9 Apparent Demand - As of November 2025, the apparent copper consumption was 1.2681 million tons, a 4.06% decrease from the previous month [39]. 3.10 Copper Product Production - In December 2025, the actual production of domestic refined copper rods was 809,300 tons, a month - on - month decrease of 16.61% and a year - on - year decrease of 19.36%. It is expected to be 873,300 tons in January 2026. The total production of domestic copper tubes in December 2025 was 142,700 tons, a month - on - month increase of 44,000 tons but a year - on - year decrease of 43,500 tons [43]. 3.11 Power Grid Project Data - As of the end of November 2025, the national cumulative power generation installed capacity was 3.79 billion kilowatts, a year - on - year increase of 17.1%. The solar power installed capacity was 1.16 billion kilowatts, a year - on - year increase of 41.9%; the wind power installed capacity was 600 million kilowatts, a year - on - year increase of 22.4% [47]. 3.12 Real Estate and Infrastructure Data - From January to November 2025, the sales area of new commercial housing was 787.02 million square meters, a year - on - year decrease of 7.8%; the sales volume was 7.513 trillion yuan, a year - on - year decrease of 11.1% [53]. 3.13 Automobile/New Energy Automobile Industry Data - In December 2025, the retail sales of new energy passenger vehicles were 1.337 million, a year - on - year increase of 2.6% and a month - on - month increase of 1.2%. The cumulative retail sales from January to December were 12.809 million, a 17.6% increase. In December 2025, the retail sales of conventional fuel passenger vehicles were 920,000, a year - on - year decrease of 30% and a month - on - month increase of 2% [59]. 3.14 Global Major Exchange Copper Inventories - As of January 9, the LME copper inventory decreased by 6,350 tons to 139,000 tons, a week - on - week decrease of 4.37% and a year - on - year decrease of 47.35%. The COMEX copper inventory was 518,000 tons, a week - on - week increase of 3.63% and a year - on - year increase of 434.28%. As of January 8, the copper inventory in Shanghai and Guangdong bonded areas was 115,200 tons, continuing the inventory accumulation trend. As of January 9, the Shanghai Futures copper inventory was 111,200 tons, a weekly increase of 36%; the cathode copper inventory was 180,000 tons, a week - on - week increase of 24.22% [64][69]

期货研究报告 2026年01月12日 周报 铜：基本面多空交织，铜价高位震荡 曹宝琴 投资咨询从业资格号：Z0012851 caobaoqin@nzfco.com 报告导读： 1、市场回顾与展望：上周，铜价在刷新历史高位后于后半周连续回落。此番调整是技术面、宏观 环境与基本面多空力量共同交织的结果。具体来看，历史高点附近集中的多头获利了结引发了技术性 回调。周内美元小幅走强，对以美元计价的大宗商品构成压力。宏观层面短期缺乏明确驱动，使得市 场情绪趋于谨慎。同时，国内外显性库存开始积累，叠加高铜价对下游消费的抑制作用日益显现，导 致短期供需格局对价格的支撑不足。 展望未来，短期内铜价预计将持续高位震荡格局。当前市场正处于"强预期"与"弱现实"的博 弈之中，长期的供应担忧与需求前景为价格提供了底部支撑，但短期的库存压力、受抑的需求等因素 则形成向下压制。在多空因素相互制衡、且缺乏决定性破局信号的背景下，预计价格存在较大波动性， 等待新的宏观指引或基本面变化来明确方向。 关注因素：美国CPI及PPI数据、下游需求变动 | | 单位 | 本周最新 | 上周同期 | 周度环比 | 周度环比 | 频率 | | --- | ...

记者丨 邓浩 在全球绿色转型与数字基建双重浪潮推动下，铜正从传统大宗商品跃升为驱动新能源科技和 AI 发展的关键原材料。然而，新一轮铜业超级周期带来的不仅是价格机遇，更是对资源企业全链 条运营能力的极限考验 —— 从极端环境下的设备可靠性维系，到多元文化背景下的社区关系治 理，再到碳约束时代的全流程能效管理，任何一个环节的脆弱性都可能成为海外资产的 " 致命 断点 " 。 全球工业设备维护领域对这一挑战的认知已达成共识。比如，深耕全球工业润滑解决方案百余 年的埃克森美孚，就指出 " 在极端工况下，设备连续稳定运转是海外矿山运营的生命线。高海 拔、强粉尘等环境对设备润滑方案提出特殊要求，需要基于实时数据的预防性维护策略，这些 都是保障出海业务成功的关键 " 。 以此作为解读中国矿业企业出海进阶路径的分析框架，我们发现，以市场化方式深度参与全球 铜资源博弈的五矿资源，正是这一 " 系统韧性 " 命题中国样本的生动演绎。 秘鲁安第斯山脉的高原上，巨型矿卡在拉斯邦巴斯铜矿的矿坑中往复穿梭，这里年产铜精矿含 铜约40万吨，产值占整个秘鲁GDP近1%。而在一万七千公里外的港交所，五矿资源的股价曲 线正随着国际铜价一路攀升 ...

铜周报 20260111 地缘扰动加剧，资源保障存忧， 沪铜仍强 期货交易咨询业务资格：证监许可[2011]1773号 杨磊 从业资格证号：F03128841 投资咨询证号：Z0020255 核心要点及策略 1 影响因素分析 | 因素 | 影响 | 逻辑观点 | | --- | --- | --- | | 宏观 利多 | | 央行：2026年加大逆周期和跨周期调节力度、灵活高效运用降准降息等多种货币政策工具。美总统讨论获取格 陵兰岛方案，包括军事选项：指示购买2000亿美元美国抵押贷款债券。中国12月CPI同比涨幅创34个月新高， | | | | PPI环比连续3月上涨。美12月非农增5万人、不及预期，失业率降至4.4%；1月密歇根消费者信心创四个月新高。 | | | | 受假期及高盘面影响，精铜杆开工率持续承压，环比、同比均降。上周10个重点城市新房、二手房成交面积环 | | | | 需求 利空 比、同比均降、1月家用空调排产较去年实绩增11%；受春节影响，1、2月排产分化，累计基本持平。12月1-31 | | | | 日全国乘用车新能源市场零售辆同比增7%。1月光伏组件整体排产预计大幅降；4月起取消光伏增 ...

中国经济网北京1月12日讯 云南金浔资源股份有限公司（以下简称"金浔资源"，03636.HK）1月9日在港交所上市。截至当日收盘报37.80港元，涨幅 26.00%。 金浔资源自成立以来主要从事有色金属业务，主要产品为阴极铜及铜精矿，亦向其他金属贸易公司及有色金属生产商买卖采购自供货商的有色金属产 品。 根据配发结果公告，金浔资源本次发售股份数目为36,765,600股H股，其中香港公开发售的最终发售股份数目为3,676,600股H股，国际发售的最终发售 股份数目为33,089,000股H股。 | 价格资料 | | | --- | --- | | 最终发售价 | 30.00港元 | | 发售股份及股本 | | | 发售股份数目 | 36, 765, 600 | | 香港公开发售的最终发售股份数目 | 3, 676, 600 | | 国际发售的最终发售股份数目 | 33, 089, 000 | | 于上市时已发行的股份数目（于超额配股权获行使前） | 147, 062, 243 | 金浔资源本次最终发售价为30.00港元，所得款项总额为1,102.97百万港元，减去据最终发售价的估计应付上市开支60.37百万港 ...