霸刀分享-有色金属龙头企业去年盈利创新高
2025年沪市有色金属龙头企业盈利创下新高。在全球货币政策转向宽松、地缘政治风险上升、新能源产业加速扩张及矿山供给弹性下降等多重因素共振下，有色金属价格全面走强，其中贵金属（黄金、白银）领涨，工业金属（铜、铝）强势跟涨，推动行业整体景气度显著提升。
规模以上有色企业利润总额达5284亿元，同比增长25.6%，创历史新高。沪市资源龙头凭借资源储备、全球化布局以及产业链协同优势，成为最大受益者。
主要龙头企业在2025年业绩亮点突出。紫金矿业（股票代码601899.SH）预计归母净利润为510亿 - 520亿元，同比增幅约60%，核心驱动因素是金、铜、银价格大涨以及矿产金约90吨、矿产铜约109万吨、矿产银约437吨放量；洛阳钼业（股票代码603993.SH）预计归母净利润为200亿 - 208亿元，同比增幅48%至54%，得益于铜、钴产销量与价格双升以及全球资源布局深化；华友钴业（股票代码603799.SH）预计归母净利润为58.5亿 - 64.5亿元，同比增幅40%以上，是因为钴锂价格回升以及资源 - 冶炼 - 材料一体化协同释放；中国铝业（股票代码601600.SH）虽未直接披露2025年具体预告值，但多家信源指出“2025年行业景气延续”，且铝价保持韧性，其2024年净利润已创历史最高纪录（124亿元），2025年持续高盈利具备坚实基础，其优势在于全产业链优势、绿电降本以及铝价稳中有升。
2025年沪市有色金属龙头企业盈利创新高，核心是“量价齐升 + 结构升级”双轮驱动。一方面，黄金价格全年累计涨幅接近翻倍、白银超140%、铜价刷新历史高位，直接增厚利润；另一方面，龙头企业不再仅靠涨价，而是依托海外优质矿山收购、多金属协同开发、智能化绿色矿山建设及新能源金属（锂/钴/镍）提前卡位，实现从“资源依赖型”向“综合竞争力驱动型”跃迁。紫金矿业、洛阳钼业、华友钴业构成当前最具代表性的增长极，共同支撑沪市有色板块发挥产业“压舱石”作用。
The leading non-ferrous metal enterprise achieved record profits last year.
In 2025, leading non-ferrous metal enterprises in the Shanghai Stock Exchange achieved record-high profits. Driven by the convergence of multiple factors—including a global shift towaccommodative monetary policy, rising geopolitical risks, the accelerated expansion of the new energy industry, and declining mining supply elasticity—non-ferrous metal prices strengthened across the boacious metals (gold and silver) led the rally, while industrial metals (copper and aluminum) followed suit with strong gains, significantly boosting the overall indus
The total profit of large-scale non-ferrous metal enterprises reached 528.4 billion yuan, a year-on-year increa.6%, setting a new historical record. Relying on resource reserves, global layout, and industrial chain synergies, resource leaders in the Shanghai market have become the biggest be
Key industry leaders delivered outstanding performance highlights in 2025. Zijin Mining (Stock Cod: 601899.SH) is expected to report attributable net profit of 51 to 52 billion yuan, a year-on-year increase of approximately 60%, driven primarily by sgold, copper, and silver prices, as well as production volumes of approximately 90 tons of mineral gold, 1.09 million tons of mineral copand 437 tons of mineral silver. CMOC Group (Stock Code: 603993.SH) is projected to achieve attributable net profit of 20 to 20.8 billion yuan, up 48% to 54% year-on-year, benefiting from the dual rise in production, sales, and prices of copper and cob, as well as the deepening of its global resource layout. Huayou Cobalt (Stock Code: 603799.SH) is expected to post attributable ne profit of 5.85 to 6.45 billion yuan, a year-on-year increase of over 40%, attributed to the recovery of cobalt and lithium prices anhe synergies released from its integrated resource-metallurgy-materials model. Although China Aluminum Corporation (Stock Code: 601600.SH) did not directly disclose speciecast values for 2025, multiple sources indicate that "industry prosperity continued in 2025" and aluminum prices remained resilient. With its net rofit in 2024 already setting a historical record (12.4 billion yuan), the company possesses a solid foundation for sustained high profitability in 2025, supported by its atages in the full industry chain, cost reduction through green electricity, and a stable upward trend in aluminum prices.
In 2025, leading Shanghai-listed non-ferrous metal enterprises achieved record-high profits, driven by the dual engines of "volume and price growth structural upgrading." On one hand, the cumulative annual increase in gold prices approached a doubling, silver exceeded 140%, and copper prices hit new historical highs, directly boosting proOn the other hand, these leading enterprises no longer rely solely on price hikes; instead, they leverage overseas high-quality mine acquisitions, multi-metal synergistic development, the construction of intelligent n mines, and early positioning in new energy metals (lithium/cobalt/nickel) to achieve a leap from "resource-dependent" to "comprehensive competitiveness-drive models. Zijin Mining, CMOC Group, and Huayou Cobalt constitute the most representative growth poles currently, jointly supporting the non-ferrous metal sector in playing throle of an "industry stabilizer."