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测算铜价折扣偏低的年份(2020、2021、2024年至今)铅锌产量较高,意味着使用了更多南坑矿
测算铜价折扣偏低的年份(2020、2021、2024年至今)铅锌产量较高,意味着使用了更多南坑矿
行业数据
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图片格式:PNG
图片大小:180KB
图片尺寸:2268*984
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所属报告:
中国黄金国际(2099.HK)-港股公司深度报告:甲玛铜矿增量+资产注入可期高股息提供安全边际-250809(39页).pdf
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2026年薪资指南:人类与人工智能未来对您意味着什么 - 中国大陆
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2026-04-23
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2026薪资指南:人机未来对您意味着什么 中国大陆
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行业数据
2026-04-23
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图4:美元储备份额每下降5%意味着黄金价格大约增加856美元/盎司
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竞争格局
2026-02-24
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中国近年来产业复杂度排名持续提升,意味着产
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行业数据
2026-01-12
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至2023年铜坑矿资源金属量及储量情况
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行业数据
2025-12-26
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红格南矿目标在2030年达产
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行业数据
2025-10-22
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高人均GNI意味着高消费能力(单位:美元)
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行业数据
2025-03-26
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事实1:EPS变动基本与经济增长同步。这意味着如果股价隐含着未来增长的预期,那么这部分预
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行业数据
2025-01-07
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2019-2023年铜坑矿各金属品种产量
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行业数据
2025-01-06
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负债成本的下降意味着高股息资产配置的比例可以提升(单位:%,万元)7
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行业数据
2024-08-16
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美国制造业恢复意味着PPI通胀可能再起
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其它
2024-06-07
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净地出让意味着一级土地整备与二级土地开发需分离
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其它
2023-12-19
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南矿集团业务收入占比情况
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行业数据
2023-06-27
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南矿集团营业收入(亿元)及归母利润情况
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2023-06-27
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扣系数波动较大,但从总收入角度考虑,反而体现了公司有效适应市场行情的生产运营能力:由于精矿销售时相较于标准的金属价格有计价系数折扣和冶炼费补偿,因此市场常关注矿山企业的实际售价折扣,用历年财报披露的铜金属售价,对比当年铜价可得到估算的折扣比例数据。公司的折扣比例变化较大,尤其在 2020 年、2021 年及 2024 年以来,计算得到的折扣比例数据偏低(甚至低于 60%),主因使用了南坑供矿(仅南坑有铅锌伴生,使用越多南坑的矿,则铅锌产量越高)。从单吨铜金属实现的总收入角度考虑(包含副产品价值的总营收/铜销量),实际波动相对平滑,铜价测算折扣较低的年份如 2020 年,单吨铜实现的营业收入反而可能较高,体现了公司有效适应市场行情的生产运营能力。
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中国黄金国际(2099.HK)-港股公司深度报告:甲玛铜矿增量+资产注入可期高股息提供安全边际-250809(39页).pdf
财务报表预测摘要及指标
精炼铜供需平衡
预计2025年铜矿增量降至18万吨,2026年~2027年不考虑扰动的情况下增量104、76万吨
集团4大海外矿山预计铜、金产量
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