民生证券研报指出，铜陵有色实际经营稳健，期待米拉多铜矿二期投产。冶炼端，铜加工费大幅致冶炼利润下降明显，但冲击有限，下降幅度远小于加工费下降幅度，或主要是副产品贡献较多。从冶炼子公司利润来看，25H1金隆铜业实现净利润3.23亿元，同比下滑30%；赤峰金铜实现净利润1.90亿元，同比下滑36%。公司冶炼端利润韧性明显或主要是由于冶炼副产品，公司上半年化工及其他产品毛利率55.04%，同比增长39.05PCT。围绕铜产业链上下游补链、强链。上游：米拉多铜矿注入完成，2024年自产铜产量达到15.5万吨，且二期项目将于2025年投产，届时自给率还将进一步提升。中游：铜基新材料项目有序推进，冶炼产能预计提升，得益于交通和区位优势，冶炼成本位于成本曲线左侧，成本优势明显。下游：铜箔年产能8万吨。铜产业链一体化发展持续推进，产能建设稳步进行，米拉多铜矿二期投产在即，未来增量可期。维持“推荐”评级。
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