国金金属材料团队|有色行业2025年三季报总结:高景气持续,能源金属与小金属领涨

国金证券研究所
Nov 05, 2025

摘要25Q3有色金属板块涨幅41.82%,大幅超过同期沪深300指数涨幅; 能源金属和小金属价格上涨,带动板块内企业业绩增长及板块表现领先。铜:Q3全球第二大铜矿停产,供应紧缺程度加剧,铜价持续上涨。铜矿及冶炼企业25Q3营收4281.00亿元,环比+0.14%;归母净利润247.91亿元,环比+7.92%;铜加工板块营收801.33亿元,环比-3.60%;归母净利润8.23亿元,环比-...

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