The prosperity of non-ferrous metals continues to improve, with listed companies in the Shanghai market showing simultaneous growth in both volume and price, demonstrating resource advantages.

Securities Daily (Reporter Mao Yirong) Recently, under the influence of changes in the global macro environment, rapid development of the new energy industry, and resource supply constraints, the prices of non-ferrous metals have generally strengthened, and industry prosperity has significantly improved.

The reporter found that listed non-ferrous metal companies in Shanghai have demonstrated strong operational resilience during this resource cycle. A number of leading enterprises, relying on resource reserves, global layout, and supply chain synergy advantages, have achieved a resonance of production growth and price increases, with impressive performance forecasts for 2025.

Precious Metal Prices Hit New Highs

Industry Prosperity Continues to Rise

From the industry operation perspective, the non-ferrous metals industry is showing multiple features such as resource value revaluation, strengthened supply constraints, and emerging demand growth. In 2025, global precious metal prices are experiencing historic highs, with gold prices continuously breaking through multiple integer thresholds, and London spot gold prices nearly doubling; silver prices have risen even more significantly, with an increase of over 140% in 2025, making it one of the strongest-performing metals.

Industry experts generally believe that the recent rise in precious metals is driven mainly by three factors: First, major global economies are gradually shifting towards easing monetary policies, driving capital into precious metals markets; second, frequent geopolitical conflicts have significantly increased safe-haven demand; third, central banks worldwide continue to increase gold holdings, reinforcing gold’s role as a monetary and reserve asset.

Meanwhile, industrial metal prices also remain strong. In 2025, copper prices continued to hit record highs, and aluminum prices gradually broke through previous oscillation ranges and steadily rose. Factors such as insufficient mining capital expenditure, declining ore grades, and long cycles for new capacity expansion have significantly reduced the elasticity of global metal supply, tightening industry supply and demand relationships.

Resource Giants Achieve Price-Volume Resonance

Profitability Reaches New Highs

Looking at Shanghai-listed companies, mining enterprises with resource reserves have become the most direct beneficiaries of this industry prosperity cycle.

Zijin Mining Group Co., Ltd. (hereinafter referred to as “Zijin Mining”) has benefited from its multi-metal resource layout. Driven by rising prices of key minerals such as gold and copper, its operating performance has grown significantly. Zijin Mining expects to achieve a net profit attributable to parent company of 51 billion to 52 billion yuan in 2025, an increase of about 60%. Zijin Mining also disclosed its production plans for the next three years, with mineral gold output expected to reach 130 to 140 tons by 2028, ranking among the top three globally.

Luoyang Luanchuan Molybdenum Group Co., Ltd., driven by rising prices and increased output of core products such as copper and cobalt, is expected to achieve a net profit attributable to parent of 20 billion to 20.8 billion yuan in 2025, an increase of approximately 48% to 54%. The company has also been continuously expanding its global resource layout through acquisitions of overseas mines, further enhancing resource reserves and production capacity.

In the new energy industry chain metals sector, Zhejiang Huayou Cobalt Co., Ltd., leveraging its integrated “resources—smelting—materials” industry system, benefits from rising cobalt and lithium prices and supply chain synergy, with expected net profits attributable to parent of 5.85 billion to 6.45 billion yuan in 2025, an increase of over 40%.

In the industrial metals sector, Jiangxi Copper Co., Ltd., relying on its leading global copper smelting capacity and resource reserves, continues to improve operational quality amid growing demand in power, new energy, and high-end manufacturing; Shandong Nanshan Aluminum Co., Ltd. continuously optimizes its high-end aluminum product structure, expanding market share in aerospace, automotive lightweighting, and other fields; Western Mining Co., Ltd., among others, leverages resource advantages to steadily advance resource development and industrial upgrading in copper, lead-zinc, and other metals.

Overall, the profitability factors of leading non-ferrous enterprises in Shanghai are gradually shifting from solely price increases to production growth, cost control, and global resource deployment.

Emerging Industry Demand Rises

Reshaping the Metal Consumption Structure

Industry insiders believe that the profitability model of leading non-ferrous metal companies is shifting from purely relying on price increases to a comprehensive competitiveness based on “production increase + cost optimization + global resource allocation.”

Looking ahead, most market institutions believe that, from the supply side, long mine development cycles, declining resource grades, and environmental and policy constraints make global metal supply growth relatively slow; from the demand side, increasing needs in power infrastructure, new energy vehicles, artificial intelligence, and other fields keep the overall supply-demand relationship finely balanced.

Against this backdrop, Shanghai’s leading non-ferrous metal companies with resource reserves, global layout, and supply chain integration capabilities are expected to continue playing a “stabilizer” role during the industry cycle, promoting China’s non-ferrous metal industry toward high-end, green, and global development.