{
"revenue_history": [
1715.01,
2251.02,
2703.29,
2934.03,
3036.4,
3490.79
],
"net_profit_history": [
65.09,
156.73,
200.42,
211.19,
320.51,
517.77
],
"financial_years": [
"2020",
"2021",
"2022",
"2023",
"2024",
"2025"
],
"roe_history": [
12.19,
23.97,
25.29,
21.43,
25.89,
33.04
],
"financial_health": {
"current_ratio": 1.3448,
"debt_ratio": 51.3712,
"net_margin_pct": 25.5496
},
"roe": "10.3%",
"net_margin": "25.5%",
"dupont": {
"net_margin_pct": 25.55,
"asset_turnover": 0.185,
"equity_multiplier": 2.06,
"roe_reconstructed_pct": 9.75,
"roe_quality": "margin_driven"
},
"revenue_growth": "+15.0%",
"dividend_years": [
"2022",
"2023",
"2024",
"2025",
"2026"
],
"dividend_amounts": [
2.0,
2.5,
3.0,
5.0,
8.0
],
"dividend_yields": [
0.1,
0.12,
0.15,
0.25,
0.4
],
"agent_audited": {
"currency": "CNY",
"unit": "billion",
"revenue_2021_2025": [
225.102,
270.329,
293.403,
303.64,
349.079
],
"parent_net_profit_2021_2025": [
15.673,
20.042,
21.119,
32.051,
51.777
],
"net_profit_total_2025": 63.822,
"ebitda_2025": 101.4,
"operating_cash_flow_2025": 75.4295,
"organic_capex_2025": 30.9823,
"pre_acquisition_fcf_2025": 44.4472,
"all_in_investing_cash_outflow_202
... (truncated)
{
"as_of": "2026-07-31",
"price": 32.95,
"market_cap_bn": 876.16,
"pe_ttm": 14.2027,
"pb": 4.4413,
"ps": 2.3767,
"history_2021_2026": {
"pe_percentile_pct": 23.39,
"pb_percentile_pct": 73.28,
"ps_percentile_pct": 90.0,
"pe_quantiles": {
"p10": 12.608,
"p25": 14.313,
"median": 16.707,
"p75": 20.899,
"p90": 31.322
},
"pb_quantiles": {
"p10": 3.059,
"p25": 3.249,
"median": 3.721,
"p75": 4.513,
"p90": 5.228
},
"ps_quantiles": {
"p10": 1.035,
"p25": 1.163,
"median": 1.413,
"p75": 1.632,
"p90": 2.377
}
},
"ttm_parent_net_profit_bn": 61.689,
"pro_forma_h1_ttm_parent_net_profit_bn": 67.577,
"normalized_scenario": {
"bear": {
"profit_bn": "48-55",
"multiple": "10-12x",
"value_per_share": "18-25"
},
"base": {
"profit_bn": "60-68",
"multiple": "12-14x",
"value_per_share": "27-36"
},
"bull": {
"profit_bn": "78-88",
"multiple": "14-16x",
"value_per_share": "41-53"
},
"weighted_fair_range": "28-38",
"central_value": 33.0
},
"conclusion": "低PE与高PB/PS并存,反映盈利位于强金属价格周期;现价接近情景中枢。",
"source": "Baostock历史估值序列、公司法定披露及分析情景"
}
{
"intangible": "您的浏览器不支持 video 标签。 紫金矿业的大家庭里,有一支声名远扬的“铁娘子”团队,她们来自紫金矿冶研究院(技术公司)。",
"switching": "报告内容覆盖紫金矿业集团股份有限公司及权属企业。 称谓说明. “紫金矿业集团股份有限公司 ”在本报告中简称为“紫金矿业”、“集 团 公 司 ”、“ 公 司 ”。",
"network": "紫金矿业收购赤峰黄金.流动性吃紧。 03. “紫金系”再添第五家上市公司.",
"scale": "02. 转战云南白药:15年缘分,近300亿总成本,账面浮亏5亿元. 2009年,陈发树在紫金矿业上合计减持约40亿元。 这一年,他首次尝试收购云南白药股份,但因审批问题未能成功。",
"scores": {
"intangible": 5,
"switching": 5,
"network": 5,
"scale": 5
},
"rd_summary": "紫金矿业又多了一条「腿」.与江西铜业相比,紫金铜业务的优势不仅体现在规模。 更重要的是——从毛利润率看,江西铜业赚的其实是加工费,从铜价上涨中的获益远低于紫金矿业。 紫金矿业集团股份有限公司发布情况说明称,公司关注到部分媒体转译外媒有关公司控股的Continental Gold Inc.(下称“大陆黄金”)旗下武里蒂卡金矿,遭受非法采矿情.",
"web_search_snippets": {
"intangible": [
{
"title": "与矿业共舞 她们点亮未来星光-紫金新闻-紫金矿业",
"body": "您的浏览器不支持 video 标签。 紫金矿业的大家庭里,有一支声名远扬的“铁娘子”团队,她们来自紫金矿冶研究院(技术公司)。",
"url": "https://www.zjky.cn/join/gjgsnews-detail-121772.htm"
}
],
"switching": [
{
"title": "zjky.cn/upload/file/2017/04/12/1363a2c7c451440d8d21d7b884b7bf53.pdf",
"body": "报告内容覆盖紫金矿业集团股份有限公司及权属企业。 称谓说明. “紫金矿业集团股份有限公司 ”在本报告中简称为“紫金矿业”、“集 团 公 司 ”、“ 公 司 ”。",
"url": "https://www.zjky.cn/upload/file/2017/04/12/1363a2c7c451440d8d21d7b884b7bf53.pdf"
}
],
"network": [
{
"title": "金价跳水,紫金矿业市值缩水2400亿! 280亿加拿大金矿+182... | 华盛通",
"body": "紫金矿业收购赤峰黄金.流动性吃紧。 03. “紫金系”再添第五家上市公司.",
"url": "https://www.hstong.com/news/detail/26032703012191906"
},
{
"title": "年赚320亿元却称市值被低估! 紫金矿业豪掷百亿元分红能否
... (truncated)
{
"kline_count": 624,
"indicators": {
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"ma5": 32.251999999999995,
"ma10": 31.759000000000004,
"ma20": 29.952499999999997,
"ma60": 29.677333333333333,
"ma120": 32.3905,
"ma200": 32.15835,
"above_ma20": true,
"above_ma200": true,
"ma_bull_alignment": false,
"macd_dif": 1.1432479571518854,
"macd_dea": 0.7531597960687378,
"macd_hist": 0.7801763221662952,
"macd_golden_cross": false,
"rsi_14": 75.2028854824166,
"kdj_k": 78.7,
"kdj_d": 77.2,
"kdj_j": 81.7,
"obv": 13051805894.0,
"obv_trend_up": true,
"williams_r": -10.5,
"year_high": 42.81,
"year_low": 18.72,
"pct_from_year_high": -23.03200186872226,
"stage": 2,
"vol_5_vs_20": 0.8136740291630342,
"vcp_score": 0
},
"stage": "Stage 2 上升",
"ma_align": "非多头",
"macd": "中性",
"rsi": "75",
"chip_distribution": {
"error": "HTTPSConnectionPool(host='push2his.eastmoney.com', port=443): Max retries exceeded with url: /api/qt/stock/kline/get?secid=1.601899&fields1=f1%2Cf2%2Cf3%2Cf4%2Cf5%2Cf6&fields2=f51%2Cf52%2Cf53%2Cf54%2Cf55%2Cf56%2Cf57%2Cf58%2Cf59%2Cf60%2Cf61&klt=101&fqt=1&end=20260802&lmt=210 (Caused by ProxyError('Unable to connect to proxy', RemoteDisconnected('Remote end closed connection without response')))"
},
"candles_60d": [
{
"date": "2026-05-08",
"open": 33.52,
"close": 34.29,
"high": 34.49,
"low": 33.34
},
{
"date": "2026-05-11",
... (truncated)
{
"_disabled": "mini_racer skipped (env / sentinel)"
}
{
"lhb_count_30d": 0,
"lhb_records": [],
"matched_youzi": [],
"matched_youzi_detail": {},
"inst_vs_youzi": {
"institutional_buy": 0.0,
"institutional_sell": 0.0,
"institutional_net": 0.0,
"youzi_buy": 0.0,
"youzi_sell": 0.0,
"youzi_net": 0.0
},
"sector_lhb_top50": [],
"sector_leader_hint": null
}
{
"industry": "黄金/铜/综合矿业",
"self": {
"name": "紫金矿业",
"ticker": "601899.SH",
"pe": 14.2,
"pb": 4.44,
"ps": 2.38
},
"peer_table": [
{
"name": "紫金矿业",
"ticker": "601899.SH",
"pe": 14.2,
"pb": 4.44,
"ps": 2.38
},
{
"name": "山东黄金",
"ticker": "600547.SH",
"pe": 25.2,
"pb": 4.06,
"ps": 1.17
},
{
"name": "中金黄金",
"ticker": "600489.SH",
"pe": 17.77,
"pb": 3.4,
"ps": 1.285
},
{
"name": "赤峰黄金",
"ticker": "600988.SH",
"pe": 20.96,
"pb": 5.26,
"ps": 5.45
},
{
"name": "洛阳钼业",
"ticker": "603993.SH",
"pe": 17.29,
"pb": 4.7,
"ps": 1.84
},
{
"name": "西部矿业",
"ticker": "601168.SH",
"pe": 15.41,
"pb": 4.09,
"ps": 1.32
},
{
"name": "云南铜业",
"ticker": "000878.SZ",
"pe": 28.4,
"pb": 2.08,
"ps": 0.195
},
{
"name": "铜陵有色",
"ticker": "000630.SZ",
"pe": 31.66,
"pb": 2.22,
"ps": 0.412
}
],
"peer_comparison": "紫金PE低于样本中位数,但PB、PS高于多数铜企;必须用周期正常化利润而非单点PE判断。",
"rank": {
"pe_low_to_high": 1,
"pb_low_to_high": 6,
"ps_low_to_high": 6
},
"source": "Baostock 2026-07-31收盘截面"
}
{
"main_business_breakdown": [
{
"name": "其他",
"value": 0.4
},
{
"name": "矿山产金",
"value": 0.2
},
{
"name": "冶炼产铜",
"value": 0.2
},
{
"name": "矿山产铜精矿",
"value": 0.1
},
{
"name": "矿山产电解铜",
"value": 0.0
},
{
"name": "矿山产电积铜",
"value": 0.0
}
],
"main_business_raw": [
{
"股票代码": "601899",
"报告日期": "2026-03-31",
"分类类型": "按产品分类",
"主营构成": "其他",
"主营收入": 35930009100,
"收入比例": 0.364781,
"主营成本": 39305542000.0,
"成本比例": 0.561385,
"主营利润": -3375532900.0,
"利润比例": -0.118514,
"毛利率": -0.093947
},
{
"股票代码": "601899",
"报告日期": "2026-03-31",
"分类类型": "按产品分类",
"主营构成": "矿山产金",
"主营收入": 23431484700,
"收入比例": 0.237889,
"主营成本": 6113017300.0,
"成本比例": 0.08731,
"主营利润": 17318467400.0,
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},
{
"股票代码": "601899",
"报告日期": "2026-03-31",
"分类类型": "按产品分类",
"主营构成": "冶炼产铜",
"主营收入": 15783704400,
"收入比例": 0.160245,
"主营成本": 15733033300.0,
"成本比例": 0.224708,
"主营利润": 50671100.0,
"利润比例": 0.001779,
"毛利率": 0.00321
},
{
"股票代码": "601899",
"报告日期": "2026-03-31",
"分类类型": "按产品分类",
"主营构成": "矿山产铜精矿",
"主营收入": 13892970200,
"收入比例": 0.141049,
"主营成本": 4051541300.0,
"成本比例": 0.057866,
"主营利润": 9841428900.0,
"利润比例":
... (truncated)
{
"_disabled": "mini_racer skipped (env / sentinel)",
"_autofill": {
"query": "综合 2026 行业增速 TAM 市场规模 渗透率",
"snippet": "【2026年最新】市場規模・成長率ランキングTOP10|伸びる業界の見極め方 – CREXコンサルティング|戦略 × AI/DX × BPOで事業を実装まで伴走 — May 20, 2026 - 新規事業では、一定規模以上かつ一定成長率以上という条件で市場を絞り込み、候補数を10〜20に圧縮するのが一般的な進め方です。TAM;高盛—全球冷却系统行业-AI服务器出货量增长推动全球服务器冷却市场规模_腾讯新闻 — November 2, 2025 - • 技术路线:液冷市场扩张主导增长,2025年液冷TAM预计达54亿美元(同比增长357%),2026年达116亿美元(同;2026年全球及中国工业",
"source": "ddgs"
},
"growth": "【2026年最新】市場規模・成長率ランキングTOP10|伸びる業界の見極め方 – CREXコンサルティング|戦略 × AI/DX × BPOで事業を実装まで伴走…"
}
{
"core_material": "紫金矿业 - 维基百科,自由的百科全书 — ^ 紫金矿业(601899)主要股东_新浪财经_新浪网. vip.stock…",
"price_trend": "—",
"price_history_12m": [],
"materials_detail": [],
"cost_share": "—",
"import_dep": "—",
"industry_resolved": "综合",
"_autofill": {
"query": "紫金矿业 601899 主营业务 主要原材料 成本构成",
"snippet": "紫金矿业 - 维基百科,自由的百科全书 — ^ 紫金矿业(601899)主要股东_新浪财经_新浪网. vip.stock.finance.sina.com.cn.天赐材料. 牧原股份.;紫金矿业(601899)公司资料简介-中商产业研究院数据库-中商情报网 — 主营产品业务 年度经营评述. 公司主营构成.紫金矿业(601899). 公司资料简介. 公司名称: 紫金矿业集团股份有限公司.;紫金矿业集团股份有限公司_紫金矿业公司基本信息介绍(601899.SH)... — 利润表(单季度). 主营构成.公司介绍(紫金矿业).",
"source": "ddgs"
}
}
{
"linked_contract": "无直接关联品种",
"contract_trend": "宝城期货品种套利数据日报-洞见研报-行业报告 — 洞见研报-洞见趋势研判未来 | 最新行业研究报告下载,行业分析报告,咨…",
"note": "综合 行业与期货市场无强相关品种",
"_autofill": {
"query": "综合 行业 上下游 期货品种 套保 大宗",
"snippet": "宝城期货品种套利数据日报-洞见研报-行业报告 — 洞见研报-洞见趋势研判未来 | 最新行业研究报告下载,行业分析报告,咨询报告,行业智库.宝城期货研究所. 宝城期货.;8.18棉纱期货挂牌! 合约权威解读及设计说明都在这 — (三)与棉花期货保持一致,便于跨品种套保、套利. 棉花与棉纱分别属于棉纺织产业链上的原料及原料加工环节,具有紧密的上下游价格联动关系,期货市场跨品种套保及套利需;博易大师百科全书 — (三)与棉花期货保持一致,便于跨品种套保、套利. 棉花与棉纱分别属于棉纺织产业链上的原料及原料加工环节,具有紧密的上下游价格联动关系,期货市场跨品种套保及套利需",
"source": "ddgs"
}
}
{
"pledge": [
{
"序号": 2283,
"股票代码": "601899",
"股票简称": "紫金矿业",
"交易日期": "2024-09-06",
"所属行业": "工业金属",
"质押比例": 0.0,
"质押股数": 12.4,
"质押市值": 183.024,
"质押笔数": 1,
"无限售股质押数": 12.4,
"限售股质押数": 0.0,
"近一年涨跌幅": 14.74563876,
"所属行业代码": "1287"
}
],
"insider_trades_1y": [],
"qualitative_search": [
"601899.SH 关联交易 违规 处罚",
"601899.SH 股权激励"
]
}
{
"event_timeline": [
"2026-07-31 · 强势股追踪 主力资金连续5日净流入147股",
"2026-07-30 · 紫金矿业:终止55亿加元收购联合黄金 转而4.166 亿加元战略入股",
"2026-07-29 · 交割条件难满足,紫金矿业55亿加元收购联合黄金“告吹”,认购9.2%股份改当小股东",
"2026-07-29 · 紫金矿业终止收购联合黄金全部股权 拟认购后者9.2%增发股份",
"2026-07-29 · 6只个股大宗交易超5000万元",
"2026-07-29 · 紫金矿业:控股子公司终止收购联合黄金并拟认购其9.2%股权",
"2026-07-29 · 紫金黄金国际终止收购Allied Gold,改以4.166亿加元认购9.2%股权",
"2026-07-29 · 紫金矿业:终止收购联合黄金并拟认购其9.2%股权",
"2026-07-23 · 7月23日紫金矿业A股成交额突破百亿元",
"2026-07-11 · 601899,10派4.2元!豪掷111亿元大红包,上半年净利润同比增长约75%,黄金产量47吨,增长15%"
],
"recent_news": [
{
"date": "2026-07-11 19:08",
"title": "601899,10派4.2元!豪掷111亿元大红包,上半年净利润同比增长约75%,黄金产量47吨,增长15%",
"type": "新闻",
"source": "华夏时报"
},
{
"date": "2026-07-29 20:00",
"title": "紫金矿业:控股子公司终止收购联合黄金并拟认购其9.2%股权",
"type": "新闻",
"source": "南方财经网"
},
{
"date": "2026-07-29 19:47",
"title": "紫金矿业:终止收购联合黄金并拟认购其9.2%股权",
"type": "新闻",
"source": "财联社"
},
{
"date": "2026-07-29 20:31",
"title": "紫金矿业终止收购联合黄金全部股权 拟认购后者9.2%增发股份",
"type": "新闻",
"source": "央广财经"
},
{
"date": "2026-07-31 17:21",
"title": "强势股追踪 主力资金连续5日净流入147股",
"type": "新闻",
"source": "证券时报网"
},
{
"date": "2026-07-29 19:56",
"title": "紫金黄金国际终止收购Allied Gold,改以4.166亿加元认购9.2%股权",
"type": "新闻",
"source": "财中社"
},
{
"date": "2026-07-30 09:51",
"title": "紫金矿业:终止55亿加元收购联合黄金 转而4.166 亿
... (truncated)
{
"report_count": 60,
"coverage": "12 家",
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"rating": "买入 50 / 增持 10",
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"title": "季度利润再创新高,碳酸锂利润开始释放",
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{
"date": "2026-04-27",
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{
"date": "2026-04-23",
"title": "2026年一季报点评:金铜业务稳健增长,锂板块成为利润增长新引擎",
"broker": "东莞证券",
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},
{
"date": "2026-04-07",
"title": "铜金量价齐升,公司业绩持续创新高",
"broker": "华源证券",
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"pdf": "https://pdf.dfcfw.com/pdf/H3_AP202604071821042505_1.pdf",
"eps_2026": 3.1,
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},
{
"date": "2026-03-31",
"title": "金铜收益充分释放,持续看好公司配置价值",
"broker": "中邮证券",
"rating": "买入",
"pdf": "https://pdf.dfcfw.com/pdf/H3_AP202603311820
... (truncated)
{
"rate_cycle": "利好(2026 货币政策)",
"fx_trend": "利好(人民币走势)",
"geo_risk": "中性(地缘风险)",
"commodity": "中性(大宗周期)",
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"title": "央行定调2026货币政策 降准降息“灵活高效”_中共上海市委金融委员会办公室、中共上海市金融工作委员会",
"body": "January 7, 2026 - 东方金诚首席宏观分析师王青认为,围绕“五篇大文章”落地,2026年央行将优化用好各类结构性货币政策工具,总体呈现“加量降价”态势——工具额度大概率稳步增加,操作利率将随降息进程适度下调。结构性工具的持续发力,不仅能推动金融资源向科技创新、制造业转型升级、绿色发展、小微企业及促消费稳外贸等领域集聚,助力新旧增长动能转换和高质量发展,还能发挥“以结构带总量”的作用,",
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"body": "May 12, 2026 - 1月15日,中国人民银行印发《关于下调再贷款、再贴现利率的通知》(银发〔2026〕9号),决定自1月19日起下调再贷款、再贴现利率0.25个百分点。调整后,3个月、6个月和1年期支农支小再贷款利率分别为0.95%、1.15%和1.25%,...",
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"body": "May 11, 2026 - 体系结构持续变化,货币政策调控框架正向价格型调控为主转型,当前我国债券 · 市场定价效率、机构债券投资交易和风险管理能力仍有待提升。银行作为最主要 · 的债券投资交易者、做市商和公开市场一级交易商,在债券价格发现、形成和市 · 场稳定中发挥重要作用,是利率传导的第一道关口。中国人民银行通过债券市场",
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... (truncated)
{
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"title": "【2026年“两新”政策更加注重提质增效】-国家发展和改革委员会",
"body": "December 31, 2025 - 党的二十届四中全会提出,坚持扩大内需这个战略基点,坚持惠民生和促消费紧密结合,促进消费和投资、供给和需求的良性互动。中央经济工作会议将“坚持内需主导,建设强大国内市场”置于2026年八项重点任务之首,...",
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"url": "https://www.ndrc.gov.cn/xxgk/jd/jd/202512/t20251231_1402889.html"
},
{
"title": "[厦门]:我市出台措施推动2026年一季度经济运行稳中向好 _ 市县要闻 _ 福建省发展和改革委员会",
"body": "January 4, 2026 - ●支持外贸企业开拓市场 加大新兴市场开拓支持,对企业赴共建“一带一路”国家、金
... (truncated)
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"title": "xueqiu.com/5910728957/398429198",
"body": "下面讨论紫金矿业的周期性问题。 首先,我认为在可见的时间内,紫金的核心业务都是很有景气度的,表现为能源和智能时代对储能和导电能力的需求,货币信用缺失对黄金的需求,这些需.",
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"body": "在中国经营一家资源类上市公司,就注定了争议和纠纷不会少,而紫金矿业的故事尤其多。 国家工业部给紫金山下过“鸡肋矿”的定论,总储量不超过6吨,且矿石品位低,开采难度大。 紫金山矿的归属权都被下放在上杭县,1993年上杭县紫金矿业总公司成立。",
"url": "https://xueqiu.com/4573323809/151798494"
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{
"title": "xueqiu.com/1641200866/393583850",
"body": "众所周知,紫金矿业是以铜,金,锌,锂,钼等有色金属开采与冶炼的一家矿业公司。 其中铜与黄金业务是公司的核心业务板块。 这里我们从一级市场的角度,谈谈紫金矿业的商业模式,来看看这是不是一笔好生意?",
"url": "https://xueqiu.com/1641200866/393583850"
}
],
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"title": "guba.eastmoney.com/list,hk02899.html",
"body": "紫金矿业资讯.",
"url": "https://guba.eastmoney.com/list,hk02899.html"
},
{
"title": "Link to guba.eastmoney.com",
"body": "The site owner hides the web page description.",
"url": "https://guba.eastmoney.com/list,002594.html"
},
{
"title": "Link to guba.eastmoney.com",
"body": "The site owner hides the web page description.",
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... (truncated)
{
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"signals_hit": "0/8",
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"title": "铜金高涨推升业绩 紫金矿业前三季度净利润同比增长55% - 金属资讯网",
"body": "矿业巨头紫金矿业三季报再度惊艳市场——今年前三季度实现归母净利润378.64亿元,同比增长55.45%,这一业绩水平远超去年全年;其中三季度单季度归母净.",
"url": "http://www.i001.com/showxjs_002_0_291575.shtml"
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"url": "https://m.163.com/dy/article/KJNTSOVA0552M4Y3.html?clickfrom=subscribe"
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{
"title": "紫金矿业在哥伦比亚的金矿被掠夺,称系遭盗采! 曾遇爆炸袭击",
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{
"title": "年
... (truncated)
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| g=1.5% | g=2.0% | g=2.5% | g=3.0% | g=3.5% | |
|---|---|---|---|---|---|
| WACC 5.0% | ¥76.73 | ¥86.84 | ¥101.06 | ¥122.54 | ¥158.73 |
| WACC 6.0% | ¥58.71 | ¥64.09 | ¥71.03 | ¥80.32 | ¥93.37 |
| WACC 7.0% | ¥47.33 | ¥50.56 | ¥54.51 | ¥59.45 | ¥65.83 |
| WACC 8.0% | ¥39.51 | ¥41.59 | ¥44.06 | ¥47.03 | ¥50.66 |
| WACC 9.0% | ¥33.8 | ¥35.23 | ¥36.87 | ¥38.79 | ¥41.07 |
| METRIC | MIN | MEDIAN | MAX | 目标分位 |
|---|---|---|---|---|
| PE | — | 19.365000000000002 | — | 0% |
| PB | — | 4.074999999999999 | — | 0% |
| PS | — | 1.3025 | — | 50% |