The Metal Industry's Semi-annual Report Results Were Outstanding, And The Prices Of Gold And Silver Reached New Highs.

In the first half of 2025, the non-ferrous metals industry witnessed a favorable development trend. The overall upward movement of commodity prices drove a significant increase in industry profits. As of August 29th evening, among the 2025 semi-annual reports disclosed by listed companies in the non-ferrous metals sector, over 60% of the enterprises reported a year-on-year increase in performance, and 90% achieved profit for the parent companies. Companies with half-year profits exceeding 1 billion yuan reached 21.
As the "profit king" of the industry, Zijin Mining had a revenue of 167.711 billion yuan in the first half of 2025, a year-on-year increase of 11.5%, and a parent company's net profit of 23.292 billion yuan, a year-on-year increase of 54.41%. CITIC Metal achieved a revenue of 63.657 billion yuan in the first half of 2025, with a net profit of 1.448 billion yuan for shareholders of listed companies, a year-on-year increase of 30.90%. Minmetals Resources achieved a profit total of 919 million US dollars in the first half of 2025, a year-on-year increase of over 500%.
On September 1st, international gold prices opened higher and rose continuously, reaching a peak of 3,557 US dollars per ounce during the trading session, once again breaking the historical high. The domestic Shanghai Gold main contract broke through 800 yuan per gram during the trading session. On the same day, the COMEX silver trading session reached a peak of 41.640 US dollars per ounce, setting a new record. Industry experts analyzed that the inflation data in the United States in July strengthened the expectation of the Federal Reserve to cut interest rates next month, pushing up the prices of gold and silver. In addition, the strong industrial demand for silver, with its applications continuously deepening in areas such as photovoltaics, new energy, and electronic power, also provided impetus for its price increase.
Since August 1st, when the United States imposed a 50% tariff on semi-finished copper and copper-intensive derivative products, the global copper market has experienced increased volatility. The exemption policy for copper raw material tariffs and the restriction on domestic sales of scrap copper form a contrast. The cost for US enterprises to import raw materials for processing and then export has significantly increased, and some enterprises are considering transferring production capacity. As the global copper processing and consumption center, China's new energy projects have "over-ordered" some demand, and combined with the tariff policy, the market has raised concerns about the downward trend of copper prices. However, in the long term, the tight copper mining resource situation has not changed, and copper prices are still supported by the supply side.
For the second half of the year, the industry still holds a positive outlook on the price trends of gold and copper. Zijin Mining believes that the resilience of China's new energy transformation and infrastructure investment demand continues, coupled with the long-term structural supply gap of refined copper, the fundamental support for copper prices remains stable. Global trade uncertainties, geopolitical tensions, and the weak dollar trend will strengthen the market demand for gold allocation, and the demand for gold purchases by central banks remains high. The gold price is expected to continue a high-oscillation trend in the second half of the year.