节点:中游(冶炼、中间品)位置:中游情绪:利好参考度:6/10


MINING.COM全球市值前50业金属企业,截至第四季度末总市值达217万亿美元,2025年将升至8920亿美元。大部分涨幅集中于下半年,经历三年停滞后台州其他行业,西方政府尤其是美国正加大采矿领域投入,以追赶中国自世纪之交起采用的竞争战略。排名基于企业主要交易所当地货币市值折算美元,美元近两位数下跌对股票及大宗商品价格形成支撑,但行业复苏长期被市场夸大。

前50企业股价上涨70%的核心驱动为贵金属与铜价飙升,且上涨基础广泛,传统铁矿石及锂资源亦加入涨势。表现最佳标的以黄金白银为主,如墨西哥Penoles控股的伦敦上市银矿商Fresnillo涨幅达5倍,多年下跌后巩固榜单地位。Coeur Mining9月底首次入榜,第四季度表现平淡导致跌出,尽管2025年其价值增长超两倍。

稀土是2025年最受关注板块:珀斯Lynas第三季度末挤入第49位,拉斯维加斯...Minerals Resources等生产商可能面临挑战。

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