节点：中游（冶炼、中间品）位置：中游情绪：利好参考度：6/10


澳大利亚矿业公司必和必拓公布了截至2025-26财年12月31日的上半年财务业绩。

必和必拓2025-26财年上半年实现净利润712亿美元，较上一财年同期的528亿美元增长；受铜价大幅上涨及铁矿石价格走高影响，公司营收同比增长108%至279亿美元。同时，上半年息税折旧摊销前利润（EBITDA）达155亿美元，同比增长25%；EBITDA利润率为584%，高于上一财年同期的511%。

必和必拓指出，2025年铁矿石平均价格为102美元/干吨，同比下跌7%，主因供应增长快于需求、中国港口库存增加。下半年价格回升，得益于高炉开工率提升及对中国进一步政策支持的预期。中国钢铁产量连续七年维持约10亿吨，受强劲出口及制造业需求支撑，抵消..

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