<p>中国的金属行业在今年开始时实现了至少十年来最大的利润，因为铝和铜的价格飙升为该行业带来了重大提振。</p>
<p>根据国家统计局在 4 月 27 日发布的数据，全国有色金属冶炼和压制的总利润在第一季度超过了 1420 亿元人民币（260 亿新元），是 2016 年以来同期的最高水平。</p>
<p>年初金属价格急剧上涨，铜和黄金创下纪录，铝价飙升至 2022 年以来的最高点。伊朗战争也推动了硫酸价格自 3 月以来的上涨，为中国的铜冶炼厂带来了巨大的持续收益，因为它们将工业化学品作为副产品出售。</p>
<p>金属制造利润的大幅增长反映了中国经济正在进行的更广泛的再通胀，第一季度所有工业企业的盈利增长加速。在过去四年中，激烈的竞争和产能过剩使大多数制造业的利润保持低迷。</p>
<p>在中东供应动荡使价格大幅上涨之前，中国铝冶炼厂的盈利能力已经很高。根据彭博情报的指数，3 月份中国冶炼的估计利润率达到了历史最高的每吨 8500 元。</p>
<p>更强的市场背景为中国金属巨头的强劲财报季提供了支持，这些企业是全球最大的生产商之一。中国铝业在第一季度的净收入是至少十年来的最高水平，而紫金矿业集团作为矿业公司而非冶炼厂，首次实现了超过 200 亿元的净收入。</p>
<p>另请参阅</p>
<p><img src="https://imageproxy.pbkrs.com/https://cassette.sphdigital.com.sg/image/businesstimes/d52fa4596598f72adc72ab779401b2138d24a256452a41d0c497911bae6d40e7/query-ZHByPTEmZj13ZWJwJnc9MjQw?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://cassette.sphdigital.com.sg/image/businesstimes/d52fa4596598f72adc72ab779401b2138d24a256452a41d0c497911bae6d40e7/query-ZHByPTEmZj13ZWJwJnc9MjQw"/></p>
<h3>中国税务机关通过发票打击震动金属市场</h3>
<p></p>
<h3>中东滞留货物推动中国铝产量</h3>
<p><img src="https://imageproxy.pbkrs.com/https://cassette.sphdigital.com.sg/image/businesstimes/446ba35f6ff09d5a8563f7bd4030e2f0bc3d398b8568a57c6f928291f310612f/query-ZHByPTEmZj13ZWJwJnc9MjQw?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://cassette.sphdigital.com.sg/image/businesstimes/446ba35f6ff09d5a8563f7bd4030e2f0bc3d398b8568a57c6f928291f310612f/query-ZHByPTEmZj13ZWJwJnc9MjQw"/></p>
<h3>伦敦金属指数因铝的 “黑洞” 恐惧创下新高</h3>
<h3>在新的全球秩序中导航亚洲</h3>
<p>获取洞察信息，送达您的邮箱。</p>
<p>主要的铜冶炼厂如江西铜业正在享受硫酸价格前所未有的飙升带来的提振，这一涨幅大大抵消了持续低迷的处理费用。尽管如此，北京决定停止硫酸出口可能会限制收益。</p>
<p>对于每吨铜的生产，中国冶炼厂现在可以从硫酸中赚取超过 5000 元，增强了它们的运营意愿，北京安泰克信息研究院首席分析师杨长华在 4 月 16 日的会议上表示。这帮助推动了中国 3 月份精炼铜的创纪录生产。彭博社</p>
<p>解码亚洲通讯：您在新的全球秩序中导航亚洲的指南。点击此处注册以获取解码亚洲通讯，送达您的邮箱，免费。</p>

紫金矿业

中国铝业

<p>中国的金属行业在第一季度报告了创纪录的利润，非铁金属冶炼和压制的总利润超过了 1420 亿元人民币（260 亿新元），是自 2016 年以来的最高水平。铝和铜的价格飙升，加上由于伊朗战争导致的硫酸价格上涨，显著提升了收益。这一利润激增反映了中国更广泛的经济复苏，像中国铝业和紫金矿业这样的主要生产商报告了十年来最佳的收益。然而，北京对硫酸的出口限制可能会限制冶炼厂未来的收益增长</p>

<p>CHINA’S metals industry began this year with its biggest profits in at least a decade as soaring prices for aluminium and copper handed the sector a major boost.</p>
<div class="lb-trans"><p>中国的金属行业在今年开始时实现了至少十年来最大的利润，因为铝和铜的价格飙升为该行业带来了重大提振。</p>
</div><p>Total profits for smelting &amp; pressing of non-ferrous metals across the country more than doubled to reach 142 billion yuan (S$26 billion) in the first quarter, according to National Bureau of Statistics data released on Monday (Apr 27). That’s the highest level for the period in data going back to 2016.</p>
<div class="lb-trans"><p>根据国家统计局在 4 月 27 日发布的数据，全国有色金属冶炼和压制的总利润在第一季度超过了 1420 亿元人民币（260 亿新元），是 2016 年以来同期的最高水平。</p>
</div><p>Metals prices rocketed higher at the start of the year, with copper and gold hitting records and aluminium surging to its highest since 2022. The Iran war also fired up prices of sulphuric acid from March, delivering a big and continuing windfall for Chinese copper smelters that sell the industrial chemical as a by-product.</p>
<div class="lb-trans"><p>年初金属价格急剧上涨，铜和黄金创下纪录，铝价飙升至 2022 年以来的最高点。伊朗战争也推动了硫酸价格自 3 月以来的上涨，为中国的铜冶炼厂带来了巨大的持续收益，因为它们将工业化学品作为副产品出售。</p>
</div><p>The big jump in metal-making profits reflects a broader reflation underway across the Chinese economy, with earnings growth across all industrial enterprises picking up pace in the first quarter. Intense competition and overcapacity kept profits subdued in most manufacturing sectors over the past four years.</p>
<div class="lb-trans"><p>金属制造利润的大幅增长反映了中国经济正在进行的更广泛的再通胀，第一季度所有工业企业的盈利增长加速。在过去四年中，激烈的竞争和产能过剩使大多数制造业的利润保持低迷。</p>
</div><p>Profitability at China’s aluminium smelters was already elevated before supply turmoil in the Middle East sent prices much higher. Estimated margins for smelting in China grew to an all-time high of 8,500 yuan a tonne in March, according to an index from Bloomberg Intelligence.</p>
<div class="lb-trans"><p>在中东供应动荡使价格大幅上涨之前，中国铝冶炼厂的盈利能力已经很高。根据彭博情报的指数，3 月份中国冶炼的估计利润率达到了历史最高的每吨 8500 元。</p>
</div><p>The stronger market backdrop has fed a strong reporting season for Chinese metals giants that are among the world’s biggest producers. Aluminum Corp of China’s first-quarter net income was the biggest in at least a decade, while Zijin Mining Group, mostly a miner rather than a smelter, made net income of more than 20 billion yuan for the first time.</p>
<div class="lb-trans"><p>更强的市场背景为中国金属巨头的强劲财报季提供了支持，这些企业是全球最大的生产商之一。中国铝业在第一季度的净收入是至少十年来的最高水平，而紫金矿业集团作为矿业公司而非冶炼厂，首次实现了超过 200 亿元的净收入。</p>
</div><p>SEE ALSO</p>
<div class="lb-trans"><p>另请参阅</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://cassette.sphdigital.com.sg/image/businesstimes/d52fa4596598f72adc72ab779401b2138d24a256452a41d0c497911bae6d40e7/query-ZHByPTEmZj13ZWJwJnc9MjQw" alt="" original-src="https://cassette.sphdigital.com.sg/image/businesstimes/d52fa4596598f72adc72ab779401b2138d24a256452a41d0c497911bae6d40e7?w=240&amp;dpr=1&amp;f=webp"/></p>
<h3>China tax authorities rattle metal market with invoice crackdown</h3>
<div class="lb-trans"><h3>中国税务机关通过发票打击震动金属市场</h3>
</div><p><img src="https://imageproxy.pbkrs.com/https://cassette.sphdigital.com.sg/image/businesstimes/bd1a9bc01b59f9a5c93c1fc617786b209f2d3dd4b81c5268162b6f2d8c0eff73/query-ZHByPTEmZj13ZWJwJnc9MjQw" alt="" original-src="https://cassette.sphdigital.com.sg/image/businesstimes/bd1a9bc01b59f9a5c93c1fc617786b209f2d3dd4b81c5268162b6f2d8c0eff73?w=240&amp;dpr=1&amp;f=webp"/></p>
<h3>China’s aluminium output fuelled by Middle East’s stranded cargoes</h3>
<div class="lb-trans"><h3>中东滞留货物推动中国铝产量</h3>
</div><p><img src="https://imageproxy.pbkrs.com/https://cassette.sphdigital.com.sg/image/businesstimes/446ba35f6ff09d5a8563f7bd4030e2f0bc3d398b8568a57c6f928291f310612f/query-ZHByPTEmZj13ZWJwJnc9MjQw" alt="" original-src="https://cassette.sphdigital.com.sg/image/businesstimes/446ba35f6ff09d5a8563f7bd4030e2f0bc3d398b8568a57c6f928291f310612f?w=240&amp;dpr=1&amp;f=webp"/></p>
<h3>London metals index at record high on aluminium ‘black hole’ fear</h3>
<div class="lb-trans"><h3>伦敦金属指数因铝的 “黑洞” 恐惧创下新高</h3>
</div><h3>Navigate Asia in  a new global order</h3>
<div class="lb-trans"><h3>在新的全球秩序中导航亚洲</h3>
</div><p>Get the insights delivered to your inbox.</p>
<div class="lb-trans"><p>获取洞察信息，送达您的邮箱。</p>
</div><p>Major copper smelters such as Jiangxi Copper are enjoying a boost from an unprecedented spike in sulphuric acid prices that is more than offsetting persistently low treatment fees. Still, Beijing’s decision to halt exports of the acid may cap gains.</p>
<div class="lb-trans"><p>主要的铜冶炼厂如江西铜业正在享受硫酸价格前所未有的飙升带来的提振，这一涨幅大大抵消了持续低迷的处理费用。尽管如此，北京决定停止硫酸出口可能会限制收益。</p>
</div><p>For every tonne of copper production, Chinese smelters can now earn more than 5,000 yuan from sulphuric acid, boosting their willingness to operate, Yang Changhua, chief analyst with researcher Beijing Antaike Information, told a conference on Apr 16. That helped fuel record production of refined copper in China in March. BLOOMBERG</p>
<div class="lb-trans"><p>对于每吨铜的生产，中国冶炼厂现在可以从硫酸中赚取超过 5000 元，增强了它们的运营意愿，北京安泰克信息研究院首席分析师杨长华在 4 月 16 日的会议上表示。这帮助推动了中国 3 月份精炼铜的创纪录生产。彭博社</p>
</div><p>Decoding Asia newsletter: your guide to navigating Asia in a new global order. Sign up here to get Decoding Asia newsletter. Delivered to your inbox. Free.</p>
<div class="lb-trans"><p>解码亚洲通讯：您在新的全球秩序中导航亚洲的指南。点击此处注册以获取解码亚洲通讯，送达您的邮箱，免费。</p>
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中国的金属行业在第一季度取得了巨额利润