<p>中國的金屬行業在今年開始時實現了至少十年來最大的利潤，因為鋁和銅的價格飆升為該行業帶來了重大提振。</p>
<p>根據國家統計局在 4 月 27 日發佈的數據，全國有色金屬冶煉和壓制的總利潤在第一季度超過了 1420 億元人民幣（260 億新元），是 2016 年以來同期的最高水平。</p>
<p>年初金屬價格急劇上漲，銅和黃金創下紀錄，鋁價飆升至 2022 年以來的最高點。伊朗戰爭也推動了硫酸價格自 3 月以來的上漲，為中國的銅冶煉廠帶來了巨大的持續收益，因為它們將工業化學品作為副產品出售。</p>
<p>金屬製造利潤的大幅增長反映了中國經濟正在進行的更廣泛的再通脹，第一季度所有工業企業的盈利增長加速。在過去四年中，激烈的競爭和產能過剩使大多數製造業的利潤保持低迷。</p>
<p>在中東供應動盪使價格大幅上漲之前，中國鋁冶煉廠的盈利能力已經很高。根據彭博情報的指數，3 月份中國冶煉的估計利潤率達到了歷史最高的每噸 8500 元。</p>
<p>更強的市場背景為中國金屬巨頭的強勁財報季提供了支持，這些企業是全球最大的生產商之一。中國鋁業在第一季度的淨收入是至少十年來的最高水平，而紫金礦業集團作為礦業公司而非冶煉廠，首次實現了超過 200 億元的淨收入。</p>
<p>另請參閲</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>中國税務機關通過發票打擊震動金屬市場</h3>
<p><img src="https://imageproxy.pbkrs.com/https://cassette.sphdigital.com.sg/image/businesstimes/bd1a9bc01b59f9a5c93c1fc617786b209f2d3dd4b81c5268162b6f2d8c0eff73/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/bd1a9bc01b59f9a5c93c1fc617786b209f2d3dd4b81c5268162b6f2d8c0eff73/query-ZHByPTEmZj13ZWJwJnc9MjQw"/></p>
<h3>中東滯留貨物推動中國鋁產量</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>倫敦金屬指數因鋁的 “黑洞” 恐懼創下新高</h3>
<h3>在新的全球秩序中導航亞洲</h3>
<p>獲取洞察信息，送達您的郵箱。</p>
<p>主要的銅冶煉廠如江西銅業正在享受硫酸價格前所未有的飆升帶來的提振，這一漲幅大大抵消了持續低迷的處理費用。儘管如此，北京決定停止硫酸出口可能會限制收益。</p>
<p>對於每噸銅的生產，中國冶煉廠現在可以從硫酸中賺取超過 5000 元，增強了它們的運營意願，北京安泰克信息研究院首席分析師楊長華在 4 月 16 日的會議上表示。這幫助推動了中國 3 月份精煉銅的創紀錄生產。彭博社</p>
<p>解碼亞洲通訊：您在新的全球秩序中導航亞洲的指南。點擊此處註冊以獲取解碼亞洲通訊，送達您的郵箱，免費。</p>

紫金礦業

中國鋁業

<p>中國的金屬行業在第一季度報告了創紀錄的利潤，非鐵金屬冶煉和壓制的總利潤超過了 1420 億元人民幣（260 億新元），是自 2016 年以來的最高水平。鋁和銅的價格飆升，加上由於伊朗戰爭導致的硫酸價格上漲，顯著提升了收益。這一利潤激增反映了中國更廣泛的經濟復甦，像中國鋁業和紫金礦業這樣的主要生產商報告了十年來最佳的收益。然而，北京對硫酸的出口限制可能會限制冶煉廠未來的收益增長</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>中國的金屬行業在今年開始時實現了至少十年來最大的利潤，因為鋁和銅的價格飆升為該行業帶來了重大提振。</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>根據國家統計局在 4 月 27 日發佈的數據，全國有色金屬冶煉和壓制的總利潤在第一季度超過了 1420 億元人民幣（260 億新元），是 2016 年以來同期的最高水平。</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>年初金屬價格急劇上漲，銅和黃金創下紀錄，鋁價飆升至 2022 年以來的最高點。伊朗戰爭也推動了硫酸價格自 3 月以來的上漲，為中國的銅冶煉廠帶來了巨大的持續收益，因為它們將工業化學品作為副產品出售。</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>金屬製造利潤的大幅增長反映了中國經濟正在進行的更廣泛的再通脹，第一季度所有工業企業的盈利增長加速。在過去四年中，激烈的競爭和產能過剩使大多數製造業的利潤保持低迷。</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>在中東供應動盪使價格大幅上漲之前，中國鋁冶煉廠的盈利能力已經很高。根據彭博情報的指數，3 月份中國冶煉的估計利潤率達到了歷史最高的每噸 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>更強的市場背景為中國金屬巨頭的強勁財報季提供了支持，這些企業是全球最大的生產商之一。中國鋁業在第一季度的淨收入是至少十年來的最高水平，而紫金礦業集團作為礦業公司而非冶煉廠，首次實現了超過 200 億元的淨收入。</p>
</div><p>SEE ALSO</p>
<div class="lb-trans"><p>另請參閲</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>中國税務機關通過發票打擊震動金屬市場</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>中東滯留貨物推動中國鋁產量</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>倫敦金屬指數因鋁的 “黑洞” 恐懼創下新高</h3>
</div><h3>Navigate Asia in  a new global order</h3>
<div class="lb-trans"><h3>在新的全球秩序中導航亞洲</h3>
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<div class="lb-trans"><p>獲取洞察信息，送達您的郵箱。</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>主要的銅冶煉廠如江西銅業正在享受硫酸價格前所未有的飆升帶來的提振，這一漲幅大大抵消了持續低迷的處理費用。儘管如此，北京決定停止硫酸出口可能會限制收益。</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>對於每噸銅的生產，中國冶煉廠現在可以從硫酸中賺取超過 5000 元，增強了它們的運營意願，北京安泰克信息研究院首席分析師楊長華在 4 月 16 日的會議上表示。這幫助推動了中國 3 月份精煉銅的創紀錄生產。彭博社</p>
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<div class="lb-trans"><p>解碼亞洲通訊：您在新的全球秩序中導航亞洲的指南。點擊此處註冊以獲取解碼亞洲通訊，送達您的郵箱，免費。</p>
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中國的金屬行業在第一季度取得了鉅額利潤