大摩看好淡水河谷(VALE.US)2026年增长：铁矿石与铜矿业务双轮驱动

智通财经09-19

智通财经APP获悉，摩根士丹利近日发布淡水河谷(VALE.US)研报，该行与公司首席财务官马塞洛・巴奇(MarceloBacci)先生召开了会议，讨论聚焦于股东回报、铁路运营现状、铁矿石灵活产品组合的开发、铜矿业务增长战略以及镍业务板块面临的挑战等议题。该行表示，巴奇先生称若公司净债务降至150亿美元以下，可能会派发特别股息。管理层预计，短期内将持续重点关注巴西的铁路特许权相关事宜，但对2020年...

网页链接

免责声明：本文观点仅代表作者个人观点，不构成本平台的投资建议，本平台不对文章信息准确性、完整性和及时性做出任何保证，亦不对因使用或信赖文章信息引发的任何损失承担责任。

精彩评论

我们需要你的真知灼见来填补这片空白

发表看法

{"i18n":{"language":"zh_CN"},"isChannel":false,"data":{"share":"https://www.laohu8.com/m/news/2568172255?lang=zh_CN&edition=full","thumbnail":"","is_english":false,"pubTime":"2025-09-19 16:35","share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","id":"2568172255","market":"sh","top_or_hot":-1,"title":"大摩看好淡水河谷(VALE.US)2026年增长：铁矿石与铜矿业务双轮驱动","media":"智通财经","content":"<div>\n<p>智通财经APP获悉，摩根士丹利近日发布淡水河谷(VALE.US)研报，该行与公司首席财务官马塞洛・巴奇(MarceloBacci)先生召开了会议，讨论聚焦于股东回报、铁路运营现状、铁矿石灵活产品组合的开发、铜矿业务增长战略以及镍业务板块面临的挑战等议题。该行表示，巴奇先生称若公司净债务降至150亿美元以下，可能会派发特别股息。管理层预计，短期内将持续重点关注巴西的铁路特许权相关事宜，但对2020年...</p>\n\n<a href=\"http://www.zhitongcaijing.com/content/detail/1347278.html\">网页链接</a>\n\n</div>\n","source":"stock_zhitongcaijing","html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>大摩看好淡水河谷(VALE.US)2026年增长：铁矿石与铜矿业务双轮驱动</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n大摩看好淡水河谷(VALE.US)2026年增长：铁矿石与铜矿业务双轮驱动\n</h2>\n\n<h4 class=\"meta\">\n\n\n2025-09-19 16:35 北京时间&nbsp;&nbsp;&nbsp;<a href=http://www.zhitongcaijing.com/content/detail/1347278.html><strong>智通财经</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>智通财经APP获悉，摩根士丹利近日发布淡水河谷(VALE.US)研报，该行与公司首席财务官马塞洛・巴奇(MarceloBacci)先生召开了会议，讨论聚焦于股东回报、铁路运营现状、铁矿石灵活产品组合的开发、铜矿业务增长战略以及镍业务板块面临的挑战等议题。该行表示，巴奇先生称若公司净债务降至150亿美元以下，可能会派发特别股息。管理层预计，短期内将持续重点关注巴西的铁路特许权相关事宜，但对2020年...</p>\n\n<a href=\"http://www.zhitongcaijing.com/content/detail/1347278.html\">网页链接</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"BK4548","symbol_name":"巴美列捷福持仓","start_time":0,"source_url":"http://www.zhitongcaijing.com/content/detail/1347278.html","article_id":"2568172255","we_media_id":null,"thumbnails":[],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=2568172255","pubTimestamp":1758270905,"columns":[{"name":"行业数据","id":30,"label_key":"dataReport"}],"sourceInfo":{"source_id":"stock_zhitongcaijing","name":"智通财经网"},"weMediaInfo":null,"summary":"智通财经APP获悉，摩根士丹利近日发布淡水河谷研报，该行与公司首席财务官马塞洛巴奇先生召开了会议，讨论聚焦于股东回报、铁路运营现状、铁矿石灵活产品组合的开发、铜矿业务增长战略以及镍业务板块面临的挑战等议题。鉴于2026年铁矿石市场预计将趋紧，淡水河谷正着力提升其铁矿石产品组合的灵活性。管理层对巴西铁路特许权相关事宜持乐观态度。","collect":0,"end_time":0,"defaultTopTitle":"zhitongcaijing.com","property":[],"viewcount":null,"language":"zh","relate_stocks":{"BK4548":"巴美列捷福持仓","BK4566":"资本集团","LU2133065610.SGD":"JPMorgan Investment Funds - Global Dividend A (mth) SGD","LU2347655156.SGD":"JPMorgan Investment Funds - Global Income A (icdiv) SGD-H","LU0314104364.USD":"MANULIFE GF AMERICAN GROWTH \"AA\" (USD) INC","LU0882574139.USD":"富达环球消费行业基金A ACC","LU1668664300.SGD":"Blackrock World Financials A2 SGD-H","LU0795875086.SGD":"JPMorgan Investment Funds - Global Income A (div) SGD","LU0788109121.HKD":"BGF WORLD MINING \"A2\" (HKDHGD) ACC","LU1244550494.USD":"FRANKLIN GLOBAL MULTI-ASSET INCOME \"A\" (USDHEDGED) ACC","LU0072463663.USD":"Blackrock Latin American A2 USD","LU0106259046.USD":"施罗德拉丁美洲基金","LU1162221912.USD":"FRANKLIN INCOME \"A\" (USD) ACC","LU0075056555.USD":"贝莱德世界矿业基金A2","LU1430597077.USD":"BGF NATURAL RESOURCES \"A\" (USD) INC","LU0106261372.USD":"SCHRODER ISF US LARGE CAP \"A\" ACC","LU2089284900.SGD":"Allianz Global Sustainability Cl AM Dis H2-SGD","IE00B1B80R65.USD":"柏瑞拉丁美洲股票A","LU0654597011.USD":"BGF NATURAL RESOURCES \"A4G\" (USD) INC","LU0267386448.USD":"FIDELITY FIRST ALL COUNTRY WORLD \"A\" (USD) INC","LU0225283273.USD":"SCHRODER ISF GLOBAL EQUITY ALPHA \"A\" (USD) ACC","VALE":"淡水河谷","LU1023059493.AUD":"Blackrock World Mining A2 AUD-H","LU0265267285.USD":"BNP PARIBAS BRAZIL EQUITY \"C\" (USD) INC","LU0788109048.HKD":"BGF LATIN AMERICAN \"A2\" (HKDHGD) ACC","LU2271345857.HKD":"ALLIANZ GLOBAL SUSTAINABILITY \"AT\" (HKD) ACC","BK4127":"投资银行业与经纪业","LU0531970944.HKD":"HSBC GIF BRIC EQUITY \"AC\" (HKD) ACC","LU0612318971.USD":"BGF NATURAL RESOURCES \"A5G\" (USD) INC","LU0265266980.USD":"法巴巴西股票基金","BK4533":"AQR资本管理(全球第二大对冲基金)","LU1244550577.SGD":"FTIF - Franklin Global Multi-Asset Income A (Mdis) SGD-H1","LU1074936037.SGD":"JPMorgan Funds - US Value A (acc) SGD","LU0086394185.USD":"SCHRODER ISF LATIN AMERICAN \"A\" (USD) INC AV","BK4006":"钢铁","LU2111349929.HKD":"ALLIANZ GLOBAL SUSTAINABILITY \"AM\" (HKD) INC","LU2023251221.USD":"ALLIANZ GLOBAL SUSTAINABILITY \"AM\" (USD) INC","IE00BZ1G4Q59.USD":"LEGG MASON CLEARBRIDGE US EQUITY SUSTAINABILITY LEADER \"A\"(USD) INC (A)","LU1363072403.SGD":"Fidelity Global Financial Services A-ACC-SGD","IE00BKVL7J92.USD":"Legg Mason ClearBridge - US Equity Sustainability Leaders A Acc USD","LU0256859116.SGD":"施罗德拉丁美洲A Acc SGD","LU1989772840.SGD":"CPR Invest - Climate Action A2 Acc SGD-H","LU0330918003.SGD":"Blackrock World Mining A2 SGD-H","LU0795875169.SGD":"JPMorgan Investment Funds - Global Income A (div) SGD-H","LU1732800096.USD":"摩根大通环球收益基金A (irc)","BK4516":"特朗普概念","LU0006306889.USD":"SCHRODER ISF US LARGE CAP \"A\" (USD) INC AV","LU0098860793.USD":"FRANKLIN INCOME \"A\" INC","BK4504":"桥水持仓","BK4588":"碎股"},"translate_title":"Morgan Stanley is optimistic about Vale's (VALE.US) growth in 2026: two-wheel drive for iron ore and copper business","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"VALE":1.5},"content_text":"智通财经APP获悉，摩根士丹利近日发布淡水河谷(VALE.US)研报，该行与公司首席财务官马塞洛・巴奇(MarceloBacci)先生召开了会议，讨论聚焦于股东回报、铁路运营现状、铁矿石灵活产品组合的开发、铜矿业务增长战略以及镍业务板块面临的挑战等议题。该行表示，巴奇先生称若公司净债务降至150亿美元以下，可能会派发特别股息。管理层预计，短期内将持续重点关注巴西的铁路特许权相关事宜，但对2020年签署的协议仍保持信心。鉴于2026年铁矿石市场预计将趋紧，淡水河谷正着力提升其铁矿石产品组合的灵活性。巴奇先生认为，铜矿业务产量提升至每年700千吨(ktpy)具备盈利空间，但在项目推进前，仍需完成待定的工程设计工作。而镍业务板块虽实现成本下降，但仍未达到盈亏平衡，且公司暂无在加拿大扩张纯镍资产的计划。该行提到，特别股息存在派发可能性，但2025年大概率不会实施。巴奇先生认为，若铁矿石价格维持高位且公司持续保持良好运营状态，到2025年12月，公司净债务或可降至150亿美元以下，这将为2026年初派发特别股息创造条件。此外，若公司能达到2025年资本支出(capex)指引的下限，预计第四季度可能重启股票回购。管理层对巴西铁路特许权相关事宜持乐观态度。尽管此前与巴西政府就铁路特许权条款重新谈判未能达成一致，但管理层表示短期内将继续重点推进该事项，尤其关注政府拟重新招标相关资产的传闻。与此同时，管理层对2020年签署的早期续约协议的合法性充满信心——该协议确保公司对铁路资产的控制权将持续至2057年，目前公司正致力于与政府沟通，以实现和平解决。预计2026年铁矿石市场将趋紧，未来五年市场将处于平衡状态，铁矿石价格将维持在每吨90美元以上。在此背景下，管理层正投资打造年产能3.6亿吨(360mtpy)的灵活产品组合，并通过调整产品结构以满足客户需求。淡水河谷的战略包括：在中国市场集中供应高硅矿石、推出新型中品位矿石产品，以及逐步将高硅矿石退出市场——这一系列举措或可为公司新增数亿美元收入。。铜矿业务产量增长仍是公司重点关注方向。管理层指出，马纳拉(Manara)项目与淡水河谷将铜产量提升至每年 70 万吨(相较于 2024 年的 3.48 万吨)的战略相契合，且产量增长主要依靠内部资源，而非并购。该公司确信这是能带来盈利的增长，但在批准任何项目之前，尚未完成详细的工程设计工作。镍业务部门有所改善，但仍未实现盈亏平衡。尽管镍业务的整体成本有所降低，但管理层认为该部门仍有削减资本支出的潜力，尤其是在长期潜力较低的资产上。在近期形势严峻的背景下，管理层没有在加拿大扩张纯镍资产的计划，而是更倾向于开发其多金属矿，原因是副产品具有吸引力。","kind":"news","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"1","news_tag":"dataReport","news_rank":0,"symbols":[],"gpt_button":0,"need_auth":false,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":1,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":false,"deviceId":"web-server-community-laohu8-v3","version":"4.35.9","shortVersion":"4.35.9","platform":"web","vendor":"web","appName":"laohu8","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2568172255","isCrawlerRequest":true}