杰富瑞认为，推动 2025 年股价表现的“特殊因素”包括：英美资源集团正处于分拆模式，可能在 2025 年成为收购目标；嘉能可可能会提高资本回报，并可能迁至美国——这将有利于股票流动性；而泰克资源可能成为收购目标，也可能成为收购方。Teck Resources (TECK.US), Aluminum Corporation of America (AA.US), Glencore, and Anglo American were rated as the top choices for mining stocks this year by Jefferies Financial on Monday.
According to the Zhitong Finance APP, Teck Resources (TECK.US), Alcoa (AA.US), Glencore, and Anglo American were rated as the top choices for mining stocks this year by Jefferies on Monday.
Jefferies Analyst Christopher La Femina stated, "Although we have recently become more cautious about the short-term outlook for the Industry due to cyclical factors, and we believe the generally expected risk is downward, we think it is too late to lower our rating now." Considering all factors, after a significant recent downturn, we tend to Buy the mining and Steel producers we are Bullish on.
Jefferies believes that the "special factors" driving stock performance in 2025 include: Anglo American is in a spin-off mode, which may make it a target for acquisition in 2025; Glencore may increase capital returns and potentially relocate to the USA — which would benefit stock liquidity; and Teck Resources may become an acquisition target or an acquirer.
The Banks also stated that despite Freeport McMoRan (FCX.US) being highly valued and facing challenges in copper ore exports in Indonesia, they are Bullish on the stock, as well as Lundin Mining, due to their long-term investment in Copper.
Jefferies wrote, "Most importantly, 2025 will be a tumultuous year for the Metal and mining Industry. So the question arises: 'Will all this affect the valuation of Industry Stocks or the interest of ordinary investors? We believe it will ultimately have an impact.'"
