Investment Rating - The industry rating is "Recommended" [7] Core Insights - In Q1 2025, copper production totaled 154.7 thousand tons, a year-on-year increase of 19.6%, but a quarter-on-quarter decrease of 22.8%. This was primarily due to increased output from the Los Pelambres and Centinela mines [2][13] - Copper sales reached 170.2 thousand tons, reflecting a year-on-year growth of 47.1% but a quarter-on-quarter decline of 11.3% [2][13] - The realized copper price was $4.69 per pound, up 18.1% year-on-year and 25.1% quarter-on-quarter [2][14] - The net cash cost for copper was $1.54 per pound, a decrease of 20.2% year-on-year but an increase of 25.2% quarter-on-quarter [3][13] - Gold production was 42.9 thousand ounces (1.33 tons), marking a year-on-year increase of 28.8% but a quarter-on-quarter decrease of 37.1% [4][13] - The realized gold price was $3,098 per ounce, up 42.4% year-on-year and 16.1% quarter-on-quarter [4][14] - Molybdenum production was 3,100 tons, with a year-on-year increase of 14.8% and a quarter-on-quarter increase of 10.7% [5][13] - The realized molybdenum price was $19.3 per pound, down 8.5% year-on-year and 10.2% quarter-on-quarter [5][14] Production and Cost Summary - The total copper production for Q1 2025 was 154.7 thousand tons, with a cash cost before by-product credits of $2.37 per pound [13] - The total gold production for Q1 2025 was 42.9 thousand ounces, with a realized price of $3,098 per ounce [4][14] - The total molybdenum production for Q1 2025 was 3,100 tons, with a realized price of $19.3 per pound [5][14] Project Development Updates - The Centinela Phase II project is progressing as expected, focusing on assembling mining equipment and completing concrete work for the foundations of the mills [8] - The Los Pelambres expansion project is also on track, with ongoing work on the concentrate pipeline and seawater desalination plant [9] - The Cachorro exploration project submitted an environmental impact statement in January 2025 for additional exploration work [10] 2025 Outlook - The annual copper production target remains unchanged, expected to be between 660,000 and 700,000 tons [11] - The cash cost guidance remains unchanged, with costs before and after by-product credits expected to be between $2.25-$2.45 and $1.45-$1.65 per pound, respectively [11] - Capital expenditure guidance remains at $3.9 billion [12]

证券研究报告|行业研究报告 [Table_Summary] 季报重点内容: ► 生产经营情况 铜：2025Q1 铜产量为 76,774 吨，环比减少 18.41%，同比减少 3.30%。 镍：2025Q1 镍产量为 2,296 吨，环比增加 41.99%，同比减少 29.46%。 黄金：2025Q1 黄金产量为 3.2 万盎司（1.00 吨），环比减少 30.43%，同比减少 3.03%。 钼：2025Q1 钼产量为 602 吨，环比减少 33.99%，同比减少 30.32%。 ►财务业绩情况 2025Q1，公司来自持续经营业务的收入为 9.639 亿美元 （2024Q1 为 8.123 亿美元），来自终止经营业务的收入为 1.801 亿美元（2024Q1 为 1.247 亿美元）。 2025Q1 持续运营业务的毛利润为 3.089 亿美元，比去年同期的 1.975 亿美元高出 1.115 亿美元。毛利润增长的主要原因是铜和 金的实际价格上涨、处理费用降低以及有利的外汇兑换。本季 度来自非持续运营业务的毛利润为 6990 万美元，高于上年同 期的毛亏损 1210 万美元，这主要是由于分类为持有待售的资 产未计 ...

Market Performance - On June 9, major stock indices in China rose, with the Shanghai Composite Index increasing by 0.43%, CSI 300 by 0.29%, and CSI 500 by 1.44%[1] - The technology sector also performed well, with the STAR 50 and Hang Seng Tech indices rising by 0.60% and 2.78%, respectively[1] - The overall trading volume in the A-share market reached 1.31 trillion yuan, an increase of 135.4 billion yuan compared to the previous week[4] Bond Market Dynamics - The 10-year government bond yield rose by 0.4 basis points to 1.66%, while the 30-year bond yield fell by 0.2 basis points to 1.87%[1] - The central bank maintained liquidity by injecting 173.8 billion yuan into the market, resulting in a weighted overnight rate of 1.42%[3] - The bond market's pricing is heavily influenced by the outcomes of the US-China tariff negotiations, with potential downward pressure on yields if tariffs remain unchanged[4] Commodity Market Trends - Following a rebound in coking coal prices, the commodity market showed signs of recovery, although some prices like rebar and iron ore saw slight declines of 0.03% and 0.71%[2] - Industrial metals exhibited mixed performance, with copper rising by 0.13% and aluminum falling by 0.20%[2] Investment Sentiment - The market's risk appetite has increased due to positive expectations surrounding US-China trade relations, leading to a notable rebound in the equity market[8] - The AI sector continued to gain traction, with indices for AI computing and AIGC rising by 1.30% and 1.93%, respectively[6] Capital Flows - Southbound capital inflow into Hong Kong stocks was modest at 717 million HKD, indicating that it was not the primary driver of the market's rise[7] - Notable inflows were observed in stocks like Xinda Biopharmaceuticals and Meituan, while Tencent and Xiaomi experienced outflows of 2.14 billion and 1.45 billion HKD, respectively[7]

Inflation Data Summary - May CPI year-on-year decreased by 0.1%, better than the expected decline of 0.2% and consistent with the previous month[1] - Month-on-month CPI fell by 0.2%, compared to a rise of 0.1% in the previous month[1] - Core CPI excluding food and energy remained flat month-on-month, down from a 0.2% increase in the previous month[1] Energy and Commodity Prices - Energy prices significantly impacted CPI, with a 1.7% decrease in energy prices contributing approximately 0.13 percentage points to the CPI decline[1] - Brent crude oil prices fell by 5.2% month-on-month, with a cumulative decline of 18.9% from February to May[1] - Transportation fuel prices dropped by 3.7%, with a total decline of 9.2% from March to May[1] Service and Food Prices - Service prices were flat month-on-month, down from a previous increase of 0.3%, indicating weakened support for CPI[2] - Food prices decreased by 0.2%, a smaller decline compared to historical averages of -1.1% and -0.9% for the same period[3] - Fresh vegetable prices fell by 5.9%, while fresh fruit prices increased by 3.3% due to drought conditions in northern regions[3] Producer Price Index (PPI) Trends - PPI remained unchanged month-on-month at -0.4%, consistent with the previous two months[5] - The rolling three-month average for PPI is -0.4%, marking a seven-month low, with an annual rate of -4.7%[5] - The mining and raw materials sectors saw PPI declines of -2.5% and -0.9%, respectively, while the manufacturing sector decreased by -0.3%[5] Market Implications - The weak inflation data suggests continued pressure on industries sensitive to economic cycles, while technology sectors may perform relatively better[8] - Defensive dividend stocks are recommended for consideration, although attention should be paid to potential market disruptions from dividend-related trading in June and July[8]

证券研究报告|宏观点评报告 [Table_Date] 2025 年 06 月 09 日 [Table_Title] 5 月出口，高关税阴影犹存 据海关总署，2025年5月出口总值为3161亿美元，同比增长4.8%，低于市场预期的6.2%和4月的8.1%； 进口总值为 2129 亿美元，同比-3.4%，预期 0.31%，前值-0.2%。5 月以来，中美贸易关系缓和，第一轮谈判后 中美互相大幅降低关税，当前美国对华关税仍维持在 30%之上。如何看待 5 月份进出口数据？ 一是对美出口继续下降，暂未反映贸易缓和。5 月对美出口同比降 34.6%，拖累出口同比 5 个百分点。对美 出口进一步大幅下降，或仍在继续反映 4 月美国对中国征收 145%高额关税的影响。不过，5 月以来，中美贸易 关系逐渐缓和，5 月 12 日中美会谈结束后发布日内瓦联合声明，中美之间关税税率超预期大幅下降，关税下调 于 5 月 14 日正式生效。6 月 5 日晚间，中美最高领导人通话，同意双方团队继续落实好日内瓦共识，并约定尽 快举行新一轮会谈。 伴随中美关系缓和，中国对美出口的恢复有望体现在 6 月数据。5 月中旬暂停加征关税后，市场迅速 ...

证券研究报告|行业研究报告 [Table_Date] 2025 年 6 月 9 日 [Table_Title] KGHM 2025Q1 精矿含铜产量同比减少 5.6%至 16.92 万吨，净利润同比减少 22.2%至 3.30 亿兹罗 提 [Table_Title2] 有色金属-海外季报 [Table_Summary] 季报重点内容: ► 生产经营情况 2025Q1 公司精矿含铜产量 16.92 万吨，同比减少 5.6%。其中 KGHM Polska Miedź S.A.铜产量 13.40 万吨，同比减少 8.3%； KGHM INTERNATIONAL LTD.铜产量 1.44 万吨，同比减少 10.0%；Sierra Gorda S.C.M.铜产量 2.08 万吨，同比增长 22.4%。 2025Q1 公司银产量 320.7 吨，同比增长 1.5%。 2025Q1 KGHM Polska Miedź S.A.铜 C1 成本 3.15 美元/磅，同 比增长 4.7%，成本增加的主要原因是矿产开采税导致税负增 加，以及铜精矿自产产量减少，同时由于白银和黄金价格的上 涨，副产品的价格也有所上涨；KGHM INT ...

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The period from 2022 - 2024 was a significant turning point for the wealth management industry, with notable changes in the asset - liability structure, risk, and return of wealth management products. In 2025, the industry is entering a new stage of net - value transformation. Short - term low - volatility remains the core goal of bank wealth management, and in the long run, there are two potential breakthroughs: continuing to create deposit - alternative products and adopting the "fixed income + multi - asset" strategy [13][70]. 3. Summary Based on Relevant Catalogs 3.1 2022 - 2025, Changes in the Yield and Drawdown of Wealth Management Products - **2022: Representative shock after the full net - value transformation of the wealth management market** - In Q4 2022, after the extreme compression of credit spreads, the bond market reversed, leading to a redemption negative feedback shock in the wealth management market. The industry scale dropped from 31.4 trillion yuan in Oct 2022 to 25.0 trillion yuan in Mar 2023. About 76% of products had a maximum drawdown exceeding 50bp, and nearly half of the products had an annualized yield falling below 2% [2][12][14]. - **2023: The "repair year" after negative feedback** - The wealth management industry shifted its focus to stabilizing yields, introduced net - value smoothing operations, and reshaped the product layout and asset allocation. The weighted annualized return rose to 3.30% from 1.47% in 2022. Over 70% of products had an annual maximum drawdown below 20bp [20][21][24]. - **2024: The "final year" of the low - volatility era of wealth management** - Regulatory tightening ended the low - volatility era. The product structure concentrated more on short - duration products. The proportion of products with an annualized yield between 2.5% and 3.5% increased to 49%, and about 60% of products had a drawdown within 10bp [28][30]. - **2025: Valuation rectification may be carried out in an orderly manner** - Regulatory focus is on the "closing price valuation". As of May 31, 2025, the scale of Shanghai Stock Exchange private bonds held through trust was still 2.49 trillion yuan. As of May 31, 19% of products had a drawdown exceeding 20bp, and 6% had a drawdown over 50bp, but 73% of products had a drawdown within 10bp [35][40]. 3.2 Returning to "Net - value", What Changes Have Occurred in Wealth Management? - **Liability side: Expand scale and reduce costs** - In 2025, wealth management institutions aimed to expand scale. By May 31, wealth management had increased by 1.58 trillion yuan compared to the beginning of the year. The liability side shifted from absolute drawdown sensitivity to partial yield sensitivity, and the weighted duration of products started to rise. Wealth management also actively lowered the lower limit of the performance benchmark [44][45][50]. - **Asset allocation: Emphasize liquidity and gradually enter the new stage of "certificates of deposit + short - term bonds"** - In 2025, there were three transformation signals in asset allocation: continued reduction of the deposit position, increased allocation of certificates of deposit, and increased allocation of bond - related assets, especially interest - rate bonds. The proportion of public funds in the first - quarter allocation also increased by 0.1 pct to 3.0% [55][56][63]. 3.3 Looking Ahead, Seeking Opportunities in Changes - In the short term, low - volatility remains the core goal of bank wealth management. In the long run, there are two potential breakthroughs: continuing to create deposit - alternative products and adopting the "fixed income + multi - asset" strategy [70].

Market Performance - US stock markets showed a steady upward trend, with the S&P 500 rising by 1.50% and the Nasdaq increasing by 2.18% this week[10] - A-shares also experienced gains, with the Shanghai Composite Index up by 1.13% and the Shenzhen Component Index up by 1.42%[10] - COMEX silver led global asset performance with a remarkable increase of 9.39%[10] Economic Developments - The US added 139,000 non-farm jobs in May, with an unemployment rate steady at 4.2%[2] - Major central banks initiated a wave of interest rate cuts, including a 25 basis point cut by the European Central Bank and a 100 basis point cut by the Russian Central Bank[2][21] - The People's Bank of China announced a 1 trillion yuan reverse repurchase operation to enhance liquidity in the banking system[2] Commodity Trends - Brent crude oil prices rose approximately 4.3% due to geopolitical tensions and declining inventories[10] - Gold prices exhibited a volatile trend, influenced by fluctuations in the US dollar and geopolitical risks[4][14] - Industrial demand and safe-haven buying drove silver prices significantly higher, with a notable increase in both COMEX and domestic markets[14] Currency Movements - The Chinese yuan appreciated slightly by 0.15% against the US dollar this week[11] - The US dollar index fell by 0.24%, reflecting weakened confidence in the US economy due to disappointing economic data[11][24] Risk Factors - Potential macroeconomic and industrial policy changes could lead to unexpected market shifts[28]

Financial Performance - Quantum Song reported FY2025 Q3 revenue of 571 million RMB, a year-on-year decrease of 39.6%[1] - The net profit attributable to the parent company was 41.145 million RMB, an increase of 181.2% year-on-year[1] - The company completed a 61% stake acquisition of Letsvan for a total cash consideration of 235 million RMB[1] Business Segments - Personal online learning services generated 467 million RMB in revenue, down 43.6% year-on-year, primarily due to declines in skill enhancement and financial knowledge courses[10] - Consumer business revenue was 48.7 million RMB, a slight decrease of 1.4%, offset by a small increase in health product sales[10] - Other business segments saw a revenue increase of 123.3%, totaling 6.7 million RMB, driven by new business initiatives[10] Market Trends - The acquisition of Letsvan marked the highest annual financing record in China's trendy toy industry, with Letsvan owning 10 free IPs, including the popular WAKUKU[2] - The WAKUKU brand achieved significant market traction, with a new product selling out in 2 hours and driving a 90.3% increase in store sales[2] - Kuaishou's Keling AI reached an annualized revenue run rate of over 1 billion RMB within 10 months of launch, with monthly paid amounts exceeding 100 million RMB for two consecutive months[3] Investment Insights - The "AI+" strategy is expected to catalyze valuation optimization in Hong Kong stocks, stabilizing the positions of new industry leaders amid changing consumer dynamics[5] - Key beneficiaries in the internet and technology sectors include Alibaba, Tencent, Kuaishou, and Meituan, while domestic consumption beneficiaries include brands like MOGU and Haidilao[5] Risks - Potential risks include macroeconomic fluctuations, intensified industry competition, and the uncertain effectiveness of AI applications[6]

Investment Rating - Industry Rating: Recommended [5] Core Insights - The humanoid robot industry is accelerating its commercialization, with tactile sensor technology being a key factor for safe interaction and intelligent control. Companies with technological and cost advantages are expected to benefit significantly as humanoid robots enter mass production [1][12][13] - The solid-state battery industrialization process is progressing, driven by the need for battery technology upgrades. Solid-state batteries are seen as the next-generation technology due to their high energy density and safety. Companies with technological advantages and early orders are expected to see growth [2][17][19] - The UK government has announced the indicative timeline for the seventh round of Contracts for Difference (CfD) auctions, with offshore wind auctions expected to start in August. This round is anticipated to have the highest auction capacity in history, supporting the growth of renewable energy, particularly offshore wind [3][24][25] Summary by Sections 1. Humanoid Robots - Tactile sensing technology is crucial for ensuring safe interaction between humanoid robots and their environment. The market is currently dominated by foreign companies, but domestic firms are making progress [1][12] - The commercialization of humanoid robots is expected to accelerate, with significant opportunities arising from advancements in AI and supportive policies. Key players in the supply chain are likely to benefit [13][16] 2. New Energy Vehicles - The solid-state battery technology is gaining traction, with significant milestones achieved in production capacity. The industry is expected to see continuous upgrades across the entire supply chain [2][17] - The growth of the new energy vehicle sector is supported by the introduction of high-performance models and advancements in battery technology, which are expected to enhance cost-effectiveness [18][19] 3. Renewable Energy - The UK government is set to launch the seventh round of CfD auctions, with a significant number of offshore wind projects expected to participate. This is part of a broader strategy to achieve a nearly fully clean power system by 2030 [3][24][25] - The renewable energy sector is anticipated to continue its growth trajectory, with a focus on offshore wind development and the establishment of a clean energy system [26][27] 4. Power Equipment & AIDC - The construction of ultra-high voltage transmission projects is set to advance, with several key projects approved for construction in 2025. This is expected to provide substantial support for core ultra-high voltage equipment manufacturers [4][7][8] - The demand for virtual power plants is expected to rise as new power system construction accelerates, benefiting companies actively involved in this sector [8]