Core Viewpoint - Copper stocks have risen due to supply concerns following Glencore's planned closure of its smelter and copper refinery in Quebec, Canada, driven by environmental issues and high renovation costs [1] Group 1: Company Performance - Jiangxi Copper Co. (00358) increased by 3.42%, trading at HKD 30.88 [1] - China Nonferrous Mining (01258) rose by 2.27%, trading at HKD 13.57 [1] - Luoyang Molybdenum (03993) gained 1.75%, trading at HKD 15.72 [1] Group 2: Market Analysis - Citic Securities reports that the supply-demand gap for copper is expected to widen, with copper prices potentially reaching new highs by 2026 [1] - Major copper mining companies experienced a nearly 5% year-on-year decline in production in Q3 2025, with Q4 expected to continue this contraction [1] - The anticipated raw material shortage and potential "anti-involution" factors are likely to contribute to a reduction in domestic refined copper supply in Q4, alongside stable demand [1] Group 3: Price Forecast - Global refined copper supply gap is projected to widen by 50% next year due to low supply and steady demand [1] - LME copper prices are expected to exceed USD 10,000 per ton, reflecting significant upward elasticity [1] - The copper sector is recommended for investment opportunities based on these market dynamics [1]

Group 1 - Hong Kong copper stocks experienced a collective rebound, with China Daye Nonferrous Metals leading the rise at approximately 9%, followed by Jiangxi Copper at 3%, and China Gold International and China Nonferrous Mining both up by 1.3% [1] - Mining giant Glencore is reportedly planning to close its Horne smelter and associated copper refinery in Quebec, Canada, due to environmental issues and the substantial capital required for upgrades [1] - The Horne smelter has an estimated annual production capacity of over 300,000 tons, accounting for about 17% of copper imports to the United States, indicating a significant impact on the North American copper supply chain [1] Group 2 - Earlier this year, traders moved large quantities of copper into the U.S. market in anticipation of potential tariffs on copper, which led to a surge in copper prices on the New York Mercantile Exchange (Comex) [1] - In August, former President Trump decided against imposing tariffs on bulk copper, instead targeting value-added copper products, while still leaving the possibility of tariffs on raw copper starting in 2027 [1]

Group 1 - The core viewpoint of the news is that copper stocks in Hong Kong have collectively rebounded, led by China Daye Nonferrous Metals with a rise of approximately 9% [1] - Glencore is planning to close its Horne smelter and associated copper refinery in Quebec, Canada, due to environmental issues and the need for significant capital investment for upgrades [1] - The Horne smelter has an estimated annual production capacity of over 300,000 tons, accounting for about 17% of copper imports to the United States, indicating a potential disruption in the North American copper supply chain [1] Group 2 - Earlier this year, traders moved large quantities of copper into the U.S. market in anticipation of potential tariffs on copper, leading to a surge in copper prices on the COMEX [1] - In August, former President Trump decided not to impose tariffs on bulk copper but targeted tariffs on processed copper products, while leaving the possibility of tariffs on raw copper starting in 2027 [1] Group 3 - The stock performance of key companies includes: - China Daye Nonferrous Metals: latest price 0.098, up 8.89% - Jiangxi Copper: latest price 30.740, up 2.95% - China Gold International: latest price 125.400, up 1.37% - China Nonferrous Mining: latest price 13.390, up 1.36% [2]

江西铜业股份有限公司是一家主要从事铜和黄金的采选、冶炼与加工的中国公司。该公司主要通过两个 分部开展业务。铜相关产业分部主要从事铜及铜相关产品的生产和销售。金相关产业分部主要从事金及 金相关产品的生产和销售。该公司的产品主要包括阴极铜、黄金、白银、 硫酸、铜杆、铜管、铜箔、 硒、碲、铼和铋。该公司的产品主要应用于电气、电子、轻工、机械制造、建筑、交通、军工工业等行 业。该公司主要在国内市场开展业务。 以上内容为证券之星据公开信息整理，由AI算法生成（网信算备310104345710301240019号），不构成 投资建议。 | 交易日 | 持股总数(股) | 持股变动(股) | 变动幅度 | | --- | --- | --- | --- | | 2025-11-04 | 3.43亿 | 135.20万 | 0.40% | | 2025-11-03 | 3.41亿 | 512.10万 | 1.52% | | 2025-10-31 | 3.36亿 | 191.10万 | 0.57% | | 2025-10-30 | 3.34亿 | 1318.10万 | 4.11% | | 2025-10-28 | 3.21亿 ...

Core Viewpoint - The recent decline in gold prices and the continuous drop in A-shares have led to a significant decrease in gold and precious metal-related ETFs, although there has been a net inflow of funds into gold stock ETFs despite the downturn [1] Group 1: ETF Performance - As of 14:10 on November 4, the performance of various ETFs was as follows: Gold ETF Huaxia (518850) fell by 0.89%, Non-ferrous Metals ETF (516650) dropped by 3.65%, and Gold Stock ETF (159562) decreased by 3.88% [1] - The holdings of the Gold Stock ETF, including companies like WanGuo Gold Group, saw declines exceeding 6%, while Zijin Mining, Chifeng Jilong Gold Mining, and Jiangxi Copper also experienced significant losses [1] Group 2: Fund Inflows - Despite the three-day decline in the Gold Stock ETF (159562), it recorded a net inflow of funds totaling 57.12 million yuan over the same period [1] Group 3: Market Outlook - Major Wall Street banks remain optimistic about the future of gold prices, with UBS stating that the current price drop is temporary and maintaining a year-end target of $4,200 per ounce [1] - UBS also indicated that if geopolitical or market risks escalate, gold prices could potentially rise to $4,700 per ounce within the year [1] - GF Securities noted that the decline in real interest rates continues to provide marginal support for gold prices, with expectations of a new round of interest rate cuts by the Federal Reserve and a halt to balance sheet reduction in December [1] - The continuation of monetary easing and rising inflation are expected to support gold prices, with ETF investments and central bank purchases being key drivers for sustained upward movement [1]

（原标题：港股异动 | 江西铜业股份(00358)现跌超4% 铜精矿冶炼加工费下滑拖累毛利 机构预计影响总 体可控） 智通财经APP获悉，江西铜业股份(00358)现跌超4%，截至发稿，跌3.91%，报30港元，成交额2.62亿港 元。 消息面上，江西铜业此前发布业绩，公司第三季度营业收入1390.88亿元，同比增长14.09%；净利润 18.49亿元，同比增长35.2%；扣非归母净利润19.1亿元，同比增长94.7%。三季度公司毛利润40.8亿元， 环比下降11亿元，主因铜精矿冶炼加工费下滑。 国信证券发布研报称，全球铜精矿供应愈加紧张。当前长单加工费和现货加工费劈叉，现货加工费 在-40美元/吨以下，长单加工费在21美元/吨。冶炼厂全部使用长单盈利尚可，如果使用部分现货，冶炼 利润就会受到影响。对于江西铜业而言，2025年阴极铜产量目标237万吨，前三季度产量估计180万吨， 四季度生产压力不大。另外公司可以一定程度上灵活选择铜精矿、冷料的使用配比，预计四季度加工费 压力不会显著增加。 ...

每经AI快讯，江西铜业股份(00358.HK)现跌超4%，截至发稿，跌3.91%，报30港元，成交额2.62亿港 元。 ...

江西铜业（600362）股份(00358)现跌超4%，截至发稿，跌3.91%，报30港元，成交额2.62亿港元。 消息面上，江西铜业此前发布业绩，公司第三季度营业收入1390.88亿元，同比增长14.09%；净利润 18.49亿元，同比增长35.2%；扣非归母净利润19.1亿元，同比增长94.7%。三季度公司毛利润40.8亿元， 环比下降11亿元，主因铜精矿冶炼加工费下滑。 国信证券发布研报称，全球铜精矿供应愈加紧张。当前长单加工费和现货加工费劈叉，现货加工费 在-40美元/吨以下，长单加工费在21美元/吨。冶炼厂全部使用长单盈利尚可，如果使用部分现货，冶炼 利润就会受到影响。对于江西铜业而言，2025年阴极铜产量目标237万吨，前三季度产量估计180万吨， 四季度生产压力不大。另外公司可以一定程度上灵活选择铜精矿、冷料的使用配比，预计四季度加工费 压力不会显著增加。 ...

Core Viewpoint - Jiangxi Copper's stock price has shown significant volatility, with a year-to-date increase of 96.10%, but a recent decline of 2.00% on November 4, indicating potential market fluctuations and investor sentiment shifts [1] Financial Performance - For the period from January to September 2025, Jiangxi Copper reported a revenue of 396.05 billion yuan, a slight decrease of 0.08% year-on-year, while the net profit attributable to shareholders increased by 20.85% to 6.02 billion yuan [2] - The company has distributed a total of 22.18 billion yuan in dividends since its A-share listing, with 6.22 billion yuan distributed over the past three years [3] Shareholder Information - As of September 30, 2025, Jiangxi Copper had 125,600 shareholders, an increase of 6.64% from the previous period [2] - The top three circulating shareholders include China Securities Finance Corporation with 104 million shares, unchanged from the previous period, and Hong Kong Central Clearing Limited, which reduced its holdings by 24.08 million shares to 44.51 million shares [3] Market Activity - On November 4, 2023, Jiangxi Copper's stock traded at 39.11 yuan per share, with a total market capitalization of 135.43 billion yuan [1] - The stock experienced a net outflow of 82.73 million yuan in principal funds, with significant selling pressure observed [1]

Summary of Jiangxi Copper's Conference Call Company Overview - **Company**: Jiangxi Copper - **Industry**: Copper Smelting and Mining Key Points Financial Performance - In Q3 2025, Jiangxi Copper reported a revenue of **396.046 billion CNY**, a year-on-year increase of **0.98%** [3] - The net profit attributable to shareholders was **6.024 billion CNY**, reflecting a year-on-year growth of **20.85%** [3] - Despite a decline in Q3 profits compared to Q2, the overall operational plan remains on track without adjustments [3] Profitability Factors - Q3 profits decreased primarily due to rising copper prices impacting hedging operations, resulting in losses on the futures side while the spot market remained profitable [2][6] - The smelting business faced challenges due to low long-term contract prices, leading to a shift towards spot purchases, which affected profitability [2][7] - By Q3 2025, the smelting business contributed approximately **15%** to the overall profit, maintaining profitability despite a decline [8] Industry Dynamics - The copper smelting industry is currently experiencing limited effectiveness in anti-competitive measures, with the non-ferrous metals association advocating for reduced competition since 2024 [4] - The potential for production cuts among domestic copper smelting plants depends on whether TC long-term contract prices fall below cost levels or if there are unified policy directives from authorities [9] - The cancellation of long-term contract negotiations could lead to less transparent pricing, which is unfavorable for smelting plants [10] Production and Cost Management - Jiangxi Copper plans to maintain its copper concentrate production at **200,000 tons** without expansion, relying on cooperative mining rights or acquisitions for any increases [11] - The company’s overall production costs are below the industry average, with the Dexing copper mine being a significant contributor to low costs [12][13] Future Outlook - For 2025, profits are expected to be primarily driven by mining activities, accounting for about **85%** of total profits, while smelting will contribute around **15%** [14] - The profitability of the smelting segment is supported by rising sulfuric acid prices and stable metal prices, which help offset losses in processing operations [15] - The copper processing segment is projected to incur losses of approximately **200 million CNY** for the year, primarily due to losses in lithium battery copper foil business [15] Strategic Initiatives - The company is actively pursuing copper mine acquisitions, focusing on projects in Central Asia, Africa, and South America, although no significant updates are available yet [4][25] - Jiangxi Copper is considering increasing its stake in Jiaxin International, currently holding nearly **30%** of the shares, with plans to achieve control by 2026 [21] Capital Expenditure and Dividends - The company has significant capital expenditure plans primarily for resource acquisitions, which may impact dividend distributions [28] - Dividends will be adjusted based on performance, with a preference for steady growth rather than substantial increases due to investment plans [29] Digital Management - Jiangxi Copper is working on implementing management assessment indicators set by the Jiangxi Provincial State-owned Assets Supervision and Administration Commission, focusing on market value management despite operational challenges [30]