Core Viewpoint - Southbound funds have significantly reduced their holdings in Jiangxi Copper Co., Ltd. over recent trading days, indicating a potential shift in investor sentiment towards the company [1][2]. Group 1: Shareholding Changes - On October 22, 2025, southbound funds reduced their holdings by 1,007,700 shares, representing a decrease of 0.31% [2]. - Over the past five trading days, there has been a cumulative net reduction of 37,261,800 shares, with reductions occurring on all five days [1][2]. - In the last twenty trading days, there were twelve days of net reductions, totaling 15,651,600 shares [1]. Group 2: Current Holdings - As of the latest data, southbound funds hold 320 million shares of Jiangxi Copper, which accounts for 23.07% of the company's total issued ordinary shares [1][2]. Group 3: Company Overview - Jiangxi Copper Co., Ltd. primarily engages in the mining, smelting, and processing of copper and gold, operating through two main segments: copper-related and gold-related industries [2]. - The company's product offerings include cathode copper, gold, silver, sulfuric acid, copper rods, copper tubes, copper foils, selenium, tellurium, rhenium, and bismuth, which are utilized across various sectors such as electrical, electronics, light industry, machinery manufacturing, construction, transportation, and military [2].

Group 1: Copper Industry Performance - Copper stocks collectively surged, with China Nonferrous Mining (01258) rising 4.89% to HKD 14.15, Minmetals Resources (01208) up 3.54% to HKD 6.72, Jiangxi Copper (600362) increasing 3.2% to HKD 32.92, and Zijin Mining (601899) climbing 2.68% to HKD 35.2 [1] - The recent landslide incident at the Grasberg copper mine in Indonesia has led Freeport-McMoRan, the operator, to invoke "force majeure" clauses, significantly impacting global copper supply [1] Group 2: Global Copper Supply Forecast - Following the Grasberg incident, Citigroup adjusted its global copper supply forecast, predicting a production of 23.15 million tons in 2025, a 0.1% increase year-on-year, and 23.46 million tons in 2026, a 1.3% increase year-on-year, both lower than previous estimates [1] Group 3: Macroeconomic Factors Influencing Copper Prices - Copper prices rebounded after Federal Reserve Chairman Jerome Powell hinted at potential interest rate cuts this month, with overseas rate cut expectations being a dominant factor [2] - The labor market data remains a key influence on U.S. rate cut expectations, but delays in data publication due to government shutdowns may lead to fluctuating expectations [2] - As long as recession risks do not materialize, significant declines in copper prices are unlikely [2]

Group 1: Copper Industry Performance - Copper stocks collectively surged, with China Nonferrous Mining (01258) up 4.89% to HKD 14.15, Minmetals Resources (01208) up 3.54% to HKD 6.72, Jiangxi Copper (00358) up 3.2% to HKD 32.92, and Zijin Mining (02899) up 2.68% to HKD 35.2 [1] - The recent landslide incident at the Grasberg copper mine in Indonesia has led Freeport-McMoRan, the operator, to invoke "force majeure" clauses, significantly impacting global copper supply [1] Group 2: Global Copper Supply Forecast - Citigroup has revised its global copper supply forecast, predicting a production of 23.15 million tons in 2025, a 0.1% increase year-on-year, and 23.46 million tons in 2026, a 1.3% increase year-on-year, reflecting a downward adjustment from previous estimates [1] Group 3: Macroeconomic Factors Influencing Copper Prices - Following comments from Federal Reserve Chairman Jerome Powell suggesting a potential interest rate cut this month, copper prices have rebounded, with overseas rate cut expectations being a dominant factor [2] - The labor market data remains a key influence on U.S. rate cut expectations, but delays in data release due to government shutdowns may lead to fluctuating expectations [2] - As long as recession risks do not materialize, significant declines in copper prices are unlikely [2]

Investment Rating - The investment rating for the non-ferrous metals industry is "Positive" (maintained) [3] Core Views - The report anticipates a potential upward trend in copper prices due to expected shortages in copper mines, particularly with the global second-largest copper mine, Grasberg, facing production halts. The report suggests that the copper supply-demand balance may shift from tight equilibrium to shortage by 2026 [4] - The report highlights the performance of various metals, including aluminum, lithium, and cobalt, with specific recommendations for companies to watch in each segment [4] Summary by Sections 1. Industry Overview - Recent macroeconomic developments include a new round of US-China trade negotiations and comments from Trump regarding the unsustainability of high tariffs on China [8] 2. Market Performance - The overall performance of the non-ferrous metals sector saw a decline, with the Shanghai Composite Index down 1.47% and the Shenwan Non-Ferrous Metals Index down 3.07%, underperforming the Shanghai Composite by 1.60 percentage points [10][11] 3. Valuation Changes - The PE_TTM for the Shenwan Non-Ferrous Metals Index is 26.96, down 1.78 from the previous week, while the PB_LF is 3.22, down 0.22 [19][22] 4. Copper - Copper prices have seen a decline, with LME copper down 1.86% and SHFE copper down 1.77%. However, the report indicates a potential for price recovery due to supply disruptions and seasonal demand [21][44] 5. Aluminum - Aluminum prices are experiencing fluctuations, with LME aluminum down 0.45% and SHFE aluminum down 0.47%. The report notes a decrease in inventory levels, which may support price stability [33][44] 6. Lithium - Lithium prices are showing mixed trends, with lithium carbonate down 0.27% and lithium spodumene up 0.83%. The report suggests that lithium prices may stabilize due to seasonal demand [73] 7. Cobalt - Cobalt prices have increased, with MB cobalt up 5.40% to $20.98 per pound, driven by changes in export regulations from the Democratic Republic of Congo [86]

说起中国黄金产量，谁能想到山东这个农业大省居然稳坐头把交椅，这事儿听着就有点儿出人意料。 按2023年的数据，全国黄金总产量403吨左右，山东一家独大，贡献了165吨多，占了四成还多。 河南跟在后面87吨，江西54吨排第三，甘肃51吨第四，云 南28吨勉强第五。 山东为什么这么猛？它那地质构造特殊，华北地台下头断裂带多，金矿藏得深又富，勘探技术一上去，产量就蹭蹭往上窜。反观南方那些多山的地方，金脉 散乱，挖起来费劲儿，产量自然上不去。 这排名一摆开，就让人琢磨，为什么经济发达的沿海省份反倒没影儿？其实啊，黄金开采靠的是资源禀赋，不是GDP高低。山东这第一，坐了14年不动摇， 背后是几代地质人的汗水堆出来的。 山东的黄金产量为什么总压别人一头？这得从地质说起。华北地台那块儿地壳稳当，郯庐断裂带像条大龙，串起一堆大型金矿床。储量近千吨，品位高，开 采成本低，这优势不是天上掉的。 招远、莱州这些地方，早几年就建起亚洲最大的金矿公司，山东黄金集团年产金上百吨，产业链拉得老长，从挖矿到炼金一条龙。2023年，山东成品金产量 165.49吨，矿产金也占全国大头。 对比河南的87吨，山东几乎是它的两倍。河南靠洛阳和灵宝的矿 ...

Group 1 - Hong Kong copper stocks continue to decline, with Luoyang Molybdenum (03993.HK) down 4.21% to HKD 14.8 [1] - Jiangxi Copper (00358.HK) decreased by 3.95%, trading at HKD 31.58 [1] - Minmetals Resources (01208.HK) fell by 2.68%, priced at HKD 6.53 [1] - China Nonferrous Mining (01258.HK) dropped 2.21%, now at HKD 13.69 [1]

Core Viewpoint - Copper stocks continue to decline amid intense market fluctuations, with significant drops observed in major companies such as Luoyang Molybdenum, Jiangxi Copper, and others [1] Group 1: Company Performance - Luoyang Molybdenum (03993) fell by 4.21%, trading at 14.8 HKD [1] - Jiangxi Copper (00358) decreased by 3.95%, with a price of 31.58 HKD [1] - Minmetals Resources (01208) dropped by 2.68%, now at 6.53 HKD [1] - China Nonferrous Mining (01258) saw a decline of 2.21%, trading at 13.69 HKD [1] Group 2: Market Conditions - The copper market is experiencing a tug-of-war between supply and demand, influenced by various events such as the shutdown of Grasberg in Indonesia and earthquakes in Congo [1] - Uncertainties in international trade and the Federal Reserve's interest rate policies are expected to create volatility in copper prices [1] Group 3: Price Forecasts - According to CITIC Futures, the market is likely to see copper prices under pressure and in a state of consolidation due to the U.S. government shutdown affecting economic data releases [1] - Goldman Sachs indicates that short-term upward price movement for copper is limited to 11,000 USD per ton, despite a long-term bullish outlook [1]

Group 1 - Copper stocks continue to decline, with notable drops in companies such as Luoyang Molybdenum (-4.21% to HKD 14.8), Jiangxi Copper (-3.95% to HKD 31.58), Minmetals Resources (-2.68% to HKD 6.53), and China Nonferrous Mining (-2.21% to HKD 13.69) [1][1][1] Group 2 - The copper market is experiencing intense fluctuations, influenced by supply-side disruptions such as the shutdown of Indonesia's Grasberg mine, earthquakes in the Democratic Republic of Congo, and incidents at the Aifenhao mine [1][1][1] - Uncertainties in international trade and the Federal Reserve's interest rate policies are contributing to potential disturbances in copper prices [1][1][1] Group 3 - According to CITIC Futures, the market is currently facing pressure due to the U.S. government shutdown causing delays in economic data releases, leading to increased risk aversion among investors [1][1][1] - Goldman Sachs indicates that the short-term upward price potential for copper is limited to USD 11,000 per ton, while maintaining a long-term bullish outlook, citing an oversupply in the market as a key factor [1][1][1]

Core Insights - Southbound funds reduced their holdings in Jiangxi Copper Company Limited (00358.HK) by 12.79 million shares on October 16, 2025, marking a decrease of 3.58% [1][2] - Over the past five trading days, there were three days of net reductions totaling 3.76 million shares, while in the last twenty trading days, there were ten days of net increases totaling 11.20 million shares [1][2] - As of now, southbound funds hold 345 million shares of Jiangxi Copper, accounting for 24.83% of the company's total issued ordinary shares [1][2] Trading Data Summary - On October 16, 2025, total holdings were 345 million shares, with a reduction of 12.79 million shares [2] - On October 15, 2025, total holdings were 357 million shares, with a reduction of 7.36 million shares [2] - On October 14, 2025, total holdings were 365 million shares, with a reduction of 3.68 million shares [2] - On October 13, 2025, total holdings were 368 million shares, with an increase of 14.98 million shares [2] - On October 3, 2025, total holdings were 353 million shares, with an increase of 5.10 million shares [2] Company Overview - Jiangxi Copper Company Limited primarily engages in the mining, smelting, and processing of copper and gold [2] - The company operates through two main segments: copper-related and gold-related industries, producing a range of products including cathode copper, gold, silver, sulfuric acid, copper rods, tubes, foils, selenium, tellurium, rhenium, and bismuth [2] - The products are mainly used in various industries such as electrical, electronics, light industry, machinery manufacturing, construction, transportation, and military [2]

Group 1 - The article discusses the analysis of various derivative products related to specific stocks, focusing on options and warrants, to help investors understand their choices when considering investments in these products [1][4][5] - The first stock analyzed is China Construction Bank (00939), which has shown a price recovery, with a current resistance level at 7.71 HKD, and a target price of 8 HKD requiring a breakthrough of this resistance [3][4] - For products with exercise prices around 8 HKD, there are several options available, with a range of leverage from 5.7 to 6.2 times, and implied volatility between 24.9% and 27% [4][5] Group 2 - The second stock discussed is Kuaishou (01024), which has recently stabilized after a decline, showing a predominance of buy signals with 10 buy signals against 3 sell signals [8][9] - There are limited options for near-the-money products, with only one suitable product in the 70-75 HKD range, while more options exist for products with exercise prices around 88 HKD, which are set to expire in July 2026 [8][9] - The products with an exercise price of 88 HKD have an implied volatility of around 53% and a premium range of 30.3% to 31.5% [9][10] Group 3 - The third stock is Mixue Ice Cream (02097), which has seen a significant price increase recently, but the technical signals indicate a sell recommendation with 9 sell signals against 5 buy signals [13][14] - The available products are limited, with the closest exercise price at 508 HKD showing a high out-of-the-money percentage of 14.4%, and other options at 530 HKD with a 19.5% out-of-the-money percentage [13][14] - It is suggested that investors wait for more suitable products with lower out-of-the-money percentages before making a decision [14] Group 4 - The fourth stock analyzed is New China Life Insurance (01336), which has shown a price increase from 40.46 HKD to 52.75 HKD, with a current resistance level at 56.8 HKD [15][18] - There are limited product options available, with only one in-the-money product and four out-of-the-money products with exercise prices around 55-56 HKD, showing leverage between 2.2 to 2.4 times [18][19] - The implied volatility for these products varies significantly, with some reaching up to 82.1%, indicating a need for careful selection based on volatility and premium differences [19] Group 5 - The fifth stock is Jiangxi Copper (00358), which has experienced a decline, but some investors believe it may rebound [22][23] - There are both in-the-money and out-of-the-money products available, with in-the-money products showing leverage between 3.9 to 4.1 times, which is considered favorable [22][23] - The article emphasizes that in-the-money products can be competitive and should be considered alongside out-of-the-money options [23] Group 6 - The sixth stock discussed is GAC Group (02238), which has shown a strong price performance but has limited suitable derivative product options available [24][27] - Investors are advised to either wait for better product offerings or consider investing directly in the stock due to the lack of attractive derivative products [27]