Core Viewpoint - The report highlights the premium rates of AH shares, with Northeast Electric (00042), Zhejiang Shibao (01057), and Junda Co. (02865) leading in premium rates, while CATL (03750), China Merchants Bank (03968), and Hansoh Pharmaceutical (01276) are at the bottom of the list [1]. Premium Rate Summary - Northeast Electric (00042) has a premium rate of 900.00% with an H-share price of 0.270 HKD and an A-share price of 2.25 CNY [1]. - Zhejiang Shibao (01057) shows a premium rate of 472.95% with H-share at 4.880 HKD and A-share at 23.34 CNY [1]. - Junda Co. (02865) has a premium rate of 286.59% with H-share priced at 17.000 HKD and A-share at 54.87 CNY [1]. - CATL (03750) has a negative premium rate of -11.39% with H-share at 508.500 HKD and A-share at 376.18 CNY [1]. - China Merchants Bank (03968) has a premium rate of -3.20% with H-share at 51.600 HKD and A-share at 41.7 CNY [1]. Deviation Value Summary - Zhejiang Shibao (01057) leads in deviation value at 187.01% [1]. - Junda Co. (02865) follows with a deviation value of 94.84% [1]. - Nanjing Panda Electronics (00553) has a deviation value of 36.09% [1]. - GAC Group (02238) has the lowest deviation value at -22.30% [1]. - Changfei Optical Fiber (06869) has a deviation value of -19.89% [1]. Additional Insights - The report includes a detailed table of the top ten and bottom ten AH shares based on premium rates and deviation values, providing a comprehensive overview of the current market situation [2][3].

Group 1: Report Industry Investment Rating - Not provided in the content Group 2: Core View of the Report - The copper futures price is expected to maintain a high - level oscillation in the next one to two weeks, with the price fluctuating between 94,000 - 96,000 yuan/ton. The reasons are that the significant increase in LME inventory and the rise in scrap copper imports on the supply side suppress prices, high copper prices on the demand side inhibit consumption and year - end demand remains weak, and Jiangxi Copper's acquisition provides long - term support but has limited short - term impact [3][41] Group 3: Summary by Relevant Catalogs Copper Futures Market Data Change Analysis - **Main Contract and Basis**: On December 25, the SHFE main contract price closed at 95,570 yuan/ton, a slight decline of 90 yuan from 95,660 yuan/ton on December 24, a decrease of 0.09%. The LME copper price closed at 12,133 US dollars/ton on December 24, up 78 US dollars from the previous day. The basis weakened, and the SMM premium copper discount deepened from - 180 yuan/ton on December 19 to - 280 yuan/ton on December 25 [1] - **Position and Trading Volume**: Overnight, LME copper's trading volume on December 24 shrank to 18,000 lots, and the position decreased to 340,000 lots; the trading volume of the Shanghai copper main contract shrank to 145,000 lots, and the position decreased to 244,000 lots [1] Industry Chain Supply - Demand and Inventory Change Analysis - **Supply Side**: On December 25, LME copper inventory increased significantly by 6,861 tons to 59,083 tons, an increase of 13.14%, indicating a loose supply. Jiangxi Copper announced the acquisition of SolGold on December 24, strengthening long - term control of copper mine resources. The CSPT meeting on December 25 decided not to set a reference figure for processing fees in the first quarter of 2026, increasing smelting uncertainty. In November, scrap copper imports increased by 5.8% month - on - month to 208,100 tons, supplementing the supply [2] - **Demand Side**: High copper prices suppress downstream demand. The SMM report shows that the spot premium in North China dropped sharply to a discount of 600 yuan/ton on December 25, and the refined copper rod market had poor trading. Year - end capital settlement led to weak提货 sentiment, and the market was waiting for the recovery of procurement after New Year's Day [2] - **Inventory Side**: The overall global inventory is relatively high. SHFE inventory decreased slightly to 157,025 tons on December 24; COMEX inventory increased to 479,540 short tons, strengthening the expectation of oversupply [2] Price Trend Judgment - The copper futures price is expected to maintain a high - level oscillation in the next one to two weeks, with the price range expected to be between 94,000 - 96,000 yuan/ton. The reasons are the significant increase in LME inventory and the rise in scrap copper imports on the supply side suppressing prices, high copper prices on the demand side inhibiting consumption and year - end demand remaining weak, and Jiangxi Copper's acquisition providing long - term support but having limited short - term impact [3] Industry Chain Price Monitoring - **Spot Price**: On December 25, the SMM:1 copper price was 95,070 yuan/ton, up 30 yuan from December 24. The discounts of premium copper, flat - price copper, and wet - process copper all deepened [5] - **Futures Price**: The SHFE price on December 25 was 95,570 yuan/ton, a decrease of 90 yuan from December 24; the LME price on December 24 was 12,133 US dollars/ton, up from the previous day [5] - **Inventory**: LME inventory on December 25 increased by 6,861 tons to 59,083 tons; SHFE inventory on December 24 decreased slightly to 157,025 tons; COMEX inventory on December 24 increased to 479,540 short tons [5] Industry Chain Data Charts - The report includes charts such as China PMI, US PMI, US employment situation, US dollar index and LME copper price correlation, US interest rate and LME copper price correlation, TC processing fees, CFTC copper position situation, LME copper net long position analysis, Shanghai copper warrant volume, LME copper inventory change, COMEX copper inventory change, and SMM social inventory [6][8][10]

Core Viewpoint - Jiangxi Copper plans to acquire all issued and to-be-issued shares of SolGold plc at a cash price of 28 pence per share, valuing the total equity at approximately £867 million (around RMB 8.2 billion) [1] Group 1: Acquisition Details - The offer price of 28 pence represents a premium of approximately 42.9% over SolGold's closing price of 19.6 pence on November 19, 2025, and a premium of 58.5% over the three-month volume-weighted average share price [1] - Jiangxi Copper has received irrevocable commitments from major shareholders including BHP, Newmont, and Maxit Capital LP, representing a 25.7% stake, along with support from SolGold's board for an additional 2.8% [1] - Jiangxi Copper already holds 366 million shares of SolGold, accounting for 12.2% of its issued share capital [1] Group 2: Previous Negotiations - Prior to the formal offer, Jiangxi Copper made two non-binding cash offers on November 23 and November 28, 2025, both of which were rejected by SolGold's board [2] - The offer price was increased from 26 pence to 28 pence on December 12, 2025, which led to the board's indication of support for a formal offer [2] Group 3: SolGold's Assets - SolGold is a UK-registered mineral exploration and development company, with its core asset being the 100% ownership of the Cascabel project in Ecuador, one of the world's most significant undeveloped porphyry copper-gold deposits [2] - The Alpala deposit within the Cascabel project has an estimated resource of 12.2 million tons of copper, 30.5 million ounces of gold, and 102.3 million ounces of silver, with confirmed and inferred reserves of 3.2 million tons of copper, 9.4 million ounces of gold, and 2.8 million ounces of silver [2] Group 4: Jiangxi Copper's Financial Performance - Jiangxi Copper has shown steady financial performance, with revenues of RMB 479.94 billion, RMB 521.89 billion, and RMB 520.93 billion projected for 2022, 2023, and 2024 respectively, and net profits of RMB 5.99 billion, RMB 6.50 billion, and RMB 6.96 billion for the same years [2] - For the first three quarters of 2025, the company reported total revenue of RMB 396.05 billion and a net profit of RMB 6.02 billion, with total assets amounting to RMB 235.50 billion as of September 2025 [3]

Group 1 - The core viewpoint of the articles highlights the strong performance of the non-ferrous metal sector, particularly copper and precious metals, driven by favorable macroeconomic conditions and supply-demand dynamics [1][2] - On December 26, 2025, copper futures prices surged past 98,000 yuan/ton, reaching a historical high, with the Zhongzheng Industrial Non-Ferrous Metals Theme Index rising by 3.54% [1] - The National Development and Reform Commission emphasized the importance of optimizing traditional industries like alumina and copper smelting, which are crucial for the national economy and defense [1] Group 2 - Citic Securities noted that the U.S. November CPI unexpectedly cooled, leading to market adjustments for the Federal Reserve's interest rate cuts in 2026, which, along with abundant liquidity and supply constraints, pushed non-ferrous metal prices to new highs [2] - The strong performance of non-ferrous metals is attributed to a combination of macroeconomic financial policies and structural changes in supply and demand, including the onset of a global rate-cutting cycle and a weakening dollar [2] - The Tianhong Zhongzheng Industrial Non-Ferrous Metals Theme Index closely tracks the performance of 30 major listed companies involved in copper, aluminum, lead, zinc, and rare earth metals, reflecting the overall performance of the sector [2]

有色矿业ETF招商（159690）紧密跟踪有色矿业指数，集中投资于拥有上游矿产资源的企业，包括北方 稀土、紫金矿业、洛阳钼业、华友钴业、中国铝业、山东黄金等拥有大量资源储量的公司。截至最新收 盘日，有色矿业指数年内涨幅达96.03%，同期有色金属行业指数涨幅87.05%，相比同类指数锐度更 强。 华龙证券认为，黄金与长期美债实际利率的负相关框架解释力逐步弱化，其背后是美元及美国信用的弱 化，黄金作为避险资产的性质得到加强。工业金属方面，市场对2026年中国铜需求较乐观，预期将保持 一定韧性，看好2026年以铜为代表的工业金属表现。 东方证券认为，金铜铝铁权益端涨幅明显滞后商品端，板块对应明年估值也处于较低水平。随着后续商 品价格持续新高，市场对金铜铝铁中期价格上行预期有望不断强化，上周短期波动后，权益板块有望在 需求推动下维持中期上涨，可积极关注相关板块的投资机会。 格隆汇12月26日｜商品价格全面爆发！12月26日，伦敦现银日内突破75美元/盎司，再创历史新高；国 际铜连续主力合约日内涨4%，报89160元。 有色矿业ETF招商（159690）一度涨超4%，盘中刷新上市以来新高，成份股永兴材料、江西铜业涨 ...

Core Viewpoint - Jiangxi Copper has successfully acquired SolGold plc, a leading copper-gold mining company in South America, through its wholly-owned subsidiary, Jiangxi Copper Hong Kong Investment, at a price of 28 pence per share, valuing the entire issued and to-be-issued share capital of SolGold at approximately £867 million, equivalent to about 8.07 billion yuan [2][5]. Group 1: Acquisition Details - Jiangxi Copper became the largest shareholder of SolGold nine months prior by purchasing 157 million shares for approximately $18.07 million, increasing its total holdings to 366 million shares, representing 12.19% of SolGold's issued shares [3]. - The acquisition offer was initially rejected by SolGold's board, leading Jiangxi Copper to increase its offer from 26 pence to 28 pence per share, which represents a premium of approximately 42.9% over the closing price before the initial engagement [4][5]. - The acquisition will result in SolGold becoming a wholly-owned subsidiary of Jiangxi Copper, which will consolidate SolGold's financials into its own [7]. Group 2: Project and Resource Development - SolGold's core asset is the Cascabel project in Ecuador, one of the world's most significant undeveloped porphyry copper-gold deposits, with proven and probable reserves of 3.2 million tons of copper, 9.4 million ounces of gold, and 2.8 million ounces of silver [8]. - Jiangxi Copper aims to leverage its technical capabilities and financial resources to develop the Cascabel project, aligning with its long-term strategic goals to enhance resource reserves [9]. Group 3: Financial Performance - In the third quarter of 2025, Jiangxi Copper reported revenues of 139.09 billion yuan, a year-on-year increase of 14.09%, and a net profit of 19.11 billion yuan, up 94.68% year-on-year, driven by rising copper prices [10]. - As of December 25, 2025, Jiangxi Copper's stock price was 43.92 yuan per share, reflecting a year-to-date increase of 124.77% [11].

证券日报网讯 12月25日，江西铜业（600362）发布公告称，12月24日，江西铜业通过全资子公司江铜 香港投资，以每股28便士现金向SolGoldplc全部已发行及将发行股本（不含已持股）发出正式要约，对 应估值约8.67亿英镑，预计28天内发布协议安排文件并推进法院会议及股东大会，能否完成仍存不确定 性。 ...

Core Viewpoint - SolGold has agreed to a £867 million ($1.17 billion) acquisition offer from its largest shareholder, Jiangxi Copper, which represents a 43% premium over the closing price prior to the acquisition proposal [1] Group 1: Acquisition Details - The acquisition price is set at 28 pence per share, which is significantly higher than SolGold's closing price of 19.6 pence on November 19, the day before Jiangxi Copper's initial approach [1] - Following the announcement, SolGold's share price slightly increased to 25.65 pence [1] Group 2: Strategic Importance - This agreement will enable Jiangxi Copper to control SolGold's Cascabel project in Ecuador, which is significant due to the increasing demand for copper driven by electric vehicle consumption and AI infrastructure investments [1] - Ecuador has recently been identified as a location with multiple world-class copper deposits, enhancing its attractiveness for mining companies [1] Group 3: Investor Landscape - Other notable investors in SolGold include BHP and Newmont, indicating a competitive investment environment around the company [1]

Core Viewpoint - Jiangxi Copper has made a formal offer to acquire SolGold plc, a UK-listed company with a world-class copper-gold mine project, Cascabel, after adjusting the offer price twice [1][3][10]. Group 1: Acquisition Details - The formal offer price is set at 28 pence per share, valuing SolGold's total issued and to-be-issued share capital at approximately £867 million (around 8.2 billion RMB) [3][6][15]. - Jiangxi Copper had previously submitted two non-binding cash offers on November 23 and November 28, 2025, both of which were rejected by SolGold's board [6][15]. - The offer was increased from a previous price of 26 pence per share to 28 pence, with SolGold's board indicating they would recommend shareholders vote in favor of the revised offer [7][16]. Group 2: Shareholder Support - Jiangxi Copper has received irrevocable commitments from major shareholders, including BHP, Newmont, and Maxit Capital LP, representing a total of 773,642,395 shares, approximately 25.7% of SolGold's issued share capital [7][16]. - Additionally, commitments from SolGold's directors for their shares amount to 83,597,123 shares, about 2.8% of the total, bringing the total support to 40.6% of SolGold's issued share capital [7][16]. Group 3: Strategic Importance - The acquisition aligns with Jiangxi Copper's strategy of prioritizing industrial operations and resource acquisition, demonstrating the company's commitment to resource allocation [3][12]. - SolGold, established in 2006, is focused on mineral exploration and development, with its core asset being the Cascabel project in Ecuador, which is one of the most significant undeveloped porphyry copper-gold deposits globally [8][17]. - The Cascabel project has substantial resources, including 12.2 million tons of copper and 30.5 million ounces of gold, with confirmed and inferred reserves of 3.2 million tons of copper and 9.4 million ounces of gold [8][17]. Group 4: Financial Performance - Jiangxi Copper is the largest comprehensive copper producer in China, with a business model that includes mining, smelting, and processing of copper and gold [9][18]. - In the first three quarters of the year, Jiangxi Copper reported revenues of 396.047 billion RMB and a net profit of 6.26 billion RMB [9][18].

Group 1 - Jiangxi Copper has agreed to acquire copper miner SolGold Plc for a valuation slightly above $1 billion [1] - SolGold accepted the latest cash offer of 28 pence per share after two previous bids were rejected, with a potential valuation of up to £867 million ($1.17 billion) when considering future share issuances [1] - The offer represents a 43% premium over the stock price prior to the initial acquisition proposal last month [1] Group 2 - The transaction arises amid rising copper prices and increased market interest in copper mines, with predictions of supply shortages due to accelerated global electrification [1] - Jiangxi Copper is already the largest shareholder of SolGold, holding just over 12% of the shares [1] - Support for the acquisition bid has been expressed by major shareholders including BHP and Newmont, as well as other investors like Maxit Capital LP [1]