Group 1 - Hong Kong copper stocks rose against the market trend on October 9, with China Gold International (02099.HK) increasing by 6.76% to HKD 151.2 [1] - Jiangxi Copper Company (00358.HK) saw a rise of 5.23%, reaching HKD 37 [1] - Zijin Mining (02899.HK) increased by 2.68%, trading at HKD 35.2 [1] - China Nonferrous Mining (01258.HK) rose by 1.65%, priced at HKD 15.43 [1] - Minmetals Resources (01208.HK) experienced a 0.7% increase, with shares at HKD 7.23 [1]

消息面上，Grasberg铜矿停产事件预计将导致2025年四季度至2026年间铜供应缺口进一步扩大。此外， 中国有色金属工业协会铜业分会表示坚决反对铜冶炼行业"内卷式"竞争。机构称，冶炼产能过剩未来有 望缓解，冶炼企业后续盈利有望迎来改善。公开资料显示，江西铜业为国内铜冶炼龙头，阴极铜年产能 达210万吨，铜业务收入占比超70%。 值得注意的是，近期有媒体报道，巴拿马正准备与第一量子矿业公司就可能重启其关闭的科布雷巴拿马 铜矿展开谈判，预计该矿将于今年年底或2026年初重启。据悉，江西铜业股份是第一量子最大股东，自 2024年开始，江西铜业将持有的第一量子投资由金融工具投资转换为长期股权投资权益法核算。如果巴 拿马铜矿复产，将显著增厚公司利润。 智通财经APP获悉，江西铜业股份(00358)再涨近8%，8月初至今累涨近140%。截至发稿，涨6.14%，报 37.36港元，成交额12.04亿港元。 ...

Group 1 - Copper stocks are rising against the trend, with notable increases in companies such as China Gold International (+6.76%), Jiangxi Copper (+5.23%), and Zijin Mining (+2.68%) [1] - The mudslide incident at Indonesia's Grasberg mine has led to tighter copper supply, with mining operations suspended since September 8, 2023, and significant production delays expected in 2025 and 2026 [1] - The China Nonferrous Metals Industry Association is addressing the issue of "involution" in copper smelting and has submitted recommendations to control the expansion of copper smelting capacity [1] Group 2 - The Ministry of Industry and Information Technology, along with eight other departments, has issued a "Growth Stabilization Work Plan for the Nonferrous Metals Industry (2025-2026)", providing direction for the industry's future development [2] - Analysts believe that the copper market will continue to show strong performance in the fourth quarter due to supply-side disruptions and favorable macroeconomic conditions, including expectations of interest rate cuts by the Federal Reserve [2]

October 7, 2025 09:00 PM GMT Jiangxi Copper | Asia Pacific Solid Earnings Ahead, Double Upgrade to OW JXC's mined gold segment benefits from strong gold prices: The company also currently has ~5.5t of mined gold each year. Contribution from investments: The mine in Panama of First Quantum (FM.TO, covered by Ioannis Masvoulas) is expected to resume production in 3Q26, which would lead to incremental profit contribution from concentrate to JXC, FQ's largest shareholder (~18.9% equity stake). JXC is also the s ...

Group 1: Export Control on Rare Earths - The Ministry of Commerce has announced export controls on certain rare earth items, primarily denying export applications to military users and those on the control and watch lists [1] - Exporters must apply for dual-use item export licenses if they are aware that their goods, technology, or services will significantly assist in overseas rare earth mining, smelting, and recycling activities [1] - The definitions of "rare earth," "smelting separation," "metal smelting," and "rare earth secondary resources" follow the relevant regulations of the People's Republic of China [1] Group 2: Market Insights - Huaxi Securities noted that the U.S. government is actively working to rebuild its rare earth industry, but global production of rare earth permanent magnets remains highly concentrated in China in the short term [1] - Guojin Securities believes that price increases, supply chain adjustments, and strategic attributes of the sector will lead to continued valuation and performance growth in the rare earth sector [1] Group 3: Company Highlights - Jinli Permanent Magnet (06680) ranks first globally in the production and sales of rare earth permanent magnet materials for 2024, leveraging advantages in technology, capacity, and customer resources, while also expanding into new application areas like humanoid robots [2] - China Minmetals' Hunan Xikang Mining's subsidiary controls over 300,000 tons of antimony resources [3] - Jiangxi Copper (00358) produces products that include crude antimony and sodium antimonate compounds [3]

Core Viewpoint - Jiangxi Copper (600362) shares have risen over 200% year-to-date, with a recent increase of 6.75% to HKD 35.44, reflecting strong market performance amid supply concerns in the copper industry [1] Company Summary - Jiangxi Copper is a leading copper smelting company in China, with an annual production capacity of 2.1 million tons of cathode copper, and copper-related revenue accounting for over 70% of its total income [1] Industry Summary - The suspension of operations at the Grasberg copper mine is expected to exacerbate the copper supply shortage between Q4 2025 and 2026 [1] - The China Nonferrous Metals Industry Association's copper division opposes "involution" competition in the copper smelting industry, indicating a push for more sustainable practices [1] - Everbright Securities predicts that implementing "anti-involution" policies in the copper sector may limit new smelting capacity and accelerate the exit of smaller smelting operations, potentially improving profitability for smelting companies as downstream consumption continues to grow due to renewable energy and grid upgrades [1]

Group 1 - Jiangxi Copper Co., Ltd. (00358) has seen its stock price increase by over 200% year-to-date, with a recent rise of 6.75% to HKD 35.44 and a trading volume of HKD 738 million [1] - The suspension of operations at the Grasberg copper mine is expected to lead to a widening copper supply gap between Q4 2025 and 2026 [1] - The China Nonferrous Metals Industry Association's Copper Branch has expressed strong opposition to "involution" competition within the copper smelting industry [1] Group 2 - Everbright Securities predicts that implementing "anti-involution" policies in the copper industry may restrict new copper smelting capacity and accelerate the exit of small and medium-sized smelting capacities [1] - Continued growth in downstream copper consumption is anticipated due to the demand from new energy and grid transformation, which may alleviate the current overcapacity in smelting and improve future profitability for smelting enterprises [1] - Jiangxi Copper is a leading copper smelting company in China, with an annual production capacity of 2.1 million tons of cathode copper, and its copper business accounts for over 70% of its revenue [1]

Core Viewpoint - The Hong Kong stock market experienced a decline on October 8, with the Hang Seng Index falling by 1.07% and the Hang Seng Tech Index decreasing by 1.09% [1] Sector Performance - The electrical equipment and metals & mining sectors showed positive performance, while the passenger airline and healthcare technology sectors faced significant declines [1] Individual Stock Movements - Notable gainers included Shandong Gold, which rose by 7.56%, Jiangxi Copper, up by 6.14%, Zijin Mining International, increasing by 5.98%, and Laopu Gold, which gained 5.83% [1] - Conversely, Dazhong Public Utilities fell by 5.92%, and Huilyang Technology dropped by 7.33% [1] - Chifeng Jilong Gold surged by 14.71%, and CGN Mining increased by 9.78% [1]

Group 1 - During the National Day and Mid-Autumn Festival holiday, various mining assets, non-ferrous metals, and precious metals sectors experienced significant gains [1] - The U.S. government announced a partnership with Trilogy Metals, acquiring a 10% stake, leading to a surge of over 230% in Trilogy Metals' stock price [1] - The Trump administration is considering investing in Critical Metals, which may grant the U.S. rights to Greenland's largest rare earth project, causing Critical Metals' stock to rise nearly 109% [1] Group 2 - In the futures market, gold, copper, and silver saw the highest inflow of funds, while the non-ferrous metals sector received over 14.3 billion yuan in net inflow from major funds [2] - The non-ferrous metals and precious metals sectors were identified as the strongest in terms of fundamentals in September, with copper prices exceeding $10,000 per ton [2] Group 3 - The continuous inflow of funds on the last trading day of September indicates optimism regarding the performance of these commodities during the holiday [3] - The ongoing "anti-involution" policies in the domestic non-ferrous industry are expected to optimize the supply-side capacity structure [4] - With the Federal Reserve's interest rate cuts and frequent supply disruptions, along with the seasonal demand in "Golden September and Silver October," industrial metal prices are likely to continue rising [4] Group 4 - Related Hong Kong stocks in the non-ferrous metals sector include: - Copper: Luoyang Molybdenum (03993), Zijin Mining (02899), China Nonferrous Mining (01258), Minmetals Resources (01208), Jiangxi Copper (00358), China Railway (00390) [5] - Other metals include: - Aluminum: China Aluminum (02600), China Hongqiao (01378), Rusal (00486) - Tungsten: Jaxin International Resources (03858) - Cobalt: Liqin Resources (02245), Luoyang Molybdenum (03993) - Antimony: Minmetals Resources (01208), Jiangxi Copper (00358) - Rare Earth: Jieneng Permanent Magnet (06680) [6]

摩根士丹利将江西铜业A股评级上调至超配，目标价44元人民币。 ...