Investment Rating - The report assigns an "Accumulate" rating to Jiangxi Copper Co., Ltd. with a target price of 56.59 yuan [7]. Core Insights - Jiangxi Copper's comprehensive copper industry chain advantages are driving rapid performance growth, with a significant increase in revenue and net profit due to rising copper prices [1][4]. - The company is the largest cathode copper supplier in China, with a production capacity exceeding 2 million tons per year, and is expected to maintain steady growth in performance due to high copper prices and scale effects [3][4]. - The company is actively expanding its overseas resource layout, which is crucial for long-term strategic positioning [4][13]. Summary by Sections Financial Performance - For Q1-Q3 2025, Jiangxi Copper achieved operating revenue of 396.05 billion yuan, a year-on-year increase of 0.98%. In Q3 2025, revenue reached 139.09 billion yuan, up 14.09% year-on-year. The net profit attributable to shareholders was 6.02 billion yuan, a 20.85% increase year-on-year, with Q3 net profit at 1.85 billion yuan, up 35.20% year-on-year [1][2][26]. Resource and Capacity - The company has a well-established resource reserve layout, with a cathode copper production capacity of over 2 million tons per year. In 2024, cathode copper production is expected to reach 2.29 million tons, a year-on-year increase of 9.28% [3][15]. - Jiangxi Copper's resource reserves include 8.90 million tons of copper, 239.08 tons of gold, and 8,252.60 tons of silver, with significant investments in overseas resources [12][13]. Industry Outlook - The copper market is expected to experience sustained high price fluctuations due to supply-demand dynamics, with global copper reserves growing at a slower pace and potential shortages in refined copper [4][49]. - The demand for refined copper is anticipated to continue growing, driven by both emerging and traditional applications, which will support copper prices [4][49]. Profitability and Valuation - The report forecasts Jiangxi Copper's net profit attributable to shareholders for 2025-2027 to be 8.45 billion, 11.37 billion, and 12.87 billion yuan, respectively, with corresponding P/E ratios of 23.19, 17.24, and 15.22 [4][6]. - The company maintains a stable gross margin, with a slight increase in net margin, indicating effective cost management and operational efficiency [41]. Product Contribution - Cathode copper remains the primary revenue source, contributing 50.21% of total revenue in H1 2025, despite a year-on-year decline in revenue from cathode copper and copper rod lines [30][31]. - The gold business is also showing strong growth, with revenue from gold reaching 37.25 billion yuan in H1 2025, a year-on-year increase of 5.62% [32]. Strategic Initiatives - Jiangxi Copper is advancing key projects, including the expansion of its copper processing capacity and the development of new mining projects, which are expected to enhance its competitive position in the market [25][36].

Core Viewpoint - The Huabao S&P Hong Kong Stock Connect Low Volatility Dividend ETF (159220) has experienced a decline in both share count and total assets since the beginning of the year, indicating potential challenges in attracting investor interest [1]. Group 1: Fund Performance - As of February 12, 2025, the fund's latest share count is 444 million, with a total size of 287 million yuan, reflecting a decrease of 13.29% in shares and 6.82% in size compared to December 31, 2025 [1]. - The fund's management fee is set at 0.50% annually, while the custody fee is 0.10% annually [1]. Group 2: Trading Activity - The cumulative trading amount over the last 20 trading days reached 1.038 billion yuan, with an average daily trading amount of approximately 51.88 million yuan [1]. Group 3: Fund Management - The current fund managers are Yang Yang and Hu Yijiang, both of whom have managed the fund since its inception on April 29, 2025, achieving a return of 28.46% during their tenure [2]. Group 4: Top Holdings - The fund's top holdings include Jiangxi Copper Co. (4.48%), Far East Horizon (3.36%), China National Offshore Oil Corporation (3.11%), and China Shenhua Energy (3.07%), among others, with significant positions in various sectors [2][3].

Core Viewpoint - Citigroup's report indicates that despite the expected decline in processing fees (TC/RC) by 2026, Jiangxi Copper's copper smelting business is anticipated to remain profitable due to rising sulfuric acid prices [1] Group 1 - The expected completion of the acquisition of Solgold is projected to drive long-term profit growth starting in 2028 [1] - Citigroup has raised the target price for Jiangxi Copper's H-shares from HKD 39.8 to HKD 54.1, maintaining a "buy" rating [1]

智通财经APP获悉，花旗发布研报称，尽管2026年预期加工费(TC/RC)走低，但考量硫酸价格上涨，预 期江西铜业股份(00358)的铜冶炼业务仍能维持盈利。若收购SolGold交易顺利完成，预计将自2028年起 推动长期盈利增长。该行将江西铜业H股目标价由39.8港元上调至54.1港元，按现金流折现率及公平市 账率作估值，维持"买入"评级。 ...

花旗发布研报称，尽管2026年预期加工费(TC/RC)走低，但考量硫酸价格上涨，预期江西铜业 （600362）股份(00358)的铜冶炼业务仍能维持盈利。若收购SolGold交易顺利完成，预计将自2028年起 推动长期盈利增长。该行将江西铜业H股目标价由39.8港元上调至54.1港元，按现金流折现率及公平市 账率作估值，维持"买入"评级。 ...

Summary of Jiangxi Copper Conference Call Company Overview - **Company Name**: Jiangxi Copper (0358.HK/600362.SS) - **Industry**: Copper production, including mining, smelting, refining, and processing of copper products such as copper cathode, wire, and rod, along with by-products like gold, silver, and sulfuric acid [28][32] Key Points and Arguments Target Price and Valuation - **Revised Target Prices**: - H-share target price raised to HK$54.1 from HK$39.8 - A-share target price raised to Rmb64.8 from Rmb47.9 [1][4] - **Valuation Metrics**: - Current stock prices imply 2026E P/Es of 10.0x for H-shares and 14.0x for A-shares, compared to historical averages of 13.7x and 23.5x respectively [5] - **DCF and P/B Valuation**: - DCF valuation yields an NPV-per-share of HK$53.2 for H-shares and Rmb47.9 for A-shares [4][30] Earnings Forecasts - **Earnings Revisions**: - 2025E net profit forecast increased by 2% to Rmb8.4 billion - 2026E net profit forecast increased by 19% to Rmb14.0 billion - 2027E net profit forecast increased by 14% to Rmb13.2 billion [3][9] - **Comparison to Consensus**: - 2025/26/27E earnings forecasts are 2%/30%/19% higher than Bloomberg consensus [3] Sensitivity Analysis - **Metal and Sulfuric Acid Price Sensitivity**: - A 10% increase in copper price (US$13,000/t) would increase 2026E net profit by 8% - A 10% increase in gold price (US$4,600/oz) would increase 2026E net profit by 3% - A 10% increase in sulfuric acid price (Rmb900/t) would increase 2026E net profit by 3% [2][10] Risks - **Downside Risks**: - Slower grid investment in China or a significant drop in property demand could weaken copper prices - Lower than expected sulfuric acid prices - Rising mining or smelting costs [31][36] Investment Strategy - **Rating**: - Jiangxi Copper H-shares and A-shares rated as Buy - Long-term bullish view on copper prices remains intact, with expectations of benefiting from increasing copper prices [29][33] Additional Important Information - **Market Context**: - The copper smelting business is expected to remain profitable despite lower TC/RC prices due to rising sulfuric acid prices [1] - **Acquisition Potential**: - Ongoing acquisition of Solgold could contribute to long-term profit growth from 2028E [1] This summary encapsulates the key insights from the conference call regarding Jiangxi Copper, focusing on its financial outlook, valuation, and market dynamics.

Group 1: Company Performance - The company plans to hold a board meeting on March 26, 2026, to review and approve the annual performance announcement for the year ending December 31, 2025, and to propose a final dividend if applicable [2][6] Group 2: Project Advancement - The company continues to layout resource projects through overseas acquisitions and collaborations. The full acquisition of the Cascabel copper-gold project from SolGold and partnerships in the Ainak copper mine and North Peru mining projects are expected to progress, potentially increasing self-produced copper output and resource reserves. The company adheres to a "resource-first" strategy, which is anticipated to enhance long-term resource security [3][7] Group 3: Industry Policies and Environment - The China Nonferrous Metals Industry Association has stated that it will solidly advance the governance of copper smelting capacity, having already halted over 2 million tons of copper smelting projects. This policy may optimize the industry supply-demand structure and provide potential support for leading enterprises. The association will continue to cooperate with relevant departments to strictly control new capacity [4][8]

Core Viewpoint - The Penghua Hong Kong Stock Connect Low Volatility Dividend ETF (159117) has experienced a decline in both share count and total assets since the beginning of the year, indicating potential challenges in attracting investment [1][2]. Fund Overview - The fund was established on September 30, 2025, with an annual management fee of 0.30% and a custody fee of 0.10% [1]. - As of February 11, 2025, the fund's total shares stood at 83.40 million, with a total size of 91.23 million yuan, reflecting a decrease of 42.64% in shares and 38.38% in size compared to December 31, 2025 [1]. Liquidity Analysis - Over the last 20 trading days, the cumulative trading amount for the ETF reached 129 million yuan, with an average daily trading amount of 6.44 million yuan [1]. Fund Management - The current fund managers are Yan Dong and Yu Zhanchang, both of whom have managed the fund since its inception, achieving a return of 8.57% during their tenure [2]. Top Holdings - The ETF's major holdings include Jiangxi Copper Co. (4.39%), Far East Horizon (3.33%), China Shenhua Energy (3.09%), CNOOC (3.04%), and others, with the respective market values and share counts detailed [3].

Group 1 - LME metal futures closed higher, with LME copper rising by $58 to $13,166 per ton, LME aluminum up by $10 to $3,103 per ton, LME zinc increasing by $12 to $3,406 per ton, LME lead gaining $18 to $1,993 per ton, LME nickel up by $390 to $17,880 per ton, and LME tin rising by $352 to $49,635 per ton [1] - Ping An Securities analysis indicates that the domestic aluminum ingot long-term market in 2026 will exhibit characteristics of "stable prices with adjustments, declining signing willingness, and a tight supply-demand pattern," with a positive long-term outlook for aluminum prices supported by macro sentiment recovery and fundamental strengthening [1] - As of February 12, 2026, the CSI Industrial Nonferrous Metals Theme Index (H11059) surged by 1.18%, with component stocks such as Tungsten High-tech up by 6.70%, Dongyangguang up by 3.97%, and Huayou Cobalt up by 3.75%, while other stocks like Western Mining and Tongling Nonferrous also saw gains [1] Group 2 - As of January 30, 2026, the top ten weighted stocks in the CSI Industrial Nonferrous Metals Theme Index (H11059) include Luoyang Molybdenum, Northern Rare Earth, China Aluminum, Xinyi Silver Tin, Yun Aluminum, Tongling Nonferrous, Jiangxi Copper, Xiamen Tungsten, Zhongjin Gold, and Western Mining, collectively accounting for 55.71% of the index [2]

Group 1 - The core viewpoint of the news is the performance and characteristics of the Huabao S&P Hong Kong Stock Connect Low Volatility Dividend ETF (159220), which has seen a slight increase in its closing price and a decrease in both share count and total assets year-to-date [1][2]. - As of February 10, 2025, the fund's latest share count is 444 million, with a total size of 286 million yuan, reflecting a year-to-date decrease of 13.29% in shares and 7.18% in total assets compared to December 31, 2025 [1]. - The fund's management fee is set at 0.50% annually, while the custody fee is 0.10% annually, with its performance benchmark being the S&P Hong Kong Stock Connect Low Volatility Dividend Index adjusted for RMB exchange rates [1]. Group 2 - The current fund managers are Yang Yang and Hu Yijiang, both of whom have managed the fund since its inception on April 29, 2025, achieving a return of 28.46% during their tenure [2]. - The fund's top holdings include Jiangxi Copper Co., Far East Horizon, CNOOC, China Shenhua Energy, Hang Lung Properties, PetroChina, Sino Land, Hengan International, Sinopec, and Hang Seng Bank, with varying ownership percentages [2][3]. - The largest holding is Jiangxi Copper Co. at 4.48%, followed by Far East Horizon at 3.36%, and CNOOC at 3.11%, with total holdings reflecting significant investments in key sectors [3].