铜业股集体走高，截至发稿，中国大冶有色金属(00661)涨10%，报0.099港元；洛阳钼业（603993） (03993)涨7.28%，报17.38港元；江西铜业（600362）股份(00358)涨4.29%，报35.04港元；紫金矿业 （601899）(02899)涨4.29%，报35.04港元。 消息面上，中美在马来西亚吉隆坡举行经贸磋商。李成钢表示，中美就稳妥解决多项重要经贸议题形成 初步共识。正信期货发布研报称，中美再度开启谈判，关税压力略有缓和，美国政府仍处停摆状态，就 业数据没有公布，尽管鲍威尔仍偏鸽引导了降息预期，但宏观事件扰动的窗口期尚未结束。Grasberg铜 矿事件暂无复产消息，矿端扰动偏多，冶炼利润环境恶劣，从铜矿供应偏紧到冶炼产能压减之路并不通 畅，下游消费承接是核心变量，目前传统旺季消费不及去年。 招商证券发布研报称，下游对铜价接受度逐步提高，本周下游采购改善。中美第二次90天豁免即将结 束，中美关税谈判主导宏观情绪以及铜价。Codelco计划将2026年面向欧洲市场的铜附加费上调至345美 元/吨，创下历史新高。表现了市场底对明年铜供应紧张的忧虑。我们维持中长期看好铜价的判断，明 ...

Group 1 - The core viewpoint of the article highlights a significant rise in Hong Kong copper stocks, driven by a surge in copper prices, which reached a historical high of $11,035 per ton on the London Metal Exchange (LME) [1] - Copper prices have increased by approximately 25% this year, recovering from a sharp sell-off triggered by the escalation of the trade war in April [1] - Supply challenges have become a focal point for investors, particularly due to the suspension of operations at Freeport-McMoRan's Grasberg mine in Indonesia following a landslide [1] Group 2 - Citigroup's recent research report indicates that global manufacturing sentiment remains mixed, and cyclical demand growth continues to face pressure [1] - Data from Citigroup shows that copper consumption growth in August was weak, rising only 1.3% year-on-year, which is below the strong performance driven by the solar industry in the first half of the year [1] - The bank anticipates that copper consumption growth will remain moderate for the remainder of the year, but maintains a positive outlook for copper prices, predicting they will rise to $12,000 per ton by the second quarter of next year [1] Group 3 - Notable stock performances include China Daye Non-Ferrous Metals rising over 14%, China Nonferrous Mining up 5.3%, Jiangxi Copper and Minmetals Resources increasing by 4%, China Gold International rising by 2.5%, and China Metal Resources up by 1.2% [1]

Group 1 - Copper stocks collectively rose, with China Daye Nonferrous Metals up 10% to HKD 0.099, Luoyang Molybdenum up 7.28% to HKD 17.38, Jiangxi Copper up 4.29% to HKD 35.04, and Zijin Mining up 4.29% to HKD 35.04 [1] - The U.S.-China trade talks in Kuala Lumpur led to a preliminary consensus on several important economic issues, indicating a slight easing of tariff pressures [1] - The Grasberg copper mine has no news on resuming production, contributing to tight copper supply and challenging smelting profit environments, with downstream consumption not meeting last year's levels during the traditional peak season [1] Group 2 - Downstream acceptance of copper prices is gradually improving, with better procurement reported this week [2] - Codelco plans to raise the copper surcharge for the European market to USD 345 per ton by 2026, marking a historical high and reflecting market concerns over tight copper supply next year [2] - The long-term outlook for copper prices remains positive, with the sector's valuation at historically low levels, suggesting a buy adjustment [2]

每经AI快讯，港股铜业股集体走高，截至发稿，中国大冶有色金属(00661.HK)涨10%，报0.099港元；洛 阳钼业(03993.HK)涨7.28%，报17.38港元；江西铜业股份(00358.HK)涨4.29%，报35.04港元；紫金矿业 (02899.HK)涨4.29%，报35.04港元。 ...

Market Overview - On October 24, Hong Kong's three major indices collectively rose, with the Hang Seng Tech Index leading with a gain of 1.82%, while the Hang Seng Index increased by 0.74%, recovering the 26,000-point mark, and the State-Owned Enterprises Index rose by 0.68% [1][2] - Large technology stocks generally saw increases, with Alibaba and Kuaishou rising over 2%, and Baidu and NetEase up over 1% [1][2] Sector Performance - Semiconductor stocks performed notably well, with Hua Hong Semiconductor surging nearly 14% [1][4] - Military stocks were active, with significant gains in Chinese brokerage stocks in the afternoon session [1] - Precious metals and non-ferrous metals sectors saw collective gains, while water utilities, nuclear power, new consumption concept stocks, domestic real estate, gas, and coal sectors mostly underperformed [1] Company News - Alibaba launched its first self-developed Quark AI glasses on October 24, featuring dual flagship chips from Qualcomm and Hengxuan [3] - The Central Committee of the Communist Party of China emphasized the importance of technological modernization to support China's development during a press conference on October 24 [5] Individual Stock Movements - Hua Hong Semiconductor led the semiconductor sector with a 13.73% increase, followed by ASMPT and Center International with gains of 8.11% and 8.04%, respectively [4][6] - Military-related stocks like AVIC and Aerospace Holdings also saw increases, with AVIC rising over 4% [8] - The non-ferrous metals sector was active, with Jiangxi Copper and Luoyang Molybdenum both rising over 6% [10] Investment Trends - Southbound funds recorded a net inflow of 3.414 billion HKD, indicating strong interest in Hong Kong stocks [18] - Analysts from Guotai Junan Securities believe that if market concerns are alleviated, Hong Kong tech stocks will benefit from current industry trends, particularly with the potential return of foreign capital due to anticipated interest rate cuts by the Federal Reserve [20]

10月24日，江西铜业涨5.04%，截至发稿，报39.00元/股，成交27.83亿元，换手率3.51%，总市值 1350.46亿元。 资料显示，江西铜业股份有限公司位于江西省南昌市高新开发区昌东大道7666号，成立日期1997年1月 24日，上市日期2002年1月11日，公司主营业务涉及铜和黄金的采选、冶炼与加工;稀散金属的提取与加 工;硫化工以及金融、贸易等领域。主营业务收入构成为：阴极铜50.21%，铜杆线19.55%，黄金 14.50%，铜精矿、稀散及其他有色金属6.91%，白银3.21%，铜加工产品2.66%，其他产品1.65%，化工 产品(硫酸硫精矿)0.85%，其他(补充)0.46%。 从基金十大重仓股角度 鹏华中证A股资源产业指数(LOF)A（160620）基金经理为闫冬。 截至发稿，闫冬累计任职时间6年222天，现任基金资产总规模36.72亿元，任职期间最佳基金回报 456.3%， 任职期间最差基金回报-37.53%。 风险提示：市场有风险，投资需谨慎。本文为AI大模型自动发布，任何在本文出现的信息（包括但不 限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，不构成个人投 ...

Group 1 - Copper stocks showed strong performance in early trading, with notable increases in share prices for companies such as Luoyang Molybdenum (+5.18%), China Nonferrous Mining (+4.36%), and Jiangxi Copper (+2.78%) [1] - Citigroup's report indicates that copper consumption growth remains weak, with only a 1.3% year-on-year increase in August, falling short of the strong performance driven by China's solar industry in the first half of the year [1] - Citigroup expects copper prices to rise to $12,000 per ton in Q2 of next year due to stronger cyclical demand, supply constraints, currency devaluation risks, and U.S. arbitrage activities [1] Group 2 - New Lake Futures reported that the recent "15th Five-Year" announcement significantly boosted market sentiment, leading to a broad increase in commodity prices and strong copper performance [2] - The Freeport Indonesia mine incident has resulted in production cuts that exceeded market expectations, shifting the global copper supply-demand balance towards a tight equilibrium by 2026 [2] - The macroeconomic environment is favorable, with the Federal Reserve initiating interest rate cuts and expectations of two more cuts within the year, alongside fiscal stimulus from the "Big and Beautiful" plan in the U.S. [2]

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]