高盛此前指出，继2025年金属市场反弹后，多数大宗商品在2026年初延续了强劲而波动的走势。该行认 为，投资者持续的资产配置调整可能使部分金属(如铜)价格长期处于高位，形成结构性溢价。在宏观与 地缘风险上升的驱动下，投资者分散配置硬资产的意愿已成为本轮商品行情的关键推动力。 本文源自：智通财经网 智通财经获悉，铜业股集体上扬，截至发稿，中国有色矿业(01258)涨5.6%，报15.83港元；五矿资源 (01208)涨4.19%，报10.69港元；中国大冶有色金属(00661)涨4.65%，报0.18港元；江西铜业股份(00358) 涨3.8%，报46.94港元。 花旗发布研报称，短期内看好铜价，预计未来三个月将触及每吨14,000美元。虽然价格走势难以准确判 断，但认为短期内风险回报偏向看涨，料投资者将趁低吸纳，加上春节后中国供应链补充库存，为铜价 走势提供支撑。花旗认为，铜价下行风险有限，相反看好上行风险，原因是市场对铜价周期性增长持乐 观态度，又因去美元化、货币贬值及资源安全等因素，使其建立更多对实物资产持仓。此外，潜在的供 应进一步受阻亦构成上涨因素。 ...

智通财经APP获悉，铜业股集体上扬，截至发稿，中国有色矿业(01258)涨5.6%，报15.83港元；五矿资 源(01208)涨4.19%，报10.69港元；中国大冶有色金属(00661)涨4.65%，报0.18港元；江西铜业股份 (00358)涨3.8%，报46.94港元。 高盛此前指出，继2025年金属市场反弹后，多数大宗商品在2026年初延续了强劲而波动的走势。该行认 为，投资者持续的资产配置调整可能使部分金属(如铜)价格长期处于高位，形成结构性溢价。在宏观与 地缘风险上升的驱动下，投资者分散配置硬资产的意愿已成为本轮商品行情的关键推动力。 花旗发布研报称，短期内看好铜价，预计未来三个月将触及每吨14,000美元。虽然价格走势难以准确判 断，但认为短期内风险回报偏向看涨，料投资者将趁低吸纳，加上春节后中国供应链补充库存，为铜价 走势提供支撑。花旗认为，铜价下行风险有限，相反看好上行风险，原因是市场对铜价周期性增长持乐 观态度，又因去美元化、货币贬值及资源安全等因素，使其建立更多对实物资产持仓。此外，潜在的供 应进一步受阻亦构成上涨因素。 ...

Group 1 - Copper stocks have risen significantly, with China Nonferrous Mining (01258) up 7.76% to HKD 16.52, Minmetals Resources (01208) up 4.46% to HKD 10.54, China Daye Nonferrous Metals (00661) up 4.92% to HKD 0.192, and Jiangxi Copper (00358) up 4.02% to HKD 47.12 [1] - The Vice Secretary-General of the China Nonferrous Metals Industry Association, Duan Shaofu, announced plans to improve the copper resource reserve system, which includes expanding the national copper strategic reserve and exploring a commercial reserve mechanism [1] - There is a potential inclusion of copper concentrate in the strategic reserve, which may enhance supply chain security amid declining global copper ore grades [1] Group 2 - Dongfang Securities believes that the tightening supply trend will continue to elevate the status of copper as a key metal, with a positive outlook on mid-term copper prices and copper smelting fees [1] - The focus is on the profit recovery potential and investment opportunities for copper mining and smelting companies [1]

Group 1 - The core viewpoint of the articles highlights the growth and transformation of China's copper smelting industry, emphasizing the shift towards green and intelligent manufacturing in response to global trends and domestic demands [2][6]. - China's refined copper production is projected to reach 13.644 million tons in 2024, marking a 5.1% increase from 2023, with a year-on-year growth of 9.9% observed in the first seven months of 2025 [1][2]. - The copper smelting industry in China is experiencing a continuous trade deficit, with the total import and export value of related products reaching 811.856 billion yuan in 2024, and the trade deficit expanding by 114.513 billion yuan [6][7]. Group 2 - The average import price of copper smelting-related products has shown an upward trend from 2019 to July 2025, with significant increases during the 2020-2021 period due to supply chain disruptions caused by the COVID-19 pandemic [8]. - China's position as a major consumer in the global refined copper market is expected to strengthen, with the country's share of global refined copper production and sales anticipated to increase further [2].

FF301 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2026年1月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 中國大冶有色金屬礦業有限公司 呈交日期: 2026年2月2日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 00661 | 說明 | 普通股 | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 30,000,000,000 | HKD | | 0.05 HKD | | 1,500,000,000 | | 增加 / 減少 (-) | | | | | | HKD | | | | 本月底結存 | | | 30,000,000,000 | HKD | | 0.05 HKD | | 1,500,000,000 | | 2. 股 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並表明概不對因本公告全部或任何部份內容而產生或因倚賴該等 內容而引致的任何損失承擔任何責任。 本公司的香港股份過戶登記分處卓佳證券登記有限公司於股東特別大會上擔任點 票的監察員。有關通告所載及股東特別大會所提呈的決議案的投票表決結果詳情 如下： | | 普通決議案 | 票數（概約%） | | | --- | --- | --- | --- | | | | 贊成 | 反對 | | 1. | 批准陽新弘盛銷售框架協議、其項下擬進行 | 240,537,930 | 0 | | | 的交易及建議年度上限。 | (100%) | (0%) | | 2. | 批准母集團採購及生產服務框架協議、其項 | 240,537,930 | 0 | | | 下擬進行的交易及建議年度上限。 | (100%) | (0%) | | 3. | 批准中國有色礦業集團採購及生產服務框架 | 240,537,930 | 0 | | | 協議、其項下擬進行的交易及建議年度上 | (100%) | (0%) | | | 限。 | | | | ...

Core Insights - The article discusses the development prospects and investment opportunities in the global and Chinese copper smelting industry, highlighting key policies and industry trends [1]. Policy Evolution - The evolution of copper smelting policies in China has transitioned from increasing production capacity and scale to optimizing structure and promoting green and efficient practices, as outlined in the "14th Five-Year Plan" [2]. - The "15th Five-Year Plan" emphasizes the exploration and development of strategic mineral resources, with copper being a key focus due to its high external dependence and importance to supply chain security [2]. National Policy Summary and Interpretation - A summary of key national policies related to the copper smelting industry indicates a focus on technological upgrades and energy efficiency improvements, with various policies introduced since 1985 aimed at modernizing smelting techniques [5][6]. - As of November 2025, several significant policies have been outlined, including energy-saving measures and the promotion of recycling and clean production standards [6][7]. Development Goals - By 2027, the copper industry aims to enhance supply chain resilience and security, with domestic copper resource growth targeted at 5%-10% and increased recycling rates [9][10]. - By 2035, the industry aspires to achieve world-leading levels in supply chain capabilities, technological innovation, and overall competitiveness [9][10]. Provincial Policy Summary and Interpretation - The copper smelting industry is increasingly concentrated in coastal and resource-rich regions, with provinces like Fujian and Guangxi emerging as new key players alongside traditional bases [10]. - Each province has tailored its policies to align with national directives, focusing on local needs and conditions to support the development of the copper smelting sector [10][12]. Specific Provincial Policies - Jiangxi's policy includes support for building national-level copper material clusters and promoting high-value recycling of copper [12]. - Anhui's initiatives focus on controlling blind expansion of copper smelting capacity and promoting low-carbon technologies [12]. - Shandong aims to enhance energy efficiency in copper smelting through technological upgrades and process improvements [12]. - Gansu's strategy includes developing a world-class copper new materials processing base and enhancing resource security through exploration [12][14].

Group 1 - The Hong Kong stock market's non-ferrous metal sector has been actively trading, with significant price increases observed [1] - China Dajie Nonferrous Metals has seen its stock price rise by over 20%, indicating strong market interest [1] - Other companies in the sector, including Northern Mining, WISCO Resources, and Shenglong International, have also experienced stock price increases of over 10% [1]

Core Viewpoint - The Hong Kong copper industry stocks experienced significant gains in the afternoon trading session, indicating a positive market sentiment towards the sector [1] Company Performance - China Daye Non-Ferrous Metals increased by 10.91%, reaching HKD 0.183 [1] - Jiangxi Copper Company rose by 3.29%, trading at HKD 47.06 [1] - Zijin Mining Group saw an increase of 1.74%, with shares priced at HKD 40.9 [1] - China Nonferrous Mining Corporation gained 1.59%, with a share price of HKD 15.95 [1]

Group 1 - Copper stocks saw significant gains in the afternoon, with China Daye Nonferrous Metals rising by 10.91% to HKD 0.183, Jiangxi Copper up by 3.29% to HKD 47.06, Zijin Mining increasing by 1.74% to HKD 40.9, and China Nonferrous Mining rising by 1.59% to HKD 15.95 [1] - On January 14, copper prices reached an all-time high, driven by concerns over the potential expansion of copper import tariffs by the Trump administration, prompting traders to accelerate copper shipments to the U.S. before new tariffs are implemented, which may lead to supply shortages in other regions [1] - Bohai Securities indicated that market sentiment related to resource competition significantly impacts current copper prices, suggesting that if short-term sentiment remains high, copper prices may continue to fluctuate at elevated levels [1] Group 2 - Huayuan Securities released a report stating that in the medium to long term, insufficient capital expenditure in copper mining and frequent supply-side disruptions may shift the copper supply-demand balance from tight equilibrium to shortage [1] - The report also noted that copper smelting profits are expected to bottom out amid a "de-involution" trend, and with the Federal Reserve entering a rate-cutting cycle, copper prices are likely to break upward [1]