Group 1 - Copper stocks collectively rose, with Minmetals Resources and Jiangxi Copper both increasing by nearly 2% [1] - China Daye Nonferrous Metals saw an increase of over 1% [1] - China Gold International and China Nonferrous Mining also followed the upward trend [1]

Group 1 - Copper stocks collectively rose, with Minmetals Resources and Jiangxi Copper both increasing by nearly 2%, China Daye Nonferrous Metals up over 1%, and China Gold International and China Nonferrous Mining also following suit [1] - Recent London copper futures have reached new highs and are currently hovering at elevated levels [1] - Goldman Sachs raised its forecast for copper prices in 2026, increasing the average price prediction from $10,650 per ton to $11,400 per ton, citing ongoing risks of U.S. tariffs on copper imports which will continue to support copper prices [1] Group 2 - Morgan Stanley predicts a copper supply shortfall of 260,000 tons in 2025, which is expected to further expand to 600,000 tons in 2026, indicating minimal capacity to absorb supply disruptions [1]

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。 （於百慕達註冊成立之有限公司） 茲提述中國大冶有色金屬礦業有限公司（「本公司」，連同其附屬公司統稱「本集 團」）日期為二零二五年十一月六日之公告（「該公告」），內容有關包括(i)陽新弘盛 銷售框架協議；(ii)母集團採購及生產服務框架協議；(iii)中國有色礦業集團採購 及生產服務框架協議；(iv)中國有色礦業金融服務框架協議，本集團向中國有色礦 業集團提供存款服務及中國有色礦業集團向本集團提供承兌票據及結算及外匯結 售匯服務；(v)中國有色礦業集團銷售框架協議；(vi)中國有色礦業集團服務框架協 議；及(vii)陽新弘盛採購及生產服務框架協議各自項下擬進行之持續關連交易及 截至二零二八年十二月三十一日止三個年度各年之建議年度上限。除文義另有所 指外，本公告所用詞彙與該公告所界定者具相同涵義。 董事會宣佈，股東特別大會定於二零二六年一月五日（星期一）舉行，以考慮並酌 情批准非豁免持續關連交易及建議年度上限。 ...

杰富瑞将必和必拓目标价从57美元上调至60美元。 ...

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。 （於百慕達註冊成立之有限公司） （股份代號：661） 有關湖北黃金採購框架協議 修訂年度上限 背景 茲提述本公司日期為二零二二年十一月二十二日之公告（「該公告」），內容有關 （其中包括）根據湖北黃金採購框架協議湖北黃金向本集團供應若干產品，包括銅 精礦及訂約方不時協定之其他產品，期限自二零二三年一月一日至二零二五年十 二月三十一日。 歷史交易金額 於截至二零二五年十月三十一日止十個月，湖北黃金採購框架協議項下交易產生 的交易金額約為人民幣3.60百萬元（未經審核）。本公司亦確認，於本公告日期， 湖北黃金採購框架協議項下的實際交易金額尚未超過現有年度上限。 年度上限之修訂 鑒於銅、金、銀價格已較預期大幅上漲，董事會預期，截至二零二五年十二月三 十一日止年度，現有年度上限將不足以滿足湖北黃金根據湖北黃金採購框架協議 向本集團提供若干產品的預期交易金額。因此董事會建議修訂現有年度上限並增 加至經修訂年度上限，如下表 ...

Group 1 - Copper stocks showed resilience in the market, with Jiangxi Copper Co. (00358) rising by 3.82%, China Daye Non-Ferrous Metals (00661) increasing by 2.94%, and China Nonferrous Mining (01258) up by 2.8% [1][2] - The main driver for the increase in copper prices is the ongoing supply tightness, alongside rising expectations for interest rate cuts by the Federal Reserve, which has weakened the dollar and provided strong support for base metals [1][2] - The market is shifting focus towards the Federal Reserve's upcoming meeting, with increased probabilities of rate cuts contributing to a more positive market sentiment [2] Group 2 - The supply of copper raw materials remains tight, and expectations of reduced smelting output are driving strong copper price trends [2] - There is an expectation of marginal increases in short-term supply, while downstream operating rates continue to provide support, suggesting that copper prices are likely to maintain a strong performance [2]

Group 1 - Copper stocks opened higher across the board, with Jiangxi Copper (00358) up 4.34% at HKD 35.12, Minmetals Resources (01208) up 4.04% at HKD 8.5, China Daye Nonferrous Metals (00661) up 3.77% at HKD 0.11, and China Nonferrous Mining (01258) up 3.16% at HKD 17.29 [1] - The recent ADP employment report showed a surprising decrease of 32,000 jobs in November, indicating a contraction in the labor market, which has led investors to increase bets on a potential interest rate cut by the Federal Reserve next week [1] - The market currently estimates an 89% probability of the Federal Reserve cutting rates next Wednesday, according to the CME FedWatch tool [1] Group 2 - CSPT has reached a consensus to reduce copper production capacity by over 10% in 2026, aiming to improve the supply-demand fundamentals of copper concentrate [1] - A report from Galaxy Securities indicates that the mining and smelting dynamics are stimulating an increase in copper prices [1] - The potential for the U.S. to impose additional tariffs on copper, along with the "siphoning effect" of U.S. copper leading to differentiated global inventory distribution, low non-U.S. inventories, and the Federal Reserve's ongoing rate cuts and possible balance sheet expansion in Q4 are expected to enhance market liquidity and drive copper prices higher [1]

Core Viewpoint - Copper stocks opened higher across the board, indicating positive market sentiment in the copper industry [1][4]. Company Performance - Jiangxi Copper Co., Ltd. (00358) rose by 4.34%, trading at HKD 35.12 [1]. - Minmetals Resources (01208) increased by 4.04%, with a price of HKD 8.5 [1]. - China Daye Non-Ferrous Metals (00661) saw a rise of 3.77%, priced at HKD 0.11 [1]. - China Nonferrous Mining (01258) gained 3.16%, trading at HKD 17.29 [1].

Market Overview - The Hong Kong stock market experienced a significant decline, with the Hang Seng Index falling by 1.28% to close at 25,760.73 points, while the Hang Seng China Enterprises Index and the Hang Seng Tech Index dropped by 1.68% and 1.58%, respectively [1][2]. Sector Performance - Major technology stocks and large financial stocks collectively dragged down market sentiment, with notable declines in companies like Bilibili (-3%), NetEase (-2.94%), and Alibaba (-2.17%) [4][5]. - The financial sector also faced losses, particularly in insurance stocks, with China Pacific Insurance down by 4% and China Life Insurance down by over 3% [6]. - The biopharmaceutical sector saw declines, with WuXi AppTec falling by over 3% and other major players like BeiGene and WuXi Biologics also experiencing losses [7]. Commodity and Other Stocks - In contrast, stocks in the non-ferrous metals and precious metals sectors performed well, with China Molybdenum and China Aluminum rising by over 2% [8]. - Airline stocks strengthened, with China Eastern Airlines and China Southern Airlines both gaining over 2%, supported by a new action plan promoting the integration of cultural tourism and civil aviation [9]. Capital Flows - Southbound capital saw a net inflow of 2.279 billion HKD, indicating continued interest in Hong Kong stocks from mainland investors [9]. Future Outlook - Analysts suggest that the current market adjustments may create opportunities for recovery in 2026, with expectations of a necessary interest rate cut in December due to rising unemployment and declining real wages [11].

Core Viewpoint - Copper stocks continue to rise in the afternoon session, reflecting a sustained upward trend in recent trading [1][3]. Group 1: Company Performance - Minmetals Resources (01208) increased by 3.78%, reaching HKD 8.23 [1][3]. - China Daye Non-Ferrous Metals (00661) rose by 3.96%, trading at HKD 0.105 [1][3]. - Jiangxi Copper Company (00358) saw a 2.10% increase, with shares priced at HKD 34 [1][3]. - China Nonferrous Mining (01258) experienced a 1.57% rise, with a share price of HKD 16.78 [1][3].