Group 1 - Goldman Sachs has raised GDP growth expectations for China and India due to manufacturing and export growth [1] - The report expresses a positive outlook for the technology, materials, insurance, and industrial sectors this month [1] - Ratings for the real estate and energy sectors have been downgraded [1] Group 2 - A list of recommended stocks for investment in the Hong Kong market includes: AIA (01299.HK), Xiaomi-W (01810.HK), Hong Kong Exchanges (00388.HK), Ping An (02318.HK), Zijin Mining (02899.HK), Techtronic Industries (00669.HK), China Pacific Insurance (02328.HK), China Life Insurance (02601.HK), Lenovo Group (00992.HK), Luoyang Molybdenum (03993.HK), Hua Hong Semiconductor (01347.HK), Zhaojin Mining (01818.HK), Chalco (02600.HK), Weichai Power (02338.HK), CICC (03908.HK), Jiangxi Copper (00358.HK), AAC Technologies (02018.HK), Conch Cement (00914.HK), BYD Electronics (00285.HK), Minmetals Resources (01208.HK), CRRC (01766.HK), JD Logistics (02618.HK), Swire Properties A (00019.HK), China National Building Material (03323.HK), and Times Electric (03898.HK) [1]

Core Points - The EU is investigating China Minmetals' acquisition of the nickel mining business of Anglo American in Brazil, highlighting the intersection of business transactions with national strategy, market rules, and international relations [1][3] - The investigation is based on the EU Merger Control Regulation, which allows the EU Commission to review any merger that may affect competition in the EU market, regardless of the parties involved [1] - Nickel is a critical raw material for stainless steel and electric vehicle batteries, with the Barro Alto and Codemin mines producing 8,200 and 1,900 metric tons annually, respectively, making them significant suppliers for the EU [3] Group 1 - The EU's actions reflect deep concerns about global resource security, particularly in light of China's rise in the new energy sector and its control over upstream mineral resources [3][5] - The EU's investigation is not merely an antitrust action but also a response to fears regarding the vulnerability of resource supply chains and strategic security [3][5] - China's Ministry of Foreign Affairs has expressed a desire for open trade and cooperation, countering the EU's political interference in normal business transactions [5][6] Group 2 - The EU's insistence on a "structurally insufficient" solution from China Minmetals indicates a double standard in its treatment of Chinese enterprises [5] - The ongoing discrimination against Chinese companies may distort global resource allocation and reduce market efficiency, ultimately harming consumers and market participants [6] - The rise of political intervention in international transactions necessitates that China prepares a diversified resource strategy to mitigate potential risks [8] Group 3 - The future of Sino-European relations will face significant challenges as globalization continues, with both sides needing to recognize the importance of fair and transparent cooperation to address resource shortages [8] - Promoting collaboration among enterprises in a fair environment is essential for alleviating resource anxiety and positively contributing to global economic stability [8]

Core Viewpoint - The acquisition of Anglo American's nickel business in Brazil by China Minmetals is under scrutiny by the EU, raising questions about market competition and geopolitical interests [1][3]. Group 1: Transaction Overview - China Minmetals is acquiring Anglo American's nickel operations in Brazil, which is significant due to the EU's regulatory oversight despite the UK being outside the EU [1]. - Anglo American plays a crucial role in the nickel supply chain, particularly with its Barro Alto and Codemin mines, which produced 8,200 and 1,900 metric tons of nickel respectively in Q3 [3]. Group 2: EU Concerns - The EU is concerned that if a Chinese company gains control over these key nickel sources, it could disrupt the supply to local stainless steel manufacturers and impact the automotive industry [3]. - China Minmetals has expressed a willingness to cooperate with the EU's investigation and has committed to maintaining nickel supply levels for the next decade, but the EU finds the proposed solutions insufficient [3]. Group 3: Geopolitical Implications - The EU's actions may reflect deeper motivations beyond market fairness, potentially aimed at protecting local interests and maintaining market dominance [5]. - China's Ministry of Foreign Affairs has urged the EU to adhere to its commitments to open markets and fair competition, indicating China's growing confidence in the international economic arena [5]. Group 4: Resource Anxiety - The EU's resource anxiety is evident as it seeks to secure its position in global supply chains, particularly in the context of increasing competition for energy and raw materials [7]. - The EU's legislative efforts to maintain influence in resource acquisition may lead to a redefinition of international cooperation and competition dynamics [7].

1. Report Industry Investment Ratings - Gold: Short - term price in a callback trend [16] - US Dollar: Short - term oscillation [20] - Chinese Stock Index Futures: Long - position balanced allocation for each index [23] - US Stock Index Futures: Short - term high - level shock adjustment, with a bullish view considering profit support [27] - Treasury Bond Futures: Recently, the bond market is slightly bullish with limited upside, and long - positions should consider rhythm and odds [29] - Sugar: Chinese sugar market to oscillate, strict control on syrup and powder imports and reduced Q4 imports [34] - Steel: Adopt an oscillating approach to steel prices [41] - Live Pigs: Short - sell 03 contract after a sharp rebound, and keep an eye on long - positions in far - month contracts [44] - Red Dates: Wait and see, focus on price negotiation and acquisition progress in production areas [47] - Oils: If no major negative news, consider long - positions; wait for market sentiment to stabilize if negative [48] - Corn Starch: Band - trading [51] - Corn: 01 contract to oscillate weakly in the short - term and rebound in the long - term; be cautious about far - month contracts [53] - Thermal Coal: Price to remain strong in the short - term, watch policy changes after breaking through $800 [55] - Iron Ore: Downside space limited, consider negotiation and coking coal valuation [56] - Coking Coal/Coke: Short - term oscillation, watch for risks from declining hot metal production [57] - Copper: Oscillation, consider buying on dips [60] - Polysilicon: If the contract price corrects to par or discount to spot, consider long - positions; beware of options risks this weekend [63] - Industrial Silicon: Buying on dips may be more cost - effective [65] - Lead: Short - term strength, be cautious about chasing long; positive spread arbitrage available; be cautious in external trading [69] - Zinc: Speculative long - positions take profit on rallies; observe positive spread arbitrage opportunities; wait and see for external trading [74] - Lithium Carbonate: Short - term wide - range oscillation; consider short - selling on rallies in the medium - term [79] - Nickel: Wait and see for speculative single - side trading; bet on valuation recovery after risk release [81] - Crude Oil: Price to oscillate [85] - Asphalt: Short - term weak oscillation [87] - Methanol: Holders of short - positions add short after the rebound ends; conservative investors take profit [89] - Pulp: Limited upside space [90] - Urea: Oscillation due to sentiment support [92] - Caustic Soda: Short - term weak oscillation [94] - Soda Ash: Downside space depends on coal price and new capacity; bearish in the medium - term [95] - Float Glass: Wait and see due to intense market game [97] - Container Freight Rates: Short - sell after the rally [99] 2. Core Views of the Report - The US ADP employment data in October exceeded expectations, indicating a short - term recovery in the labor market, but the economic downward pressure persists, and the US dollar maintains an oscillating trend [2][19] - In the context of a global stock market correction, the A - share market showed unexpected resilience, and the stock index is expected to oscillate at a high level [3][22] - The prices of steel, copper, and other commodities are affected by factors such as macro - expectations, fundamentals, and supply - demand relationships, showing different trends [5][6] 3. Summaries by Relevant Catalogs 3.1 Financial News and Reviews 3.1.1 Macro Strategy (Gold) - The US ADP employment in October increased by 42,000, and the ISM non - manufacturing PMI was 52.4, both better than expected [14][15] - Gold prices rebounded slightly, and the market is waiting for the end of the US government shutdown. Gold is expected to consolidate and approach the 60 - day moving average [15] 3.1.2 Macro Strategy (Foreign Exchange Futures - US Dollar Index) - Trump blamed the government shutdown for the Democratic victory in local elections [17] - The US Supreme Court questioned the legality of Trump's tariff policy [18] - The ADP employment data exceeded expectations, but the economic downward pressure continues, and the US dollar maintains an oscillating trend [19] 3.1.3 Macro Strategy (Stock Index Futures) - China will firmly promote high - level opening - up [21] - The A - share market showed resilience, and the stock index is expected to oscillate at a high level [22] 3.1.4 Macro Strategy (US Stock Index Futures) - The US ADP employment in October increased by 42,000, and the ISM services PMI reached a new high [25][26] - The US economic data remained resilient, and the stock market's risk appetite recovered [26] 3.1.5 Macro Strategy (Treasury Bond Futures) - The central bank conducted 65.5 billion yuan of 7 - day reverse repurchase operations, with a net withdrawal of 492.2 billion yuan [28] - The bond market's upward space is limited, and it is expected to oscillate. Long - positions should consider rhythm and odds [29] 3.2 Commodity News and Reviews 3.2.1 Agricultural Products (Sugar) - India's 2025/26 sugar production season has started, and Brazil's sugar production estimate has been raised [30][31] - The expected high - yield of the two major producers has increased concerns about global supply surplus, which is negative for the market [34] 3.2.2 Black Metals (Rebar/Hot - Rolled Coil) - The retail sales of passenger cars in October increased year - on - year and month - on - month [35] - Steel prices continued to be weak, and the supply pressure is expected to ease in November - December [40] 3.2.3 Agricultural Products (Live Pigs) - The project of Wens Co., Ltd.'s subsidiary passed the environmental assessment, and Dabeinong signed a regulatory agreement [42][43] - The short - term spot market is bullish, but the medium - term supply is expected to be loose [43] 3.2.4 Agricultural Products (Red Dates) - The acquisition of red dates in Xinjiang is progressing, and the futures price declined [45][46] - The supply is increasing, and the demand is weak. It is recommended to wait and see [47] 3.2.5 Agricultural Products (Soybean Oil/Rapeseed Oil/Palm Oil) - Malaysia's palm oil production in October increased by 12.31% month - on - month [48] - The market expects inventory accumulation in October. Pay attention to actual data and November's high - frequency supply - demand data [48] 3.2.6 Agricultural Products (Corn Starch) - The开机率 of corn starch enterprises increased, and the inventory slightly rose [49][51] - The inventory pressure is expected to be acceptable in January, and enterprises may maintain profitability [51] 3.2.7 Agricultural Products (Corn) - The spot price of corn is generally stable, with some regional differences [51] - Substitute supply is expected to increase, and the 01 contract may oscillate weakly in the short - term and rebound in the long - term [52][53] 3.2.8 Black Metals (Thermal Coal) - The international thermal coal price was strong on November 5, and the domestic price has risen recently [54][55] - The price is expected to remain strong in the short - term, and watch policy changes after breaking through $800 [55] 3.2.9 Black Metals (Iron Ore) - The demand for concrete weakened slightly, and iron ore prices oscillated weakly [56] - The downside space is limited, considering negotiation and coking coal valuation [56] 3.2.10 Black Metals (Coking Coal/Coke) - The price of coking coal in Linfen Anze was strong [57] - The short - term market is tight, but the hot metal production has peaked, and it may oscillate [57] 3.2.11 Non - ferrous Metals (Copper) - Chile's Codelco's copper production in the first nine months increased by 2.1% year - on - year [58] - The short - term macro - expectations are volatile, and copper prices are expected to oscillate [60] 3.2.12 Non - ferrous Metals (Polysilicon) - The number of photovoltaic component project bids decreased last week, and the price of polysilicon was under pressure [61][62] - November is a critical point of policy and fundamental game. Consider long - positions on dips if the contract price corrects [63] 3.2.13 Non - ferrous Metals (Industrial Silicon) - The production of industrial silicon in Sichuan and Yunnan decreased, and the inventory is expected to be difficult to reduce in November [64] - Buying on dips may be more cost - effective [65] 3.2.14 Non - ferrous Metals (Lead) - The LME lead inventory decreased, and the domestic lead price trended upward [69] - The short - term supply is slowly recovering, and pay attention to delivery risks; consider short - selling at high levels in the long - term [69] 3.2.15 Non - ferrous Metals (Zinc) - The LME zinc showed a premium, and the domestic zinc production is expected to decline in November - December [73] - Zinc prices may oscillate at a high level in the short - term, and need demand improvement for further rise [73] 3.2.16 Non - ferrous Metals (Lithium Carbonate) - Hainan Mining's lithium concentrate has been shipped, and EVE Energy signed a cooperation agreement [75][76] - The short - term price may oscillate widely, and consider short - selling on rallies in the medium - term [79] 3.2.17 Non - ferrous Metals (Nickel) - Minmetals' acquisition of a nickel business entered the second - stage review [80] - The short - term price may be under pressure, and bet on valuation recovery after risk release [81] 3.2.18 Energy Chemicals (Crude Oil) - Kazakhstan's oil field production decreased due to maintenance, and the EIA crude oil inventory increased [82][84] - Oil prices are expected to oscillate [85] 3.2.19 Energy Chemicals (Asphalt) - The capacity utilization rate of domestic heavy - traffic asphalt decreased [86] - The asphalt price may oscillate weakly in the short - term [87] 3.2.20 Energy Chemicals (Methanol) - The Chinese methanol port inventory increased slightly [88] - The rebound does not indicate a fundamental reversal. Holders of short - positions add short after the rebound ends [89] 3.2.21 Energy Chemicals (Pulp) - The import pulp price was stable, and the futures price rose [90] - The upward space of the pulp price is limited [90] 3.2.22 Energy Chemicals (Urea) - The urea enterprise inventory increased, and the price oscillated upward due to export quota rumors [91] - The urea price may oscillate due to sentiment support [92] 3.2.23 Energy Chemicals (Caustic Soda) - The caustic soda price in Shandong decreased locally, and the inventory decreased [93][94] - The caustic soda price may oscillate weakly in the short - term [94] 3.2.24 Energy Chemicals (Soda Ash) - The soda ash price in Shahe oscillated, and the demand may be affected in the short - term [95] - The soda ash price may decline in the medium - term, and the short - term downside space depends on coal price and new capacity [95] 3.2.25 Energy Chemicals (Float Glass) - The float glass price in Shahe increased slightly, and the market game is intense [96][97] - It is recommended to wait and see due to intense market game [97] 3.2.26 Shipping Index (Container Freight Rates) - Shipping companies adjusted European - route freight rates [98] - The container freight rate may rise in the short - term, and consider short - selling after the rally [99]

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: | 2025年10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: | 五礦資源有限公司 | | | 呈交日期: | 2025年11月5日 | | | I. 法定/註冊股本變動 | 不適用 | | FF301 第 1 頁 共 10 頁 v 1.1.1 第 2 頁 共 10 頁 v 1.1.1 FF301 III.已發行股份及/或庫存股份變動詳情 (A). 股份期權（根據發行人的股份期權計劃） 不適用 第 3 頁 共 10 頁 v 1.1.1 (B). 承諾發行發行人股份的權證 不適用 FF301 II. 已發行股份及/或庫存股份變動 | 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) | 01208 | 說明 | | | | | | | | | 已發 ...

Core Viewpoint - The company, Minmetals Resources, has announced a conditional acquisition of Anglo American's nickel business in Brazil, which is subject to several prerequisites being met before it can take effect [1] Group 1: Acquisition Details - The acquisition requires approval from multiple jurisdictions and acceptance of related filings by the National Development and Reform Commission and the Ministry of Commerce of the People's Republic of China [1] - The European Commission has initiated a second-phase merger investigation to conduct a detailed review of the acquisition to ensure there are no substantial anti-competitive concerns [1]

智通财经APP讯，五矿资源(01208)发布公告，内容有关有条件收购英美资源于巴西的镍业务。公司与英 美资源完成收购事项的义务须待若干先决条件已获满足或豁免后方可生效，包括：于多个司法管辖区取 得合并管制批准;获中华人民共和国国家发展和改革委员会接纳与收购事项有关的申报;以及获中华人民 共和国商务部接纳与收购事项有关的申报。 鉴于所有其他条件均已满足，欧盟委员会今日已宣布将启动对收购事项的第二阶段合并调查。第二阶段 将对相关资讯进行详尽审查，以确保欧盟委员会能确认收购事项不存在实质性反竞争疑虑。 ...

鉴于所有其他条件均已满足，欧盟委员会今日已宣布将启动对收购事项的第二阶段合并调查。第二阶段 将对相关资讯进行详尽审查，以确保欧盟委员会能确认收购事项不存在实质性反竞争疑虑。 五矿资源(01208)发布公告，内容有关有条件收购英美资源于巴西的镍业务。公司与英美资源完成收购 事项的义务须待若干先决条件已获满足或豁免后方可生效，包括：于多个司法管辖区取得合并管制批 准;获中华人民共和国国家发展和改革委员会接纳与收购事项有关的申报;以及获中华人民共和国商务部 接纳与收购事项有关的申报。 ...

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，並明確表示，概不就因本公告全部或任何部份內容而産生或因倚賴該等內容而引致 的任何損失承擔任何責任。 MMG LIMITED 五礦資源有限公司 （於香港註冊成立之有限公司） （股份代號：1208） 自願性公告 歐盟委員會第二階段審查 香港，二零二五年十一月五日 於本公告日期，董事會由八名董事組成，包括一名執行董事趙晶先生；三名非執行董事徐基清先生 （董事長）、張樹強先生及曹亮先生；及四名獨立非執行董事 Peter William Cassidy 博士、梁卓恩先 生、陳嘉強先生及陳纓女士。 五礦資源將繼續與英美資源及歐盟委員會合作，協助歐盟委員會進行審查。 承董事會命 五礦資源有限公司 行政總裁兼執行董事 趙晶 - 1 - 本公司與英美資源完成收購事項的義務須待若干先決條件（條件）已獲滿足或豁免後方可生效， 包括：於多個司法管轄區取得合併管制批准；獲中華人民共和國國家發展和改革委員會（發改 委）接納與收購事項有關的申報；以及獲中華人民共和國商務部（商務部）接納與收購事項有 關的申報。 五礦資源有限公司（本 ...

Investment Rating - The report maintains a "Positive" investment rating for the metal, non-metal, and mining industry [9]. Core Insights - The report highlights that December interest rate cut expectations have weakened, leading to fluctuations in copper and aluminum prices. The overall industrial metal prices have shown volatility, with domestic prices falling except for aluminum, while external prices have risen for all but copper and nickel. This is attributed to the realization of benefits from the October interest rate cut and US-China talks, alongside hawkish comments from the Federal Reserve that have dampened December rate cut expectations [1][4]. Summary by Sections Precious Metals - The report indicates that gold prices are stabilizing as the interest rate cut approaches, with recession trading remaining the core driver for gold price recovery. The report emphasizes that the current environment suggests gold prices are more likely to fluctuate rather than indicate a trend reversal. The focus is on the potential impact of domestic gold trading tax policies, which may increase the cost of physical gold holdings while stabilizing reserves [3][4]. Industrial Metals - The report expresses a long-term positive outlook for copper and aluminum. It notes that while short-term interest rate cut expectations have decreased, the medium to long-term economic stabilization outlook remains unchanged. The report highlights that supply adjustments in copper and aluminum since late September warrant attention, particularly the potential for overseas copper companies to reduce supply at year-end [5][6]. Energy and Minor Metals - The lithium sector is identified as entering a pivotal year, with demand for lithium expected to grow significantly by 2026 due to stable domestic power demand and the acceleration of solid-state battery industrialization. The report also discusses the strategic importance of rare earths and tungsten, noting that the long-term demand for rare earth materials is expected to recover due to traditional demand bottoming out and the acceleration of applications in humanoid robotics [6][7]. Market Performance - The report notes that the metal materials and mining sector has outperformed the broader market, with a 2.64% increase compared to a 0.11% rise in the Shanghai Composite Index. The energy metals sector has shown particularly strong performance, with a 4.99% increase [15][19].