Core Viewpoint - Minmetals Resources (01208) has seen a stock price increase of over 5%, currently trading at 6.82 HKD, following the release of its Q3 2025 operational data, which shows significant growth in copper and zinc production [1] Production Performance - The total copper production for Q3 2025 reached 127,000 tons, an 11% increase compared to the same period last year [1] - Zinc production totaled 58,700 tons, reflecting a 26% year-on-year growth [1] - The Las Bambas mine has become the fifth largest copper mine globally, with Q3 production of 102,900 tons of copper concentrate, a 14% increase from Q4 2024 [1] Operational Stability - Mining activities at Chalcobamba and Ferrobamba pits have remained stable, unaffected by external factors [1] - Both the ore grade and recovery rate have been maintained at high levels [1] Future Outlook - China International Capital Corporation (CICC) has noted that the strong performance in copper and zinc production is primarily due to the Las Bambas, Kinsevere, and Dugald River mines [1] - The company has raised its full-year copper production guidance for the Las Bambas mine to 400,000 tons, expecting this production level to be sustainable over the next two years [1]

Core Viewpoint - Minmetals Resources (01208) has seen a stock price increase of over 5%, attributed to the release of its Q3 2025 operational data, which shows significant growth in copper and zinc production [1] Production Data - Total copper production for Q3 2025 reached 127,000 tons, an 11% increase compared to the same period last year [1] - Zinc production totaled 58,700 tons, reflecting a 26% year-on-year growth [1] - The Las Bambas mine has become the fifth largest copper mine globally, producing 102,900 tons of copper concentrate in Q3, a 14% increase from Q4 2024 [1] Operational Stability - Mining operations at Chalcobamba and Ferrobamba pits have remained stable, unaffected by external factors [1] - Both the ore grade and recovery rate have been maintained at high levels [1] Future Outlook - CCB International has noted that the strong performance in copper and zinc production is primarily due to the Las Bambas, Kinsevere, and Dugald River mines [1] - The company has raised its full-year copper production guidance for the Las Bambas mine to 400,000 tons, with expectations to maintain this production level over the next two years [1]

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 - China International Capital Corporation (CICC) reports that Minmetals Resources (01208) is expected to see copper and zinc production increase by 11% and 26% respectively in Q3 2025 compared to the same period last year, driven by strong performance from the Las Bambas, Kinsevere, and Dugald River mines [1] Group 1 - The company has raised its annual copper production guidance for the Las Bambas mine to 400,000 tons due to stable operations this year [1] - CICC believes that this production level can be maintained over the next two years [1] - The earnings forecast for Minmetals Resources for 2026 to 2027 has been increased by 7% [1] Group 2 - The target price for Minmetals Resources has been raised from HKD 8.41 to HKD 8.63 [1] - CICC reaffirms a "Buy" rating for the company [1]

Core Viewpoint - China International Capital Corporation (CICC) reports that Minmetals Resources (01208) is expected to see copper and zinc production increase by 11% and 26% respectively in Q3 2025 compared to the same period last year, driven by strong performance from the Las Bambas, Kinsevere, and Dugald River mines [1] Group 1 - The stable operation of the Las Bambas mine has led the company to raise its full-year copper production guidance to 400,000 tons [1] - CICC believes that this production level can be maintained over the next two years [1] - The earnings forecast for Minmetals Resources for 2026 to 2027 has been raised by 7% [1] Group 2 - The target price for Minmetals Resources has been adjusted from HKD 8.41 to HKD 8.63 [1] - CICC reaffirms a "Buy" rating for the company [1]

Core Viewpoint - China International Capital Corporation reports that Minmetals Resources is expected to see copper and zinc production increase by 11% and 26% respectively in Q3 2025 compared to the same period last year, driven by strong performance from the Las Bambas, Kinsevere, and Dugald River mines [1] Group 1 - The company has raised its annual copper production guidance for the Las Bambas mine to 400,000 tons due to stable operations this year [1] - The production level is expected to be maintained over the next two years [1] - The earnings forecast for Minmetals Resources for 2026 to 2027 has been increased by 7%, with the target price raised from HKD 8.41 to HKD 8.63, maintaining a "buy" rating [1]

Major Events - Guanghe Tong (00638) has set the offer price at HKD 21.5 per share, with the public offering receiving a subscription rate of 550.99 times [1] - China Biologic Products (01177) announced the Phase III study data of Kymriah combined with Fluvestrant for the first-line treatment of advanced breast cancer will be presented at ESMO 2025 [1] - Derun Holdings (01709) plans to conduct a placement of new shares at a discount of approximately 11.34%, aiming to raise about HKD 761 million [1] - New World Development (00017) clarified media reports, stating that it has not undertaken any debt management projects regarding perpetual and other debt securities [1] - China Shenhua (01088) reported that Unit 4 of the Jiujiang Phase II project has successfully completed a 168-hour trial run [1] - Jingwei TianDi (02477) has acquired a TCSP licensed company and launched a new feature called FOPAY [1] - Rongzun International Holdings (01780) announced that its controlling shareholder intends to place up to 60% of the company's shares, reducing their stake to 15% [1] Financial Performance - Pop Mart (09992) reported a year-on-year revenue growth of 245%-250% for the third quarter [2] - China Telecom (00728) recorded a profit attributable to shareholders of RMB 30.8 billion for the first three quarters, reflecting a year-on-year increase of 5.0% [2] - Luk Fook Holdings (00590) reported that its overall retail value, retail income, and same-store sales for the second quarter exceeded the first quarter, increasing by 18%, 15%, and 10% respectively [2] - Minmetals Resources (01208) produced a total of 127,000 tons of copper in the third quarter, marking an 11% year-on-year increase [2] - Datang Power (00991) achieved a total electricity generation of approximately 2,062.41 billion kilowatt-hours in the first three quarters, up about 2.02% year-on-year [2] - Far East Horizon (03360) reported an increase in profit attributable to ordinary shareholders for the first three quarters [2] - China General Nuclear Power Corporation (01164) produced a total of 644.3 tons of natural uranium in the third quarter [2]

Core Viewpoint - The company, Minmetals Resources (01208), has announced plans to change its independent auditor from Deloitte to Ernst & Young, effective after the upcoming annual general meeting in May 2026, to enhance audit independence and objectivity [1] Group 1: Auditor Change - The company has been employing Deloitte as its auditor since 2016 and has decided to replace them to ensure better audit independence and objectivity [1] - Deloitte will cease to be the company's auditor after the annual general meeting scheduled for May 28, 2026 [1] Group 2: Selection Process - The company has conducted a public competitive bidding process for the selection of the independent auditor for the fiscal year 2026, in accordance with the regulations set by the State-owned Assets Supervision and Administration Commission [1] - Various factors were considered in the selection process, including independence, professional capability, service quality, risk management, compliance, track record, information systems, security, and audit fees [1] Group 3: New Auditor Appointment - The board of directors, based on recommendations from the company's audit and risk management committee, has resolved to appoint Ernst & Young as the new auditor to replace Deloitte [1] - The appointment of Ernst & Young is subject to approval by the company's shareholders at the upcoming annual general meeting [1]

Core Viewpoint - The company, Minmetals Resources (01208), has announced plans to change its independent auditor from Deloitte to Ernst & Young to enhance audit independence and objectivity, following a competitive bidding process [1] Group 1: Auditor Change - The company has been employing Deloitte as its auditor since 2016 and has decided to replace them to ensure better audit independence and objectivity [1] - Deloitte will cease to be the company's auditor after the annual general meeting scheduled for May 28, 2026 [1] - The decision to appoint Ernst & Young as the new auditor is based on a comprehensive evaluation of various factors, including independence, professional capability, service quality, risk management, compliance, and audit fees [1] Group 2: Compliance and Procedures - The company has conducted a public competitive bidding process for the selection of the independent auditor in accordance with the regulations set by the State-owned Assets Supervision and Administration Commission [1] - The board of directors, upon the recommendation of the company's audit and risk management committee, has resolved to appoint Ernst & Young, pending approval from shareholders at the upcoming annual general meeting [1]

Core Viewpoint - The company, Minmetals Resources (01208.HK), has announced plans to change its auditor from Deloitte to Ernst & Young, pending approval at the upcoming annual general meeting in May 2026 [1]. Group 1 - The company has communicated with Deloitte regarding the proposed change of auditor [1]. - Deloitte will cease to be the company's auditor after the conclusion of the annual general meeting scheduled for May 28, 2026 [1]. - The board of directors, following recommendations from the audit and risk management committee, has resolved to appoint Ernst & Young as the new auditor [1].