Investment Rating - The industry investment rating is "Outperform the Market" [4] Core Views - The lithium sector is expected to experience a surge in demand due to a decline in export tax rebates, leading to a wave of pre-purchases. The Ministry of Finance announced that the export tax rebate for lithium products will decrease from 9% to 6% on April 1, 2026, and to 0% on January 1, 2027. This is projected to increase lithium carbonate demand by approximately 40,000 to 50,000 tons, significantly tightening supply [11][12] - The gold market is influenced by geopolitical risks in the Americas and a recent downward revision of U.S. non-farm payrolls. Despite a decrease in non-farm employment growth, the unemployment rate unexpectedly fell to 4.4%. The gold price is expected to remain strong in the short term due to these factors [12][13] - Copper prices have seen a correction, which has improved demand. The current market conditions suggest that copper prices may rise beyond expectations, and investors are encouraged to actively position themselves in copper mining stocks [13][14] Summary by Sections Lithium - Weekly inventory has shifted to an accumulation of 337 tons, indicating a turning point. Market perception is that demand will recover post-maintenance of positive electrode manufacturers [11] - The decline in export tax rebates is expected to lead to a pre-purchase wave, with demand for lithium carbonate significantly increasing [11] - The lithium mining sector is anticipated to benefit from both profit and valuation increases, with a focus on companies like Guocheng Mining and others [11] Gold - U.S. non-farm payrolls were revised down, with a growth of only 50,000 jobs in December, while the unemployment rate fell to 4.4% [12] - Geopolitical risks are accumulating, particularly in Venezuela and other parts of the Americas, which may support gold prices in the short term [12] - The long-term outlook for gold remains bullish due to currency depreciation and geopolitical fragmentation [12] Copper - After a price correction, demand for copper has improved, with expectations of increased production rates in the coming weeks [13] - The market is characterized by a favorable sentiment, and investors are advised to take advantage of price corrections to invest in copper mining stocks [13] - The outlook for copper prices suggests potential upward movement beyond current expectations, with adjustments in earnings per share (EPS) and price-to-earnings (PE) ratios anticipated [13]

Group 1: Copper Market Dynamics - Major tech companies like Microsoft, Google, Amazon, and Meta are significantly increasing their investments in AI data centers, which heavily rely on copper for power transmission, AI computing clusters, and high-performance networking equipment, creating a new demand engine for the copper market [1] - Goldman Sachs has revised its short-term copper price forecast for the first half of 2026 from $11,525 per ton to $12,750 per ton, citing a "scarcity premium" and market revaluation due to insufficient inventory outside the US [1] - Despite the upward revision, Goldman Sachs maintains a cautious outlook, stating that prices above $13,000 per ton are unlikely to be sustainable in the long term, keeping its fourth-quarter 2026 LME copper price forecast at $11,200 per ton [1] Group 2: Investment Insights and Company Performance - CITIC Securities analysts believe that the copper market is driven by the transition of global order, suggesting that copper will continue to rise, with $13,000 not being the peak, and they are optimistic about the odds for copper prices in 2026 [2] - The copper market is currently experiencing a technical correction after reaching historical highs, but structural demand is expected to provide strong support for prices [2] - Companies in the copper mining sector, such as Luoyang Molybdenum (03993), Zijin Mining (02899), Jiangxi Copper (00358), and Minmetals Resources (01208), are highlighted as key players in the market [2] Group 3: Company Announcements - China Nonferrous Mining (01258) announced that the Qianbixi Southeast mine will complete its repair work by December 2025 and is set to resume production on January 1, 2026, with an expected total copper output of approximately 484,000 tons in 2026 [3] - The company anticipates producing about 134,000 tons of cathode copper and 350,000 tons of crude/anode copper, although production may decline due to planned maintenance at its smelting facilities [3] - The company projects to produce approximately 155,000 tons of copper from its own mines, along with 900,000 tons of sulfuric acid, 100,000 tons of liquid sulfur dioxide, and 600 tons of cobalt hydroxide containing cobalt [3]

在全球绿色转型与数字基建双重浪潮推动下，铜正从传统大宗商品跃升为驱动新能源科技和AI发展的 关键原材料。然而，新一轮铜业超级周期带来的不仅是价格机遇，更是对资源企业全链条运营能力的极 限考验——从极端环境下的设备可靠性维系，到多元文化背景下的社区关系治理，再到碳约束时代的全 流程能效管理，任何一个环节的脆弱性都可能成为海外资产的"致命断点"。 全球工业设备维护领域对这一挑战的认知已达成共识。比如，深耕全球工业润滑解决方案百余年的埃克 森美孚，就指出"在极端工况下，设备连续稳定运转是海外矿山运营的生命线。高海拔、强粉尘等环境 对设备润滑方案提出特殊要求，需要基于实时数据的预防性维护策略，这些都是保障出海业务成功的关 键"。 以此作为解读中国矿业企业出海进阶路径的分析框架，我们发现，以市场化方式深度参与全球铜资源博 弈的五矿资源，正是这一"系统韧性"命题中国样本的生动演绎。 秘鲁安第斯山脉的高原上，巨型矿卡在拉斯邦巴斯铜矿的矿坑中往复穿梭，这里年产铜精矿含铜约40万 吨，产值占整个秘鲁GDP近1%。而在一万七千公里外的港交所，五矿资源的股价曲线正随着国际铜价 一路攀升。 随着全球能源转型加速，叠加AI用铜量的超预 ...

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12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: | 2026年1月6日 | | | I. 法定/註冊股本變動 | 不適用 | | FF301 第 1 頁 共 10 頁 v 1.1.1 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 | | | | | | | | | 已發行股份（不包括庫存股份）數目 | | 庫存股份數目 | | 已發行股份總數 | | | 上月底結存 | | | 12,140,530,416 | | 0 | | 12,140,530,416 | | 增加 / 減少 (-) | | | 0 ...

Group 1 - Zhao Yongfeng has been appointed as an external director of China Huaneng Group Co., Ltd. [1] - Lü Weiping has been appointed as an external director of China Mobile Communications Group Co., Ltd., while Che Shanglun will no longer serve in this role [2] - Huang Xudan (female) has been appointed as an external director of China National Machinery Industry Corporation, with Lü Weiping stepping down from this position [3] - Zhang Zhenrong has been appointed as an external director of China Minmetals Corporation [4] Group 2 - Doubao denies the shipment of AI glasses [6] - Lei Jun responds to the "lose wheel and protect car" comment [6]

转自：北京日报客户端 据国务院国资委网站1月6日消息，4户中央企业外部董事职务变动。 中国机械工业集团有限公司 经研究，聘任张振戎为中国五矿集团有限公司外部董事。 中国华能集团有限公司 来源：中国能源报 经研究，聘任赵永峰为中国华能集团有限公司外部董事。 经研究，聘任黄旭丹（女）为中国机械工业集团有限公司外部董事，吕卫平不再担任中国机械工业集团 有限公司外部董事职务。 中国五矿集团有限公司 中国移动通信集团有限公司 经研究，聘任吕卫平为中国移动通信集团有限公司外部董事，车尚轮不再担任中国移动通信集团有限公 司外部董事职务。 ...

（文章来源：每日经济新闻） 每经AI快讯，港股铜业股普遍走高。截至发稿，中国有色矿业(01258.HK)涨6.45%，报15.34港元；江西 铜业股份(00358.HK)涨4.1%，报44.2港元；五矿资源(01208.HK)涨2.98%，报9.32港元。 ...

Group 1 - Copper stocks generally rose, with China Nonferrous Mining (01258) up 6.45% to HKD 15.34, Jiangxi Copper (00358) up 4.1% to HKD 44.2, and Minmetals Resources (01208) up 2.98% to HKD 9.32 [1] - On January 6, London copper prices increased, surpassing USD 13,100, reaching a new high [1] - Capstone, a Canadian mining company, announced a strike at its Manto Verde copper-gold mine in Chile starting January 2, which adds supply risk to an already tight market [1] Group 2 - CITIC Securities predicts a global copper market shortfall of over 100,000 tons by 2026, despite ongoing expectations regarding U.S. copper tariffs [1] - The price difference between COMEX and LME copper remains at USD 100 per ton, encouraging traders to transport refined copper to the U.S., leading to continued supply tightness in non-U.S. regions [1] - The combination of total shortfall and regional mismatches is driving copper prices to continually refresh historical highs [1]

智通财经APP获悉，铜业股普遍走高，截至发稿，中国有色矿业(01258)涨6.45%，报15.34港元；江西铜 业股份(00358)涨4.1%，报44.2港元；五矿资源(01208)涨2.98%，报9.32港元。 中信建投表示，2026年，全球铜市场总量角度看存在10余万吨缺口，但是，美国铜关税预期未落， COMEX铜较LME铜持续升水，最新价差仍旧维持100美金/吨，驱动贸易商继续往美国搬运精炼铜，虹 吸造成非美地区铜供应持续紧张。总量缺口叠加区域性错配推动铜价不断刷新历史高点。 消息面上，1月6日，伦敦铜价涨幅扩大，突破13100美元，续创新高。据报道，1月2日加拿大矿产商 Captone宣布其位于智利的曼托韦德铜金矿将于1月2日开始罢工。中信建投认为，尽管该矿场2025年生 产阴极铜仅2.9~3.2万吨，但是，已然紧张的市场增添的任何新供应风险，都有可能被资金计入铜价之 中。 ...

Group 1 - The report highlights that industrial metal prices have shown a significant upward trend, particularly for copper and tin, which are constrained by supply issues. Prices have gradually increased throughout the year, with copper reaching a historical high [14][15][39]. - The overall performance of the non-ferrous metal sector has been impressive, with a year-to-date weighted average increase of 100.46% as of December 11, 2025, outperforming major indices like the Shanghai Composite and CSI 300 [26][33]. - The macroeconomic environment is expected to remain favorable for industrial metals in 2026, with continued liquidity support from the U.S. Federal Reserve's interest rate cuts and domestic policies aimed at boosting demand [39][10]. Group 2 - The report identifies AI and energy storage as significant drivers of marginal demand growth for copper and aluminum, with substantial capital expenditures from major cloud service providers expected to continue [45][58]. - For copper, the demand from AI data centers is projected to add approximately 26.8 thousand tons to total copper demand in 2026, driven by increased infrastructure investments [58][59]. - In the aluminum sector, while demand growth is anticipated, it is expected to be more limited compared to copper, with projected aluminum demand from data centers reaching around 78 thousand tons globally by 2026 [64][66]. Group 3 - The supply side for copper remains constrained due to ongoing production cuts and delays in new mining projects, which are expected to exacerbate structural shortages in the market [42][43]. - The aluminum market is facing a rigid supply ceiling domestically, with limited growth in production capacity and risks of shutdowns due to high electricity costs [43][44]. - The report recommends several companies with strong growth potential in the copper sector, including Shengtun Mining, Zangge Mining, and Zijin Mining, as well as companies in the aluminum sector like China Aluminum and China Hongqiao [11][39].