Group 1 - The core viewpoint of the article highlights a significant increase in copper stocks, driven by rising copper prices and favorable market conditions [1] - As of January 29, the main copper futures contract in Shanghai surged by 6%, reaching 108,740 yuan per ton, while LME copper rose over 6% to 13,936 USD per ton, marking a new high [1] - Companies such as China Nonferrous Mining (up 7.56% to 18.36 HKD), Jiangxi Copper (up 4.92% to 52.25 HKD), and Minmetals Resources (up 4.39% to 11.65 HKD) experienced notable stock price increases [1] Group 2 - Huayuan Securities indicates that in the medium to long term, insufficient capital expenditure in copper mining and frequent supply disruptions may shift the copper supply-demand balance from "tight equilibrium" to "shortage" [1] - The profit cycle for copper smelting is expected to bottom out against the backdrop of "anti-involution," coupled with the Federal Reserve entering a rate-cutting cycle, suggesting potential upward movement in copper prices [1] - Galaxy Securities believes that with macroeconomic positioning in China and the U.S. becoming more accommodative, and the copper-to-gold ratio at an absolute low, the financial attributes of copper are strengthening, leading to a transition from a loose to a tight balance in the market, with expectations of a sustained long-term upward trend in copper prices [1]

Core Viewpoint - The report from Morgan Stanley indicates that Minmetals Resources' preliminary performance for 2025 shows core earnings in line with expectations, with operational fundamentals improving [1] Financial Performance - Minmetals Resources expects core earnings to reach between $700 million and $730 million for 2025, aligning with Morgan Stanley's forecast [1] - After accounting for an impairment of $280 million to $300 million related to the Kinsevere project, the annual net profit is projected to be between $500 million and $520 million [1] Impairment Reasons - The impairment is primarily due to the local cobalt plant being in maintenance mode due to sales restrictions, unstable power supply, and uncertainties in local fiscal policies [1] Operational Stability - Other major mining operations under Minmetals Resources, including Las Bambas and Khoemacau, are maintaining stable production [1] Market Conditions - With global copper supply tightening and a weakening dollar, copper prices are expected to remain high, providing strong support for the company's overall profitability [1] Future Outlook - Despite the short-term impact of the impairment on net profit, the company's core profitability remains robust, and major operational challenges are being addressed through financial provisions and substantial improvement measures [1] - The future trajectory of profit growth is expected to remain clear, with a positive outlook maintained for Minmetals Resources, benefiting from strong copper prices and improved operational efficiency [1]

Core Viewpoint - The report from Morgan Stanley indicates that Minmetals Resources' preliminary performance for 2025 shows core earnings in line with expectations, with operational fundamentals improving [1] Financial Performance - Minmetals Resources expects core earnings to reach between $700 million and $730 million for 2025, aligning with Morgan Stanley's forecast [1] - After accounting for an impairment of $280 million to $300 million related to the Kinsevere project, the annual net profit is projected to be between $500 million and $520 million [1] Impairment Reasons - The impairment is primarily due to the local cobalt plant being in maintenance mode due to sales restrictions, unstable power supply, and uncertainties in local fiscal policies [1] Operational Stability - Other major mining operations under Minmetals Resources, including Las Bambas and Khoemacau, are maintaining stable production [1] Market Conditions - With global copper supply being tight and a weakening dollar, copper prices are expected to remain high, providing strong support for the company's overall profitability [1] Future Outlook - Despite the short-term impact of the impairment on net profit, the company's core profitability remains robust, and major operational challenges are being addressed through financial provisions and substantial improvement measures [1] - The future trajectory of profit growth is expected to remain clear, with a positive outlook maintained by Morgan Stanley, anticipating benefits from strong copper prices and improved operational efficiency [1]

Core Viewpoint - The company, Minmetals Resources (01208.HK), has entered into a shipping framework agreement with Minmetals Shipping for maritime services related to the transportation of its products, which constitutes a continuing connected transaction due to the relationship with its ultimate controlling shareholder, China Minmetals [1]. Group 1 - The shipping framework agreement was signed on January 28, 2026 [1]. - Minmetals Shipping is a wholly-owned subsidiary of China Minmetals, the ultimate controlling shareholder of the company [1]. - The agreement is classified as a continuing connected transaction under the listing rules due to the relationship with China Minmetals [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佈之內容概不負責，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產生或因倚賴該等內容而引致之任 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) 持續關連交易 航運框架協議 航運框架協議 於二零二六年一月二十八日，本公司與Minmetals Shipping 訂立航運框架協議，就Minmetals Shipping 為本集團之產品付運提供海運服務。 Minmetals Shipping 為本公司最終控股股東中國五礦之全資附屬公司，故根據上市規則為中國 五礦之聯繫人及本公司之關連人士。因此，航運框架協議構成本公司之持續關連交易。 由於航運框架協議涉及之所有有關百分比率超過 0.1%，但所有比率均低於 5%，故交易構成一 項持續關連交易，根據上市規則第十四 A 章，須遵守申報、年度審核及公佈規定，惟獲豁免遵 守獨立股東批准之規定。 航運框架協議 作為日常及一般業務過程之一部分，本集團向多個航運服務供應商及／或經紀商租用海運服務以 付運其產品，包括銅、鋅及鉛 ...

Core Viewpoint - Morgan Stanley's report indicates that Minmetals Resources (01208) has released preliminary performance for 2025, showing core earnings in line with expectations, and the company's operational fundamentals are improving, maintaining an "overweight" rating with a target price of HKD 10 [1] Financial Performance - Minmetals Resources expects core earnings to reach USD 700 million to USD 730 million for 2025, aligning with Morgan Stanley's expectations [1] - After accounting for an impairment of USD 280 million to USD 300 million related to the Kinsevere project, the annual net profit is projected to be USD 500 million to USD 520 million [1] Operational Insights - The impairment is primarily due to local cobalt plants being on maintenance due to sales restrictions, unstable power supply, and uncertainties in local fiscal policies [1] - Other major mining operations under Minmetals Resources, including Las Bambas and Khoemacau, are maintaining stable operations [1] Market Conditions - With global copper supply tight and a weakening dollar, copper prices are expected to remain high, providing strong support for the company's overall profitability [1] - Despite the short-term impact of impairments on net profit, the company's core profitability remains robust, and major operational challenges are being addressed through financial provisions and substantial improvement measures [1]

Core Viewpoint - Morgan Stanley's report indicates that Minmetals Resources (01208) has shown core earnings performance in line with expectations, with operational fundamentals improving, maintaining an "Overweight" rating and a target price of HKD 10 [1] Financial Performance - Minmetals Resources expects core earnings to reach USD 700 million to USD 730 million for 2025, aligning with Morgan Stanley's expectations [1] - After accounting for an impairment of USD 280 million to USD 300 million related to the Kinsevere project, the annual net profit is projected to be USD 500 million to USD 520 million [1] Operational Insights - The impairment is primarily due to local cobalt plants being on maintenance due to sales restrictions, unstable power supply, and uncertainties in local fiscal policies [1] - Other major mining operations, including Las Bambas and Khoemacau, are reported to be operating steadily [1] Market Conditions - With global copper supply tight and a weakening dollar, copper prices are expected to remain high, providing strong support for the company's overall profitability [1] - Despite short-term impacts on net profit due to impairments, the company's core profitability remains robust, and operational challenges are being addressed through financial provisions and substantial improvement measures [1]

Core Viewpoint - Morgan Stanley's report indicates that Minmetals Resources is expected to achieve core earnings of $700 million to $730 million for early 2025, aligning with the bank's expectations [1] - After accounting for an impairment of $280 million to $300 million related to the Kinsevere project, the annual net profit is projected to be between $500 million and $520 million [1] Summary by Category - **Earnings Forecast** - Core earnings are projected to reach $700 million to $730 million, consistent with Morgan Stanley's expectations [1] - Net profit is expected to be between $500 million and $520 million after impairment adjustments [1] - **Operational Performance** - Operations at key mining sites, including Las Bambas and Khoemacau, remain stable with normal production ongoing [1] - The company is anticipated to benefit from strong copper prices and improved operational efficiency [1] - **Market Conditions** - Global copper supply is tight, and a weaker dollar is expected to support high copper prices, providing strong backing for overall profitability [1] - Despite short-term impacts from impairments on net profit, the company's core profitability remains robust, with major operational challenges being addressed through financial provisions and substantial improvement measures [1]

Group 1 - The industrial metals sector is expected to enter a golden window in 2026, driven by macroeconomic factors and fundamental demand, with the Federal Reserve's interest rate cuts and domestic policies boosting liquidity and demand [1] - Supply constraints are evident due to insufficient long-term capital expenditure, declining ore grades, and frequent mine production cuts, leading to sustained pressure on copper and aluminum supplies [1][5] - Demand remains resilient in traditional sectors while emerging fields like AI data centers and energy storage are experiencing explosive growth, becoming key drivers of marginal demand [1][2] Group 2 - The copper market is characterized by a structural shortage, with refined copper expected to face a shortfall of 380,000 tons in 2026, leading to an upward price trend [1][5] - The aluminum sector is in a tight balance phase, with domestic production capacity nearing its limit and new capacity additions constrained by high costs and power supply issues in regions like Indonesia [2][5] - Demand for aluminum is significantly improving, particularly in transportation and power electronics, with a projected domestic aluminum shortfall increasing from 150,000 tons in 2025 to 1,070,000 tons by 2027 [2][5] Group 3 - The financial attributes of copper are strengthened by the ongoing interest rate cuts, while its commodity attributes are constrained by supply-side tensions [5] - The demand for copper in data centers is projected to reach 268,000 tons by 2026, driven by the growth of AI and energy storage applications [1][24] - The aluminum demand in data centers is estimated at 78,000 tons globally and 20,000 tons domestically by 2026, with aluminum primarily used in structural and electrical applications [39][40] Group 4 - Investment recommendations focus on companies in the copper sector with sustainable growth, including Zijin Mining, Minmetals Resources, and China Nonferrous Mining, while also highlighting aluminum companies with strong dividend yields and profit elasticity [5][52] - The report emphasizes the importance of monitoring supply chain risks related to bauxite, as the industry remains highly dependent on external sources [5][55]

Group 1 - The core point of the article is the appointment of Mr. Qian Song as an executive director and Mr. Yue Wenjun as a non-executive director of Minmetals Resources (01208), effective from January 27, 2026 [1]