Core Viewpoint - A new company, Changsha Mining Safety Testing Co., Ltd., has been established with a registered capital of 32 million yuan, focusing on inspection and testing services, safety production testing, and metrology services. The company is wholly owned by China Minmetals Corporation through indirect holdings [1]. Company Summary - The newly established company, Changsha Mining Safety Testing Co., Ltd., has a registered capital of 32 million yuan [1]. - The legal representative of the company is Li Fuwei [1]. - The company's business scope includes inspection and testing services, safety production testing, and metrology technology services [1]. Industry Summary - The establishment of the company indicates a growing focus on safety and testing services within the mining industry, reflecting the industry's commitment to enhancing safety standards and compliance [1].

Core Viewpoint - Citigroup's report indicates that Minmetals Resources held a production update and business outlook conference call for Q4 2025 and 2026, highlighting a decrease in copper production but an optimistic forecast for future output [1] Group 1: Production Updates - Las Bambas project saw Q4 copper production decrease by 5% quarter-on-quarter to 97,300 tons, and an 8% year-on-year decline, but is expected to improve in Q1 2026 [1] - Management targets copper production of 400,000 tons for 2026 under stable operating conditions, with a conservative lower estimate of 380,000 tons, and anticipates maintaining similar annual production levels in the coming years [1] - C1 cost guidance for 2026 is set at $1.20 to $1.40 per pound, with potential reductions of $0.20 to $0.30 per pound if gold and silver prices remain high [1] Group 2: Kinsevere Project - Kinsevere project reported Q4 electrolytic copper production of 12,600 tons, a 15% quarter-on-quarter decline but a 21% year-on-year increase [1] - Management expects electrolytic copper production for this year to reach between 65,000 to 75,000 tons [1] Group 3: Financial Forecasts - Citigroup raised Minmetals Resources' earnings forecasts for 2025 to 2027 by 3%, 47.2%, and 5.6%, resulting in projections of $801 million, $1.721 billion, and $1.545 billion respectively [1] - The target price for Minmetals Resources was significantly increased from HKD 7.20 to HKD 12.50, maintaining a "buy" rating [1]

Core Viewpoint - The report from Zhongyin International indicates that Minmetals Resources is expected to experience strong production growth by 2025, with total copper production and zinc production increasing by 27% and 6% year-on-year, respectively [1] Group 1: Production Forecast - The company anticipates a more moderate growth in production for 2026, with copper production expected to grow by 3% year-on-year and zinc production projected to decrease by 3% [1] - Despite the tempered growth forecast for 2026, the company is expected to see a 1.1 times increase in earnings per share driven by stronger metal prices [1] Group 2: Market Dynamics - The recent surge in nickel prices has made the acquisition of Brazilian nickel assets more attractive for the company [1] Group 3: Financial Projections - The earnings forecast for 2026-2027 has been raised by 10-11%, with the target price increased from HKD 10.25 to HKD 11.9, while maintaining a "Buy" rating [1]

Group 1 - Copper stocks experienced a collective surge in the afternoon trading session, indicating strong market interest [1] - China Nonferrous Mining (01258.HK) saw a significant increase of 12.02%, reaching HKD 16.68 [1] - Wanguo Resources (01208.HK) rose by 11.02%, trading at HKD 5.05 [1] Group 2 - China Gold International (02099.HK) increased by 7.25%, with shares priced at HKD 233.6 [1] - Zijin Mining (02899.HK) experienced a rise of 5.05%, reaching HKD 42.46 [1] - Jiangxi Copper (00358.HK) saw a growth of 4.07%, with shares at HKD 47.06 [1]

Core Viewpoint - Copper stocks experienced a collective surge, with significant gains observed across various companies in the sector, indicating a positive market sentiment despite underlying macroeconomic concerns [1] Group 1: Company Performance - China Nonferrous Mining (01258) rose by 12.02%, reaching HKD 16.68 [1] - Minmetals Resources (01208) increased by 11.02%, trading at HKD 5.05 [1] - China Gold International (02099) saw a rise of 7.25%, priced at HKD 233.6 [1] - Zijin Mining (02899) gained 5.05%, with shares at HKD 42.46 [1] - Jiangxi Copper (00358) climbed by 4.07%, now at HKD 47.06 [1] Group 2: Market Sentiment and Economic Indicators - Macro expectations have cooled, but geopolitical concerns persist, with the U.S. government continuing to pressure the Federal Reserve [1] - Market pricing for interest rate cuts remains conservative, and inflation data has not exceeded expectations, while unemployment rates have decreased [1] - The resilience of the U.S. economy is still evident, despite weak short-term supply and demand characteristics [1] Group 3: Copper Price Dynamics - Global copper inventory has increased to 1 million tons, indicating a supply-demand imbalance [1] - After adjusting around the 100,000 mark, copper prices rebounded, primarily influenced by geopolitical factors and gold price trends [1] - Guangzhou Futures suggests that while the logic driving copper price increases is weakening, the fragile supply of copper mines and rigid demand from emerging sectors support a solid price floor, indicating limited adjustment space [1]

广州期货认为，当下驱动铜价上涨逻辑有所松动，但铜矿供应脆弱+新兴领域带来的刚性需求，以及战 略资源属性愈发强化，铜价底部依旧坚实，调整空间相对有限，倾向于震荡蓄势后延续涨势。 铜业股午前集体走强，截至发稿，中国有色矿业(01258)涨12.02%，报16.68港元；五矿资源(01208)涨 11.02%，报5.05港元；中国黄金（600916）国际(02099)涨7.25%，报233.6港元；紫金矿业（601899） (02899)涨5.05%，报42.46港元；江西铜业（600362）股份(00358)涨4.07%，报47.06港元。 消息面上，正信期货表示，宏观预期情绪有所降温，但地缘担忧仍存，尽管美国政府持续施压美联储， 但市场对于降息定价较为保守，同时通胀数据暂未超预期，失业率回落，美国自身经济韧性仍存。产业 端来看，虽然远期的供需预期暂难证伪，但近段弱现实特征延续，全球库存进一步增加至100万吨。铜 价在10万关口调整后再度反弹，主要还是受地缘以及金价指引，价格高位震荡为主。 ...

Investment Rating - The investment rating for the non-ferrous metals industry is "Positive" (maintained) [4] Core Views - The report highlights that copper prices are experiencing high-level fluctuations amidst inventory accumulation, with short-term price adjustments expected to be limited due to the financial attributes of copper supported by rising gold prices. The supply-demand balance for copper may shift from tight equilibrium to shortage in the medium to long term, driven by insufficient capital expenditure in copper mines and frequent supply disruptions. The report suggests monitoring companies such as Zijin Mining, Luoyang Molybdenum, Jiangxi Copper, and others [5] - For aluminum, the report notes that both alumina and aluminum prices are under pressure due to high inventory levels. The short-term outlook for aluminum prices is expected to remain stable amidst high demand, particularly in the air conditioning and consumer goods sectors [5] - Lithium demand remains strong despite seasonal trends, with lithium carbonate prices entering an upward cycle driven by supply-demand reversal. The report recommends focusing on companies with high self-sufficiency in lithium resources [5] - Cobalt prices are expected to continue rising due to tight raw material supply, with the report suggesting companies like Huayou Cobalt and others for investment [5] Summary by Sections 1. Industry Overview - The report provides insights into macroeconomic indicators, including the U.S. core PCE price index and unemployment claims, which align with expectations [9] - Key announcements include Zijin Mining's completion of the second phase of the Jilong Copper Mine, significantly increasing its production capacity [10] 2. Market Performance - The non-ferrous metals sector outperformed the Shanghai Composite Index, with a weekly increase of 6.03% compared to the index's 0.84% rise [11] - The report lists the top-performing stocks in the sector, highlighting significant movements in various sub-sectors [11] 3. Valuation Changes - The report notes that the TTM PE for the non-ferrous metals sector is 33.82, with a change of 1.79, while the PB is 4.18, reflecting a significant premium over the broader market [20][23]

每经AI快讯，1月23日，港股有色金属板块走高。截至发稿，五矿资源涨超10%，赤峰黄金涨超8%，赣 锋锂业、天齐锂业、山东黄金等跟涨。 ...

Group 1 - The core viewpoint of the article highlights a significant rise in the Hong Kong stock market for non-ferrous metal stocks on January 23, with notable gains among several companies [1] Group 2 - Minmetals Resources experienced an increase of nearly 9% [1] - Chifeng Jilong Gold Mining rose by over 7% [1] - Zijin Mining International saw an increase of over 5% [1] - Ganfeng Lithium grew by nearly 5% [1] - Shandong Gold Mining increased by nearly 4% [1]

五矿资源早盘高开，截至发稿，股价上涨7.55%，现报10.12港元，成交额9624.314万港元。 1月22日，五矿资源发布公告，2025年五矿资源整体运营表现稳健，多座矿山产量创下或接近历史新 高。公司全年铜总产量同比增长27%至50.69万吨，主要得益于旗舰矿山Las Bambas的强劲运营表现。锌 总产量增长6%至23.21万吨，主要得益于Dugald River矿山创纪录的年产量。 2025年，五矿资源的贵金属产量同样表现优异，高价值副产品对矿山收入和C1成本做出了积极贡献。 全年黄金总产量达11.81万盎司（同比增长22%），白银总产量达1056.48万盎司（同比增长17%）。以 上可观产量叠加实现价格维持高位，公司获得了显著的副产品收益，有效降低了各矿山的C1成本。该 成果体现了公司以最大化副产品价值为核心的战略重点，有助于提升整体盈利能力。 ...