Core Viewpoint - China Minmetals Corporation integrates party character deeply into the political quality assessment system, applying assessment results rigidly in the selection and appointment of cadres, with nine cadres being temporarily suspended since 2025 for political incompetence [1]. Group 1: Political Assessment and Cadre Selection - The company emphasizes the evaluation of cadres based on their value orientation and decision-making during significant challenges, establishing a negative evaluation list with 15 indicators across seven areas related to political quality [1]. - A mechanism involving three forms—cadre research recommendation, annual assessment recommendation, and organizational recommendation—ensures a continuous discovery of cadres, focusing on their political attitudes and practical performance [1]. - The results of the assessments are strictly applied in cadre selection, leading to a "one-vote veto" for those deemed politically unqualified [1]. Group 2: Practical Performance and Training - The focus is on practical performance in major tasks as a key criterion for evaluating cadres' public spirit, promoting a work style centered on "action and effectiveness" [2]. - The company has implemented the "Metal Mining Pioneer Plan" and a "training through work" mechanism to break down business barriers and enhance strategic collaboration [2]. - Since 2025, newly appointed cadres have significant experience in major projects or challenging positions, with 45.3% familiar with metal mining and new energy materials [2]. Group 3: Company Overview - China Minmetals Corporation, established in 1950, is a key state-owned enterprise directly managed by the central government, focusing on metal minerals and serving as a pilot for state capital investment companies [3]. - The company aims to become a "resource guarantee national team" and a main force in serving new national strategies, striving to build a globally competitive world-class metal mineral enterprise group [3]. - Currently, the company employs 180,000 staff and operates in over 60 countries and regions worldwide [3].

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]

Core Insights - Copper is transitioning from a traditional commodity to a key material driving new energy technologies and AI development, influenced by global green transformation and digital infrastructure trends [1][2] - The new copper supercycle presents both price opportunities and challenges for resource companies, emphasizing the need for robust operational capabilities across the entire supply chain [1][4] Company Overview - Minmetals Resources, as the flagship platform for China Minmetals Corporation's overseas mining development, is a vivid example of Chinese enterprises deeply engaging in global mining competition [2][3] - The company focuses on copper, lead, and zinc, with copper revenue accounting for over 80% of its income, aligning with the rising global demand for copper in emerging industries [3][4] Global Operations and Strategy - Minmetals Resources has a unique global management structure, with headquarters in Melbourne and Beijing, and assets distributed across Australia, Africa, and Peru [3] - The company has expanded its global footprint through strategic acquisitions, including OZ Minerals in 2009, the Kinsevere copper mine in 2012, and the Las Bambas copper mine in 2014 [3] Community Engagement and ESG Practices - The Las Bambas copper mine serves as a significant investment project and a testing ground for the company's ESG practices, transitioning from a transactional to a symbiotic relationship with local communities [5][6] - The "Heart of Bambas" project aims to foster sustainable community benefits through support for mining operations, reducing protest incidents and stabilizing production [5][6] Growth Path and Market Demand - Minmetals Resources has outlined a growth strategy driven by both external acquisitions and internal resource optimization, with expectations of increased copper production from its mines [7][8] - The company is cautious in its acquisition strategy due to high valuations and geopolitical factors, focusing on regions friendly to Chinese investments, such as Latin America, Africa, and Central Asia [9][10] Operational Efficiency and Competitive Advantage - The company emphasizes operational resilience as a key differentiator in the industry, implementing intelligent maintenance systems and localized technical adaptations to enhance project viability [10] - Minmetals Resources is positioned to benefit from the ongoing copper supercycle, leveraging its global operational experience and community engagement strategies to navigate market fluctuations [11]

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]

Group 1 - Four central enterprises have undergone changes in external director positions [1] - Zhao Yongfeng has been appointed as an external director of China Huaneng Group Co., Ltd. [3] - Lv Weiping has been appointed as an external director of China Mobile Communications Group Co., Ltd., while Che Shanglun is no longer serving in this role [3] - Huang Xudan (female) has been appointed as an external director of China National Machinery Industry Corporation, with Lv Weiping stepping down from this position [3] - Zhang Zhenrong has been appointed as an external director of China Minmetals Corporation [4]

Group 1 - Hong Kong copper stocks generally rose, with China Nonferrous Mining (01258.HK) increasing by 6.45% to HKD 15.34 [1] - Jiangxi Copper (00358.HK) saw a rise of 4.1%, reaching HKD 44.2 [1] - Minmetals Resources (01208.HK) gained 2.98%, trading at HKD 9.32 [1]

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]

Core Viewpoint - Copper stocks are experiencing a general rise, driven by increasing copper prices and supply risks from labor strikes in mining operations [1] Group 1: Market Performance - As of the report, China Nonferrous Mining (01258) increased by 6.45% to HKD 15.34, Jiangxi Copper (00358) rose by 4.1% to HKD 44.2, and Minmetals Resources (01208) gained 2.98% to HKD 9.32 [1] Group 2: Price Movements - On January 6, London copper prices surged, exceeding USD 13,100, marking a new high [1] - The price difference between COMEX and LME copper remains at USD 100 per ton, indicating a continued premium for copper in the U.S. market [1] Group 3: Supply Risks - Capstone Mining announced a strike at its Manto Verde copper-gold mine in Chile, which began on January 2, contributing to supply concerns [1] - Despite the Manto Verde mine's projected production of only 29,000 to 32,000 tons of cathode copper by 2025, any new supply risks are likely to be factored into copper prices [1] Group 4: Market Outlook - According to CITIC Securities, there is an anticipated shortfall of over 100,000 tons in the global copper market by 2026 [1] - The ongoing U.S. copper tariff expectations and the tight supply in non-U.S. regions are driving up copper prices, as traders continue to move refined copper to the U.S. [1]