Group 1 - MSCI announced the results of its index review for November 2025, with 69 stocks added and 64 stocks removed from the global standard index, effective after market close on November 24 [1] - The three largest securities added to the MSCI global index by market capitalization are CoreWeave, Nebius Group, and Insmed [1] - The three largest securities added to the MSCI emerging markets index are Barito Renewables Energy, Zijin Mining International, and GF Securities H-shares [1] Group 2 - In the MSCI China index, 26 Chinese stocks were added while 20 were removed, including resource stocks and technology companies such as China Gold International and Ganfeng Lithium [3][5] - The stocks removed from the MSCI China index include Haige Communication, Dong'e Ejiao, and Hailan Home [3][6] - The MSCI China A-share index added 17 stocks and removed 16, with notable additions including Qianli Technology and Huahong Semiconductor [8] Group 3 - The MSCI China A-share onshore index added 18 stocks and removed 24, with new additions like Baiwei Storage and Shengtun Mining [8][9] - The MSCI China index serves as an important benchmark for global investors for asset allocation and investment analysis, impacting passive fund flows [9][12] - Following the index adjustments, newly added companies are expected to receive increased capital allocation, while removed companies may face passive selling [13] Group 4 - Several foreign institutions have expressed positive views on the Chinese market, with Fidelity Fund favoring emerging markets over developed ones, anticipating more consumer stimulus measures [13] - In contrast, some investors remain cautious due to geopolitical risks and economic slowdown, while others see significant growth potential in the Chinese equity market [13]

Core Insights - MSCI announced changes to its indices on November 6, including the addition of 26 new stocks to the MSCI China Index and 17 new stocks to the MSCI China A-Share Index, effective after the market close on November 24, 2025 [1][4] - The MSCI China Index will remove 20 stocks, while the MSCI China A-Share Index will remove 16 stocks [1][4] MSCI China Index Changes - New additions to the MSCI China Index include Zijin Mining International (02259), Ganfeng Lithium (01772), and Chipone Technology (688469.SH) among others [1] - Stocks removed from the MSCI China Index include Kaixin Network (002517), Changying Precision (300115), and InvoCare (002837) [1][2] MSCI China A-Share Index Changes - The MSCI China A-Share Index will add companies such as Qianli Technology (601777.SH), Dongyangguang (600673.SH), and Changchuan Technology (300604.SZ) [4][6] - Companies removed from the MSCI China A-Share Index include Zhongzhijian (600038.SH), Dong'a Ejiao (000423.SZ), and Guangdian Yuntong (002152.SZ) [4][6] Global Index Changes - The MSCI Global Standard Index (ACWI) will add 69 stocks and remove 64 stocks, with notable additions including CoreWeave, Nebius Group, and Insmed [6] - In the MSCI Emerging Markets Index, significant new additions include Barito Renewables Energy, Zijin Mining International, and Guangfa Securities [6]

Group 1 - MSCI announced the results of the November index review, adding 26 new stocks to the MSCI China Index and 17 new stocks to the MSCI China A-Share Index, effective after the market close on November 24, 2025 [1][4] - New additions to the MSCI China Index include Zijin Mining International (02259), Ganfeng Lithium (01772), and Chipone Technology (688469.SH), while 20 stocks were removed, including Kying Network (002517.SZ) and Changying Precision (300115.SZ) [1][2] - The MSCI China A-Share Index saw the addition of companies such as Qianli Technology (601777.SH) and Dongyangguang (600673.SH), with 16 stocks being removed, including Zhongzhijian (600038.SH) and Dong'a Ejiao (000423.SZ) [4][6] Group 2 - The MSCI Global Standard Index (ACWI) added 69 stocks and removed 64, with notable new additions including CoreWeave, Nebius Group, and Insmed [6] - In the MSCI Emerging Markets Index, the largest new additions by market capitalization include Barito Renewables Energy, Zijin Mining International, and Guangfa Securities [6]

Core Viewpoint - Copper stocks have risen, driven by news of Glencore's plans to close its smelter and copper refining plant in Quebec, Canada, due to environmental issues and high renovation costs. This is expected to widen the supply-demand gap, leading to higher copper prices in the future [1] Group 1: Market Reaction - Jiangxi Copper (600362) shares increased by 3.42%, reaching HKD 30.88 [1] - China Nonferrous Mining (01258) shares rose by 2.27%, reaching HKD 13.57 [1] - Luoyang Molybdenum (603993) shares gained 1.75%, reaching HKD 15.72 [1] Group 2: Supply and Demand Dynamics - Citic Securities reports that the supply-demand gap for copper is expected to widen, with copper prices potentially reaching new peaks by 2026 [1] - Major copper mining companies experienced a nearly 5% year-on-year decline in production in Q3 2025, with Q4 expected to continue this contraction [1] - Domestic refined copper supply is anticipated to shrink due to raw material shortages and stable demand, leading to a moderate reduction in domestic inventory [1] Group 3: Future Price Projections - The global refined copper supply gap is projected to widen by 50% next year due to low supply and steady demand [1] - LME copper prices are expected to demonstrate upward elasticity, potentially exceeding USD 10,000 per ton [1] - The copper sector is recommended for investment opportunities based on these dynamics [1]

Core Viewpoint - Copper stocks have risen due to supply concerns following Glencore's planned closure of its smelter and copper refinery in Quebec, Canada, driven by environmental issues and high renovation costs [1] Group 1: Company Performance - Jiangxi Copper Co. (00358) increased by 3.42%, trading at HKD 30.88 [1] - China Nonferrous Mining (01258) rose by 2.27%, trading at HKD 13.57 [1] - Luoyang Molybdenum (03993) gained 1.75%, trading at HKD 15.72 [1] Group 2: Market Analysis - Citic Securities reports that the supply-demand gap for copper is expected to widen, with copper prices potentially reaching new highs by 2026 [1] - Major copper mining companies experienced a nearly 5% year-on-year decline in production in Q3 2025, with Q4 expected to continue this contraction [1] - The anticipated raw material shortage and potential "anti-involution" factors are likely to contribute to a reduction in domestic refined copper supply in Q4, alongside stable demand [1] Group 3: Price Forecast - Global refined copper supply gap is projected to widen by 50% next year due to low supply and steady demand [1] - LME copper prices are expected to exceed USD 10,000 per ton, reflecting significant upward elasticity [1] - The copper sector is recommended for investment opportunities based on these market dynamics [1]

Group 1 - Hong Kong copper stocks experienced a collective rebound, with China Daye Nonferrous Metals leading the rise at approximately 9%, followed by Jiangxi Copper at 3%, and China Gold International and China Nonferrous Mining both up by 1.3% [1] - Mining giant Glencore is reportedly planning to close its Horne smelter and associated copper refinery in Quebec, Canada, due to environmental issues and the substantial capital required for upgrades [1] - The Horne smelter has an estimated annual production capacity of over 300,000 tons, accounting for about 17% of copper imports to the United States, indicating a significant impact on the North American copper supply chain [1] Group 2 - Earlier this year, traders moved large quantities of copper into the U.S. market in anticipation of potential tariffs on copper, which led to a surge in copper prices on the New York Mercantile Exchange (Comex) [1] - In August, former President Trump decided against imposing tariffs on bulk copper, instead targeting value-added copper products, while still leaving the possibility of tariffs on raw copper starting in 2027 [1]

Group 1 - The core viewpoint of the news is that copper stocks in Hong Kong have collectively rebounded, led by China Daye Nonferrous Metals with a rise of approximately 9% [1] - Glencore is planning to close its Horne smelter and associated copper refinery in Quebec, Canada, due to environmental issues and the need for significant capital investment for upgrades [1] - The Horne smelter has an estimated annual production capacity of over 300,000 tons, accounting for about 17% of copper imports to the United States, indicating a potential disruption in the North American copper supply chain [1] Group 2 - Earlier this year, traders moved large quantities of copper into the U.S. market in anticipation of potential tariffs on copper, leading to a surge in copper prices on the COMEX [1] - In August, former President Trump decided not to impose tariffs on bulk copper but targeted tariffs on processed copper products, while leaving the possibility of tariffs on raw copper starting in 2027 [1] Group 3 - The stock performance of key companies includes: - China Daye Nonferrous Metals: latest price 0.098, up 8.89% - Jiangxi Copper: latest price 30.740, up 2.95% - China Gold International: latest price 125.400, up 1.37% - China Nonferrous Mining: latest price 13.390, up 1.36% [2]

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10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: 中國有色礦業有限公司 呈交日期: 2025年11月4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) | 01258 | 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 | | | | 3,902,036,000 | | 0 | | 3,902,036,000 | | 增加 / 減少 (-) | | | | | | | | | | 本月底結存 | | | | 3,902,036,000 | | 0 ...

Core Viewpoint - The implementation plan for the construction of a new power system in Hainan aims to establish the province as a demonstration area for clean energy by 2030, supporting the goals of the Hainan Free Trade Port and the clean energy island initiative [2][3]. Group 1: Clean Energy Development - Hainan's installed capacity of renewable energy has surpassed 12 million kilowatts, making it the largest power source in the province [3]. - The province will actively support the development of offshore wind, solar, marine energy, and geothermal energy, promoting the orderly development of distributed renewable energy [3]. Group 2: Power Supply and Safety - By the end of this year, the 500 kV provincial digital power grid project will be fully completed, enhancing the smart sensing capabilities of the grid through the application of IoT and AI technologies [3]. - Plans are in place to construct new cross-sea transmission channels, including the Hainan-Guangdong third 500 kV AC line, to strengthen power supply security [3]. Group 3: Green Electricity Consumption - Hainan will promote electric energy substitution projects in various sectors, including ports, airports, and electric vehicles, to enhance electrification levels [3]. - The province has linked over 4,800 charging stations through the "Hainan Charging Pile" app and mini-program, aiming to develop large-scale vehicle-grid interaction projects [3]. Group 4: Efficient Power Trading - In October, clean electricity from Inner Mongolia was successfully transmitted to Hainan, supporting stable power supply during the National Day and Mid-Autumn Festival [4]. Group 5: Flexible System Regulation - Hainan will enhance its smart scheduling system and optimize renewable energy operation modes to improve the controllability of renewable energy [4]. - The province plans to accelerate the construction of pumped storage power stations and promote diversified development of new energy storage solutions [4].

Core Viewpoint - Copper stocks have shown a recovery in early trading, with significant gains for several companies in the sector [1] Company Summaries - Jiangxi Copper Co., Ltd. (00358.HK) increased by 6.4%, reaching HKD 34.92 [1] - China Nonferrous Mining Co., Ltd. (01258.HK) rose by 4.99%, trading at HKD 14.72 [1] - Luoyang Molybdenum Co., Ltd. (03993.HK) saw a gain of 3.54%, priced at HKD 17.22 [1] - Minmetals Resources Ltd. (01208.HK) experienced a 3.06% increase, with shares at HKD 7.07 [1]