Group 1 - The report maintains a positive investment rating for the company, indicating a favorable outlook based on recent market performance [2][5] - The company's mineral resources are abundant, with stable operations in its existing mines, producing nickel, cobalt, copper, lead, and zinc [8][9] - In the first half of 2025, the company produced 15,534 tons of nickel, 1,435 tons of cobalt, 11,562 tons of copper, 5,029 tons of lead, and 23,331 tons of zinc, with respective year-on-year changes of -1.91%, -0.49%, 1.22%, 13.75%, and 5.32% [9][10] Group 2 - The company is making steady progress on its undeveloped copper mines, with expectations to enter the construction phase this year [30][33] - The Pakistan Siyadik copper mine has a resource volume of 3.78 million tons, with all relevant approval processes applied for and largely approved as of the first half of 2025 [30][31] - The Afghanistan Aynak copper mine, with a resource volume of 12.36 million tons, has seen significant progress, with the access road completed and mining operations expected to start by the end of 2025 [33][34] Group 3 - The report draws comparisons with Hongda Co., indicating that the company's valuation in the non-ferrous metal sector is expected to be reassessed positively [34][36] - Since the breakthrough in project progress on August 2, 2025, the market capitalization of the company has increased by approximately 80.15 billion and 85.01 billion for its A and H shares respectively [36][38] - The company holds a 75% stake in the Aynak copper mine and an 80% stake in the Siyadik copper mine, corresponding to an equity resource volume of approximately 12.29 million tons [38][39]

Investment Rating - The report maintains a "Buy" rating for key companies including China Chemical, Donghua Technology, Sanwei Chemical, China Metallurgical Group, China Railway Group, and Sichuan Road and Bridge [10][11][32]. Core Insights - The Xinjiang region is expected to enter a period of intensive policy catalysts, with the central government likely to provide more support, enhancing the performance and valuation of the Xinjiang sector [2][10][13]. - The report emphasizes two main investment directions: transportation infrastructure and coal chemical projects in Xinjiang, driven by the region's strategic importance and resource endowment [2][6][10]. - Key companies recommended include local infrastructure leaders such as Xinjiang Communications Construction and Beixin Road and Bridge, as well as coal chemical leaders like China Chemical and Donghua Technology [10][13]. Summary by Sections Transportation Infrastructure - Xinjiang plans to complete a transportation investment of 800 billion yuan in 2025, with a year-on-year increase of 13.5% [2][22]. - The region aims to achieve a "county-to-county" highway network and fill gaps in western railway infrastructure, indicating significant long-term construction potential [2][22]. - Key players in this sector include Xinjiang Communications Construction, Beixin Road and Bridge, and other local construction firms [10][22]. Coal Chemical Projects - Xinjiang has over 800 billion yuan in coal chemical projects under construction or planned, with significant investment expected in the coming years [6][23]. - The report forecasts annual investments of approximately 997 billion yuan in 2025, 2077 billion yuan in 2026, and 2326 billion yuan in 2027 [6][28]. - Companies such as China Chemical, Donghua Technology, and Sanwei Chemical are highlighted as primary beneficiaries of this sector's growth [10][23]. Valuation and Market Potential - China Metallurgical Group is estimated to have a total value of 718 billion yuan, with a potential upside of 71% based on current market valuation [7][31]. - China Railway Group's estimated value is 1443 billion yuan, with a potential upside of 70% [7][31]. - The report also notes the rising prices of gold and copper, suggesting a re-evaluation of the value of resource-rich construction companies [10][13]. High Dividend Stocks - Sichuan Road and Bridge is recommended for its high dividend yield, projected at 6.4% for 2025, with significant growth in net profit expected [10][9]. - The report emphasizes the attractiveness of high dividend stocks in the current market environment [10][9].

重要提示 不適用 六. 前瞻性陳述的風險聲明 本報告中涉及的未來計劃等前瞻性陳述，不構成公司對投資者的實質性承諾，請投資者注意投資風險。 七. 是否存在被控股股東及其他關聯方非經營性佔用資金情況 否 八. 是否存在違反規定決策程序對外提供擔保的情況 否 九. 是否存在半數以上董事無法保證公司所披露半年度報告的真實性、準確性和完整性 否 十. 重大風險提示 公司已在半年度報告中詳細描述了公司可能面臨的風險，敬請查閱本報告「董事會報告、管理層討論與分 析」章節關於公司可能面臨風險的描述。 十一. 其他 除特別註明外，本報告所有金額幣種均為人民幣。本報告中任何數據及表格所載的數據之差，是由於四 捨五入計算所致。 2025 中期報告 1 一. 本公司董事會及董事、高級管理人員保證半年度報告內容的真實性、準確性、完整性，不存在虛假記載、 誤導性陳述或重大遺漏，並承擔個別和連帶的法律責任。 二. 本報告經公司2025年8月29日召開的第三屆董事會第七十六次會議審議通過，公司全體董事出席董事會會議。 三. 本公司2025年半年度財務報表已經德勤華永會計師事務所（特殊普通合夥）審閱，但未經審計。德勤華永 會計師事務所（特殊普 ...

Core Viewpoint - China Metallurgical Group Corporation (China MCC) experienced a decline in stock price and significant net outflow of funds, indicating potential investor concerns about its financial performance and market position [1][2]. Financial Performance - As of June 30, 2025, China MCC reported a revenue of 237.53 billion yuan, a year-on-year decrease of 20.52%, and a net profit attributable to shareholders of 3.10 billion yuan, down 25.31% compared to the previous year [2]. - The company has cumulatively distributed dividends of 17.21 billion yuan since its A-share listing, with 4.37 billion yuan distributed over the last three years [3]. Stock Market Activity - On September 18, 2023, China MCC's stock price fell by 2.02% to 3.39 yuan per share, with a trading volume of 280 million yuan and a turnover rate of 0.46%, resulting in a total market capitalization of 70.25 billion yuan [1]. - The stock has seen a year-to-date increase of 4.50%, with a decline of 1.17% over the last five trading days, a rise of 2.42% over the last 20 days, and a significant increase of 16.74% over the last 60 days [1]. Shareholder Structure - As of June 30, 2025, the number of shareholders for China MCC was 312,000, a decrease of 1.90% from the previous period [2]. - Major shareholders include China Securities Finance Corporation, holding 589 million shares, and Hong Kong Central Clearing Limited, which increased its holdings by 12.5 million shares to 429 million [3].

Investment Rating - The report maintains a "Buy" rating for key companies in the construction and chemical sectors, particularly focusing on those benefiting from infrastructure development in Xinjiang and coal chemical projects [10][21]. Core Insights - The year 2025 marks the 70th anniversary of the Xinjiang Uyghur Autonomous Region, with expectations for increased central government support and policies that could significantly boost the performance and valuation of companies in the region [1][2][10]. - Key investment opportunities are identified in two main areas: transportation infrastructure and coal chemical projects, with specific recommendations for companies such as China Communications Construction, North New Road Bridge, and China Chemical [2][10][21]. - The report highlights the potential for substantial investment in coal chemical projects in Xinjiang, estimating annual investments of approximately 997 billion, 2077 billion, and 2326 billion from 2025 to 2027 [2][21]. Summary by Sections Transportation Infrastructure - The report emphasizes the importance of enhancing transportation infrastructure in Xinjiang, with ongoing railway projects and expected progress on the China-Kyrgyzstan-Uzbekistan railway, which has a total investment of 8 billion USD [2][21]. - Recommended companies benefiting from this sector include Xinjiang Communications Construction, North New Road Bridge, and major players in cement and steel production [1][2][10]. Coal Chemical Projects - The report notes that Xinjiang has significant potential for coal chemical development, with over 800 billion in investments planned for ongoing and proposed projects by mid-2025 [2][21]. - Key companies in this sector include China Chemical, Donghua Technology, and Sanwei Chemical, which are expected to benefit from the acceleration of project launches and the rising demand for green methanol [2][10][21]. Valuation Reassessment - The report suggests that companies rich in mineral resources, such as China Metallurgical Group and China Railway Group, are due for a valuation reassessment due to rising prices of gold and copper amid a recovering economy [7][30]. - China Metallurgical Group's estimated value is 732 billion, with a potential upside of 64%, while China Railway Group's estimated value is 1490 billion, with a potential upside of 69% [7][30]. High Dividend Recommendations - The report highlights Sichuan Road and Bridge as a high-dividend stock, projecting a dividend yield of 6.4% for 2025, benefiting from the strategic importance of Sichuan in national infrastructure plans [8][10][21]. - Other companies recommended for their high dividend yields include China Construction and China Railway Group, with respective yields of 5% and 4.6% [6][10].

Group 1 - The core point of the article is that China Metallurgical Group Corporation (China MCC) reported a significant decrease in new contract amounts for the period from January to August 2025, with a total of RMB 679.57 billion, representing an 18.2% decline compared to the same period last year [1] - The new overseas contract amount for the same period reached RMB 64.22 billion, which shows an increase of 8.9% year-on-year [1]

Group 1 - The core point of the article is that China Metallurgical Group Corporation reported a decrease in new contract amounts for the period from January to August 2025, while overseas contracts saw an increase [1] Group 2 - The total new contracts signed by the company amounted to 679.57 billion yuan, representing an 18.2% decrease compared to the same period last year [1] - The new overseas contracts signed reached 64.22 billion yuan, which is an 8.9% increase year-on-year [1]

Group 1 - The company announced that its new contract amount for the period from January to August 2025 reached RMB 679.57 billion, representing an 18.2% decrease compared to the same period last year [1] - The new overseas contract amount was RMB 64.22 billion, which reflects an 8.9% increase compared to the same period last year [1]

Group 1 - The core point of the article is that China Metallurgical Group Corporation (China MCC) reported a decrease in new contract value for the period from January to August 2025, amounting to RMB 679.57 billion, which is an 18.2% decline compared to the same period last year [1] - The new overseas contract value for the same period reached RMB 64.22 billion, reflecting an increase of 8.9% year-on-year [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告的內 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 不對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的 任 何 損 失 承 擔 任 何 責 任。 承董事會命 中國冶金科工股份有限公司 常 琦 聯席公司秘書 海外監管公告 本公告乃根據香港聯合交易所有限公司證券上市規則第13.10B條而發表。 以下為中國冶金科工股份有限公司（「本公司」）於二零二 五 年 九月十二日 在 上 海 證 券 交 易 所 網 站 刊 發 的 資 料 全 文，僅 供 提 供 信 息 之 用。 中国冶金科工股份有限公司 2025 年 1-8 月新签合同情况简报 中国冶金科工股份有限公司（以下简称"本公司"）董事会及全体董事保证本 公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容的真实性、 准确性和完整性承担法律责任。 本公司 2025 年 1-8 月新签合同额人民币 6,795.7 亿元，较上年同期降低 18.2%， 其中新签海外合同额人民币 642.2 亿元，较上年同期增长 8.9%。 北 京， ...