Core Viewpoint - Zijin Mining (02899.HK) announced a board meeting scheduled for October 17, 2025, to review and approve the third-quarter results for the nine months ending September 30, 2025 [1] Group 1 - The board meeting will take place at the China Aviation Zijin Plaza, 41st floor, Meeting Room, located at 1811 Huandao East Road, Siming District, Xiamen, Fujian Province [1]

紫金礦業集團股份有限公司（「本公司」）董事會謹此宣佈將於 2025 年 10 月 17 日（星期 五）於中華人民共和國（「中國」）福建省廈門市思明區環島東路 1811 號中航紫金廣場 B 塔 41 樓會議室舉行董事會會議，藉以（其中包括）審議及批准截至 2025 年 9 月 30 日止九 個月本公司及其附屬公司之 2025 年第三季度業績及其發佈。 董事會會議通知 本公告乃根據香港聯合交易所有限公司證券上市規則第 13.43 條而發出。 2025 年 9 月 26 日 中國福建 * 本公司之英文名稱僅供識別 1 ...

Group 1: Hang Seng Index (HSI) - Investors believe that the strong support level is at 26,400, holding bull certificates with a redemption price of 25,900. Bearish investors expect a drop to 26,050, holding bear certificates with a redemption price of 27,078 [1] - Technical signals indicate a "sell" recommendation, with support levels at 25,800 and 25,400, while resistance is at 26,900. There are numerous bull certificates near the redemption price of 25,400, with leverage exceeding 21 times [1] - Investors are advised to compare product terms carefully, as some products with higher redemption prices may offer lower leverage and higher premiums, making them less attractive [1] Group 2: Pop Mart (09992.HK) - Investors are inquiring about the possibility of bull certificates dropping to 250 HKD, while others are optimistic about a rise to 268 HKD, holding bull certificates with a redemption price of 240 HKD [8] - The stock price rose to 261.8 HKD, with support identified at 247 HKD. The technical signal is a "buy," with resistance at 283 HKD [8] - Investors are cautioned against short-term products expiring between October and December due to significant time value decay, while longer-term products may offer better leverage [8] Group 3: Zijin Mining (02899.HK) - The stock price has been rising, reaching a high of 31.62 HKD, approaching the upper limit of the Bollinger Bands. Resistance levels are at 32.9 HKD and 33.8 HKD, with a short-term signal indicating a "sell" [15] Group 4: Contemporary Amperex Technology (03750.HK) - The stock price closed at 532 HKD, with a high of 535.5 HKD, nearing the upper limit of the Bollinger Bands. The first resistance level is at 558 HKD, with a potential second resistance at 604 HKD [21] - Investors are advised to consider products with exercise prices between 560-590 HKD, which have lower premiums and higher probabilities of moving from out-of-the-money to in-the-money [21] Group 5: Li Auto (02015.HK) - The stock price has surpassed 100 HKD, closing at 102 HKD, with technical signals indicating a "buy." Resistance levels are at 106 HKD and 110 HKD, with a target of 120 HKD [26] Group 6: AAC Technologies (02018.HK) - The stock has been declining, and the short-term trend is a "sell." Investors looking for entry points should exercise patience, with support levels at 44.2 HKD and 41.1 HKD [31]

截至今日收盘，包括铜、铝、钼等多种在内的工业金属和小金属概念表现亮眼。其中紫金矿业、江西铜业、铜陵有色、北方铜业等铜资源龙头涨幅均超过5%，并带动洛阳钼业、精艺股份、西部矿 作业铜产业链中最大市值龙头的紫金矿业，今天其A股价跳空高开高走，收涨5.17%，市值超越7000亿大关，创下历史新高（紫金矿业H股大涨5.47%，市值涨至8308.15亿港元）。 紫金矿业今年以来累计大涨80%，主要驱动原因是作为主营之一的黄金在近两年强势大涨，推动公司利润大增。但铜业务的贡献也不小。根据紫金矿业发布的2025年半年报，铜业务的销售收入占 消息面来看，近日发生的印尼Grasberg矿山泥石流事件成为刺激铜价及铜产业股大涨的导火索。 截至9月25日A股收市，工业金属板块整体上涨1.31%，板块主力资金净流入近16亿元，表现位居多数概念前列。 来源：格隆汇APP 有分析认为，随着美联储进入降息周期刺激全球资源品通胀抬升、叠加国内"反内卷"推动供给侧改革以及经济稳增长态势，工业有色行情或许还未走完。 继刚果（金）对钴出口政策调整引发钴概念股大涨之后，近日一则铜矿事件，再度点燃A股工业金属大涨行情。 01 集体大涨 9月8日，美国 ...

Group 1: Market Impact - The closure of Freeport McMoRan's Grasberg mine due to a fatal landslide is expected to significantly disrupt global copper supply, potentially leading to a price increase and improved profitability for copper companies [1][2] - Analysts predict a loss of 500,000 tons of copper supply in the next 12 to 15 months, with possible further losses of 1 to 2 million tons, equating the impact to the simultaneous closure of three major copper mines [1][3] Group 2: Demand Dynamics - Copper is increasingly recognized as a critical material for green energy transition and digital economy development, with electric vehicles using four times more copper than traditional fuel vehicles [2] - Goldman Sachs forecasts that by 2030, data centers powering AI servers could consume an additional 1 million tons of copper, indicating strong future demand [2] Group 3: Price Forecasts - Goldman Sachs has adjusted its price forecast for copper, suggesting an upward risk to its previous estimate of $9,700 per ton for December 2025, now expecting prices to stabilize between $10,200 and $10,500 per ton [2] - The long-term outlook for copper prices remains bullish, with expectations of reaching $10,750 per ton by 2027 due to challenges such as increased mining depth and declining ore grades [2] Group 4: Company Performance - Jiangxi Copper Co. reported a revenue of approximately 256.03 billion yuan for the first half of 2025, a decrease of 4.97% year-on-year, while net profit attributable to shareholders increased by 19.78% to about 4.45 billion yuan [4] - Zijin Mining's copper production reached 566,853 tons in the first half of 2025, a year-on-year increase of 9.3%, with copper sales contributing 27.8% to total revenue [4] - Luoyang Molybdenum Co. achieved a copper production of 353,600 tons in the first half of 2025, with revenue from mining operations increasing by 29.05% to 31.446 billion yuan [4] - Minmetals Resources reported a total copper production of 140,368 tons in Q2 2025, a 54% increase year-on-year, driven by improved output from three copper mines [5]

Key Points - The top three companies with net inflows of southbound funds are Alibaba-W (09988) with 1.656 billion, SMIC (00981) with 494 million, and Zijin Mining (02899) with 465 million [1] - The top three companies with net outflows of southbound funds are the Tracker Fund of Hong Kong (02800) with -3.808 billion, Hang Seng China Enterprises (02828) with -1.816 billion, and Southern Hang Seng Technology (03033) with -938 million [1] - In terms of net inflow ratios, the top three companies are Datang Renewable (01798) at 65.90%, Jiangsu Nanjing Highway (00177) at 58.80%, and Beijing Automotive (01958) at 56.67% [1] - The top three companies with the highest net outflow ratios are Xtep International (01368) at -59.38%, H&H International Holdings (01112) at -50.94%, and Tigermed (03347) at -43.81% [1] Net Inflow Rankings - Alibaba-W (09988) had a net inflow of 1.656 billion, representing an increase of 8.71% in closing price [2] - SMIC (00981) saw a net inflow of 494 million, with a closing price decrease of 1.02% [2] - Zijin Mining (02899) experienced a net inflow of 465 million, with a closing price increase of 0.54% [2] - The top net inflow companies also include Jin Jing New Energy (02945) and CanSino Biologics (09926) with inflows of 345 million each [2] Net Outflow Rankings - The Tracker Fund of Hong Kong (02800) had the largest net outflow of -3.808 billion, with a closing price decrease of 0.59% [2] - Hang Seng China Enterprises (02828) experienced a net outflow of -1.816 billion, with a closing price decrease of 1.00% [2] - Southern Hang Seng Technology (03033) had a net outflow of -938 million, with a closing price decrease of 1.63% [2] - Other notable net outflow companies include Pop Mart (09992) with -553 million and China Hongqiao (01378) with -363 million [2] Net Inflow Ratios - Datang Renewable (01798) leads with a net inflow ratio of 65.90%, with a closing price of 2.490 [3] - Jiangsu Nanjing Highway (00177) follows with a net inflow ratio of 58.80%, closing at 9.270 [3] - Beijing Automotive (01958) has a net inflow ratio of 56.67%, with a closing price of 2.110 [3] Net Outflow Ratios - Xtep International (01368) has the highest net outflow ratio at -59.38%, closing at 5.890 [3] - H&H International Holdings (01112) follows with a net outflow ratio of -50.94%, closing at 13.510 [3] - Tigermed (03347) has a net outflow ratio of -43.81%, with a closing price of 45.240 [3]

两融数据显示，该股最新融资余额为50.73亿元，近5日增加1.01亿元，增幅为2.03%。（数据宝） 9月25日紫金矿业大宗交易一览 | 成交量 | 成交金额 | 成交价格 | 相对当日收盘折 | 买方营业部 | 卖方营业部 | | --- | --- | --- | --- | --- | --- | | （万股） | （万元） | （元） | 溢价（%） | | | | 270.00 | 7362.90 | 27.27 | 0.00 | 申万宏源证券有限 | 中信证券股份有限公司 | | | | | | 公司国际部 | 上海分公司 | 注：本文系新闻报道，不构成投资建议，股市有风险，投资需谨慎。 （文章来源：证券时报网） 紫金矿业9月25日大宗交易平台出现一笔成交，成交量270.00万股，成交金额7362.90万元，大宗交易成 交价为27.27元。该笔交易的买方营业部为申万宏源证券有限公司国际部，卖方营业部为中信证券股份 有限公司上海分公司。 进一步统计，近3个月内该股累计发生54笔大宗交易，合计成交金额为19.19亿元。 证券时报·数据宝统计显示，紫金矿业今日收盘价为27.27元，上涨5.17%，日换手 ...

Core Viewpoint - The recent copper mine incident has reignited the rally in industrial metals stocks in the A-share market, following a previous surge in cobalt-related stocks due to policy changes in the Democratic Republic of Congo [1][8]. Group 1: Market Performance - As of September 25, the industrial metals sector in the A-share market rose by 1.31%, with net inflows of nearly 1.6 billion yuan [1]. - The industrial metals sector has seen an overall increase of over 50% since the low point in April, with nearly 20 stocks doubling in market value [9][20]. - Major players in the copper sector, such as Zijin Mining and Jiangxi Copper, experienced stock price increases exceeding 5% [3][11]. Group 2: Key Events and Drivers - The Grasberg copper mine incident in Indonesia, which resulted in production halts and a projected 35% drop in output by 2026, has significantly impacted copper prices, pushing them to a new high of 82,710 yuan per ton [8]. - The recent policy changes in the Democratic Republic of Congo regarding cobalt exports, including an extension of the export suspension until October 2025, have raised concerns about future supply and contributed to price increases in the cobalt market [12][13]. Group 3: Company Insights - Zijin Mining's stock has surged by 80% this year, with copper sales contributing significantly to its revenue, accounting for 27.8% of sales and 38.5% of gross profit [7]. - Luoyang Molybdenum's stock price has increased by 145% since April, driven by rising prices of its main products, with a reported revenue of 94.77 billion yuan in the first half of 2025, despite a year-on-year decline [11][20]. - The copper production from Luoyang Molybdenum is expected to reach 650,000 tons in 2024, marking a 65% increase year-on-year [11]. Group 4: Future Outlook - Analysts predict that the industrial metals sector will continue to benefit from macroeconomic factors such as the Federal Reserve's interest rate cuts and domestic supply-side reforms [14][15]. - The overall sentiment in the industrial metals market remains positive, with expectations of sustained demand and price increases due to global economic recovery and strategic metal pricing dynamics [17][20].

Core Viewpoint - The recent copper mine incident has reignited a surge in industrial metal stocks in the A-share market, following a previous rise in cobalt-related stocks due to policy adjustments in the Democratic Republic of Congo [1][8]. Group 1: Market Performance - As of September 25, the industrial metal sector in the A-share market rose by 1.31%, with net inflows of nearly 1.6 billion yuan [1][2]. - Major industrial metal stocks, including Zijin Mining and Jiangxi Copper, saw increases of over 5%, contributing to a broader rally in the sector [3][4]. - The overall industrial metal sector has increased by over 50% since April, with nearly 20 stocks doubling in market value [9]. Group 2: Key Events and Drivers - The Grasberg mine incident in Indonesia, which resulted in production halts and a projected 35% drop in copper output by 2026, has significantly impacted copper prices, pushing them to a new high of 82,710 yuan per ton [8][9]. - The copper business of Zijin Mining accounted for 27.8% of its sales revenue and 38.5% of its gross profit, highlighting the importance of copper in its overall performance [7]. - The recent policy changes in the Democratic Republic of Congo regarding cobalt exports are expected to tighten supply, potentially leading to higher prices in the long term [12][13]. Group 3: Economic Context - The anticipated interest rate cuts by the Federal Reserve are expected to stimulate demand for industrial metals, as lower rates can enhance the relative attractiveness of these commodities [15][17]. - Domestic policies aimed at reducing "involution" are also contributing to a more favorable environment for industrial metals, as they encourage supply-side reforms and economic stability [16][20]. - Analysts suggest that the industrial metal sector is likely to continue its upward trend, supported by macroeconomic improvements and strategic shifts in the market [14][20].

Core Viewpoint - The industrial metal sector in A-shares has experienced significant growth, driven by recent events such as the copper mine incident and macroeconomic factors like the Federal Reserve's interest rate cuts and domestic supply-side reforms [2][4][17]. Group 1: Market Performance - As of September 25, the industrial metal sector rose by 1.31%, with net inflows of nearly 1.6 billion yuan [2]. - Key industrial metal stocks, including Zijin Mining and Jiangxi Copper, saw increases of over 5%, contributing to a broader rally in the sector [5][6]. - The overall industrial metal sector has increased by over 50% since April, with nearly 20 stocks doubling in market value [13]. Group 2: Key Events and Their Impact - The mudslide incident at Freeport McMoRan's Grasberg copper mine in Indonesia has led to a significant rise in copper prices, with the main contract increasing by 3.4% to 82,710 yuan per ton [10]. - The Grasberg mine's production is expected to decline by 35% until 2027 due to the incident, further tightening copper supply [10]. - The recent policy changes in the Democratic Republic of Congo regarding cobalt exports have also contributed to rising prices and market concerns about supply shortages [16]. Group 3: Company Insights - Zijin Mining's stock has surged by 80% this year, with copper sales contributing significantly to its revenue, accounting for 27.8% of sales and 38.5% of gross profit [9]. - Luoyang Molybdenum's stock has increased by 145% since April, driven by rising prices of its key products, copper and cobalt, which are expected to see substantial production increases in 2024 [15]. - The company reported a net profit increase of 60.07% year-on-year for the first half of 2025, reaching 8.671 billion yuan [15]. Group 4: Macroeconomic Factors - The anticipated interest rate cuts by the Federal Reserve are expected to enhance the attractiveness of industrial metals, as they are priced in dollars [18]. - The global economic recovery and domestic policies aimed at reducing competition are likely to improve the fundamentals of various non-ferrous metals [24]. - Analysts suggest that the industrial metal sector will benefit from the Fed's easing cycle, with copper and aluminum being prioritized due to their stable long-term demand [20][19].