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].

ZIJIN MINING GROUP COMPANY LIMITED* （在中華人民共和國註冊成立的股份有限公司） （A股股份代號： 601899 H股股份代號： 2899） 2025 中期報告 為人類美好生活 提供低碳礦物原料 *僅供識別 中期報告 2025 目錄 2 公司資料 3 釋義 4 本報告基本資料 5 經營回顧 11 管理層討論與分析 22 股本與股東情況 25 董事、監事及最高行政人員的權益及淡倉 26 其他事項 54 合併資產負債表 57 合併利潤表 59 合併股東權益變動表 61 合併現金流量表 63 資產負債表 65 利潤表 66 股東權益變動表 68 現金流量表 70 財務報表附註 2 紫金礦業集團股份有限公司 2025年中期報告 公司資料 執行董事 陳景河 （董事長） 鄒來昌 （副董事長、總裁） 林泓富 林紅英 謝雄輝 吳健輝 非執行董事 李建 獨立非執行董事 何福龍 （獨立董事召集人） 李常青 孫文德 薄少川 吳小敏 毛景文 （於2025年3月31日辭任） 監事 林水清 劉文洪 曹三星 丘樹金 林燕 審計與內控委員會 李常青 （主任委員） 吳小敏 （副主任委員） 何福龍 薄少川 孫文 ...

Demand）为2，758.6万吨，即今年预测供需平衡差（Balance）为26.7万吨，但料全球2026年精炼铜总产量预测为2，806.2万吨、2026年精炼铜总需求量为2，848.2万吨，即明年预测供 责任编辑：史丽君 Teniente矿山事故，以及秘鲁示威等因素，将进一步加剧短期矿山供应风险。该行原先预测2026年全球矿山供应增长约2%（50万吨），并已计入约5%的供应干扰；如今因应Grasberg指引调 过去2至3年，精炼铜供应增长持续超出矿山供应成长，导致铜精矿和废铜市场趋紧，但同时推迟了精炼市场的紧张状况，也因此抑制了铜价长期突破每吨1万美元的涨势。该行认为Grasberg矿 2026年铜精炼供应预测下调，将扩大精炼市场的供给缺口。虽然与关税相关的宏观不确定性及市场波动持续，中国铜需求仍展现韧性，电网与储能需求强劲，弥补了太阳能与家电需求在下半年 该行亦列出全球2025年精炼铜总产量（Total Refined Production）预测为2，785.3万吨、2025年精炼铜总需求量（Refined 瑞银发表报告表示，FCX因今年9月8日印尼Grasberg矿区（全球第二大铜矿）地下出现矿难（大量 ...

ZIJIN MINING GROUP COMPANY LIMITED* （在中華人民共和國註冊成立的股份有限公司） （A股股份代號： 601899 H股股份代號： 2899） 2025 中期報告 為人類美好生活 提供低碳礦物原料 *僅供識別 中期報告 2025 目錄 2 公司資料 3 釋義 4 本報告基本資料 5 經營回顧 11 管理層討論與分析 22 股本與股東情況 25 董事、監事及最高行政人員的權益及淡倉 26 其他事項 54 合併資產負債表 57 合併利潤表 59 合併股東權益變動表 61 合併現金流量表 63 資產負債表 65 利潤表 66 股東權益變動表 68 現金流量表 70 財務報表附註 2 紫金礦業集團股份有限公司 2025年中期報告 公司資料 執行董事 陳景河 （董事長） 鄒來昌 （副董事長、總裁） 林泓富 林紅英 謝雄輝 吳健輝 非執行董事 李建 獨立非執行董事 何福龍 （獨立董事召集人） 李常青 孫文德 薄少川 吳小敏 毛景文 （於2025年3月31日辭任） 監事 提名與薪酬委員會 何福龍 （主任委員） 孫文德 薄少川 吳小敏 （於2025年1月10日獲委任為委員） 李建 陳景河 戰略 ...

Group 1 - The Hong Kong stock market saw mixed performance with the Hang Seng Technology Index slightly down by 0.13%, while the National Enterprises Index rose marginally by 0.01% [2] - The Hang Seng Technology Index experienced a peak increase of 2% during the trading session before closing with a minor decline [2] Group 2 - Major technology stocks generally maintained an upward trend, with Xiaomi rising by 4.48%, JD.com by 3.46%, and Baidu by 2.33% [4] - Automotive stocks collectively increased, with Chery Automobile seeing a significant rise of nearly 14% on its first trading day, while other companies like Li Auto, NIO, and BYD also posted gains [4] - Copper prices surged due to supply tightness following an accident at the world's second-largest copper mine, leading to strong performances in the copper sector, with China Daye Non-Ferrous Metals soaring by 25% [4]

Core Viewpoint - The IPO of Zijin Gold International has been delayed due to severe weather conditions in Hong Kong, with significant oversubscription and strong backing from cornerstone investors [1][2]. Group 1: IPO Details - The IPO subscription deadline has been postponed from September 24 to September 25, with a total of HKD 480.7 billion in margin loans extended by brokers, resulting in an oversubscription rate of 191.4 times against the public offering amount of HKD 2.498 billion [1]. - Zijin Gold International plans to issue 350 million shares at a price of HKD 71.59 per share, aiming to raise HKD 24.98 billion, with the listing expected on September 30 [1]. - The company has secured full subscription for its international placement, with 28 cornerstone investors committing approximately USD 1.6 billion, representing 49.9% of the global offering [1]. Group 2: Company Background - Zijin Gold International is a spin-off from Zijin Mining Group, primarily engaged in gold exploration, mining, refining, and sales, with operations in Central Asia, South America, Oceania, and Africa [2]. - As of June 30, 2025, the net amount payable to Zijin Mining by Zijin Gold International is USD 640 million, highlighting the close relationship between the two entities [2]. - In the previous year, Zijin Gold International reported revenues of USD 2.99 billion, a year-on-year increase of 32.2%, with a net profit attributable to shareholders of USD 480 million, up 108.9% [2]. Group 3: Use of Proceeds - Approximately 33.4% of the net proceeds from the IPO will be used to settle the acquisition cost of the Raygorodok gold mine in Kazakhstan, while 50% will be allocated for upgrades and construction projects at existing mines to enhance production capacity [3]. - 6.5% of the funds will be directed towards exploration activities to fully realize growth potential, and 10% will be used for general corporate purposes [3].

Summary of Key Points Core Viewpoint - As of September 25, a total of 99 stocks reached their 52-week highs, indicating a strong performance in the market, with notable leaders including 精技集团, 辰林教育, and 荣丰集团亚洲, which achieved high rates of increase in their stock prices [1]. Group 1: Stocks Reaching 52-Week Highs - 精技集团 (03302) achieved a closing price of 0.495 with a peak of 0.580, marking a 132.00% increase [1]. - 辰林教育 (01593) closed at 1.490, reaching a high of 3.000, reflecting a 61.29% increase [1]. - 荣丰集团亚洲 (08526) had a closing price of 0.200 and a peak of 0.210, resulting in a 59.09% increase [1]. - 中国集成控股 (01027) reached a closing price of 2.120 with a high of 2.250, showing a 50.00% increase [1]. - 中国光大控股 (00165) closed at 12.790, peaking at 13.240, which is a 26.46% increase [1]. Group 2: Additional Stocks with Significant Increases - K2 F&B (02108) closed at 0.260 with a peak of 0.320, indicating a 25.49% increase [1]. - 中国文旅农业 (00542) reached a closing price of 0.180 and a high of 0.186, marking a 24.00% increase [1]. - 新宇环保 (00436) had a closing price of 0.097 and a peak of 0.098, resulting in a 16.67% increase [1]. - 中国有色矿业 (01258) closed at 13.430 with a peak of 15.680, reflecting a 16.15% increase [1]. - JBB BUILDERS (01903) reached a closing price of 1.420 and a high of 2.020, showing a 16.09% increase [1]. Group 3: Stocks with Lower Increases - 国际精密 (00929) closed at 1.070 with a peak of 1.110, indicating a 15.63% increase [1]. - 极智嘉－Ｗ (02590) had a closing price of 28.680 and a peak of 29.820, resulting in a 13.04% increase [1]. - 德利机械 (02102) closed at 0.246 with a peak of 0.255, marking an 11.84% increase [1]. - 江苏宏信 (02625) reached a closing price of 4.710 and a high of 4.790, reflecting a 10.62% increase [1]. - 博尼控股 (01906) closed at 0.560, remaining stable with a 9.80% increase [1].

格隆汇9月25日｜港股三大指数早盘冲高午后回落，恒生科技指数小幅收跌0.13%，国企指数微幅上涨 0.01%，恒生科技指数涨0.89%盘中曾大涨2%。盘面上，大型科技股多数维持上涨行情，小米涨 4.48%，京东涨3.46%，百度涨2.33%，快手涨1.69%，腾讯、美团勉强飘红，阿里巴巴、网易转跌超 1%；全球第二大铜矿发生事故，供应趋紧促金属铜价走高，铜业股全天强势领涨，其中，中国大冶有 色金属飙涨25%表现最为抢眼，中国有色矿业涨11%，黄金股紫金矿业盘中再创历史新高；汽车股集体 上涨，奇瑞汽车首日上市一度大涨近14%，零跑、小鹏、理想、蔚来、比亚迪齐涨；锂电池股、化妆品 股、半导体芯片股、航空股、生物医药股普遍表现活跃。另一方面，内银股走低大市相对承压，其中， 中信银行跌近3%，工行、中行。建行均跌超2%，家电股、脑机接口概念股、乳制品股、港口及海运股 纷纷走低。(格隆汇) ...

Core Insights - The article highlights the top and bottom AH share premium rates, with Northeast Electric (00042) leading at 881.82% and Ningde Times (03750) at -11.55% [1][2][3] Group 1: Top AH Share Premium Rates - Northeast Electric (00042) has the highest premium rate of 881.82% with a deviation value of 87.12% [1][2][4] - Zhejiang Shibao (01057) follows with a premium rate of 228.63% and a deviation value of 28.72% [1][2][4] - Andeli Juice (02218) ranks third with a premium rate of 225.76% and a deviation value of -3.85% [1][2][4] Group 2: Bottom AH Share Premium Rates - Ningde Times (03750) has the lowest premium rate at -11.55% with a deviation value of 2.42% [1][3] - Heng Rui Pharmaceutical (01276) has a premium rate of -3.49% and a deviation value of -2.41% [1][3] - Zijin Mining (02899) ranks third from the bottom with a premium rate of 4.81% and a deviation value of -1.32% [1][3] Group 3: Deviation Values - The highest deviation values are seen in Northeast Electric (00042) at 87.12%, followed by Changfei Optical Fiber (06869) at 31.52% and Dazhong Public Utilities (01635) at 29.80% [1][4] - The lowest deviation values are recorded for Qin Port Co. (03369) at -22.56%, Longyuan Power (00916) at -20.30%, and Longpan Technology (02465) at -16.74% [1][5]

格隆汇9月25日｜由于黄金价格持续创下历史新高，铜价也有望创下有史以来的最佳年度表现，矿业巨 头紫金矿业在9月25日A股收盘后，市值达到7247.7亿元人民币，首次收盘突破1000亿美元关口，仅次于 全球其它两家矿业集团：必和必拓(1400亿美元)、力拓(1120亿美元)。紫金矿业目前正计划为其国际黄 金业务进行公开上市，不过受超强台风"桦加沙"影响，紫金黄金国际股份在香港联交所挂牌并开始上市 交易的日期推迟至2025年9月30日。 ...