Investment Rating - The report maintains a "Market Weight" rating for the non-ferrous metals industry, indicating that the industry index is expected to perform within ±10% of the market index over the next six months [67]. Core Viewpoints - The non-ferrous metals industry has seen a 6.46% increase over the past two weeks, outperforming the CSI 300 index by 4.57 percentage points, ranking third among 31 industries [3][13]. - Precious metals have shown significant growth, with an 18.10% increase in the last two weeks, while energy metals and industrial metals have also performed well, increasing by 10.92% and 7.60% respectively [17][19]. - The report highlights the impact of U.S. economic data on market expectations for Federal Reserve interest rate cuts, which has led to a bullish outlook for metal prices, particularly gold [6][62]. Summary by Sections Market Review - As of September 11, 2025, the non-ferrous metals industry has increased by 54.36% year-to-date, outperforming the CSI 300 index by 38.77 percentage points [13]. - The precious metals sector has seen a year-to-date increase of 67.50%, while energy metals and industrial metals have increased by 49.26% and 48.53% respectively [19][20]. Price Analysis - As of September 11, 2025, LME copper is priced at $10,057 per ton, LME aluminum at $2,679 per ton, and LME nickel at $15,220 per ton [25]. - COMEX gold is priced at $3,673.40 per ounce, reflecting a $157.3 increase since the beginning of September [37]. Industry News - The report notes the release of regulations regarding rare earth mining and processing in China, indicating a tightening control over these resources, which may affect market dynamics [63]. - The report also mentions a significant collaboration between Codelco and SQM for lithium mining in Chile, which could diversify revenue sources for Codelco amid declining copper production [56]. Company Announcements - Western Gold announced a temporary shutdown of production equipment for maintenance, which is expected to last until the end of the year [60]. - Hongda Co. plans to invest 1.59 billion yuan in Duolong Mining, maintaining a 30% stake in the company [61]. Investment Recommendations - The report suggests focusing on companies such as Zijin Mining (601899), Luoyang Molybdenum (603993), and Xiamen Tungsten (600549) due to their strong performance and market positioning [63][65].

证券代码：600331 证券简称：宏达股份 公告编号：临 2025-081 四川宏达股份有限公司 关于向参股公司西藏宏达多龙矿业有限公司 阶段性投资暨关联交易的补充公告 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。 四川宏达股份有限公司（以下简称"公司"或"宏达股份"）于 2025 年 9 月 10 日披露了《关于向参股公司西藏宏达多龙矿业有限公司阶段性投资暨关联 交易的公告》（临 2025-079），现对有关情况补充公告如下： 一、关于向参股公司阶段性投资的有关情况 本次公司与关联方四川宏达（集团）有限公司（以下简称"宏达集团"）共 同投资事项旨在履行 2011 年《联合勘查开发西藏阿里地区改则县多龙铜矿合作 合同》（以下简称"《合作合同》"）和 2012 年《合作投资协议》中多龙矿业 达产 10 万吨铜金属量规模前的所有投入（含注册资本）由宏达方（宏达集团和 宏达股份）承担的约定，公司与宏达集团对多龙矿业的相关投入和持股比例严格 按照前期协议执行，多龙矿业股权结构不发生改变。具体情况如下： （一）前期合作协议主要内容 2 ...

Core Viewpoint - Sichuan Hongda Co., Ltd. announced a supplementary announcement regarding the phased investment and related transactions with its associate company, Tibet Hongda Duolong Mining, fulfilling prior agreement commitments [1] Group 1: Investment Details - The investment is a joint effort with the related party Hongda Group, and the equity structure of Duolong Mining remains unchanged [1] - Duolong Mining was established in 2014, with an equity structure of 40% held by Hongda Group, 30% by Hongda Co., and 30% by Shengyuan Mining [1] Group 2: Mining Operations - Duolong Mining holds two exploration rights, with the Duolong Copper Mine designed for an annual copper production capacity of approximately 300,000 tons [1] - Currently, the Duolong Copper Mine is advancing the application for exploration to mining transition, with multiple preliminary tasks progressing steadily [1] - The Duolong West Copper Mine plans to increase exploration investment in 2025, aiming to complete the detailed investigation report compilation and review filing by the end of the year [1] Group 3: Investment Progress - Hongda Co. and Hongda Group will invest in batches according to the progress of the projects [1]

Core Viewpoint - The formal development of the world-class Duolong copper mine in Tibet is approaching, with Hongda Co., Ltd. planning to increase investment in its subsidiary, Duolong Mining Co., Ltd. [1] Group 1: Investment and Ownership Structure - Hongda Co., Ltd. and its controlling shareholder, Sichuan Hongda Group, will jointly invest in Duolong Mining, with Hongda contributing 159 million yuan [3] - After the investment, the shareholding structure remains unchanged: Hongda Co., Ltd. holds 30%, Sichuan Hongda Group holds 40%, and Xizang Shengyuan Mining Group holds 30% [3] Group 2: Resource and Production Capacity - The Duolong copper mine is recognized as one of the most valuable copper mines globally, with proven copper reserves of 20 million tons and an ore resource of 1.44 billion tons, averaging 0.48% copper grade [4] - The designed mining scale is 7.5 million tons per year, with an estimated annual copper production of approximately 360,000 tons [4] Group 3: Historical Context and Development Challenges - Duolong Mining was established in September 2014, but development has been delayed due to challenging high-altitude conditions, significant upfront investment, and previous legal issues that led to the freezing of Hongda's shares [5] - The legal issues have been resolved, allowing Hongda to proceed with the development of the Duolong copper mine [5] Group 4: Future Plans and Funding - Hongda Co., Ltd. plans to raise funds through shareholder investments and external financing to support the large-scale and long-term development of the Duolong copper mine [6]

Core Viewpoint - Hongda Co., Ltd. announced a joint investment with its affiliate Sichuan Hongda Group to accelerate the mineral exploration and development of its subsidiary Tibet Hongda Duolong Mining Co., Ltd. with a total investment of RMB 36,990.50 million [2] Group 1: Investment Details - Hongda Co. will contribute RMB 15,853.00 million, while Hongda Group will invest RMB 19,147.00 million [2] - After this investment, Hongda Co.'s ownership in Duolong Mining remains unchanged at 30% [2] - Duolong Mining currently holds exploration rights for Duolong Copper Mine and Duobuzaxi Copper Mine, with the Duolong Copper Mine having entered the "exploration to production" phase [2] Group 2: Company Overview - Hongda Co. was established on June 30, 1994, with a registered capital of RMB 203,200 million [2] - The company is primarily engaged in the smelting and sales of non-ferrous metals, particularly zinc, as well as the production and sales of phosphate chemical products [2] - The current chairman is Qiao Shengjun, and the company employs 2,551 people [2] Group 3: Financial Performance - Projected revenues for 2024 and Q2 2025 are RMB 3.409 billion, RMB 822 million, and RMB 1.811 billion, reflecting year-on-year growth of 12.68%, 15.04%, and 2.80% respectively [3] - The net profit attributable to the parent company is projected to be RMB 36.11 million, -RMB 35.93 million, and -RMB 74.99 million, with year-on-year growth rates of 137.68%, -556.33%, and -228.54% respectively [3] - The company's asset-liability ratios are 82.87%, 83.30%, and 40.03% for the same periods [3]

Core Viewpoint - The formal development of the world-class Duolong copper mine in Tibet is approaching, with Hongda Co., Ltd. planning to increase investment in its subsidiary Duolong Mining Co., Ltd. alongside its controlling shareholder, Sichuan Hongda Group [1][4]. Investment and Financials - Hongda Co., Ltd. will contribute 159 million yuan to the investment in Duolong Mining, maintaining the shareholding ratios of 30%, 40%, and 30% among Hongda, Hongda Group, and Xizang Shengyuan Mining Group respectively [3][4]. - As of June 30, 2025, Duolong Mining's total assets are valued at 755 million yuan, with net assets of 535 million yuan and a debt-to-asset ratio of 29.18% [4]. Resource and Production Capacity - The Duolong copper mine is recognized as "China's only undeveloped world-class copper mine," with proven copper reserves of 20 million tons and ore resources of 1.44 billion tons, averaging a copper grade of 0.48% [4][5]. - The designed mining scale for the Duolong copper mine is 75 million tons per year, with an estimated annual copper production capacity of approximately 360,000 tons [4][5]. Development Challenges - The delay in the development of the Duolong copper mine has been attributed to challenging high-altitude conditions, significant upfront investment, and previous legal issues that led to the freezing of Hongda's shares in Duolong Mining [5][6]. - The judicial freeze on Hongda's 30% stake in Duolong Mining has been lifted, allowing for progress in the mining project [5]. Future Plans - Hongda Co., Ltd. has indicated that due to the large scale and high investment of the Duolong copper mine project, funding will be sourced through shareholder investments and external financing as development progresses [6].

Group 1 - The chemical sector experienced fluctuations on September 11, with the chemical ETF (516020) showing a slight decline of 0.14% as of the report time [1] - Certain stocks within the chemical sector, such as lithium battery and synthetic resin companies, saw significant gains, with Lianhong Xinke hitting the daily limit and Enjie shares rising nearly 6% [1] - Conversely, stocks in the phosphate fertilizer, petrochemical, and nitrogen fertilizer sectors underperformed, with Hongda shares dropping over 2% [1] Group 2 - The chemical ETF (516020) has attracted substantial investment, with a total inflow of 560 million yuan over the past five trading days and over 1 billion yuan in the last ten trading days [1] - The pesticide industry is experiencing a reduction in inventory, with the total inventory-to-asset ratio for the pesticide sector at 13.94% as of June 30, 2025, down 0.12 percentage points from March 31 [3] - The chemical ETF's underlying index has a price-to-book ratio of 2.26, indicating a relatively low valuation compared to the past decade, suggesting a favorable long-term investment opportunity [3] Group 3 - Future policies are expected to address industry challenges, potentially leading to a recovery in the currently struggling chemical sector [4] - Domestic policies frequently mention supply-side requirements, while international factors such as rising raw material costs and capacity reductions in Europe and the U.S. add uncertainty to chemical supply [5] - The chemical ETF (516020) provides a diversified investment approach, covering various sub-sectors within the chemical industry, with nearly 50% of its holdings in large-cap stocks [5]

Core Viewpoint - The company, Sichuan Hongda Co., Ltd., plans to make a phased investment in its associate company, Tibet Hongda Duolong Mining Co., Ltd., to accelerate the mineral exploration and development progress in the Duolong mining area of Tibet [2][22]. Summary by Sections Investment Overview - The company will invest CNY 158.53 million in Tibet Hongda Duolong Mining, maintaining its 30% shareholding after the investment [2][6]. - The total investment amount from both the company and its affiliate, Sichuan Hongda Group, is CNY 369.91 million, with the company covering 42.857% of the investment [6][18]. Related Transactions - This investment constitutes a related party transaction but does not qualify as a major asset restructuring [3][4]. - The company has engaged in other related transactions with Sichuan Hongda Group, including acquiring land and assets for CNY 4.50 million [4][7]. Company and Affiliate Information - Sichuan Hongda Group is the controlling shareholder of the company, with a registered capital of CNY 3 billion and a net asset of CNY 3.378 billion as of December 31, 2024 [9][10]. - Tibet Hongda Duolong Mining was established in September 2014 with a registered capital of CNY 200 million, focusing on mineral resource exploration and mining [12][13]. Impact of the Investment - The investment aims to expedite the transition from exploration to mining for the Duolong and Dubuzaxi copper mines, which are significant for national resource security and regional economic development [22][23]. - The project has received necessary approvals and is progressing with environmental assessments and feasibility studies [22][23]. Approval Process - The investment proposal has been reviewed and approved by the company's independent directors, strategic committee, and board of directors, and is pending approval from the shareholders' meeting [24][27][29].

Group 1 - The company Hongda Co., Ltd. (SH 600331) announced the convening of its 10th Board of Directors meeting on September 10, 2025, to discuss the establishment of a compliance committee [1] - For the fiscal year 2024, the revenue composition of Hongda Co., Ltd. is as follows: Chemical industry accounts for 57.09%, Metallurgical industry for 39.42%, Other businesses for 2.98%, and Hotel industry for 0.5% [1] - As of the report date, the market capitalization of Hongda Co., Ltd. is 29.8 billion yuan [1]

Core Viewpoint - Hongda Co., Ltd. (600331.SH) announced a strategic investment to accelerate the mineral exploration and development progress of its associate company, Tibet Hongda Duolong Mining Co., Ltd. (referred to as "Duolong Mining") in the Duolong mining area of Zhaize County, Tibet [1] Group 1 - The company plans to make a phased investment in Duolong Mining alongside its affiliate, Sichuan Hongda (Group) Co., Ltd. [1] - The company will contribute a monetary investment of RMB 158.53 million [1] - Following this investment, the company's shareholding in Duolong Mining will remain unchanged at 30% [1]