Group 1 - The precious metals sector experienced a significant upward movement on September 26, with Hunan Silver rising over 9% [1] - Silver Unicom and Jiangxi Copper both increased by nearly 7% [1] - Guiyan Platinum, Yuguang Gold Lead, and Shengda Resources saw gains of over 4% [1]

Core Viewpoint - The non-ferrous metal sector is experiencing a strong performance, driven by supply disruptions and regulatory changes in the copper industry, leading to increased copper prices and improved profitability expectations for domestic copper companies [1][2]. Group 1: Market Performance - As of the report, companies like Jingyi Co. and Lida New Materials have seen their stock prices hit the daily limit up for three consecutive days, while Hunan Silver and Jiangxi Copper have also shown significant gains of over 8% and nearly 7%, respectively [1]. - The copper market is expected to strengthen due to ongoing supply concerns, particularly from the Grasberg mine in Indonesia, which remains shut down following an accident [2]. Group 2: Industry Insights - The China Nonferrous Metals Industry Association highlighted the detrimental effects of "involution" competition in the copper smelting industry, urging companies to oppose such practices to align with high-quality development goals [1]. - Regulatory measures are being developed to standardize copper smelting capacity management, indicating a shift towards more structured industry practices [1]. Group 3: Supply and Demand Dynamics - Despite a recent decline in the operating rate for electrical wire and cable production, the operating rate for refined copper rods has increased by approximately 3 percentage points, suggesting stable demand [2]. - The anticipated copper price is projected to reach $10,500 per ton in the third to fourth quarter of 2025, driven by improved supply-demand dynamics and macroeconomic conditions [2]. - The valuation of domestic copper companies is expected to rise to 15-20 times earnings, reflecting a growing recognition of supply shortages and demand growth [2].

Group 1 - The A-share market's copper concept stocks continue to strengthen, with Jingyi Co. achieving three consecutive trading limit increases, and other companies like Baiyin Nonferrous Metals, Jiangxi Copper, and Shengtun Mining also showing significant gains [1] - The China Nonferrous Metals Industry Association's Copper Branch firmly opposes "involution" competition within the copper smelting industry, indicating a push for more sustainable practices [1] - The Grasberg mine in Indonesia, the world's second-largest copper mine, has declared "force majeure" and ceased operations due to a landslide incident, impacting global copper supply [1]

Core Viewpoint - Jiangxi Copper (600362) shares rose over 4%, reaching a new high of 28.18 HKD, driven by industry developments and company fundamentals [1] Industry Summary - The China Nonferrous Metals Industry Association Copper Branch held its fifth meeting on September 24, emphasizing the negative impact of "involution" competition in the copper smelting industry, which harms national and industry interests [1] - The global second-largest copper mine, Grasberg in Indonesia, announced a force majeure and halted production due to a landslide [1] Company Summary - Jiangxi Copper possesses abundant copper resources and clear cost advantages, with stable annual production of copper and by-product gold, providing a solid profit foundation [1] - Future overseas resource expansion may yield potential growth, with the company's stake in the First Quantum Panama copper mine expected to resume production, and the Afghan Aynak copper mine development anticipated to progress [1] - The company's stake in the Kazakhstan Bakuta tungsten mine is steadily increasing production, with these potential projects expected to contribute significantly to performance growth [1]

Core Viewpoint - Jiangxi Copper Co., Ltd. (00358) has seen its stock price rise over 4%, reaching a new high of 28.18 HKD, driven by industry developments and company fundamentals [1] Industry Summary - The third council meeting of the Copper Industry Branch of the China Nonferrous Metals Industry Association highlighted the negative impact of "involution" competition in the copper smelting industry, which undermines national and industry interests and deviates from high-quality development goals [1] - The global second-largest copper mine, Grasberg in Indonesia, has declared "force majeure" and ceased production due to a landslide incident [1] Company Summary - Jiangxi Copper possesses abundant copper resources and clear cost advantages, with stable annual production of copper and by-product gold, providing a solid profit foundation for the company [1] - Future overseas resource expansion may yield potential growth, with the company's stake in the First Quantum Panama copper mine expected to resume production, the Afghan Aynak copper mine development anticipated to progress, and the Kazakhstan Bakuta tungsten mine's output steadily increasing [1]

Group 1: Market Performance - The non-ferrous metal sector experienced a significant rise on September 25, with stocks like Jingyi Co., Ltd. (002295) hitting the daily limit, and other copper-related stocks such as Northern Copper Industry (000737) and Luoyang Molybdenum (603993) showing strong gains [1][4] - As of September 24, the Shenwan first-level non-ferrous metal sector had accumulated a remarkable increase of 53.46% year-to-date, with 103 stocks rising over 20%, 59 stocks over 50%, and 10 stocks doubling in value [5] Group 2: Copper Price Dynamics - The copper price surged following a significant incident at Freeport McMoRan's Grasberg mine in Indonesia, which is expected to reduce copper and gold production by 35% in 2026 due to a large-scale wet material outflow [8][10] - On September 24, LME copper reached a peak of $10,364 per ton, the highest level since June 2024, while domestic copper prices approached 83,000 yuan per ton, marking a 15-month high [10] - Analysts predict a long-term positive demand for copper driven by the expansion of new industries, including electric vehicles and robotics, with significant copper consumption in the automotive sector [10][11] Group 3: Company Highlights - Zijin Mining (601899) reached a market capitalization of 732.1 billion yuan, surpassing the $100 billion mark for the first time, ranking third among global mining giants [2] - Other notable performers in the copper sector included Jiangxi Copper (30.26 yuan, +6.10%), Western Mining (20.46 yuan, +6.07%), and China Molybdenum (13.87 yuan, +9.90%) [2]

Group 1: Market Performance - The non-ferrous metal sector experienced a significant surge on September 25, with stocks like Jingyi Co., Northern Copper, and Luoyang Molybdenum seeing substantial gains [1][3] - As of September 24, the non-ferrous metal sector in A-shares has risen by 53.46% year-to-date [5] - Within the sector, 103 stocks have increased by over 20%, 59 by over 50%, and 10 have doubled in value this year, with Zhongzhou Special Materials leading at a 191.04% increase [6] Group 2: Copper Price Dynamics - The copper price has been influenced by a significant incident at Freeport McMoRan's Grasberg mine, which is expected to reduce copper and gold production by 35% in 2026 [10] - Following the incident, global copper prices surged, with LME copper reaching a high of $10,364 per ton, the highest since June 2024 [13] - Domestic copper futures also rose, nearing 83,000 yuan per ton, marking a 15-month high [13] Group 3: Demand Drivers - The demand for copper is expected to remain strong due to the growth in new industries such as electric vehicles, robotics, and AI computing [13] - In August, China's automobile production and sales reached 2.815 million and 2.857 million units, respectively, with significant year-on-year growth [13] - The total copper consumption in the automotive sector is estimated at 91,112 tons, with passenger vehicles accounting for 74,560 tons [13]

重要提示 （一） 本公司董事會、監事會及董事、監事、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） 全體董事均出席批准（其中包括）報告期之中期業績之董事會會議。 （三） 本集團之中期財務報告未經審計，但按國際財務報告準則編製的中期財務資料已經安永會計師 事務所審閱並經審計委員會審閱通過。 （四） 公司負責人鄭高清、主管會計工作負責人喻旻昕及會計機構負責人（會計主管人員）鮑嘯鳴聲明： 保證半年度報告中財務報告的真實、準確、完整。 （五） 董事會決議通過的報告期利潤分配預案或公積金轉增股本預案：董事會已建議向全體股東派發 二零二五年中期股息，每股人民幣0.40元（含稅）。董事會未建議用資本公積金轉增資本或送股。 （六） 前瞻性陳述的風險聲明：本半年度報告中所涉及的未來計劃、發展戰略等前瞻性描述不構成公 司對投資者的實質承諾，敬請投資者注意投資風險。 （七） 本集團不存在被控股股東及其他關連方非經營性佔用資金情況。 （八） 本集團不存在違反規定決策程序對外提供擔保的情況。 目錄 | 釋義 | 2 | | --- | --- | | ...

Group 1 - The industrial metal sector increased by 3.55% on September 25, with Jingyi Co., Ltd. leading the gains [1] - The Shanghai Composite Index closed at 3853.3, down 0.01%, while the Shenzhen Component Index closed at 13445.9, up 0.67% [1] - Key stocks in the industrial metal sector showed significant price increases, with Jingyi Co., Ltd. rising by 10.02% to a closing price of 13.50 [1] Group 2 - The industrial metal sector saw a net inflow of 713 million yuan from main funds, while retail investors experienced a net outflow of 184 million yuan [2] - Major stocks like Luoyang Aluminum and Northern Copper experienced varying levels of net inflow and outflow from different investor categories [3] - The data indicates a mixed sentiment among retail and institutional investors within the industrial metal sector [3]

Core Viewpoint - The Federal Reserve has restarted interest rate cuts after nine months, lowering rates by 25 basis points, which aligns with market expectations and signals the potential beginning of a new easing cycle [1] Group 1: Market Impact - The Fed's rate cut is expected to support the non-ferrous metals sector by enhancing purchasing demand and boosting metal prices due to a weaker dollar [1] - The easing of monetary policy is likely to improve liquidity globally, increasing risk appetite and attracting funds to cyclical commodities, particularly in the non-ferrous metals sector [1] - A moderate global economic recovery driven by lower financing costs is anticipated to benefit demand for industrial metals like copper, aluminum, and zinc, as well as strategic metals such as nickel and rare earths [1] Group 2: Supply and Demand Dynamics - The fundamentals for most non-ferrous metals remain strong, supported by global economic recovery and domestic policies aimed at optimizing production factors [2] - The ongoing "anti-involution" policies in China are expected to enhance profitability across various sectors, facilitating the transmission of rising metal prices to downstream industries [2] Group 3: Market Performance - The non-ferrous metals sector ETF (159876) experienced a significant increase, with a peak intraday rise of 2.7% and a cumulative increase of 55.21% since its low on April 8, outperforming major indices [3] - Leading copper companies have shown substantial gains, with several stocks, including Luoyang Molybdenum and Northern Copper, experiencing significant price increases [3] Group 4: Investment Strategy - A diversified investment approach through the non-ferrous metals sector ETF and its associated funds is recommended to capture the overall sector's performance while mitigating risks [7]