Group 1 - The core point of the article highlights the significant activity in the Hong Kong copper sector, driven by a major merger announcement between Anglo American and Teck Resources, which could be the largest mining merger in over a decade, reflecting a strong bet on future copper demand [1] - Jiangxi Copper Co. saw a notable increase of nearly 8%, reaching a new high since its listing, while other companies like Minmetals Resources and China Nonferrous Mining also experienced substantial gains of approximately 7% and 6% respectively [1] - The rise in copper demand is attributed to the increasing consumption in artificial intelligence data centers, which are projected to consume over 4.3 million tons of copper in the next decade, equivalent to the annual production of Chile, the largest copper supplier [1] Group 2 - The article emphasizes that the demand for copper is not only driven by AI but also by increased government defense spending, which requires significant amounts of copper for various military equipment [1] - The overall trend indicates that global copper consumption has been rising for years, while new supply is expected to struggle to keep pace with this demand growth [1]

Group 1 - The core viewpoint indicates that the gold industry is experiencing a strong upward trend, with significant increases in stock prices and ETF performance, suggesting a favorable investment environment for gold-related assets [1][2][3] - The China Securities Index for gold industry stocks has risen by 1.90% as of September 12, 2025, with notable individual stock performances, such as Hunan Silver up 9.98% and Yuguang Gold Lead up 9.83% [1] - The gold stock ETF has seen a weekly increase of 7.71% and has reached a new high in scale at 9.485 billion yuan, ranking first among comparable funds [1] Group 2 - The U.S. core CPI has remained stable, with market focus shifting towards employment risks rather than inflation, indicating a potential for multiple interest rate cuts by the Federal Reserve within the year [2] - Northeast Securities suggests that the combination of fiscal and monetary policy disarray in the U.S. supports a bullish outlook for gold prices, with expectations of continued strong performance in the short term [2][3] - The gold stock ETF is closely tracking the China Securities Index for gold industry stocks, providing an efficient way to capture the benefits of rising gold prices and share in the growth of quality gold mining companies [3]

Group 1 - Non-ferrous stocks continue their recent upward trend, with China Aluminum (601600) rising by 5.77% to HKD 7.51, China Hongqiao (01378) up by 4.78% to HKD 26.28, Jiangxi Copper (600362) increasing by 3.97% to HKD 26.18, and Luoyang Molybdenum (603993) gaining 3.39% to HKD 13.12 [1] - The U.S. August CPI increased by 2.9% year-on-year, while the core CPI rose by 3.1%, aligning with expectations and strengthening market bets on the Federal Reserve's interest rate cuts [1] - Citic Securities predicts that the U.S. overall CPI growth rate may hover around 3% in the coming months, maintaining the forecast of three consecutive 25 basis point rate cuts by the Federal Reserve this year [1] Group 2 - Galaxy Securities reports that expectations for a September rate cut by the Federal Reserve are rising, which could lead to marginal liquidity easing and pressure on the U.S. dollar index, benefiting industrial metal prices [1] - In terms of fundamentals, China's manufacturing PMI slightly improved by 0.1 percentage points to 49.49% in August, indicating marginal recovery in economic activity [1] - As the traditional peak and off-peak seasons transition, downstream processing enterprises are seeing a recovery in operating rates, while the supply side faces challenges from concentrated maintenance at smelting plants and policy adjustments, potentially leading to a decrease in production and accelerated destocking of industrial metal inventories [1]

Group 1 - The core viewpoint of the article highlights a general increase in the Hong Kong stock market for non-ferrous metal stocks on September 11, with notable gains among several companies [1] Group 2 - Jiangxi Copper Co., Ltd. and China Hongqiao Group both saw their stock prices rise by over 4% [1] - China Aluminum Corporation experienced an increase of nearly 3% [1] - Luoyang Molybdenum Co., Ltd. rose by 2.5% [1] - Zijin Mining Group and Jinchuan Group both increased by 2% [1] - Shandong Gold Mining, Ganfeng Lithium, and Tianqi Lithium also followed with gains [1]

Group 1 - Non-ferrous stocks are rising against the market trend, with China Hongqiao up 4.96% to HKD 25.4, Jiangxi Copper up 4.43% to HKD 25.46, China Aluminum up 3.49% to HKD 7.11, and Luoyang Molybdenum up 3.14% to HKD 12.49 [1] - Changjiang Securities reports that the net profit of the base metals sector is expected to grow by 27% year-on-year in the first half of 2025, with a net profit of CNY 37.644 billion in Q2 2025, reflecting a 14% year-on-year and 15% quarter-on-quarter increase [1] - The growth in the first half of 2025 is attributed to a phase of upward resonance in the manufacturing sectors of China and the US, along with expectations of interest rate cuts by the Federal Reserve, leading to an increase in base metal prices [1] Group 2 - CITIC Securities indicates that the significant underperformance of the US non-farm payroll data ahead of the Federal Reserve's meeting makes a rate cut announcement almost certain, with an 80% probability of three rate cuts within the year [2] - The prices of industrial metals are influenced by both financial and commodity attributes, with the Federal Reserve entering a rate-cutting cycle and global copper and aluminum inventories at relatively low levels [2] - The recovery of the Chinese economy, combined with the demand boost from the renewable energy sector, is expected to improve the demand for copper and aluminum [2]

Investment Rating - The report maintains a "Positive" investment rating for the industry [10] Core Insights - The non-ferrous metal sector continues to show strong performance, with basic metals experiencing a net profit growth of 27% year-on-year in the first half of 2025, driven by a rebound in manufacturing and expectations of interest rate cuts [4][19] - Gold maintains a bullish market trend, with significant profit elasticity due to rising production capacity and price increases [5][19] - Energy metals show mixed performance, with lithium prices under pressure while cobalt prices improve, leading to better profitability for cobalt-related companies [6][19] - Rare earth materials are recovering as export controls enhance their strategic value, with prices stabilizing after previous declines [7][19] - Titanium materials are gradually improving in profitability, awaiting a recovery in high-end demand [8][19] Summary by Sections Basic Metals - In the first half of 2025, the basic metals sector achieved a net profit of 703.79 billion yuan, a 26.67% increase year-on-year, with a revenue growth of 4.24% [21][30] - The second quarter of 2025 saw a net profit of 376.44 billion yuan, up 14% year-on-year and 15% quarter-on-quarter, attributed to easing tariff pressures and strong industrial performance [4][37] Gold - The gold sector experienced a revenue increase of 25.94% year-on-year in the first half of 2025, with net profit soaring by 58.95% [14][19] - In Q2 2025, gold prices reached new highs, driven by trade conflicts and recession expectations, leading to significant profit elasticity for gold mining companies [5][19] Energy Metals - The energy metals sector faced a decline in lithium prices, with a year-on-year revenue decrease of 4.76% in the first half of 2025, while cobalt prices improved significantly [6][19] - Cobalt prices are recovering due to supply constraints from the Democratic Republic of Congo, which has implemented export bans [6][19] Rare Earth Materials - The rare earth sector saw a revenue increase of 12.74% year-on-year in the first half of 2025, with net profit growth of 260.72% [19][21] - Export controls and new regulations are expected to enhance the strategic value of rare earth materials, supporting price recovery [7][19] Titanium Materials - The titanium sector reported a slight revenue decrease of 0.90% year-on-year in the first half of 2025, with net profit down by 4.04% [19][21] - There is an expectation of improved profitability as high-end demand begins to recover [8][19]

（文章来源：证券日报） 证券日报网讯 9月8日晚间，江西铜业发布公告称，公司2025年半年度业绩说明会定于2025年9月16日 （星期二）09：00—10：00在上海证券交易所上证路演中心以网络互动方式召开。 ...

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分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。 關於召開2025年半年度業績說明會的公告 江 西 銅 業 股 份 有 限 公 司（「本公司」）及 董 事（「董 事」）會（「董事會」）全 體 成 員 保證本 公 告內容 的 真 實、準 確 和 完 整，對 本 公 告 的 虛 假 記 載、誤 導 性 陳述或者重大遺漏負連帶責任。 本公告乃本公司根據香港聯合交易所有限公司證券上市規則第13.10B 條 作 出。 重 要 內 容 提 示： 一. 說明會類型 – 1 – • 本公司2025年 半 年 度 業 績 說 明 會（「說明會」）召 開 時 間：二 零 二 五 年 九 月 十 六 日（星 期 二）09:00-10:00。 • 說 明 會 召 開 方 式： 說 明 會 通 過 上 海 證 券 交 易 所 上 證 路 演 中 心 （https://roadshow.sseinfo.com/） ...

| | | 债券代码：137816 债券简称：22 江铜 01 债券代码：243700 债券简称：25 江铜 K1 江西铜业股份有限公司关于 召开 2025 年半年度业绩说明会的公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，对公告 的虚假记载、误导性陈述或者重大遗漏负连带责任。 重要内容提示： 会议召开时间：2025 年 9 月 16 日（星期二）09:00— 10:00 会议召开方式：本次说明会通过上海证券交易所上证路演 中心（https://roadshow.sseinfo.com/）以网络互动方式召开。 一、说明会类型 江西铜业股份有限公司（以下简称公司）已于 2025 年 8 月 29 日发布了《江西铜业股份有限公司 2025 年半年度报告》。为使广大 投资者更加全面、深入地了解公司情况，公司决定召开业绩说明会， 就投资者关心的问题进行交流。 二、说明会召开的时间、地点 说明会定于 2025 年 9 月 16 日（星期二）09:00—10:00 上海证 券交易所上证路演中心（https://roadshow.sseinfo.com/）以网络 互动方式召开。 东阳先生。 四、投资者参加方式 ...

Core Viewpoint - The Federal Reserve's interest rate cut probability has surged to 99%, marking the first cut since December 2024, which is expected to reignite global liquidity and create significant opportunities in the non-ferrous metals sector [1] Group 1: Market Dynamics - The Fed's rate cut is anticipated to provide "triple thrust" for non-ferrous metals: 1. A 1% decline in the US dollar index typically results in a 2.3% increase in prices of industrial metals like copper and aluminum. Current LME copper prices have surpassed $9,700 per ton, with expectations to exceed $10,500 post-rate cut [3] 2. Lower financing costs will alleviate financial pressures on mining giants, enhancing capital expenditure flexibility [3] 3. Inflation trading is expected to resurge, with gold's role as an inflation hedge becoming more prominent. Global gold ETF inflows surged 170% year-on-year in Q1 2025, with COMEX gold prices exceeding $3,600 per ounce [3] Group 2: Company Performance - Key performance indicators highlight companies with strong fundamentals: 1. Zijin Mining's net profit is projected to increase by 42% year-on-year in Q2 2025, with copper mining costs controlled below $3,800 per ton, compared to the industry average of $4,500 [4] 2. Yunnan Aluminum's hydropower aluminum costs are $2,000 per ton lower than thermal power, with a gross margin increase to 21.7% [4] 3. The demand for copper in electric vehicles is significantly higher, with 83 kg per vehicle compared to 23 kg for traditional cars, and solar installations consuming 500 tons of copper per GW, indicating a locked-in demand for upstream resources [5] Group 3: Valuation Insights - The non-ferrous sector currently has a PE ratio of approximately 24, but there is significant internal differentiation: 1. Lithium stocks are overvalued, with PE ratios exceeding 40 (e.g., Ganfeng Lithium at 45), while lithium carbonate prices remain low, raising concerns about earnings realization [6] 2. Copper and aluminum leaders have PE ratios below 15 (e.g., Zijin Mining at 13), with institutional forecasts predicting over 30% net profit growth in 2025, indicating substantial valuation recovery potential [6] Group 4: Investment Strategy - Recommended investment strategy includes: 1. Positioning with a total allocation of ≤15%, prioritizing a combination of gold (as an inflation hedge) and copper (due to industrial demand) [7] 2. Buying opportunities are suggested based on the Fed's rate cut magnitude, with a 50 basis point cut prompting immediate buying, while a 25 basis point cut would warrant waiting for a pullback [7] 3. Strict stop-loss rules are advised, with a 8% loss threshold for individual stocks and a sell-off if prices fall below the 20-day moving average [7] Group 5: Key Stocks to Watch - Notable stocks include: 1. Zijin Mining (601899): A global copper mining leader, with short-term performance linked to the recovery of the Kamoa copper mine [8] 2. Shandong Gold (600547): The largest domestic gold producer, benefiting from a cost advantage over peers [8] 3. Yunnan Aluminum (000807): A benchmark for hydropower aluminum, with ongoing premium for green aluminum [8]