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]

Core Viewpoint - The copper metal sector in Hong Kong and A-shares has experienced significant gains due to a supply disruption at the Grasberg mine, which is expected to impact global copper supply and prices substantially [4][5][6]. Group 1: Market Performance - On September 25, copper-related stocks in Hong Kong surged, with China Nonferrous Mining (01258.HK) up 11.9%, Minmetals Resources (01208.HK) up 9.93%, and Jiangxi Copper (00358.HK) up 8.71% [2][3]. - A-share market also saw similar gains, with Luoyang Molybdenum (603993.SH) hitting the daily limit, and Northern Copper (000737.SZ) rising 8.77% [3]. Group 2: Copper Price Movement - Futures markets showed a strong upward trend, with Shanghai copper futures reaching a high of 82,920 yuan/ton, marking a 3.28% increase [4]. - The price of copper on the London Metal Exchange (LME) rose by 3.46% to $10,320 per ton on September 24, reaching $10,328.5 per ton on September 25, the highest level since June 2024 [5]. Group 3: Supply Disruption Details - The Grasberg mine, operated by Freeport-McMoRan, experienced a fatal landslide on September 8, leading to a complete production halt and an expected 35% drop in copper output for 2026 [5][6]. - The mine accounts for 3.2% of global copper supply and over 70% of Freeport's total copper production, indicating a significant impact on the overall market [5][6]. Group 4: Demand Outlook - The demand for copper is expected to remain strong due to its essential role in electric vehicles, power infrastructure, and AI data centers, with projections indicating that global data centers will consume over 4.3 million tons of copper in the next decade [7]. - Increased defense spending globally is also anticipated to drive copper demand, as it is required for various military applications [7]. Group 5: Market Sentiment and Future Outlook - The copper sector has seen heightened interest in capital markets, with the Hong Kong copper index up 167.5% and the corresponding A-share index up 62.12% [7]. - Analysts maintain a bullish outlook on copper prices, citing ongoing supply disruptions and favorable macroeconomic conditions as key factors [7].

Core Insights - The Hong Kong stock market saw a significant rise in non-ferrous metal stocks, with notable increases in companies such as China Daye Nonferrous Metals, which rose over 12%, and Luoyang Molybdenum, which reached a historical high with an increase of over 11% [1][2]. Company Performance - **China Daye Nonferrous Metals**: Increased by 12.50%, latest price at 0.063, market cap at 1.127 billion, year-to-date increase of 31.25% [2]. - **Luoyang Molybdenum**: Increased by 11.01%, latest price at 13.910, market cap at 297.595 billion, year-to-date increase of 179.76% [2]. - **Jiangxi Copper**: Increased by 7.98%, latest price at 26.780, market cap at 92.732 billion, year-to-date increase of 128.95% [2]. - **Jinli Permanent Magnet**: Increased by 5.71%, latest price at 22.200, market cap at 30.38 billion, year-to-date increase of 189.09% [2]. - **Zijin Mining**: Increased by 4.59%, latest price at 31.000, market cap at 823.905 billion, year-to-date increase of 128.01% [2]. - **Ganfeng Lithium**: Increased by 3.35%, latest price at 38.860, market cap at 79.94377 billion, year-to-date increase of 94.93% [2]. Market Dynamics - Freeport McMoRan announced a force majeure on its Grasberg mine contract in Indonesia, which has raised concerns about copper supply, pushing LME copper futures to a new high in over a year [2]. - The Grasberg mine accounts for 3.2% of global copper supply and over 70% of Freeport's total copper production, with expected supply disruptions potentially affecting over 6% of global copper output [2].

Market Overview - On September 25, A-shares opened slightly lower, with the three major indices collectively in the red [1] - The Shanghai Composite Index decreased by 0.06%, the Shenzhen Component Index fell by 0.30%, and the ChiNext Index dropped by 0.45% [2] Sector Performance - The non-ferrous metals, media, electric equipment, and pharmaceutical sectors showed notable gains, with the nuclear fusion and copper industries being particularly active [2][4] - The nuclear fusion sector rose by 2.67%, while the copper industry increased by 2.63% [4] Copper Industry Insights - The copper industry index led the gains, with companies like Jingyi Co., Northern Copper, and Luoyang Molybdenum hitting the daily limit [8] - A recent landslide at Freeport McMoRan's Grasberg mine in Indonesia has raised global copper prices and sparked supply chain concerns, as this mine accounts for approximately 3% of global copper supply [9][10] Nuclear Fusion Sector Developments - The nuclear fusion concept stocks collectively surged, with companies like Hezhong Intelligent and Farsen hitting the daily limit, and others like Shanghai Electric and Baoli Electric also seeing significant increases [10][11] - China Fusion Energy Co., known as the "national team" for controllable nuclear fusion, is focusing on overall design, technology verification, and digital R&D [14] Company Specifics - On September 25, the stock of Upwind New Materials surged to a limit of 20%, reaching a price of 132.1 CNY per share, with a total market value of 53.3 billion CNY [15][16] - The company recently completed a share transfer, changing its controlling shareholder to Zhiyuan Hengyue, with plans for a tender offer to acquire an additional 37% of shares at a price of 7.78 CNY per share [18]

Market Overview - On September 25, A-shares opened slightly lower, with the three major indices showing a downward trend. The Shanghai Composite Index decreased by 0.06%, the Shenzhen Component Index fell by 0.30%, and the ChiNext Index dropped by 0.45% [2][4]. Industry Performance - The non-ferrous metals, media, electric equipment, and pharmaceutical sectors showed notable gains, with the nuclear fusion, copper industry, superconductors, and CRO concept stocks being particularly active. In contrast, semiconductor, memory, and photolithography sectors experienced declines [2][3]. Copper Industry Insights - The copper industry index led the gains, with stocks such as Jingyi Co., Northern Copper, and Luoyang Molybdenum hitting the daily limit. Other companies like Electric Alloy, Tongling Nonferrous Metals, and Jiangxi Copper also saw increases [4][5]. - A recent landslide at Freeport McMoRan's Grasberg mine in Indonesia has raised global copper prices and triggered supply chain concerns. The mine accounts for approximately 3% of global copper supply, and the incident is expected to impact global supply significantly in the fourth quarter [6]. Nuclear Fusion Sector - Nuclear fusion concept stocks experienced a strong rally, with companies like Hezhong Intelligent and Farsen hitting the daily limit, while others like Hahuan Huadong and Zhongzhou Special Materials rose over 10% [6][7]. - China Fusion Energy Co., known as the "national team" for controllable nuclear fusion, aims to focus on overall design, technology verification, and digital R&D, establishing a technology R&D platform and capital operation platform [10]. Company Specifics - On September 25, Upwind New Materials saw its stock price surge to 132.1 CNY, reaching a daily limit increase of 20%, with a total market value of 53.3 billion CNY [11][12]. - The company announced the completion of a share transfer, with Zhiyuan Hengyue and Zhiyuan Xinchuang holding a combined 29.99% stake, making Zhiyuan Hengyue the new controlling shareholder. An offer to acquire an additional 37% of shares at 7.78 CNY per share is also planned, requiring up to 1.161 billion CNY [13].

Core Viewpoint - The gold concept sector leads the market with a rise of 2.69%, indicating strong investor interest and potential growth in this area [1] Group 1: Company Performance - Northern Copper Industry increased by 10.01%, showcasing significant gains and investor confidence [1] - Luoyang Molybdenum Industry rose by 9.27%, reflecting positive market sentiment [1] - Jiangxi Copper Industry saw an increase of 7.64%, contributing to the overall sector performance [1] - Tongling Nonferrous Metals and Feinan Resources both experienced gains exceeding 6%, indicating a broader trend of growth within the sector [1] - Yunnan Copper Industry also reported a rise of over 6%, further supporting the bullish outlook for the gold concept sector [1]