Core Viewpoint - The company, Hengbang Co., Ltd. (002237.SZ), has received a notification from its controlling shareholder, Jiangxi Copper, regarding the reduction of its holdings in the company's convertible bonds, indicating a significant transaction in the bond market [1] Group 1 - Jiangxi Copper will transfer a total of 3,176,781 convertible bonds of Hengbang, which represents 10.05% of the total issuance of the company's convertible bonds [1] - The transfer will occur through centralized bidding from May 15, 2024, to August 5, 2025, indicating a planned timeline for the divestment [1]

Group 1: Copper Market Update - Most copper stocks have risen, with Minmetals Resources up 2.61% at HKD 3.93, Luoyang Molybdenum up 1.53% at HKD 9.31, Jiangxi Copper up 0.82% at HKD 16.02, and Zijin Mining up 0.74% at HKD 21.82 [1] - A mining accident in Chile's O'Higgins region resulted in 6 deaths, with all 5 trapped miners confirmed dead. Codelco has initiated an investigation and halted underground operations, impacting production targets [1] - The affected mine accounts for over 25% of Codelco's total output, which produced 356,000 tons of copper last year. The news of the mine's shutdown has heightened tensions in the already tight copper market [1] Group 2: U.S. Copper Import Tariffs - On July 30, U.S. President Trump signed an announcement addressing the impact of copper imports on national security, imposing tariffs on certain copper products. However, raw copper materials are not restricted by these tariffs [2] - As a result, the COMEX copper premium has disappeared, and U.S. copper imports have already exceeded last year's total, with 74.3% of imports being unaffected by tariffs [2] - It is anticipated that traders will cease shipping copper to the U.S., redirecting it to other markets such as Europe and Asia. LME copper is expected to return to supply-demand pricing, with current LME copper inventories increasing and domestic demand being weak [2]

Summary of Key Points from the Conference Call Industry Overview - **Industry**: Copper and related materials in the Asia Pacific region, specifically focusing on the implications of US tariffs on copper products [1][4] Core Insights and Arguments - **US Tariffs**: The US is set to impose a 50% Section 232 tariff on semi-finished copper and copper-intensive derivative products, while copper input materials such as cathode, anode, concentrate, and scrap will not be subject to these tariffs [7][4] - **Market Reaction**: Following the announcement of tariffs, COMEX copper prices peaked over 30% higher than LME copper prices, indicating market expectations of broader tariff implications. However, with copper cathode exempt from tariffs, COMEX prices have since decreased by approximately 19%, and the premium over LME has fallen to around 6% [2][4] - **Inventory Levels**: There has been a significant increase in onshore copper inventory, with an additional 475,000 tons purchased since mid-March, suggesting that the US market is well-supplied and may see reduced import demand for copper in the near term [2][4] Implications for Chinese-listed Copper Companies - **Investment Recommendations**: Despite expected short-term pressure on companies like Zijin Mining, CMOC, MMG, and Jiangxi Copper, it is suggested that investors should consider accumulating shares of these companies on any price dips [3][4] - **Company Specifics**: - **Zijin Mining Group**: Target price adjustments based on A-share and H-share arbitrage opportunities [14][3] - **CMOC Group**: Valuation based on DCF model with a WACC of 10.7% and projected revenue growth of 2% annually [10][3] - **MMG Ltd**: Valuation reflects high visibility in long-term copper and zinc production with a cost of equity of 16.9% [8][3] Risks and Considerations - **Market Risks**: - Upside risks include stronger copper prices due to robust demand or supply disruptions in key copper-producing countries [12][17] - Downside risks involve potential economic downturns, project execution failures, and geopolitical risks affecting production [12][17] - **Regulatory Changes**: Changes in mining laws in Peru and other regions could impact supply dynamics and pricing [12][17] Additional Important Information - **Investment Banking Relationships**: Morgan Stanley has received compensation from several companies mentioned, which may influence research objectivity [5][24][25] - **Analyst Ratings**: The report includes various stock ratings for companies in the sector, indicating a mix of overweight and underweight positions based on market conditions [81][83] This summary encapsulates the critical insights and implications from the conference call regarding the copper industry and specific companies within the sector, highlighting both opportunities and risks for investors.

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年7月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 江西銅業股份有限公司 呈交日期: 2025年8月1日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | A | | | 於香港聯交所上市 (註1) | | 否 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 600362 | 說明 | | 於上海證券交易所上市 | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 2,075,247,405 | RMB | | | 1 RMB | | 2,075,247,405 | | 增加 / 減少 (-) | | | 0 | | | | RMB | | 0 | | 本月底結存 | | | 2,075,247,405 | RMB | | | 1 RMB | | 2,075,247,40 ...

Group 1: Market Performance - On August 1, the industrial metals sector increased by 0.57% compared to the previous trading day, with Hailiang Co., Ltd. leading the gains [1] - The Shanghai Composite Index closed at 3559.95, down 0.37%, while the Shenzhen Component Index closed at 10991.32, down 0.17% [1] Group 2: Individual Stock Performance - Hailiang Co., Ltd. (002203) closed at 11.90, up 8.58% with a trading volume of 1.2272 million shares [1] - Jingyi Co., Ltd. (002295) closed at 10.46, up 5.76% with a trading volume of 271,100 shares [1] - Yuguang Gold Lead (600531) closed at 8.51, up 4.55% with a trading volume of 746,200 shares [1] - Other notable performers include Santai Wen (600595) up 2.83%, Pengxin Resources (600490) up 2.56%, and Ningbo Fubang (600768) up 2.22% [1] Group 3: Capital Flow Analysis - The industrial metals sector experienced a net outflow of 329 million yuan from institutional investors, while retail investors saw a net inflow of 69.45 million yuan [2] - Notable net inflows from retail investors were observed in Pengxin Resources (390.58 million yuan) and Yuguang Gold Lead (661.66 million yuan) [2] - The overall capital flow indicates a mixed sentiment, with institutional investors withdrawing funds while retail investors are actively participating [2]

"从供应端看，参考去年进口量，当前美国精炼铜供应严重过剩。"卓创资讯铜行业分析师宋洪潇告诉第 一财经记者，今年上半年美国精炼铜进口量为86.4万吨，而去年同期仅为35万吨，同比增幅高达 147%。因此从美铜基本面现状看，此次新策影响更多是美国国内情况。 虹吸效应消失，全球精炼铜贸易流向会否转向？我的钢铁网认为，若后续美铜与伦铜价差出现倒挂，即 美铜价格低于伦铜，则前期美国囤积铜货源将大量转运出来，这将给亚太及欧洲市场带来较大库存压 力，但库存转移的前提是二者价差出现倒挂，且足够覆盖转运成本。 7月31日，A股铜矿股集体下挫。截至收盘，江西铜业（600362.SH）、洛阳钼业（603993.SH）、铜陵 有色（000630.SZ）均跌超4%，北方铜业（000737.SZ）、紫金矿业（601899.SH）分别收跌3.54%、 3.38%。 铜矿股异动主要受一则关税消息影响。当地时间7月30日，美国总统特朗普宣布，将自8月1日起对进口 半成品铜产品（例如铜管、铜线、铜棒、铜板和铜管）及铜密集型衍生产品（例如管件、电缆、连接器 和电气元件）普遍征收50%关税。铜输入材料（例如铜矿石、精矿、锍铜、阴极铜和阳极铜）和铜废 ...

Core Viewpoint - The recent announcement by President Trump regarding a 50% tariff on certain copper products has led to significant volatility in copper prices, impacting both domestic and global markets [1][2][3] Group 1: Market Reactions - On July 31, A-share copper mining stocks experienced a collective decline, with major companies like Jiangxi Copper and Luoyang Molybdenum falling over 4% [1] - The announcement caused a dramatic drop in copper futures, with COMEX copper prices plummeting over 18% to $4.63 per pound, marking the largest single-day decline in history [2] - The price difference between COMEX and LME copper contracts narrowed significantly, indicating a shift in market dynamics [2] Group 2: Supply and Demand Dynamics - The new tariff policy is seen as a correction to the previously inflated expectations for U.S. copper prices, leading to a more balanced import strategy [3] - U.S. refined copper imports surged to 864,000 tons in the first half of the year, a 147% increase year-on-year, indicating a supply surplus [3] - If the price difference between U.S. and LME copper contracts turns negative, it could lead to a significant outflow of copper stocks from the U.S. to Asia and Europe, creating inventory pressures [3] Group 3: Future Policy Uncertainty - The prospect of U.S. refined copper import tariffs is not entirely off the table, with potential plans for a 15% tariff in 2027 and a 30% tariff in 2028 [4] - The volatility in U.S. copper prices poses challenges for companies in managing risks effectively, as market conditions are increasingly influenced by geopolitical factors [4] - The impact of the new tariff policy on China's copper exports is expected to be limited, with China accounting for only 5.2% of U.S. copper imports [4]

格隆汇7月31日｜港股市场铜概念股集体下跌，其中，中国大冶有色金属跌超6%，江西铜业(600362)股 份跌超3%，兴业合金、中国黄金国际、中国金属利用跌超2%，五矿资源跌近2%。消息面上，美国总统 特朗普意外宣布，对铜加征新关税中，美国期铜大泻两成，创史上最大单日跌幅。 （责任编辑：宋政 HN002） 【免责声明】本文仅代表作者本人观点，与和讯网无关。和讯网站对文中陈述、观点判断保持中立，不对所包含内容 的准确性、可靠性或完整性提供任何明示或暗示的保证。请读者仅作参考，并请自行承担全部责任。邮箱： news_center@staff.hexun.com | 代码 | 名称 | 涨跌幅 ^ | 最新价 | 总市值 | | --- | --- | --- | --- | --- | | 00661 | 中国大冶有色金属 | -6.45% | 0.058 | 10.38亿 | | 00358 | 江西铜业股份 | -3.85% | 15.980 | 553.34亿 | | 00505 | 兴业台等 | -2.94% | 0.990 | 8.91亿 | | 01258 | 中国有色矿业 | -2.65% | 7.7 ...

Core Viewpoint - The China Securities Hong Kong 300 Materials Index has shown significant growth, with a 10.89% increase over the past month, 32.08% over the past three months, and 51.78% year-to-date [1]. Group 1: Index Performance - The China Securities Hong Kong 300 Materials Index is currently at 2481.10 points [1]. - The index is based on a sample of all securities classified into various industries according to the China Securities industry classification standards [1]. Group 2: Index Composition - The top ten holdings in the China Securities Hong Kong 300 Materials Index include Zijin Mining (26.77%), China Hongqiao (11.87%), and Luoyang Molybdenum (7.47%) among others [1]. - The index is fully composed of stocks listed on the Hong Kong Stock Exchange, with a 100% representation [1]. Group 3: Industry Breakdown - The industry composition of the index shows that non-ferrous metals account for 79.54%, non-metallic materials for 14.60%, chemicals for 4.25%, and paper and packaging for 1.61% [2]. - The index samples are adjusted biannually, with changes implemented on the next trading day following the second Friday of June and December [2].

港股市场铜概念股集体下跌，其中，中国大冶有色金属跌超6%，江西铜业股份跌超3%，兴业合金、中 国黄金国际、中国金属利用跌超2%，五矿资源跌近2%。消息面上，美国总统特朗普意外宣布，对铜加 征新关税中，美国期铜大泻两成，创史上最大单日跌幅。 | 代码 | 名称 | 涨跌幅 ^ | 最新价 | 总市值 | | --- | --- | --- | --- | --- | | 00661 | 中国大冶有色金属 | -6.45% | 0.058 | 10.38亿 | | 00358 | 江西铜业股份 | -3.85% | 15.980 | 553.34亿 | | 00505 | 兴业合会 | -2.94% | 0.990 | 8.91亿 | | 01258 | 中国有色矿业 | -2.65% | 7.720 | 301.24亿 | | 02099 | 中国黄金国际 | -2.51% | 67.900 | 269.16亿 | | 01636 | 中国金属利用 | -2.20% | 0.890 | 3.99亿 | | 01208 | 五矿资源 | -1.75% | 3.930 | 477.12亿 | 责任编辑：栎树 特朗普 ...