数据来源：国家统计局，智研咨询整理 知前沿，问智研。智研咨询是中国一流产业咨询机构，十数年持续深耕产业研究领域，提供深度产业研 究报告、商业计划书、可行性研究报告及定制服务等一站式产业咨询服务。专业的角度、品质化的服 务、敏锐的市场洞察力，专注于提供完善的产业解决方案，为您的投资决策赋能。 根据国家统计局数据显示：2025年8月中国精炼铜(电解铜)产量为130万吨，同比增长14.8%；2025年1-8 月中国精炼铜(电解铜)累计产量为989.1万吨，累计增长10.1%。 2020-2025年1-8月中国精炼铜(电解铜)产量统计图 上市企业：江西铜业（600362）,云南铜业（000878）,紫金矿业（601899）,铜陵有色（000630）,西部矿 业（601168）,白银有色（601212）,楚江新材（002171）,海亮股份（002203）,鑫科材料（600255）,锡 业股份（000960） 相关报告：智研咨询发布的《2025-2031年中国电解铜箔行业市场现状分析及投资前景评估报告》 ...

Core Insights - The Investment Clock Index (399391) closed at 3379.7 points, up 0.56%, with a trading volume of 89.951 billion yuan and a turnover rate of 0.98% [1] Group 1: Index Performance - Among the constituent stocks, 68 companies rose while 31 fell, with China High-Tech leading the gainers at an 8.08% increase and Yanjing Beer leading the decliners with a 4.56% drop [1] - The top ten constituent stocks of the Investment Clock Index are detailed, with Kweichow Moutai having the highest weight at 16.96% and a price of 1462.26 yuan, showing a slight increase of 0.30% [1] Group 2: Market Capitalization - The total market capitalization of Kweichow Moutai is approximately 183.1145 billion yuan, while other notable companies include China Merchants Bank at 105.8729 billion yuan and Zijin Mining at 79.8656 billion yuan [1] Group 3: Capital Flow - The net outflow of main funds from the Investment Clock Index constituents totaled 1.449 billion yuan, while retail investors saw a net inflow of 0.852 billion yuan [1] - Detailed capital flow data shows that major stocks like China Shipbuilding and Guizhou Moutai experienced varying levels of net inflow and outflow from different investor categories [2]

2025 年 10 月 19 日 行业研究 本周全球三大交易所电解铜库存创近 5 年同期新高 ——铜行业周报（20251013-20251017） 要点 本周小结：贸易冲突短期压制铜价，后续继续看好铜价上行。截至 2025 年 10 月 17 日，SHFE 铜收盘价 84390 元/吨，环比 10 月 10 日-1.77%；LME 铜收盘 价 10607 美元/吨，环比 10 月 10 日+2.25%。（1）宏观：短期中美经贸摩擦 变化，或造成铜价大幅波动。（2）供需：自由港削减 2025-2026 年铜产量，导 致供给后续仍维持紧张，10-12 月空调排产环比持续改善，随着电网、空调等下 游需求 Q4 环比回升，在消化贸易冲突后，铜价后续有望上行。 库存：国内铜社库环比+6.7%，LME 铜库存环比上周-1.5%。（1）国内港口铜 精矿库存：截至 2025 年 10 月 17 日，国内主流港口铜精矿库存 68.1 万吨，环 比上周+3.1%。（2）全球电解铜库存：截至 2025 年 10 月 13 日，全球三大交 易所库存合计 58.9 万吨，环比 9 月 30 日+4.9%。截至 2025 年 10 月 ...

Investment Rating - The investment rating for the non-ferrous metals industry is "Positive" (maintained) [3] Core Views - The report anticipates a potential upward trend in copper prices due to expected shortages in copper mines, particularly with the global second-largest copper mine, Grasberg, facing production halts. The report suggests that the copper supply-demand balance may shift from tight equilibrium to shortage by 2026 [4] - The report highlights the performance of various metals, including aluminum, lithium, and cobalt, with specific recommendations for companies to watch in each segment [4] Summary by Sections 1. Industry Overview - Recent macroeconomic developments include a new round of US-China trade negotiations and comments from Trump regarding the unsustainability of high tariffs on China [8] 2. Market Performance - The overall performance of the non-ferrous metals sector saw a decline, with the Shanghai Composite Index down 1.47% and the Shenwan Non-Ferrous Metals Index down 3.07%, underperforming the Shanghai Composite by 1.60 percentage points [10][11] 3. Valuation Changes - The PE_TTM for the Shenwan Non-Ferrous Metals Index is 26.96, down 1.78 from the previous week, while the PB_LF is 3.22, down 0.22 [19][22] 4. Copper - Copper prices have seen a decline, with LME copper down 1.86% and SHFE copper down 1.77%. However, the report indicates a potential for price recovery due to supply disruptions and seasonal demand [21][44] 5. Aluminum - Aluminum prices are experiencing fluctuations, with LME aluminum down 0.45% and SHFE aluminum down 0.47%. The report notes a decrease in inventory levels, which may support price stability [33][44] 6. Lithium - Lithium prices are showing mixed trends, with lithium carbonate down 0.27% and lithium spodumene up 0.83%. The report suggests that lithium prices may stabilize due to seasonal demand [73] 7. Cobalt - Cobalt prices have increased, with MB cobalt up 5.40% to $20.98 per pound, driven by changes in export regulations from the Democratic Republic of Congo [86]

2020-2025年1-4月中国十种有色金属产量统计图 数据来源：国家统计局，智研咨询整理 知前沿，问智研。智研咨询是中国一流产业咨询机构，十数年持续深耕产业研究领域，提供深度产业研 究报告、商业计划书、可行性研究报告及定制服务等一站式产业咨询服务。专业的角度、品质化的服 务、敏锐的市场洞察力，专注于提供完善的产业解决方案，为您的投资决策赋能。 上市企业：紫金矿业（601899）,洛阳钼业（603993）,中国铝业（601600）,北方稀土（600111）,江西铜 业（600362）,云南铜业（000878）,驰宏锌锗（600497）,中金黄金（600489）,西部矿业（601168）,盛 和资源（600392） 相关报告：智研咨询发布的《2025-2031年中国有色金属冶炼和压延加工行业市场动态分析及未来趋势 研判报告》 根据国家统计局数据显示：2025年4月中国十种有色金属产量为676万吨，同比增长3.1%；2025年1-4月 中国十种有色金属累计产量为2660万吨，累计增长2.3%。 ...

Core Viewpoint - The company, Western Mining Co., Ltd., will hold a Q3 2025 performance briefing on October 27, 2025, to discuss its operational results and financial status with investors [2][3]. Group 1: Meeting Details - The performance briefing is scheduled for October 27, 2025, from 16:00 to 17:00 [5]. - The meeting will take place at the Shanghai Stock Exchange Roadshow Center and will be conducted in an interactive online format [4][5]. - Investors can submit questions from October 20 to October 24, 2025, through the Roadshow Center website or via the company's email [2][6]. Group 2: Participation Information - Investors can participate in the briefing by logging into the Shanghai Stock Exchange Roadshow Center on the scheduled date and time [4][5]. - The company will address commonly asked questions during the briefing [3][6]. - Contact information for inquiries includes a designated contact person and an email address for question submissions [6].

会议召开时间：2025 年 10 月 27 日（星期一）16:00-17:00 会 议 召 开 地 点 ： 上 海 证 券 交 易 所 上 证 路 演 中 心 （ 网 址 ： https://roadshow.sseinfo.com/） 证券代码：601168 证券简称：西部矿业 公告编号：临 2025-039 西部矿业股份有限公司 关于召开 2025 年第三季度业绩说明会的公告 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。 重要内容提示： 会议召开方式：上证路演中心网络互动 投资者可于 2025 年 10 月 20 日（星期一）至 10 月 24 日（星期五）16:00 前登 录 上 证 路 演 中 心 网 站 首 页 点 击 " 提 问 预 征 集 " 栏 目 或 通 过 公 司 邮 箱 wm@westmining.com 进行提问。公司将在说明会上对投资者普遍关注的问题进 行回答。 西部矿业股份有限公司（以下简称"公司"）将于 2025 年 10 月 25 日发布公 司 2025 年第三季度报告，为便于广大投资者更全面 ...

Investment Rating - The report maintains a "Market Weight" rating for the non-ferrous metals industry, indicating that the industry is expected to perform within ±10% of the market index over the next six months [67]. Core Insights - Silver prices continue to reach new highs, with international gold prices surpassing $4,300 [2]. - As of October 16, 2025, the non-ferrous metals industry has seen a 3.35% increase over the past two weeks, outperforming the CSI 300 index by 3.83 percentage points, ranking 4th among 31 industries [3][13]. - The precious metals sector has risen by 6.04%, while the industrial metals sector has increased by 3.58% during the same period [18]. Market Review - As of October 16, 2025, the COMEX gold price closed at $4,344.30 per ounce, up $828.2 since early September, while the COMEX silver price reached $53.43 per ounce, an increase of $12.68 [6][35]. - The LME copper price stood at $10,620 per ton, with other industrial metals like aluminum at $2,796 per ton and nickel at $15,230 per ton [25][60]. - The rare earth price index was recorded at 204.65, down 22.28 from early September, indicating a need for caution regarding external risk sentiment [42][61]. Industry News - The Ministry of Commerce announced export controls on rare earth-related technologies to safeguard the global supply chain and address illegal acquisition issues [50]. - The World Gold Council noted that overall gold holdings remain low, suggesting potential for future price increases despite current market concerns [50]. Company Announcements - Shenghe Resources expects a net profit increase of 697% to 783% year-on-year for the first three quarters of 2025, driven by favorable market conditions for rare earth products [51][52]. - Northern Rare Earth anticipates a net profit increase of 273% to 287% for the same period, reflecting strong market demand and effective management strategies [53][54]. - Shandong Gold forecasts a net profit increase of 84% to 99% for the first three quarters of 2025, attributed to rising gold prices [57][58]. Investment Recommendations - The report suggests focusing on companies such as Zijin Mining (601899), Xinyi Silver (000426), and Chifeng Jilong Gold (600988) in the precious metals sector [60][63]. - For industrial metals, companies like Western Mining (601168) and Luoyang Molybdenum (603993) are recommended [60][63]. - In the rare earth sector, attention is drawn to Xiamen Tungsten (600549) and Northern Rare Earth (600111) [62][63].

Core Viewpoint - Western Mining experienced a stock price decline of 2.03% on October 16, with a current price of 22.73 CNY per share and a total market capitalization of 54.166 billion CNY [1] Group 1: Stock Performance - Year-to-date, Western Mining's stock price has increased by 50.83%, but it has seen a decline of 6.07% over the last five trading days [1] - The stock has appreciated by 19.76% over the last 20 days and by 40.14% over the last 60 days [1] Group 2: Financial Performance - For the first half of 2025, Western Mining reported a revenue of 31.619 billion CNY, representing a year-on-year growth of 26.59% [2] - The net profit attributable to shareholders for the same period was 1.869 billion CNY, reflecting a year-on-year increase of 15.35% [2] Group 3: Shareholder Information - As of October 10, the number of shareholders for Western Mining reached 118,900, an increase of 4.76% from the previous period [2] - The average number of circulating shares per shareholder decreased by 4.54% to 20,042 shares [2] Group 4: Dividend Distribution - Since its A-share listing, Western Mining has distributed a total of 10.723 billion CNY in dividends, with 6.911 billion CNY distributed over the last three years [3] Group 5: Institutional Holdings - As of June 30, 2025, Hong Kong Central Clearing Limited was the third-largest circulating shareholder, holding 117 million shares, a decrease of 12.1887 million shares from the previous period [3] - Southern CSI 500 ETF was the eighth-largest circulating shareholder, increasing its holdings by 3.3228 million shares to 24.8459 million shares [3] - Guotou Securities Co., Ltd. entered as the tenth-largest circulating shareholder with 21.98 million shares [3]

Core Viewpoint - The report highlights a decline in China's iron ore production, with a significant drop in both April 2025 and the cumulative production for the first four months of 2025 compared to the previous year [1] Industry Summary - According to the National Bureau of Statistics, China's iron ore raw ore production in April 2025 was 84.7 million tons, representing a year-on-year decrease of 4.9% [1] - The cumulative iron ore raw ore production from January to April 2025 was 328.596 million tons, showing a cumulative decline of 12.2% [1] - The report provides a comprehensive market assessment and development strategy analysis for the iron ore industry in China from 2025 to 2031 [1] Company Summary - Listed companies in the iron ore sector include Hebei Steel Resources, Hainan Mining, Jinling Mining, Dazhong Mining, Western Mining, Ansteel, Taiyuan Iron & Steel, Baotou Steel, Benxi Steel, and Jiugang Hongxing [1]