Core Viewpoint - The company Shengda Resources (000603.SZ) announced that its subsidiary, Keshiketengqi Dongsheng Mining Co., Ltd., has received approval for the resumption of operations at the Bayan Ula silver polymetallic mine, with a capacity of 250,000 tons per year [1] Group 1 - The approval was granted by the Keshiketengqi Emergency Management Bureau and the local government [1] - The resumption of the mining project is part of the broader recovery efforts for non-coal mining enterprises in the region [1]

Core Viewpoint - Shengda Resources (000603) announced the resumption of construction at its subsidiary's mining site following an accident that occurred on September 11, 2025, which did not significantly impact the company's operational performance or the timeline for the mining project [1]. Group 1: Incident Details - On September 11, 2025, a roof collapse accident occurred at the construction site of the subsidiary Dongsheng Mining, involving the contractor Zhejiang Zhongye Project Department [1]. - Following the accident, Dongsheng Mining conducted a thorough inspection and rectification of potential hazards as per the requirements of the regulatory authorities [1]. Group 2: Resumption of Operations - On October 20, 2025, Dongsheng Mining received approval from the Emergency Management Bureau and the People's Government of Keshiketeng Banner to resume operations at the Bayan Ula polymetallic mine, which has a mining capacity of 250,000 tons per year [1]. - The accident did not have a significant impact on the timeline for the completion and production of the mining project [1].

Core Viewpoint - Dongsheng Mining has received approval for the resumption of its non-coal mining operations in Keshiketeng Banner, indicating a positive development for the company and its mining projects [1] Company Summary - Dongsheng Mining's Bayan Ula Silver Polymetallic Mine project has been approved to resume operations with a production capacity of 250,000 tons per year [1] - The company indirectly holds shares in Dongsheng Mining through its subsidiary Inner Mongolia Yindu Mining Co., Ltd [1] - The mining operations include various minerals such as silver, lead, zinc, gold, gallium, arsenic, and pyrite [1] Industry Summary - The approval from the Keshiketeng Banner Emergency Management Bureau and the People's Government reflects a supportive regulatory environment for mining operations in the region [1] - The ongoing construction work at the mine indicates a commitment to developing mining infrastructure, which may enhance the local mining industry's productivity [1]

2025 年 9 月 11 日，盛达金属资源股份有限公司（以下简称"公司"）二级 子公司克什克腾旗东晟矿业有限责任公司（以下简称"东晟矿业"）矿山建设承 包商浙江中冶建设集团有限公司（以下简称"浙江中冶"）项目部凿岩工在去往 作业地点途中，已支护的巷道顶板发生一起顶板冒落事故。具体内容详见公司于 2025 年 9 月 13 日披露的《关于子公司在建矿山发生安全事故的公告》（公告编 号：2025-052）。 证券代码：000603 证券简称：盛达资源 公告编号：2025-057 盛达金属资源股份有限公司 关于子公司在建矿山复工的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误导 性陈述或重大遗漏。 事故发生后，东晟矿业严格按照上级监管部门的要求对事故隐患进行排查和 认真整改。2025 年 10 月 20 日，东晟矿业收到由克什克腾旗应急管理局和人民 政府签署的《2025 年克什克腾旗非煤矿山企业复工复产审批表》，克什克腾旗应 急管理局和人民政府同意东晟矿业巴彦乌拉银多金属矿 25 万吨/年采矿项目复 工。 公司通过控股子公司内蒙古银都矿业有限责任公司间接持有东晟矿业股份， 东晟矿 ...

Investment Rating - The report maintains a "Buy" rating for the industry, highlighting several key companies as investment opportunities [4]. Core Views - The report emphasizes that tariff uncertainties continue to disrupt the market, leading to increased demand for safe-haven assets like gold and silver, which have reached new highs [1][2]. - Industrial metal prices are expected to remain strong due to supply disruptions and optimistic macroeconomic forecasts, despite short-term volatility caused by tariffs [2][3]. - Energy metals, particularly lithium and cobalt, are projected to perform well due to strong demand from the electric vehicle and energy storage sectors [3]. - Precious metals are benefiting from strong central bank purchases and high expectations for interest rate cuts, which are expected to support gold prices in the medium to long term [3]. Summary by Sections Industrial Metals - Tariff-induced short-term volatility is affecting copper prices, but supply disruptions are expected to support prices [2]. - Aluminum demand remains resilient, with a decrease in social inventory indicating a potential price stabilization [2][19]. - The report highlights key companies in the industrial metals sector, including Luoyang Molybdenum, Zijin Mining, and China Aluminum [2]. Energy Metals - Cobalt prices are rising due to new export quota regulations from the Democratic Republic of Congo, while lithium demand remains strong due to the growth of the electric vehicle market [3]. - Key companies recommended in this sector include Huayou Cobalt and Tianqi Lithium [3]. Precious Metals - Gold prices are expected to continue rising due to strong demand from central banks and geopolitical uncertainties [3]. - Recommended companies in the precious metals sector include Western Gold, Shandong Gold, and Zijin Gold [3].

Core Viewpoint - The traditional metal resources are becoming a new lifeline amid the technological wave and energy transition, with challenges in supply for non-ferrous metals and emerging demand potentially marking a long-term turning point for the sector [2]. Group 1: Tin Market Insights - Minmetals Securities is optimistic about tin prices, forecasting an average annual growth rate of 44.5% in tin consumption for AI servers from 2025 to 2030, driven by significantly higher tin usage compared to traditional servers [5]. Group 2: Precious Metals Outlook - Shenwan Hongyuan suggests that the precious metals sector is likely to continue its recovery, with current valuations at the lower end of historical averages. They recommend focusing on companies like Shandong Gold, Zhaojin Mining, and others, while noting that the gold-silver ratio is currently high and may converge in the future [6]. Group 3: Copper Investment Opportunities - Guolian Minsheng highlights long-term supply constraints in copper due to insufficient capital expenditure in mining, which, combined with expectations of Federal Reserve rate cuts, could catalyze a new upward cycle in copper prices. Recommended companies include Zijin Mining and Luoyang Molybdenum [7]. Group 4: Cobalt Market Dynamics - CITIC Construction emphasizes the strategic opportunity in cobalt, noting that new export quotas from the Democratic Republic of Congo will reduce cobalt exports by over 100,000 tons in the next two years, leading to an estimated market shortage of about 30,000 tons in 2024 [8]. Group 5: Overall Non-Ferrous Metals Investment Space - HSBC Jintrust Fund indicates that there remains investment space in the non-ferrous metals sector, primarily due to further expected rate cuts by the Federal Reserve, which could drive prices up. The current valuation of the non-ferrous sector in Hong Kong is seen as advantageous compared to A-shares [9].

Core Viewpoint - The traditional metal resources are becoming a new lifeline amid the technological wave and energy transition, with challenges in supply for non-ferrous metals and potential long-term turning points in the sector [1] Group 1: Tin Market Insights - AI servers consume significantly more tin than traditional servers, leading to an increase in tin demand, with an expected annual growth rate of 44.5% in global tin consumption from 2025 to 2030 [2] - Limited new supply capacity for tin in the medium to long term, combined with growth in emerging fields like AI and robotics, as well as steady growth in electric vehicles and photovoltaics, supports a bullish long-term outlook for tin prices [2] Group 2: Precious Metals Outlook - The precious metals sector is currently at the lower end of historical valuation, indicating potential for sustained recovery, with recommendations to focus on companies like Shandong Gold, Zhaojin Mining, and others [3] - The gold-silver ratio is currently high and is expected to converge, suggesting a focus on silver investments [3] - Future investments in power grids and growth in AI data centers, along with relatively inelastic copper supply, are likely to elevate copper price levels [3] Group 3: Copper Investment Opportunities - Global copper supply is expected to face long-term constraints due to insufficient capital expenditure in mining, which may limit supply growth [4] - Anticipated interest rate cuts by the Federal Reserve could catalyze a new upward cycle in copper prices, making the copper sector an attractive investment opportunity [4] - Recommended companies include Zijin Mining, Luoyang Molybdenum, and others [4] Group 4: Cobalt Market Dynamics - The implementation of export quotas for cobalt from the Democratic Republic of Congo is expected to reduce exports by over 100,000 tons in the next two years, leading to an estimated market shortage of about 30,000 tons in 2024 [5] - The tightening supply in the cobalt market is likely to maintain high price levels, with potential for further increases [5] Group 5: Overall Non-Ferrous Metals Sector - Despite market reactions, there remains investment space in the non-ferrous metals sector, primarily driven by expectations of further interest rate cuts from the Federal Reserve, which could boost prices [6] - Precious and industrial metals are sensitive to global interest rate environments, indicating potential for price increases [6] - The current valuation of the non-ferrous metals sector in Hong Kong shows an advantage over A-shares [6]

Core Viewpoint - Shengda Resources' subsidiary, Honglin Mining, has received approval for trial production at the Caiyuanzi Copper-Gold Mine, which is expected to run for three months [1] Group 1: Company Developments - Honglin Mining has been granted permission by the Muli County Emergency Management Bureau to commence trial production at the Caiyuanzi Copper-Gold Mine [1] - The Caiyuanzi Copper-Gold Mine is classified as a medium-sized copper-gold mine with a mining license indicating a production capacity of 396,000 tons per year [1] - The company acquired a 53% stake in Honglin Mining through capital increase in December 2023, becoming its controlling shareholder [1] Group 2: Production Timeline and Future Plans - Honglin Mining is expected to reach full production capacity by 2026, with stable production anticipated from 2027 to 2029 [1] - The company has initiated deep exploration to increase reserves and is seeking opportunities for the integration of surrounding exploration rights [1]

Core Insights - On October 15, Shengda Metal Resources Co., Ltd. hosted a site visit for 17 institutions, including Changjiang Securities and Founder Securities, to understand the operations of its subsidiary, Sichuan Honglin Mining Co., Ltd. [1] - Honglin Mining was established in November 2008 and obtained a mining license for the Caiyuanzi Copper-Gold Mine in 2019, which has a production capacity of 396,000 tons per year and a mineral area of 0.68 square kilometers [1][2] - The mine has confirmed six industrial ore bodies, with a total resource of 6.056 million tons of ore, containing 17,049 kg of gold and 29,015 tons of copper, indicating good exploration potential [1] Company Operations - The tailings pond construction faced geographical and climatic challenges but was completed three months ahead of schedule, set to be operational by September 2025 [2] - Currently, Honglin Mining is in a trial production phase from September 10 to December 10, 2025, after completing infrastructure and obtaining trial production permits [2] Investor Engagement - During the Q&A session, investors inquired about various operational aspects, including tailings filling with a utilization rate of 53.75% and product pricing coefficients ranging from 90% to 95% based on moisture and metal content [3] - The gold recovery rate is estimated at 91%-92%, while copper recovery is between 91%-94%, with trial production yielding copper-gold concentrate containing 90-100 grams of gold per ton [3] - The company anticipates reaching full production by 2026 and aims to stabilize production from 2027 to 2029, with ongoing deep exploration and resource expansion efforts [3]

问：产品计价系数？ 每批次产品的计价系数取决于该批次产品的水分、金属含量， 计价系数不固定，大概在 90%-95%之间。 盛达金属资源股份有限公司投资者关系活动记录表 编号：2025-006 | | □特定对象调研 □分析师会议 | | --- | --- | | 投资者关系活 | □媒体采访 □业绩说明会 | | 动类别 | □新闻发布会 □路演活动 | | | √现场参观 | | | □其他 长江证券（叶如祯）、方正证券（熊宇航）、国盛证券（张航、王 | | | 瀚晨）、国泰君安证券（兰洋）、华泰证券（马晓晨）、民生证券 | | | （王作燊）、浙商证券（沈家悦）、创金合信基金（黄超）、海富 | | 活动参与人员 | 通基金（蒋旭杰）、鹏华基金（曾欣）、平安基金（陈默、王华）、 | | | 中汇（北京）私募基金（忻盛溢）、东方证券资管（杨帅）、工银 | | | 安盛资管（赵博容）、深圳华安合鑫资管（张琪）、太平资管（邵 | | | 一真）、海港人寿保险（康子冉）（不同机构类别按拼音排序） | | 时间 | 年 月 日 2025 10 15 | | 地点 | 四川鸿林矿业有限公司 | | 形式 | 现场参观 ...