Core Viewpoint - The company Zhongmin Resources has successfully completed the construction and trial operation of the first phase of its pyrometallurgical smelting process for the multi-metal comprehensive recycling project at the Tsumeb smelter in Namibia, which is expected to enhance its operational capacity in the recycling sector [1] Group 1 - The pyrometallurgical smelting process has a treatment capacity of 80,000 tons per year for germanium zinc slag [1] - The first phase of the project will produce semi-finished products containing germanium zinc oxide fume [1]

Core Viewpoint - The company, Zhongmin Resources, has successfully completed the construction and trial operation of the first phase of its Tsumeb smelting plant's multi-metal comprehensive recycling project in Namibia, marking a significant milestone in its operational capabilities [1] Group 1: Project Development - The first phase of the pyrometallurgical process engineering has been completed and successfully ignited for trial production [1] - The treatment capacity for germanium zinc slag is set at 80,000 tons per year [1] - The first phase will produce semi-finished products containing germanium zinc oxide fume [1] Group 2: Future Plans - The company plans to advance the production operation of the first phase in 2026 [1] - Concurrently, the company will push forward with the construction of the second phase of the pyrometallurgical process engineering and the hydrometallurgical process engineering [1]

中矿资源集团股份有限公司 证券代码：002738 证券简称：中矿资源 公告编号：2025-054 号 中矿资源集团股份有限公司 关于 Tsumeb 冶炼厂多金属综合循环回收项目第一期点火试 运行暨投资进展的公告 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。 一、投资概述 中矿资源集团股份有限公司（以下简称"公司"或"本公司"）于 2024 年 12 月 27 日召开第六届董事会第十四次会议，审议通过了《关于投资建设 Tsumeb 冶炼厂多金属综合循环回收项目的议案》，同意公司下属控股子公司 Sinomine Tsumeb Smelter (Propritary) Limited（以下简称"Tsumeb 冶炼厂"）投资建设 20 万吨/年多金属综合循环回收项目。项目估算投资总额 22,251.00 万美元。具体内 容详见公司于 2024 年 12 月 28 日在《中国证券报》《证券时报》和巨潮资讯网 （http://www.cninfo.com.cn）上的公告（公告编号：2024-070 号）。 二、投资进展情况 1 中矿资源集团股份有限公司 三、风险提示 受 ...

Investment Rating - The industry rating is "Recommended" [3] Core Views - Short-term lithium prices are expected to remain volatile, with a positive outlook on antimony, cobalt, tungsten, and tin due to a reassessment of strategic metal values [1][2][7] - Supply concerns in the nickel market are supported by the lack of new approvals from Indonesia's RKAB, which may lead to price stabilization [1][28] - The cobalt market is expected to see continued price increases due to structural supply tightness, with Congo's export regulations impacting availability [2][5][16] - Antimony prices are anticipated to converge towards higher overseas prices due to export controls and tight domestic supply [6][17] - The lithium market is experiencing a strong demand backdrop, with expectations of continued inventory depletion supporting prices [7][17] - The rare earth market is tightening due to Vietnam's export ban, which is expected to support prices [9][18] - Tin prices are supported by ongoing supply concerns from overseas sources, particularly from Myanmar and Congo [11][20] - Tungsten prices are expected to remain supported due to supply constraints and regulatory controls [12][21] - The uranium market is facing supply tightness, which is likely to support prices amid geopolitical uncertainties [14][22] Summary by Sections Nickel and Cobalt Industry Update - Nickel prices are under pressure due to stable demand but cautious purchasing from smelters, with LME nickel closing at $14,420 per ton, down 2.04% [1][28] - Cobalt prices are expected to rise further, with Congo's export regulations causing supply constraints [2][5][16] Antimony Industry Update - Domestic antimony prices are lower compared to international prices, but supply tightness is expected to support future price increases [6][17] Lithium Industry Update - Lithium carbonate prices have increased, with a strong demand outlook from the electric vehicle sector [7][17] Rare Earth Industry Update - Vietnam's recent export ban on rare earths is expected to tighten global supply and support prices [9][18] Tin Industry Update - Tin prices are supported by supply concerns from Myanmar and Congo, with LME tin prices rising to $41,905 per ton [11][20] Tungsten Industry Update - Tungsten prices are expected to remain high due to supply constraints and regulatory measures [12][21] Uranium Industry Update - The uranium market is facing supply tightness, with prices supported by geopolitical factors and production delays [14][22]

Investment Rating - The report maintains a "Buy" rating for all key companies listed, including Zijin Mining, Luoyang Molybdenum, and Huayou Cobalt [2][4]. Core Views - The report highlights that the metal prices are expected to continue rising due to the resonance of domestic and foreign fiscal and monetary policies, with a focus on the upcoming economic growth under the "14th Five-Year Plan" [8][21]. - The report emphasizes the strong demand in the lithium battery sector and the ongoing supply constraints in cobalt, indicating a bullish outlook for energy metals [8][83]. Summary by Sections Industry and Stock Performance - The report notes a decline in the Shanghai Composite Index by 0.34% and a 1.10% drop in the SW Nonferrous Index during the week [8]. - Key stocks in the nonferrous metal sector showed varied performance, with significant recommendations for companies like Zijin Mining and Luoyang Molybdenum [2][11]. Base Metals - Aluminum prices decreased by 0.88% to $2875 per ton, while copper prices fell by 0.96% to $11552.5 per ton, with zinc prices increasing by 1.31% to $3139 per ton [12][21]. - The report indicates that the domestic aluminum production capacity is stable at 44.39 million tons, with a slight increase in operational capacity due to high profits [21][23]. Precious Metals - Gold prices increased by 2.42% to $4329.80 per ounce, and silver prices rose by 5.59% to $62.09 per ounce, driven by the Federal Reserve's interest rate cuts [12][68]. - The report suggests a bullish outlook for gold and silver prices, supported by central bank purchases and weakening dollar credit [68][69]. Energy Metals - The lithium market is experiencing stable growth in supply, while demand from the energy storage sector continues to rise, leading to a positive outlook for lithium prices [8][83]. - Cobalt supply remains tight, with the Congo's cobalt export quotas expected to impact the market dynamics positively [8][83]. Other Minor Metals - The report discusses the fluctuations in prices for minor metals, including molybdenum and tungsten, with significant price increases noted for tungsten [15][83]. - The overall sentiment in the minor metals market remains cautious, with a focus on supply-demand dynamics and policy changes [55][85].

Core Viewpoint - The small metals sector in A-shares has shown a significant upward trend, with the sector index closing up by 0.79% on December 10, driven by notable price increases in various small metal varieties, particularly tungsten [2][3]. Price Movements - Tungsten prices have surged, with black tungsten concentrate (≥65%) priced at 363,000 yuan/ton, up 153.85% year-to-date; ammonium paratungstate (APT) at 535,000 yuan/ton, up 153.55%; and tungsten powder at 880 yuan/kg, up 178.48%, all reaching historical highs [3][5]. - Other small metals like cobalt and tin have also seen significant price increases, with cobalt averaging 408,000 yuan/ton (up 16.91% since October) and tin futures rising 15.74% since October [3][5]. Factors Driving Price Increases - The price increases are attributed to supply constraints, favorable macroeconomic conditions, and rising downstream demand. Supply-side constraints include strict mining quotas and environmental regulations for tungsten, and slow recovery of tin production in Myanmar [5]. - Macroeconomic factors include strong market expectations for a Federal Reserve interest rate cut, which typically weakens the dollar and supports commodity prices [5]. - Downstream demand is driven by growth in industries such as new energy, semiconductors, and military applications, enhancing the outlook for strategic small metals [5]. Capital Inflows - The small metals sector has seen substantial capital inflows, with a net inflow of 1.732 billion yuan on December 10, ranking high among secondary industries [7]. - Notable companies like Western Materials received a net inflow of 1.274 billion yuan, benefiting from their core supply roles in aerospace and marine engineering [7]. Company Performance - The small metals sector's overall performance has improved, with a total net profit of 13.589 billion yuan in the first three quarters, a year-on-year increase of 41.42% [8]. - Companies like Shenghe Resources and Northern Rare Earth have reported significant profit growth, with increases of 748.07% and 280.27% respectively [8]. Capacity Expansion - Shenghe Resources has disclosed plans for capacity expansion, with its subsidiary's high-performance rare earth polishing powder project progressing as scheduled, expected to be operational by the end of Q1 2026 [9].

Core Viewpoint - The small metals sector in the A-share market has shown a significant upward trend, driven by multiple factors including supply constraints, favorable macroeconomic conditions, and increasing downstream demand [2][5]. Group 1: Price Movements - The small metals sector has experienced notable price increases, particularly in tungsten, which has reached historical highs. As of December 10, black tungsten concentrate (≥65%) is priced at 363,000 yuan/ton, up 153.85% year-to-date; ammonium paratungstate (APT) is at 535,000 yuan/ton, up 153.55%; and tungsten powder is at 880 yuan/kg, up 178.48% [3][5]. - Other metals such as cobalt and tin have also seen significant price increases, with cobalt averaging 408,000 yuan/ton (up 16.91% since October) and tin rising 13.89% over the same period [3][5]. Group 2: Driving Factors - The price increases are attributed to supply-side constraints, such as strict mining quotas and environmental regulations affecting tungsten, and ongoing export restrictions on cobalt from the Democratic Republic of Congo [5]. - The macroeconomic environment is favorable, with strong expectations for a Federal Reserve interest rate cut, which typically weakens the dollar and supports commodity prices [5]. - Downstream demand from industries like new energy, semiconductors, and defense is rapidly growing, boosting expectations for strategic small metals [5]. Group 3: Capital Inflows - The small metals sector has seen significant capital inflows, with a net inflow of 1.732 billion yuan on December 10, ranking high among secondary industries [6]. - Notably, Western Materials received a net inflow of 1.274 billion yuan, with its stock achieving a strong performance in recent trading sessions [6]. - Financing net purchases in the small metals sector reached 1.879 billion yuan in December, with several stocks, including China Uranium Industry, receiving substantial net purchases [6]. Group 4: Performance Metrics - The small metals sector has shown strong performance in 2023, with a total net profit of 13.589 billion yuan in the first three quarters, reflecting a year-on-year growth of 41.42% [7]. - Companies like Shenghe Resources and Northern Rare Earth have reported significant profit increases of 748.07% and 280.27%, respectively [7]. - Shenghe Resources is expanding its production capacity, with a project expected to be operational by the end of Q1 2026 [7].

Market Overview - The rare earth market shows a mixed price trend for mainstream products as of December 10, 2025, with prices for praseodymium and neodymium oxide averaging 579,100 CNY/ton, down by 2,600 CNY/ton, and praseodymium and neodymium metal averaging 705,600 CNY/ton, down by 6,100 CNY/ton [1] - Dysprosium oxide prices increased slightly to 1,364,000 CNY/ton, up by 700 CNY/ton, while terbium oxide prices decreased to 6,332,500 CNY/ton, down by 9,200 CNY/ton [1] - Overall, the rare earth market activity remains low, with some companies shifting focus towards year-end wrap-up, suggesting that prices may continue to show a weak and stable trend in the near term [1] A-Share Market Performance - Several rare earth permanent magnet concept stocks showed positive performance on December 10, 2025, with notable price changes including: - Youyan Powder Materials (688456) at 51.47 CNY, up by 5.36%, with a transaction volume of 238 million CNY [2] - Yahua Group (002497) at 21.97 CNY, up by 4.12%, with a transaction volume of 1.016 billion CNY [2] - Ashihua (300706) at 37.64 CNY, up by 3.72%, with a transaction volume of 481 million CNY [2] - Longmag Technology (300835) at 64.52 CNY, up by 2.41%, with a transaction volume of 249 million CNY [2] - Zhongmin Resources (002738) at 65.38 CNY, up by 2.38%, with a transaction volume of 1.507 billion CNY [2]

证券日报网讯 12月9日晚间，中矿资源发布公告称，公司第六届董事会第二十次会议审议通过《关于募 投项目结项并将节余募集资金永久补充流动资金的议案》，同意将募投项目结项并将节余募集资金8， 396.50万元永久补充流动资金，同时在节余募集资金永久补充流动资金后，注销相关募集资金专用账 户，相关募集资金三方监管协议予以终止。 （文章来源：证券日报） ...

Group 1 - The core viewpoint of the articles indicates a positive trend in the non-ferrous metal industry, driven by expectations of monetary policy changes from the Federal Reserve, which may lead to increased prices for metals like copper and aluminum [1][2]. - As of December 10, 2025, the non-ferrous metal industry index (399395) rose by 0.74%, with significant gains in stocks such as Yunnan Zhenye (6.35%) and Guocheng Mining (6.28%) [1]. - The non-ferrous ETF fund (159880) also saw an increase of 0.34%, reflecting the overall positive sentiment in the market [1]. Group 2 - According to Guokai Securities, the refined copper market is expected to face a supply tightness in 2026, leading to a bullish outlook for copper prices, especially if the Federal Reserve implements a significant easing policy [2]. - The forecast for aluminum indicates considerable uncertainty in supply-demand balance, but financial factors may dominate, with expectations that aluminum prices could exceed $3,000 per ton in London and 23,000 yuan per ton in Shanghai in 2026 [2]. - The top ten weighted stocks in the non-ferrous metal industry index account for 52.34% of the index, highlighting the concentration of market performance among these key players [3].