Investors interested in stocks from the Mining - Miscellaneous sector have probably already heard of Glencore PLC (GLNCY) and Wheaton Precious Metals Corp. (WPM) . But which of these two stocks is more attractive to value investors? We'll need to take a closer look to find out.We have found that the best way to discover great value opportunities is to pair a strong Zacks Rank with a great grade in the Value category of our Style Scores system. The proven Zacks Rank emphasizes companies with positive estimat ...

Core Insights - The 2026 Australian wealth landscape is undergoing a significant transformation, with the billionaire rankings reflecting new economic growth drivers and wealth accumulation trends [1] - Traditional industries like mining, real estate, and retail are facing challenges from technology innovation, financial investment, and green energy sectors, indicating a fundamental shift in wealth sources [3] Group 1: Key Billionaires - Gina Rinehart remains the wealthiest individual in Australia, leading Hancock Prospecting, despite a AU$2 billion decrease in her wealth due to falling iron ore prices [5] - Andrew Forrest, founder of Fortescue Metals Group, is embracing green energy and has committed AU$750 million to rebuild Ukraine's energy infrastructure post-conflict [7] - Anthony Pratt, known for his packaging and recycling company Visy, is also a significant player in the corrugated cardboard market through Pratt Industries [9] Group 2: Emerging Entrepreneurs - Melanie Perkins, co-founder of Canva, is the youngest billionaire at 38, holding 18% of the company, which is preparing for a lucrative IPO in the U.S. market [12] - Mike Cannon-Brookes and Scott Farquhar, co-founders of Atlassian, achieved significant success but faced personal financial challenges due to Cannon-Brookes' divorce [15] - Clive Palmer, a controversial figure, continues to invest heavily in political advertising, spending AU$90 million during the 2025 federal election campaign [17] Group 3: Industry Trends - The rise of tech entrepreneurs and new billionaires is reshaping the Australian economy, highlighting a shift towards innovation and sustainability [3][18] - Established family business empires remain strong, but new entrants are eager to claim their share of the economic landscape [3]

Group 1 - The core theme of the news revolves around the significant developments in the AI industry during the Spring Festival, including the anticipated release of flagship models and the first-ever AI summit in India featuring prominent tech leaders [4][6][8] - The macroeconomic landscape is highlighted by the upcoming release of key data such as the December PCE inflation and Q4 GDP, which are crucial for understanding the Federal Reserve's stance on interest rates and inflation risks [5][4] - The longest Spring Festival holiday in history, lasting nine days, is set to impact market activities, with various exchanges, including the Shanghai and Hong Kong stock exchanges, closing during this period [4][9] Group 2 - The DeepSeek V4 model is expected to be launched in mid-February, showcasing improvements in programming capabilities, potentially surpassing other leading models in the market [8][6] - The Indian AI summit from February 14 to 20 will feature key figures such as NVIDIA's CEO Jensen Huang and Google's CEO Sundar Pichai, indicating a strong focus on AI advancements [8][4] - The U.S. Supreme Court is scheduled to make a ruling on the Trump tariffs on February 20, which could have significant implications for trade policies and the economy [5][4]

并购谈判破裂后，力拓股价出现显著波动。2026年2月5日股价下跌5.56%至91.12美元，但随后几个交易 日持续反弹：2月6日上涨2.51%，2月9日上涨3.68%，2月10日小幅上涨0.40%，2月11日收盘报99.52美元 (单日涨2.34%)，2月12日最新收盘价达100.16美元(单日涨0.64%)。从2月5日至12日，股价区间涨幅达 9.92%，振幅8.12%，成交额约12.87亿美元，显示资金在情绪冲击后逐步回流。同期，工业金属与采矿 板块整体情绪回暖，2月11日该板块上涨2.45%，但2月12日板块微跌1.09%，力拓作为龙头股表现强于 板块。 机构观点 股票近期走势 经济观察网力拓于2026年2月5日宣布退出与嘉能可的"世纪并购"谈判，双方因估值分歧未能达成一致， 导致这桩可能创造全球最大矿业公司的计划流产。根据英国并购规则，力拓至少六个月内不得重新寻求 收购，除非出现竞争性收购方等特定情况。该事件是近期市场关注焦点，谈判破裂后嘉能可股价当日下 跌超6%，而力拓股价在短期波动后逐步回升。 以上内容基于公开资料整理，不构成投资建议。 摩根大通于2026年2月6日恢复对力拓的研究覆盖，给予"增持 ...

Group 1 - Rio Tinto (RIO.N) announced its withdrawal from acquisition talks with Glencore (GLNCY.US) due to valuation disagreements, which led to the collapse of a potential merger that could have created the world's largest mining company [1] - Rio Tinto emphasized that it could not reach an agreement that would create value for its shareholders, while Glencore believed that Rio Tinto's terms undervalued its potential, particularly in copper business [1] - According to UK merger regulations, Rio Tinto cannot seek acquisition for at least six months unless specific circumstances arise [1] Group 2 - Following the breakdown of merger talks, Rio Tinto's stock price experienced significant volatility, dropping 5.56% to $91.12 on February 5, 2026, with trading volume increasing to approximately $644 million [2] - The stock partially recovered in the following days, with increases of 2.51% on February 6, 3.68% on February 9, and a slight rise of 0.40% to $97.24 on February 10, resulting in a total price fluctuation of 0.79% and a volatility of 6.53% during this period [2] - During the same timeframe, the industrial metals and mining sector saw a slight increase of 0.16%, while the Dow Jones index rose by 0.10% [2] Group 3 - JPMorgan resumed coverage of Rio Tinto on February 6, 2026, assigning an "Overweight" rating with a target price set at 7500 pence (approximately $94) [3] - The analysis highlighted Rio Tinto's cash flow advantages from iron ore, low-cost operations, and strategic expansion into copper and other materials as the basis for the rating [3] - This viewpoint was released after the merger talks collapsed, emphasizing the company's long-term fundamentals [3]

Group 1 - Angola's first significant copper mine, Tetelo, shipped its first batch of copper concentrate in January, marking the country's diversification of mineral resource income [2] - The Tetelo copper mine, owned by Shining Star Icarus, has an investment of $250 million and is set to begin operations in October 2025 [2] - The mine plans to produce approximately 19,000 tons of copper concentrate this year, reaching a stable production of 23,000 tons next year, and aims to increase annual output to about 36,000-40,000 tons by around 2030 [2] Group 2 - Initial mining will be open-pit, transitioning to underground mining in the second half of 2026 [3] - Ivanhoe Mines and Anglo American also have copper exploration projects in Angola [3] Group 3 - China, as the world's largest copper consumer, faces three major challenges: increasing dependence on foreign upstream resources, overcapacity in the midstream processing sector, and downstream demand being suppressed by high copper prices [4]

Group 1 - The article discusses the potential shortage of copper necessary for infrastructure and technology development, highlighting a growing concern in the market [1] - Joseph Shaefer, a seasoned analyst with extensive experience in various sectors, leads an investment group focused on energy, resources, aerospace, defense, and infrastructure [1] - The Investor's Edge® offers unique features for subscribers, including a sample portfolio, early notifications of relevant articles, and real-time updates on investment activities [1] Group 2 - The article does not provide any specific financial data or performance metrics related to companies or industries [2][3]

证券研究报告|行业研究报告 [Table_Title] 嘉能可 2025Q4 公司自有铜产量同比增加 9%至 26.81 万吨，2026 年铜产量指引为 81-87 万吨 [Table_Title2] 有色金属-海外季报 [Table_Date] 2026 年 2 月 10 日 [Table_Summary] 季报重点内容: ► 生产经营情况 2025Q4 自有铜产量 26.81 万吨，同比增加 9%，环比增加 12%。 2025 年自有铜产量 85.16 万吨，同比减少 11%。 2025Q4 自有钴产量为 0.76 万吨，同比减少 35%，环比减少 21%。 2025 年自有钴产量为 3.61 万吨，同比减少 5%。 2025Q4 自有锌产量为 26.00 万吨，同比减少 1%，环比增加 6%。 2025 年自有锌产量为 96.94 万吨，同比增加 7%。 2025Q4 自有铅产量为 4.62 万吨，同比减少 7%，环比增加 11%。 2025 年自有铅产量为 17.89 万吨，同比减少 4%。 2025Q4 自有镍产量为 1.95 万吨，同比减少 3%，环比增加 23%。 2025 年自有镍产量为 7. ...

Orion Minerals is set to secure a $250m binding prepayment facility from Glencore to support the development of its Prieska Copper Zinc Project in South Africa. The agreement, executed through Orion's subsidiary, Prieska Copper Zinc Mine (PCZM), involves the sale of bulk copper and zinc concentrates, facilitating the Uppers Development and partially funding the Deeps Development at the project. This marks a significant advancement in Orion’s move towards full operational status. The prepayment facility ...

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The mid - term bullish logic for copper, aluminum, and alumina remains unchanged. However, recently, market funds have become less enthusiastic, and prices may remain in an adjustment phase before the Spring Festival. Attention should be paid to the pressure brought by continuously rising inventories. For alumina, its fundamentals maintain an oversupply pattern, and a rebound requires new market drivers [4]. 3. Summary According to the Directory 3.1 Market Review 3.1.1 Weekly Market Review - Copper: The average price of 1 copper in the Yangtze River Color Market decreased from 104,640 yuan/ton on January 30, 2026, to 100,100 yuan/ton on February 6, 2026. The futures closing price of the main CU contract dropped from 103,680 yuan/ton to 100,100 yuan/ton. LME copper total inventory increased from 174,975 tons to 183,275 tons [8]. - Aluminum: The average price of A00 aluminum in the Yangtze River Color Market decreased from 24,640 yuan/ton to 23,110 yuan/ton. The futures closing price of the main AL contract fell from 24,560 yuan/ton to 23,315 yuan/ton. LME aluminum total inventory decreased from 495,725 tons to 490,975 tons [8]. - Alumina: The spot price index remained unchanged at 2,646 yuan/ton. The futures closing price of the main A0 contract increased from 2,768 yuan/ton to 2,824 yuan/ton [8]. 3.1.2 Weekly News Review - On February 5, Rio Tinto Group announced the abandonment of merger negotiations with Glencore, causing a world - class mining integration plan worth over $200 billion to end without result [11]. - On February 5, Canadian miner Capstone Copper's largest union at the Mantoverde copper - gold mine in Chile approved a new three - year labor contract, ending a strike that lasted over a month [11]. - On February 6, LME's deliverable copper inventory reached an 11 - month high [11]. - On February 9, the upper - limit price fluctuation range and trading margin ratio of copper, aluminum, and other futures contracts will be adjusted [11]. 3.2 Macroeconomic Analysis - On February 5, the European Central Bank kept its three key interest rates unchanged, in line with market expectations. About 85% of surveyed economists believe that interest rates will remain unchanged before 2026 [13]. - Upcoming macro - economic data announcements include China's January M2, M0, M1 money supply year - on - year, social financing scale increment, and new RMB loans; China's January CPI and PPI year - on - year; and the US January unemployment rate, non - farm payrolls change, and CPI year - on - year [14]. 3.3 Non - ferrous Market Analysis 3.3.1 Copper - **Spot Market**: As of February 5, SMM's national mainstream copper inventory increased by 4.03% week - on - week, and the total inventory increased by 62,700 tons year - on - year [30]. - **Futures Market**: Data shows the historical trends of Shanghai copper futures, options, and international copper futures positions [20]. - **Overseas Market**: Data presents the historical trends of LME copper inventory [26]. - **Market Inventory**: Data shows the historical trends of Shanghai bonded area copper inventory, SHFE copper inventory, LME copper inventory, and COMEX copper inventory [26]. - **Downstream Consumption**: From January 30 to February 5, the operating rate of domestic major refined copper rod enterprises was 69.07%, a decrease of 0.47 percentage points week - on - week. Due to the copper price limit - down triggering downstream purchasing, orders in the enameled wire and cable industries soared. It is expected that the operating rate of refined copper rod enterprises will decrease by 13.67 percentage points to 55.4% this week [30]. 3.3.2 Aluminum - **Domestic Market**: Data shows the historical trends of electrolytic aluminum spot inventory and 6063 aluminum rod inventory [32]. - **Futures Market**: Data presents the historical trends of aluminum futures, options, alumina futures, and alumina options positions [35]. - **Overseas Market**: Data shows the historical trends of LME aluminum total inventory [38]. - **Downstream Operating Rate**: As of February 5, the operating rate of domestic aluminum downstream processing leading enterprises was 57.9%, a decrease of 1.5 percentage points. Different sub - industries showed different trends [40]. - **Recycled Aluminum Alloy**: As of February 5, the SMM ADC12 quotation decreased by 750 yuan/ton week - on - week. Before the Spring Festival, demand and supply will contract simultaneously, and prices are expected to remain in a high - level oscillation with a slightly downward center of gravity [43]. - **Cost and Profit**: Data shows the historical trends of electrolytic aluminum cost, profit, and the relationship with the prices of alumina, pre - baked anodes, and thermal coal [47]. 3.3.3 Alumina - **Spot Market**: No specific content other than data sources is provided [51]. - **Futures Market**: No specific content is provided. - **Market Supply and Demand**: As of February 5, China's alumina production capacity was 113.9 million tons, the operating capacity was 91.5 million tons, and the operating rate was 76.15%. The demand for alumina did not change significantly [56]. - **Cost and Profit**: As of the week of February 6, the domestic alumina industry cost was 2,821.55 yuan/ton, and the average industry profit was - 178.66 yuan/ton [57].