Core Viewpoint - Morgan Stanley reports that the Chinese government is directing the restriction of excess capacity and the closure of illegal copper smelting operations, which is expected to positively impact copper prices and major copper companies [1] Industry Summary - The Chinese Nonferrous Metals Industry Association's vice president, Chen Xuesen, indicated government measures to limit overcapacity in the copper industry [1] - The implementation of these measures is anticipated to benefit copper prices significantly [1] Company Summary - Morgan Stanley believes that Zijin Mining (02899) has a 70% to 80% chance of seeing its stock price rise within the next 15 days due to the expected positive impact of government measures on the copper market [1]

Core Viewpoint - Morgan Stanley's report indicates that the Chinese government is taking measures to limit excess capacity in the copper industry, which is expected to positively impact copper prices and major copper companies [1] Company Summary - Zijin Mining (601899)(02899) is identified as having a 70% to 80% chance of its stock price increasing within the next 15 days due to the anticipated government measures [1]

Group 1 - The core viewpoint of the article highlights a collective rise in Hong Kong's non-ferrous metal stocks, driven by expectations of a Federal Reserve interest rate cut in December [1][3]. - Specific stocks that saw significant increases include Lingbao Gold, which rose by 3.5%, and China Daye Nonferrous Metals, which increased by 3.41% [2][1]. - The overall market sentiment is positively influenced by the anticipated decline in interest rates, which is expected to lower financing costs and improve demand expectations [3]. Group 2 - The probability of a 25 basis point rate cut by the Federal Reserve in December has risen to 82.9%, up from 69.4% the previous day [2][3]. - Gold prices have also seen a slight increase, with spot gold rising by 0.2% to $4,141.70 per ounce, supported by the Fed's dovish outlook [3]. - Analysts suggest that the expected rate cut will positively impact the non-ferrous metal sector through a weaker dollar and enhanced risk appetite [3].

Core Viewpoint - Hai'an Group, a new stock listed on the Shenzhen Main Board, specializes in the research, production, and sales of giant all-steel radial engineering tires and mining tire operation management, positioning itself as a key player in the domestic market against international competitors [1][2]. Group 1: Company Overview - Hai'an Group is recognized as a national high-tech enterprise and has received accolades such as the "National Specialized and Innovative 'Little Giant' Enterprise" in 2021 and "Service-oriented Manufacturing Demonstration Enterprise" in 2018 [1]. - The company has become the third global manufacturer capable of mass production of a full range of specifications for all-steel giant tires, following Michelin and Bridgestone [2]. Group 2: Market Position and Growth - The global market for all-steel giant tires has seen growth from 167,000 units in 2017 to 215,000 units in 2022, with a compound annual growth rate of 5.18%, indicating a persistent supply-demand imbalance [1]. - In 2022, Hai'an Group ranked first in domestic production and fourth globally for giant tire output, with significant clients including well-known domestic companies and international firms [2]. Group 3: International Expansion - The company has established 12 overseas subsidiaries or branches, with over 75% of its revenue coming from international sales, highlighting its global market reach [2]. - The exit of major international brands from the Russian market has allowed Hai'an Group to significantly increase its sales in that region, with overseas sales accounting for 65.19% to 67.18% of its main business revenue from 2022 to mid-2025 [3]. Group 4: Risks and Challenges - The company acknowledges potential risks from international trade tensions and geopolitical conflicts, which could significantly impact its revenue, particularly from overseas markets [3].

Core Viewpoint - Haian Group (001233.SZ) has successfully listed on the Shenzhen Main Board, focusing on the research, production, and sales of giant all-steel engineering radial tires and mining tire operation management, positioning itself as a key player in the domestic and global tire manufacturing industry [1][5]. Company Overview - Haian Group is recognized as a national high-tech enterprise and has received accolades such as the "National Specialized and Innovative 'Little Giant' Enterprise" in 2021 and "Service-oriented Manufacturing Demonstration Enterprise" in 2018 [1]. - The company specializes in giant engineering tires, which are defined as tires with a rim diameter of 49 inches or more, primarily used in large mining dump trucks and loaders [5]. Market Position - Haian Group ranks first in domestic production and fourth globally in the giant tire market, benefiting from a significant market share despite the dominance of international brands [6]. - The global market for all-steel giant tires has seen growth from 167,000 units in 2017 to 215,000 units in 2022, with a compound annual growth rate of 5.18% [5]. Financial Metrics - The IPO price was set at 48.00 CNY per share, with an institutional offering price of 48.93 CNY, and a price-to-earnings ratio of 13.94 compared to the industry average of 26.38 [2]. - The company reported a performance increase of 400% [2]. Production and Expansion Plans - The company has outlined several key projects, including: - Expansion of all-steel giant engineering radial tire production with an investment of 19.45 million CNY (65.90% of total investment) - Automation upgrades for production lines at 3.71 million CNY (12.56%) - Construction of a research and development center at 2.86 million CNY (9.69%) - Supplementing working capital at 3.50 million CNY (11.86%) [4]. Global Sales and Clientele - Haian Group has established a strong global presence, with over 75% of its revenue coming from international sales, including significant sales in the Russian market following the exit of major competitors [6]. - The company serves notable clients such as Zijin Mining, XCMG, and Ural Mining and Metallurgical Company [6]. Industry Challenges - The company faces potential risks from international trade tensions and geopolitical conflicts, which could significantly impact its profit margins [7].

Core Viewpoint - Hai'an Group (001233.SZ) has successfully listed on the Shenzhen Main Board, focusing on the research, production, and sales of giant all-steel radial engineering tires and mining tire operation management, positioning itself as a key player in the domestic and global tire manufacturing industry [1][5]. Company Overview - Hai'an Group is recognized as a national high-tech enterprise and has received accolades such as the "National Specialized and Innovative 'Little Giant' Enterprise" in 2021 and "Service-oriented Manufacturing Demonstration Enterprise" in 2018 [1]. - The company has a market capitalization of approximately 8.93 billion yuan, with an issue price of 48.00 yuan per share and an issue price-to-earnings ratio of 13.94 [2]. Industry Position - The global market for giant all-steel tires has shown a compound annual growth rate (CAGR) of 5.18%, increasing from 167,000 units in 2017 to 215,000 units in 2022, indicating a persistent supply-demand imbalance [5]. - Hai'an Group has become the third manufacturer globally capable of mass-producing a full range of giant all-steel tires, breaking the domestic market monopoly held by international brands like Michelin and Bridgestone [5][6]. Production and Sales - In 2022, Hai'an Group ranked first in domestic production and fourth globally for giant tire output, with significant clients including major Chinese companies and international firms [6]. - The company has established a strong global presence, with over 75% of its revenue coming from international sales, particularly benefiting from the exit of major competitors from the Russian market [6]. Future Projects - Hai'an Group has outlined several key projects for expansion, including: - Full-steel giant engineering tire expansion project: 19.45 million yuan (65.90%) - Automation upgrade for full-steel giant engineering tire production line: 3.71 million yuan (12.56%) - R&D center construction: 2.86 million yuan (9.69%) - Working capital supplementation: 3.50 million yuan (11.86%) [4].

证券时报·数据宝统计显示，紫金矿业今日收盘价为28.00元，下跌0.50%，日换手率为0.83%，成交额为 47.82亿元，全天主力资金净流出5343.83万元，近5日该股累计下跌3.38%，近5日资金合计净流出18.10 亿元。 紫金矿业11月24日大宗交易平台共发生2笔成交，合计成交量40.60万股，成交金额1136.80万元。成交价 格均为28.00元。从参与大宗交易营业部来看，机构专用席位共出现在2笔成交的买方或卖方营业部中， 合计成交金额为1136.80万元，净卖出1136.80万元。 进一步统计，近3个月内该股累计发生29笔大宗交易，合计成交金额为24.72亿元。 11月24日紫金矿业大宗交易一览 | 成交量 | 成交金额 | 成交价格 | 相对当日收盘折 | | 买方营业部 | 卖方营 | | --- | --- | --- | --- | --- | --- | --- | | （万股） | （万元） | （元） | 溢价（%） | | | 业部 | | 33.00 | 924.00 | 28.00 | 0.00 | 国泰海通证券股份有限公司总部 | | 机构专 | | | | | | | | ...

11月24日，紫金矿业大宗交易成交40.6万股，成交额1136.8万元，占当日总成交额的0.24%，成交价28 元，较市场收盘价28元持平。 | 交易日期 | 证券简称 | 证券代码 | 成交价(元) 成交金额(万元) 成交量(*) 买入营业部 | | | | | 类出营业部 | 是否为专场 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 2025-11-24 | 繁杂乱,不 | 668 TO9 | 28 | 924 | 33 | 用费漫画览器服份 | 机构专用 | | 图 | | 2025-11-24 | 紧金矿业 | 601899 | 28 | 212.8 | 7.6 | 史曾是有里身主要 | 机构专用 | | Ka | ...

Key Takeaways from Zijin Mining Group Conference Call Company Overview - **Company**: Zijin Mining Group (Ticker: 2899.HK) - **Industry**: Greater China Materials - **Market Cap**: US$107.861 billion as of November 20, 2025 - **Current Stock Price**: HK$31.12 - **Price Target**: HK$46.10, representing a 48% upside potential [5][5][5] Copper Production Insights - **2025 Copper Output**: Expected to be approximately 1.1 million tons, revised down from earlier guidance of 1.15 million tons, primarily due to reduced output from the KK mine [4][7][7] - **Production Costs**: Anticipated to remain between Rmb21,000-23,000 per ton in the coming years, with a reported cost of Rmb22,100 per ton in Q3 2025 [2][2][2] - **Julong Copper Mine Phase II**: Set to commence production by the end of 2025, with an additional output of 100,000 tons expected in 2026 [1][1][1] - **Serbia Copper Complex Expansion**: Completion expected around 2027, slightly delayed due to the new block caving method requiring longer approval times [1][1][1] Lithium Production Insights - **Lakkor Tso Production**: Started in early 2025, expected to deliver 10,000 tons of Lithium Carbonate Equivalent (LCE) in 2025 and 20,000 tons in 2026, with production costs around Rmb35,000-40,000 per ton LCE [3][3][3] - **3Q Project**: Began production in September 2025, with an estimated output of 20,000-30,000 tons LCE in 2026 and a unit cost of Rmb60,000 per ton LCE [3][3][3] - **Xiangyuan Project**: Expected to start production by the end of 2025, with a capacity of 40,000 tons LCE and an expected output of 30,000 tons in 2026 at a unit cost of Rmb50,000-55,000 per ton LCE [3][3][3] - **Future Plans**: Zijin aims to achieve 250,000-300,000 tons per year of LCE lithium production by 2028 [3][3][3] Financial Performance Metrics - **Revenue Projections**: Expected net revenue for 2025 is Rmb354.239 billion, increasing to Rmb411.130 billion in 2026 [5][5][5] - **Earnings Per Share (EPS)**: Projected EPS for 2025 is Rmb1.97, with further growth expected in subsequent years [5][5][5] - **Return on Equity (ROE)**: Expected to be 37.5% in 2025, indicating strong profitability [5][5][5] Risks and Opportunities - **Upside Risks**: Stronger copper prices due to robust demand or supply disruptions in key copper-producing countries, along with volume increases from project ramp-ups [11][11][11] - **Downside Risks**: Weaker copper prices driven by economic downturns, project execution misses, and geopolitical risks affecting production [11][11][11] Conclusion Zijin Mining Group is positioned for growth in both copper and lithium production, with strategic expansions and cost management in place. However, the company faces potential risks from market fluctuations and geopolitical factors that could impact its operations and profitability.

Flash | 16 Nov 2025 18:22:27 ET │ 11 pages Zijin Mining (2899.HK) What's New from Citi 2025 China Conference: Mine Gold and Copper Output Maintain Decent Growth CITI'S TAKE We hosted meetings for Zijin Mining on Nov 13th at our China Conference in Shanghai. Ms. Krystal Chen, IR Manager, attended the meeting. Below are our key takeaways. Mine gold output – Mine gold output is 65t in 9M25, +20% YoY, mainly driven by newly acquired Akyem mine and increasing output from Sawaya'erdun gold mine. Mgmt. expects the ...