Core Viewpoint - UBS reports that the performance of non-ferrous metal companies in the first half of the year remains robust, with Luoyang Molybdenum and Zijin Mining leading with profit growth exceeding 50% [1] Group 1: Company Performance - Luoyang Molybdenum and Zijin Mining show strong profit growth of over 50% [1] - China Hongqiao and Jiangxi Copper follow, while China Aluminum and Tianshan Aluminum's profits remain relatively flat [1] Group 2: Industry Trends - The copper industry focuses on mergers and acquisitions, production growth, and niche metal business expansion [1] - The aluminum sector emphasizes dividend distribution and share buybacks [1] Group 3: Earnings Forecast Adjustments - UBS raises full-year profit forecasts for Zijin Mining, Luoyang Molybdenum, and Jiangxi Copper by 6%, 11%, and 26% respectively [1] - The target prices for Zijin Mining and Luoyang Molybdenum are increased to HKD 32.5 and HKD 16.5 respectively [1] - Jiangxi Copper's rating is upgraded to "Buy" with a target price raised to HKD 27.1 [1] Group 4: Preferred Stocks - China Hongqiao remains UBS's top pick in the aluminum sector due to its potential for deleveraging and commitment to shareholder returns, maintaining a target price of HKD 26.8 and a "Buy" rating [1]

Group 1 - The core viewpoint of the report is that gold prices have increased by 39% year-to-date, driven by factors such as the structural fiscal deficit in the U.S., expectations of interest rate cuts, concerns over the independence of the U.S. Federal Reserve, and geopolitical tensions and uncertainties [1] - Bank of America has raised its long-term gold price forecast by 25% to $2,500 per ounce and its long-term silver price forecast by 30% to $35 per ounce [1] - The report highlights Zijin Mining's strong execution in production growth, with expected gold production increases of 17% and 11% for the next two years [1] Group 2 - The potential international IPO of Zijin's overseas gold assets may serve as a short-term catalyst for the company [1] - Bank of America has adjusted its net profit forecast for Zijin from 2025 to 2027 by 1% to 4%, and raised the target price from HKD 26 to HKD 31 [1] - The report maintains a "buy" rating for Zijin, citing a positive outlook on copper and gold prices along with the company's robust production growth, positioning it as a top choice in the industry [1]

Core Viewpoint - The article discusses the performance of the Nonferrous ETF Fund (159880) and its major holdings, highlighting the fund's recent returns and the performance of its key stocks [1] Group 1: Fund Performance - The Nonferrous ETF Fund (159880) opened with a slight increase of 0.07%, priced at 1.509 yuan [1] - Since its establishment on March 8, 2021, the fund has achieved a return of 51.22%, with a recent one-month return of 23.01% [1] Group 2: Major Holdings - Key stocks in the Nonferrous ETF Fund include: - Zijin Mining: down 0.56% - Luoyang Molybdenum: down 0.37% - Northern Rare Earth: down 1.30% - China Aluminum: down 0.51% - Shandong Gold: down 0.16% - Huayou Cobalt: down 0.36% - Zhongjin Gold: down 0.06% - Ganfeng Lithium: down 0.05% - Chifeng Jilong Gold: up 0.39% - Yun Aluminum: down 0.31% [1] Group 3: Management Information - The fund is managed by Penghua Fund Management Co., Ltd., with Yan Dong as the fund manager [1]

Group 1 - On September 3, a total of 12 A-share listed companies disclosed shareholding reductions, including Zijin Mining, Tianhong Shares, and others [1] - Notable reductions include Tianhong Shares with over 1% reduction by shareholder Wulong Company, and *ST Wanfang with a planned reduction of up to 3% by Shuangyang Yishang [2] - Other companies with planned reductions include Tongcheng New Materials, Xinke Mobile, and Zongheng Communication, among others, with various percentages of shares to be reduced [2] Group 2 - The report highlights that Wengbulou's subsidiary plans to increase its stake in Zhonghao Yingxin to 9.7346% [2] - The overall trend indicates a mix of both increases and decreases in shareholdings among the listed companies, reflecting varying investor sentiments [1][2]

证券代码：601899 证券简称：紫金矿业 公告编号：临 2025-072 紫金矿业集团股份有限公司 高级管理人员减持股份结果公告 本公司董事会、全体董事及相关股东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： ? 董监高持股的基本情况：本次减持计划实施前，紫金矿业集团股份有限 公司（以下简称"公司"）副总裁沈绍阳先生持有公司股份 1,001,000 股，占公 司总股份 0.004%，股份来源于公司股权激励及参与公司公开增发 A 股认购所得。 ? 减持计划的实施结果情况：公司于 2025 年 7 月 28 日披露《高级管理人 员减持股份计划公告》 （编号：临 2025-063），沈绍阳先生因筹集公司 2025 年员 工持股计划认购资金需求原因，拟自减持计划公告披露之日起 15 个交易日后的 计不超过 250,250 股,即减持比例不超过其本人持有公司股份的 25%。2025 年 9 月 3 日，公司收到沈绍阳先生减持股份结果情况告知函，本次减持计划已实施完 毕，沈绍阳先生通过集中竞价交易方式累计减持公司股份 250,000 股。 一 ...

证券代码：601899 证券简称：紫金矿业 公告编号：临 2025-072 紫金矿业集团股份有限公司 高级管理人员减持股份结果公告 本公司董事会、全体董事及相关股东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。 减持计划的实施结果情况：公司于 2025 年 7 月 28 日披露《高级管理人 员减持股份计划公告》（编号：临 2025-063），沈绍阳先生因筹集公司 2025 年员 工持股计划认购资金需求原因，拟自减持计划公告披露之日起 15 个交易日后的 3 个月内（窗口期不减持），通过集中竞价交易方式减持其所持有的公司股份合 计不超过 250,250 股,即减持比例不超过其本人持有公司股份的 25%。2025 年 9 月 3 日，公司收到沈绍阳先生减持股份结果情况告知函，本次减持计划已实施完 毕，沈绍阳先生通过集中竞价交易方式累计减持公司股份 250,000 股。 重要内容提示： | 股东名称 | 沈绍阳 | | | | | --- | --- | --- | --- | --- | | 股东身份 | 控股股东、实控人及一致行动人 | | □是 | ...

紫金矿业晚间公告，2025年9月3日，公司收到沈绍阳减持股份结果情况告知函，本次减持计划已实施完 毕，沈绍阳通过集中竞价交易方式累计减持公司股份25万股。本次减持计划实施前，公司副总裁沈绍阳 持有公司股份100.1万股，占公司总股份0.004%，股份来源于公司股权激励及参与公司公开增发A股认 购所得。 MACD金叉信号形成，这些股涨势不错！ ...

海外監管公告 紫金矿业集团股份有限公司 高级管理人员减持股份结果公告 本公司董事会、全体董事及相关股东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。 此乃紫金礦業集團股份有限公司（「本公司」）登載於中華人民共和國上海證券交易所（「上 交所」）網頁的公告。 2025 年 9 月 3 日 中國福建 * 本公司之英文名稱僅供識別 证券代码：601899 证券简称：紫金矿业 公告编号：临 2025-072 重要内容提示： 董监高持股的基本情况：本次减持计划实施前，紫金矿业集团股份有限 公司（以下简称"公司"）副总裁沈绍阳先生持有公司股份 1,001,000 股，占公 司总股份 0.004%，股份来源于公司股权激励及参与公司公开增发 A 股认购所得。 减持计划的实施结果情况：公司于 2025 年 7 月 28 日披露《高级管理人 员减持股份计划公告》（编号：临 2025-063），沈绍阳先生因筹集公司 2025 年员 工持股计划认购资金需求原因，拟自减持计划公告披露之日起 15 个交易日后的 3 个月内（窗口期不减持），通过集中竞价交易方式减持其所持有的公司 ...

Core Viewpoint - Morgan Stanley reports that since early July, the MSCI China Materials Index has outperformed the MSCI China Index by 19%, driven by stable performance of related companies in the first half of the year, rising interest rate cut expectations, and domestic anti-involution policy themes [1] Industry Summary - The materials sector is expected to continue its strong performance in the second half of the year, with a favorable outlook for the materials index, particularly in the following order: copper or gold, aluminum, steel, coal, and lithium [1] Company Summary - Zijin Mining (601899)(02899) remains the top pick for the company, with strong profit growth, maintaining a "buy" rating and a target price of 28 HKD [1] - The company is optimistic about copper stocks and recommends investors buy Luoyang Molybdenum (603993)(03993) when shares are high, maintaining a "buy" rating and a target price of 13.5 HKD [1] - The target price for Ansteel (000898)(00347) has been raised from 1 HKD to 2.3 HKD, with the rating upgraded from "sell" to "neutral" [1]

Group 1 - The core viewpoint of the article is that the MSCI China Materials Index has outperformed the MSCI China Index by 19% since early July, driven by stable performance of related companies, rising interest rate cut expectations, and the theme of anti-involution policies in mainland China [1] - The materials sector is expected to continue its strong performance in the second half of the year, with a favorable outlook for copper or gold, aluminum, steel, coal, and lithium [1] - Zijin Mining (02899) is identified as the top pick due to its strong profit growth, with a maintained "Buy" rating and a target price of HKD 28 [1] Group 2 - The report suggests that investors should consider buying Luoyang Molybdenum (03993) during high stock prices, maintaining a "Buy" rating and a target price of HKD 13.5 [1] - The target price for Ansteel (00347) has been raised from HKD 1 to HKD 2.3, with the rating upgraded from "Reduce" to "Neutral" [1]