Group 1 - The Hong Kong stock market saw mixed performance with the Hang Seng Technology Index slightly down by 0.13%, while the National Enterprises Index rose marginally by 0.01% [2] - The Hang Seng Technology Index experienced a peak increase of 2% during the trading session before closing with a minor decline [2] Group 2 - Major technology stocks generally maintained an upward trend, with Xiaomi rising by 4.48%, JD.com by 3.46%, and Baidu by 2.33% [4] - Automotive stocks collectively increased, with Chery Automobile seeing a significant rise of nearly 14% on its first trading day, while other companies like Li Auto, NIO, and BYD also posted gains [4] - Copper prices surged due to supply tightness following an accident at the world's second-largest copper mine, leading to strong performances in the copper sector, with China Daye Non-Ferrous Metals soaring by 25% [4]

Core Viewpoint - The Hong Kong stock market experienced fluctuations with the Hang Seng Technology Index slightly declining by 0.13%, while the Hang Seng Index showed a modest increase of 0.01%. Major technology stocks generally maintained an upward trend, with significant movements in various sectors [1] Group 1: Technology Sector - Major technology stocks showed positive performance, with Xiaomi rising by 4.48%, JD.com by 3.46%, Baidu by 2.33%, and Kuaishou by 1.69%. Tencent and Meituan managed to stay slightly positive, while Alibaba and NetEase fell over 1% [1] - The Hang Seng Technology Index had a peak increase of 2% during the trading session before closing down slightly [1] Group 2: Copper and Mining Sector - A significant accident at the world's second-largest copper mine has led to tighter supply, resulting in a rise in copper prices. This has positively impacted copper-related stocks, with China Daye Non-Ferrous Metals soaring by 25% and China Nonferrous Mining rising by 11% [1] - Gold stocks also performed well, with Zijin Mining reaching a new historical high during the session [1] Group 3: Automotive Sector - The automotive sector saw collective gains, highlighted by Chery Automobile's debut, which surged nearly 14%. Other companies like Li Auto, NIO, BYD, and Xpeng also experienced increases [1] Group 4: Other Sectors - Lithium battery stocks, cosmetics stocks, semiconductor stocks, aviation stocks, and biomedicine stocks were generally active in the market [1] - Conversely, the banking sector faced downward pressure, with CITIC Bank dropping nearly 3% and other major banks like ICBC, BOC, and CCB declining over 2% [1] - Home appliance stocks, brain-computer interface concept stocks, dairy stocks, and port and shipping stocks also saw declines [1]

格隆汇9月25日｜由于黄金价格持续创下历史新高，铜价也有望创下有史以来的最佳年度表现，矿业巨 头紫金矿业在9月25日A股收盘后，市值达到7247.7亿元人民币，首次收盘突破1000亿美元关口，仅次于 全球其它两家矿业集团：必和必拓(1400亿美元)、力拓(1120亿美元)。紫金矿业目前正计划为其国际黄 金业务进行公开上市，不过受超强台风"桦加沙"影响，紫金黄金国际股份在香港联交所挂牌并开始上市 交易的日期推迟至2025年9月30日。 ...

Core Viewpoint - The Federal Reserve has restarted interest rate cuts after nine months, lowering rates by 25 basis points, which aligns with market expectations and signals the potential beginning of a new easing cycle [1] Group 1: Market Impact - The Fed's rate cut is expected to support the non-ferrous metals sector by enhancing purchasing demand and boosting metal prices due to a weaker dollar [1] - The easing of monetary policy is likely to improve liquidity globally, increasing risk appetite and attracting funds to cyclical commodities, particularly in the non-ferrous metals sector [1] - A moderate global economic recovery driven by lower financing costs is anticipated to benefit demand for industrial metals like copper, aluminum, and zinc, as well as strategic metals such as nickel and rare earths [1] Group 2: Supply and Demand Dynamics - The fundamentals for most non-ferrous metals remain strong, supported by global economic recovery and domestic policies aimed at optimizing production factors [2] - The ongoing "anti-involution" policies in China are expected to enhance profitability across various sectors, facilitating the transmission of rising metal prices to downstream industries [2] Group 3: Market Performance - The non-ferrous metals sector ETF (159876) experienced a significant increase, with a peak intraday rise of 2.7% and a cumulative increase of 55.21% since its low on April 8, outperforming major indices [3] - Leading copper companies have shown substantial gains, with several stocks, including Luoyang Molybdenum and Northern Copper, experiencing significant price increases [3] Group 4: Investment Strategy - A diversified investment approach through the non-ferrous metals sector ETF and its associated funds is recommended to capture the overall sector's performance while mitigating risks [7]

瑞银发表报告表示，FCX因今年9月8日印尼Grasberg矿区(全球第二大铜矿)地下出现矿难(大量湿泥涌入 矿洞且扩散至多层工作面)宣布暂时停产，FCX对今明两年铜产量降幅预测比市场预期更大，这将加剧 2026年全球铜市场预期的供给缺口，该行重申对铜价乐观展望。瑞银表示，矿股重点推荐Anglo American(NGLOY.US)、Teck Resources(TECK.US)及紫金矿业（601899）(02899)。 FCX提到，约80万吨湿物料突然涌入矿井，并快速向下流入多个作业层，Grasbergblock cave(GBC)区域 原本预计贡献Grasberg矿山2029年前的70%铜及黄金产量。本次事故发生于GBC五个开采分区之一，但 导致其他GBC生产区的基础设施也受损。FCX初步评估，多间生产将延后，预计2025年第四季仅少量产 出和销售;计划分阶段于2026年重启及逐步恢复生产，初步估计矿山铜产量将较此前指引下调约35%。 Grasberg预计2027年才能恢复至事故前估算产能。 2026年铜精炼供应预测下调，将扩大精炼市场的供给缺口。虽然与关税相关的宏观不确定性及市场波动 持续，中国铜需求仍展 ...

Group 1 - UBS reports that FCX has announced a temporary production halt at the Grasberg mine due to a mining accident, which is expected to lead to a larger-than-expected decline in copper production for the next two years, exacerbating the anticipated supply gap in the global copper market by 2026 [1] - The Grasberg mine, which is the second-largest copper mine globally, experienced an influx of approximately 800,000 tons of wet material, affecting multiple operational levels and damaging infrastructure in other production areas [1] - FCX's preliminary assessment indicates that production will be delayed, with only minimal output and sales expected in Q4 2025, and a phased restart planned for 2026, resulting in an estimated 35% reduction in copper output compared to previous guidance [1] Group 2 - UBS has adjusted its forecast for global mine supply growth in 2026 from approximately 2% (500,000 tons) to about 1% (below 250,000 tons) due to the downward revision of Grasberg's guidance and other supply disruptions [2] - The report highlights that refined copper supply growth has consistently outpaced mine supply growth over the past 2-3 years, leading to a tightening of the copper concentrate and scrap market, while delaying the tightening of the refined market [2] - UBS expects refined copper demand to grow by about 3% in 2026, while supply growth will be below 1%, resulting in a supply gap and continued inventory decline, supporting an upward trend in copper prices [3]

注：本文系新闻报道，不构成投资建议，股市有风险，投资需谨慎。 （原标题：紫金矿业成交额超100亿元） 数据宝统计，截至14:33，紫金矿业成交额100.19亿元，超100亿元。最新股价上涨5.40%，换手率1.79%。上一交易日该股全天成交额为43.24亿 元。（数据宝） ...

Core Viewpoint - UBS report indicates that Freeport-McMoRan, a major U.S. mining company, has announced a temporary production halt at its Grasberg mine in Indonesia due to a mining accident, leading to a larger-than-expected reduction in copper output for the next two years, which will exacerbate the anticipated supply gap in the global copper market by 2026 [1] Group 1: Company Impact - Freeport-McMoRan's temporary production halt at the Grasberg mine is a significant event impacting its copper output forecasts [1] - The company’s revised copper production outlook is more pessimistic than market expectations, indicating potential challenges ahead [1] Group 2: Market Outlook - UBS maintains an optimistic outlook on copper prices despite the production issues, suggesting a bullish sentiment in the market [1] - Global refined copper production is forecasted to be 27.853 million tons in 2025, with demand at 27.586 million tons, resulting in a supply-demand balance deficit of 267,000 tons for that year [1] - For 2026, refined copper production is expected to reach 28.062 million tons, while demand is projected at 28.482 million tons, leading to a forecasted supply-demand balance deficit of 421,000 tons [1] - The supply-demand balance deficits are expected to worsen in subsequent years, with projections of negative 510,000 tons in 2027, negative 756,000 tons in 2028, and negative 1.224 million tons in 2029 [1] Group 3: Investment Recommendations - UBS recommends several mining stocks, including Anglo American, Teck Resources, Antofagasta, and Zijin Mining, as key investment opportunities in the sector [1]

Core Viewpoint - UBS reports that Freeport-McMoRan, a major U.S. mining company, has announced a temporary production halt at its Grasberg mine in Indonesia due to a mining accident, leading to a larger-than-expected reduction in copper production forecasts for the next two years, which will exacerbate the anticipated supply gap in the global copper market by 2026 [1] Group 1: Company Impact - Freeport-McMoRan has temporarily halted production at the Grasberg mine, the second-largest copper mine globally, due to an underground mining accident involving a significant influx of wet mud [1] - The company has revised its copper production forecasts downward, indicating a more substantial decline than market expectations for the next two years [1] Group 2: Market Outlook - UBS maintains an optimistic outlook on copper prices, citing the expected supply gap in the global copper market [1] - The global refined copper production forecast for 2025 is projected at 27.853 million tons, with a demand of 27.586 million tons, resulting in a supply-demand imbalance of 267,000 tons for this year [1] - For 2026, the refined copper production is expected to reach 28.062 million tons, while demand is anticipated to be 28.482 million tons, leading to a projected supply-demand imbalance of -421,000 tons [1] - Further estimates indicate that the global refined copper supply-demand imbalances for 2027 and 2029 will be -510,000 tons and -756,000 tons, and -1.224 million tons, respectively [1] Group 3: Stock Recommendations - UBS recommends focusing on mining stocks such as Anglo American, Teck Resources, Antofagasta, and Zijin Mining in light of the current market conditions [1]

东方证券发布研报称，25年9月美联储宣布将联邦基金利率目标区间下调25个基点，市场预计连续降息 周期或开启。降息周期的开启有助于黄金、铜等金属迎来上涨行情，看好公司铜金业务实现量价齐升， 业绩有望继续向上。天风证券（601162）也表示，全球经济发展背景叠加美联储降息大环境下铜、金价 格持续看涨，25H1两者占公司营收比例分别为27.8%/49.1%，公司营收及利润有望在金、铜价格提升下 继续上升。 消息面上，紫金矿业此前发布公告，公司收到通知，受超强台风"桦加沙"影响，紫金黄金国际原定于9 月24日结束的香港公开发售登记事项将推迟1天完成，预计紫金黄金国际股份在香港联交所挂牌并开始 上市交易的日期亦将相应推迟1天至9月30日。据悉，紫金黄金国际有望成为继宁德时代（300750）后今 年全球第二大IPO项目。 紫金矿业（601899）(02899)早盘涨超6%，截至发稿，涨6.07%，报31.44港元，成交额18.43亿港元。 ...