Ge Long Hui·2025-12-04 03:24Core Viewpoint - Morgan Stanley's research report indicates that copper prices have surpassed $11,000 per ton due to supply disruptions and heightened market tension, leading to an optimistic outlook for copper prices and related stocks in the coming year [1] Group 1: Copper Market Dynamics - Strong demand and severe supply disruptions, along with reduced smelting capacity in China, are driving the optimistic outlook for copper prices [1] - The expectation is that copper prices will continue to outperform the market next year [1] Group 2: Company Ratings and Price Targets - Morgan Stanley maintains an "Overweight" rating on Zijin Mining and Luoyang Molybdenum Co., citing strong profit growth and diversified assets in copper, gold, and cobalt [1] - The target price for Zijin Mining is set at HKD 42, while Luoyang Molybdenum's target price has been raised from HKD 13.5 to HKD 22 [1] - The firm prefers Zijin Mining due to its relatively reasonable valuation [1] Group 3: Other Company Ratings - Jiangxi Copper Co. has been given a "Underweight" rating due to ongoing weak processing and refining fees and slowing profit growth, with its target price increased from HKD 15 to HKD 28 [1]