瞄准稀缺性，矿服龙头金诚信的资源转型

Core Insights - The globalization of Chinese enterprises has shifted from "scale expansion" to "value cultivation," emphasizing local operations, supply chain resilience, and cross-cultural collaboration [1] - ExxonMobil views sustainable internationalization as a two-way empowerment of global resources and local development, particularly in resource-intensive industries like mining [1] - The demand for copper is surging due to new economic drivers such as green electricity and AI data centers, with companies like Jinchengxin benefiting from this trend [2][4] Industry Trends - AI data centers are significantly increasing copper demand, with estimates suggesting that each MW of data center capacity requires 27 tons of copper [4] - The global power consumption of data centers is expected to double by 2030, with major growth in the U.S. and China [4] - The new energy sector, particularly energy storage, is also a major driver of copper demand, with significant growth projected in lithium-ion battery applications [6] Company Strategy - Jinchengxin has expanded into resource development since 2019, focusing on acquiring quality copper mines to capitalize on emerging economic demands [2] - The company employs a "mining service + resource" dual-driven strategy, leveraging its mining service expertise to enhance resource development [10] - Jinchengxin has established a strong international presence, having undertaken numerous mining projects globally since 2003, and is recognized by both domestic and international mining companies [8] Market Dynamics - The supply of copper is constrained due to aging mines and limited new projects, which may lead to further price increases [7] - Jinchengxin's acquisition of high-quality copper resources, such as the Longxi Copper Mine in the Democratic Republic of the Congo, exemplifies its strategy to secure valuable resources [7] - The company faces challenges in overseas operations, including legal compliance and infrastructure costs, necessitating careful evaluation of project viability [11] Future Outlook - Jinchengxin aims to enhance its operational capabilities and global management skills to navigate market cycles effectively [12] - The company is focused on maximizing existing project capacities and ensuring planned production targets are met by 2030 [12] - The transformation of Jinchengxin serves as a model for Chinese mining service companies, highlighting the importance of technological accumulation and a collaborative service-asset approach in addressing challenges in global resource governance [12]