Core Insights - The Ministry of Industry and Information Technology emphasizes the importance of technological innovation in the development of new battery technologies, particularly solid-state and metal-air batteries [1][2]. Industry Overview - Metal-air batteries utilize common metals like zinc, magnesium, and aluminum in conjunction with oxygen or seawater, representing a hybrid energy storage and fuel technology [3]. - The global market for metal-air batteries is projected to grow from $296 million in 2023 to $852 million by 2031, with a compound annual growth rate (CAGR) exceeding 14% [5]. Technological Advantages - Metal-air batteries offer significant advantages over lithium-ion batteries, including energy density that can exceed 3 to 4 times that of lithium-ion batteries, efficient charging, and longer range [4]. - They are considered environmentally friendly, aligning with carbon neutrality goals, as they do not release harmful substances during manufacturing, usage, or recycling [4]. Market Dynamics - The zinc-air battery segment currently holds the largest market share, being the most commercially mature, while aluminum-air batteries follow [8]. - Several domestic companies are actively engaging in the metal-air battery sector, with notable stock performance; for instance, Shanghai Xiba has seen a year-to-date increase of nearly 241% [10][11]. Academic Contributions - Multiple universities in China have achieved breakthroughs in metal-air battery technology, enhancing the development of high-performance catalysts and battery designs [9]. Company Developments - Companies such as Penghui Energy, Yun Aluminum, and China Aluminum are involved in the metal-air battery supply chain, with significant stock price increases observed in 2023 [10][12]. - Notable stock performance includes Yun Aluminum with a year-to-date increase of over 70% and Penghui Energy with an increase of nearly 15% in financing [11][12].

Investment Rating - Industry Rating: Recommended [4] Core Viewpoints - The report indicates that the CPI is lower than expected, which enhances the probability of interest rate cuts, leading to an upward trend in metal prices [28][44] - Precious metals are experiencing price fluctuations, with gold and silver prices showing a downward trend recently, but the long-term outlook remains positive due to macroeconomic factors [28][44] - The report highlights the ongoing geopolitical tensions and their impact on market dynamics, particularly in the context of U.S.-China trade relations and the potential for further economic negotiations [45][48] Summary by Sections Precious Metals - This week, COMEX gold fell by 3.30% to $4,126.90 per ounce, while COMEX silver dropped by 4.38% to $48.41 per ounce. SHFE gold decreased by 6.17% to ¥938.10 per gram, and SHFE silver fell by 7.49% to ¥11,332.00 per kilogram [28][30] - The gold price has increased over 60% this year, but recent fluctuations indicate a potential short-term correction as the market enters an overbought zone [44][48] - The report notes a significant reduction in holdings for major ETFs, with SPDR gold ETF decreasing by 9,186.33 ounces and SLV silver ETF by 89,770.80 ounces [30] Base Metals - In the LME market, copper rose by 3.21% to $10,947.00 per ton, aluminum increased by 2.81% to $2,856.50 per ton, zinc went up by 2.62% to $3,019.50 per ton, and lead climbed by 2.28% to $2,016.50 per ton [54] - SHFE market showed similar trends with copper up by 3.95% to ¥87,720.00 per ton, aluminum up by 1.51% to ¥21,225.00 per ton, zinc up by 2.48% to ¥22,355.00 per ton, and lead up by 3.05% to ¥17,595.00 per ton [54] - The report emphasizes that the supply of copper is facing challenges, with a projected production growth of only 1.4% in 2025, which is below the demand growth rate of approximately 3% [9][22] Small Metals - Magnesium prices decreased by 0.45% to ¥17,840 per ton, while demand remains stable, leading to a reduction in inventory levels [18] - Molybdenum and vanadium prices are under pressure, with molybdenum iron prices down by 2.12% to ¥27.75 per ton, reflecting cautious market sentiment [19] Investment Recommendations - The report suggests that the long-term outlook for gold remains positive due to ongoing concerns about global debt and monetary easing, with U.S. debt exceeding $38 trillion and projected budget deficits [20][49] - The report identifies several gold mining companies as potential beneficiaries of rising gold prices, including Chifeng Jilong Gold Mining, Shandong Gold, and China National Gold Group [20][49] - For silver, the report anticipates a supply shortage of approximately 3,660 tons by 2025, supporting a bullish outlook for silver prices [49]

Core Viewpoint - China Aluminum Corporation plans to establish a joint venture with its controlling shareholder, China Aluminum Group, and other partners, contributing 300 million RMB for a 20% stake in the new company [1][2]. Group 1 - The board of directors of China Aluminum Corporation approved the proposal to establish a joint venture during the fourth meeting of the ninth board on August 27, 2025 [1]. - The joint venture will be formed with China Aluminum Group, Yunnan Copper Co., Ltd., Yunnan Chihong Zinc & Germanium Co., Ltd., and China Aluminum Capital Holdings Co., Ltd. [1]. - The company will contribute 300 million RMB in cash and physical assets to hold a 20% equity stake in the joint venture [1]. Group 2 - On October 24, 2025, the company and its partners signed the capital contribution agreement for the establishment of the joint venture [2]. - The assessment and filing of the high-purity gallium production line assets for the company's contribution are progressing smoothly [2]. - The company will comply with relevant laws and regulations to disclose subsequent developments in a timely manner [2].

Core Viewpoint - The company, Yunnan Chihong Zinc & Germanium Co., Ltd., has announced its third-quarter report for 2025, ensuring the accuracy and completeness of the financial information presented in the report [1][8]. Financial Data Summary - The third-quarter financial statements are unaudited [2]. - The report period refers to the three months from the beginning to the end of the quarter [2]. Non-Recurring Gains and Losses - The company has identified non-recurring gains and losses, but specific amounts and reasons for classification are not detailed in the provided documents [3]. Shareholder Information - The report includes information on the total number of ordinary shareholders and the top ten shareholders, although specific data is not provided [4]. Production Information - The report indicates that the production data for lead and zinc concentrates has been adjusted for the period from January to September 2024, excluding the production from Tibet Xinh Lake [5]. Board Meeting Details - The eighth board of directors held its 26th meeting on October 24, 2025, where the third-quarter report was approved unanimously [9][13]. Joint Investment Progress - The company has entered into a joint investment agreement with several partners, including China Aluminum Group, to establish a joint venture named Zhonglv Qianxing (Chengdu) Technology Co., Ltd. [18][19]. - The registered capital of the joint venture is set at RMB 1.5 billion, with specific contributions from each partner outlined [21][22].

Core Viewpoint - Yunnan Copper's Q3 2025 financial results show a significant increase in revenue but a sharp decline in net profit, indicating potential challenges in profitability despite higher sales [1][2]. Financial Performance - In Q3 2025, Yunnan Copper reported revenue of 48.83 billion yuan, a year-on-year increase of 11.52%, while net profit attributable to shareholders was 235 million yuan, down 49.36% [1]. - For the first three quarters of 2025, the company achieved revenue of 137.74 billion yuan, up 6.73%, with net profit of 1.55 billion yuan, a slight increase of 1.91% [1]. - The company's cash flow from operating activities was -5.08 billion yuan, worsening from -2.9 billion yuan in the same period last year, primarily due to rising copper and silver prices and increased raw material demand [1][2]. Financing Activities - As of the end of Q3, Yunnan Copper's short-term borrowings rose by 228.14% to 12.10 billion yuan, and non-current liabilities due within one year increased by 105.82% to 4.01 billion yuan [2]. - The net cash flow from financing activities reached 8.68 billion yuan, attributed to higher copper and silver prices and increased inventory [2]. Inventory and Asset Management - The company's inventory balance increased by 70.68% to 21.59 billion yuan, driven by rising copper and silver prices and higher process occupancy [2]. - Asset impairment losses rose by 104.88% to -411 million yuan, mainly due to increased provisions for inventory write-downs [2]. Credit and Receivables - Credit impairment losses surged by 776.78% to -23.52 million yuan, primarily due to higher provisions for bad debts [3]. - Accounts receivable increased significantly by 391.2% to 786 million yuan, attributed to an increase in receivables not yet due [3]. Strategic Developments - The company has established "Liangshan Copper Co., Ltd." in partnership with Liangshan Industrial Investment Development Group, with a cash investment of 300 million yuan for a 60% stake [3]. - Yunnan Copper plans to acquire a 40% stake in Liangshan Mining Co., Ltd. through a share issuance, with ongoing progress in this initiative [3].

Core Viewpoint - China Aluminum (02600) has entered into a capital contribution agreement with several partners to establish a joint venture focused on the rare metals industry, which aligns with the company's strategic development plan [1] Group 1: Joint Venture Details - The joint venture will be established on October 24, 2025, with China Aluminum Group, China Aluminum, Yunnan Copper, Chihong Zinc & Germanium, and China Aluminum Capital as partners [1] - The ownership structure of the joint venture will be as follows: China Aluminum Group 25%, China Aluminum 20%, Yunnan Copper 20%, Chihong Zinc & Germanium 20%, and China Aluminum Capital 15% [1] - The registered capital of the joint venture is set at RMB 1.5 billion, with China Aluminum Group contributing RMB 375 million and China Aluminum contributing RMB 300 million [1] Group 2: Strategic Implications - The joint venture is designed to extend the rare metals industry chain and focus on downstream industries, aiming to develop advanced materials that are terminalized, productized, and high-end [1] - Participation in the joint venture allows China Aluminum to leverage the resource integration capabilities of China Aluminum Group, enhancing its competitive edge in the rare metals functional materials sector [1] - The strong business correlation between China Aluminum and the joint venture is expected to facilitate business cooperation, resource sharing, and industrial synergy, while also mitigating risks associated with independent downstream expansion [1]

Group 1 - China Aluminum (02600.HK) announced a capital contribution agreement to establish a joint venture with Chalco Group, Yunnan Copper, Chihong Zn & Ge, and Chalco Capital, with respective ownership stakes of 25%, 20%, 20%, 20%, and 15% [1] - The joint venture will not be a subsidiary of China Aluminum, and its financial performance will not be consolidated into the company's accounts [1] - The transaction constitutes a connected transaction under Chapter 14A of the Hong Kong Listing Rules due to the relationships among the parties involved [1] Group 2 - The proposed business scope of the joint venture includes the processing of waste electrical and electronic products, subject to approval by relevant authorities [2] - General projects include research and development of new materials technology, manufacturing and sales of electronic materials, sales of high-purity elements and compounds, and sales of non-ferrous metal alloys [2] - The joint venture will also engage in the smelting of rare earth metals and common non-ferrous metals, as well as the manufacturing of metallurgical equipment [2]

Group 1 - China Aluminum (02600.HK) announced a capital contribution agreement to establish a joint venture with Chalco Group, Yunnan Copper, Chihong Zinc & Germanium, and Chalco Capital, with respective ownership stakes of 25%, 20%, 20%, 20%, and 15% [1] - The joint venture will not be a subsidiary of China Aluminum, and its financial performance will not be consolidated into the company's accounts [1] - Chalco Group is the controlling shareholder of China Aluminum, while Yunnan Copper, Chihong Zinc & Germanium, and Chalco Capital are subsidiaries of Chalco Group, making this transaction a related party transaction under Hong Kong Listing Rules Chapter 14A [1] Group 2 - The proposed business scope of the joint venture includes the processing of waste electrical and electronic products, which requires approval from relevant authorities before operations can commence [2] - Other general business activities include research and development of new materials technology, manufacturing and sales of electronic materials, sales of high-purity elements and compounds, and various metal alloy sales and manufacturing [2] - The joint venture will also engage in the smelting of rare earth metals and common non-ferrous metals, as well as the manufacturing of metallurgical equipment [2]

Core Viewpoint - China Aluminum (601600) announced a joint investment agreement with several partners to establish a joint venture focused on the rare metals industry, which aligns with the company's strategic development plan [1] Group 1: Joint Venture Details - The joint venture will be established with China Aluminum Group, Yunnan Copper (000878), Chihong Zinc & Germanium (600497), and China Aluminum Capital, with respective shareholdings of 25%, 20%, 20%, 20%, and 15% [1] - The registered capital of the joint venture is set at RMB 1.5 billion, with China Aluminum Group and the company contributing RMB 375 million and RMB 300 million, respectively [1] - The joint venture will not be a subsidiary of the company, and its financial performance will not be consolidated into the company's accounts [1] Group 2: Strategic Implications - The joint venture aims to extend the rare metals industry chain, focusing on downstream industries and developing advanced materials [1] - Participation in the joint venture allows the company to leverage China Aluminum Group's resource integration capabilities, enhancing its global competitive advantage in the rare metals functional materials sector [1] - The strong business correlation between the company and the joint venture facilitates collaboration, resource sharing, and industrial synergy, while also mitigating risks associated with independent expansion into downstream industries [1]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內 容 概 不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示，概 不對因本公告全部或任何部份內容而產生或因倚賴該等內容而引致的 任 何 損 失 承 擔 任 何 責 任。 公 告 關連交易 成立合資公司 董 事 會 謹 此 宣 佈，於2025年10月24日，中 鋁 集 團、本 公 司、雲 南 銅 業、 馳 宏 鋅 鍺 及 中 鋁 資 本 訂 立 出 資 協 議，據 此，各 方 同 意 共 同 出 資 設 立 合 資 公 司。合 資 公 司 成 立 後，中 鋁 集 團、本 公 司、雲 南 銅 業、馳 宏 鋅 鍺 及 中鋁資本將分別持有合資公司25%、20%、20%、20%及15%的 股 權，合 資 公 司 將 不 會 成 為 本 公 司 之 附 屬 公 司，其 財 務 業 績 亦 不 會 合 併 到 本 公 司 賬 目 中。 於 本 公 告 日 期，中 鋁 集 團 為 本 公 司 的 控 股 股 東，雲 南 銅 業、馳 宏 鋅 鍺 及 中 鋁 資 本 為 中 鋁 集 團 的 附 屬 公 司。因 此，中 鋁 ...