Core Viewpoint - Minmetals Resources (01208.HK) experienced a nearly 3% increase in stock price during trading, with a current rise of 2.14% to HKD 8.1, and a trading volume of HKD 201 million [2] Group 1 - The stock price of Minmetals Resources reached HKD 8.1, reflecting a positive market response [2] - The trading volume for Minmetals Resources was reported at HKD 201 million, indicating active investor interest [2]

Core Viewpoint - Minmetals Resources (01208) has shown a positive market response, with a nearly 3% increase in stock price, currently at HKD 8.1, and a trading volume of HKD 201 million [1]. Group 1: Production and Operations - The Las Bambas mine is operating smoothly this season, with expected copper production exceeding 100,000 tons in Q4 2023, and all on-site inventory is projected to be sold by year-end [1]. - The expansion of the Kinsevere mine is progressing as planned, while the Khoemacau mine's production is expected to increase quarterly as the new contractor stabilizes operations [1]. - The Dugald River and Rosebery mines have maintained stable performance this season, supported by an optimistic overall commodity market environment, tight copper concentrate supply, and seasonal factors driving zinc prices higher [1]. Group 2: Production Guidance and Price Sensitivity - Minmetals Resources is expected to achieve an annual production guidance of approximately 500,000 tons of copper and about 230,000 tons of zinc for the year, with moderate growth anticipated by 2026 [1]. - The company's earnings remain highly sensitive to fluctuations in copper prices, with a projected 1.7% change in earnings for every 1% change in copper prices by 2026 [1]. - Due to strong growth momentum in Q4, stable copper and zinc production, and rising metal prices, Minmetals Resources is expected to see moderate production growth by 2026, with stable output from the Las Bambas mine and production increases at Kinsevere dependent on power supply [1].

Core Viewpoint - Minmetals Resources (01208) shows a positive market performance with a nearly 3% increase in stock price, attributed to strong operational performance and production forecasts for copper and zinc [1] Group 1: Production and Operations - The Las Bambas mine is expected to operate smoothly this season, with copper production projected to exceed 100,000 tons in Q4 2023, and all on-site inventory is expected to be sold by year-end [1] - The expansion at the Kinsevere mine is progressing as planned, while production at the Khoemacau mine is anticipated to increase quarterly as new contractors stabilize operations [1] - The Dugald River and Rosebery mines are maintaining stable performance, supported by an optimistic overall commodity market environment, tight copper concentrate supply, and seasonal increases in zinc prices [1] Group 2: Production Guidance and Price Sensitivity - The company is expected to achieve an annual production guidance of approximately 500,000 tons of copper and about 230,000 tons of zinc for the year, with moderate growth anticipated by 2026 [1] - Profitability remains highly sensitive to fluctuations in copper prices, with a 1% change in copper prices expected to result in approximately a 1.7% change in profitability by 2026 [1] - Due to strong growth momentum in Q4, stable copper and zinc production, and rising metal prices, the company maintains a "hold" rating, with production stability at Las Bambas and Kinsevere's output dependent on power supply [1]

Group 1 - Copper stocks collectively rose on December 17, with Minmetals Resources and Jiangxi Copper both increasing by nearly 2%, and China Daye Nonferrous Metals rising over 1% [1] - LME copper futures have been reaching new highs and are currently hovering at elevated levels [1] - Goldman Sachs raised its forecast for the average copper price in 2026 from $10,650 per ton to $11,400 per ton, citing ongoing risks of U.S. tariffs on copper imports as a supporting factor for copper prices [1] Group 2 - Morgan Stanley predicts a copper supply shortfall of 260,000 tons in 2025, which is expected to widen to 600,000 tons in 2026, indicating limited capacity to absorb supply disruptions [1]

Group 1 - Copper stocks collectively rose, with Minmetals Resources and Jiangxi Copper both increasing by nearly 2% [1] - China Daye Nonferrous Metals saw an increase of over 1% [1] - China Gold International and China Nonferrous Mining also followed the upward trend [1]

Group 1 - Copper stocks collectively rose, with Minmetals Resources and Jiangxi Copper both increasing by nearly 2%, China Daye Nonferrous Metals up over 1%, and China Gold International and China Nonferrous Mining also following suit [1] - Recent London copper futures have reached new highs and are currently hovering at elevated levels [1] - Goldman Sachs raised its forecast for copper prices in 2026, increasing the average price prediction from $10,650 per ton to $11,400 per ton, citing ongoing risks of U.S. tariffs on copper imports which will continue to support copper prices [1] Group 2 - Morgan Stanley predicts a copper supply shortfall of 260,000 tons in 2025, which is expected to further expand to 600,000 tons in 2026, indicating minimal capacity to absorb supply disruptions [1]

Group 1 - China Petroleum & Chemical Corporation (Sinopec) launched a special action to enhance the market value of its listed companies during an investor communication event held on December 16 [1] - The action aims to improve investment value and increase shareholder returns through three main aspects: enhancing governance efficiency, improving the return system, and optimizing capital layout [1][2] - The governance efficiency will focus on management enhancement, strategic development planning, capital operation, and talent development in the capital market [1] - The return system will emphasize quality information disclosure, investor relations management, and a stable cash dividend policy, along with share buybacks to enhance shareholder returns [1] - The capital layout optimization will involve mergers and acquisitions, equity financing, and adjustments to the industrial layout to enhance the overall market value of listed companies during the 14th Five-Year Plan period [1] Group 2 - The event included executives from nine listed companies under Sinopec, as well as representatives from state-owned securities regulatory agencies, central enterprises, and financial institutions [2] Group 3 - The U.S. stock market saw the Dow Jones Industrial Average and S&P 500 decline for three consecutive days, while large tech stocks mostly rose [3] - The Dow Jones fell by 302.3 points to close at 48,114.26, a decrease of 0.62%, and the S&P 500 dropped by 16.25 points to 6,800.26, a decline of 0.24% [3] - The Nasdaq Composite Index increased by 54.05 points to 23,111.46, a rise of 0.23%, with Tesla reaching a historic high [3] Group 4 - The European Union is preparing to propose easing emissions regulations for new cars, effectively abolishing the ban on internal combustion engines, allowing manufacturers to slow down the rollout of electric vehicles [4] - This move aligns the EU's policies more closely with the U.S., where former President Trump is rolling back automotive efficiency standards [4] - Ford has announced a $19.5 billion charge related to its electric vehicle business overhaul due to the profitability challenges faced by global automakers [4] Group 5 - The Ministry of Commerce of China announced that starting December 17, 2025, anti-dumping duties will be imposed on imported pork and pork products from the EU for a period of five years [5] - The anti-dumping duties will be calculated based on the customs-determined taxable price of the imported goods [5] Group 6 - China Energy Engineering Corporation announced that the first phase of the world's largest green hydrogen and ammonia integrated project, the Zhongnengjian Songyuan Hydrogen Energy Industrial Park, has officially commenced operations [6][7] Group 7 - Kangfeng Biotechnology received approval from the National Medical Products Administration for its anti-reflux system, enhancing the diversity of its product portfolio [8] Group 8 - Hansoh Pharmaceutical entered into a licensing agreement with Glenmark for the commercialization of Amivantamab, a treatment for non-small cell lung cancer [9] - The agreement includes upfront payments and potential milestone payments exceeding $1 billion, along with tiered royalties on net sales in the licensed regions [9] Group 9 - Shandong High Holding signed an EPC contract for a wind farm project in Guangxi, marking its active integration into the clean energy sector [10] Group 10 - MMG Australia Limited and Minmetals North-Europe signed a sales agreement for Rosebery concentrate, covering 100% of production for 2026 and 2027, with an expected annual output of approximately 6,000 dry metric tons [11] Group 11 - China General Nuclear Power Corporation announced the commencement of full construction for the Ningde Unit 6 nuclear reactor, marking a significant milestone in its development [12] Group 12 - Daqi Pharmaceutical received approval in Malaysia for its drug Selinexor to treat relapsed or refractory diffuse large B-cell lymphoma in adult patients [13] Group 13 - CIMC Enric's first large-scale biomass methanol project in Guangdong officially commenced production, with an expected annual capacity of 50,000 tons [14] - The project aims to achieve full operational capacity before the 2026 Spring Festival, contributing significantly to revenue [14][15] - The company is also exploring a second phase of the project, with plans for an annual output of 200,000 tons by 2027 [15]

Core Viewpoint - Minmetals North Europe has entered into a sales agreement with MMG Australia Limited for the sale of Rosebery concentrate, which is expected to cover 100% of the production for the years 2026 and 2027, amounting to approximately 6,000 dry metric tons annually [1] Group 1 - The sales agreement is beneficial for the company as it aims to secure the best sales terms by delivering the product to specialized smelters known for handling such materials [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之內容概不負責，對其準確性或完整性 亦不發表任何聲明，並明確表示，概不就因本公告全部或任何部分內容而產生或因倚賴該等內容而引致 之任何損失承擔任何責任。 MMG LIMITED 五礦資源有限公司 （於香港註冊成立之有限公司） （股份代號：1208） 持續關連交易 ROSEBERY 精礦銷售協議 於二零二五年十二月十六日，賣方與 Minmetals North-Europe 就於二零二六年及二零二七年 期間向 Minmetals North-Europe 銷售該產品訂立 Rosebery 精礦銷售協議。 Rosebery 精礦銷售協議之主要條款載列如下。 訂約方 ： (1) 賣方：MMG Australia Limited (2) 買方：Minmetals North-Europe - 1 - 該定價包括： Rosebery 精礦銷售協議亦載有（其中包括）規格、發運時間安排、付運條款、付運地點、發 運地點、付款條款、報價期及其他一般條件（包括有關所有權與風險、保險要求及終止與暫時 中止權之條款）。付款應依據銷售協議之條款而進行。 Rosebery 精礦銷售 ...

投资咨询业务资格： 证监许可【2011】 1448 号 研究员： 蔡 丽 从业资格证号： F0236769 投资咨询资格证号： Z00100716 铅锌年报 2025-12 锌：矿端增速放缓 锌震荡中枢有望上移 2026 年锌市或将呈现"紧平衡凸显、库存低位支撑、出口窗口助力"的核 心格局，上半年受宏观利好及库存支撑偏强，下半年需关注需求兑现情况及供 给增量。锌价全年大概率维持区间震荡偏强态势，震荡中枢或有所上移。需重 点跟踪海外矿山关停进度、国内出口数据及新兴领域需求落地情况。 铅：区间震荡 铅重心或有下移 2025 年铅供需缺口逐渐缩窄，全年供需预计紧平衡状态。2026 年供应边 际宽松，消费增速回落，铅供需将从紧平衡转向小幅过剩。上半年受原料端成 本和利润压制，铅或继续宽幅震荡走势；下半年矿端紧张缓解，原生铅供应释 放压力加大，铅震荡重心或有所下移。 摘要： | 第一部分 矿端增速放缓 | 锌震荡中枢有望上移 | 5 | | --- | --- | --- | | 一、锌市场行情回顾 | | 5 | | 二、锌影响因素分析 | | 6 | | 2.1.全球锌矿供应端增速或放缓 | | 6 | | 2.2 ...