Core Viewpoint - US Copper Corp. has engaged Libertas Metallurgy Limited to review metallurgical work and provide recommendations for the Pre-Feasibility Study at the Moonlight-Superior Mining property in California [1][4]. Company Overview - US Copper controls approximately 10 square miles of mining claims in the Light's Creek Copper District, containing substantial copper and silver resources across three deposits: Moonlight, Superior, and Engels [7]. - The company has advanced the Moonlight project since acquiring it in 2013, conducting multiple drill programs and engineering studies [10]. Metallurgical Consulting Engagement - Libertas Metallurgy, founded in 2017, specializes in metallurgical consulting services, focusing on flotation, leaching, process design, and cost reduction [2]. - The engagement will involve reviewing existing metallurgical work, determining additional drilling needs, guiding sample selection, designing the metallurgical testwork program, and issuing RFPs to laboratories [8]. Project Development and Economic Assessment - In January 2025, US Copper released updated results from its Preliminary Economic Assessment (PEA), reporting an after-tax NPV of US$1.075 billion and a life of mine production of 1.8 billion pounds of copper [5][11]. - The PEA included a new mineral resource estimate based on recent drill programs, with indicated resources totaling 402.83 million tons at a copper grade of 0.31% [11][16]. Industry Context - The USA government recognizes copper as a critical mineral essential for various energy technologies, emphasizing the need for a strong domestic copper supply [6].

Report Summary - The core contradiction of zinc logic has changed from the expectation of ore supply surplus to the difficult - to - solve internal and external supply - demand contradiction. The growth of ore supply has been realized, but the imbalance between internal and external zinc ingot supply and demand persists [2]. Domestic Zinc Ore Reserve and TC - From January to July 2025, China's cumulative zinc concentrate imports reached 3.035 million tons, a year - on - year increase of 45.2%. The cumulative domestic ore production was 2.0677 million metal tons, a year - on - year decrease of 60,000 tons. Domestic ore production increase is difficult, and the supply growth is lower than expected. The TC may have limited upward space in the later stage [5][8]. Overseas Zinc Ore Production - According to sample mines, the production in Q1 2025 was 1.136 million tons, and in Q2 it was 1.17 million tons. Assuming 3 unreported mines had the same Q2 output as Q1, the Q2 output would be 1.215 million tons, an increase of about 80,000 tons quarter - on - quarter and 110,000 tons year - on - year. The annual output of major mines in 2025 is expected to increase by about 550,000 tons [5][17]. Domestic Smelting and Supply - From January to August 2025, China's refined zinc production was 4.469 million tons, a year - on - year increase of 7.5%. In August, the monthly output increased by 28.8% year - on - year, and the expected growth rate in September is over 20%. The smelting profit persists, and the supply pressure remains. Even if the consumption peak season arrives as expected, the social inventory is expected to continue to accumulate, with an expected increase of over 200,000 tons in the second half of the year [5][23]. Overseas Supply and Inventory - In the first half of 2025, overseas refined zinc production was 3.404 million tons, a year - on - year decrease of 2.3% and a quarter - on - quarter decrease of 1.3%. The expected output in the second half is 3.338 million tons, a year - on - year decrease of 3.3% and a quarter - on - quarter decrease of 1.9%. Overseas supply is affected by smelting profit and declines, while consumption remains relatively strong. There is a risk of inventory shortage due to continuous inventory depletion. The import and export windows are both closed, and the imbalance between internal and external supply and demand is difficult to resolve in the short term [5][25].

专题报告 2025-09-01 铜：美联储降息概率较大，价格支撑强 吴坤金 有色研究员 从业资格号：F3036210 交易咨询号：Z0015924 0755-23375135 wukj1@wkqh.cn 报告要点： 美国对铜产品征收关税以来，全球铜价总体震荡运行，沪铜在 78000-80000 元/吨的区间内波 动，伦铜 3 个月期合约在 9600-9900 美元/吨区间内波动，呈现上有顶、下有底的格局。 美联储主席在杰克逊霍尔央行年会上释放鸽派观点，市场预期 9 月议息会议降息概率较大，由 于当前美国经济仍不弱，如果美联储如预期降息稍前置，短期内对主要资产价格和商品情绪都 将有所提振。从铜的供需看，原料端铜矿和废料供应较为紧张，叠加消费旺季临近，铜价支撑 较强，而压力来自美国关税落地后净进口增加预期，不过原料端紧张将减轻这种压力。总体而 言，未来一段时间如果全球贸易局势没有进一步恶化，铜价在宏观和供需支持下有望震荡向上。 有色金属研究 | 铜 铜：美联储降息概率较大，价格支撑强 1、近期铜价高位震荡 美国对铜产品征收关税以来，全球铜价总体震荡运行，沪铜在 78000-80000 元/吨的区间内波 动，伦铜 ...

Group 1 - Recent copper prices have been fluctuating at high levels, with domestic copper prices ranging between 78,000-80,000 CNY/ton and London copper prices between 9,600-9,900 USD/ton, indicating a stable market with both upper and lower limits [4] - The Federal Reserve Chairman's dovish remarks at the Jackson Hole meeting have increased expectations for a rate cut in September, with the probability now at 85.2% [7][8] - The U.S. labor market shows signs of risk, with a slowdown in job growth and a potential increase in unemployment rates due to reduced immigration affecting labor supply [7][8] Group 2 - On the supply side, tight copper raw material supply and the approaching traditional peak season are positive factors, while the implementation of U.S. copper tariffs is expected to increase supply outside the U.S. [12] - Global copper production from major mining companies saw a slight year-on-year increase of 0.9%, with some companies reducing their production guidance for the year [12][15] - The recent policy changes regarding recycled copper may lead to increased costs for recycling companies, potentially reducing their output and increasing refined copper consumption [15] Group 3 - Downstream demand for copper is expected to remain resilient despite weak real estate data and declining production in the home appliance sector, with a slight increase in refined copper consumption anticipated in August [16] - The U.S. copper tariffs have led to a significant increase in domestic copper inventories, and the expected drop in imports post-tariff implementation may increase supply pressure in the market [19] - Overall, if global trade conditions do not worsen, copper prices are expected to stabilize and trend upwards due to macroeconomic and supply-demand support [22]

Report Industry Investment Rating - Not provided Core View - Fed's September rate - cut expectation is rising, there's an expectation of a shift from the traditional domestic consumption off - season to the peak season, and the global total inventory of electrolytic copper shows an initial decline, which may lead to a relatively strong performance of Shanghai copper prices. It is recommended that investors lightly go long on the main contract on dips, and pay attention to the support and resistance levels of Shanghai copper, London copper, and US copper [2]. Summary by Relevant Data Shanghai Copper Futures Data (2025 - 08 - 28) - Closing price: 78,930, down 260 from the previous day [2] - Trading volume: 73,403 lots, an increase of 15,585 lots from the previous day [2] - Open interest: 168,997 lots, a decrease of 6,000 lots from the previous day [2] - Inventory: 21,232 tons, down 55 tons from the previous day [2] - SMM 1 electrolytic copper average price: 79,616, down 355 from the previous day [2] - Shanghai copper basis: 260, down 95 from the previous day [2] Other Price and Spread Data - LME 3 - month copper futures closing price: 9,818, up 62.5 from the previous day [2] - Total registered and cancelled warehouse receipt inventory: 0, a decrease of 157,950 from the previous day [2] - LME copper futures 0 - 3 - month contract spread: - 82.79, up 7.14 from the previous day [2] - LME copper futures 3 - 15 - month contract spread: - 167.53, up 2.04 from the previous day [2] - Shanghai - London copper price ratio: 8.0393, down 0.08 from the previous day [2] - COMEX 9 copper futures active contract closing price: 4.5445, down 0.0025 from the previous day [2] - Total inventory weight: 275,226 tons, an increase of 3,121 tons from the previous day [2] Industry News - Hudbay Minerals restarted the operation of its Snow Lake mine in Manitoba on August 22 [2] - European high - quality copper exports are restricted, and Sino - US tariff negotiation uncertainty affects scrap copper imports. Domestic electrolytic copper and scrap copper price difference is negative, and the scrap copper import window is closed. Some copper smelters are shut down or have production cuts, while some new projects are under construction or planned to be put into production [2] - The weekly processing fee of crude copper in northern (southern) China remains flat (decreases), and the operating rate of domestic scrap - produced anode plate capacity decreases compared with last week. Domestic smelters' crude copper maintenance capacity in August may decrease month - on - month, and the production (import) volume of domestic crude copper in August may increase [2] - Some domestic electrolytic copper production projects are planned to be put into production in the future, and some overseas copper smelters have maintenance or production - cut situations. African agricultural exports delay ship bookings, which may lead to a decrease in domestic electrolytic copper imports in August. The import window opening may increase imports, and the social inventory of domestic electrolytic copper increases [2]

Report Summary 1. Report Industry Investment Rating No relevant information provided. 2. Core View of the Report The Fed's September interest rate cut expectation is rising, and there is an expectation of a shift from the traditional domestic consumption off - season to the peak season. The global total inventory of electrolytic copper is initially showing a decline, which may cause the price of Shanghai copper to fluctuate upward. It is recommended that investors go long on the main contract at low prices, pay attention to the support and pressure levels of Shanghai copper, London copper, and US copper [2]. 3. Summary by Relevant Catalogs Market Data - **Shanghai Copper Futures**: On August 27, 2025, the closing price of the active Shanghai copper futures contract was 79,190, with no change from the previous day. The trading volume decreased by 11,007 hands to 57,818 hands, and the open interest decreased by 491 hands to 174,997 hands. The inventory decreased by 1,630 tons to 21,287 tons. The average price of SMM 1 electrolytic copper was 79,545, down 40 from the previous day [2]. - **Shanghai Copper Basis and Spot Premium/Discount**: The factory - outside electrolytic copper spot premium remained at 65, while the North China electrolytic copper spot discount widened by 20 to - 90, and the East China electrolytic copper spot premium increased by 40 to 50 [2]. - **Spread**: The spread between Shanghai copper near - month and Shanghai copper continuous - one decreased by 50 to - 10, the spread between Shanghai copper continuous - one and Shanghai copper continuous - two decreased by 10 to 0, and the spread between Shanghai copper continuous - two and Shanghai copper continuous - three increased by 30 to 50 [2]. - **London Copper**: The closing price of the LME 3 - month copper futures (electronic trading) on August 27, 2025, was 9,755.5, down 81.5 from the previous day. The total inventory of registered and cancelled warrants decreased by 156,100 to 0. The LME copper futures 0 - 3 - month contract spread decreased by 5.11 to - 89.93, and the 3 - 15 - month contract spread decreased by 15.4 to - 169.57 [2]. - **COMEX Copper**: The closing price of the active COMEX copper futures contract on August 27, 2025, was 4.5005, up 0.04 from the previous day. The total inventory increased by 1,267 to 273,767 [2]. Important Information - Aurubis AG and Troilus Gold signed a copper concentrate purchase memorandum, with Troilus Gold expected to supply about 75,000 tons of physical copper - gold concentrate to Aurubis AG annually [2]. - European high - quality scrap steel export restrictions, Sino - US tariff negotiation uncertainties, negative price differences between domestic electrolytic copper and scrap copper, and the closure of the scrap copper import window have affected the scrap copper market. Some copper smelters have suspended production, while others are under construction or planned to be put into production [2]. Investment Strategy - The production capacity of domestic smelters' rough copper in August may decrease month - on - month, while the production and import volume of refined copper may increase. The production of domestic electrolytic copper in August may decrease, but the opening of the import window may increase the import volume of electrolytic copper. The inventory of electrolytic copper in China's bonded area and social inventory decreased, while the inventory in the LME and COMEX increased [2]. - It is recommended that investors go long on the main contract at low prices, paying attention to the support and pressure levels of Shanghai copper (77,000 - 78,000 and 80,000 - 81,000), London copper (9,300 - 9,500 and 10,000 - 10,200), and US copper (4.0 - 4.2 and 4.6 - 5.0) [2].

Core Viewpoint - The company reported a revenue increase of 12.95% year-on-year for 1H25, but a significant decline of 29.30% in net profit attributable to shareholders, aligning with market expectations [1] Financial Performance - 1H25 revenue reached 3.425 billion yuan, with cable revenue up 14.20% to 2.987 billion yuan and revenue from continuous pipes and operating devices up 12.63% to 333 million yuan [1] - 2Q25 revenue was 1.890 billion yuan, a year-on-year increase of 14.36%, while net profit attributable to shareholders was 96 million yuan, down 8.18% [1] - Overseas revenue showed strong growth, with 1H25 overseas/inland revenue at 2.389 billion yuan/931 million yuan, up 18.14%/4.73% year-on-year [1] - The U.S. sales subsidiary generated 737 million yuan in revenue, a 22.09% increase year-on-year, attributed to strong downstream demand [1] Profitability Analysis - The company's gross margin for 1H25 was 14.54%, down 2.17 percentage points year-on-year, with overseas/inland gross margins at 13.80%/14.69%, reflecting a decline of 5.30/+3.49 percentage points [2] - The decrease in overseas gross margin is primarily due to rising tariffs and freight costs, but improvements are expected as high-margin products increase and tariff negotiations progress [2] - The company's expense ratio for 1H25 was 9.13%, up 0.39 percentage points year-on-year, with a net profit margin of 4.02%, down 2.40 percentage points [2] Development Trends - The company is enhancing its overseas presence, with a new production base in Panama to support North American market needs and a new aluminum electrolysis plant in Angola to strengthen supply chain stability [3] - The first phase of the Angola project is expected to be completed in the second half of 2025, with an annual production capacity of 120,000 tons of electrolytic aluminum, contributing to performance in 2026 [3] - Contracts worth 25 million USD and 30 million USD were signed with commodity traders, indicating progress towards production [3] Profit Forecast and Valuation - Due to tariff and freight disruptions, the 2025 net profit forecast has been reduced by 35% to 330 million yuan, with a new 2026 net profit forecast of 560 million yuan [4] - The current stock price corresponds to P/E ratios of 31.5/18.9 for 2025/2026, with a target price increase of 71% to 22 yuan, indicating a 7% upside potential [4]

1. Report Industry Investment Rating No information provided in the report. 2. Core Views of the Report - Overseas, Trump's attempt to dismiss Fed Governor Cook has intensified the threat to the Fed's independence; he plans to impose high - tariffs on furniture and restrict exports and impose tariffs on foreign digital taxes. France faces political turmoil, with the government potentially facing reshuffle or early elections. The dollar index fell, the 10Y U.S. Treasury yield declined, and gold prices rose [2]. - Domestically, the State Council issued an opinion on the "Artificial Intelligence +" action. A - shares closed down with shrinking volume, and the bond market is expected to recover as stock market sentiment may peak [3]. - For precious metals, Trump's dismissal of Cook has boosted the price of gold due to increased concerns about the Fed's independence and rising expectations of a Fed rate cut. Short - term precious metal prices are expected to be volatile and strong [4][5]. - For copper, Trump's move to dismiss Cook has weakened the dollar index. With high expectations of preventive rate cuts and cost support, copper prices will be volatile and strong in the short term [6][7]. - For aluminum, despite the dismissal of Cook and the resulting impact on the dollar index, stable supply and expected consumption in the peak season will keep aluminum prices volatile and favorable [8]. - For alumina, after the digestion of previous macro - benefits, with stable production capacity and increased inventory, alumina prices will be volatile and weak, but cost and policy expectations will limit the downside [9]. - For zinc, Trump's action and French political turmoil have dampened market risk appetite. Although domestic refinery maintenance will relieve supply pressure, consumption has not improved, and zinc prices will be volatile in the short term [10]. - For lead, due to refinery maintenance and low - load operation, lead prices have moved up, but lack of consumption improvement and resistance at integer levels will limit the upside [11][12][13]. - For tin, with weak supply and demand, although there was a technical breakthrough, weak market risk appetite will limit the upside of tin prices [14]. - For lithium carbonate, with resource disturbances and expected production increases overseas, and uncertain demand, lithium prices will be volatile [15][16]. - For nickel, under the Fed's dovish expectations, nickel prices have moved up at night, but with lackluster spot markets and limited fundamental support, the upside is limited [17][18]. - For crude oil, due to geopolitical risks and concerns about OPEC +'s production increase plan, oil prices will be volatile [19]. - For steel products, with shrinking trade volume, weak demand for rebar, and电炉 steel mills in the red, steel prices will test cost support and be volatile [20]. - For iron ore, with a slight decline in inventory, stable supply, and resilient demand, iron ore prices will be volatile [21]. - For soybean and rapeseed meal, with an enhanced expectation of a U.S. soybean harvest and sufficient domestic supply in the short term, soybean meal prices will be range - bound [22]. - For palm oil, due to Trump's actions, geopolitical factors, and a decline in Malaysian palm oil production in August, palm oil prices will be volatile and adjust [23][24]. 3. Summary by Related Catalogs 3.1 Macro - Overseas: Trump's attempt to dismiss Cook has caused a legal battle, threatening the Fed's independence. He also announced trade agreements with Europe, Japan, and South Korea and plans to impose high - tariffs on furniture. France's budget - cutting plan has been opposed, leading to a decline in stocks and bonds. The dollar index fell to 98.2, the 10Y U.S. Treasury yield dropped to 4.26%, and gold and copper prices rose while oil prices fell by more than 2% [2]. - Domestic: The State Council issued an opinion on the "Artificial Intelligence +" action. A - shares closed down with shrinking volume, and the bond market is expected to recover as stock market sentiment may peak [3]. 3.2 Precious Metals - COMEX gold futures rose 0.75% to $3443.20 per ounce, and COMEX silver futures fell 0.02% to $38.70 per ounce. Trump's dismissal of Cook has increased concerns about the Fed's independence and expectations of a rate cut, driving investors to gold [4]. - Short - term precious metal prices are expected to be volatile and strong, waiting for the release of U.S. PCE data [5]. 3.3 Copper - On Tuesday, Shanghai copper's main contract was volatile and strong. The spot market had average trading volume, and the LME inventory remained at 155,000 tons. Trump's dismissal of Cook has weakened the dollar index, and there are high expectations of preventive rate cuts [6]. - With cost support from production cuts by Codelco and other factors, copper prices will be volatile and strong in the short term [7]. 3.4 Aluminum - On Tuesday, Shanghai aluminum's main contract closed at 20,705 yuan/ton, down 0.09%. The LME closed at $2,638.5 per ton, up 0.63%. Trump's dismissal of Cook has affected the dollar index, and with stable supply and expected consumption in the peak season, aluminum prices will be volatile and favorable [8]. 3.5 Alumina - On Tuesday, the main alumina futures contract closed at 3,069 yuan/ton, down 3.49%. After the digestion of previous macro - benefits, with stable production capacity and increased inventory, alumina prices will be volatile and weak, but cost and policy expectations will limit the downside [9]. 3.6 Zinc - On Tuesday, Shanghai zinc's main contract was volatile and weak during the day and slightly moved up at night. Global zinc market supply was in surplus from January to June 2025. Trump's action and French political turmoil have dampened market risk appetite, and although domestic refinery maintenance will relieve supply pressure, consumption has not improved, and zinc prices will be volatile in the short term [10]. 3.7 Lead - On Tuesday, Shanghai lead's main contract was volatile and strong during the day and gave back some gains at night. Global lead market supply was in surplus from January to June 2025. Due to refinery maintenance and low - load operation, lead prices have moved up, but lack of consumption improvement and resistance at integer levels will limit the upside [11][12][13]. 3.8 Tin - On Tuesday, Shanghai tin's main contract was narrowly volatile during the day and closed up at night. With weak supply and demand, although there was a technical breakthrough, weak market risk appetite will limit the upside of tin prices [14]. 3.9 Lithium Carbonate - On Tuesday, lithium carbonate was volatile and weak. With resource disturbances and expected production increases overseas, and uncertain demand, lithium prices will be volatile [15][16]. 3.10 Nickel - On Tuesday, nickel prices were volatile and rose significantly at night. With the Fed's dovish expectations, nickel prices have moved up at night, but with lackluster spot markets and limited fundamental support, the upside is limited [17][18]. 3.11 Crude Oil - On Tuesday, crude oil was volatile and weak. Geopolitical risks and concerns about OPEC +'s production increase plan will keep oil prices volatile [19]. 3.12 Steel Products - On Tuesday, steel futures were volatile and weak. With shrinking trade volume, weak demand for rebar, and电炉 steel mills in the red, steel prices will test cost support and be volatile [20]. 3.13 Iron Ore - On Tuesday, iron ore futures were volatile and adjusted. With a slight decline in inventory, stable supply, and resilient demand, iron ore prices will be volatile [21]. 3.14 Soybean and Rapeseed Meal - On Tuesday, soybean meal and rapeseed meal futures closed down. With an enhanced expectation of a U.S. soybean harvest and sufficient domestic supply in the short term, soybean meal prices will be range - bound [22]. 3.15 Palm Oil - On Tuesday, palm oil futures closed down. High - frequency data showed a decline in Malaysian palm oil production from August 1 - 25. With Trump's actions and geopolitical factors, palm oil prices will be volatile and adjust [23][24].

Financial Data and Key Metrics Changes - Revenue declined by 27% due to mine suspensions and closures, notably at Grosvenor, Integra, and Moranbah North [6] - Underlying EBITDA was £13,200,000, reflecting cost efficiencies and operational improvements [7] - Operating cash flow remained steady at £16,900,000, comparable to the prior year [7] - Year-end net cash position was £29,100,000, demonstrating strong liquidity management [8] Business Line Data and Key Metrics Changes - The order book grew to £314,000,000, driven by winning two significant new projects [3] - The company maintained a focus on safety performance, achieving a total recordable injury frequency rate (TRIFR) of 5.09, down from 9.85 [9] Market Data and Key Metrics Changes - The company operates in three major underground coal regions in Australia: Central Queensland, Hunter Valley, and Illawarra [4] - The order book increase was supported by new contracts at Peabody Energy's Centurion mine and GM3 Zappin mine [12] Company Strategy and Development Direction - The company aims to build its capital position to align with organic and inorganic growth strategies [3] - A pipeline of contract opportunities worth approximately £900,000,000 is in place, resulting from a renewed approach to winning work [12] - The company is focused on enhancing competitive advantages through system and process improvements and cost savings [3] Management's Comments on Operating Environment and Future Outlook - The outlook for FY '26 is positive despite ongoing industry headwinds [12] - The company is committed to maintaining a strong financial position while pursuing growth opportunities [30] - Management expressed confidence in navigating challenges related to the "same job, same pay" issues in the industry [20] Other Important Information - The company achieved zero life-changing events in FY '25 and remains committed to safety [10] - Sustainability reporting will commence next year, enhancing transparency around environmental progress [11] - There were Board changes during the year, with Peter Barker appointed as a non-executive chair [11] Q&A Session Summary Question: What is the process for laying off and rehiring workers at Moranbah North? - Management indicated that they have been flexible with workforce scale in partnership with Anglo, maintaining a presence at Moranbah North even during essential services [16][17] Question: How easy is it to rehire skilled workers after layoffs? - Management expressed confidence in being able to rehire experienced workers as the market has changed, and they have redeployed staff to other projects [18][19] Question: What is the CapEx profile for next year? - Management does not expect any large increases in CapEx for FY '26, aiming to maintain a strong financial position [29][30]

Summary of Conference Call on Copper Industry Industry Overview - The conference call focuses on the copper sector within the non-ferrous metals industry, highlighting optimistic prospects for Q4 2025 and beyond [1][3]. Key Points and Arguments - **Positive Outlook for Copper Sector**: The copper sector is expected to perform well in Q4 2025, with companies like Zijin Mining and Luoyang Molybdenum recommended as standard investment targets due to their low valuations and potential for increased dividends [1][3]. - **Domestic Supply and Demand**: Monthly supply of electrolytic copper in China is approximately 1.8 to 1.9 million tons, while demand fluctuates between 1.7 to 2.1 million tons. The demand is expected to remain strong in 2025, driven by sectors such as electricity, automotive, and home appliances [1][6][7]. - **Global Supply Constraints**: Global refined copper production is projected to grow by about 2% in 2025, with limited new supply expected. The Cobre Panama project is recovering slowly, with full production not anticipated until the second half of 2026 [1][9][13]. - **Price Projections**: Copper prices are expected to exceed $11,000 per ton in the first half of 2026, with prices above $12,000 being necessary to incentivize new mining projects [1][14][24]. - **Market Dynamics**: The recent remarks by Federal Reserve Chairman Jerome Powell have influenced market expectations for interest rate cuts, positively impacting copper and gold sectors [2][5]. Additional Important Insights - **Demand Drivers**: The main sectors driving copper demand include electricity (approximately 50%), home appliances (14-15%), and automotive (13-14%). The demand is expected to improve in Q4 due to increased orders from the State Grid [7][30]. - **Investment Recommendations**: Investors are advised to focus on companies like Zijin Mining, Luoyang Molybdenum, and Jinchen Group, as well as flexible targets like Hengli Nonferrous, which are expected to perform well in the upcoming period [3][34]. - **Long-term Supply Trends**: The global copper supply is not expected to see significant increases in the coming years, with growth rates projected to be around 2-3% [26][31]. - **Recycling Challenges**: Domestic waste copper recovery is not expected to see substantial growth in the short term due to various policy impacts and market conditions [10][11]. Conclusion The copper industry is poised for growth, driven by strong demand in key sectors and constrained supply. Investment in leading companies within the sector is recommended, with a focus on the upcoming price increases and market dynamics influenced by macroeconomic factors.