1. Report Industry Investment Rating - Not provided in the given content 2. Core View of the Report - The copper market may continue to oscillate at a high level in the short term. The core drivers are the continuous fermentation of supply - side disturbances and the support from the home appliance sector in the demand side. However, the macro - sentiment is cautious, and the risk of fluctuations caused by unexpected events should be vigilant [6]. 3. Summary According to Relevant Catalogs 3.1 Copper Futures Market Data Change Analysis 3.1.1 Main Contracts and Basis - On August 15, the SHFE copper futures main contract closed at 79,080 yuan/ton, slightly down from August 12. The LME copper price also slightly declined to $9,760/ton during the same period. The domestic spot premium - discount structure was differentiated. The premium of premium copper dropped from 260 yuan/ton on August 12 to 210 yuan/ton on August 15, and the premium of flat - water copper shrank synchronously. But in North China, the spot premium - discount of electrolytic copper was boosted due to logistics restrictions near the Tianjin SCO Summit. The LME (0 - 3) discount widened to -$93.75/ton, indicating short - term supply pressure [1]. 3.1.2 Position and Trading Volume - The LME copper position increased to 271,444 lots on August 15, an increase of 2,867 lots compared to August 12. The domestic spot trading sentiment was relatively stable, and the procurement and sales sentiment indices in Shanghai were both around 3.1, with strong wait - and - see sentiment from both supply and demand sides [2]. 3.2 Analysis of Industrial Chain Supply - Demand and Inventory Changes 3.2.1 Supply Side - Overseas copper mine disturbances intensified. The Las Bambas copper mine in Peru may face operational interruptions due to the presidential election. Although MMG maintained its annual production forecast of 360,000 - 400,000 tons, transportation disruptions and inventory clearance indicated short - term supply constraints. Zambia's Q2 copper production decreased by about 4% quarter - on - quarter, mainly due to production problems of four enterprises. The annual production target of 1 million tons was under pressure. In China, policy adjustments in the recycled copper industry affected the raw material procurement of bronze strip enterprises, potentially suppressing recycled copper supply. However, Minmetals Resources' copper sales in the first half of the year increased by 51% year - on - year, partially offsetting supply - side disturbances [3]. 3.2.2 Demand Side - Downstream demand showed differentiation. The market quotation of brass rods remained flat. The production of recycled copper rod factories was suppressed by raw material shortages and policy uncertainties, and the overall production enthusiasm was average. However, the refrigeration and air - conditioning valve market continued to grow, with sales increasing by 5.7% year - on - year in the first half of the year. Policy stimulus for home appliances in the second half of the year may further boost copper consumption. Overall, the demand in the power and home appliance sectors remained stable, but the demand in the construction and industrial sectors was still weak [4]. 3.2.3 Inventory Side - On August 15, the LME inventory slightly increased to 24,560 tons, the SHFE inventory slightly decreased to 155,800 tons, and the COMEX inventory rose to 267,195 short tons. The global visible inventory generally fluctuated at a low level. The concentrated arrival of imported sources in Shanghai increased the inventory, but with the active shipment of holders, the spot premium remained firm, and inventory accumulation did not form obvious pressure [5]. 3.3 Industry Chain Price Monitoring - From August 12 to August 18, the prices of SMM:1 copper, SHFE, and LME showed slight fluctuations. The premiums of premium copper, flat - water copper, and wet - process copper changed, with the wet - process copper having a large change rate of 566.67%. The LME (0 - 3) discount increased by - 3.20%. In terms of inventory, the LME inventory increased by 3.82%, the SHFE inventory decreased by - 0.13%, and the COMEX inventory increased by 0.00% [8]. 3.4 Industry Dynamics and Interpretations - **MMG's Production**: MMG's annual production forecast for the Las Bambas copper mine in Peru remains unchanged at 360,000 - 400,000 tons, but the presidential election may cause operational interruptions [9]. - **Qingyuan Jiangtong's PV Project**: On August 15, Jiangxi Copper (Qingyuan) Co., Ltd.'s 2540.65 - kilowatt distributed photovoltaic power generation project was officially connected to the grid, with an annual power generation of 2.5 million kilowatt - hours, saving 1,000 tons of standard coal and reducing 2,492 tons of carbon dioxide emissions annually [10]. - **SMM Copper News**: Due to the approaching Tianjin SCO Summit, logistics restrictions in North China boosted the spot premium - discount of electrolytic copper [10]. - **Zambia's Copper Production**: Zambia's Q2 copper production decreased by about 4% quarter - on - quarter, and the annual production target of 1 million tons is at risk [11]. - **Recycled Copper Policy**: Policy adjustments in the recycled copper industry may affect the raw material procurement of bronze strip enterprises [12].

Core Viewpoint - The China Securities Hong Kong 300 Raw Materials Index has shown significant growth, with a 66.50% increase year-to-date, indicating strong performance in the raw materials sector [1]. Group 1: Index Performance - The China Securities Hong Kong 300 Raw Materials Index reported a value of 2721.61 points [1]. - The index has increased by 16.75% over the past month and 41.99% over the last three months [1]. Group 2: Index Composition - The top ten holdings in the index include Zijin Mining (25.69%), China Hongqiao (11.83%), and Luoyang Molybdenum (7.66%) [1]. - The index is composed entirely of stocks listed on the Hong Kong Stock Exchange, with a 100% representation [1]. Group 3: Sector Breakdown - The index's sample composition shows that non-ferrous metals account for 79.48%, non-metallic materials for 14.17%, chemicals for 4.69%, and paper and packaging for 1.66% [2]. - The index samples are adjusted biannually, with changes implemented on the next trading day following the second Friday of June and December [2].

Investment Rating - The report maintains a positive investment rating for the non-ferrous metals industry, focusing on opportunities in light rare earths and lithium battery materials [4][6]. Core Insights - The non-ferrous metals industry index increased by 9.61% over the past two weeks, outperforming the CSI 300 index and ranking first among 31 primary industries [12]. - The price of lithium carbonate (99.5% battery grade, domestic) rose by 15.91% in the last two weeks, indicating strong demand in the market [55]. - The report highlights a significant capital inflow into the rare earth sector, with leading stocks showing strong performance [3]. Summary by Sections Market Review (2025.8.04-2025.8.15) - The non-ferrous metals industry index rose by 9.61%, with metal new materials leading at 15.04% and industrial metals at 11.41% [12]. - Other sectors such as small metals, energy metals, and precious metals also saw substantial increases [12]. Precious Metals - As of August 15, COMEX gold closed at $3,381.70 per ounce, down 1.00% over two weeks, while COMEX silver rose by 2.47% to $38.02 per ounce [19][24]. - The report suggests a stable long-term outlook for gold due to global central bank demand and geopolitical uncertainties [20]. Industrial Metals - LME copper settled at $9,621.0 per ton, up 0.90% over two weeks, with a year-to-date increase of 10.77% [28]. - The report indicates a positive long-term demand outlook for copper driven by green energy investments [28]. Small Metals - Black tungsten concentrate (≥65%) price increased by 4.12% to 202,000 CNY per ton, while tin prices showed mixed trends [35]. - The report emphasizes the strong demand for tungsten due to supply constraints and increased industrial usage [36]. Rare Earths - The China Rare Earth Price Index rose by 3.16% to 211.58, with light rare earths leading the price increases [47]. - The report notes a strong market sentiment for light rare earths driven by demand in the magnetic materials sector [48]. Energy Metals - As of August 15, the average price of electrolytic cobalt was 263,500 CNY per ton, down 2.04% over two weeks, while sulfuric acid cobalt saw a 2.46% increase [52]. - The report highlights the significant year-to-date increase in cobalt prices, indicating strong market dynamics [52]. Lithium - The average price of lithium iron phosphate (mid-range power type) rose by 5.05% to 34,300 CNY per ton, reflecting ongoing demand in the battery sector [55]. - The report underscores the robust growth in lithium prices, driven by the electric vehicle market [55].

2025年1-5月，江西省工业企业数（以下数据涉及的工业企业，均为规模以上工业企业，从2011年起， 规模以上工业企业起点标准由原来的年主营业务收入500万元提高到年主营业务收入2000万元）为19239 个，和上年同期相比，增加了552个，同比增长2.95%，占全国的比重为3.7%。 知前沿，问智研。智研咨询是中国一流产业咨询机构，十数年持续深耕产业研究领域，提供深度产业研 究报告、商业计划书、可行性研究报告及定制服务等一站式产业咨询服务。专业的角度、品质化的服 务、敏锐的市场洞察力，专注于提供完善的产业解决方案，为您的投资决策赋能。 数据来源：国家统计局，智研咨询整理 上市公司：江西铜业（600362），安源煤业（600397），九丰能源（605090），中国稀土（000831）， 仁和药业（000650），富祥药业（300497），同和药业（300636），江中药业（600750），煌上煌 （002695），甘源食品（002991），阳光乳业（001318），百胜智能（301083），南矿集团 （001360），江铃汽车（000550） 相关报告：智研咨询发布的《2025-2031年中国工业云行业市场深 ...

Group 1 - Jiangxi Copper Co., Ltd. has obtained a patent for a "high liquid level alarm device for slurry pump pool," which aims to reduce the frequency of slurry overflow and minimize resource waste and metal loss [1] - The patent was granted with the announcement number CN223229059U, and the application date was August 2024 [1] - The design includes components such as a pump pool, alarm, overflow sewage pipe, and infrared switch, which collectively enhance economic efficiency by lowering production costs [1] Group 2 - Jiangxi Copper Co., Ltd. was established in 1997 and is primarily engaged in non-ferrous metal smelting and rolling processing [2] - The company has a registered capital of 3,462.73 million RMB [2] - Jiangxi Copper has invested in 64 enterprises and participated in 4,723 bidding projects, holding 1,345 patents and 18 trademark registrations [2]

Core Viewpoint - Jiangxi Copper's stock price increased by 2.51% to 25.34 yuan as of August 15, 2025, indicating positive market sentiment towards the company [1] Company Overview - Jiangxi Copper is a leading copper producer in China, engaged in copper mining, smelting, and processing [1] - The company's operations include copper ore extraction, cathode copper production, and manufacturing of copper processing products, which are widely used in the power, construction, and electronics industries [1] Market Performance - On August 15, 2025, Jiangxi Copper's stock reached a maximum price of 25.67 yuan and a minimum of 24.67 yuan, with a trading volume of 425,191 hands and a total transaction value of 1.072 billion yuan [1] - The net inflow of main funds into Jiangxi Copper was 5.1608 million yuan on the same day, while there was a net outflow of 202 million yuan over the past five days [1]

Core Insights - The Chinese pyrite industry is undergoing significant transformation and value reconstruction, driven by technological advancements and shifts in market demand [1] Industry Overview - The resource reserves of pyrite in China reach 1.047 billion tons, with high-grade ore (S>35%) only accounting for 3.3%, predominantly concentrated in Guangdong [1][11] - The industry is characterized by a concentration of resources, with Guangdong, Jiangxi, and Anhui provinces accounting for 35.08% of national production [12] Technological Innovations - Three main transformation directions are emerging: 1. New energy driving high-value applications, with a surge in demand for 6N-grade high-purity sulfur for solid-state batteries [1] 2. Accelerated resource integration, with industry CR3 exceeding 50% [1][30] 3. Restructured supply-demand dynamics, with pyrite prices expected to exceed 1,250-1,400 RMB/ton by 2025, potentially rising to 2,150 RMB/ton in the long term [1][31] Market Demand and Trends - The demand for pyrite is closely linked to the growth of the steel and chemical industries, with emerging sectors like lithium battery cathode materials driving demand for high-grade pyrite [9] - The global demand for phosphate fertilizers is projected to grow at a rate of 1.8% from 2020 to 2025, further increasing the need for pyrite in acid production [9] Competitive Landscape - The industry exhibits oligopolistic characteristics, with major state-owned enterprises like Yuegui Co. controlling 85% of high-quality resources [26] - The top three companies (CR3) dominate the market, while smaller mines face challenges due to low grades and high environmental costs [26] Future Outlook - The industry is expected to evolve into a dual-track model of "new energy materials + traditional chemicals," with leading companies like Yuegui Co. binding with major new energy players to dominate the value distribution of the sulfur-based new materials industry [1][28] - The transition towards high-value applications and green mining practices is becoming a standard, with significant investments in technology and resource integration [30]

Core Insights - The global tungsten market is expected to maintain a tight supply-demand balance in 2025, with domestic black tungsten concentrate prices reaching a three-year high of approximately 25,600 USD/ton, reflecting a 12% increase year-on-year [1] - Jiaxin International Resource Investment Co., Ltd. has successfully passed the listing hearing on August 11, 2025, with CICC as the sole sponsor, positioning itself to capitalize on the favorable market conditions [1] Group 1: Company Overview - Jiaxin International's Bakuta tungsten mine is recognized as the largest open-pit tungsten mine in terms of WO3 resources globally, with a planned annual mining and processing capacity of 3.3 million tons of tungsten ore starting from April 2025 [1] - The estimated mineral resource of the Bakuta tungsten mine is approximately 107.5 million tons, containing 227.3 thousand tons of WO3, with a credible ore reserve of 68.4 million tons [2][3] Group 2: Competitive Advantages - The company benefits from scarce resources and low costs, creating a competitive moat, with the Bakuta tungsten mine's resources being critical in a market where China accounts for 80% of global tungsten production [3] - The Bakuta mine's second-phase development is included in Kazakhstan's strategic mineral list, with local government support in terms of tax incentives and infrastructure [3] Group 3: Strategic Positioning - Jiaxin International's unique shareholder background, including Jiangxi Copper and China Railway Construction, provides synergistic advantages across the entire industry chain, reducing sales risks and logistics costs by 15%-20% [4] - The company is positioned to benefit from the current strong supply-demand dynamics in the tungsten market, with a planned 60% of its fundraising allocated to the second phase of the Bakuta project [5] Group 4: Market Outlook - The global tungsten supply is expected to remain tight, with a projected increase in tungsten consumption driven by sectors such as renewable energy and military applications, leading to a forecasted demand of 15.11 million tons by 2028 [6] - The company is poised to capitalize on the rising tungsten prices, which are anticipated to reach historical highs due to tightening supply and increasing demand from both domestic and international markets [7] Group 5: Future Prospects - Jiaxin International's story is characterized by the race between resource endowment and commercial realization, with the potential for cash flow and valuation re-rating if commercialization proceeds smoothly [8] - The company is expected to become a significant player in the international tungsten market, leveraging its strategic resource acquisition and strong partnerships to navigate industry fluctuations [10]

Market Overview - The U.S. CPI data has strengthened expectations for interest rate cuts, leading to a significant rise in Hong Kong's stock indices, with the Hang Seng Index breaking the 25,000 mark, closing up 2.58% at 25,613.67 points [1] - Southbound capital has seen a net inflow of over 900 billion HKD since the beginning of the year, indicating increased retail investor participation [1] - The upcoming mid-year earnings disclosures and company outlooks are critical for the continuation of the Hong Kong stock market rally [1] Blue-Chip Stocks Performance - Tencent Holdings (00700) reached a four-year high before its earnings report, closing up 4.74% at 586 HKD, contributing 98.74 points to the Hang Seng Index [2] - Tencent's Q2 revenue was 184.5 billion CNY, a 15% year-on-year increase, with a net profit of 55.63 billion CNY, up 17% [2] - Other notable blue-chip performances include CSPC Pharmaceutical (01093) up 6.77%, WH Group (00288) up 6.23%, while Galaxy Entertainment (00027) and Xinyi Solar (00968) saw declines [2] Sector Highlights - Large technology stocks showed strong performance, with Alibaba rising over 6% and Tencent gaining nearly 5% [3] - The healthcare sector was robust, with stocks like Zhonghui Biopharma (02627) surging 19.45% following the announcement of the national medical insurance drug list [3][4] - The metals sector was active due to rising expectations for U.S. interest rate cuts, with companies like Jiangxi Copper (00358) and Luoyang Molybdenum (03993) seeing significant gains [6] Earnings Reports - Several companies reported strong mid-year earnings, with Reading Group (00772) up 19.62%, Tencent Music (01698) up 15.63%, and Minmetals Resources (01208) up 10.43% [5] - Tencent Music's Q2 revenue grew 17.9% to 8.44 billion CNY, with a net profit increase of 33% [5] - Reading Group's revenue reached 3.19 billion CNY, with a net profit growth of 68.5% [5] Notable Stock Movements - New Fire Technology Holdings (01611) surged 30% amid news of U.S. regulatory changes allowing alternative assets in retirement accounts [8] - Beihai Kangcheng-B (01228) rose 25.75% after announcing a share issuance to Baiyang Pharmaceutical [9] - Evergrande Property (06666) increased by 6.25% following news of its parent company's delisting decision [10] - 361 Degrees (01361) fell 9.29% after reporting lower-than-expected profit growth [11]

Core Insights - The article discusses the growth and international expansion of small and medium-sized enterprises (SMEs) in China, particularly in the unmanned mining vehicle sector, highlighting the strategic opportunities and technological maturity in the industry [2][4]. Industry Overview - The global autonomous mining market is projected to reach $18.27 billion by 2030, indicating significant growth potential [2][4]. - The demand for unmanned mining solutions is driven by labor shortages, low efficiency, and safety concerns in mining operations, with a notable decline in employment from 6.36 million in 2013 to 3.29 million in 2023 [3][4]. Company Strategy - Beijing Lukai Zhixing Technology Co., Ltd. is focusing on international projects in South America, Africa, and Australia, with plans to launch two projects in South America within the year [2][4]. - The company emphasizes collaboration with ecological partners to navigate local regulations, cultural differences, and competition, prioritizing reliable partnerships over geographical selection [5]. Market Challenges - Overseas mining projects face additional operational challenges, including geopolitical tensions and unstable political environments, increasing the demand for unmanned technology to enhance safety and efficiency [4][5]. Competitive Advantage - Domestic companies have a cost advantage with their 90-100 ton unmanned mining vehicles, which are significantly cheaper than the 200-ton models from foreign competitors [6]. - The ability to provide customized solutions and rapid response to client needs is a core competitive strength for domestic firms [6]. Capital and Investment - The unmanned mining sector is experiencing a surge in investment, with over 1.2 billion yuan raised in the second quarter of 2025 alone [7]. - Industry capital plays a crucial role in supporting technology transfer, market expansion, and integration within the supply chain, with local government funds showing a willingness to invest in compatible SMEs [7]. Market Dynamics - The demand for unmanned mining vehicles is rapidly increasing, with various companies competing in technology, funding, and project execution [8]. - The focus for companies is on sustainable growth through project-based development rather than aggressive market capture, with an emphasis on delivering high-cost performance products and services [8].