Report Industry Investment Rating No information provided. Core Viewpoints of the Report - Brazil has abundant copper resources with diverse deposit types, mainly distributed in the south and northeast, and has great potential for growth in copper reserves and production [1][53]. - Brazil's relatively complete mineral resource law attracts foreign investment in the mining industry, but there are also restrictions on foreign capital inflows that may affect mining investment [1][17]. - The continuous improvement of Brazil's mining law system and policies support the development of key minerals for energy transition, promoting the rational and efficient development of Brazil's mineral resources [25]. - Brazil's copper mine production is on the rise, and its copper concentrate exports are also increasing, with China being the largest export destination [2][46]. Summary by Relevant Catalogs 1. Overview of Brazilian Copper Resources - **Geological Conditions and Deposit Types**: Brazil is located in the Brazilian Basin with ancient and complex geology, characterized by "Three Shields and Three Basins," and has rich copper resources. Different from other regions, Brazil has more composite - type copper deposits, with the top four types accounting for 85% of the total [7][8]. - **Distribution of Copper Mines**: Brazilian copper mines are mainly distributed in the south and northeast, such as the Carajás region, Amazon Basin, and some states like Pará, Bahia, etc. These areas are important bases for the Brazilian copper mining industry [8]. - **Growth Potential of Reserves and Production**: As of 2022, Brazil's copper reserves were 11.2 million tons, accounting for 1.30% of the global total. The estimated copper resource volume is 32.93 million tons. In 2024, the copper production was 425,000 tons, accounting for 1.86% of the global total. With the attraction of international investment, there is great potential for growth in copper reserves and production [12]. 2. Optimization of Brazilian Mineral Resource Law and its Impact on the Copper Industry - **Attraction of Foreign Investment through Laws**: Brazil's mining management has a sound legal system. The current Mining Code was revised in 2022. The law encourages and protects exploration and mining activities, especially foreign investment. It also provides preferential tax policies and relaxed foreign - ownership restrictions for new copper projects [17][20][21]. - **Restrictions on Foreign Capital Inflows**: Brazil has strict foreign exchange control policies, and transferring profits out of the country may face challenges and high taxes. Additionally, political, policy, and force - majeure risks may make foreign investors cautious [23][24]. 3. Release of Brazilian Copper Mine Production Capacity - **Overall Production Trend**: In 2024, Brazil's copper mine production was 388,000 tons, and it is expected to reach 473,200 tons in 2027, showing an upward trend [26]. - **Production of Major Mines**: - **Vale**: Salobo copper mine's production is expected to increase steadily from 199,900 tons in 2024 to 250,000 tons from 2025 - 2027, and continue to rise after 2028. Sossego copper mine's average production from 2025 - 2027 is expected to be 60,000 - 70,000 tons per year, and about 50,000 tons per year after 2028 [2][29]. - **Lundin Mining**: Chapada copper mine's average production from 2025 - 2030 is expected to be about 42,000 tons [37]. - **Ero Copper**: Caraíba's production is expected to be 37,500 - 42,500 tons in 2025, 40,000 - 45,000 tons in 2026, and 45,000 - 50,000 tons in 2027. Tucumã's production is expected to be 37,500 - 42,500 tons in 2025, 45,000 - 50,000 tons in 2026, and decline to 40,000 - 45,000 tons in 2027 [2][42][43]. - **Silver - colored**: Serrote copper mine's copper concentrate production is stable at about 25,000 tons [2][54]. 4. Increase in Brazilian Copper Exports - **Export Trend**: Brazilian copper exports are on the rise, slightly higher than domestic production, indicating limited or no copper - smelting capacity in Brazil, and most of the copper concentrates are for export [3][46]. - **Export Destinations**: Brazil mainly exports copper to China and some European countries, with China being the largest export destination, accounting for 26% of total exports. From 2025 - 2027, Brazil's copper concentrate exports to China are estimated to increase by 6,500 tons, 10,400 tons, and 5,200 tons respectively [3][47].

Core Viewpoint - The article highlights that silver has outperformed other asset classes, including gold, following the Federal Reserve's interest rate cuts, with a year-to-date increase of 48% as of mid-September, reaching a peak price of $42.96 per ounce, the highest in 14 years [1][2]. Group 1: Silver's Performance and Market Dynamics - Silver's significant price increase is attributed to its unique market characteristics, including a less developed derivatives market compared to gold, leading to higher volatility and susceptibility to market squeezes [1][2]. - The industrial demand for silver, particularly in solar panels and electric vehicles, is driving its price up, with projections indicating a substantial increase in demand due to the energy transition [2]. - The silver market has experienced a supply shortage for five consecutive years, a rare occurrence that has contributed to its price surge [2]. Group 2: Economic Context and Future Outlook - The article discusses the broader economic concerns regarding the U.S. debt-driven economy, suggesting that the real threat is not debt default but currency devaluation, drawing parallels with countries like Argentina and Turkey [3][4]. - It posits that as the dollar's value declines, gold and silver will serve as hard currencies to temporarily replace some functions of the dollar during the transition to a new monetary system [4]. - Predictions indicate that silver prices could rise to over $60 per ounce in the coming years, especially if the Federal Reserve continues to lower interest rates [2][5]. Group 3: Investment Recommendations - The article advises investors to include gold and silver in their asset allocation strategies, emphasizing their potential to withstand economic downturns and benefit from the Fed's monetary policies [5]. - It suggests that despite the recent price increases, there remains an opportunity for further investment in these precious metals as the economic landscape evolves [5].

「READING」 近日，《2025年亚太地区能源可持续发展区域趋势报告》在联合国亚太经社会"亚太能源周"上发 布。报告围绕可持续发展目标7（SDG7）落实情况，从电力可及性、用于烹饪的清洁燃料和技术、 可再生能源占比、能源利用效率等维度，系统分析了地区能源转型进展、挑战及路径，提出针对性 转型建议。 扫码报名 议程海报 图 图 前景展 TENI Capacity-building Training on China-ASEAN Green Energy Transition and Zero Carbon Parks / 10 / 20 . And and the 开营仪式 9:30-9:50 主旨演讲: 9:50-10:50 推动区域能源转型与绿色发展 破冰环节 | 学前测评 11:10-12:00 家 - 绿色电力与电力市场创新 13:00-15:00 ■ 讲师:刘敦楠 华北电力大学能源互联网研究院副院长 上司 C (Fire 小组讨论 -- 零碳园区场景选择 15:30-16:30 2025 / 10 / 21 EREHD搜课 4 用 用 上 下 中 上 上 上 上 上 上 上 上 。 六 人 。 | ...

Group 1: Industry Overview - UBS reports that the fundamentals of China's copper and aluminum metal industry are stable with a positive outlook [1] - Industrial metal prices are supported by macroeconomic factors rather than physical market supply tightness, including US interest rate cuts, a weaker dollar, confidence in aluminum trade, and potential additional stimulus measures from China [1][2] - The overall outlook for industrial metals is improving, with short-term demand slowdown risks easing and mid-term fundamentals for copper and aluminum remaining attractive [1][2] Group 2: Copper Outlook - The copper market fundamentals remain stable, with prices supported by macroeconomic factors despite reduced trade due to US tariffs in Q3 [2] - UBS expects that by 2026/2027, copper prices will rise due to limited mine supply growth, pressure on refined output, strong long-term growth drivers (electrification, technology), and a recovery in traditional demand drivers [2] - UBS raises its copper price forecasts for 2025/2026 from $4.24/lb to $4.37/lb and from $4.68/lb to $4.80/lb, translating to $9,634/ton and $10,582/ton respectively [2] Group 3: Aluminum Outlook - Aluminum demand is mixed, but supply is constrained, with limited production growth in China and elsewhere [3] - UBS raises its aluminum price forecasts for 2025/2026 from $1.11/lb to $1.17/lb and from $1.16/lb to $1.18/lb, which corresponds to $2,579/ton and $2,600/ton respectively [3] - Following the upward revision of copper, aluminum, and gold price forecasts, UBS has increased the earnings expectations and target prices for related concept stocks, including a 5% increase in earnings expectations for China Hongqiao and a 4% increase in target price to HKD 28 [3]

铝的需求表现参差不齐，但供应受到限制，中国产量受到限制且其他地方的供应增长有限。瑞银全球金 属与矿业团队将2025/2026年铝价预测从每磅1.11美元/1.16美元上调至1.17美元/1.18美元(每吨2579美 元/2600美元) 铜的前景：基本面和宏观经济均呈利好态势 现货市场基本面保持稳定，价格受到宏观经济因素的支撑，尽管第三季度美国关税促使贸易有所减少。 瑞银预计，在2026/2027年，基本面仍将具有支撑作用，由于：1)矿山供应增长有限;2)精炼产量面临压 力;3)长期增长驱动因素(电气化、技术等)依然强劲;以及4)传统需求驱动因素复苏，价格将会上涨。瑞银 全球金属与矿业团队将2025/2026年铜价预测从每磅4.24美元/4.68美元上调至4.37美元/4.80美元(每吨 9634美元/10582美元)。 铝的前景：供应受限继续支撑价格 瑞银发布研报称，中国铜与铝金属行业基本面稳定，前景向好。与此同时，瑞银还上调相关概念股的盈 利预期和目标价;其中，瑞银重申对中国宏桥(01378)"买入"评级，并将目标价从26.8港元上调至28港 元。 瑞银指出，由于关税取消前的购买行为恢复正常化及市场扭曲(尤 ...

Core Viewpoint - The recent expiration of Haicheng Energy's prospectus has drawn market attention, but this is not an uncommon phenomenon in the capital market. The expiration does not equate to the termination of the IPO process, as companies can update financial data and reapply within three months to continue the review process [1][2]. Group 1: Market Demand and Production Capacity - The global energy transition is in a critical phase, with major countries intensifying efforts towards carbon neutrality, leading to rapid growth in renewable energy installations. However, the intermittent nature of renewable energy necessitates effective energy storage solutions, elevating storage from an optional accessory to a core necessity [3]. - The global energy storage market is entering an explosive growth phase, with global battery shipments expected to reach 258 GWh in the first half of 2025, a 106% year-on-year increase. Domestic manufacturers are leading this market, with Haicheng Energy's shipment volume projected to rise significantly, achieving a compound annual growth rate of 167% over three years [3][4]. Group 2: International Strategy and Competitive Strength - Haicheng Energy's international strategy is progressing steadily, with overseas revenue reaching 3.7 billion yuan in 2024, accounting for 28.6% of total revenue. The company has established a global service network covering over 20 countries and regions [5]. - The company has secured several significant international contracts this year, including a 720 MWh battery storage system project in the UK and a 1 GW/4 GWh storage project in Saudi Arabia, showcasing its strong international development momentum [6][7]. Group 3: Conclusion - The temporary expiration of the prospectus is merely a "mid-game adjustment" in Haicheng Energy's journey in the capital market and does not affect its long-term value proposition. The energy transition is an irreversible trend, and energy storage has become a key support, positioning Haicheng Energy advantageously in this historical opportunity [8].

Core Insights - The global energy landscape is undergoing a fundamental transformation, with a significant reduction in carbon emissions expected alongside a doubling of global GDP from 2023 to 2050 [2][5][58] - Oil and gas will continue to play crucial roles in the energy mix, but their dominance will shift as renewable energy sources gain traction [6][9][32] Oil Market Dynamics - Oil consumption is projected to remain stable in the near term, with daily consumption at 101.8 million barrels, primarily driven by road transportation and petrochemical feedstock [6][10] - By 2050, oil's role as a feedstock is expected to account for approximately 45% of total oil demand in a low-carbon scenario [9] - OPEC+ is anticipated to increase its market share from around 50% to 60% by 2050, as non-OPEC+ countries, particularly the U.S., face production declines [11][16] Natural Gas Outlook - Natural gas is expected to become the largest fossil fuel by 2050, with its share in primary energy reaching 27% under the current trajectory [17][22] - LNG is projected to see significant growth, with global exports expected to increase by over 50% by 2035, driven by demand from Asia [22] - In a low-carbon scenario, natural gas demand will decline sharply, with its share dropping to 15% by 2050 [17][33] Coal Consumption Trends - Coal is expected to peak in the late 2020s and decline thereafter, with a projected consumption drop of over 5% by 2035, primarily due to increased renewable energy adoption in China [23][26] - By 2050, coal's share in primary energy could fall to 15% under the current trajectory and to 5% in a low-carbon scenario [26] Renewable Energy Growth - Renewable energy is set to dominate the energy landscape, with its share expected to reach 28% by 2050 under the current trajectory and 56% in a low-carbon scenario [32][33] - Wind and solar power are projected to meet over 80% of new electricity demand by 2035, with their share of global electricity generation exceeding 50% by 2050 [30][31] Nuclear Energy Development - Nuclear energy is expected to experience a resurgence, with China becoming the largest producer by 2035, contributing approximately 70% of global growth [54][57] - In a low-carbon scenario, global nuclear power generation could more than double by 2050 [57] Emerging Technologies - Low-carbon hydrogen and carbon capture, utilization, and storage (CCUS) are identified as key solutions for decarbonizing high-emission sectors, although large-scale adoption is not expected until after 2035 [40][41][46] - The demand for low-carbon hydrogen is projected to reach 7.5 million tons by 2050, with significant applications in various industries [42]

中国科学院广州能源研究所团队在会议现场。中国科学院广州能源研究所供图 人民网约翰内斯堡10月9日电 （记者邹松、实习生董嘉怡）第八届全球科技创新大会8日在位于南非比 勒陀利亚的科学与工业研究委员会国际会议中心开幕。南非科技与创新部部长布莱德·恩齐曼迪线上致辞， 多位政府官员现场出席，国家电网、中国电建等多家驻南企业派代表参会。 全球科技创新大会首次在非洲举办，本次大会以"科技创新助力可持续未来"为主题，聚焦气候、能 源、健康、水、农业、安全及循环经济七大关键领域，与非洲重要科研机构——南非科学与工业研究委员 会年会协同联动，突显中非携手打造面向未来创新共同体的努力。 全球科技创新大会由比利时弗拉芒技术研究院牵头组织，以加速技术创新的开发、传播和部署为目 的，目前已成功构建起政府、企业与科研机构间的高水平对话机制，成为具有推进实现可持续发展目标潜 力的综合技术解决方案的全球平台。自2019年起，中国科学院广州能源研究所作为大会联合主办方，积极 参与国际对话，拓展国际合作网络，持续展示中国在能源科技创新领域的最新成果，为构建开放包容的全 球科技创新生态贡献中国力量。 本届大会中，广州能源研究所牵头组织能源主题全体 ...

据TradeArabia网10月3日报道，阿布扎比国际石油博览会（ADIPEC 2025）将于11月3日至6日在阿布扎 比国家展览中心举行，由阿联酋总统穆罕默德担任赞助人，阿布扎比国家石油公司（ADNOC）主办。 作为"阿联酋社区之年"的重要活动，本届展会预计吸引172个国家的20.5万名参会者，规模空前。展会 将覆盖17个展厅、30个国家馆、4大行业专区，共有 2250家参展企业和1800多位发言人。会议设战略与 技术两大板块，超过380场会议聚焦能源转型核心议题，并新增"新兴经济体、天然气与LNG、下游与化 工、多元与领导力、人工智能与数字化"等五大主题。 （原标题：阿布扎比国际石油博览会将于11月3至6日举行） ...

赞比亚今年有望创下铜产量新高，在铜价飙升、需求持续增长之际，进一步巩固其作为全球主要供应国的地位。 主要矿山频发事故和停产挤压供应，推动铜价今年上涨逾20%，而赞比亚作为少数产量持续攀升的地区尤为引人注目。若能在竞争对手受挫之际实现增产， 这个财政紧张的国家或将收获意外之财。 此轮涨势主要源于接连不断的供应冲击。今年早些时候，刚果民主共和国一座大型铜矿遭遇洪水侵袭，智利则发生数十年来最严重的矿难。上月，全球第二 大铜矿发生泥石流，迫使运营商自由港麦克莫兰公司大幅下调今年及明年的产量预期。本周，泰克资源公司亦下调其智利旗舰铜矿的产量预期。 赞比亚是非洲第二大铜生产国，仅次于邻国刚果民主共和国。数据显示，矿企已宣布逾100亿美元投资计划，预计到2030年将使年产量增加约120万吨，而去 年产量为82.1万吨。 （文华综合） 作为全球最大的铜消费国，中国产业链面临三大挑战：上游资源对外依存度攀升、中游加工环节产能过剩、下游需求受高铜价抑制。为助力行业应对变局， 上海有色网携手铜产业链企业联合编制《2026中国铜产业链分布图》中英双语版，点击此链接即可免费领取铜产业链分布图： https://s.wcd.im/v/4 ...