Core Insights - China's significant breakthroughs in mineral exploration have been achieved in the first half of the year, with most mineral types exceeding the "14th Five-Year Plan" exploration targets ahead of schedule [1][2] - The new Mineral Resources Law, effective from July 1, emphasizes the protection of strategic mineral resources, ensuring national economic and defense security [2] - Investment in non-oil and gas mineral exploration reached 6.993 billion yuan, a year-on-year increase of 23.9%, indicating a growing enthusiasm from enterprises for mineral exploration [2][3] Group 1: Major Discoveries - A large uranium mine was discovered in Heilongjiang Province, marking the first of its kind in the province [1] - In Hebei Province, a new rubidium resource of 3.37 million tons was identified, solidifying China's position in rubidium mining [1] - A super-large lithium deposit was found in Hunan Province, with 490 million tons of lithium ore and 1.31 million tons of lithium oxide resources submitted [1] Group 2: Policy and Regulatory Framework - The revised Mineral Resources Law establishes a special protection system for strategic mineral resources, focusing on those critical for national security and emerging industries [2] - The Ministry of Natural Resources has initiated a summary evaluation of the "14th Five-Year Plan" for mineral resources and is preparing strategies for the "15th Five-Year Plan" [2] Group 3: Investment Trends - Exploration investment in tin, bauxite, tungsten, copper, and phosphate has increased by over 50% year-on-year, with coal, lead-zinc, molybdenum, gold, and graphite also seeing growth [3] - The supply of exploration rights for strategic minerals is set to reach a ten-year high in 2024, with 581 rights to be issued [3] - China's lithium resource production has increased by over 30%, with the global share of lithium reserves rising from 6% to 16.5%, moving from sixth to second place globally [3]

Core Viewpoint - The Shandong provincial government is implementing a new round of mineral exploration breakthrough strategy to enhance the reserves and production of strategic minerals, supported by a partnership with the Ministry of Natural Resources since May 2019 [1][2]. Group 1: Achievements and Future Plans - Since the signing of the strategic cooperation agreement in May 2019, 78 projects have been deployed, resulting in high-quality geological survey outcomes that support Shandong's economic and social development [1]. - A new memorandum of cooperation was signed on June 18, 2023, to deepen collaboration between the China Geological Survey and the Shandong provincial government [1][2]. Group 2: Support Areas - The China Geological Survey will support Shandong in conducting comprehensive natural resource reform pilot projects, enhancing market-oriented resource allocation, and modernizing governance systems [2]. - Focus areas for the new round of mineral exploration include ecological protection in the Yellow River basin, geological surveys of nearshore areas, and strategic mineral exploration [2]. - The initiative aims to achieve high-quality geological survey results through coordinated efforts among central, provincial, and enterprise levels [2]. Group 3: Policy and Innovation - Support will be provided for innovative mineral management policies, including the implementation of new mining laws and the establishment of a model for significant policy adjustments [3]. - The province will be encouraged to utilize its own funds or social capital for strategic mineral surveys and improve project management to create a "Qilu model" for geological exploration [3]. - Emphasis will be placed on technological innovation and talent development in geology, including the establishment of key laboratories and innovation centers [3].

Report Summary 1. Report Industry Investment Rating - Not provided in the given content 2. Core Views - For lead, the market shows a situation of both supply and demand being weak with no obvious contradictions. Tight raw materials and the expectation of the peak season support the lead price, and it is expected to trade in a range in the short - term [1] - For zinc, the market has an increase in both ore and ingot supply while demand is in the off - season, with an emerging inventory accumulation trend and weak fundamentals. It is expected that the zinc price will trade weakly in a range in the short - term, and short - selling on rallies can be considered [1] 3. Summary by Relevant Catalogs 3.1 Lead - **Prices and Spreads**: SMM1 lead ingot average price was 16,875.00 yuan/ton, down 0.30%; futures主力合约收盘价 was 17,085.00 yuan/ton, up 0.06%; the basis was - 210.00 yuan/ton, down 60.00 yuan; LME 0 - 3 spread was - 32.78 dollars/ton, up 0.84 dollars [1] - **Inventory**: As of July 14, SMM lead ingot five - region inventory was 6.34 million tons, an increase of 0.56 million tons from July 7 and 0.24 million tons from July 10; LME inventory was 260,950 tons, and Shanghai lead warehouse receipt inventory was 55,130 tons, up 4.21% [1] - **Supply and Demand**: Lead concentrate imports have no expected increase, and processing fees are likely to rise. A primary lead smelter had equipment maintenance last week, reducing production slightly. For secondary lead, waste lead - acid battery prices are likely to rise, and raw materials are in short supply. The demand is gradually shifting from the off - season to the peak season, and downstream purchases are expected to improve [1] 3.2 Zinc - **Prices and Spreads**: SMM1 zinc ingot average price was 22,110.00 yuan/ton, down 1.12%; futures主力合约收盘价 was 22,250.00 yuan/ton, down 0.58%; the basis was - 140.00 yuan/ton, down 120.00 yuan; LME 0 - 3 spread was - 5.61 dollars/ton, down 5.25 dollars [1] - **Inventory**: As of July 14, SMM zinc ingot seven - region inventory was 9.31 million tons, an increase of 0.40 million tons from July 7 and 0.28 million tons from July 10. On July 14, LME zinc inventory increased by 8150 tons to 113,400 tons, up 7.74%, all from Singapore warehouses; Shanghai zinc warehouse receipt inventory was 9,171 tons, up 3.36% [1] - **Supply and Demand**: Zinc smelters have sufficient raw material stocks, and zinc ore processing fees are rising. The tightness of zinc concentrate has improved, and the production limit on smelters due to raw material shortage has weakened. The demand is in the off - season, and overall purchases are limited [1] 3.3 Industry News - As of July 14, SMM lead ingot five - region inventory increased compared to earlier dates [1] - In the first half of 2025, the national non - oil and gas mineral exploration investment was 6.993 billion yuan, up 23.9% year - on - year. Investment in lead - zinc mines increased to some extent [1] - As of July 14, SMM zinc ingot seven - region inventory increased compared to earlier dates, and LME zinc inventory increased on July 14 [1] 3.4 Investment Strategy - For lead, expect short - term range - bound trading [1] - For zinc, expect short - term weakly range - bound trading and consider short - selling on rallies [1]

Group 1 - The meeting between Shandong Provincial Geological and Mineral Bureau and Inner Mongolia Shanjin Geological Exploration Company focused on enhancing cooperation and communication in geological exploration and drilling projects [1][2] - Both parties acknowledged the successful collaboration over the past three years and expressed intentions to leverage their professional strengths for mutual benefits in future projects [1] - The Shandong Provincial Geological and Mineral Bureau emphasized its commitment to high-quality geological exploration and achieving breakthroughs in mineral discovery strategies [1] Group 2 - Safety management in drilling operations was highlighted, with a focus on fire and lightning prevention, ensuring that safety personnel fulfill their responsibilities [2] - The company established a mechanism for identifying and rectifying safety hazards to ensure efficient and orderly project advancement [2] - The leadership expressed appreciation for the frontline workers' dedication and provided them with care packages as part of the "Summer Cooling" initiative [2]

Investment Rating - The industry investment rating is "Positive" [5] Core Viewpoints - The report highlights that the Xinjiang Uygur Autonomous Region is a key area for mineral exploration, particularly focusing on antimony resources in southern Xinjiang, with significant investments planned for geological exploration projects [1][4] - The report indicates that Xinjiang's three major mineralization belts possess rich mineral resources, with the western Kunlun-Altyn mineralization belt being particularly noted for its antimony deposits [2] - Recent years have seen an acceleration in the granting of antimony mining rights in Xinjiang, with several notable projects underway, including the Huangyangling and Shierkule antimony mines, which are expected to contribute significantly to the region's antimony output [3] Summary by Sections Exploration and Development - The report outlines that during the 14th Five-Year Plan, Xinjiang will continue to prioritize exploration and mining activities, particularly in the Hotan region, aiming to enhance the domestic supply of antimony resources [4] - Specific plans include the establishment of a new mining development framework in Hotan, targeting the discovery of 2-3 medium to large mineral deposits and increasing antimony resources by 50,000 tons during the planning period [4] Market Outlook - The report concludes that as eastern China's antimony resources are rapidly depleting, the westward shift of resources presents a viable alternative for the mining industry, with Xinjiang's favorable geological conditions and rich mineral resources positioning it as a critical base for mineral resources in China [4]

Core Viewpoint - Guangxi, known as the "hometown of non-ferrous metals," plays a crucial role in ensuring national resource security with significant mineral reserves, having resources in 30 out of 36 strategic minerals, with 10 ranking in the top five nationally [1][2] Group 1: Mining Strategy and Implementation - During the 14th Five-Year Plan period, Guangxi's Natural Resources Department has actively implemented the national energy resource security strategy, focusing on mining exploration and achieving all assigned tasks ahead of schedule by June 2025 [1][3] - The provincial government prioritizes mining work as a key initiative, emphasizing the importance of energy resource security and mobilizing resources across the region to meet national demands [3][7] Group 2: Financial and Institutional Support - Guangxi has allocated over 2 billion yuan (approximately 0.3 billion USD) from central, local, and social funds for geological exploration during the 14th Five-Year Plan, ensuring continuous support for mining activities [3][6] - The region has simplified the approval process for mining rights, reducing costs for enterprises and enhancing their engagement in exploration activities [6][7] Group 3: Collaborative Efforts and Innovations - Over 40 geological survey teams and mining companies in Guangxi have developed targeted exploration plans, leading to the identification of 37 prospective mining areas and 89 target areas, with 48 new mineral sites discovered [4][5] - Guangxi has successfully hosted 13 China-ASEAN Mining Cooperation Conferences, signing 184 projects worth over 68 billion yuan (approximately 10.5 billion USD), expanding its international market presence [8][9] Group 4: Technological Advancements and Future Focus - The region has made significant breakthroughs in exploring strategic minerals such as aluminum, manganese, tin, antimony, indium, and rare earths, further solidifying Guangxi's position in the national mineral landscape [7][10] - Future efforts will concentrate on challenging minerals like manganese, aluminum, and zircon, with a commitment to enhancing technological innovation and exploration investments [10]

Group 1 - Hunan Province Geological Institute discovered a super-large altered granite-type lithium deposit in the Jijiao Mountain mining area, with a total lithium ore volume of 490 million tons and lithium oxide resource amounting to 131,000 tons [1] - The exploration was part of a national strategy to secure lithium resources, with significant investments in the local lithium battery industry expected to reach hundreds of billions [1][2] - The project has demonstrated effective exploration methods and management models that can serve as a reference for lithium resource exploration in Hunan Province [2] Group 2 - Hunan Dazhonghe Lithium Mining Co., established in 2022 with a registered capital of 1 billion yuan, is a wholly-owned subsidiary of Dazhong Mining, which has shifted focus from iron ore to lithium battery new energy [2] - The company reported a significant increase in stock price, with an 8.61% rise on the day of the announcement, indicating strong market interest [2] - The Jijiang Mountain lithium project has received approval for resource evaluation from the Ministry of Natural Resources, confirming a lithium ore volume of 490 million tons with an average grade of 0.268% [2] Group 3 - The company is actively progressing with the application for mining rights for the Jijiang Mountain lithium mine and plans to apply for a mining license once conditions are met [3] - The project construction is on track, with the mining and selection connection tunnel expected to be fully completed by May 2025 [3]

Group 1 - China's lithium resource base has been strengthened with the discovery of a super-large lithium deposit in Hunan Province, containing 490 million tons of lithium ore and 1.31 million tons of lithium oxide [1] - The discovery is part of the national strategy to enhance mineral exploration and is expected to support the establishment of a trillion-yuan new energy base in Chenzhou, Hunan [1] - The exploration efforts in the Jijiao Mountain area have been ongoing since 2022, with over 90,000 meters of drilling completed [1] Group 2 - China's lithium reserves have significantly increased, with the country's share of global lithium resources rising from 6% to 16.5%, moving from sixth to second place globally [2] - A new world-class lithium mineralization belt has been discovered, extending 2,800 kilometers, with over 6.5 million tons of lithium identified and a resource potential exceeding 30 million tons [2] - The establishment of a complete lithium industry chain in China has positioned the country as a leader in lithium battery production, with six of the top ten global battery companies based in China [2]

Core Viewpoint - The Ministry of Natural Resources is actively promoting a new round of mineral exploration breakthrough strategic actions, focusing on domestic resources and achieving significant progress in exploration targets since the 14th Five-Year Plan began [1] Group 1: Strategic Actions - The Ministry has set new resource quantity targets for 36 mineral types, with most of them having completed their exploration goals ahead of schedule [1] - The Ministry has decentralized the new resource quantity targets to relevant provinces, emphasizing the role of provincial natural resource authorities as the "first responsible person" for exploration [1] Group 2: Technical Guidance - The Ministry is enhancing geological exploration through expert technical guidance, organizing multiple expert teams to provide support in 24 provinces [1] - The focus of these expert teams is to address challenges in exploration technology and engineering deployment, facilitating breakthroughs in mineral exploration [1]

Group 1 - Guizhou Province, known as the "hometown of bauxite" in China, is a significant base for aluminum product raw materials in Southwest China [1] - The recent exploration efforts in Qingzhen have led to the discovery of bauxite resources that account for over half of the province's newly added bauxite resources [1] - The Wangjiazai project has achieved a major breakthrough in bauxite exploration in the Qianzhong area, marking the first significant find in nearly 30 years [1][2] Group 2 - The Wangjiazai bauxite exploration project has set three records in the Qianzhong area: the deepest single borehole depth (over 1300 meters), the maximum thickness of a single mineral body (over 25 meters), and the largest achievement in deep, fully concealed bauxite exploration in nearly 30 years [2] - Guizhou is rich in mineral resources, with a focus on strategic and urgently needed minerals as part of the national exploration strategy [3] - The province has seen significant new resource additions, including over 10% of the total bauxite resources and more than six times the lithium resources compared to the existing reserves [7]