Core Viewpoint - The Sichuan Province held a promotional conference for the centralized transfer of mining rights for strategic mineral resources, focusing on enhancing market vitality and optimizing resource allocation to promote mining development [1] Group 1: Event Overview - The promotional conference introduced 26 mining blocks for potential transfer, covering strategic minerals such as oil and gas, lithium, copper, and gold, which are advantageous to Sichuan [1] - The event aimed to build a platform for investment cooperation in the mining industry, inviting 85 well-known companies from the mineral resource industry chain [1] Group 2: Mining Rights Transfer Data - Since the 14th Five-Year Plan, Sichuan has cumulatively transferred 372 mining rights, generating a total revenue of 39.8 billion yuan [1] - In 2023, 54 mining rights were transferred, achieving a transaction value of 14.282 billion yuan, the highest level in the past decade [1] - For 2024, 111 mining rights are expected to be transferred, with a projected transaction value of 13.364 billion yuan, marking a "double hundred" breakthrough in both quantity and revenue [1] Group 3: Industry Development - Sichuan is actively coordinating the transfer of mining rights with industrial development, promoting the alignment of resources with industry and advancing towards high-end industries [1] - The lithium battery industry in Sichuan has established a complete industrial chain, including raw ore mining, basic lithium salts, anode and cathode materials, and lithium batteries, with production scales ranking among the top in the country [1] - The oil and gas industry has become a crucial support for optimizing China's energy structure, forming a comprehensive natural gas industry chain that includes exploration, development, pipeline transportation, and chemical utilization [1]

Group 1: Report Industry Investment Rating - No relevant content provided Group 2: Core View of the Report - The overall trend of precious metals is expected to remain strong due to factors such as the US government shutdown crisis, geopolitical conflicts, and the possibility of the Fed cutting interest rates. However, due to the approaching National Day holiday in China and high uncertainties in the overseas market, it is advisable to reduce positions on futures at high prices [5]. - Copper prices are affected by factors such as macro - economic data, supply disruptions, and weakening consumption. Short - term copper prices may have a correction, and it is recommended to take profits at high prices before the holiday and hold light positions [7][10]. - Alumina is expected to maintain a weak operation due to the over - supply situation, import window opening, and the limited impact of policies on capacity investment [17]. - Cast aluminum alloy futures prices are expected to fluctuate at a high level with aluminum prices, and the alloy ingot spot price remains stable and slightly strong [19][20]. - The aluminum price is expected to remain in a volatile pattern in the short term, with possible seasonal inventory accumulation after the holiday, and attention should be paid to the negative feedback on prices if demand does not recover rapidly [23][24]. - Zinc prices may rebound in the short term, but there is still a risk of further decline if there is a large - scale delivery in LME. The supply of refined zinc may increase in October, and consumption is expected to remain weak [27][28][29]. - Lead prices may decline as the supply of lead ingots is expected to increase while consumption shows no obvious improvement [35][36]. - Nickel prices are expected to fluctuate widely, with a relatively flat downstream consumption trend and a surplus in the refined nickel market, and attention should be paid to import and visible inventory changes [38][39]. - Stainless steel is expected to maintain a high - level volatile trend, with increased production in September but no obvious seasonal peak in demand, and cost support at the bottom [43][45]. - Industrial silicon may have a short - term correction and then can be bought on dips, as the inventory structure is prone to positive feedback between futures and spot prices, and there are uncertainties in supply and demand [48]. - Polysilicon prices may have a short - term correction, and it is recommended to exit long positions first and then re - enter after sufficient correction after the holiday [50][51][52]. - Lithium carbonate prices are expected to remain in a volatile pattern, with limited supply growth, strong demand, and continuous inventory depletion [55]. - Tin prices are expected to maintain a high - level volatile trend, with a tight supply at the mine end, weak demand, and slow improvement in the short - term fundamentals [56][60][61]. Group 3: Summary by Relevant Catalogs Precious Metals Market Review - London gold closed up 0.28% at $3758.78 per ounce, and London silver closed up 2% at $46.032 per ounce. Shanghai gold and silver futures also reached new highs [3]. - The US dollar index fell 0.4% to 98.15, the 10 - year US Treasury yield weakened to 4.164%, and the RMB exchange rate against the US dollar fell 0.04% to 7.1349 [3]. Important Information - US macro - data such as PCE price index and consumer confidence index were released, and the Fed's interest - rate decision probability was predicted [4][5]. - The US government faces a shutdown crisis, and there are signs of an escalation in the Russia - Ukraine conflict [5]. Trading Strategy - Take profits at high prices on futures and reduce positions to lock in profits [5]. Copper Market Review - Shanghai copper futures fell 0.79% to 81890 yuan per ton, and LME copper fell 0.69% to $10205 per ton. LME inventory decreased by 25 tons to 14.44 million tons, and COMEX inventory increased by 1228 tons to 32.22 million tons [7]. Important Information - China's power generation capacity data, the possible delay of the US employment report, and relevant industry policies were released [8][9]. - Argentina approved a copper project, and Grasberg's production is expected to decline [9][10]. Trading Strategy - Take profits at high prices before the holiday, hold light positions, and consider buying deep - out - of - the - money call options or collar call options [7]. Alumina Market Review - Alumina futures fell 49 yuan to 2867 yuan per ton, and spot prices in different regions showed different trends [13]. Important Information - Industry policies on alumina project investment were introduced, and information on production capacity, raw material prices, and imports was provided [13][14][17]. Trading Strategy - The price is expected to be weak, and it is recommended to wait and see for arbitrage and options [17]. Cast Aluminum Alloy Market Review - Cast aluminum alloy futures fell 115 yuan to 20200 yuan per ton, and spot prices in different regions showed different trends [19]. Important Information - Policies affecting the recycled aluminum industry were introduced, and the inventory of aluminum alloy on the Shanghai Futures Exchange increased [19]. Trading Strategy - Futures prices are expected to fluctuate at a high level with aluminum prices, and it is recommended to wait and see for arbitrage and options [20]. Electrolytic Aluminum Market Review - Shanghai aluminum futures fell 115 yuan to 20660 yuan per ton, and spot prices in different regions showed different trends [22]. Important Information - US economic data and electrolytic aluminum inventory changes were reported [22]. Trading Strategy - The price is expected to fluctuate in the short term, and it is recommended to wait and see for arbitrage and options [24]. Zinc Market Review - LME zinc fell 1.23% to $2886.5 per ton, and Shanghai zinc fell 1.5% to 21705 yuan per ton. Spot trading was dull [27]. Important Information - Zinc concentrate inventory decreased, and domestic and imported zinc ore processing fees showed different trends [27]. Trading Strategy - Zinc prices may rebound in the short term, but pay attention to the risk of further decline if there is large - scale delivery in LME. Wait and see for arbitrage and options [29]. Lead Market Review - LME lead fell 0.37% to $2001.5 per ton, and Shanghai lead fell 0.09% to 17075 yuan per ton. Spot trading was general [31]. Important Information - The profitability of recycled lead smelters improved, and the production of lead batteries showed different trends [31][32]. Trading Strategy - Lead prices may decline, and it is recommended to wait and see for arbitrage and options [36]. Nickel Market Review - LME nickel fell $85 to $15155 per ton, and Shanghai nickel fell 1050 yuan to 120790 yuan per ton. Spot premiums showed different trends [38]. Important Information - Industry policies on resource exploration and a nickel mine exploration right auction were reported [38][39]. Trading Strategy - Nickel prices are expected to fluctuate widely, and it is recommended to wait and see for arbitrage and options [39]. Stainless Steel Market Review - Stainless steel futures fell 85 yuan to 12765 yuan per ton, and spot prices were in a certain range [42]. Important Information - India approved the BIS certification for steel from Taiwan, China [43]. Trading Strategy - Stainless steel prices are expected to fluctuate widely, and it is recommended to wait and see for arbitrage [46]. Industrial Silicon Market Review - Industrial silicon futures fluctuated narrowly, and some spot prices strengthened [48]. Important Information - China's industrial silicon export data was reported, and there were rumors about production capacity expansion [48]. Trading Strategy - Industrial silicon may have a short - term correction and then can be bought on dips. Sell out - of - the - money put options to take profits [48]. Polysilicon Market Review - Polysilicon futures rebounded from the bottom, and spot prices were stable [50][51]. Important Information - A research on EU solar component production capacity was reported [51]. Trading Strategy - Polysilicon prices may have a short - term correction. Exit long positions first and re - enter after sufficient correction after the holiday. Do reverse arbitrage between 2511 and 2512 contracts and sell out - of - the - money put options to take profits [51][52]. Lithium Carbonate Market Review - Lithium carbonate futures fell 1160 yuan to 72880 yuan per ton, and spot prices decreased [53]. Important Information - News about China's new energy vehicle development and a battery project was reported [53][55]. Trading Strategy - Lithium carbonate prices are expected to fluctuate widely, and it is recommended to wait and see for arbitrage. Sell out - of - the - money put options [56]. Tin Market Review - Tin futures fell 0.12% to 273220 yuan per ton, and spot trading was not ideal [56]. Important Information - US PCE price index data and industry policies were reported [58][59]. Trading Strategy - Tin prices are expected to maintain a high - level volatile trend. Wait and see for arbitrage and sell out - of - the - money put options [61].

Core Viewpoint - The Ministry of Industry and Information Technology, along with seven other departments, has issued a "Work Plan for Stable Growth in the Nonferrous Metal Industry (2025-2026)", aiming to address structural issues and promote sustainable growth in the industry [1][2]. Group 1: Industry Goals and Objectives - The work plan sets a target for the nonferrous metal industry to achieve an average annual value-added growth of around 5% from 2025 to 2026 [2]. - It aims for an average annual production growth of 1.5% for ten types of nonferrous metals, with significant progress in domestic resource development for copper, aluminum, and lithium [2]. - The plan includes a target to exceed 20 million tons in the production of recycled metals and to enhance the supply capacity of high-end products [2]. Group 2: Key Initiatives - The work plan outlines ten initiatives focusing on resource conservation, supply optimization, transformation promotion, consumption expansion, and cooperation strengthening [2]. - It emphasizes efficient resource utilization and the implementation of a new round of exploration strategies, particularly for copper, aluminum, lithium, nickel, cobalt, and tin [2][3]. - The plan supports the development of green and efficient mining technologies for low-grade and complex ores, as well as the comprehensive utilization of waste nonferrous metals and emerging solid waste [2]. Group 3: Industry Challenges and Responses - The nonferrous metal industry faces structural challenges, including insufficient domestic supply of key metals like copper and aluminum, despite having some advantages in resource endowment and extraction [3]. - Companies like China Aluminum Corporation are expected to actively participate in the new exploration strategy, enhancing resource investigation and accelerating new mine construction [3]. - The work plan also stresses the importance of maintaining a dynamic balance between total supply and demand, avoiding irrational behaviors in the new energy mineral sector, and promoting strategic cooperation across the industry chain [4].

Core Viewpoint - The "Work Plan for Stable Growth in the Nonferrous Metal Industry (2025-2026)" aims to address key issues such as resource security, high-end supply shortages, and untapped effective demand through ten initiatives, targeting an average annual growth of 5% in industry value added and 1.5% in the production of ten nonferrous metals [1][2][4] Group 1: Resource Security and Supply Enhancement - The plan prioritizes improving resource security by implementing a new round of strategic actions for mineral exploration, focusing on copper, aluminum, lithium, nickel, cobalt, and tin [1][2] - It supports the development of green and efficient mining technologies for low-grade and complex resources [1][2] Group 2: Technological Innovation and Quality Improvement - The plan emphasizes strengthening industrial technological innovation to enhance effective supply capabilities, including breakthroughs in high-purity metals and advanced materials [2][3] - It encourages the establishment of pilot platforms for new materials and low-carbon smelting processes to accelerate material application verification and upgrades [2][3] Group 3: Investment and Industry Transformation - The plan aims to expand effective investment and facilitate industry transformation by expediting the approval processes for mineral resource development projects [2][3] - It promotes energy-saving and pollution-reduction transformations in various sectors, including alumina and copper smelting [2][3] Group 4: Market Demand and International Cooperation - The plan seeks to stimulate market consumption by promoting the upgrade of bulk metal consumption and establishing long-term cooperative relationships between upstream and downstream enterprises [3][4] - It encourages international development by guiding enterprises to respond to unreasonable trade restrictions and supporting the export of high-end new materials [3][4] Group 5: Futures Market and Risk Management - The plan proposes to enrich important nonferrous metal futures trading varieties and financial derivatives to provide precise risk management tools for industry chain enterprises [3][4] - It highlights the need for the futures market to explore the introduction of derivatives related to the recycling metal industry to support the development of a circular economy [4]

Core Points - The Ministry of Industry and Information Technology and seven other departments have issued a plan for the non-ferrous metals industry to stabilize growth from 2025 to 2026, emphasizing resource exploration and utilization [1] Group 1: Resource Exploration and Utilization - A new round of mineral exploration strategy will be implemented, focusing on the investigation and exploration of resources such as copper, aluminum, lithium, nickel, cobalt, and tin, aiming to achieve new exploration results [1] - The plan includes improving the competitive transfer of mining rights and ensuring a scientific and orderly allocation of these rights [1] - Support will be provided for the development of green and efficient mining technologies and equipment for low-grade, associated, and difficult-to-select resources, enhancing resource recovery rates and comprehensive utilization [1] Group 2: Recycling and Waste Utilization - The establishment of recycling bases for renewable resources in qualified regions will be supported, focusing on the comprehensive utilization of waste non-ferrous metals like waste copper and waste aluminum, as well as emerging solid waste such as used batteries and old photovoltaic components [1] - A public service platform for strategic mineral resource industry data will be developed to provide precise and efficient services for mineral resource utilization [1]

Core Viewpoint - The new "Nonferrous Metals Industry Stabilization Growth Work Plan (2025-2026)" aims to address the challenges faced by the nonferrous metals industry and promote high-quality development through ten specific measures focusing on resource security, supply optimization, transformation promotion, consumption expansion, and cooperation strengthening [1][2]. Group 1: Industry Overview - The nonferrous metals industry has rapidly developed in recent years, becoming the world's largest producer and consumer of nonferrous metals [2]. - In 2024, the added value of the nonferrous metals industry is expected to grow by 8.9% year-on-year, outperforming the industrial average growth rate by 3.1 percentage points [2]. - The production of ten common nonferrous metals reached 79.19 million tons in 2024, with a year-on-year increase of 4.3% [2]. - The industry’s revenue and profit increased by 15.8% and 16.5% year-on-year, respectively, supporting the growth of strategic emerging industries [2]. Group 2: Economic Goals - The work plan sets a target for the nonferrous metals industry to achieve an average annual growth of around 5% in added value from 2025 to 2026, with a production growth of approximately 1.5% for ten nonferrous metals [2][3]. - The plan emphasizes the development of domestic resources for copper, aluminum, and lithium, with a target of exceeding 20 million tons in recycled metal production [2][3]. Group 3: Strategic Initiatives - The work plan outlines a comprehensive approach to enhance resource utilization and security, including a new round of mineral exploration strategies focusing on copper, aluminum, lithium, nickel, cobalt, and tin [3]. - It supports the development of green and efficient mining technologies for low-grade and complex ores, as well as the comprehensive utilization of waste nonferrous metals and emerging solid waste [3]. Group 4: Technological Innovation - The work plan highlights the importance of technological innovation in the industry, promoting breakthroughs in high-purity metals, copper alloy materials, and high-end rare earth materials [5]. - It encourages the establishment of pilot platforms for new materials and low-carbon smelting processes to enhance product quality and meet the growing demand from strategic emerging industries [5]. - The report from CCID Consulting indicates that the nonferrous metals industry will increasingly focus on the research and application of high-performance and special alloy materials, which are crucial for sectors like aerospace, new energy vehicles, and high-end equipment manufacturing [5].

Core Points - The Ministry of Industry and Information Technology, along with eight other departments, has issued a plan for the non-ferrous metals industry aimed at stabilizing growth from 2025 to 2026, targeting an average annual growth of around 5% in added value and a 1.5% increase in the production of ten non-ferrous metals [1] Group 1: Industry Goals - The plan aims for the production of non-ferrous metals such as copper, aluminum, and lithium to achieve positive progress in domestic resource development [1] - The production of recycled metals is expected to exceed 20 million tons, with an ongoing enhancement in the supply capacity of high-end products [1] - The development levels in green low-carbon and digitalization are set to continuously improve [1] Group 2: Action Measures - The plan emphasizes strengthening resource exploration and utilization, implementing a new round of mineral exploration strategies focusing on copper, aluminum, lithium, nickel, cobalt, and tin [1] - It includes improving the competitive transfer of mining rights and orderly allocation of mining rights [1] - Support will be provided for green and efficient mining technologies and equipment for low-grade, associated, and difficult-to-select resources, aiming to enhance resource recovery rates and comprehensive utilization [1] - The establishment of recycling bases for non-ferrous metals and the comprehensive utilization of emerging solid waste such as used batteries and photovoltaic components is encouraged [1] - A public service platform for strategic mineral resource industry data will be developed to provide precise and efficient services for mineral resource utilization [1]

格隆汇9月28日｜工业和信息化部等八部门印发《有色金属行业稳增长工作方案(2025—2026年)》提 到，加强资源勘查与利用。实施新一轮找矿突破战略行动，加强铜、铝、锂、镍、钴、锡等资源调查与 勘探，形成一批找矿新成果。完善矿业权竞争性出让方式，科学有序投放矿业权。支持低品位、共伴 生、难选冶资源绿色高效采选冶技术及装备攻关，提高资源回采率、选矿回收率和综合利用率。支持有 条件的地区建立再生资源回收基地，强化废铜、废铝等废有色金属综合利用，以及废旧动力电池、废旧 光伏组件等新兴固废综合利用。建成战略性矿产资源产业基础数据公共服务平台，为矿产资源利用等提 供精准高效服务。 ...

Group 1 - The core viewpoint of the article is the progress of the Central 15th Inspection Team's feedback and the subsequent rectification measures taken by the Ministry of Natural Resources from April 17 to July 20, 2024 [1][2][19] - The Ministry of Natural Resources has established a leadership group for rectification, emphasizing the importance of political responsibility and the need for a systematic approach to address issues identified during the inspection [2][3][4] - The Ministry is focusing on enhancing the protection of arable land, optimizing spatial layout, and improving the quality of arable land through comprehensive measures [4][5][16] Group 2 - The Ministry is committed to building a collaborative work structure among its departments, ensuring clear responsibilities and efficient coordination to enhance overall effectiveness [6][7][8] - A unified management system referred to as "one map" is being developed to improve the management of natural resources and land use planning [8][9][10] - The Ministry is actively promoting high-quality development of the marine economy, aiming to strengthen capabilities in marine protection and utilization [11][21] Group 3 - The Ministry is implementing a new round of strategic mineral exploration actions to enhance the security of strategic mineral resources, with significant breakthroughs reported in various mineral discoveries [10][21] - There is a strong emphasis on the importance of strict confidentiality and information security measures to prevent sensitive information leaks [12][13] - The Ministry is dedicated to fostering a clean political environment by strictly enforcing party discipline and promoting a culture of integrity within its ranks [14][21]

Core Viewpoint - The expert group led by prominent Chinese academicians conducted a geological survey in the Salt Lake area of Xinjiang, focusing on innovative exploration techniques to overcome challenges in mineral resource identification [1] Group 1: Geological Survey and Exploration Techniques - The Salt Lake area is largely covered by Quaternary strata, posing challenges for geological exploration due to the lack of effective geophysical methods and difficulties in precise drilling location [1] - The Xi'an Geological Survey Center has innovated a "high magnetic and low magnetic precise positioning" practice, achieving breakthroughs in mineral exploration within the covered area [1] - The expert group acknowledged the practical achievements of the Xi'an Geological Survey Center's innovative exploration approach and emphasized the need for deeper collaboration between industry, academia, and research to overcome exploration bottlenecks [1] Group 2: Future Plans and Collaboration - The Xi'an Geological Survey Center plans to strengthen cooperation with local authorities and geological exploration teams in Xinjiang to advance chromium ore exploration efforts [1] - The focus will be on leveraging the favorable mineralization conditions and rich resource potential of the Salt Lake chromium ore belt, utilizing the advantages of professional research teams to enhance resource exploration capabilities [1] - The initiative aims to contribute to the security of national strategic mineral resources [1]