1. 俄罗斯国防部：俄罗斯防空系统在夜间及早晨击落了138架乌克兰无人机。 2. 据俄新社：俄罗斯国防部表示，俄军已控制乌克兰东部的比拉戈拉。 3. 乌议员：泽连斯基将通过乌梅罗夫接受俄罗斯的停火条件。 4. 佩斯科夫：俄愿加快推进乌克兰局势调解目标的实现。 5. 市场消息：俄乌第三轮谈判将继续选择伊斯坦布尔作为谈判地。 6. 俄边境防御工事公款侵吞案再指控三人。 7. 俄大使：西方国家将罗马尼亚当作干预乌克兰冲突的桥头堡。 8. 市场消息：美国参议院共和党领袖图恩正在与白宫就俄罗斯制裁法案进行合作。 金十数据整理：俄乌冲突最新24小时局势跟踪（7月21日） ...

Group 1 - Russian military continues offensive operations targeting Ukrainian military infrastructure, including personnel replenishment centers and airfields, with significant use of drones and air defense systems [1] - Ukraine reports 38 battles occurring on the front lines, primarily in the Pokrovsk region, with Ukrainian forces successfully repelling new Russian attacks [1] - Russia claims successful strikes on Ukrainian military industrial complex facilities producing missile components and attack drones using precision weapons [2] Group 2 - Five drones heading to Moscow were shot down, leading to temporary restrictions at four airports in the region, which have since been lifted [3] - Zaporizhzhia region experiences a complete power outage due to drone attacks damaging high-voltage equipment, with restoration efforts underway [4] - Ukraine proposes a new round of negotiations with Russia regarding prisoner exchanges, emphasizing the need for increased negotiation efforts and a potential leadership-level meeting [5]

Investment Rating - Industry rating: Recommended [8] Core Insights - In Q2 2025, copper production increased by 2% year-on-year to 516,200 tons, with a full-year production forecast of 2,016,700 tons, an 8% increase compared to the previous year [2][11] - Nickel production in Q2 2025 saw a significant decline of 99% year-on-year, totaling 300 tons, due to temporary shutdowns [3][12] - Iron ore production reached 70.3 million tons in Q2 2025, a 2% increase year-on-year, with a full-year forecast of 263 million tons, reflecting a 1% increase [4][13] - Coking coal production increased by 5% year-on-year to 10.3 million tons in Q2 2025, while full-year production is expected to decrease by 19% to 36 million tons [5][14] - Thermal coal production rose by 8% year-on-year to 4.1 million tons in Q2 2025, with a full-year forecast of 15 million tons, a 2% decrease [6][15] Summary by Sections Copper - Q2 2025 copper production was 516,200 tons, up 2% year-on-year and 1% quarter-on-quarter [2] - Average realized price for copper was $4.43 per pound, down 3% year-on-year and quarter-on-quarter [19] Nickel - Q2 2025 nickel production was 300 tons, down 99% year-on-year and 87% quarter-on-quarter [3] - Full-year nickel production forecast is 30,200 tons, a 63% decrease compared to the previous year [12] Iron Ore - Q2 2025 iron ore production was 70.3 million tons, up 2% year-on-year and 14% quarter-on-quarter [4] - Average realized price for iron ore was $79.93 per wet ton, down 12% year-on-year and 8% quarter-on-quarter [19] Coking Coal - Q2 2025 coking coal production was 10.3 million tons, up 5% year-on-year and 31% quarter-on-quarter [5] - Average realized price for coking coal was $177.32 per ton, down 28% year-on-year and 4% quarter-on-quarter [19] Thermal Coal - Q2 2025 thermal coal production was 4.1 million tons, up 8% year-on-year and 13% quarter-on-quarter [6] - Average realized price for thermal coal was $85.70 per ton, down 31% year-on-year and 12% quarter-on-quarter [19] Major Projects - The Jansen project is progressing, with 68% completion of the JS1 project, and capital expenditure expected to rise to between $7 billion and $7.4 billion [16]

Group 1 - The EU has approved a new round of sanctions against Russia, which includes banning EU operators from using the "Nord Stream" pipeline and setting a price cap for oil imports [2] - The sanctions aim to target the core of the "Russian war machine," including the banking, energy, and military industries, with a new dynamic oil price cap mechanism [2] - The sanctions will continue until the end of the Russia-Ukraine conflict, as stated by EU officials [2] Group 2 - China has expressed strong opposition to the inclusion of two Chinese financial institutions in the EU's sanctions list, calling it a severe and harmful action [1] - China has emphasized its commitment to promoting peace talks regarding the Ukraine issue and has not provided lethal weapons to any conflict parties [1] - The Chinese government has stated that it will take resolute measures to protect its legitimate rights and interests in response to the sanctions [1]

Core Viewpoint - The European Union has implemented its 18th round of sanctions against Russia, which includes a ban on new transactions related to the Nord Stream 1 and 2 pipelines [1] Group 1 - The sanctions are part of ongoing measures in response to the geopolitical situation stemming from the Russia-Ukraine conflict [1] - The focus on Nord Stream pipelines indicates a strategic move to limit Russia's energy export capabilities [1]

扎哈罗娃表示，毫无疑问，如果没有生产这些远程武器系统国家的军事人员的直接参与(接收北约卫星 侦察数据、设置导弹飞行路径程序等)，这些远程武器系统的使用不可能由乌军部队独立完成。如果这 些远程武器被使用，相关外国军人直接参与对俄作战行动的策划和实施，这些国家将承担由此产生的一 切后果。 俄罗斯外交部发言人扎哈罗娃17日在例行记者会上表示，如果某些西方国家允许乌克兰使用其生产的远 程武器袭击俄纵深目标，俄方有权动用武器对这些国家的军事设施实施打击。如果冲突进一步升级，俄 方将予以"果断回击"。 扎哈罗娃指出，2024年11月，俄罗斯总统普京明确阐述了俄方对西方国家允许乌方使用其远程武器系统 对俄领土纵深进行打击的决定的立场。"这一立场至今未变"。 （文章来源：中国新闻网） 扎哈罗娃表示，目前俄乌谈判"陷入停滞"，原因在于乌方要么在回避谈判，要么尚未确定何时才能准备 好进行谈判。俄罗斯代表团愿意前往伊斯坦布尔参加俄乌第三轮直接谈判，希望乌方也能本着业已达成 的一致意见行事，并继续谈判进程。她表示，目前尚未看到乌方关于愿意举行第三轮谈判的信号或反 应。 针对美方要求俄乌50天内达成协议的言论，扎哈罗娃表示，俄罗斯对乌 ...

3. 俄罗斯联邦安全委员会副主席梅德韦杰夫：西方基本上与俄罗斯处于全面战争状态。俄罗斯应该全面 回应西方，必要时进行预防性打击。 其他情况： 1. 乌克兰议会批准乌克兰总理什梅加尔担任国防部长。 2. 北约最高军事指挥官格林克维奇：即使乌克兰问题出现和平解决方案，俄罗斯仍将是一个威胁。 冲突情况： 1. 乌克兰无人机据称袭击了莫斯科和圣彼得堡。 2. 乌克兰武装部队总参谋部：过去一天俄军损失了约1190名士兵，以及4辆坦克、1辆装甲运兵车和43套 火炮系统等装备。 3. 俄罗斯国防部：俄罗斯联邦武装部队"解放"了三个定居点，包括哈尔科夫地区的杰吉亚尔内、"顿涅 茨克人民共和国"的波波夫亚尔和扎波罗热地区的卡缅斯科耶。 金十数据整理：俄乌冲突最新24小时局势跟踪（7月18日） ...

Group 1: Global Energy Trade and Sanctions - Russia's crude oil exports to the Asia-Pacific region increased by 17% year-on-year as of June [1] - The impact of global sanctions on Russia is diminishing, with rising market uncertainty due to the Russia-Ukraine conflict [1] - In 2024, U.S. imports from Russia are projected to be only $3.5 billion, primarily consisting of fertilizers, metals, and limited energy [2] - Russia's exports to the U.S. account for less than 0.5% of its total exports, making U.S. tariff threats less impactful [2] - Russia's trade with China and India is expected to grow, with bilateral trade projected to exceed $90 billion by mid-2025 [2][3] Group 2: Military Aid and Global Response - Trump announced increased military aid to Ukraine, including the provision of Patriot missile systems, with European countries expected to cover costs [4] - Global arms trade is expected to grow by 21% by 2025, with U.S. companies dominating the market [4] - Ukraine's air defense is under significant pressure, with Russian drone attacks increasing fivefold [4][5] - The European Union is cautious about the potential disruption of global energy supply chains and emphasizes the need for stable cooperation [3] Group 3: Political Implications and Market Reactions - Trump's "last ultimatum" is perceived as a political performance aimed at strengthening his image domestically rather than effecting real change in the Russia-Ukraine conflict [8] - The potential for unilateral sanctions to trigger unforeseen global repercussions is highlighted, with increasing skepticism from EU countries regarding Trump's policies [7][8] - Russia's financial system is moving towards de-dollarization, with a growing reliance on the yuan and ruble for cross-border transactions [5]

市场消息：在一系列扩大袭击中，乌克兰无人机据称瞄准了莫斯科和圣彼得堡。 ...

克里姆林宫：（西方）向乌克兰提供武器的问题是俄罗斯议事日程的重点。 ...