Core Insights - National Bureau of Statistics data indicates that from January to August 2025, national coke and steel production increased year-on-year, while crude steel and pig iron production continued to decline [1] Production Data Summary - From January to August, national coke production reached 33,406 million tons, a year-on-year increase of 2.8%. In August, coke production was 4,260 million tons, up 3.9% year-on-year and 1.8% month-on-month, resulting in an average daily production of 1.37 million tons, which is a 1.8% increase month-on-month [1] - From January to August, national pig iron production totaled 57,907 million tons, a year-on-year decrease of 1.1%. In August, pig iron production was 6,979 million tons, up 1.0% year-on-year but down 1.4% month-on-month, leading to an average daily production of 2.25 million tons, a 1.4% decrease month-on-month [1] - From January to August, national crude steel production amounted to 67,181 million tons, a year-on-year decline of 2.8%. In August, crude steel production was 7,737 million tons, down 0.7% year-on-year and 2.9% month-on-month, with an average daily production of 2.5 million tons, a 2.9% decrease month-on-month [1] - From January to August, national steel production reached 98,217 million tons, a year-on-year increase of 5.5%. In August, steel production was 12,277 million tons, up 9.7% year-on-year but down 0.1% month-on-month, resulting in an average daily production of 3.96 million tons, a 0.1% decrease month-on-month [1]

Core Viewpoint - Bank of America Securities has adjusted its forecast for Zijin Mining's (02899) net profit after tax for 2025 to 2027, increasing it by 1% to 4%, and raised the target price from HKD 26 to HKD 31, maintaining a "Buy" rating based on positive views on copper and gold prices and the company's robust production growth [1] Group 1: Price Forecasts - The long-term gold price forecast has been raised by 25% to USD 2,500 per ounce, while the long-term silver price forecast has been increased by 30% to USD 35 per ounce [1] Group 2: Market Drivers - Key drivers for the 39% year-to-date increase in gold prices include: 1) structural fiscal deficit in the U.S., 2) expectations of interest rate cuts, 3) concerns over the independence of the U.S. Federal Reserve, and 4) geopolitical tensions and uncertainties [1] Group 3: Company Performance - Zijin Mining's gold mining is expected to contribute 48% to its gross profit by 2025, compared to 41% from copper mining [1] - The company is projected to achieve gold production growth of 17% and 11% in the next two years, demonstrating strong execution capabilities in production growth [1] - Potential international IPO of Zijin's overseas gold assets may serve as a short-term catalyst [1]

Summary of Key Points from Zijin Mining Group's Earnings Call Company Overview - **Company**: Zijin Mining Group - **Industry**: Basic Materials, specifically mining of copper and gold Core Insights 1. **Positive Earnings Performance**: Zijin reported solid earnings for 2Q25, demonstrating volume growth and profitability exceeding industry peers [2][10][26] 2. **Price Outlook**: The company maintains a positive outlook for copper and gold prices, which are critical to its profitability [2][11][27] 3. **Upcoming Spin-off**: Zijin Gold International is set to be listed soon, expected to enhance Zijin's share price as investors may increase exposure to the new listing [2][10][26] 4. **Increased Gold Contribution**: There is an anticipated higher contribution from gold, which is expected to positively impact overall profitability [2][11][27] 5. **Payout Ratio Potential**: There is a potential increase in the payout ratio, which could attract more investors [2][11][27] Financial Performance 1. **Revenue Growth**: 2Q25 revenue reached Rmb88.783 billion, a 12% QoQ increase and 17% YoY increase [6] 2. **Gross Profit Margin**: The gross profit margin improved to 22.5%, up from 20.6% in the previous quarter [6] 3. **Net Profit**: Net profit attributable to shareholders was Rmb13.125 billion, a 29% increase QoQ and 49% YoY [6] 4. **Earnings Per Share (EPS)**: EPS for 2Q25 was Rmb0.494, reflecting a 29% QoQ increase [6] 5. **Cash Flow**: Operating cash flow increased by 30% QoQ to Rmb16.302 billion [6] Cost Management 1. **Unit Cost of Gold**: The unit cost of gold increased by 8% QoQ, attributed to lower output at the La Arena project and the consolidation of the Akyem project [4] 2. **Future Cost Expectations**: Management expects a decrease in unit costs in 2H25, with full-year increases for copper and gold controlled within 5-8% [4] Production Insights 1. **Volume Guidance**: Despite a downward revision in output guidance for the Kamoa project, Zijin is on track to meet its full-year volume guidance [4] 2. **Copper Production**: The Julong Phase II project is expected to commence production before year-end, contributing to copper volume growth [4] Strategic Developments 1. **New Mining Unit**: Zijin plans to establish a new unit for rare precious metals, incorporating assets like molybdenum and tungsten [4] 2. **Environmental Approvals**: The Shapinggou moly mine has received environmental assessment approval, with construction expected to begin in 2025 [4] Valuation and Price Targets 1. **Price Target**: The revised price target for Zijin-A is Rmb26.50, based on a 1.0x P/NAV, implying a FY26E P/E of 13x and an EV/EBITDA of 9.7x [2][12] 2. **Market Capitalization**: As of August 26, 2025, Zijin's market cap is approximately $82.409 billion [5] Risks and Considerations 1. **Upside Risks**: Stronger-than-expected gold and copper prices, and volume growth could positively impact the rating and price target [13][29] 2. **Downside Risks**: Risks include potential overpayment in M&A, geopolitical risks related to overseas mines, and weaker-than-expected commodity prices [13][29] Conclusion Zijin Mining Group is positioned favorably within the mining sector, with strong earnings growth, a positive outlook for commodity prices, and strategic initiatives that could enhance shareholder value. The upcoming spin-off and potential increases in payout ratios are key catalysts for future performance.

Investment Rating - The investment rating for China National Offshore Oil Corporation (CNOOC) is "Buy" [1] Core Views - The overall performance of the company meets expectations, with a decline in profits year-on-year due to falling oil prices, but the company shows good performance in price differentials and production increases [3] - The company has seen a narrowing of the price discount compared to Brent crude oil, with an average oil price of $69 per barrel in H1 2025, down from a $3 discount in the previous year to about $1 [3] - Natural gas sales prices have increased, with a Q2 price of $8 per thousand cubic feet, reflecting a year-on-year increase of 1.60% and a quarter-on-quarter increase of 3.03% [3] - Significant growth in natural gas production was noted, with H1 2025 oil and gas production at 296.1 million and 88.5 million barrels of oil equivalent, respectively, representing year-on-year increases of 4% and 12% [3] - The company maintains a low oil production cost advantage, with a H1 2025 cost of $26.94 per barrel, which is stable compared to Q1 and down $0.8 from the previous year [3] - Capital expenditures decreased by 9% year-on-year, with a budgeted expenditure of 125 billion to 135 billion yuan for 2025 [3] - Profit forecasts for 2025-2027 predict net profits of 1350.29 billion, 1397.82 billion, and 1480.96 billion yuan, with corresponding EPS of 2.84, 2.94, and 3.12 yuan per share [3] Financial Summary - For H1 2025, the company achieved revenue of 207.61 billion yuan, a year-on-year decrease of 8.45%, and a net profit of 69.53 billion yuan, down 12.79% [1][2] - The basic earnings per share for H1 2025 was 1.46 yuan, reflecting a year-on-year decline of 13.10% [1] - In Q2 2025, the company reported revenue of 100.75 billion yuan, a year-on-year decrease of 12.62% and a quarter-on-quarter decrease of 5.71% [2] - The net profit for Q2 2025 was 32.97 billion yuan, down 17.60% year-on-year and 9.83% quarter-on-quarter [2]

Core Insights - Mowi reported record revenues of €1.39 billion (NOK 16.29 billion) and an operational EBIT of €189 million (NOK 2.20 billion) for Q2 2025, driven by strong biological and operational performance, record-high volumes, and lower costs [1] - The company slaughtered a record 133,000 tons in Q2, representing a 21% increase compared to the previous year, prompting an increase in volume guidance for 2025 from 530,000 tons to 545,000 tons, which is a 9% growth from 2024 [2] - Mowi's CEO, Ivan Vindheim, highlighted the successful execution of their growth strategy, with an increased ownership stake in Nova Sea expected to lead to a slaughter volume of at least 600,000 tons in 2026, reflecting a 10% annual growth [3] Financial Performance - Mowi's production has increased from 400,000 tons to a projected 600,000 tons next year, equating to an annual growth rate of 6.1%, compared to the industry average of 3.3% [4] - The company experienced a decrease in production costs to the lowest level since 2022, contributing €49 million (NOK 572 million) to improved earnings in Q2, and €67 million (NOK 782 million) for the first half of the year, attributed to lower feed prices and organizational initiatives [5] - Mowi Consumer Products achieved a record quarter with strong operations, high volumes, and declining raw material prices, benefiting from vertical integration [6][7] Market Dynamics - There was a 5% increase in the total value of salmon consumption compared to Q2 2024, with a significant supply growth of 18% in Q2, leading to price pressure for producers [9] - The market is expected to see marginal supply growth next year, which could result in higher salmon prices [9] Dividend Announcement - The board of Mowi has decided on a dividend of NOK 1.45 per share for Q2 [10] Company Overview - Mowi is one of the world's leading seafood companies and the largest producer of Atlantic salmon, with an estimated slaughter volume of 545,000 tons in 2025 from seven farming countries [11] - The company employs 11,800 people across 26 countries and was listed on the Oslo Stock Exchange, with a revenue of €5.62 billion (NOK 65.3 billion) in 2024 [12]

Core Insights - In the first five months of 2025, the liquefied petroleum gas (LPG) production in Hubei Province reached 553,000 tons, marking a 40.1% increase compared to the same period in 2024, with a growth rate 11.0 percentage points higher than 2024, and 42.3 percentage points above the national average [1] - In May 2025 alone, Hubei's LPG production was 109,000 tons, representing a 43.5% increase year-on-year, with a growth rate 20.0 percentage points higher than 2024, and 50.5 percentage points above the national average [2] Monthly Production Analysis - The cumulative LPG production in Hubei for the first five months of 2025 accounted for 2.5% of the national total of 21.9 million tons [1] - In May 2025, Hubei's LPG production constituted 2.6% of the national total of 4.248 million tons [2] Growth Comparison - The growth rate of Hubei's LPG production in the first five months of 2025 was significantly higher than the national average, indicating strong regional performance [1] - The monthly growth in May 2025 also showcased Hubei's robust production capabilities compared to the national figures [2]

Financial Data and Key Metrics Changes - The company achieved record high EBITDA of $106 million in Q2 2025, with a last twelve months EBITDA of $344 million, benefiting from stable cash costs and higher gold prices [7][31] - Net revenues increased to $190 million in Q2 2025, reflecting a significant rise due to increased production and gold prices [31] - Net profit for the quarter was reported at $8 million, with adjusted net income reaching $37 million [9][33] Business Line Data and Key Metrics Changes - Gold equivalent production for Q2 was 64,000 ounces, an increase from 60,000 ounces in Q1 2025, and consistent with the same period last year [6][19] - Copper production contributed approximately 20% to revenues, with adjustments made for gold equivalent calculations based on copper sales [7][8] - The adjusted EBITDA contributions from various business units included Aranzazoo and Minos at $36 million and $34 million respectively, while Almas contributed $25 million [35] Market Data and Key Metrics Changes - The average gold price for the last twelve months was approximately $2,800, with current prices hovering around $3,400, indicating potential for further EBITDA improvement [7][31] - The company is experiencing stable all-in sustaining cash costs at BRL $1,449 million, consistent with previous quarters and last year when adjusted for constant prices [22][24] Company Strategy and Development Direction - The company is focused on three strategic avenues: delivering greenfield projects on time and budget, increasing exploration investments, and pursuing M&A opportunities [15][96] - Recent acquisitions include Bluestone and MSG, with plans to ramp up production at Borborema and Herradorada, expected to contribute significantly to future output [10][12] - The company aims to improve its market multiple by increasing production and addressing trading volume through its NASDAQ listing [13][100] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about production increases in the second half of the year, particularly with Borborema expected to reach commercial production by September [11][73] - The company is actively engaging with local communities and authorities in Guatemala to ensure smooth project development [44][47] - Management highlighted the importance of maintaining safety standards, with over 1,000 days without lost time incidents during construction [17] Other Important Information - The company announced a dividend of $0.33 per share, resulting in a last twelve months dividend yield of 7.4% [16] - The IPO on NASDAQ is seen as a strategic move to enhance liquidity and market presence [14][96] Q&A Session Summary Question: What is the timeline for the final investment decision between Matupa and Guatemala? - Management expects to make a decision by the end of the year, contingent on social licensing progress in Guatemala [44][49] Question: What are the first impressions from site visits to MSG and opportunities for improvement? - Initial assessments indicate potential for increased production and reduced costs through equipment upgrades and operational efficiencies [46][50] Question: Is there space for additional M&A given the stronger cash position? - The company remains open to M&A opportunities while focusing on current projects, with a cautious approach to ensure accretive acquisitions [54][60] Question: What is the expected production and sales level for Borborema in Q3 and Q4? - The company anticipates reaching around 80% capacity by September, with plans to achieve full capacity by the end of the year [71][73] Question: What is the cash impact from gold hedges in the coming quarters? - The company has hedged approximately 80% of projected production from Borborema, with varying impacts expected in the second semester [72][78]

Financial Data and Key Metrics Changes - Net income for Q2 2025 was $120 million, with adjusted EBITDA at $84.2 million, reflecting a strong financial performance despite slower natural gas production growth [10] - Distributable cash flow for the quarter was $74.8 million, representing a coverage ratio of 1.18 times [10] - The company declared a distribution of $0.30 per unit for the quarter, which translates to an annualized distribution of $1.20 [10] Business Line Data and Key Metrics Changes - Mineral royalty production averaged 33,200 BOE per day, while total production volumes were 34,600 BOE per day in Q2 2025 [10] - The company expects production for the full year 2025 to average between 33,035 BOE per day, reflecting a revision due to slower natural gas production growth [11] Market Data and Key Metrics Changes - The company has identified a substantial expansion in the Shelby Trough and is actively marketing an additional 180,000 gross acres to well-capitalized operators [6] - The outlook for natural gas remains robust, supported by growing global demand for LNG, which is expected to drive future production growth [8] Company Strategy and Development Direction - The company is focused on maintaining a clean balance sheet and ample liquidity to support its commercial strategy, including targeted grassroots acquisitions [8] - The partnership anticipates more than doubling its drilling obligations over the next five years, which is expected to provide significant natural gas growth [7] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in production growth in 2026, projecting an incremental increase of 3,000 to 5,000 BOE per day over the revised guidance for 2025 [11] - The management remains optimistic about the outlook for the partnership, citing strong demand and ongoing development agreements as key drivers for future growth [8] Other Important Information - The company has added $172 million in royalty acquisitions since September 2023, indicating a proactive approach to expanding its asset base [7] - The company is monitoring a large project in the Permian Basin, which is expected to add meaningful oil volumes to its production base [12] Q&A Session Summary Question: Insights on activity increase in acreage and production trajectory - Management acknowledged subdued activity but highlighted upcoming development agreements and ongoing operator activity as positive indicators for future production [16][17] Question: Comparison of geology in Shelby Trough and Western Haynesville - Management noted analogous subsurface characteristics and expressed excitement about the potential for increased productivity and EURs in the Shelby Trough [19][20] Question: Understanding production guidance amidst increased rig count - Management explained that a restructuring of agreements and strategic decisions led to a slower production growth, emphasizing the long-term development strategy [28][30] Question: Future development obligations and production cadence - Management confirmed plans to significantly ramp up development obligations, aiming for a cadence of 40 to 50 wells per year [33] Question: Production outlook for 2026 and SKU assumptions - Management indicated that oil volumes are expected to be closer to 25% to 26% as they look towards 2026, influenced by ongoing projects [36]

Group 1 - In the first three months of 2025, the production of caustic soda (calculated at 100%) in Jiangxi Province reached 293,000 tons, representing a year-on-year increase of 19.9%, which is 4.1 percentage points higher than the growth rate in 2024 [1] - The growth rate of caustic soda production in Jiangxi Province is 14.7 percentage points higher than the national average, accounting for 2.6% of the total national production of 11,277,144.5 tons during the same period [1] Group 2 - In March 2025, the production of caustic soda in Jiangxi Province was 108,000 tons, showing a significant year-on-year increase of 35.7%, which is 27.6 percentage points higher than the growth rate in March 2024 [2] - The production growth rate in March 2025 is 32.9 percentage points higher than the national average, making up 2.8% of the national production total of 3,837,695.2 tons for that month [2]

Core Insights - Mowi reported revenues of €1.36 billion (NOK 15.8 billion) and an operational EBIT of €214 million (NOK 2.5 billion) for Q1 2025, showing increased revenues and results compared to the same quarter last year due to strong biological and operational performance, higher volumes, and lower costs [1][2] Financial Performance - The company experienced a 12% increase in slaughter volumes, totaling 108,000 tons in the quarter compared to last year, and maintains a volume guidance of 530,000 tons for 2025, which represents an annual growth of 6% [3] - Mowi's production in the sea showed improved growth, survival rates, feed conversion ratios, and quality, with an expected annual growth of 5.1% by the end of the year, compared to the industry average of 3.3% [4] Market Demand and Supply - Demand for salmon was strong across Europe, America, and Asia, although prices were under pressure due to high supply growth, which was 13% in Europe and 8% globally in Q1 [5][6] - Mowi expects supply growth to normalize to 2-3% next year due to regulatory constraints after an anticipated 6% growth for the year [6] Strategic Developments - Mowi's recent acquisition of an increased ownership stake in Nova Sea from 49% to 95% is expected to boost slaughter volumes to 600,000 tons next year [3] - The company’s feed production segment, Mowi Feed, also reported record volumes and earnings for the first quarter, contributing significantly to the growth in slaughter volumes [6][7] Dividend Announcement - The board of Mowi has decided on a dividend of NOK 1.70 per share for the first quarter [7] Company Overview - Mowi is one of the world's leading seafood companies and the largest producer of Atlantic salmon, with an estimated slaughter volume of 530,000 tons in 2025 from seven farming countries [8][9]