Investment Rating - The report provides a recommendation for the industry [8]. Core Insights - In Q2 2025, the total nickel production reached 45,233 tons, a 9% increase quarter-on-quarter but a 6% decrease year-on-year. The increase was attributed to optimized supply processes and equipment maintenance [1][10]. - Copper production in Q2 2025 was 103,834 tons, reflecting a 5% decrease both year-on-year and quarter-on-quarter. The decline was due to the reallocation of commercial product output based on export supply demands [2][10]. - Palladium production in Q2 2025 was 1,155 thousand ounces, down 11% quarter-on-quarter and 10% year-on-year, while platinum production was 155 thousand ounces, down 14% quarter-on-quarter and 13% year-on-year [3][10]. - For H1 2025, nickel production totaled 86,850 tons, a 4% decrease year-on-year, while copper production was 213,189 tons, a 2% decrease year-on-year [4][5][6]. - The production guidance for 2025 indicates nickel production between 196,000 and 204,000 tons and copper production between 343,000 and 355,000 tons, excluding the Trans-Baikal division [9][11]. Summary by Sections Nickel Production - Q2 2025 nickel production was 45,233 tons, a 9% increase from Q1 2025 but a 6% decrease from Q2 2024. The production was primarily from the company's own raw materials [1][4][10]. Copper Production - Q2 2025 copper production was 103,834 tons, down 5% from both the previous quarter and the same quarter last year. The decrease was linked to adjustments in product output based on market demand [2][5][10]. Platinum Group Metals (PGM) - Q2 2025 palladium production was 1,155 thousand ounces, a decrease of 11% from Q1 2025 and 10% from Q2 2024. Platinum production was 155 thousand ounces, down 14% quarter-on-quarter and 13% year-on-year [3][6][10]. Production Guidance - The company forecasts nickel production for 2025 to be between 196,000 and 204,000 tons and copper production between 343,000 and 355,000 tons, excluding Trans-Baikal operations [9][11].

Investment Rating - Industry rating: Recommended [5] Core Insights - In Q1 2025, the company's own copper production decreased by 30% year-on-year to 167,900 tons, and by 32% quarter-on-quarter, primarily due to lower ore extraction rates and overall recovery rates at Collahuasi, Antapaccay, and KCC [1][2] - The company's own cobalt production increased by 44% year-on-year to 9,500 tons, reflecting improved grades and output at Mutanda, despite a 19% quarter-on-quarter decrease [1][2] - Zinc production in Q1 2025 was 213,600 tons, a 4% year-on-year increase, but a decrease of 18% quarter-on-quarter, driven by higher grades at Antamina and increased output from Australia [1][2] Production Summary - Q1 2025 production figures include: - Lead: 49,900 tons, a 14% year-on-year increase [2] - Nickel: 18,800 tons, a 21% year-on-year decrease [2] - Gold: 145,000 ounces (4.51 tons), a 28% year-on-year decrease [2] - Silver: 4,230,000 ounces (131.57 tons), a 6% year-on-year decrease [2] - Ferrochrome: 277,000 tons, a 7% year-on-year decrease [2] - Steelmaking coal: 8.3 million tons, a 493% year-on-year increase [2] - Energy coal: 23.4 million tons, a 7% year-on-year decrease [2] - Oil entitlement interest: 883,000 barrels of oil equivalent, a 23% year-on-year decrease [2] 2025 Guidance - The company expects 2025 production to be: - Copper: 850,000 to 910,000 tons [3] - Cobalt: 40,000 to 45,000 tons [3] - Zinc: 930,000 to 990,000 tons [3] - Nickel: 74,000 to 86,000 tons [3] - Steelmaking coal: 30 million to 35 million tons [3] - Energy coal: 87 million to 95 million tons [3]

Investment Rating - Industry rating: Recommended [5] Core Insights - In Q1 2025, the company's own copper production decreased by 30% year-on-year to 167,900 tons, and gold production decreased by 28% to 4.51 tons, primarily due to lower ore extraction rates and overall recovery rates at key mines [1][2] - Cobalt production increased by 44% year-on-year to 9,500 tons, reflecting improved grades and output from the Mutanda mine [1] - Zinc production rose by 4% year-on-year to 213,600 tons, driven by higher grades at Antamina and increased output from Australia [1] Production Performance - Q1 2025 production figures include: - Copper: 167,900 tons, down 30% YoY, down 32% QoQ [7] - Cobalt: 9,500 tons, up 44% YoY, down 19% QoQ [7] - Zinc: 213,600 tons, up 4% YoY, down 18% QoQ [7] - Lead: 49,900 tons, up 14% YoY [2] - Nickel: 18,800 tons, down 21% YoY, down 6% QoQ [2] - Gold: 145,000 ounces (4.51 tons), down 28% YoY, down 26% QoQ [2] - Silver: 4,230,000 ounces (131.57 tons), down 6% YoY, down 21% QoQ [2] - Ferrochrome: 277,000 tons, down 7% YoY, up 2% QoQ [2] - Steelmaking coal: 8.3 million tons, up 493% YoY, down 6% QoQ [2] - Energy coal: 23.4 million tons, down 7% YoY, down 12% QoQ [2] - Oil entitlement interest: 883,000 barrels of oil equivalent, down 23% YoY, down 4% QoQ [2] 2025 Guidance - The company expects 2025 production guidance as follows: - Copper: 850,000 to 910,000 tons [3] - Cobalt: 40,000 to 45,000 tons [3] - Zinc: 930,000 to 990,000 tons [3] - Nickel: 74,000 to 86,000 tons [3] - Steelmaking coal: 30 million to 35 million tons [3] - Energy coal: 8.7 million to 9.5 million tons [3]

Core Viewpoint - The article highlights the significant role of China in the global rare earth market, with a projected production share of 69.23% in 2024, indicating strong market influence and potential for growth in demand due to advancements in sectors like electric vehicles and wind power [1]. Group 1: Rare Earth and Metal Production - The rare earth sector saw a notable increase of 3.52%, attracting market attention [1]. - According to USGS, China's rare earth production is expected to dominate the global market, reinforcing its strategic importance [1]. - Citic Securities anticipates sustained growth in demand for rare earth permanent magnet materials, benefiting the sector amid strict national resource controls, which may stabilize prices and enhance profitability for companies in this space [1]. Group 2: Other Metals and China's Position - China also leads in the production of tungsten, vanadium, cobalt, and antimony, with production shares exceeding 50%, particularly tungsten at 82.72%, showcasing significant industry chain advantages [1]. - In basic metals, China is the largest producer of electrolytic aluminum, with a projected 2024 production share of 59.72%, and also holds over 30% shares in lead and zinc production [1]. - However, China faces challenges in copper production, with a 2024 output of 1.8 million tons, accounting for only 7.83% of global production, due to issues like small scale, low grade, and high extraction costs [1].