Core Viewpoint - Morgan Stanley reports that the Chinese government is directing the restriction of excess capacity and the closure of illegal copper smelting operations, which is expected to positively impact copper prices and major copper companies [1] Industry Summary - The Chinese Nonferrous Metals Industry Association's vice president, Chen Xuesen, indicated government measures to limit overcapacity in the copper industry [1] - The implementation of these measures is anticipated to benefit copper prices significantly [1] Company Summary - Morgan Stanley believes that Zijin Mining (02899) has a 70% to 80% chance of seeing its stock price rise within the next 15 days due to the expected positive impact of government measures on the copper market [1]

Core Viewpoint - Morgan Stanley's report indicates that the Chinese government is taking measures to limit excess capacity in the copper industry, which is expected to positively impact copper prices and major copper companies [1] Company Summary - Zijin Mining (601899)(02899) is identified as having a 70% to 80% chance of its stock price increasing within the next 15 days due to the anticipated government measures [1]

Core Viewpoint - The report from Morgan Stanley indicates that the Chinese government has implemented measures to restrict excess capacity in the copper smelting industry, leading to the shutdown of approximately 2 million tons of copper smelting capacity, which is expected to positively impact copper prices and major copper producers [1] Industry Summary - The Chinese Nonferrous Metals Industry Association's Vice President, Chen Xuesen, confirmed the shutdown of 2 million tons of copper smelting capacity due to government directives [1] - All non-compliant smelting capacities under construction have also been suspended, indicating a strict enforcement of the policy [1] Company Summary - Morgan Stanley anticipates that the stock prices of Jiangxi Copper Company (00358) and Luoyang Molybdenum (03993) will rise within the next 15 days, with a probability of 70% to 80% [1] - The target prices set for Jiangxi Copper and Luoyang Molybdenum are HKD 37.3 and HKD 18.6 respectively, both receiving an "overweight" rating [1]

Core Viewpoint - Morgan Stanley believes that the stock price of China Molybdenum Co., Ltd. (01208) is likely to rise in the next 15 days, with a probability of approximately 70% to 80% [1] Industry Summary - The Vice President of the China Nonferrous Metals Industry Association, Chen Xuesen, indicated that due to government directives to limit excess capacity, approximately 2 million tons of copper smelting capacity has been shut down [1] - All non-compliant smelting capacities under construction have also been suspended [1] - The implementation of these measures is expected to benefit copper prices and major copper companies [1] Company Summary - Morgan Stanley has given China Molybdenum Co., Ltd. an "Overweight" rating with a target price of HKD 8.4 [1]

智通财经APP获悉，摩根士丹利发布研报称，相信五矿资源(01208)的股价很有可能在未来15日上升，发 生概率约为70%至80%。大摩提到，中国有色金属工业协会副会长陈学森表示，由于政府指示限制过剩 产能，约有200万吨铜冶炼产能已被停产，所有违反规定的在建冶炼产能也已暂停运营。该行相信措施 一旦实施，将利好铜价及主要铜企。该行予五矿资源"增持"评级，目标价8.4港元。 ...