Core Viewpoint - Southern Copper has experienced a decline of approximately 5.6% in share price over the past month, although it has outperformed the S&P 500 during this period [1] Group 1: Earnings Report and Market Reaction - The last earnings report for Southern Copper was released about a month ago, prompting discussions on whether the negative trend will continue or if a breakout is imminent [1] - Analysts have not made any earnings estimate revisions in the last two months, indicating a period of stability in expectations [2] Group 2: VGM Scores and Investment Strategy - Southern Copper holds a Growth Score of B and a Momentum Score of B, reflecting positive growth and momentum characteristics [3] - The stock has a Value Score of D, placing it in the bottom 40% for value investment strategy, which may deter value-focused investors [3] - The overall aggregate VGM Score for Southern Copper is B, suggesting a balanced investment appeal for those not focused on a single strategy [3] Group 3: Outlook and Recommendations - Southern Copper is rated with a Zacks Rank 2 (Buy), indicating expectations for above-average returns in the upcoming months [4]

Summary of Conference Call on Copper Industry Industry Overview - The conference call primarily discusses the copper industry, focusing on supply dynamics, production challenges, and market trends related to copper and its derivatives [1][2][3]. Key Points and Arguments 1. **Impact of Maintenance on Copper Prices** - The early maintenance and production cuts by Tongling Nonferrous Metals have a minimal short-term impact on copper prices and related sectors. Maintenance typically occurs in Q2, with a larger scale expected in April [2]. 2. **Reasons for No Production Cuts Despite Losses** - Smelters are not reducing production despite losses due to several factors: - Current spot market TC prices are at -15 to -16 USD per pound, leading to losses exceeding 2,000 RMB per ton. - Long-term market prices are around 20 USD per pound, allowing for some profit despite negative margins. - Byproducts like sulfuric acid contribute approximately 1,000 RMB profit, and improved recovery rates enhance profitability [3]. 3. **Record High Electrolytic Copper Production** - Domestic electrolytic copper production reached record highs due to: - An increase of about 500,000 tons in global new mine supply in 2024. - Support from imported scrap copper and high inventory levels. - Full-capacity production leading to economies of scale [5]. 4. **Future Supply Tightness** - Supply tightness is expected to manifest in both mining and raw material sectors: - Limited new global mine supply and declining port inventories will tighten supply. - Domestic scrap copper supply is expected to see slight increases but remains constrained overall [6]. 5. **Policy Impact on Scrap Copper Production** - The cancellation of subsidies for recycled copper and aluminum enterprises led to a significant drop in scrap copper production from June to September 2024, but production rebounded in Q4 [7]. 6. **Trends in Scrap Copper Market Growth** - The growth rate of scrap copper production in China was significantly impacted by the pandemic in 2022, with a recovery of nearly 20% in 2023. Future growth is expected to stabilize at 1.5% to 2% [8]. 7. **Effects of Reverse Invoicing Policy** - The reverse invoicing policy has increased procurement costs for small and medium enterprises, leading to a widening price gap between compliant and non-compliant scrap copper [9]. 8. **Challenges in Importing Scrap Copper** - The U.S. plans to impose a 25% tariff on imported scrap copper, significantly raising costs and affecting China's imports, which currently account for about 20% of total imports [10]. 9. **Global Supply Pressure in 2025** - Global supply of scrap copper and minerals is expected to face significant pressure due to limited import growth and constrained new mine supply, particularly from South America [11]. 10. **Overcapacity in Smelting** - Global smelting capacity is expanding faster than ore supply, leading to potential overcapacity issues. Domestic smelting capacity is expected to increase by 1 million to 1.1 million tons in 2025 [12]. 11. **Stable Demand Drivers** - Demand remains stable with growth in domestic power grid construction, home appliances, and electric vehicles, offsetting declines in the real estate sector. Overall demand in China is projected to grow by 2% to 3% [13][14]. 12. **Investment Recommendations** - Investment focus is recommended on companies with lower competition and higher elasticity, such as Zijin Mining and Luoyang Molybdenum, as well as Minmetals Resources in Hong Kong, which is expected to have significant growth in 2025 [15].

As filed with the U.S. Securities and Exchange Commission on August 9, 2024. Registration No. 333-278407 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 incorporation or organization) ____________________ Amendment No. 1 to FORM F-1 REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 ____________________ XINXU COPPER INDUSTRY TECHNOLOGY LIMITED (Exact name of Registrant as specified in its charter) ____________________ Not Applicable (Translation of Registrant's name into English ...