Group 1 - Xinjiang Xinxin Mining announced plans to issue A-shares and list on a Chinese stock exchange to promote sustainable growth in revenue and shareholder returns, with the board's approval on September 25, 2025 [1] - The company appointed Shenwan Hongyuan Securities as the pre-listing advisory institution for the A-share issuance [1] - Xinjiang Huao Mining's 1.2 million tons per year fluorite mining project commenced production on September 20, 2023, in Ruoqiang County [1] Group 2 - In February, Xinjiang Xinxin Mining announced its intention to acquire a 51% stake in Xinjiang Huao Mining for approximately RMB 1.098 billion, which will result in the target company becoming a non-wholly-owned subsidiary [1] - Following the acquisition, the financial data of the target company will be consolidated into Xinjiang Xinxin Mining's financial statements [1]

Group 1 - Copper concept stocks continue to strengthen, with notable increases in Baiyin Nonferrous and Jiangxi Copper, both rising over 5%, and other companies like Xingye Silver and Huayou Cobalt also showing gains [1] - The color metal ETF (512400) has risen by 0.73%, marking its third consecutive day of gains, with a year-to-date increase of 60% [1] Group 2 - The Grasberg copper mine in Indonesia has declared "force majeure" due to a landslide, leading to a projected 35% decrease in copper and gold production by 2026 [2] - The China Nonferrous Metals Industry Association's copper division opposes "involution" competition within the copper smelting industry [2] - Citigroup forecasts copper prices to rise to $12,000 per ton in the next 6 to 12 months [2] - Morgan Stanley projects gold prices to reach between $4,050 and $4,150 per ounce by mid-2026, anticipating continued highs in gold prices [2] - The cobalt export ban from the Democratic Republic of Congo will transition to an export quota starting October 16 [2] - The color metal ETF (512400) is the only ETF tracking the CSI Shunwei Nonferrous Metals Index, covering key sectors such as copper, aluminum, lithium, rare earths, and gold, with a latest scale of 12.582 billion yuan [2]

Report Industry Investment Rating No relevant information provided. Core Views Lithium - Yesterday, the lithium carbonate futures market oscillated slightly stronger, driven by the strength of lithium - battery stocks and the overall sentiment of the non - ferrous sector. The project of Tibet Mining's Zabuye Salt Lake has been put into operation, but the short - term impact on supply is limited. - Production data has increased slightly, with new projects and lithium spodumene toll - processing contributing to the increase. Demand is steadily optimistic, and the whole industry chain is de - stocking. - In the short term, the supply path is clear, and the trading space is weakened. The strong demand in the peak season supports the price, and the futures market is expected to oscillate and consolidate, with the main price center of reference in the range of 70,000 - 75,000 yuan per ton [2]. Stainless Steel - Yesterday, the stainless - steel futures market oscillated slightly higher, while the spot market was cautious. The Fed's interest - rate cut has been implemented, and the nickel - ore price is firm. The 9 - month crude - steel production is expected to increase, mainly in the 300 - series. - The demand improvement in the peak season is not obvious, and the social inventory is slowly decreasing. In the short term, the market will mainly oscillate and adjust, with the main operating range of 12,800 - 13,200 yuan per ton [6]. Nickel - Yesterday, the Shanghai nickel futures market continued to oscillate strongly, and the spot price also increased. The Indonesian nickel - mining association's stance is positive but has limited impact. - The refined - nickel spot trading is average, the ore price is firm, and the nickel - iron price has declined. The demand for stainless steel is weak, while the demand for nickel sulfate has improved. - In the short term, the market will maintain range - bound oscillations, with the main reference range of 120,000 - 125,000 yuan per ton [8]. Zinc - Since September, Shanghai zinc has been relatively weak in the non - ferrous sector due to the expectation of loose supply. The supply side is loose, with increasing imports and high smelting rates. The demand side shows differentiation between domestic and foreign markets. - In the short term, the price may rise due to macro - drivers, but the upward rebound needs demand improvement and continuous improvement of interest - rate cut expectations. The market is expected to oscillate, with the main reference range of 21,500 - 22,500 yuan per ton [11]. Copper - Freeport's announcement of the Grasberg mine accident has intensified concerns about the tight supply of global copper mines. The macro - environment is positive, with expected interest - rate cuts. - The copper demand may weaken marginally in the second half of the year, but the supply shortage at the mine end supports the copper price. In the long - term, the supply - demand contradiction provides support, and the short - term price is rising due to mine - end disturbances. The main support level is 81,000 - 81,500 yuan per ton [13]. Tin - The actual supply of tin ore remains tight, and the smelting processing fee is low. The demand is weak, and although AI and photovoltaic industries drive some consumption, it cannot make up for the decline in traditional consumption. - The supply side supports the tin price, which continues to oscillate at a high level, with the operating range of 265,000 - 285,000 yuan per ton [15]. Aluminum Alloy - Yesterday, the casting - aluminum - alloy futures price oscillated with the aluminum price. The supply of scrap aluminum is tight, and the cost is high. The demand is in a mild recovery, and the pre - holiday stocking supports the price. - The short - term ADC12 price will maintain high - level oscillations, with the main contract reference range of 20,200 - 20,600 yuan per ton [17]. Aluminum - The alumina futures price rebounded slightly, but the market is in a pattern of "high supply, high inventory, and weak demand". The supply pressure is high, and the demand is weak. The short - term spot price will be under pressure, with the main contract oscillating in the range of 2,850 - 3,150 yuan per ton. - For aluminum, the Fed's interest - rate cut has affected the market sentiment. The supply pressure exists, and the demand in the peak season and pre - holiday stocking support the price. The inventory has shown a positive signal. The short - term price will oscillate at a high level after a decline, with the main contract reference range of 20,600 - 21,000 yuan per ton [18]. Summary by Relevant Catalogs Lithium - **Price and Basis**: The average prices of SMM battery - grade and industrial - grade lithium carbonate and lithium hydroxide have decreased slightly, while the CIF price of battery - grade lithium hydroxide in China, Japan, and South Korea has increased. The basis and some monthly spreads have changed [2]. - **Fundamental Data**: In August, the production, demand, and imports of lithium carbonate increased, while the inventory decreased. The production capacity in September increased, and the operating rate in August also rose [2]. Stainless Steel - **Price and Basis**: The prices of 304/2B stainless - steel coils in Wuxi and Foshan have changed, and the basis and some monthly spreads have also changed. The raw - material prices are mostly stable [6]. - **Fundamental Data**: The production of 300 - series stainless - steel crude steel in China has decreased, while the imports and exports have changed. The social inventory of the 300 - series has increased slightly, and the SHFE warehouse receipts have decreased [6]. Nickel - **Price and Basis**: The prices of SMM 1 electrolytic nickel, 1 Jinchuan nickel, and 1 imported nickel have increased, and the basis and some monthly spreads have changed. The cost of producing electrowon nickel from different raw materials has also changed [8]. - **Supply and Inventory**: China's refined - nickel production has increased, while imports have decreased. The SHFE inventory and social inventory have increased, and the LME inventory is stable [8]. Zinc - **Price and Spread**: The price of SMM 0 zinc ingot has increased, and the basis, import loss, and monthly spreads have changed [11]. - **Fundamental Data**: In August, the production and imports of refined zinc increased, while exports decreased. The operating rates of downstream industries have changed, and the social and LME inventories have decreased [11]. Copper - **Price and Basis**: The prices of SMM 1 electrolytic copper, SMM wet - process copper, etc. have increased significantly, and the basis, refined - scrap spread, and other indicators have changed [13]. - **Fundamental Data**: In August, the production and imports of electrolytic copper decreased. The operating rates of copper - rod production have increased, and the inventories in different regions have changed [13]. Tin - **Spot Price and Basis**: The prices of SMM 1 tin and Yangtze 1 tin have increased, and the basis and some monthly spreads have changed [15]. - **Fundamental Data (Monthly)**: In July, the imports of tin ore decreased, while the production and imports of refined tin increased. The exports of refined tin and Indonesian refined tin decreased [15]. - **Inventory Changes**: The SHEF inventory, social inventory, and SHEF warehouse receipts have decreased, while the LME inventory has increased [15]. Aluminum Alloy - **Price and Spread**: The prices of SMM ADC12 aluminum alloy in different regions have increased slightly, and the refined - scrap spreads in different regions have decreased. The monthly spreads have changed [17]. - **Fundamental Data**: In August, the production of recycled and primary aluminum alloy ingots, and the production of scrap aluminum have changed. The imports and exports of un - wrought aluminum alloy ingots have increased. The operating rates of different - sized recycled - aluminum alloy enterprises and primary - aluminum alloy enterprises have changed, and the inventory has increased slightly [17]. Aluminum - **Price and Spread**: The price of SMM A00 aluminum has decreased, and the prices of alumina in different regions have mostly decreased. The import loss, basis, and monthly spreads have changed [18]. - **Fundamental Data**: In August, the production of alumina and electrolytic aluminum increased, while the imports and exports of electrolytic aluminum changed. The operating rates of downstream aluminum industries have changed, and the social and LME inventories of electrolytic aluminum have decreased [18].

Core Viewpoint - Xinjiang Xinxin Mining (03833) is taking steps to enhance its sustainable development and shareholder returns by planning to issue A-shares and list on a Chinese stock exchange by September 25, 2025 [1] Group 1: Company Developments - Xinjiang Xinxin Mining's stock opened over 8% higher, currently trading at 2 HKD with a transaction volume of 1.176 million HKD [1] - The company has appointed Shenwan Hongyuan Securities as the pre-listing advisory institution for the A-share issuance [1] - The company announced plans to acquire a 51% stake in Xinjiang Huao Mining for approximately 1.098 billion RMB, which will result in the target company becoming a non-wholly-owned subsidiary [1] Group 2: Industry Context - The production ceremony for the 1.2 million tons per year fluorite mining project by Xinjiang Nonferrous Group Huao Mining was held on September 20 [1]

1. Report Industry Investment Rating No information provided in the report regarding the industry investment rating. 2. Core Viewpoints of the Report - The target price of Jin 25 Convertible Bonds on the first trading day is estimated to be between 128 and 133 yuan, and investors are advised to actively subscribe [20]. - The estimated first - day new - bond subscription winning rate is around 0.0121% - 0.0149% [21]. 3. Summary According to Relevant Catalogs 3.1 Jin 25 Convertible Bonds New - Bond Analysis and Investment Suggestions 3.1.1 Convertible Bond Basic Terms Analysis - The issuance methods of Jin 25 Convertible Bonds are priority placement and online issuance, with both the bond and issuer rated AA. The issuance scale is 2 billion yuan, the initial conversion price is 63.46 yuan, the bond parity on September 24, 2025, is 99.78 yuan, and the pure bond value is 98.93 yuan. The game terms (downward revision, redemption, and put - back clauses) are normal. The bond has high issuance scale, good liquidity, acceptable rating, and good bond - floor protection. It is easy for institutions to include in their portfolios, and there is no objection to primary - market participation [16]. 3.1.2 New - Bond Initial Listing Price Analysis - Considering the current market environment and parity level, the conversion premium rate of Jin 25 Convertible Bonds on the first listing day is expected to be in the range of 28% - 33%, corresponding to a first - day listing target price of around 128 - 133 yuan. The company is a group - based mining listed company mainly engaged in mining services and mining resource development [20]. 3.1.3 Convertible Bond New - Bond Subscription Winning Rate Analysis - Assuming the old - shareholder placement ratio is 41% - 52%, the scale available for the market is 951 million - 1.175 billion yuan. Assuming the online effective subscription number is 7.89 million households, the winning rate when subscribing to the full quota is estimated to be around 0.0121% - 0.0149% [21]. 3.2 Underlying Stock Fundamental Analysis 3.2.1 Company's Main Business and Industry Upstream - Downstream Situation - The company's main business includes mining operation management, mine engineering construction, mining resource development, mine engineering design and research, and mining machinery equipment manufacturing. The upstream is the mining machinery equipment manufacturing industry, which has little impact on the company. The downstream of mining services is the mineral resource development industry, and the downstream of resource development is the mineral resource smelting, processing, and trading industry [22][23]. 3.2.2 Company's Operating Conditions - From 2022 to the first half of 2025, the company's operating income showed an upward trend, with year - on - year growth rates of 18.90%, 38.18%, 34.37%, and 47.82% respectively. The core business is mining operation management. The sales revenue of cathode copper, copper concentrate, and phosphate ore increased due to the acquisition of mines. The comprehensive gross profit margin and net profit margin increased steadily. The company's receivables' proportion of operating revenue decreased, and the accounts - receivable turnover rate increased. The net profit attributable to the parent company maintained high - speed positive growth [25][29][35]. 3.2.3 Company's Equity Structure and Major Subsidiaries - As of June 30, 2025, the equity structure was relatively dispersed. Jinchengxin Group was the largest shareholder with a 38.88% shareholding ratio. The top two shareholders held a combined 41.25% stake, and the top ten shareholders held a combined 52.47% stake. Wang Xiancheng, Wang Cicheng, Wang Youcheng, Wang Yicheng, and Wang Yicheng were the actual controllers, directly and indirectly controlling 43.16% of the company's shares [43]. 3.2.4 Company's Business Characteristics and Advantages - The company has advantages in technology R & D, deep - resource development services, talent, and equipment - maintenance - operation integration. It has rich experience in complex geological conditions, a large number of technical achievements, a high - quality talent team, advanced equipment, and a mature mechanized operation model [48]. 3.2.5 Current Raised - Capital Investment Arrangements - The raised funds after deducting issuance fees are planned to be used as follows: 800 million yuan for the Zambia Lubumbi Copper Mine Beneficiation Project (technical renovation), 800 million yuan for the mine mining operation and infrastructure equipment purchase project, 80 million yuan for the underground green unmanned intelligent equipment R & D project, and the remaining 320 million yuan for working - capital replenishment [14].

登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：600711 证券简称：盛屯矿业 公告编号：2025-048 盛屯矿业集团股份有限公司 关于以集中竞价交易方式回购公司 三、其他事项 公司将严格按照《上市公司股份回购规则》《上海证券交易所上市公司自律监管指引第7号一一回购股 份》等相关规定，在回购期限内根据市场情况择机做出回购决策并予以实施，同时根据回购股份事项进 展情况及时履行信息披露义务，敬请广大投资者注意投资风险。 详细内容参见公司于2025年8月29日在上海证券交易所网站（www.sse.com.cn）披露的《盛屯矿业集团 股份有限公司关于以集中竞价交易方式回购股份的预案》（公告编号：2025-039）。 二、回购股份的进展情况 根据《上海证券交易所上市公司自律监管指引第7号一一回购股份》等相关规定，在回购期间，回购股 份占上市公司总股本的比例每增加1%的，应当在事实发生之日起3个交易日内予以披露。现将公司回购 股份的进展情况公告如下： 截至2025年9月25日，公司以集中竞价交易方式累计回购公司股份 33,582,400股，占公司总股本的比例 为1.0866%，购买的最高价为8.7500元 ...

Group 1 - The company held its 21st meeting of the 10th Board of Directors on September 25, 2025, where all 9 directors participated and voted, confirming the legality and validity of the resolutions [2][3] - The Board approved a proposal for a subsidiary to provide guarantees for the company's bank comprehensive credit application, which includes a maximum of RMB 700 million in credit, with specific allocations for working capital loans and bank acceptance bills [4][12] - The Board also approved a proposal for a subsidiary to provide guarantees for the company's bank loan application of RMB 50 million, with a financing term of one year [6][18] Group 2 - The company plans to provide guarantees for its wholly-owned subsidiary, Yinman Mining, for financing lease agreements with four leasing companies, totaling up to RMB 100 million [22][24] - The financing lease agreements include a maximum of RMB 30 million with Chengtai Leasing for 24 months, RMB 30 million with Fengrong Leasing for 36 months, RMB 10 million with Guotai Leasing for 36 months, and RMB 20 million with Xinxin Leasing for 36 months [22][24] - The Board believes that these guarantees will support the operational financing needs of Yinman Mining and contribute to the overall development of the company [44][45]

Core Viewpoints - In the first half of 2025, the company achieved operating revenue of 94.773 billion yuan and a net profit attributable to shareholders of 8.671 billion yuan, representing a year-on-year increase of 60.07%, marking the highest profit level for the same period in history [1] - The company met all production targets for its products in the first half of 2025, with copper production increasing by 12.68% year-on-year, reaching a historical high for the same period [1] - The company completed the acquisition of Ecuador's Odin Mining (Kagelhaus Gold Mine) and is rapidly advancing development work, enhancing its global layout of diversified products, with the project expected to commence production before 2029 [1] Production and Pricing - The company produced 353,600 tons of copper in the first half of 2025, a year-on-year increase of 12.68%, achieving approximately 56.1% of the production guidance midpoint [2] - The average LME copper price in the first half of 2025 increased by 3.75% year-on-year to 9,431 USD/ton, with cobalt and other mineral prices also showing significant increases [2] Cost Management and Resource Layout - The company has made significant progress in cost reduction and efficiency improvement through refined management and technological innovation, with copper production costs around 33,700 yuan per ton in the first half of 2025 [2] - The acquisition of the Kagelhaus Gold Mine represents a breakthrough in the company's layout of gold resources, further diversifying its product matrix [2] Market Dynamics - The cobalt price has risen from a low of 160,000 yuan/ton to 275,000 yuan/ton due to the ongoing cobalt export ban from the Democratic Republic of Congo, which has been in effect for seven months [2] - The domestic supply of cobalt is tightening, with a significant decrease in imports, which may further support cobalt prices in the upcoming consumption peak season [2]

Core Insights - The latest mineral resource and ore reserve statement from MMG shows significant increases in various metals, particularly gold, which saw a 29% increase in mineral resources [1] - The company reported a decrease in mineral resources for zinc and cobalt, with reductions of 0.5% and 2% respectively [1] - Ore reserves have increased for zinc (13%), lead (10%), cobalt (3%), molybdenum (5%), and gold (10%), while copper and silver reserves decreased by 2% and 5% respectively [1] Group 1: Mineral Resource Changes - Copper mineral resources increased by 3% [1] - Lead mineral resources increased by 5% [1] - Molybdenum mineral resources increased by 10% [1] - Silver mineral resources increased by 3% [1] - Gold mineral resources increased by 29% [1] - Zinc mineral resources decreased by 0.5% [1] - Cobalt mineral resources decreased by 2% [1] Group 2: Ore Reserve Changes - Zinc ore reserves increased by 13% [1] - Lead ore reserves increased by 10% [1] - Cobalt ore reserves increased by 3% [1] - Molybdenum ore reserves increased by 5% [1] - Gold ore reserves increased by 10% [1] - Copper ore reserves decreased by 2% [1] - Silver ore reserves decreased by 5% [1] Group 3: Exploration and Resource Management - Continuous exploration and resource transfer drilling have supplemented the mining consumption, enhancing mineral resources and ore reserves [1] - Significant improvements in mineral resources and ore reserves were achieved at the Rosebery and Dugald River mines through geological and mining studies [1] - The Ferrobamba open-pit resource at the Las Bambas mine has been enhanced, effectively replenishing copper mineral resources for the second consecutive year [1] Group 4: Specific Regional Developments - The Kinsevere mine's mining studies have led to the first reporting of ore reserves in the Nambulwa and Dianzenza (DZ) areas [2] - The mineral resource volume in the Kimbwe Kafubu area has nearly doubled compared to the 2024 report [2]

Core Viewpoint - The latest mineral resource and ore reserve statement from MMG shows significant increases in various metals, indicating successful exploration and resource replenishment efforts across its mining operations [1][2]. Group 1: Mineral Resource Changes - The company's mineral resources (including metal content) have increased for copper (3%), lead (5%), molybdenum (10%), silver (3%), and gold (29%) [1]. - Conversely, there has been a decrease in mineral resources for zinc (-0.5%) and cobalt (-2%) [1]. Group 2: Ore Reserve Changes - The company's ore reserves (including metal content) have increased for zinc (13%), lead (10%), cobalt (3%), molybdenum (5%), and gold (10%) [1]. - However, there has been a decrease in ore reserves for copper (-2%) and silver (-5%) [1]. Group 3: Exploration and Resource Replenishment - The results indicate that MMG's mining operations have effectively replenished resource consumption through ongoing exploration and resource transfer drilling [1]. - Significant improvements in mineral resources and ore reserves have been achieved at the Rosebery and Dugald River mines through geological and mining studies [1]. - The Las Bambas mine's Ferrobamba open-pit resource has also been enhanced, successfully compensating for copper resource consumption for the second consecutive year [1]. Group 4: New Reporting Areas - The Kinsevere mine's mining studies have led to the first reporting of ore reserves in the Nambulwa and Dianzenza (DZ) areas [2]. - The mineral resource quantity in the Kimbwe Kafubu area has nearly doubled compared to 2024 [2].