Group 1 - China Nonferrous Mining (01258) has acknowledged media allegations regarding the tailings dam collapse incident at its subsidiary, Zambia Chambishi Copper Smelter, and has provided clarifications in its interim financial report [1] - The tailings dam collapsed on February 18, 2025, due to theft of the impermeable membrane and heavy rainfall, which was the highest in nearly 20 years for that period in Zambia [1] - The company took immediate action to communicate with Zambian government authorities and mobilized resources for emergency response and water recovery efforts [1] Group 2 - On August 7, 2025, the Zambian government announced that the situation had returned to normal, with laboratory tests showing that water pH levels had normalized and heavy metal concentrations were decreasing [2] - The Zambian government reported no significant health issues or outbreaks related to the pollution incident since it occurred, and there have been no deaths attributed to the pollution [2] - On September 10, 2025, Zambian officials visited the Chambishi site and praised the company's timely response and environmental remediation efforts [2] Group 3 - On September 18, 2025, the Chinese Foreign Ministry spokesperson stated that the company had fulfilled its repair and remediation obligations as per government directives and had compensated individual farmers according to a damage report issued by the Zambian government [3] - A petition was filed by over a hundred local residents (with only 11 authorized) demanding the establishment of an environmental remediation trust account with $80 billion for environmental restoration and compensation, which the company considers baseless [3] - The company believes that the incident has not significantly impacted its operational or financial status, and the prompt remedial actions and positive government responses indicate no major effects on the surrounding environment or community [3]

Core Viewpoint - The company has addressed recent media allegations regarding the tailings dam incident at its subsidiary, Zambia Chambishi Hydrometallurgical Co., Ltd, clarifying the situation and outlining the response measures taken [1][3]. Group 1: Incident Details - On February 18, 2025, a tailings dam at Chambishi Hydrometallurgical failed due to theft of the impermeable membrane and heavy rainfall, leading to some tailings leakage [1]. - The breach was contained by 3:30 AM on February 19, and the company promptly communicated with Zambian government authorities to manage the situation and initiate water recovery efforts [1]. Group 2: Government Response - On August 7, 2025, the Zambian government announced that the situation had largely returned to normal, with laboratory tests showing that water pH levels had normalized and heavy metal concentrations were decreasing [2]. - The government reported no significant health issues or outbreaks related to the pollution incident since it occurred, and there have been no deaths attributed to the pollution [2]. Group 3: Legal and Financial Implications - On September 18, 2025, the Chinese Foreign Ministry stated that the company had fulfilled its obligations for repair and remediation as per government directives and had compensated individual farmers as per the damage report issued by the Zambian government [3]. - A petition was filed by over a hundred local residents (with only 11 authorized) demanding the establishment of an environmental remediation trust account with $80 billion (approximately 624 billion HKD) managed by the Zambian government, along with an additional $200 million for emergency relief and health/environmental assessments [3]. - The company believes the claims lack basis and has engaged a local legal team to protect its rights, asserting that the incident has not significantly impacted its operational or financial status [3].

Group 1 - The core viewpoint of the news is that Luoyang Molybdenum Co., Ltd. has experienced a significant decline in its stock price, dropping 3.28% on September 18, with a cumulative decline of 7.75% over four consecutive days [1] - As of the report, Luoyang Molybdenum's stock price is 12.38 yuan per share, with a trading volume of 3.324 billion yuan and a turnover rate of 1.53%, resulting in a total market capitalization of 264.862 billion yuan [1] - The company primarily engages in the mining, selection, deep processing, trading, and research of precious metals such as molybdenum, tungsten, and gold, with its main business revenue composition being 48.56% from refined metal product trading and 38.31% from concentrate product trading [1] Group 2 - According to data, Zhongjia Fund has a significant holding in Luoyang Molybdenum, with its Zhongjia Xinxing Mixed A Fund holding 7,700 shares, accounting for 0.12% of the fund's net value, ranking as the eighth largest holding [2] - The fund has incurred a floating loss of approximately 3,234 yuan today, with a total floating loss of 8,008 yuan during the four-day decline [2] - Zhongjia Xinxing Mixed A Fund was established on December 2, 2015, with a latest scale of 51.6921 million yuan, and has achieved a year-to-date return of 3.43% [2] Group 3 - The fund managers of Zhongjia Xinxing Mixed A are Zhong Wei and Pang Zhitong, with Zhong Wei having a tenure of 11 years and 319 days and a total fund asset size of 327 million yuan [3] - During Zhong Wei's tenure, the best fund return was 21.22%, while the worst was 0.36% [3] - Pang Zhitong has a tenure of 1 year and 231 days, managing assets of 94.2527 million yuan, with a best return of 9.35% and a worst return of 3.49% during his tenure [3]

Core Viewpoint - The stock of Inner Mongolia Xingye Silver Tin Mining Co., Ltd. has experienced a decline of 5% as of September 18, with a trading price of 23.75 CNY per share and a total market capitalization of 42.171 billion CNY [1] Company Overview - Inner Mongolia Xingye Silver Tin Mining Co., Ltd. was established on August 23, 1996, and listed on August 28, 1996. The company is located at 76 Yulong Avenue, New District, Chifeng City, Inner Mongolia [1] - The company's main business involves the mining and smelting of non-ferrous and ferrous metal resources. The revenue composition from its main business includes: - Silver: 34.80% - Tin: 30.81% - Zinc: 19.32% - Lead: 5.12% - Iron: 3.34% - Antimony: 2.90% - Copper: 2.01% - Others: 0.72% - Gold: 0.66% - Bismuth: 0.32% [1] Fund Holdings - According to data, one fund under China Post Fund has a significant holding in Xingye Silver Tin. The China Post Core Advantage Flexible Allocation Mixed A Fund (590003) held 2 million shares in the second quarter, accounting for 2.62% of the fund's net value, making it the eighth largest holding [2] - The fund has reported a floating loss of approximately 2.5 million CNY as of the latest update [2] - The China Post Core Advantage Flexible Allocation Mixed A Fund was established on October 28, 2009, with a current scale of 1.084 billion CNY. Year-to-date returns are 30.18%, ranking 2949 out of 8172 in its category, while the one-year return is 38.55%, ranking 4502 out of 7980 [2]

Company Overview - Shengda Resources experienced a decline of 5.05% on September 18, with a stock price of 20.13 CNY per share, a trading volume of 526 million CNY, a turnover rate of 3.82%, and a total market capitalization of 13.889 billion CNY [1] - The company, established on June 22, 1995, and listed on August 23, 1996, is located in Fengtai District, Beijing, and primarily engages in the production and sale of silver-lead concentrate and zinc concentrate, as well as non-ferrous metal trading [1] Revenue Composition - The main business revenue composition of Shengda Resources includes: - Lead concentrate (including silver) 46.04% - Non-ferrous metal trading 23.91% - Zinc concentrate (including silver) 20.44% - Recycled renewable metal 5.26% - Silver ingots 2.28% - Others 1.05% - Gold 1.02% [1] Fund Holdings - According to data, one fund under Dongfang Fund has a significant holding in Shengda Resources. The Dongfang Cyclical Optimal Flexible Allocation Mixed A Fund (004244) held 100,000 shares in the second quarter, accounting for 3.76% of the fund's net value, making it the fourth-largest holding [2] - The fund has a total scale of 37.5949 million CNY and has achieved a return of 20.18% year-to-date, ranking 4440 out of 8172 in its category; over the past year, it has returned 28.84%, ranking 5414 out of 7980 [2] - The fund manager, Fang Jianwei, has been in the position for 7 years and 67 days, with the best fund return during his tenure being 86.65% and the worst being -16.73% [2]

Group 1 - The core point of the news is that Shengda Resources experienced a decline of 5.05% in its stock price, reaching 20.13 CNY per share, with a trading volume of 526 million CNY and a turnover rate of 3.82%, resulting in a total market capitalization of 13.889 billion CNY [1] - Shengda Resources, established on June 22, 1995, and listed on August 23, 1996, is primarily engaged in the production and sale of silver-lead concentrate and zinc concentrate, as well as non-ferrous metal trading [1] - The revenue composition of Shengda Resources includes: lead concentrate (containing silver) 46.04%, non-ferrous metal trading 23.91%, zinc concentrate (containing silver) 20.44%, renewable energy metals 5.26%, silver ingots 2.28%, others 1.05%, and gold 1.02% [1] Group 2 - From the perspective of fund holdings, one fund under China Merchants Fund has a significant position in Shengda Resources, specifically the China Merchants Anze Stable Profit 9-Month Holding Period Mixed A Fund (019698), which reduced its holdings by 62,700 shares in the second quarter, now holding 105,800 shares, accounting for 0.95% of the fund's net value [2] - The estimated floating loss for the fund today is approximately 113,200 CNY [2] - The China Merchants Anze Stable Profit 9-Month Holding Period Mixed A Fund was established on November 14, 2023, with a latest scale of 87.4268 million CNY, and has achieved a year-to-date return of 11.11% [2]

Group 1 - The company, Shengda Metal Resources Co., Ltd., has provided a guarantee for its wholly-owned subsidiary, Chifeng Jindu Mining Co., Ltd., for a financing lease of RMB 100 million with a term of 36 months [2][11] - The financing lease is aimed at meeting the operational liquidity needs of Jindu Mining, utilizing its own production equipment through a sale-leaseback arrangement [10][11] - The total approved guarantee amount by the company and its subsidiaries exceeds 60 billion RMB, which is 197.16% of the company's latest audited net assets [12][29] Group 2 - The counterparty for the financing lease is China Global Leasing Co., Ltd., which has total assets of approximately 85.85 billion RMB and a net profit of about 2.13 billion RMB for the year 2024 [4][18] - Jindu Mining is a wholly-owned subsidiary of the company, with a registered capital of 48 million RMB, and is not classified as a dishonest executor [5][19] - The leased assets are production equipment with a net value of 100.40 million RMB, located in Inner Mongolia, and are free from any encumbrances or legal disputes [6][10]

Group 1 - The company Shengda Resources announced a financing lease agreement with Guotai Leasing for an amount of RMB 50 million, with a lease term of 36 months [2] - The financing is primarily aimed at meeting the working capital needs of its wholly-owned subsidiary, Inner Mongolia Guangda Mining, and will not significantly impact the company's financial status or operating results [2] - The total approved guarantee amount for the company and its subsidiaries is RMB 6 billion, which accounts for 197.16% of the latest audited net assets [2] Group 2 - The company reported revenues of RMB 2.013 billion for 2024, with a year-on-year decrease of 10.66%, and RMB 353 million for Q2 2025, showing a year-on-year increase of 33.92% [3] - The net profit attributable to the parent company for the same periods was RMB 390 million, RMB 8.2841 million, and RMB 7.00964 million, with year-on-year growth rates of 163.56%, 194.37%, and a decrease of 15.03% respectively [3] - The company's debt-to-asset ratio was reported at 46.01%, 45.60%, and 47.46% for the respective periods [3]

Report Industry Investment Ratings No relevant content provided. Core Views of the Report - The Fed cut the benchmark interest rate by 25 basis points to 4.00%-4.25%, in line with market expectations, and restarted the interest rate cut cycle. There are still differences on whether the Fed will complete three interest rate cuts this year, and the future interest rate cut rhythm is not clear [1][2]. - The RMB exchange rate has achieved the "three - price integration" of the central parity rate, the spot exchange rate, and market expectations, and is expected to fluctuate around 7.10 in the short term [2]. - The stock index may face callback pressure due to the fulfillment of the positive news of the Fed's interest rate cut, but the downside space is limited due to policy expectations, and it is expected to turn into a shock after the callback [3]. - The bond market was less affected by the Fed's interest rate cut. There is a low expectation of domestic interest rate cuts, but the central bank may use other tools to inject liquidity, and long positions can be bought on dips [4]. - The near - month contracts of the container shipping index have fallen as expected, and it is recommended to wait and see in the short term [5]. - Precious metals are undergoing high - level adjustments. The medium - to - long - term trend may be bullish, but there is significant short - term adjustment pressure [6]. - The copper price has fallen after the Fed's interest rate cut, and its fundamentals do not support further strengthening [8][9]. - The aluminum price is expected to be volatile and bullish in the short term, while alumina is expected to be weak, and cast aluminum alloy is expected to be volatile and bullish [11][12][13]. - The zinc price fluctuates at the bottom, with the supply in an oversupply state and the demand remaining to be observed [15]. - The prices of nickel and stainless steel follow the macro - level guidance and are expected to be volatile [16]. - The tin price is expected to fluctuate around 274,000 yuan per ton [17]. - The lead price is expected to be in a high - level shock in the short term [18]. - The steel price may face a callback due to the weakening of macro - drivers and the lack of upward drivers in the fundamentals [21]. - The iron ore price is expected to fluctuate, with the market in a tight - balance state [22]. - It is recommended to pay attention to the 1 - 5 reverse spread of coking coal and coke, and they are not recommended as short - allocation varieties in the black series [23][24]. - It is recommended to try long positions in ferrosilicon and ferromanganese at the cost - line level [24][25]. - The oil price is expected to continue to run in a narrow range in the short term, and short - selling opportunities after the price rebounds should be grasped [28]. - The LPG price is expected to be volatile [29]. - PX - TA is expected to be volatile and bullish due to frequent maintenance rumors on the supply side [29][30][31]. - Ethylene glycol is expected to be in a range - bound state, and it is recommended to wait and see and look for short - selling opportunities on rallies [33][34]. - It is recommended to reduce long positions in methanol [35]. - The PP price has cost support in the short term, and it is recommended to go long on dips [36][37]. - The PE price is expected to be in a shock pattern, with limited upward and downward space [40]. - It is recommended to wait and see for PVC [42]. - Pure benzene and styrene are expected to be in a shock state, and it is recommended to wait and see [43][44]. - It is recommended to try short - selling the cracking profit of fuel oil [44]. - It is recommended to try short - selling the far - month high - low sulfur spread of low - sulfur fuel oil [45]. - It is recommended to try long - allocation for asphalt [45]. - The urea price is expected to fluctuate between 1650 - 1850, and it is recommended to pay attention to the 1 - 5 reverse spread opportunity [46]. - The soda ash price is in a pattern of strong supply and weak demand, and the market is expected to be volatile [47]. - The glass price lacks a clear trend, and it is recommended to conduct range trading [48]. - The caustic soda price is expected to follow the spot rhythm, and attention should be paid to the peak season performance and downstream inventory - building enthusiasm [50]. - The pulp price is expected to be in a shock state, and investors should pay attention to inflation stickiness, economic data, and the Fed's policy rhythm [50]. Summaries According to Relevant Catalogs Financial Futures Macro - The Fed cut interest rates by 25 basis points as expected, emphasizing the downward risk of employment and an increase in inflation. It is expected to cut interest rates twice this year and once next year. The market focuses on the Fed's easing expectations, personnel adjustments, and independence issues, as well as precious metal tariff policies [1][6]. - The Canadian central bank also cut interest rates by 25 basis points as expected [1][2]. - The Chinese government attaches increasing importance to the consumption sector, and more policies in the livelihood field are expected to be introduced. The economic growth rate continued to slow down in August, with a significant weakening in the investment sector and a narrowing decline in the consumption growth rate [1]. RMB Exchange Rate - The RMB has achieved the "three - price integration", and is expected to fluctuate around 7.10 in the short term. Enterprises with import and foreign exchange purchase needs are advised to lock in exchange rate costs through forward contracts, and settlement enterprises can conduct spot settlement at the upper edge of the exchange rate range [2]. Stock Index - The Fed's interest rate cut of 25 basis points was in line with expectations. After the interest rate cut, the bond yield and the US dollar index first declined and then rose. The stock index may face callback pressure due to the fulfillment of positive news, but the downside space is limited, and it is expected to turn into a shock after the callback [3]. Treasury Bond - The bond market was less affected by the Fed's interest rate cut. There is a low expectation of domestic interest rate cuts, but the central bank may use other tools to inject liquidity. Long positions can be bought on dips, and attention should be paid to the central bank's actions [4]. Container Shipping - The near - month contracts of the container shipping index have fallen as expected. The 10 - contract long positions at high levels can be held, and it is recommended to wait and see. The 12 - contract can pay attention to the low - buying opportunities at 1550 - 1600 points [5]. Commodities Non - ferrous Metals - **Gold & Silver**: Precious metals are undergoing high - level adjustments. The medium - to - long - term trend may be bullish, but there is significant short - term adjustment pressure. It is recommended to buy on dips and hold existing long positions cautiously [6][8]. - **Copper**: The copper price has fallen after the Fed's interest rate cut. Its fundamentals do not support further strengthening, and it is recommended to sell out - of - the - money put options [8][9]. - **Aluminum Industry Chain**: The aluminum price is expected to be volatile and bullish in the short term, alumina is expected to be weak, and cast aluminum alloy is expected to be volatile and bullish. It is recommended to short alumina at high prices [11][12][13]. - **Zinc**: The zinc price fluctuates at the bottom, with the supply in an oversupply state and the demand remaining to be observed. It is recommended to wait and see the LME inventory approaching the extreme value or sell out - of - the - money put options [15]. - **Nickel, Stainless Steel**: The prices of nickel and stainless steel follow the macro - level guidance and are expected to be volatile [16]. - **Tin**: The tin price is expected to fluctuate around 274,000 yuan per ton, and it is recommended to sell out - of - the - money put options [17]. - **Lead**: The lead price is expected to be in a high - level shock in the short term, with the supply relatively weak and the demand general [18]. Black Metals - **Rebar and Hot - Rolled Coil**: The steel price may face a callback due to the weakening of macro - drivers and the lack of upward drivers in the fundamentals, but the hot - rolled coil's apparent demand is relatively good, and there is still some expectation for the traditional peak - season demand [21]. - **Iron Ore**: The iron ore price is expected to fluctuate, with the market in a tight - balance state, and the inventory shows a pattern of strong overseas and weak domestic [22]. - **Coking Coal and Coke**: It is recommended to pay attention to the 1 - 5 reverse spread of coking coal and coke, and they are not recommended as short - allocation varieties in the black series. The coal and coke market may be affected by macro - sentiment, and attention should be paid to downstream inventory replenishment before the National Day [23][24]. - **Ferrosilicon and Ferromanganese**: It is recommended to try long positions in ferrosilicon and ferromanganese at the cost - line level, as their production profit is declining and the supply pressure may decrease [24][25]. Energy and Chemicals - **Crude Oil**: The oil price is expected to continue to run in a narrow range in the short term, and short - selling opportunities after the price rebounds should be grasped. The price is affected by multiple factors such as geopolitics, supply, EIA reports, and the Fed's interest rate meeting [28]. - **LPG**: The LPG price is expected to be volatile, with the supply remaining loose and the demand showing a seasonal decline [29]. - **PTA - PX**: PX - TA is expected to be volatile and bullish due to frequent maintenance rumors on the supply side. The polyester peak - season expectation is limited, and it is recommended to wait and see in the short term and expand the processing margin of the PTA01 contract below 280 [29][30][31]. - **MEG - Bottle Chip**: Ethylene glycol is expected to be in a range - bound state, and it is recommended to wait and see and look for short - selling opportunities on rallies. The supply lacks elasticity, and the downward space is limited [33][34]. - **Methanol**: It is recommended to reduce long positions in methanol due to the large port pressure and the difficulty in resolving the 01 contract contradiction [35]. - **PP**: The PP price has cost support in the short term, and it is recommended to go long on dips as the supply pressure is relieved and the demand is in the recovery stage [36][37]. - **PE**: The PE price is expected to be in a shock pattern, with limited upward and downward space, as the demand recovery is slow and the inventory removal is slow [40]. - **PVC**: It is recommended to wait and see for PVC due to the weak domestic demand, high inventory, and the influence of macro - factors such as fiscal and monetary policies and anti - involution hype [42]. - **Pure Benzene and Styrene**: Pure benzene and styrene are expected to be in a shock state, and it is recommended to wait and see. Their fundamentals are still weak, and they mainly follow the cost - side fluctuations [43][44]. - **Fuel Oil**: It is recommended to try short - selling the cracking profit of fuel oil. The supply is expected to increase slowly, and the demand is stable [44]. - **Low - Sulfur Fuel Oil**: It is recommended to try short - selling the far - month high - low sulfur spread of low - sulfur fuel oil. The supply is relatively abundant, and the demand is weak [45]. - **Asphalt**: It is recommended to try long - allocation for asphalt. The supply is increasing, the demand is affected by rainfall, and the inventory is being removed. It may have a chance to rise in the future driven by the peak - season demand [45]. - **Urea**: The urea price is expected to fluctuate between 1650 - 1850, and it is recommended to pay attention to the 1 - 5 reverse spread opportunity. The domestic supply is abundant, and the demand is weak, but the second - batch export may provide some support [46]. - **Glass, Soda Ash, and Caustic Soda** - **Soda Ash**: The soda ash price is in a pattern of strong supply and weak demand, with high inventory limiting the price increase. The market is expected to be volatile, and attention should be paid to the new production capacity of Yuanxing Phase II [47]. - **Glass**: The glass price lacks a clear trend, with high inventory and weak demand restricting the price increase. The supply may have a slight increase, and attention should be paid to the supply - side ignition expectation, cost - side coal price, and demand seasonality [48]. - **Caustic Soda**: The caustic soda price is expected to follow the spot rhythm, with the supply fluctuating due to normal maintenance, the cost remaining stable, and the non - aluminum downstream demand expected to recover seasonally [50]. - **Paper Pulp**: The pulp price is expected to be in a shock state. The Fed's interest rate cut is a "preventive interest rate cut" dominated by the cooling of the employment market. Investors should pay attention to inflation stickiness, economic data, and the Fed's policy rhythm [50].

消息面上，据央视新闻报道，当地时间9月17日，美国联邦储备委员会结束为期两天的货币政策会议， 宣布将联邦基金利率目标区间下调25个基点到4.00%至4.25%之间。尽管美联储如预期降息，但在利率 决议后的新闻发布会上，美联储主席鲍威尔强调，此举并不意味着将开启长期的降息周期；鲍威尔承认 劳动力市场疲软，但认为目前情况不足以让美联储采取更大幅度的降息。 国泰海通证券此前发布研报称，美国8月CPI基本符合预期，叠加就业市场走弱逐渐明显，降息预期持 续升温。流动性拐点预期下，对贵金属和工业金属价格均有明显提振。临近9月议息，静待美联储对后 续降息路径指引，同时中美谈判博弈继续，或放大金属价格波动。该行指出，对于工业金属而言，就业 市场的连续走弱使得市场衰退担忧有所抬头，但考虑内外政策托底，叠加即将进入需求旺季，工业品有 望继续表现。 智通财经APP获悉，有色股跌幅居前，截至发稿，江西铜业股份(00358)跌2.48%，报25.2港元；洛阳钼 业(03993)跌2.85%，报12.28港元；中国铝业(02600)跌2.12%，报7.38港元；紫金矿业(02899)跌1.26%， 报28.14港元。 ...