Core Insights - Freeport-McMoRan reported a decline in copper and gold production for Q3, but profits exceeded Wall Street expectations due to rising copper prices offsetting production losses from the temporary shutdown of the Grasberg mine in Indonesia [2][3] Production and Sales - Q3 copper production was 912 million pounds, down from 1.1 billion pounds in the same period last year, attributed to a landslide incident and lower ore grades in Indonesia [2][4] - Q3 gold production was 287,000 ounces, a decrease from 456,000 ounces year-over-year, also impacted by the landslide and lower ore grades [2][4] - Q3 copper sales were 977 million pounds, slightly below the guidance of 990 million pounds, and lower than 1 billion pounds in Q3 2024 [2][4] - Q3 gold sales reached 336,000 ounces, down 4% from the guidance of 335,000 ounces and lower than 558,000 ounces in Q3 2024 [3][4] Pricing and Costs - The average realized price for copper in Q3 was $4.68 per pound, compared to $4.30 per pound in the same quarter last year [2][4] - The average realized price for gold in Q3 was $3,539 per ounce, significantly higher than $2,568 per ounce in the previous year [4] - Site production and delivery costs for copper were $2.71 per pound, while unit net cash costs were $1.40 per pound [4]

Core Insights - The Ministry of Natural Resources of China encourages mining companies to fulfill social responsibilities, extend the mineral product processing industry chain, create more job opportunities, and strengthen ecological restoration [1] Group 1: Industry Development - The 2025 China International Mining Conference emphasizes the theme of "mutual integration and shared development," highlighting the rapid evolution of global mining amid a new round of technological revolution and industrial transformation [1] - The Ministry of Natural Resources proposes three initiatives to provide new momentum, models, and opportunities for mining development, focusing on innovation, shared development, and an open framework [1] Group 2: Technological Advancements - Experts suggest that mining companies can adopt advanced digital technologies to achieve efficient, intelligent, and sustainable development, including remote control of underground equipment using 5G technology and the use of smart inspection robots [2] - The establishment of intelligent comprehensive management platforms is recommended to integrate data and business systems for real-time monitoring and management of mines [2] Group 3: Policy and Investment - The "China Mineral Resources Report (2025)" indicates that in 2024, China will continue to deepen mineral resource management reforms, enhancing the governance system and introducing innovative regulations to ensure resource security and fair market competition [4] - Significant progress has been made in the new round of mineral exploration strategies, with geological exploration investment reaching 1159.94 billion yuan in 2024, marking four consecutive years of growth [4] - The fixed asset investment in the mining industry is expected to grow by 10.5% compared to the previous year, reflecting a positive investment trend [4]

1. Report Industry Investment Ratings No specific industry investment ratings were provided in the report. 2. Core Views of the Report - Gold is in a corrective phase, with potential for further downside but increasing interest from bottom - fishing funds. The market is awaiting the results of Sino - US negotiations and APEC meetings, as well as US CPI data [12]. - The stock market was boosted by expectations of incremental policies from the Fourth Plenary Session, but trading volume declined slightly. Industrial policies will remain the focus, and there is a need to strengthen domestic demand expansion [2]. - The decline in US banking reserves provides a basis for the Fed to stop shrinking its balance sheet, leading to an increase in market risk appetite and a volatile US dollar [16]. - Intel's improved financial results have boosted the technology sector, and Sino - US trade negotiations have increased market risk appetite. However, the negotiation process may be bumpy, and market volatility may remain high [22]. - The bond market may face short - term downward pressure, but the risk of continuous decline is low. After November, there is potential for the bond market to rise. Investors are advised to look for opportunities to buy on dips [25]. - The price of cotton is affected by factors such as new cotton listings, downstream orders, and Sino - US trade negotiations. The upside space is limited [30]. - Concerns about palm oil supply in Indonesia have led to a rebound in prices, and investors are advised to buy on dips [33]. - The pig market is expected to experience seasonal demand improvement, but the supply surplus will continue until the first quarter of next year. Investors are advised to look for short - selling opportunities in the near - term contracts [34]. - The price of red dates is in a volatile state, and investors are advised to wait and see, focusing on price negotiations and acquisition progress in the production areas [38]. - The price of thermal coal is expected to be strongly supported due to the approaching cold wave in the north [40]. - The price of iron ore is expected to remain weakly volatile, with a seasonal increase in supply and pressure on demand [41]. - The price of steel products is expected to be volatile, with inventory reduction alleviating concerns about oversupply but limited demand restricting the upside space [44]. - The price of copper is supported by short - term macro - sentiment improvement but limited by fundamentals in the short term. Investors are advised to buy on dips [49]. - The price of lead is expected to remain high and volatile. Investors can consider short - selling on rallies, as well as mid - term spread and cross - market arbitrage opportunities [53]. - The price of zinc is expected to be in a wide - range volatile state. Investors are advised to wait and see, and consider mid - term positive spread arbitrage opportunities [58]. - The price of nickel is expected to have upward potential. Investors can look for opportunities to buy on dips and consider option strategies [61]. - The price of lithium carbonate is supported by inventory reduction during the peak season, but further upward movement depends on supply - side disruptions. Short - term range trading is recommended, and attention should be paid to arbitrage opportunities [64]. - The price of liquefied petroleum gas is expected to remain volatile in the short term [67]. - The price of asphalt is expected to fluctuate greatly due to the game between geopolitical support for oil prices and weak fundamentals [68]. - The price of methanol is currently supported by cost and downstream factors, but the fundamentals have not improved. If the price rises further, there may be short - selling opportunities [72]. - The price of natural gas is in a bearish pattern, and the current rebound is expected to be short - lived. Investors are advised to wait and see [73]. - The supply - demand pattern of caustic soda is weak, but the large discount on the futures market and potential demand pulses from new alumina capacity may limit the downside. Short - selling should be cautious [76]. - The price of PVC is expected to remain in a low - level volatile state, with limited further downward space [78]. - The price of styrene has rebounded due to supply disruptions and rising oil prices. Attention should be paid to the negative feedback from downstream industries and the potential reduction of the pure benzene - oil price spread [80]. - The price of soda ash is supported by coal prices in the short term, but the upside is limited by new capacity. The downward space depends on coal price fluctuations and new capacity launches [82]. - The price of float glass has risen slightly due to coal - price - driven bullish sentiment, but the market is under pressure due to continuous inventory accumulation and weak demand [83]. 3. Summaries by Directory 3.1 Financial News and Comments 3.1.1 Macro Strategy (Gold) - News: Sino - US trade negotiations will be held in Malaysia from October 24 - 27 [12]. - Comment: Gold prices rebounded slightly but are still in a corrective phase. The market is awaiting negotiation results and APEC meetings, as well as US CPI data. - Investment Advice: Gold is expected to be in an oscillatory phase with potential for further downside. Observe the support at the $4000 level [12]. 3.1.2 Macro Strategy (Foreign Exchange Futures - US Dollar Index) - News: US Senate Democrats blocked a Republican bill to pay military and federal employees during the government shutdown; US banking reserves decreased to $2.93 trillion; Trump plans to expand drug - fighting targets to land [13][14][15]. - Comment: The decrease in US banking reserves provides a basis for the Fed to stop shrinking its balance sheet, leading to increased market risk appetite and a volatile US dollar [16]. - Investment Advice: The US dollar index is expected to be volatile [17]. 3.1.3 Macro Strategy (Stock Index Futures) - News: Sino - US will hold trade talks in Malaysia from October 24 - 27; the Fourth Plenary Session of the 20th CPC Central Committee released its communique [18][19]. - Comment: The stock market was boosted by policy expectations, but trading volume declined slightly. Industrial policies will be the focus, and domestic demand expansion needs to be strengthened [2]. - Investment Advice: Allocate evenly among stock indices [20]. 3.1.4 Macro Strategy (US Stock Index Futures) - News: Sino - US will hold trade talks; Intel's Q3 revenue increased by 3% year - on - year, and it returned to profitability [22]. - Comment: Intel's results improved the technology sector, and Sino - US negotiations increased market risk appetite. However, the negotiation process may be bumpy, and market volatility may remain high [22]. - Investment Advice: The US stock market will be volatile in the short term due to Sino - US negotiation news but should be treated with a bullish outlook overall [23]. 3.1.5 Macro Strategy (Treasury Bond Futures) - News: The Fourth Plenary Session of the 20th CPC Central Committee released its communique; the central bank conducted 7 - day reverse repurchase operations worth 212.5 billion yuan [24]. - Comment: The bond market may face short - term downward pressure, but the risk of continuous decline is low. After November, there is potential for the bond market to rise [25]. - Investment Advice: Look for opportunities to buy on dips [26]. 3.2 Commodity News and Comments 3.2.1 Agricultural Products (Cotton) - News: EU clothing import growth declined in August; CCI cotton procurement in India is accelerating; Xinjiang cotton purchase prices are rising [27][29][30]. - Comment: The price of cotton is affected by new cotton listings, downstream orders, and Sino - US trade negotiations. The upside space is limited [30]. - Investment Advice: The upside space of Zhengzhou cotton is limited. Monitor new cotton acquisitions, downstream orders, and Sino - US negotiations [31]. 3.2.2 Agricultural Products (Soybean Oil/Rapeseed Oil/Palm Oil) - News: The Indonesian military seized palm plantations, affecting 30% of the country's palm oil - growing area [32]. - Comment: Concerns about palm oil supply in Indonesia have led to a rebound in prices [33]. - Investment Advice: Buy on dips [33]. 3.2.3 Agricultural Products (Pigs) - News: Wens Co., Ltd. reported a net profit of 5.256 billion yuan in the first three quarters; Tangrenshen is implementing its production plan [33][34]. - Comment: Seasonal demand improvement may lead to a short - term rebound in pig prices, but the supply surplus will continue until the first quarter of next year [34]. - Investment Advice: Look for short - selling opportunities in the near - term contracts and continue to monitor the reverse spread strategy [35]. 3.2.4 Agricultural Products (Red Dates) - News: The price of red dates in Hebei's Cui'erzhuang market is stable; Xinjiang red dates are in the drying stage, and the acquisition price will be determined in the next week [36][37]. - Comment: The price of red dates is in a volatile state, and the main trading logic is not clear [38]. - Investment Advice: Wait and see, and focus on price negotiations and acquisition progress in the production areas [39]. 3.2.5 Black Metals (Thermal Coal) - News: National railway coal shipments reached 1.553 billion tons from January to September [40]. - Comment: The price of thermal coal is expected to be strongly supported due to the approaching cold wave in the north [40]. - Investment Advice: The price of thermal coal is expected to be strongly supported [40]. 3.2.6 Black Metals (Iron Ore) - News: FMG's iron ore production in Q3 2025 was 50.8 million tons, with a 7% quarterly decline and a 6% annual increase [41]. - Comment: The price of iron ore is expected to remain weakly volatile, with a seasonal increase in supply and pressure on demand [41]. - Investment Advice: The price of iron ore is expected to remain weakly volatile and is relatively weak in the sector [41]. 3.2.7 Black Metals (Rebar/Hot - Rolled Coil) - News: China's rebar production in the first three quarters was 143.387 million tons; the inventory of five major steel products decreased by 2.741 million tons last week [42][43]. - Comment: The price of steel products is expected to be volatile, with inventory reduction alleviating concerns about oversupply but limited demand restricting the upside space [44]. - Investment Advice: Adopt a volatile trading strategy for steel prices [45]. 3.2.8 Non - Ferrous Metals (Alumina) - News: Century Aluminum's smelter in Iceland shut down temporarily due to a power equipment failure, affecting about 2 million tons of alumina demand annually [45]. - Comment: The overseas smelter shutdown has affected alumina demand, and the market is under pressure [45]. - Investment Advice: Wait and see [46]. 3.2.9 Non - Ferrous Metals (Copper) - News: A French highway tested the "charging - while - driving" technology for electric vehicles; Vale plans to invest 70 billion reais to expand copper production [47][48]. - Comment: The price of copper is supported by short - term macro - sentiment improvement but limited by fundamentals in the short term [49]. - Investment Advice: Buy on dips [49]. 3.2.10 Non - Ferrous Metals (Lead) - News: The number of car trade - in subsidy applications in 2025 exceeded 10 million; Qingyuan offers a 500 - yuan subsidy for electric bicycle trade - ins [50][51]. - Comment: The price of lead is expected to remain high and volatile. Investors can consider short - selling on rallies, as well as mid - term spread and cross - market arbitrage opportunities [53]. - Investment Advice: Short - sell on rallies, and consider mid - term spread and cross - market arbitrage opportunities [53]. 3.2.11 Non - Ferrous Metals (Zinc) - News: Boliden's Q3 2025 lead - zinc concentrate production increased; the number of car trade - in subsidy applications in 2025 exceeded 10 million [55][56]. - Comment: The price of zinc is expected to be in a wide - range volatile state. Investors are advised to wait and see, and consider mid - term positive spread arbitrage opportunities [58]. - Investment Advice: Wait and see, and consider mid - term positive spread arbitrage opportunities [58]. 3.2.12 Non - Ferrous Metals (Nickel) - News: Australia's Western Mines Group is conducting a general study on its Mulga Tank nickel project [59]. - Comment: The price of nickel is expected to have upward potential. Investors can look for opportunities to buy on dips and consider option strategies [61]. - Investment Advice: Look for opportunities to buy on dips and consider option strategies [61]. 3.2.13 Non - Ferrous Metals (Lithium Carbonate) - News: Do - fluoride plans to ship 30GWh of lithium batteries in 2026; EVE Energy's power battery shipments in the first three quarters of 2025 were 34.59GWh [62][63]. - Comment: The price of lithium carbonate is supported by inventory reduction during the peak season, but further upward movement depends on supply - side disruptions. Short - term range trading is recommended, and attention should be paid to arbitrage opportunities [64]. - Investment Advice: Short - term range trading, and pay attention to arbitrage opportunities [64]. 3.2.14 Energy Chemicals (Liquefied Petroleum Gas) - News: China's weekly liquefied petroleum gas production decreased by 2.65% week - on - week; the inventory rate decreased by 0.39 percentage points [65][66]. - Comment: The price of liquefied petroleum gas is expected to remain volatile in the short term [67]. - Investment Advice: The price is expected to remain volatile in the short term [67]. 3.2.15 Energy Chemicals (Asphalt) - News: China's weekly asphalt production decreased by 110,000 tons week - on - week, a 2% decline [68]. - Comment: The price of asphalt is expected to fluctuate greatly due to the game between geopolitical support for oil prices and weak fundamentals [68]. - Investment Advice: Wait and see [69]. 3.2.16 Energy Chemicals (Methanol) - News: Iran's Kimiya methanol plant restarted [70]. - Comment: The price of methanol is currently supported by cost and downstream factors, but the fundamentals have not improved. If the price rises further, there may be short - selling opportunities [72]. - Investment Advice: Wait and see. If the price rises further, there may be short - selling opportunities [72]. 3.2.17 Energy Chemicals (Natural Gas) - News: US natural gas inventory increased by 87Bcf week - on - week [73]. - Comment: The price of natural gas is in a bearish pattern, and the current rebound is expected to be short - lived [73]. - Investment Advice: Wait and see [74]. 3.2.18 Energy Chemicals (Caustic Soda) - News: The price of liquid caustic soda in Shandong decreased locally; the overall开工 load rate increased slightly [75]. - Comment: The supply - demand pattern of caustic soda is weak, but the large discount on the futures market and potential demand pulses from new alumina capacity may limit the downside. Short - selling should be cautious [76]. - Investment Advice: Short - selling should be cautious [76]. 3.2.19 Energy Chemicals (PVC) - News: The price of PVC in the domestic market was slightly volatile, and the overall开工 load rate decreased [77][78]. - Comment: The price of PVC is expected to remain in a low - level volatile state, with limited further downward space [78]. - Investment Advice: The price is expected to remain in a low - level volatile state, with limited further downward space [78]. 3.2.20 Energy Chemicals (Styrene) - News: China's weekly styrene production decreased by 124,000 tons week - on - week, a 3.65% decline [79]. - Comment: The price of styrene has rebounded due to supply disruptions and rising oil prices. Attention should be paid to the negative feedback from downstream industries and the potential reduction of the pure benzene - oil price spread [80]. - Investment Advice: Monitor the negative feedback from downstream industries and the potential reduction of the pure benzene - oil price spread [80]. 3.2.21 Energy Chemicals (Soda Ash) - News: The inventory of soda ash manufacturers decreased slightly on Thursday compared to Monday [81]. - Comment: The price of soda ash is supported by coal prices in the short term, but the upside is limited by new capacity. The downward space depends on coal price fluctuations and new capacity launches [82]. - Investment Advice: The downward space depends on coal price fluctuations and new capacity launches. Continue to monitor [82]. 3.2.22 Energy Chemicals (Float Glass) - News: The inventory of float glass manufacturers continued to increase, with a 3.64% week - on - week increase [83]. - Comment: The price of float glass has risen slightly due to coal - price - driven bullish sentiment, but the market is under pressure due to continuous inventory accumulation and weak demand [

Core Viewpoint - Yuegui Co., Ltd. is intensifying its investment in the mining sector by acquiring mining rights for a quartzite mine, which is expected to enhance its resource reserves and production capacity [1][2]. Group 1: Mining Rights Acquisition - Yuegui's subsidiary, Jingyuan Mining, won the bidding for the Lianzhou Fanbeichong quartzite mine with a starting price of 219 million yuan, securing mining rights valid for 20 years [1][2]. - The mine has a mining reserve of 18.163 million cubic meters, primarily consisting of quartz for glass production [1][2]. Group 2: Financial Performance - In the first half of 2025, Yuegui's mining sector generated revenue of 538 million yuan, accounting for 39.6% of the company's total revenue [1][2]. - The company has maintained strong profitability, with net profit increasing for eight consecutive quarters since Q4 2023 [1][5]. - For the first three quarters of 2025, the projected net profit is between 420 million and 470 million yuan, representing a year-on-year growth of 86.87% to 109.11% [5]. Group 3: Business Diversification - Yuegui operates in various sectors, including sugar production, paper manufacturing, and chemical industries, with mining being its primary revenue source [1][4]. - The company is also focusing on extending its industrial chain, particularly in the sulfur iron mining sector, to enhance profitability [2][4].

"这次矿业大会为借鉴中国现代化矿业模式提供了宝贵的契机，有助于我们在矿产勘探、地质测绘、加 工技术等关键领域交流经验、深化合作，以推动包容性和可持续性的工业化进程。"昨日，在2025中国 国际矿业大会上，南非矿产与石油资源部副部长普米齐勒·姆格西纳说。 他表示，一个世纪多以来，南非乃至整个非洲大陆一直是全球重要的矿产资源供应地，但却未能充分开 发这片土地所蕴含的丰富自然资源，南非沿海地区开采的矿产大多仍然需要出口才能够得以加工，导致 大量资源的价值无法得到充分释放和开发。 "在矿业大会非洲专场活动中，我们着重强调了中非合作推进矿业可持续发展的重要性。我们视中国为 全球矿产价值链中再平衡的重要合作伙伴。中国在矿业现代化、基础设施投资和技术进步方面的经验为 双方合作奠定了坚实基础。"普米齐勒·姆格西纳说，"秉持着此次矿业大会主题，我们致力于共同建设 和共享南非的矿产资源。特别欢迎中国矿业公司在南非不断扩大规模。期待通过建立伙伴关系，在生产 环节实现价值增值，强化技能传承，推动矿业领域实现可持续发展与包容性增长。" （来源：天津日报） 转自：天津日报 ...

格隆汇10月24日｜标普/澳交所200指数上涨0.1%至9,046.10，追随隔夜华尔街股市走势。Pilbara Minerals 是表现最佳的公司之一，该公司公布季度产量超出预期。该股一度上涨6.4%至2024年11月以来的最高 水平。新西兰S&P/NZX 50指数上涨0.2%至13,401.21点。 ...

Core Insights - The 2025 China International Mining Conference highlighted significant advancements in China's mineral resource policies and investments, with a focus on sustainable development and international cooperation [1][4] Investment and Economic Impact - In 2024, China's geological exploration investment reached 115.994 billion yuan, marking four consecutive years of growth, with a cumulative investment of nearly 450 billion yuan since the 14th Five-Year Plan [1] - Fixed asset investment in the mining industry continued to grow, increasing by 10.5% compared to the previous year, contributing to the stability of global supply chains [2] Mineral Resource Discoveries - The new round of mineral exploration strategies has led to significant breakthroughs, with 150 new mineral sites discovered in 2024, including 49 large, 54 medium, and 47 small sites [2] - Major discoveries include ordinary fluorite, lithium, gold, and iron ore, indicating a substantial increase in resource availability [2] Green Development Initiatives - China is implementing comprehensive green exploration practices and promoting the construction of green mines, with the introduction of 125 mineral "three rates" standards [3] - Efforts are being made to restore ecological conditions in mining areas and improve the surrounding environment through legal frameworks and monitoring systems [3] Technological Innovation - In 2024, China released 10 national standards and 85 industry standards in the mineral resources sector, focusing on technological innovation to enhance resource security [3] International Cooperation - China is enhancing international cooperation in the mining sector, fostering relationships with energy resource countries and international organizations through platforms like the China International Mining Conference [4]

Core Insights - The 27th China International Mining Conference opened in Tianjin on October 23, 2023, with the theme "Mutual Integration, Co-Building, and Shared Benefits" [1] - The conference features over 40 forums and promotional activities, with the exhibition scale setting a record since its inception [1] - Attendees include mining authorities from 24 countries, diplomats, over 500 enterprises from 42 countries, and nearly 10,000 professionals [1] Industry Trends - The global mining industry is undergoing a critical transformation due to rapid technological advancements and industrial changes, alongside an accelerated energy transition [1] - There is a growing demand for mineral resources driven by emerging industries [1] Initiatives and Proposals - China's Ministry of Natural Resources proposed three key initiatives: 1. Build an innovative ecosystem to provide new momentum for mining development, promoting the application of emerging technologies and accelerating digital transformation for efficient, intelligent, and sustainable mining [1] 2. Share development outcomes to create new models for mining development, encouraging enterprises to extend the mineral product processing industry chain and enhance ecological restoration efforts [1] 3. Co-create an open framework to provide new opportunities for mining development, advocating for the alignment of mining policies, industry standards, and technical specifications among countries [1] International Cooperation - The South African Deputy Minister of Mineral Resources and Energy highlighted the need for better resource value realization and local benefits from mining, indicating that the conference serves as a platform for South Africa to learn from China's modern mining model [2] - The collaboration aims to deepen exchanges in mineral exploration, geological mapping, and processing technologies, promoting inclusive and sustainable industrialization [2]

刘敏表示，当前全球资源竞争加剧，产业链供应链风险上升，矿业安全与合作意义重大。"矿业是国家 经济与工业的'压舱石'、是经济稳定运行的命脉、是科技产业创新领先的'维生素'。谁控制了关键矿产 资源，谁就在全球产业链中拥有更大的话语权和资产定价权。"中国作为制造业大国，构建自主可控的 全球矿产资源供应链是维护国家主权和经济安全的必然要求。 他特别介绍，香港在推动矿业发展中扮演的四大角色：全球矿业资本配置中心、矿业企业"引进来、走 出去"的双向桥梁、大宗商品价格风险管理中心，以及连接中国与世界的黄金交易和定价枢纽。近期提 出的建立香港国际黄金交易市场，将使其在中国矿业发展和对外矿业合作中发挥独特功能。 天津北方网讯：10月23日，2025（第二十七届）中国国际矿业大会在天津梅江会展中心举办。在主题论 坛环节，中银国际控股有限公司董事长刘敏围绕大会主题"互融互通、共建共享"发表演讲，分享了对全 球矿业合作与金融支持的见解。 面对日趋复杂的世界形势，矿业发展与合作更需要多元化、综合化、专业化的金融服务，刘敏表示，中 银国际将继续发挥专业优势，协助矿业企业把握机遇、应对挑战，依托中银集团的全球化优势，促进全 球矿业可持续发 ...

Core Points - The 27th China International Mining Conference is being held in Tianjin, focusing on the theme "Mutual Integration, Co-construction, and Sharing" [2][4][7] - The conference features multiple exhibition areas covering the entire mining industry chain, including smart mining, geological survey/mining exploration equipment, heavy machinery, and supporting components [5][9][11] Group 1 - The event showcases advanced technologies such as hybrid wide-body mining trucks and intelligent inspection robots for flood control tunnels [4][7] - Attendees are introduced to fully electric unmanned mining vehicles, highlighting the industry's shift towards automation and sustainability [9][12] - The conference aims to promote collaboration and innovation within the mining sector, emphasizing the importance of shared resources and knowledge [2][14]