证券日报网讯宝地矿业（601121）10月23日在互动平台回答投资者提问时表示，新矿集团是宝地矿业的 控股股东，本次拟参与认购募集配套资金是基于对宝地矿业的支持和看好宝地矿业未来发展作出的决 策。目前金源矿冶暂未参与公司募集配套资金事宜。 ...

美乌两国签署的矿产开发协议，被白宫描绘成打破东方垄断、重塑全球资源版图的妙手，然而这盘棋真 的有那么神吗？ «——【·千亿稀土成美乌对赌筹码·】——» 全球稀土供应链正被一场政策变动搅动得暗流涌动。2025年4月，中国商务部与海关总署联合发布公 告，对钐、钆等七类中重稀土物项实施出口管制。这记重拳落地，让长期依赖外部供应的美国彻底慌了 神。 «——【·前言·】——» 在全球稀土供应链因中国收紧出口而日益紧张的牌桌上，特朗普似乎打出了一张出人意料的"乌克兰 牌"。 特朗普迅速抛出一张"乌克兰牌"。他在白宫直言，希望乌克兰用稀土矿产换取美国援助。紧接着，美国 财政部长贝森特火速出访基辅，游说乌方开放矿产开采权，甚至提出要拿下50%稀土矿所有权的苛刻条 件。白宫将这波操作包装成"重塑全球资源版图"的神来之笔，仿佛乌克兰稀土能瞬间打破东方垄断。 2025年2月，泽连斯基主动喊话，宣称矿产协议必须捆绑美国安全保障，甚至放话要自建"北约"。这场 交易从一开始就不是平等合作，更像一场各怀鬼胎的政治对赌。 «——【·前总理泼冷水·】——» 乌克兰前总理阿扎罗夫的发声，给这场火热交易浇了盆冷水。这位熟悉乌资源家底的前政要直言， ...

（来源：科创100ETF基金） 港股开盘，恒生指数低开0.25%，恒生科技指数低开0.68%。矿业股低开，紫金黄金国际低开1.68%，紫 金矿业（601899）低开1.82%。 来源：市场资讯 ...

Core Viewpoint - Vale's third-quarter production and sales report indicates strong operational performance, with iron ore, copper, and nickel businesses progressing towards the upper end of the 2025 production guidance range [1] Group 1: Iron Ore Performance - Iron ore production reached the highest level since 2018, totaling 94.4 million tons, an increase of 3.4 million tons year-on-year, representing a growth of 4% [1] - Iron ore sales amounted to 86 million tons, up by 4.2 million tons year-on-year, reflecting a growth of 5% [1] - The improvement in pricing was primarily driven by an increase in iron ore fines premium, which rose by $1.8 per ton quarter-on-quarter [1] - Pellet production totaled 8 million tons, a decrease of 2.4 million tons year-on-year, representing a decline of 23% [1] Group 2: Copper and Nickel Performance - The Salobo and other operational areas achieved year-on-year growth in copper and nickel production [1] - The performance of polymetallic assets remained robust, laying a solid foundation for production growth in subsequent quarters [1]

Core Viewpoint - China International Capital Corporation reports that Minmetals Resources is expected to see copper and zinc production increase by 11% and 26% respectively in Q3 2025 compared to the same period last year, driven by strong performance from the Las Bambas, Kinsevere, and Dugald River mines [1] Group 1 - The company has raised its annual copper production guidance for the Las Bambas mine to 400,000 tons due to stable operations this year [1] - The production level is expected to be maintained over the next two years [1] - The earnings forecast for Minmetals Resources for 2026 to 2027 has been increased by 7%, with the target price raised from HKD 8.41 to HKD 8.63, maintaining a "buy" rating [1]

Core Viewpoint - The stock of China Aluminum International (2068.HK) surged over 30% yesterday but experienced a significant pullback today, dropping more than 16% to HKD 2.71, following reports of a potential asset-for-equity swap with mining giant Rio Tinto [1] Group 1: Company Developments - Media reports indicate that Rio Tinto is considering an asset-for-equity swap with China Aluminum Group to reduce the 11% stake held by the Chinese investor [1] - The swap would allow China Aluminum Group to exchange part of its holdings for a partnership involving some of Rio Tinto's mining assets [1] - Potential assets of interest for China Aluminum Group include the Simandou iron ore project in Guinea and the Oyu Tolgoi copper mine in Mongolia, as well as Rio Tinto's titanium business [1]

1. Report Industry Investment Rating - Not provided in the content 2. Core View of the Report - The supply - side support for iron ore continues to weaken, while domestic demand remains at a high level and supports the price. Although the overall supply - demand contradiction of iron ore is weak, the pressure of profit contraction in the industrial chain and the structural contradiction of finished product inventory limit the upward price. With high domestic hot - metal production, the price has support. Based on the current port clearance and arrival levels, the pressure of port inventory accumulation in October is not large, and there is a possibility of price rebound if market sentiment improves. The price of iron ore will oscillate within a certain range [3][4][5] 3. Summary by Related Catalogs Market Environment - The iron ore price continued its narrow - range oscillation yesterday, and short - term attention should be paid to macro - incremental drivers. The market expects the US federal government to end the shutdown this week, and with the approaching APEC meeting at the end of the month, Sino - US trade relations are expected to ease. The 14th Five - Year Plan will be announced today, and the market has positive expectations for domestic macro - policy directions. The sentiment of the black series is still weak, and the inventory pressure of finished products and the low level of steel mill profits suppress the sector's valuation [3] Supply - The shipment of foreign mines increased slightly on a month - on - month basis, with the shipment increases of Rio Tinto and FMG in Australia being relatively significant, while the shipment from Brazil was relatively stable. After reaching a new high this year, the arrival volume returned to the median level, and overall, the supply - side support continued to weaken [3] Demand - Domestic demand continued to decline on a month - on - month basis but remained at a high level, still supporting the iron ore price. Blast furnace overhauls mainly occurred in Hebei, Shanxi, Jiangsu, and Shandong. In Hebei, it was mainly due to insufficient sinter supply, while in other regions, it was due to poor finished product sales and weakening profits. The daily average hot - metal output in this period was 240.95 tons (month - on - month - 0.59), basically the same as the average level in August (240.5). Overall, the blast furnace operating rate and profitability remained relatively high, and high demand still supported the iron ore price [4] Inventory - The inventory level at steel mills decreased slightly on a month - on - month basis, and the daily consumption of imported ore by steel mills declined due to production cuts. Steel mills are about to enter the seasonal inventory accumulation stage. Due to the arrival volume being at a high level in the same period, port inventory continued to accumulate on a month - on - month basis [4] Price - The price will oscillate within a range. The main contract of Dalian iron ore will be in the range of 760 - 800 yuan/ton, corresponding to an overseas price of about 103 - 107 US dollars/ton [5] Strategy - Conduct range operations and use covered call options [6]

中铝国际董事长李宜华近日在接受上海证券报记者专访时表示，中铝国际拥有全球服务的能力，其海外 经验和业绩都十分丰富。据介绍，公司已拥有14家境外机构，建立了海外重点市场6个大区域，基本实 现了覆盖全球的属地化海外经营，向印度尼西亚、意大利、几内亚等几十个国家和地区输出了技术、设 备，与40多个国家和地区的企业、科研机构、大学建立了合作关系。 消息面上，据华尔街见闻引述媒体报道，力拓集团正在探索与中国铝业（601600）集团有限公司进行资 产换股权的可能性。报道称，中铝集团将用其部分持股，换取力拓部分矿业资产的合作关系。互换可以 让力拓更果断地配置资本并进行并购。中铝集团可能感兴趣的资产包括几内亚的西芒杜铁矿石项目和蒙 古国的奥尤陶勒盖铜矿。另一项可能的交换可能包括力拓的钛业务。 中铝国际（601068）(02068)昨日暴涨30%，今日早盘回落逾10%，截至发稿，跌7.69%，报3港元，成交 额1.46亿港元。 ...

Group 1: Macro and Strategy - The "14th Five-Year Plan" period saw a compound annual growth rate (CAGR) of 5.4% in China's economy, which helps alleviate growth pressure for the "15th Five-Year Plan" [5] - The focus of the "15th Five-Year Plan" will be on transforming the growth model from GDP-driven to a three-pronged approach of actual GDP, inflation, and exchange rates [5] - The three key lines of economic growth during the "15th Five-Year Plan" include promoting structural transformation through new productive forces, addressing supply-demand imbalances through "anti-involution" policies, and implementing market-oriented reforms for resource allocation [6] Group 2: Company Analysis - Zijin Mining (601899.SH) - Zijin Mining reported a revenue of 254.2 billion yuan for the first three quarters, a year-on-year increase of 10.33%, and a net profit attributable to shareholders of 37.864 billion yuan, up 55.45% year-on-year [11] - In Q3 alone, the company achieved a revenue of 86.489 billion yuan, a year-on-year increase of 8.14%, and a net profit of 14.572 billion yuan, up 57.14% year-on-year [11] - The company’s gold production reached 64.95 tons in the first three quarters, a year-on-year increase of 19.68%, while copper production was 829,900 tons, up 5.12% year-on-year [12][13] Group 3: Company Analysis - Fuyao Glass (600660.SH) - Fuyao Glass reported a revenue of 33.3 billion yuan for the first three quarters, a year-on-year increase of 18%, and a net profit of 7.1 billion yuan, up 29% year-on-year [16] - In Q3, the company achieved a revenue of 11.9 billion yuan, a year-on-year increase of 19%, and a net profit of 2.3 billion yuan, up 14% year-on-year [16] - The company is focusing on technological advancements in automotive glass, with products like smart panoramic sunroofs and adjustable glass, which are expected to drive growth in the coming years [17]

Core Viewpoint - The China Mining Rights Appraisal Association (CMRAA) has officially joined the Committee for Mineral Reserves International Reporting Standards (CRIRSCO), marking a significant step for China's participation in the international standardization of mining technology [1] Group 1: Membership and Significance - CMRAA is the only Chinese representative to join CRIRSCO, and its membership was unanimously approved by all member organizations of CRIRSCO on October 16 [1] - This membership is seen as a milestone for China's proactive involvement in the formulation of international mining technology standards [1] Group 2: Implications for the Mining Industry - The implementation of the Solid Mineral Resource Reserve Reporting Rules (CAMRA Code) in China will facilitate the international alignment of mining technology standards [1] - This alignment is expected to pave the way for Chinese mining companies in cross-border mergers and acquisitions, as well as their entry into international capital markets [1] - The move is strategically significant for promoting the development of China's mining economy and ensuring national energy resource security [1]