Core Viewpoint - Shengda Resources (000603) announced the resumption of construction at its subsidiary's mining site following an accident that occurred on September 11, 2025, which did not significantly impact the company's operational performance or the timeline for the mining project [1]. Group 1: Incident Details - On September 11, 2025, a roof collapse accident occurred at the construction site of the subsidiary Dongsheng Mining, involving the contractor Zhejiang Zhongye Project Department [1]. - Following the accident, Dongsheng Mining conducted a thorough inspection and rectification of potential hazards as per the requirements of the regulatory authorities [1]. Group 2: Resumption of Operations - On October 20, 2025, Dongsheng Mining received approval from the Emergency Management Bureau and the People's Government of Keshiketeng Banner to resume operations at the Bayan Ula polymetallic mine, which has a mining capacity of 250,000 tons per year [1]. - The accident did not have a significant impact on the timeline for the completion and production of the mining project [1].

Core Viewpoint - Dongsheng Mining has received approval for the resumption of its non-coal mining operations in Keshiketeng Banner, indicating a positive development for the company and its mining projects [1] Company Summary - Dongsheng Mining's Bayan Ula Silver Polymetallic Mine project has been approved to resume operations with a production capacity of 250,000 tons per year [1] - The company indirectly holds shares in Dongsheng Mining through its subsidiary Inner Mongolia Yindu Mining Co., Ltd [1] - The mining operations include various minerals such as silver, lead, zinc, gold, gallium, arsenic, and pyrite [1] Industry Summary - The approval from the Keshiketeng Banner Emergency Management Bureau and the People's Government reflects a supportive regulatory environment for mining operations in the region [1] - The ongoing construction work at the mine indicates a commitment to developing mining infrastructure, which may enhance the local mining industry's productivity [1]

Core Viewpoint - Citigroup's report indicates that Zijin Mining's net income for the first nine months totaled 37.9 billion, representing a year-on-year growth of 55%, while recurring net profit reached 34.1 billion, up 44% year-on-year [1] Financial Performance - In the third quarter, Zijin Mining reported a net profit of 14.6 billion, reflecting a year-on-year increase of 57% and a quarter-on-quarter growth of 11%, surpassing Citigroup's estimates primarily due to fair value changes [1] - The updated earnings forecasts for Zijin Mining for the fiscal years 2025 to 2027 have been raised by Citigroup to 18%, 37%, and 23%, resulting in projected profits of 51 billion, 63.5 billion, and 68.6 billion respectively, driven by upward revisions in copper and gold price forecasts as well as gold sales volume [1] Target Price Adjustments - Citigroup has revised its target price for Zijin Mining's H-shares from 26.3 HKD to 39 HKD and for A-shares from 23.9 CNY to 35.5 CNY, maintaining a "Buy" rating and initiating a 90-day positive catalyst observation [1]

花旗发表研报指，紫金矿业首九个月净收入总计379亿元，按年增长55%，经常性净利润总计341亿元， 按年增长44%。今年第三季净利润为146亿元，按年增长57%及按季增长11%，高于该行预估，主要因公 允价值变动收益。 花旗更新对紫金矿业模型，将H股目标价从26.3港元上调至39港元，A股目标价从23.9元上调至35.5元， 同维持"买入"评级，并开启90天正面催化剂观察。花旗将紫金矿业2025至2027财年各年盈利预测分别上 调至18%、37%、23%，至510亿、635亿及686亿元，因铜及金价格预测上调及金销售量预测上调。 ...

瑞银发表报告指，紫金矿业第三季净利润146亿元，按年增57%；经常性利润125亿元，按年增50%。核 心盈利基本符合市场预期，而非经常性收益则超出市场预期。瑞银预期投资者对紫金业绩反应正面，评 级"买入"，目标价为47.4港元。 ...

Core Viewpoint - The article discusses a significant environmental lawsuit in Zambia, where over 100 residents are demanding $80 billion in compensation from two Chinese mining companies, a claim that is unprecedented in the global mining industry and equivalent to three years of Zambia's GDP [4][6][20]. Group 1: Background of the Incident - The lawsuit stems from a tailings dam collapse at the Chambishi Copper Mine on February 18, which released millions of tons of toxic waste into the Kafue River, a vital water source for approximately 60% of Zambia's population [7][9]. - The Chinese companies involved, Sino Metals Leach Zambia and NFC Africa Mining, are subsidiaries of China Nonferrous Mining Corporation, which has been deeply involved in Zambia's mining sector since the late 1990s [14][16]. Group 2: Legal and Financial Implications - The $80 billion claim is not only the largest in Zambia's history but also far exceeds the previous record for mining compensation, which was $23 billion related to the Brumadinho dam disaster in Brazil [6][20]. - The Chinese companies have responded by stating that the claims lack legal basis and have engaged local legal teams to protect their rights [12][20]. Group 3: Broader Context and Challenges - Zambia's mining sector faces numerous challenges, including a lack of skilled labor and issues with illegal mining activities, which complicate the operational environment for foreign investors [22][24]. - The incident highlights the risks associated with overseas investments by Chinese mining companies, as they may be perceived as resource exploiters, potentially damaging their reputation and trust in international markets [25][27].

Core Viewpoint - Goldman Sachs reports that Zijin Mining's net profit for Q3 reached 14.6 billion yuan, with earnings per share of 0.548 yuan, representing a 57% year-on-year increase [1] Financial Performance - The recurring net profit for the first three quarters amounted to 34.7 billion yuan, which is equivalent to 69% of Goldman Sachs' forecast for the entire year of 2025 and 73% of market expectations [1] - The recurring performance is largely in line with both Goldman Sachs' and market expectations [1] Earnings Forecast - Based on the global commodities team's revised forecasts for copper and gold prices, along with the impact of the spin-off of Zijin Gold International and the recent acquisition of RG Gold Mine, Zijin Mining's earnings forecasts for the fiscal years 2025 to 2027 have been raised by 1% to 26% [1] - It is anticipated that Zijin Mining will maintain strong profit growth momentum from 2025 to 2026, achieving an approximate 50% annual compound growth rate, primarily benefiting from rising gold and copper prices as well as increased production [1] Target Price Adjustment - The target price for Zijin Mining's H-shares has been raised from 30 HKD to 37.5 HKD, while the target price for A-shares has been increased from 31 CNY to 37.5 CNY, with a maintained "buy" rating [1]

连续三个季度净利超百亿 紫金矿业的经营业绩再创历史新高。 长江商报消息 ●长江商报记者 沈右荣 全球黄金价格仍然在顽强上涨，站上了4300美元/盎司，"矿茅"紫金矿业（601899.SH，02899.HK）赚嗨 了。 2025年10月17日晚，紫金矿业披露了2025年三季度报告。前三季度，公司实现营业收入超过12500亿 元，同比增长逾10%；归母净利润约379亿元，同比增长幅度超过50%。其中，第三季度，归母净利润 约146亿元。 长江商报记者发现，前三季度，紫金矿业实现的归母净利润已经超过2024年全年水平，日均盈利数达到 惊人的1.4亿元。 矿产金产量增加，金价大涨是紫金矿业前三季度利润增长的重要引擎。前三季度，公司矿产金产量65 吨，同比增长20%。 紫金矿业的经营现金流大幅回流。2025年前三季度，公司经营现金流净额为521.07亿元，同比增长 48.62%。与之对应的是，公司资产负债率进一步至53.01%，较上年末下降2.18个百分点。 持续并购扩张，紫金矿业的资产规模持续扩大。截至2025年9月底，公司总资产达4830.08亿元，较2024 年末增加863.97亿元。 根据最新披露的2025年三 ...

持续上涨后，波动加剧 股指周报 2025/10/18 0755-23375128 jiangwb@wkqh.cn 从业资格号：F3048844 交易咨询号：Z0017196 蒋文斌（宏观金融组） 目录 06 估值 周度评估及策略推荐 周度评估及策略推荐 重要消息：1、北京时间10月18日上午，国务院副总理何立峰与美方牵头人、美国财政部长贝森特和贸易代表格里尔举行视频通话，双方同 意尽快举行新一轮中美经贸磋商；2、工信部：到2027年实现城域算力1毫秒时延圈覆盖率不低于70% 打造高品质毫秒入算底座；3、寒武纪 第三季度营收为17.27亿元，同比增长1332.52%；净利润为5.67亿元。紫金矿业：前三季度归母净利润同比增长55%；4、摩根大通宣布未来 十年将为美国稀土、AI、能源、机器人等关键产业提供高达1.5万亿美元融资与项目支持；这项计划的出台恰逢美国政府到处入股关键产业 公司的节点。 经济与企业盈利：1、国家统计局：8月份规模以上工业增加值同比实际增长5.2%，2025年1—7月份全国固定资产投资增长0.5%，7月份社会 消费品零售总额同比增长3.4%，增速延续回落态势；2、中国9月官方制造业PMI为4 ...

Report Industry Investment Rating - No relevant information provided Core View - The domestic zinc ore apparent inventory has been depleted again, the domestic TC of zinc concentrate has declined again, and the growth rate of imported TC of zinc concentrate has slowed down. The total domestic zinc ingot inventory has increased, and the monthly spread of SHFE zinc has remained low; the registered warrants of LME zinc overseas have remained low, and the monthly spread of LME zinc has been high. After the zinc ingot export window opened, the SHFE-LME ratio stabilized. It is expected that SHFE zinc will operate weakly in the short term [11]. Summary by Directory 1. Weekly Assessment - Price Review: On Friday, the SHFE zinc index closed down 0.59% at 21,836 yuan/ton, with a total unilateral trading position of 229,300 lots. As of 15:00 on Friday afternoon, LME zinc 3S fell 6.5 to $2,948/ton compared with the same period of the previous day, with a total position of 224,600 lots. The average price of SMM 0 zinc ingots was 21,850 yuan/ton, with a basis of -45 yuan/ton in Shanghai, -35 yuan/ton in Tianjin, -105 yuan/ton in Guangdong, and a price difference of 60 yuan/ton between Shanghai and Guangdong [11]. - Domestic Structure: According to Shanghai Nonferrous Metals data, the domestic social inventory of zinc ingots increased slightly to 162,700 tons. The futures inventory of zinc ingots on the SHFE was 67,300 tons, the basis in the Shanghai area of the domestic market was -45 yuan/ton, and the spread between the continuous contract and the first continuous contract was -15 yuan/ton. Overseas Structure: The LME zinc ingot inventory was 38,300 tons, and the LME zinc ingot cancelled warrants were 13,900 tons. The basis of the cash-3S contract in the overseas market was $137.2/ton, and the 3-15 spread was $69.99/ton. Cross-market Structure: After excluding exchange rates, the SHFE-LME ratio on the disk was 1.043, and the import profit and loss of zinc ingots was -4,529.7 yuan/ton [11]. - Industrial Data: The domestic TC of zinc concentrate was 3,400 yuan/metal ton, and the imported TC index was $119/dry ton. The port inventory of zinc concentrate was 277,000 physical tons, and the factory inventory of zinc concentrate was 614,000 physical tons. The weekly operating rate of galvanized structural parts was 58.05%, with a raw material inventory of 14,000 tons and a finished product inventory of 367,000 tons. The weekly operating rate of die-cast zinc alloy was 54.63%, with a raw material inventory of 13,000 tons and a finished product inventory of 10,000 tons. The weekly operating rate of zinc oxide was 57.13%, with a raw material inventory of 3,000 tons and a finished product inventory of 5,000 tons [11]. 2. Macroeconomic Analysis - The report presents multiple charts related to the US fiscal and debt situation, the Fed's balance sheet, dollar liquidity, manufacturing PMIs in China and the US, and new and unfilled orders in the US manufacturing and non-ferrous metals industries, but does not provide specific text analysis [14][16][19][20]. 3. Supply Analysis - Zinc Ore Supply: In September 2025, the zinc ore output was 314,500 metal tons, a year-on-year change of -10.0% and a month-on-month change of -8.8%. From January to September, the total zinc ore output was 2,739,800 metal tons, a cumulative year-on-year change of -3.5%. In August 2025, the net import of zinc ore was 467,300 dry tons, a year-on-year change of 30.8% and a month-on-month change of -6.5%. From January to August, the cumulative net import of zinc ore was 3,501,500 dry tons, a cumulative year-on-year change of 43.9%. In August 2025, the total domestic zinc ore supply was 555,100 metal tons, a year-on-year change of 6.4% and a month-on-month change of -2.9%. From January to August, the cumulative domestic zinc ore supply was 4,001,000 metal tons, a cumulative year-on-year change of 11.6% [25][27]. - Zinc Ingot Supply: In September 2025, the zinc ingot output was 600,100 tons, a year-on-year change of 20.2% and a month-on-month change of -4.2%. From January to September, the total zinc ingot output was 5,069,100 tons, a cumulative year-on-year change of 8.9%. In August 2025, the net import of zinc ingots was 27,900 tons, a year-on-year change of -2.0% and a month-on-month change of 37.2%. From January to August, the cumulative net import of zinc ingots was 244,300 tons, a cumulative year-on-year change of -13.8%. In August 2025, the total domestic zinc ingot supply was 654,100 tons, a year-on-year change of 27.1% and a month-on-month change of 5.0%. From January to August, the cumulative domestic zinc ingot supply was 4,713,300 tons, a cumulative year-on-year change of 6.1% [33][35]. 4. Demand Analysis - Initial Demand: The weekly operating rate of galvanized structural parts was 58.05%, with a raw material inventory of 14,000 tons and a finished product inventory of 367,000 tons. The weekly operating rate of die-cast zinc alloy was 54.63%, with a raw material inventory of 13,000 tons and a finished product inventory of 10,000 tons. The weekly operating rate of zinc oxide was 57.13%, with a raw material inventory of 3,000 tons and a finished product inventory of 5,000 tons [39]. - Apparent Demand: In August 2025, the domestic apparent demand for zinc ingots was 599,600 tons, a year-on-year change of 9.8% and a month-on-month change of 0.6%. From January to August, the cumulative domestic apparent demand for zinc ingots was 4,570,700 tons, a cumulative year-on-year change of 4.1% [41]. 5. Supply-Demand Inventory - Domestic Zinc Ingot Supply-Demand Balance: In August 2025, the domestic zinc ingot supply-demand difference was a surplus of 54,400 tons. From January to August, the cumulative domestic zinc ingot supply-demand difference was a surplus of 142,600 tons [52]. - Overseas Refined Zinc Supply-Demand Balance: In July 2025, the overseas refined zinc supply-demand difference was a surplus of 3,000 tons. From January to July, the cumulative overseas refined zinc supply-demand difference was a surplus of 28,200 tons [55]. 6. Price Outlook - Domestic Structure: According to Shanghai Nonferrous Metals data, the domestic social inventory of zinc ingots increased slightly to 162,700 tons. The futures inventory of zinc ingots on the SHFE was 67,300 tons, the basis in the Shanghai area of the domestic market was -45 yuan/ton, and the spread between the continuous contract and the first continuous contract was -15 yuan/ton [60]. - Overseas Structure: The LME zinc ingot inventory was 38,300 tons, and the LME zinc ingot cancelled warrants were 13,900 tons. The basis of the cash-3S contract in the overseas market was $137.2/ton, and the 3-15 spread was $69.99/ton [63]. - Cross-market Structure: After excluding exchange rates, the SHFE-LME ratio on the disk was 1.043, and the import profit and loss of zinc ingots was -4,529.7 yuan/ton [64]. - Position Analysis: The net position of the top 20 holders of SHFE zinc has turned slightly net short, the net long position of investment funds in LME zinc has increased, and the net short position of commercial enterprises has decreased. From a position perspective, it is neutral in the short term [67].