Core Viewpoint - The company, Minmetals Resources (01208), has announced plans to change its independent auditor from Deloitte to Ernst & Young to enhance audit independence and objectivity, following a competitive bidding process [1] Group 1: Auditor Change - The company has been employing Deloitte as its auditor since 2016 and has decided to replace them to ensure better audit independence and objectivity [1] - Deloitte will cease to be the company's auditor after the annual general meeting scheduled for May 28, 2026 [1] - The decision to appoint Ernst & Young as the new auditor is based on a comprehensive evaluation of various factors, including independence, professional capability, service quality, risk management, compliance, and audit fees [1] Group 2: Compliance and Procedures - The company has conducted a public competitive bidding process for the selection of the independent auditor in accordance with the regulations set by the State-owned Assets Supervision and Administration Commission [1] - The board of directors, upon the recommendation of the company's audit and risk management committee, has resolved to appoint Ernst & Young, pending approval from shareholders at the upcoming annual general meeting [1]

Core Viewpoint - China General Nuclear Power Corporation (CGN) Mining reported a production of 644.3 tons of natural uranium in Q3 2025, achieving a completion rate of 96.5% of its quarterly plan [1] Group 1: Production Details - The joint venture in Kazakhstan, Semizbay-U LLP, produced 184.5 tons of natural uranium, while another joint venture, Ortalyk LLP, produced 459.7 tons [1] - The total natural uranium held by the company as of September 30, 2025, is 1,454 tons (approximately 3.78 million pounds of U3O8) [1] Group 2: Financial Metrics - The weighted average cost of the natural uranium held by the company is $71.8 per pound of U3O8 [1] - The company has signed but not yet delivered contracts for 3,965 tons of natural uranium (approximately 10.31 million pounds of U3O8), with a weighted average selling price of $81.40 per pound of U3O8 [1]

Core Viewpoint - China General Nuclear Power Corporation (CGN) Mining reported a production of 644.3 tons of natural uranium in Q3 2025, achieving a completion rate of 96.5% for the quarter [1] Group 1: Production Details - The joint venture Semizbay-U LLP, in which CGN holds a 49% stake, produced 184.5 tons of natural uranium [1] - The other joint venture, Ortalyk LLP, also with a 49% stake, produced 459.7 tons of natural uranium [1] Group 2: Uranium Holdings and Sales - As of September 30, 2025, CGN holds a total of 1,454 tons of natural uranium, equivalent to approximately 3.78 million pounds of U3O8, with a weighted average cost of $71.8 per pound of U3O8 [1] - The company has signed contracts for an undelivered quantity of 3,965 tons of natural uranium, which is about 10.31 million pounds of U3O8, at a weighted average selling price of $81.40 per pound of U3O8 [1]

Investment Rating - The report maintains a "Buy" rating for the company [2] Core Insights - The company reported a record high performance for Q3 2025, with revenue of 254.2 billion yuan (up 10.3% year-on-year) and a net profit of 37.86 billion yuan (up 55.4% year-on-year) [7] - The increase in revenue and profit is attributed to rising prices and production growth, particularly in gold and copper [7] - The report anticipates continued growth in net profit for 2025-2027, projecting 51.2 billion yuan, 63.2 billion yuan, and 72.1 billion yuan respectively, with corresponding PE ratios of 15, 13, and 11 [7] Financial Data and Profit Forecast - Total revenue for 2025 is estimated at 352.375 billion yuan, with a year-on-year growth rate of 16.1% [6] - The company expects a gross profit margin of 24.7% for 2025, increasing to 31.8% by 2027 [6] - The return on equity (ROE) is projected to be 28.6% in 2025, decreasing slightly to 25.8% by 2027 [6] Production and Cost Analysis - For Q1-Q3 2025, copper production reached 830,000 tons (up 5% year-on-year) and gold production was 65 tons (up 20% year-on-year) [7] - The average cost of gold production in Q3 2025 was 280 yuan per gram, while copper was 25,400 yuan per ton [7] - The report highlights ongoing construction projects aimed at increasing copper and gold production capacity [7] Market Comparison - The company's stock closed at 29.75 yuan on October 20, 2025, with a market capitalization of 612.491 billion yuan [2] - The stock has shown a significant performance compared to the market, with a one-year high of 32.65 yuan and a low of 15.00 yuan [2]

1. Report Industry Investment Rating The provided content does not mention the industry investment rating. 2. Core Views of the Report - The change in the Sino - US trade relationship has eased, risk appetite has recovered, and non - ferrous metals have slightly recovered. Due to fundamental differences, non - ferrous metal trends are somewhat differentiated, with copper remaining significantly stronger [11]. - China's economic data shows that the economy has both resilience and pressure. The real - estate related areas continue to show pressure, while the manufacturing industry performs well [11]. - The report provides investment suggestions for various non - ferrous metals based on their supply - demand fundamentals, price trends, and macro - economic factors [3][4][5][6][7][8]. 3. Summary by Directory 3.1 First Part: Non - ferrous Metals Operation Logic and Investment Suggestions - **Macro Logic**: Sino - US trade relations have eased, risk appetite has risen, and non - ferrous metals have slightly recovered. Copper is relatively strong. China's economic data shows mixed results in different sectors [11]. - **Investment Suggestions for Each Metal** - **Copper**: Try to gradually go long on Shanghai copper at low prices. The short - term upper pressure range is 89,000 - 90,000 yuan/ton, and the lower support range is 83,000 - 84,000 yuan/ton. Consider selling near - month slightly out - of - the - money put options [3][13]. - **Zinc**: Temporarily wait and see the technical support. If it holds, consider a bull spread or sell out - of - the - money put options. The upper pressure is around 22,500 - 22,600, and the lower support is around 21,700 - 21,800 [4][13]. - **Aluminum Industry Chain**: Temporarily wait and see the pressure at the integer - level. Buy out - of - the - money options for protection. For alumina, adopt a bearish approach and buy out - of - the - money call options for protection. For recycled aluminum alloy, wait and see and buy out - of - the - money put options for protection [5][14]. - **Tin**: Add short positions moderately at high prices. The upper pressure range is 290,000 - 300,000, and the lower support range is 260,000 - 270,000. Consider buying out - of - the - money put options [6][14]. - **Lead**: Continue to consider the option double - selling strategy in a wider range. The short - term lower support is 16,700 - 16,800, and the upper pressure is 17,000 - 17,200 [7]. - **Nickel and Stainless Steel**: For nickel, be slightly bullish at low prices. The upper pressure is 125,000 - 128,000 yuan, and the lower support is 118,000 - 120,000 yuan. For stainless steel, it continues to fluctuate weakly in a range. The support is 12,500 - 12,600, and the upper pressure is 13,000 - 13,200 [8][15]. 3.2 Second Part: Non - ferrous Metals Market Review - The report provides the closing prices and price changes of various non - ferrous metals, such as copper closing at 85,380 with a 1.17% increase, zinc at 21,855 with a 0.18% increase, etc. [16] 3.3 Third Part: Non - ferrous Metals Position Analysis - The report shows the latest position analysis of the non - ferrous metal sector, including the net long - short strength comparison, net long - short position differences, changes in net long and short positions, and influencing factors for each variety [18] 3.4 Fourth Part: Non - ferrous Metals Spot Market - The report presents the spot prices and price changes of non - ferrous metals, like the Yangtze River spot copper price at 86,000 yuan/ton with a 1.27% increase, and the Yangtze River 0 zinc spot average price at 21,880 yuan/ton with a 0.18% increase [19] 3.5 Fifth Part: Non - ferrous Metals Industry Chain - The report provides various charts related to the industry chain of different non - ferrous metals, such as copper inventory changes, zinc inventory and processing fee changes, etc. [24][27] 3.6 Sixth Part: Non - ferrous Metals Arbitrage - The report shows charts related to non - ferrous metal arbitrage, including copper's Shanghai - London ratio change, zinc's Shanghai - London ratio change, etc. [59][61] 3.7 Seventh Part: Non - ferrous Metals Options - The report provides charts related to non - ferrous metal options, such as copper option historical volatility, zinc option weighted implied volatility, etc. [77][79]

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative increase in stock price of over 20% compared to the benchmark index within the next six months [8][14]. Core Insights - The company reported a strong performance in Q3 2025, achieving a net profit attributable to shareholders of 146 billion yuan, with a year-on-year increase of 57% [3][8]. - The company has successfully listed its subsidiary, Zijin Gold International, on the Hong Kong Stock Exchange, raising approximately 28.7 billion HKD, marking it as the largest IPO in the global gold mining industry to date [6]. - The company has completed several significant acquisitions in 2025, enhancing its resource reserves in gold, copper, lithium, and molybdenum, which are expected to contribute positively to future profits [6][8]. Financial Performance - For the first three quarters of 2025, the company achieved a total revenue of 254.2 billion yuan, a year-on-year increase of 10.3%, and a net profit of 378.6 billion yuan, up 55.5% year-on-year [3][4]. - The company’s gross profit margin improved, with a mining enterprise gross margin of 60.62%, an increase of 2.91 percentage points year-on-year [4]. - The company’s unit sales costs for gold and copper increased slightly in Q3 2025, attributed to factors such as declining ore grades and increased transportation distances [5]. Production and Cost Analysis - The company’s gold production for Q1-Q3 2025 was 65 tons, a 20% increase year-on-year, while copper production reached 830,000 tons, a 5% increase [4]. - The unit sales cost for gold concentrate was 194.96 yuan/g, and for copper concentrate was 22,128 yuan/ton, reflecting a slight increase from the previous quarter [5]. Earnings Forecast - The company is projected to achieve net profits of 535 billion yuan, 684 billion yuan, and 749 billion yuan for the years 2025, 2026, and 2027, respectively, with year-on-year growth rates of 67%, 28%, and 9% [8][10].

Core Points - The 10th Chile Week in Tianjin emphasizes deepening trade cooperation between Chile and China [1][2] - The event coincides with the 55th anniversary of diplomatic relations and the 20th anniversary of the free trade agreement between the two countries [2] Group 1: Event Overview - The opening ceremony of the 2025 China-Chile Week took place in Tianjin, where several memorandums of understanding were signed between Chile and various institutions in Tianjin [1] - This year's Chile Week features professional seminars focused on agricultural trade, investment, and innovation [2] - Chilean representatives will visit Tianjin Port and engage with Tianjin Foreign Shipping Agency [2] Group 2: Trade and Export Insights - Chile has become a major supplier of cherries and mussels to the Chinese market in recent years, and is now also exporting pears, walnuts, and bamboo fish [2] - The main focus of Chile's service exports to China is in transportation and information technology, with a strong reputation in agriculture, aquaculture, and mining sectors [2] - Chile aims to provide innovative solutions in high-quality technology and services for these industries in the future [2] Group 3: Future Activities - The 2025 China-Chile Week will continue in Chongqing, Shenzhen, and Shanghai [2]

Core Viewpoint - The short-term market fluctuations do not alter the long-term slow bull trend of the stock market, with dividend and technology assets expected to yield excess returns in the long run [1] Group 1: Market Trends - The allocation of residents' assets is gradually increasing in the equity market, which is expected to benefit dividend assets first [1] - Technology assets represent the trend of economic development and have strong long-term growth certainty [1] - The Shanghai Stock Exchange 180 Index follows a barbell strategy with 90% in dividend and 10% in technology, making it a good choice for equity market allocation [1] Group 2: Index Performance - As of October 21, 2025, the Shanghai Stock Exchange 180 Index (000010) rose by 0.70%, with notable increases in constituent stocks such as Zhaoyi Innovation (603986) up 4.26% and China Aluminum (601600) up 3.58% [1] - The Shanghai Stock Exchange 180 ETF Index Fund (530280) increased by 0.66%, with a latest price of 1.22 yuan [1] - Over the past month, the Shanghai Stock Exchange 180 ETF Index Fund has accumulated a rise of 1.26% as of October 20, 2025 [1] Group 3: Top Holdings - As of September 30, 2025, the top ten weighted stocks in the Shanghai Stock Exchange 180 Index (000010) include Kweichow Moutai (600519), Zijin Mining (601899), and others, collectively accounting for 26.75% of the index [2] - The top ten stocks by weight are as follows: Kweichow Moutai (4.92%), Zijin Mining (2.96%), China Ping An (2.75%), and others [4]

Core Viewpoint - China Mineral Resources Group has requested domestic buyers to suspend purchases of BHP's iron ore priced in USD, indicating a significant shift in the iron ore trade dynamics and China's intent to enhance its pricing power in the market [1][2][3] Group 1: Market Dynamics - China, as the largest iron ore buyer globally, has been unable to participate in pricing, leading to reduced profits for its steel companies and hindering industrial upgrades [2] - Major global iron ore suppliers, including BHP, Rio Tinto, and Vale, control over 70% of the maritime iron ore trade, creating a monopolistic environment that has historically disadvantaged Chinese steel producers [2][6] - The recent suspension of BHP's iron ore purchases by China marks an escalation in China's efforts to assert its influence over iron ore pricing [1][2] Group 2: Strategic Initiatives - China is working to establish an independent iron ore supply system, exemplified by the Simandou project in Guinea, which has significant reserves and high-quality ore [3] - The formation of China Mineral Resources Group aims to consolidate procurement efforts among Chinese steel companies, enhancing bargaining power against global suppliers [4] Group 3: Currency and Pricing Mechanisms - The focus of the current negotiations is on settling iron ore purchases in local currency, with precedents set in transactions with Brazil and Russia [5] - The dominance of USD in iron ore transactions has led to significant profit losses for Chinese companies, with BHP's profits from iron ore sales reaching $20 billion in 2023, compared to less than $10 billion for Chinese steel firms [5][6] Group 4: New Pricing Index - The launch of the "North Iron Index" by the Beijing Iron Ore Trading Center aims to provide a transparent pricing mechanism for iron ore, challenging the existing opaque pricing models dominated by financial capital [11][13] - The index is based on real transaction data, reducing subjective influences and aiming to establish a more equitable pricing structure in the iron ore market [13] Group 5: Industrial and Economic Implications - China's advancements in industrial capabilities and its strategic partnerships with resource-rich countries position it favorably in the global iron ore market [14][15] - The shift towards local currency transactions and the establishment of a new pricing index are expected to reshape the international iron ore pricing landscape, reducing reliance on Western-dominated financial systems [12][14]

Group 1 - The core agreement between the US and Australia focuses on a critical minerals deal aimed at countering China's influence, with a projected value of $85 billion [1] - Both governments will invest $1 billion each in mining and processing projects over the next six months, establishing minimum price floors for critical minerals [1][5] - The US Export-Import Bank announced over $2.2 billion in investment intentions for Australian critical mineral projects, which are essential for advanced defense systems and high-tech manufacturing [2] Group 2 - The "AUKUS" submarine agreement, valued at AUD 368 billion (approximately $239.5 billion), received support from Trump, who aims to expedite the construction of nuclear submarines for Australia [3] - Australia has already invested $2 billion to enhance the productivity of US submarine shipyards and plans to maintain US submarines at its Indian Ocean naval base starting in 2027 [3] - The agreement includes provisions to simplify permitting processes for mining and processing facilities to increase output and enhance cooperation on geological resource mapping [4][5]