Core Viewpoint - The agreement between BHP and China Mineral Resources Group to settle iron ore trades in RMB marks a significant shift in global commodity pricing, granting China pricing power for iron ore, which is one of the largest traded commodities globally [1][3]. Group 1: Historical Context - China's rapid development and increasing demand for iron ore have led to a reliance on Australian iron ore, despite cheaper alternatives from Brazil and Africa, due to the superior quality of Australian products [3]. - For nearly a decade, China has been subjected to BHP's unilateral pricing system, which has been perceived as unfair, yet China had little choice but to comply due to its massive purchasing needs [3][4]. Group 2: Recent Developments - The end of China's real estate boom, combined with global economic downturns and advancements in iron extraction technology, has empowered China to demand RMB settlements for iron ore [4]. - Initially, BHP resisted this demand, claiming it would not significantly impact their operations, but within a week, they conceded to China's demands for RMB settlements starting in Q4 2025 [4][6]. Group 3: Strategic Moves - The establishment of China Mineral Resources Group in 2022 has allowed for a more organized and strategic approach to iron ore procurement, moving away from fragmented negotiations among Chinese steel companies [6]. - BHP's decision to compromise was influenced by the recognition of China's importance as a major customer, especially in light of the struggles faced by other agricultural sectors globally [6].

Group 1 - A-share market is expected to open with a focus on resource security, corporate overseas expansion, and technological competition as key structural themes [20] - Global major asset performance during the holiday showed positive trends, with significant increases in Asian markets, particularly the Nikkei 225 index rising by 6.7% [1] - Gold prices reached a milestone, surpassing $4000 per ounce, reflecting a 50% increase this year due to global trade uncertainties and central bank purchases [9][10] Group 2 - China's gold reserves increased to 7406 million ounces by the end of September, marking the 11th consecutive month of accumulation [12] - The U.S. government shutdown has raised concerns about fiscal sustainability, impacting market sentiment and driving demand for safe-haven assets like gold [13][29] - The appointment of Japan's first female Prime Minister is expected to influence market dynamics and investor sentiment in the region [14] Group 3 - Analysts predict that the market will continue its upward trend in October, supported by stable economic fundamentals and inflows of incremental capital [21][24] - The upcoming "14th Five-Year Plan" is anticipated to shape market expectations and trading directions, with a focus on technology and innovation sectors [21][27] - The AI industry is highlighted as a key area of investment, with significant developments in computing power and applications expected to drive growth [18][24]

北京时间10月9日晚间，英伟达大涨，盘初涨幅一度超3%，最高触及195.3美元/股，股价再创新高。今年以来，英伟达累计涨幅超40%。 正信期货进一步分析称，白银是所有金属中导电性和导热性最好的，被广泛运用于电子电气工业、医学等领域。其中，光伏行业是白银工业需求的核心驱 动力，2024年白银光伏需求为6147吨，占比达29%。据欧洲光伏协会（SPE）《2025—2029年全球太阳能市场展望》中的预测，2025年全球光伏新增装机 容量预计达到655GW，同比增长26%。在全球能源转型加速的今天，各国对光伏装机量的需求呈爆发式增长，这为白银带来持续且强劲的工业需求。 展望后市，正信期货认为，市场已逐步达成美联储货币政策进一步宽松的预期，这将为白银价格带来长期的支撑。除此之外，白银受益于其独特的工业属 性，在结构性短缺和金银比持续修复的驱动下，较黄金而言更具备补涨空间，中长期仍然看多，建议维持逢低做多的策略。 随着现货白银价格创下历史新高，美股矿业股盘初走强。哈莫尼黄金盘初一度涨超4%，First Majestic Silver涨超3%。 （文章来源：上海证券报） 贵金属方面，现货白银价格盘中直线拉升，历史上首次突破 ...

Unmarked gold bars at a gold and silver refinery. They’re known as “gold bugs”: investors who treat the metal less like a commodity and more like a creed. Most Read from Bloomberg For decades, they’ve been cast as cranks predicting the dollar’s demise. Now, with gold prices soaring more than 50% this year and smashing the $4,000-an-ounce barrier, they’re the ones smirking. Among the most ardent are Frank Giustra, Pierre Lassonde and Rob McEwen, veterans who’ve spent careers betting that gold, not govern ...

你见过钢铁是怎样炼成的吗？但你可能不知道，全球钢铁产业链背后，正在上演一场比炼钢更激烈的货币战争。当中国宣布暂停采购必和必拓铁矿石时，澳 大利亚总理阿尔巴尼斯"破防"的反应背后，藏着怎样的惊天秘密？ 这次中方暂停的只是以美元计价的必和必拓铁矿石，已经到港的矿石仍可以人民币结算。这个微妙区别暴露了真实意图——中国要在大宗商品领域撕开美元 霸权的口子。 中俄铁矿石贸易已有45%采用人民币结算，巴西也开辟了人民币结算通道。一条全新的"钢铁丝绸之路"正在形成：俄罗斯的铁矿+巴西的港口+中国的人民币 支付系统。这条不需要航母护航的贸易路线，正悄悄改写全球资源贸易规则。 多元布局下的战略底气 中国敢对澳大利亚说"不"的底气，来自于日益完善的全球资源布局。俄罗斯290亿吨高品位铁矿、非洲新兴矿区、巴西淡水河谷的深度合作，构建了多元化 的供应网络。就像高手下棋，中国已经在全球资源棋盘上布下了多个活眼。 与此同时，国内废钢回收体系的完善、电弧炉炼钢技术的突破，让中国对进口铁矿的依赖度持续下降。这场博弈不再是简单的买方卖方关系，而是综合国力 的全面较量。 当铁矿石开始用人民币计价，美元就失去了最重要的支柱之一。中国这招"围点打援 ...

Core Viewpoint - Cangge Mining Co., Ltd. has received mining rights and licenses for various minerals, which is significant for its long-term development and resource utilization [1] Group 1: Mining Rights and Licenses - Cangge Mining's subsidiary, Golmud Cangge Potash Fertilizer Co., Ltd., has obtained the "Real Estate Certificate (Mining Rights)" and "Mining License" from the Ministry of Natural Resources of the People's Republic of China [1] - The new licenses include not only potash but also additional minerals such as salt, magnesium salt, lithium, and boron, enhancing the company's resource portfolio [1] Group 2: Strategic Importance - The acquisition of these licenses ensures the long-term development of potash, stabilizing the supply of potassium chloride and contributing to national food security [1] - The clarity provided by the new licenses supports the company's lithium resource development, offering a legal foundation for lithium extraction from salt lakes, which is crucial for the growth of the new energy industry [1] - The comprehensive utilization of co-associated minerals will maximize resource value and enhance the company's core competitiveness [1]

Core Viewpoint - Baodi Mining (601121.SH) announced that several shareholders have communicated their plans to reduce their holdings in the company, indicating potential changes in ownership structure and market sentiment [1] Shareholder Reduction Plans - Runhua Investment plans to reduce its holdings by up to 8 million shares, accounting for 1% of the company's total share capital [1] - Runshi Investment intends to reduce its holdings by up to 7.8977 million shares, representing 0.99% of the total share capital [1] - Zhongjian Borun plans to reduce its holdings by up to 7.4932 million shares, which is 0.94% of the total share capital [1] - Jin Investment Management aims to reduce its holdings by up to 5.8824 million shares, making up 0.74% of the total share capital [1] - The State-owned Fund plans to reduce its holdings by up to 5 million shares, equivalent to 0.63% of the total share capital [1] - Haiyi Investment intends to reduce its holdings by up to 9.1933 million shares, which is 1.15% of the total share capital [1]

Core Viewpoint - Baodi Mining (601121.SH) has received notifications from several shareholders regarding their plans to reduce their holdings in the company [1] Shareholder Reduction Plans - Runhua Investment plans to reduce its stake by up to 8 million shares, accounting for 1% of the company's total share capital [1] - Runshi Investment intends to reduce its holdings by up to 7.8977 million shares, representing 0.99% of the total share capital [1] - Zhongjian Borun aims to reduce its stake by up to 7.4932 million shares, which is 0.94% of the total share capital [1] - Jintou Investment Management plans to reduce its holdings by up to 5.8824 million shares, equivalent to 0.74% of the total share capital [1] - State-owned Fund intends to reduce its stake by up to 5 million shares, representing 0.63% of the total share capital [1] - Haiyi Investment plans to reduce its holdings by up to 9.1933 million shares, accounting for 1.15% of the total share capital [1]

Core Viewpoint - Cangge Mining (000408.SZ) has received mining rights and licenses for its subsidiary, Golmud Cangge Potash Fertilizer Co., Ltd., which will enhance the long-term development of potash resources and support national food security [1] Group 1: Mining Rights and Licenses - The company’s subsidiary has obtained the "Real Estate Certificate (Mining Rights)" and "Mining License" from the Ministry of Natural Resources of the People's Republic of China [1] - The mining area covers 724.3493 square kilometers, with a mining depth ranging from 2680 meters to 2658 meters [1] Group 2: Resource Development and Utilization - The main mineral extracted will be potash, with associated minerals including salt, magnesium salt, lithium ore, and boron ore [1] - The acquisition of these rights will provide a legal basis for lithium resource development and support the lithium extraction business, contributing to the development of the new energy industry [1] Group 3: Strategic Implications - The development of mineral resources is expected to maximize resource value and enhance the company's core competitiveness [1] - The company aims to stabilize the supply of potassium chloride and ensure the long-term development of potash resources, which is crucial for national food security [1]

Core Viewpoint - The company has received mining rights and licenses for various minerals, which is significant for its long-term development and competitive positioning in the market [1] Group 1: Mining Rights and Licenses - The company’s wholly-owned subsidiary, Geermu Cangge Potash Fertilizer Co., Ltd., has obtained the "Real Estate Certificate (Mining Rights)" and "Mining License" from the Ministry of Natural Resources of the People's Republic of China [1] - The new licenses include not only potash but also additional minerals such as salt, magnesium salt, lithium, and boron, which enhances the company's resource portfolio [1] Group 2: Strategic Importance - The acquisition of these licenses ensures the long-term development of potash, stabilizing the supply of potassium chloride and contributing to national food security [1] - The clarity in the company's rights to develop lithium resources provides a legal foundation for its lithium extraction business, supporting the growth of the new energy industry [1] - The promotion of comprehensive utilization of associated minerals maximizes resource value and enhances the company's core competitiveness [1]