Core Points - The U.S. stock index futures are collectively down due to ongoing risks of a government shutdown, with S&P 500 futures down 0.2%, Nasdaq 100 futures down 0.3%, and Dow futures down 0.2% [1][3] - The dollar is under pressure, and gold prices have reached a new historical high, reflecting market concerns over the potential government shutdown and global trade tensions [1][7] - Chinese concept stocks mostly rose, with Bilibili up approximately 5%, Xpeng Motors up about 2%, and Alibaba up about 1% [1][3] - BHP's U.S. stock fell nearly 7% in after-hours trading [4] Market Performance - Asian stock markets showed mixed results, with the Nikkei 225 down 0.2%, the Seoul Composite down 0.2%, and the Vietnam VN Index down 1%, while the Singapore Strait Index and Malaysia Index both rose 0.4% [1] - The dollar index decreased by 0.15% to 97.79 [3][4] - Spot gold increased nearly 1% to $3868.8 per ounce, marking a 47% rise this year, potentially the largest annual increase since 1979 [7] - Brent crude oil fell by 0.5% to $66.73 per barrel [10]

Group 1 - Argentina's Cauchari-Olaroz salt lake project plans to increase lithium production to 85,000 tons annually by 2029, more than doubling the 25,000 tons expected in 2024 [1] - The new joint venture between Argentina Lithium and Ganfeng Lithium aims for a total annual production capacity of 150,000 tons, with construction expected to start in 2026 [1] - Brazil is forming a multi-stakeholder committee to develop national mining policies, focusing on the mining sector which has been overshadowed by energy sectors in recent years [2] Group 2 - Indonesia's President Prabowo Subianto ordered the closure of 1,000 illegal tin mines in Bangka Belitung, aiming to recover significant lost revenue and cut off 80% of smuggled tin exports [3] - Arconic's new high-purity aluminum facility is set to begin operations on October 1, with production expected to exceed 90 million pounds [4] - Argentina approved McEwen Copper's $2.7 billion Los Azules copper project, which will benefit from tax incentives under the country's RIGI program [6] Group 3 - Japan's JX Advanced Metals plans to invest 7 billion yen ($47 million) to enhance its recycling pre-treatment capabilities, aiming for a 50% increase in processing capacity by 2027 [7] - MinRes signed a binding agreement to acquire assets from RDG, including the Lucky Bay garnet mine, following RDG's restructuring [8] - Northern Dynasty Minerals received $12 million to advance its Pebble copper/gold project in Alaska, with total funding from a royalty financing agreement reaching $48 million [9] Group 4 - American Lithium increased its investment in the Falchani lithium project in Peru to $847 million, following a favorable court ruling [10] - The Franklin lithium project in Texas revealed a resource estimate of 2.159 million tons of lithium equivalent, indicating significant development potential [11] - China's Ministry of Industry and Information Technology issued a plan for the non-ferrous metals industry, targeting an average annual growth of 5% in value-added output from 2025 to 2026 [12] Group 5 - The 2025 China International Copper Forum was held, focusing on building value co-creation ecosystems in the copper industry [13] - The 18th National Nonferrous Metals Industry Skills Competition was held, showcasing advancements in the sector [14] - A seminar on corporate culture in the nonferrous metals industry was conducted, emphasizing high-quality development [16] Group 6 - A lithium battery recycling project in Zhangjiakou, Hebei, aims for an annual processing capacity of 50,000 tons, marking a significant development in the battery recycling sector [17] - Yunnan's Jinpo lead-zinc mine received a new mining license valid until 2034, allowing continued operations [18] - A strategic cooperation agreement was signed between China Railway and Ashapura for bauxite mining in Guinea, focusing on sustainable development and local economic growth [19][20] Group 7 - Huayou Cobalt's subsidiary signed a supply agreement with LGES for 76,000 tons of ternary precursor products from 2026 to 2030 [21] - Jiangxi Jiazhe plans to invest 620 million yuan in a project to produce 180,000 tons of non-ferrous metal deep processing products annually [22] - Salt Lake Co. has begun trial production of a 40,000-ton lithium salt project, enhancing its market competitiveness [23] Group 8 - New Zobang's lithium hexafluorophosphate production capacity is expected to reach 36,000 tons by the end of 2025 following technical upgrades [24] - Tianqi Lithium's 30,000-ton battery-grade lithium hydroxide project has been completed in Jiangsu, marking a significant milestone in its five-year strategic plan [25] - Chongqing aims for a 90% coverage rate of battery recycling networks by 2027, promoting sustainable practices in the industry [26] Group 9 - A new group standard for high-performance aluminum electronic foil was released, enhancing industry quality and technological standards [27] - The Lanzhou New Area high-precision aluminum plate and foil project has commenced, with an investment of approximately 2.499 billion yuan [28] - Ningbo Haicui's aluminum alloy smart door and window project has successfully launched, contributing to the company's digital transformation [30] Group 10 - The Suining Tianna Energy project is undergoing renovations, with a total investment of 5.8 billion yuan aimed at producing sodium battery materials [31] - An 800 million yuan new energy battery project has been signed in Liaoning, indicating growth in the sector [32] - A high-precision aluminum processing project was signed in Inner Mongolia, focusing on enhancing value-added production [33]

Core Viewpoint - China Minmetals Corporation emphasizes its commitment to value creation and investor returns through strategic development and operational excellence, showcasing strong financial performance in the first half of 2025 [1][2] Group 1: Financial Performance - In the first half of 2025, China Minmetals achieved nearly 400 billion yuan in revenue and over 9 billion yuan in net profit, reflecting a year-on-year growth of 32% [2] - The establishment of China Salt Lake Group and the inclusion of Salt Lake Co. into the corporate structure helped boost its market value to over 100 billion yuan [2] - After a major asset restructuring, the market value of China Tungsten High-Tech increased from approximately 10 billion yuan to over 40 billion yuan, marking a 200% year-on-year growth [2] Group 2: Strategic Developments - The formation of China Salt Lake Group enhances China's control over strategic resources such as potassium fertilizer and lithium salts, aligning with the group's "resource-first" strategy [1] - China Minmetals is focusing on technological innovation to drive the transformation towards high-end, intelligent, and green industries [2] Group 3: Operational Highlights - Salt Lake Co. aims to build a world-class salt lake industry base, focusing on high-quality development and resource integration [3] - China Metallurgical Group has seen significant growth in overseas contracts, with new contracts increasing from 41.4 billion yuan in 2022 to 93.1 billion yuan in 2024, and accounting for over 10% of total contracts in the first half of 2025 [3] - Five Mining Resources has stabilized operations at the Las Bambas mine in Peru, contributing 1% to Peru's GDP and 72% to the regional economy, while also investing approximately 600 million yuan in local infrastructure [4] Group 4: Shareholder Returns and Management - The company is committed to enhancing shareholder returns through improved capital operations and a proactive dividend strategy [5] - The management emphasizes the importance of maintaining healthy operations as a foundation for effective market value management [5]

1. Report Industry Investment Rating There is no information about the industry investment rating in the provided report. 2. Core Viewpoints of the Report - Through macro - fundamental and technical analysis, the report predicts the trends of various futures on September 30, 2025, including股指期货 (IF2512, IH2512, IC2512, IM2512) to be strong - oscillating, 黄金期货 (AU2512) to be strong - oscillating and hit a new high, and 原油期货 (SC2511) to be weak - oscillating, etc. [2] - The report also provides an overview of macro - economic news, such as the Chinese government's macro - policy adjustments, international trade frictions, and the performance of different industries in China and abroad [7]. 3. Summary by Relevant Catalogs 3.1 Futures Market Outlook - **Stock Index Futures**: On September 29, 2025, major stock index futures contracts showed an upward trend. It is expected that on September 30, they will be strong - oscillating. For example, IF2512 has resistance levels at 4640 and 4690 points and support levels at 4600 and 4571 points [13][19]. - **Treasury Bond Futures**: On September 29, treasury bond futures closed down across the board. It is predicted that on September 30, the ten - year treasury bond futures contract T2512 will be wide - oscillating, and the thirty - year treasury bond futures contract TL2512 will be weak - wide - oscillating [36][38]. - **Precious Metal Futures**: Gold and silver futures are expected to be strong - oscillating on September 30, with gold futures likely to hit a new high. For example, AU2512 will attack resistance levels at 875.0 and 880.0 yuan/gram [41][43]. - **Base Metal Futures**: Copper, aluminum, zinc, and tin futures are expected to have different trends. For example, copper futures (CU2511) will be strong - wide - oscillating on September 30, attacking resistance levels at 84000 and 85000 yuan/ton [52]. - **Energy Futures**: Crude oil and fuel oil futures are expected to be weak - oscillating on September 30. For example, SC2511 will test support levels at 475 and 471 yuan/barrel [102]. - **Other Futures**: Industrial silicon, lithium carbonate, rebar, hot - rolled coil, iron ore, coking coal, glass, soda ash, and natural rubber futures also have their respective predicted trends on September 30 [73][79][84] 3.2 Macro - economic News - The Chinese government is formulating the 15th Five - Year Plan, and 500 billion yuan of new policy - based financial instruments are expected to leverage about 6 trillion yuan of investment [7]. - The US and Japanese governments have introduced export control policies, which have been strongly opposed by the Chinese Ministry of Commerce [8]. - The tourism industry in China has recovered rapidly after the pandemic, and the scale of water conservancy infrastructure construction has reached a new high [8]. - From January to August, the total operating income of state - owned enterprises was 53.96 trillion yuan, with a year - on - year increase of 0.2%, and the total profit was 2.79 trillion yuan, with a year - on - year decrease of 2.7% [9]. - From January to August, the national social logistics total reached 229.4 trillion yuan, with a year - on - year increase of 5.2% [9].

Group 1: Market Overview - The Hang Seng Index fell by 0.10%, down 26 points, closing at 26,596 points, while the Hang Seng Tech Index rose by 0.55% [1] - The early trading volume in Hong Kong stocks reached HKD 159.2 billion [1] Group 2: Semiconductor Sector - Semiconductor stocks continued their recent upward trend, with both SMIC and Hua Hong Semiconductor reaching historical highs; institutions claim that domestic AI has achieved a full industry chain integration [1] - Hua Hong Semiconductor (01347) increased by 11.93%, SMIC (00981) rose by 3.27%, and Shanghai Fudan (01385) gained 7.91% [1] Group 3: New Listings - Zijin Gold International (02259) debuted with a 60% increase, while Xipuni (02583) surged by 248% on its first trading day; Botai Che Lian (02889) also saw a 39% rise [1] Group 4: Lithium Battery Sector - Lithium battery stocks continued to rise, with Ganfeng Lithium (01772) up by 6.6% and Tianqi Lithium (09696) increasing by 4%, driven by strong domestic demand for energy storage cells [1] Group 5: Construction and Mining Sector - China Metallurgical Group (01618) rose over 7%, with institutions suggesting that the value of resource-rich construction companies is overdue for reassessment [1] Group 6: Biotechnology Sector - Brain动极光-B (06681) surged over 18% due to policy catalysts in the brain-machine interface industry, with the company holding a first-mover advantage in cognitive impairment digital therapy products [2] - Rongchang Bio (09995) increased by over 6% following the application for its innovative ophthalmic drug RC28, which has a partnership with Santen China [2] - Xinjiang Xinmin Mining (03833) rose over 4% as the company plans to list in A-shares, owning four nickel-copper mines including Kalatongke [2] Group 7: Robotics Sector - UBTECH (09880) increased by 5.94% as humanoid robot orders and deliveries continue to meet expectations, prompting institutions to raise the company's target price [3] Group 8: Gold Sector - Shangshan Gold (01939) rose by 9.2% in early trading, planning to raise nearly HKD 250 million through a placement to establish a global flagship store for smart terminals [4] Group 9: Healthcare Sector - Yaoshibang (09885) saw an 8.8% increase as the company's high-margin business accelerates, with POCT devices expected to see increased deployment in the second half of the year [5] Group 10: Motor Sector - DCH Motor Holdings (00179) fell over 7% as Citigroup indicated limited upside potential for its stock price [6]

Group 1 - The core viewpoint of the articles highlights the growth and development of the Jiangsu economic zone, particularly in the Dagang Port area, which has seen significant increases in container throughput and tax revenue [1][2]. - The Dagang Port area reported a container throughput of 318,600 TEUs from January to August, representing a year-on-year increase of 13.02%, while tax revenue from the port and related enterprises reached 98.58 million yuan, up 24.1% [1]. - The integration of logistics and production in the Jiangsu economic zone is emphasized, with the port serving as a critical hub for the transportation of bulk goods, such as iron ore, which is processed and distributed to steel manufacturers across the country [2]. Group 2 - The article discusses the multi-modal transport initiatives in the Jiangsu economic zone, showcasing the collaboration between logistics companies and the local government to enhance transportation efficiency [4]. - In the first eight months of the year, the logistics sector in the region has successfully transported 384,000 tons of various products, generating over 50 million yuan in railway transport revenue [4]. - The application of 5G technology in port operations has improved management efficiency, reducing processing times significantly and saving costs for businesses [4]. Group 3 - The articles highlight the positive impact of streamlined administrative processes on project approvals in the Jiangsu economic zone, which has accelerated construction timelines and boosted investor confidence [5]. - Retail sales in the Dagang area have increased by 25.17% year-on-year from January to August, indicating a robust economic environment [5]. Group 4 - The articles reflect on the broader economic context, noting that the agricultural sector is experiencing a good harvest, which contributes to overall economic stability and growth [6]. - The service industry is also showing signs of vitality, with the revenue of service enterprises in China reaching 51.1 trillion yuan, indicating a significant increase in scale and quality [9]. Group 5 - The automotive industry is facing challenges with inflated pre-sale orders, where companies report high numbers of orders that do not translate into actual sales, raising concerns about transparency and consumer trust [17]. - Regulatory bodies are taking action to address these issues, with a focus on ensuring accurate reporting of sales data and preventing misleading practices in the automotive sector [17].

Group 1 - European stock markets show a mixed performance, with the pan-European STOXX 600 index rising slightly by 0.2%, but significant sectoral divergence is evident [2] - Defensive sectors like healthcare and luxury goods are performing well, with companies such as UCB and AstraZeneca driving positive sentiment; the luxury goods sector rebounded nearly 2%, indicating a recovery in high-end consumer expectations [2] - Conversely, banking and energy stocks are underperforming, with banks sensitive to overall economic sentiment and energy stocks impacted by a 2% drop in international oil prices [2] Group 2 - Current market sentiment is heavily influenced by uncertainties from the U.S., particularly the potential government shutdown, which could delay the release of key economic data, including the non-farm payroll report [3] - There are two prevailing views in the market regarding the government shutdown: one suggests a bipartisan agreement will be reached, while the other warns of ongoing risks that could lead to decision-making in an "information vacuum" for the Federal Reserve [3] - Investors are advised to focus on bottom-up stock selection during periods of macro data absence, as individual stocks or sectors can still show positive performance despite overall uncertainty [3]

Core Viewpoint - The A-share market has seen a surge in tin stocks, driven by supply concerns following the Indonesian government's crackdown on illegal mining operations, leading to a significant increase in tin prices [1] Group 1: Market Performance - Tin stocks in the A-share market, such as Xiyang Co., have reached the daily limit, while Huaxi Nonferrous is approaching the limit as well [1] - Tin prices have soared, with Shanghai tin reaching 280,000 yuan per ton and London tin rising to $35,500 per ton, both marking the highest levels since mid-April [1] Group 2: Regulatory Actions - The Indonesian government has suspended 190 non-compliant mining companies and ordered the closure of 1,000 illegal mining sites [1] - There is a strong emphasis on cracking down on tin smuggling, which has contributed to the supply concerns in the market [1]

Group 1: Report Information - Report Name: Nickel Daily Report [1] - Date: September 30, 2025 [2] - Research Team: Non-ferrous Metals Research Team [3] Group 2: Investment Rating - No investment rating information provided Group 3: Core View - The Shanghai nickel price has fallen back to around the 120,000 mark. On the 29th, the main contract 2511 fell 0.61% to 121,100 compared with the previous day. There is still pressure of oversupply for pure nickel, but it is supported by nickel ore and costs at the current position and is hard to fall deeply. Recently, the prices of NPI and nickel sulfate are relatively strong. One should continue to pay attention to the supply-side news from Indonesia, and the bottom support reference for Shanghai nickel has been slightly raised to the 120,000 level. With the long holiday approaching, it is recommended to hold a light position during the holiday to control risks [7] Group 4: Market Review and Operation Suggestions - The main contract 2511 of Shanghai nickel fell 0.61% to 121,100 on the 29th compared with the previous day. The average premium of Jinchuan nickel decreased by 50 to 2,300 compared with the previous day, and the premium or discount of domestic electrowon nickel was reported at -100 - 200. The average price of 8 - 12% high-nickel pig iron decreased by 0.5 to 954.5 yuan per nickel point compared with the previous day, and the average price of battery-grade nickel sulfate increased by 60 to 28,260 yuan per ton compared with the previous day [7] - Indonesia will start the approval work for 2026 in October. The adjustment of the RKAB approval cycle may still disrupt the supply of nickel ore at the beginning of next year. Some smelters may stock up in advance in the fourth quarter to lock in nickel ore inventory. It is expected that the price of nickel ore will not fall deeply this year and may rise slightly. NPI remains strong supported by costs and the expectation of demand recovery, but the improvement space for the stainless steel terminal is limited. The profit of nickel-iron enterprises has recovered significantly, and the subsequent upward space may be limited. The price of nickel salts remains strong supported by the pre-holiday stocking demand [7] - It is recommended to hold a light position during the long holiday to control risks [7] Group 5: Industry News - The Democratic Republic of the Congo is considering extending the cobalt export ban for at least two months. The mining department's decision needs to be approved by the presidential palace. It is expected that an official document will be issued this Sunday or next Monday. This news will boost the sentiment of the MHP cobalt coefficient and may drive up its price. If the ban is confirmed to be extended, it is expected that the inventory of smelting enterprises will remain below the safety level [8][10] - China's central bank governor Pan Gongsheng said that the details of the "15th Five-Year Plan" and the next financial reform will be further communicated after the central government's unified deployment. Currently, China's financial system is generally stable, and the financial market is operating smoothly. When responding to the Fed's interest rate cut, Pan Gongsheng said that multiple monetary policy tools will be comprehensively applied to ensure sufficient liquidity according to the macroeconomic operation and situation changes [10] - Indonesia's forest law enforcement working group announced a concentrated rectification of mines. Previously, the working group took similar actions in the palm oil industry, taking over 3.3 million hectares of illegal plantations. The focus of this action is to regain the state's control over forests, and enterprises need to return illegal profits to the state. Some cases may enter criminal investigations. The seized mines will be temporarily managed by the state-owned enterprise department [10] - FPX Nickel announced its active participation in two important sustainable development initiatives in 2025, demonstrating its commitment to responsible mineral exploration and project development. The company has joined the Mining Association of Canada (MAC) and promised to follow its "Towards Sustainable Mining (TSM)" framework, and also signed up to join the United Nations Global Compact (UN Global Compact) [10]

Core Viewpoint - Guangdong Hongda has won a bid for the unmanned coal mining project at the Shitoumei No. 1 open-pit coal mine of Xinjiang Energy Group, focusing on intelligent operations throughout the coal extraction process [1] Group 1: Project Details - The project requires the implementation of unmanned coal mining as the core, achieving intelligent operations for raw coal extraction, transportation, and unloading [1] - It aims to cover all aspects of mining with unmanned operations, including the transportation of ore and the operation of mining equipment [1] - The project also includes remote control of excavator operations and maintaining a standardized safety production level [1] Group 2: Operational Balance - The initiative seeks to find a precise balance between efficient mining and ecological protection in the Gobi Desert [1]