Core Viewpoint - The report highlights a positive trend in the non-ferrous metals sector, with significant increases in various metal prices and indices, indicating a robust market performance [1][2]. Market Overview - As of September 26, the Shanghai Composite Index increased by 0.21% to 3828.11 points, while the CSI 300 Index rose by 1.07% to 4550.05 points. The SW Non-Ferrous Metals Industry Index saw a notable increase of 3.52%, reaching 6752.28 points [1][2]. - Among the five sub-sectors of non-ferrous metals, industrial metals and precious metals experienced the highest increases at 5.15% and 5.55%, respectively, while minor metals and new materials saw slight declines [1][2]. Key Metal Price Data - Key metal prices on the Shanghai Futures Exchange as of this week include: - Copper: 82,470 CNY/ton (+3.37%) - Aluminum: 20,745 CNY/ton (-0.36%) - Zinc: 21,980 CNY/ton (-0.36%) - Lead: 17,110 CNY/ton (-0.41%) - Nickel: 121,380 CNY/ton (-0.10%) - Tin: 274,070 CNY/ton (+1.94%) [3]. - Gold and silver prices also increased, with gold at 856.06 CNY/gram (+3.17%) and silver at 10,632 CNY/kilogram (+6.98%) [3]. - The COMEX prices for gold and silver were reported at 3,790 USD/ounce (+2.27%) and 46.37 USD/ounce (+7.95%), respectively [3]. Investment Recommendations - Freeport-McMoRan's Grasberg copper mine in Indonesia is expected to see a 4% reduction in copper sales for Q3 2025 due to an accident, with a significant production drop anticipated for 2026 [4]. - The accident at Grasberg is projected to lower global copper supply expectations for 2025 and 2026, potentially increasing copper prices during that period. Companies to watch include Zijin Mining, Luoyang Molybdenum, Western Mining, Jincheng Mining, and Tongling Nonferrous Metals [4]. - The Democratic Republic of Congo's new export quota policy will allow for a significant reduction in cobalt exports, leading to a projected supply shortage in 2026. Companies of interest include Huayou Cobalt, Luoyang Molybdenum, and Tengyuan Cobalt [5].

Core Viewpoint - The company, Minmetals Resources (01208), has announced the issuance of a $500 million zero-coupon convertible bond due in 2030, aimed at refinancing its offshore debt [1] Group 1: Bond Issuance Details - The company has entered into a subscription agreement to issue a total principal amount of $500 million in bonds [1] - The bonds will be convertible at an initial conversion price of HKD 8.40 per share, resulting in approximately 463 million shares, which represents about 3.81% of the company's existing issued share capital as of the announcement date [1] - After the conversion, the expanded issued share capital will be approximately 3.67% [1] Group 2: Use of Proceeds - The net proceeds from the bond issuance are intended to be used for the refinancing of the company's offshore debt [1]

（来源：快查一企业中标了） 快查APP显示，中国信达相关公司灵宝金源矿业股份有限公司于2025年9月29日发布一则招标信息，项 目名称为金源鑫宝分公司王家峪竖井职工宿舍楼工程-竞争性磋商公告，预算金额为288.84万元。 来源：市场资讯 快查股权穿透数据显示，该公司由中国信达持股，出资比例为3.42%。 ...

中国罕王(03788)发布公告，认购协议所载的所有条件已获达成，认购事项已于2025年9月29日完成。根 据认购协议条款，共计7500万股认购股份已按每股认购股份3.13港元的认购价成功配发及发行予认购 方，其中包括：(i)向紫金全球基金(认购方一)配发及发行2500万股股份;及(ii)向金山(认购方二)配发及发 行5000万股股份。认购股份约占本公司于紧随认购事项完成后经配发及发行认购股份扩大后的已发行股 本之3.69%。 ...

Investment Rating - The report gives a "Buy" rating for the company, with a target price of 37 CNY per share, indicating a potential upside from the current price of 28.77 CNY [6][3]. Core Insights - The company is positioned as a high-growth leader in copper and gold mining, with plans to spin off its subsidiary, Zijin Gold International, for a listing on the Hong Kong Stock Exchange by September 30, 2025, which is expected to catalyze a revaluation of the company's stock [1][3]. - The company has significant mineral resources, with copper reserves of 50.43 million tons and gold reserves of 1,487 tons, ranking second and fifth globally, respectively [1]. - The projected compound annual growth rate (CAGR) for copper and gold production from 2024 to 2028 is approximately 10%, with expected production of 1.07 million tons of copper and 73 tons of gold in 2024, increasing to 1.5-1.6 million tons of copper and 100-110 tons of gold by 2028 [2][3]. Financial Summary - The company’s revenue is projected to grow from 293.4 billion CNY in 2023 to 401.2 billion CNY by 2027, reflecting a growth rate of 8.54% in 2023 and 7.95% in 2027 [4][12]. - Net profit attributable to shareholders is expected to rise from 21.1 billion CNY in 2023 to 70.8 billion CNY in 2027, with a significant increase of 51.76% in 2024 [4][12]. - Earnings per share (EPS) is forecasted to increase from 0.80 CNY in 2023 to 2.67 CNY in 2027, indicating strong profitability growth [4][12]. Production and Expansion Plans - The company is expanding its production capacity across three major regions: Serbia, the Democratic Republic of Congo, and Tibet, with significant projects underway to increase copper output [2][3]. - The gold segment is also expected to grow through multiple operational projects in Colombia, Suriname, and China, contributing to the overall growth of the company's gold business [2][3].

Group 1 - Newmont Mining Corporation has appointed Natascha Viljoen as the new President and CEO, succeeding Tom Palmer who will retire on January 1 [1] - Viljoen has over 30 years of leadership experience in the global mining industry and joined Newmont in 2023 as Executive Vice President and COO [1] - Tom Palmer has been CEO since 2019 and has led significant transactions including the acquisitions of Goldcorp and Newcrest Mining [1] Group 2 - Newmont's stock price increased by 1.3% in early trading, driven by gold prices reaching a historical high of over $3,800 per ounce [2] - The company's stock has more than doubled in value this year [2]

Core Viewpoint - Jihai Resources announced the resumption of operations at its Denggezhuang mine after a temporary shutdown due to a roof collapse incident, which is not expected to significantly impact the company's financial performance [1] Group 1: Incident and Recovery - The Denggezhuang mine experienced a roof collapse incident and was subsequently shut down for rectification [1] - On September 26, the Yantai Emergency Management Bureau granted permission for the Denggezhuang mine to resume operations [1] - The company's board believes that the short duration of the shutdown will not have a major effect on the group's financial results [1] Group 2: Capital Raising and Allocation - Jihai Resources plans to issue up to 400 million shares at a discount of 19.2%, with a placement price of HKD 1.18 per share, expecting net proceeds of approximately HKD 462 million [1] - About 50% of the proceeds will be used for acquiring potential gold mining projects [1] - Approximately 25% will be allocated to accelerate the expansion of the company's business, and the remaining 25% will be used for general working capital and other corporate purposes [1] Group 3: Market Performance - Jihai Resources saw its stock price increase by over 12% in early trading, with a current increase of 9.38%, trading at HKD 2.1, with a transaction volume of HKD 19.4451 million [2]

Group 1: Australia Market Focus - The short-term inflation rebound does not change the expectation of interest rate cuts in Q4, with the Australian CPI rising to 3.0% in August, up from 2.8% in July, exceeding market expectations of 2.9% [17] - The Australian economy showed a strong performance with Q2 GDP growth of 1.8%, surpassing the market consensus of 1.6%, driven by domestic demand and government spending [14] - The commodity upcycle opens further upside for the Australian materials sector, with a focus on companies like Northern Star and Lynas [19][24] Group 2: Northern Star and Lynas - Northern Star (NST AU) is expected to have strong production growth prospects, with a target price of AUD 24.7, supported by a robust balance sheet and a significant stock buyback plan [24] - Lynas (LYC AU) is positioned as a strategic player in the rare earths market, benefiting from high demand in high-end electronics and clean energy sectors, with a focus on ESG principles [24] Group 3: Thailand Market Focus - Thailand's GDP was boosted by pre-emptive shipments before tariff implementation, highlighting structural industry opportunities, particularly in companies like CP ALL and Bangkok Dusit Medical Services [39]

Core Points - The newly revised Mineral Resources Law of the People's Republic of China will officially implement on July 1, 2025, leading to accelerated implementation across various regions [1] - Multiple provinces, including Chongqing, Fujian, Anhui, Qinghai, and Jilin, have issued the first mineral rights property certificates, transitioning from "approval registration" to "property registration" [1][2][3][4] Group 1: Implementation and Transition - Chongqing has issued the first mining rights property certificate, enhancing the efficiency of administrative services by reducing the requirements for exploration and mining rights registration [1] - Fujian has issued the first mining rights property certificate and is focusing on business training and inter-provincial exchanges to improve the implementation of the new law [2] - Anhui has issued its first mining rights property certificate, marking the implementation of the "separation of rights and certificates" system, and is optimizing the approval process to ensure a smooth transition [3] Group 2: System Upgrades and Efficiency - Qinghai has issued both electronic and paper versions of the mining rights property certificate, promoting a seamless transition to the new policy and enhancing the protection of mining rights [4] - Jilin has issued its first mining rights property certificate for exploration rights, providing tailored services to enterprises for efficient registration [4]

1. Report Industry Investment Rating There is no information about the report industry investment rating in the provided content. 2. Core Views of the Report - The Fed has entered a new round of interest - rate cut cycles, and the dot - plot shows two more expected rate cuts this year, with the US dollar index having room to decline. The copper supply shock caused by the accident at Freeport McMoRan's Grasberg mine will exacerbate the tight global copper supply - demand structure. The demand for copper in industries such as power, data centers, and new energy vehicles remains strong. However, the approaching holiday has led to some funds leaving the market for risk - avoidance, and the spill - over effect on other non - ferrous metals from the copper price increase is not sustainable [3][9][10]. - The strength of the US dollar index suppresses the rebound height of the non - ferrous metal sector. Before the holiday, it is recommended to be cautious in trading and use options for protection. Different non - ferrous metal varieties have different supply - demand fundamentals and price trends, and corresponding trading strategies are proposed for each variety [5][10]. 3. Summary by Directory 3.1 First Part: Non - ferrous Metal Operation Logic and Investment Advice - **Macro Logic**: The Fed has cut interest rates by 25bp, and future rate - cut decisions will depend on economic data. The US - EU trade agreement has been implemented, and the eurozone's September PMI data shows a mixed situation. China's LPR remains unchanged, and the central bank's monetary policy is supportive and moderately loose. Before the holiday, market funds are leaving for risk - avoidance, and the support from pre - holiday stocking for non - ferrous metals is weakening [9]. - **Single - side Strategies for Each Variety** - **Copper**: The Grasberg mine accident will reduce copper production, and the global copper supply - demand will be more imbalanced. The Fed's rate - cut cycle is favorable for copper prices in the long - term. It is recommended to buy on dips, with the short - term upper pressure range at 83000 - 84000 yuan/ton and the lower support range at 80000 - 81000 yuan/ton [3]. - **Aluminum Industry Chain** - **Aluminum**: The strengthening of the US dollar suppresses the rebound. Before the holiday, it is recommended to watch more and trade less, with the upper pressure range at 21300 - 21700 and the lower support range at 20200 - 20500. One can buy out - of - the - money options for protection [5]. - **Alumina**: The spot price is falling, and the operating capacity is increasing. It is recommended to short on rebounds and hold short positions, with the upper pressure range at 3500 - 3700 and the lower support range at 2700 - 2900. One can buy out - of - the - money call options for protection [5]. - **Recycled Aluminum Alloy**: Due to the tight supply of scrap and policy uncertainties, it is recommended to reduce long positions, with the upper pressure range at 20800 - 21000 and the lower support range at 20000 - 20300. One can buy out - of - the - money put options for protection [5]. - **Tin**: The market is in a supply - demand weak pattern. It is recommended to close long positions and watch more before the holiday, with the upper pressure range at 260000 - 280000. One can buy out - of - the - money put options [6]. - **Zinc**: The Fed's rate - cut and economic data affect the US dollar index. The zinc price is affected by multiple factors such as supply - demand and macro - environment. The zinc price is oscillating weakly, with the upper pressure at 22300 - 22400 and the lower support at 21500 - 21600. It is recommended to trade based on volatility [6]. - **Lead**: The US dollar is rebounding, and there are news of lead - recycling enterprises' production suspension. The lead price is fluctuating. It is recommended to gradually take profits on long positions at high prices and use a wide - range option straddle strategy [6]. - **Nickel and Stainless Steel**: The Fed's rate - cut and economic data affect the US dollar index. The nickel price is affected by supply - demand and macro - factors. The nickel price is oscillating, with the upper pressure at 125000 - 128000 yuan and the lower support at 118000 - 120000 yuan. The stainless - steel price is also oscillating, with the upper pressure at 13000 - 13200 and the lower support at 12700 - 12800. It is recommended to reduce positions for risk - avoidance before the holiday [6]. 3.2 Second Part: Non - ferrous Metal Market Review - **Weekly Futures Price Changes**: Copper closed at 82470 yuan/ton with a 3.28% increase; aluminum at 20745 yuan/ton with a 0.36% decrease; tin at 274070 yuan/ton with a 1.97% increase; lead at 17110 yuan/ton with a 0.23% decrease; nickel at 121380 yuan/ton with a 0.10% decrease; stainless steel at 12840 yuan/ton with a 0.16% decrease; and cast aluminum alloy at 20325 yuan/ton with a 0.29% decrease [14]. 3.3 Third Part: Non - ferrous Metal Spot Market - **Spot Prices**: The spot price of copper, zinc, aluminum, and other non - ferrous metals has different degrees of changes. For example, the Yangtze River Non - ferrous copper spot price is 82670 yuan/ton with a 0.16% increase; the Yangtze River Non - ferrous 0 zinc spot price is 21970 yuan/ton with a 0.41% increase; the Yangtze River Non - ferrous aluminum spot average price is 20780 yuan/ton with a 0.05% increase [19]. 3.4 Fourth Part: Key Data Tracking of Non - ferrous Metal Industry Chain - Multiple charts are provided to track key data of different non - ferrous metal varieties, including inventory, processing fees, production, and price trends [22][23][26]. 3.5 Fifth Part: Non - ferrous Metal Arbitrage - **Recommended Arbitrage Opportunities** - **Copper 2511 - 2512 Contract Reverse Arbitrage**: The supply - side shock will have a more significant impact on the far - month contracts [14]. - **Alumina 2502 - 2509 Contract Reverse Arbitrage**: The near - strong and far - weak structure of alumina has returned [14]. 3.6 Sixth Part: Non - ferrous Metal Options - **Option Strategies for Each Variety** - **Copper**: Sell near - month slightly out - of - the - money put options to collect premiums [4]. - **Aluminum**: Sell out - of - the - money call options [5]. - **Tin**: Sell out - of - the - money call options and buy out - of - the - money put options [6]. - **Zinc**: Buy volatility [6]. - **Lead**: Use a straddle strategy (16400 - 17400) [6]. - **Nickel and Stainless Steel**: Buy out - of - the - money call options [6].