Group 1 - The China Securities Regulatory Commission has approved China Uranium Corporation's initial public offering registration, with plans to raise 4.11 billion yuan [1] - China Uranium Corporation focuses on the comprehensive utilization of natural uranium and radioactive associated mineral resources, primarily engaging in the mining, sales, and trade of natural uranium resources [4] - The company has developed advanced extraction technologies, including a third-generation CO2+O2 in-situ leaching technology for complex sandstone uranium deposits [4] Group 2 - China Uranium Corporation is actively expanding its overseas uranium resource development, particularly in major uranium-producing regions in Africa and Asia [4] - The company's Rossing uranium mine in Namibia ranked sixth globally in uranium production in 2022 [4]

1. Report Industry Investment Rating No information about the overall industry investment rating is provided in the report. 2. Core Views of the Report - The global copper supply - demand structure will be further tightened due to the accident at Freeport McMoRan's Grasberg mine, and with the Fed's expected interest rate cuts and the expansion of the US manufacturing industry, copper prices are expected to rise. It is recommended to buy on dips [4][13]. - Zinc shows a range - bound trend. Although there are some improvements in the supply side, the demand in the peak season is relatively weak. Attention should be paid to whether the export window opens, and it is recommended to be slightly bullish on dips [5][13]. - The aluminum industry chain presents a mixed situation. Aluminum is slightly bullish but it is recommended to wait and see; alumina is recommended to be shorted on rallies; and cast aluminum alloy can be short - term bullish [6][14]. - Tin is in a situation of weak supply and demand, and a short - term bullish strategy is recommended, while paying attention to the situation of the ore end and macro - impacts [7]. - Lead shows a range - bound upward movement. With the increase in supply after the end of maintenance and the existence of pre - holiday stocking demand, it is recommended to close long positions on rallies [17]. - Nickel and stainless steel prices fluctuate repeatedly. Nickel is affected by mine - end disturbances, and stainless steel is supported by cost. It is recommended to be slightly bullish on dips for both [10][17]. 3. Summary by Relevant Catalogs 3.1 Macro Logic - The Fed cut interest rates by 25bp, starting a new round of interest rate cuts. Further economic data changes need to be monitored to see if it can confirm the preventive interest rate cuts and their effectiveness, which will be beneficial to the later trend of non - ferrous metals [11]. - The US announced the implementation of the US - EU trade agreement, reducing the tariff on EU cars to 15% starting from August 1st. - The preliminary values of the Eurozone's September manufacturing, service, and composite PMIs showed mixed performance. The US September Markit manufacturing and service PMIs declined but remained in the expansion range, with prices easing. - China's one - year and five - year LPRs in September remained unchanged. The central bank governor stated that China's monetary policy adheres to an independent stance, taking into account both domestic and foreign factors, and is currently supportive and moderately loose [11]. 3.2 Metal - Specific Analysis 3.2.1 Copper - An accident at Freeport McMoRan's Grasberg mine has suspended production, and the company expects a 35% decline in copper and gold production in 2026. The earliest recovery to pre - accident production levels will be in 2027. - In the medium - to long - term, the Fed's expected interest rate cuts and the expansion of the US manufacturing industry are positive for copper prices. It is recommended to buy on dips, with a short - term support range of 80,000 - 81,000 yuan/ton and a pressure range of 83,000 - 84,000 yuan/ton. An option strategy of selling near - month slightly out - of - the - money put options can be considered [4][13]. 3.2.2 Zinc - Zinc shows a range - bound trend. The supply increase is gradually materializing, and the demand in the peak season is relatively weak. Attention should be paid to whether the export window opens. The support range is 21,800 - 22,000 yuan/ton, and the pressure range is 22,800 - 23,000 yuan/ton. It is recommended to be slightly bullish on dips [5][13]. 3.2.3 Aluminum Industry Chain - **Aluminum**: Slightly bullish, but it is recommended to wait and see. The support range is 20,200 - 20,500 yuan/ton, and the pressure range is 21,300 - 21,700 yuan/ton. - **Alumina**: It is recommended to short on rallies. The support range is 2,700 - 2,900 yuan/ton, and the pressure range is 3,500 - 3,700 yuan/ton. - **Cast Aluminum Alloy**: Short - term bullish. The support range is 20,000 - 20,300 yuan/ton, and the pressure range is 20,800 - 21,000 yuan/ton [6][14]. 3.2.4 Tin - In a situation of weak supply and demand, with tight supply due to issues such as ore shortages and delayed production resumption in Myanmar. The demand recovery is limited. It is recommended to be short - term bullish, with a support range of 260,000 - 265,000 yuan/ton and a pressure range of 280,000 - 290,000 yuan/ton [7][14]. 3.2.5 Lead - With the end of maintenance, the supply of primary lead will increase. There is pre - holiday stocking demand, but the upward momentum is limited. It is recommended to close long positions on rallies, with a support range of 16,800 - 17,000 yuan/ton and a pressure range of 17,400 - 17,500 yuan/ton [17]. 3.2.6 Nickel and Stainless Steel - **Nickel**: Affected by mine - end disturbances in Indonesia, prices fluctuate repeatedly. It is recommended to be slightly bullish on dips, with a support range of 118,000 - 120,000 yuan/ton and a pressure range of 125,000 - 128,000 yuan/ton. - **Stainless Steel**: Supported by cost, with a slowdown in inventory reduction. It shows a range - bound trend, with a support range of 12,700 - 12,800 yuan/ton and a pressure range of 13,000 - 13,200 yuan/ton [10][17]. 3.3 Market Performance - **Futures Closing Prices**: Copper closed at 79,960 yuan/ton with a 0.05% increase; zinc at 21,860 yuan/ton with a 0.07% increase; aluminum at 20,705 yuan/ton with a 0.10% increase; etc. [18]. - **Spot Prices**: The Yangtze River Non - ferrous copper spot price was 80,130 yuan/ton with a 0.04% increase; the Yangtze River Non - ferrous 0 zinc spot average price was 21,810 yuan/ton with a - 0.32% decrease; etc. [21][23]. 3.4 Position Analysis - For different non - ferrous metal futures contracts such as沪铜 (CU2511),氧化铝 (AO2601),沪镍 (NI2511), etc., the net long - short positions, their changes, and influencing factors are presented. For example, in沪铜 (CU2511), the main short positions are relatively strong, and the net long - short position difference is - 718, with an increase in long - position main forces [20]. 3.5 Industry Chain and Other Analysis - The report also provides various charts related to the non - ferrous metal industry chain, including inventory changes, processing fees, price comparisons, and arbitrage, option - related data for different metals such as copper, zinc, aluminum, etc. For example, charts of copper inventory changes, zinc concentrate processing fee changes, and copper option historical volatility are provided [25][28][78].

Core Viewpoint - The company plans to invest in a joint venture to establish a photovoltaic energy storage project and develop microgrid business, with a total investment of approximately 1.41 billion yuan [1] Investment Details - The total investment for the project is approximately 1.41 billion yuan, with the company investing no more than 1.128 billion yuan and GW Company investing no more than 282 million yuan [1] - The KAMOA digital energy photovoltaic power station and storage system project will be located in the Kamoa-Kakula copper mine area in the Democratic Republic of Congo [1] Project Significance - The Kamoa-Kakula copper mine is one of the three core mining projects in Southern Africa and currently holds the largest high-grade copper resource project in Africa, indicating strong resource endowment and development potential [1] - The project aims to meet the electricity supply needs of the Kamoa-Kakula copper mine area, promoting the construction of the mining energy power system and addressing electricity shortages through storage solutions [1] Strategic Importance - The establishment of the joint venture and the construction of the KAMOA photovoltaic energy storage project is a significant entry point for the company's overseas energy business, aligning with its long-term strategic planning for international business expansion [1]

Core Insights - The fourth Minmetals Capital Industry Finance Forum was successfully held in Shanghai, focusing on "Financial Deep Empowerment for the Upgrading and Reconstruction of the Mining Industry Chain" [1] - The forum gathered experts from academia, industry, and finance to discuss the future development and transformation paths of the mining industry, aiming to inject new momentum for high-quality industry development [1] Group 1: Industry Trends - Mining capital is transitioning from traditional extensive and large-scale expansion to a comprehensive upgrade driven by resource value, financial tools, technological innovation, and green development [2] - In the context of a rapidly changing global landscape, Chinese mining companies are encouraged to focus on strategic foresight, operational optimization, and capital efficiency to seize the current wave of resource mergers and acquisitions [2] Group 2: Financial Services - Minmetals Securities has developed a comprehensive service model combining research, investment banking, investment, and strategic clients, extending its services along the metal mining industry chain [3] - The forum aims to create a new platform for collaboration among the mining industry, top financial institutions, and renowned research organizations to collectively promote the value leap of mining capital [3]

Core Insights - The company announced that its wholly-owned subsidiary, Zhongqi Mining, has obtained a mining license for the Lammala Quartzite Mine in Luocheng County, Guangxi [1] Group 1 - The mining area covers 4.9574 square kilometers [1] - The main mineral to be extracted is quartzite [1] - The mining rights are valid from September 22, 2025, to September 22, 2041 [1]

恒指短期继续视乎科技相关股表现，不过始终本月累升不少，相信要再作突破不，预期恒指将于10天线 (26,477点)附近争持，下方则以20天线(26,032点)为支持。 来源：耀才证券 美股三大指数下跌，道指跌0.38%，标普500指数及纳指均跌逾0.5%。反映中概股表现之金龙指数上升 0.42%，连升第二个交易日。 至于中港股方面，A股上日个别发展，上综指微跌不足1点，收报3,853点，深成指则维持强势，上升 0.67%至13,445点，再创年内新高，两市成交持续活跃，约2.37万亿元人民币。港股表现则相对反复， 恒指轻微高开17点后曾反复上升121点至26,640点日内高位，不过午后走势转弱，恒指亦曾回落至26,400 点附近，最终收报26,484点，下跌33点或0.13%，科指则续有好表现，升0.89%，收报6,379点，全日成 交约3,150亿元。成份股中以紫金矿业(02899.HK)表现最佳，升幅超过5.1%，另京东(09618.HK)及小米 (01810.HK)分别上升3.5%及4.5%。下跌成份股则以海尔置家表现最差，跌近4.8%，联想(00992.HK)亦跌 3.6%。本地银行表现亦差，外电有消息 ...

中金主要观点如下： 自由港发布Grasberg运营状况更新公告，大幅下调四季度与来年铜矿产量预期 9月24日，自由港发布了Grasberg运营状况的更新公告。公司下调4Q25 的产量指引至"可忽略的水平"(原 先预估四季度铜产量为20.2万吨)，同时下调35%的26年全年铜产量指引，即26.95万吨。分矿区来看， 公司预计未受到影响的Big Gossan与Deep MLZ矿区将在2025年四季度中旬复产(两矿区约占Grasberg 30%的产量)，而事故所在的GBC矿区(约占70%产量)将自26年上半年陆续复产，其中PB2与PB3将在 1H26复产，PB1S将在2H26复产，而PB1C则需要到27 年复产。公司预计Grasberg整体将自27年起恢复 至事故发生前的产出水平。 干扰事件或消解来年纸面供应压力，25-26年铜平衡表或将转为短缺 根据中金近期的路演反馈，市场对2026年铜精矿的纸面供应压力显露出一定的担忧。中金预计2026年的 增量仍将主要来自于已投产大型项目的爬产或扩建，包括Oyu Tolgoi地下矿、Quebrada Blanca爬产、 Malmyzh爬产、以及Almalyk Yoshlik矿 ...

BNP Paribas Exane将麦克莫兰铜金的目标价从52美元上调至56美元，维持"跑赢大市"评级。(格隆汇) ...

1. Report Industry Investment Rating No relevant information provided. 2. Core Views of the Report - The US second - quarter GDP was revised upwards, with inflation pressure remaining stubborn. The domestic anti - involution in various industries continued to advance. The A - share market was expected to maintain high - level fluctuations, and the bond market remained weak [2][3]. - Precious metals: Silver prices reached a new 14 - year high, and gold prices were oscillating at a high level. The uncertainty of the Fed's future monetary policy increased, and attention was paid to the PCE data [4]. - Copper: With the approaching of concentrate supply and the decline in domestic refined copper production expectations, copper prices were expected to maintain an oscillating upward trend in the short term [6][7]. - Aluminum: The reduction of the US economic growth rate and initial jobless claims limited the Fed's interest - rate cut expectations. The pre - holiday stocking boosted consumption, and aluminum prices were expected to remain stable and oscillate [8][9]. - Alumina: The pre - holiday stocking demand of downstream electrolytic aluminum plants increased, and the futures price was temporarily supported, but it was still expected to operate bearishly [10]. - Zinc: The weekly inventory reduction was obvious, and zinc prices had support at the bottom, but they lacked upward drive and were expected to continue low - level consolidation [11]. - Lead: The social inventory decreased significantly, which supported lead prices, but there was a risk of adjustment after high - level oscillation due to the recovery of supply and the decline of demand [12][13]. - Tin: Supported by the optimistic sentiment brought by the rise in copper prices and the low LME inventory, tin prices were oscillating at a high level [14]. - Lithium carbonate: The upstream production was active, and the downstream was in the seasonal peak season, but the spot performance was average, and lithium prices were oscillating [15]. - Nickel: The strong US economic data in the second quarter boosted nickel prices. Attention was paid to the intensity of typhoon disturbances, and nickel prices were oscillating [16][17]. - Soda ash and glass: The anti - involution policy was initially implemented in the glass industry, and the supply - demand of soda ash improved. Prices might still have the possibility of rising under policy drive [19][20]. - Steel: The steel inventory turned to reduction, and the futures price was expected to oscillate [21]. - Iron ore: The supply was stable, and the demand was supported by the pre - holiday replenishment. However, attention should be paid to the risk of high - level adjustment of futures prices [22][23]. 3. Summary According to Related Catalogs 3.1 Metal Main Varieties Yesterday's Trading Data - The report provided the closing data of major futures markets for various metal contracts, including closing prices, price changes, price change percentages, total trading volumes, total open interests, and price units [24]. 3.2 Industrial Data Perspective - For copper, the SHFE copper price increased, the LME copper price decreased slightly, and the inventory and other data changed [25]. - For nickel, the SHFE nickel price rose, the LME nickel price fell, and the inventory data was provided [25]. - For zinc, the SHFE zinc price increased, the LME zinc price was flat, and inventory and other data changed [28]. - For lead, the SHFE lead price rose slightly, the LME lead price increased, and inventory and other data changed [28]. - For aluminum, the SHFE aluminum price increased, the LME aluminum price rose, and inventory and other data changed [28]. - For alumina, the SHFE alumina price increased, and the national average spot price decreased slightly [28]. - For tin, the SHFE tin price increased, the LME tin price rose, and inventory and other data changed [28]. - For precious metals, the prices of gold and silver in different markets were provided, and the gold - silver ratio and inventory data were also given [28]. - For rebar, the futures price increased slightly, and data such as spot prices, basis, and price differences were provided [30]. - For iron ore, the futures price increased slightly, and data such as spot prices, basis, and freight rates were provided [30]. - For coke, the futures price increased, and data such as spot prices and price differences were provided [30]. - For coking coal, the futures price increased, and data such as spot prices and basis were provided [30]. - For lithium carbonate, the futures price increased, and data such as spot prices and price differences were provided [30]. - For industrial silicon, the futures price increased, and data such as spot prices were provided [30]. - For soybeans and meal, the prices of CBOT soybeans, soybean meal, and rapeseed meal changed, and data such as import prices and spot prices were provided [30][32].

Group 1 - Perpetua Resources is negotiating with companies like Glencore and Trafigura to establish an antimony refining plant in the U.S. as part of efforts to increase Western antimony supply [1] - The company has received U.S. government approval to begin construction of its antimony mine located approximately 138 miles (222 kilometers) north of Boise, Idaho, which is expected to become the largest antimony supply source in the U.S. [1] - The mine is estimated to have 148 million pounds of antimony reserves and 6 million ounces of gold reserves, but faces legal opposition from the Nez Perce Tribe due to concerns over potential impacts on local salmon populations [1] Group 2 - Perpetua Resources plans to mine antimony but not refine it, prompting the search for partners to complete the necessary refining process [1] - The company is in discussions with Glencore, Trafigura, Clarios, and Sunshine Silver regarding refining partnerships and aims to seek proposals in the coming weeks, with a decision expected by the end of the year [1] - United States Antimony Corporation, which operates two antimony refining plants in North America, recently secured a contract worth up to $245 million from the U.S. Defense Logistics Agency for antimony ingot supply [2]