Group 1: Industry Ratings - No industry investment ratings are provided in the report. Group 2: Core Views - The fundamentals for copper prices still provide some support, and Shanghai copper is expected to remain range - bound before the holiday [1]. - Aluminum prices are expected to fluctuate in the short term due to factors such as inventory changes and export incentives [2]. - Nickel is expected to have limited downside due to cost support but is likely to experience weak and volatile trading in the medium - to - long term due to supply surplus [4]. - Tin prices are expected to have increased volatility, and range trading is recommended, with attention on supply and demand [5]. Group 3: Summary by Metal Copper - As of May 27, the Shanghai copper main 07 contract fell 0.01% to 77,900 yuan/ton. Macro - disturbances have weakened, but Sino - US trade issues remain uncertain. Mine - end disruptions continue, and the cost pressure on smelters limits price decline. Consumption in May is weaker than in April but better than the same period. Social inventory is at a low level with slight accumulation. The price is expected to be range - bound before the holiday [1]. - In the spot market, domestic spot copper prices fell slightly, and the trading was sluggish [6]. - SHFE copper futures warehouse receipts increased by 2,128 tons to 34,961 tons, and LME copper inventory decreased by 2,575 tons to 162,150 tons [15]. Aluminum - As of May 27, the Shanghai aluminum main 07 contract fell 0.57% to 20,040 yuan/ton. Some mining licenses in Guinea were revoked. Alumina operating capacity is expected to recover gradually. The operating capacity of electrolytic aluminum increased slightly. The downstream开工 rate is weakening, but inventory has decreased unexpectedly. Aluminum prices are expected to fluctuate in the short term [2]. - In the spot market, the trading was stable, and the downstream increased procurement [7]. - SHFE aluminum futures warehouse receipts decreased by 775 tons to 54,567 tons, and LME aluminum inventory decreased by 3,000 tons to 381,575 tons [15]. Nickel - As of May 27, the Shanghai nickel main 07 contract fell 0.58% to 122,310 yuan/ton. The nickel ore market in Indonesia is tight, and nickel downstream has limited acceptance of high - priced nickel ore. The refined nickel market has an oversupply situation. Nickel is expected to have limited downside due to cost but face long - term supply surplus and weak and volatile trading [3][4]. - In the spot market, nickel prices fell [12]. - SHFE nickel futures warehouse receipts decreased by 130 tons to 22,120 tons, and LME nickel inventory increased by 1,362 tons to 199,998 tons [15]. Tin - As of May 27, the Shanghai tin main 07 contract rose 0.06% to 264,790 yuan/ton. Supply has recovered, and consumption in the semiconductor industry is expected to improve. Inventory is at a medium level. Tin prices are expected to have increased volatility, and range trading is recommended [5]. - In the spot market, merchants maintained rigid - demand restocking [13]. - SHFE tin futures warehouse receipts decreased by 18 tons to 7,998 tons, and LME tin inventory decreased by 5 tons to 2,660 tons [15]. Zinc - In the spot market, zinc prices rose, and downstream demand led to inventory reduction [9][10]. - SHFE zinc futures warehouse receipts remained unchanged at 1,774 tons, and LME zinc inventory decreased by 2,350 tons to 151,150 tons [15]. Lead - In the spot market, lead prices fell, and the trading was dull [11]. - SHFE lead futures warehouse receipts increased by 2,015 tons to 37,299 tons, and LME lead inventory decreased by 1,650 tons to 292,375 tons [15]. Alumina - In the spot market, alumina prices rose in different regions, and the trading was stable [8].

Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report - The fundamentals still support copper prices, and Shanghai copper is expected to maintain a volatile pattern before the holiday [1]. - Aluminum prices are expected to fluctuate in the short - term due to factors such as inventory changes and export incentives [2]. - Nickel is expected to oscillate weakly in the medium - to - long term due to supply surplus, although cost support limits the downside [3][4]. - Tin prices are expected to have greater volatility, and range trading is recommended, with attention to supply and demand changes [5]. Summary by Related Catalogs 1. Basic Metals Copper - As of May 26, the Shanghai copper main 06 contract rose 0.57% to 78,270 yuan/ton. Macro disturbances are weakening, but Sino - US trade uncertainties remain. Mine - end disruptions continue, and the cost pressure of smelters limits price decline. Consumption in May weakened compared to April but is better than the same period. Social inventory is at a low level, and there may be some restocking sentiment before the Dragon Boat Festival [1]. Aluminum - As of May 26, the Shanghai aluminum main 07 contract fell 0.05% to 20,155 yuan/ton. The revocation of mining licenses in Guinea has escalated. Alumina operating capacity is expected to gradually recover, and electrolytic aluminum operating capacity is increasing. The downstream开工率 is declining, but aluminum inventory has been unexpectedly depleted, and short - term aluminum prices are expected to fluctuate [2]. Nickel - As of May 26, the Shanghai nickel main 06 contract fell 0.08% to 122,780 yuan/ton. The nickel ore market in Indonesia is tight, and the downstream nickel - iron industry has losses. The pure nickel is in surplus, and stainless steel demand is average. The cost of nickel is firm, but there is a long - term supply surplus, and prices are expected to oscillate weakly [3][4]. Tin - As of May 26, the Shanghai tin main 06 contract fell 0.24% to 264,050 yuan/ton. Supply has recovered, and prices are oscillating. Production and imports have increased, and the semiconductor industry is showing signs of recovery. The supply of tin ore is tight, but there are strong expectations of mine - end resumption. Prices are expected to fluctuate more, and range trading is recommended [5]. 2. Spot Transaction Summary Copper - Domestic spot copper prices rose. Due to limited restocking demand before the Dragon Boat Festival, downstream procurement was cautious, and only low - priced goods were purchased, with a slight increase in premiums [6]. Aluminum - The spot aluminum market was stable with a slight upward trend. Tight arrivals and inventory depletion supported sellers' price - holding sentiment, but some sellers increased shipments, and overall trading remained active [7]. Other Metals - For zinc, the spot market trading was mediocre, with high premiums due to pre - holiday restocking. For lead, the spot market trading was light. For nickel, the spot market trading was light due to the weekly effect. For tin, the spot market trading was average, and merchants were mainly in a wait - and - see mode [9][11][12][13]. 3. Warehouse Receipt and Inventory Report - SHFE copper, aluminum, nickel, and tin futures warehouse receipts decreased, while lead futures warehouse receipts increased, and zinc futures warehouse receipts remained unchanged. LME copper, lead, zinc, aluminum, and nickel inventories decreased, and tin inventory remained unchanged [15].

Report Summary 1. Investment Rating No investment rating for the industry is provided in the report. 2. Core Views - **Copper**: The main copper futures price fluctuated narrowly below 78,000 today. After the peak season, the short - term social inventory of electrolytic copper started to accumulate, putting pressure on copper prices. It may also be due to the decline in market demand expectations. However, the domestic social inventory is still at a low level compared to the same period in previous years, and with domestic macro - stimulus, the consumption expectation is good. Additionally, the low processing fees of upstream smelters continue, and the supply is expected to decline. Overall, the futures price has strong fundamental support and is expected to fluctuate [5]. - **Aluminum**: Aluminum prices increased in volume and maintained a strong upward trend. At the industrial level, recent disturbances in the alumina ore end led to the rise of futures prices, providing some support for aluminum prices. The social inventory of aluminum ingots is normalizing and is at a low level compared to the same period in previous years, and the downstream aluminum rod inventory is also low. The futures price is expected to remain strong, and attention can be paid to the support of the 5 - day moving average [6]. - **Nickel**: Nickel prices rebounded to 124,000 last night and weakened during the day. The nickel price center has been continuously moving down, and the amplitude has narrowed. Currently, the nickel industry is neutral in the short - term and bearish in the long - term. The futures price is expected to fluctuate, and attention should be paid to the technical support at 123,000 [7]. 3. Industry Dynamics Copper - On May 22, the social inventory of electrolytic copper was 143,700 tons, an increase of 1,800 tons compared to May 19 and 8,000 tons compared to May 15 [9]. - The Kakula underground mine in the Kamoa - Kakula copper mine in the Democratic Republic of the Congo suspended mining operations on May 18 due to multiple mine tremors in the eastern area of the Kakula mine last week [9]. Aluminum - On May 22, the electrolytic aluminum inventory was 557,000 tons, a decrease of 30,000 tons compared to May 19 and 31,000 tons compared to May 15 [10]. - In April 2025, the global primary aluminum production was 6.033 million tons, compared with 5.901 million tons in the same period last year, and the revised value of the previous month was 6.237 million tons. The primary aluminum production in China in April is estimated to be 3.621 million tons, and the revised value of the previous month was 3.742 million tons [10]. Nickel - On May 22, for the refined nickel Shanghai market's mainstream reference contract, the Jinchuan electrolytic nickel had a mainstream premium of +2,150 yuan/ton at a price of 125,500 yuan/ton; Russian nickel had a mainstream premium of +300 yuan/ton at a price of 123,650 yuan/ton; Norwegian nickel had a mainstream premium of +2,600 yuan/ton at a price of 125,950 yuan/ton; and nickel beans had a mainstream premium of - 900 yuan/ton at a price of 122,450 yuan/ton [11]. 4. Relevant Charts Copper - Charts include copper basis, copper monthly spread, domestic visible inventory of electrolytic copper, overseas copper exchange inventory, LME copper cancellation warrant ratio, and SHFE warehouse receipt inventory [12][14][15] Aluminum - Charts include aluminum basis, aluminum monthly spread, domestic social inventory of electrolytic aluminum, overseas exchange inventory of electrolytic aluminum, alumina trend, and alumina inventory [24][25][27] Nickel - Charts include nickel basis, nickel monthly spread, LME inventory, SHFE inventory, LME nickel trend, and nickel ore port inventory [36][38][40]

Report Industry Investment Rating - Not provided in the content Core Views of the Report - **Copper**: Today, copper prices continued to decline, with the main contract price falling below the 78,000 yuan mark in the afternoon. The recent upward trend in copper prices was largely due to the easing of Sino-US relations, while today's decline was affected by the sharp drop in gold prices and the increase in electrolytic copper social inventory. With the industry's low inventory pattern and the warming of the internal and external macro atmosphere, copper prices are expected to maintain a strong operation. Attention can be paid to the long-short game at the 78,000 yuan level [4]. - **Aluminum**: Today, aluminum prices fluctuated narrowly above 20,200 yuan and weakened slightly in the afternoon. The recent upward trend in aluminum prices was largely due to the easing of Sino-US relations. With the low inventory pattern, the warming macro atmosphere promoted the rebound of aluminum prices. In the short term, the futures price broke through the 20,000 yuan mark, and short - sellers had a strong willingness to close positions. The futures price is expected to maintain a strong operation. If it falls, attention can be paid to the support of the 5 - day moving average [5]. - **Nickel**: Today, nickel prices showed a downward trend, with an obvious plunge before the noon closing and stabilized with increased positions in the afternoon. From a macro perspective, the internal and external macro - benefits did not significantly boost nickel prices, which largely indicated that the industrial fundamentals of nickel prices were suppressing the upward movement of nickel prices. Overall, the strong upstream mine end provided support for the futures price, while the weak downstream demand exerted pressure on the futures price. Nickel prices are expected to fluctuate, and attention should be paid to the support at the 123,000 yuan level [6]. Summary by Related Catalogs 1. Industry Dynamics - **Copper**: On May 15th, Mysteel's electrolytic copper social inventory was 135,700 tons, a cumulative increase of 10,800 tons compared to the 12th. Codelco will cooperate with Rio Tinto to build a copper "mining area" around the Nuevo Cobre project in the Atacama region of northern Chile. Codelco holds about 43% of the shares, and Rio Tinto holds about 58%. Ivanhoe's Makoko mining area in the Democratic Republic of the Congo has a total copper content of 9.37 million tons, 89% higher than the estimated 5 million tons in November 2023. The inferred resource volume of the Makoko mine is 27.7 million tons with a copper grade of 2.79%, and the speculative resource volume is 4.937 billion tons with a copper grade of 1.7%. Morgan Stanley expects the average copper price in the second half of 2025 to be $9,225 per ton [8][9]. - **Aluminum**: Morgan Stanley expects the average aluminum price in the second half of 2025 to be $2,325 per ton [9]. - **Nickel**: On May 15th, for the refined nickel Shanghai market's mainstream reference contract, the main premium for Jinchuan electrolytic nickel was +2,200 yuan/ton, with a price of 127,530 yuan/ton; for Russian nickel, it was +300 yuan/ton, with a price of 125,630 yuan/ton; for Norwegian nickel, it was +2,700 yuan/ton, with a price of 128,030 yuan/ton; for nickel beans, it was -900 yuan/ton, with a price of 124,430 yuan/ton [9]. 2. Related Charts - **Copper**: The report includes charts such as copper basis, copper monthly spread, electrolytic copper domestic visible inventory (social inventory + bonded area inventory), LME copper cancelled warrant ratio, overseas copper exchange inventory, and SHFE warrant inventory [10][12][13]. - **Aluminum**: The report includes charts such as aluminum basis, electrolytic aluminum domestic social inventory, alumina trend, electrolytic aluminum overseas exchange inventory (LME + COMEX), and alumina inventory [24][26][28]. - **Nickel**: The report includes charts such as nickel basis, nickel monthly spread, LME inventory, LME nickel trend, SHFE inventory, and nickel ore port inventory [35][41][45].

Core Viewpoint - In 2024, Western Mining achieved significant financial milestones, including a record revenue of 50.026 billion yuan, driven by rising non-ferrous metal prices and increased copper production [1][2][3] Financial Performance - The company reported a total revenue of 50.026 billion yuan, marking a 17% year-on-year increase [2] - Net profit attributable to shareholders reached 2.932 billion yuan, reflecting a 5% growth [1][2] - Operating cash flow increased by 32% to 8.246 billion yuan [1][2] - The total profit amounted to 5.992 billion yuan, up 27% year-on-year [2] - The weighted average return on equity was 18.23%, an increase of 0.51 percentage points [2] Production Achievements - Copper production reached 177,543 tons, a 35% increase year-on-year, with Yulong Copper producing 159,084 tons, up 39.1% [3] - Molybdenum production grew by 18%, iron concentrate by 15%, and silver concentrate by 6% [3] - The company optimized its smelting operations, achieving a total copper smelting output of 263,771 tons [3] Dividend Policy - Western Mining announced a dividend plan to distribute 2.383 billion yuan, representing 81% of the distributable profits [4] - The dividend per share is set at 10 yuan, resulting in a dividend yield of 6.5%, the highest in the non-ferrous metal industry [4] - Since its listing, the company has maintained a high dividend payout ratio, distributing over 10.7 billion yuan from 2007 to 2024, accounting for over 60% of cumulative net profits [4] Shareholder Confidence - The controlling shareholder has consistently increased their stake, with a total of 62.0448 million shares acquired from 2023 to 2025, valued at over 900 million yuan [6] - A recent announcement indicated plans to further increase holdings by 0.15% to 0.222% of total shares, signaling confidence in the company's long-term prospects [6] Future Outlook - For 2025, the company plans to produce 168,208 tons of copper, 124,581 tons of zinc, and 65,672 tons of lead, among other products [6] - The revenue target for 2025 is set at 55 billion yuan, with a profit goal of 5 billion yuan [6]

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