1. Report's Industry Investment Rating - Copper: Neutral - Arbitrage: Suspended - Options: Sell put options [9] 2. Core View of the Report - As the Spring Festival approaches, downstream demand continues to decline, and the price of precious metals remains volatile. The price of copper may range from RMB 97,800/ton to RMB 106,600/ton. It is not recommended to hold heavy positions during the Spring Festival holiday [9]. 3. Summary by Relevant Catalogs Market News and Important Data Futures Quotes - On February 12, 2026, the main Shanghai copper contract opened at RMB 103,620/ton and closed at RMB 102,330/ton, a 0.15% decrease from the previous trading day's close. During the night session, it opened at RMB 102,030/ton and closed at RMB 100,030/ton, a 2.58% decrease from the afternoon close [1]. Spot Situation - According to SMM, the spot price of SMM 1 electrolytic copper was at a discount of RMB 100 - RMB 20/ton to the 2602 contract, with an average discount of RMB 60/ton, a RMB 10/ton decrease from the previous day. The spot price ranged from RMB 101,840 - RMB 102,240/ton. The 2602 contract showed a W-shaped oscillation and closed at RMB 101,950/ton. With the Spring Festival approaching, the market was quiet, and the supply - demand imbalance was expected to widen the spot discount [2]. Important Information Summary Macro and Geopolitical Aspects - US President Trump is expected to visit China in early April, and President Xi Jinping will meet him. The Sino - US trade "cease - fire" is expected to be extended. Due to investors' concerns about AI eroding corporate profits, the US stock market tumbled, causing copper prices to decline [3]. Mining End - In 2025, Congo (Kinshasa)'s copper exports increased from 3.1 million tons to 3.4 million tons, a 9.7% year - on - year increase, solidifying its status as the world's second - largest copper producer. Chinese - funded enterprises play a major role in Congo's copper production [4]. Smelting and Import - In January, the proportion of Chinese - produced copper in LME's available inventory decreased due to inflows from other countries. The absolute inventory of Chinese - produced copper in LME warehouses increased from 87,475 tons in December to 95,150 tons at the end of January [5]. Consumption - As the Spring Festival nears, spot trading is light. The output and capacity utilization rate of copper rods in January 2026 decreased compared to December. Different regions showed different trends in production volume [6]. Inventory and Warehouse Receipts - LME warehouse receipts changed by 3,000 tons to 196,650 tons. SHFE warehouse receipts changed by 8,282 tons to 187,179 tons. On February 12, the domestic electrolytic copper spot inventory was 353,600 tons, a change of 22,300 tons from the previous week [7][8]

证券日报网讯 2月12日，云南铜业在互动平台回答投资者提问时表示，公司已于2025年12月31日完成凉 山矿业40%股份的资产过户手续，直接持有其60%股权，凉山矿业成为公司控股子公司。针对2026年一 季度利润计算方式，公司将凉山矿业100%的利润全额纳入合并财务报表，并在此基础上按60%的持股 比例计算归属上市公司股东的净利润。 （文章来源：证券日报） ...

Group 1: Report Industry Investment Rating - The investment rating for copper is neutral, and the recommendation for arbitrage is to hold off, while the option strategy is to sell put options [8] Group 2: Core Viewpoints - As the Spring Festival approaches, downstream demand is decreasing, and the price of precious metals is still volatile. The price of copper is expected to range between 97,800 yuan/ton and 106,600 yuan/ton. It is not recommended to hold heavy positions during the Spring Festival holiday [8] Group 3: Summary by Directory 1. Market News and Important Data Futures Quotes - On February 11, 2026, the opening price of the main Shanghai copper contract was 101,660 yuan/ton, and the closing price was 102,180 yuan/ton, a 0.61% increase from the previous trading day's close. The opening price of the main Shanghai copper contract in the night session was 103,620 yuan/ton, and the closing price was 101,840 yuan/ton, a 0.26% increase from the afternoon close [1] Spot Situation - According to SMM, the spot price of SMM 1 electrolytic copper was at a discount of 100 yuan/ton to par against the current 2602 contract, with an average discount of 50 yuan/ton, a 55 yuan/ton decrease from the previous trading day. The price of SMM 1 electrolytic copper ranged from 101,100 to 101,530 yuan/ton [2] 2. Important Information Summary Macro and Geopolitical Aspects - In January, the US seasonally adjusted non - farm payrolls increased by 130,000, the largest increase since April last year. The unemployment rate was 4.3%, and the average hourly wage increased by 3.7% year - on - year. Traders now fully expect the Fed to cut interest rates in July, instead of June as previously expected. There are uncertainties regarding the North American trade agreement due to Trump's potential withdrawal [3] Mine End - Codelco's El Teniente project will have low production for about the next five years after a fatal accident last year. It is expected to produce 301,000 tons of copper this year. In December 2025, Codelco's copper production increased by 3.7% to 181,400 tons, while Escondida's production decreased by 16.5% to 111,500 tons, and Collahuasi's production decreased by 12.1% to 36,200 tons [4] Smelting and Import - The US has built up its largest copper inventory in decades. Traders are shipping copper to the US due to concerns about potential import tariffs. As of February 6, Comex copper inventory was about 534,405 tons, more than five times the level of a year ago. The total US copper reserve is estimated to be about 1 million tons, which can meet about 7 months of demand [5] Consumption - Spot trading was dull yesterday. Downstream enterprises are on holiday and inventory preparation is almost complete, leading to weak demand. The futures spread is in a contango structure, and holders are selling casually. In January 2026, the domestic copper rod production was 107,800 tons, a 3.21% decrease from December, with a comprehensive capacity utilization rate of 54.89%, a 1.83% decrease from the previous month [6] Inventory and Warehouse Receipts - LME warehouse receipts changed by 4,800 tons to 192,100 tons, SHFE warehouse receipts changed by 12,958 tons to 178,897 tons. On February 11, the domestic electrolytic copper spot inventory was 331,300 tons, a decrease of 4,500 tons from the previous week [7]

Group 1 - The core viewpoint of the article is that Huangshan Gujie established a copper subsidiary to enhance raw material supply security, reduce costs, and improve the overall competitiveness and profitability of the company [1] - The company aims to continuously improve its operational management to enhance performance and intrinsic value [1] - The establishment of the copper subsidiary is part of a strategic development initiative to optimize the industrial chain layout [1]

Group 1 - The core point of the article is that Northern Copper (000737) has reported its shareholder count as of January 30, 2026, which stands at 214,282 households [1]

新能源及有色金属日报 | 2026-02-10 下游企业备货基本结束 铜价维持震荡格局 市场要闻与重要数据 2026-02-09，沪铜主力合约开于 101000元/吨，收于 101840元/吨，较前一交易日收盘1.74%，昨日夜盘沪铜主力合 约开于 101,740元/吨，收于 102,450 元/吨，较昨日午后收盘上涨0.93%。 现货情况： 据 SMM 讯，昨日电解铜现货报价在贴水30元至升水100元/吨之间，均价升水35元/吨，较前日小幅收窄。期铜主 力合约高开后震荡回落，日内波动于101,300-102,120元/吨区间。市场交投情绪分化，销售情绪指数微升，而采购 情绪略有回落。早间平水铜报价以贴水为主，部分优质品牌如金川、贵溪因货源紧张维持较高升水。至第二交易 时段，持货商普遍挺价，湿法及非注册铜以贴水成交。进口窗口此前开启带来的货源正逐步到港，市场供应预期 趋于宽松。同时，随着春节临近，下游企业备货基本结束，实际采购需求减弱。综合来看，在供应增加而需求转 淡的背景下，预计今日现货升贴水将承压下行。 重要资讯汇总： 宏观与地缘方面，美国白宫国家经济委员会主任哈塞特表示，美国就业增长数据预计将出现放缓， ...

基本面方面，海外部分大型铜矿近年屡现重大供应中断，目前年供应量减少近100万吨，占全球铜供应 总量的4%，且复产前景黯淡。非美地区库存占比低，现有矿山品位下滑，开采难度与成本攀升。国内 铜精矿现货加工费低位徘徊，目前约-50美元/干吨，矿紧局面持续。尽管国内倡导减产矿铜，但精炼铜 产量仍增，受此前铜价高企影响，精废价差维持高位。需求端，国内春节临近，需求前景趋弱，库存累 积压制看涨情绪。截至2月6日当周，上期所周度库存九连涨至24.89万吨，创逾10个月新高，铜价上行 压力增大。不过，临近春节，铜价重心回落，部分下游企业节前备货需求显现，周末仓库出库量显著提 升，库存有所下降。 总体来看，近期宏观因素主导作用明显，市场风险偏好有企稳迹象。但铜自身微观层面偏弱，CL价差 不利虹吸且LME交仓，不过未来供应紧张预期尚难扭转和证伪。对于铜价后续走势，铜价重心或回归 原区间震荡，下沿位置较高，预计今日现铜价格上涨。 长江有色金属网ccmn.cn 电话：0592-5668838。 新浪合作大平台期货开户 安全快捷有保障 伦敦金属交易所（LME）2月9日伦铜最新库存量报184300公吨，较上个交易日增加1025公吨，涨幅 ...

Report Summary 1. Report Industry Investment Rating - Not provided in the report 2. Core View of the Report - Last week, driven by precious metals, the non - ferrous metals sector experienced a panic - driven sharp decline. On February 2nd, Shanghai copper hit the daily limit down, with a decline of about 9%. The nomination of the new Fed chair led to a re - evaluation of the US dollar's credit and significant fluctuations in market sentiment. There are differences in the path of further interest rate cuts, and the market has entered a wait - and - see phase, increasing the volatility of asset prices [2]. - Although copper mine strikes in places like Chile have temporarily subsided, it confirms the fragility of mine production. The long - term structural supply shortage provides a solid bottom support for copper prices. In the short term, affected by the seasonal off - season, downstream production has stopped for holidays, and spot trading has stagnated. However, in the long run, the new energy transformation and AI infrastructure construction offer potential, and China's non - ferrous metals industry association's plan to improve the copper resource reserve system proves copper's strategic importance [2]. - The panic - driven sharp decline in copper prices this week was mainly due to profit - taking by long positions after the previous extreme increase and liquidity踩踏. Subsequently, the market entered a volatile repair phase with high volatility. With unclear macro - level guidance, pressure from the off - season on the demand side, and supply - side support, copper prices are expected to remain volatile before the holiday [2]. 3. Summary by Relevant Catalogs 3.1 Market Review and Outlook - The non - ferrous metals sector had a panic - driven sharp decline last week, with Shanghai copper hitting the daily limit down on February 2nd. The new Fed chair's nomination led to market sentiment fluctuations and a wait - and - see attitude. The supply side has long - term structural support, while the demand side is affected by the off - season in the short term. Copper prices are expected to be volatile before the holiday [2]. 3.2 Factors to Watch - The report mentions that the latest US economic data and downstream demand recovery are factors to watch. It also provides weekly data on various copper - related indicators, such as the electrolytic copper price in Shanghai decreased by 4.58% week - on - week, the electrolytic copper premium in Shanghai increased by 117.86% week - on - week, and the LME copper inventory increased by 4.74% week - on - week [3]. 3.3 This Week's Fundamental Data Weekly Changes - **Futures Market Review**: The report includes graphs of the Shanghai copper price trend, London copper price trend, and the Shanghai - London copper ratio (without excluding exchange rates) [5][6][8]. - **Supply Situation Analysis**: It presents graphs related to copper concentrate forward spot prices, copper concentrate port inventory, domestic electrolytic copper production, etc. [13]. - **Demand Situation Analysis**: Graphs about 1 electrolytic copper premium in Shanghai, copper product prices, copper product capacity utilization, and refined copper rod trading volume are provided [15][17]. - **Inventory Situation Analysis**: Graphs of electrolytic copper spot inventory and the inventory of three major futures exchanges are included [22].

Report Summary 1. Report Industry Investment Rating No information about the report industry investment rating is provided in the content. 2. Core Viewpoint The market's confidence in the Fed has strengthened after the nomination of Wash as Fed Chairman, leading to a change in expectations for interest rate cuts and balance sheet reduction. The US dollar has risen, putting pressure on non - ferrous metals. The copper price oscillated downward last week but stopped falling and stabilized after the China Non - Ferrous Metals Industry Association proposed to improve the copper resource reserve system. In the short term, there is a tug - of - war between bulls and bears, with the price mainly in a narrow - range oscillation. In the long term, the copper price is optimistic [3]. 3. Summary by Directory 3.1 Market Analysis - **Macro aspect**: Wash's nomination as Fed Chairman has boosted the confidence in the US dollar due to the expectation of interest rate cuts and balance sheet reduction. The US January ISM manufacturing PMI was 52.6, the highest since August 2022. The January ADP new employment was 22,000, lower than the expected 45,000, indicating weak labor market momentum. Non - farm employment data will be released this week, and Wash's interest rate cut path needs to be monitored [3]. - **Supply aspect**: In January, the copper production was 15,700 tons more than expected, and it is expected to return to normal in February. The expected output of electrolytic copper in China in February will decrease by 35,800 tons month - on - month (a 3.04% decline) and increase by 8.06% year - on - year. Recycling copper enterprises entered the holiday mode earlier this year due to high copper prices and low market liquidity. The China Non - Ferrous Metals Industry Association proposed to improve the copper resource reserve system and consider including copper concentrates in the reserve [3]. - **Demand aspect**: As of December 2025, the apparent consumption of copper was 1.3188 million tons, a 4.00% increase from the previous month. After the pre - holiday copper price correction, downstream industries replenished raw materials. As the price recovered and the Spring Festival approached, downstream industries entered the holiday mode, and procurement decreased [3]. 3.2 Shanghai Copper Price Trend This week, Shanghai copper oscillated weakly, with a weekly high of 105,810 yuan/ton, a low of 97,920 yuan/ton, a weekly amplitude of 7.61%, and a range change of - 3.45% [5]. 3.3 Shanghai Copper Spot Market As of February 9, the average spot premium in East China was - 10 yuan/ton, and in South China it was - 115 yuan/ton. As the copper price corrected, downstream procurement sentiment increased, and the spot discount narrowed [11]. 3.4 London Copper Spread Structure As of February 6, the LME copper price fell 4.02% during the week, closing at $12,900/ton, with a spot premium of - $60/ton [16]. 3.5 Copper Concentrate Supply In December 2025, China imported 2.704 million physical tons of copper ore and concentrates, a 7% month - on - month and 7.2% year - on - year increase. From January to December 2025, the cumulative import was 30.365 million physical tons, a 7.8% year - on - year increase. The China Non - Ferrous Metals Industry Association proposed to improve the copper resource reserve system and consider including copper concentrates in the reserve [20]. 3.6 Scrap Copper Supply In December 2025, China imported 239,000 physical tons of copper scrap and waste, a 14.81% month - on - month and 9.88% year - on - year increase. Recycling copper enterprises entered the holiday mode earlier this year, and the operating rate will continue to decline this week, with little market trading [25]. 3.7 Smelter Fees As of February 6, the domestic spot rough smelting fee (TC) was - $51.23/dry ton, and the refining fee (RC) was - 5.21 cents/pound. The TC/RC fees continued to decline. The China Non - Ferrous Metals Industry Association will promote copper smelting capacity governance. The CSPT announced a joint production cut of over 10% in 2026, and the 2026 copper concentrate long - term processing fee was set at $0/ton and 0 cents/pound [30]. 3.8 Refined Copper Supply In January, the electrolytic copper output was 15,700 tons more than expected and is expected to return to normal in February. The expected output in February will decrease by 35,800 tons month - on - month (a 3.04% decline) and increase by 8.06% year - on - year. In December 2025, the import of unwrought copper and copper products was 437,000 tons, a 21.8% year - on - year decrease. From January to December 2025, the cumulative import was 5.321 million tons, a 6.4% year - on - year decrease [34]. 3.9 Apparent Demand As of December 2025, the apparent consumption of copper was 1.3188 million tons, a 4.00% increase from the previous month [38]. 3.10 Downstream Consumption - **Copper rod**: According to Mysteel's survey of 57 domestic refined copper rod sample enterprises, the capacity utilization rate in January was 54.44%, a 3.35% month - on - month and 5.93% year - on - year increase. In February, it was 34.62%, a 19.82% month - on - month and 17.76% year - on - year decrease. Some copper tube enterprises will stop production this weekend [42]. - **Power grid**: As of the end of 2025, the national cumulative power generation installed capacity was 3.89 billion kilowatts, a 16.1% year - on - year increase. The solar power installed capacity was 1.2 billion kilowatts, a 35.4% year - on - year increase, and the wind power installed capacity was 640 million kilowatts, a 22.9% year - on - year increase. In 2025, the average utilization hours of power generation equipment in power plants above 6,000 kilowatts were 3,119 hours, 312 hours less than the previous year [47]. - **Real estate**: In December, the sales area of new commercial housing was 93.99 million square meters, a 39.87% month - on - month increase and a 16.58% year - on - year decrease. The sales volume was 880.7 billion yuan, a 44.07% month - on - month increase and a 24.24% year - on - year decrease [53]. - **Automobile**: In January 2026, the estimated wholesale of new - energy passenger vehicles by national manufacturers was 900,000, a 1% year - on - year increase. From January 1, 2026, the vehicle purchase tax was changed from exemption to half - collection. The "trade - in" subsidy for heavy trucks and buses continued, and the subsidy for passenger vehicles changed from a fixed - amount subsidy to a proportional subsidy [59]. 3.11 Global Copper Inventories in Major Exchanges - As of February 6, the LME copper inventory increased by 8,300 tons to 171,700 tons week - on - week (a 4.74% increase), and was 26.48% lower year - on - year. The COMEX copper inventory was 589,100 tons, a 1.97% week - on - week increase and 488.28% higher year - on - year. - On February 5, the cumulative copper spot inventory in the bonded areas of Shanghai and Guangdong was 120,600 tons, still increasing during the week. As of February 6, the Shanghai Futures copper inventory was 160,200 tons, a 0.32% week - on - week decrease, and the cathode copper inventory was 248,900 tons, a 6.83% week - on - week increase [64][69].

Report Industry Investment Rating - Not provided in the report Core Viewpoint - The copper market is characterized by cautious trading and price fluctuations, with a trend strength of -1, indicating a bearish outlook [1][3] Summary by Relevant Catalogs Fundamental Tracking - **Futures Prices**: The closing price of the Shanghai Copper main contract was 100,100, with a daily decline of 0.87%, and the night - session closing price was 101,490, with a night - session increase of 1.39%. The LME Copper 3M electronic disk closed at 13,060, with a daily increase of 1.59% [1] - **Trading Volume and Open Interest**: The trading volume of the Shanghai Copper Index was 555,817, a decrease of 31,985 from the previous day, and the open interest was 583,895, a decrease of 16,062. The trading volume of the LME Copper 3M electronic disk was 25,610, a decrease of 4,624, and the open interest was 325,000, an increase of 298 [1] - **Futures Inventory**: The Shanghai Copper inventory was 160,172, a decrease of 507, and the LME Copper inventory was 183,275, an increase of 2,700. The LME Copper cancellation warrant ratio was 10.53%, a decrease of 0.52% [1] - **Price Spreads**: The LME Copper basis was -70.95, an increase of 6.63 from the previous day. The Shanghai 1 bright copper price was 88,100, a decrease of 1,000. The spot - to - near - month futures spread was 40, an increase of 110 [1] Macro and Industry News - **Macro News**: The State Council executive meeting proposed to make good use of funds such as central budget - internal investment, ultra - long - term special treasury bonds, local government special bonds, and new policy - based financial instruments. The US - Iran nuclear talks reached a consensus on "maintaining dialogue" [1] - **Industry News**: The China Non - Ferrous Metals Industry Association plans to include "copper concentrate" in the national reserve. Glencore Canada suspended major investment in the Horne smelter and will reduce investment in the Canadian copper refinery in the medium term. Anglo American's copper production in Q4 2025 was 169,500 tons, a 14% decrease from the same period in 2024. Capstone Copper will resume full production at its Mantoverde copper - gold mine in Chile [1][3]