1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - Due to the progress in Sino - US economic and trade negotiations, the expected interest rate cut by the Federal Reserve, and the tight supply of copper raw materials, copper prices are expected to continue to fluctuate strongly. The reference range for the main Shanghai copper contract is 87,000 - 88,600 yuan/ton, and for the LME copper 3M contract is 10,900 - 11,150 US dollars/ton [3]. - After the production suspension at the Mozal aluminum plant and the production cut at the Grundartangi aluminum plant, combined with low domestic inventories and improved global trade situation, aluminum prices are expected to fluctuate strongly. The reference range for the main Shanghai aluminum contract is 21,120 - 21,400 yuan/ton, and for the LME aluminum 3M contract is 2,860 - 2,920 US dollars/ton [5]. - With the depletion of lead ore inventory, increased smelting start - up rate, and positive market sentiment, lead prices are expected to be strong in the short term [7]. - Zinc ore inventory is slightly increasing, and smelting profits are declining. With high structural risks in LME zinc and positive market sentiment, zinc prices are expected to fluctuate strongly in the short term [10]. - In the short term, tin supply and demand are in a tight balance, and with the improvement in peak - season demand, tin prices may remain high and fluctuate. It is recommended to wait and see [13]. - Refined nickel inventory pressure is significant, but in the long - term, global fiscal and monetary policies will support nickel prices. It is recommended to wait and see in the short term, and consider building long positions if the price drops enough [16]. - After the continuous rise of lithium prices, there is a fear of high prices. Attention should be paid to supply elasticity and hedging pressure. The reference range for the Guangzhou Futures Exchange's lithium carbonate 2601 contract is 79,400 - 83,200 yuan/ton [19]. - Alumina has over - capacity and continuous inventory accumulation, but with the improvement in Sino - US relations and expected loose monetary policy, it is recommended to wait and see. The reference range for the domestic main contract AO2601 is 2,700 - 3,000 yuan/ton [22]. - Stainless steel has weak demand support and declining raw material prices. It is recommended to wait and see [25]. - With the progress in Sino - US economic and trade negotiations, strong cost support, and tight supply, the price of cast aluminum alloy has strong support [28]. 3. Summary by Related Catalogs Copper - **Market Information**: The LME copper 3M contract rose 0.26% to 11,029 US dollars/ton, and the Shanghai copper main contract closed at 87,910 yuan/ton. LME copper inventory decreased by 1,400 to 134,575 tons, and domestic SHFE warehouse receipts slightly increased to 36,000 tons. The spot in Shanghai was at a discount to the futures, and the downstream procurement sentiment improved slightly. The domestic copper spot import loss was about 800 yuan/ton, and the refined - scrap spread narrowed [2]. - **Strategy Viewpoint**: Due to the progress in Sino - US economic and trade negotiations, the expected interest rate cut by the Federal Reserve, and tight copper raw material supply, copper prices are expected to continue to fluctuate strongly. The reference range for the main Shanghai copper contract is 87,000 - 88,600 yuan/ton, and for the LME copper 3M contract is 10,900 - 11,150 US dollars/ton [3]. Aluminum - **Market Information**: The LME aluminum rose 0.54% to 2,894 US dollars/ton, and the Shanghai aluminum main contract closed at 21,245 yuan/ton. The position of the Shanghai aluminum weighted contract decreased by 24,000 to 612,000 lots, and the futures warehouse receipts slightly decreased to 66,000 tons. Domestic three - place aluminum ingot inventory increased slightly, and the aluminum rod inventory decreased slightly. The spot in East China was at a discount to the futures, and the downstream procurement willingness was still weak. The LME aluminum inventory decreased by 4,000 to 466,000 tons [4]. - **Strategy Viewpoint**: After the production suspension at the Mozal aluminum plant and the production cut at the Grundartangi aluminum plant, combined with low domestic inventories and improved global trade situation, aluminum prices are expected to fluctuate strongly. The reference range for the main Shanghai aluminum contract is 21,120 - 21,400 yuan/ton, and for the LME aluminum 3M contract is 2,860 - 2,920 US dollars/ton [5]. Lead - **Market Information**: The Shanghai lead index fell 0.92% to 17,360 yuan/ton, and the LME lead 3S fell 4 to 2,013.5 US dollars/ton. The SMM1 lead ingot average price was 17,225 yuan/ton, and the refined - scrap spread was 50 yuan/ton. The SHFE lead ingot futures inventory was 23,100 tons, and the domestic social inventory decreased to 25,300 tons [6]. - **Strategy Viewpoint**: With the depletion of lead ore inventory, increased smelting start - up rate, and positive market sentiment, lead prices are expected to be strong in the short term [7]. Zinc - **Market Information**: The Shanghai zinc index fell 0.23% to 22,318 yuan/ton, and the LME zinc 3S fell 3 to 3,035.5 US dollars/ton. The SMM0 zinc ingot average price was 22,270 yuan/ton. The SHFE zinc ingot futures inventory was 68,300 tons, and the domestic social inventory slightly increased to 163,500 tons [9]. - **Strategy Viewpoint**: Zinc ore inventory is slightly increasing, and smelting profits are declining. With high structural risks in LME zinc and positive market sentiment, zinc prices are expected to fluctuate strongly in the short term [10]. Tin - **Market Information**: On October 28, 2025, the Shanghai tin main contract closed at 282,780 yuan/ton, down 1.18%. The SHFE registered warehouse receipts decreased by 43 to 5,609 tons, and the LME inventory decreased by 25 to 2,700 tons. The 40% tin concentrate in Yunnan rose 800 to 272,300 yuan/ton. The combined start - up rate of refined tin smelting enterprises in Yunnan and Jiangxi decreased to 29.72% [12]. - **Strategy Viewpoint**: In the short term, tin supply and demand are in a tight balance, and with the improvement in peak - season demand, tin prices may remain high and fluctuate. It is recommended to wait and see. The reference range for the domestic main contract is 270,000 - 290,000 yuan/ton, and for the overseas LME tin is 34,000 - 36,000 US dollars/ton [13]. Nickel - **Market Information**: The Shanghai nickel main contract closed at 120,560 yuan/ton, down 1.50%. The spot premium of Russian nickel was flat, and that of Jinchuan nickel decreased by 150. The price of nickel ore was stable and slightly strong, and the price of nickel iron was weak. The price of MHP was high [14]. - **Strategy Viewpoint**: Refined nickel inventory pressure is significant, but in the long - term, global fiscal and monetary policies will support nickel prices. It is recommended to wait and see in the short term, and consider building long positions if the price drops enough. The reference range for the Shanghai nickel main contract is 115,000 - 128,000 yuan/ton, and for the LME nickel 3M contract is 14,500 - 16,500 US dollars/ton [16]. Lithium Carbonate - **Market Information**: The Five - Mineral Steel Union's lithium carbonate spot index (MMLC) rose 1.37% to 81,669 yuan. The LC2601 contract closed at 81,640 yuan, down 0.32% [18]. - **Strategy Viewpoint**: After the continuous rise of lithium prices, there is a fear of high prices. Attention should be paid to supply elasticity and hedging pressure. The reference range for the Guangzhou Futures Exchange's lithium carbonate 2601 contract is 79,400 - 83,200 yuan/ton [19]. Alumina - **Market Information**: On October 28, 2025, the alumina index fell 0.39% to 2,829 yuan/ton. The spot in Shandong was at a premium of 20 yuan/ton to the 11 - contract. The overseas MYSTEEL Australia FOB was 318 US dollars/ton, and the import loss was 11 yuan/ton. The futures warehouse receipts were 223,400 tons [21]. - **Strategy Viewpoint**: Alumina has over - capacity and continuous inventory accumulation, but with the improvement in Sino - US relations and expected loose monetary policy, it is recommended to wait and see. The reference range for the domestic main contract AO2601 is 2,700 - 3,000 yuan/ton [22]. Stainless Steel - **Market Information**: The stainless steel main contract closed at 12,750 yuan/ton, down 0.51%. The spot prices in Foshan and Wuxi decreased. The raw material prices such as high - nickel iron decreased. The futures inventory was 73,896 tons, and the social inventory increased to 1,027,400 tons [24]. - **Strategy Viewpoint**: Stainless steel has weak demand support and declining raw material prices. It is recommended to wait and see [25]. Cast Aluminum Alloy - **Market Information**: The main AD2512 contract of cast aluminum alloy fell 0.68% to 20,575 yuan/ton. The weighted contract position slightly increased to 23,600 lots, and the volume decreased significantly. The domestic mainstream ADC12 average price increased to 20,850 yuan/ton, and the import ADC12 price increased by 100 to 20,470 yuan/ton. The domestic three - place recycled aluminum alloy ingot inventory decreased to 48,300 tons [27]. - **Strategy Viewpoint**: With the progress in Sino - US economic and trade negotiations, strong cost support, and tight supply, the price of cast aluminum alloy has strong support [28].

Core Insights - The company reported a total revenue of 72.643 billion yuan for Q3 2025, ranking 8th among disclosed peers, with a year-on-year increase of 5.21% [1] - The net profit attributable to shareholders was -215 million yuan, an increase of 96.087 million yuan compared to the same period last year [1] - The net cash inflow from operating activities was 6.060 billion yuan, also ranking 8th among peers, with a significant increase of 6.419 billion yuan year-on-year [1] Financial Metrics - The latest debt-to-asset ratio stands at 65.91% [3] - The gross profit margin is 5.67%, up by 0.12 percentage points from the previous quarter and 0.96 percentage points from the same period last year, marking two consecutive years of growth [3] - The return on equity (ROE) is -1.39%, an improvement of 0.66 percentage points compared to the same period last year [3] Earnings and Turnover - The diluted earnings per share are -0.03 yuan, an increase of 0.01 yuan from the same period last year [4] - The total asset turnover ratio is 1.40 times, ranking 13th among peers, with a year-on-year increase of 0.93% [4] - The inventory turnover ratio is 4.10 times, up by 2.88% year-on-year [4] Shareholder Structure - The number of shareholders is 180,700, with the top ten shareholders holding 5.584 billion shares, accounting for 75.42% of the total share capital [4] - The largest shareholder is CITIC Guoan Industrial Group Co., Ltd., holding 30.39% [4]

Core Viewpoint - The company, China Nonferrous Metal Construction Co., Ltd., has released its third-quarter report for 2025, ensuring the accuracy and completeness of the disclosed information [1][2][17]. Financial Data - The third-quarter financial report has not been audited [3][7]. - The company has confirmed that there are no adjustments or restatements required for previous accounting data [3]. - There are no non-recurring gains or losses reported for the quarter [3]. Shareholder Information - The company has authorized management to sell its shares in Shengda Resources, totaling 15,926,096 shares, which represents 2.31% of Shengda's total share capital [5]. - As of the end of the reporting period, the company has sold 6,050,300 shares and retains 9,875,796 shares in Shengda Resources [5]. Major Projects - No new major projects were signed in the third quarter of 2025 [9]. - The company has ongoing major projects, but specific details are not disclosed in the report [9]. Board Meeting - The 12th meeting of the 10th Board of Directors was held on October 27, 2025, with all six directors present [11][12]. - The board approved the third-quarter report with unanimous consent [12][13]. Investor Communication - The company plans to hold an online performance briefing on November 4, 2025, to discuss the third-quarter results and engage with investors [16][18]. - Investors are encouraged to submit questions in advance for the briefing [18].

Core Viewpoint - Jiangxi Copper reported a significant increase in both revenue and net profit for the third quarter and the first three quarters of the year, primarily driven by changes in the prices of its main products [1]. Group 1: Third Quarter Performance - The company achieved a revenue of 139.088 billion yuan in the third quarter, representing a year-on-year growth of 14.09% [1]. - The net profit attributable to shareholders for the third quarter was 1.849 billion yuan, showing a year-on-year increase of 35.20% [1]. Group 2: Year-to-Date Performance - For the first three quarters, the company reported a total revenue of 396.047 billion yuan, which is a year-on-year growth of 0.98% [1]. - The net profit attributable to shareholders for the first three quarters reached 6.023 billion yuan, reflecting a year-on-year increase of 20.85% [1]. Group 3: Profit Growth Drivers - The growth in net profit is mainly attributed to fluctuations in the prices of the company's main products [1].

Core Insights - The company reported a revenue of 1,639,027,722.83 yuan for the third quarter of 2025, representing a year-on-year decline of 17.84% [2] - The net profit attributable to shareholders of the listed company was 40,340,629.79 yuan, showing a significant year-on-year increase of 83.37% [2] Financial Performance - Revenue for Q3 2025: 1,639,027,722.83 yuan, down 17.84% year-on-year [2] - Net profit for Q3 2025: 40,340,629.79 yuan, up 83.37% year-on-year [2]

Core Insights - The company reported a total operating revenue of 72.643 billion yuan for the first three quarters of 2025, representing a year-on-year increase of 5.21% [1] - The net profit attributable to shareholders of the parent company was -215 million yuan, which is a reduction in losses by 96.0879 million yuan compared to the same period last year [1] - The basic earnings per share stood at -0.029 yuan [1]

白银有色公告，第三季度营收为280.84亿元，同比增长70.72%；净利润为224.12万元。前三季度营收为 726.43亿元，同比增长5.21%；净利润亏损2.15亿元。 ...

Company Performance - Zhongse Co., Ltd. reported a revenue of approximately 6.931 billion yuan for the first three quarters of 2025, a year-on-year decrease of 0.21% [1] - The net profit attributable to shareholders of the listed company was approximately 481 million yuan, reflecting a year-on-year increase of 42.84% [1] - Basic earnings per share were 0.2413 yuan, which is an increase of 41.19% compared to the previous year [1] Market Context - As of the report, Zhongse Co., Ltd. has a market capitalization of 13.7 billion yuan [2] - The A-share market has surpassed 4000 points, marking a significant resurgence after a decade of stagnation, with a new "slow bull" market pattern emerging driven by technology [2]

Core Viewpoint - China Molybdenum Co., Ltd. (000758.SZ) reported a slight decline in revenue for the first three quarters of the year, while net profit showed significant growth, indicating a mixed performance in financial results [1] Financial Performance - The company's operating revenue for the first three quarters was 6.93 billion, a year-on-year decrease of 0.21% [1] - Net profit attributable to shareholders reached 480 million, reflecting a year-on-year increase of 42.84% [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was 300 million, showing a slight decline of 0.24% year-on-year [1]

Core Insights - The company announced a new project signed in Q3 2025 with a contract value of 121 million yuan [1] - The total number of ongoing projects is 29, with a total contract value of 34.688 billion yuan [1] - There are 2 signed but not yet effective projects, amounting to 1.0936 billion yuan [1] - The company has 4 projects that have been bid but not yet signed, totaling 111.4 million yuan [1] Major Projects - The Indonesia Oman Copper Smelting Plant project has a contract value of 6.561 billion yuan, with 99.83% of the engineering progress completed [1] - The Indonesia Oman Copper Concentrator Expansion project has a contract value of 3.075 billion yuan, with 90.36% of the engineering progress completed [1] - The Vietnam Duong Electric Aluminum project has a contract value of 4.196 billion yuan, with 15.00% of the engineering progress completed [1]