1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints - The short - term macro atmosphere for the non - ferrous metals sector is positive, with a high probability of Fed rate cuts, which is expected to drive the overall strength of non - ferrous metals. However, different metals have different price trends based on their own supply - demand fundamentals. For example, copper and lead are expected to be oscillating strongly, zinc is likely to be in a low - level oscillation, tin is expected to oscillate, nickel may strengthen in stages, and aluminum and stainless steel may rise with the approach of the peak season [1][5][7][8][10][16]. 3. Summary by Metal Copper - Price: LME copper closed down 0.31% to $9,875/ton, and the SHFE copper main contract closed at 79,660 yuan/ton. - Inventory: LME copper inventory decreased by 25 to 158,875 tons, and the domestic electrolytic copper social inventory increased by 0.5 million tons (SMM caliber), while the bonded area inventory slightly decreased. - Outlook: The short - term copper price is expected to maintain an oscillating and strong trend, with the SHFE copper main contract operating in the range of 79,000 - 80,200 yuan/ton and LME copper 3M in the range of 9,800 - 9,950 dollars/ton [1]. Aluminum - Price: LME aluminum slightly rose to $2,619/ton, and the SHFE aluminum main contract closed at 20,690 yuan/ton. - Inventory: The domestic main consumption area aluminum ingot inventory increased by 0.3 million tons to 62.3 million tons, and the aluminum rod inventory increased by 0.9 million tons to 14.3 million tons. - Outlook: The aluminum price is expected to be supported. If the inventory inflection point appears, there will be stronger upward momentum. The domestic main contract is expected to operate in the range of 20,600 - 20,850 yuan/ton, and LME aluminum 3M in the range of 2,590 - 2,640 dollars/ton [3]. Lead - Price: The SHFE lead index closed down 0.15% to 16,857 yuan/ton, and LME lead 3S rose to $1,990.5/ton. - Inventory: The domestic social inventory slightly increased to 6.58 million tons. - Outlook: The lead price is expected to be strong as the supply margin narrows and the non - ferrous metals sector atmosphere is positive [5]. Zinc - Price: The SHFE zinc index rose 0.13% to 22,168 yuan/ton, and LME zinc 3S rose to $2,830/ton. - Inventory: The zinc ingot social inventory continued to increase rapidly to 14.63 million tons. - Outlook: There is a divergence between the macro background and industrial status. The short - term decline space is limited, and it is expected to show a low - level oscillation pattern [7]. Tin - Supply: The resumption of tin mines in Myanmar's Wa State is slow, and the shortage of tin mines in Yunnan is still severe. The production in September is expected to decline by 29.89% month - on - month. - Demand: The downstream is in the consumption off - season, and the traditional consumption areas are weak. - Outlook: The tin price is expected to oscillate in the short term as the supply decline is obvious while the demand is weak [8]. Nickel - Resources: The nickel ore price is expected to remain stable. The supply of nickel ore in Indonesia is relatively sufficient, and the iron mills' acceptance of nickel ore prices is okay. - Nickel iron: The supply increase is limited, and the demand is supported by the expected increase in stainless steel production in August and September. - Intermediate products: The market circulation of spot is tight, and the price is expected to be strong. - Outlook: The nickel price has limited downward space. It is recommended to go long on dips. The SHFE nickel main contract is expected to operate in the range of 115,000 - 128,000 yuan/ton, and LME nickel 3M in the range of 14,500 - 16,500 dollars/ton [9][10]. Carbonate Lithium - Price: The MMLC late - session index fell 0.35% to 76,816 yuan. - Outlook: The market is in a weak adjustment. The risk of a sharp decline in lithium prices is small. The LC2511 contract is expected to operate in the range of 73,500 - 78,600 yuan/ton [12]. Alumina - Price: The alumina index fell 0.86% to 3,005 yuan/ton. - Outlook: After a sharp decline, the downward space is limited. It is recommended to wait and see in the short term. The domestic main contract AO2601 is expected to operate in the range of 2,900 - 3,300 yuan/ton [14]. Stainless Steel - Price: The stainless steel main contract closed at 12,950 yuan/ton, up 1.05%. - Inventory: The social inventory decreased by 0.81% to 108.3 million tons. - Outlook: With the approach of the peak season, the actual consumption of stainless steel is expected to increase [16]. Cast Aluminum Alloy - Price: The AD2511 contract closed down 0.37% to 20,275 yuan/ton. - Inventory: The domestic three - place recycled aluminum alloy ingot inventory increased to 3.37 million tons. - Outlook: The price is expected to run at a high level in the short term as the downstream is transitioning from the off - season to the peak season, and the cost is strongly supported [19].

Core Viewpoint - Liken Resources (02245) reported significant growth in both revenue and profit for the first half of 2025, driven by increased production and operational efficiency [1] Financial Performance - Revenue for the period reached approximately 18.1466 billion HKD, representing a year-on-year increase of 66.8% [1] - Profit attributable to the parent company was around 1.426 billion HKD, showing a substantial increase of 143.0% compared to the previous year [1] - Earnings per share stood at 0.92 HKD [1] Production and Operational Highlights - The growth in revenue and profit was primarily due to a significant increase in the production of hydrometallurgical products such as nickel hydroxide and pyrometallurgical products like nickel iron [1] - The increase in production was attributed to the full operational capacity of the ONC project and the production release from the KPS project [1] - The company optimized its product structure and implemented refined cost control management, along with technological improvements to enhance production processes and profitability [1]

Core Viewpoint - The announcement details a passive dilution of the controlling shareholder's stake in Tongling Nonferrous Metals Group Co., Ltd. due to the conversion of convertible bonds, which does not change the number of shares held by the controlling shareholder [1][2]. Group 1: Shareholder Changes - The controlling shareholder, Tongling Nonferrous Metals Group Holdings Co., Ltd., experienced a reduction in its shareholding percentage from 47.78% to 46.72% due to the issuance of new shares from the conversion of convertible bonds [1]. - The total number of shares increased from 12,792,920,401 to 13,082,994,710 following the conversion, resulting in a passive dilution of 1.06% for the controlling shareholder [1]. Group 2: Impact on Company Structure - The change in shareholding does not lead to a change in the controlling shareholder and will not affect the company's governance structure or its ongoing operations [2].

Group 1 - The article highlights the latest adjustments in holdings by several large private equity firms in the A-share market as of the end of Q2 2025, revealing significant investment strategies and stock selections [1][2] - Gao Yi Asset's Feng Liu increased positions in New City Holdings and Taiji Group, while also reducing holdings in Hikvision and several material stocks [3][4] - Gao Yi Asset's Dong Xiaofeng added to positions in Zijin Mining and Yun Aluminum, indicating a bullish outlook on the non-ferrous metals sector [4][5] Group 2 - Rui Jun Asset's Dong Chengfei entered the top ten shareholders of Yangjie Technology and Rabbit Baby, reflecting a strategic shift towards semiconductor and building materials [7][8] - Ningquan Asset, led by Yang Dong, also made new investments in Tianhao Energy and increased holdings in Meichang Co., indicating a focus on energy and materials sectors [9][10] - Jinglin Asset increased its stake in Shiji Information, while the Honghu Fund, a joint venture by China Life and Xinhua Insurance, made new investments in China Shenhua and China Petroleum, showcasing a diversified investment approach [11][12][13]

Report Summary 1. Report Industry Investment Rating No relevant information provided. 2. Core View of the Report - The expectation of the Fed's interest rate cut in September is almost certain, combined with the expectation of the domestic traditional off - season turning to the peak season and the low domestic electrolytic copper social inventory, may lead to a cautious and bullish trend in the Shanghai copper price. It is recommended that investors hold their previous long positions cautiously. Attention should be paid to the support and resistance levels of Shanghai copper, London copper, and US copper [2]. 3. Summary by Related Catalogs Market Data - **Shanghai Copper Futures**: On August 29, 2025, the closing price of the active contract was 79,410, up 480 from the previous day; the trading volume was 71,061 lots, down 2,342; the open interest was 173,826 lots, up 4,829; the inventory was 21,412 tons, up 180 [2]. - **London Copper**: On August 29, 2025, the closing price of the 3 - month copper futures (electronic trading) was 9,902, up 84 from the previous day; the total inventory of registered and cancelled warrants was 0, down 158,900 from the previous day [2]. - **COMEX Copper**: On August 28, 2025, the closing price of the active copper futures contract was 4.5445, down 0.00 from the previous day; the total inventory was 275,226, up 3,121 [2]. Industry Information - **Production and Supply**: In August, the domestic electrolytic copper production decreased slightly by 0.28 tons. Due to the impact of changes in waste copper collection, the supply of waste copper will significantly decrease in September, and the output of some enterprises directly producing electrolytic copper from waste copper will also decrease. SMM expects that the electrolytic copper production will drop significantly by 5.25 tons in September and remain at a low level in October [2]. - **Project Progress**: The floating - ship pumping station and back - water system, a key supporting project of the Mirador copper mine expansion project under Tongling Nonferrous, completed the overall commissioning, marking a solid step towards full - scale production [2]. Industry Operation - **Copper Rod**: The daily processing fee of refined copper rods for power and enameled wire in East China increased compared with last week. The capacity utilization rate of Chinese refined copper rod (recycled copper rod) decreased compared with last week. The raw material (finished product) inventory of refined copper rod enterprises decreased (increased) compared with last week, while that of recycled copper rod enterprises increased (increased) [2]. - **Copper Wire and Cable**: The capacity utilization rate of Chinese copper wire and cable decreased compared with last week, and the raw material (finished product) inventory decreased (increased) [2]. - **Copper Enameled Wire**: The order volume (capacity utilization rate) of Chinese copper enameled wire decreased (dropped) compared with last week, and the raw material (finished product) inventory days of Chinese enameled wire enterprises decreased (increased) [2]. - **Copper Plate and Strip**: The capacity utilization rate (production volume) of Chinese copper plate and strip decreased (decreased) compared with last week, and the raw material (finished product) inventory days of Chinese copper plate and strip enterprises increased (decreased) [2]. - **Copper Tube**: The capacity utilization rate of Chinese copper tubes may decrease month - on - month in September, as the total air - conditioning and heat - pump volume is expected to be lower than last year, and high tariffs suppress export orders to the US [2]. Investment Strategy - **Trading Suggestion**: Hold previous long positions cautiously. Pay attention to the support and resistance levels of Shanghai copper (77,000 - 78,000 and 80,000 - 81,000), London copper (9,300 - 9,500 and 10,000 - 10,200), and US copper (4.0 - 4.2 and 4.6 - 5.0) [2].

Group 1: Report Industry Investment Rating - There is no information provided regarding the report industry investment rating in the given content. Group 2: Report's Core View - The copper price broke upward this week. The market order transactions remained resilient, and the difference between refined and scrap copper prices was tight. There are concerns about anode copper production in September and October, and potential squeeze - out risks should be noted [1]. - For aluminum, supply increased slightly, with imports providing an increment from January to July. August was a seasonal off - peak for demand, but there was a slight improvement in the second half of the month. In September, inventory is expected to decline. Pay attention to far - month spreads and internal - external reverse arbitrage [1]. - The zinc price fluctuated narrowly this week. Supply increased in August, and demand was seasonally weak domestically but had some resistance overseas. Short - term rebound is expected, and it is recommended to wait and see in the short - term and take a short - position in the long - term. Internal - external positive arbitrage can be held, and positive spreads between months can be noted [4]. - For nickel, the production of pure nickel remained at a high level, demand was weak overall, and domestic inventory decreased slightly while overseas inventory remained stable. The situation in Indonesia needs continuous attention [6]. - The stainless - steel market had some passive production cuts by steel mills. Demand was mainly for rigid needs, costs were relatively stable, and inventory remained unchanged. Follow the situation of the Indonesian parade [9]. - The lead price fluctuated this week. Supply was expected to be tight, demand improved slightly, but inventory was at a high level. The price is expected to remain in a low - level oscillation next week [11]. - The tin price oscillated upward this week. The domestic market was in a state of weak supply and demand. It is recommended to wait and see in the short - term and hold positions at low prices close to the cost line in the long - term [14]. - For industrial silicon, the production in Xinjiang is expected to accelerate, and the southwest production is stable. The short - term supply - demand balance depends on the resumption of production of Hesheng. In the long - term, it will oscillate at the bottom of the cycle [17]. - The lithium carbonate price decreased this week. The core contradiction is the long - term over - capacity and short - term supply disruptions. The price has strong downward support [19][20]. Group 3: Summary by Metal Copper - **Price and Market Data**: From August 25 - 29, the Shanghai copper spot price increased by 55, the spread increased by 133, and the LME inventory increased by 950. The copper price broke upward this week [1]. - **Fundamentals**: Market orders were resilient, and the difference between refined and scrap copper prices was tight. Some regions' scrap copper rod production decreased, and there are concerns about anode copper production in September and October [1]. Aluminum - **Price and Market Data**: From August 25 - 29, the Shanghai aluminum ingot price remained unchanged, and the LME inventory decreased by 100. Supply increased slightly, and demand was in a seasonal off - peak in August [1]. - **Inventory and Outlook**: In September, inventory is expected to decline. Pay attention to far - month spreads and internal - external reverse arbitrage in the low - inventory situation [1]. Zinc - **Price and Market Data**: From August 25 - 29, the Shanghai zinc ingot price decreased by 120, and the LME inventory decreased by 1500. The zinc price fluctuated narrowly this week [4]. - **Supply and Demand**: Supply increased in August, domestic demand was seasonally weak, and overseas demand had some resistance. Short - term rebound is expected, and long - term short - position is recommended [4]. Nickel - **Price and Market Data**: From August 25 - 29, the Shanghai nickel spot price increased by 500, and the LME inventory decreased by 132. The production of pure nickel remained at a high level, and demand was weak [6]. - **Situation in Indonesia**: The parade in Indonesia turned into a riot, and the situation needs continuous attention [6]. Stainless Steel - **Price and Market Data**: From August 25 - 29, the price of 430 cold - rolled coil increased by 50, and the price of scrap stainless steel decreased by 30. Some steel mills had passive production cuts [9]. - **Supply and Demand**: Demand was mainly for rigid needs, costs were relatively stable, and inventory remained unchanged. Follow the situation of the Indonesian parade [9]. Lead - **Price and Market Data**: From August 25 - 29, the lead price oscillated, the LME registered warehouse receipts decreased by 10,000, and the exchange inventory reached a historical high of 70,000 tons [11]. - **Supply and Demand**: Supply was expected to be tight, demand improved slightly, but inventory was at a high level. The price is expected to remain in a low - level oscillation next week [11]. Tin - **Price and Market Data**: From August 25 - 29, the tin price oscillated upward, the LME inventory increased by 115, and the position increased by 15,147 [14]. - **Supply and Demand**: The domestic market was in a state of weak supply and demand. It is recommended to wait and see in the short - term and hold positions at low prices close to the cost line in the long - term [14]. Industrial Silicon - **Price and Market Data**: From August 25 - 29, the basis of 421 in Yunnan and Sichuan changed, and the warehouse receipt quantity decreased. The production in Xinjiang is expected to accelerate [17]. - **Supply and Demand**: The short - term supply - demand balance depends on the resumption of production of Hesheng. In the long - term, it will oscillate at the bottom of the cycle [17]. Lithium Carbonate - **Price and Market Data**: From August 25 - 29, the SMM electric and industrial carbon prices decreased by 350, and the warehouse receipt quantity increased by 930. The price decreased this week [19]. - **Supply and Demand**: The core contradiction is the long - term over - capacity and short - term supply disruptions. The price has strong downward support [19][20].

1. Report Industry Investment Rating No information provided regarding the industry investment rating in the report. 2. Core Views of the Report - In the first half of 2025, over half of the convertible bond issuers saw year - on - year revenue growth. It is advisable to focus on some industry targets with in - line mid - year reports and reasonable valuations, while avoiding targets with lower - than - expected mid - year reports and high prices and premiums. Also, pay attention to the repair market of individual bonds with marginal improvements in post - mid - year - report orders/ prices in the 'anti - involution' industries and track policy catalysts from the third quarter onwards [1][2][10][16]. - Currently, A - shares still show good allocation value in terms of risk premium. In the convertible bond market, considering the impact of refinancing policies, there is some support on the demand side under the background of supply contraction. However, as the current overall valuation of convertible bonds is at a relatively high level, caution should be exercised regarding correction risks. Attention should be paid to hot themes, the repair opportunities of low - level technology growth sectors, and industries with improved domestic demand and high - dividend sectors [18]. 3. Summary According to the Directory 3.1. Convertible Bond Weekly Special and Outlook 3.1.1. How were the Issuers' Performance in the First Half of 2025? - Among 440 convertible bond issuers, 269 and 218 issuers saw year - on - year increases in operating income and net profit attributable to shareholders, accounting for 61.14% and 49.55% respectively. There were 75 convertible bonds with a net profit growth rate of over 50% and 90 with a growth rate below - 50%. There were 12 convertible bonds with a revenue growth rate of over 50% and 5 with a growth rate below - 50% [10]. - At the industry level, the agricultural, forestry, animal husbandry, and fishery industry had the highest year - on - year growth rate of net profit attributable to shareholders, while the light manufacturing industry had the lowest. Six industries had positive median revenue and profit growth rates, and six had negative ones. Loss - making issuers were mainly concentrated in power equipment, computer, basic chemicals, and pharmaceutical biology industries [12]. - Among individual bonds, 169 issuers achieved year - on - year growth in both revenue and net profit attributable to shareholders, and 122 issuers saw year - on - year declines in both [16]. 3.1.2. Weekly Review and Market Outlook - This week, the A - share market fluctuated upward. Considering the risk premium, A - shares still have good allocation value. In the convertible bond market, supply contraction provides some support on the demand side, but high valuations pose correction risks. Industries worthy of attention include hot themes, low - level technology growth sectors, domestic - demand - oriented industries, and high - dividend sectors [17][18]. 3.2. Weekly Tracking of the Convertible Bond Market 3.2.1. The Equity Market Closed Higher - This week, major equity market indices closed higher, with a market style more inclined towards large - cap growth. Among the Shenwan industries, 15 rose and 16 fell, with communication, non - ferrous metals, and electronics leading the gains [22][25]. 3.2.2. The Convertible Bond Market Closed Lower, and the Premium Rate per 100 - Yuan Par Value Declined - The convertible bond market closed lower this week, with the average daily trading volume increasing. All 29 industries in the convertible bond market declined, with the automotive, social services, and non - banking finance industries leading the losses. Most individual bonds fell, and the median convertible bond price decreased [27][32][34]. - The weighted conversion value of the whole market increased, and the premium rate decreased. The current premium rate per 100 - yuan par value is above the 50th percentile since 2017 [39]. 3.2.3. High - Frequency Tracking of Different Types of Convertible Bonds 3.2.3.1. Classification Valuation Changes - This week, there was valuation differentiation in the convertible bond structure. The valuation of convertible bonds with a par value between 110 - 120 increased, while most others decreased. Since the beginning of 2024, the conversion premium rates of equity - biased and balanced convertible bonds have bottomed out and rebounded [49]. 3.2.3.2. Market Index Performance - This week, convertible bonds of all ratings and scales declined. Historically, high - rating AAA convertible bonds have shown stable performance, while low - rating convertible bonds have weaker downside resistance and greater rebound potential [60][61]. 3.3. Tracking of Convertible Bond Supply and Terms 3.3.1. This Week's Primary Market Issuance Plans - One new convertible bond was listed this week, and three were issued but not yet listed. There were 11 primary approvals this week, and Jinchengxin received approval from the CSRC to issue 2 billion yuan of convertible bonds [68]. 3.3.2. Downward Revision and Redemption Clauses - This week, 7 convertible bonds announced potential downward revisions, 7 announced no downward revisions, 1 proposed a downward revision, and Ou 22 Convertible Bond announced the result of a downward revision. Also, 7 convertible bonds announced potential redemptions, 4 announced no early redemptions, and 9 announced early redemptions. As of the end of this week, 3 convertible bonds were still in the put - option period, and 16 were in the company's capital - reduction repayment period [73][76][79].

Investment Rating - The report maintains a "Recommended" rating for the company [7]. Core Views - The company achieved significant growth in Q2 2025, with a notable increase in net profit driven by improved electrolytic aluminum production capacity and a decline in alumina prices [1][2]. - The company’s net profit for H1 2025 reached 710 million yuan, a year-on-year increase of 59.6%, while revenue decreased by 3.8% to 10.57 billion yuan [1]. - The report highlights the positive impact of rising processing fees and stable sales in aluminum deep processing products, leading to a 56% increase in net profit for H1 2025 [3]. Summary by Sections Financial Performance - In H1 2025, the company reported a revenue of 10.57 billion yuan, down 3.8% year-on-year, while net profit was 710 million yuan, up 59.6% [1]. - Q2 2025 saw revenue of 5.55 billion yuan, a decrease of 4.5% year-on-year but an increase of 10.6% quarter-on-quarter, with net profit reaching 480 million yuan, up 19.4% year-on-year and 107.2% quarter-on-quarter [1][2]. Production and Pricing - The company completed the acquisition of a 24% stake in Zhongfu Aluminum, increasing its electrolytic aluminum production capacity to 750,000 tons [2]. - The average aluminum price in H1 2025 was 20,321 yuan per ton, up 2.7% year-on-year, while alumina prices decreased by 0.3% to 3,518 yuan per ton [2]. Profitability - The gross margin for H1 2025 was 11.7%, an increase of 1.4 percentage points year-on-year, and the net margin was 5.9%, up 1.6 percentage points year-on-year [2]. - The company’s deep processing aluminum products achieved a sales volume of 293,000 tons, with net profit increasing by 56% year-on-year, attributed to rising processing fees [3]. Future Outlook - The report anticipates that the company will achieve net profits of 1.83 billion yuan, 2.46 billion yuan, and 2.73 billion yuan for the years 2025 to 2027, corresponding to PE ratios of 12, 9, and 8 times [5]. - The company plans to maintain a cash dividend payout ratio of no less than 60% from 2025 to 2027 as part of its shareholder return strategy [3].

Core Viewpoint - Jiangxi Copper Company announced a total asset impairment provision of RMB 943.24 million for the first half of 2025, reflecting a need to adjust the asset values in accordance with accounting standards and market conditions [1][3]. Summary by Sections Asset Impairment Provision Details - The company has made provisions for various asset categories, including: - Inventory impairment provision: RMB 273.68 million - Fixed asset impairment provision: RMB 159.13 million - Construction in progress impairment provision: RMB 35.29 million - Investment property impairment provision: RMB 1.08 million - Other non-current asset impairment provision: RMB 313.46 million - Credit impairment loss: RMB 160.60 million - Total impairment provision: RMB 943.24 million [1][2][3]. Inventory Impairment - The company measures inventory at the lower of cost and net realizable value, leading to an inventory impairment provision of RMB 273.68 million, which includes a reversal of RMB 2.53 million from a subsidiary [1][2]. Fixed Assets and Other Impairments - Fixed assets were fully impaired due to a lack of use value, resulting in a provision of RMB 159.13 million. Other non-current assets and construction in progress were also impaired due to low expected future use, with provisions of RMB 313.46 million and RMB 35.29 million, respectively [2][3]. Credit Impairment Loss - The total credit impairment provision amounted to RMB 160.60 million, which includes bad debt provisions for accounts receivable and other receivables, with specific amounts detailed for each category [3]. Impact on Financial Statements - The total asset impairment provision of RMB 943.24 million will impact the company's net profit attributable to the parent company by approximately RMB 785.86 million for the first half of 2025 [3]. Board and Committee Opinions - The independent audit committee and the board of directors have reviewed and approved the asset impairment provisions, confirming compliance with accounting standards and reflecting the company's actual asset situation [4].

Core Insights - Xinjiang Xinxin Mining (03833) reported a significant decline in net profit attributable to shareholders, amounting to approximately 71.6 million yuan, representing a year-on-year decrease of about 50.2% [1] - The company's revenue for the six months ending June 30, 2025, was approximately 1.118 billion yuan, reflecting a year-on-year increase of about 4.9% [1] Financial Performance - The net profit for the period was approximately 68 million yuan, showing a year-on-year decline of about 47.8% [1] - Basic earnings per share were reported at 0.032 yuan [1] Production and Sales - The production of electrolytic nickel reached 6,030 tons, an increase of approximately 26.7% compared to 4,757 tons in the same period last year [1] - The production of cathode copper was 3,815 tons, a decrease of about 7.0% from 4,102 tons year-on-year [1] - Sales of electrolytic nickel amounted to 5,672 tons, marking a year-on-year increase of approximately 29.6% from 4,378 tons [1] - Sales of cathode copper were 4,559 tons, which is a significant increase of about 51.6% compared to 3,008 tons in the previous year [1]