Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report - Tin prices are expected to run strongly. The increase in supply from Myanmar has alleviated high - priced tin to some extent, but the ongoing tense situation in the DRC has kept tin prices high and even pushed them to new highs. With the continuous rise of tin prices, the downstream's willingness to take delivery has decreased, and tin inventories at home and abroad have been accumulating recently. In terms of demand, the semiconductor industry maintains growth, while the growth of the domestic automobile and home appliance industries shows a decline in the month - on - month growth rate [14]. - Lithium carbonate is expected to stabilize in a range - bound manner, with strengthened cost support and a tight supply - demand balance dominating the fluctuations. The upstream raw material prices have increased, strengthening the cost support. The supply capacity is being released in an orderly manner, but the demand for cathode materials has slightly decreased, and the inventory pattern remains tight. The industry is facing increasing profit pressure [15]. Summary by Directory 01. Weekly Review of Non - ferrous Metals Market - **Copper**: The closing price of the futures main contract CU2602 on December 26, 2025, was 98,720 yuan, with a weekly increase of 5,540 yuan and a weekly increase rate of 5.95%. The average price of copper in Shanghai Wumaomarket was 97,865 yuan, with a weekly increase of 5,385 yuan and a weekly increase rate of 5.82% [9]. - **Aluminum**: The closing price of the futures main contract AL2602 on December 26, 2025, was 22,405 yuan, with a weekly increase of 220 yuan and a weekly increase rate of 0.99%. The average price of aluminum (A00) in the non - ferrous market was 22,060 yuan, with a weekly increase of 220 yuan and a weekly increase rate of 1.01% [9]. - **Zinc**: The closing price of the futures main contract ZN2602 on December 26, 2025, was 23,170 yuan, with a weekly increase of 105 yuan and a weekly increase rate of 0.46%. The price of zinc ingots (0, Zn99.995, domestic and imported) was 23,120 yuan, with a weekly decrease of 24 yuan and a weekly decrease rate of - 0.10% [9]. - **Tin**: The closing price of the futures main contract SN2602 on December 26, 2025, was 338,550 yuan, with a weekly decrease of 4,490 yuan and a weekly decrease rate of - 1.31%. The average price of tin in Shanghai Wumaomarket was 334,000 yuan, with a weekly decrease of 2,000 yuan and a weekly decrease rate of - 0.60% [9]. - **Nickel**: The closing price of the futures main contract NI2602 on December 26, 2025, was 126,750 yuan, with a weekly increase of 9,570 yuan and a weekly increase rate of 8.17%. The average price of nickel (1) was 130,810 yuan, with a weekly increase of 10,020 yuan and a weekly increase rate of 8.30% [9]. 02. This Week's Forecast of Non - ferrous Metals Market - **Tin**: The supply from Myanmar has increased, but the situation in the DRC has kept tin prices high. The downstream's willingness to take delivery has decreased, and inventories have accumulated. The semiconductor industry maintains growth, while the growth of the domestic automobile and home appliance industries has slowed down. Tin prices are expected to run strongly [14]. - **Lithium carbonate**: - **Market performance**: Last week, the lithium carbonate contract price on the disk was strong, and the price center continued to rise. The main contract LC2605 increased by 17.16% week - on - week, reaching a new high since July 2024. The average price of SMM electric carbon increased by 6.94% week - on - week to 103,400 yuan/ton. There was a divergence between the spot and futures markets, with the spot market weakly fluctuating and the futures premium expanding [15]. - **Supply side**: Upstream raw materials increased slightly month - on - month and significantly year - on - year, strengthening cost support. The overall supply capacity was released in an orderly manner, with production and operating rates increasing by 0.53% month - on - month [15]. - **Demand side**: The production of cathode materials slightly decreased, and inventories continued to decline. Phosphoric acid iron - lithium cells showed strong performance, with a year - on - year production increase of 61.58%, while ternary cells were weak, with a production of 7.1 GWh (a month - on - month decrease of 1.25% and a year - on - year decrease of 4.83%) [15]. - **Inventory**: Social inventories increased slightly, and sample inventories continued to decline but at a slower pace. The overall inventory was still tight [15]. - **Cost and profit**: Mainstream production processes continued to be in a loss state, and the loss differentials expanded. Import and export and delivery arbitrage profits showed different characteristics [15]. 03. Variety Data (Tin, Lithium Carbonate) Tin - **Refined tin production and operating rate**: In the week of December 26, the combined production of refined tin in Yunnan and Jiangxi provinces was 0.338 million tons, a month - on - month increase of 0.002 million tons and a year - on - year increase of 0.0265 million tons. The combined operating rate was 69.75%, a month - on - month increase of 0.41% and a year - on - year increase of 5.47% [20]. - **Tin ingot inventory**: In the week of December 19, the total SHFE tin ingot inventory was 8,095 tons, a month - on - month increase of 704 tons and a year - on - year increase of 1,261 tons. The social inventory of tin ingots in different regions of China was 9,192 tons, a month - on - month increase of 732 tons and a year - on - year increase of 1,387 tons [23]. - **Tin concentrate processing fees**: The processing fees for 40% tin concentrate in Yunnan and 60% tin concentrate in Guangxi, Hunan, and Jiangxi remained flat week - on - week and decreased year - on - year [24]. - **Tin ore import profit and loss**: In the week of December 25, the import profit and loss level of tin ore was 22,313.14 yuan/ton, a week - on - week decrease of 8,852 yuan and a year - on - year increase of 4,232.29 yuan [26]. - **Spot average prices**: The average prices of 40% tin concentrate in Yunnan and 60% tin concentrate in Guangxi, Hunan, and Jiangxi decreased week - on - week and increased year - on - year [30]. Lithium Carbonate - **Key high - frequency data in the industrial chain**: - The closing price of the main contract on December 26, 2025, increased by 17.16% week - on - week and 68.37% year - on - year. - The trading volume of the main contract decreased by 53.85% week - on - week and increased by 363.18% year - on - year. - The position of the main contract decreased by 13.72% week - on - week and increased by 253.34% year - on - year. - The basis of the main contract increased by 33.48% week - on - week and 869.79% year - on - year. - The number of warehouse receipts of lithium carbonate in the Guangzhou Futures Exchange increased by 15.34% week - on - week and decreased by 65.30% year - on - year [32]. - **Supply side**: - **Raw material market**: The prices of various types of lithium ore increased significantly, strengthening cost support [34]. - **Operating rate**: The total weekly operating rate of lithium carbonate increased slightly week - on - week and year - on - year, with significant differences among different production processes [36]. - **Production**: The total weekly production of lithium carbonate increased slightly week - on - week and significantly year - on - year [41]. - **Demand side**: - **Cathode material market**: The overall cathode material market showed a short - term decline in production and continuous inventory reduction [45]. - **Terminal market**: The production of power cells decreased slightly, showing a differentiation between strong phosphoric acid iron - lithium and weak ternary [48]. - **Inventory**: The inventory pattern remained tight, and the inventory structure shifted from the production and consumption ends to the trading end [55]. - **Cost and profit**: - The production of lithium carbonate using purchased lithium spodumene concentrate and lithium mica concentrate was in a loss state, with the loss of lithium spodumene concentrate production expanding and that of lithium mica concentrate production narrowing year - on - year [60]. - The import of lithium carbonate still had a profit, but the profit margin had narrowed. There were significant differences among varieties, and the delivery arbitrage window for lithium carbonate was opened [60][61].

（记者 王晓波） 中矿资源（002738.SZ）12月29日在投资者互动平台表示，公司赞比亚西北省希富玛铜矿为在产矿山， 公司正在开展自有矿山的地质勘查增储工作，相关工作按计划稳步推进。 每经AI快讯，有投资者在投资者互动平台提问：请问贵司希富玛铜矿和卡布韦铜矿是否在产？目前产 能多少？是否有扩建计划？ ...

Report Title - Supply Tightness and Weakening Demand: Shanghai Zinc Maintains a Sideways - Bullish Trend [1] Report Date - December 29, 2025 [1] 1. Report Industry Investment Rating - Not provided in the content 2. Core Viewpoints - The zinc market has a supply - tight and demand - weak situation, and Shanghai zinc is expected to maintain a sideways - bullish trend. The tight supply is due to smelters' production cuts caused by raw material issues, while the demand shows a weakening trend overall [1][8][9] 3. Summary by Directory 3.1 Weekly Review - **Industry Data**: Domestic zinc ore is in short supply, and zinc ore processing fees are falling rapidly, providing some support for zinc prices. In December, the decline in domestic zinc concentrate processing fees continued. The domestic zinc concentrate production decreased by 5.86% month - on - month to 31.14 million tons, while the import volume increased by 52.27% to 51.90 million tons. The domestic zinc ingot production decreased by 3.56% to 59.52 million tons, and the import volume decreased by 16.94% to 1.88 million tons. The export volume increased by 402.59% to 4.2816 million tons. The total supply increased by 2.14% month - on - month, and the apparent demand decreased by 0.86% [8] - **Futures Prices**: Last week, the Shanghai - London ratio dropped to around 7.4, and the zinc ingot import window remained closed. Overseas, strong economic data boosted demand prospects, but the increase in overseas inventories put pressure on LME zinc prices. Domestically, the overall macro environment was positive, and smelters' maintenance due to raw material issues continued, supporting Shanghai zinc prices. It is expected that the Shanghai - London ratio will continue to decline this week [9] - **Spot Prices**: In Guangdong, inventory is decreasing, the market premium is rising, but the downstream consumption is average, and it is expected to fluctuate this week. In Shanghai, some traders cleared their inventories at the end of the year, and the downstream consumption was in the off - season. It is expected that the spot supply will be low and the premium will not decline significantly. In Tianjin, the premium increased last week but is expected to decline due to new environmental warnings. In Ningbo, the premium was high but is expected to fluctuate this week due to poor downstream orders [12] 3.2 Supply Side - **Processing Fees**: The weekly average of SMM Zn50 domestic TC decreased by 100 yuan/metal ton to 1,500 yuan/metal ton, and the SMM imported zinc concentrate index decreased by 2.74 dollars/dry ton to 47.39 dollars/dry ton. At the end of the month, the negotiation of January zinc concentrate processing fees between domestic smelters and mines is ongoing. The import market was quiet during the Christmas holiday, with few offers [15] - **Zinc Concentrate Production**: The production of zinc concentrate is affected by factors such as smelter production cuts and import window opening [15] - **Zinc Concentrate Inventory**: The total inventory of SMM zinc concentrate at major Chinese ports was 2.7 million physical tons, a decrease of 0.67 million physical tons from the previous week. Huangpu Port and Fangchenggang Port contributed to the main reduction [8] - **Refined Zinc Production**: In December, refined zinc production continued to decline. It is estimated that the production in December will decrease by 14,000 tons to 512,000 tons, with a daily - average decrease of 5.8%. The cumulative production from January to December is expected to be 6.168 million tons, a year - on - year increase of 8.8% [28] - **Mineral and Ingot Imports**: In November 2025, the import of zinc concentrate was 519,000 tons (physical tons), a month - on - month increase of 52.27% and a year - on - year increase of 13.84%. The import of refined zinc was 18,229.93 tons, a month - on - month decrease of 3.22% and a year - on - year decrease of 48.15% [34] - **Import and Export Profits**: The import window remained closed, and the possibility of opening within the year was low. The export window closed in December [36] 3.3 Demand Side - **Downstream Prices**: The prices of downstream zinc products such as Zamak5 zinc alloy, Zamak3 zinc alloy, zinc oxide, and hot - dipped galvanized products are presented in the report [39] - **Downstream开工情况**: The weekly galvanizing开工 rate increased by 1.05% to 56.67% due to the lifting of environmental protection restrictions and the resumption of production by northern enterprises, but the demand is weakening. The weekly zinc oxide开工 rate increased by 2.08% to 57.04% as some enterprises recovered from environmental protection - related production cuts and had better demand. The weekly die - casting zinc alloy开工 rate increased by 8.09% to 52.80% as some enterprises resumed production and the downstream demand improved [8] - **Downstream Inventory Days**: The inventory data of downstream zinc processing enterprises and smelters' finished products are presented, including raw material inventory, finished product inventory of zinc alloys and zinc ingots, and inventory days [46] 3.4 Inventory Changes - **Futures Inventory**: LME zinc inventory increased by 6.98% to 106,900 tons, and SHFE zinc inventory increased by 1.83% to 42,100 tons [8] - **Spot Inventory**: As of December 25, the total SMM zinc ingot inventory in seven regions was 114,700 tons, a decrease of 7.87% from December 18. The inventory in Tianjin and Guangdong decreased, while the inventory in Shanghai remained unchanged. The bonded area inventory remained stable at 3,300 tons [8] 3.5 Macro - disturbances - **Macro - disturbance Factors**: The exchange rate, Shanghai - London ratio, US dollar index, and US federal funds target rate are presented in the report, but no in - depth analysis of their impact on the zinc market is provided [57]

江西铜业称，公司自2020年11月起为索尔黄金股东，现为索尔黄金最大单一股东，持有索尔黄金已发行股本约12.2%。索尔黄金的旗舰项目Cascabel位于厄 瓜多尔北部因巴布拉省，为全球最重要的未开发斑岩型铜金矿床之一，并有望成为南美洲的标志性矿业项目。 江西铜业股份(0358.HK)盘中一度涨超12%至41.98港元，创历史新高，半日收涨近10%报40.92港元。消息面上，公司宣布，附属江铜香港投资及索尔黄金董 事会，已就以全现金收购索尔黄金全部已发行及将要发行的普通股股本的条款达成协议。江铜香港投资将可能支付的最高总对价将不超过7.64亿英镑。 ...

北方铜业（000737.SZ）12月29日在投资者互动平台表示，公司控股股东中条山集团所属的胡家峪矿业 公司外围采矿权证目前仍在自然资源部门审核中，预计还需1-2个月时间。公司铜矿峪矿80米标高以下 深部在前期详勘基础上，尚需进一步勘探工作，目前还不具备办理新增采矿权的条件。 每经AI快讯，有投资者在投资者互动平台提问：请问，中条山集团子公司山西中条山集团胡家峪矿业 有限公司外围采矿权证和北方铜业铜矿峪矿的新增采矿权证，目前在哪个部门审核？预计还有多久能够 办理？ （记者 王瀚黎） ...

Group 1 - Jiangxi Copper Co., Ltd. announced that its wholly-owned subsidiary, Jiangxi Copper Hong Kong Investment, will acquire all issued and to be issued ordinary shares of SolGold plc for a total consideration of up to £764 million [3] - The completion of the acquisition is subject to approval from SolGold shareholders and must meet or be waived from other conditions [3] - Jiangxi Copper has been a shareholder of SolGold since November 2020 and is currently the largest single shareholder, holding approximately 12.2% of SolGold's issued share capital [3] Group 2 - SolGold's flagship project, Cascabel, is located in the Imbabura province of northern Ecuador and is considered one of the world's most important undeveloped porphyry copper-gold deposits [3] - The project has the potential to become a landmark mining project in South America [3]

Group 1 - Jiangxi Copper has reached an agreement to acquire all issued and to be issued ordinary shares of SolGold for a total consideration of up to £764 million [1] - Following the acquisition, SolGold will become a wholly-owned subsidiary of Jiangxi Copper, and its financial performance will be consolidated into Jiangxi Copper's financial statements [1] - Jiangxi Copper's stock price increased by 11.39% to HKD 41.48 following the announcement [1] Group 2 - SolGold's flagship project, Cascabel, is located in the Imbabura province of northern Ecuador and is considered one of the most important undeveloped porphyry copper-gold deposits globally [2] - Jiangxi Copper has been a shareholder of SolGold since November 2020 and is currently the largest single shareholder, holding approximately 12.2% of SolGold's issued share capital [2] - The company believes it has the necessary technical expertise, engineering capabilities, supply chain, and financial resources to advance the development of the Cascabel project and unlock its future growth potential [2]

Core Viewpoint - Jiangxi Copper Co., Ltd. has reached an agreement to acquire all issued and to be issued ordinary shares of SolGold for a total consideration of up to approximately £764 million, subject to shareholder approval and other conditions [1][2]. Group 1: Acquisition Details - The acquisition will be executed through Jiangxi Copper's wholly-owned subsidiary, Jiangxi Copper Hong Kong Investment, and will be conducted in accordance with the provisions of the Companies Act [1]. - Upon completion of the acquisition, Jiangxi Copper Hong Kong Investment will hold all issued and to be issued shares of SolGold, making SolGold an indirect wholly-owned subsidiary of Jiangxi Copper [1]. Group 2: Background on SolGold - Jiangxi Copper has been a shareholder of SolGold since December 2022 and currently holds approximately 12.2% of SolGold's issued share capital after acquiring about 5.24% from SolGold Canada Inc. in March 2025 [2]. - SolGold, established in 2006, is one of the largest concession holders in Ecuador and is actively exploring the highly prospective Andean copper belt [2]. - The flagship project, Cascabel, located in the Imbabura province of northern Ecuador, is considered one of the world's most significant undeveloped porphyry copper-gold deposits and is expected to become a landmark mining project in South America [2]. Group 3: Strategic Rationale - The company is familiar with SolGold's flagship deposit at Cascabel and aligns with SolGold's management in recognizing the potential for significant value creation [2]. - Jiangxi Copper believes it possesses the necessary technical expertise, engineering capabilities, supply chain resources, and financial strength to advance the development of the Cascabel project and unlock its future growth potential [2].

Core Viewpoint - Jiangxi Copper's wholly-owned subsidiary, Jiang Copper Hong Kong Investment, has reached an agreement to acquire all issued and to be issued ordinary shares of SolGold for a total consideration of up to approximately £764 million, subject to shareholder approval and other conditions [1][2]. Group 1: Acquisition Details - The acquisition is structured as a cash purchase and will be conducted under the provisions of the Companies Act [1]. - Upon completion of the acquisition, Jiang Copper Hong Kong Investment will hold all issued and to be issued shares of SolGold, making it an indirect wholly-owned subsidiary of Jiangxi Copper [1]. Group 2: Background on SolGold - Jiang Copper Hong Kong Investment has been a shareholder of SolGold since December 2022 and currently holds approximately 12.2% of SolGold's issued share capital [2]. - SolGold, established in 2006, is one of the largest concession holders in Ecuador and is actively exploring the highly prospective Andean copper belt [2]. - The flagship project, Cascabel, located in northern Ecuador, is considered one of the world's most significant undeveloped porphyry copper-gold deposits and is expected to become a landmark mining project in South America [2]. Group 3: Strategic Rationale - The company is familiar with SolGold's flagship deposit at Cascabel and aligns with SolGold's management in recognizing its potential to create significant value [2]. - With its technical expertise, engineering capabilities, supply chain, and financial resources, the company believes it is well-positioned to undertake further work and invest necessary funds to advance the development of the Cascabel project and unlock its future growth potential [2].

Core Viewpoint - The company has approved the feasibility study for a significant expansion project at the Khoemacau copper mine in Botswana, officially commencing construction [1] Group 1: Project Details - The expansion aims to increase annual production capacity to 130,000 tons of copper concentrate and over 4 million ounces of associated silver [1] - The total processing capacity of the mine will exceed 8 million tons per year following the expansion [1] - The total capital expenditure for the project is estimated at approximately $900 million, including related expenses before 2026 [1] - The first batch of copper concentrate is expected to be produced in the first half of 2028 [1]