Report Industry Investment Rating No information provided regarding the report industry investment rating. Core Viewpoints of the Report - China's copper industry has achieved remarkable results in production, consumption, corporate strength, technological innovation, and economic benefits during the "14th Five - Year Plan" period. The "15th Five - Year Plan" aims to build a copper industry powerhouse in two steps, focusing on aspects such as independent innovation, resource security, green and low - carbon development, and digitalization [1][2][5] - The global copper market is facing challenges such as high copper prices suppressing demand, accelerated copper - aluminum substitution, and pressure on smelting profits. However, there are also opportunities in new energy vehicles and artificial intelligence driving demand growth. The market will be in a long - term tight balance, requiring industry collaboration, technological innovation, and ecological construction to address challenges [11][18][19] Summary by Relevant Catalogs "15th Five - Year Plan" to Fully Realize a Copper Industry Powerhouse "14th Five - Year Plan" Core Development Achievements - **Output and Consumption Scale**: China's copper industry has maintained rapid growth since reform and opening - up. In 2024, refined copper production accounted for nearly 50% of the global total, and consumption accounted for 58%. Per capita copper consumption reached 10 kg, and consumption increased from 1.266 billion tons to nearly 1.5 billion tons from 2020 - 2024. The power sector accounted for 50% of domestic consumption [2][6] - **Enterprise and Resource Status**: Two Chinese enterprises have entered the global top ten in the copper mining field, with Zijin Mining ranking among the top four. Domestic refined copper production capacity is concentrated in provinces such as Jiangxi, Shandong, Guangxi, and Anhui. Significant progress has been made in domestic and overseas resource exploration [6][7] - **Economic Benefits**: During the "14th Five - Year Plan" period, the copper industry's operating income increased from 1.7 trillion yuan to 3 trillion yuan, with a growth rate of 14.9%. Profits increased from 45.4 billion yuan to 95.3 billion yuan, accounting for 22% of the non - ferrous metal industry [7] - **Technological Innovation**: China has achieved import substitution for copper tubes, copper plates, and copper foils. Ultra - thin copper foils with a length of over 20,000 meters have been produced, and energy consumption has been continuously optimized [7] "15th Five - Year Plan" Strategic Plan - **Overall Goals**: Build a copper industry powerhouse in two steps. From 2025 - 2030, focus on independent innovation, resource security, green and low - carbon development, and digitalization. From 2030 - 2035, achieve technological self - reliance, resource control, green production, smart factories, global layout, and talent cultivation [5] - **Key Goals**: Promote work in five major areas: scientific and technological research, resource security, green and low - carbon development, smart factory construction, and high - end talent deployment [10] Current Situation of the Copper Mine Industry and Corporate Green Transformation Global and Chinese Copper Mine Industry Patterns - **Global Pattern**: Global copper resources are concentrated in countries such as Chile and Peru. In 2024, global production was 2.298 billion tons, consumption was 2.35 billion tons, and the new energy sector accounted for 27% of consumption [11][12] - **Chinese Situation**: China's copper resource reserves are 41 million tons, accounting for 4.2% of the global total, with a static guarantee period of 24 years. In 2024, production was 1.364 billion tons (49.9% of the global total), and consumption accounted for 58% of the global total, with a high degree of external dependence [11][15] Challenges in the Development of the Copper Industry - **High Copper Prices Suppress Downstream Demand**: After the National Day in 2025, copper prices rose to nearly 89,000 yuan/ton. For every 10,000 - yuan increase in copper prices, the cable industry's cost increases by 12%, and the new energy vehicle procurement cost increases by 8%. In the first half of 2025, domestic copper processing enterprises' orders decreased by 7.3% year - on - year [16] - **Accelerated Copper - Aluminum Substitution**: When the copper - aluminum price ratio exceeds 4, downstream enterprises tend to use aluminum to replace copper. The aluminum industry association has conducted special research on "replacing copper with aluminum" [16] - **Pressure on Smelting Enterprise Profits**: In 2025, copper processing fees were negative, about - 40 US dollars/ton. Domestic smelting enterprises mainly rely on the profits of by - products such as sulfuric acid, gold, and silver to subsidize production [17] Round - Table Discussion: Coexistence of Challenges and Opportunities Mine Copper Supply Shows "Short - Term Growth, Long - Term Bottlenecks" - Global copper demand is growing structurally, driven by new energy vehicles and artificial intelligence. It is predicted that in 2035, the global copper industry demand will reach 42 million tons, with a shortage of 4.5 million tons of mine copper [20] There are Delivery Arbitrage Opportunities When the LME - COMEX Copper Price Difference Reaches a Maximum of 2,500 US Dollars - The Trump administration's tariff policies have changed the global copper trade pattern, widening the LME - COMEX copper price difference. Trade enterprises can profit from cross - market arbitrage, but they also face challenges such as high market access thresholds and policy risks [22] The Low TC/RC is Corely Due to Supply - Demand Mismatch and Insufficient Industry Collaboration - The TC/RC has deteriorated significantly. In 2025, it dropped from 80 US dollars/ton in 2024 to 21.25 US dollars/ton, a decrease of 75%. The core reasons are supply - demand mismatch and insufficient industry collaboration [25] 2025 Global Copper Industry Chain Supply - Demand Pattern and Price Forecast - The US manufacturing reshoring and the Trump administration's tariff policies have affected the copper market. The supply - demand pattern of the copper industry chain is tense, and it is predicted that the copper price will rise to about 12,000 US dollars/ton in 2026 [28][29]

Report Summary 1. Investment Rating No investment rating for the industry is provided in the report. 2. Core View Despite the Fed's hawkish stance after the rate cut and the Sino - US leaders' meeting results being slightly below expectations, the macro - sentiment is expected to remain positive due to rate cuts, progress in economic and trade negotiations, and the domestic "15th Five - Year Plan" guidelines. The industry shows a sustained tight supply expectation for copper mines, a tightened global electrolytic copper supply in the fourth quarter, low copper inventories in China and LME, and strong seasonal copper consumption. Therefore, the copper price, which has reached a historical high, may continue to strengthen [2][36]. 3. Summary by Relevant Sections 3.1 Copper Price and Position - On October 29, both the London copper price and the SHFE copper price reached historical highs, with LME copper hitting a maximum of $11,200 per ton and SHFE copper's main contract reaching a maximum of 89,270 yuan per ton. Along with the price increase, the positions of LME and SHFE copper significantly increased, and the total position reached a relatively high historical level [2][4]. 3.2 Macro - sentiment - Global trade tensions have significantly eased. After the threat of a 100% tariff on China by US President Trump in early October, China and the US held video conferences and agreed to a new round of economic and trade negotiations. The market risk preference improved as the US signed reciprocal trade agreements with Malaysia and Cambodia and a framework trade agreement with Thailand. Although the Sino - US leaders' meeting at the APEC summit did not result in a formal agreement, the potential reduction of existing tariffs and the continuation of economic and trade negotiations are still beneficial to the market [5]. - The Fed cut interest rates by 25BP as expected on October 30, with the current federal funds rate at 3.75% - 4.0%, and will end the balance - sheet reduction on December 1. Although Fed Chairman Powell's stance was hawkish, the interest rate's support for the economy is expected to strengthen. With reduced inflation pressure in the US and a slowdown in the labor market, the Fed's monetary policy is not expected to tighten. Domestically, the "15th Five - Year Plan" guidelines also boosted the overall sentiment [6]. 3.3 Supply - The supply of copper mines remains tight, and the degree of tightness has intensified. Since October, companies such as Teck Resources, Antofagasta, Anglo American, and Glencore have lowered their annual production guidance. According to the data of 16 listed companies, the annual production guidance in the third - quarter report was about 300,000 tons lower than that in the second - quarter report, with the annual production guidance at about 13.2 million tons, a decrease of about 170,000 tons compared to the actual production in 2024 and a reduction of over 3% compared to the 2024 annual report guidance [10][12]. - The tight supply of copper mines has led to a decline in the copper concentrate refining fee TC and a continuous decrease in the copper concentrate inventory at domestic ports, tightening the spot supply. It has also increased the probability of production cuts and maintenance at the smelting end. Overseas, Japanese and Indonesian smelters have announced maintenance or production cuts. Domestically, the production of electrolytic copper increased significantly in the first three quarters, mainly due to increased imports of copper concentrates, recovery of domestic copper concentrate production, increased production of blister copper from scrap copper, and consumption of copper concentrate inventories. However, in the fourth quarter, the supply of raw materials for domestic electrolytic copper production is expected to face greater pressure, with a significant reduction in the year - on - year increase in production and a decrease in the quarter - on - quarter production [12][19][24]. 3.4 Demand - The global visible inventory of electrolytic copper is not low but has a structural problem, with most of it concentrated in the COMEX market, while the inventories in SHFE and LME are low. The US may impose tariffs on refined copper in 2026, so there is a need to stockpile copper to hedge against tariff risks. The positive COMEX - LME spread and the once - opened import arbitrage window also create demand for copper imports in the US, and the US copper inventory is not expected to flow back to non - US markets in the short term [27]. - Although the rising copper price has suppressed downstream consumption willingness, the current downstream consumption of copper is not in the off - season, and there are still rigid demands in new energy, data centers, and power. With the reduced substitution of refined copper by scrap copper, the domestic copper inventory is not expected to accumulate significantly during the copper price increase [27].

Group 1: General Information - Report Title: Copper Futures Daily Report [1] - Date: October 31, 2025 [2] - Researchers: Zhang Ping, Yu Feifei, Peng Jinglin [3] Group 2: Market Review and Operation Suggestions - Market Performance: Shanghai copper first rose to a record high of 89,270 but then fell. After the Fed cut interest rates by 25BP and Chairman Powell hinted it might be the last cut this year, and due to the Sino - US meeting in Busan, the market's selling sentiment increased. The spot price rose 300 to 88,065, the spot discount narrowed to 55, the social inventory decreased by 0.19 tons this week, and the spot import loss was 880 with the import window closed [10]. - Strategy: The short - term market has priced in the positive news of Sino - US relations and Fed rate cuts. Considering the tight copper supply at the end of the year and the initiative of the CSPT group, investors can still buy on dips [10]. Group 3: Industry News - Anglo American's Collahuasi Mine: The mine in Chile is facing ore quality decline, which will limit next year's production. It is expected to return to normal production in 2027 with an output of about 600,000 tons [11]. - ENAMI's New Copper Smelter: ENAMI has obtained environmental approval for a new $1.7 billion copper smelter. It will process up to 850,000 tons of copper concentrate and produce up to 240,000 tons of cathode copper annually [11]

Group 1 - Goldman Sachs indicates that the copper market fundamentals suggest a reasonable consolidation at the upper end of the price forecast range of $10,000 to $11,000 per ton, with any significant breakout unlikely to be sustained [1] - On Wednesday, copper prices surged to $11,200 per ton due to supply concerns and improved trade outlook, surpassing the previous record high of $11,104.50 per ton [1] - The investment bank does not foresee a tightening of copper market fundamentals in the next six months, predicting a slight supply surplus in 2026 even with a significant drop in global refined copper production [1] Group 2 - Goldman Sachs aligns its forecast of $10,500 per ton for copper in 2026 with the expectation that if visible copper inventories do not continue to decline, investors may start to liquidate long positions in early 2026 [2] - Despite tight positions among LME copper investors, the open interest in COMEX remains low compared to the peak in Q2 2024, indicating potential for further entry into the COMEX copper market, which may temporarily push LME copper prices higher [2] Group 3 - As the world's largest copper consumer, China faces three major challenges: increasing reliance on foreign upstream resources, excess capacity in the midstream processing sector, and downstream demand being suppressed by high copper prices [3]

Group 1 - LME copper prices fell from record highs due to cautious comments from the Federal Reserve regarding interest rate cuts and concerns over demand [1][4] - On October 30, LME three-month copper dropped by $266.5, or 2.38%, closing at $10,917.0 per ton, after reaching a record high of $11,200 due to supply concerns [1][2] - The Shanghai Futures Exchange's most actively traded copper contract decreased by 0.1% to 87,960 yuan per ton, indicating a shift from a premium to a discount in the Chinese spot market [4] Group 2 - Major copper producers reported a decline in copper output in the first nine months of the year, leading analysts to raise their price expectations for next year [4] - Chile's copper production in September fell by 4.5% year-on-year to 456,663 tons, highlighting supply challenges [4] - Goldman Sachs indicated that the current copper market fundamentals suggest prices will stabilize towards the upper end of the $10,000 to $11,000 per ton range, with any significant breakout unlikely to be sustained [5]

Group 1: Report Summary - The report provides a daily analysis of the non - ferrous metals market on October 30, 2025, covering copper, alumina, electrolytic aluminum, cast aluminum alloy, zinc, lead, nickel, stainless steel, tin, industrial silicon, polysilicon, and lithium carbonate [1]. - It includes market reviews, important information, logical analyses, and trading strategies for each metal [1][2][3]. Group 2: Market Reviews Copper - The main contract of Shanghai copper 2512 closed at 87,960 yuan/ton, down 0.1%, and the Shanghai copper index increased positions by 2,982 lots to 620,000 lots. LME closed at $11,090/ton, up 0.55%. Shanghai copper spot was at a discount of 55 yuan/ton [1]. Alumina - The alumina 2601 contract decreased by 28 yuan to 2,816 yuan/ton. The northern spot comprehensive price of alumina was 2,840 yuan, up 5 yuan [8]. Electrolytic Aluminum - The Shanghai aluminum 2512 contract decreased by 10 yuan to 21,245 yuan/ton. Spot prices in East China, South China, and Central China were 21,190 yuan (up 30), 21,070 yuan (flat), and 21,050 yuan (up 10) respectively [16]. Cast Aluminum Alloy - The cast aluminum alloy 2512 contract increased by 100 yuan to 20,750 yuan/ton. The spot price of ADC12 aluminum alloy ingots in various regions remained flat [24]. Zinc - The Shanghai zinc 2512 contract fell 0.13% to 22,365 yuan/ton, and the Shanghai zinc index increased positions by 4,449 lots to 214,800 lots. The spot price in Shanghai was 22,300 - 22,425 yuan/ton [31]. Lead - The Shanghai lead 2512 contract fell 0.06% to 17,350 yuan/ton, and the Shanghai lead index decreased positions by 2,688 lots to 119,800 lots. The average price of SMM1 lead was flat at 17,200 yuan/ton [37]. Nickel - The main contract of Shanghai nickel NI2512 decreased by 40 to 120,980 yuan/ton, and the index increased positions by 3,185 lots. The premium of Jinchuan nickel, Russian nickel, and electrowinning nickel changed to varying degrees [42]. Stainless Steel - The main contract of stainless steel SS2512 decreased by 50 to 12,725 yuan/ton, and the index decreased positions by 8,627 lots. The spot price of cold - rolled was 12,550 - 12,850 yuan/ton, and hot - rolled was 12,450 - 12,500 yuan/ton [50]. Tin - The main contract of Shanghai tin 2512 closed at 283,600 yuan/ton, down 2,650 yuan/ton or 0.93%, and the position decreased by 2,185 lots to 72,249 lots. The average spot price of tin ingots in Shanghai was 284,000 yuan/ton, down 1,300 yuan/ton [55]. Industrial Silicon - The main contract of industrial silicon decreased. The spot prices of different grades in various regions remained stable [89]. Polysilicon - The main contract of polysilicon increased. The spot prices of different types of polysilicon and related downstream product prices had minor changes [90]. Lithium Carbonate - The lithium carbonate 2601 contract increased by 980 to 83,400 yuan/ton, and the index increased positions by 36,888 lots. The spot prices of battery - grade and industrial - grade lithium carbonate increased [76]. Group 3: Important Information Macro - level - The Fed cut interest rates by 25 basis points and ended quantitative tightening, but Powell's hawkish remarks on December's interest - rate cut prospects reduced the market's expectation of a December rate cut from 95% to 65% [2]. - The Sino - US economic and trade teams reached a consensus, with the US canceling a 10% "fentanyl tariff" on Chinese goods and suspending a 24% reciprocal tariff for another year [16][24][56]. Industry - level - Chile's state - owned mining company ENAMI obtained environmental approval for a new $1.7 - billion copper smelter [2]. - Some zinc mines in Southwest, North, and Central China have production adjustments such as maintenance and resumption of production [32]. - A large alumina enterprise in North China has two roasting furnaces under maintenance due to heavy pollution weather [9]. - Some electrolytic aluminum plants overseas and in China have production cuts [17]. - Some stainless steel mills plan to cut production to relieve the supply - demand contradiction in the fourth quarter [51]. - Indonesia closed 1,000 illegal mining sites [57]. - The production of some polysilicon plants in Southwest China will be reduced in November [69]. - China will suspend the implementation of lithium - battery and its material export control measures for one year [78]. Group 4: Logical Analysis Copper - Macroscopically, the dollar strengthened due to Powell's hawkish remarks, and the Sino - US leaders' meeting was slightly disappointing. Fundamentally, the supply of copper mines is tight, and the production of electrolytic copper in October is expected to decline. The consumption is weak, and the spot has turned to a discount [3][4]. Alumina - The supply and demand of alumina are still significantly in surplus. The market expects production cuts in the future, which drives the price to rebound slightly at a low level. However, the non - implementation of production cuts and the open import window suppress the rebound [11]. Electrolytic Aluminum - Macroscopically, the market's expectation of a December Fed rate cut has decreased, and the Sino - US economic and trade consensus eases the risk - aversion sentiment. Fundamentally, overseas production cuts intensify the supply - demand tension, and the domestic consumption has resilience [18]. Cast Aluminum Alloy - Macroscopically, the Fed's hawkish remarks increase uncertainty, but the Sino - US trade negotiation is positive. Fundamentally, the supply of scrap aluminum is tight, the supply of the regenerative aluminum alloy industry is shrinking, and the demand is resilient, supporting the price [26]. Zinc - Domestically, the winter storage of smelters has increased, the processing fees have decreased, and some smelters may cut production in November. The consumption is expected to weaken. Overseas, the inventory is relatively low, and the LME zinc price is strong. The domestic export window is open [33]. Lead - Some lead - storage enterprises' orders have improved, but they have reduced production due to high lead prices. The supply side may increase production as the price of lead scrap has not risen significantly. The lead price may decline [39]. Nickel - The Fed's interest - rate cut and hawkish remarks have an impact. The LME nickel inventory is slowly increasing, and the supply - demand is loose. The price is supported by cost, and it will fluctuate widely [45]. Stainless Steel - The terminal demand in October is not optimistic, and it is the end of the peak season. The supply side has production cuts, the cost support is not strong, and the price has encountered resistance [51]. Tin - The Sino - US leaders' meeting result is slightly disappointing. The supply of tin mines is still tight, and the production of smelters in September decreased. The demand is slowly recovering, and the downstream procurement is cautious [57]. Industrial Silicon - The start - up rate of silicon plants in Northwest China is at a high level, and those in Southwest China will stop production at the end of the month. The demand for organic silicon and aluminum alloy is stable, and the production of polysilicon will be reduced in November. There may be inventory reduction [62]. Polysilicon - The production in Southwest China will be reduced in November. The demand is expected to be poor, but there is still resilience. The market will be in a tight - balance state in November. The old warehouse receipts' negative impact on the market is weakening [69]. Lithium Carbonate - The weekly production has decreased, and the inventory is being reduced. The fundamentals are healthy, attracting bullish funds. The price is expected to continue rising [78]. Group 5: Trading Strategies Copper - Unilateral: The medium - term upward trend continues. Adopt a strategy of buying on dips, but be cautious of short - term pullbacks when chasing high [5]. - Arbitrage: Hold cross - market positive arbitrage and arrange cross - period positive arbitrage after the domestic inventory starts to decline [6]. - Options: Wait and see [7]. Alumina - Unilateral: There is an expectation of further production cuts in November. The price will bottom out in the short term [12]. - Arbitrage: Wait and see [13]. - Options: Wait and see [13]. Electrolytic Aluminum - Unilateral: The aluminum price is expected to fluctuate upward after the market sentiment stabilizes [19]. - Arbitrage: Wait and see [20]. - Options: Wait and see [21]. Cast Aluminum Alloy - Unilateral: The aluminum alloy price will follow the aluminum price to adjust due to macro - sentiment and then maintain a strong trend after stabilizing [27]. - Arbitrage: Consider a long - AD short - AL arbitrage [27]. - Options: Wait and see [27]. Zinc - Unilateral: Buy on dips. Pay attention to the export volume and the commissioning of new smelters in the North [34]. - Arbitrage: Advance the operation of buying SHFE and selling LME according to the export situation [34]. - Options: Wait and see [34]. Lead - Unilateral: Partially close profitable short positions. If the resumption and increase of production of regenerative lead smelters accelerate, the lead price may fall further [40]. - Arbitrage: Wait and see [40]. - Options: Exit the position by taking profit on selling out - of - the - money call options [40]. Nickel - Unilateral: Fluctuate widely [46]. - Arbitrage: Wait and see [47]. - Options: Sell a wide - straddle combination of the 2512 contract [48]. Stainless Steel - Unilateral: Recommend short - selling on rebounds [52]. - Arbitrage: Wait and see [53]. Tin - Unilateral: Fluctuate at a high level. Pay attention to the Sino - US trade relationship [58]. - Options: Wait and see [59]. Industrial Silicon - Unilateral: Hold short - term long positions and exit near the previous high [63]. - Arbitrage: None [63]. - Options: Sell out - of - the - money put options [63]. Polysilicon - Unilateral: Partially reduce long positions to take profit and buy on dips later [72]. - Arbitrage: Reverse arbitrage on far - month contracts [73]. - Options: Hold long call options [74]. Lithium Carbonate - Unilateral: Buy on dips [80]. - Arbitrage: Wait and see [80]. - Options: Sell out - of - the - money put options [80].

Group 1 - The unprecedented AI boom has led to a surge in copper demand, with international copper prices reaching record highs due to concerns over global supply and hopes for a positive US-China trade agreement [1][2] - Year-to-date, LME copper prices have increased by over 27%, primarily driven by a weakening US dollar and global interest rate declines led by the Federal Reserve and the European Central Bank [1] - Copper is widely used in various sectors such as electricity, construction, industrial machinery, transportation, and communication, making it a key indicator of global economic activity [1] Group 2 - The construction of data centers in the AI and digital transformation era is driving explosive growth in copper demand, with major companies like Microsoft, Google, Amazon, and Meta heavily investing in copper-dependent infrastructure [2] - Analysts from ING predict a tighter copper market supply-demand balance in 2026, with expectations of a copper supply shortage [2] - Mining giant Glencore reported a decline in copper production for the first nine months of 2025, contributing to concerns over supply constraints [2] Group 3 - The International Copper Study Group (ICSG) forecasts a refined copper market shortage of approximately 150,000 tons next year, with total consumption expected to be around 28.7 million tons [4] - Some analysts believe that the recent copper price surge is largely priced in due to easing global trade tensions and expectations of Federal Reserve rate cuts, leading to potential investor pullback [4] - WisdomTree's commodity strategist noted that excessive speculative bets in the futures market could lead to significant price corrections, as seen in other metal markets [4]

Core Viewpoint - The meeting between the US and Chinese leaders has influenced the Hong Kong stock market, which experienced fluctuations throughout the trading day, with significant net buying from mainland investors. Group 1: Market Performance - The three major indices in Hong Kong showed a trend of initial decline followed by recovery, with the Hang Seng Index closing down 0.24%, the Hang Seng China Enterprises Index down 0.31%, and the Hang Seng Tech Index down 0.68% [1] - Net buying from mainland investors exceeded 11 billion HKD, indicating strong interest in the market [1] Group 2: Sector Performance - Large technology stocks exhibited mixed performance, with Meituan up 2.4%, Tencent up approximately 1%, while Baidu and Xiaomi fell nearly 3% and 2% respectively [1] - The copper price reached a new high, and spot gold prices increased, leading to a rise in copper and gold stocks, with Zijin Mining International up over 8% and China Nonferrous Mining up over 7% [1] - The lithium battery sector performed strongly, with Ganfeng Lithium's earnings exceeding expectations, resulting in a nearly 15% increase, alongside strong performances from China Innovation Aviation and Tianqi Lithium [1] - Coal stocks, port and shipping stocks, photovoltaic stocks, nuclear power stocks, home appliance stocks, and building materials and cement stocks were mostly active [1] Group 3: Weakness in Certain Sectors - Fitch Ratings indicated that the mainland real estate market has not yet bottomed out, predicting a continued decline in sales through 2026, leading to weakness in property stocks [1] - Consumer-related stocks, including Apple concept stocks, sports goods stocks, beer stocks, and restaurant stocks, were mostly sluggish [1]

Market Overview - The meeting between the Chinese and U.S. leaders has boosted market sentiment, leading to a collective rise in Hong Kong's three major indices, with the Hang Seng Index up by 0.54%, the National Index up by 0.53%, and the Hang Seng Tech Index up by 0.31% [1] Company Performance - Major technology stocks showed mixed performance, with Meituan rising by 4% and Tencent increasing by 2.4%, while Baidu, Xiaomi, and Kuaishou experienced declines [1] - ZTE Corporation's stock fell over 9% following its earnings report, marking it as the weakest performer in the telecommunications equipment sector [1] Sector Performance - The copper price reached a new high, and spot gold prices increased, leading to a rise in copper and gold stocks, which led the gains in the non-ferrous metal sector [1] - Coal, shipping, and photovoltaic stocks generally performed well, while the biopharmaceutical, domestic real estate, and gaming sectors were broadly sluggish [1]

Core Viewpoint - Copper stocks have shown a recovery in early trading, with significant gains for several companies in the sector [1] Company Summaries - Jiangxi Copper Co., Ltd. (00358.HK) increased by 6.4%, reaching HKD 34.92 [1] - China Nonferrous Mining Co., Ltd. (01258.HK) rose by 4.99%, trading at HKD 14.72 [1] - Luoyang Molybdenum Co., Ltd. (03993.HK) saw a gain of 3.54%, priced at HKD 17.22 [1] - Minmetals Resources Ltd. (01208.HK) experienced a 3.06% increase, with shares at HKD 7.07 [1]