Core Viewpoint - China Nonferrous Mining (01258) experienced a stock price increase of over 3% following a profit forecast, indicating positive market sentiment towards the company's financial outlook [1] Financial Performance - The company anticipates a profit attributable to shareholders of approximately $258 million for the six months ending June 30, 2025, representing an increase of about 18% compared to the same period ending June 30, 2024 [1] - The increase in profit is primarily driven by rising international copper prices and an increase in copper production from the company's own mines compared to the same period in 2024 [1]

Core Viewpoint - The emphasis is on leveraging technological innovation to drive industrial innovation and build a world-class mining enterprise, focusing on national strategic resource security and the safety of non-ferrous metal new materials [1] Group 1 - The need to align with national strategic resource security and focus on core responsibilities and main business areas [1] - The importance of value creation as a guiding principle for the company's operations [1] - The commitment to continuous reform, innovation, and enhancing core competitiveness [1] Group 2 - The call for international business expansion and optimizing structural layout [1] - The role of technological innovation and industry control in supporting safety and operational effectiveness [1] - The goal of better social contribution through cooperative and shared efforts [1]

Core Viewpoint - The Indian Minister of Mines emphasizes the need to double the production of aluminum and copper by 2030 [1] Group 1: Industry Goals - The Indian government aims to significantly increase the output of aluminum and copper, indicating a strong focus on enhancing the mining sector [1] - Doubling production targets reflects the government's commitment to boosting domestic mineral resources and meeting future demand [1] Group 2: Strategic Importance - The initiative to increase aluminum and copper production is crucial for supporting various industries, including construction and electronics, which rely heavily on these metals [1] - This move is expected to strengthen India's position in the global metals market and reduce dependency on imports [1]

Group 1 - China Nonferrous Mining (01258) shares increased by nearly 3%, trading at HKD 7.27 with a transaction volume of HKD 55.36 million [1] - The company announced a preliminary agreement to transfer 5% of SM Minerals' shares for USD 5 million, with specific dates for the transactions set for November 20, 2024, January 24, 2025, and April 25, 2025 [1] - By June 16, 2025, SM Minerals will issue shares to the company, which will acquire 10.5% of SM Minerals' issued share capital, primarily funding the Karala mining project for technical exploration and development [1] Group 2 - SM Minerals is registered in the Astana International Financial Centre (AIFC) and holds mining rights for the North Karala and South Karala assets [2] - The North Karala mining rights contain approximately 1.5 million tons of copper metal, providing sufficient resources for large-scale mining operations [2]

Group 1: Overview of Events - The "2025 Investor Reception Day and 2024 Annual Performance Briefing" was held in Qinghai, focusing on enhancing compliance and investor relations among listed companies [1][4] - The event included a training session for directors and senior executives of listed companies, emphasizing compliance and governance [1][5] Group 2: Financial Performance of Listed Companies - In 2024, ten listed companies in Qinghai achieved a total revenue of 103.69 billion yuan and a net profit of 10.49 billion yuan, with total dividends amounting to 2.85 billion yuan [1] - Qinghai Mutual Tianyoude Qinjiao Wine Co., Ltd. reported a revenue of 1.26 billion yuan, net profit of 42.17 million yuan, and dividends exceeding 50% of its net profit [2] - Western Mining Co., Ltd. achieved a record revenue of 50.03 billion yuan and a net profit of 2.93 billion yuan in 2024, with a dividend payout of 10 yuan per 10 shares [3] Group 3: Investor Engagement and Training - The event facilitated real-time communication between listed companies and investors, with 516 questions raised and an 80.62% response rate [4] - Training sessions covered regulatory updates and compliance requirements, focusing on asset restructuring and information disclosure [4][5] Group 4: Regulatory and Development Initiatives - The Qinghai Securities Regulatory Bureau emphasized the importance of enhancing management capabilities and protecting investor interests as part of the new "National Nine Articles" [5][6] - Future initiatives will focus on improving asset quality and operational performance through market management and mergers and acquisitions [6]

Report Industry Investment Ratings - Copper: ★☆☆, indicating a bias towards a bullish trend, but with limited operability on the trading floor [1] - Aluminum: ★☆☆, suggesting a bias towards a bullish trend, but with limited operability on the trading floor [1] - Alumina: ☆☆☆, meaning the short - term bullish and bearish trends are in a relatively balanced state, and it's advisable to wait and see [1] - Zinc: ★☆☆, indicating a bias towards a bearish trend, but with limited operability on the trading floor [1] - Nickel and Stainless Steel: ★☆☆, suggesting a bias towards a bearish trend, but with limited operability on the trading floor [1] - Tin: ★☆☆, indicating a bias towards a bearish trend, but with limited operability on the trading floor [1] - Lithium Carbonate: ★☆☆, suggesting a bias towards a bearish trend, but with limited operability on the trading floor [1] - Industrial Silicon: ★☆☆, indicating a bias towards a bearish trend, but with limited operability on the trading floor [1] - Polysilicon: ★☆☆, suggesting a bias towards a bearish trend, but with limited operability on the trading floor [1] Core Views - The copper market is affected by the reduction of production targets at the Congo's KK mine, which will reduce the increase in copper concentrate this year. Short - term bears can hold positions after roll - over [2] - The aluminum market has a strong short - term upward trend, but there are concerns about negative feedback in the off - season. There may be opportunities to buy AD and short AL in the casting aluminum alloy market. Alumina futures are weak and should be shorted on rebounds [3] - The zinc market is under pressure due to geopolitical tensions and a supply - demand imbalance. High - level short positions should be held [4] - The nickel and stainless - steel market is bearish, and short positions should be followed [7] - The tin market is in a situation of tight supply of concentrates and weak supply - demand. Some short positions can be reduced or moved to far - month contracts [8] - The lithium carbonate market is in a short - term shock due to slowed price decline of Australian ore and increased production in the middle - stream [9] - The industrial silicon market has increased supply pressure and weak demand, and short positions can be lightly established [10] - The polysilicon market has increased inventory pressure and is expected to continue its weak and volatile trend [11] Summary by Metal Copper - On Friday, the afternoon session of Shanghai copper futures saw an expanded decline, with the main contract falling to 78,000 yuan. The spot copper price was 7,895 yuan, and the premium in Shanghai and Guangdong narrowed. The G7 meeting over the weekend focused on US - allied tariff news. Ivanhoe lowered the production target of the Congo's KK mine to 37 - 420,000 tons, reducing the increase in copper concentrate by at least 100,000 tons. Short - term bears should hold positions after roll - over [2] Aluminum and Alumina - The squeeze - out market of Shanghai aluminum has intensified, with a large increase in the monthly spread. The strong inventory reduction in the aluminum market supports the near - month contracts, while concerns about seasonal demand decline and pre - export suppress the far - month contracts. After filling the previous gap, Shanghai aluminum has broken through. Attention should be paid to when the off - season negative feedback will be realized. The far - month contracts of casting aluminum alloy remain volatile. The price of Baotai ADC12 has been raised by 100 yuan to 19,600 yuan. The supply of alumina has high elasticity after profit recovery, and the futures market remains weak. The price of Guinea ore is stable at $75, corresponding to a cost of about 3,000 yuan in Shanxi. It's not advisable to chase short positions due to a large futures discount [3] Zinc - Due to geopolitical tensions, the external market has weakened significantly. The spot import loss has narrowed, and low - priced imported ingots have impacted the domestic spot market. Coupled with the domestic supply - demand imbalance, Shanghai zinc has experienced a sharp decline. The weighted position has increased by 22,900 lots to 300,000 lots, and the settled funds have reached 5.833 billion yuan. The average price of SMM 0 zinc has dropped by 70 yuan to 22,240 yuan/ton, with a discount of 20 yuan/ton to the near - month contract. As the delivery approaches, the exchange warehouse receipts have increased to 8,972 tons. High - level short positions should be held [4] Nickel and Stainless Steel - Shanghai nickel has declined slowly, and market trading is dull. The spot premium is stable, with the far - month contracts being stronger. The Philippine Congress has removed the ban on raw ore exports from the final version of the mining fiscal system bill. The loading progress of Philippine nickel mines has been delayed. The price of downstream NPI has stopped falling and stabilized, but domestic NPI smelters are still seriously in deficit. The high - nickel iron is priced at 953 yuan per nickel point, showing some resistance at low levels. Nickel iron inventory has increased, and the surplus is mainly concentrated in the stainless - steel segment. Technically, Shanghai nickel is under pressure, and short positions should be followed [7] Tin - Shanghai tin has fluctuated and declined. The spot tin price is 265,600 yuan, with a premium of 740 yuan to the 2506 contract as the delivery approaches. The supply of tin concentrates is expected to remain tight for a longer time. In the context of weak supply - demand, attention should be paid to the current price and wait for the social inventory data. Some short positions can be reduced or moved to far - month contracts [8] Lithium Carbonate - Lithium carbonate has shown narrow - range fluctuations, and market trading is average. The overall market inventory is stable at a high level. The inventory in the intermediate link has increased, but the downstream restocking and upstream destocking have not been sustained. The price decline of Australian ore has slowed down, and the production in the middle - stream has increased by 7% month - on - month. Technically, the decline of lithium carbonate futures has slowed down, and it is in a short - term shock [9] Industrial Silicon - Industrial silicon futures have declined with reduced positions, closing at 7,345 yuan/ton. The spot price has stabilized. After the resumption of production of large enterprises in Xinjiang, the subsequent production may increase, and the monthly supply pressure has increased. Although the downstream demand has improved marginally, the high - level social inventory pattern is difficult to change. Technically, the bullish sentiment has cooled down, and short positions can be lightly established [10] Polysilicon - Polysilicon futures have declined with increased positions, closing at 33,695 yuan/ton. The spot price has been lowered, with the average price of SMM's N - type re - feed material at 36,000 yuan/ton, a decrease of 500 yuan/ton from the previous day. Some polysilicon enterprises have resumed production, and the total production in June has increased to 101,000 tons, while the downstream silicon wafer production has been reduced by about 2GW. The inventory pressure has increased, and the market is expected to continue its weak and volatile trend [11]

Group 1: Industry Ratings - No industry investment ratings are provided in the report. Group 2: Core Views - The fundamentals for copper prices still provide some support, and Shanghai copper is expected to remain range - bound before the holiday [1]. - Aluminum prices are expected to fluctuate in the short term due to factors such as inventory changes and export incentives [2]. - Nickel is expected to have limited downside due to cost support but is likely to experience weak and volatile trading in the medium - to - long term due to supply surplus [4]. - Tin prices are expected to have increased volatility, and range trading is recommended, with attention on supply and demand [5]. Group 3: Summary by Metal Copper - As of May 27, the Shanghai copper main 07 contract fell 0.01% to 77,900 yuan/ton. Macro - disturbances have weakened, but Sino - US trade issues remain uncertain. Mine - end disruptions continue, and the cost pressure on smelters limits price decline. Consumption in May is weaker than in April but better than the same period. Social inventory is at a low level with slight accumulation. The price is expected to be range - bound before the holiday [1]. - In the spot market, domestic spot copper prices fell slightly, and the trading was sluggish [6]. - SHFE copper futures warehouse receipts increased by 2,128 tons to 34,961 tons, and LME copper inventory decreased by 2,575 tons to 162,150 tons [15]. Aluminum - As of May 27, the Shanghai aluminum main 07 contract fell 0.57% to 20,040 yuan/ton. Some mining licenses in Guinea were revoked. Alumina operating capacity is expected to recover gradually. The operating capacity of electrolytic aluminum increased slightly. The downstream开工 rate is weakening, but inventory has decreased unexpectedly. Aluminum prices are expected to fluctuate in the short term [2]. - In the spot market, the trading was stable, and the downstream increased procurement [7]. - SHFE aluminum futures warehouse receipts decreased by 775 tons to 54,567 tons, and LME aluminum inventory decreased by 3,000 tons to 381,575 tons [15]. Nickel - As of May 27, the Shanghai nickel main 07 contract fell 0.58% to 122,310 yuan/ton. The nickel ore market in Indonesia is tight, and nickel downstream has limited acceptance of high - priced nickel ore. The refined nickel market has an oversupply situation. Nickel is expected to have limited downside due to cost but face long - term supply surplus and weak and volatile trading [3][4]. - In the spot market, nickel prices fell [12]. - SHFE nickel futures warehouse receipts decreased by 130 tons to 22,120 tons, and LME nickel inventory increased by 1,362 tons to 199,998 tons [15]. Tin - As of May 27, the Shanghai tin main 07 contract rose 0.06% to 264,790 yuan/ton. Supply has recovered, and consumption in the semiconductor industry is expected to improve. Inventory is at a medium level. Tin prices are expected to have increased volatility, and range trading is recommended [5]. - In the spot market, merchants maintained rigid - demand restocking [13]. - SHFE tin futures warehouse receipts decreased by 18 tons to 7,998 tons, and LME tin inventory decreased by 5 tons to 2,660 tons [15]. Zinc - In the spot market, zinc prices rose, and downstream demand led to inventory reduction [9][10]. - SHFE zinc futures warehouse receipts remained unchanged at 1,774 tons, and LME zinc inventory decreased by 2,350 tons to 151,150 tons [15]. Lead - In the spot market, lead prices fell, and the trading was dull [11]. - SHFE lead futures warehouse receipts increased by 2,015 tons to 37,299 tons, and LME lead inventory decreased by 1,650 tons to 292,375 tons [15]. Alumina - In the spot market, alumina prices rose in different regions, and the trading was stable [8].

Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report - The fundamentals still support copper prices, and Shanghai copper is expected to maintain a volatile pattern before the holiday [1]. - Aluminum prices are expected to fluctuate in the short - term due to factors such as inventory changes and export incentives [2]. - Nickel is expected to oscillate weakly in the medium - to - long term due to supply surplus, although cost support limits the downside [3][4]. - Tin prices are expected to have greater volatility, and range trading is recommended, with attention to supply and demand changes [5]. Summary by Related Catalogs 1. Basic Metals Copper - As of May 26, the Shanghai copper main 06 contract rose 0.57% to 78,270 yuan/ton. Macro disturbances are weakening, but Sino - US trade uncertainties remain. Mine - end disruptions continue, and the cost pressure of smelters limits price decline. Consumption in May weakened compared to April but is better than the same period. Social inventory is at a low level, and there may be some restocking sentiment before the Dragon Boat Festival [1]. Aluminum - As of May 26, the Shanghai aluminum main 07 contract fell 0.05% to 20,155 yuan/ton. The revocation of mining licenses in Guinea has escalated. Alumina operating capacity is expected to gradually recover, and electrolytic aluminum operating capacity is increasing. The downstream开工率 is declining, but aluminum inventory has been unexpectedly depleted, and short - term aluminum prices are expected to fluctuate [2]. Nickel - As of May 26, the Shanghai nickel main 06 contract fell 0.08% to 122,780 yuan/ton. The nickel ore market in Indonesia is tight, and the downstream nickel - iron industry has losses. The pure nickel is in surplus, and stainless steel demand is average. The cost of nickel is firm, but there is a long - term supply surplus, and prices are expected to oscillate weakly [3][4]. Tin - As of May 26, the Shanghai tin main 06 contract fell 0.24% to 264,050 yuan/ton. Supply has recovered, and prices are oscillating. Production and imports have increased, and the semiconductor industry is showing signs of recovery. The supply of tin ore is tight, but there are strong expectations of mine - end resumption. Prices are expected to fluctuate more, and range trading is recommended [5]. 2. Spot Transaction Summary Copper - Domestic spot copper prices rose. Due to limited restocking demand before the Dragon Boat Festival, downstream procurement was cautious, and only low - priced goods were purchased, with a slight increase in premiums [6]. Aluminum - The spot aluminum market was stable with a slight upward trend. Tight arrivals and inventory depletion supported sellers' price - holding sentiment, but some sellers increased shipments, and overall trading remained active [7]. Other Metals - For zinc, the spot market trading was mediocre, with high premiums due to pre - holiday restocking. For lead, the spot market trading was light. For nickel, the spot market trading was light due to the weekly effect. For tin, the spot market trading was average, and merchants were mainly in a wait - and - see mode [9][11][12][13]. 3. Warehouse Receipt and Inventory Report - SHFE copper, aluminum, nickel, and tin futures warehouse receipts decreased, while lead futures warehouse receipts increased, and zinc futures warehouse receipts remained unchanged. LME copper, lead, zinc, aluminum, and nickel inventories decreased, and tin inventory remained unchanged [15].

Report Summary 1. Investment Rating No investment rating for the industry is provided in the report. 2. Core Views - **Copper**: The main copper futures price fluctuated narrowly below 78,000 today. After the peak season, the short - term social inventory of electrolytic copper started to accumulate, putting pressure on copper prices. It may also be due to the decline in market demand expectations. However, the domestic social inventory is still at a low level compared to the same period in previous years, and with domestic macro - stimulus, the consumption expectation is good. Additionally, the low processing fees of upstream smelters continue, and the supply is expected to decline. Overall, the futures price has strong fundamental support and is expected to fluctuate [5]. - **Aluminum**: Aluminum prices increased in volume and maintained a strong upward trend. At the industrial level, recent disturbances in the alumina ore end led to the rise of futures prices, providing some support for aluminum prices. The social inventory of aluminum ingots is normalizing and is at a low level compared to the same period in previous years, and the downstream aluminum rod inventory is also low. The futures price is expected to remain strong, and attention can be paid to the support of the 5 - day moving average [6]. - **Nickel**: Nickel prices rebounded to 124,000 last night and weakened during the day. The nickel price center has been continuously moving down, and the amplitude has narrowed. Currently, the nickel industry is neutral in the short - term and bearish in the long - term. The futures price is expected to fluctuate, and attention should be paid to the technical support at 123,000 [7]. 3. Industry Dynamics Copper - On May 22, the social inventory of electrolytic copper was 143,700 tons, an increase of 1,800 tons compared to May 19 and 8,000 tons compared to May 15 [9]. - The Kakula underground mine in the Kamoa - Kakula copper mine in the Democratic Republic of the Congo suspended mining operations on May 18 due to multiple mine tremors in the eastern area of the Kakula mine last week [9]. Aluminum - On May 22, the electrolytic aluminum inventory was 557,000 tons, a decrease of 30,000 tons compared to May 19 and 31,000 tons compared to May 15 [10]. - In April 2025, the global primary aluminum production was 6.033 million tons, compared with 5.901 million tons in the same period last year, and the revised value of the previous month was 6.237 million tons. The primary aluminum production in China in April is estimated to be 3.621 million tons, and the revised value of the previous month was 3.742 million tons [10]. Nickel - On May 22, for the refined nickel Shanghai market's mainstream reference contract, the Jinchuan electrolytic nickel had a mainstream premium of +2,150 yuan/ton at a price of 125,500 yuan/ton; Russian nickel had a mainstream premium of +300 yuan/ton at a price of 123,650 yuan/ton; Norwegian nickel had a mainstream premium of +2,600 yuan/ton at a price of 125,950 yuan/ton; and nickel beans had a mainstream premium of - 900 yuan/ton at a price of 122,450 yuan/ton [11]. 4. Relevant Charts Copper - Charts include copper basis, copper monthly spread, domestic visible inventory of electrolytic copper, overseas copper exchange inventory, LME copper cancellation warrant ratio, and SHFE warehouse receipt inventory [12][14][15] Aluminum - Charts include aluminum basis, aluminum monthly spread, domestic social inventory of electrolytic aluminum, overseas exchange inventory of electrolytic aluminum, alumina trend, and alumina inventory [24][25][27] Nickel - Charts include nickel basis, nickel monthly spread, LME inventory, SHFE inventory, LME nickel trend, and nickel ore port inventory [36][38][40]

Report Industry Investment Rating - Not provided in the content Core Views of the Report - **Copper**: Today, copper prices continued to decline, with the main contract price falling below the 78,000 yuan mark in the afternoon. The recent upward trend in copper prices was largely due to the easing of Sino-US relations, while today's decline was affected by the sharp drop in gold prices and the increase in electrolytic copper social inventory. With the industry's low inventory pattern and the warming of the internal and external macro atmosphere, copper prices are expected to maintain a strong operation. Attention can be paid to the long-short game at the 78,000 yuan level [4]. - **Aluminum**: Today, aluminum prices fluctuated narrowly above 20,200 yuan and weakened slightly in the afternoon. The recent upward trend in aluminum prices was largely due to the easing of Sino-US relations. With the low inventory pattern, the warming macro atmosphere promoted the rebound of aluminum prices. In the short term, the futures price broke through the 20,000 yuan mark, and short - sellers had a strong willingness to close positions. The futures price is expected to maintain a strong operation. If it falls, attention can be paid to the support of the 5 - day moving average [5]. - **Nickel**: Today, nickel prices showed a downward trend, with an obvious plunge before the noon closing and stabilized with increased positions in the afternoon. From a macro perspective, the internal and external macro - benefits did not significantly boost nickel prices, which largely indicated that the industrial fundamentals of nickel prices were suppressing the upward movement of nickel prices. Overall, the strong upstream mine end provided support for the futures price, while the weak downstream demand exerted pressure on the futures price. Nickel prices are expected to fluctuate, and attention should be paid to the support at the 123,000 yuan level [6]. Summary by Related Catalogs 1. Industry Dynamics - **Copper**: On May 15th, Mysteel's electrolytic copper social inventory was 135,700 tons, a cumulative increase of 10,800 tons compared to the 12th. Codelco will cooperate with Rio Tinto to build a copper "mining area" around the Nuevo Cobre project in the Atacama region of northern Chile. Codelco holds about 43% of the shares, and Rio Tinto holds about 58%. Ivanhoe's Makoko mining area in the Democratic Republic of the Congo has a total copper content of 9.37 million tons, 89% higher than the estimated 5 million tons in November 2023. The inferred resource volume of the Makoko mine is 27.7 million tons with a copper grade of 2.79%, and the speculative resource volume is 4.937 billion tons with a copper grade of 1.7%. Morgan Stanley expects the average copper price in the second half of 2025 to be $9,225 per ton [8][9]. - **Aluminum**: Morgan Stanley expects the average aluminum price in the second half of 2025 to be $2,325 per ton [9]. - **Nickel**: On May 15th, for the refined nickel Shanghai market's mainstream reference contract, the main premium for Jinchuan electrolytic nickel was +2,200 yuan/ton, with a price of 127,530 yuan/ton; for Russian nickel, it was +300 yuan/ton, with a price of 125,630 yuan/ton; for Norwegian nickel, it was +2,700 yuan/ton, with a price of 128,030 yuan/ton; for nickel beans, it was -900 yuan/ton, with a price of 124,430 yuan/ton [9]. 2. Related Charts - **Copper**: The report includes charts such as copper basis, copper monthly spread, electrolytic copper domestic visible inventory (social inventory + bonded area inventory), LME copper cancelled warrant ratio, overseas copper exchange inventory, and SHFE warrant inventory [10][12][13]. - **Aluminum**: The report includes charts such as aluminum basis, electrolytic aluminum domestic social inventory, alumina trend, electrolytic aluminum overseas exchange inventory (LME + COMEX), and alumina inventory [24][26][28]. - **Nickel**: The report includes charts such as nickel basis, nickel monthly spread, LME inventory, LME nickel trend, SHFE inventory, and nickel ore port inventory [35][41][45].