产销量数据方面 智通财经APP获悉，国信证券发布研报称，中国黄金国际(02099)2025年前三季度业绩强劲，营收与净利 润大幅增长并实现扭亏，主要受益于金铜价格上涨及成本优化。公司金、铜产销量稳步提升，全年产量 有望超指引。随着甲玛矿逐步复产和未来产能扩张，成长性可期，当前股价对应PE为13.9/10.5/9.4X， 考虑到公司拥有金、铜产品组合，资源储量丰富，未来成长性较强，维持"优于大市"评级。 国信证券主要观点如下： 整体业绩表现 中国黄金国际前三季度实现营收9.25亿美元，同比+99.83%;实现归母净利润3.41亿美元，同比扭亏;其 中，Q1/Q2/Q3分别实现归母净利润0.85/1.15/1.41亿美元，Q3环比+22.43%。公司Q3利润环比再次实现 明显提升，主要得益于金铜价格上涨以及甲玛矿销售折价系数提升。 公司前三季度实现黄金产量4.02吨，实现黄金销量4.21吨。其中长山壕前三季度黄金产量约2.12吨，黄 金销量约2.34吨;甲玛矿前三季度黄金产量约1.90吨，黄金销量约1.87吨。公司前三季度实现铜产量5.41 万吨，实现铜销量5.33万吨。公司2025年产量指引：长山壕黄金产量指引 ...

1. Report Industry Investment Ratings No industry investment ratings are provided in the report. 2. Core Views - The report presents the market trends and analysis of various commodities on November 18, 2025, including precious metals, base metals, energy, agricultural products, etc. Each commodity has its own specific trend and influencing factors [2][4]. 3. Summary by Commodity Precious Metals - **Gold**: The expectation of interest rate cuts has rebounded. The prices of domestic and international gold futures and spot have declined. The trend strength is neutral [2][5]. - **Silver**: It is in a state of shock adjustment. The prices of domestic and international silver futures and spot have also decreased. The trend strength is neutral [2][5]. Base Metals - **Copper**: The rise of the US dollar has put pressure on prices. The prices of domestic and international copper futures have fallen. The trend strength is neutral [2][9]. - **Zinc**: It has shown a slight decline. The prices of domestic and international zinc futures have different trends. The trend strength is neutral [2][12]. - **Lead**: The significant increase in overseas inventories has put pressure on prices. The prices of domestic and international lead futures have decreased. The trend strength is slightly bearish [2][16]. - **Tin**: It has fallen from a high level. The prices of domestic and international tin futures have declined. The trend strength is slightly bearish [2][18]. - **Aluminum**: There is pressure above. The prices of domestic and international aluminum futures have decreased. The trend strength is neutral [2][23]. - **Alumina**: It is in a range - bound shock. The price of domestic alumina futures has decreased. The trend strength is neutral [2][23]. - **Nickel**: The nickel price has broken through the support level and is under pressure to fluctuate. The prices of domestic and international nickel futures have decreased. The trend strength is neutral [2][26]. - **Stainless Steel**: The weak reality suppresses the steel price, but there is limited downside. The price of domestic stainless - steel futures has increased slightly. The trend strength is neutral [2][26]. Energy and Chemicals - **Carbonate Lithium**: The market sentiment is positive, and it is relatively strong in the short term. The prices of domestic carbonate lithium futures have increased. The trend strength is neutral [2][32]. - **Industrial Silicon**: The warehouse receipts are being cleared, and there is strong support at the bottom. The price of domestic industrial silicon futures has increased slightly. The trend strength is neutral [2][36]. - **Polysilicon**: Attention should be paid to the market information from the meeting. The price of domestic polysilicon futures has decreased. The trend strength is slightly bullish [2][36]. - **Iron Ore**: It is fluctuating repeatedly. The price of domestic iron ore futures has increased. The trend strength is neutral [2][39]. - **Rebar**: It has rebounded from the previous over - decline and is in a strong shock. The price of domestic rebar futures has increased. The trend strength is slightly bullish [2][42]. - **Hot - Rolled Coil**: It has rebounded from the previous over - decline and is in a strong shock. The price of domestic hot - rolled coil futures has increased. The trend strength is slightly bullish [2][42]. - **Silicon Ferrosilicon**: The main production areas continue to reduce production, and it is in a strong shock. The price of domestic silicon ferrosilicon futures has increased. The trend strength is neutral [2][48]. - **Manganese Silicide**: Affected by the sector sentiment, it is in a strong shock. The price of domestic manganese silicide futures has increased. The trend strength is neutral [2][49]. - **Coke**: It is in a wide - range shock. The price of domestic coke futures has increased. The trend strength is neutral [2][53]. - **Coking Coal**: It is in a wide - range shock. The price of domestic coking coal futures has increased. The trend strength is neutral [2][53]. Others - **Log**: It is fluctuating repeatedly. The price of domestic log futures has remained stable. The trend strength is neutral [2][55]. - **Rubber**: It is fluctuating. The price trend of domestic rubber futures is not clear. The report does not provide specific trend strength information [2]. - **Synthetic Rubber**: There is support during the shock. The report does not provide detailed price and trend strength information [2]. - **Asphalt**: The factory inventory has decreased slightly, and it is in a narrow - range shock. The report does not provide detailed price and trend strength information [2]. - **LLDPE**: The agricultural demand may be approaching its peak, and attention should be paid to the supply pressure. The report does not provide detailed price and trend strength information [2]. - **PP**: Do not chase short positions in the short term, and there is still pressure in the medium - term trend. The report does not provide detailed price and trend strength information [2]. - **Caustic Soda**: There is still pressure in the trend. The report does not provide detailed price and trend strength information [2]. - **Pulp**: It is fluctuating. The price trend of domestic pulp futures is not clear. The report does not provide specific trend strength information [2]. - **Glass**: The price of the original sheet is stable. The report does not provide detailed price and trend strength information [2]. - **Methanol**: It is in a weak operation. The report does not provide detailed price and trend strength information [2]. - **Urea**: There is support during the short - term shock. The report does not provide detailed price and trend strength information [2]. - **Styrene**: Attention should be paid to the increase in ethylbenzene, and it is in a short - term shock. The report does not provide detailed price and trend strength information [2]. - **Soda Ash**: There is little change in the spot market. The report does not provide detailed price and trend strength information [2]. - **LPG**: The downstream buying interest is strong, and it is relatively resistant to decline in the short term. The report does not provide detailed price and trend strength information [2]. - **Propylene**: The demand expectation has improved, and it is in a short - term strong shock. The report does not provide detailed price and trend strength information [2]. - **PVC**: There is still pressure in the trend. The report does not provide detailed price and trend strength information [2]. - **Fuel Oil**: It maintains a weak shock and is still weaker than low - sulfur fuel oil in the short term. The report does not provide detailed price and trend strength information [2][4]. - **Low - Sulfur Fuel Oil**: The night - session price has increased, and the price difference between high - and low - sulfur in the overseas spot market has continued to widen. The report does not provide detailed price and trend strength information [2][4]. - **Container Shipping Index (European Line)**: Attention should be paid to the opening guidance. The report does not provide detailed price and trend strength information [2][4]. - **Short - Fiber**: The upstream fluctuation has increased, and it is in a short - term shock. The report does not provide detailed price and trend strength information [2][4]. - **Bottle Chip**: The upstream fluctuation has increased, and it is in a short - term shock. The report does not provide detailed price and trend strength information [2][4]. - **Offset Printing Paper**: It is in a low - level shock. The report does not provide detailed price and trend strength information [2][4]. - **Pure Benzene**: The overseas blending oil market has started, and it is mainly in a short - term shock. The report does not provide detailed price and trend strength information [2][4]. - **Palm Oil**: The short - term negative factors have been fully digested, and attention should be paid to the inventory reduction process in the producing areas. The report does not provide detailed price and trend strength information [2][4]. - **Soybean Oil**: The US soybean price is stable, and soybean oil is in a strong shock. The report does not provide detailed price and trend strength information [2][4]. - **Soybean Meal**: The US soybean price is strong, and the domestic soybean meal may follow the rebound. The report does not provide detailed price and trend strength information [2][4]. - **Soybean**: It may follow the rebound of the soybean market. The report does not provide detailed price and trend strength information [2][4]. - **Corn**: It is fluctuating. The report does not provide detailed price and trend strength information [2][4]. - **Sugar**: Attention should be paid to the trading volume of new sugar. The report does not provide detailed price and trend strength information [2][4]. - **Cotton**: The pressure of new cotton listing still suppresses the futures price. The report does not provide detailed price and trend strength information [2][4]. - **Egg**: The near - term is weak, and the far - term is strong, showing a reverse - spread pattern. The report does not provide detailed price and trend strength information [2][4]. - **Live Pig**: The expectation of price increase due to cooling has failed, and the pressure is gradually being released. The report does not provide detailed price and trend strength information [2][4]. - **Peanut**: Attention should be paid to the spot market. The report does not provide detailed price and trend strength information [2][4].

铜周报 基本面支撑助力，铜价高位震荡 核心观点及策略 ⚫ 上周铜价高位震荡，主因当前美联储鹰鸽两派的内部分歧 凸显，在政府关门缺乏关键经济数据指引下联储在制定政 策路径或缺乏有力证据，打压市场风险偏好，中性官员表 示货币政策基调应介于温和限制性和中性之间，既需要抑 制高于目标的通胀水平，同时也要为劳动力市场提供一定 支持，12月降息仍然存疑。基本面来看，印尼Grasberg事 故评估结束进入缓慢复产阶段，但全球精矿供应格局仍然 趋紧，国内精铜产量下滑，社会库存维持20万吨附近，近 月盘面C结构走扩。 投资咨询业务资格 沪证监许可【2015】84 号 李婷 从业资格号：F0297587 投资咨询号：Z0011509 黄蕾 从业资格号：F0307990 投资咨询号：Z0011692 高慧 从业资格号：F03099478 投资咨询号：Z0017785 王工建 从业资格号：F03084165 投资咨询号：Z0016301 2025 年 11 月 17 日 ⚫ 整体来看，尽管美国政府接近重启运营，但10月就业市场 数据或面临一定程度缺失将令美联储延续宽松路径面临 阻力，叠加鹰派官员对12月降息支持力度有限，打压市场 风 ...

Core Viewpoint - Citigroup's research report indicates that Zijin Mining's Vice President Lin Hongfu expects gold prices to have further upside potential, with the company focusing on gold production targets of 100 tons annually by 2030, with 30% growth from internal capacity enhancement and 70% from acquisitions, particularly in South America and Africa [1] Group 1: Gold Outlook - The company aims for an annual gold production of 100 tons by 2030, with 30% of this growth expected from internal capacity improvements and 70% from acquisitions [1] - The focus on acquisitions will be particularly strong in South America and Africa [1] Group 2: Copper Outlook - Lin Hongfu anticipates strong growth in copper demand, projecting it to reach 40 million tons annually by 2035, indicating the beginning of a super cycle [1] - The company plans to actively seek acquisitions of copper mining resources due to increasing exploration difficulties and extended capital expenditure cycles [1] Group 3: Lithium Strategy - The company will concentrate on existing lithium projects, targeting an annual production capacity of 200,000 to 250,000 tons by 2028 [1] Group 4: Investment Rating - Citigroup has set a target price of HKD 39 for Zijin Mining and maintains a "Buy" rating [1]

公司董事长兼首席执行官侯晨光先生评论说："我们连续两个季度创下单季净利润新高，这不仅印证了 我们战略决策的前瞻性，也反映出公司运营效率的显著提升。在全体员工的共同努力和不懈追求下，中 国黄金国际将把握机遇，持续提升行业地位和市场价值。" 智通财经APP讯，中国黄金国际(02099)发布公告，2025年第三季度，销售收入同比增加36%至3.45亿美 元。净溢利为1.423亿美元，同比增长410.0%，连续两个季度创单季度历史新高。黄金总产量由2024年 同期的50,160盎司减少18%至41,150盎司。铜总产量为4230万磅(约19,204吨)，较2024年同期的3830万磅 (约17,361吨)增加。 2025年前九个月，销售收入同比增加100%至9.254亿美元。净溢利为3.446亿美元，较2024年同期的净亏 损300万美元增加3.476亿美元。黄金总产量由2024年同期的102,245盎司增加27%至129,350盎司。铜总 产量为1.193亿磅(约54,127吨)，较2024年同期的6150万磅(约27,909吨)增加。 ...

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The end of the US government shutdown and the expected tight supply of copper mines support copper prices. The end of the US government shutdown may lead to an expansion of the fiscal deficit, and the Fed's halt to balance - sheet reduction or even start of balance - sheet expansion will ease the tightness of monetary liquidity. The partial resumption of production at the Grasberg copper mine in Indonesia is unlikely to change the tight supply - demand outlook. As a result, the price of Shanghai copper may be cautiously bullish. Investors are advised to mainly lay out long positions when the price drops, and pay attention to specific support and pressure levels for Shanghai copper, LME copper, and COMEX copper [3]. - For the spread and inventory situation, due to factors such as the tight supply of global copper concentrates, the increase in the operating capacity of the copper processing industry, the hawkish shift in the Fed's future interest - rate cut expectations, and the decrease in the maintenance capacity of domestic copper smelters in November, it is recommended that investors temporarily observe the arbitrage opportunities in the basis and spread of Shanghai copper and LME copper [9][10]. - In terms of the mid - upstream supply, multiple factors such as the performance of overseas mines, the change in scrap copper supply, and the adjustment of smelter maintenance plans will affect the production and import of copper concentrates, scrap copper, blister copper, anode plates, and electrolytic copper in November [27][30][33][37]. - Regarding the downstream demand, the capacity utilization rates of various copper products in the downstream, such as copper rods, copper wires and cables, copper enameled wires, copper plates and strips, copper tubes, and brass rods, have generally increased recently. The capacity utilization rates of copper wires and cables, copper enameled wires, copper plates and strips, and copper foils in November may increase month - on - month, while those of copper tubes and brass rods may decrease month - on - month [42][55][59][69][75][78]. 3. Summary According to Relevant Catalogs First Part: Spread and Inventory Situation - **Spread**: Shanghai copper basis is positive and within a reasonable range, and the month - spread is negative and within a reasonable range. LME copper (0 - 3) contract spread is negative and within a reasonable range, (3 - 15) contract spread is positive and within a reasonable range. COMEX copper near - far month contract spread is negative and within a reasonable range. The spreads between LME copper and Shanghai copper, COMEX copper and Shanghai copper, and COMEX copper and LME copper are positive and within a reasonable range. It is recommended to temporarily observe the arbitrage opportunities [9][10][12]. - **Inventory**: The inventory of electrolytic copper in China's bonded area and social inventory decreased compared with last week, while the inventory of LME electrolytic copper and COMEX copper increased compared with last week. The non - commercial long - to - short position ratio of COMEX copper decreased month - on - month [18][19]. Second Part: Mid - upstream Supply Situation - **Copper Concentrate**: The production and import of domestic copper concentrates in November may increase month - on - month. The copper concentrate import index is negative and higher than last week. The port copper concentrate inventory in China increased compared with last week [27]. - **Scrap Copper**: The domestic scrap copper production and import in November may increase month - on - month, and the supply - demand outlook is tight. The domestic refined - scrap spread is positive, which may boost the economy of scrap copper [30]. - **Blister Copper**: The domestic blister copper production in November may increase month - on - month, and the import may decrease month - on - month. The weekly processing fees of blister copper in northern and southern China were flat and increased respectively compared with last week [33]. - **Anode Plate**: The weekly capacity utilization rate of domestic scrap - produced anode plates increased compared with last week, and the processing fee was flat compared with last week [36]. - **Electrolytic Copper**: The domestic electrolytic copper production and import in November may increase month - on - month [38]. Third Part: Downstream Demand Situation - **Copper Rod**: The capacity utilization rates of domestic refined and recycled copper rods increased compared with last week. The raw material and finished - product inventories of refined and recycled copper rod enterprises decreased compared with last week. The capacity utilization rate, production, import, and export of domestic copper product enterprises in November may increase month - on - month [42][44]. - **Copper Wires and Cables**: The capacity utilization rate increased compared with last week, and the raw material inventory increased while the finished - product inventory decreased compared with last week. The capacity utilization rate in November may increase month - on - month [57][62]. - **Copper Enameled Wires**: The order volume and capacity utilization rate increased compared with last week, and the raw material inventory days increased while the finished - product inventory days decreased compared with last week. The capacity utilization rate in November may increase month - on - month [61][62]. - **Copper Plates and Strips**: The weekly processing fee decreased, the capacity utilization rate and production increased compared with last week, and the raw material and finished - product inventory days decreased compared with last week. The capacity utilization rate in November may increase month - on - month [63][69]. - **Copper Tubes**: The capacity utilization rate increased compared with last week, and the raw material and finished - product inventory days decreased compared with last week. The capacity utilization rate in November may decrease month - on - month [75][79]. - **Brass Rods**: The capacity utilization rate increased compared with last week, and the raw material and finished - product inventory days decreased compared with last week. The capacity utilization rate in November may decrease month - on - month [78][79].

Group 1: Report Title and Date - Title: Copper Weekly Report: Macroeconomic Sentiment Digested, Copper Prices Corrected at High Levels [1] - Date: November 10, 2025 [1] Group 2: Main Viewpoints and Strategies 1. Last Week's Market Review - Last week, Shanghai copper prices corrected at high levels, closing at 85,940 yuan/ton last Friday, with a weekly decline of 1.46%. After the release of positive factors such as the suspension of Sino-US tariff consultations and the Fed's expected interest rate cut, copper prices gave back some gains. In the long - term, the copper price center is supported by the continuous shortage of copper mines and the expected resumption of Grasberg copper mine next year. Domestic electrolytic copper production may remain low due to anti - involution expectations in copper smelting and anode copper supply. High copper prices suppress downstream industries, and terminal demand is mainly for rigid procurement, leading to correction pressure on copper prices. After the correction, copper prices may fluctuate at high levels [5]. 2. Supply Side - The contradiction between mining and smelting persists, and TC is at a low level. As of November 7, the domestic copper concentrate port inventory was 498,000 tons, with a weekly increase of 8.03%. The spot rough smelting fee for copper concentrate dropped to a historical low of - 42 US dollars/ton. In October, domestic southern crude copper processing fees rebounded slightly. Domestic electrolytic copper production continued to decline. In October, the electrolytic copper production was 1.0916 million tons, a year - on - year increase of 9.63% and a month - on - month decrease of 4.31%, mainly affected by smelter maintenance and difficulty in anode copper procurement [9]. 3. Demand Side - With the high - level correction of copper prices, the operating rate increased month - on - month. As of November 6, the weekly operating rate of domestic major refined copper rod enterprises was 62%, a month - on - month increase of 1.54 percentage points and a year - on - year decrease of 14.03 percentage points. The correction of copper prices stimulated the concentrated release of orders, and the operating rate of refined copper rod enterprises increased. In September, the operating rates of copper plate and strip, copper foil, and copper rod were 66.02%, 82.17%, and 45.10% respectively. The terminal orders of copper plate and strip increased, but the growth was limited due to high copper prices. The copper rod industry showed a slight recovery, and the strong terminal demand for lithium - ion copper foil boosted the operating rate of copper foil enterprises to a new high for the year [10]. 4. Inventory - Domestic copper inventory continued to accumulate, the de - stocking of LME copper slowed down, and COMEX copper inventory continued to accumulate. As of November 7, the copper inventory on the Shanghai Futures Exchange was 11.50 tons, a weekly decrease of 0.95%. As of November 6, the domestic social copper inventory was 203,300 tons, a weekly increase of 11.34%. As of November 7, the LME copper inventory was 135,900 tons, a weekly increase of 0.95%, and the COMEX copper inventory was 36,940 short tons, a weekly increase of 3.85% [10]. 5. Strategy Suggestion - Macroscopically, the Fed's hawkish remarks increased, the expectation of an interest rate cut in December decreased, and the delay of key US employment data due to the government shutdown made the market sentiment cautious. The strengthening of the US dollar also suppressed copper prices. Fundamentally, the slow resumption of overseas mines did not alleviate the tight supply of copper concentrates, and TC/RC remained at a low level. Domestic electrolytic copper production decreased month - on - month, and short - term supply growth was limited. High copper prices suppressed consumption, and downstream procurement was mainly for rigid demand. Near the delivery date, the willingness of holders to support prices increased, and the spot premium rebounded. In the short term, copper prices are expected to fluctuate at high levels, and the operating range of Shanghai copper may be between 84,000 - 88,000 yuan/ton. It is recommended to wait and see or conduct short - term trading within the range [11]. Group 3: Macroeconomic and Industrial News 1. Macroeconomic Data Overview - China's October RatingDog manufacturing PMI was 50.6, remaining above the boom - bust line for three consecutive months, indicating continuous improvement in manufacturing prosperity, but the growth rate slowed down. China's exports denominated in US dollars decreased by 1.1% year - on - year in October, while imports increased by 1.0%. The People's Bank of China increased its gold reserves by 30,000 ounces in October. The US October ISM manufacturing PMI contracted for the eighth consecutive month, with weak demand and employment. The eurozone's October manufacturing PMI was 50, indicating stagnation. The US officially included copper in the new critical minerals list [15]. 2. Industrial News Overview - Ivanhoe Mines' Q3 profit dropped significantly due to the shutdown of the Kamoa - Kakula copper mine. Glencore plans to close its copper smelter in Canada due to cost issues. Codelco lowered its 2025 copper production forecast. Chile's copper exports to China remained high in October. Lundin Mining raised its 2025 copper production forecast and lowered its cost estimate [17]. Group 4: Spot and Futures Market and Positioning 1. Premium and Discount - As copper prices declined, the sentiment of spot procurement and sales of Shanghai copper improved, and the spot premium rebounded. The LME copper 0 - 3 discount narrowed, and the New York - London copper price difference weakened slightly [20]. 2. Domestic and Foreign Positions - As of November 7, the futures position of Shanghai copper was 207,136 lots, a weekly decrease of 19.81%; the average daily trading volume was 130,438 lots, a weekly decrease of 43.52%. As of October 31, the net long position of LME copper investment companies and credit institutions was 9,862.02 lots, a weekly increase of 318.60% [26]. Group 5: Fundamental Data 1. Supply Side - The contradiction between mining and smelting persists, and TC is at a low level. Domestic copper concentrate port inventory increased, and the spot rough smelting fee for copper concentrate dropped to a historical low. Domestic electrolytic copper production continued to decline in October [31]. 2. Downstream Operating Rate - As of November 6, the weekly operating rate of domestic major refined copper rod enterprises increased month - on - month. In September, the operating rates of copper plate and strip, copper foil, and copper rod showed different trends. Copper foil enterprises' operating rate reached a new high for the year [35]. 3. Inventory - Domestic copper inventory continued to accumulate, the de - stocking of LME copper slowed down, and COMEX copper inventory continued to increase [38].

Report Industry Investment Rating No relevant content provided. Core Viewpoints - Last week, copper prices continued to adjust. The main reasons were that more Fed officials were cautious about year - end interest rate cuts, the US employment market was fragile, inflation was rising, and the US dollar index rebounded, all of which restricted copper prices. Fundamentally, overseas mines resumed production slowly, domestic refined copper production declined for the second consecutive month, social inventories increased slightly, and the near - month contract returned to a C structure [1][6]. - Overall, with the decline of year - end interest rate cut expectations and the US government's record - breaking shutdown, market risk appetite continued to fall, and the US dollar index rebound suppressed the metal market. Fundamentally, overseas mines resumed production slowly, domestic refined copper production decreased monthly, but social inventories continued to rise recently, and high copper prices inhibited traditional industry consumption. It is expected that copper prices will continue to adjust in the short term to seek lower support [1][8]. Summary by Directory Market Data - The prices of LME copper, COMEX copper, SHFE copper, and international copper all declined from October 31st to November 7th. The LME copper price dropped by 1.80% to $10,695.00 per ton, COMEX copper by 3.05% to 495.8 cents per pound, SHFE copper by 1.23% to 85,940.00 yuan per ton, and international copper by 1.24% to 76,500.00 yuan per ton. The LME spot premium decreased by 26.18% to - $18.22 per ton, and the Shanghai spot premium increased by 40 yuan per ton [2]. - In terms of inventory, from October 31st to November 7th, LME inventory increased by 0.95% to 135,900 tons, COMEX inventory increased by 3.85% to 369,369 short tons, SHFE inventory decreased by 0.95% to 115,017 tons, and Shanghai bonded area inventory decreased by 6.09% to 100,200 tons. The total inventory increased by 1.03% to 720,486 tons [5]. Market Analysis and Outlook - **Macro aspect**: The US ADP private sector employment in October exceeded expectations, but the overall employment growth slowed down compared to the beginning of the year. US large - scale enterprises announced lay - off plans, and the unemployment rate may rise again by the end of the year. The US government shutdown has lasted for 35 days, and the Fed officials have different views on December interest rate cuts. In China, the profit of large - scale industrial enterprises in September increased significantly year - on - year, and high - tech manufacturing played a leading role [6][7]. - **Supply - demand aspect**: Mines in Indonesia and Panama had problems, and the production of domestic refined copper in October dropped to 109 tons. In terms of demand, traditional industries were suppressed by high copper prices, while emerging markets such as new energy vehicles and data centers had broad prospects. Domestic social inventories continued to rise, and the spot tight - balance situation was slightly relieved [8]. Industry News - Chile's Codelco expects its copper production in 2025 and 2026 to be slightly higher than last year. In the first nine months of 2025, its pre - tax profit was $606.9 million, and its copper production reached 937,000 tons, a year - on - year increase of 2.1%. The increase was mainly due to the output growth of Ministro Hales and the contribution of the RajoInca project in the Salvador mine [9]. - Canada's Lundin Mining raised its annual copper production guidance by about 4% to 319,000 - 337,000 tons. The performance of the Caserones mine in Chile exceeded expectations, and the company also lowered its cost expectations [10]. - Teck Resources' Quebrada Blanca mine in Chile is showing signs of recovery. Thanks to the action plan launched in August, the mill throughput and copper recovery rate have gradually reached the expected level. The company expects the mine to enter a stable operation state in late 2026 [11]. Relevant Charts The report provides 18 charts showing the price trends of Shanghai copper and LME copper, inventory changes, spot premium trends, price differences between refined and scrap copper, and other data, which can help investors understand the copper market comprehensively [13][15][17].

Core Viewpoint - The mining industry, particularly gold, is experiencing significant growth, with Zijin Mining achieving substantial revenue and profit increases due to rising international gold prices and strategic acquisitions [2][3][4]. Financial Performance - In the first three quarters of 2025, Zijin Mining reported operating revenue of 254.2 billion yuan, a year-on-year increase of 10.33%, and a net profit of 45.701 billion yuan, up 53.99% year-on-year [2][3]. - The company's gold production reached 65 tons, a 20% increase compared to the previous year, with third-quarter production of 24 tons, reflecting a 7% quarter-on-quarter growth [3][4]. Market Trends - The global gold market has shown an upward trend, with London spot gold prices rising from $3,000 per ounce at the beginning of the year to a peak of $4,381, maintaining a year-to-date increase of over 33% [3][4]. - Central banks worldwide are increasing their gold reserves, with China's gold reserves needing to increase by at least 5,500 tons to reach the global average of approximately 30% of foreign reserves [4]. Strategic Acquisitions - Zijin Mining's acquisition of the Raygorodok gold mine in Kazakhstan for $1.2 billion is expected to enhance its gold production capacity significantly, with an average annual output of approximately 5.5 tons [4]. - Zijin Gold International, a subsidiary focused on overseas gold assets, was listed on the Hong Kong Stock Exchange, aiming to optimize its portfolio of high-potential gold mines [3][4]. Copper Production Challenges - Copper production growth has slowed due to a flooding incident at the Kamoa-Kakula copper mine, which is expected to impact Zijin Mining's overall copper output [5][6]. - The company's copper production for the first three quarters of 2025 was 830,000 tons, a 5% increase year-on-year, but the third-quarter output saw a 6% decline quarter-on-quarter [5][6]. Cost Pressures - The unit sales costs for major products, including gold and copper, have risen, with gold ingot costs increasing by 15.2% and copper concentrate costs by 14.37% compared to the previous year [8][9]. - The increase in costs is attributed to declining ore grades, increased transportation distances, and higher stripping ratios in open-pit mines, alongside transitional costs from newly acquired companies [9].

1. Report Industry Investment Rating There is no information provided regarding the report industry investment rating. 2. Core Viewpoints of the Report - The concerns about tight copper supply continue to provide support for copper prices, but the upward driving force of copper futures prices has weakened. It is recommended to establish long positions around 85,000 after the macro - economy stabilizes [14][16][47]. - The copper market is affected by both bullish and bearish factors. Bullish factors include low inventory and tight supply at the mine end, while bearish factors include weak macro - economic sentiment, insufficient actual demand, and the strengthening of the US dollar [7]. 3. Summary According to the Directory 3.1 Report Summary - The US economic data affects the Fed's interest - rate cut expectations, and the US government shutdown may impact the economy. The copper market has both bullish factors such as tight mine supply and bearish factors like weak demand [9][11][7]. - China's copper imports, production, and demand show different trends. For example, copper concentrate imports have changes, and the production of some copper products is affected by factors such as maintenance and policies [16][21]. 3.2 Multi - empty Focus - **Bullish Factors**: Low inventory and tight operation at the mine end, and the TC of copper concentrate remains at a low level, providing support for copper prices [7][14][17]. - **Bearish Factors**: Weak macro - economic sentiment, insufficient actual demand, and the strengthening of the US dollar due to the cooling of the Fed's interest - rate cut expectations [7][8][11]. 3.3 Data Analysis - **Supply - side Data** - China's September copper concentrate imports were 2.5869 million tons, a month - on - month decrease of 6.24% and a year - on - year increase of 6.43%. The supply from Chile decreased significantly, while that from Peru slightly increased [16]. - As of the week ending October 31, the weekly index of Mysteel standard clean copper concentrate TC was - 42.45 dollars per dry ton, a decrease of 0.79 dollars per dry ton from the previous week [18]. - In September 2025, China's electrolytic copper actual output was 1.1498 million tons, a month - on - month decrease of 3.2% and a year - on - year increase of 14.48%. The output in October continued to decline due to factors such as smelter maintenance [21]. - **Demand - side Data** - China's September scrap copper imports were 184,100 tons, a month - on - month increase of 2.6% and a year - on - year increase of 14.8% [25]. - In September 2025, the domestic copper strip production was 196,200 tons, a month - on - month increase of 2.35%, ending four consecutive months of decline, but still lower than the same period last year [28]. - In September 2025, the domestic refined copper rod production was 849,300 tons, a month - on - month increase of 0.18%, and the recycled copper rod production was 170,800 tons, a month - on - month decrease of 1.04% [31]. - The real estate market is weak, with indicators such as construction area, new construction area, and sales area showing year - on - year declines [36][38]. - The new energy vehicle industry maintains a strong momentum. In September, the production and sales of new energy vehicles were 1.617 million and 1.604 million respectively, with significant year - on - year and month - on - month increases [40]. - **Inventory and Premium Data** - London Metal Exchange copper inventory increased last week, Shanghai Futures Exchange copper inventory increased in the week ending October 31, and domestic electrolytic copper spot inventory decreased from November 3 to 6 [43]. - On November 6, the Shanghai Wumaotrade 1 copper spot changed from a discount to a premium of about 35 yuan per ton, and the LME 0 - 3 spot discount widened to about - 30.96 dollars per ton [45]. 3.4 Market Outlook The upward driving force of copper futures prices has weakened. It is recommended to establish long positions around 85,000 after the macro - economy stabilizes [47].