Investment Rating - The report rates the non-ferrous metals industry as "Positive" [2] Core Insights - BHP is the largest publicly listed mining company globally, with a diversified portfolio including copper, iron ore, coal, and other minerals [10][13] - The company has a strong cash flow reserve and a robust balance sheet, supporting rapid resource growth [27] - BHP's revenue for the fiscal year 2024 was $55.658 billion, a year-on-year increase of 3.42%, with an EBITDA of $29.016 billion, up 3.79% [26] Summary by Sections Company Status, Organizational Structure, and Main Business - BHP's major shareholders include global asset management firms, with BlackRock, State Street, and Vanguard being the top three, holding nearly 20% collectively [12] - The company operates in four main business segments: copper, iron ore, coal, and others (potash, nickel) [13][14] - BHP's copper production for FY2024 was 1.865 million tons, making it the second-largest copper producer globally, while its iron ore production was 260 million tons, ranking third [14][15] Future Prospects and Strategic Positioning - BHP aims to enhance its market position by focusing on sustainable and critical minerals essential for energy transition and low-carbon metallurgy [30] - The company is investing in the Jansen potash project, expected to produce 4.2 million tons per year by 2026 [18] Historical Context and Expansion Strategy - BHP's growth has been significantly driven by large-scale mergers and acquisitions, particularly the merger with Billiton in 2001, which created a diversified resource giant [43] - The company has a history of strategic acquisitions, including the high-premium purchase of WMC Resources in 2005, which positioned BHP as a leading player in copper and nickel [53] Financial Performance and Market Position - Iron ore remains a major profit contributor, accounting for nearly half of BHP's revenue, while copper is emerging as a new growth engine, contributing 30% to profits [26][22] - BHP's average EBITDA margin over the past decade has been 55%, consistently outperforming major competitors by over 10 percentage points [26] Cash Flow and Financial Stability - BHP has maintained a strong operating cash flow, averaging $15 billion annually since 2010, with a five-year average of $23 billion [27][29] - The company's debt-to-asset ratio has remained around 50%, indicating a stable financial structure [29]

6月11日（周三），全球最大的铜生产商--智利Codelco公司首席财务官Alejandro Sanhueza表示，该公司 将更加专注于公私合作伙伴关系，以提高财务状况，并提升开发新项目的能力，这些都旨在提高产量。 Codelco公司已经和自由港麦克莫兰公司（Freeport-McMoRan）在El Abra矿建立合作关系，并拥有英美 资源集团五分之一的股份。今年，其还从小型公司Enami手中收购了Quebrada Blanca资源10%股份。 Sanhueza表示，另一目标是建立联合基础设施，促进新技术的应用，或者尽量减少对环境的影响。 Codelco今年早些时候宣布了一项协议，将和英美资源集团共同经营临近的铜矿。该公司称，将在21年 内每年增加12万吨产量。 该公司也在加强自身的勘探预算，2023年和2024年平均每年增加到8,300万美元，2025-29年期间将增至 平均每年1.5亿美元。 Sanhueza表示，公私合作伙伴关系将是"增长的支柱"，而非用于大修项目或任何现有业务，以遵守公司 的国有化规定，该规定不允许其矿山接受私人资金。 Sanhueza表示："绿地计划（新项目）是我们增长战略的关键部分 ...

Core Viewpoint - Zhongrun Resources expects a certain degree of increase in coal mine production this year compared to last year [1] Group 1: Production and Capacity - The actual mining capacity of the coal mine is approximately 750 tons per day [1] - The ore recovery rate is around 80% [1] - The grade of the selected ore is uneven, ranging between 2 to 4 g/t [1] Group 2: Technical Improvements - The overall technical reform plan for the coal mine is still in the planning stage [1] - The company is currently focused on addressing urgent issues related to drainage and ventilation systems [1] - A series of technical improvements are expected to require an investment of 500 to 600 million yuan [1] Group 3: Equipment Procurement - The company has already procured a large amount of equipment related to ventilation and drainage, which has started to arrive [1] - It is anticipated that by the end of the year, production will be effectively streamlined [1]

Group 1: Consumer Price Index (CPI) Analysis - In May 2025, Guangdong's Consumer Price Index (CPI) decreased by 0.4% year-on-year, maintaining the same decline as the previous month, and a month-on-month decrease of 0.1% compared to a 0.3% increase in the previous month, resulting in a fluctuation of 0.4 percentage points [1] - The average CPI for January to May 2025 was down 0.4% compared to the same period last year [1] - Factors influencing the CPI included a 4.0% increase in fresh fruit prices due to the arrival of lychee season and increased demand from warmer weather, and a 2.3% increase in aquatic product prices due to reduced market supply during the fishing ban and increased demand during holidays, collectively contributing approximately 0.15 percentage points to the CPI increase [1] Group 2: Producer Price Index (PPI) Analysis - In May 2025, Guangdong's Producer Price Index (PPI) decreased by 1.8% year-on-year, with the decline widening by 0.4 percentage points compared to the previous month, and a month-on-month decrease of 0.2% [1] - The average PPI for January to May 2025 was down 1.3% year-on-year [1] - The Industrial Producer Purchase Price Index (IPI) also saw a year-on-year decrease of 3.1% and a month-on-month decrease of 0.4% [1] - The decline in PPI was influenced by falling international crude oil prices, overcapacity in certain industries, and insufficient downstream market demand [1][2] - In the PPI survey of 38 major industries, 6 industries saw price increases, 26 experienced price declines, and 6 remained stable, indicating an industry price increase rate of 15.8% [2] - Specific industries affected included a 3.6% decrease in oil and gas extraction prices, a 3.0% decrease in petroleum, coal, and other fuel processing prices, and a 4.1% decrease in black metal mining prices due to reduced demand in the construction and real estate sectors [2]

Group 1: Company Overview - China Nonferrous Metal Construction Co., Ltd. has a strong competitive edge in international engineering contracting within the nonferrous metals sector, leveraging project development and management experience, brand advantages, and resource integration capabilities [2] - The company focuses on complex mining projects, emphasizing energy conservation, environmental protection, and digital/automation technology advancements [2] Group 2: Project Distribution and Performance - The company has established a significant presence in regions such as Kazakhstan, Congo (DRC), India, Indonesia, and Vietnam, undertaking key projects in nonferrous metals, oil and petrochemicals, and mining [2] - As of 2024, the company reported a revenue of RMB 43.01 billion from engineering contracting, reflecting a year-on-year increase of 7.39% [2] - The ENR international contractor ranking improved from 168th to 114th [2] Group 3: Order Backlog and Future Prospects - The total amount of unfinished contracts is approximately RMB 361.5 billion, indicating a robust project reserve that secures future revenue [2] - In 2024, the new contract amount reached RMB 164.88 billion, a year-on-year increase of 103.71% [2] Group 4: Resource Development - The company holds mining rights for five mines and three exploration rights, with total metal resources including 225.62 thousand tons of zinc and 132.03 thousand tons of lead [3] - The average zinc grade at the Aobao Zinc Mine is 30.86%, while the average lead grade is 0.49% [3] - Future resource development strategies include mergers and acquisitions, resource exploration, and enhancing strategic collaboration [3]

兴业银锡：子公司宇邦矿业资源储量核实报告通过评审备案 智通财经6月11日电，兴业银锡(000426.SZ)公告称，公司子公司宇邦矿业资源储量核实报告通过评审备 案，经对比，本次资源储量核实与最近一次报告比较，累计查明矿石量增加了13,367.28万吨，Ag矿石 量增加了18,355.06万吨、金属量增加了6,146.58吨；Pb矿石量增加了12,555.5万吨、金属量增加了 397,371吨；Zn矿石量增加了17,513.9万吨、金属量增加了842,294吨。公司持有宇邦矿业85%股权，宇邦 矿业是公司的控股子公司。 ...

Group 1 - The company reported a copper production of 13,914 tons for the three months ending March 31, 2025, representing an increase of approximately 6.8% compared to 13,026 tons in the same period of 2024, driven by a shift from electrolytic copper to copper concentrate production at the Ruashi mine [1] - The company temporarily halted the high electricity consumption solvent extraction-electrolytic refining (SX-EW) system at the Ruashi mine in January 2025 due to unstable power supply from the national grid in the Democratic Republic of Congo, leading to a decrease in electrolytic copper production [1] - The company sold 11,957 tons of copper in the first quarter, a decrease of approximately 9.5% from 13,206 tons in the same period of 2024 [1] Group 2 - Cobalt production in the first quarter was 71 tons, a significant decrease of approximately 86.6% from 530 tons in the same period of 2024, due to the temporary suspension of the SX-EW system [1] - The reduction in copper sales in the first quarter was impacted by the Congolese government's announcement in February 2025 to temporarily suspend all cobalt exports for four months, which unexpectedly affected copper concentrate sales at the Ruashi mine [2] - The Kinsenda mine's copper concentrate production was not affected by the cobalt export ban, while the company did not sell any cobalt during the period, compared to 318 tons sold in the same period of 2024 [2]

证券研究报告|行业研究报告 [Table_Date] 2025 年 6 月 10 日 [Table_Title] 安托法加斯塔 2025Q1 铜产量环比减少 22.8%至 15.47 万吨，铜单位净现金成本环比增长 25.2%至 1.54 美元/磅 [Table_Title2] 有色金属-海外季报 [Table_Summary] 季报重点内容: ► 生产经营情况 1）铜 2025Q1 铜总产量为 15.47 万吨，同比增长 19.6%，环比减少 22.8%。主要得益于集团的两个选矿厂-- Los Pelambres 选矿厂 和 Centinela 选矿厂产量的增加。 2025Q1 铜销量为 17.02 万吨，同比增长 47.1%，环比减少 11.3%。 2025Q1 铜实现价格为 4.69 美元/磅，同比增长 18.1%，环比增 长 25.1%。 2025Q1 扣除副产品收益抵免前的铜单位现金成本为 2.37 美元/ 磅，同比减少 11.2%，环比增长 17.9%。主要原因是集团的选 矿厂（Los Pelambres 选矿厂和 Centinela 选矿厂）产量增加。 2025Q1 铜单位净现金成本为 1.54 ...

Investment Rating - The industry rating is "Recommended" [7] Core Insights - In Q1 2025, copper production totaled 154.7 thousand tons, a year-on-year increase of 19.6%, but a quarter-on-quarter decrease of 22.8%. This was primarily due to increased output from the Los Pelambres and Centinela mines [2][13] - Copper sales reached 170.2 thousand tons, reflecting a year-on-year growth of 47.1% but a quarter-on-quarter decline of 11.3% [2][13] - The realized copper price was $4.69 per pound, up 18.1% year-on-year and 25.1% quarter-on-quarter [2][14] - The net cash cost for copper was $1.54 per pound, a decrease of 20.2% year-on-year but an increase of 25.2% quarter-on-quarter [3][13] - Gold production was 42.9 thousand ounces (1.33 tons), marking a year-on-year increase of 28.8% but a quarter-on-quarter decrease of 37.1% [4][13] - The realized gold price was $3,098 per ounce, up 42.4% year-on-year and 16.1% quarter-on-quarter [4][14] - Molybdenum production was 3,100 tons, with a year-on-year increase of 14.8% and a quarter-on-quarter increase of 10.7% [5][13] - The realized molybdenum price was $19.3 per pound, down 8.5% year-on-year and 10.2% quarter-on-quarter [5][14] Production and Cost Summary - The total copper production for Q1 2025 was 154.7 thousand tons, with a cash cost before by-product credits of $2.37 per pound [13] - The total gold production for Q1 2025 was 42.9 thousand ounces, with a realized price of $3,098 per ounce [4][14] - The total molybdenum production for Q1 2025 was 3,100 tons, with a realized price of $19.3 per pound [5][14] Project Development Updates - The Centinela Phase II project is progressing as expected, focusing on assembling mining equipment and completing concrete work for the foundations of the mills [8] - The Los Pelambres expansion project is also on track, with ongoing work on the concentrate pipeline and seawater desalination plant [9] - The Cachorro exploration project submitted an environmental impact statement in January 2025 for additional exploration work [10] 2025 Outlook - The annual copper production target remains unchanged, expected to be between 660,000 and 700,000 tons [11] - The cash cost guidance remains unchanged, with costs before and after by-product credits expected to be between $2.25-$2.45 and $1.45-$1.65 per pound, respectively [11] - Capital expenditure guidance remains at $3.9 billion [12]

证券研究报告|行业研究报告 [Table_Date] 2025 年 6 月 9 日 [Table_Title] KGHM 2025Q1 精矿含铜产量同比减少 5.6%至 16.92 万吨，净利润同比减少 22.2%至 3.30 亿兹罗 提 [Table_Title2] 有色金属-海外季报 [Table_Summary] 季报重点内容: ► 生产经营情况 2025Q1 公司精矿含铜产量 16.92 万吨，同比减少 5.6%。其中 KGHM Polska Miedź S.A.铜产量 13.40 万吨，同比减少 8.3%； KGHM INTERNATIONAL LTD.铜产量 1.44 万吨，同比减少 10.0%；Sierra Gorda S.C.M.铜产量 2.08 万吨，同比增长 22.4%。 2025Q1 公司银产量 320.7 吨，同比增长 1.5%。 2025Q1 KGHM Polska Miedź S.A.铜 C1 成本 3.15 美元/磅，同 比增长 4.7%，成本增加的主要原因是矿产开采税导致税负增 加，以及铜精矿自产产量减少，同时由于白银和黄金价格的上 涨，副产品的价格也有所上涨；KGHM INT ...