Core Viewpoint - The recent transaction of iron ore from BHP to China, settled in RMB, marks a significant shift in trade dynamics and highlights BHP's commitment to expanding its influence in the Chinese market [1][3]. Group 1: Company Developments - BHP's iron ore shipment to China has successfully arrived at Shandong Rizhao Port, marking the first transaction settled in RMB [1]. - The establishment of BHP's subsidiary in Shanghai, registered with a capital of 129 million RMB, is aimed at strengthening its market presence in China [1]. - BHP has a long history of engagement with the Chinese market, dating back to its first lead ore export in 1891, and has maintained a high export volume of iron ore to China [3]. Group 2: Market Dynamics - In 2022, China imported 694 million tons of iron ore from Australia, accounting for 67% of its total imports, indicating a strong demand for Australian iron ore [3]. - Despite efforts to reduce dependency on Australian iron ore, its unique qualities make it irreplaceable for Chinese steel manufacturers in the short term [5]. - The steel industry remains a pillar of the Chinese economy, ensuring sustained high demand for iron ore [5]. Group 3: Currency Settlement Implications - The use of RMB for this transaction is seen as a strategic move to mitigate risks associated with USD settlements, particularly in light of geopolitical tensions [6][8]. - The shift towards RMB settlements reflects a broader trend of de-dollarization, as countries seek to reduce reliance on the USD due to its political risks and volatility [8]. - RMB settlements can lower transaction costs and streamline processes by eliminating the need to convert currencies, thus enhancing trade efficiency [8].

Group 1 - Dazhong Mining's stock price fell by 5.13% on January 30, reaching 28.65 CNY per share, with a trading volume of 146 million CNY and a turnover rate of 0.38%, resulting in a total market capitalization of 43.923 billion CNY [1] - The stock has experienced a continuous decline for four consecutive days, with a cumulative drop of 8.9% during this period [1] - Dazhong Mining, established on October 29, 1999, and listed on May 10, 2021, is primarily engaged in the production and sales of iron ore mining, iron concentrate, and pellets, as well as the processing and sales of manufactured sand and gravel [1] Group 2 - Zhongyou Fund holds a significant position in Dazhong Mining, with its Core Advantage Flexible Allocation Mixed A Fund (590003) owning 1.25 million shares, accounting for 3.16% of the fund's net value, making it the sixth-largest holding [2] - The fund has incurred a floating loss of approximately 1.9375 million CNY today and a total floating loss of 3.6875 million CNY during the four-day decline [2] - The Core Advantage Flexible Allocation Mixed A Fund has achieved a year-to-date return of 14.83%, ranking 710 out of 8,872 in its category, and a one-year return of 83.82%, ranking 433 out of 8,126 [2]

Report Information - Report Title: Iron Ore Weekly Report 2026/1/28 [1] - Author: Kang Jian [1] -从业资格证号: F03088041 [1] -交易咨询证号: Z0019583 [1] - Research Contact: kangjian@zjtfqh.com [1] -审核: Li Wentao [1] -交易咨询证号: Z0015640 [1] Investment Rating - No investment rating information is provided in the report. Core Viewpoints - Supply has stabilized and is rising, downstream profits are stable, hot metal production is fluctuating within a narrow range, downstream demand is fair, and the short - term supply - demand situation is loose. However, pre - holiday restocking demand remains, so iron ore may maintain a volatile trend. [4] - The monthly spread of iron ore may remain volatile in the short term. [5] Summary by Directory Supply - Global iron ore shipments have stabilized and slightly increased. Reuters data shows that on January 24, 2026, the 7 - day moving average of global iron ore shipments (excluding mainland China) was 4327 thousand tons, a week - on - week increase of 4.2% and a year - on - year increase of 70.7%. Australian shipments were 2352 thousand tons, a week - on - week increase of 8.8% and a year - on - year increase of 114.6%, and Brazilian shipments were 905.9 thousand tons, a week - on - week decrease of 12.1% but a year - on - year increase of 0.3%. [24][29] - Except for India, non - mainstream shipments are 82% higher year - on - year. [33] - The total arrival volume has declined, but it is still higher year - on - year. The 45 - port arrival volume decreased by 129.7 thousand tons last week. [52][101] - The total output of domestic iron ore continues to rise. [107] Demand - The profitability rate of steel mills has increased, and hot metal production has slightly increased. The daily average hot metal production of 247 samples was 228.1 thousand tons, a week - on - week increase of 0.1 thousand tons, and the average daily hot metal production in January was about 228 thousand tons, indicating stable demand. [10][110] - The profits of finished steel products are stable, and the scrap - to - pig iron price difference in Tangshan is stable. [114] - The weekly output of the five major steel products has slightly increased, the profits of finished steel products are stable, the demand for rebar has slightly decreased, and the demand for hot - rolled coils has slightly decreased. [133] Inventory - Port inventory has increased. The 45 - port inventory increased by 212 thousand tons, and the proportion of traded ore was 66.3%, a slight increase compared to the previous period. [152] - The total inventory of imported ore in steel mills increased by 127 thousand tons, the inventory in steel mills decreased by 2.53 thousand tons, and the inventory of floating cargoes + port inventory increased by 129.1 thousand tons. The available days of imported ore increased by 2 days to 23 days. [162] Price - Futures and spot prices have declined in a volatile manner, the basis is stable, and the 5 - 9 monthly spread has slightly decreased. [169] - The basis of the 05 contract is about 3%, and the basis is stable, with the basis rate slightly decreasing by 0.2%. [10] - The decline in the premium of Brazilian fines has slowed down, the premiums of mainstream low - to - medium - grade ores are stable, and the price difference between domestic and foreign ores continues to increase slightly. [9][179][182] - Ocean freight has stabilized and rebounded, and the import profits of mainstream varieties are stable. [185][191] - The average value of the Platts Index in January was 105, corresponding to a disk valuation of about 782. [8][193] Balance Sheet - The total supply and consumption of iron ore show different trends over time. The total supply in 2026/1 was 12386 million tons, and the consumption was 12538 million tons, with a surplus of - 342 million tons. [195] - Due to the continuously high year - on - year hot metal production, the report slightly increased the demand forecast for iron ore. [195]

Group 1 - The core point of the news is that Dazhong Mining's stock price has dropped by 5.02% to 27.24 CNY per share, with a trading volume of 780 million CNY and a turnover rate of 2.13%, resulting in a total market capitalization of 41.761 billion CNY [1] - Dazhong Mining Co., Ltd. is located in Baotou City, Inner Mongolia, and was established on October 29, 1999. The company was listed on May 10, 2021. Its main business includes the production and sales of iron ore mining, iron concentrate, and pellets, as well as the processing and sales of manufactured sand and gravel [1] - The revenue composition of Dazhong Mining is as follows: iron concentrate accounts for 71.07%, pellets 20.48%, sulfuric acid 4.58%, sand and gravel 2.73%, others 0.81%, zinc concentrate 0.32%, and lithium ore 0.02% [1] Group 2 - From the perspective of major fund holdings, it is reported that one fund under Bosera Asset Management holds a significant position in Dazhong Mining. Bosera Yuyi Mixed A (000219) held 296,900 shares in the third quarter, accounting for 2.95% of the fund's net value, ranking as the tenth largest holding [2] - The estimated floating loss for Bosera Yuyi Mixed A (000219) today is approximately 427,500 CNY. The fund was established on July 29, 2013, with a current scale of 128 million CNY. Year-to-date, it has a return of 5.1%, ranking 3632 out of 8847 in its category; over the past year, it has achieved a return of 41.8%, ranking 2982 out of 8094; and since inception, it has returned 299.37% [2]

Group 1 - Hainan Mining's stock price decreased by 0.62% on January 15, with a trading volume of 407 million yuan, and a net financing purchase of 5.05 million yuan for the day [1] - The company's financing balance reached 425 million yuan, accounting for 1.89% of its market capitalization, indicating a high level compared to the past year [1] - Hainan Mining's main business includes iron ore mining, oil and gas exploration, and commodity trading, with revenue contributions of 40.82% from oil and gas and 28.72% from minerals [1] Group 2 - As of September 30, Hainan Mining had 50,600 shareholders, an increase of 8.38%, while the average circulating shares per person decreased by 7.74% [2] - For the period from January to September 2025, Hainan Mining reported a revenue of 3.36 billion yuan, a year-on-year increase of 5.93%, but a net profit of 312 million yuan, a decrease of 42.84% [2] - The company has distributed a total of 993 million yuan in dividends since its A-share listing, with 657 million yuan distributed in the last three years [3]

Core Viewpoint - Hainan Mining announced the approval of several proposals at its 2026 first extraordinary general meeting, including the authorization to apply for comprehensive credit limits from financial institutions and to provide guarantees for subsidiaries [1] Group 1: Proposals Approved - The company received approval for the proposal to authorize the application for comprehensive credit limits for the year 2026 [1] - The company was authorized to provide guarantees for its subsidiaries for the year 2026 [1] - The company also discussed the expected daily related transactions for 2025 and 2026 [1]

Core Viewpoint - Hainan Mining's stock performance shows a slight increase of 0.44% on January 9, with a trading volume of 470 million yuan, indicating active market engagement and investor interest [1]. Financing Summary - On January 9, Hainan Mining had a financing buy amount of 54.65 million yuan and a financing repayment of 59.79 million yuan, resulting in a net financing outflow of 5.14 million yuan [1]. - The total financing and securities balance for Hainan Mining reached 428 million yuan as of January 9, with a financing balance of 425 million yuan, accounting for 1.86% of the circulating market value, which is above the 90th percentile of the past year [1]. - In terms of securities lending, Hainan Mining had a repayment of 21,800 shares and a sell amount of 2,500 shares on January 9, with a sell value of 28,800 yuan, while the securities lending balance was 2.96 million yuan, also above the 90th percentile of the past year [1]. Business Performance - As of September 30, Hainan Mining reported a total of 50,600 shareholders, an increase of 8.38% from the previous period, with an average of 39,072 circulating shares per shareholder, a decrease of 7.74% [2]. - For the period from January to September 2025, Hainan Mining achieved a revenue of 3.36 billion yuan, reflecting a year-on-year growth of 5.93%, while the net profit attributable to shareholders decreased by 42.84% to 312 million yuan [2]. Dividend Information - Since its A-share listing, Hainan Mining has distributed a total of 999.3 million yuan in dividends, with 657 million yuan distributed over the past three years [3]. Institutional Holdings - As of September 30, 2025, Hainan Mining's top ten circulating shareholders included Hong Kong Central Clearing Limited as the fourth largest shareholder with 12.70 million shares, an increase of 2.11 million shares from the previous period [3]. - The Guotai CSI Steel ETF (515210) entered the top ten shareholders with 6.06 million shares, while the Southern CSI 1000 ETF (512100) and Huaxia CSI 1000 ETF (159845) saw reductions in their holdings [3].

Group 1 - The core point of the news is that Dazhong Mining's stock price has dropped by 5.66% to 29.15 CNY per share, with a trading volume of 672 million CNY and a turnover rate of 1.68%, resulting in a total market capitalization of 446.89 billion CNY [1] - Dazhong Mining Co., Ltd. is located in Baotou City, Inner Mongolia, and was established on October 29, 1999. The company was listed on May 10, 2021, and its main business includes the production and sales of iron ore, iron concentrate, and pellets, as well as the processing and sales of manufactured sand and gravel [1] - The revenue composition of Dazhong Mining is as follows: iron concentrate accounts for 71.07%, pellets 20.48%, sulfuric acid 4.58%, sand and gravel 2.73%, others 0.81%, zinc concentrate 0.32%, and lithium ore 0.02% [1] Group 2 - From the perspective of fund holdings, it is reported that one fund under Bosera Fund has a significant position in Dazhong Mining. Bosera Yuyi Mixed A (000219) held 296,900 shares in the third quarter, accounting for 2.95% of the fund's net value, ranking as the tenth largest holding [2] - The estimated floating loss for Bosera Yuyi Mixed A (000219) today is approximately 519,600 CNY. The fund was established on July 29, 2013, with a current scale of 128 million CNY. Year-to-date, it has a return of 2.82%, ranking 1732 out of 8816 in its category; over the past year, it has returned 40.07%, ranking 2845 out of 8081; and since inception, it has returned 290.7% [2]

Group 1 - The core point of the article is that Hainan Mining has announced its total external guarantees amounting to RMB 5.8 billion, which represents 83.45% of the company's latest audited net assets [1] - The actual balance of external guarantees by Hainan Mining and its subsidiaries is approximately RMB 1.878 billion, accounting for 27.01% of the company's latest audited net assets [1] - As of the report date, Hainan Mining's market capitalization stands at RMB 24.7 billion [1] Group 2 - For the year 2024, Hainan Mining's revenue composition is as follows: oil and gas exploration, development, and sales account for 48.41%, iron ore mining, selection, processing, and sales account for 37.0%, bulk commodity trading and processing account for 10.5%, and other businesses account for 4.08% [1]

Group 1 - The core viewpoint of the article is that Hainan Mining (SH 601969) held its sixth board meeting on December 29, 2025, to discuss annual related party transactions for 2025 and projected transactions for 2026 [1] - Hainan Mining's revenue composition for the year 2024 is as follows: 48.41% from oil and gas exploration, development, and sales; 37.0% from iron ore mining, selection, processing, and sales; 10.5% from bulk commodity trading and processing; and 4.08% from other businesses [1] - As of the report date, Hainan Mining has a market capitalization of 24.7 billion yuan [1]