矿业策略_在路上_中国行反馈-Mining Strategy_ On the Road_ China trip feedback

ab 21 November 2025 Global Research Mining Strategy On the Road: China trip feedback Global Basic Materials Lachlan Shaw 3 cities, 4.5 days, 29 meetings: What is the one liner? Stable with bullish read-throughs on lithium, aluminium and copper. We visited Beijing, Tangshan and Shanghai in early Nov-25 hosting 29 meetings with a range of contacts across key verticals. Conditions are overall stable. Property has weakened again (prices and volumes) since our May visit, while exports have proven more resilient ...