The 720: Xiaomi, Guming, Global Shipbuilding, Global Metals & Mining, China Healthcare Corp Day, ANZ Retail Trading, Micron

研报英文原文证据摘录

The 720: Xiaomi, Guming, Global Shipbuilding, Global Metals & Mining, China Healthcare Corp Day, ANZ Retail Trading, Micron

AGR visibility. While we lower our FY27E

industry volume growth estimate to 6% due to potential rural consumption headwinds

from a delayed monsoon, we remain structurally positive on Buy-rated market leader

UltraTech. We expect better pricing and moderating pet-coke costs to support sector

profitability. Pulkit Patni

Global Metals & Mining | Iron Ore Singapore conference, GS Copper Week Preview

Global Metals & Mining – Iron Ore Singapore conference; near-term Fe could test

<US$95/t, medium-term seen higher, CMRG still in focus. We note near-term iron ore

prices could drop below US$95/dmt over the next 1-2 months due to higher seasonal

shipments, a slowdown in Chinese construction, and coking coal shortages. However, we

expect a price recovery over the September to December period back to the US$100/t

level, driven by recovering Chinese steel production leading into Golden Week. Over the

longer term, we see structural tailwinds to seaborne iron ore from mine depletion, lower

Fe grades, and a steepening cost curve, with significant seaborne supply growth largely

viewed as a 2028 story. Paul Young

Global Copper – Key Debates for GS 2026 Copper Week. Ahead of our annual virtual

copper week, we note that investor focus will center on companies’ growth and project

pipelines, capex inflation risks, and funding conditions. In the near term, we expect

debates to highlight cost headwinds related to energy and chemicals inflation, alongside

structural challenges around grade declines and replacement capex. We will also gather

management perspectives on the regulatory environment following recent Latin