证券代码：600362 证券简称：江西铜业 公告编号：临 2025-046 债券代码：243700 债券简称：25 江铜 K1 江西铜业股份有限公司 关于与深圳江铜融资租赁有限公司 签署《融资租赁合作框架协议》的关联交易公告 公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重 大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 江西铜业股份有限公司（以下简称公司）第十届董事会第十四 次会议审议通过《江西铜业股份有限公司关于与深圳江铜融资租赁有 限公司签署〈融资租赁合作框架协议〉的议案》，遵照《上海证券交 易所上市公司自律监管指引第 5 号—交易与关联交易》等有关法律法 规及证券上市规则，参会的非关联董事都投了赞成票，公司关联董事 在审议上述关联交易时回避表决。 公司非关联董事认为，订立上述关联交易，深圳江铜融资租赁 有限公司（以下简称深圳租赁）为公司提供融资租赁服务，有利于各 方现有资产的合理配置和充分利用，实现各方的资源共享及优势互补， 有利于提高公司综合效益。 至本次关联交易为止，过去12个月内公司与深圳租赁发生融资 租赁关联交易合计人民币35,780.66万元。 ...

证券代码：600362 证券简称：江西铜业 公告编号：临 2025-043 债券代码：243700 债券简称：25 江铜 K1 江西铜业股份有限公司 第十届董事会第十四次会议决议公告 本公司董事会及全体董事保证本公告不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 江西铜业股份有限公司（以下简称公司）第十届董事会第十四次 会议，于 2025 年 12 月 30 日在南昌召开，公司 9 名董事均参加了会 议。会议的召开符合《中华人民共和国公司法》（以下简称《公司法》）、 《江西铜业股份有限公司章程》（以下简称《公司章程》）等有关法 律法规及规范性文件的规定，会议审议并通过了如下决议： 一、审议通过了《江西铜业股份有限公司关于聘任吴军先生为公 司副总经理的议案》 （www.jxcc.com）的公告。 表决结果：同意 9 票、反对 0 票、弃权 0 票。 三、审议通过了《江西铜业股份有限公司关于全资子公司江西铜 业集团财务有限公司与公司控股股东江西铜业集团有限公司签署〈金 融服务协议〉的议案》 本议案经公司独立董事专门会议审议，全票通过，同意提交本次 董事会审议。 详情 ...

江西铜业公告，公司与深圳江铜融资租赁有限公司签署了有效期自2026年1月1日至2028年12月31日的 《融资租赁合作框架协议》。协议期限内，融资租赁项下每个会计年度公司及公司子公司支付的租金总 额为不超过19亿元。深圳江铜融资租赁有限公司为公司控股股东江铜集团的控股子公司，本次交易构成 关联交易。 ...

Core Viewpoint - Morgan Stanley reports that the National Development and Reform Commission (NDRC) has issued an article titled "Vigorously Promoting the Optimization and Upgrading of Traditional Industries," which emphasizes the management and optimization of the alumina and copper smelting industries, encouraging large backbone enterprises in these sectors to pursue mergers and acquisitions [1] Industry Summary - The new policy may restrict the planning of new alumina production capacity, which is expected to benefit industry leaders such as China Aluminum and China Hongqiao [1] - The anticipated lower annual copper concentrate processing/refining fees and long-term contract concentrate volumes may indicate a reduction in refined copper production by 2026 [1] - These factors, combined with relatively stable demand, are expected to support copper prices at high levels, benefiting companies like Zijin Mining, Luoyang Molybdenum, Minmetals Resources, and Jiangxi Copper [1]

Group 1 - The overall commodity market has experienced significant volatility, with high-volatility assets like silver undergoing deep corrections, impacting gold prices [1] - Gold, as a hard currency, is expected to have stronger and longer-term upward momentum due to the ongoing de-dollarization trend and escalating geopolitical conflicts [1] - As of December 30, 2025, the CSI Gold Industry Stock Index (931238) rose by 0.06%, with notable increases in constituent stocks such as Zijin Mining (02899) up 2.87% and Jiangxi Copper (600362) up 2.84% [1] Group 2 - The US dollar has entered a depreciation cycle, with the dollar index dropping approximately 10% in 2025, which typically benefits gold prices due to their inverse relationship [3] - The tense situation in Venezuela and global geopolitical risks have heightened the market's focus on gold's safe-haven attributes, supporting gold prices [4] - Three key factors supporting the current gold bull market include the Federal Reserve's resumption of easing, declining confidence in the dollar, and escalating geopolitical risks [4] Group 3 - The Gold Stock ETF (517520) is known for its higher elasticity during gold price increases, making it an attractive investment for those looking to gain from rising gold prices [5] - The ETF closely tracks the CSI Gold Industry Stock Index (931238) and selects high-quality gold industry companies from the Shanghai, Shenzhen, and Hong Kong markets, allowing investors to capture gold price gains effectively [5] - Investing in this ETF can help diversify individual stock risks while providing exposure to the entire gold industry [5]

Group 1 - The core viewpoint of the article highlights the active performance of various metal stocks in the Hong Kong market, with notable increases in share prices for several companies [2] Group 2 - China Aluminum (02600.HK) saw a rise of 5.61%, reaching HKD 12.23 [2] - Luoyang Molybdenum (03993.HK) increased by 3.3%, trading at HKD 19.08 [2] - Zijin Mining (02899.HK) experienced a 3.05% gain, with shares priced at HKD 35.16 [2] - Jiangxi Copper (00358.HK) rose by 2.47%, with a share price of HKD 40.64 [2] - China Hongqiao (01378.HK) increased by 1.7%, reaching HKD 32.3 [2]

Group 1 - The core viewpoint of the article highlights the active performance of non-ferrous metal stocks, with significant gains observed in companies such as China Aluminum, Luoyang Molybdenum, and Zijin Mining [1] - China Aluminum (601600) increased by 5.61%, reaching HKD 12.23; Luoyang Molybdenum (603993) rose by 3.3% to HKD 19.08; Zijin Mining (601899) saw a 3.05% increase to HKD 35.16; Jiangxi Copper (600362) gained 2.47% to HKD 40.64; and China Hongqiao (01378) was up by 1.7% to HKD 32.3 [1] - Precious metals have regained upward momentum, with spot gold rising over 1% to touch USD 4,380, and spot silver increasing by over 4% to surpass USD 75 [1] Group 2 - CITIC Construction Investment (601066) noted that insufficient capital expenditure, limited resource supply, strong AI demand prospects, expanding fiscal deficits, and a downward interest rate cycle are contributing factors to the uneven distribution of physical commodities between the US and non-US markets [1] - The article suggests that these factors are leading to a lack of liquidity in certain commodities, prompting capital inflows to take long positions [1] - A new resource pricing paradigm is emerging globally, driven by the interplay of limited resources and weakening US dollar credit, indicating a vibrant market for non-ferrous metals [1]

Group 1 - The core viewpoint of the article highlights the active performance of non-ferrous metal stocks, with significant price increases observed in companies such as China Aluminum, Luoyang Molybdenum, Zijin Mining, Jiangxi Copper, and China Hongqiao [1] - Precious metals have regained upward momentum, with spot gold rising over 1% to reach $4,380 and spot silver increasing by more than 4% to surpass $75 [1] - Citic Securities pointed out that factors such as insufficient capital expenditure, limited resource supply, strong AI demand prospects, expanding fiscal deficits, and declining interest rates are contributing to a new resource pricing paradigm globally, leading to increased liquidity issues in certain markets [1] Group 2 - The article indicates that the interplay of limited resources and weakening dollar credit is creating a new expression in the market, suggesting a shift in how resources are priced [1] - The performance of non-ferrous metal stocks is seen as part of a broader trend influenced by these economic factors, indicating a potential investment opportunity in this sector [1]

Core Viewpoint - The performance of the Huabao ETF (159876), which encompasses leading companies in the non-ferrous metals industry, shows resilience with a recent price increase of 0.52% after an initial drop of 2%, indicating strong investor interest in the sector [1][7]. Fund Performance - As of the latest report, the Huabao ETF has seen a net subscription of 28.8 million shares, with an additional inflow of 15.36 million yuan the previous day, reflecting positive market sentiment towards the non-ferrous metals sector [1][7]. - The current trading price of the Huabao ETF is 0.974, with a gain of 0.005, representing a 0.52% increase [1][7]. Leading Stocks - Key stocks within the ETF include Tianshan Aluminum, which rose by 4.41%, and Yun Aluminum, which increased by 4.22%. Other notable performers include Jiangxi Copper, China Aluminum, and Luoyang Molybdenum, all of which saw gains exceeding 2% [2][8]. Market Trends - The overall metal market has been on an upward trend, particularly in precious metals, energy metals, and industrial metals, with significant price increases observed [9]. - The recent announcement by the CME Group to raise margin requirements for various metal futures, including gold and silver, has led to a decline in international metal futures prices [9]. Future Outlook - Analysts predict that the non-ferrous metals sector is entering a new bull market driven by strong demand from "new productive forces," with supply constraints and diverse driving factors [3][9]. - The current bull market is characterized by a shift from traditional infrastructure-driven demand to one that integrates global energy transitions, technological revolutions, and industrial upgrades, with emerging fields such as new energy, new materials, AI, and aerospace being key growth drivers [3][9]. Investment Strategy - A diversified investment approach through the Huabao ETF and its associated funds is recommended to capture the overall beta performance of the non-ferrous metals sector, as it covers a wide range of metals including copper, aluminum, gold, rare earths, and lithium [4][10].

（文章来源：每日经济新闻） 每经AI快讯，12月30日，铜产业指数跌超2%，成分股多数走低。其中，白银有色跌停，江西铜业跌 4.37%，云南铜业跌4.15%，精艺股份跌3.57%，紫金矿业跌3.37%。 ...