江西铜业股份有限公司 第十届董事会第十五次会议决议公告 证券代码：600362 证券简称：江西铜业 公告编号：临 2026-002 债券代码：243700 债券简称：25 江铜 K1 江西铜业股份有限公司（以下简称公司）第十届董事会第十五次 会议，于 2026 年 1 月 19 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》《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申请注册中国银行 间市场交易商协会会员资格并注册发行非金融企业债务融资工具的 议案》 为有效拓宽融资渠道，降低融资成本，灵活运用不同债券产品优 势，公司申请注册中国银行间市场交易商协会会员，并向中国银行间 市场交易商协会申报注册并发行非金融企业债务融资工具（以下简称 债务融资工具），债务融资工具发行品种为中期票据、超短期融资券 等，其中，中期票据不超过 150 亿元人民币，超短期融资券不超过 100 亿元人民币，注册审批通过后 24 个月内额度有效，募集资金用 于偿还公司有息债务、补充流动资金或项 ...

Core Viewpoint - Jiangxi Copper has signed a cooperation framework agreement with Binguo Materials to supply cathode copper, crude copper, and electrolytic nickel, marking a significant related party transaction [1] Group 1 - The agreement is valid until December 31, 2028 [1] - Binguo Materials is a shareholder of Jiangxi Copper's subsidiary, Jiangxi Copper International Trade [1] - This transaction is classified as a related party transaction due to the ownership structure [1]

Core Viewpoint - Jiangxi Copper (600362.SH) has announced the approval of a cooperation framework agreement with China Ordnance Material Group, focusing on the purchase and sale of products such as cathode copper, crude copper, and electrolytic nickel [1] Group 1 - The agreement was approved during the 15th meeting of the 10th board of directors of Jiangxi Copper [1] - The cooperation will involve key products in the copper and nickel sectors, indicating a strategic partnership aimed at enhancing supply chain efficiency [1]

Core Viewpoint - The industrial metals sector experienced a decline of 0.64% on January 19, with Jiangxi Copper leading the losses, while the Shanghai Composite Index rose by 0.29% and the Shenzhen Component Index increased by 0.09% [1] Group 1: Market Performance - Jiangxi Copper's stock closed at 60.50, down 5.63%, with a trading volume of 923,200 shares and a transaction value of 5.56 billion [2] - The industrial metals sector saw a net outflow of 4.131 billion from major funds, while retail investors contributed a net inflow of 3.717 billion [2][3] - Notable gainers included Haixing Co., which rose by 9.98% to 24.24, and Yititiwang, which increased by 7.91% to 10.10 [1] Group 2: Individual Stock Performance - Major stocks in the industrial metals sector showed varied performance, with significant declines in Jiangxi Copper, Yunnan Copper, and Tongling Nonferrous Metals, all experiencing drops between 2.89% and 5.63% [2] - Haixing Co. and Yititiwang led the gains in the sector, with transaction values of 290 million and 846 million respectively [1] - The trading volume for Jiangxi Copper was notably high at 923,200 shares, indicating significant market activity despite the decline [2] Group 3: Fund Flow Analysis - The main funds showed a net inflow into stocks like Nanshan Aluminum and Huayu Mining, with net inflows of 181 million and 104 million respectively [3] - Retail investors showed a strong preference for stocks like Haixing Co. and Yititiwang, with net inflows of 69.93 million and 49.91 million respectively [3] - The overall sentiment in the industrial metals sector appears mixed, with major funds withdrawing while retail investors remain active [2][3]

每经AI快讯，江西铜业股份(00358.HK)跌超3%，截至发稿跌3.52%，报46.04港元，成交额8.93亿港元。 （文章来源：每日经济新闻） ...

消息面上，近日有报道称，英伟达将其一篇技术论文中有关数据中心铜需求量数据进行了修正，将每吉 瓦机架铜母线用量从"50万吨"大幅下调至200吨。调整后，市场对铜未来需求的预期或将下调。高盛分 析师们警告称，铜价格上涨的大部分或许已经过去，铜价未来越来越容易出现回调。 铜冠金源期货指出，关税缓和及市场逐渐定价年内两次降息预期的背景下，海外部分基金多头获利了解 为主，英伟达财报称AI数据中心用铜量或有高估嫌疑，美元指数反弹对金属上行形成制约；基本面 上，海外中断矿山持续，国内精铜供应边际收窄，全球显性库存突破百万大关，国内社库持续累增，预 计短期铜价将维持高位区间震荡。 江西铜业（600362）股份(00358)跌超3%，截至发稿，跌3.52%，报46.04港元，成交额8.93亿港元。 ...

Core Viewpoint - Jiangxi Copper Co., Ltd. (00358) experienced a decline of over 3%, closing at HKD 46.04 with a trading volume of HKD 893 million, following a report that Nvidia revised its data center copper demand figures significantly downward [1] Group 1: Market Impact - Nvidia adjusted its technical paper, reducing the copper busbar usage per gigawatt rack from "500,000 tons" to 200 tons, leading to potential downward revisions in future copper demand expectations [1] - Analysts from Goldman Sachs warned that much of the copper price increase may have already occurred, indicating that future price corrections are becoming more likely [1] Group 2: Supply and Demand Dynamics - Copper Crown Jin Yuan Futures noted that easing tariffs and the market's pricing in of two interest rate cuts this year have led to profit-taking by some overseas funds [1] - Nvidia's earnings report raised suspicions about the overestimation of copper usage in AI data centers, while a rebound in the US dollar index is constraining upward movement in metal prices [1] - On the supply side, ongoing disruptions in overseas mines and a marginal contraction in domestic refined copper supply have been observed, with global visible inventories surpassing 1 million tons and domestic social inventories continuing to increase [1] - Short-term copper prices are expected to remain in a high-level range of fluctuations [1]

Core Insights - Molybdenum is a critical transition metal with high melting point and strength, categorized into four main forms: pure molybdenum, molybdenum alloys, molybdenum compounds, and molybdenum products [1][2][3] - The global molybdenum market is characterized by a long-term tight balance, with a projected demand gap of 0.39 million tons in 2024, which may expand in the future [1][7] - China holds a significant advantage in molybdenum reserves, becoming the core support for global molybdenum industry development, with production and consumption both leading globally [1][9] Industry Overview - The molybdenum industry is divided into three main segments: upstream (exploration and mining), midstream (smelting and processing), and downstream (deep processing and end applications) [5][6] - Upstream is dominated by major enterprises that control core resources, while midstream is characterized by high industry concentration but relies on imported high-end technologies [5][6] - Downstream applications are primarily in the steel industry, with rapid growth in emerging fields such as renewable energy and aerospace [1][6] Policy and Strategic Importance - Recent policies from the Chinese government aim to regulate resource management and promote industry upgrades, including export controls and support for green mining technologies [6][7] - Molybdenum is classified as a strategic mineral due to its scarcity and concentrated global distribution, with China, the US, and Peru being the top three countries in terms of reserves [6][7] Supply and Demand Dynamics - Global molybdenum production is expected to remain between 262,100 tons and 290,200 tons from 2020 to 2024, with consumption fluctuating between 247,600 tons and 294,100 tons [7][8] - In 2024, China's molybdenum production is projected to reach 133,700 tons, with consumption also on the rise, reflecting a compound annual growth rate of 6.78% from 2020 to 2024 [10][11] Competitive Landscape - The Chinese molybdenum industry is characterized by an oligopolistic structure, with leading companies like Jinduicheng Molybdenum Co., Ltd. and Luoyang Molybdenum Co., Ltd. controlling approximately 70% of the market share [11][12] - The competition is intensifying as smaller firms focus on niche markets, while larger firms leverage their resources and technology to maintain a competitive edge [11][12] Future Development Trends - The industry is expected to shift towards green and intelligent resource development, with a focus on efficient utilization of low-grade and associated molybdenum ores [12][13] - There will be a transition from traditional raw material output to high-end manufacturing, with an emphasis on domestic production of high-purity molybdenum products and specialized alloys [12][13] - Demand for molybdenum is anticipated to grow in both traditional sectors and emerging fields, with strategic support from policies aimed at enhancing the high-potential areas of the industry [12][14]

Market Overview - On January 16, the industrial metals sector declined by 0.69%, with Tibet Summit leading the drop [1] - The Shanghai Composite Index closed at 4101.91, down 0.26%, while the Shenzhen Component Index closed at 14281.08, down 0.18% [1] Top Gainers in Industrial Metals - He Sheng Co., Ltd. (002824) closed at 20.26, up 6.69% with a trading volume of 168,900 shares and a transaction value of 336 million yuan [1] - Yian Technology (300328) closed at 18.27, up 6.16% with a trading volume of 683,300 shares and a transaction value of 1.23 billion yuan [1] - Haixing Co., Ltd. (603115) closed at 22.04, up 5.40% with a trading volume of 102,000 shares and a transaction value of 223 million yuan [1] Top Losers in Industrial Metals - Tibet Summit (600338) closed at 18.07, down 5.98% with a trading volume of 1,148,400 shares and a transaction value of 2.14 billion yuan [2] - Xinweiling (920634) closed at 27.39, down 5.06% with a trading volume of 55,400 shares and a transaction value of 159 million yuan [2] - Luoping Zinc & Electricity (002114) closed at 9.73, down 4.14% with a trading volume of 938,100 shares and a transaction value of 974 million yuan [2] Capital Flow Analysis - The industrial metals sector experienced a net outflow of 4.936 billion yuan from institutional investors, while retail investors saw a net inflow of 3.93 billion yuan [2] - The sector's overall capital flow indicates a mixed sentiment, with institutional investors withdrawing funds while retail investors are actively buying [2] Individual Stock Capital Flow - Yian Technology (300328) had a net inflow of 11.4 million yuan from institutional investors, but a net outflow of 80.03 million yuan from retail investors [3] - Chuanjiang New Materials (002171) saw a net inflow of 87.82 million yuan from institutional investors, while retail investors had a net outflow of 107 million yuan [3] - Huayu Mining (601020) experienced a net inflow of 40.5 million yuan from institutional investors, with a net outflow of 83.86 million yuan from retail investors [3]

Core Viewpoint - Zinc industry stocks are experiencing significant gains, with Zinc Industry Co. achieving a second consecutive trading limit increase, and Luoping Zinc Electric rising over 7% [1] Group 1: Company Performance - Zinc Industry Co. has seen a second consecutive trading limit increase, indicating strong market performance [1] - Luoping Zinc Electric has increased by more than 7%, reflecting positive investor sentiment [1] - Other companies in the sector, including Zhuzhou Smelter Group, Jiangxi Copper, Zhongjin Lingnan, and Baiyin Nonferrous Metals, are also experiencing upward movement in their stock prices [1]