经济观察网江西铜业股份(00358.HK/600362.SH)2026年将迎来年度业绩发布与董事会会议，同时其海外 资源项目进展及行业产能治理政策也备受市场关注。 经济观察网江西铜业股份(00358.HK/600362.SH)2026年将迎来年度业绩发布与董事会会议，同时其海外 资源项目进展及行业产能治理政策也备受市场关注。 业绩经营情况 业绩经营情况 公司计划于2026年3月26日举行董事会会议，审议并批准截至2025年12月31日止年度的业绩公告，以及 建议派发末期股息(如有)。这是公司定期财务披露的重要节点。 公司项目推进 公司通过海外并购和合作持续布局资源项目。江西铜业全资收购的SolGold旗下Cascabel铜金矿项目以及 参股的艾娜克铜矿、北秘鲁矿业等合作项目有望逐步推进，未来可能提升自产铜产量和资源储备。公司 坚持"资源优先"战略，相关合作预计将增强长期资源保障。 行业政策与环境 中国有色金属工业协会表示，将扎实推进铜冶炼产能治理工作，目前已叫停200多万吨铜冶炼项目。这 一政策可能优化行业供需结构，对龙头企业形成潜在支撑。行业协会未来将继续配合相关部门严格管控 新增产能。 以上内容基于公开资 ...

Group 1 - The China Minmetals Import and Export Chamber announced a conference on March 25, 2026, to discuss export policies and market conditions for rare earth and rare metals, in response to stricter export controls imposed on dual-use items for Japan and other rare metals [1] - The conference aims to help member companies understand the new policies and export considerations, with officials from the Ministry of Commerce and the General Administration of Customs expected to provide insights [1] - The meeting will also facilitate communication between government departments and enterprises regarding export challenges [1] Group 2 - As of February 12, 2026, the CSI Industrial Nonferrous Metals Theme Index (H11059) rose by 1.72%, with notable increases in stocks such as Shenghe Resources (up 7.33%) and Zhongtung High-tech (up 5.88%) [2] - The Penghua Industrial Nonferrous ETF (159162) also saw a rise of 1.93%, marking its fifth consecutive increase [2] - The CSI Industrial Nonferrous Metals Theme Index includes 30 large-cap companies involved in copper, aluminum, lead, zinc, and rare metals, reflecting the overall performance of the sector [2] - As of January 30, 2026, the top ten weighted stocks in the index accounted for 55.71% of the total index weight, including companies like Luoyang Molybdenum, Northern Rare Earth, and China Aluminum [2]

Group 1 - LME metal futures closed higher, with LME copper rising by $58 to $13,166 per ton, LME aluminum up by $10 to $3,103 per ton, LME zinc increasing by $12 to $3,406 per ton, LME lead gaining $18 to $1,993 per ton, LME nickel up by $390 to $17,880 per ton, and LME tin rising by $352 to $49,635 per ton [1] - Ping An Securities analysis indicates that the domestic aluminum ingot long-term market in 2026 will exhibit characteristics of "stable prices with adjustments, declining signing willingness, and a tight supply-demand pattern," with a positive long-term outlook for aluminum prices supported by macro sentiment recovery and fundamental strengthening [1] - As of February 12, 2026, the CSI Industrial Nonferrous Metals Theme Index (H11059) surged by 1.18%, with component stocks such as Tungsten High-tech up by 6.70%, Dongyangguang up by 3.97%, and Huayou Cobalt up by 3.75%, while other stocks like Western Mining and Tongling Nonferrous also saw gains [1] Group 2 - As of January 30, 2026, the top ten weighted stocks in the CSI Industrial Nonferrous Metals Theme Index (H11059) include Luoyang Molybdenum, Northern Rare Earth, China Aluminum, Xinyi Silver Tin, Yun Aluminum, Tongling Nonferrous, Jiangxi Copper, Xiamen Tungsten, Zhongjin Gold, and Western Mining, collectively accounting for 55.71% of the index [2]

Recent Events - Hunan Gold (002155) is suspended due to planning a major asset restructuring, intending to acquire 100% equity of Tianyue Mining and Zhongnan Smelting from its controlling shareholder to integrate gold mining resources and smelting capacity [2] - Zijin Mining (601899) is deepening its overseas layout, with its subsidiary Zijin Gold International set to complete the acquisition of the Akyem gold mine in Ghana by 2025 and plans to spin off in Hong Kong by September 2025; the company will continue to pursue gold mine acquisitions in Africa to increase gold production [2] - Jiangxi Copper (600362) announced plans to acquire 100% of SolGold, which includes the Cascabel copper-gold project in Ecuador [2] Industry Policies and Environment - The new Mineral Resources Law will take effect in July 2025, simplifying the process of converting exploration rights to mining rights, potentially accelerating domestic gold resource development [3] - A high-quality development implementation plan for the gold industry will be jointly issued by nine departments in 2025, promoting breakthroughs in deep mining technology and the construction of green mines [3] - A new gold value-added tax policy will be implemented in November 2025, exempting standard gold transactions from tax but categorizing physical delivery for taxation based on usage, which may concentrate resources among compliant leading enterprises [3] Performance and Operating Conditions - Zijin Mining expects a net profit attributable to shareholders of 51-52 billion yuan in 2025, representing a year-on-year increase of approximately 59% [4] - Shandong Gold (600547) reported a net profit increase of 102.98% year-on-year in the first half of 2025, while Western Gold (601069) saw a net profit increase of 131.94% year-on-year [4] - Leading companies like Zijin Mining aim for an annual gold production of 100-110 tons by 2028, while Shandong Gold plans to increase its gold mines from one to thirteen [4] Stock Recent Trends - The international gold price has increased by over 65% cumulatively in 2025, surpassing 4600 USD/ounce at the beginning of 2026; several institutions, including Goldman Sachs and JPMorgan, have raised their gold price targets for 2026 to over 5000 USD, primarily based on expectations of Federal Reserve interest rate cuts, central bank gold purchases, and geopolitical risk aversion [5] - Domestic insurance funds have initiated pilot investments in gold, and banks are launching "gold+" strategy products, which may bring additional capital into the market [5]

www.ccxi.com.cn www.ccxi.com.cn 行业展望 联络人 作者 企业评级部 | 陈田田 010-66428877 | | --- | | ttchen@ccxi.com.cn | | 刘紫萱 010-66428877 | | zxliu@ccxi.com.cn | 其他联络人 王梦莹 010-66428877 mywang01@ccxi.com.cn 中诚信国际 中国有色金属行业 中国有色金属行业展望，2026 年 2 月 在矿端供应偏紧、需求韧性较强的背景下，预计 2026 年有色金属行 业保持较高景气度，全球财政与货币政策调整、贸易摩擦、地缘政 治等因素将对行业发展形成扰动，基本金属价格中枢存在上行或高 位震荡预期；加工费低迷、行业竞争加剧令冶炼加工环节承压，行 业利润将进一步向资源自给率高、成本控制能力强的企业集中，整 体信用水平保持稳定。 中国有色金属行业展望为维持稳定，中诚信国际认为未来 12~18 个 月行业总体信用质量不会发生重大变化。 核心观点 1 2026 年 2 月 目录 核心观点 1 分析思路 2 行业基本面 2 行业财务表现 14 结论 22 附表 23 中诚信 ...

Group 1 - The core viewpoint of the article highlights the performance of the Huabao Nonferrous ETF (159876), which opened with a gain of 2.07% at 1.135 yuan on February 9 [1] - Major holdings of the Huabao Nonferrous ETF include Zijin Mining, which rose by 3.50%, Luoyang Molybdenum by 2.14%, Northern Rare Earth by 2.97%, and others, indicating a positive trend in the nonferrous metals sector [1] - The Huabao Nonferrous ETF has a performance benchmark of the CSI Nonferrous Metals Index return, managed by Huabao Fund Management Co., with a return of 122.52% since its establishment on March 12, 2021, and a recent one-month return of 4.76% [1]

Core Viewpoint - The report highlights the growth in China's non-ferrous metal production, indicating a positive trend in the industry with a projected increase in output and investment opportunities in energy-saving and emission reduction initiatives from 2026 to 2032 [1] Group 1: Industry Overview - In December 2025, China's production of ten non-ferrous metals reached 7.21 million tons, reflecting a year-on-year growth of 4.9% [1] - The cumulative production of these ten non-ferrous metals for the entire year of 2025 was 81.75 million tons, showing a cumulative increase of 3.9% [1] - The data is sourced from the National Bureau of Statistics and compiled by Zhiyan Consulting, emphasizing the reliability of the statistics [1] Group 2: Companies Involved - Key listed companies in the non-ferrous metal sector include Zijin Mining (601899), Luoyang Molybdenum (603993), China Aluminum (601600), Northern Rare Earth (600111), Jiangxi Copper (600362), Yunnan Copper (000878), Chihong Zinc & Germanium (600497), Zhongjin Gold (600489), Western Mining (601168), and Shenghe Resources (600392) [1] - These companies are positioned to benefit from the anticipated growth in the non-ferrous metal market and the focus on energy efficiency and emissions reduction [1]

Core Viewpoint - Jiangxi Copper's acquisition of SolGold is progressing, with key shareholder DGR Global expressing support for the cash offer of 28 pence per share, pending no better proposals [3][6]. Group 1: Acquisition Details - Jiangxi Copper is advancing its acquisition of SolGold, with DGR Global indicating support for the 28 pence per share cash offer, which will be voted on at the shareholder meeting on February 23, 2026 [3][6]. - DGR Global's board has stated that they will support the acquisition unless a better offer is received, emphasizing that their current stance may change if circumstances evolve [3][6]. - The acquisition proposal has been raised from an initial offer of 26 pence per share, which was rejected by SolGold's board, indicating a shift from exploratory discussions to a more formal acquisition process [6]. Group 2: SolGold's Core Assets - SolGold's primary asset is the Cascabel copper-gold project in Ecuador, recognized as one of the most significant undeveloped copper-gold mines globally [4][5]. - The Cascabel project contains billions of tons of ore, with substantial copper and gold resources, and is expected to have a mine life of several decades with potential annual production at levels comparable to major international mines [5]. Group 3: Market Implications - DGR Global's public support is seen as a crucial factor that could enhance the likelihood of the acquisition's approval, providing Jiangxi Copper with a significant advantage in the acquisition process [3]. - The focus of market participants will be on the outcome of the shareholder vote on February 23, 2026, and whether any competing bids or higher offers will emerge [6].

Market Overview - The Hang Seng Index opened down by 1.97%, closing at 26,354.34, a decrease of 530.90 points with a trading volume of 6.6 billion [2] - The Hang Seng Tech Index fell by 2.42%, closing at 5,275.12, down by 131.01 points with a trading volume of 3.3 billion [2] - The Hang Seng Biotech Index decreased by 1.55%, closing at 15,006.22, with a trading volume of 0.08 billion [2] - The Hang Seng China Enterprises Index dropped by 1.88%, closing at 8,922.14, with a trading volume of 3.7 billion [2] - The Hang Seng Composite Index fell by 1.92%, closing at 4,032.33, with a trading volume of 5.4 billion [2] Sector Performance - Technology stocks experienced a broad decline, with Baidu Group falling over 4%, and Alibaba, Kuaishou, Bilibili, NetEase, and Hua Hong Semiconductor all dropping over 3% [2] - Other notable declines included SenseTime, JD Group, Tencent Holdings, and SMIC, each down by more than 2% [2] Individual Stock Movements - Baidu Group-SW decreased by 4.33%, closing at 134.80 [3] - Kingdee International fell by 4.30%, closing at 10.90 [3] - JD Health dropped by 3.96%, closing at 58.25 [3] - Alibaba-W declined by 3.82%, closing at 153.50 [3] - Kuaishou-W decreased by 3.70%, closing at 70.30 [3] - Bilibili-W fell by 3.29%, closing at 234.80 [3] - NetEase-S dropped by 3.06%, closing at 186.70 [3] - Other notable declines included Xpeng Motors, SenseTime, JD Group-SW, Tencent Holdings, and SMIC, all experiencing declines between 2.15% and 2.90% [3] Commodity Sector - The non-ferrous metals sector continued to show weakness, with China Gold International, Jiangxi Copper, Lingbao Gold, and Shandong Gold all dropping over 5% [4] - China Gold International fell by 5.36%, closing at 180.00 [4] - Jiangxi Copper decreased by 5.34%, closing at 41.10 [4] - Lingbao Gold and Shandong Gold both fell by 5.11%, closing at 20.78 and 36.74 respectively [4]

致：香港交易及結算所有限公司 公司名稱: 江西銅業股份有限公司 呈交日期: 2026年2月5日 I. 法定/註冊股本變動 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2026年1月31日 狀態: 重新提交 | 1. 股份分類 | 普通股 | 股份類別 | A | | | 於香港聯交所上市 (註1) | | 否 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 600362 | 說明 | | 於上海證券交易所上市 | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 2,075,247,405 | RMB | | 1 | RMB | | 2,075,247,405 | | 增加 / 減少 (-) | | | 0 | | | | RMB | | 0 | | 本月底結存 | | | 2,075,247,405 | RMB | | | 1 RMB | | 2,075,247,4 ...