值得注意的是，近期有媒体报道，巴拿马正准备与第一量子矿业公司就可能重启其关闭的科布雷巴拿马 铜矿展开谈判，预计该矿将于今年年底或2026年初重启。据悉，江西铜业股份是第一量子最大股东，自 2024年开始，江西铜业将持有的第一量子投资由金融工具投资转换为长期股权投资权益法核算。如果巴 拿马铜矿复产，将显著增厚公司利润。 江西铜业（600362）股份(00358)再涨近8%，8月初至今累涨近140%。截至发稿，涨6.14%，报37.36港 元，成交额12.04亿港元。 消息面上，Grasberg铜矿停产事件预计将导致2025年四季度至2026年间铜供应缺口进一步扩大。此外， 中国有色金属工业协会铜业分会表示坚决反对铜冶炼行业"内卷式"竞争。机构称，冶炼产能过剩未来有 望缓解，冶炼企业后续盈利有望迎来改善。公开资料显示，江西铜业为国内铜冶炼龙头，阴极铜年产能 达210万吨，铜业务收入占比超70%。 ...

Group 1 - Jiangxi Copper Co., Ltd. (00358) has seen its stock price increase nearly 8%, with a cumulative rise of approximately 140% since early August, currently trading at 37.36 HKD with a transaction volume of 1.204 billion HKD [1] - The suspension of operations at the Grasberg copper mine is expected to lead to a widening copper supply gap between Q4 2025 and 2026 [1] - The China Nonferrous Metals Industry Association's Copper Branch has expressed strong opposition to "involution" competition in the copper smelting industry, indicating that the oversupply of smelting capacity is likely to ease in the future, which may improve profitability for smelting companies [1] Group 2 - Jiangxi Copper is a leading copper smelting company in China, with an annual production capacity of 2.1 million tons of cathode copper, and copper business revenue accounts for over 70% of its total revenue [1] - Reports indicate that Panama is preparing to negotiate with First Quantum Minerals regarding the potential restart of the closed Cobre Panama copper mine, which is expected to resume operations by the end of this year or early 2026 [1] - Jiangxi Copper is the largest shareholder of First Quantum, and starting in 2024, it will convert its investment in First Quantum from a financial instrument to a long-term equity investment accounted for using the equity method, which could significantly enhance the company's profits if the Panama copper mine restarts [1]

October 7, 2025 09:00 PM GMT Jiangxi Copper | Asia Pacific Solid Earnings Ahead, Double Upgrade to OW JXC's mined gold segment benefits from strong gold prices: The company also currently has ~5.5t of mined gold each year. Contribution from investments: The mine in Panama of First Quantum (FM.TO, covered by Ioannis Masvoulas) is expected to resume production in 3Q26, which would lead to incremental profit contribution from concentrate to JXC, FQ's largest shareholder (~18.9% equity stake). JXC is also the s ...

Core Viewpoint - Jiangxi Copper (600362) shares have risen over 200% year-to-date, with a recent increase of 6.75% to HKD 35.44, reflecting strong market performance amid supply concerns in the copper industry [1] Company Summary - Jiangxi Copper is a leading copper smelting company in China, with an annual production capacity of 2.1 million tons of cathode copper, and copper-related revenue accounting for over 70% of its total income [1] Industry Summary - The suspension of operations at the Grasberg copper mine is expected to exacerbate the copper supply shortage between Q4 2025 and 2026 [1] - The China Nonferrous Metals Industry Association's copper division opposes "involution" competition in the copper smelting industry, indicating a push for more sustainable practices [1] - Everbright Securities predicts that implementing "anti-involution" policies in the copper sector may limit new smelting capacity and accelerate the exit of smaller smelting operations, potentially improving profitability for smelting companies as downstream consumption continues to grow due to renewable energy and grid upgrades [1]

Group 1 - Jiangxi Copper Co., Ltd. (00358) has seen its stock price increase by over 200% year-to-date, with a recent rise of 6.75% to HKD 35.44 and a trading volume of HKD 738 million [1] - The suspension of operations at the Grasberg copper mine is expected to lead to a widening copper supply gap between Q4 2025 and 2026 [1] - The China Nonferrous Metals Industry Association's Copper Branch has expressed strong opposition to "involution" competition within the copper smelting industry [1] Group 2 - Everbright Securities predicts that implementing "anti-involution" policies in the copper industry may restrict new copper smelting capacity and accelerate the exit of small and medium-sized smelting capacities [1] - Continued growth in downstream copper consumption is anticipated due to the demand from new energy and grid transformation, which may alleviate the current overcapacity in smelting and improve future profitability for smelting enterprises [1] - Jiangxi Copper is a leading copper smelting company in China, with an annual production capacity of 2.1 million tons of cathode copper, and its copper business accounts for over 70% of its revenue [1]

Core Viewpoint - The Hong Kong stock market experienced a decline on October 8, with the Hang Seng Index falling by 1.07% and the Hang Seng Tech Index decreasing by 1.09% [1] Sector Performance - The electrical equipment and metals & mining sectors showed positive performance, while the passenger airline and healthcare technology sectors faced significant declines [1] Individual Stock Movements - Notable gainers included Shandong Gold, which rose by 7.56%, Jiangxi Copper, up by 6.14%, Zijin Mining International, increasing by 5.98%, and Laopu Gold, which gained 5.83% [1] - Conversely, Dazhong Public Utilities fell by 5.92%, and Huilyang Technology dropped by 7.33% [1] - Chifeng Jilong Gold surged by 14.71%, and CGN Mining increased by 9.78% [1]

摩根士丹利将江西铜业A股评级上调至超配，目标价44元人民币。 ...

消息面上，伦铜价格创2024年5月以来新高，突破10500美元/吨。美银证券报告指出，考虑到现时全球 三大铜矿均出现经营问题，预计今明两年实际产量将低于原先预期，单单是格拉斯伯格矿区的停产就可 能导致明年供应缺口扩大27万吨，与此同时欧洲需求见底回升，中国需求趋稳，铜供应面临压力，相应 将明年及2027年铜价预测上调至每吨11313美元及13500美元。该行认为江西铜业自产铜精矿、黄金及白 银均能受惠于价格上行，加上当局日前宣布规范铜铝冶炼及锂产能政策，可能为江西铜业带来盈利上行 空间。 江西铜业（600362）股份(00358)涨超3%，高见32.82港元创上市新高。截至发稿，涨3.43%，报32.56港 元，成交额2.18亿港元。 ...

消息面上，伦铜价格创2024年5月以来新高，突破10500美元/吨。美银证券报告指出，考虑到现时全球 三大铜矿均出现经营问题，预计今明两年实际产量将低于原先预期，单单是格拉斯伯格矿区的停产就可 能导致明年供应缺口扩大27万吨，与此同时欧洲需求见底回升，中国需求趋稳，铜供应面临压力，相应 将明年及2027年铜价预测上调至每吨11313美元及13500美元。该行认为江西铜业自产铜精矿、黄金及白 银均能受惠于价格上行，加上当局日前宣布规范铜铝冶炼及锂产能政策，可能为江西铜业带来盈利上行 空间。 智通财经APP获悉，江西铜业股份(00358)涨超3%，高见32.82港元创上市新高。截至发稿，涨3.43%， 报32.56港元，成交额2.18亿港元。 ...

公司名稱: 江西銅業股份有限公司 呈交日期: 2025年10月2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: 2025年9月30日 狀態: 新提交 致：香港交易及結算所有限公司 | 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 ...