Core Viewpoint - Jiangxi Copper Co., Ltd. plans to issue corporate bonds not exceeding RMB 10 billion to professional investors, with the aim of refinancing debt, supplementing working capital, or funding projects in compliance with national regulations [2][4]. Meeting Information - The meeting will be held on June 6, 2025, combining on-site and online voting, with the on-site location in Nanchang, Jiangxi Province [2][3]. - The meeting agenda includes the authorization of the board to handle the bond issuance, approval of the annual report, and the appointment of auditing firms [3][5]. Bond Issuance Details - The proposed bond issuance will target professional institutional investors and will be conducted publicly, potentially in multiple phases [4]. - The funds raised will be used for repaying interest-bearing debts, enhancing liquidity, or for project construction [4]. - The board seeks authorization from shareholders to manage all aspects of the bond issuance, including determining specific terms and conditions based on market conditions [4][5]. Financial Reports and Auditing - The company’s 2024 audited financial report shows a net profit attributable to shareholders of RMB 6,962,197,980 [9]. - The proposal for profit distribution will be based on the total share capital minus shares held in the repurchase account [9]. - The company intends to continue its relationship with Ernst & Young Huaming as its auditing firm for both domestic and international audits for 2025 [10][12]. Internal Control and Compliance - The supervisory board confirms that the company operates in accordance with the law and has effective internal control systems in place [7][8]. - There were no significant asset acquisitions or disposals during the reporting period, and all related party transactions were conducted in compliance with regulations [7][8].

会议召开时间：2025 年 6 月 6 日 会议议程 一、宣布现场会议开始 二、介绍现场会议出列席情况 三、宣读现场会议议程 江西铜业股份有限公司 2024 年年度股东会 会 议 资 料 四、宣读现场会议须知 五、宣读议案 （一）特别决议案 1.审议《江西铜业股份有限公司关于授权董事会办理公 司债发行事宜的议案》 （二）普通决议案 2.审议《<江西铜业股份有限公司 2024 年度董事会工作 报告>的议案》 3.审议《<江西铜业股份有限公司 2024 年度监事会工作 报告>的议案》 4.审议《<江西铜业股份有限公司 2024 年度经审计的境 内外财务报告、2024 年度报告正文及其摘要>的议案》 5.审议《<江西铜业股份有限公司关于 2024 年度利润分 配方案>的议案》 6.审议《关于聘用安永华明会计师事务所（特殊普通合 伙）和安永会计师事务所为 2025 年度境内、境外审计机构 的议案》 六、股东讨论审议议案 2024 年 4 月 23 日，公司取得中国证券监督管理委员会《关于同 意江西铜业股份有限公司向专业投资者公开发行公司债注册的批复》 （证监许可〔2024〕643 号），同意公司向专业投资者公开发行面 ...

点击 最 下方 " 推荐"、"赞 "及" 分享 "，"关注"材料汇 添加 小编微信 ，遇见 志同道合 的你 正文 量),对外依存度达85%,进口量占全球铜精矿贸易量的43%。2024 年中国铜精矿产量 180 万吨,需求量 857.7 万吨,缺口 677.7 万吨 （占全球缺口约79%）。3）新能源需求（电动汽车+光伏）年均增速 超 15%,加剧资源争夺。国务院《节能降碳行动方案》严控铜冶炼新 增产能,推动再生铜占比提升至 45%,但短期内难以缓解资源短缺。 图上游资源:回收端(再生铜) 再生铜 1/3 来源冶炼、加工和制造的生产环节(新废),2/3 来源终端 消费后的废铜回收、拆解和加工(旧废)。 废铜市场:1)国家战略支持,如《铜产业高质量发展实施方案 (2025-2027年)》,到2025年再生铜产量需达到400万吨,再生 金属供应占比提升至 24%以上,并支持建立大型废铜回收基地,推动 产业集约化、高值化发展。2)回收技术突破与产业链整合升级。 再生铜产量:1)供需:铜矿缺口大(2025年全球铜精矿缺口 84.8万 吨,中国缺口占比70%),推动再生铜市场规模走高(2025年再生铜 市场规模 1200 ...

Focus on National Special Bonds - As of May 13, 171 cities have announced special bond storage plans, with a total storage amount of 391.8 billion yuan, involving a land storage area of 6,565 hectares, which accelerates the inventory reduction in the real estate market by 54% for 2025, and reduces the nationwide inventory de-stocking cycle by over 2 months [1] - City investment enterprises are the main force in land recovery, accounting for 70% of the acquisition area, with an average storage price of 35.06 million yuan per hectare; central state-owned enterprises account for 12% but have the highest average storage price at 39.98 million yuan per hectare; private enterprises account for only 17% with an average storage price of 33.52 million yuan per hectare [1] Macro Dynamics - The central bank conducted a net injection of 29.5 billion yuan through a 7-day reverse repurchase operation, with an operation rate of 1.40%, maintaining the previous level [3] - This week, the central bank has conducted a total of 486 billion yuan in 7-day reverse repurchase operations, resulting in a net withdrawal of 475.1 billion yuan due to the maturity of 8.36 trillion yuan in reverse repurchase agreements and 125 billion yuan in one-year MLF [3] Regional Highlights - Shandong Province plans to issue 12.453 billion yuan in refinancing special bonds to replace existing hidden debts, as part of a total bond issuance scale of 37.396 billion yuan [4] Issuance Dynamics - Luoyang Investment Holding Group completed the issuance of 380 million yuan in short-term financing bonds at an interest rate of 1.95%, with the funds intended for repaying maturing debt financing tools [7] - Hebi State-owned Capital Operation Group plans to issue 800 million yuan in corporate bonds, which has been accepted by the Shanghai Stock Exchange [8] - Shangqiu Ancient City Protection Development Company plans to issue up to 1.635 billion yuan in corporate bonds, with the underwriting fee rates announced [9] - Luoyang Guojin Industrial Investment Group intends to issue up to 500 million yuan in corporate bonds, marking its first appearance in the bond market [11] - Two companies in Henan have been approved to register 2.3 billion yuan in debt financing tools [12] Debt Market Entities - The State-owned Assets Supervision and Administration Commission announced personnel changes for 10 central enterprises, including new appointments and retirements [17] Debt Market Sentiment - Xiamen Road and Bridge Construction Group's deputy secretary has been placed under disciplinary review and investigation for serious violations [18] - The Shanghai Stock Exchange has terminated the review of Cixi State Investment's 3 billion yuan private bond project [19] - Sanmenxia High-tech Investment Group's 1 billion yuan corporate bond project has also been terminated [20] - Gansu Construction Investment Group's deputy secretary and general manager is under investigation for serious violations [21] - Beijing Xinwei Communication has been publicly reprimanded by the Shanghai Stock Exchange for failing to disclose financial reports on time [22] Market Perspectives - S&P Global Ratings predicts that the issuance rates for city investment overseas bonds are unlikely to decrease due to high refinancing pressures and costs [23] - The contradiction between high financing costs and debt reduction policies remains, with a focus on reducing local government interest payment pressures [23] - Regulatory trends indicate a controlled approach to traditional city investment increments while maintaining some flexibility in overseas financing channels [24]

证券代码：600362 证券简称：江西铜业 公告编号：临 2025-020 债券代码：137816 债券简称：22 江铜 01 江西铜业股份有限公司 关于参加江西辖区上市公司2025年投资者 网上集体接待日活动的公告 欢迎广大投资者积极参与。 本公司及董事会全体成员保证公告内容的真实、准确和完整，对公告的虚 假记载、误导性陈述或者重大遗漏负连带责任。 特此公告。 为进一步加强与投资者的互动交流，江西铜业股份有限公司（以 下简称公司）将参加由江西省上市公司协会举办的"2025 年江西辖 区上市公司投资者网上集体接待日活动"，现将有关事项公告如下： 江西铜业股份有限公司 本次活动将采用网络远程的方式举行，投资者可登录"全景路演" 网站(https://rs.p5w.net)，或关注微信公众号：全景财经，或下载 全景路演 APP，参与本次互动交流，活动时间为 2025 年 5 月 21 日（周 三）15:30-17:00。 董事会 出席本次集体接待日的人员有：公司副董事长、总经理周少兵先 生；执行董事、财务总监喻旻昕先生。 2025 年 5 月 16 日 ...

Core Viewpoint - The electronic transformer industry in China is experiencing significant growth, transitioning from traditional bulky transformers to intelligent electronic transformers, driven by advancements in power electronics, computer technology, and automatic control technology. The market size is projected to grow from 30.96 billion yuan in 2018 to 68.19 billion yuan by 2024, with a compound annual growth rate (CAGR) of 14.07% [1][15]. Industry Overview - Electronic transformers, also known as electronic power transformers, combine power electronics conversion technology with high-frequency energy conversion technology based on electromagnetic induction principles. They are primarily composed of high-frequency transformer cores and multiple coils, categorized by applications such as power transformers, audio transformers, pulse transformers, and special transformers [3]. Market Size and Growth - The electronic transformer market in China is expected to grow from 30.96 billion yuan in 2018 to 68.19 billion yuan by 2024, reflecting a CAGR of 14.07%. This growth is supported by factors such as the acceleration of ultra-high voltage grid construction, the establishment of new power systems, rural revitalization strategies, and the implementation of carbon neutrality goals [1][15]. Policy Support - The Chinese government has implemented various policies to support the development and innovation of the electronic transformer industry. Key policies include energy efficiency standards for transformers and motors, and initiatives to increase the proportion of high-efficiency energy-saving products in various sectors by 2025 [5][7]. Industry Chain - The upstream of the electronic transformer industry includes raw materials such as copper, magnetic cores, and insulation materials. The midstream involves the manufacturing of electronic transformers, while the downstream encompasses applications in power, industry, transportation, and communication sectors. The growing demand for electricity and the penetration of new energy vehicles are driving the demand for electronic transformers [8][10]. Key Enterprises - Major companies in the electronic transformer industry include TBEA Co., Ltd., Baoding Tianwei Baobian Electric Co., Ltd., and China XD Electric Co., Ltd. These companies are involved in the research, design, production, and sales of transformers and related products, with significant revenue growth reported in recent years [20][22]. Development Trends - The electronic transformer industry is moving towards high-frequency, miniaturization, and efficiency. The demand for high-performance transformers is increasing due to the rapid development of 5G communication, renewable energy, and electric vehicles. Companies are investing in research and development to enhance product performance and reliability [25][26]. Conclusion - The electronic transformer industry in China is poised for robust growth, driven by technological advancements, supportive government policies, and increasing demand across various sectors. The market is expected to expand significantly, providing ample opportunities for key players and new entrants alike [1][15][18].

Investment Rating - The report maintains an "Overweight" rating for the industry [6][18]. Core Insights - The global manufacturing PMI is weakening, indicating a potential economic turning point, leading to a weak performance in basic metals [6][11]. - Despite short-term price weakness in basic metals, the long-term supply-demand dynamics suggest limited downside potential, particularly for rigid supply varieties like aluminum and copper [6][11]. Summary by Sections Market Overview - The industry comprises 142 listed companies with a total market value of 29,468.06 billion and a circulating market value of 27,667.90 billion [3]. - The A-share market overall rose, with the non-ferrous metals sector outperforming the Shanghai Composite Index by 0.07 percentage points [21][25]. Economic Factors - The April manufacturing PMI in China fell to 49, indicating contraction, with new orders PMI at 49.2 [36]. - The U.S. manufacturing PMI also declined to 48.7, reflecting similar trends [38]. - The Eurozone's economic sentiment index dropped significantly to -18.5 [47]. Basic Metals Analysis - **Aluminum**: Trade uncertainties and weak demand expectations have led to a decline in aluminum prices post-holiday. The operating capacity for electrolytic aluminum remains stable at 43.835 million tons [9][55]. - **Alumina**: The supply-demand balance is tight, with production decreasing and some companies reportedly violating production regulations, creating short-term bullish sentiment [12]. - **Copper**: The processing fees for copper concentrate are declining, while domestic refined copper production is increasing, indicating a deepening conflict in the mining and metallurgy sectors [14]. - **Zinc**: Domestic refined zinc production is growing, with social inventories at historically low levels [16]. Inventory and Pricing - Overall inventory levels for basic metals are low, with specific metrics indicating a decrease in aluminum ingot inventory to 694,000 tons [10][57]. - The current price for electrolytic aluminum is around 19,550 yuan per ton, reflecting a 2.49% decrease [57].

Group 1 - The "Jiangxi sector" achieved nearly 1.08 trillion yuan in total operating revenue in 2024, ranking tenth among 31 provinces and cities in China [1] - Jiangxi listed companies distributed a total dividend of nearly 10.4 billion yuan in 2024, with a dividend payout ratio of approximately 77%, ranking eighth nationwide [1][3] - Jiangxi Copper (600362) reported over 520 billion yuan in operating revenue for 2024, with a net profit of 6.962 billion yuan, marking a year-on-year increase of 7.03% [1] Group 2 - JinkoSolar (688223) topped the A-share photovoltaic industry with an annual operating revenue of 92.471 billion yuan, achieving a global module shipment of 92.87 GW, a year-on-year growth of 18.28% [1] - The company maintained its position as the global leader in module shipments for the sixth consecutive year, with N-type module shipments accounting for 88% of total shipments in 2024 [1] Group 3 - Major infrastructure projects like the Gan-Shen High-speed Railway and Gan-Yue Canal are transforming Jiangxi from an "inland hinterland" to an "open frontier" [2] - Jiangxi Copper is expanding internationally with new offices in South America and Southeast Asia, while JinkoSolar is establishing a new battery and module factory in Saudi Arabia [2] - Other companies like Funeng Technology (688567) and Nipe Mining (300818) are also advancing their international strategies, indicating a trend of "Jiangxi manufacturing" integrating into the global supply chain [2] Group 4 - Jiangxi listed companies are focusing on refining their core businesses while actively implementing the "1269" action plan to upgrade traditional industries and foster emerging sectors [3] - In 2024, Jiangxi Copper allocated 2.417 billion yuan for cash dividends, with several other companies also distributing over 500 million yuan in dividends [3] - The overall dividend distribution of nearly 10.4 billion yuan reflects a strong commitment to shareholder returns and social responsibility among Jiangxi enterprises [3] Group 5 - As the "14th Five-Year Plan" approaches its conclusion, Jiangxi listed companies are showing promising new developments, with traditional industry giants and emerging players competing in the capital market [4] - The formation of a trillion-level non-ferrous metal industry cluster and a photovoltaic new energy base is expected to enhance the national ranking of the "Jiangxi sector" in the next five years [4]

Core Viewpoint - Jiangxi Copper Group Co., Ltd. has increased its shareholding in Jiangxi Copper Co., Ltd. to enhance investor confidence and demonstrate its commitment to the company's long-term value and stable development [5][6]. Group 1: Shareholding Changes - As of the report date, Jiangxi Copper Group holds 1,558,229,110 shares in Jiangxi Copper, representing 45.00% of the total issued shares, an increase from 44.79% [5][6]. - The increase in shareholding was achieved by acquiring 7,430,000 H shares through the Shanghai-Hong Kong Stock Connect mechanism, which accounts for approximately 0.21% of the total issued shares [6]. Group 2: Future Plans - Jiangxi Copper Group expresses a possibility of further increasing its shareholding in Jiangxi Copper within the next 12 months, subject to compliance with relevant disclosure obligations [5][6]. Group 3: Company Background - Jiangxi Copper Group is a state-controlled limited liability company with a registered capital of RMB 672,964,613.5 and operates in the non-ferrous metal mining and processing industry [4]. - The company is headquartered in Guixi City, Jiangxi Province, and has been operational since June 26, 1979 [4]. Group 4: Compliance and Disclosure - The report confirms that all information disclosed is accurate and complete, with no other means of shareholding changes outside of what is reported [2][5]. - The report is prepared in accordance with the relevant laws and regulations, ensuring transparency in the shareholding changes [1][2].

江西铜业股份有限公司 简式权益变动报告书 上市公司名称：江西铜业股份有限公司 证券代码：600362.SH/0358.HK 信息披露义务人：江西铜业集团有限公司 住 所：江西省贵溪市 通讯地址：江西省南昌市高新开发区昌东大道7666号 股权变动性质：增持股份 签署日期：2025年5月9日 上市地点：上海证券交易所、香港联合交易所有限公司 证券简称：江西铜业 五、本次权益变动是根据本报告所载明的资料进行的。除本信息披露义务人 外，没有委托或者授权任何其他人提供未在本报告书中列载的信息和对本报告书 做出任何解释或者说明。 六、信息披露义务人承诺本报告不存在虚假记载、误导性陈述或重大遗漏， 并对其真实性、准确性和完整性承担个别和连带的法律责任。 2 | | | 信息披露义务人声明 一、本报告书系依据《中华人民共和国公司法》（以下简称公司法）、《中 华人民共和国证券法》（以下简称《证券法》）、《上市公司收购管理办法》（以 下简称《收购办法》）、《公开发行证券的公司信息披露内容与格式准则第15 号—权益变动报告书》（以下简称《准则15号》）及相关的法律、法规和规范性 文件编写。 二、信息披露义务人签署本报告书已获得必要 ...