证券代码：600362 证券简称：江西铜业 公告编号：2025-021 江西铜业股份有限公司 关于控股股东增持计划实施完毕 暨增持股份结果公告 本公司董事会、全体董事及相关股东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： 一、增持主体的基本情况 | 增持主体名称 | 江西铜业集团有限公司 | | | | --- | --- | --- | --- | | 增持主体身份 | 控股股东或实控人 | √是 | 否 | | | 控股股东或实控人的一致行动人 | 是 | 否 | | | 直接持股 5%以上股东 | 是 | 否 | 已披露增持计划情况：2024 年 12 月 13 日，公司发布了《江西铜业股 份有限公司关于控股股东增持公司 H 股股份计划的公告》（公告编号： 临 2024-056），江西铜业集团有限公司（以下简称江铜集团）拟累计增 持 H 股股份数量不低于 34,627,294 股（约占公司发行总股本的 1%）但 不超过 69,254,588 股（约占公司发行总股本的 2%）。 增持计划的实施结果：自增持计划公布以来 ...

北京德恒律师事务所 关于江西铜业股份有限公司 控股股东增持公司股份的 法律意见 北京市西城区金融街 19 号富凯大厦 B 座 12 层 电话：010-52682888 传真：010-52682999 邮编：100033 北京德恒律师事务所 关于江西铜业股份有限公司控股股东增持公司股份的法律意见 北京德恒律师事务所 关于江西铜业股份有限公司 控股股东增持公司股份的 法律意见 德恒 01G20230544-06 号 致：江西铜业股份有限公司 北京德恒律师事务所（以下简称"本所"）根据《中华人民共和国公司法》 《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"《收购管理办法》"）等相关法律、法规及规范性文件的规 定，就江西铜业股份有限公司（以下简称"公司"或"上市公司"）控股股东江 西铜业集团有限公司（以下简称"江铜集团"或"增持人"）增持公司股份（以 下简称"本次增持"）事宜出具本法律意见。 为出具本法律意见，本所律师作出如下声明： 1.本所律师依据《律师事务所从事证券法律业务管理办法》《律师事务所证 券法律业务执业规则（试行）》及本法律意见出具日以前已经发生或存在的事实 ...

北京德恒律师事务所 关于 北京市西城区金融街 19 号富凯大厦 B 座 12 层 电话：010-52682888 传真：010-52682999 邮编：100033 北京德恒律师事务所 关于江西铜业股份有限公司 2024 年年度股东大会的法律意见 江西铜业股份有限公司 2024 年年度股东大会的 法律意见 北京德恒律师事务所 关于江西铜业股份有限公司 2024 年年度股东大会的 法律意见 德恒01G20230544-05号 致：江西铜业股份有限公司 北京德恒律师事务所（以下简称"本所"）接受江西铜业股份有限公司（以 下简称"公司"）的委托，指派本所律师列席公司于2025年6月6日15点在江西省 南昌市高新区昌东大道7666号江铜国际广场会议室召开的公司2024年年度股东 大会（以下简称"本次股东大会"），对本次股东大会的合法性进行见证并出具 本法律意见。 本所律师依据本法律意见出具日前已经发生或存在的事实和《中华人民共和 国公司法》《中华人民共和国证券法》《上市公司股东会规则》等现行有效的法 律、法规和规范性文件（以下简称"相关法律"）以及《江西铜业股份有限公司 章程》（以下简称"公司章程"）的有关规定出具本 ...

证券代码：600362 证券简称：江西铜业 公告编号：2025-022 江西铜业股份有限公司 2024年年度股东大会决议公告 本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： 本次会议是否有否决议案：无 一、 会议召开和出席情况 (一)股东大会召开的时间：2025 年 6 月 6 日 (二)股东大会召开的地点：江西省南昌市高新区昌东大道 7666 号江铜国际广场 公司会议室 (三)出席会议的普通股股东和恢复表决权的优先股股东及其持有股份情况： | 1、出席会议的股东和代理人人数 | 794 | | --- | --- | | 其中：A 股股东人数 | 793 | | 境外上市外资股股东人数（H 股） | 1 | | 2、出席会议的股东所持有表决权的股份总数（股） | 1,526,370,940 | | 其中：A 股股东持有股份总数 | 1,231,715,705 | | 境外上市外资股股东持有股份总数（H 股） | 294,655,235 | | 3、出席会议的股东所持有表决权股份数占公司有表决权股 | 44.2 ...

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 ...

Core Viewpoint - The copper industry is facing a structural shift characterized by a rigid supply shortage at the mining end, excess smelting capacity, and a transition between old and new demand drivers, leading to a long-term upward trend in copper prices [19][24][25]. Group 1: Upstream Resources (Mining and Recycling) - Global copper reserves are approximately 980 million tons, with a mining lifespan of about 40 years based on current production levels [32]. - In 2024, global copper mine production is expected to reach 23 million tons, with a year-on-year growth of 1.8% [35]. - China's copper mine production is projected at 1.8 million tons in 2024, a decline of 1.1% year-on-year, primarily due to resource depletion and environmental restrictions [42][46]. Group 2: Recycling Sector (Recycled Copper) - The recycled copper market is supported by national strategies, aiming for a production target of 4 million tons by 2025, with recycled metal supply accounting for over 24% [4]. - In 2024, China is expected to import 2.25 million tons of scrap copper, with domestic recycling capacity reaching 2.49 million tons [5][48]. - The price of recycled copper is projected to show significant fluctuations, with an average price of 70,400 yuan per ton in 2024 [5]. Group 3: Midstream Smelting - The global refined copper production in 2024 is estimated at 27.634 million tons, with a year-on-year increase of 4.3% [9]. - China is the largest producer of refined copper, accounting for 49.9% of global production in 2024, with a projected output of 13.644 million tons [10]. - The smelting industry is experiencing a decline in processing fees, with long-term contracts expected to drop to $21.25 per ton by 2025, significantly below the breakeven point [8][20]. Group 4: Midstream Processing (Copper Products) - In 2024, China's copper processing output is expected to reach 23.503 million tons, representing over 50% of global production [11]. - The industry is characterized by low concentration, with the top five companies holding only 30% of the market share [11]. - The demand for high-end copper products is increasing, driven by the growth in new energy and infrastructure sectors [12][13]. Group 5: Downstream Demand (End Applications) - Global refined copper consumption in 2024 is projected at 27.33 million tons, with China accounting for 58% of this demand [14]. - The demand structure in China shows that electricity and power grids account for 46% of refined copper consumption, while new energy applications are rapidly growing [15]. - The transition from traditional to new energy applications is expected to drive significant growth in copper demand, particularly in sectors like electric vehicles and renewable energy [19][21]. Group 6: Supply and Demand Balance - The global refined copper supply-demand balance is expected to show a surplus of 19,000 tons in 2025, a decrease from the previous year's surplus of 30,200 tons [16]. - China's refined copper consumption is projected to grow by 2.9% in 2025, reaching 16.21 million tons, driven by new energy infrastructure investments [18]. - The copper market is anticipated to face a tightening supply situation due to the rigid shortage of mining resources and the acceleration of smelting capacity clearance [19][20]. Group 7: Investment Recommendations - Key investment opportunities include resource leaders like Zijin Mining and Longyan Copper, which are positioned to benefit from global resource control [21]. - Smelting leaders such as Jiangxi Copper are expected to gain from policy-driven supply-side reforms and the elimination of inefficient capacity [20]. - Companies focusing on high-end processing and recycled copper, such as Hailiang Co. and Gree Environmental, are likely to benefit from technological advancements and policy support [21].

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]

Investment Rating - The report maintains a "Positive" outlook on the non-ferrous metals industry for 2025 [2] Core Insights - The non-ferrous metals industry has experienced a qualitative change in profit quality, with significant growth in revenue and net profit over the past decade [4][19] - The industry is expected to continue benefiting from a tightening supply-demand structure, interest rate cuts, and favorable policy cycles [5][10] Summary by Sections 1. Industry Performance and Profit Growth - From 2015 to 2024, the non-ferrous metals industry achieved total revenue of 3,407.5 billion yuan, a 205% increase over ten years, and a net profit of 138.4 billion yuan, a staggering 4,691% increase [4][19] - The net profit surged from 15.7 billion yuan in 2019 to 181.8 billion yuan in 2022, marking a 1,062% increase during the global quantitative easing period [4][19] - In 2024, revenue growth accelerated to 5.86%, and net profit growth improved to 1.77%, compared to 2023's revenue growth of 1.5% and a net profit decline of 25.21% [4][19] 2. Price Trends in 2024 - Industrial metal prices generally increased due to a tight supply-demand structure, with zinc leading the rise at 20.1%, while nickel prices fell by 2.5% due to oversupply [5][31] - Precious metals saw significant price increases, with gold prices rising by 27.8% and silver by 24.8% [5][33] - Small metals exhibited mixed price movements, with cobalt prices dropping by 23.6% and antimony prices increasing by 72.6% [5][34] 3. Profitability and Industry Concentration - The profitability of the non-ferrous metals industry improved, with gross margins for industrial and precious metals rising to 10.03% and 12.95%, respectively [6][50] - The concentration of profits has increased, with the top ten companies accounting for 64% of net profits, up from 45% [6][60] - The top ten companies' net profits grew by 39%, significantly outpacing the overall industry net profit decline of 1% [6][60] 4. Fund Allocation Trends - The fund allocation in the non-ferrous metals sector reached a historical high of 5.43% in Q1 2024, before dropping to 2.85% by Q4 due to economic weakness and declining demand [7][9] - In Q1 2025, the allocation increased again to 4.34%, driven primarily by industrial and precious metals [9][10] 5. Outlook for 2025 - The copper sector is expected to maintain a tight supply-demand balance, with a significant reduction in long-term contract prices [10] - Gold is anticipated to benefit from heightened geopolitical risks and increased central bank purchases, leading to a sustained high demand [10] - The rare earth sector is showing signs of improvement due to supply-side reforms and increased demand from new energy and military sectors [10][35]

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 ...