Financial Performance - The company's operating revenue for the current period is CNY 111.61 billion, a decrease of 8.90% compared to CNY 122.52 billion in the same period last year[5]. - Net profit attributable to shareholders increased by 13.85% to CNY 1.95 billion from CNY 1.71 billion year-on-year[5]. - The net profit attributable to shareholders after deducting non-recurring gains and losses rose by 37.08% to CNY 2.48 billion from CNY 1.81 billion in the previous year[5]. - Basic earnings per share increased to CNY 0.57, up 14.00% from CNY 0.50 in the previous year[5]. - Total operating revenue for Q1 2025 was CNY 111.61 billion, a decrease of 8.5% compared to CNY 122.52 billion in Q1 2024[23]. - Net profit for Q1 2025 reached CNY 2.03 billion, an increase of 12.8% from CNY 1.80 billion in Q1 2024[25]. - Total equity attributable to shareholders rose to CNY 80.00 billion in 2025, up from CNY 77.95 billion in 2024, reflecting a growth of 2.7%[21]. - Total comprehensive income for Q1 2025 was RMB 2,029,985,154, compared to RMB 4,671,296,932 in Q1 2024, reflecting a significant decrease[26]. Cash Flow - Cash flow from operating activities showed a significant improvement, with a net amount of CNY 558.15 million compared to a negative CNY 6.07 billion in the same period last year, marking a 109.20% increase[10]. - Cash inflow from operating activities in Q1 2025 was RMB 126,522,924,593, down from RMB 146,952,976,149 in Q1 2024, showing a decline of approximately 13.9%[29]. - Cash outflow from operating activities in Q1 2025 totaled RMB 125,964,778,001, compared to RMB 153,021,530,563 in Q1 2024, representing a decrease of about 17.6%[30]. - Net cash flow generated from operating activities for Q1 2025 was RMB 558,146,592, a significant recovery from a negative cash flow of RMB -6,068,554,414 in Q1 2024[30]. - Cash inflow from investment activities in Q1 2025 was RMB 7,304,041,751, compared to RMB 5,972,266,318 in Q1 2024, indicating an increase of approximately 22.3%[30]. - Cash outflow from investment activities totaled $11.58 billion in Q1 2025, compared to $8.74 billion in Q1 2024, representing a 32.5% increase[31]. - The net cash flow from financing activities was $3.63 billion in Q1 2025, compared to $3.06 billion in Q1 2024, showing an 18.6% increase[31]. - The ending balance of cash and cash equivalents was $15.39 billion in Q1 2025, up from $13.76 billion in Q1 2024, representing a 11.8% increase[32]. Assets and Liabilities - Total assets attributable to shareholders increased by 9.84% to CNY 212.14 billion from CNY 193.13 billion year-on-year[5]. - The total liabilities of the company as of March 31, 2025, were CNY 109.88 billion, up from CNY 86.21 billion at the end of 2024, reflecting an increase of approximately 27.5%[19]. - The company's current assets amounted to CNY 137.32 billion as of March 31, 2025, compared to CNY 115.00 billion at the end of 2024, indicating a rise of about 18.6%[17]. - Short-term borrowings increased significantly to CNY 60.89 billion as of March 31, 2025, up from CNY 44.83 billion at the end of 2024, representing a growth of approximately 35.8%[19]. - The company's accounts receivable rose to CNY 7.16 billion as of March 31, 2025, compared to CNY 6.36 billion at the end of 2024, indicating an increase of about 12.6%[17]. - The total non-current liabilities decreased to CNY 12.30 billion in 2025 from CNY 19.12 billion in 2024, a decrease of 35.8%[20]. Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 123,970[11]. - The largest shareholder, Jiangxi Copper Group Co., Ltd., holds 44.79% of the shares, totaling 1,550,799,110 shares[11]. - Minority interests increased slightly to CNY 9.96 billion in 2025 from CNY 9.86 billion in 2024, a growth of 1.1%[21]. Research and Development - Research and development expenses for Q1 2025 were CNY 341.13 million, an increase of 25.4% compared to CNY 272.21 million in Q1 2024[23]. Future Plans - The company plans to focus on expanding its market presence and enhancing product development in the upcoming quarters[26]. - The company plans to implement new accounting standards starting in 2025, which may affect the financial statements[34].

特此公告。 证券代码：600362 证券简称：江西铜业 公告编号：临 2025-016 债券代码：137816 债券简称：22 江铜 01 江西铜业股份有限公司 第十届董事会第九次会议决议公告 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。 江西铜业股份有限公司（以下简称公司）第十届董事会第九次会 议，于 2025 年 4 月 28 日召开，公司 8 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》（以下简称《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 2025 年第一季度报告》 本议案已经公司第十届董事会独立审核委员会（审计委员会）第 四次会议审议，同意提交本次董事会审议。 表决结果：同意 8 票、反对 0 票、弃权 0 票。 详情请见公司于上海证券交易所网站（www.sse.com.cn）及本公 司网站（www.jxcc.com）披露的 2025 年第一季度报告。 江西铜业股份有限公司 董事会 2025 年 4 ...

Investment Rating - The report maintains an "Outperform" rating for the non-ferrous metals sector [2]. Core Views - Gold remains in a bull market despite short-term fluctuations due to easing US-China trade tensions and concerns over Federal Reserve independence [9][10]. - Copper prices are stabilizing, presenting opportunities for low-position equity investments, supported by demand and supply-side disruptions [10]. Summary by Sections 1. Research Insights - Gold: The bull market is not over. Short-term price adjustments are normal due to market reactions to US-China trade dynamics and Federal Reserve concerns. The underlying bullish logic for gold remains intact, with expectations of continued inflows of capital in the long term [9]. - Copper: Prices are showing signs of stabilization, with demand supported by increased operating rates and supply disruptions. The report suggests focusing on equity assets for long-term investment [10]. 2. Sector Performance - The non-ferrous metals index increased by 1.59%, outperforming the broader market by 1.03%. Gold led the sector with a 4.58% increase [13]. 3. Metal Prices and Inventory - Basic metals prices generally increased, with SHFE copper rising to 77,640 CNY/ton and LME copper reaching 9,360 USD/ton. The report highlights a decrease in inventories for several metals, indicating a tightening supply [34][39]. - Precious metals saw a decline in gold prices by 0.9% to 3,298 USD/oz, while silver prices increased by 1.7% to 33.01 USD/oz [48].

Investment Rating - The report maintains an "Outperform" rating for the non-ferrous metals sector [2]. Core Insights - Gold prices are influenced by tariff policies, which create uncertainty and trigger risk aversion in the short term. The expectation of stagflation in the U.S. due to tariffs positions gold as an optimal asset allocation choice in the medium term. Long-term, the loosening of global capital ties to dollar assets may lead to increased inflows into gold from various global funds [1][9]. - The Federal Reserve's neutral stance is seen as supportive for gold prices, with recent comments from officials indicating no immediate need for rate hikes, which helps maintain a favorable environment for gold [1][9]. - Copper prices are stabilizing, with improving demand and decreasing domestic inventory. The report suggests that copper mining equities present a good opportunity for long-term investment [10][12]. Summary by Sections 1. Weekly Research Insights - Gold's price dynamics are primarily driven by tariff uncertainties, which affect market sentiment and asset allocation strategies [1][9]. - The Federal Reserve's current neutral position is beneficial for gold prices, with no immediate rate hikes expected [1][9]. 2. Sector Performance - The non-ferrous metals index increased by 0.78%, underperforming the broader market [12]. - Gold was the best-performing segment, rising by 4.58%, followed by nickel, cobalt, tin, and antimony [12]. 3. Metal Prices and Inventory 3.1. New Energy Metals - Cobalt prices increased, while lithium prices showed a slight decline [21][23]. 3.2. Base Metals - Copper prices rose by 1.63% to 76,000 CNY/ton, while aluminum prices remained stable [31][32]. 3.3. Precious Metals - COMEX gold prices rose by 2.6% to 3,328 USD/ounce, and silver prices increased by 1.8% to 32.47 USD/ounce [44][45].

Industry Overview - The non-ferrous metal alloy industry has seen rapid development driven by downstream market demand, with significant growth in market size for key products such as aluminum alloys, copper alloys, and magnesium alloys from 2017 to 2024 [1][12] - The aluminum alloy market size is projected to grow from 201.12 billion yuan in 2017 to 377.05 billion yuan in 2024, while copper alloy market size is expected to increase from 16.82 billion yuan to 28.629 billion yuan, and magnesium alloy market size from 3.55 billion yuan to 5.5 billion yuan [1][12] Production Process - The main production processes for non-ferrous metal alloys include melting and extrusion methods, which are used to produce various alloy forms such as wires, sheets, and strips [4][5] - Sintering and extrusion methods are also employed to create composite materials from non-soluble metals and non-metallic powders [4][5] Policy Support - The government has introduced multiple policies to support the development of the non-ferrous metal alloy industry, including the "Non-ferrous Metal Industry Stabilization Growth Work Plan" released in August 2023, which emphasizes the support for high-energy cathode materials and high-purity metals [6][7] - The "Aluminum Industry High-Quality Development Implementation Plan (2025-2027)" aims to enhance the supply capacity of high-end aluminum alloy materials for aerospace and new energy vehicles [6][7] Industry Chain - The non-ferrous metal alloy industry chain consists of upstream raw materials (such as copper ore and aluminum ore), midstream production processes (including smelting and refining), and downstream applications in sectors like automotive, construction, and electronics [8][10] Competitive Landscape - The industry is characterized by intense competition, with large enterprises leveraging resource reserves and technological strength, while smaller firms focus on flexible strategies and regional advantages [14][16] - Key players in the industry include China Aluminum Corporation, Jiangxi Copper Corporation, and Yunnan Aluminum Corporation, among others [14][16] Future Trends - The industry is expected to focus on green and sustainable development, emphasizing low-carbon smelting technologies and efficient recycling systems [20] - There will be an increased emphasis on the research and development of new materials, particularly high-performance and specialty alloys for strategic emerging industries [21] - The demand for non-ferrous metal alloys is projected to continue growing, driven by advancements in high-end manufacturing and infrastructure projects [23]

Summary of Key Points from the Conference Call Industry Overview - **Industry Focus**: Asia Materials, specifically copper and aluminium sectors - **Market Sentiment**: Easing of recession fears and a recent rally in shares of copper and aluminium companies, with declines of 11% and 10% respectively over the past five trading days, compared to -2% for the cement sector and -8% for HSCEI [1][5] Core Insights - **Recession Concerns**: Global recession fears appear overblown, especially after the US President's decision to pause reciprocal tariffs for 90 days, suggesting a potential rebound in commodity prices and share prices for copper and aluminium [1][5] - **Supply-Demand Dynamics**: Positive supply-demand dynamics expected to support a rebound in commodity prices, with month-on-month improvements in operating rates for copper and aluminium in March due to seasonal demand recovery [1][5] - **Government Stimulus**: New government stimulus in energy transition, consumption, or the property sector could further support demand growth for industrial metals [1][5] Company-Specific Insights - **MMG Limited**: Upgraded from Hold to Buy due to high earnings sensitivity to copper price movements. Expected year-on-year earnings growth in 2025 driven by the ramp-up of Chalcobamba [2][5] - **Zijin Mining**: Maintained Buy ratings for both H/A shares, with a target price of HKD21.00 for H-shares and RMB21.90 for A-shares, reflecting stable output growth and M&A efforts [2][29] - **CMOC**: Maintained Buy ratings with target prices unchanged at HKD7.60 for H-shares and RMB8.60 for A-shares, supported by strong fundamentals [2][29] - **Jiangxi Copper**: Maintained Reduce rating due to ongoing headwinds from lower TC/RC prices, with target prices of HKD10.10 for H-shares and RMB17.30 for A-shares [2][30] - **China Hongqiao**: Maintained Buy rating with a target price of HKD17.10, supported by strong fundamentals and an attractive dividend yield of approximately 10% [2][30] Additional Important Points - **Copper Supply Constraints**: Mine supply remains constrained, indicated by negative spot TC/RC prices. China's tariffs on the US are expected to reduce scrap copper imports, impacting refined copper production [1][5] - **Aluminium Operating Capacity**: Operating capacity for aluminium is nearing the 45 million tonnes cap, indicating potential shortages if demand increases due to new stimulus [1][5] - **Market Data**: Key market data and forecasts for copper and aluminium prices, sales, and production metrics were provided, indicating a positive outlook for the sector [6][31][33] Risks and Valuation - **Valuation Risks**: Risks include geopolitical conflicts, production delays, and fluctuations in metal prices. For Zijin Mining, downside risks include delays in new capacities and higher production costs due to inflation [29][30] - **Earnings Forecasts**: MMG is expected to deliver significant earnings growth, while Jiangxi Copper faces a decline in earnings due to lower contract TC/RC prices [31][32][30] This summary encapsulates the key insights and data points from the conference call, providing a comprehensive overview of the current state and outlook of the copper and aluminium sectors within the Asia Materials industry.

证券代码：600362 证券简称：江西铜业 公告编号：临 2025-015 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 召开 2024 年度业绩说明会的公告 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。 会议召开时间：2025 年 4 月 18 日(星期五)15:00-17:00。 会议召开方式：本次说明会通过上海证券交易所上证路演中心 （https://roadshow.sseinfo.com/）以网络互动方式召开。 投资者可于 2025 年 4 月 11 日(星期五)至 4 月 17 日(星期 四)16:00 前登录上证路演中心网站首页点击"提问预征集"栏目或通 过公司邮箱 jccl@jxcc.com 进行提问。公司将在说明会上对投资者普 遍关注的问题进行回答。 江西铜业股份有限公司(以下简称公司)已于 2025 年 3 月 28 日 发布了公司 2024 年年度报告。为使广大投资者更加全面、深入地了 解公司情况，公司决定召开业绩说明会，就投资者关心的问题进行交 流。 一、说明会类型 本次业绩说明会以视频结合 ...

登录新浪财经APP 搜索【信披】查看更多考评等级 股票代码：600362 股票简称：江西铜业 公告编号：临2025-014 债券代码：137816 债券简称：22江铜01 江西铜业股份有限公司 关于控股股东增持公司股份进展的公告 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。 ● 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%）。 ● 增持计划进展情况：自2024年12月12日至本公告日，江铜集团累计增持公司H股股份36,863,000股， 约占公司已发行股份的1.06%（占已发行H股股份的2.66%）。 ● 本次增持计划不触及要约收购，不会导致公司控股股东及实际控制人发生变化。 一、增持主体基本情况 （一）增持主体：江西铜业集团有限公司（以下简称江铜集团），为公司控股股东。 （二）首次增持前，江铜集团持有公 ...

| 股票代码：600362 | 股票简称：江西铜业 | 公告编号：临2025-014 | | --- | --- | --- | | 债券代码：137816 | 债券简称：22 江铜 01 | | 江西铜业股份有限公司 关于控股股东增持公司股份进展的公告 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。 重要内容提示： 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%）。 增持计划进展情况：自 2024 年 12 月 12 日至本公告日，江铜 集团累计增持公司 H 股股份 36,863,000 股，约占公司已发行股份的 1.06%（占已发行 H 股股份的 2.66%）。 本次增持计划不触及要约收购，不会导致公司控股股东及实际 控制人发生变化。 截至本公告披露日，江铜集团持有公司 1 ...

作者 | 独行侠 数据支持 | 勾股大 数 据（www.gogudata.com） 美国 "对等"关税震撼全球金融市场。隔夜，美股 三大股指均刷新近 5年来最大单日跌幅纪录 ， 美元指数一日暴跌近 2%，10年期美债收益 率 盘中一度跌破 4%，创下自去年10月以来的最低水平。 但黄金稳如泰山。 昨日， COMEX黄金下跌不足1%，现价超3130美元/盎司，较年初的2640美元仍上涨18.8%，引发关注。 此前疯狂的铜也崩了，昨日大跌 4.5%，但今年以来仍大涨19.75%（期间最大涨幅高达34%），压过黄金之表现。 那么，接下来的铜怎么看？又孕育着什么机会呢？ 01 今年 3月26日，美铜刷新历史新高，伦铜则超过10000美元，随后迎来一波剧烈调整。而此前轰轰烈烈的大涨，又是为何？我们不妨分阶段复 盘一下背后的驱动因素。 去年 11月初至12月，国际铜价迎来一波流畅下跌，回到当年8月担忧美国经济衰退时的水平。彼时，市场情绪悲观，交易 特朗普 上台，会兑 现竞选承诺，对外普征高额关税，扰动全球经济增长，进而影响铜需求。 翻年之后，铜价止跌快速上行（ 1月2日-1月16日），其核心逻辑是 市场对特朗普关税政策预 ...