Investment Highlights - Company is the largest producer of copper and copper alloy materials globally, with a complete industrial chain from smelting to deep processing [1] - By 2024, the copper processing capacity across eight production bases in Ningbo, Jiangsu, Guangdong, and Vietnam is expected to reach 2.2 million tons, with a product output of 1.916 million tons, leading the industry [1] - High-end copper product demand is rapidly increasing, providing new opportunities for the company, which is expected to enhance its market share as an innovative leader in copper processing [1] Market Trends - Structural growth in copper demand is driven by trends in industrial and consumer sectors, including AI data centers, electric vehicles, humanoid robots, and low-altitude economy, leading to a shift towards high-end, high-value-added copper products [1] - The low-price competition in the copper processing industry is ending, and innovative leading enterprises with scale, technology, and product advantages will benefit from the industry's consolidation [1] Competitive Advantages - The company leverages three main advantages: high-end, internationalization, and green initiatives, rapidly capturing downstream copper demand growth [2] - It supplies high-end copper-based products to renowned brands such as Apple, Huichuan Technology, Geely Automobile, and Samsung [2] - The company is one of the few in the global copper industry to offer a "one-stop full closed-loop low-carbon recycling materials" solution, providing 100% recycled copper materials [2] Profitability Outlook - The impact of copper price fluctuations on the company's gross profit is expected to weaken, with the processing fee rate for copper and copper alloy products projected to rise to 7.7% by 2024 [2] - The company employs a pricing model based on "raw material price + processing fee," which allows for indirect influence from copper prices on processing fees [2] - The company's hedging system further mitigates risks associated with copper price volatility, reducing the overall impact on costs and gross profit [2] Financial Projections - Revenue projections for the company from 2025 to 2027 are estimated at 134.68 billion yuan, 143.46 billion yuan, and 153.59 billion yuan, respectively [3] - Net profit attributable to the parent company is expected to be 711 million yuan, 999 million yuan, and 1.186 billion yuan for the same period, reflecting year-on-year growth rates of 53.92%, 40.52%, and 18.65% [3] - Earnings per share (EPS) are projected to be 0.48 yuan, 0.67 yuan, and 0.80 yuan, with corresponding price-to-earnings (PE) ratios of 17.9x, 12.7x, and 10.7x [3]

Core Viewpoint - Ningbo Jintian Copper Industry (Group) Co., Ltd. has announced the early redemption of its convertible bond "Jin Tong Convertible Bond" due to the stock price exceeding the redemption threshold, with the last trading day set for August 20, 2025, and the last conversion day on August 25, 2025 [1][2][4]. Redemption Details - The company has triggered the redemption clause as the stock price has been at or above 130% of the conversion price (7.53 CNY/share) for 15 out of the last 30 trading days [2][3]. - The redemption price is set at 100.0477 CNY per bond, which includes accrued interest calculated based on the bond's face value and interest rate [4][6]. - The redemption registration date is August 25, 2025, and the redemption payment date is August 26, 2025 [4][6]. Trading and Conversion Information - The last trading day for the "Jin Tong Convertible Bond" is August 20, 2025, and the last conversion day is August 25, 2025 [1][6]. - Investors are advised to either convert their bonds at the conversion price of 5.79 CNY/share or sell them in the secondary market before the last trading day to avoid potential losses [1][8]. Tax Implications - Individual investors will be subject to a 20% tax on the interest income from the bonds, affecting the net redemption amount [4][5]. - For qualified foreign institutional investors, the redemption amount will be distributed on a pre-tax basis [5]. Listing Status - The "Jin Tong Convertible Bond" will be delisted from the Shanghai Stock Exchange starting August 26, 2025, following the completion of the redemption process [1][6].

有色金属行业资金流入榜 | 代码 | 简称 | 今日涨跌幅（%） | 今日换手率（%） | 主力资金流量（万元） | | --- | --- | --- | --- | --- | | 000962 | 东方钽业 | 9.98 | 9.42 | 28629.06 | | 601609 | 金田股份 | 10.06 | 10.57 | 26227.57 | | 603993 | 洛阳钼业 | 7.51 | 1.66 | 25545.81 | | 601020 | 华钰矿业 | 9.99 | 10.12 | 22161.59 | | 600366 | 宁波韵升 | 9.99 | 23.12 | 21483.05 | | 600392 | 盛和资源 | 3.33 | 10.71 | 18395.26 | | 300328 | 宜安科技 | 4.45 | 11.74 | 12424.94 | | 000630 | 铜陵有色 | 5.45 | 5.96 | 10922.39 | | 002428 | 云南锗业 | 4.39 | 8.78 | 10344.78 | | 002155 | 湖南黄金 | 4.79 | 5.6 ...

| 证券代码：601609 | 证券简称：金田股份 | 公告编号：2025-088 | | --- | --- | --- | | 债券代码：113046 | 债券简称：金田转债 | | | 债券代码：113068 | 债券简称：金铜转债 | | 宁波金田铜业（集团）股份有限公司 关于实施"金铜转债"赎回暨摘牌的第三次提示性公告 本次提前赎回完成后，"金铜转债"将自 2025 年 8 月 26 日起在上海证券交 易所摘牌。 投资者所持"金铜转债"除在规定时限内通过二级市场继续交易或按照 5.79 元/股的转股价格进行转股外，仅能选择以 100 元/张的票面价格加当期应计利息 0.0477 元/张（即合计 100.0477 元/张）被强制赎回。若被强制赎回，可能面临较大 投资损失。 公司提醒"金铜转债"持有人注意在限期内转股或卖出。 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： 截至 2025 年 8 月 13 日收市后，距离 8 月 20 日（"金铜转债"最后交易日）仅 剩 5 个交易日，8 月 20 日为" ...

资金流入比率方面，大元泵业、兴瑞科技、博杰股份等流入比率居前，主力资金净流入率分别为 39.29%、20.16%、20.03%。（数据宝） 液冷服务器概念资金流入榜 | 代码 | 简称 | 今日涨跌幅 | 今日换手率 | 主力资金流量（万 | 主力资金净流入比率 | | --- | --- | --- | --- | --- | --- | | | | （%） | （%） | 元） | （%） | | 000066 | 中国长 城 | 9.99 | 17.06 | 118120.77 | 12.73 | | 002536 | 飞龙股 份 | 10.02 | 17.96 | 43003.46 | 18.48 | | 000977 | 浪潮信 息 | 3.80 | 7.73 | 36499.63 | 5.57 | | 000063 | 中兴通 讯 | 2.75 | 4.00 | 36214.02 | 6.40 | | 603083 | 剑桥科 技 | 9.93 | 20.57 | 28514.47 | 9.40 | | 601609 | 金田股 份 | 10.06 | 10.57 | 26227.57 | 18. ...

截至8月13日收盘，PEEK材料概念上涨2.84%，位居概念板块涨幅第3，板块内，28股上涨，金田股 份、兴瑞科技、兄弟科技等涨停，唯科科技、普利特、中欣氟材等涨幅居前，分别上涨14.12%、 7.06%、6.49%。跌幅居前的有肯特股份、光启技术、中广核技等，分别下跌0.78%、0.71%、0.50%。 今日涨跌幅居前的概念板块 资金流入比率方面，兄弟科技、兴瑞科技、金田股份等流入比率居前，主力资金净流入率分别为 39.40%、20.16%、18.51%。（数据宝） PEEK材料概念资金流入榜 | 代码 | 简称 | 今日涨跌幅 | 今日换手率 | 主力资金流量（万 | 主力资金净流入比率 | | --- | --- | --- | --- | --- | --- | | | | （%） | （%） | 元） | （%） | | 002562 | 兄弟科 技 | 9.94 | 18.59 | 34228.69 | 39.40 | | 601609 | 金田股 份 | 10.06 | 10.57 | 26227.57 | 18.51 | | 300100 | 双林股 份 | 2.94 | 7.85 | 135 ...

截至8月13日收盘，铜缆高速连接概念上涨2.67%，位居概念板块涨幅第6，板块内，37股上涨，金田股 份、博威合金等涨停，鼎通科技、胜蓝股份、太辰光等涨幅居前，分别上涨13.10%、12.85%、6.64%。 跌幅居前的有奕东电子、凯旺科技、盛洋科技等，分别下跌5.00%、0.98%、0.09%。 今日涨跌幅居前的概念板块 | 300814 | 中富电 | 4.97 | 10.82 | 5028.20 | 6.21 | | --- | --- | --- | --- | --- | --- | | | 路 | | | | | | 300252 | 金信诺 | 2.15 | 12.44 | 4681.49 | 5.59 | | 688668 | 鼎通科 | 13.10 | 7.99 | 3903.47 | 3.26 | | | 技 | | | | | | 002902 | 铭普光 | 3.54 | 17.72 | 3670.50 | 5.17 | | | 磁 | | | | | | 300913 | 兆龙互 连 | 2.75 | 6.50 | 3608.41 | 4.19 | | 000818 | 航锦科 技 ...

| 代码 | 名称 | 主力净流入(元) | 主力净占比 游资净流入 (元) | | 游资净占比 散户净流入(元) | | 散户净占比 | | --- | --- | --- | --- | --- | --- | --- | --- | | 609109 | 金田股份 | 2.65 Z | 18.67% | -1.34 Z | -9.44% | -1.31 Z | -9.23% | | 603993 | 洛阳辑业 | 2.50 Z | 8.34% | -1334.75万 | -0.44% | -2.37 Z | -7.89% | | 601020 | 华钰矿业 | 1.78亿 | 9.96% | -1.36 Z | -7.61% | -4201.09万 | -2.35% | | 300328 | 宜安科技 | 1.21亿 | 11.83% | -4329.25万 | -4.24% | -7757.62万 | -7.59% | | 000630 铜陵有色 | | 1.16亿 | 4.43% | 4520.90万 | 1.72% | -1.6216 | -6.15% | | 300697 | 电工合金 | 93 ...

Core Insights - The development of the AI industry has significantly increased the demand for chip computing power, positioning copper as a core material for advanced chip interconnection and heat dissipation due to its excellent conductivity and thermal properties [1] Company Overview - The company has a solid customer base and technical reserves in the chip computing power sector, being one of the earliest companies globally to provide copper-based materials in bulk to leading enterprises in this field [1] - The company's high-precision shaped oxygen-free copper busbar products, known for their high thermal conductivity and excellent welding and processing performance, have been successfully mass-produced in new AI cooling structures [1] - Strategic partnerships have been established with several top-tier cooling module companies, with applications in multiple high-end GPU cooling solutions [1] - The company has independently developed copper heat pipes and liquid-cooled copper pipes, which have been successfully integrated into the products of several leading enterprises in the computing server market [1]

Core Insights - Jintian Co., Ltd. has successfully mass-produced high-precision, non-oxygen copper busbar products for new AI cooling structures in collaboration with leading global cooling module companies [1] - The company's self-developed copper heat pipes and liquid-cooled copper pipes have been integrated into the products of several major enterprises in the computing server sector [1] Group 1 - The high thermal conductivity, excellent welding performance, and processing capabilities of the copper busbar products are key features that support their application in advanced cooling solutions [1] - Strategic partnerships have been established with multiple top-tier cooling module companies, indicating strong market positioning and collaboration [1] - The products are currently utilized in several high-end GPU cooling solutions, showcasing their relevance in the growing AI and computing markets [1] Group 2 - The successful integration of copper heat pipes and liquid-cooled copper pipes into leading enterprise computing server products highlights the company's innovation and adaptability in the industry [1] - The focus on high-performance materials aligns with the increasing demand for efficient cooling solutions in the tech sector, particularly for AI applications [1]