Report Overview - Report Title: Copper Futures Daily Report [1] - Date: June 26, 2025 [2] - Researcher: Zhang Ping, Yu Feifei, Peng Jinglin [3][4] 1. Report Industry Investment Rating - Not provided in the report 2. Report's Core View - The short - term copper price is expected to maintain an upward trend due to low inventory support and a warming macro - environment. The market should pay attention to the Shanghai copper's test of the previous high pressure level [11] 3. Summary by Relevant Catalogs 3.1. Market Review and Operation Suggestions - Shanghai copper slightly rose to 78,810, with total positions increasing by 11,458 lots. The 07 - 08 spread on the board narrowed to 130, and the spot premium dropped 10 to 30. Downstream demand for high - priced copper was limited during the off - season [11] - LME market spreads also narrowed, with the 0 - 3 spread narrowing to $150/ton. The shortage of spot goods slightly eased, but LME inventory continued to decline by 1,200 to 93,475 tons. The high BACK structure caused by low LME inventory is difficult to ease in the short term [11] - The COMEX - LME spread widened to $1,214/ton. The high C - L premium due to the delayed US tariff implementation led to the continuous transfer of global inventory to COMEX. SHFE and LME will face continuous de - stocking pressure [11] - The macro - environment has improved. The sharp rise in A - shares has driven the market's bullish sentiment to spread to the commodity market, supporting the prices of Shanghai and London copper [11] 3.2. Industry News - A new preliminary feasibility study (PFS) of Ivanhoe Electric's Santa Cruz copper project in Arizona shows an initial cost of $1.24 billion and a post - tax net present value (NPV) of $1.4 billion. The underground mine can produce 72,000 tons of copper cathode per year in the first 15 years of its 23 - year lifespan. At a base price of $4.25 per pound, the internal rate of return (IRR) is 20%. At the current Comex high - grade copper price of $4.83 per pound, the NPV rises to $1.9 billion and the IRR rises to 24% [12] - The Shanghai Futures Exchange approved the registration of "Zhongtiaoshan" brand Grade A copper produced by Houma Beitong Copper Industry Co., Ltd., with a registered production capacity of 200,000 tons. It also cancelled the registration qualification of "Zhongtiaoshan" brand Grade A copper of Shanxi Beifang Copper Industry Co., Ltd.'s Houma Smelter [12] - The case of Zijin Mining Group Co., Ltd. and Ajlan Brothers Mining Company's new joint venture entered the publicity period (June 16 - 25, 2025). The joint venture will engage in exploration, potential mining, operation, management, development, production, and sales of minerals in Saudi Arabia [13] - An employee of First Quantum's Trident died in a dump truck accident at Sentinel. The company will cooperate fully with the investigation, and operations in the accident area have been temporarily suspended [13]

Core Viewpoint - Jiangnan Chemical (002226) announced that its major shareholder, Zijin Investment, plans to issue non-publicly offered exchangeable bonds backed by a portion of its A-share holdings in the company, aiming to raise up to RMB 700 million [1] Group 1: Exchangeable Bonds - The proposed exchangeable bonds will have a term of no more than 5 years [1] - Holders of the exchangeable bonds will have the right to convert their bonds into A-shares of the company during the exchange period, subject to certain conditions [1] Group 2: Shareholding Structure - Zijin Investment and its concerted parties, including Zijin Mining (601899) and Zijinan (Xiamen) Investment Partnership, collectively hold 562 million shares of the company, accounting for 21.23% of the total share capital [1] - The issuance of these exchangeable bonds will not result in a change of the company's controlling shareholder or actual controller [1]

金十数据6月25日讯，摩根士丹利发报告指，上调紫金矿业(02899.HK)目标价7.3%，从23.4港元升至25.1 港元，维持增持评级。基于2025年第一季度该公司的数据，大摩调整2025—2026年对Kamoa铜矿厂产量 预测为40万吨，上调对平均销售单价/金价的比率。大摩上调对该公司2025—2027年每股盈利预测1%， 4%和5%，至1.56元人民币、1.7元人民币和1.65元人民币。 摩根士丹利上调紫金矿业目标价7% 维持增持评级 ...

Core Viewpoint - The article discusses the planned spin-off of Zijin Mining Group's subsidiary, Zijin Gold International, for listing on the Hong Kong Stock Exchange, along with the independent financial advisor's review of insider trading activities related to this event [1][6]. Summary by Sections Spin-off Plan - Zijin Mining Group intends to spin off its subsidiary, Zijin Gold International, for a listing on the Hong Kong Stock Exchange [1]. - The spin-off is subject to various regulations, including the "Rules on Spin-off of Listed Companies" and "Management Measures for Major Asset Restructuring of Listed Companies" [1]. Insider Information Review - The review period for insider trading activities spans from October 29, 2024, to May 26, 2025, covering six months prior to the disclosure of the spin-off plan [1]. - The scope of the review includes current directors, supervisors, senior management, and related personnel of both the parent company and the subsidiary, as well as major shareholders and relevant intermediaries [1]. Trading Activities - During the review period, the following trading activities were noted: - CITIC Securities, as the independent financial advisor, reported buying 189,102,677 shares and selling 151,307,982 shares of Zijin Mining [1]. - Other trading activities by related personnel were also documented, with specific buy and sell figures provided [1][2]. Compliance and Commitments - The independent financial advisor established an "Information Barrier System" to prevent insider trading and ensure compliance with regulations [1]. - Relevant personnel and their immediate family members provided declarations stating that their trading activities were based on market information and personal judgment, with no connection to the spin-off [2][3][4]. Conclusion of Review - The independent financial advisor concluded that the trading activities during the review period did not constitute insider trading as defined by relevant laws, and thus do not pose a legal obstacle to the spin-off [5][6].

美银证券近期举办了人工智能资本支出论坛。与数据中心专家、上海金属网铜行业专家、紫金矿业 （601899）和安徽海螺水泥（600585）进行了交流。 中国人工智能资本支出超5000亿元，数据中心市场同比增长20% 数据中心专家预计，2025年中国人工智能资本支出将超过5000亿元。对于互联网数据中心(IDC)和人工 智能数据中心(AIDC)，机房建设成本分别占资本支出的30%和18%。柴油发电机、IT设备和冷却系统分 别占资本支出的15-18%、45%和20%。 他认为，在中国数据中心市场中，受人工智能数据中心(AIDC)的推动，市场规模同比增长20%，主要增 长区域为华东、内蒙古和华北地区，而互联网数据中心(IDC)的增长可能放缓。 海螺水泥：需求疲软；在人工智能模式上积极探索 海螺水泥4-5月产量为75万吨/日，同比下降8%，6月产量因雨季预计为70万吨/日。 海螺水泥预计，由于房地产市场疲软以及地方政府资金紧张导致基础设施项目延迟，2025年中国水泥需 求将同比下降5-7%。6月平均售价(ASP)降至255-260元/吨。 铜行业专家：供应紧张但2025年需求预计同比增长4% 专家认为，2025年中国铜需 ...

福建至理律师事务所 地址：福州市鼓楼区洪山园路华润万象城三期 TB#写字楼 22 层 邮政编码：350025 电话：（86 591）8806 5558 传真：（86 591）8806 8008 网址：www.zenithlawyer.com 福建至理律师事务所关于 紫金矿业集团股份有限公司分拆所属子公司紫金黄金国际有限公司 至香港联合交易所主板上市 关于紫金矿业集团股份有限公司 分拆所属子公司紫金黄金国际有限公司 至香港联合交易所主板上市 相关内幕信息知情人买卖股票情况之 专项核查意见 相关内幕信息知情人买卖股票情况之专项核查意见 闽理非诉字〔2025〕第 108-1 号 致：紫金矿业集团股份有限公司 根据紫金矿业集团股份有限公司（以下简称公司、上市公司或紫金矿业）与 福建至理律师事务所（以下简称本所）签订的《证券法律业务委托协议书》，本 所接受紫金矿业的委托，指派林涵、韩叙律师（以下简称本所律师）担任紫金矿 业分拆所属中国香港子公司紫金黄金国际有限公司（以下简称紫金黄金国际）至 香港联合交易所有限公司主板上市（以下简称本次分拆或本次分拆上市）的专项 法律顾问。 根据《中华人民共和国公司法》《中华人民共和国证 ...

中信证券股份有限公司 关于紫金矿业集团股份有限公司分拆所属子公司 紫金黄金国际有限公司至香港联交所上市 相关内幕信息知情人买卖股票情况之专项核查意见 （一）上市公司及其现任董事、监事、高级管理人员及相关知情人员； （二）拟分拆主体及其现任董事、监事、高级管理人员及相关知情人员； 中信证券股份有限公司（以下简称"中信证券"或"独立财务顾问"）作为 紫金矿业集团股份有限公司（以下简称"紫金矿业"、"公司"或"上市公司"） 拟分拆所属子公司紫金黄金国际有限公司（以下简称"紫金黄金国际"、"拟分拆 主体"或"所属子公司"）至香港联交所上市（以下简称"本次分拆"或"本次 分拆上市"）的独立财务顾问，根据《上市公司分拆规则（试行）》《上市公司重 大资产重组管理办法（2025 修正）》《公开发行证券的公司信息披露内容与格式 准则第 26 号——上市公司重大资产重组（2025 修正）》《上市公司监管指引第 5 号——上市公司内幕信息知情人登记管理制度（2025 修正）》等法律、法规的规 定，对紫金矿业本次分拆首次作出决议前六个月至《紫金矿业集团股份有限公司 关于分拆所属子公司紫金黄金国际有限公司至香港联交所上市的预案》披露期 ...

证券代码：601899 证券简称：紫金矿业 编号：临 2025-056 紫金矿业集团股份有限公司 关于分拆所属子公司紫金黄金国际有限公司至香港联交所上市 相关内幕信息知情人买卖股票情况之自查报告 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。 紫金矿业集团股份有限公司（以下简称"紫金矿业"、"公司"或"上市公司"） 拟分拆所属子公司紫金黄金国际有限公司（以下简称"紫金黄金国际"、"拟分拆 主体"或"所属子公司"）至香港联交所上市（以下简称"本次分拆"或"本次分 拆上市"）。2025 年 5 月 26 日，公司召开第八届董事会 2025 年第 9 次临时会议审 议通过了《关于<紫金矿业集团股份有限公司关于分拆所属子公司紫金黄金国际有 限公司至香港联交所上市的预案>的议案》及其他与本次分拆相关的议案，具体内 容详见公司在上海证券交易所及公司网站披露的相关公告。 根据《上市公司分拆规则(试行)》《上市公司重大资产重组管理办法(2025 修 正)》《公开发行证券的公司信息披露内容与格式准则第 26 号——上市公司重大资 产重组(202 ...

证券代码：601899 证券简称：紫金矿业 编号：临 2025-055 紫金矿业集团股份有限公司 关于为子公司提供担保的实施公告 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： 公司全资子公司紫金实业向上海浦东发展银行申请总额不超过人民币 6.87 亿元贷款。公司将为上述贷款提供连带责任担保，担保期限不超过 6 年。 截止本公告日，公司为紫金实业提供的担保余额为 0 亿元。 （一）为全资子公司金山（香港）国际矿业有限公司提供担保 被担保人：金山（香港）国际矿业有限公司（以下简称"金山香港"） 紫金矿业集团股份有限公司（以下简称"公司"）全资子公司金山香港向 中国银行申请总额不超过人民币（币种下同）42 亿元贷款。公司将为上述贷款提 供连带责任担保，担保期限不超过 5 年。 （二）为全资子公司紫金海外发展（海南）有限公司提供担保 被担保人：紫金海外发展（海南）有限公司（以下简称"紫金海南"） 公司全资子公司紫金海南向进出口银行海南省分行申请总额不超过人民 币 3.322 亿元贷款。公司将为上述贷款提供连带责任担保 ...

Core Viewpoint - China's goods trade import and export value reached 17.94 trillion yuan in the first five months of this year, showing a year-on-year growth of 2.5%, with exports in May alone amounting to 2.28 trillion yuan, an increase of 6.3% [1] Group 1: Expansion and Diversification - Companies are broadening their horizons and shifting from single market reliance to diversified layouts, enhancing competitiveness through innovation [1][3] - Tongda Chuangzhi has established its first overseas base in Malaysia, with over 75% of its market share coming from overseas, and is focusing on expanding its customer base in Europe and Belt and Road countries [2] - Guangdong Vanward New Electric Co. is accelerating its overseas factory layout to meet international project demands, establishing its first overseas production base in Thailand [3] Group 2: Transformation and Upgrading - The "outbound" products are increasingly incorporating higher technological content as companies transition from traditional manufacturing to smart and green manufacturing [4][5] - CATL has successfully launched its first overseas factory in Germany and is expanding its presence in the European battery market, increasing its market share from 17% in 2021 to 38% in 2024 [5] Group 3: Localization and Integration - Companies are facing challenges in understanding local cultures and regulations while striving for high-quality outbound operations [6][7] - Zijin Mining has implemented a unique management model to enhance operational efficiency and local employment, achieving a local employment rate of 95.98% by the end of 2024 [8] - Tongda Chuangzhi's Malaysian factory achieved profitability within five months of operation, attributed to effective localization strategies and close cooperation between headquarters and local teams [8]