1. Report Industry Investment Rating No information provided in the report regarding the industry investment rating. 2. Core Viewpoints of the Report - The target price of Jin 25 Convertible Bonds on the first trading day is estimated to be between 128 and 133 yuan, and investors are advised to actively subscribe [20]. - The estimated first - day new - bond subscription winning rate is around 0.0121% - 0.0149% [21]. 3. Summary According to Relevant Catalogs 3.1 Jin 25 Convertible Bonds New - Bond Analysis and Investment Suggestions 3.1.1 Convertible Bond Basic Terms Analysis - The issuance methods of Jin 25 Convertible Bonds are priority placement and online issuance, with both the bond and issuer rated AA. The issuance scale is 2 billion yuan, the initial conversion price is 63.46 yuan, the bond parity on September 24, 2025, is 99.78 yuan, and the pure bond value is 98.93 yuan. The game terms (downward revision, redemption, and put - back clauses) are normal. The bond has high issuance scale, good liquidity, acceptable rating, and good bond - floor protection. It is easy for institutions to include in their portfolios, and there is no objection to primary - market participation [16]. 3.1.2 New - Bond Initial Listing Price Analysis - Considering the current market environment and parity level, the conversion premium rate of Jin 25 Convertible Bonds on the first listing day is expected to be in the range of 28% - 33%, corresponding to a first - day listing target price of around 128 - 133 yuan. The company is a group - based mining listed company mainly engaged in mining services and mining resource development [20]. 3.1.3 Convertible Bond New - Bond Subscription Winning Rate Analysis - Assuming the old - shareholder placement ratio is 41% - 52%, the scale available for the market is 951 million - 1.175 billion yuan. Assuming the online effective subscription number is 7.89 million households, the winning rate when subscribing to the full quota is estimated to be around 0.0121% - 0.0149% [21]. 3.2 Underlying Stock Fundamental Analysis 3.2.1 Company's Main Business and Industry Upstream - Downstream Situation - The company's main business includes mining operation management, mine engineering construction, mining resource development, mine engineering design and research, and mining machinery equipment manufacturing. The upstream is the mining machinery equipment manufacturing industry, which has little impact on the company. The downstream of mining services is the mineral resource development industry, and the downstream of resource development is the mineral resource smelting, processing, and trading industry [22][23]. 3.2.2 Company's Operating Conditions - From 2022 to the first half of 2025, the company's operating income showed an upward trend, with year - on - year growth rates of 18.90%, 38.18%, 34.37%, and 47.82% respectively. The core business is mining operation management. The sales revenue of cathode copper, copper concentrate, and phosphate ore increased due to the acquisition of mines. The comprehensive gross profit margin and net profit margin increased steadily. The company's receivables' proportion of operating revenue decreased, and the accounts - receivable turnover rate increased. The net profit attributable to the parent company maintained high - speed positive growth [25][29][35]. 3.2.3 Company's Equity Structure and Major Subsidiaries - As of June 30, 2025, the equity structure was relatively dispersed. Jinchengxin Group was the largest shareholder with a 38.88% shareholding ratio. The top two shareholders held a combined 41.25% stake, and the top ten shareholders held a combined 52.47% stake. Wang Xiancheng, Wang Cicheng, Wang Youcheng, Wang Yicheng, and Wang Yicheng were the actual controllers, directly and indirectly controlling 43.16% of the company's shares [43]. 3.2.4 Company's Business Characteristics and Advantages - The company has advantages in technology R & D, deep - resource development services, talent, and equipment - maintenance - operation integration. It has rich experience in complex geological conditions, a large number of technical achievements, a high - quality talent team, advanced equipment, and a mature mechanized operation model [48]. 3.2.5 Current Raised - Capital Investment Arrangements - The raised funds after deducting issuance fees are planned to be used as follows: 800 million yuan for the Zambia Lubumbi Copper Mine Beneficiation Project (technical renovation), 800 million yuan for the mine mining operation and infrastructure equipment purchase project, 80 million yuan for the underground green unmanned intelligent equipment R & D project, and the remaining 320 million yuan for working - capital replenishment [14].

Group 1: Market Performance - The non-ferrous metal sector experienced a significant surge on September 25, with stocks like Jingyi Co., Northern Copper, and Luoyang Molybdenum seeing substantial gains [1][3] - As of September 24, the non-ferrous metal sector in A-shares has risen by 53.46% year-to-date [5] - Within the sector, 103 stocks have increased by over 20%, 59 by over 50%, and 10 have doubled in value this year, with Zhongzhou Special Materials leading at a 191.04% increase [6] Group 2: Copper Price Dynamics - The copper price has been influenced by a significant incident at Freeport McMoRan's Grasberg mine, which is expected to reduce copper and gold production by 35% in 2026 [10] - Following the incident, global copper prices surged, with LME copper reaching a high of $10,364 per ton, the highest since June 2024 [13] - Domestic copper futures also rose, nearing 83,000 yuan per ton, marking a 15-month high [13] Group 3: Demand Drivers - The demand for copper is expected to remain strong due to the growth in new industries such as electric vehicles, robotics, and AI computing [13] - In August, China's automobile production and sales reached 2.815 million and 2.857 million units, respectively, with significant year-on-year growth [13] - The total copper consumption in the automotive sector is estimated at 91,112 tons, with passenger vehicles accounting for 74,560 tons [13]

证券代码：603979 证券简称：金诚信 公告编号：2025-083 金诚信矿业管理股份有限公司 向不特定对象发行可转换公司债券 发行提示性公告 保荐人（联席主承销商）：中国银河证券股份有限公司 联席主承销商：中信证券股份有限公司 2、原股东优先配售特别关注事项 （1）原股东优先配售均通过网上申购方式进行。本次可转债发行向原股东优 先配售证券，不再区分有限售条件流通股与无限售条件流通股，原则上原股东均 通过上海证券交易所（以下简称"上交所"）交易系统通过网上申购的方式进行配 售，并由中国证券登记结算有限责任公司上海分公司（以下简称"中国结算上海 分公司"）统一清算交收及进行证券登记。原股东获配证券均为无限售条件流通证 券。 本次发行没有原股东通过网下方式配售。 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个别及连带责任。 特别提示 金诚信矿业管理股份有限公司（以下简称"金诚信""发行人"或"公司"） 向不特定对象发行 200,000.00 万元可转换公司债券（以下简称"金 25 转债"，代 码"113699"）已获得中国证券监督管理委 ...

Group 1 - The industrial metal sector increased by 3.55% on September 25, with Jingyi Co., Ltd. leading the gains [1] - The Shanghai Composite Index closed at 3853.3, down 0.01%, while the Shenzhen Component Index closed at 13445.9, up 0.67% [1] - Key stocks in the industrial metal sector showed significant price increases, with Jingyi Co., Ltd. rising by 10.02% to a closing price of 13.50 [1] Group 2 - The industrial metal sector saw a net inflow of 713 million yuan from main funds, while retail investors experienced a net outflow of 184 million yuan [2] - Major stocks like Luoyang Aluminum and Northern Copper experienced varying levels of net inflow and outflow from different investor categories [3] - The data indicates a mixed sentiment among retail and institutional investors within the industrial metal sector [3]

注：本文系新闻报道，不构成投资建议，股市有风险，投资需谨慎。 （文章来源：证券时报网） 数据宝统计，截至14:33，金诚信成交额10.23亿元，创2024年10月11日以来新高。最新股价上涨 7.28%，换手率2.44%。上一交易日该股全天成交额为5.28亿元。（数据宝） ...

Company Overview - Jincheng Mining Management Co., Ltd. is located in Fengtai District, Beijing, and was established on January 7, 2008. The company was listed on June 30, 2015. Its main business includes mining engineering construction, mining operation management, mining design, and technology research and development [1][2]. Financial Performance - For the period from January to June 2025, Jincheng achieved operating revenue of 6.316 billion yuan, representing a year-on-year growth of 47.82%. The net profit attributable to shareholders was 1.111 billion yuan, reflecting an increase of 81.29% year-on-year [2]. - Since its A-share listing, Jincheng has distributed a total of 768 million yuan in dividends, with 477 million yuan distributed over the past three years [3]. Stock Performance - As of September 24, Jincheng's stock price increased by 2.04% to 63.06 yuan per share, with a trading volume of 354 million yuan and a turnover rate of 0.91%. The total market capitalization is 39.336 billion yuan [1]. - Year-to-date, Jincheng's stock price has risen by 75.90%, with a decline of 2.31% over the last five trading days, a 5.50% increase over the last 20 days, and a 31.35% increase over the last 60 days [1]. Shareholder Information - As of August 31, Jincheng had 16,400 shareholders, a decrease of 1.30% from the previous period. The average number of circulating shares per person increased by 1.32% to 38,065 shares [2]. - As of June 30, 2025, Hong Kong Central Clearing Limited was the third-largest circulating shareholder, holding 13.8932 million shares, a decrease of 16.2626 million shares from the previous period [3]. Business Segmentation - The revenue composition of Jincheng's main business includes: sales of cathode copper, copper concentrate, and phosphate rock (46.11%), mining operation management (39.63%), mining engineering construction (11.85%), materials, equipment, and others (1.29%), mining machinery and equipment (1.00%), and mining design consulting (0.13%) [1]. Industry Classification - Jincheng is classified under the Shenwan industry as non-ferrous metals - industrial metals - copper. It is also associated with concept sectors including phosphate chemicals, gold stocks, overseas expansion, social security heavy holdings, and value growth [1].

Group 1 - The company Jinchengxin announced that the "Jincheng Convertible Bond" will resume conversion on the first trading day after the equity registration date, which is September 26, 2025 [2]

Group 1 - The controlling shareholder of Jinchengxin Mining Management Co., Ltd., Jinchengxin Group Co., Ltd., holds approximately 243 million shares, accounting for 38.88% of the total share capital of the company [1] - A total of 33 million shares have been pledged, representing 5.29% of the total share capital and 13.61% of the shares directly held by the controlling shareholder [1] Group 2 - The industry is closely monitoring a large-scale procurement organized by the state, which has raised concerns due to low bidding prices that require further explanation from bidding companies [1]

证券代码：603979 证券简称：金诚信 公告编号：2025-080 金诚信矿业管理股份有限公司 向不特定对象发行可转换公司债券网上路演公告 保荐人（联席主承销商）：中国银河证券股份有限公司 联席主承销商：中信证券股份有限公司 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个别及连带责任。 金诚信矿业管理股份有限公司（以下简称"发行人"）向不特定对象发行可转换公 司债券（以下简称"本次发行"）已获得中国证券监督管理委员会证监许可〔2025〕1802 号文同意注册。本次发行向原股东优先配售，原股东优先配售后余额部分（含原股东放 弃优先配售部分）采用网上通过上海证券交易所交易系统向社会公众投资者发售的方式 进行。 二、网上路演网址：上证路演中心（https://roadshow.sseinfo.com/） 三、参加人员：发行人董事会及管理层主要成员和联席主承销商相关人员 敬请广大投资者关注。 1 发行人：金诚信矿业管理股份有限公司 保荐人（联席主承销商）：中国银河证券股份有限公司 联席主承销商：中信证券股份有限公司 2025年9月24日 2 ...

证券代码：603979 证券简称：金诚信 公告编号：2025-079 金诚信矿业管理股份有限公司 向不特定对象发行可转换公司债券发行公告 保荐人（联席主承销商）：中国银河证券股份有限公司 联席主承销商：中信证券股份有限公司 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： 本次发行基本信息 | 可转债代码 | 113699 | | | | | 可转债简称 | 金 25 | 转债 | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 原股东配售代码 | 753979 | | | | | 原股东配售简称 | 金 25 | 配债 | | | | 转债申购代码 | 754979 | | | | | 转债申购简称 | 金 25 | 发债 | | | | 发行日期及时间 | （2025 | | 年 9 | 月 | 26 | 日）（9:30-11:30,13:00-15:00） | | | | | | 股权登记日 | 2025 | ...