Investment Rating - The investment rating for the non-ferrous metals industry is "Positive" (maintained) [4] Core Views - Copper prices rebounded after a significant drop, with attention on the ongoing US-China trade dynamics and recession expectations in the US. The weekly performance showed US copper up 3.75%, London copper up 2.97%, and Shanghai copper down 4.6%. The decline in copper prices led to increased downstream activity and accelerated inventory depletion, with copper rod operating rates at 74.76%, up 0.21 percentage points week-on-week. Social inventory of electrolytic copper decreased by 14.80% to 267,200 tons, while Shanghai copper inventory fell by 18.96% to 182,900 tons. Short-term price rebounds may be limited by US recession expectations, with key focus areas being US-China trade developments, US economic and inflation data, and Federal Reserve interest rate expectations. Recommended stocks include Zijin Mining, Luoyang Molybdenum, Jincheng Mining, and Tongling Nonferrous Metals [4] - Aluminum prices fell due to tariff impacts, with signs of weakening demand in the peak season and continued inventory depletion. The alumina market remains oversupplied, with prices dropping 5.12% to 2,870 RMB/ton. The operating capacity of alumina plants decreased by 1.91 million tons to 84.82 million tons/year. Electrolytic aluminum prices fell 3.72% to 19,675 RMB/ton, with profit margins down 15.54% to 3,650 RMB/ton. Overall, the supply side of electrolytic aluminum shows no increase in capacity, leading to a potential shortage this year, which could drive aluminum prices up significantly. Recommended stocks include Hongchuang Holdings, Yun Aluminum, Tianshan Aluminum, Shenhuo Co., and China Aluminum [4] - Lithium prices continued to decline, with carbonate lithium down 3.11% to 71,600 RMB/ton. The supply side remains oversupplied, with inventory increasing by 1.3% to 131,000 tons. Demand growth is hindered by tariff impacts on downstream exports, with expectations for a narrowing of the oversupply throughout the year. Recommended stocks include Yahua Group, Zhongjin Lingnan, Yongxing Materials, and Ganfeng Lithium [4] Summary by Sections 1. Industry Overview - The US March CPI was lower than expected at 2.4%, with initial jobless claims matching expectations at 223,000 [8] 2. Industrial Metals 2.1. Copper - London copper rose 2.97%, while Shanghai copper fell 4.60%. Inventory levels decreased significantly, with Shanghai copper inventory down 18.96% [21][24] 2.2. Aluminum - London aluminum increased by 0.50%, while Shanghai aluminum decreased by 3.72%. The operating profit for aluminum companies fell by 15.54% [33] 2.3. Lead and Zinc - London lead prices fell 0.57%, while Shanghai lead prices decreased by 2.44%. London zinc prices rose 0.34%, but Shanghai zinc prices fell 2.36% [48] 2.4. Tin and Nickel - London tin prices dropped 12.17%, and Shanghai tin prices fell 13.22%. Nickel prices also saw a decline [61] 3. Energy Metals 3.1. Lithium - Lithium carbonate prices fell 3.11% to 71,600 RMB/ton, with continued oversupply in the market [77] 3.2. Cobalt - Overseas MB cobalt prices increased by 0.16% to 15.88 USD/pound, while domestic cobalt prices fell [88]

| 证券代码：603979 | 证券简称：金诚信 | 公告编号：2025-021 | | --- | --- | --- | | 转债代码：113615 | 转债简称：金诚转债 | | 金诚信矿业管理股份有限公司 关于暂不提前赎回"金诚转债"的提示性公告 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个别及连带责任。 重要内容提示: 1 分配方案的实施，"金诚转债"转股价格自 2023 年 7 月 7 日起调整为 12.43 元/ 股；因 2023 年利润分配方案的实施，"金诚转债"转股价格自 2024 年 7 月 11 日起调整为 12.23 元/股。 一、"金诚转债"基本情况 经中国证券监督管理委员会证监许可〔2020〕2325 号文核准，公司于 2020 年 12 月 23 日公开发行了 100 万手可转换公司债券，每张面值 100 元，发行总 额 100,000.00 万元，期限 6 年。 经上海证券交易所自律监管决定书〔2021〕5 号文同意，公司 100,000.00 万元可转换公司债券于 2021 年 1 月 14 日起在 ...

Core Viewpoint - The energy industry is accelerating its digital and intelligent transformation under the guidance of national strategies, with companies like Jincheng Mining Management Co., Ltd. leading the way in integrating digital technologies into their operations [1] Group 1: Digital Transformation in Procurement - Jincheng Mining is undergoing a significant transformation in its procurement department, moving from traditional manual processes to a digitalized model to enhance efficiency and compliance [2] - The company has partnered with JD Government Business to implement a digital procurement platform, which centralizes and streamlines the procurement process, significantly improving operational efficiency [2][3] - The integration of AI, cloud computing, and big data into procurement management allows for intelligent analysis and enhances transparency and compliance in the procurement process [2][3] Group 2: Supply Chain and Logistics Optimization - Jincheng Mining faces logistical challenges due to the remote locations of its mining projects, but the partnership with JD has improved procurement and delivery times, ensuring materials are delivered within three days [4] - JD's extensive supply chain network and customized fulfillment solutions effectively match supplier resources with the company's procurement needs, reducing operational costs [4] Group 3: Talent Management and Employee Welfare - The company emphasizes a "talent-driven" strategy, focusing on both professional skills and employee welfare, which is crucial for future competitiveness [5] - The collaboration with JD has introduced a digital employee welfare solution, allowing employees to choose benefits from a wide range of products, thus simplifying the procurement process for employee welfare [5] Group 4: Future Collaboration and Industry Impact - The partnership aims to expand into more areas of the supply chain and business operations, leveraging JD's capabilities to support Jincheng Mining's cost reduction and efficiency improvement goals [5] - This collaboration is expected to contribute significantly to the transformation and upgrading of the mining industry as a whole [5]

证券代码：603979 证券简称：金诚信 公告编号：2025-020 转债代码：113615 转债简称：金诚转债 金诚信矿业管理股份有限公司 关于签署日常经营合同的公告 3、承包内容： 井巷工程：-400m 中段及以上未完成的部分井巷工程，主要包括中段运输 大巷、各分段运输平巷、穿脉（探矿）巷道、采场凿岩平巷道、采场出矿进路、 切割天井、切割横平巷、采场矿石和废石溜井等。包括凿岩、出碴、中段运输、 地面运输等。 采场回采：采用中深孔钻孔、阶段出矿回采。包括中深孔凿岩铲运机出矿、 振动放矿机放矿、处理安全隐患（顶板、边帮浮石处理）等工序。 采空区充填：主要包括地面充填站设备设施的日常运行、检查、维护、保养 及维修、料浆制备（不包括固化剂供应）、采场密闭墙砌筑、脱水管安装、井下 充填管线安装维护和采场空区充填工作。 安装工程：主运输平巷的供电电缆线、运输线路、供风及供水钢管、闸阀， 管缆间供电线、供风及供水钢管；井下管缆井内管、线及振动放矿机安装。 主井提升：通过提升机将 8m3 箕斗下放到在-464m 水平装矿，然后再通过 提升机将矿石提升到地面卸入地面破碎系统的中碎矿仓。包括主井提升系统日常 运行、检查、维护 ...

Summary of Key Points Core Viewpoint - The announcement provides an update on the conversion status of the "Jincheng Convertible Bonds" and outlines the total amount converted into company shares as well as the remaining unconverted bonds. Group 1: Convertible Bond Issuance Overview - The company issued 1 million convertible bonds with a total value of 1 billion yuan on December 23, 2020, with a face value of 100 yuan each [2]. - The bonds were listed on the Shanghai Stock Exchange on January 14, 2021, under the name "Jincheng Convertible Bonds" and code "113615" [2]. - The conversion period for the bonds is from June 29, 2021, to December 22, 2026, with the conversion price adjusted to 12.23 yuan per share starting July 11, 2024 [2]. Group 2: Conversion Status as of March 31, 2025 - As of March 31, 2025, a total of 504,022,000 yuan of "Jincheng Convertible Bonds" has been converted into company shares, resulting in 40,367,744 shares, which is 6.9193% of the total shares before conversion [3][4]. - The remaining unconverted bonds amount to 495,978,000 yuan, representing 49.5978% of the total issued convertible bonds [3][4]. - During the first quarter of 2025, the conversion amount was 5,000 yuan, leading to the creation of 406 shares, which is 0.0001% of the total shares before conversion [2][3].

| 证券代码：603979 | 证券简称：金诚信 公告编号：2025-018 | | --- | --- | | 转债代码：113615 | 转债简称：金诚转债 | 金诚信矿业管理股份有限公司 2025 年第一季度可转债转股结果暨股份变动公告 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个别及连带责任。 根据有关规定和《金诚信矿业管理股份有限公司公开发行可转换公司债券募 集说明书》的约定，"金诚转债"的转股期起止日期为 2021 年 6 月 29 日至 2026 年 12 月 22 日。 因 2023 年利润分配方案的实施，"金诚转债"转股价格自 2024 年 7 月 11 日起调整为 12.23 元/股，具体情况详见公司于 2024 年 7 月 3 日发布的《金诚 信关于"金诚转债"因权益分派引起的转股价格调整公告》。 重要内容提示： 累计转股情况：截至 2025 年 3 月 31 日，累计共有 504,022,000 元"金 诚转债"转换为公司股票，累计因转股形成的股份数量为 40,367,744 股，占"金 诚转债"转股前公司已 ...

| 证券代码：603979 | 证券简称：金诚信 公告编号：2025-019 | | --- | --- | | 转债代码：113615 | 转债简称：金诚转债 | 金诚信矿业管理股份有限公司 关于"金诚转债"可能满足赎回条件的提示性公告 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个别及连带责任。 一、"金诚转债"基本情况 经中国证券监督管理委员会证监许可〔2020〕2325 号文核准，金诚信矿业 管理股份有限公司（以下简称"公司"）于 2020 年 12 月 23 日公开发行了 100 万手可转换公司债券，每张面值 100 元，发行总额 100,000.00 万元，期限 6 年。 经上海证券交易所自律监管决定书〔2021〕5 号文同意，公司 100,000.00 万元可转换公司债券于 2021 年 1 月 14 日起在上海证券交易所挂牌交易，转债 简称"金诚转债"，转债代码"113615"。"金诚转债"的转股期起止日期为 2021 年 6 月 29 日至 2026 年 12 月 22 日。"金诚转债"的初始转股价格为 12.73 ...

证券代码：603979 证券简称：金诚信 公告编号：2025-017 转债代码：113615 转债简称：金诚转债 金诚信矿业管理股份有限公司 关于签署日常经营合同的公告 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个别及连带责任。 金诚信矿业管理股份有限公司近日与内蒙古黄岗矿业有限责任公司就其Ⅰ 矿区 1125-1200m 中段及分段采矿、采切工程施工及有关事项协商一致并取得经 双方签字并盖章的合同协议，主要情况如下： 一、工程项目及协议主要情况 1、项目名称： 内蒙古黄岗矿业有限责任公司Ⅰ矿区 1125-1200m 中段及分 段采矿、采切工程 1、以上合同为本公司的日常经营合同，合同的履行对本公司的业绩将产生 一定的影响，有利于促进公司未来业务发展。 2、以上交易遵循公平、公正的市场交易定价原则，不存在损害上市公司及 股东利益的情形，符合公司实际经营发展需要。 2、工程地点及工程内容：赤峰市克什克腾旗同兴镇黄岗Ⅰ矿区 1125-1200m 中段及分段采矿、采切工程，支护形式根据围岩条件采用不支护、喷射混凝土、 喷锚网、钢筋混凝土等方 ...

证券代码：603979 证券简称：金诚信 公告编号：2025-016 转债代码：113615 转债简称：金诚转债 金诚信矿业管理股份有限公司 关于签署日常经营合同的公告 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个别及连带责任。 金诚信矿业管理股份有限公司全资子公司金诚信矿业建设赞比亚有限公司 近日与莫帕尼铜矿有限公司（Mopani Copper Mine Plc）就其赞比亚穆富利拉 （Mufulira）矿山基建及基础设施支护工程协商一致并取得经双方签署的合同协 议，主要情况如下： 一、工程项目及协议主要情况 1、项目名称：莫帕尼铜矿有限公司穆富利拉矿山基建及基础设施支护工程 2、工程地点：赞比亚穆富利拉矿区 3、工程范围：包括 500ml-430ml 斜坡道、1507ml-1530ml 斜坡道、1530ml- 1630ml 传送带斜坡道、1630ml 主破碎机联络巷、1630ml 破碎硐室、1507ml 车 间、1557ml 泵室等建设工程。 4、承包期限：28 个月，自 2025 年 1 月 30 日开始。 业主：Mopani ...

| 证券代码：603979 | 证券简称：金诚信 公告编号：2025-015 | | --- | --- | | 转债代码：113615 | 转债简称：金诚转债 | 金诚信矿业管理股份有限公司 本次担保无反担保。 截至公告日，公司无逾期对外担保。 特别风险提示：本次被担保人为资产负债率超过 70%的控股子公司，敬 请广大投资者注意相关风险。 一、 担保事项概述及进展情况 （一）担保的主要情况 公司于 2024 年 12 月收购澳大利亚 Terra Mining 51%股权，Terra Mining 现 为公司合并报表范围内子公司。根据日常经营需要，为保证其生产的铁矿石顺利 销售，公司为 Terra Mining（作为货物卖方）与五矿企荣（横琴）国际贸易有限 公司（作为货物购买委托人，以下简称"债权人"）的铁矿石买卖合同项下的债 权人的全部债权提供连带责任保证担保，担保的主债权本金不超过 200 万美元， 担保范围为 Terra Mining 根据合同约定应当向债权人支付的全部款项，包括但不 关于担保额度调剂及为子公司提供担保的进展公告 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 ...