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上市公告书 股票简称：金诚信 股票代码：603979 金诚信矿业管理股份有限公司 （注册地址：北京市密云区经济开发区水源西路28号院1号楼101室） 向不特定对象发行可转换公司债券 上市公告书 保荐机构/主承销商 住所：北京市丰台区西营街 8 号院 1 号楼 联席主承销商 住所：广东省深圳市福田区中心三路 8 号卓越时代广场（二期）北座 二〇二五年十月 1 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上市公告书 第一节 重要声明与提示 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"）全 体董事、高级管理人员保证上市公告书的真实性、准确性、完整性，承诺上市公 告书不存在虚假记载、误导性陈述或重大遗漏，并对其内容的真实性、准确性和 完整性承担个别和连带的法律责任。 根据《中华人民共和国公司法》、《中华人民共和国证券法》等有关法律、 法规的规定，公司董事、高级管理人员已依法履行诚信和勤勉尽责的义务和责任。 中国证券监督管理委员会（以下简称"中国证监会"）、上海证券交易所（以 下简称"上交所"）、其他政府机关对公司可转换公司 ...

Core Insights - The industrial metals sector experienced a rise of 1.58% on October 21, with Wanshun New Materials leading the gains [1] - The Shanghai Composite Index closed at 3916.33, up 1.36%, while the Shenzhen Component Index closed at 13077.32, up 2.06% [1] Industrial Metals Sector Performance - Wanshun New Materials (300057) closed at 5.97, with a gain of 7.18% and a trading volume of 461,600 shares, amounting to a transaction value of 270 million [1] - Hongchuang Holdings (002379) closed at 19.44, up 6.87%, with a trading volume of 236,700 shares and a transaction value of 451 million [1] - Jinchengxin (603979) closed at 65.66, increasing by 5.66%, with a trading volume of 96,800 shares and a transaction value of 626 million [1] - Other notable performers include Yunnan Aluminum (000807) with a 4.56% increase and China Aluminum (601600) with a 2.99% increase [1] Capital Flow Analysis - The industrial metals sector saw a net inflow of 103 million from institutional investors, while retail investors experienced a net outflow of 370 million [2][3] - Major stocks like China Aluminum (601600) had a net inflow of 124 million from institutional investors, while retail investors had a net outflow of 104 million [3] - Yunnan Aluminum (000807) also showed significant institutional interest with a net inflow of 117 million [3]

Investment Rating - The report maintains an "Accumulate" rating for the copper industry [6]. Core Viewpoints - The report expresses optimism for copper prices to rise in the future due to tightening supply and improving demand [4]. - Trade conflicts are currently suppressing copper prices, but a rebound is expected as downstream demand recovers [1][4]. Summary by Sections Inventory - Domestic copper social inventory increased by 6.7% week-on-week, while LME copper inventory decreased by 1.5% [2]. - As of October 17, 2025, domestic port copper concentrate inventory stood at 681,000 tons, up 3.1% from the previous week [2]. - Global electrolytic copper inventory across the three major exchanges reached 589,000 tons, a 4.9% increase from September 30 [2]. Supply - The price difference between refined copper and scrap copper decreased by 840 yuan/ton this week [2]. - In July 2025, China's copper concentrate production was 138,000 tons, down 6.3% month-on-month and 1.6% year-on-year [2]. - Global copper concentrate production in July 2025 was 2.012 million tons, up 7.2% year-on-year and 4.7% month-on-month [2]. Smelting - The current TC (treatment charge) is -40.8 USD/ton, unchanged from the previous week [3]. - In September 2025, China's electrolytic copper production was 1.121 million tons, down 4.3% month-on-month but up 11.6% year-on-year [3]. - In August, electrolytic copper imports increased by 6% year-on-year, while exports rose by 19% [3]. Demand - The cable industry's operating rate increased by 3.4 percentage points week-on-week [3]. - The cable sector accounts for approximately 31% of domestic copper demand, with the operating rate for cable enterprises at 61.91% as of October 16, 2025 [3]. - Air conditioning accounts for about 13% of domestic copper demand, with production expected to improve in the fourth quarter [3]. Futures - As of October 17, 2025, the active contract position for SHFE copper increased by 6.8% week-on-week, reaching 216,000 lots [4]. - The report notes that the current position is at the 64th percentile since 1995 [4]. Investment Recommendations - The report recommends stocks such as Zijin Mining, Western Mining, Luoyang Molybdenum, and Jincheng Mining, while keeping an eye on Tongling Nonferrous Metals [4].

Investment Rating - The investment rating for the non-ferrous metals industry is "Positive" (maintained) [3] Core Views - The report anticipates a potential upward trend in copper prices due to expected shortages in copper mines, particularly with the global second-largest copper mine, Grasberg, facing production halts. The report suggests that the copper supply-demand balance may shift from tight equilibrium to shortage by 2026 [4] - The report highlights the performance of various metals, including aluminum, lithium, and cobalt, with specific recommendations for companies to watch in each segment [4] Summary by Sections 1. Industry Overview - Recent macroeconomic developments include a new round of US-China trade negotiations and comments from Trump regarding the unsustainability of high tariffs on China [8] 2. Market Performance - The overall performance of the non-ferrous metals sector saw a decline, with the Shanghai Composite Index down 1.47% and the Shenwan Non-Ferrous Metals Index down 3.07%, underperforming the Shanghai Composite by 1.60 percentage points [10][11] 3. Valuation Changes - The PE_TTM for the Shenwan Non-Ferrous Metals Index is 26.96, down 1.78 from the previous week, while the PB_LF is 3.22, down 0.22 [19][22] 4. Copper - Copper prices have seen a decline, with LME copper down 1.86% and SHFE copper down 1.77%. However, the report indicates a potential for price recovery due to supply disruptions and seasonal demand [21][44] 5. Aluminum - Aluminum prices are experiencing fluctuations, with LME aluminum down 0.45% and SHFE aluminum down 0.47%. The report notes a decrease in inventory levels, which may support price stability [33][44] 6. Lithium - Lithium prices are showing mixed trends, with lithium carbonate down 0.27% and lithium spodumene up 0.83%. The report suggests that lithium prices may stabilize due to seasonal demand [73] 7. Cobalt - Cobalt prices have increased, with MB cobalt up 5.40% to $20.98 per pound, driven by changes in export regulations from the Democratic Republic of Congo [86]

Investment Rating - The report maintains a "Buy" rating for the industry, highlighting several key companies as investment opportunities [4]. Core Views - The report emphasizes that tariff uncertainties continue to disrupt the market, leading to increased demand for safe-haven assets like gold and silver, which have reached new highs [1][2]. - Industrial metal prices are expected to remain strong due to supply disruptions and optimistic macroeconomic forecasts, despite short-term volatility caused by tariffs [2][3]. - Energy metals, particularly lithium and cobalt, are projected to perform well due to strong demand from the electric vehicle and energy storage sectors [3]. - Precious metals are benefiting from strong central bank purchases and high expectations for interest rate cuts, which are expected to support gold prices in the medium to long term [3]. Summary by Sections Industrial Metals - Tariff-induced short-term volatility is affecting copper prices, but supply disruptions are expected to support prices [2]. - Aluminum demand remains resilient, with a decrease in social inventory indicating a potential price stabilization [2][19]. - The report highlights key companies in the industrial metals sector, including Luoyang Molybdenum, Zijin Mining, and China Aluminum [2]. Energy Metals - Cobalt prices are rising due to new export quota regulations from the Democratic Republic of Congo, while lithium demand remains strong due to the growth of the electric vehicle market [3]. - Key companies recommended in this sector include Huayou Cobalt and Tianqi Lithium [3]. Precious Metals - Gold prices are expected to continue rising due to strong demand from central banks and geopolitical uncertainties [3]. - Recommended companies in the precious metals sector include Western Gold, Shandong Gold, and Zijin Gold [3].

Core Viewpoint - The traditional metal resources are becoming a new lifeline amid the technological wave and energy transition, with challenges in supply for non-ferrous metals and emerging demand potentially marking a long-term turning point for the sector [2]. Group 1: Tin Market Insights - Minmetals Securities is optimistic about tin prices, forecasting an average annual growth rate of 44.5% in tin consumption for AI servers from 2025 to 2030, driven by significantly higher tin usage compared to traditional servers [5]. Group 2: Precious Metals Outlook - Shenwan Hongyuan suggests that the precious metals sector is likely to continue its recovery, with current valuations at the lower end of historical averages. They recommend focusing on companies like Shandong Gold, Zhaojin Mining, and others, while noting that the gold-silver ratio is currently high and may converge in the future [6]. Group 3: Copper Investment Opportunities - Guolian Minsheng highlights long-term supply constraints in copper due to insufficient capital expenditure in mining, which, combined with expectations of Federal Reserve rate cuts, could catalyze a new upward cycle in copper prices. Recommended companies include Zijin Mining and Luoyang Molybdenum [7]. Group 4: Cobalt Market Dynamics - CITIC Construction emphasizes the strategic opportunity in cobalt, noting that new export quotas from the Democratic Republic of Congo will reduce cobalt exports by over 100,000 tons in the next two years, leading to an estimated market shortage of about 30,000 tons in 2024 [8]. Group 5: Overall Non-Ferrous Metals Investment Space - HSBC Jintrust Fund indicates that there remains investment space in the non-ferrous metals sector, primarily due to further expected rate cuts by the Federal Reserve, which could drive prices up. The current valuation of the non-ferrous sector in Hong Kong is seen as advantageous compared to A-shares [9].

Core Viewpoint - The traditional metal resources are becoming a new lifeline amid the technological wave and energy transition, with challenges in supply for non-ferrous metals and potential long-term turning points in the sector [1] Group 1: Tin Market Insights - AI servers consume significantly more tin than traditional servers, leading to an increase in tin demand, with an expected annual growth rate of 44.5% in global tin consumption from 2025 to 2030 [2] - Limited new supply capacity for tin in the medium to long term, combined with growth in emerging fields like AI and robotics, as well as steady growth in electric vehicles and photovoltaics, supports a bullish long-term outlook for tin prices [2] Group 2: Precious Metals Outlook - The precious metals sector is currently at the lower end of historical valuation, indicating potential for sustained recovery, with recommendations to focus on companies like Shandong Gold, Zhaojin Mining, and others [3] - The gold-silver ratio is currently high and is expected to converge, suggesting a focus on silver investments [3] - Future investments in power grids and growth in AI data centers, along with relatively inelastic copper supply, are likely to elevate copper price levels [3] Group 3: Copper Investment Opportunities - Global copper supply is expected to face long-term constraints due to insufficient capital expenditure in mining, which may limit supply growth [4] - Anticipated interest rate cuts by the Federal Reserve could catalyze a new upward cycle in copper prices, making the copper sector an attractive investment opportunity [4] - Recommended companies include Zijin Mining, Luoyang Molybdenum, and others [4] Group 4: Cobalt Market Dynamics - The implementation of export quotas for cobalt from the Democratic Republic of Congo is expected to reduce exports by over 100,000 tons in the next two years, leading to an estimated market shortage of about 30,000 tons in 2024 [5] - The tightening supply in the cobalt market is likely to maintain high price levels, with potential for further increases [5] Group 5: Overall Non-Ferrous Metals Sector - Despite market reactions, there remains investment space in the non-ferrous metals sector, primarily driven by expectations of further interest rate cuts from the Federal Reserve, which could boost prices [6] - Precious and industrial metals are sensitive to global interest rate environments, indicating potential for price increases [6] - The current valuation of the non-ferrous metals sector in Hong Kong shows an advantage over A-shares [6]

Core Insights - The industrial metal sector experienced a decline of 1.72% on October 16, with Jin Chengxin leading the drop [1] - The Shanghai Composite Index closed at 3916.23, up 0.1%, while the Shenzhen Component Index closed at 13086.41, down 0.25% [1] Industrial Metal Sector Performance - Notable gainers included: - Chujiang New Material (002171) with a closing price of 12.72, up 10.03% and a trading volume of 3.4583 million shares, totaling 4.277 billion yuan [1] - Baiyin Youse (601212) closed at 5.94, up 10.00% with a trading volume of 6.9956 million shares, totaling 4.090 billion yuan [1] - Other companies with positive performance included: - Pengxin Resources (600490) up 6.53% [1] - Yuguang Jinchang (600531) up 2.89% [1] Decliners in the Sector - Jin Chengxin (603979) saw a significant drop of 5.94%, closing at 63.97 with a trading volume of 139,700 shares, totaling 909 million yuan [2] - Other notable decliners included: - Huayu Mining (601020) down 5.09% [2] - Yongjie New Material (603271) down 4.51% [2] Capital Flow Analysis - The industrial metal sector experienced a net outflow of 3.15 billion yuan from institutional investors, while retail investors saw a net inflow of 2.927 billion yuan [2] - Key individual stock capital flows included: - Baiyin Youse with a net inflow of 516 million yuan from institutional investors [3] - Chujiang New Material with a net inflow of 287 million yuan [3] - Conversely, stocks like Yun Aluminum (000807) and Yuguang Jinchang (600531) experienced net outflows from institutional investors [3]

Group 1 - The core point of the news is that Jinchengxin Mining Management Co., Ltd. experienced a 5.07% drop in stock price, closing at 64.56 CNY per share, with a total market capitalization of 40.271 billion CNY [1] - The company, established on January 7, 2008, and listed on June 30, 2015, specializes in mining engineering construction, mining operation management, and mining design and technology research [1] - The main revenue sources for the company include sales of cathode copper, copper concentrate, and phosphate rock (46.11%), mining operation management (39.63%), mining engineering construction (11.85%), and other services [1] Group 2 - Yimin Fund has a significant holding in Jinchengxin, with its Yimin Core Growth Mixed Fund (560006) holding 16,000 shares, representing 3.03% of the fund's net value, making it the largest holding [2] - The Yimin Core Growth Mixed Fund has a total scale of 24.5055 million CNY and has achieved a year-to-date return of 12.93% [2] - The fund manager, Wang Yong, has a tenure of 2 years and 232 days, with the best fund return during this period being 81.55% [3]

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、募集资金基本情况 证券代码：603979 证券简称：金诚信 公告编号：2025-088 金诚信矿业管理股份有限公司 关于签订募集资金专户存储三方监管协议的公告 根据中国证券监督管理委员会出具的《关于同意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注册的批复》（证监许可〔2025〕1802 号）， 金诚信矿业管理股份有限公司（以下简称"公司"）本次向不特定对象发行可转 换公司债券 2,000.00 万张，每张面值人民币 100 元，募集资金总额为人民币 200,000.00 万元，扣除发行费用（不含税）金额 1,362.68 万元，实际募集资金 净额为 198,637.32 万元。前述募集资金已于 2025 年 10 月 10 日全部到账，中 汇会计师事务所对本次募集资金到账情况进行了审验，并出具了中汇会验 [2025]11071 号《验证报告》。 二、《募集资金专户存储三方监管协议》的签订情况和募集资金专户的开立 情况 为规范公司募集资金的管理和使用，保护 ...