Investment Rating - The report maintains an "Accumulate" rating for the copper industry [6]. Core Viewpoints - The report is optimistic about the upward trend in copper prices, expecting continued price increases due to tightening supply and improving demand [4][10]. - As of December 26, 2025, SHFE copper closed at 98,720 CNY/ton, up 5.95% from December 19, and LME copper closed at 12,133 USD/ton, up 3.37% [1][18]. - The National Development and Reform Commission emphasizes the need for enhanced management and optimization of the copper smelting industry [1]. Supply and Demand Summary - **Supply**: Domestic copper concentrate production in October 2025 was 130,000 tons, down 8.1% month-on-month and down 12.1% year-on-year. The domestic port copper concentrate inventory as of December 26, 2025, was 775,000 tons, up 5.9% from the previous week [2][50]. - **Demand**: The cable industry, which accounts for approximately 31% of domestic copper demand, saw a decrease in operating rates to 60.75%, down 5.96 percentage points from the previous week. Air conditioning production for January 2026 is expected to increase by 11% year-on-year [3][88]. Inventory Summary - Domestic copper social inventory increased by 16.8% week-on-week, while LME copper inventory decreased by 4.3% [2][27]. - As of December 19, 2025, global copper inventory across the three major exchanges totaled 716,000 tons, up 1.4% from December 12 [2][27]. Futures Market Summary - The active SHFE copper contract saw a 2% increase in open interest, reaching 252,000 contracts as of December 26, 2025 [4][34]. - COMEX non-commercial net long positions were at 65,000 contracts, up 3.8% week-on-week, indicating strong market sentiment [4][34]. Company Profit Forecasts and Valuation - Key companies in the copper sector are projected to have the following earnings per share (EPS) and price-to-earnings (PE) ratios: - Western Mining (601168.SH): EPS of 1.72 for 2025E, PE of 16 [5]. - Zijin Mining (601899.SH): EPS of 1.94 for 2025E, PE of 17 [5]. - Luoyang Molybdenum (603993.SH): EPS of 0.89 for 2025E, PE of 22 [5]. - Jincheng Mining (603979.SH): EPS of 3.61 for 2025E, PE of 23 [5].

Group 1 - The "stock-futures linkage" effect is significant, with major futures contracts for copper, gold, silver, and platinum reaching historical highs, and lithium carbonate futures surpassing 130,000 yuan/ton [1] - The non-ferrous metal sector is strong, with leading companies Zijin Mining and Luoyang Molybdenum both hitting historical highs in stock prices, with market values of 886.8 billion yuan and 421.3 billion yuan respectively [1] - The lithium battery supply chain is gaining strength, driving a rebound in the new energy sector, with leading stocks such as Sungrow Power Supply, Molybdenum, and BYD experiencing significant increases [1] Group 2 - The non-ferrous metal sector is rising, with precious and industrial metals also showing upward trends [2][3] - Specific stocks in the industrial sector, such as Guocheng Mining and Jiangxi Copper, have seen substantial increases, with Guocheng Mining up by 10.01% and Jiangxi Copper up by 9.97% [4] - The copper market is expected to see continued upward pressure due to ongoing adjustments in global copper inventory and supply shortages, with forecasts indicating a potential price increase [6] Group 3 - The new energy sector is rebounding, driven by the rise in lithium battery supply chains, photovoltaics, and energy storage, with stocks like Enjie and BYD showing strong performance [10] - Two main catalysts for the rebound include the significant rise in lithium carbonate futures and the recent announcements of production cuts by major cathode material manufacturers, which are expected to stabilize prices [10] - The lithium battery supply chain is emerging from a clearing and destocking phase, with demand growth remaining unexpectedly high, indicating a recovery in the overall industry [11]

Group 1 - The core point of the news is that Jincheng Mining Management Co., Ltd. experienced a stock price increase of 5.05%, reaching 78.87 CNY per share, with a total market capitalization of 49.198 billion CNY as of the report date [1] - Jincheng's main business activities include mining engineering construction, mining operation management, and mining design and technology research, with revenue composition as follows: 46.11% from sales of cathode copper, copper concentrate, and phosphate rock; 39.63% from mining operation management; 11.85% from mining engineering construction; 1.29% from materials, equipment, and others; 1.00% from mining machinery and equipment; and 0.13% from mining design consulting [1] Group 2 - From the perspective of fund holdings, Dongzheng Asset Management has one fund heavily invested in Jincheng, specifically the Oriental Red CSI 500 Index Enhanced Fund A (021175), which held 20,500 shares, accounting for 1.69% of the fund's net value, ranking as the seventh largest holding [2] - The Oriental Red CSI 500 Index Enhanced Fund A has achieved a year-to-date return of 18.09%, ranking 2953 out of 4197 in its category, and a one-year return of 16.81%, ranking 2958 out of 4179 [2]

Company Performance - The stock price of Jinchengxin reached a historical high, increasing by 2.52% to 76.97 yuan, with a trading volume of 150,800 shares and a transaction amount of 11.5977 million yuan, resulting in a turnover rate of 0.02% [2] - The latest total market capitalization of the company in A-shares is 48.012 billion yuan, with the circulating market value also at 48.012 billion yuan [2] - The company's Q3 report indicates a total operating revenue of 9.933 billion yuan for the first three quarters, representing a year-on-year growth of 42.50%, and a net profit of 1.753 billion yuan, reflecting a year-on-year increase of 60.37% [2] - The basic earnings per share are reported at 2.8100 yuan, with a weighted average return on equity of 17.92% [2] Industry Overview - The non-ferrous metals industry, to which Jinchengxin belongs, has an overall increase of 1.46%, with 112 stocks rising, including Yongxing Materials, Shenzhen New Star, and Guocheng Mining, which saw increases of 6.64%, 6.52%, and 5.93% respectively [2] - Conversely, 26 stocks in the industry experienced declines, with Western Materials, Srey New Materials, and Tiangong Co., Ltd. showing decreases of 2.21%, 1.53%, and 1.47% respectively [2] Margin Trading Data - As of December 25, the latest margin trading balance for Jinchengxin is 359 million yuan, with a financing balance of 355 million yuan, which has decreased by 6.2667 million yuan over the past 10 days, representing a decline of 1.73% [2]

Group 1 - The core viewpoint of the article highlights the significant rise in copper prices, reaching a historical high of $12,159 per ton, with an annual increase of over 37%, potentially marking the largest annual gain since 2009 [1][3] - The recent surge in copper prices is primarily driven by macroeconomic factors, including the cooling of the US CPI in November, which strengthens expectations for interest rate cuts by the Federal Reserve, thereby reducing holding costs for copper and other non-ferrous metals [3] - Geopolitical risks and supply concerns, particularly regarding potential tariffs on copper by the Trump administration, are contributing to the upward pressure on copper prices, with global copper inventories expected to decline to critical low levels [3] Group 2 - The demand for copper is expected to grow significantly due to the AI wave, with data centers becoming a major consumer of copper, projected to consume approximately 50,000 tons by 2025, increasing to 130,000 tons by 2028, representing a compound annual growth rate of 40% [5] - The performance of copper-related stocks has been strong, with an average increase of 8.58% in December, and several stocks, including Jincheng Mining and Baiyin Nonferrous Metals, seeing cumulative gains exceeding 10% [7] - In terms of financial performance, copper sector companies reported a total net profit of 69.005 billion yuan for the first three quarters, reflecting a year-on-year growth of 46.18%, with several companies like Pengxin Resources turning losses into profits [9]

Group 1 - The company announced the resignation of non-independent director Ye Pingxian due to adjustments in the corporate governance structure, effective immediately upon delivery of the resignation report to the board [2][3] - Ye Pingxian was elected as a representative director by the employee representative assembly on December 22, 2025, with a term lasting until the end of the fifth board's term [2][4] - Ye Pingxian's resignation will not affect the board's legal member count or its normal operations, and he has fulfilled all public commitments [3] Group 2 - The election of Ye Pingxian as an employee representative director complies with relevant laws and regulations, ensuring that the number of directors who are also senior management does not exceed half of the total board members [4] - Ye Pingxian has a strong professional background, including roles as general manager and vice president in various companies, and has not held any shares in the company directly [6][7] - There are no conflicts of interest between Ye Pingxian and the company's actual controllers or major shareholders, and he meets all legal requirements for the position [7]

（文章来源：证券日报） 证券日报网讯 12月23日，金诚信发布公告称，公司董事会于近日收到公司非独立董事叶平先先生的书 面辞职报告。因公司治理架构调整，叶平先先生申请辞去公司第五届董事会非独立董事职务。公司职工 代表大会通过民主表决的方式于2025年12月22日作出决议，选举叶平先先生为公司第五届董事会职工代 表董事，任期自公司本次职工代表大会决议通过之日起至第五届董事会任期届满。 ...

| 证券代码：603979 | 证券简称：金诚信 | | 公告编号：2025-106 | | --- | --- | --- | --- | | 转债代码：113615 | 转债简称：金诚转债 | | | | 转债代码：113699 | 转债简称：金 25 | 转债 | | 金诚信矿业管理股份有限公司 关于非独立董事辞任暨选举职工代表董事的公告 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法律责任。 重要内容提示： 金诚信矿业管理股份有限公司（以下简称"公司"）董事会于近日收到公 司非独立董事叶平先先生的书面辞职报告。因公司治理架构调整，叶平先先生申 请辞去公司第五届董事会非独立董事职务。根据《公司法》和《公司章程》有关 规定，叶平先先生的辞职报告自送达董事会之日起生效。除辞任非独立董事职务 外，叶平先先生担任的公司其他职务不变。 公司职工代表大会通过民主表决的方式于 2025 年 12 月 22 日作出决议， 选举叶平先先生为公司第五届董事会职工代表董事，任期自公司本次职工代表大 会决议通过之日起至第五届董事会任期届满。 金诚信矿业 ...

格隆汇12月23日丨金诚信(603979.SH)公布，公司董事会于近日收到公司非独立董事叶平先先生的书面 辞职报告。因公司治理架构调整，叶平先先生申请辞去公司第五届董事会非独立董事职务。根据《公司 法》和《公司章程》有关规定，叶平先先生的辞职报告自送达董事会之日起生效。除辞任非独立董事职 务外，叶平先先生担任的公司其他职务不变。 ...

21世纪经济报道记者邓浩 编者按：全球产业链重构与绿数 "双转型" 的浪潮中，中国企业的全球化竞争已从"规模扩张" 迈入"价值 深耕"阶段。真正的出海突围，从来不止于地理边界的突破，更在于对本地化运营、供应链韧性与跨文 化协同的系统性掌控。 近日，21世纪经济报道携同埃克森美孚（中国）投资有限公司对出海业务的先行企业进行了系列调研。 埃克森美孚是全球能源巨头，近年来加大了对中国企业出海供应链服务的布局。在埃克森美孚看来，可 持续的国际化本质是"全球资源与本地发展的双向赋能"，而非单项的产品输出。这一特征在矿山开发等 资源密集型行业尤为凸显。 以绿电和AI算力中心为代表的新经济，正在持续拉动铜需求的爆发增长。 A股矿服龙头金诚信，自2019年起逐步延伸至资源开发领域，加速出海扩张，大力收购优质铜矿，成为 这一波新兴经济需求的获益者。 其中的逻辑在于，矿产开发的长期性与复杂性，决定了设备可靠性、全生命周期服务、生态保护责任等 系统性能力，是项目落地的关键支撑。 以金诚信为例，其代表的中国矿服核心企业，凭借"矿服+资源"双轮驱动战略转型，精准卡位全球铜资 源供需紧平衡格局，更以商业化实践诠释了中国高端制造与工程技术 ...