Core Viewpoint - Tongling Nonferrous Metals Group announced the acquisition of exploration rights for the Jiguanshan-Hucun copper-gold-molybdenum mine for 3.204 billion yuan, indicating a strategic move to enhance its resource portfolio [1] Summary by Category Acquisition Details - The company won the exploration rights on November 4, 2023, for 3.204 billion yuan [1] - A confirmation agreement was signed with the Anhui Provincial Real Estate Registration Center [1] Resource Reserves - Total identified copper ore in the mining area is 30.9464 million tons, with a copper metal content of 328,800 tons and an average grade of 1.06% [1] - Total identified gold ore is 1.4796 million tons, with a gold metal content of 8,640.37 kilograms and an average grade of 5.840 g/t [1] - Total identified molybdenum ore is 15.9357 million tons, with a molybdenum metal content of 15,000 tons and an average grade of 0.094% [1] - Total identified sulfur ore is 8.5724 million tons, with a sulfur content of 1.9467 million tons and an average grade of 22.71% [1]

Core Viewpoint - Tongling Nonferrous Metals Group Co., Ltd. has successfully acquired the exploration rights for the Jiguanshan-Hucun copper-gold-molybdenum mine for 3.204 billion yuan, aligning with its strategic focus on the copper industry and enhancing its resource reserves [1] Group 1 - The company won the exploration rights on November 4, 2025, for a total of 3.204 billion yuan [1] - The Jiguanshan-Hucun mine is located near the Dongguashan copper mine in Tongling City, Anhui Province [1] - This acquisition is part of the company's strategy to strengthen its core business in the copper industry and improve its sustainable development capabilities [1]

证券代码：000630 证券简称：铜陵有色 公告编号：2025－110 铜陵有色金属集团股份有限公司 关于竞拍取得安徽省铜陵市鸡冠山—胡村 铜金钼矿勘查探矿权的公告 本公司及董事会全体成员保证信息披露的内容真实、准确和完整， 没有虚假记载、误导性陈述或重大遗漏。 一、本次交易概述 （一）2025 年 9 月 18 日，受安徽省自然资源厅委托，安徽省不动产登记中 心（安徽省国土资源储备发展中心）在安徽合肥公共资源交易中心以挂牌方式出 让鸡冠山—胡村铜金钼矿勘查探矿权。为不断夯实公司主业，持续加强资源储备， 实现可持续发展，公司参与竞买鸡冠山—胡村铜金钼矿勘查探矿权。 （二）2025 年 11 月 4 日，公司以 320,350 万元竞得该鸡冠山—胡村铜金钼 矿勘查探矿权，并与安徽省不动产登记中心（安徽省国土资源储备发展中心）共 同签署了《探矿权出让成交确认书》。 （三）本次交易无需提交公司董事会、股东会审议。根据《深圳证券交易所 股票上市规则》及《公司章程》的有关规定，本次交易不构成关联交易，也不构 成《上市公司重大资产重组管理办法》规定的重大资产重组。 二、交易对方的基本情况 （一）出让人：安徽省自然资源厅 ...

Core Viewpoint - Tongling Nonferrous Metals Group Co., Ltd. has successfully acquired the exploration rights for the Jiguan Mountain-Hucun copper-gold-molybdenum mine for 3.204 billion yuan, aligning with its strategic focus on the copper industry and enhancing its resource reserves [1] Group 1 - The company won the exploration rights on November 4, 2025, for a total of 3.204 billion yuan [1] - The exploration rights are located near the Dongguashan copper mine in Tongling City, Anhui Province [1] - This acquisition is part of the company's strategy to strengthen its core business in the copper industry and improve its sustainable development capabilities [1]

Core Viewpoint - Tongling Nonferrous Metals Group announced the acquisition of exploration rights for the Jiguan Mountain-Hucun copper, gold, and molybdenum mine, indicating a strategic move to enhance its resource portfolio and production capabilities [1] Summary by Category Acquisition Details - The company acquired the exploration rights for 320,350 million yuan on November 4, 2025 [1] - A confirmation agreement was signed with the Anhui Provincial Real Estate Registration Center [1] Resource Estimates - Total identified copper ore (inferred) amounts to 30.9464 million tons, with a copper metal content of 328,800 tons and an average copper grade of 1.06% [1] - Total identified gold ore (inferred) is 1.4796 million tons, with a gold metal content of 8,640.37 kilograms and an average gold grade of 5.840 g/t [1] - Total identified molybdenum ore (inferred) is 15.9357 million tons, with a molybdenum metal content of 15,000 tons and an average molybdenum grade of 0.094% [1] - Total identified sulfur ore (inferred) is 8.5724 million tons, with a sulfur element content of 1.9467 million tons and an average sulfur grade of 22.71% [1]

Core Viewpoint - Tongling Nonferrous Metals Group announced that it has successfully acquired exploration rights for the Jiguanshan-Hucun copper, gold, and molybdenum mine in Tongling City, Anhui Province for 3.204 billion yuan [1] Group 1: Acquisition Details - The company won the exploration rights for a total area of 1.3207 square kilometers [1] - The exploration rights cover three mineral types: copper, gold, and molybdenum [1] Group 2: Financial Metrics - The revenue sharing rates for the minerals are set at 1.2% for copper, 2.3% for gold, and 2.3% for molybdenum [1]

Core Points - The Shenzhen State-Owned Enterprises Shareholder Return Index (470064) closed at 2257.45 points, down 0.32%, with a trading volume of 24.053 billion yuan and a turnover rate of 0.97% [1] - Among the index constituents, 27 stocks rose while 22 stocks fell, with Beixin Building Materials leading the gainers at 2.45% and Yun Aluminum leading the decliners at 3.0% [1] Index Constituents Summary - The top ten constituents of the Shenzhen State-Owned Enterprises Shareholder Return Index include: - BOE Technology Group (9.31% weight, latest price 4.00 yuan, market cap 149.656 billion yuan) in the electronics sector - Hikvision (7.97% weight, latest price 31.50 yuan, market cap 288.693 billion yuan) in the computer sector - Wuliangye Yibin (7.71% weight, latest price 116.18 yuan, market cap 450.965 billion yuan) in the food and beverage sector - Luzhou Laojiao (6.59% weight, latest price 132.17 yuan, market cap 194.548 billion yuan) in the food and beverage sector - Xugong Machinery (5.75% weight, latest price 10.79 yuan, market cap 126.815 billion yuan) in the machinery equipment sector - Changan Automobile (3.88% weight, latest price 12.28 yuan, market cap 121.745 billion yuan) in the automotive sector - Shenwan Hongyuan (3.84% weight, latest price 5.45 yuan, market cap 136.468 billion yuan) in the non-banking financial sector - Yun Aluminum (3.81% weight, latest price 22.96 yuan, market cap 79.624 billion yuan) in the non-ferrous metals sector - Yanghe Brewery (3.37% weight, latest price 69.81 yuan, market cap 105.165 billion yuan) in the food and beverage sector - Tongling Nonferrous Metals (3.18% weight, latest price 5.11 yuan, market cap 68.522 billion yuan) in the non-ferrous metals sector [1] Capital Flow Summary - The net outflow of main funds from the index constituents totaled 1.125 billion yuan, while speculative funds saw a net inflow of 243 million yuan and retail investors saw a net inflow of 882 million yuan [3] - Detailed capital flow for selected stocks includes: - Tongling Nonferrous Metals: main net inflow of 88.024 million yuan, speculative net outflow of 53.924 million yuan, retail net outflow of 34.100 million yuan - Luzhou Laojiao: main net inflow of 57.790 million yuan, speculative net outflow of 22.566 million yuan, retail net outflow of 35.224 million yuan - Beixin Building Materials: main net inflow of 56.578 million yuan, speculative net outflow of 24.593 million yuan, retail net outflow of 31.985 million yuan [3]

Market Overview - The Investment Clock Index (399391) closed at 3348.13 points, up 0.03%, with a trading volume of 78.792 billion yuan and a turnover rate of 0.81% [1] - Among the index constituents, 71 stocks rose while 28 stocks fell, with Guocheng Mining leading the gainers at a 9.42% increase and Dalian Shengya leading the decliners at a 9.99% decrease [1] Top Constituents - The top ten constituents of the Investment Clock Index are as follows: - Kweichow Moutai (sh600519) holds a weight of 16.68% and closed at 1420.08 yuan, down 0.62% with a market cap of 1778.324 billion yuan [1] - China Merchants Bank (sh600036) has a weight of 15.74%, closing at 42.80 yuan, down 0.49% with a market cap of 1079.409 billion yuan [1] - Yunnan Tin Company (sh601899) has a weight of 7.34%, closing at 29.01 yuan, up 0.80% with a market cap of 771.015 billion yuan [1] - Wuliangye Yibin (sz000858) has a weight of 5.26%, closing at 116.18 yuan, down 0.84% with a market cap of 450.965 billion yuan [1] - Hengrui Medicine (sh600276) has a weight of 4.84%, closing at 61.96 yuan, up 0.06% with a market cap of 411.241 billion yuan [1] - Gree Electric Appliances (sz000651) has a weight of 4.03%, closing at 39.72 yuan, up 0.03% with a market cap of 222.488 billion yuan [1] - Yili Industrial Group (sh600887) has a weight of 3.04%, closing at 27.25 yuan, up 0.66% with a market cap of 172.366 billion yuan [1] - Northern Rare Earth (sh600111) has a weight of 2.49%, closing at 47.77 yuan, down 2.71% with a market cap of 172.692 billion yuan [1] - Fuyao Glass (sh600660) has a weight of 2.35%, closing at 67.18 yuan, up 0.77% with a market cap of 175.323 billion yuan [1] - Jilin Chemical (sz000568) has a weight of 2.31%, closing at 132.17 yuan, down 0.70% with a market cap of 194.548 billion yuan [1] Capital Flow - The net outflow of main funds from the index constituents totaled 677 million yuan, while retail investors saw a net inflow of 708 million yuan [3] - Detailed capital flow for selected stocks includes: - China Zhongjin (601888) saw a main fund net inflow of 36.4 million yuan, while retail funds had a net outflow of 93.414 million yuan [3] - Jiangxi Copper (600362) had a main fund net inflow of 18.2 million yuan, with retail funds experiencing a net outflow of 70.3612 million yuan [3] - Weichai Power (000338) had a main fund net inflow of 13.5 million yuan, while retail funds had a net inflow of 1.60758 million yuan [3] - Giant Network (002558) had a main fund net inflow of 11.8 million yuan, with retail funds experiencing a net outflow of 65.0268 million yuan [3] - China Coal Energy (601898) had a main fund net inflow of 11.7 million yuan, while retail funds had a net outflow of 79.0666 million yuan [3]

Group 1 - The core point of the new gold tax policy is the detailed management of physical gold delivery, distinguishing between "investment use" and "non-investment use," and adjusting VAT-related details to encourage on-exchange gold trading [1] - The new policy may affect three types of market participants: members and clients of the Shanghai Gold Exchange and Shanghai Futures Exchange must strictly declare the purpose of their transactions; gold investors can reduce tax burdens through exchange trading, guiding investment towards on-exchange activities; downstream businesses in the gold processing and retail industry may face increased costs, potentially passing these costs onto retail prices [1] - The policy aims to promote market-oriented gold trading, enhance transaction transparency and regulatory effectiveness, and strengthen the mechanism for separating gold investment and consumption demand [1] Group 2 - As of November 5, 2025, the CSI Gold Industry Stock Index (931238) decreased by 0.37%, with component stocks showing mixed performance; Chao Hong Ji (002345) led with a 3.68% increase, while Jiangxi Copper (600362) fell by 2.10% [2] - The gold stock ETF fund (159322) decreased by 0.27%, with a latest price of 1.5 yuan; over the past three months, the fund has accumulated a 23.64% increase, ranking 3rd among comparable funds [2] - The gold stock ETF fund has seen a net inflow of 151.11 million yuan recently, with a total of 2,112.04 million yuan in net inflows over the past 19 trading days [2] Group 3 - The gold stock ETF fund's net value increased by 36.13% over the past six months, with a maximum single-month return of 20.05% since inception [3] - The fund has a historical one-year profit probability of 100.00%, with an average monthly return of 9.45% and a monthly profit probability of 60.99% [3] - As of October 31, 2025, the fund's Sharpe ratio over the past year was 1.77, ranking in the top 2 out of 6 comparable funds [3] Group 4 - The gold stock ETF fund has a management fee rate of 0.50% and a custody fee rate of 0.10% [6] - The CSI Gold Industry Stock Index (931238) includes 50 large-cap companies involved in gold mining, smelting, and sales, with the top ten weighted stocks accounting for 67.97% of the index [6]

Investment Rating - The investment rating for the company is "Outperform the Market" [3][5][15] Core Views - The company's net profit for Q3 2025 decreased by 34% year-on-year, primarily due to asset impairment provisions of 450 million yuan, alongside a potential decline in smelting processing fees [1][6] - The company is the largest copper smelting company globally, with a smelting capacity of 2.2 million tons, benefiting from the clearing of production capacity in the industry [2][7] - The outlook for Q4 is cautiously optimistic, with expectations that adjustments in production and raw material structure will mitigate the impact of declining processing fees [1][6] Financial Performance and Forecast - Revenue for Q3 2025 was 45.8 billion yuan, a year-on-year increase of 31.7%, while net profit was 330 million yuan, down 39.9% year-on-year [1][6] - Projected revenues for 2025-2027 are 198.3 billion, 235.8 billion, and 238.3 billion yuan respectively, with net profits expected to be 2.9 billion, 6.5 billion, and 7.3 billion yuan [3][4][13] - The estimated diluted EPS for 2025-2027 is 0.23, 0.50, and 0.57 yuan, with corresponding P/E ratios of 22.2, 10.0, and 8.8 [3][4][13] Industry Context - The copper smelting industry is currently in a downturn, but there is a higher probability and potential for upward movement in the future due to the global clearing of smelting capacity [2][7] - The company primarily processes copper concentrate, making it more sensitive to fluctuations in processing fees compared to competitors that use a higher proportion of raw copper [2][7]