Core Viewpoint - The copper industry is facing a structural shift characterized by a rigid supply shortage at the mining end, excess smelting capacity, and a transition between old and new demand drivers, leading to a long-term upward trend in copper prices [19][24][25]. Group 1: Upstream Resources (Mining and Recycling) - Global copper reserves are approximately 980 million tons, with a mining lifespan of about 40 years based on current production levels [32]. - In 2024, global copper mine production is expected to reach 23 million tons, with a year-on-year growth of 1.8% [35]. - China's copper mine production is projected at 1.8 million tons in 2024, a decline of 1.1% year-on-year, primarily due to resource depletion and environmental restrictions [42][46]. Group 2: Recycling Sector (Recycled Copper) - The recycled copper market is supported by national strategies, aiming for a production target of 4 million tons by 2025, with recycled metal supply accounting for over 24% [4]. - In 2024, China is expected to import 2.25 million tons of scrap copper, with domestic recycling capacity reaching 2.49 million tons [5][48]. - The price of recycled copper is projected to show significant fluctuations, with an average price of 70,400 yuan per ton in 2024 [5]. Group 3: Midstream Smelting - The global refined copper production in 2024 is estimated at 27.634 million tons, with a year-on-year increase of 4.3% [9]. - China is the largest producer of refined copper, accounting for 49.9% of global production in 2024, with a projected output of 13.644 million tons [10]. - The smelting industry is experiencing a decline in processing fees, with long-term contracts expected to drop to $21.25 per ton by 2025, significantly below the breakeven point [8][20]. Group 4: Midstream Processing (Copper Products) - In 2024, China's copper processing output is expected to reach 23.503 million tons, representing over 50% of global production [11]. - The industry is characterized by low concentration, with the top five companies holding only 30% of the market share [11]. - The demand for high-end copper products is increasing, driven by the growth in new energy and infrastructure sectors [12][13]. Group 5: Downstream Demand (End Applications) - Global refined copper consumption in 2024 is projected at 27.33 million tons, with China accounting for 58% of this demand [14]. - The demand structure in China shows that electricity and power grids account for 46% of refined copper consumption, while new energy applications are rapidly growing [15]. - The transition from traditional to new energy applications is expected to drive significant growth in copper demand, particularly in sectors like electric vehicles and renewable energy [19][21]. Group 6: Supply and Demand Balance - The global refined copper supply-demand balance is expected to show a surplus of 19,000 tons in 2025, a decrease from the previous year's surplus of 30,200 tons [16]. - China's refined copper consumption is projected to grow by 2.9% in 2025, reaching 16.21 million tons, driven by new energy infrastructure investments [18]. - The copper market is anticipated to face a tightening supply situation due to the rigid shortage of mining resources and the acceleration of smelting capacity clearance [19][20]. Group 7: Investment Recommendations - Key investment opportunities include resource leaders like Zijin Mining and Longyan Copper, which are positioned to benefit from global resource control [21]. - Smelting leaders such as Jiangxi Copper are expected to gain from policy-driven supply-side reforms and the elimination of inefficient capacity [20]. - Companies focusing on high-end processing and recycled copper, such as Hailiang Co. and Gree Environmental, are likely to benefit from technological advancements and policy support [21].

Group 1 - The company expects a long-term growth trend in copper demand driven by energy transition and artificial intelligence development, indicating significant growth potential in the copper market [1] - Key drivers of copper demand include the rapid construction of large data centers, the advancement of clean energy technologies such as wind, solar, and energy storage, and the fast development of electric vehicles [1] - The supply of copper concentrate is tight, and there is significant downward pressure on import processing fees [1] Group 2 - The copper processing industry is accelerating its transformation towards high-end manufacturing and green sustainable development [1]

Group 1: Production and Operational Performance - In 2024, the company produced 155,200 tons of copper concentrate, 1,768,000 tons of cathode copper, 415,800 tons of copper processing materials, 5,359,600 tons of sulfuric acid, 229.1 tons of gold, 5,476.7 tons of silver, 393,600 tons of iron concentrate, and 447,300 tons of sulfur concentrate, successfully meeting production targets [3] - The company achieved operating revenue of 145.531 billion yuan, a year-on-year increase of 5.88%; total profit of 5.508 billion yuan, up 2.15%; and net profit attributable to shareholders of the parent company of 2.809 billion yuan, an increase of 4.05% [4] Group 2: Safety and Environmental Management - The company maintained a "zero work-related death" and "zero environmental incident" goal, enhancing safety and environmental culture through various initiatives [5] - The company added two photovoltaic power generation projects, generating over 12 million kWh, and purchased over 112 million kWh of green electricity, reducing carbon emissions by 2.02% [5] Group 3: Technological Innovation and Development - R&D investment reached 4.68 billion yuan, a year-on-year increase of 12.38%, with 334 key technology projects implemented [7] - The company received 9 provincial and ministerial-level science and technology achievement awards, including 6 first prizes and 3 second prizes, and was granted 329 patents, including 269 invention patents [7] Group 4: Industry and Market Trends - In 2024, global refined copper consumption grew by 2.9%, with China being the core driver, particularly benefiting from the rapid growth of the electric vehicle industry, which saw a year-on-year increase of over 34% in production and sales [11] - Copper prices fluctuated significantly, with an annual average price of 74,904 yuan/ton, up 9.7% year-on-year, ranging between 67,830 yuan/ton and 88,940 yuan/ton [12] Group 5: Future Plans and Strategic Goals - For 2025, the company plans to produce 194,900 tons of copper concentrate, 1,896,000 tons of cathode copper, and 430,500 tons of copper processing materials, among other targets [16] - The company aims to enhance operational efficiency and cost control, focusing on quality improvement and resource optimization to maintain competitiveness [18] Group 6: Social Responsibility and ESG Initiatives - The company allocated 4.34 million yuan for scholarships benefiting 86 university students and purchased agricultural products worth 13.5389 million yuan for consumption assistance [10] - The company was recognized in the "ESG Pioneer 100 Index" and the "Top 50 ESG Listed Companies in the Yangtze River Delta" for its commitment to social responsibility [10]

Core Viewpoint - The Shenzhen Upstream Industry Index has shown a recent increase, indicating potential investment opportunities in the upstream sector of the market [1] Group 1: Index Performance - The Shenzhen Upstream Industry Index rose by 1.32%, closing at 3951.01 points, with a trading volume of 16.078 billion yuan [1] - Over the past month, the index has increased by 5.14%, while it has decreased by 4.57% over the last three months and is down 0.09% year-to-date [1] Group 2: Index Composition - The Shenzhen Upstream Industry Index is composed of companies from the upstream, midstream, and downstream sectors, providing diverse investment options for investors [1] - The index is based on a reference date of December 31, 2002, with a base point of 1000.0 [1] Group 3: Top Holdings - The top ten weighted stocks in the Shenzhen Upstream Industry Index include: - Ganfeng Lithium (5.27%) - Shanjin International (4.81%) - Yun Aluminum (4.64%) - Tianqi Lithium (4.54%) - Shenhuo Co. (4.0%) - Feilihua (3.7%) - Tongling Nonferrous Metals (3.66%) - China Rare Earth (3.62%) - Zhongmin Resources (3.17%) - Tianshan Aluminum (3.13%) [1] Group 4: Sector Allocation - The sector allocation of the index holdings is as follows: - Industrial metals: 34.91% - Rare metals: 32.53% - Precious metals: 10.22% - Coal: 6.42% - Other non-metal materials: 5.57% - Oil and natural gas: 3.86% - Other nonferrous metals and alloys: 3.39% - Oil and gas extraction and field services: 3.10% [2] Group 5: Sample Adjustment - The index samples are adjusted semi-annually, with adjustments occurring on the next trading day after the second Friday of June and December each year [2] - The sample adjustment typically does not exceed 20%, with special circumstances allowing for temporary adjustments [2]

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [5] Core Views - The company's performance has been impacted by power shortages and asset impairments, but it is expected to see a significant increase in copper production in 2025 [5][7] - The company reported a revenue of 145.53 billion yuan in 2024, a year-on-year increase of 5.88%, and a net profit attributable to shareholders of 2.81 billion yuan, up 4.05% year-on-year [7] - The forecast for net profit attributable to shareholders for 2025-2027 is 2.90 billion, 3.39 billion, and 4.08 billion yuan respectively, with corresponding P/E ratios of 14X, 12X, and 10X [5][7] Financial Performance Summary - Revenue for 2023 is projected at 137.45 billion yuan, with a year-on-year growth rate of 12.81% [6] - The company plans to produce 194,900 tons of copper concentrate in 2025, a 26% increase year-on-year, and 1,896,000 tons of cathode copper, a 7% increase [7] - The company's gross profit for copper products is expected to be 5.39 billion yuan, down 20% year-on-year, while sulfuric acid gross profit is projected to increase by 205% to 1.14 billion yuan [7] Key Financial Metrics - The company's total market capitalization is 40.56 billion yuan, with a circulating market capitalization of 33.37 billion yuan [3] - The asset-liability ratio stands at 49.48%, and the net asset value per share is 2.71 yuan [3] - The projected earnings per share (EPS) for 2025 is 0.23 yuan, with a return on equity (ROE) of 7.97% [6][8]

证券代码：000630 证券简称：铜陵有色 公告编号：2025－038 债券代码：124024 债券简称：铜陵定 02 铜陵有色金属集团股份有限公司 关于延期召开 2024 年度股东大会并增加临时提 案暨股东大会补充通知的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整， 没有虚假记载、误导性陈述或重大遗漏。 重要内容提示： 1.会议延期后的召开时间：2025 年 5 月 21 日 2.股权登记日：2025 年 5 月 9 日 3.本次股东大会增加临时提案《公司关于调整投资控股有色财务公司实施方 式暨关联交易的议案》《公司关于有色财务公司拟与有色集团签署金融服务协议 暨关联交易的议案》。除会议延期及增加上述临时提案外，铜陵有色金属集团股 份有限公司（以下简称"公司"）于 2025 年 4 月 23 日披露的《关于召开 2024 年度股东大会的通知公告》中列明的各项股东大会审议事项未发生变更。 公司十届十九次董事会决定于 2025 年 5 月 16 日召开公司 2024 年度股东大 会。具体内容详见公司于巨潮资讯网披露的《关于召开 2024 年度股东大会的通 知公告》（公告编号：2025-026） ...

证券代码：000630 证券简称：铜陵有色 公告编号：2025－035 债券代码：124024 债券简称：铜陵定 02 铜陵有色金属集团股份有限公司 十届二十一次董事会会议决议公告 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、董事会会议召开情况 铜陵有色金属集团股份有限公司（以下简称"公司"）十届二十一次董 事会会议于2025年5月9日在安徽省铜陵市长江西路铜陵有色展示馆二楼会议 室召开，会议以现场结合通讯表决方式召开。会前公司董事会秘书室于2025 年5月6日以电子邮件及专人送达的方式通知了全体董事。应出席会议董事8 人，出席现场会议董事4人，4名独立董事以通讯方式表决。公司监事会成员 及高管人员列席了会议，公司董事长龚华东主持会议。会议符合《公司法》 和《公司章程》的有关规定，形成的决议合法、有效。 二、董事会会议审议情况 经与会董事认真审议，会议通过了以下事项： （一）审议通过了《公司关于调整投资控股有色财务公司实施方式暨关 联交易的议案》。 该议案属于关联交易事项，3 名关联董事龚华东先生、丁士启先生和梁 洪流先生实施了回避表决，与会的 5 名 ...

铜陵有色（000630）公告，公司拟以增资方式控股有色财务公司，交易完成后，有色财务公司将成为公 司控股子公司。为此，有色财务公司将与公司控股股东有色集团签署《金融服务协议》，构成关联交 易。协议规定在有效期内，有色集团及其下属成员单位存放在有色财务公司的日最高存款余额不超过30 亿元，贷款余额不超过30亿元，授信不超过45亿元。该事项尚需提交股东大会审议批准。协议旨在提高 资金使用效率，控制风险，增加收入。 ...

本报告依据中国资产评估准则编制 铜陵有色金属集团财务有限公司 拟增资扩股 涉及的铜陵有色金属集团财务有限公司 股东全部权益价值 资产评估业务报告备案回执 | 报告编码: | 3411020131341101202500413 | | --- | --- | | 合同编号: | ZSZY [2025] 020323 | | 报告类型: | 法定评估业务资产评估报告 | | 报告文号: | 中水致远评报字[2025]第020298号 | | 报告名称: | 铜陵有色金属集团财务有限公司拟增资扩股涉及的铜陵有色金属 集团财务有限公司股东全部权益价值资产评估 | | 评估结论: | 1,850,000,000.00元 | | 评估报告日: | 2025年04月30日 | | 评估机构名称: | 中水致远资产评估有限公司 | | | 徐向阳 (资产评估师) 正式会员 编号:34090024 | | 签名人员: | 正式会员 编号:34180008 郑晶晶 (资产评估师) | | | (资产评估师) 正式会员 编号:31210034 孙文 | | | 徐向阳、郑晶晶、孙文已实名认可 | | | (可扫描二维码查询备案业务 ...

RSM 容诚 审计报告 铜陵有色金属集团财务有限公司 容诚审字|2025|230Z1653 号 容诚会计师事务所(特殊普通合伙) 中国 · 北京 您可使用手机"扫一扫"或进入"注册会计师行业统一监管平台（http://ac.net/gr.cn）"进行查测 您可 进行直送 目 录 | 序号 | 内 容 | 页码 | | --- | --- | --- | | 1 | 审计报告 | 1-3 | | 2 | 资产负债表 | 1 | | 3 | 利润表 | 2 | | 4 | 现金流量表 | 3 | | 5 | 所有者权益变动表 | 4-5 | | 6 | 财务报表附注 | 6-53 | 审计报告 容诚审字[2025]230Z1653 号 铜陵有色金属集团财务有限公司全体股东: 一、审计意见 我们审计了铜陵有色金属集团财务有限公司(以下简称"有色财务公司")财 务报表,包括 2024年 12月 31 日的资产负债表,2024年度的利润表、现金流量 表、所有者权益变动表以及相关财务报表附注。 我们认为,后附的财务报表在所有重大方面按照企业会计准则的规定编制,公 允反映了有色财务公司 2024 年 12 月 31 日的财 ...