铜陵有色金属集团股份有限公司 2025 年第三季度报告 证券代码：000630 证券简称：铜陵有色 公告编号：2025-104 铜陵有色金属集团股份有限公司 2025 年第三季度报告 重要内容提示： 1.董事会及除朱明先生外的董事、高级管理人员保证季度报告的真实、准确、完整，不存在虚假记载、误导性陈述或重大 遗漏，并承担个别和连带的法律责任。 董事朱明先生因个人原因暂无法履职，无法保证季度报告内容的真实、准确、完整。请投资者特别关注。 2.公司负责人、主管会计工作负责人及会计机构负责人(会计主管人员)声明：保证季度报告中财务信息的真实、准确、完 整。 3.第三季度财务会计报告是否经过审计 □是 否 1 铜陵有色金属集团股份有限公司 2025 年第三季度报告 本公司及除董事朱明先生外的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。 一、主要财务数据 董事朱明先生因个人原因暂无法履职，不能保证公告内容真实、准确、完整。 （一） 主要会计数据和财务指标 公司是否需追溯调整或重述以前年度会计数据 □是 否 | | 本报告期 | 本报告期比上年同期 | 年初至报告期末比上 年初 ...

证券代码：000630 证券简称：铜陵有色 公告编号：2025－109 铜陵有色金属集团股份有限公司 关于独立董事无法履职的提示性公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整， 没有虚假记载、误导性陈述或重大遗漏。 铜陵有色金属集团股份有限公司（以下简称"公司"）独立董事朱明先 生因个人原因暂无法履职。 截至 2025 年 10 月 24 日，朱明先生未持有公司股份。 目前，公司已对相关工作进行妥善安排，上述事项不会对公司的日常经 营管理活动产生重大影响。 公司将根据后续进展情况及时履行信息披露义务，公司指定信息披露媒 体为《中国证券报》《证券时报》和巨潮资讯网（http://www.cninfo.com.cn）， 敬请广大投资者关注并注意投资风险。 特此公告 铜陵有色金属集团股份有限公司董事会 2025 年 10 月 27 日 1 ...

Core Insights - The appreciation of the Renminbi has led to a 0.68% increase in the benefiting sectors compared to the previous trading day, with Zhongshun Jierou leading the gains [1] - The Shanghai Composite Index closed at 3996.94, up 1.18%, while the Shenzhen Component Index closed at 13489.4, up 1.51% [1] Summary of Benefiting Stocks - Zhongshun Jierou (002511) closed at 8.81, with a rise of 4.51% and a trading volume of 265,400 shares, amounting to a transaction value of 232 million [1] - Tongling Nonferrous Metals (000630) closed at 5.86, increasing by 2.81% with a trading volume of 3.91 million shares, totaling 2.299 billion [1] - Taiyuan Iron & Steel (000825) closed at 4.16, up 2.72% with a trading volume of 658,600 shares, amounting to 273 million [1] - Baosteel (600000) closed at 7.27, rising by 1.82% with a trading volume of 1.2066 million shares, totaling 877 million [1] - Other notable stocks include Aluminum Wine Food (300892) at 35.03 (+1.24%), Hengbang Co. (002237) at 13.22 (+1.15%), and Air China (601111) at 8.46 (+1.08%) [1] Fund Flow Analysis - The benefiting sector experienced a net outflow of 198 million from institutional investors, while retail investors saw a net inflow of 80.24 million [2] - Notable net inflows from retail investors were observed in stocks like Zhongshun Jierou and Taiyuan Iron & Steel, despite overall outflows from institutional investors [3]

Market Performance - The Anhui state-owned enterprise reform sector rose by 1.73% compared to the previous trading day, with Waneng Electric Power leading the gains [1] - The Shanghai Composite Index closed at 3996.94, up 1.18%, while the Shenzhen Component Index closed at 13489.4, up 1.51% [1] Key Stocks in Anhui State-Owned Enterprise Reform Sector - Waneng Electric Power (000543) closed at 8.65, up 10.05%, with a trading volume of 1.0268 million shares and a transaction value of 870 million [1] - Anhui Heli (600761) closed at 21.76, up 6.41%, with a trading volume of 295,300 shares and a transaction value of 634 million [1] - Tongguan Copper Foil (301217) closed at 32.10, up 6.05%, with a trading volume of 510,300 shares and a transaction value of 1.626 billion [1] - Jianghuai Automobile (600418) closed at 52.79, up 5.01%, with a trading volume of 721,100 shares and a transaction value of 3.777 billion [1] - Tongling Nonferrous Metals (000630) closed at 5.86, up 2.81%, with a trading volume of 3.9126 million shares and a transaction value of 2.299 billion [1] Capital Flow Analysis - The Anhui state-owned enterprise reform sector saw a net inflow of 156 million from main funds, while speculative funds experienced a net outflow of 231 million [2] - Retail investors contributed a net inflow of 74.36 million [2] Individual Stock Capital Flow - Jinghe Integrated (688249) had a main fund net inflow of 242 million, but a speculative fund net outflow of 42.99 million [3] - Jianghuai Automobile (600418) saw a main fund net inflow of 160 million, with a speculative fund net outflow of 166 million [3] - Waneng Electric Power (000543) experienced a main fund net inflow of 64.71 million, while speculative funds had a net outflow of 57.96 million [3]

Summary of Conference Call on Copper Industry Industry Overview - **Copper Supply Constraints**: Multiple factors are limiting copper supply growth, including Teck Resources lowering production guidance, Andeavor Logistics having conservative production expectations, and uncertainties surrounding the KK mine's output from the joint venture between Ivanhoe and Zijin Mining. Additionally, the recovery of the KOVEA mine by First Quantum is uncertain, and Chilean copper production may be affected by accidents [1][2][8]. Key Points and Arguments - **Electricity Demand Support**: The State Grid's investment is expected to increase in Q4, leading to a recovery in the operating rates of wire and cable companies. China's wire and cable exports are maintaining high growth, offsetting trade war impacts and supporting domestic copper demand, with no significant inventory accumulation observed [1][4]. - **Home Appliance Demand Improvement**: The home appliance sector is showing a slight improvement in Q4 compared to Q3, although it remains down year-on-year. Long-term growth for air conditioning is expected to stabilize at around 2% annually [1][5]. - **Transportation Sector Demand**: The demand for copper in the transportation sector, particularly from electric vehicles, is expected to maintain high growth rates, with an overall increase of over ten percentage points anticipated for the transportation segment [1][6]. - **Changes in Smelting Landscape**: By the end of next year, processing fees may drop to zero, putting significant cost pressure on overseas smelting companies, some of which have already closed or reduced capacity. This situation will highlight the cost advantages of Chinese smelting companies and may reshape the global smelting landscape [1][12]. Future Market Outlook - **Copper Price Predictions**: Copper prices are expected to exceed market expectations in Q4 and the first half of next year, potentially reaching between 100,000 to 120,000 yuan per ton, although the duration at these high levels may be limited [3][9][15]. - **Supply Outlook for 2026**: The copper supply is not expected to see significant growth next year. The KK mine's production guidance remains unclear, and the KOVEA mine's recovery is uncertain. Chilean copper production is projected to increase by about 50,000 tons, but past production guidance has often not been met [8][9]. Investment Recommendations - **Companies to Watch**: - **Zijin Mining**: Valuation is low with an increasing share of gold business, expected profits around 52.3 billion yuan this year, and 65 to 70 billion next year, corresponding to a valuation of about 11 to 12 times [3][10]. - **Luoyang Molybdenum**: Performance has exceeded expectations, particularly in Q3 [10]. - **Copper Industry Second-Tier Stocks**: Focus on Tongling Nonferrous Metals (high growth and dividend yield) and Western Mining (acquisition of copper-gold polymetallic mine to enhance resource reserves) [3][10][11][13]. Additional Insights - **Western Mining's Recent Developments**: The company reported Q3 results in line with expectations and acquired a copper-gold polymetallic mine for 8.6 billion yuan, which has significant copper and gold resources. This acquisition is seen as reasonable given the resource value [13][14]. - **Copper Supply from Tongling Nonferrous Metals**: Expected production of about 190,000 tons this year, with significant contributions from both domestic and overseas operations. The company is committed to a dividend payout of over 50%, resulting in a high dividend yield [11]. - **Challenges for Smelting Companies**: The potential for zero processing fees by the end of next year poses significant challenges for overseas smelting companies, which may struggle to maintain production levels [12]. This summary encapsulates the key insights and projections regarding the copper industry, highlighting supply constraints, demand dynamics, price forecasts, and investment opportunities.

Core Viewpoint - The article highlights the transformation of Tongling Nonferrous Metals Group from a traditional mining company to a modern enterprise focused on high-quality materials and technological innovation, marking its evolution over 76 years since the founding of New China [1][2]. Group 1: Historical Development - The origins of Tongling Nonferrous can be traced back to December 1949, when the first copper smelting operation was initiated with a government allocation of resources [1]. - The company has grown from the initial copper mining efforts to becoming a significant player in the global copper industry, consistently ranking among the world's top 500 companies for seven consecutive years [1][6]. - The first copper ingot produced in 1953 marked a pivotal moment, establishing Tongling as a key copper production base in China [6]. Group 2: Technological Innovation - The company has embraced technological advancements to reshape its industrial value, focusing on innovation to enhance its competitiveness in the global market [2][9]. - Tongling Nonferrous has implemented a "no-waste mining" approach, utilizing advanced techniques to maximize resource recovery and minimize environmental impact [7][10]. - The introduction of new technologies, such as the "cold air" process and the integration of automation in production, has significantly improved efficiency and reduced emissions [11][14]. Group 3: Global Expansion - The company has expanded its operations internationally, including the development of the Mirador copper mine in Ecuador, which enhances its resource self-sufficiency and global competitiveness [8][9]. - This international venture reflects the company's strategy to explore new markets and resources beyond domestic boundaries [8]. Group 4: Future Outlook - Tongling Nonferrous aims to continue its innovation-driven approach, focusing on high-end materials and strategic new industries such as zinc-based and rhenium-based materials [20][21]. - The company is committed to addressing critical challenges in the industry, such as resource scarcity and environmental sustainability, while striving to become a world-class enterprise [21][22]. - The ongoing development of advanced copper foil technology positions the company to meet future demands in sectors like 5G and AI, showcasing its commitment to innovation and market leadership [20][21].

Core Viewpoint - The industrial metal sector experienced a 2.0% increase on October 24, with Chang Aluminum leading the gains, while the Shanghai Composite Index rose by 0.71% and the Shenzhen Component Index increased by 2.02% [1] Summary by Category Market Performance - The industrial metal sector saw a significant rise, with Chang Aluminum's stock price closing at 5.46, reflecting a 10.08% increase [1] - The Shanghai Composite Index closed at 3950.31, up by 0.71%, and the Shenzhen Component Index closed at 13289.18, up by 2.02% [1] Individual Stock Performance - Notable performers in the industrial metal sector included: - Chang Aluminum (002160): 5.46, +10.08%, 2.546 million shares traded, 1.366 billion yuan in turnover [1] - Luoyang Zhenye (603993): 16.78, +5.53%, 3.2922 million shares traded, 545 million yuan in turnover [1] - Jiangxi Copper (600362): 39.09, +5.28%, 811,900 shares traded, 3.109 billion yuan in turnover [1] - Western Mining (601168): 24.20, +4.09%, 676,000 shares traded, 1.594 billion yuan in turnover [1] - Yunnan Copper (000878): 18.59, +3.80%, 855,900 shares traded, 1.569 billion yuan in turnover [1] Capital Flow - The industrial metal sector saw a net inflow of 1.148 billion yuan from main funds, while retail investors experienced a net outflow of 698 million yuan [1] - The overall capital flow indicated a mixed sentiment, with speculative funds showing a net outflow of 450 million yuan [1]

Core Insights - The industrial metals sector experienced a rise of 1.39% on October 23, with Chang Aluminum leading the gains [1] - The Shanghai Composite Index closed at 3922.41, up 0.22%, while the Shenzhen Component Index also rose by 0.22% to 13025.45 [1] Summary by Category Stock Performance - Chang Aluminum (002160) closed at 4.96, up 9.98% with a trading volume of 784,800 shares and a transaction value of 383 million [1] - Other notable performers included: - Zheng Platinum (003038) at 19.73, up 9.98% [1] - Shihua Station (600595) at 6.56, up 5.98% [1] - Tianshan Aluminum (002532) at 12.94, up 5.12% [1] - Minfa Aluminum (002578) at 3.73, up 3.61% [1] Capital Flow - The industrial metals sector saw a net inflow of 676 million yuan from main funds, while retail investors experienced a net outflow of 634 million yuan [2] - The main funds' net inflow for China Aluminum (601600) was 434 million yuan, representing 10.32% of its trading volume [3] - Other companies with significant main fund inflows included: - Zheng Platinum (003038) with a net inflow of 194 million yuan [3] - Shihua Station (600595) with a net inflow of 104 million yuan [3] Market Trends - The overall trend in the industrial metals sector indicates a positive sentiment, with several stocks showing significant gains [1][2] - The divergence in capital flow suggests that while institutional investors are bullish, retail investors are more cautious, leading to a mixed outlook [2][3]

Core Viewpoint - The report highlights the growth in China's refined copper (electrolytic copper) production, indicating a significant increase in output and suggesting a positive investment outlook for the industry [1]. Industry Summary - In August 2025, China's refined copper production reached 1.3 million tons, marking a year-on-year increase of 14.8% [1]. - From January to August 2025, the cumulative production of refined copper in China totaled 9.891 million tons, reflecting a cumulative growth of 10.1% [1]. - The report provides insights into the market status and investment prospects of the electrolytic copper foil industry in China from 2025 to 2031 [1]. Company Summary - Listed companies in the copper industry include Jiangxi Copper (600362), Yunnan Copper (000878), Zijin Mining (601899), Tongling Nonferrous Metals (000630), Western Mining (601168), Baiyin Nonferrous Metals (601212), Chuanjiang New Material (002171), Hailiang Co. (002203), Xinke Materials (600255), and Xiyang Co. (000960) [1].

New Stock Offerings - The offer period for the acquisition of Shangwei New Materials (688585) is from September 29, 2025, to October 28, 2025[1] - The latest announcements for various stocks include BoRui Pharmaceutical (688166) and Nanxin Pharmaceutical (688189) on October 10, 2025[1] - Significant abnormal fluctuations were reported for Nanxin Pharmaceutical (688189) on October 10, 2025[1] Trading Alerts - A total of 30 stocks have trading alerts issued on October 20, 2025, including Anlikang (002940) and ST Baoying (002047)[1] - The trading alerts cover various sectors, indicating potential volatility in the market[1] - The latest announcements for stocks such as YD Holdings (000626) and ST Nanzhi (002305) were made on October 20, 2025[1]