证券代码：000630 证券简称：铜陵有色 公告编号：2025－058 债券代码：124024 债券简称：铜陵定 02 特别提示： 自2025年8月13日至2025年8月28日，铜陵有色金属集团股份有限公司 （以下简称"公司"）股票已有10个交易日的收盘价格不低于公司可转换 公司债券"铜陵定02"当期转股价格（即3.20元/股）的130%（含130%，即 4.16元/股）。若在未来触发"铜陵定02"的有条件赎回条款（即：如果公 司股票在任何连续30个交易日中至少有15个交易日的收盘价格不低于当期 转股价格的130%（含130%）），届时根据《铜陵有色金属集团股份有限公 司关于发行股份、可转换公司债券及支付现金购买资产并募集配套资金暨 关联交易之向特定对象发行可转换公司债券募集配套资金发行结果暨登记 完成的公告》中有条件赎回条款的相关约定，公司董事会有权决定按照债 券面值加当期应计利息的价格赎回全部或部分未转股的"铜陵定02"。 一、可转换公司债券基本情况 （一）可转换公司债券发行情况 铜陵有色金属集团股份有限公司 关于铜陵定 02 可能触发赎回条件的提示性 公告 本公司及董事会全体成员保证信息披露的内容真实、 ...

Core Viewpoint - Tongling Nonferrous Metals reported a stock price of 4.33 yuan on August 27, reflecting a decrease of 0.12 yuan or 2.70% from the previous trading day [1] Company Summary - Tongling Nonferrous Metals primarily engages in copper mining, smelting, and processing, making it a significant producer of non-ferrous metals in Anhui Province [1] - The company's product offerings include cathode copper and copper processing materials, covering both upstream and downstream segments of the copper industry [1] - On August 27, the company stated on its interactive platform that its market performance is influenced by various factors, including macroeconomic conditions and industry prosperity [1] - The company is actively progressing with its share repurchase plan and aims to continue focusing on its core business operations to enhance its competitive edge [1] Market Activity - On August 27, the net outflow of main funds was 190 million yuan, accounting for 0.42% of the circulating market value [1] - Over the past five days, the cumulative net outflow of main funds reached 196 million yuan, representing 0.43% of the circulating market value [1]

铜陵有色（ [Table_StockNameRptType] 000630） 公司覆盖 一体化布局的老牌铜企，资源自给率持续提升 | 投资评级：买入 | | --- | | [Table_Rank] | | 首次覆盖 | | | --- | --- | | 报告日期： 2025-08-27 | | | [Table_BaseData] 收盘价（元） | 4.33 | | 近 12 个月最高/最低（元） | 4.53/2.81 | | 总股本（百万股） | 12,794 | | 流通股本（百万股） | 10,528 | | 流通股比例（%） | 82.29 | | 总市值（亿元） | 554 | | 流通市值（亿元） | 456 | [公司价格与沪深 Table_Chart] 300 走势比较 -16% 3% 22% 41% 60% 8/24 11/24 2/25 5/25 8/25 铜陵有色 沪深300 [Table_Author] 分析师：许勇其 执业证书号：S0010522080002 邮箱：xuqy@hazq.com 分析师：黄玺 执业证书号：S0010524060001 邮箱：huangxi@hazq ...

Core Viewpoint - The report highlights the integrated layout of Tongling Nonferrous Metals Group Co., Ltd., emphasizing its continuous improvement in resource self-sufficiency and a "buy" rating for the stock [1][5]. Group 1: Company Overview - Tongling Nonferrous Metals operates a complete industrial chain from mining to smelting and processing, with significant domestic mining resources and control over the Mirador copper mine in Ecuador [2]. - The company is one of the largest producers of cathode copper in China, with an annual production capacity exceeding 1.7 million tons and an additional capacity of 80,000 tons for high-precision electronic copper foil [2]. Group 2: Financial Performance - In the first half of 2025, the company achieved revenue of 76.08 billion yuan, a year-on-year increase of 6.4%, while the net profit attributable to shareholders was 1.44 billion yuan, a decrease of 33.9% due to changes in dividend arrangements from overseas subsidiaries [2]. - Revenue and gross profit contributions from copper products accounted for 83.78% and 56.91%, respectively [2]. Group 3: Market Dynamics - Supply-side constraints due to tight copper ore supply and expanding smelting capacity have led to rising copper prices, supported by stable demand from traditional manufacturing and growth in sectors like AI data centers [3]. - The macroeconomic environment, including dovish signals from the Federal Reserve, is expected to boost investment demand for copper [3]. Group 4: Resource Development - The Mirador copper mine's production is expected to significantly enhance the company's resource self-sufficiency, with copper concentrate output projected to reach 200,000 tons annually after the second phase of the project [4]. - The company's strategic location in East China, where copper consumption accounts for one-third of the national total, provides logistical advantages [4]. Group 5: Investment Outlook - With the ramp-up of production from the Mirador project, the company's profit elasticity is anticipated to continue increasing, with projected net profits of 3.36 billion, 5.08 billion, and 5.77 billion yuan for 2025-2027, corresponding to P/E ratios of 16.48, 10.90, and 9.60 times [5].

Core Viewpoint - Tongling Nonferrous Metals announced on August 27 that it is actively progressing with its share repurchase plan in accordance with the disclosed scheme and legal regulations [1] Group 1 - The company is responding to investor inquiries regarding the share repurchase matter [1] - The repurchase work is being conducted strictly according to the previously disclosed plan [1] - The company will fulfill its information disclosure obligations based on the progress of the repurchase [1]

Core Viewpoint - The company, Tongling Nonferrous Metals (000630), emphasizes its commitment to focusing on its core business operations and enhancing its core competitiveness to deliver better development results for investors [1] Company Focus - The company plans to continue concentrating on its main business activities [1] - There is an intention to improve core competitiveness [1] - The goal is to provide better returns to investors based on development outcomes [1]

证券日报网讯铜陵有色（000630）8月27日在互动平台回答投资者提问时表示，公司的二级市场市值表 现受宏观经济走势、有色金属行业景气度、资本市场整体估值水平、公司经营业绩等多方面因素综合影 响，是市场机制作用的结果。 ...

Financial Performance - The company reported a revenue of approximately 76.08 billion yuan for the first half of 2025, representing a year-on-year increase of 6.39% [1] - The net profit attributable to shareholders was approximately 1.441 billion yuan, a decrease of 33.94% compared to the same period last year [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was approximately 1.432 billion yuan, down 35.19% year-on-year [1] - Basic earnings per share were 0.11 yuan, reflecting a decrease of 35.29% compared to the previous year [1] Debt and Liquidity - The asset-liability ratio stood at 54.54%, an increase of 6.74% from the same period last year [1] - The current ratio decreased to 1.7 from 1.76, a decline of 3.41% [1] - The quick ratio improved from 0.54 to 0.55, an increase of 1.85% year-on-year [1] Investment Activities - The company is actively responding to the 14th Five-Year Plan and the 2035 vision by optimizing and extending its industrial chain through investments and collaborations with professional investment institutions [2] - The total fund size for these investments is 100.4 million yuan, with the company contributing 85 million yuan as a limited partner and its wholly-owned subsidiary contributing 10 million yuan as a general partner [2] - As of June 30, 2025, the partnership had made a total of 11 investments amounting to 57.69 million yuan [2]

Core Viewpoint - Recent price increases in various chemical products, industrial goods, and raw materials have sparked widespread market attention, driven by expectations of interest rate cuts and potential recovery in corporate performance [1][2]. Group 1: Price Trends and Market Reactions - On August 22, Federal Reserve Chairman Jerome Powell indicated an openness to interest rate cuts, positively impacting the international commodity market, leading to a potential revaluation of commodities [1][2]. - As of August 25, copper futures in Shanghai rose to 79,690 yuan per ton, nearing the 80,000 yuan mark, with precious metals also recording gains [1]. - The A-share market saw significant performance in non-ferrous and precious metal sectors, with companies like Northern Copper and Hunan Silver hitting the daily limit, and Zijin Mining, Luoyang Molybdenum, and Tongling Nonferrous Metals seeing increases of 7.5%, 8.73%, and 6.27% respectively [1]. Group 2: Economic Implications of Rate Cuts - Market expectations for a rate cut in September have risen to 87.2%, with predictions for two additional cuts by the end of the year [2]. - The dovish stance from the Fed is expected to weaken the dollar, providing upward support for dollar-denominated commodity prices [2]. - Historical trends suggest that while rate cuts may initially boost asset prices, the effect may diminish post-announcement, leading to potential price corrections [2]. Group 3: Commodity Market Dynamics - Year-to-date, ETFs for non-ferrous and rare metals have increased by 50% and 58% respectively, indicating a rebound in cyclical assets [3]. - Policies aimed at stabilizing growth in key industries such as steel, non-ferrous metals, and petrochemicals are anticipated to address issues like weak terminal consumption and structural oversupply [3]. - The current commodity market is undergoing a reconfiguration of global supply and demand dynamics, with expectations for a revaluation of raw material pricing due to geopolitical and economic factors [3]. Group 4: Copper Market Outlook - Copper is identified as a bellwether for industrial metals, with prices expected to remain strong due to tight supply and geopolitical tensions [4]. - Demand for copper is projected to grow in emerging sectors such as AI infrastructure, electric vehicles, and smart grids [4]. - For September, copper prices are forecasted to fluctuate between 78,000 yuan and 83,000 yuan per ton, indicating a resilient price structure [4].

Group 1 - Recent price increases in various chemical and industrial products have raised market concerns about the drivers behind this surge, its sustainability, and the potential for performance recovery among upstream and downstream companies in the industry [1] - The expectation of interest rate cuts by the Federal Reserve, as indicated by Chairman Powell, has positively impacted the international commodity market, suggesting a potential revaluation of commodities [1][3] - On August 25, copper futures in the Shanghai market closed at 79,690 yuan per ton, nearing the 80,000 yuan mark, while precious metals also saw price increases [1] Group 2 - The expectation of interest rate cuts has risen significantly, with traders betting on an 87.2% chance of a cut in September and two additional cuts by the end of the year [3] - The "dovish" stance of the Federal Reserve is expected to weaken the dollar, leading to an increase in prices for dollar-denominated commodities [3] - The recent rebound in prices of cyclical assets, including commodities, is attributed to supportive policies aimed at addressing issues like weak terminal consumption and structural oversupply in the commodity industry [5] Group 3 - The current commodity market is undergoing a reconfiguration of global supply and demand dynamics, influenced by geopolitical factors and supply chain restructuring, which may lead to a revaluation of raw materials [6] - Copper is identified as a key industrial metal, with its price expected to remain strong due to tight supply and increasing demand from emerging sectors such as AI infrastructure and electric transportation [6] - For September, copper prices are projected to fluctuate between 78,000 yuan and 83,000 yuan per ton, indicating a resilient price trend [6]