Group 1 - The company Tongling Nonferrous Metals Group announced a share buyback of 29,505,500 shares, representing 0.23% of its total share capital [1] - The highest transaction price during the buyback was 3.39 CNY per share, while the lowest was 2.87 CNY per share [1] - The total amount spent on the buyback was 94.6082 million CNY, excluding transaction fees [1]

证券代码：000630 证券简称：铜陵有色 公告编号：2025－052 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 关于股份回购进展情况的公告 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。 一、回购股份的基本情况 （一）铜陵有色金属集团股份有限公司（以下简称"公司"）分别于 2024 年 9 月 5 日、2024 年 9 月 20 日召开十届十三次董事会、2024 年第二次临时 股东大会，审议通过了《公司关于回购公司股份方案的议案》，基于对未来 发展的信心和对公司价值的认可，为维护广大投资者利益，增强投资者信心， 提升公司资本市场形象，在考虑经营情况、财务状况及未来发展战略的基础 上，同意公司以自有资金通过集中竞价交易方式回购公司股份，本次回购的 股份将用于转换上市公司发行的可转换为股票的公司债券。本次回购资金总 额不低于人民币 20,000.00 万元，不超过人民币 30,000.00 万元，回购价格 不超过人民币 4.60 元/股（含）。具体回购股份的数量以回购期限届满时实 际回购的股份数量为准。 本次回购股份的实施期限 ...

Core Viewpoint - Tongling Nonferrous Metals reported a stock price of 3.48 yuan on July 31, down 4.4% from the previous trading day, with a trading volume of 1.142 billion yuan [1] Company Overview - Tongling Nonferrous Metals is a significant copper production enterprise in China, primarily engaged in copper mining, smelting, and processing. The company's product offerings include cathode copper and copper processing materials, covering the upstream and downstream of the copper industry chain [1] Recent Developments - The U.S. has announced a 50% tariff on imported semi-finished copper products, while refined copper is excluded from this tariff. This policy has led to significant fluctuations in U.S. copper futures prices, but the impact on domestic copper exports is limited. Data indicates that in 2024, China's copper exports to the U.S. will account for only 5.2% of its total imports [1] Market Activity - On July 31, Tongling Nonferrous Metals experienced a net outflow of 51.6167 million yuan in principal funds, representing 0.14% of its market capitalization [1]

"从供应端看，参考去年进口量，当前美国精炼铜供应严重过剩。"卓创资讯铜行业分析师宋洪潇告诉第 一财经记者，今年上半年美国精炼铜进口量为86.4万吨，而去年同期仅为35万吨，同比增幅高达 147%。因此从美铜基本面现状看，此次新策影响更多是美国国内情况。 虹吸效应消失，全球精炼铜贸易流向会否转向？我的钢铁网认为，若后续美铜与伦铜价差出现倒挂，即 美铜价格低于伦铜，则前期美国囤积铜货源将大量转运出来，这将给亚太及欧洲市场带来较大库存压 力，但库存转移的前提是二者价差出现倒挂，且足够覆盖转运成本。 7月31日，A股铜矿股集体下挫。截至收盘，江西铜业（600362.SH）、洛阳钼业（603993.SH）、铜陵 有色（000630.SZ）均跌超4%，北方铜业（000737.SZ）、紫金矿业（601899.SH）分别收跌3.54%、 3.38%。 铜矿股异动主要受一则关税消息影响。当地时间7月30日，美国总统特朗普宣布，将自8月1日起对进口 半成品铜产品（例如铜管、铜线、铜棒、铜板和铜管）及铜密集型衍生产品（例如管件、电缆、连接器 和电气元件）普遍征收50%关税。铜输入材料（例如铜矿石、精矿、锍铜、阴极铜和阳极铜）和铜废 ...

Core Viewpoint - The recent announcement by President Trump regarding a 50% tariff on certain copper products has led to significant volatility in copper prices, impacting both domestic and global markets [1][2][3] Group 1: Market Reactions - On July 31, A-share copper mining stocks experienced a collective decline, with major companies like Jiangxi Copper and Luoyang Molybdenum falling over 4% [1] - The announcement caused a dramatic drop in copper futures, with COMEX copper prices plummeting over 18% to $4.63 per pound, marking the largest single-day decline in history [2] - The price difference between COMEX and LME copper contracts narrowed significantly, indicating a shift in market dynamics [2] Group 2: Supply and Demand Dynamics - The new tariff policy is seen as a correction to the previously inflated expectations for U.S. copper prices, leading to a more balanced import strategy [3] - U.S. refined copper imports surged to 864,000 tons in the first half of the year, a 147% increase year-on-year, indicating a supply surplus [3] - If the price difference between U.S. and LME copper contracts turns negative, it could lead to a significant outflow of copper stocks from the U.S. to Asia and Europe, creating inventory pressures [3] Group 3: Future Policy Uncertainty - The prospect of U.S. refined copper import tariffs is not entirely off the table, with potential plans for a 15% tariff in 2027 and a 30% tariff in 2028 [4] - The volatility in U.S. copper prices poses challenges for companies in managing risks effectively, as market conditions are increasingly influenced by geopolitical factors [4] - The impact of the new tariff policy on China's copper exports is expected to be limited, with China accounting for only 5.2% of U.S. copper imports [4]

Group 1: Industry Development - The Anhui Tongling Nonferrous Metals Group has produced ultra-thin high-performance lithium battery copper foil, showcasing its focus on high-end copper industry chain development with over 700 research projects implemented since the 14th Five-Year Plan [1] - Anhui is accelerating the transformation and upgrading of traditional industries while developing strategic emerging industries, aiming to build internationally competitive advanced manufacturing clusters [1][2] - The province is exploring new paths for the high-end, intelligent, and green transformation of traditional industries, with high-tech and high-value-added products emerging continuously [2] Group 2: Strategic Emerging Industries - The Hefei Guoxian Technology Co., Ltd. is constructing an 8.6-generation active matrix organic light-emitting display device production line with an investment exceeding 50 billion yuan, which will significantly boost the new display industry cluster in Hefei [3] - From 2013 to 2024, the output value of Anhui's strategic emerging industries increased from 20.7% to 43.6% of the industrial output above designated size, with over 4,000 automotive parts and aftermarket enterprises established [3] - Anhui is committed to integrating innovation and industry, with 80% of newly recognized industrial innovation platforms and technology projects led by enterprises [3] Group 3: Future Industries - The Wuhu Aviation Town is attracting nearly 200 companies, creating a complete industrial chain focused on the low-altitude economy, enabling the production of domestic general aircraft within the park [5] - The "Wukong" quantum computer developed by Benyuan Quantum Computing Technology has completed over 500,000 quantum computing tasks for users in 143 countries and regions since its launch [6][7] - The manufacturing investment in Anhui is projected to grow by 13.3% year-on-year in 2024, with the automotive and equipment manufacturing industries both surpassing 1 trillion yuan in revenue [7]

Group 1 - The State Intellectual Property Office of China has granted a patent for "scaffolding for construction" to Tongling Nonferrous Metals Group Tongguan Construction Installation Co., Ltd. and Tongling Nonferrous Metals Group Holdings Co., Ltd. The patent number is CN223151636U, with an application date of September 2024 [1] - The patent describes a scaffolding system that includes a main body and two first connection seats, which are symmetrically positioned on either side of the main body. The system features a protective sleeve that can be controlled for movement, allowing for easy material retrieval during construction [1] - The design includes a safety component that ensures the protective sleeve and rod remain aligned, providing safety for construction workers while facilitating material handling [1] Group 2 - Tongling Nonferrous Metals Group Tongguan Construction Installation Co., Ltd. was established in 2007, located in Tongling City, with a registered capital of 200.2 million RMB. The company has invested in 8 enterprises and participated in 2,241 bidding projects, holding 148 patents and 57 administrative licenses [2] - Tongling Nonferrous Metals Group Holdings Co., Ltd. was founded in 1981, also located in Tongling City, with a registered capital of 3,702.0339 million RMB. The company has invested in 74 enterprises, participated in 5,000 bidding projects, and holds 51 trademark registrations and 13 patents, along with 28 administrative licenses [2]

Core Viewpoint - The article discusses the current state and future outlook of the copper smelting industry in China, highlighting production capacity, profitability challenges, and potential policy changes aimed at regulating the industry [2][5][6]. Production - In 2024, China's electrolytic copper production is expected to reach 13.64 million tons, accounting for 59% of global primary electrolytic copper production, with a compound annual growth rate of 10% since 2004 [3]. - The top ten companies in the copper smelting sector hold approximately 76% of the market share, with major producers including Jiangxi Copper (2.29 million tons), Tongling Nonferrous (1.77 million tons), and Jinchuan Group (1.33 million tons) [3]. Expansion - As of June 2025, the smelting operating rate is around 86%, with 2.98 million tons of production capacity yet to be put into operation. The annualized capacity for June 2025 is estimated at 15.88 million tons [4]. Profitability - The processing fee (TC/RC) has dropped significantly, with the spot price as of July 18, 2025, at -$43.2 per ton, marking a historical low. The long-term processing fee has also fallen to $0 per ton, forcing smelting companies to rely on by-products like sulfuric acid for profitability [5]. - If sulfuric acid prices decline further, smelting companies may face potential losses due to the lack of processing fee income [5]. Policy Implications - The implementation of "anti-involution" policies in the copper industry could limit new smelting capacity and accelerate the exit of smaller smelting operations. This may alleviate the current overcapacity and improve future profitability for smelting companies, especially as downstream consumption continues to grow due to sectors like renewable energy and grid upgrades [6].

Industry Overview - Copper strip is a key material in modern industry, known for its excellent electrical and thermal conductivity, processing performance, and corrosion resistance, widely used in new energy and electronic electrical fields [1][4] - The industry is experiencing a "quantity and quality rise" trend, with total production capacity expected to reach 4.179 million tons and output exceeding 3 million tons by 2024, while the proportion of high-end products is projected to increase to 35% [1][10] - The new energy vehicle sector has become a core growth driver, with production and sales in the first five months of 2025 increasing by over 44% year-on-year, significantly boosting demand for high-conductivity copper strips [1][22] Import and Export Dynamics - The import and export landscape is characterized by accelerated import substitution and steady export growth, with exports expected to increase by 20.61% year-on-year in 2024 [1][12] - In 2024, the total import volume of copper strips is projected to be approximately 88,800 tons, a year-on-year increase of 14.28%, while exports are expected to reach 124,200 tons [12][14] - The import structure is shifting towards high-value-added products, while exports are primarily focused on general-purpose products, indicating a trend towards higher technical content and added value in trade [14][21] Competitive Landscape - The competitive landscape of the copper strip industry is evolving into a gradient structure, with leading companies like Jiangxi Copper and Tongling Nonferrous Metals dominating over 60% of the high-end market through technological innovation and cost reduction [16][18] - Medium-sized enterprises are focusing on niche markets, while smaller firms are facing pressure due to environmental standards and market saturation, leading to accelerated exits from the market [16][18] - The industry is expected to consolidate further, with a focus on technological leadership and high-end production capabilities [18][21] Future Trends - The copper strip industry is witnessing three core trends: high-end breakthrough, structural differentiation, and green transformation, driven by technological advancements and market demands [21][22] - The demand for copper strips in the new energy vehicle sector is expected to exceed 2 million tons by 2025, accounting for over 40% of global copper consumption growth [22][23] - Companies are increasingly investing in green technologies and innovations to enhance competitiveness, with significant potential for import substitution in high-end markets [23]

Core Viewpoint - Tongling Nonferrous Metals Group Co., Ltd. is a significant player in China's nonferrous metal industry and a globally recognized giant, known for its innovative path towards modern industrial development in harmony with nature [2]. Group 1: Historical Development - The establishment of Tongling Nonferrous began with the first national nonferrous metal conference in 1949, leading to the development of the Tongguanshan copper mine, which was initially a wasteland [3]. - During the early years, the average annual production of crude copper at Tongguanshan increased by 72.3%, and industrial output value grew by 117.1% during the First Five-Year Plan [3]. - By the 1990s, the company became one of Asia's largest electrolytic copper producers, achieving significant technological innovations and winning national awards for its proprietary technologies [4]. Group 2: Technological Advancements - The company has implemented advanced technologies and management practices, significantly enhancing production efficiency and product quality [4]. - The production process for high-purity cathode copper involves multiple steps, including crushing, flotation, smelting, and electrolysis, with a purity level exceeding 99.95% [6]. - The integration of internet and artificial intelligence technologies allows for real-time data management and process monitoring, improving production quality control [6][7]. Group 3: Market Position and Product Development - The rapid growth of green industries, such as electric vehicles and renewable energy, has driven demand for high-purity copper products, with electric vehicles requiring over 20 kilograms of copper foil for battery packs [7]. - The company has developed ultra-thin copper foils and other high-value products, breaking foreign monopolies in the high-frequency and high-speed substrate copper foil market [8]. - Tongling Nonferrous is expanding its product range to include copper-based new materials, forming a complete industrial chain from electrolytic copper to various copper products [8]. Group 4: Future Outlook - The company aims to enhance its core competitiveness and resource security while solidifying its leading position in the copper smelting industry [9]. - There is a focus on innovation-driven development, with increased investment in research and development for high-end copper-based new materials [9].