Core Viewpoint - Tongling Nonferrous Metals is one of the largest cathode copper producers in China, with smelting capacity exceeding 1.7 million tons, and has gradually become a comprehensive copper company covering the entire industry chain from "resources to smelting to processing" [1] Group 1: Company Overview - The company generates significant revenue and gross profit from copper products, but since 2024, tightening copper ore supply has led to a decline in copper smelting fees, resulting in a slight decrease in copper product gross margins [1] - There are concerns in the market regarding whether the company's large copper smelting capacity will be affected by the continued decline in smelting fees, potentially squeezing profit margins [1] Group 2: Market Outlook - The upward certainty of copper prices has increased, and there are marginally positive expectations for smelting fees, which may enhance profit elasticity [1] - The company is targeting the high-end copper processing market, with its subsidiary, Tongguan Copper Foil, having been listed separately in 2022, indicating potential for greater application markets for high-end electronic copper foil products amid rapid development in AI and electronic communication industries [1] Group 3: Additional Profit Sources - The gold and other by-product segments are expected to continue contributing to the company's profits [1] - The initial coverage has assigned a "buy" rating for the company [1]

Core Viewpoint - Tongling Nonferrous Metals is one of the largest cathode copper producers in China, with smelting capacity exceeding 1.7 million tons, and has gradually become a comprehensive copper company covering the entire industry chain from "resources to smelting to processing" [1] Group 1: Company Overview - The company generates significant revenue and gross profit from copper products, but since 2024, tightening copper ore supply has led to a decline in copper smelting fees, resulting in a slight decrease in copper product gross margin [1] - There are concerns regarding whether the company's large copper smelting capacity will be impacted by the continued decline in smelting fees, potentially squeezing profit margins [1] Group 2: Market Outlook - The upward certainty of copper prices is increasing, and there are marginally positive expectations for smelting fees, which may enhance profit elasticity [1] - The company is targeting the high-end copper processing market, with its subsidiary, Tongguan Copper Foil, having been listed separately in 2022, and high-end electronic copper foil products are expected to see greater application markets amid the rapid development of AI and electronic communication industries [1] Group 3: Additional Profit Sources - The gold and other by-product segments are expected to continue contributing to the company's profits [1] - The initial coverage gives the company a "buy" rating [1]

Core Viewpoint - The report indicates a mixed outlook for the metals industry, with price fluctuations influenced by macroeconomic factors, supply disruptions, and changing monetary policies, particularly regarding interest rates [2][4][6]. Group 1: Lithium Prices - In the first three quarters of 2025, the average price of domestic battery-grade lithium carbonate (99.5% purity) and lithium hydroxide (56.5% purity) was 71,339.89 CNY/ton and 67,844.81 CNY/ton, respectively, representing year-on-year declines of 25.17% and 21.47% compared to the same period in 2024 [1][5]. - The price decline for lithium products has slowed in the first half of 2025, with a rebound observed in the third quarter, suggesting a potential turning point [5]. Group 2: Precious Metals - Precious metal prices have been supported by expectations of interest rate cuts, with gold prices experiencing a significant upward trend in the third quarter of 2025 [3][6]. - The overall labor market remains balanced despite a decline in non-farm employment, indicating potential economic weakness and rising inflation concerns, which further support precious metal prices [3]. Group 3: Industrial Metals - The third quarter of 2025 saw increased expectations for interest rate cuts, which provided support for industrial metal prices, particularly copper, amid supply disruptions from incidents like the Grasberg copper mine accident in Indonesia [4][6]. - The average price of LME copper in the first three quarters was 9,561.07 USD/ton, up 4.71% from 9,131.16 USD/ton in the same period of 2024, while LME aluminum prices rose by 8.44% [4]. Group 4: Energy Metals - The energy metals sector appears to have reached a bottom, with signs of a potential rebound following price declines in the first half of 2025 [5]. - The average price of cobalt in the first three quarters was 226,241.76 CNY/ton, reflecting a year-on-year increase of 6.78%, driven by a significant rebound in September [5]. Group 5: Investment Recommendations - The report suggests that despite uncertainties regarding interest rate cuts in December, the medium-term outlook for macroeconomic easing is strong, which will support non-ferrous metal prices [6]. - Companies to watch include Zijin Mining, Zhongjin Gold, Shandong Gold, Luoyang Molybdenum, Western Mining, Tongling Nonferrous Metals, Hailiang Co., Cangge Mining, Ganfeng Lithium, and Huayou Cobalt [6].

Group 1 - The board meeting of Tongling Nonferrous Metals Group Co., Ltd. was held on November 20, 2025, in Tongling City, Anhui Province, with a combination of on-site and remote voting [2] - The meeting was attended by 6 directors, with 3 present on-site and 3 independent directors voting via communication [2] - The meeting was chaired by Chairman Ding Shiqi and was compliant with the Company Law and the Articles of Association, making the resolutions legal and effective [2] Group 2 - The board approved the proposal to change the members of the specialized committees to enhance operational efficiency [3] - The board also approved the proposal to formulate and revise several management systems, including the External Investment Management Measures and the External Guarantee Management System [4] - These revised management systems will be disclosed on the company's official information platform [4] Group 3 - The board decided to hold the third extraordinary general meeting of shareholders on December 29, 2025, at 14:30, using a combination of on-site and online voting [7] - The resolution for the shareholder meeting was also passed with unanimous support [9] Group 4 - The minutes of the board meeting will be kept on record for future reference [10] - The announcement was made by Tongling Nonferrous Metals Group Co., Ltd. on November 21, 2025 [11][12]

Core Viewpoint - Tongling Nonferrous Metals is a leading copper smelting enterprise in China, covering the entire industry chain from resource extraction to smelting and processing. The company is the largest producer of cathode copper in the country, with smelting capacity exceeding 1.7 million tons. However, since 2024, tightening copper ore supply has led to a decline in copper smelting fees, resulting in a slight decrease in the company's copper product profit margins. There are concerns about whether the company's substantial smelting capacity will be impacted by the continued decline in smelting fees, which could squeeze profit margins [1]. Copper Products Sector - From an industry perspective, the growth rate of electrolytic copper production in 2026-2027 may be lower than that of copper ore supply, indicating potential upward improvement in smelting fees. Demand from emerging sectors such as renewable energy and AI data centers is expected to drive an increase in copper demand. However, due to ongoing disruptions at the mining level and a slowdown in the expansion of midstream smelting capacity, the global copper supply-demand surplus may decrease, supporting an upward trend in copper prices in the medium term [2]. - On the company level, the expansion of the Mirador copper mine is expected to enhance the company's copper concentrate self-sufficiency and reduce production costs. The integrated project for green intelligent copper-based new materials is anticipated to expand the company's smelting capacity. With expectations of improving industry smelting fees and rising copper prices, the increase in resource self-sufficiency is likely to enhance profit elasticity in the smelting segment [2]. - The company is also focusing on high-end copper processing and precious metal resources, which are expected to drive profitability. The subsidiary Tongguan Copper Foil was listed separately in 2022, and the demand for high-end electronic copper foil products is anticipated to grow in the context of rapid development in AI and electronic communication industries. Additionally, the precious metals segment, including gold, is expected to continue contributing to the company's profits, with rising prices anticipated due to deteriorating dollar credit conditions. The expansion of the Mirador copper mine is expected to increase gold production, potentially leading to a rise in both volume and price in the gold segment [2]. Profit Forecast and Investment Recommendation - The company is projected to have EPS of 0.27, 0.38, and 0.43 yuan for the years 2025-2027. Based on a comparable company's 2026 PE of 16X, a target price of 6.08 yuan is set for the company. Therefore, the initial coverage recommends a buy rating for the company [3].

Investment Rating - The report initiates coverage with a "Buy" rating for the company [5][7]. Core Views - The report highlights that the copper industry is expected to see a tightening supply-demand balance, with copper prices likely to rise due to increased demand from emerging sectors such as renewable energy and AI data centers. The company's expansion projects are anticipated to enhance its profitability and resource self-sufficiency [4][12][10]. Summary by Sections Company Overview - The company, Tongling Nonferrous Metals Group Co., Ltd., is one of the largest cathode copper producers in China, with a smelting capacity exceeding 1.7 million tons. It has developed a comprehensive copper industry chain covering resource exploration, smelting, and processing [20][21]. Copper Product Segment - The report indicates that the copper price is expected to rise, and there is a marginally positive outlook for smelting fees, which could enhance profit elasticity. The company is set to benefit from the expected increase in copper prices and improved smelting fees due to supply constraints [4][12][10]. - The Mirador copper mine expansion is projected to increase the company's copper concentrate self-sufficiency and reduce production costs, while the completion of the green intelligent copper-based new materials industrial park is expected to expand smelting capacity [4][12]. Other Segments - The company is focusing on high-end copper processing and precious metal resources, which are expected to drive profitability. The subsidiary, Tongguan Copper Foil, has been listed separately and is positioned to benefit from the rapid growth in the AI and electronic communication sectors [4][12]. - The precious metals segment, particularly gold, is expected to see a rise in both volume and price, supported by deteriorating dollar credit conditions [4][12]. Financial Forecast and Investment Recommendations - The company is projected to achieve earnings per share (EPS) of 0.27, 0.38, and 0.43 yuan for the years 2025 to 2027. Based on a comparable company PE of 16X for 2026, a target price of 6.08 yuan is set [5][7].

Group 1 - The core point of the article is that Tongling Nonferrous Metals Group Co., Ltd. held its 27th meeting of the 10th Board of Directors on November 20, 2025, to review proposals regarding the formulation and revision of certain management systems [1] - For the first half of 2025, the company's revenue composition shows that non-trade income accounted for 99.18%, while trade income made up only 0.82% [1] - As of the time of reporting, the market capitalization of Tongling Nonferrous Metals is 68.4 billion yuan [1]

铜陵有色金属集团股份有限公司 关联交易管理制度 第一章 总则 第一条 为规范铜陵有色金属集团股份有限公司(以下简称"公司")的 关联交易，保证公司关联交易符合公平、公正、公开的原则，维护公司及公 司股东的合法权益，根据《中华人民共和国公司法》（以下简称"《公司法》"）、 《中华人民共和国证券法》（以下简称"《证券法》"）、《深圳证券交易 所股票上市规则》、《深圳证券交易所上市公司自律监管指引第 1 号——主 板上市公司规范运作》和《铜陵有色金属集团股份有限公司章程》（以下简 称"《公司章程》"）的有关规定，制定本制度。 第三条 关联交易活动应遵循公正、公平、公开的原则。 第四条 本制度适用于公司、公司控股子公司。 第二章 关联人和关联关系 第二条 本制度所称关联交易，是指公司或公司全资子公司、控股子公 司（以下合称"控股子公司"）与公司关联人之间发生的转移资源或义务的 事项。 第五条 公司关联人包括关联法人和关联自然人。 第六条 具有以下情形之一的法人，为公司的关联法人（或者其他组织）： （一）直接或间接地控制公司的法人（或者其他组织）； （二）由前项所述法人直接或间接控制的除公司及公司控股子公司以外 的法人 ...

铜陵有色金属集团股份有限公司 对外担保管理制度 第一章 总则 第一条 为规范铜陵有色金属集团股份有限公司（以下简称"公司"）的对 外担保行为，有效控制公司对外担保风险，保护投资者的合法权益，根据《中华 人民共和国公司法》《中华人民共和国证券法》《上市公司监管指引第 8 号—— 上市公司资金往来、对外担保的监管要求》《深圳证券交易所股票上市规则》《深 圳证券交易所上市公司自律监管指引第 1 号——主板上市公司规范运作》等有关 法律、法规、规范性文件及《公司章程》等规定，结合公司实际情况，制定本制 度。 第二条 本制度适用于公司及所属子公司，所属子公司是指纳入公司合并会 计报表的各级子公司。 第三条 本制度所称对外担保是指公司（含公司所属各级子公司，下同）以 第三人身份为他人提供的保证、抵押或质押，包括公司为所属子公司提供的担保。 本制度所称对外担保总额是指包括公司对所属子公司担保在内的公司对外 担保总额与公司所属子公司对外担保总额之和。 第四条 公司对外担保实行统一管理，未经公司董事会或股东会批准，不得 以公司名义签署对外担保的合同、协议或其他类似的法律文件。 第五条 公司对外担保应当遵循平等、自愿、公平、诚信 ...

1 主营业务，有利于增强公司竞争能力和创新能力。中国证监会对公司发行股份、 可转换公司债券购买资产并募集配套资金用途另有规定的，从其规定。 第一条 为加强铜陵有色金属集团股份有限公司（以下简称"公司"）募集 资金的使用控制、效益分析评价，确保募集资金的使用规范、安全、高效，树立 公司在资本市场上的良好形象，根据《中华人民共和国公司法》《中华人民共和 国证券法》《上市公司证券发行注册管理办法》《深圳证券交易所股票上市规则》 （以下简称"《上市规则》"）、《深圳证券交易所上市公司自律监管指引第 1 号——主板上市公司规范运作》《上市公司监管指引第 2 号——上市公司募集资 金管理和使用的监管要求》等相关法律法规的规定及《铜陵有色金属集团股份有 限公司章程》（以下简称"公司章程"），结合公司实际，特制定本制度。 第二条 本制度所指募集资金是指公司通过发行股票或者其他具有股权性 质的证券，向投资者募集并用于特定用途的资金，但不包括公司为实施股权激励 计划募集的资金。 超募资金是指实际募集资金净额超过计划募集资金金额的部分。 第三条 募集资金投资项目通过公司的子公司或公司控制的其他企业实施 的，适用本制度。 募集资金投 ...