Market Overview - The Shanghai Composite Index fell by 0.03% on July 16, with 14 industries experiencing gains, led by social services and automotive sectors, which rose by 1.13% and 1.07% respectively. The steel and banking sectors saw the largest declines, down by 1.28% and 0.74% respectively [1] Fund Flow Analysis - The main funds in the two markets experienced a net outflow of 14.265 billion yuan, with 12 industries seeing net inflows. The public utilities sector had the highest net inflow of 2.823 billion yuan despite a decline of 0.20%, followed by the pharmaceutical and biotechnology sector, which rose by 0.95% with a net inflow of 2.095 billion yuan [1] Nonferrous Metals Sector Performance - The nonferrous metals sector declined by 0.45% with a total net outflow of 2.084 billion yuan. Out of 137 stocks in this sector, 45 stocks rose, including one that hit the daily limit, while 86 stocks fell. Notably, 40 stocks had net inflows, with Shenghe Resources leading at a net inflow of 143 million yuan, followed by Xiamen Tungsten and Haixing Co., with net inflows of 35.2538 million yuan and 31.9872 million yuan respectively [2] Nonferrous Metals Sector Outflow - The top outflow stocks in the nonferrous metals sector included Ningbo Yunsheng, which saw a decline of 7.24% with a net outflow of 387.71 million yuan, followed by Northern Rare Earth and Northern Copper, with net outflows of 276.81 million yuan and 137.34 million yuan respectively. Other notable outflow stocks included Yongshan Lithium and Tianqi Lithium, with outflows of 123.26 million yuan and 110.95 million yuan respectively [3]

Summary of Key Points Core Viewpoint - The announcement details the lifting of the lock-up period for specific shares issued by Northern Copper Industry Co., Ltd., allowing for the circulation of 132,260,268 shares, which represents 6.9438% of the company's total share capital, after a 6-month lock-up period following the issuance [1][2][4]. Group 1: Basic Information on Share Release - The company received approval from the China Securities Regulatory Commission to issue shares to 18 specific entities, with the total share capital increasing from 1,772,456,167 shares to 1,772,456,167 shares, maintaining the same total due to the nature of the issuance [1][2]. - The total number of shares to be released from the lock-up is 132,260,268, which constitutes 6.9438% of the company's total share capital [1][3]. Group 2: Shareholder Commitments - The 18 shareholders involved in the share issuance have committed to a 6-month lock-up period starting from the date of the new shares' listing, during which they will not transfer their shares [1][2]. - There have been no violations of this commitment, and no non-operational use of company funds has been reported [2][3]. Group 3: Listing and Circulation Arrangements - The release of the locked shares will allow for their circulation, with the total number of locked shares before the release being 1,772,277,892, which accounted for 93.05% of the total share capital [3]. - After the release, the total number of unrestricted shares will be 1,904,538,160, representing 99.99% of the total share capital [3][4]. Group 4: Compliance and Verification - The sponsor has verified that the shareholders have adhered to their commitments regarding the lock-up period, and the release of shares complies with relevant regulations and guidelines [3][4]. - The announcement confirms that the information disclosed regarding the lifting of the lock-up period is accurate and complete [4].

1、本次解除限售的股份数量为132,260,268股，占公司总股本6.9438%。 证券代码：000737 证券简称：北方铜业 编号：2025-35 北方铜业股份有限公司 关于向特定对象发行股票限售 股份解除限售上市流通的提示性公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误导 性陈述或重大遗漏。 特别提示： | 序号 | 发行对象名称 | 获配股数（股） | 锁定期（月） | | --- | --- | --- | --- | | 1 | 诺德基金管理有限公司 | 27,575,342 | 6 | | 2 | 财通基金管理有限公司 | 18,931,506 | 6 | | 3 | 徐建强 | 13,013,698 | 6 | | 4 | 国泰海通证券股份有限公司（原名：国泰君安证券股 | 11,095,890 | 6 | | | 份有限公司，下同） | | | | 5 | 海南文泰日晟私募股权投资基金管理有限公司（海南 | 7,671,232 | 6 | | | 文泰上市公司定增私募股权投资基金） | | | | 6 | 华安证券资产管理有限公司 | 7,191,780 | ...

中德证券有限责任公司关于 北方铜业股份有限公司向特定对象发行股票 限售股份解除限售上市流通的核查意见 中德证券有限责任公司（以下简称"中德证券"或"保荐人"）作为北方铜业股 份有限公司（以下简称"北方铜业"或"公司"）向特定对象发行 A 股股票的保荐人， 根据《深圳证券交易所股票上市规则》《证券发行上市保荐业务管理办法》《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》《深圳证券交易所上 市公司自律监管指引第13号——保荐业务》等有关规定，对北方铜业向特定对象发行 股票的限售股份上市流通的事项进行了核查，核查情况及核查意见如下： 一、本次解除限售股份的基本情况 根据中国证券监督管理委员会《关于同意北方铜业股份有限公司向特定对象发行 股票注册的批复》（证监许可〔2024〕323 号），北方铜业向 18 名特定对象发行人民币 普通股（A 股）股票 132,260,268 股，于 2025 年 1 月 20 日在深圳证券交易所上市，股 份限售期为前述新增股份上市之日起 6 个月。 本 次 向 特 定 对 象 发 行 股 票 完 成 后 ， 公 司 总 股 本 由 1,772,456,167 股增 ...

Group 1: Company Overview - North Copper Industry Co., Ltd. specializes in the mining, beneficiation, smelting, and rolling processing of copper metals, covering the entire copper production chain [3] - Main products include cathode copper, gold ingots, silver ingots, copper alloy strips, and rolled copper foil, with a cathode copper production capacity of 320,000 tons/year and sulfuric acid production capacity of 1.22 million tons/year [3] - In 2024, the company reported a revenue of CNY 24.107 billion and a net profit of CNY 613 million, while in Q1 2025, revenue was CNY 6.838 billion with a net profit of CNY 371 million [3] Group 2: Project and Production Capacity - The Houma North Copper project has achieved its designed capacity of processing 800,000 tons of copper concentrate annually, with stable system operations [3] - As of the end of 2024, the copper mine in the mining rights area holds 213 million tons of copper ore resources, with a metal content of 1.2987 million tons [3] - The company’s controlled shareholder, Zhongtiao Mountain Nonferrous Metals Group, has two mines producing 7,000-8,000 tons of copper concentrate annually, but cannot inject these into the listed company due to incomplete mining rights [3] Group 3: Market and Pricing - Sulfuric acid prices have significantly increased this year, positively impacting the company's performance due to market opportunities [3] - The copper smelting processing fee remains low, creating operational pressure for the company, which maintains stable long-term relationships with suppliers to secure supply [4] Group 4: Risk Management - The company implements hedging strategies based on the source of raw materials, determining hedging prices and contracts according to various factors such as purchase timing and production costs [4]

Group 1 - The PCB concept sector experienced a decline of 1.17%, ranking among the top losers in the market, with stocks like Jin'an Guoji and *ST Gaosi hitting the daily limit down [1][2] - Major stocks within the PCB sector that saw significant declines include Pengding Holdings, Shenghong Technology, and Dongshan Precision, with net outflows of 3.49 billion yuan, 3.41 billion yuan, and 2.43 billion yuan respectively [2][3] - Conversely, stocks such as Xingsen Technology, Beifang Copper Industry, and Hu Dian Co. saw net inflows of 96.2 million yuan, 55.8 million yuan, and 33.8 million yuan respectively [2][6] Group 2 - The top gainers in the market included rare earth permanent magnets with a rise of 5.64%, while the housing inspection sector fell by 1.47% [2] - The MLOps concept and China Shipbuilding System also showed positive performance with increases of 3.05% and 2.84% respectively [2] - The overall market sentiment reflected a significant net outflow of 30.53 billion yuan from the PCB sector, indicating a bearish trend among investors [2][3]

Report's Industry Investment Rating No relevant information provided. Report's Core View - Amid the traditional consumption off - season in China, the total global electrolytic copper inventory has been continuously accumulating. However, due to the US imposing tariffs on imported copper leading to inter - market arbitrage trading and disruptions in overseas copper mine production or transportation, copper prices may fluctuate strongly. It is recommended that investors close their previous short positions at low prices and lightly test long positions on the main contract. Pay attention to the support and resistance levels of Shanghai copper, London copper, and US copper [4]. Summary by Related Catalogs Market Data - **Shanghai Copper Futures**: On July 8, 2025, the closing price of the active contract was 79,620, up 350 from the previous day; trading volume was 61,263 hands, down 14,051; open interest was 207,382 hands, up 2,876; inventory was 19,109 tons, down 2,573. The average price of SMN 1 electrolytic copper was 79,795, down 90 [2]. - **London Copper**: On July 8, 2025, the closing price of the LME 3 - month copper futures (electronic trading) was 9,665, down 119; the total inventory of registered and cancelled warrants decreased by 102,500. The LME copper futures 0 - 3 - month contract spread was 51.31, down 28.49; the 3 - 15 - month contract spread was - 10.76, down 16.61. The Shanghai - London copper price ratio was 8.2380, up 0.14 [2]. - **COMEX Copper**: On July 8, 2025, the closing price of the active copper futures contract was 5.51, up 0.37; the total inventory was 221,788, up 834 [2]. Important Information - **Macro**: The US Senate - version "bill" was passed, planning to raise the debt ceiling to $5 trillion, with the fiscal deficit expected to expand by over $3 trillion. The Trump administration's tariff policy has not significantly affected consumption. The US ADP employment number in August was - 33,000, lower than expected and the previous value, reducing the probability of the Fed not cutting interest rates in July, but the expected interest - rate cut time is still September/October/December [3][4]. - **Upstream**: China's copper concentrate import index is negative but rising compared to last week. The departure (arrival) volume of copper concentrate at ports in the world (China) has decreased (increased). High - quality European scrap copper exports are restricted, and due to Sino - US trade disputes, traders are reluctant to accept US scrap copper. However, the positive price difference between domestic electrolytic copper and bright and aged scrap copper may increase the economic viability of scrap copper, and the scrap copper import window is open. Some copper smelters are affected by supply shortages and have stopped production. Domestic electrolytic copper production in July may increase month - on - month, while imports may be restricted, and the total inventory has increased [4]. - **Downstream**: Some copper processing enterprises plan to reduce production and inventory in July. The capacity utilization rate of various copper product enterprises has generally declined month - on - month. Affected by Sino - US tariffs and the traditional consumption off - season, the capacity utilization rate, production, import, and export volume of domestic steel enterprises in July may decline, except for copper foil whose capacity utilization rate may increase [4]. Company News - Northern Copper Industry (000737) stated that its produced rolled copper foil is an upstream product of the PCB business chain, with a current production capacity of 5,000 tons per year [2]. - The Indonesian Minister of the Interior requested the relaxation of the copper concentrate export ban on Amman Mineral International due to its impact on the local economy [2].

Group 1 - The electronic sector experienced a significant net outflow of over 2.7 billion yuan, indicating a negative trend in this industry [1][2] - The cultural media, machinery equipment, and general equipment sectors saw net inflows of 0.82 billion yuan, 0.71 billion yuan, and 0.62 billion yuan respectively, suggesting positive investor sentiment in these areas [1][2] - The top individual stock with net inflow was Kuaijingtong, attracting 0.718 billion yuan, while Zhongyou Capital faced the highest net outflow of over 0.4 billion yuan [1][3][4] Group 2 - The cultural media sector had a net inflow rate of 3.18%, while the electronic sector had a net outflow rate of -2.86%, highlighting contrasting investor behaviors [2] - Among the top ten stocks by net inflow, Kuaijingtong led with a net inflow rate of 32.02%, indicating strong market interest [3] - In the top ten stocks by net outflow, Zhongyou Capital had a net outflow rate of -14.64%, reflecting significant selling pressure [4]

New Stock Issuance - Huadian New Energy (证券代码: 730930) issued shares at a price of 3.18 on July 7, 2025[1] - Jichuan Pharmaceutical (证券代码: 600566) has a tender offer period from June 18 to July 17, 2025[1] - ST Yazhen (证券代码: 603389) has a tender offer period from June 10 to July 9, 2025[1] Trading Alerts - The last trading day for TSM Jinguang (证券代码: 600190) is in 9 trading days[1] - The last trading day for TSM Jinyou (证券代码: 600462) is in 5 trading days[1] - The last trading day for TSM Gongzhi (证券代码: 000584) is in 3 trading days[1] Abnormal Fluctuations - Northern Long (证券代码: 301357) is experiencing severe abnormal fluctuations[1] - ST Dongjing (证券代码: 002199) reported abnormal fluctuations[3] - ST Yunchuang (证券代码: 835305) reported abnormal fluctuations on July 4, 2025[3]

证券代码：000737 证券简称：北方铜业 公告编号：2025-34 北方铜业股份有限公司 2024年年度权益分派实施公告 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。 北方铜业股份有限公司（以下简称"公司"）2024年年度权益分派方案已获2025 年5月15日召开的2024年年度股东大会审议通过。现将本次权益分派方案的有关实施 事宜公告如下： 一、股东大会审议通过利润分配方案的情况 1 、 公 司 2024 年 年 度 股 东 大 会 审 议 通 过 的 利 润 分 配 方 案 为 ： 以 总 股 本 1,904,716,435 股为基数，拟向全体股东每10股派发现金股利1.10元（含税），合计 分配现金股利209,518,807.85元，不送红股，不进行资本公积金转增股本，剩余未分 配利润滚存下一年度。 本次权益分派股权登记日为：2025年7月11日； 2、分配方案披露至实施期间，公司总股本未发生变化。 3、本次实施的分配方案与股东大会审议通过的分配方案及其调整原则一致。若 公司总股本在权益分派实施前发生变化，拟保持分配总额不变，按照调整每股分配比 例的 ...