Group 1 - The core viewpoint is that the copper market is experiencing strong demand and supply mismatch, with optimistic economic expectations supporting price increases, while caution is advised regarding short-term price volatility [1][2][3] - On December 26, major metal prices surged, with COMEX copper rising by 4.96% to $5.8515 per pound and Shanghai copper increasing by 3.33% to 101,380 yuan per ton, marking a new historical high [1][2] - Factors contributing to the strong market sentiment include supply chain disruptions, resource nationalism, and a gradual economic recovery in major economies, leading to a strong willingness to buy copper [2] Group 2 - The economic outlook for 2026 is moderately optimistic, with the Federal Reserve projecting GDP growth of 2.1%-2.5%, which is expected to support industrial metal demand and further increase copper prices [3] - Despite the positive outlook, there are concerns about inflation and potential impacts on Federal Reserve interest rate policies, which could affect copper prices [3] - Investment recommendations include leading industrial metal companies such as Zijin Mining, Luoyang Molybdenum, Western Mining, Tongling Nonferrous Metals, Yunnan Copper, Jiangxi Copper, and Jincheng Mining [3]

Group 1 - Silver industry stocks opened at the limit down price, indicating significant market pressure [1] - Yuguang Gold Lead and Xinye Silver Tin experienced declines exceeding 5% [1] - Hunan Silver, Jiangxi Copper, and Yunnan Copper also opened lower, reflecting a broader downturn in the sector [1]

年度报告——铜 革故鼎新，迭创新高 | [T走ab势le_评R级an：k] | | | 铜：看涨 | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 报告日期： | 2025 | 年 | 12 | 月 | 30 | 日 | [Table_Analyser] | [★Ta原bl料e_端Summary] 矿端紧缺加剧，冷料补充有限，预计 2026 年全球铜矿产量边际 增长至 30-45 万金属吨。极端天气频发、地缘政策潜变、资源民 族主义抬头、矿石品位下降及水资源紧张、社区问题不稳及罢 工潜在威胁已经构成"系统性扰动风险"。 ★冶炼端 有 色 金 加工利润继续恶化，产能限制风险抬升，冶炼主动降负荷范围 扩大，2026 年全球精铜产量边际增长恐低于 50 万吨。明年将更 多围绕减产预期博弈，盘面及结构均会受到影响。海外供给生 态更为脆弱，间接影响铜元素进口。副产品收益继续观察。 ★需求端 需求新周期悄然开启，"旧动能不弱，新动能更强"，乐观预 计 2026 年全球铜需求边际增速超过 4%。新能源需求与国内传统 需求阶段被低估风险上升，明年存在阶 ...

（文章来源：每日经济新闻） 每经AI快讯，12月30日，铜产业指数跌超2%，成分股多数走低。其中，白银有色跌停，江西铜业跌 4.37%，云南铜业跌4.15%，精艺股份跌3.57%，紫金矿业跌3.37%。 ...

证券日报网讯 12月29日，云南铜业发布公告称，公司2025年12月29日召开2025年第六次临时股东会， 审议通过《云南铜业股份有限公司关于增加2025年融资计划的议案》等多项议案。 （文章来源：证券日报） ...

Core Viewpoint - Yunnan Copper announced the approval of the report on the assessment results and compensation for senior management for the year 2024 during the ninth meeting of the tenth board of directors, conducted via communication voting [2] Group 1 - The board meeting was held on December 29, and the decision was made through a communication voting process [2] - The report pertains to the assessment results and compensation for senior management for the upcoming year [2]

北京大成(昆明)律师事务所 关于 云南铜业股份有限公司 2025年第六次临时股东会的 法律意见书 旋 DENTONS 大成 is Dentons' Pref aw Firm in China 北京大) 务 所 昆明市西山区万达 昆明双塔-北塔 5 楼 5 Floor of North Tower, Wanda Kunming Twin Towers, Xishan District, Kunming City Tel: 86 871-64326335 北京大成(昆明)律师事务所 关于云南铜业股份有限公司 2025 年第六次临时股东会 的法律意见书 致:云南铜业股份有限公司 本所及经办律师依据《证券法》《律师事务所从事证券法律业务管理办法》 和《律师事务所证券法律业务执业规则(试行)》等规定及本法律意见书出具日 以前已经发生或者存在的事实,严格履行了法定职责,遵循了勤勉尽责和诚实信 用原则,进行了充分的核查验证,保证本法律意见所认定的事实真实、准确、完 整,所发表的结论性意见合法、准确,不存在虚假记载、误导性陈述或者重大遗 漏,并承担相应法律责任。 本所律师根据《股东会规则》第六条的要求,按照律师行业公认的业务 ...

特别提示： 1.本次股东会没有出现否决提案的情形。 证券代码：000878 证券简称：云南铜业 公告编号：2025-106 云南铜业股份有限公司 2025 年第六次临时股东会决议公告 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。 2.本次股东会不涉及变更以往股东会已通过的决议。 一、会议召开情况 （一）召开时间 现场会议召开时间为：2025 年 12 月 29 日下午 14:30 分 网络投票时间为：2025 年 12 月 29 日。通过深圳证券交易 所交易系统进行网络投票的具体时间为：2025 年 12 月 29 日上 午 9:15－9:25，9:30－11:30，下午 13:00－15:00；通过深圳证 券交易所互联网投票系统投票的具体时间为：2025 年 12 月 29 日上午 9:15 至下午 15:00 的任意时间。 （二）现场会议召开地点：云南省昆明市盘龙区华云路 1 号中铜大厦 3222 会议室。 （三）召开方式：本次股东会采取现场投票与网络投票相 1 结合的方式。 （四）召集人：云南铜业股份有限公司第十届董事会 （五）主持人：副董事长孙成余先 ...

云南铜业股份有限公司（以下简称云南铜业或公司）第 十届董事会第九次会议以通讯方式召开，会议通知于 2025 年 12 月 26 日以加密邮件方式发出，表决截止日期为 2025 年 12 月 29 日，会议应发出表决票 11 份，实际发出表决票 11 份，在规定时间内收回有效表决票 11 份，会议符合《公 司法》及《公司章程》的规定。会议表决通过了如下决议： 一、关联董事回避表决后，以 8 票同意，0 票反对，0 票弃权，审议通过《云南铜业股份有限公司关于 2024 年度 高级管理人员考核结果及薪酬兑现的报告》。 孔德颂先生、孙成余先生和韩锦根先生与本项议案存在 关联关系，回避表决本议案。本议案已经公司董事会薪酬与 考核委员会 2025 年第二次会议审议通过。 根据公司《经理层成员业绩考核与薪酬管理办法》《经 理层成员 2024 年度关键业绩指标》及相关规定，董事会结 合 2024 年公司生产经营完成情况，按照绩效评价标准，审 议同意 2024 年度高级管理人员考核结果及薪酬兑现事项， 具体情况如下： 1 注：1.孔德颂先生薪酬为 2024 年 1 月至 3 月任公司副总经理和 4 月至 12 月 任公司党委书 ...

Group 1: Market Overview - The three major indices continued to rise, with the Shanghai Composite Index recording an 8-day winning streak, suggesting a potential return to 4000 points by year-end. The total trading volume reached 2.18 trillion yuan, a new high for December [1][27]. Group 2: Metal Sector Performance - The non-ferrous metal sector led the market, with the Non-ferrous ETF Huabao (159876) surging by 3.77%, marking a new high since its listing. The sector has seen a nearly 94% increase year-to-date, making it one of the standout sectors [2][5][27]. - The lithium battery supply chain experienced a significant rise, with the main contract for lithium carbonate breaking through 130,000 yuan per ton, reaching a new high since November 2023. The chemical ETF (516020) also saw a price increase of over 2% [3][28]. Group 3: Investment Outlook - Institutions remain optimistic about the non-ferrous metal sector, with China International Capital Corporation (CICC) predicting that non-ferrous and precious metals will be part of the "first tier" of upward trends in 2026 [2][7]. - Analysts believe that the current market rally is supported by improved fundamentals, liquidity, and a favorable macroeconomic environment, with the non-ferrous metal sector being in a "golden era" [7][35]. Group 4: Aerospace and Military Sector - The commercial aerospace sector remains active, with the successful launch of 17 low-orbit satellites using the Long March 8 rocket, contributing to the rise of the General Aviation ETF (159231) and Military Industry ETF (512810), both gaining over 1% [4][29]. - The Military Industry ETF Huabao (512810) reached a new high, with a weekly increase of 6.05%, significantly outperforming the market [11][39]. Group 5: Brokerage Sector Performance - The brokerage sector showed signs of activity, with the top brokerage ETF (512000) rising by 1.89% at one point during the day, although it only closed up 0.86%. The sector has lagged behind the market, with a year-to-date increase of only 3.96% [18][20][30]. - Analysts suggest that the brokerage sector is entering a new growth cycle, driven by factors such as increased market activity and opportunities in direct financing for technology enterprises [22][23].