Core Insights - The non-ferrous metal sector is experiencing strong performance, with the China Securities Nonferrous Metals Index rising by 2.58% as of December 1 [1] - Leading stocks in the sector include Jiangxi Copper, which surged by 7.88%, followed by Silver and Yunnan Tin, which increased by 7.32% and 7.18% respectively [1] - The Nonferrous Metal ETF (159876) also saw a price increase of 2.49%, with a trading volume of 34.44 million yuan [1] Industry Performance - The non-ferrous metal sector is entering a new upward cycle, driven by macroeconomic expectations and supply chain disruptions due to tariffs and resource control policies [1][3] - The anticipated recovery in macro expectations from the Geneva Agreement between China and the U.S. is expected to further boost non-ferrous metal prices and industry performance [1][3] Investment Strategy - A diversified investment approach through the Nonferrous Metal ETF (159876) is recommended to capture the overall sector's performance while mitigating risks associated with individual metal investments [3] - The ETF covers a wide range of metals including copper, aluminum, gold, rare earths, and lithium, making it suitable for inclusion in investment portfolios [3] Future Outlook - The upward trend in non-ferrous metal prices and corporate profitability is expected to continue into 2026, supported by ongoing macroeconomic factors [1][3] - Structural demand for copper is anticipated to grow due to the transition to renewable energy and increased demand from data centers, despite some downward pressure on traditional copper consumption [3]

Core Insights - LME copper prices have reached record highs due to supply concerns, leading to a strong performance in A-share copper-related stocks [1] - A well-known "copper bull" has reiterated a bullish outlook for copper prices, warning that recent shipments of metals to the U.S. may deplete inventories in other regions, suggesting further price increases [1] - Analysts from ANZ Bank have noted that the narrative around tightening copper supply is becoming more prevalent, although they emphasize the lack of a decisive catalyst for a significant price breakout [1] Company Performance - Jiangxi Copper (600362) saw a price increase of 9.99%, with a total market capitalization of 142.6 billion and a year-to-date increase of 107.59% [2] - Silver Industry (601212) rose by 9.96%, with a market cap of 40.1 billion and a year-to-date increase of 94.60% [2] - Yunnan Copper (000878) increased by 7.82%, with a market cap of 35.9 billion and a year-to-date increase of 50.03% [2] - Tongling Nonferrous Metals (000630) rose by 7.25%, with a market cap of 73.3 billion and a year-to-date increase of 76.55% [2] - Electric Alloy (300697) increased by 6.93%, with a market cap of 7.281 billion and a year-to-date increase of 75.60% [2] - Other notable performers include Shengtu Mining (5.27%), Zhongya (3.85%), and Pengxin Resources (3.38%) [2]

Core Viewpoint - The precious metals sector is experiencing a significant rally, driven by expectations of a Federal Reserve interest rate cut in December, with market pricing reflecting over 86% probability of a rate decrease [1][2]. Group 1: Precious Metals Performance - The precious metals sector saw a collective surge, with the non-ferrous metal ETF (159871) rising by 2.77% and silver reaching its daily limit up of 10% [1]. - COMEX gold increased by 4.77% and COMEX silver surged by 14.95% over the past week, indicating strong upward momentum in precious metal prices [2]. Group 2: Market Influences - The Federal Reserve has entered a quiet period before its meeting, with no significant macroeconomic data expected to alter the anticipated policy path, leading to a consensus that the December rate cut decision is "locked in" [1]. - Economic data releases have prompted some Federal Reserve officials to signal a potential rate cut in December, supporting the rebound in precious metal prices [1]. Group 3: Long-term Outlook - The long-term trend for the non-ferrous metals sector remains positive, with recommendations to focus on the non-ferrous metal ETF (159871) for structural opportunities [3]. - The ongoing process of de-dollarization is expected to continue, suggesting that investors should hold onto low-positioned assets despite market volatility [2].

Market Overview - A-shares opened higher with the Shanghai Composite Index up 0.14% and the ChiNext Index up 0.26%, led by the non-ferrous metals and military sectors, while e-commerce stocks weakened [1] - Hong Kong stocks also opened higher, with the Hang Seng Index rising 0.34% and the Hang Seng Tech Index up 0.21%, notable gainers included New World Development up over 6% and China Metallurgical Group up over 5% [1][5] Commodity Performance - Most commodities opened higher, with silver rising 6.98%, the shipping index (European line) up 3.67%, and international copper up 2.39% [1] - The precious metals sector saw significant gains, with silver stocks hitting the daily limit, including Hunan Silver and Jiangxi Copper, both up over 6% [1] Bond Market - The bond market opened mostly lower, with the 30-year main contract down 0.01%, while the 5-year contract saw a slight increase of 0.01% [1][2] Stock Index Performance - The Shanghai Composite Index opened at 3894.21 points, up 0.14%, while the Shenzhen Component Index opened at 13038.16 points, up 0.42% [4] - The ChiNext Index opened at 3060.56 points, up 0.26%, and the CSI 300 opened at 4539.19 points, up 0.28% [4] Notable Stock Movements - Silver-related stocks showed strong performance, with Silver Holdings up 9.96% and Jiangxi Copper up 7.51% [2] - In the Hong Kong market, Meituan fell over 2% following its earnings report, while NetEase rose 1.3% and Alibaba increased nearly 1% [5]

Core Insights - Yunnan Copper's subsidiary, Southeast Copper, has optimized its mixed ore processing time, resulting in a 47% year-on-year increase in mixed ore volume, surpassing annual progress targets [1] - The company has capitalized on the rising prices of sulfuric acid in foreign trade, achieving over a fourfold increase in export shipping volume in the first half of the year [1] - The acquisition of processing and export qualifications is significant for Southeast Copper in implementing the group's "Two Oceans" strategy and enhancing strategic resource security [1] Strategic Focus - For 2025, Southeast Copper aims to address five key challenges: insufficient application of theoretical knowledge, ineffective work styles, inadequate resilience in raw material supply, weak realization of coastal advantages, and insufficient support for technological innovation [1] - The company emphasizes breaking the "reliance on weather" dilemma and building competitive advantages as a core guiding principle, directing employees to focus on raw material security, technological efficiency, advantage realization, and extreme cost reduction [1]

证券代码：000878 证券简称：云南铜业 公告编号：2025-093 云南铜业股份有限公司 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。 云南铜业股份有限公司（以下简称公司）拟通过发行股 份的方式购买云南铜业（集团）有限公司持有的凉山矿业股 份有限公司 40%股份，并向中国铝业集团有限公司、中国铜 业有限公司发行股份募集配套资金。 公司于 2025 年 9 月 2 日收到深圳证券交易所上市审核 中心出具的《关于云南铜业股份有限公司发行股份购买资产 并募集配套资金申请的审核问询函》（审核函〔2025〕130014 号）（以下简称审核问询函）。根据审核问询函的要求，公司 会同中介机构就相关问题进行了逐项核查、落实和回复，并 对重组报告书进行了相应的修订、补充和完善，详见公司于 2025 年 9 月 30 日披露的《云南铜业股份有限公司发行股份 购买资产并募集配套资金暨关联交易报告书（草案）（修订 稿）》《云南铜业股份有限公司关于深圳证券交易所〈关于云 南铜业股份有限公司发行股份购买资产并募集配套资金申 请的审核问询函〉的回复》及其他相关公告文件。 根据深圳证券 ...

股票代码：000878 股票简称：云南铜业 上市地点：深圳证券交易所 云南铜业股份有限公司 发行股份购买资产并募集配套资金 暨关联交易报告书（草案）摘要 （修订稿） 发行股份购买资产交易对方 云南铜业（集团）有限公司 募集配套资金认购方 中国铝业集团有限公司、中国铜业有限公司 独立财务顾问 二〇二五年十一月 上市公司声明 本公司及全体董事、高级管理人员保证本报告书摘要的内容真实、准确、完 整，不存在虚假记载、误导性陈述或者重大遗漏，并对所提供信息的真实性、准 确性和完整性承担相应的法律责任。 本公司控股股东及其一致行动人、董事、高级管理人员承诺，如本次交易因 所披露或提供的信息涉嫌虚假记载、误导性陈述或者重大遗漏，被司法机关立案 侦查或者被中国证监会立案调查的，在形成调查结论以前，不转让在上市公司拥 有权益的股份，并于收到立案稽查通知的两个交易日内将暂停转让的书面申请和 股票账户提交上市公司董事会，由上市公司董事会代为向证券交易所和证券登记 结算机构申请锁定；未在两个交易日内提交锁定申请的，授权上市公司董事会核 实后直接向证券交易所和证券登记结算机构报送相关主体的身份信息和账户信 息并申请锁定；上市公司董事会 ...

股票代码：000878 股票简称：云南铜业 上市地点：深圳证券交易所 云南铜业股份有限公司 发行股份购买资产并募集配套资金 暨关联交易报告书（草案） （修订稿） 发行股份购买资产交易对方 云南铜业（集团）有限公司 募集配套资金认购方 中国铝业集团有限公司、中国铜业有限公司 本公司及全体董事、高级管理人员保证本报告书及其摘要的内容真实、准确、 完整，不存在虚假记载、误导性陈述或者重大遗漏，并对所提供信息的真实性、 准确性和完整性承担相应的法律责任。 本公司控股股东及其一致行动人、董事、高级管理人员承诺，如本次交易因 所披露或提供的信息涉嫌虚假记载、误导性陈述或者重大遗漏，被司法机关立案 侦查或者被中国证监会立案调查的，在形成调查结论以前，不转让在上市公司拥 有权益的股份，并于收到立案稽查通知的两个交易日内将暂停转让的书面申请和 股票账户提交上市公司董事会，由上市公司董事会代为向证券交易所和证券登记 结算机构申请锁定；未在两个交易日内提交锁定申请的，授权上市公司董事会核 实后直接向证券交易所和证券登记结算机构报送相关主体的身份信息和账户信 息并申请锁定；上市公司董事会未向证券交易所和证券登记结算机构报送相关主 体 ...

关于深圳证券交易所《关于云南铜业股份有限公司发 行股份购买资产并募集配套资金申请的审核问询函》 的回复 资产评估相关问题答复之核查意见 深圳证券交易所上市审核中心： 云南铜业股份有限公司（以下简称"公司"或"云南铜业"）于 2025 年 9 月 2 日收到深圳证券交易所上市审核中心下发的《关于云南铜业股份有限公司发 行股份购买资产并募集配套资金申请的审核问询函》（审核函〔2025〕130014 号，以下简称"问询函"）。根据《问询函》的要求，中联资产评估集团有限公 司技术支持中心组织评估项目组对《问询函》的答复进行了认真研究、分析和核 查，并出具了本核查意见，现将核查具体情况汇报如下： 3．关于标的资产的矿业权资产 申请文件显示：（1）标的资产的矿业权资产包括三项采矿权资产和一项探 矿权资产。（2）标的资产于历史期依照当时评估情况支付拉拉铜矿、红泥坡矿 区铜矿的相关采矿权价款，未对凉山矿业股份有限公司会理县大田隘口镍矿（以 下简称大田隘口镍矿）进行评估并缴纳采矿权价款。（3）标的资产红泥坡矿区 铜矿采矿权的有效期至 2038 年，本次交易的资产评估中预计生产期持续至 2046 年。（4）大田隘口镍矿未实际开采 ...

北京市中伦律师事务所 关于云南铜业股份有限公司 发行股份购买资产并募集配套资金暨关联交易的 补充法律意见书（二）（修订稿） 二〇二五年十一月 | | | 补充法律意见书（二）（修订稿） 释 义 除《法律意见书》的"释义"部分已明确的含义之外，在本补充法律意见书 内，除非文义另有所指，下列词语具有下述含义： | 《重组报告书》 | 指 | 《云南铜业股份有限公司发行股份购买资产并募集配 | | --- | --- | --- | | | | 套资金暨关联交易报告书（草案）（修订稿）》 | | 本补充法律意见书 | 指 | 《北京市中伦律师事务所关于云南铜业股份有限公司 | | | | 发行股份购买资产并募集配套资金暨关联交易的补充 | | | | 法律意见书（二）（修订稿）》 | | 《反垄断法》 | 指 | 《中华人民共和国反垄断法》 | 1 北京市中伦律师事务所 关于云南铜业股份有限公司 发行股份购买资产并募集配套资金暨关联交易的 补充法律意见书（二）（修订稿） 致：云南铜业股份有限公司 本所接受云南铜业委托，担任云南铜业本次发行股份购买资产并募集配套资 金暨关联交易的专项法律顾问。本所律师已根据《公司法》 ...