Investment Rating - The report maintains an "Overweight" rating for the industry [6][18]. Core Insights - The global manufacturing PMI is weakening, indicating a potential economic turning point, leading to a weak performance in basic metals [6][11]. - Despite short-term price weakness in basic metals, the long-term supply-demand dynamics suggest limited downside potential, particularly for rigid supply varieties like aluminum and copper [6][11]. Summary by Sections Market Overview - The industry comprises 142 listed companies with a total market value of 29,468.06 billion and a circulating market value of 27,667.90 billion [3]. - The A-share market overall rose, with the non-ferrous metals sector outperforming the Shanghai Composite Index by 0.07 percentage points [21][25]. Economic Factors - The April manufacturing PMI in China fell to 49, indicating contraction, with new orders PMI at 49.2 [36]. - The U.S. manufacturing PMI also declined to 48.7, reflecting similar trends [38]. - The Eurozone's economic sentiment index dropped significantly to -18.5 [47]. Basic Metals Analysis - **Aluminum**: Trade uncertainties and weak demand expectations have led to a decline in aluminum prices post-holiday. The operating capacity for electrolytic aluminum remains stable at 43.835 million tons [9][55]. - **Alumina**: The supply-demand balance is tight, with production decreasing and some companies reportedly violating production regulations, creating short-term bullish sentiment [12]. - **Copper**: The processing fees for copper concentrate are declining, while domestic refined copper production is increasing, indicating a deepening conflict in the mining and metallurgy sectors [14]. - **Zinc**: Domestic refined zinc production is growing, with social inventories at historically low levels [16]. Inventory and Pricing - Overall inventory levels for basic metals are low, with specific metrics indicating a decrease in aluminum ingot inventory to 694,000 tons [10][57]. - The current price for electrolytic aluminum is around 19,550 yuan per ton, reflecting a 2.49% decrease [57].

Company Announcements - Zhaowei Electromechanical plans to reduce its shareholding by no more than 1.5%, equating to approximately 3.6 million shares [1] - China CNR Corporation has signed several major contracts totaling approximately 54.74 billion yuan, representing about 22.2% of its expected revenue for 2024 [2] - Yunnan Copper is planning to acquire a 40% stake in Liangshan Mining, leading to a temporary suspension of its stock [2] - Sunshine Nuohua intends to acquire 100% of Langyan Life, with its stock set to resume trading [3] - Wolong Materials is planning to issue H-shares and apply for a listing on the Hong Kong Stock Exchange [3] - Hanyu Pharmaceutical has signed a joint development agreement for a novel peptide drug targeting metabolic diseases [3] - Lijun Co. confirms that its operations are normal and there are no undisclosed significant matters [3] Investments & Acquisitions - China Medical plans to acquire 100% of Jinsui Technology for 302 million yuan [4] - Shuangyi Technology intends to acquire 100% of Marky Industries for 18 million AUD, along with specific assets [5] Strategic Partnerships - Sileck has signed a strategic cooperation agreement with Lihua Power for the development of large cylindrical batteries [6] - Hongchang Technology plans to invest 15 million yuan in a humanoid robot industry chain company [7] - Macroview Technology is establishing a wholly-owned subsidiary focused on artificial intelligence [8] - Yihua Jiaye has signed a strategic cooperation framework agreement with Hanyu Pharmaceutical and Hanyu Health to develop a sleep health ecosystem [9] - Wanda Film is investing in Lezi Tiancheng and will engage in strategic cooperation in IP toy product development [10] Shareholding Changes - Tiandi Online's controlling shareholder is transferring 6.97% of its shares to introduce a strategic investor [12] - Longjiang Transportation plans to reduce its shareholding by no more than 3% [13] - Boyun New Materials intends to reduce its shareholding by no more than 3% [14] - Tongrun Equipment's major shareholder plans to reduce its stake by no more than 2% [15] Financing & Capital Increase - Tangyuan Electric plans to raise no more than 864 million yuan through a private placement [16] - Shangsheng Electronics intends to issue convertible bonds to raise up to 330 million yuan [17] Other Developments - Xianju Pharmaceutical has obtained a domestic production registration certificate for Dydrogesterone tablets [18] - Rongchang Bio has received a clinical trial application acceptance notice for its antibody-drug conjugate RC278 [19] - Jiangsu Leili's subsidiary Dingzhi Technology is implementing a stock incentive plan [20]

证券代码：000878 证券简称：云南铜业 公告编号：2025-033 云南铜业股份有限公司 关于筹划发行股份购买资产并募集配套 资金事项的停牌公告 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。 一、停牌事由和工作安排 公司预计在不超过 10 个交易日的时间内披露本次交易 方案，即在 2025 年 5 月 27 日前按照《公开发行证券的公司 信息披露内容与格式准则第 26 号——上市公司重大资产重 组》的要求披露相关信息。 若公司未能在上述期限内召开董事会审议并披露交易 方案，公司证券最晚将于 2025 年 5 月 27 日开市起复牌并终 止筹划相关事项，同时披露停牌期间筹划事项的主要工作、 事项进展、对公司的影响以及后续安排等事项，充分提示相 关事项的风险和不确定性，并承诺自披露相关公告之日起至 少 1 个月内不再筹划重大资产重组事项。 云南铜业股份有限公司（以下简称公司）正在筹划发行 股份购买云南铜业（集团）有限公司（以下简称云铜集团） 持有的凉山矿业股份有限公司（以下简称凉山矿业）40%股 份并募集配套资金。因有关事项尚存不确定性，为了维护投 资者利益 ...

证券代码：000878 证券简称：云南铜业 公告编号：2025-033 云南铜业股份有限公司 关于筹划发行股份购买资产并募集配套 资金事项的停牌公告 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。 一、停牌事由和工作安排 云南铜业股份有限公司（以下简称公司）正在筹划发行 股份购买云南铜业（集团）有限公司（以下简称云铜集团） 持有的凉山矿业股份有限公司（以下简称凉山矿业）40%股 份并募集配套资金。因有关事项尚存不确定性，为了维护投 资者利益，避免对公司证券交易造成重大影响，根据深圳证 券交易所的相关规定，经公司申请，公司证券（品种：A 股 股票，简称：云南铜业，代码：000878）自 2025 年 5 月 13 日开市时起开始停牌。 公司预计在不超过 10 个交易日的时间内披露本次交易 方案，即在 2025 年 5 月 27 日前按照《公开发行证券的公司 信息披露内容与格式准则第 26 号——上市公司重大资产重 组》的要求披露相关信息。 若公司未能在上述期限内召开董事会审议并披露交易 方案，公司证券最晚将于 2025 年 5 月 27 日开市起复牌并终 止筹划 ...

云南铜业（000878）公告，公司正在筹划发行股份购买云南铜业(集团)有限公司持有的凉山矿业股份有 限公司40%股份并募集配套资金。因有关事项尚存不确定性，公司证券自2025年5月13日开市时起开始 停牌，预计在不超过10个交易日的时间内披露本次交易方案。若未能在上述期限内召开董事会审议并披 露交易方案，公司证券最晚将于2025年5月27日开市起复牌并终止筹划相关事项。 ...

Core Viewpoint - The presence of floating fibrous materials, suspected to be glass fibers, in the air near a furniture factory in Kunming has raised concerns among local residents regarding potential health risks and environmental impact [1][8]. Group 1: Incident Overview - Residents reported seeing shiny, fibrous materials floating in the air near a furniture factory, which caused skin irritation [1][8]. - A factory worker confirmed the visibility of these fibrous materials under sunlight, describing them as needle-like and floating into the factory [5][6]. Group 2: Investigation and Findings - The local environmental authority conducted an investigation and found a small amount of suspected glass fiber material in the vicinity of the furniture factory [11]. - The preliminary investigation suggested that the suspected glass fibers originated from the nearby Yunnan Copper Zinc Industry Co., Ltd., which had ceased production and was undergoing equipment dismantling [13][14]. - Approximately 2.5 tons of dismantled waste glass fiber materials were found at the site, which were likely contributing to the airborne fibers [14]. Group 3: Environmental Measures - The environmental authority has mandated the responsible parties to properly dispose of the waste glass fiber materials to prevent further environmental impact [14]. - As of May 9, 2025, the waste glass fiber and debris have been cleared from the site, and measures to improve pollution prevention during dismantling processes have been requested [14].

第九届监事会第二十八次会议决议公告 证券代码：000878 证券简称：云南铜业 公告编号：2025-030 云南铜业股份有限公司 《云南铜业股份有限公司关于参股公司存续分立暨关联交 易的公告》。 特此公告。 云南铜业股份有限公司监事会 2025 年 5 月 9 日 2 本公司及监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（以下简称云南铜业或公司）第 九届监事会第二十八次会议以通讯方式召开，会议通知于 2025 年 5 月 6 日以加密邮件方式发出，表决截止日期为 2025 年 5 月 9 日，会议应发出表决票 4 份，实际发出表决票 4 份， 在规定时间内收回有效表决票 4 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、以 4 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参股公司存续分立暨关联交易的 议案》。 该议案属关联交易，根据《深圳证券交易所股票上市规 则》有关规定，在提交董事会审议之前已经独立董事专门会 议审议并取得全体独立董事同意。关联董事回避该议案的表 决。 具体内容详见公司同日 ...

证券代码：000878 证券简称：云南铜业 公告编号：2025-029 云南铜业股份有限公司 第九届董事会第三十七次会议决议公告 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。 云南铜业股份有限公司（以下简称云南铜业或公司）第 九届董事会第三十七次会议以通讯方式召开，会议通知于 2025 年 5 月 6 日以加密邮件方式发出，表决截止日期为 2025 年 5 月 9 日，会议应发出表决票 10 份，实际发出表决票 10 份，在规定时间内收回有效表决票 10 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： 特此公告。 云南铜业股份有限公司董事会 一、关联董事回避表决后，以 6 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参股公司存 续分立暨关联交易的议案》。 该议案属关联交易，根据《深圳证券交易所股票上市规 则》有关规定，在提交董事会审议之前已经取得独立董事专 门会议及全体独立董事同意； 孔德颂先生、姜敢闯先生、罗德才先生和柴正龙先生为 关联董事，回避该议案的表决； 1 具体内容详见公司同日在指定信息披露媒体上披露的 ...

云南铜业股份有限公司 关于参股公司存续分立暨关联交易的公告 证券代码：000878 证券简称：云南铜业 公告编号：2025-031 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。 一、关联交易基本情况 1.董事会表决情况和关联董事回避情况 2025 年 5 月 9 日，公司第九届董事会第三十七次会议和 第九届监事会第二十八次会议审议通过了《云南铜业股份有 限公司关于参股公司存续分立暨关联交易的议案》。公司董 事孔德颂先生、姜敢闯先生、罗德才先生和柴正龙先生作为 关联董事回避该议案表决，其他非关联董事一致同意该议案。 2.独立董事审议情况 上述议案已经公司 2025 年第二次独立董事专门会议审 议，独立董事全票同意将该议案提交董事会审议（具体内容 详见本公告第八项）。 根据《深圳证券交易所股票上市规则》相关规定，本次 凉山矿业存续分立事项无需提交公司股东大会审议。 （一）本次关联交易概述 云南铜业股份有限公司（以下简称公司）控股股东云南 铜业（集团）有限公司（以下简称云铜集团）为满足经营管 理和资源整合需要，加强凉山矿业股份有限公司（以下简称 凉山矿业）的业务聚 ...

证券代码：000878 证券简称：云南铜业 公告编号：2025-032 云南铜业股份有限公司 关于参加云南辖区上市公司 2024 年度投资 者网上集体接待日活动的公告 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。 本次活动将采用网络远程的方式举行，投资者可登录 "全景路演"网站（https://rs.p5w.net），或关注微信公众号： 全景财经，或下载全景路演 APP，参与本次互动交流， 三、公司出席本次活动人员 届时公司财务总监、董事会秘书高洪波先生，财务资产 部负责人刘八妹女士和证券事务代表孙萍女士将在线就公司 2024 年度业绩、公司治理、发展战略、经营状况、融资计划、 和可持续发展等投资者关心的问题，与投资者进行沟通与交 流，欢迎广大投资者踊跃参与！ 特此公告 云南铜业股份有限公司董事会 为进一步加强与投资者的互动交流，云南铜业股份有限 公司（以下简称公司）将参加由云南证监局指导，云南省上 市公司协会与深圳市全景网络有限公司联合举办的"2024 年 度云南辖区上市公司投资者网上集体接待日"，现将相关事 项公告如下： 一、活动时间 2025 年 5 ...