Core Viewpoint - The non-ferrous metal sector is experiencing significant upward momentum, driven by expectations of interest rate cuts by the Federal Reserve, supply disruptions in key metals, and increased demand from the AI and clean energy sectors [2][3][4]. Group 1: Market Performance - The non-ferrous metal sector opened actively, with notable gains: Tin Industry Co. rose over 8%, Jincheng Mining and Western Mining increased over 6%, and several others including Luoyang Molybdenum and Jiangxi Copper rose over 5% [1]. - Specific stock performances include: - Jincheng Mining at 70.19, up 6.95% with a year-to-date increase of 95.34% [2] - Western Mining at 25.76, up 6.89% with a year-to-date increase of 70.64% [2] - Luoyang Jiya at 18.64, up 5.79% with a year-to-date increase of 189.17% [2]. Group 2: Supply and Demand Dynamics - The London Metal Exchange (LME) reported a significant increase in copper delivery applications, reaching 56,875 tons, the largest increase since 2013 [3]. - LME metal futures closed higher, with copper rising by $342 to $11,488 per ton, marking a historical high, and tin increasing by 4.21% to $40,685 per ton [3]. - The semiconductor and consumer electronics sectors are the primary applications for tin, accounting for over 65% of consumption, which is driving demand due to a recovery in the semiconductor industry [3]. Group 3: Future Outlook - Morgan Stanley forecasts that supply disruptions and global inventory mismatches will push copper prices to $12,500 per ton by mid-2026 [3]. - The copper market is experiencing "strategic locking" of COMEX inventories, which reduces market liquidity and exacerbates regional shortages, acting as a catalyst for price increases [4]. - The industrial metals sector is facing ongoing supply-demand imbalances, with global copper mine supply disruptions and increased demand from the clean energy transition [4]. Group 4: Precious and Minor Metals - The precious metals sector is benefiting from rising expectations of interest rate cuts, with silver prices reaching historical highs and ongoing supply shortages [5]. - The small metals sector, particularly tin, is gaining attention due to its critical role in the electronics supply chain, with recent price increases reflecting a recovery in demand from semiconductor and AI device sectors [5].

法律意见书 | 序号 | 名称 | 页码 | | --- | --- | --- | | 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法律意见书 | 3-2-1 | | 2 3 | 资产并募集配套资金暨关联交易的补充法律意见书（一） 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） | 3-2-164 3-2-188 | | | 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 | | 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 法律意见书 二〇二五年七月 3-2-1 | | | | 一、 本次交易的方案 . | | --- | | 二、 本次交易各方的主体资格 | | 三、本次交易的批准和授权 . | | 四、本次交易的相关协议 | | 五、本次交易的标的资产 | | 六、本次交易涉及的关联交易和同业竞争 | | 七、本次交易涉及的债权债务处理和人员安置 | | 八、本次交易的信息披露 . | | 九、本次交易的实质性条件 | | ...

中信建投证券股份有限公司 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 之 独立财务顾问报告 （上会稿） 独立财务顾问 二〇二五年十二月 中信建投证券股份有限公司 独立财务顾问报告（上会稿） 独立财务顾问声明与承诺 受云南铜业股份有限公司委托，中信建投证券股份有限公司担任本次云南铜 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之独立财务顾问， 并制作本独立财务顾问报告。 本独立财务顾问报告系依据《公司法》《证券法》《重组管理办法》《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》《上 市公司并购重组财务顾问业务管理办法》《上市规则》等有关法律、法规的要求， 根据重组报告书及交易对方提供的有关资料和承诺制作。 独立财务顾问按照行业公认的业务规范，本着诚实守信、勤勉尽责的精神， 遵循独立、客观、公正的原则，在认真审阅各方所提供的相关资料并充分了解本 次交易行为的基础上，对重组报告书出具独立财务顾问报告，旨在对本次交易做 出独立、客观和公正的评价，以供云南铜业全体股东及公众投资者参考。 一、本独立财务顾问作如下声明 （一）本独立财务顾问与云南铜业及 ...

二〇二五年十二月 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 （上会稿） 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 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。 独立财务顾问 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 ...

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） （上会稿） 股票代码：000878 股票简称：云南铜业 上市地点：深圳证券交易所 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 二〇二五年十二月 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）（上会稿） 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 ...

证券代码：000878 证券简称：云南铜业 公告编号：2025-096 云南铜业股份有限公司 关于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）（上会稿）修订 说明的公告 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。 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（以下简称本次交易）。 公司于 2025 年 12 月 4 日披露了《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）（上会稿）》（以下简称草案（上会稿）），具体内容详见 公 司 在 《 证 券 日 报 》《 证 券 时 报 》 和 巨 潮 资 讯 网 （www.cninfo.com.cn）上披露的相关公告。相较公司前次于 2025 年 11 月 29 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）》，草案（上会稿）主要补充了铜金属价格波动导致未来 标的公司价值下降 ...

Core Viewpoint - The continuous decline in the number of shareholders for many companies indicates a trend of increasing concentration of shares, with 91 companies experiencing a decrease for more than three consecutive periods, and some like Rundou Co., Ltd. seeing a drop for 11 consecutive periods [1][2]. Group 1: Shareholder Trends - A total of 684 companies reported their latest shareholder numbers as of November 30, with 91 companies showing a continuous decline in shareholder numbers for over three periods [1]. - Rundou Co., Ltd. has the highest decline, with a current shareholder count of 20,735, down 40.50% over 11 periods [1]. - Other companies with significant declines include Zhuhua Design, which has seen a 21.92% drop over 9 periods, and several others like Kute Intelligent and Bainacheng [1]. Group 2: Market Performance - Among the companies with declining shareholder numbers, 23 have seen their stock prices rise, while 68 have experienced declines, with notable increases for Allianz Ruishi (up 35.02%), Longji Machinery (up 18.85%), and Zhejiang Meida (up 14.79%) [2]. - 28 companies, or 30.77%, outperformed the Shanghai Composite Index during this period, with Allianz Ruishi again leading with a relative return of 33.50% [2]. Group 3: Industry Distribution - The industries with the highest concentration of companies experiencing declining shareholder numbers include machinery equipment (15 companies), pharmaceutical biology (8 companies), and construction decoration (6 companies) [2]. - The distribution of these companies shows that 54 are listed on the main board, 35 on the ChiNext, and 2 on the Sci-Tech Innovation Board [2]. Group 4: Institutional Interest - In the past month, 15 companies with declining shareholder numbers have been subject to institutional research, with Yunnan Copper and Great Wall Securities receiving the most attention, each with 3 research sessions [2]. - The companies with the highest number of participating institutions in research include Sanxia Tourism (76 institutions), Bozhong Precision (43 institutions), and Yunnan Copper (25 institutions) [2].

证券日报网讯12月3日，云南铜业（000878）在互动平台回答投资者提问时表示，截至2025年11月30 日，公司股东人数为194974户。 ...

Core Insights - The industrial metals sector is crucial for modern industrial systems, reflecting the economic operation status of a nation. The sector is characterized by high strength, corrosion resistance, and excellent processing performance, supporting key industries such as construction, machinery, automotive, electricity, and aerospace [1][13]. Industry Overview - Industrial metals, a subset of non-ferrous metals, include copper, aluminum, lead, and zinc, which are widely used in various industrial applications. The sector has a complete industrial chain in China, from mining to processing, with production and consumption at the global forefront [4][6][13]. - The demand structure is shifting, with traditional construction growth slowing, while emerging industries like new energy, high-end equipment, and electronic semiconductors are driving demand for high-precision, lightweight, and specialty alloys [1][13]. Industry Policies - Recent policies aim to enhance the resilience and security of the industrial metals supply chain. For instance, the "Copper Industry High-Quality Development Implementation Plan (2025-2027)" targets a 5%-10% increase in domestic copper resources by 2027 and aims for a 5% annual growth in the value added of the non-ferrous metals industry from 2025 to 2026 [9][13]. Industry Chain - The industrial metals industry chain consists of upstream mining exploration and selection, midstream smelting and purification, and downstream applications in construction, automotive, shipbuilding, machinery, electrical, and aerospace sectors [9][10][13]. Market Trends - The industrial metals sector is transitioning towards high-performance, lightweight, and green manufacturing, with a focus on new alloy materials and resource recycling. The "dual carbon" goals are expected to accelerate the development of energy-saving technologies and the recycled metals industry [1][13]. - The market for copper alloy materials is projected to exceed 3000 billion yuan by 2028, driven by the growth of new energy vehicles and advanced manufacturing sectors [18]. Key Companies - Major players in the industrial metals sector include Jiangxi Copper, Zijin Mining, and China Aluminum, which dominate the market due to their scale and resource advantages. Private companies like Nanshan Aluminum and Yunnan Aluminum are also gaining market share through innovation [2][18][19]. Production Statistics - China's copper production is expected to grow significantly, with the copper alloy materials market reaching 2367 billion yuan in 2024. The production of aluminum alloys is projected to increase from 629.4 million tons in 2015 to 1614.1 million tons in 2024, reflecting a compound annual growth rate of 11.03% [14][17][18].

证券代码：000878 证券简称：云南铜业 公告编号：2025-095 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（以下简称本次交易）。 根据深圳证券交易所（以下简称深交所）有关工作安排， 深交所并购重组审核委员会拟于近期审核公司本次交易事 项，具体会议时间待确定后另行公告。 本次交易尚需通过深交所审核，并获得中国证券监督管 理委员会（以下简称中国证监会）作出同意注册的决定后方 可实施，最终能否通过深交所审核，并获得中国证监会同意 注册的决定及其时间尚存在不确定性。公司将根据该事项的 进展情况及时履行信息披露义务，敬请广大投资者谨慎决策， 注意投资风险。 特此公告。 云南铜业股份有限公司董事会 2025 年 12 月 2 日 ...