铜精矿加工费是指将铜精矿加工成铜金属所需的费用，包括铜的粗炼费（TC）和精炼费（RC）及副产 品金和银的精炼费。粗炼费是指从铜精矿到粗铜（或阳极铜）的冶炼费用，精炼费指从粗铜到电解铜 （阴极铜）的精炼费用。 今年以来，铜精矿加工费持续低位运行，长单与现货价格均处历史低位水平，冶炼环节利润承压严重。 华北最大阴极铜供应商北方铜业（000737.SZ）在半年报中称，上半年铜精矿加工费持续走低，现货加 工费从1月份在个位数中低位附近一路下滑至6月底-40美元/吨中位；6月27日，智利矿业公司安托法加 斯塔和中国冶炼厂年中谈判结果TC/RC敲定为0美元/干吨及0美分/磅。加工费跌入负值区间，意味着冶 炼厂需倒贴钱获取原料。 从光伏到风电，再到石化与钢铁，"反内卷"风又吹向铜冶炼行业。 中国有色金属工业协会铜业分会第三届理事会第五次会议近日在河北雄安新区召开。铜冶炼行业"内卷 式"竞争导致铜精矿加工费持续低位的问题是此次会议讨论重点。 中国有色金属工业协会副会长陈学森在会上表示，铜冶炼行业"内卷式"竞争对行业影响大，协会已向国 家相关部门报送材料，提出严控铜冶炼产能扩张的具体措施建议。国家有关部门正加快研究如何加强对 ...

这一局面拖累行业龙头企业业绩表现。国内阴极铜产能第一的铜陵有色（000630.SZ）上半年增收不增 利，公司归母净利润同比下滑33.94%至14.41亿元，近五年来首次同期净利润下滑；北方铜业归母净利 润增幅陷入个位数，上半年盈利4.87亿元，同比增长5.85%，远低于2024年同期近54%增幅。 从光伏到风电，再到石化与钢铁，"反内卷"风又吹向铜冶炼行业。 中国有色金属工业协会铜业分会第三届理事会第五次会议近日在河北雄安新区召开。铜冶炼行业"内卷 式"竞争导致铜精矿加工费持续低位的问题是此次会议讨论重点。 中国有色金属工业协会副会长陈学森在会上表示，铜冶炼行业"内卷式"竞争对行业影响大，协会已向国 家相关部门报送材料，提出严控铜冶炼产能扩张的具体措施建议。国家有关部门正加快研究如何加强对 铜冶炼产能建设规范化管理具体措施，相信很快会有结果。 铜精矿加工费是指将铜精矿加工成铜金属所需的费用，包括铜的粗炼费（TC）和精炼费（RC）及副产 品金和银的精炼费。粗炼费是指从铜精矿到粗铜（或阳极铜）的冶炼费用，精炼费指从粗铜到电解铜 （阴极铜）的精炼费用。 今年以来，铜精矿加工费持续低位运行，长单与现货价格均处历史低位 ...

Group 1 - The industrial metal sector increased by 0.43% on September 26, with Jingyi Co., Ltd. leading the gains at 10% [1] - The Shanghai Composite Index closed at 3828.11, down 0.65%, while the Shenzhen Component Index closed at 13209.0, down 1.76% [1] - Key stocks in the industrial metal sector showed significant price movements, with Jingyi Co., Ltd. closing at 14.85 and a trading volume of 285,000 shares, resulting in a transaction value of 409 million yuan [1] Group 2 - The industrial metal sector experienced a net outflow of 293 million yuan from institutional investors, while retail investors saw a net outflow of 60.1 million yuan [2] - The sector attracted a net inflow of 354 million yuan from speculative funds [2] - Specific stocks like Luoyang Aluminum and Baiyin Nonferrous Metals had notable net inflows from institutional investors, while others like Lida New Materials faced significant outflows from retail investors [3]

Group 1 - The A-share market's copper concept stocks continue to strengthen, with Jingyi Co. achieving three consecutive trading limit increases, and other companies like Baiyin Nonferrous Metals, Jiangxi Copper, and Shengtun Mining also showing significant gains [1] - The China Nonferrous Metals Industry Association's Copper Branch firmly opposes "involution" competition within the copper smelting industry, indicating a push for more sustainable practices [1] - The Grasberg mine in Indonesia, the world's second-largest copper mine, has declared "force majeure" and ceased operations due to a landslide incident, impacting global copper supply [1]

Core Viewpoint - Yunnan Copper achieved record production and improved innovation capabilities despite challenges such as tight raw material supply and historically low copper processing fees [1][2] Financial Performance - In the first half of 2025, Yunnan Copper reported operating revenue of 88.913 billion yuan, a year-on-year increase of 4.27% - The total profit reached 1.895 billion yuan, up 2.94% year-on-year - Net profit attributable to shareholders was 1.317 billion yuan, reflecting a significant year-on-year growth of 24.32% [1] Market Challenges - The copper industry faces significant pressure due to fluctuating U.S. tariff policies, market price differences, and limited copper concentrate supply [2] - The low processing fees have disrupted profit balance across the industry chain, exacerbated by volatile copper prices [2][3] - The price of London copper dropped by approximately 2000 USD/ton in early April due to U.S. tariff policies, leading to a rapid reversal in price differences between London and Shanghai copper [2] Operational Strategies - Yunnan Copper has actively engaged in the futures market for hedging and adjusted procurement strategies to mitigate market volatility [2][3] - The company has focused on cost reduction, efficiency improvement, and maximizing the profit potential of by-products like sulfuric acid [3] - The company achieved a cathode copper production of 779,400 tons in the first half of 2025, a year-on-year increase of 53.22% [3] Pricing Mechanism - The futures market plays a crucial role in pricing copper trades, with long-term contracts typically only specifying processing fees [4] - The pricing mechanism combines futures pricing with adjustments for quality, region, and other factors through a premium/discount system [4] Hedging Optimization - Yunnan Copper aims to enhance its hedging strategies to protect asset value and ensure stable operations amid market fluctuations [5] - The company tailors its risk management strategies based on annual market conditions, focusing on price decline risks for its mining operations [5][6] - The optimization includes adjusting marketing policies, managing positions dynamically, and ensuring adequate margin preparations [6] Risk Management - Effective risk management involves "current closure," where raw materials and products are traded at the same benchmark price to mitigate price risks [7] - The company emphasizes the importance of real-time hedging operations to minimize risks associated with price fluctuations over time [7] - By leveraging the transparent futures market, Yunnan Copper can strategically manage risk exposure and achieve profit objectives [7]

证券代码：000878 证券简称：云南铜业 云南铜业股份有限公司投资者关系活动记录表 编号：2025-15 | 投资者关 | 特定对象调研 □分析师会议 ☑ | | --- | --- | | 系活动类 | □媒体采访 □业绩说明会 | | | □新闻发布会 □路演活动 | | 别 | □现场调研 □其他 | | 活动参与 | 嘉实基金 刘杰、肖觅、陈黎明、胡宇飞、沈玉梁、陈景诚、李嘉禾、刘宸垚， | | 人员 | 长江证券 肖勇、许红远、钟永婷。 | | 时间 | 年 月 日 13:30—15:00 2025 9 24 | | 地点 | 公司 会议室 3120 | | 形式 | 座谈交流 | | | 财务总监、董事会秘书：高洪波 | | 上市公司 | 财务部（资本运营部、证券事务部）经理：刘八妹 | | 参加人员 | 证券事务代表：孙萍 | | 姓名 | 装备部（数字化管理部）业务经理：毛正斌 | | | 财务部（资本运营部、证券事务部）业务经理：岳圣文 | | | 一、公司基本情况介绍 | | | 云南铜业于 1998 年在深交所挂牌上市，主要业务涵盖了铜的勘探、采选、 | | | 冶炼，贵金属和稀散金属 ...

9月25日，港A两市铜金属概念股再度全线大涨，市场交投氛围活跃。 截至发稿前，港股方面，中国有色矿业（01258.HK）大涨11.9%，五矿资源（01208.HK）涨9.93%，江西铜业股份（00358.HK）涨8.71%，中国黄金国际 （02099.HK）涨4.82%。 A股市场，相关概念股同步冲高。洛阳钼业（603993.SH）涨停，北方铜业（000737.SZ）涨8.77%，铜陵有色（000630.SZ）大涨9.28%，江西铜业 （600362.SH）、云南铜业（000878.SZ）也分别上涨7.08%、4.22%。 期货市场亦"涨声一片"。9月25日，国际铜、沪铜、COMEX铜等期货主力合约几乎全线拉升。其中，沪铜期货主力一度触及82920元/吨高点，创2024年6月 以来新高，截至发稿前，涨幅为3.28%，报82610元/吨。 今日行情的直接导火索——全球第二大铜矿发生事故导致停产，点燃了市场对铜供应短缺的忧虑，并推动铜价大幅飙升。 2025年9月8日，美国矿业巨头Freeport-McMoRan（麦克莫兰铜金）(FCX.US)位于印尼的Grasberg矿山（全球第二大铜矿）发生致命泥石流事故，造成 ...

黄金概念板块领涨，上涨2.69%，其中北方铜业上涨10.01%，洛阳钼业上涨9.27%，江西铜业上涨 7.64%，铜陵有色、飞南资源、云南铜业涨超6%。（AI生成） ...

每经AI快讯，9月25日，早盘有色板块大幅高开，铜方向领涨，北方铜业、精艺股份涨停，江西铜业、 电工合金、云南铜业、洛阳钼业、铜陵有色涨幅靠前。 ...

Group 1 - The core viewpoint of the news is that the copper sector in the A-share market experienced a significant rise, driven by supply disruptions at Freeport's Grasberg mine, which is expected to impact global copper supply and prices positively [1][2] - Freeport announced that the Grasberg mine supply is facing force majeure, leading to a substantial increase in copper prices, marking the largest rise in over five months [1] - Citigroup analysts noted that Grasberg accounts for approximately 3% of global copper supply, with total losses in Q4 expected to affect global supply by 3%, and a projected 35% loss by 2026 impacting about 1% of global supply, which will support copper prices [1] Group 2 - The A-share copper concept stocks opened high, with notable gains: Electric Alloy surged over 12%, Jingyi Co. reached a 10% limit up, Jiangxi Copper increased over 8%, and Tongling Nonferrous Metals rose over 6% [1][2] - Specific stock performances include: - Electric Alloy: +12.69%, market cap of 8.22 billion - Jingyi Co.: +10.02%, market cap of 3.38 billion - Jiangxi Copper: +8.24%, market cap of 106.9 billion - Tongling Nonferrous Metals: +6.73%, market cap of 61.6 billion - Yunnan Copper: +5.87%, market cap of 32.2 billion - Shengtu Mining: +4.57%, market cap of 26.9 billion - Baiyin Nonferrous: +3.46%, market cap of 28.8 billion - Zhongyuan New Materials: +3.40%, market cap of 3.569 billion [2]