Core Viewpoint - The legal opinion from Beijing Deheng Law Firm confirms that Jiangxi Copper Co., Ltd.'s differentiated dividend distribution plan complies with relevant laws and regulations, ensuring no harm to the interests of the company and its shareholders [6]. Group 1: Reasons for Differentiated Dividend - The company held a board meeting on February 19, 2024, approving a share repurchase plan, which was completed by May 17, 2024, with a total of 10,441,768 A-shares repurchased [2][4]. Group 2: Differentiated Dividend Plan - The company plans to distribute a cash dividend of 7 RMB (including tax) for every 10 shares, based on a total share capital of 2,075,247,405 shares, excluding the repurchased shares [4][5]. - The total cash dividend to be distributed amounts to 1,445,363,945.90 RMB [5]. Group 3: Calculation Basis for Differentiated Dividend - The reference price for the ex-dividend (ex-rights) calculation is determined by the formula: (previous closing price - cash dividend) [5]. - The actual ex-rights reference price calculated is approximately 21.49 RMB per share, with a minimal impact of less than 1% on the stock price due to the differentiated dividend [5]. Group 4: Conclusion - The legal opinion concludes that the differentiated dividend distribution is in accordance with the Company Law, Securities Law, and other relevant regulations, and does not harm the interests of the company or its shareholders [6].

Core Viewpoint - Jiangxi Copper Co., Ltd. has announced a cash dividend distribution plan, with a payout of 0.70 yuan per share for A shares, approved during the annual shareholders' meeting on June 6, 2025 [1][2]. Dividend Distribution Details - The cash dividend distribution is based on a total share capital of 2,075,247,405 shares, excluding 10,441,768 shares held in the company's repurchase account, resulting in a base of 2,064,805,637 shares for the dividend calculation [2]. - The dividend will be distributed to all shareholders registered by the close of trading on July 21, 2025, with the ex-dividend date set for July 22, 2025, and the cash dividend payment date also on July 22, 2025 [1][2]. Taxation Information - For individual shareholders holding shares for over one year, the cash dividend is exempt from personal income tax. For those holding shares for one year or less, no withholding tax will be deducted at the time of distribution [5]. - Qualified Foreign Institutional Investors (QFIIs) will receive a net dividend of 0.63 yuan per share after a 10% corporate income tax deduction [6]. - Hong Kong Stock Exchange investors holding shares through the "Shanghai-Hong Kong Stock Connect" will also receive a net dividend of 0.63 yuan per share after tax [6]. Implementation Method - The cash dividends for unrestricted circulating shares will be distributed by China Securities Depository and Clearing Corporation Limited, Shanghai Branch, to shareholders who have registered their shares by the specified date [2][3].

北京德恒律师事务所 关于江西铜业股份有限公司 差异化分红事项的 法律意见 北京市西城区金融街 19 号富凯大厦 B 座 12 层 电话：010-52682888 传真：010-52682999 邮编：100033 北京德恒律师事务所 关于江西铜业股份有限公司差异化分红事项的法律意见 北京德恒律师事务所 关于江西铜业股份有限公司 差异化分红事项的 法律意见 德恒 01G20230544-07 号 致：江西铜业股份有限公司 北京德恒律师事务所（以下简称"本所"）接受江西铜业股份有限公司（以 下简称"公司"或"上市公司"）的委托，根据《中华人民共和国公司法》（以 下简称"《公司法》"）、《中华人民共和国证券法》（以下简称"《证券法》"）、 《上海证券交易所上市公司自律监管指引第 7 号——回购股份》（以下简称"《回 购指引》"）、《上海证券交易所股票上市规则》《江西铜业股份有限公司章程》 （以下简称"《公司章程》"）等相关法律、法规及规范性文件的规定，就公司 2024 年度利润分配涉及的差异化分红（以下简称"本次差异化分红"）相关事项 发表本法律意见。 为出具本法律意见，本所律师作出如下声明： 1.本所律师依据中国 ...

相关日期 | 股份类别 | 股权登记日 | 最后交易日 | 除权（息）日 | 现金红利发放日 | | --- | --- | --- | --- | --- | | Ａ股 | 2025/7/21 | － | 2025/7/22 | 2025/7/22 | 证券代码：600362 证券简称：江西铜业 公告编号：2025-026 江西铜业股份有限公司 2024年年度权益分派实施公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗 漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 每股分配比例 A 股每股现金红利0.70元 差异化分红送转： 是 一、 通过分配方案的股东大会届次和日期 本次利润分配方案经公司2025 年 6 月 6 日的2024年年度股东大会审议通过。 二、 分配方案 截至股权登记日下午上海证券交易所收市后，在中国证券登记结算有限责任公司上海分 公司（以下简称"中国结算上海分公司"）登记在册的本公司全体股东。 3. 差异化分红送转方案： （1）公司于 2025 年 3 月 27 日、2025 年 6 月 6 日分别召开了第十届董事会第八次会议、 20 ...

Investment Rating - The report downgrades CMOC-H/A and CNM to Hold from Buy, maintains Hold ratings on MMG and JXC-H/A, and retains Buy ratings on Zijin-H/A [4][7]. Core Insights - The US has announced a 50% tariff on imported copper, leading to a spike in Comex copper prices by over 10% since the announcement [2]. - Post-tariff, copper prices in China and LME are expected to decline as the current excess flow of copper into the US reverses, impacting global supply and demand fundamentals [3]. - The report expresses caution regarding the short-term outlook for the Chinese copper sector due to the normalization of US copper inventory and its effect on demand [4]. Summary by Sections US Tariff Impact - The US imports approximately 50% of its refined copper demand, primarily from Chile, Canada, and Mexico, and the tariff is expected to create a significant market shift [2]. - Comex copper prices have surged, with a current premium of about 25% over LME prices, indicating market expectations of the tariff's impact [2]. Price and Inventory Trends - Following the tariff announcement, the report anticipates a decline in copper prices as the arbitrage opportunity reverses, leading to a normalization of US copper inventory levels [3]. - Global copper inventories have shown divergence, with LME inventories declining significantly while Comex inventories have surged to their highest levels since 2018 [15]. Company Ratings and Valuations - Zijin Mining maintains a Buy rating with unchanged target prices, reflecting strong fundamentals and expected earnings growth [48][49]. - CMOC-H/A's target price remains unchanged, but the downgrade to Hold reflects concerns over short-term demand and pricing pressures [51]. - MMG and Jiangxi Copper maintain Hold ratings, with target prices unchanged, indicating a cautious outlook amid potential price declines [54][57].

Group 1: Copper Market Dynamics - Shanghai Futures Exchange copper futures contracts have surged past 76,000 yuan, indicating a frantic demand from traders for physical copper, with reports of copper being transferred multiple times before reaching its destination [1] - The global copper supply chain is under severe pressure, with smelters in China warning of raw material shortages and the need to cut production by 20% [1] - The quality of copper concentrate from South America is declining, leading to disputes over payments and further complicating the supply situation [3] Group 2: Supply Chain Disruptions - Social conflicts and supply chain interruptions are evident, as seen in Peru where increased security and community blockades have hindered the transport of copper concentrate [3] - The Chinese copper industry is facing rising raw material costs, with some manufacturers unable to fulfill orders due to skyrocketing copper prices [3] - The recycling sector is seen as a potential solution to the copper shortage, but there is a significant gap in recovery capabilities, with only a fraction of waste copper being processed [4][6] Group 3: Global Mining Challenges - Mining operations in regions like the Democratic Republic of Congo are facing logistical challenges due to weather and social unrest, further tightening global copper supply [6] - The average copper grade in Chinese mines is significantly lower than in South America, leading to higher production costs and reduced competitiveness [8] - Climate change is exacerbating mining difficulties, with water shortages impacting production rates in Chilean mines [8] Group 4: Future Demand and Supply Gap - The International Energy Agency warns of a looming copper supply gap, projecting a demand of 50 million tons by 2035 against a potential supply of only 35 million tons [9] - The transition to renewable energy sources is driving unprecedented demand for copper, with electric vehicles and renewable energy installations consuming significantly more copper than traditional vehicles [9][10] - The rising costs of copper are affecting consumer products, leading to price increases in everyday items such as air conditioners and electric vehicles [10]

Group 1 - Jiangxi Copper Co., Ltd. announced the resignation of Mr. Liao Xinguang from his positions as Deputy General Manager and Secretary of the Board due to work relocation, effective immediately upon delivery of his resignation letter to the board [1] - The board expressed gratitude for Mr. Liao's contributions to the company's development during his tenure [1] - The company held its 11th meeting of the 10th Board of Directors on July 11, 2025, where it approved the appointment of Mr. Tu Dongyang as the new Secretary of the Board [2] Group 2 - Mr. Tu Dongyang holds a Ph.D. in Economics and has previously served as the Director of the Foreign Institutions Supervision Department at the Xiamen Regulatory Bureau of the China Banking and Insurance Regulatory Commission, as well as the Assistant General Manager and Secretary of the Board at another company [4] - Mr. Tu has been with Jiangxi Copper since March 2021, serving as Deputy General Manager prior to his new appointment [4]

公司于 2025 年 7 月 11 日召开了第十届董事会第十一次会议，审 议通过了《江西铜业股份有限公司关于聘任涂东阳先生为董事会秘书 的议案》，同意聘任涂东阳先生（简历附后）为公司董事会秘书。涂 东阳先生已取得上海证券交易所主板董事会秘书任职培训合格证明， 具备履行董事会秘书职责所需的专业知识及工作经验，任职资格符合 有关法律法规及规范性文件的规定。 本公司及董事会全体成员保证公告内容的真实、准确和完整，对公告 的虚假记载、误导性陈述或者重大遗漏负连带责任。 江西铜业股份有限公司（以下简称公司）董事会于近日收到廖新 庚先生书面辞任函，因工作调动原因，廖新庚先生决定辞去公司副总 经理、董事会秘书职务，并不再担任公司任何职务。根据《中华人民 共和国公司法》及《江西铜业股份有限公司章程》等有关法律法规规 定，廖新庚先生的辞任函自送达董事会之日起生效。廖新庚先生与公 司董事会概无任何意见分歧，亦无任何与工作变动有关而需提呈公司 股东注意的事项。公司董事会对廖新庚先生任职期间对公司发展做出 的贡献表示感谢。 证券代码：600362 证券简称：江西铜业 公告编号：临 2025-025 债券代码：137816 债券简称： ...

江西铜业股份有限公司（以下简称公司）第十届董事会第十 一次会议，于 2025 年 7 月 11 日以书面形式召开，公司 8 名董事 均参加了会议。会议的召开符合《中华人民共和国公司法》《江 西铜业股份有限公司章程》等有关法律法规及规范性文件的规定， 会议审议并通过了如下决议： 证券代码：600362 证券简称：江西铜业 公告编号：临 2025-024 债券代码：137816 债券简称：22 江铜 01 江西铜业股份有限公司 第十届董事会第十一次会议决议公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，对公告 的虚假记载、误导性陈述或者重大遗漏负连带责任。 特此公告。 江西铜业股份有限公司 董事会 2025 年 7 月 12 日 一、审议通过了《江西铜业股份有限公司关于聘任涂东阳先 生为董事会秘书的议案》 经公司第十届董事会提名委员会提名，本次董事会审议通过， 同意聘任涂东阳先生为公司董事会秘书。 表决结果：同意 8 票、反对 0 票、弃权 0 票 ...

Investment Rating - The industry view for Greater China Materials is rated as Attractive [3] Core Insights - Copper, aluminum, and gold are expected to remain at elevated levels, while supply cuts in steel and cement are anticipated in the second half of the year [1] - Morgan Stanley's commodity forecasts indicate a divergence from consensus, with higher price expectations for aluminum and copper compared to market consensus [7][8] Summary by Relevant Sections Commodity Price Forecasts - Aluminum price forecast for 2H2025 is $2,700 per ton, which is 10% higher than consensus [7] - Copper price forecast for 2H2025 is $9,825 per ton, 5% above consensus [7] - Gold price forecast for 2H2025 is $3,650 per ounce, 13% higher than consensus [7] Steel and Cement Demand - Steel demand drivers include residential property (14%), infrastructure (17%), and machinery (30%) [13] - Anticipated supply cuts in steel and cement are expected to impact market dynamics in the second half of the year [1] Consumption Indices - The China Steel Consumption Index shows a year-on-year change indicating fluctuations in demand across various sectors [14] - The China Copper Consumption Index reflects significant contributions from power (47%) and white goods (15%) sectors [17][19] - The China Aluminum Consumption Index indicates property and passenger vehicle sectors as major demand drivers [23] Infrastructure Spending - Infrastructure spending has increased, with a year-on-year growth of 10.4% in May 2025 [30] - Monthly total issuance of local government special bonds shows a trend towards increased funding for infrastructure projects [37] Key Companies Under Coverage - Companies covered include Baosteel, Jiangxi Copper, Zijin, and China Hongqiao among others in the materials sector [5]