东兴晨报 P1 2025 年 6 月 9 日星期一 分析师推荐 东 兴 晨 报 【东兴煤炭】煤炭行业 2025 年中期投资策略：高股息与多频次高分红兼备， 煤炭防御性红利价值凸显（20250609） 2025 年以来，国内经济缓慢修复，煤炭板块跌幅明显。2025 年初至 6 月 3 日，煤炭板块累计跌幅 11.98%。沪深 300 指数累计跌幅 2.11%，煤炭跑输沪 深 300 指数 9.87 个百分点。 基本面展望：动力煤供强需弱，政策加码叠加煤炭两协会发布倡议书，煤价 仍将反弹修复。2025 年 1-5 月煤炭价格持续下跌。暖冬影响居民用电表现较 差，同时受到风光发电出力，火电需求同比走弱，供给受到山西增产+新疆持 续贡献增量，供强需弱导致煤价持续下跌。长协煤政策颁布稳定动力煤价， 煤炭协会出台倡议以来，长协价稳定，及时应对市场价的下滑。长协煤政策 仍然是煤价的稳定器。2025 年 2 月 28 日，中国煤炭工业协会、中国煤炭运 销协会发布倡议书，面对煤炭市场价格快速下滑，倡议书从"严格执行电煤 合同严格兑现"等五个维度对煤炭行业发展提出倡议，有助于减少煤价非理 性波动。2025 年 3 月起长协价高于 ...

Investment Rating - The report maintains a "Recommended" investment rating for the non-ferrous metals industry [7] Core Viewpoints - The non-ferrous metals industry index increased by 1.18% over the past two weeks, outperforming the CSI 300 index and ranking 12th among 31 first-level industries [2][14] - Precious metals have shown strong performance due to heightened market risk aversion influenced by global geopolitical conflicts and inflation data from the U.S. [5] - The report highlights a divergence in the prices of strategic minor metals, suggesting a focus on investment opportunities in this area [5] Summary by Sections Market Review - The non-ferrous metals industry index rose by 1.18% from May 26 to June 6, 2025, with small metals and new metal materials leading the gains at 4.56% and 3.93% respectively [2][14] - Precious metals, energy metals, and industrial metals saw changes of 1.41%, 0.38%, and 0.06% respectively during the same period [14] Precious Metals - As of June 6, COMEX gold closed at $3,331 per ounce, down 0.80% over the past two weeks but up 24.70% year-to-date [22] - COMEX silver closed at $36.13 per ounce, up 7.40% over the past two weeks and 20.49% year-to-date, driven by unique attributes and market sentiment [27][24] Industrial Metals - LME copper settled at $9,795 per ton, up 2.08% over the past two weeks and 12.77% year-to-date [31] - LME aluminum closed at $2,432 per ton, down 0.23% over the past two weeks and down 4.12% year-to-date [31] Minor Metals - Black tungsten concentrate (≥65%) price reached 172,500 CNY per ton, up 4.86% over the past two weeks and 20.84% year-to-date [36] - Antimony ingot (99.65%) price was 215,000 CNY per ton, down 3.37% over the past two weeks but up 53.30% year-to-date [36] Rare Earths - The rare earth price index was 183.45 as of June 6, up 3.09% over the past two weeks and 12.01% year-to-date [47] - Neodymium praseodymium oxide closed at 449,000 CNY per ton, up 4.66% over the past two weeks and 12.81% year-to-date [47] Energy Metals - As of June 6, electrolytic cobalt averaged 233,550 CNY per ton, down 0.98% over the past two weeks but up 36.98% year-to-date [52] - Sulfuric acid cobalt (≥20.5%) averaged 48,375 CNY per ton, down 1.28% over the past two weeks and up 81.18% year-to-date [52] Major Events - Rosneft, Russia's largest oil producer, diversified its portfolio into rare metals by acquiring Vostok Engineering, which holds a development license for a rare earth deposit estimated at 154 million tons [4][59]

Market Overview - A-shares showed mixed performance with the Shanghai Composite Index up 0.04% at 3385.36 points, while the Shenzhen Component and ChiNext Index fell by 0.19% and 0.45% respectively[1] - The Hong Kong Hang Seng Index decreased by 0.48% to 23792.54 points, with the Hang Seng Tech Index and Hang Seng China Enterprises Index both down 0.63%[1] - The total market turnover in Hong Kong was HKD 235.62 billion[1] Economic Indicators - The U.S. non-farm payrolls increased by 139,000 in May, exceeding economists' expectations, while the unemployment rate remained stable at 4.2%[20] - The U.S. Treasury yields rose, with the 2-year Treasury yield increasing by 11.64 basis points to 4.0365% following the positive employment data[14] Trade Relations - U.S. and China officials are set to hold a new round of trade talks focusing on rare earth issues, following a recent phone call between the leaders of both countries[14] - President Trump has called for a 1% interest rate cut from the Federal Reserve, citing that Europe has already cut rates multiple times[14] Market Sentiment - The strong U.S. employment data has led traders to reduce their expectations for interest rate cuts this year, with the probability of a 25 basis point cut in September now estimated at around 70%[14] - The market is reacting cautiously to the ongoing trade tensions and economic uncertainties, with employers reportedly "stockpiling labor" amid concerns over tariffs and economic slowdown[14]

Core Viewpoint - Jiangxi Copper, China's largest copper processing company, has seen its major shareholder, Jiangxi Copper Group, increase its stake in the company, reflecting confidence in its future development [1][6]. Shareholder Actions - Jiangxi Copper Group completed its H-share buyback plan, spending 850 million yuan to acquire 69.226 million H-shares, which is 2% of the total share capital, raising its ownership to 45.72% [1][5][8]. - The buyback plan was initiated to boost investor confidence and was executed within a six-month timeframe [4][8]. Financial Performance - In 2024, Jiangxi Copper reported a revenue of 520.928 billion yuan, a slight decrease of 0.18% year-on-year, while the net profit attributable to shareholders increased by 7.03% to 6.962 billion yuan [3][14]. - The company has consistently paid cash dividends, distributing 2.417 billion yuan in 2024, with a dividend payout ratio of 34.17% [9][10]. Research and Development - Jiangxi Copper's R&D investment for 2024 is 6.012 billion yuan, with a total of 16.892 billion yuan invested from 2022 to 2024 [3][12]. - The company has made significant advancements in technology, including the development of green mining agents and low-grade ore resource utilization [11][12]. Market Position and Resources - Jiangxi Copper is recognized as a leading copper production base in China, with substantial resources including 8.8991 million tons of copper metal and 239.08 tons of gold [10]. - The company has maintained a stable profit growth trajectory, with net profits increasing from 5.636 billion yuan in 2021 to 6.962 billion yuan in 2024 [14].

| 增持主体名称 | | | 江西铜业集团有限公司 | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 控股股东或实控人 | | | | | | √是 | ?否 | | | | | | 增持主体身份 | | | | 控股股东或实控人的一致行动人 | | | | | | ?是 | ?否 | | 直接持股 | | | 5%以上股东 | | | ?是 | ?否 | | | | | | 董事、监事和高级管理人员 | | | | | | | | | | ?是 | ?否 | | A | | 股：1,205,479,110 | | 股 | | | | | | | | | 增持前持股数量 | | | | | | | | | | | | | H | | 股：308,457,000 | | 股 | | | | | | | | | 增持前持股比例 | | | | | | | | | | | | | （占总股本） | | | | | | | | | | | | | 二、增持计划的实施结果 | | | ...

| 证券代码：600362 证券简称：江西铜业 公告编号：2025-022 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | | 江西铜业股份有限公司 | | | | | | | | 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： | | | | | | | | ? 本次会议是否有否决议案：无 | | | | | | | | 一、 会议召开和出席情况 | | | | | | | | (一)股东大会召开的时间：2025 6 6 年 月 日 | | | | | | | | (二)股东大会召开的地点：江西省南昌市高新区昌东大道 7666 号江铜国际广场 | | | | | | | | 公司会议室 | | | | | | | | (三)出席会议的普通股股东和恢复表决权的优先股股东及其持有股份情况： | | | | | | | | 其中：A 股股东人数 793 | | | | | | | | ...

北京德恒律师事务所 关于 江西铜业股份有限公司 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 2024 年年度股东大会的法律意见 北京德恒律师事务所 关于江西铜业股份有限公司 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 德恒01G20230544-05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"）的委托，指派本所律师列席公司于2025年6月6日15点在江西省 南昌市高新区昌东大道7666号江铜国际广场会议室召开的公司2024年年度股东 大会（以下简称"本次股东大会"），对本次股东大会的合法性进行见证并出具 本法律意见。 本所律师依据本法律意见出具日前已经发生或存在的事实和《中华人民共和 国公司法》《中华人民共和国证券法》《上市公司股东会规则》等现行有效的法 律、法规和规范性文件（以下简称"相关法律"）以及《江西铜业股份有限公司 章程》（以下简称"公司章程"）的有关规定出具本法律意见。 根据相关法律及公司章程的规定，本所律师经审查 ...

证券代码：600362 证券简称：江西铜业 公告编号：2025-021 江西铜业股份有限公司 关于控股股东增持计划实施完毕 暨增持股份结果公告 本公司董事会、全体董事及相关股东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： 一、增持主体的基本情况 | 增持主体名称 | 江西铜业集团有限公司 | | | | --- | --- | --- | --- | | 增持主体身份 | 控股股东或实控人 | √是 | 否 | | | 控股股东或实控人的一致行动人 | 是 | 否 | | | 直接持股 5%以上股东 | 是 | 否 | 已披露增持计划情况：2024 年 12 月 13 日，公司发布了《江西铜业股 份有限公司关于控股股东增持公司 H 股股份计划的公告》（公告编号： 临 2024-056），江西铜业集团有限公司（以下简称江铜集团）拟累计增 持 H 股股份数量不低于 34,627,294 股（约占公司发行总股本的 1%）但 不超过 69,254,588 股（约占公司发行总股本的 2%）。 增持计划的实施结果：自增持计划公布以来 ...

北京德恒律师事务所 关于江西铜业股份有限公司 控股股东增持公司股份的 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控股股东增持公司股份的法律意见 北京德恒律师事务所 关于江西铜业股份有限公司 控股股东增持公司股份的 法律意见 德恒 01G20230544-06 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"）根据《中华人民共和国公司法》 《中华人民共和国证券法》（以下简称"《证券法》"）、《上市公司收购管理 办法》（以下简称"《收购管理办法》"）等相关法律、法规及规范性文件的规 定，就江西铜业股份有限公司（以下简称"公司"或"上市公司"）控股股东江 西铜业集团有限公司（以下简称"江铜集团"或"增持人"）增持公司股份（以 下简称"本次增持"）事宜出具本法律意见。 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《律师事务所从事证券法律业务管理办法》《律师事务所证 券法律业务执业规则（试行）》及本法律意见出具日以前已经发生或存在的事实 ...

北京德恒律师事务所 关于 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 2024 年年度股东大会的法律意见 江西铜业股份有限公司 2024 年年度股东大会的 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 2024 年年度股东大会的 法律意见 德恒01G20230544-05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"）的委托，指派本所律师列席公司于2025年6月6日15点在江西省 南昌市高新区昌东大道7666号江铜国际广场会议室召开的公司2024年年度股东 大会（以下简称"本次股东大会"），对本次股东大会的合法性进行见证并出具 本法律意见。 本所律师依据本法律意见出具日前已经发生或存在的事实和《中华人民共和 国公司法》《中华人民共和国证券法》《上市公司股东会规则》等现行有效的法 律、法规和规范性文件（以下简称"相关法律"）以及《江西铜业股份有限公司 章程》（以下简称"公司章程"）的有关规定出具本 ...