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 2024年年度股东大会决议公告 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： 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 年 6 月 6 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： | 1、出席会议的股东和代理人人数 | 794 | | --- | --- | | 其中：A 股股东人数 | 793 | | 境外上市外资股股东人数（H 股） | 1 | | 2、出席会议的股东所持有表决权的股份总数（股） | 1,526,370,940 | | 其中：A 股股东持有股份总数 | 1,231,715,705 | | 境外上市外资股股东持有股份总数（H 股） | 294,655,235 | | 3、出席会议的股东所持有表决权股份数占公司有表决权股 | 44.2 ...

Report Industry Investment Rating - Not provided in the content Core Viewpoints - The main contract of Shanghai copper shows a volatile trend, with a decrease in open interest, a spot premium, and a weakening basis [2]. - The overall fundamentals of Shanghai copper may be in a situation of sufficient supply and relatively stable demand. It is recommended to conduct short - term long trades at low prices with a light position, paying attention to controlling the rhythm and trading risks [2]. Summary by Relevant Catalogs Futures Market - The closing price of the main futures contract of Shanghai copper is 78,170 yuan/ton, a decrease of 30 yuan; the price of LME 3 - month copper is 9,680 dollars/ton, an increase of 58.5 dollars [2]. - The spread between the main contract and the next - month contract is 130 yuan/ton, a decrease of 50 yuan; the open interest of the main contract of Shanghai copper is 193,023 lots, a decrease of 2,191 lots [2]. - The positions of the top 20 futures holders of Shanghai copper are 3,161 lots, a decrease of 1,541 lots; the LME copper inventory is 141,350 tons, a decrease of 2,500 tons [2]. - The inventory of cathode copper in the Shanghai Futures Exchange is 105,791 tons, an increase of 7,120 tons; the LME copper cancelled warrants are 83,300 tons, an increase of 8,275 tons [2]. - The warehouse receipts of cathode copper in the Shanghai Futures Exchange are 31,687 tons, a decrease of 2,856 tons [2]. Spot Market - The spot price of SMM 1 copper is 78,415 yuan/ton, a decrease of 70 yuan; the spot price of 1 copper in the Yangtze River Non - ferrous Metals Market is 78,355 yuan/ton, a decrease of 140 yuan [2]. - The CIF (bill of lading) price of Shanghai electrolytic copper is 98 dollars/ton, unchanged; the average premium of Yangshan copper is 79 dollars/ton, a decrease of 2 dollars [2]. - The basis of the CU main contract is 245 yuan/ton, a decrease of 40 yuan; the LME copper premium (0 - 3) is 48.48 dollars/ton, a decrease of 3.83 dollars [2]. Upstream Situation - The import volume of copper ore and concentrates is 292.44 million tons, an increase of 53.13 million tons; the rough smelting fee (TC) of domestic copper smelters is - 43.56 dollars/kiloton, an increase of 0.72 dollars [2]. - The price of copper concentrates in Jiangxi is 68,660 yuan/metal ton, a decrease of 170 yuan; the price of copper concentrates in Yunnan is 69,360 yuan/metal ton, a decrease of 170 yuan [2]. - The processing fee for crude copper in the south is 800 yuan/ton, an increase of 100 yuan; the processing fee for crude copper in the north is 750 yuan/ton, unchanged [2]. Industry Situation - The output of refined copper is 125.40 million tons, an increase of 0.60 million tons; the import volume of unwrought copper and copper materials is 440,000 tons, a decrease of 30,000 tons [2]. - The social inventory of copper is 41.82 million tons, an increase of 0.43 million tons; the price of 1 bright copper wire in Shanghai is 55,340 yuan/ton, an increase of 100 yuan [2]. - The ex - factory price of 98% sulfuric acid of Jiangxi Copper is 540 yuan/ton, unchanged; the price of 2 copper (94 - 96%) in Shanghai is 66,900 yuan/ton, unchanged [2]. Downstream and Application - The output of copper products is 208.10 million tons, a decrease of 4.42 million tons; the cumulative completed investment in power grid infrastructure is 1,408.16 billion yuan, an increase of 451.95 billion yuan [2]. - The cumulative completed investment in real estate development is 27,729.57 billion yuan, an increase of 7,825.40 billion yuan; the monthly output of integrated circuits is 4,167,000,000 pieces, a decrease of 30,199.90 pieces [2]. Option Situation - The 20 - day historical volatility of Shanghai copper is 9.77%, a decrease of 0.03%; the 40 - day historical volatility of Shanghai copper is 23.25%, a decrease of 0.22% [2]. - The implied volatility of the current - month at - the - money IV is 11.34%, a decrease of 0.0012%; the call - put ratio of at - the - money options is 0.83, an increase of 0.0285 [2]. Industry News - The "Beige Book" released by the Federal Reserve shows that the US economic activity has slightly declined, and the overall economic outlook remains pessimistic. Some enterprises plan to raise prices in the next three months [2]. - US President Trump called on Powell to cut interest rates. The US ADP employment in May increased by 37,000, far lower than expected [2]. - The National Energy Administration organized the first batch of pilot projects for the construction of a new power system and required the acceleration of the continuous operation of power spot markets [2]. - The wholesale sales of new energy passenger vehicles in China in May reached 1.24 million, a year - on - year increase of 38% and a month - on - month increase of 9% [2].

宏观局势反复，基本金属价格区间震荡 有色金属 证券研究报告/行业定期报告 2025 年 06 月 04 日 | 增持（维持） | 报告摘要 | 评级： | 【本周关键词】：美联储对降息持谨慎态度，法院叫停关税后被上诉暂缓，美国对钢 |  | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 铁及铝追加关税至 | 50%。 | 分析师：谢鸿鹤 | 投资建议：趋势的延续，维持行业"增持"评级。 |  | | | | | | | | | | | | 最新美联储会议纪要显示，面对不确定性，采取谨慎的货币政策是适当的，降息概率 | 执业证书编号：S0740517080003 | 下降。与此同时，美国关税政策变数不断，市场普遍抱有观望和担忧的心态。宏观局 | Email：xiehh@zts.com.cn | | | | | | | | | | | | | 势反复叠加基本面缺乏方向指引，预计短期基本金属价格区间震荡。长期在供需格局 | 分析师： ...

Market Overview - The Shanghai Composite Index is at 3375.32 points, above the annual line, with a change of 0.40% [1] - The total trading volume of A-shares today is 9425.91 billion [1] Stocks Breaking Annual Line - A total of 107 A-shares have surpassed the annual line today [1] - Notable stocks with significant deviation rates include: - Lepu Medical (15.47%) - Xiangpiaopiao (9.15%) - Caixin Development (9.00%) [1] Stock Performance Details - The top stocks with their respective performance metrics are as follows: - Lepu Medical: Today's change of 18.20%, turnover rate of 12.14%, annual line at 12.04, latest price at 13.90 [1] - Xiangpiaopiao: Today's change of 10.04%, turnover rate of 3.25%, annual line at 13.76, latest price at 15.02 [1] - Caixin Development: Today's change of 9.84%, turnover rate of 2.93%, annual line at 2.56, latest price at 2.79 [1] - Other notable stocks include: - Fengfan Co. (9.91% change, 2.26% turnover) - Xusheng Group (9.99% change, 2.41% turnover) [1]

1. Report Industry Investment Rating - Not provided in the report 2. Core View of the Report - The Shanghai copper futures market shows an oscillating trend with increasing positions, strong basis, and a slightly bearish sentiment in the options market. Fundamentally, the supply of raw materials for domestic smelters remains stable in the short - term, and the overall supply is expected to increase steadily. The demand from downstream copper processing enterprises is gradually weakening, leading to a slight accumulation of industrial inventory. The spot premium gradually converges, and downstream restocking provides some support for copper prices. Technically, the 60 - minute MACD shows a widening green column near the 0 - axis. It is recommended to conduct short - term long trades at low prices with light positions, while controlling the rhythm and trading risks [2] 3. Summary by Related Catalogs 3.1 Futures Market - The closing price of the Shanghai copper futures main contract is 77,870 yuan/ton, down 340 yuan; the LME 3 - month copper price is 9,629 dollars/ton, up 32.5 dollars. The main contract's inter - month spread is 220 yuan/ton, down 20 yuan; the position of the main contract is 169,462 lots, up 42,378 lots. The top 20 positions in Shanghai copper futures are 11,510 lots, up 3,428 lots. The LME copper inventory is 162,150 tons, down 2,575 tons; the SHFE cathode copper inventory is 98,671 tons, down 9,471 tons; the SHFE cathode copper warrant is 34,861 tons, down 2,856 tons [2] 3.2 Spot Market - The SMM 1 copper spot price is 78,510 yuan/ton, down 5 yuan; the Yangtze River Non - ferrous Market 1 copper spot price is 78,565 yuan/ton, down 20 yuan. The Shanghai electrolytic copper CIF (bill of lading) price is 109 dollars/ton, unchanged; the Yangshan copper average premium is 96 dollars/ton, down 8.5 dollars. The basis of the CU main contract is 640 yuan/ton, up 335 yuan; the LME copper premium (0 - 3) is 40.08 dollars/ton, up 8.94 dollars [2] 3.3 Upstream Situation - The import volume of copper ore and concentrates is 292.44 million tons, up 53.13 million tons. The copper smelter's rough smelting fee (TC) is - 44.28 dollars/kiloton, down 1.23 dollars. The copper concentrate prices in Jiangxi and Yunnan are 68,840 yuan/metal ton and 69,540 yuan/metal ton respectively, unchanged. The southern and northern processing fees for blister copper are 700 yuan/ton and 750 yuan/ton respectively, unchanged [2] 3.4 Industry Situation - The output of refined copper is 125.40 million tons, up 0.60 million tons; the import volume of unwrought copper and copper products is 440,000 tons, down 30,000 tons. The social inventory of copper is 41.82 million tons, up 0.43 million tons. The prices of 1 bright copper wire and 2 copper in Shanghai are 55,390 yuan/ton and 66,950 yuan/ton respectively, down 100 yuan and 50 yuan. The ex - factory price of 98% sulfuric acid from Jiangxi Copper is 540 yuan/ton, unchanged [2] 3.5 Downstream and Application - The output of copper products is 208.10 million tons, down 4.42 million tons. The cumulative grid infrastructure investment is 1,408.16 billion yuan, up 451.95 billion yuan. The cumulative real estate development investment is 27,729.57 billion yuan, up 7,825.40 billion yuan. The monthly output of integrated circuits is 4,167,000,000 pieces, down 30,199,900 pieces [2] 3.6 Option Situation - The 20 - day historical volatility of Shanghai copper is 9.42%, up 0.16 percentage points; the 40 - day historical volatility is 23.69%, down 0.01 percentage points. The implied volatility of the current - month at - the - money IV is 12.05%, down 0.0099 percentage points; the at - the - money option call - put ratio is 0.83, down 0.0099 [2] 3.7 Industry News - In April, the profits of China's industrial enterprises above designated size increased by 3% year - on - year, 0.4 percentage points faster than in March. The profits of new - energy industries such as equipment manufacturing and high - tech manufacturing grew rapidly. The profits of intelligent vehicle - mounted equipment manufacturing and intelligent unmanned aerial vehicle manufacturing industries increased by 177.4% and 167.9% respectively. China's key - city real estate market is generally bottoming out and stabilizing. From January to April, the transaction volume of new and second - hand houses increased both year - on - year and month - on - month. The improvement - oriented demand has become an important support for the new - house market. Many car companies have launched price - cut promotions, compressing the profit margins of upstream enterprises to 10% and extending the payment period to 120 days. In May, the US consumer confidence index rose significantly from 85.7 in April to 98. The US March FHFA housing price index decreased by 0.1% month - on - month, and the S&P/CS 20 - city unadjusted housing price index increased by 4.1% year - on - year. The European Central Bank should postpone further interest - rate cuts until at least September. The US and the EU are accelerating trade negotiations, and some countries' tariffs may be reduced to 10% or lower [2]

Core Viewpoint - Jiangxi Copper Co., Ltd. plans to issue corporate bonds not exceeding RMB 10 billion to professional investors, with the aim of refinancing debt, supplementing working capital, or funding projects in compliance with national regulations [2][4]. Meeting Information - The meeting will be held on June 6, 2025, combining on-site and online voting, with the on-site location in Nanchang, Jiangxi Province [2][3]. - The meeting agenda includes the authorization of the board to handle the bond issuance, approval of the annual report, and the appointment of auditing firms [3][5]. Bond Issuance Details - The proposed bond issuance will target professional institutional investors and will be conducted publicly, potentially in multiple phases [4]. - The funds raised will be used for repaying interest-bearing debts, enhancing liquidity, or for project construction [4]. - The board seeks authorization from shareholders to manage all aspects of the bond issuance, including determining specific terms and conditions based on market conditions [4][5]. Financial Reports and Auditing - The company’s 2024 audited financial report shows a net profit attributable to shareholders of RMB 6,962,197,980 [9]. - The proposal for profit distribution will be based on the total share capital minus shares held in the repurchase account [9]. - The company intends to continue its relationship with Ernst & Young Huaming as its auditing firm for both domestic and international audits for 2025 [10][12]. Internal Control and Compliance - The supervisory board confirms that the company operates in accordance with the law and has effective internal control systems in place [7][8]. - There were no significant asset acquisitions or disposals during the reporting period, and all related party transactions were conducted in compliance with regulations [7][8].

会议召开时间：2025 年 6 月 6 日 会议议程 一、宣布现场会议开始 二、介绍现场会议出列席情况 三、宣读现场会议议程 江西铜业股份有限公司 2024 年年度股东会 会 议 资 料 四、宣读现场会议须知 五、宣读议案 （一）特别决议案 1.审议《江西铜业股份有限公司关于授权董事会办理公 司债发行事宜的议案》 （二）普通决议案 2.审议《<江西铜业股份有限公司 2024 年度董事会工作 报告>的议案》 3.审议《<江西铜业股份有限公司 2024 年度监事会工作 报告>的议案》 4.审议《<江西铜业股份有限公司 2024 年度经审计的境 内外财务报告、2024 年度报告正文及其摘要>的议案》 5.审议《<江西铜业股份有限公司关于 2024 年度利润分 配方案>的议案》 6.审议《关于聘用安永华明会计师事务所（特殊普通合 伙）和安永会计师事务所为 2025 年度境内、境外审计机构 的议案》 六、股东讨论审议议案 2024 年 4 月 23 日，公司取得中国证券监督管理委员会《关于同 意江西铜业股份有限公司向专业投资者公开发行公司债注册的批复》 （证监许可〔2024〕643 号），同意公司向专业投资者公开发行面 ...

Investment Rating - The industry investment rating is optimistic, with a recommendation to buy [3][19]. Core Insights - The report highlights the production elasticity and profit elasticity of electrolytic aluminum companies, indicating that profitability will be a key competitive factor due to fixed production capacity [8]. - The report predicts a decrease in the volatility of alumina prices in 2025, which will enhance the profitability of companies like Yun Aluminum, Shenhuo, and Tianshan [8]. - The report provides forecasts for gold production from listed companies, with specific attention to the CAGR of production from 2024 to 2027 [10][11]. Summary by Sections Copper Industry - The report includes production data and forecasts for major copper companies, emphasizing the importance of proprietary mining data [6]. Electrolytic Aluminum - The report details the production capacity and market valuation of various electrolytic aluminum companies, noting that the lowest market value per ton of aluminum is approximately 21,000 RMB [8][9]. Gold Industry - The report presents a forecast of self-produced gold output for listed companies, with specific figures for total gold resources and market capitalization [10][11]. Lithium Industry - The report outlines the lithium resource rights and production forecasts for several companies, highlighting significant growth rates for companies like Ganfeng Lithium and Yongxing Materials [12]. Uranium Industry - The report discusses the production forecasts for uranium companies, particularly focusing on China General Nuclear Power Corporation, with a projected CAGR of 8.16% from 2024 to 2027 [14][15].

Core Insights - The rapid development of China's new energy industry has led to a significant increase in overseas resource mergers and acquisitions by Chinese mining companies, enhancing their global presence and resource security [2][3] - Companies like Luoyang Molybdenum and Tianqi Lithium have emerged as leaders in the cobalt and lithium markets, respectively, showcasing the potential for growth and strategic acquisitions in the mining sector [3][9] Group 1: Industry Overview - The distribution of mineral resources, such as cobalt, is highly uneven globally, with the Democratic Republic of Congo accounting for 70% of the world's cobalt production, highlighting the strategic importance of overseas acquisitions for Chinese companies [1][2] - The domestic demand for lithium and cobalt has surged alongside the growth of the new energy vehicle market, with lithium carbonate prices reaching historical highs of 170,000 yuan/ton in 2017 [5][8] Group 2: Company Performance - Luoyang Molybdenum has become the world's largest cobalt producer in 2023, with production increasing from 1.5-2 million tons to 5.55 million tons in 2023, and projected to reach 11.42 million tons in 2024 [10][12] - Tianqi Lithium's revenue and net profit skyrocketed from 1.3 billion yuan and 14 billion yuan in 2013 to 40 billion yuan and 24 billion yuan in 2022, respectively, due to strategic acquisitions and market demand [4][8] Group 3: Strategic Acquisitions - Tianqi Lithium's acquisition of a 23.77% stake in Chile's SQM for $4.066 billion in 2018 was a pivotal move, allowing it to secure access to one of the world's highest-quality lithium resources [7][9] - Luoyang Molybdenum's acquisition of the TFM and KFM projects in the Democratic Republic of Congo has positioned it as a key player in the global cobalt market, with significant production increases expected [10][12] Group 4: Market Dynamics - The global cobalt market is relatively small compared to other industrial metals, with Luoyang Molybdenum projected to account for 39.4% of global cobalt production by 2024, indicating its influence on price fluctuations [12][13] - The copper market is also seeing significant contributions from Chinese companies, with domestic copper production expected to grow significantly, driven by companies like Zijin Mining and Luoyang Molybdenum [16][19] Group 5: Globalization and Challenges - Chinese mining companies are increasingly facing challenges in their global operations, including regulatory issues and geopolitical risks, as seen in Luoyang Molybdenum's disputes in the Democratic Republic of Congo [22][25] - Diversification in resource acquisition is becoming essential for mitigating risks, with companies like Zijin Mining and Luoyang Molybdenum expanding their operations across multiple countries and mineral types [26]

洛阳栾川钼业集团股份有限公司 编号：信评委函字2025跟踪 0206 号 洛阳栾川钼业集团股份有限公司 声 明 ? 中诚信国际不对任何投资者使用本报告所述的评级结果而出现的任何损失负责，亦不对评级委托 ? 本次评级为委托评级，中诚信国际及其评估人员与评级委托方、评级对象不存在任何其他影响本次 评级行为独立、 客观、公正的关联关系。 ? 本次评级依据评级对象提供或已经正式对外公布的信息，以及其他根据监管规定收集的信息，中诚 信国际按照相关 性、及时性、可靠性的原则对评级信息进行审慎分析，但中诚信国际对于相关信息的合法性、真实 性、完整性、准 确性不作任何保证。 ? 中诚信国际及项目人员履行了尽职调查和诚信义务，有充分理由保证本次评级遵循了真实、客观、 公正的原则。 ? 评级报告的评级结论是中诚信国际依据合理的内部信用评级标准和方法、评级程序做出的独立判 断，未受评级委托 方、评级对象和其他第三方的干预和影响。 ? 本评级报告对评级对象信用状况的任何表述和判断仅作为相关决策参考之用，并不意味着中诚信国 际实质性建议任 何使用人据此报告采取投资、借贷等交易行为，也不能作为任何人购买、出售或持有相关金融产品 的依据。 ...