江西铜业（600362）公告，江铜集团通过上海证券交易所沪港股票市场交易互联互通机制以集中竞价方 式增持公司H股股份743万股，约占公司已发行总股份的0.21%，持股比例从44.79%增至45.00%。在本报 告书签署日前六个月，江铜集团累计买入公司H股股份4429.3万股，买入平均价格为12.64港元/股。 ...

超薄电子铜箔指厚度≤12微米的铜箔材料，因其轻薄化特性被广泛应用于储能电池（如锂离子电池、钠 离子电池）及高速印刷电路板（PCB）领域。在储能场景中，超薄铜箔主要作为负极集流体，承担活性 物质载体与电子传输功能，其厚度直接影响电池的能量密度、成本及安全性。 从产品分类看，储能用超薄电子铜箔主要按厚度（常规8-12μm、主流6-8μm、高端≤6μm）、工艺（电 解法主导、压延法高端）、表面处理（光面降内阻、毛面强附着力）和应用场景（动力/储能/固态电池 差异化需求）分类，其中6-8μm电解铜箔凭借性价比主导储能市场，而极薄化（≤4.5μm）和复合集流体 成为技术突破方向，中国企业在中端市场优势明显，但高端产品仍面临日韩竞争。 内容概要：在"双碳"战略目标引领下，我国新型储能产业迎来爆发式增长，这一快速发展态势直接带动 储能电池用超薄电子铜箔需求激增。数据显示，2024年我国超薄电子铜箔总产能已突破25万吨，其中储 能专用铜箔产能占比达40%，约10万吨规模。随着新型电力系统建设加速推进，预计2025年中国储能电 池用铜箔需求量将超过40万吨。在市场前景方面，受益于下游需求放量和产品结构升级，预计2025年中 国 ...

港股铜业股震荡上行，万国黄金(03939.HK)涨超10%，中国黄金国际(02099.HK)涨4.6%，江西铜业股份 (00358.HK)、中国有色矿业(01258.HK)均涨超1%。 ...

Investment Rating - The report maintains an "Accumulate" rating for the copper industry [6]. Core Viewpoints - Domestic electrolytic copper social inventory has dropped to a new low for the same period in 2023, supporting a positive outlook for copper prices as macroeconomic expectations improve [1]. - As of April 30, 2025, the SHFE copper closing price was 77,220 RMB/ton, down 0.9% from the previous week, while the LME copper closing price was 9,366 USD/ton, down 0.1% [1]. - The copper industry is currently experiencing a divergence between macroeconomic pressures and supply-demand tensions, with domestic electrolytic copper inventory at a near five-year low providing price support [1][2]. Summary by Sections Inventory - Domestic copper social inventory decreased by 28.7% week-on-week, while LME copper inventory decreased by 2.7% [2]. - As of April 30, 2025, domestic mainstream port copper concentrate inventory was 836,000 tons, up 4.2% week-on-week [2]. - Global electrolytic copper inventory across the three major exchanges totaled 431,000 tons, the highest for the same period in nearly six years, down 4.5% week-on-week [2]. Supply - In April 2025, China's electrolytic copper production was 1,125,700 tons, up 0.3% month-on-month and up 14.3% year-on-year [3]. - The copper concentrate production in China for December 2024 was 152,000 tons, up 9.5% month-on-month and up 6.9% year-on-year [2]. - The price difference between refined copper and scrap copper was 1,371 RMB/ton as of April 30, 2025, down 285 RMB/ton from the previous week [2]. Demand - The cable industry's operating rate was 89.45%, down 1.78 percentage points week-on-week [3]. - The production of household air conditioners is expected to grow by 14.3% year-on-year in July 2025, indicating strong demand in the home appliance sector [3][97]. - The operating rate for brass rods, which account for 4.2% of domestic copper demand, was 54.4% in March 2025, up 14 percentage points month-on-month but down 8 percentage points year-on-year [3]. Futures - As of April 30, 2025, the active SHFE copper contract had a holding of 169,000 lots, up 1.5% week-on-week [4]. - The COMEX non-commercial net long position was 19,000 lots, down 21.8% week-on-week [4]. - The report anticipates that copper prices will continue to rise in 2025 due to tightening supply and improving demand [4]. Investment Recommendations - The report recommends stocks such as Jincheng Mining, Zijin Mining, Luoyang Molybdenum, and Western Mining, while also suggesting to pay attention to Minmetals Resources [4].

Core Viewpoint - The article discusses the cyclical nature and structural opportunities within the coal and non-ferrous metal sectors, highlighting the potential for a "coal flying and color dancing" market scenario, which refers to the simultaneous rise of coal and non-ferrous metal prices driven by macroeconomic factors and supply-demand dynamics [3][5]. Group 1: Market Performance - The coal and non-ferrous sectors have shown an overall upward trend since the A-share market began to recover in September 2024, despite some underperformance in specific futures [3]. - An example of strong performance is Anyuan Coal Industry, whose stock price rose from 1.8 yuan to 7.16 yuan by March 25, 2025, indicating a potential return to the "coal flying" era [3]. - In contrast, Shanxi Coking Coal has experienced a downward trend despite the overall market rise, reflecting the divergence in performance within the coal sector [3][4]. Group 2: Supply and Demand Dynamics - The coal market is influenced by three main factors: policy regulation (such as capacity reduction and environmental restrictions), seasonal demand (like winter heating), and energy transition (renewable energy substitution) [6]. - Non-ferrous metals are more sensitive to global industrial activity and monetary policy, with copper prices closely linked to manufacturing PMI and infrastructure investment growth [6]. - The article notes that the global copper mine production growth is expected to slow to 2% in 2025, while demand growth is projected at 3.5%, indicating a potential supply-demand imbalance [8]. Group 3: Economic Context - The global economy is experiencing a "weak recovery," with China's GDP growth at 5.4% in Q1 2025, driven by infrastructure investment and manufacturing upgrades [6]. - The International Monetary Fund (IMF) forecasts a global GDP growth rate of 3.2% for 2025, which is still below pre-pandemic levels, suggesting limited demand pull for commodities [6][7]. - The article emphasizes that a true "coal flying and color dancing" market requires a conducive environment, including global economic recovery, monetary easing, supply constraints, and geopolitical premiums [6][7]. Group 4: Investment Opportunities - Investors are encouraged to focus on sectors benefiting from the new energy revolution, such as rare earth magnets and copper foil, while avoiding those reliant solely on traditional industrial demand [9]. - The article suggests that for long-term investors willing to endure market fluctuations, identifying the right timing for bottom-fishing in the coal and non-ferrous sectors could be advantageous [9].

证券代码：600362 证券简称：江西铜业 公告编号：2025-018 江西铜业股份有限公司 关于召开2024年年度股东会的通知 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： 一、 召开会议的基本情况 (一)股东会类型和届次 2024年年度股东会 (二)股东会召集人：董事会 (三)投票方式：本次股东会所采用的表决方式是现场投票和网络投票相结合的方 式 (四)现场会议召开的日期、时间和地点 召开的日期时间：2025 年 6 月 6 日 15 点 00 分 召开地点：江西省南昌市高新区昌东大道 7666 号江铜国际广场会议室 (五)网络投票的系统、起止日期和投票时间。 股东会召开日期：2025年6月6日 本次股东会采用的网络投票系统：上海证券交易所股东会网络投票系统 网络投票系统：上海证券交易所股东会网络投票系统 网络投票起止时间：自2025 年 6 月 6 日 至2025 年 6 月 6 日 采用上海证券交易所网络投票系统，通过交易系统投票平台的投票时间为股 东会召开当日的交易时间段，即 9:15-9:25,9 ...

Core Viewpoint - The company reported a decline in revenue for Q1 2025, but showed improvement in net profit and cash flow, driven by rising metal prices and cost advantages in its smelting operations [1][2][4]. Financial Performance - In Q1 2025, the company achieved operating revenue of 111.61 billion yuan, a year-on-year decrease of 8.90% and a quarter-on-quarter decrease of 10.40% [1]. - The net profit attributable to shareholders was 1.95 billion yuan, reflecting a year-on-year increase of 13.85% but a quarter-on-quarter decrease of 1.29% [1]. - The non-recurring net profit attributable to shareholders was 2.48 billion yuan, showing a year-on-year growth of 37.08% and a quarter-on-quarter growth of 7.04% [1]. Metal Prices and Profitability - In Q1 2025, the average prices of copper, gold, and silver increased by 11.4%, 36.9%, and 32.8% year-on-year, respectively, and by 2.7%, 8.9%, and 2.5% quarter-on-quarter [2]. - The company's gross profit margin and net profit margin for Q1 2025 were 4.40% and 1.82%, respectively, both showing year-on-year increases of 1.12 and 0.35 percentage points, and quarter-on-quarter increases of 1.17 and 0.24 percentage points [2]. Cash Flow and Expense Management - The operating cash flow for Q1 2025 was 558 million yuan, an increase of 6.63 billion yuan year-on-year, primarily due to an increase in accounts payable [3]. - The expense ratio for Q1 2025 was 1.22%, a slight decrease of 0.02 percentage points year-on-year, with specific expense ratios for sales, management, R&D, and financial expenses being 0.15%, 0.53%, 0.31%, and 0.23%, respectively [3]. Competitive Advantages - The company is the largest integrated copper producer in China, with a comprehensive industrial chain including mining, smelting, and processing [4]. - The company’s cash cost per unit is below the industry average, and its smelting facility is the largest single smelting plant globally, providing significant cost advantages [4]. Profit Forecast and Valuation - The company forecasts net profits attributable to shareholders for 2025-2027 to be 6.62 billion, 7.34 billion, and 8.54 billion yuan, reflecting year-on-year changes of -4.89%, +10.92%, and +16.21% [5]. - The expected EPS for the same period is 1.91, 2.12, and 2.46 yuan per share, with corresponding PE ratios of 11.3, 10.2, and 8.7 times [5].

Financial Performance Summary - WuXi AppTec reported a net profit of 3.672 billion yuan for Q1 2025, a year-on-year increase of 89.06% [5] - CICC announced a net profit of 2.042 billion yuan for Q1 2025, reflecting a year-on-year growth of 64.85% [9] - Jiangxi Copper achieved a net profit of 1.952 billion yuan for Q1 2025, up 13.85% year-on-year [3] - China Petroleum & Chemical Corporation (Sinopec) reported a net profit of 13.264 billion yuan for Q1 2025, a decrease of 27.6% year-on-year [13] - Shanghai Pharmaceuticals posted a net profit of 1.333 billion yuan for Q1 2025, down 13.56% year-on-year [8] - Transsion Holdings recorded a net profit of 490 million yuan for Q1 2025, a significant decline of 69.87% year-on-year [2] - Zhejiang Energy Power reported a net profit of 1.074 billion yuan for Q1 2025, down 40.81% year-on-year [2] - Shandong Gold achieved a net profit of 1.026 billion yuan for Q1 2025, an increase of 46.62% year-on-year [14] - New Hope Liuhe reported a net profit of 1.88 billion yuan for Q1 2025, a year-on-year increase of 116.18% [16] - Yunnan Baiyao posted a net profit of 1.935 billion yuan for Q1 2025, up 13.67% year-on-year [16] - Haitai Flavor reported a net profit of 2.202 billion yuan for Q1 2025, a year-on-year increase of 14.77% [11] - China Merchants Bank reported a net profit of 2.308 billion yuan for Q1 2025, reflecting a year-on-year growth of 6.97% [8] Corporate Actions - Saitex New Materials' chairman voluntarily waived his salary, and senior management agreed to a 20% salary reduction from April to December 2025 to optimize cost structure and enhance competitiveness [4] - Foton Motor plans to invest up to 2.5 billion yuan in subscribing to new shares of BAIC Blue Valley [12] - Jinwei Co. announced that some directors and senior management plan to increase their holdings in the company with an investment between 6 million to 7.7 million yuan [7] - China Merchants Life Science intends to increase its stake in Renfu Pharmaceutical by 0.5% to 1% within six months [10]

特此公告。 证券代码：600362 证券简称：江西铜业 公告编号：临 2025-016 债券代码：137816 债券简称：22 江铜 01 江西铜业股份有限公司 第十届董事会第九次会议决议公告 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。 江西铜业股份有限公司（以下简称公司）第十届董事会第九次会 议，于 2025 年 4 月 28 日召开，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》（以下简称《公司法》）、《江西铜 业股份有限公司章程》（以下简称《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： 一、审议通过了《江西铜业股份有限公司 2025 年第一季度报告》 本议案已经公司第十届董事会独立审核委员会（审计委员会）第 四次会议审议，同意提交本次董事会审议。 表决结果：同意 8 票、反对 0 票、弃权 0 票。 详情请见公司于上海证券交易所网站（www.sse.com.cn）及本公 司网站（www.jxcc.com）披露的 2025 年第一季度报告。 江西铜业股份有限公司 董事会 2025 年 4 ...

4月25日豫光金铅发布2024年度分配预案，拟10派2.25元（含税），预计派现金额合计为2.45亿元。派现 额占净利润比例为30.39%，以该股2024年度成交均价计算，股息率为3.36%。这是公司上市以来，累计 第22次派现。 公司上市以来历次分配方案一览 | 日期 | 分配方案 | 派现金额合计（亿元） | 股息率（%） | | --- | --- | --- | --- | | 2024.12.31 | 10派2.25元（含税） | 2.45 | 3.36 | | 2023.12.31 | 10派1.6元（含税） | 1.74 | 2.43 | | 2022.12.31 | 10派1.18元（含税） | 1.29 | 2.15 | | 2021.12.31 | 10派1.13元（含税） | 1.23 | 1.89 | | 2020.12.31 | 10派0.86元（含税） | 0.94 | 1.57 | | 2019.12.31 | 10派0.6元（含税） | 0.65 | 1.18 | | 2018.12.31 | 10派0.38元（含税） | 0.41 | 0.65 | | 2017.12.31 ...