江西铜业股份有限公司 关于与中国兵工物资集团有限公司 签订《合作框架协议》的公告 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。 重要内容提示： 江西铜业股份有限公司（以下简称公司）第十届董事会第十五 次会议审议通过了《江西铜业股份有限公司关于与中国兵工物资集团 有限公司签订〈合作框架协议〉的公告》，协议主要涉及阴极铜、粗 铜、电解镍等产品的购销。 中国兵工物资集团有限公司（以下简称兵工物资）持有江铜国 际贸易有限公司（以下简称江铜国贸，系公司控股子公司）29.52% 股份，根据《香港联合交易所有限公司证券上市规则》第 14A 章，兵 工物资属于公司的附属公司层面关联人，因此与兵工物资的交易构成 关联交易。遵照有关法律法规及证券上市规则，本公司第十届董事会 第十五次会议已审议通过该关联交易，本公司关联董事在审议上述交 易时回避表决，参会的非关联董事均投了赞成票。 本次交易未达到《香港联合交易所有限公司证券上市规则》及 /或《上海证券交易所股票上市规则》规定须提请股东会审批之情形， 无需提交本公司股东会审议。 一、协议签订的基本情况 （一）交易对方的 ...

江西铜业股份有限公司 第十届董事会第十五次会议决议公告 证券代码：600362 证券简称：江西铜业 公告编号：临 2026-002 债券代码：243700 债券简称：25 江铜 K1 江西铜业股份有限公司（以下简称公司）第十届董事会第十五次 会议，于 2026 年 1 月 19 日在南昌召开，公司 9 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》（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关于申请注册中国银行 间市场交易商协会会员资格并注册发行非金融企业债务融资工具的 议案》 为有效拓宽融资渠道，降低融资成本，灵活运用不同债券产品优 势，公司申请注册中国银行间市场交易商协会会员，并向中国银行间 市场交易商协会申报注册并发行非金融企业债务融资工具（以下简称 债务融资工具），债务融资工具发行品种为中期票据、超短期融资券 等，其中，中期票据不超过 150 亿元人民币，超短期融资券不超过 100 亿元人民币，注册审批通过后 24 个月内额度有效，募集资金用 于偿还公司有息债务、补充流动资金或项 ...

Core Viewpoint - Jiangxi Copper has signed a cooperation framework agreement with Binguo Materials to supply cathode copper, crude copper, and electrolytic nickel, marking a significant related party transaction [1] Group 1 - The agreement is valid until December 31, 2028 [1] - Binguo Materials is a shareholder of Jiangxi Copper's subsidiary, Jiangxi Copper International Trade [1] - This transaction is classified as a related party transaction due to the ownership structure [1]

Core Viewpoint - Jiangxi Copper (600362.SH) has announced the approval of a cooperation framework agreement with China Ordnance Material Group, focusing on the purchase and sale of products such as cathode copper, crude copper, and electrolytic nickel [1] Group 1 - The agreement was approved during the 15th meeting of the 10th board of directors of Jiangxi Copper [1] - The cooperation will involve key products in the copper and nickel sectors, indicating a strategic partnership aimed at enhancing supply chain efficiency [1]

Core Viewpoint - The industrial metals sector experienced a decline of 0.64% on January 19, with Jiangxi Copper leading the losses, while the Shanghai Composite Index rose by 0.29% and the Shenzhen Component Index increased by 0.09% [1] Group 1: Market Performance - Jiangxi Copper's stock closed at 60.50, down 5.63%, with a trading volume of 923,200 shares and a transaction value of 5.56 billion [2] - The industrial metals sector saw a net outflow of 4.131 billion from major funds, while retail investors contributed a net inflow of 3.717 billion [2][3] - Notable gainers included Haixing Co., which rose by 9.98% to 24.24, and Yititiwang, which increased by 7.91% to 10.10 [1] Group 2: Individual Stock Performance - Major stocks in the industrial metals sector showed varied performance, with significant declines in Jiangxi Copper, Yunnan Copper, and Tongling Nonferrous Metals, all experiencing drops between 2.89% and 5.63% [2] - Haixing Co. and Yititiwang led the gains in the sector, with transaction values of 290 million and 846 million respectively [1] - The trading volume for Jiangxi Copper was notably high at 923,200 shares, indicating significant market activity despite the decline [2] Group 3: Fund Flow Analysis - The main funds showed a net inflow into stocks like Nanshan Aluminum and Huayu Mining, with net inflows of 181 million and 104 million respectively [3] - Retail investors showed a strong preference for stocks like Haixing Co. and Yititiwang, with net inflows of 69.93 million and 49.91 million respectively [3] - The overall sentiment in the industrial metals sector appears mixed, with major funds withdrawing while retail investors remain active [2][3]

每经AI快讯，江西铜业股份(00358.HK)跌超3%，截至发稿跌3.52%，报46.04港元，成交额8.93亿港元。 （文章来源：每日经济新闻） ...

消息面上，近日有报道称，英伟达将其一篇技术论文中有关数据中心铜需求量数据进行了修正，将每吉 瓦机架铜母线用量从"50万吨"大幅下调至200吨。调整后，市场对铜未来需求的预期或将下调。高盛分 析师们警告称，铜价格上涨的大部分或许已经过去，铜价未来越来越容易出现回调。 铜冠金源期货指出，关税缓和及市场逐渐定价年内两次降息预期的背景下，海外部分基金多头获利了解 为主，英伟达财报称AI数据中心用铜量或有高估嫌疑，美元指数反弹对金属上行形成制约；基本面 上，海外中断矿山持续，国内精铜供应边际收窄，全球显性库存突破百万大关，国内社库持续累增，预 计短期铜价将维持高位区间震荡。 江西铜业（600362）股份(00358)跌超3%，截至发稿，跌3.52%，报46.04港元，成交额8.93亿港元。 ...

Core Viewpoint - Jiangxi Copper Co., Ltd. (00358) experienced a decline of over 3%, closing at HKD 46.04 with a trading volume of HKD 893 million, following a report that Nvidia revised its data center copper demand figures significantly downward [1] Group 1: Market Impact - Nvidia adjusted its technical paper, reducing the copper busbar usage per gigawatt rack from "500,000 tons" to 200 tons, leading to potential downward revisions in future copper demand expectations [1] - Analysts from Goldman Sachs warned that much of the copper price increase may have already occurred, indicating that future price corrections are becoming more likely [1] Group 2: Supply and Demand Dynamics - Copper Crown Jin Yuan Futures noted that easing tariffs and the market's pricing in of two interest rate cuts this year have led to profit-taking by some overseas funds [1] - Nvidia's earnings report raised suspicions about the overestimation of copper usage in AI data centers, while a rebound in the US dollar index is constraining upward movement in metal prices [1] - On the supply side, ongoing disruptions in overseas mines and a marginal contraction in domestic refined copper supply have been observed, with global visible inventories surpassing 1 million tons and domestic social inventories continuing to increase [1] - Short-term copper prices are expected to remain in a high-level range of fluctuations [1]

Group 1 - Nvidia has corrected its technical paper regarding copper demand in data centers, adjusting the copper busbar usage for a traditional 1 GW data center from 500,000 tons to 200 tons, indicating a significant downward revision in copper demand expectations [1] - The previous estimate of 500,000 tons per GW was identified as a substantial error, and the current revision only accounts for busbar copper usage, excluding other components, leading to a lack of precise market estimates for copper usage per GW [1] - Recent copper price declines are attributed to liquidity and trading noise, with the actual bearish impact on market logic being limited, as the long-term narrative remains favorable for copper [1] Group 2 - The Penghua Nonferrous ETF closely tracks the National Securities Nonferrous Metals Industry Index, which includes 50 securities from the nonferrous metals sector, reflecting the overall performance of listed companies in this industry [2] - As of December 31, 2025, the top ten weighted stocks in the National Securities Nonferrous Metals Industry Index include Zijin Mining, Luoyang Molybdenum, Northern Rare Earth, and others, collectively accounting for 51.65% of the index [2]

Investment Rating - The report maintains a "Positive" investment rating for the non-ferrous and steel industry in China [6]. Core Views - The report emphasizes the strategic opportunities in industrial metals, suggesting a focus on this sector as the global trend of de-globalization deepens and the technological attributes of strategic metals increase. With copper prices approaching 100,000, it is seen as a favorable time for strategic allocation in industrial metals [9][14]. - The zinc sector is highlighted as an overlooked basic material in the context of de-globalization, with improving supply-demand dynamics expected to drive prices higher. The report notes that the recent decline in zinc smelting fees indicates ongoing supply tightness, and there is optimism regarding demand from re-industrialization in Asia, Africa, and Latin America [9][14]. - The copper sector is viewed positively, with short-term price fluctuations not affecting the upward trend in equities. The report anticipates improvements in copper prices and smelting fees due to supply constraints and upcoming mine restarts [9][15]. - The aluminum sector is expected to benefit from geopolitical concerns, with China's electrolytic aluminum industry poised to enjoy valuation premiums due to its supply chain security and competitive advantages [9][16]. Summary by Sections Industrial Metals - The report suggests focusing on industrial metals as the market sentiment cools, with potential investment opportunities emerging [9][14]. - Zinc is identified as a critical material with a positive outlook due to supply-demand improvements and infrastructure needs in developing regions [9][14]. - Copper is expected to see price stability and profit improvements for smelting companies as major mines plan to resume operations [9][15]. - Aluminum is projected to experience steady growth in profitability, supported by supply chain advantages and rising demand for aluminum as a substitute for copper [9][16]. Steel Industry - The steel sector is currently facing a weak fundamental backdrop as it approaches the seasonal low around the Spring Festival, with expectations for policy measures to support the industry [17]. - Steel production has seen a slight decrease, with rebar consumption increasing by 8.79% week-on-week, indicating a marginal strengthening in demand [22][17]. - Inventory levels show a divergence between social and steel mill stocks, with total steel inventory slightly increasing [24]. - Steel prices have generally seen a minor increase, with the overall price index rising by 0.15% [36]. New Energy Metals - Lithium carbonate production in December 2025 saw a significant year-on-year increase of 69.09%, indicating strong supply growth in the new energy sector [40]. - The demand for new energy vehicles remains robust, with production and sales showing substantial year-on-year growth [44]. - Prices for lithium and cobalt have risen, reflecting the increasing demand and supply dynamics in the new energy metals market [49][50].