| 股票代码：600362 | 股票简称：江西铜业 | | 公告编号：临2025-045 | | --- | --- | --- | --- | | 债券代码：243700 | 债券简称：25 | 江铜 K1 | | 江西铜业股份有限公司 关于全资子公司江西铜业集团财务有限公司 与公司控股股东江西铜业集团有限公司 签署《金融服务协议》的关联交易公告 本公司董事会及全体董事保证本公告内容不存在虚假记载、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： 2024 年 4 月 26 日，江西铜业集团财务有限公司（以下简称财 务公司）与江西铜业集团有限公司（以下简称江铜集团）签署了《金 融服务协议之补充协议》，根据该补充协议，2024 年 1 月 1 日至 2026 年 12 月 31 日期间，江铜集团将与财务公司开展存款和贷款业务，其 中贷款（指向江铜集团成员单位提供贷款、票据贴现、承兑商业汇票、 开立保函、提供透支额度、应收账款保理、融资租赁等综合信贷服务） 每日余额不超过人民币 350,000 万元；每日贷款余额不超过存款之每 日余额，形成"净存款"，且存入存款为贷款提 ...

江西铜业股份有限公司 证券代码：600362 证券简称：江西铜业 公告编号：临 2025-044 债券代码：243700 债券简称：25 江铜 K1 董事会 江西铜业股份有限公司 关于聘任公司副总经理的公告 本公司董事会及全体董事保证本公告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。 2025 年 12 月 31 日 附件：吴军先生简历 江西铜业股份有限公司（以下简称公司）于 2025 年 12 月 30 日 召开了第十届董事会第十四次会议，审议通过了《江西铜业股份有限 公司关于聘任吴军先生为公司副总经理的议案》，同意聘任吴军先生 （简历附后）为公司副总经理。 吴军先生任职资格符合《中华人民共和国公司法》《中华人民共 和国证券法》《上海证券交易所股票上市规则》等有关法律法规及规 范性文件的规定，不存在不得担任上市公司高级管理人员的情形。截 至本公告披露日，吴军先生未持有公司股份，与公司其他董事及高级 管理人员不存在关联关系。 特此公告。 吴军，男，中共党员，1968 年 6 月生，教授级高级工程师，南 方冶金学院冶金系有色金属冶金专业，曾任江西铜业股份有限公司 ...

证券代码：600362 证券简称：江西铜业 公告编号：临 2025-046 债券代码：243700 债券简称：25 江铜 K1 江西铜业股份有限公司 关于与深圳江铜融资租赁有限公司 签署《融资租赁合作框架协议》的关联交易公告 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： 江西铜业股份有限公司（以下简称公司）第十届董事会第十四 次会议审议通过《江西铜业股份有限公司关于与深圳江铜融资租赁有 限公司签署〈融资租赁合作框架协议〉的议案》，遵照《上海证券交 易所上市公司自律监管指引第 5 号—交易与关联交易》等有关法律法 规及证券上市规则，参会的非关联董事都投了赞成票，公司关联董事 在审议上述关联交易时回避表决。 公司非关联董事认为，订立上述关联交易，深圳江铜融资租赁 有限公司（以下简称深圳租赁）为公司提供融资租赁服务，有利于各 方现有资产的合理配置和充分利用，实现各方的资源共享及优势互补， 有利于提高公司综合效益。 至本次关联交易为止，过去12个月内公司与深圳租赁发生融资 租赁关联交易合计人民币35,780.66万元。 ...

证券代码：600362 证券简称：江西铜业 公告编号：临 2025-043 债券代码：243700 债券简称：25 江铜 K1 江西铜业股份有限公司 第十届董事会第十四次会议决议公告 本公司董事会及全体董事保证本公告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。 江西铜业股份有限公司（以下简称公司）第十届董事会第十四次 会议，于 2025 年 12 月 30 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》（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关于聘任吴军先生为公 司副总经理的议案》 （www.jxcc.com）的公告。 表决结果：同意 9 票、反对 0 票、弃权 0 票。 三、审议通过了《江西铜业股份有限公司关于全资子公司江西铜 业集团财务有限公司与公司控股股东江西铜业集团有限公司签署〈金 融服务协议〉的议案》 本议案经公司独立董事专门会议审议，全票通过，同意提交本次 董事会审议。 详情 ...

| 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 300337 | 银邦股份 | 14.58 | -6.66% | 127.04万 | 19.01亿 | | 603876 | 鼎胜新材 | 14.87 | -5.65% | 64.29万 | - 9.57亿 | | 920634 | 新威凌 | 24.37 | -4.69% | 2.13万 | 5231.34万 | | 601212 | 白银有色 | 5.95 | -4.65% | 391.33万 | 22.95亿 | | 002295 | 精艺股份 | 12.99 | -3.28% | 17.36万 | 2.24亿 | | 002578 | 闽发铝业 | 4.54 | -2.58% | 74.94万 | 3.42 Z | | 600531 | 豫光金铅 | 11.93 | -2.53% | 88.75万 | 10.46亿 | | 300057 | 万顺新材 | 5.76 | -2.21% | 22.58万 | 1.31亿 | | 000603 | ...

江西铜业公告，公司与深圳江铜融资租赁有限公司签署了有效期自2026年1月1日至2028年12月31日的 《融资租赁合作框架协议》。协议期限内，融资租赁项下每个会计年度公司及公司子公司支付的租金总 额为不超过19亿元。深圳江铜融资租赁有限公司为公司控股股东江铜集团的控股子公司，本次交易构成 关联交易。 ...

Core Viewpoint - Morgan Stanley reports that the National Development and Reform Commission (NDRC) has issued an article titled "Vigorously Promoting the Optimization and Upgrading of Traditional Industries," which emphasizes the management and optimization of the alumina and copper smelting industries, encouraging large backbone enterprises in these sectors to pursue mergers and acquisitions [1] Industry Summary - The new policy may restrict the planning of new alumina production capacity, which is expected to benefit industry leaders such as China Aluminum and China Hongqiao [1] - The anticipated lower annual copper concentrate processing/refining fees and long-term contract concentrate volumes may indicate a reduction in refined copper production by 2026 [1] - These factors, combined with relatively stable demand, are expected to support copper prices at high levels, benefiting companies like Zijin Mining, Luoyang Molybdenum, Minmetals Resources, and Jiangxi Copper [1]

Group 1 - The core viewpoint of the article is that the significant rise of the China Nonferrous Metals Index (H11059.CSI) by approximately 90% this year is driven by improvements in supply-demand structure, changes in the global macro environment, and elevated national strategic priorities [1][2] - Nonferrous metals, which include copper, aluminum, zinc, nickel, tin, and rare earths, possess notable industrial, strategic, and scarcity attributes, making them essential in the current economic landscape [3] - The current uptrend in nonferrous metals is not merely a cyclical phenomenon but is also influenced by structural themes such as high external dependence on strategic minerals, with many resources having over 50% reliance on imports, raising security risks [5][6] Group 2 - The sustainability of the current market trend is questioned, with a focus on which metals are worth monitoring and how ordinary investors can participate more rationally [6] - The article highlights that the demand for nonferrous metals is closely tied to macroeconomic conditions, industrial investment, and high-end manufacturing, with a cyclical pattern of price-capital expenditure-supply-demand rebalancing [6][12] - The Chinese government has initiated a new round of strategic mineral exploration and has implemented reforms to activate mining companies, indicating a strong commitment to resource security and development [9][11] Group 3 - The article identifies two major drivers for the nonferrous market in 2025: the real demand from AI and high-tech industries, which will increase the consumption of copper, aluminum, and rare earths, and the ongoing accumulation of gold reserves by central banks, which enhances gold's attractiveness [12][17] - Economic recovery in China is anticipated by 2026, which may boost demand for industrial nonferrous metals, while global resource distribution and tightening policies in key resource countries are expected to keep supply tight [12][13] - The article discusses the macroeconomic environment, indicating that a loose monetary policy and rising demand for safe-haven assets will likely support nonferrous metal prices [17][19] Group 4 - The article predicts a mid-term bull market for the nonferrous industry driven by a triple resonance of monetary policy, demand, and supply [16][17] - The article emphasizes the preference for the Industrial Nonferrous Metals Index (H11059.CSI) due to its clear index positioning, strong manufacturing attributes, and solid industrial value, which is expected to outperform broader indices [20][21] - The index has shown impressive long-term returns, with a nearly 102.8% return over the past five years, indicating strong profitability and growth potential among leading companies in the sector [26][28] Group 5 - Ordinary investors are advised to avoid chasing hot stocks and instead consider index-based and leading company investments, with specific recommendations for ETFs that align with the Industrial Nonferrous Metals Index [30]

Group 1 - The core viewpoint of the article is that the recent surge in the CSI Industrial Nonferrous Index is driven by improvements in supply-demand structure, changes in the global macro environment, and elevated national strategic priorities, indicating potential sustainability in this market trend [1][10] - The article emphasizes that nonferrous metals are a typical cyclical industry, with prices determined by supply and demand, and are closely tied to macroeconomic conditions and industrial investment [1][11] - The current rise in nonferrous metals is not only cyclical but also influenced by structural themes such as national strategic security, new technology cycles, economic recovery, and changes in global liquidity [1][10] Group 2 - China's strategic mineral resources face two significant issues: high dependence on foreign sources and lack of cost competitiveness in domestic resources [3][4] - The article outlines several national policies aimed at enhancing resource security and promoting high-quality development in the copper, aluminum, and gold industries, with specific targets for resource growth and production capacity [8][9] - Investment in the nonferrous mining sector is projected to reach 208.9 billion yuan in 2024, marking a ten-year high, with significant increases in fixed investment expected in the coming years [9] Group 3 - The article identifies two major drivers for the nonferrous market in 2025: the real demand for metals driven by AI and the increasing gold reserves held by central banks amid a trend towards de-dollarization [11][12] - Economic recovery in China is anticipated to boost demand for industrial nonferrous metals, while global supply constraints and domestic capacity controls are expected to keep supply tight [12][13] - The article highlights the importance of inventory depletion in supporting prices, with specific examples of lithium and aluminum inventory trends [14] Group 4 - The macroeconomic environment is characterized by a potential easing of monetary policy, with expectations of multiple interest rate cuts by the Federal Reserve in 2026, which could enhance the attractiveness of nonferrous metals [15][16] - The article predicts a mid-term bull market for nonferrous metals driven by a combination of monetary easing, demand growth from emerging sectors, and supply-side constraints [18][20] - The industrial nonferrous index is favored for its clear focus on manufacturing and strong performance compared to broader indices, with significant historical returns and robust profitability metrics [21][25][27] Group 5 - Ordinary investors are advised to consider specific ETFs and mutual funds that focus on the industrial nonferrous sector, emphasizing a strategy of index-based and leading company investments [31][33]

Core Viewpoint - The recent performance of the Huabao ETF (159876) indicates strong investor confidence in the non-ferrous metals sector, with significant net subscriptions and positive price movements, suggesting a bullish outlook for the industry [1][5]. Group 1: ETF Performance - The Huabao ETF saw an intraday increase of 2.27%, currently up by 1.55%, with a real-time net subscription of 28.2 million units and an additional 15.36 million yuan attracted yesterday, reflecting strong market interest [1]. - Key constituent stocks such as Yun Aluminum and Tianshan Aluminum reached new highs, while Hai Liang, China Aluminum, and Huayou Cobalt rose over 4% [1]. Group 2: Stock Performance - Notable stock performances include: - Yun Aluminum: +5.67%, market cap of 108.6 billion yuan, trading volume of 1.625 billion yuan [2]. - Tianshan Aluminum: +4.86%, market cap of 75.3 billion yuan, trading volume of 1.023 billion yuan [2]. - Hai Liang: +4.85%, market cap of 30.2 billion yuan, trading volume of 393 million yuan [2]. - China Aluminum: +4.54%, market cap of 201.7 billion yuan, trading volume of 4.406 billion yuan [2]. - Huayou Cobalt: +4.42%, market cap of 129 billion yuan, trading volume of 4.911 billion yuan [2]. Group 3: Industry Insights - The National Development and Reform Commission emphasizes the need for large-scale mergers and restructuring in the aluminum and copper industries to enhance competitiveness and scale [2]. - The aluminum market is undergoing a transformation, shifting from a traditional commodity to a core energy value carrier, with potential for independent price increases driven by the copper-aluminum ratio and rising demand for aluminum [3]. - The current phase of the industry is characterized by a reversal in fundamentals, a "de-involution" policy, and opportunities arising from AI developments, which are expected to lead to more stable returns and a focus on investment efficiency [4].