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。 ...

Core Viewpoint - The copper industry is facing a structural shift characterized by a rigid supply shortage at the mining end, excess smelting capacity, and a transition between old and new demand drivers, leading to a long-term upward trend in copper prices [19][24][25]. Group 1: Upstream Resources (Mining and Recycling) - Global copper reserves are approximately 980 million tons, with a mining lifespan of about 40 years based on current production levels [32]. - In 2024, global copper mine production is expected to reach 23 million tons, with a year-on-year growth of 1.8% [35]. - China's copper mine production is projected at 1.8 million tons in 2024, a decline of 1.1% year-on-year, primarily due to resource depletion and environmental restrictions [42][46]. Group 2: Recycling Sector (Recycled Copper) - The recycled copper market is supported by national strategies, aiming for a production target of 4 million tons by 2025, with recycled metal supply accounting for over 24% [4]. - In 2024, China is expected to import 2.25 million tons of scrap copper, with domestic recycling capacity reaching 2.49 million tons [5][48]. - The price of recycled copper is projected to show significant fluctuations, with an average price of 70,400 yuan per ton in 2024 [5]. Group 3: Midstream Smelting - The global refined copper production in 2024 is estimated at 27.634 million tons, with a year-on-year increase of 4.3% [9]. - China is the largest producer of refined copper, accounting for 49.9% of global production in 2024, with a projected output of 13.644 million tons [10]. - The smelting industry is experiencing a decline in processing fees, with long-term contracts expected to drop to $21.25 per ton by 2025, significantly below the breakeven point [8][20]. Group 4: Midstream Processing (Copper Products) - In 2024, China's copper processing output is expected to reach 23.503 million tons, representing over 50% of global production [11]. - The industry is characterized by low concentration, with the top five companies holding only 30% of the market share [11]. - The demand for high-end copper products is increasing, driven by the growth in new energy and infrastructure sectors [12][13]. Group 5: Downstream Demand (End Applications) - Global refined copper consumption in 2024 is projected at 27.33 million tons, with China accounting for 58% of this demand [14]. - The demand structure in China shows that electricity and power grids account for 46% of refined copper consumption, while new energy applications are rapidly growing [15]. - The transition from traditional to new energy applications is expected to drive significant growth in copper demand, particularly in sectors like electric vehicles and renewable energy [19][21]. Group 6: Supply and Demand Balance - The global refined copper supply-demand balance is expected to show a surplus of 19,000 tons in 2025, a decrease from the previous year's surplus of 30,200 tons [16]. - China's refined copper consumption is projected to grow by 2.9% in 2025, reaching 16.21 million tons, driven by new energy infrastructure investments [18]. - The copper market is anticipated to face a tightening supply situation due to the rigid shortage of mining resources and the acceleration of smelting capacity clearance [19][20]. Group 7: Investment Recommendations - Key investment opportunities include resource leaders like Zijin Mining and Longyan Copper, which are positioned to benefit from global resource control [21]. - Smelting leaders such as Jiangxi Copper are expected to gain from policy-driven supply-side reforms and the elimination of inefficient capacity [20]. - Companies focusing on high-end processing and recycled copper, such as Hailiang Co. and Gree Environmental, are likely to benefit from technological advancements and policy support [21].

Core Insights - The article emphasizes the emergence of the 1ms urban computing network as a crucial infrastructure for supporting artificial intelligence applications and enhancing smart city development [1][3][5] - The 1ms urban computing network is recognized for its ultra-low latency, which significantly improves data transmission efficiency and enables real-time responses for various smart applications [1][2][4] Group 1: Industry Development - The 1ms urban computing network is being constructed as a new type of information infrastructure, integrating computing power and network resources to ensure efficient matching and utilization of computing resources [2][3] - The Chinese government has set a target for the demonstration areas to achieve a 1ms latency urban computing network by 2025, indicating strong policy support for this initiative [3][5] - The development of the urban computing network is seen as a strategic measure for digital transformation across industries, with a focus on enhancing the digital economy [3][6] Group 2: Technological Advancements - The integration of the 1ms urban computing network with various AI models, such as DeepSeek, is enabling customized AI solutions for different sectors, including finance and government [2][4] - The network's capabilities allow for intelligent management of computing resources, supporting agile scheduling and real-time data processing [4][5] - The application of the 1ms urban computing network has led to significant improvements in operational efficiency, such as a 33% increase in production efficiency for the Jiangxi Copper Group's automated systems [5] Group 3: Future Directions - There is a call for strengthening standards and regulations to guide the development of algorithms and ensure the secure and stable operation of the computing network [6] - Emphasis is placed on fostering international cooperation to build a robust industrial ecosystem and promote collaborative innovation in technology [6] - The ongoing advancements in technology and the expansion of application scenarios are expected to further enhance the role of the 1ms urban computing network in smart city construction [1][3]

Focus on National Special Bonds - As of May 13, 171 cities have announced special bond storage plans, with a total storage amount of 391.8 billion yuan, involving a land storage area of 6,565 hectares, which accelerates the inventory reduction in the real estate market by 54% for 2025, and reduces the nationwide inventory de-stocking cycle by over 2 months [1] - City investment enterprises are the main force in land recovery, accounting for 70% of the acquisition area, with an average storage price of 35.06 million yuan per hectare; central state-owned enterprises account for 12% but have the highest average storage price at 39.98 million yuan per hectare; private enterprises account for only 17% with an average storage price of 33.52 million yuan per hectare [1] Macro Dynamics - The central bank conducted a net injection of 29.5 billion yuan through a 7-day reverse repurchase operation, with an operation rate of 1.40%, maintaining the previous level [3] - This week, the central bank has conducted a total of 486 billion yuan in 7-day reverse repurchase operations, resulting in a net withdrawal of 475.1 billion yuan due to the maturity of 8.36 trillion yuan in reverse repurchase agreements and 125 billion yuan in one-year MLF [3] Regional Highlights - Shandong Province plans to issue 12.453 billion yuan in refinancing special bonds to replace existing hidden debts, as part of a total bond issuance scale of 37.396 billion yuan [4] Issuance Dynamics - Luoyang Investment Holding Group completed the issuance of 380 million yuan in short-term financing bonds at an interest rate of 1.95%, with the funds intended for repaying maturing debt financing tools [7] - Hebi State-owned Capital Operation Group plans to issue 800 million yuan in corporate bonds, which has been accepted by the Shanghai Stock Exchange [8] - Shangqiu Ancient City Protection Development Company plans to issue up to 1.635 billion yuan in corporate bonds, with the underwriting fee rates announced [9] - Luoyang Guojin Industrial Investment Group intends to issue up to 500 million yuan in corporate bonds, marking its first appearance in the bond market [11] - Two companies in Henan have been approved to register 2.3 billion yuan in debt financing tools [12] Debt Market Entities - The State-owned Assets Supervision and Administration Commission announced personnel changes for 10 central enterprises, including new appointments and retirements [17] Debt Market Sentiment - Xiamen Road and Bridge Construction Group's deputy secretary has been placed under disciplinary review and investigation for serious violations [18] - The Shanghai Stock Exchange has terminated the review of Cixi State Investment's 3 billion yuan private bond project [19] - Sanmenxia High-tech Investment Group's 1 billion yuan corporate bond project has also been terminated [20] - Gansu Construction Investment Group's deputy secretary and general manager is under investigation for serious violations [21] - Beijing Xinwei Communication has been publicly reprimanded by the Shanghai Stock Exchange for failing to disclose financial reports on time [22] Market Perspectives - S&P Global Ratings predicts that the issuance rates for city investment overseas bonds are unlikely to decrease due to high refinancing pressures and costs [23] - The contradiction between high financing costs and debt reduction policies remains, with a focus on reducing local government interest payment pressures [23] - Regulatory trends indicate a controlled approach to traditional city investment increments while maintaining some flexibility in overseas financing channels [24]