证券代码：000408 简称：藏格矿业 藏格矿业股份有限公司投资者关系活动记录表 编号：2025-004 | | ■特定对象调研 □分析师会议 | | --- | --- | | 投资者关 | □媒体采访 □业绩说明会 | | 系活动类 | □新闻发布会 □路演活动 | | 别 | □现场参观 | | | □其他（电话会议） 大成基金韩创、大成基金李博、大成基金徐雄晖、汇添富张朋、中 | | | 邮基金张屹岩、工银安盛赵博容、华夏久盈周义、平安资产张良、 | | | 国君资管冯自力、泉果基金张诠、易方达万宇翔、永赢基金郑州杰、 | | 参与单位 | 兴全基金刘洋、海富通蒋旭杰、浦银安盛凌亚亮、华夏基金石开、 | | 名称及人 | 长城基金任柯宇、创金合信谢天卉、人保资产黄海培、南方基金薛 | | 员姓名 | 原、中金资管徐榕、上银基金尹盟、融通基金曲悦、财通资管刘溢、 | | | 易米基金包丽华、易米基金柳青涛、太保资产孙凯歌、朱雀基金佘 | | | 金花、聚鸣投资胡炜、民生加银郭天逸、财通资管郭齐坤、长江证 | | | 券王筱芮、民生证券南雪源等 57 位分析师和投资者。 | | 时间 | 2025 年 6 ...

Group 1: Report Investment Rating - There is no information about the industry investment rating in the report. Group 2: Core Views - Copper inventory reduction restricts price decline [1] - The trend strength of copper is neutral, with a value of 0 [3] Group 3: Summary by Relevant Catalogs 1. Fundamental Tracking - **Futures Data**: The closing price of the Shanghai Copper main - contract was 79,290 with a daily increase of 0.52%, and the night - session closing price was 78,570 with a decline of 0.91%. The price of the LME Copper 3M electronic - trading session was 9,647 with a decline of 0.80%. The trading volume of the Shanghai Copper main - contract decreased by 21,965 to 64,136, and the position increased by 838 to 209,523. The trading volume of the LME Copper 3M electronic - trading session increased by 9,564 to 22,671, and the position increased by 2,010 to 288,000 [1] - **Inventory Data**: The Shanghai Copper inventory decreased by 373 to 33,373, and the LME Copper inventory decreased by 950 to 119,450. The LME Copper注销仓单 ratio was 59.19%, a decrease of 0.38% [1] - **Spread Data**: The LME Copper spread decreased by 28.61 to 55.49. The bonded - zone warehouse - receipt premium decreased by 5 to 38, and the bonded - zone bill of lading premium decreased by 6 to 60. The spread between the Shanghai copper spot and the LME cash increased by 86 to - 1,030, etc [1] 2. Macro and Industry News - **Macro News**: China's Ministry of Commerce's international trade negotiation representative stated that China and the US have reached an agreement framework in principle. The EU is said to refuse to compromise and postpone trade negotiations until after July due to the approaching Trump tariff deadline [1] - **Micro News**: The Peruvian government first admitted the existence of large - scale informal copper mining and warned that high prices may increase such activities in the future. Canadian copper miner Hudbay Mineral stopped its operations in northern Manitoba due to wildfires. China's copper ore and concentrate imports in May were 239.5 million tons, and the cumulative imports from January to May were 1.2406 billion tons, a year - on - year increase of 7.4%. The imports of unwrought copper and copper products in May were 42.7 million tons, and the cumulative imports from January to May were 216.9 million tons, a year - on - year decrease of 6.7%. In April, the copper output of Chile's state - owned copper company Codelco increased by 20.5% year - on - year to 114,600 tons [1][3]