（编辑 张钰鹏） 本报讯 （记者吴奕萱）为深入贯彻落实新"国九条"及资本市场做好金融"五篇大文章"等"1+N"政策体系，持续发挥资本市 场枢纽功能，更好服务民营经济发展，6月17日下午，正值《中华人民共和国民营经济促进法》颁布实施即将满月之际，宁波 市证券期货业协会举办"资本市场服务宁波民营经济高质量发展"主题采访活动。11家行业机构、8家民营企业代表参加活动。 兴业期货有限公司、浙商期货有限公司（以下简称"浙商期货"）、国海良时期货有限公司、国泰君安期货有限公司、申银 万国期货有限公司等期货经营机构代表在活动现场介绍了服务宁波民营企业风险管理情况，分享了支持企业运用期货及衍生品 工具规避风险的典型案例。 通过交流发现，现阶段，民营企业尤其是中小微企业在运用期货工具时，仍然面临着诸多困难。例如企业专业性缺乏、风 险管理意识薄弱；内部制度不完善；策略执行偏差导致套保效果削弱；期现品质割裂等问题。 对此，各家期货经营机构代表提出了深化投资者教育与培训、推动企业完善风险管理体系建设等建议。浙商期货宁波分公 司代表在现场表示，希望在当地政府的协调下，金融行业协会、现货产业协会、各类产业研究所能够多汇聚一起，针对宁波当 ...

【基本面跟踪】 铜基本面数据 | | | 昨日收盘价 | 日涨幅 | 昨日夜盘收盘价 | 夜盘涨幅 | | --- | --- | --- | --- | --- | --- | | | 沪铜主力合约 | 78,690 | 0.40% | 78610 | -0.10% | | | 伦铜3M电子盘 | 9,651 | -0.20% | - | - | | | | 昨日成交 | 较前日变动 | 昨日持仓 | 较前日变动 | | 期 货 | 沪铜主力合约 | 34,479 | 3,870 | 137,220 | 1,023 | | | 伦铜3M电子盘 | 13,333 | 598 | 291,000 | -1,972 | | | | 昨日期货库存 | 较前日变动 | 注销仓单比 | 较前日变动 | | | 沪铜 | 47,014 | -7,527 | - | - | | | 伦铜 | 107,350 | -200 | 49.53% | -1.23% | | | | | 昨日价差 | 前日价差 | 较前日变动 | | | LME铜升贴水 | | 105.96 | 122.77 | -16.81 | | | 保税区仓单 ...

新能源及有色金属日报 | 2025-06-18 俄罗斯货源并不被普遍认可 流动货源仍相对偏紧 市场要闻与重要数据 期货行情： 2025-06-17，沪铜主力合约开于 78640元/吨，收于 78570元/吨，较前一交易日收盘0.03%，昨日夜盘沪铜主力合约 开于 78,600元/吨，收于 78,560 元/吨，较昨日午后收盘上涨0.04%。 现货情况： 铜：谨慎偏多 总体而言，本周国内长单价格仍在谈判之中，现货TC价格仍处于低位，不过下游精铜杆企业反馈订单持续走低。 未来需求展望仍存较大不确定性。但在地缘因素复杂，美联储持续存在降息压力的情况下，铜品种的类贵金属属 性或许也会从中受益。故操作上目前仍然建议以逢低买入套保为主，买入区间在77,000元/吨至77,500元/吨。 套利：暂缓 期权：short put @ 77,000元/吨 据 SMM 讯， 昨日SMM 1#电解铜现货对当月2507合约报升水180-升水300元/吨，均价报价升水240 元/吨，较上 一交易日涨210元/吨；SMM1#电解铜价格为78620~78810 元/吨。早盘，沪期铜2507合约窄幅波动，于78420-78560 元/吨波动； ...

Report Summary 1. Report Industry Investment Rating - Not provided in the content 2. Core View of the Report - The strong spot price of LME copper supports the copper price [1] 3. Summary by Relevant Catalogs a. Fundamental Tracking - **Futures Data**: The closing price of SHFE copper main contract was 78,380 with a daily decline of 0.22%, and the night - session closing price was 78,560 with a night - session increase of 0.23%. The closing price of LME copper 3M electronic trading was 9,670 with a daily decline of 0.26%. The trading volume and open interest of both SHFE and LME copper decreased compared with the previous day [1] - **Inventory Data**: The SHFE copper inventory was 54,541, an increase of 7,490 from the previous day, and the LME copper inventory was 107,550, an increase of 225. The LME copper注销仓单比 was 50.77%, a decrease of 1.71% [1] - **Spread Data**: The LME copper premium, spot - to - near - month futures spread, and near - month to continuous - first contract spread all increased compared with the previous day. The spread between Shanghai copper spot and LME cash, and the spread between SHFE copper continuous - third contract and LME 3M decreased [1] b. Macro and Industry News - **Macro News**: Trump claimed to have full control of Iran's airspace, warned of exhausting patience, and called on Iran to "unconditionally surrender", and was reported to have met with the national security team in the White House situation room and considered possible strikes against Iran [1] - **Industry News**: In April, the copper production of Codelco in Chile increased by 20.5% year - on - year to 114,600 tons. The western area of Kakula Mine restarted mining operations on June 7, 2025. The Condor - Teck copper project in Peru obtained environmental approval. Ivanhoe Mines revised the 2025 production target of Kamoa - Kakula Joint Mine to 370,000 - 420,000 tons of concentrate copper, a 28% reduction from the target set in January [1][3] c. Trend Intensity - The copper trend intensity is 0, indicating a neutral trend [3]

Group 1: Company Overview - North Copper Industry Co., Ltd. specializes in the mining, beneficiation, smelting, and processing of copper metals, covering the entire copper industry chain [2] - Main products include cathode copper, gold ingots, silver ingots, copper alloy strips, and rolled copper foil, with by-products such as sulfuric acid, sponge gold, and sponge palladium [2] - Cathode copper production capacity is 320,000 tons/year, sulfuric acid capacity is 1.22 million tons/year, copper alloy strip capacity is 25,000 tons/year, and rolled copper foil capacity is 5,000 tons/year [2] Group 2: Financial Performance - In 2024, the company's operating revenue was 24.107 billion yuan, with a net profit attributable to shareholders of 613 million yuan [3] - In Q1 2025, the operating revenue reached 6.838 billion yuan, and the net profit attributable to shareholders was 371 million yuan [3] - The increase in Q1 2025 performance was driven by market price influences and improved gross margins for main products, including cathode copper and precious metals [3] Group 3: Production and Supply Chain - The company produces approximately 44,000 tons of copper concentrate from its own mines and sources an additional 7,000-8,000 tons from its controlling shareholder, Zhongtiaoshan Group [3] - Remaining copper concentrate is sourced from imports and domestic purchases [3] - There are currently no plans for expanding smelting capacity [3] Group 4: Project Development - The copper strip and foil project has completed its first phase and is in trial production, with a customer certification cycle ranging from 2 months to over 1 year depending on application and product requirements [3]

Group 1: Report Industry Investment Rating - Copper investment rating: Cautiously bullish [6] - Arbitrage investment rating: On hold [6] - Option investment rating: short put @ 77,000 yuan/ton [6] Group 2: Core Viewpoints - This week, domestic long - term contract prices are still under negotiation, and the spot TC price remains low. Downstream refined copper rod enterprises report a continuous decline in orders, and future demand outlook is highly uncertain. However, due to complex geopolitical factors and continuous pressure on the Fed to cut interest rates, the quasi - precious metal attribute of copper may benefit. It is recommended to mainly conduct buy - hedging on dips in the range of 77,000 - 77,500 yuan/ton [6] Group 3: Summary by Related Catalogs 1. Market News and Important Data 1.1 Futures Quotes - On June 16, 2025, the opening price of the main Shanghai copper contract was 77,910 yuan/ton, and the closing price was 78,550 yuan/ton, a 0.69% increase from the previous trading day's close. The opening price of the night - session was 78,640 yuan/ton, and the closing price was 78,650 yuan/ton, a 0.45% increase from the afternoon close of the previous day [1] 1.2 Spot Situation - According to SMM, in the morning, the offer of iron peak copper with a premium of about 200 yuan/ton was quickly snapped up. Subsequently, the premium of market supplies was 230 - 280 yuan/ton. The supply of high - quality copper remained tight with a premium of 330 - 350 yuan/ton. The premium of BMK, BOR, etc. was 160 - 180 yuan/ton. Due to the contract change, most holders were reluctant to sell at low prices. Thousands of tons of Russian copper arrived over the weekend, with a premium of 100 - 120 yuan/ton for transactions. It is expected that today's spot premium will start above 200 yuan/ton [2] 1.3 Important Information Summary - **Macro and Geopolitical Aspects**: According to the Wall Street Journal, Iranian officials signaled their intention to end hostilities and resume nuclear - project negotiations. They are willing to return to the negotiation table as long as the US does not join the air strikes. The weekend's geopolitical conflicts did not affect the transportation in the Strait of Hormuz, the crude oil price did not rise further, and the Fed's attitude towards interest - rate cuts remained cautious, with the US dollar gradually stabilizing [3] - **Domestic Aspects**: In May, the added value of large - scale industries increased by 5.8% year - on - year and 0.61% month - on - month. From January to May, it increased by 6.3% year - on - year [3] 1.4 Mining End - The open - pit mining project of the Canon Copper Mine of Vientiane Mining, a subsidiary of Chifeng Jilong Gold Mining Co., Ltd., officially started. It is the first large - scale copper project restarted since 2021, marking Vientiane Mining's return to the "gold - copper parallel" era. After the project is put into production, it will become another important profit point [4] 1.5 Smelting and Import - According to Mysteel, the spot trading volume of electrolytic copper of 53 domestic trading enterprises was 2.18 million tons, a decrease of 0.30 million tons or 12% from the previous trading day. The trading volume decreased, the market quotes varied on the delivery day, and the downstream's purchasing sentiment was low, and the trading activities of trading enterprises also declined [4] 1.6 Consumption - According to Mysteel, the order volume of 31 domestic copper rod production enterprises was 1.08 million tons, a decrease of 1.36 million tons or 55.77% from the previous trading day. Among them, the order volume of refined copper rods was 0.81 million tons, a decrease of 1.39 million tons or 63.29%, and the order volume of recycled copper rods was 0.27 million tons, an increase of 0.03 million tons or 14.24% [5] 1.7 Inventory and Warehouse Receipts - LME warehouse receipts decreased by 7,150 tons to 107,325 tons. SHFE warehouse receipts increased by 10,782 tons to 47,051 tons. On June 16, the domestic spot inventory of electrolytic copper was 14.77 million tons, an increase of 0.29 million tons from the previous week [5] 2. Strategy - **Copper**: It is recommended to conduct buy - hedging on dips in the range of 77,000 - 77,500 yuan/ton [6] - **Arbitrage**: On hold [6] - **Option**: short put @ 77,000 yuan/ton [6]

1. Report Industry Investment Rating - Copper is rated as "High-level consolidation, bearish in the future" [1] - The recommended strategy is to "Wait and see for now, and short later" [2][3] 2. Core View of the Report - The market is trading the weakening of the US economy, with signs of economic decline emerging. Although the copper fundamentals currently have some support, they are showing signs of weakening. The market's trading logic has changed again, and concerns about overseas miners suppressing long-term processing fees are relatively strong, reinforcing the long position's bet on copper shortage. In the short term, the downside space for copper prices may be limited, and they are expected to remain at a high level. However, due to weakening demand and lack of macro confidence, it is difficult for copper prices to continue rising [2] 3. Summary by Relevant Catalogs Macro and Industry News - The open-pit mining project of the Canon Copper Mine of WANXIANG MINING CO., LTD., a subsidiary of Chifeng Jilong Gold Mining Co., Ltd., has officially started. This is the first large-scale copper mine project restarted since the suspension of copper mining in 2021, marking that WANXIANG MINING has entered the era of "simultaneous development of gold and copper" again. After the project is put into production, it will become another important profit growth point for WANXIANG MINING [2] Variety Logic Macro Perspective - The US CPI data is lower than market expectations, and the market starts to trade the weakening of the US economy. In terms of non-farm employment, although it is higher than the Bloomberg consensus forecast, the short-term employment diffusion index has declined, indicating that although the employment market is still strong at present, there is a high risk of decline in the future. At the same time, the revised US GDP still shows negative growth, and overall, the economic weakening has begun to emerge [2] Fundamentals - **Supply Side**: The import copper concentrate processing fee of smelters is -$43.91 per dry ton, and the spot processing fee has stabilized but is still in a deep inversion state. Overseas miners are seeking to negotiate with Chinese smelters to lower the long-term processing fee, and smelters are under great pressure. Attention should be paid to whether there will be production cut actions in the future [2] - **Demand Side**: The production of copper rods, copper tubes, etc. has reached the high level of the same period in previous years, but the downstream is gradually entering the off-season [2] Strategy Recommendation - Temporarily wait and see, and short copper later [2][3]

今天在提价刺激下，稀土股集体走强，截至下午收盘，奔朗新材涨超11%，广晟有色涨停。 公司历史可追溯至2010年，当时袁荣成立金浔股份，并开始从事有色金属业务。2016年其首家境外附属公司荣兴投资 在赞比亚注册成立。2017年公司在新三板挂牌并随后入选新三板创新层挂牌公司之一，同时在赞比亚的铜精矿浮选厂 投产。 金浔股份起初从事有色金属贸易，积累行业经验后，分别在2017年、2023年开始在赞比亚及刚果（金）开展铜的本地 化加工及冶炼业务，并逐步发展成当前集矿物加工、冶炼及有色金属贸易为一体的业务模式。 1 80后云南昆明创业赴港IPO，上市前多次派息 近期，稀土出口问题引发关注。有美国媒体称，在伦敦最新一轮中美高层贸易谈判结束后，中国同意暂时恢复对美国 汽车制造商及其他产业的稀土出口许可，但仅限六个月有效。近日，中国商务部称已依法批准一定数量的稀土相关物 项出口许可合规申请。 金浔股份总部在云南省昆明市高新区，作为省会城市，昆明是云南省上市公司最多的城市。如果金浔股份能顺利在港 股上市，那么昆明又将增加一家上市公司。 稀土在电子、新能源、新材料等高新技术领域有着不可替代的作用。稀土、铜、锌、铝等矿产资源的开发 ...

1. Report Industry Investment Ratings No relevant content provided. 2. Core Views of the Report - For financial futures and options, the overall market is affected by overseas and domestic factors. The stock index futures are expected to continue adjusting in the short - term and move in a range in the medium - term, while the bond futures are expected to be strong in the medium - term [1][2]. - For commodity futures and options, different varieties in the metal and new energy materials sector have different trends. Copper is expected to move in a range, while industrial silicon, polycrystalline silicon, and lithium carbonate are expected to be weak [4][6][8][11]. 3. Summary by Related Catalogs Financial Futures and Options Stock Index Futures - **Varieties**: IF, IH, IC, IM [1] - **Intraday View**: Continued adjustment [1] - **Medium - term View**: Range - bound, with the Shanghai and Shenzhen 300 Index operating in the range of [3800, 3950] [1] - **Reference Strategy**: Hold the sold MO2506 - P - 5800 out - of - the - money put option, and short - sell IM2506 on rallies [1] - **Core Logic**: Overseas, the initial Sino - US trade agreement and the Middle East conflict have mixed impacts; domestically, the fundamental data is weak, and the market lacks a continuous upward main line [1] Bond Futures - **Varieties**: TS, TF, T, TL [2] - **Intraday View**: Short - term bonds fluctuate narrowly, and long - term bonds are strong [2] - **Medium - term View**: Strong [2] - **Reference Strategy**: Hold long positions in T2509 or TL2509 [2] - **Core Logic**: Overseas, the Middle East conflict boosts the domestic bond market; in terms of funds, the central bank's operation is beneficial to long - term bonds; fundamentally, the financial data and price levels support the loose expectation [3] Commodity Futures and Options Metal and New Energy Materials Sector - Copper - **Intraday View**: 78000 - 79100 [4] - **Medium - term View**: 60000 - 90000 [4] - **Reference Strategy**: Adopt a shock - operation strategy [4] - **Core Logic**: Macroscopically, the Israel - Iran conflict affects the market; in terms of supply, the production plan of a copper mine is reduced, while Yunnan Copper's production increases; in terms of demand, the wire and cable and copper rod industries have different trends; in terms of inventory, LME and SHFE have different inventory changes. The Sino - US tariff negotiation results are crucial for the future copper price [4][5] Metal and New Energy Materials Sector - Industrial Silicon - **Intraday View**: Weak operation in the range of 7300 - 7400 [6] - **Medium - term View**: Under pressure in the range of 7000 - 8500 [6] - **Reference Strategy**: Sell SI2507 - C - 9000 and short - sell futures [6] - **Core Logic**: Both supply and demand have decreased, and the inventory is at a high level [6][7] Metal and New Energy Materials Sector - Polycrystalline Silicon - **Intraday View**: Weak operation in the range of 33000 - 34000 [8] - **Medium - term View**: Low - level operation in the range of 30000 - 40000 [8] - **Reference Strategy**: Hold the sold PS2507 - C - 45000 [8] - **Core Logic**: Both supply and demand have decreased, and the inventory is at a high level [8][9][10] Metal and New Energy Materials Sector - Lithium Carbonate - **Intraday View**: Weak operation in the range of 62000 - 65000 [11] - **Medium - term View**: The cost support weakens, and the price steadily declines in the range of 59000 - 65000 [11] - **Reference Strategy**: Hold the sold LC2507 - C - 83000 [11] - **Core Logic**: The spot price is low, the supply pressure is large, and the total inventory is at a high level [11]

本公司及董事会全体成员保证信息披露的内容真实、准确、完整， 没有虚假记载、误导性陈述或重大遗漏。 特别提示：本次股东大会会议召开期间没有增加或变更 提案。 云南铜业股份有限公司（以下简称公司或本公司）《关 于召开 2025 年第二次临时股东大会的通知》于 2025 年 5 月 29 日在《证券时报》《中国证券报》《上海证券报》《证 券日报》及巨潮资讯网（http://www.cninfo.com.cn）进行了 公告（公告编号：2025-046 号）。 本次股东大会没有出现否决提案的情形；亦没有涉及变 更以往股东大会已通过的决议。 一、会议召开情况 证券代码：000878 证券简称：云南铜业 公告编号：2025-047 云南铜业股份有限公司 （一）召开时间 现场会议召开时间为：2025 年 6 月 13 日下午 14:30 分 网络投票时间为：2025 年 6 月 13 日。通过深圳证券交 易所交易系统进行网络投票的具体时间为：2025 年 6 月 13 日上午 9:15－9:25，9:30－11:30，下午 13:00－15:00；通过 深圳证券交易所互联网投票系统投票的具体时间为：2025 年 （二）现场会 ...