Core Viewpoint - Yunnan Jinxun Resources Co., Ltd. is preparing to list on the Hong Kong Stock Exchange, positioning itself as the fifth largest cathode copper producer in China and the only Chinese company ranked among the top five in the Democratic Republic of the Congo and Zambia [1][2]. Company Overview - JinXun Resources primarily produces cathode copper and is projected to produce approximately 16,000 tons in the Democratic Republic of the Congo and 5,000 tons in Zambia by the end of 2024 [2]. - The company has shown significant revenue growth, with projected revenues of 639 million yuan, 677 million yuan, and 1.771 billion yuan from 2022 to 2024, respectively [3]. Industry Context - Cathode copper is a core raw material for copper processing, widely used in consumer electronics, infrastructure, construction, and transportation [2]. - Global copper reserves have increased from approximately 870 million tons in 2020 to an estimated 980 million tons by 2024, with significant reserves located in Chile, Peru, Australia, and the Democratic Republic of the Congo [2]. - The global demand for cathode copper is expected to grow from 27.8 million tons in 2025 to 30.5 million tons by 2029, with a compound annual growth rate of 2.3% [2]. Financial Performance - JinXun Resources reported a gross profit margin of 32.04% for its cathode copper business in the previous year [3]. - The concentration of sales from the top five customers has decreased from 79.9% in 2022 to 56.9% in 2024, indicating a diversification in customer base [3]. Management Background - The actual controller of JinXun Resources, Yuan Rong, has a unique background, having worked as a ticket seller and truck driver before founding the company in 2010 [4][6]. - Yuan Rong has received multiple awards for his entrepreneurial achievements, including the "Outstanding Entrepreneur" title in Kunming High-tech Zone [6].

Report Industry Investment Rating - Copper: Cautiously Bullish [8] - Arbitrage: Suspended [8] - Option: short put @ 76,000 yuan/ton [8] Core Viewpoints - The copper concentrate processing fee remains low, and the negotiation between domestic smelters and overseas mines continues. The probability of a sharp rise in processing fees in the future is limited. Although there are concerns about the demand in the second half of the year, the probability of a significant weakening of demand is low due to the relatively stable outlook of the power sector. It is recommended to buy copper on dips for hedging, with a buying range of 76,000 - 76,500 yuan/ton [8]. Summary by Relevant Catalogs Market News and Important Data - **Futures Quotes**: On June 3, 2025, the main Shanghai copper contract opened at 77,920 yuan/ton and closed at 77,650 yuan/ton, a 0.06% change from the previous trading day's close. The overnight session opened at 77,910 yuan/ton and closed at 78,180 yuan/ton, a 0.50% increase from the afternoon close [1]. - **Spot Situation**: On the first day after the holiday, downstream consumption was weak, and the procurement sentiment declined. The price of electrolytic copper decreased during the day, and the price of low - cost goods is expected to show double - digit transactions today [2]. - **Important Information Summary**: The OECD lowered the US GDP growth forecast for 2025 to 1.6% (previously 2.2%) and for 2026 to 1.5% (previously 1.6%). Trump's administration raised steel and aluminum tariffs to 50% starting on the 4th. The US made a demanding list in tariff negotiations with Vietnam. The EU did not receive a letter from the US for the "best trade offer". Fed officials had different views on inflation and interest rate cuts. China's Caixin Manufacturing PMI in May was 48.3, down 2.1 points from April, falling below the critical point for the first time since last October [3]. Supply - Side Information - **Mine End**: Panama approved the maintenance plan for Cobre Panamá copper mine but not its restart, which may take 3 - 6 months. Teck Resources' Carmen de Andacollo copper mine in Chile will be shut down for about a month due to a mechanical failure, but it is expected to have no significant impact on the 2025 output forecast [4]. - **Smelting and Import**: Chile's copper production in April increased by 13.5% year - on - year to 463,639 tons. The US may impose tariffs on copper imports, but future copper investments may get tariff exemptions [5]. Demand - Side Information - **Consumption**: In 2025, China's power grid plans to invest 650 billion yuan, with 140.8 billion yuan completed in the first four months, a 14.6% year - on - year increase. The real estate market is in a slump, with investment down 10.3% from January to April. The automobile industry is divided, with traditional vehicle production down 4.6% and new energy vehicle production up 48%. The home appliance industry has high export dependence, and the electronics field may be a new highlight [6]. - **Inventory and Warehouse Receipts**: LME warehouse receipts decreased by 4,600 tons to 143,850 tons, SHFE warehouse receipts decreased by 2,724 tons to 31,404 tons, and the domestic electrolytic copper spot inventory on June 3 was 153,000 tons, a change of 14,300 tons from the previous week [6][7]. Strategy - **Copper**: Cautiously bullish, recommend buying on dips for hedging in the range of 76,000 - 76,500 yuan/ton [8]. - **Arbitrage**: Suspended [8]. - **Option**: short put @ 76,000 yuan/ton [8]. Data Table - The table shows copper price, basis, inventory, warehouse receipt, spread, and arbitrage data from June 4, 2025, compared with the previous day, last week, and a month ago [29][31][32].

Report Summary 1. Investment Rating - The report does not provide an industry investment rating. 2. Core View -中美互征关税缓和引导抢出口预期，国内电解铜社会库存量处于低位，但传统消费淡季来临，或使沪铜价格涨跌两难，建议投资者短线轻仓逢低试多主力合约，关注74600 - 76600附近支撑位及78500 - 80000附近压力位，伦铜在9000 - 9800附近支撑位及9600 - 9800附近压力位，美铜在4.3 - 4.5附近支撑位及5.0 - 5.5附近压力位 [4] 3. Summary by Related Catalogs Macro - 美国7月到期以短期为主国债规模分别为1.28 - 1.46万亿美元，美债集中到期或引发流动性冲击；5月ISM制造业PMI为49.5，低于预期和前值，因特朗普政府不确定的关税政策引发消费端通胀反弹担忧，使美联储降息预期时点仍在9/12月 [3][4] Upstream - 紫金矿业旗下莫阿·卡库拉铜矿5月28日因矿震暂停地下深矿；印尼自由港麦克莫兰公司8月17日被准许6个月内出口127万吨铜精矿但将被征收更高出口税；铜陵有色位于厄瓜多尔拉铁拉多铜矿二期6万吨产能或于26年下半年投产；巨龙铜矿新扩建二期200万吨/日扩建工程或于25年底投产；ACC Metals的硫化铜矿扩建项目将于2026年一季度投产，初期年产量为2.5万吨；国内6月铜精矿生产（进口）量环比或有增减，中国铜精矿进口指数为负且较上周升高；国内废铜进口窗口打开，但欧洲高品质废铜被限制出口，中国进口商仅能采购铜米或黄铜，中美贸易争端影响使贸易商尚未恢复直接进口美国废铜，国内电解铜与光亮及老化废铜价差为负或削弱废铜经济性，国内废铜6月生产（进口）量环比或减少；嘉能可位于菲律宾的PASAR铜冶炼厂已停产，位于智利的阿尔托诺特冶炼厂35万吨阳极铜产能因冶炼烧炉问题暂停生产至6月，紫金3.anov = Ikabul冶炼厂或于25年6月建成投产，年产60万吨阴极铜；国内6月粗铜检修产能或环比减少，国内6月粗铜生产量（进口量）环比或增加（减少）；江铜云源二期年产15万吨阴极铜项目3月底开工建设，建成后将实现26万吨产能，国内6月电解铜生产量环比或增加；印尼自由港旗下曼迪坎扬48万吨产能将于6月下旬恢复生产且12月达到满负荷生产，日本住友金属矿业计划10月对印尼冶炼厂进行为期6周检验，国内6月电解铜进口量环比或减少；进口窗口关闭限制国内电解铜进口量，中国保税区电解铜库存量较上周减少；中国电解铜社会库存量较上周减少；伦金所电解铜库存量较上周减少；国际部分贸易商仍在向美国港口运输约60万吨铜，使COMEX铜库存量较上周增加 [4] Downstream - 中国精铜杆（再生铜杆）产能开工率较上周升高，精铜杆企业原料（成品）库存量较上周增加，再生铜杆企业原料（成品）库存量较上周增加；中国铜电线电缆产能开工率较上周下降，企业原料（成品）库存量较上周减少（增加）；中国铜漆包线单量（产能开工率）较上周减少（下降）；中国黄铜棒产能开工率较上周下降；中美互征关税缓和和传统消费淡季来临交织，国内6月钢材企业产能开工率（生产量、进口量、出口量）环比或下降（增加、增加、减少），具体而言，电解铜制厂、再生铜制厂、电生铜板、固废铜流通有限和成品库存等方面复产受限，反向影响到部分企业，如铜板带厂、铜电线电缆、铜漆包线、铜板市、铜箔、钢管、黄铜棒等产能开工率或环比下降 [4] Market Data - **沪铜期货活跃合约**：2025年5月30日收盘价77600元，较昨日变动 - 530元；成交量87403手，较昨日增加7250手；持仓量172994手，较昨日减少1763手；库存34128吨，较昨日增加1963吨；SMM 1电解铜平均价78235元，较昨日变动 - 250元 [2] - **沪铜基差或现货升贴水**：沪铜基差635元，较昨日变动280元；广州电解铜现货升贴水15元，较昨日变动 - 50元；华北电解铜现货升贴水 - 130元，较昨日变动0元；华东电解铜现货升贴水50元，较昨日变动5元 [2] - **价差（近月与远月）**：沪铜近月 - 沪铜连一为330元，较昨日变动60元；沪铜连一 - 沪铜连二为180元，较昨日变动 - 40元；沪铜连二 - 沪铜连一为200元，较昨日变动 - 10元 [2] - **伦敦铜**：LME3个月铜期货收盘价（电子盘）2025年6月2日为9615美元，较昨日变动118美元；LME铜期货0 - 3个月合约价差为51.49美元，较昨日变动1.41美元；LME铜期货3 - 15个月合约价差为105.01美元，较昨日变动10.76美元；沪伦铜价比值为8.0707，较昨日变动 - 0.10 [2] - **COMEX铜**：铜期货活跃合约收盘价2025年6月2日为4.858美元，较昨日变动0.19美元；总库存量182626吨，较昨日增加2125吨 [2]

Report Information - Report Title: Copper and Aluminum Weekly Report [2] - Report Date: June 3, 2025 [2] Investment Rating - No investment rating information is provided in the report. Core Views - Copper: US trade policy is heating up, and copper prices may run stronger. Refer to the March market. After experiencing the March market, market sensitivity may decrease. Copper prices are expected to run with a slight upward bias, with attention on the resistance at the 79,000 - 80,000 yuan level [3]. - Aluminum: US trade policy affects global aluminum demand in the medium - long term but has little short - term impact. Aluminum prices are expected to fluctuate, with attention on the long - short game at the 20,000 yuan level [4]. Summary by Section 1. Macroeconomic Factors - On May 30, Trump announced on "Truth Social" that starting from June 4, the import tariffs on steel and aluminum would be raised from 25% to 50%. This may push up the price of COMEX copper, driving up LME copper and SHFE copper. For aluminum, it mainly affects global demand in the medium - long term due to China's strong pricing power [8]. 2. Copper 2.1 Price and Volume Trends - Multiple figures show the trends of copper futures prices, the Shanghai - London ratio, and positions, etc. [10][11][15] 2.2 Declining Copper Ore Processing Fees - Since January, copper ore processing fees have been decreasing, indicating tight copper ore supply and over - capacity in smelting. Domestic copper ore port inventory is similar to the same period last year, suggesting expected tightness in the domestic ore end and over - capacity in smelting as the main reasons for low TC [24]. 2.3 Slowing De - stocking of Electrolytic Copper - Figures show the trends of domestic electrolytic copper social inventory and overseas futures inventory (COMEX + LME), indicating a slowdown in de - stocking [29]. 2.4 Downstream Initial - stage Industries - The figure shows the monthly capacity utilization rate of copper downstream industries [31]. 3. Aluminum 3.1 Price and Volume Trends - Multiple figures show the trends of aluminum futures prices, the Shanghai - London ratio, and spreads, etc. [33][35][38] 3.2 Upstream Industry Chain - Figures show the inventory of bauxite at ports and the price of alumina [45][50]. 3.3 Seasonal De - stocking of Electrolytic Aluminum - Figures show the trends of overseas electrolytic aluminum inventory (LME + COMEX) and domestic electrolytic aluminum social inventory [49]. 3.4 Downstream Initial - stage Industries - Figures show the capacity utilization rate of aluminum rods, the processing fee of 6063 aluminum rods, and the inventory of 6063 aluminum rods [51][55][56]. 4. Conclusion - Copper: In late May, copper prices fluctuated. Low inventory supported prices, while reduced post - peak consumption expectations and slower de - stocking pressured prices. The increase in US trade policy may push up copper prices, but market sensitivity may be lower. Copper prices are expected to run with a slight upward bias, with attention on the 79,000 - 80,000 yuan resistance [58]. - Aluminum: In late May, aluminum prices fluctuated. Low inventory supported prices, while reduced post - peak consumption expectations weakened the upward drive. The increase in steel and aluminum tariffs may lead to a decline in global aluminum consumption expectations in the medium - long term, but the short - term impact on the domestic market is limited. Aluminum prices are expected to fluctuate, with attention on the 20,000 yuan long - short game [58].

工作计划安排 WORK SCHEDULE 沪铜月报 超级宏观月来临，铜震荡蓄势 研究员：肖艳丽 投资咨询号：Z0016612 日期：2025-05-30 中辉期货有限公司 交易咨询业务资格 证监许可[2015]75号 观点摘要 目录 Contents 观点摘要 宏观经济 盘面情况 供应和需求 总结和展望 【核心观点】5月铜横盘整理，多空交织，铜或需回调蓄力来帮助市场重拾流动性，建议6月 守正出奇，区间操作，中长期依旧看好铜 【策略展望】 国际贸易法院裁定：关税非法（5月28日） 裁决核心： IEEPA 未授权总统征收全球性关税，国会授予总统"不受限制的关税权力"违宪；撤销相关行政令，永久禁止执 行，10天内生效。影响范围：叫停"对等关税"及2月对中、墨、加的附加关税，但保留232条款关税。市场反 应：全球股市大涨（纳指期货+1.4%，日经指数+1%）；避险资产暴跌（黄金跌至3245美元/盎司）。 2. 白宫紧急上诉（5月29日） 联邦巡回上诉法院：批准特朗普政府请求，暂缓执行国际贸易法院裁决，恢复关税征收。 白宫立场：发言人库什·德赛称裁决是"司法政变"，强调"非民选法官无权决定国家紧急状态应对"；威胁"动用 ...

Core Viewpoint - Yunnan Copper is focusing on cost reduction and resource replacement to enhance its competitive advantage in the copper industry [1][2]. Group 1: Cost Reduction Strategies - Yunnan Copper is implementing a comprehensive cost reduction strategy across four key areas: assigning cost responsibilities, benchmarking against industry leaders, utilizing cost reduction tools, and fostering a cost-saving culture [2]. - In Q1, Yunnan Copper achieved a revenue of 37.754 billion yuan, a year-on-year increase of 19.71%, and a net profit attributable to shareholders of 560 million yuan, up 23.97% [2]. Group 2: Resource Management and Technological Advancements - Yunnan Copper is leveraging its three smelting bases to optimize resource allocation and cost control, with significant projects like the upgrade of the Southwest Copper Industry and the introduction of advanced flotation technology [3]. - The company is increasing its R&D investment to enhance technology management and focus on emerging industries, including green low-carbon technologies and resource recycling [3]. Group 3: Smart Mining Initiatives - Yunnan Copper has made progress in smart mining, with the deployment of autonomous vehicles and AI systems that have improved mining efficiency by 15% and reduced underground workforce by 40% [4]. Group 4: Focus on High-Grade Copper Resources - Yunnan Copper is intensifying exploration efforts for high-grade copper resources, planning to acquire a 40% stake in Liangshan Mining, which holds significant copper reserves with a higher average grade than Yunnan Copper's current resources [5][6]. - The acquisition will strengthen Yunnan Copper's resource reserves and production capacity [7].

新能源及有色金属日报 | 2025-05-30 月末之际 铜价维持震荡格局 市场要闻与重要数据 现货情况： 据 SMM 讯， 昨日早盘持货商在昨日报价基础上低报，主流平水铜升水120元/吨附近成交，随后被压至升水90元/ 吨以后迅速被收货，随后JCC等一货难求，价格再次回到升水120元/吨；均为下月票。升水铜紧俏，近期成交均在 180-200元/吨。非注册成交贴水20元/吨至平水区间，近期到货量不多但下游需求一般。今日为5月最后一个交易日， 企业基本进入关账结算，预计出货方减少，采购需求亦有所走低，小型企业或仍未端午备货，预计今日升水价格 企稳基础上略微走高。 重要资讯汇总： 宏观与地缘方面，昨日，美国上诉法院允许特朗普关税政策暂时继续生效，此前美国国际贸易法院叫停了"解放日" 关税政策；特朗普麾下官员对取得诉讼胜利表现得极具信心，还认为即使败诉也能另寻他法征收关税，同时关税 谈判也将继续推进，未来几周会有三份协议。而美国财长贝森特表示，过去48小时贸易伙伴的态度没有任何变化。 此外，特朗普新上任以来首次约见鲍威尔，特朗普要求其降息，鲍威尔则坚持货币政策独立性。 矿端方面，外电5月28日消息，Jubilee ...

2025-05-28，沪铜主力合约开于 78160元/吨，收于 77870元/吨，较前一交易日收盘-0.43%，昨日夜盘沪铜主力合 约开于 78,010元/吨，收于 77,790 元/吨，较昨日午后收盘下降0.33%。 现货情况： 新能源及有色金属日报 | 2025-05-29 进口铜到货较多 铜价暂陷震荡格局 市场要闻与重要数据 期货行情： 据 SMM 讯，铜价依旧居于高位，日内消费情绪较昨日走弱。进口铜依旧在市场出货，常州地区升水较低，拖累 上海地区。早盘主流平水铜几无报价，铁峰、日本等升水100元/吨附近，好铜紧缺升水180-200元/吨。随后成交走 弱，非主流货源升水60-100元/吨向下成交。主流平水持货商出货意愿较低挺价于120元/吨以上。湿法货源依旧紧 张。 端午临近，现货市场采购并没有凸显节前备货情绪，但进口铜大量持续到货，基本填补下游，预计现货升水 持稳。 重要资讯汇总： 宏观与地缘方面，今日凌晨公布的5月6-7日FOMC会议纪要显示，决策者基本同意，由于经济不确定性加剧，失业 率和通胀率上升的风险增加，他们的观望政策立场不应改变。与会者一致认为，经济前景的不确定性进一步增加， 因此在政府政 ...

General Provisions - Yunnan Copper Co., Ltd. aims to establish a modern corporate governance structure and uphold the legal rights of shareholders, employees, and creditors [1][3] - The company was established as a joint-stock limited company approved by the Yunnan Provincial Government and registered with the Yunnan Provincial Administration for Industry and Commerce [1][2] - The company issued 120 million shares of ordinary stock to the public in 1998, which were listed on the Shenzhen Stock Exchange [1][3] Company Information - The registered capital of Yunnan Copper is RMB 2,003,628,310 [2] - The company is located in Anning City, Yunnan Province, with a postal code of 650308 [2] - The chairman serves as the legal representative of the company, and the company is responsible for civil activities conducted in its name [2][3] Corporate Governance - The company adheres to the principle of lawful operation and aims to create a compliant and well-governed enterprise [3] - A party organization is established within the company to ensure the implementation of party activities and support [3] - The company is committed to social responsibility, including environmental protection and stakeholder interests [3] Business Objectives and Scope - The company's business objective is to become a world-class copper enterprise with global competitiveness, focusing on high-quality development [5] - The business scope includes production, processing, and sales of non-ferrous and precious metals, as well as related technology and services [5] Share Issuance and Management - The company issues shares in the form of stocks, adhering to principles of openness, fairness, and justice [6] - The total number of shares issued by the company is 2,003,628,310, all of which are ordinary shares [6][7] - The company can increase capital through various methods, including issuing shares to unspecified objects or existing shareholders [8] Shareholder Rights and Responsibilities - Shareholders have rights to dividends, voting, and participation in company governance [12] - Shareholders are obligated to comply with laws and the company's articles of association [18] - The company must maintain transparency and provide necessary information to shareholders regarding their rights [12][13] Shareholder Meetings - The company holds annual and temporary shareholder meetings, with specific procedures for convening and conducting these meetings [21][22] - Shareholder proposals must be submitted in writing and comply with legal and regulatory requirements [61][62] - The company ensures that all shareholders can participate in meetings, either in person or through proxies [31][32]

云南铜业股份有限公司 独立董事候选人声明与承诺 声明人 纳鹏杰 作为 云南铜业股份有限公司第 10 届 董事会独立董事候选人，已充分了解并同意由提名人云南铜 业股份有限公司董事会提名为云南铜业股份有限公司（以下简 称该公司）第 10 届董事会独立董事候选人。现公开声明和保证， 本人与该公司之间不存在任何影响本人独立性的关系，且符合相 关法律、行政法规、部门规章、规范性文件和深圳证券交易所 业务规 则对独立董事候选人任职资格及独立性的要求， 具体声 明并 承诺如下事项： 一、本人已经通过云南铜业股份有限公司第 9 届董事会 提名委员会或者独立董事专门会议资格审查，提名人与本人不 存在利害关系或者其他可能影响独立履职情形的密切关系。 ?是 □ 否 如否，请详细说明： 二、本人不存在《中华人民共和国公司法》第一百七十 八条等规定不得担任公司董事的情形。 ?是 □ 否 如否，请详细说明： 三、 本人符合中国证监会 《上市公司独立董事管理办法》 和深圳证券交易所业务规则规定的独立董事任职资格和条 件。 ?是 □ 否 如否，请详细说明： 四、本人符合该公司章程规定的独立董事任职条件。 ?是 □ 否 如否，请详细说明： 五 ...