Report Summary 1. Industry Investment Rating No industry investment rating is provided in the report. 2. Core Viewpoints - The supply of copper ore is tight in 2025, with an expected increment of 20 - 30 tons. However, domestic smelters are still increasing production, and the supply will continue to rise in the second half of the year, but the increment will drop to over 200,000 tons. Overseas, there are both production cuts and new productions [2][6]. - The market generally agrees that consumption will weaken in the second half of the year, with differences mainly in the decline range. The short - term copper price is expected to fluctuate between 77,000 - 79,000 yuan/ton, and there is strong support at 74,000 - 75,000 yuan/ton in the medium term [2]. - If the 232 investigation result is implemented, the price spread will narrow, but there is a divergence on whether the price will decline synchronously [2][6]. 3. Summary by Directory 3.1 Research Background - In 2025, the copper price has been constantly disturbed by tariffs and the supply side. The supply of copper ore is tight, and scrap copper has become a key raw material supplement. Due to the impact of US tariff policies, consumption has been advanced, and the apparent consumption growth rate in the first half of the year has exceeded 10%. The COMEX market has attracted global electrolytic copper, causing non - US inventories to drop to an absolute low. The price spreads at home and abroad show a large Back structure, with high delivery risks [4]. 3.2 Research Results Analysis - **Copper ore supply is tight, scrap copper supply is stable**: The supply increment of copper ore in 2025 is about 20 - 30 tons, and smelters' spot orders are at a loss. Domestic smelters increase production, mainly supplemented by long - term supply from overseas mines and increased scrap copper procurement. Overseas, some smelters cut production, while others start new production. Although the supply of scrap copper in China is tight, there is no actual reduction globally, but rather a supply mismatch [6]. - **LME inventory continues to decline, and the import ratio still has room to fall**: After the 232 investigation was announced, the price spread between COMEX and LME widened, and global copper inventory began to transfer. As of June 20, LME inventory decreased from 266,000 tons at the end of February to 100,000 tons. Most of the Russian copper in LME inventory has flowed into China. Before the 232 result is implemented, non - US inventories are difficult to increase effectively. There is a divergence on whether the price will decline synchronously if the 232 result is implemented [8]. - **Consumption weakens in the second half of the year, copper price fluctuates weakly**: The consumption of electrolytic copper grew rapidly in the first half of the year, especially in April. The market generally believes that consumption will weaken in the second half of the year, mainly due to the withdrawal of national subsidies for household appliances, the end of the "trade - in" program for cars, the end of the photovoltaic rush - installation period, and the pre - consumption. Most believe that copper consumption will weaken marginally but remain resilient, and the price may correct periodically [10]. 3.3 Research Details - **Jiangsu copper rod enterprise**: The company's production and sales are basically hedged, with low inventory. The consumption of copper rods was good in the first half of the year but weakened in May. The processing fee was under pressure, and orders were concentrated in leading enterprises. The stamp duty also affected the company's profitability [12]. - **Jiangsu copper processing enterprise**: The company's production was strong in the first half of the year, with high production rates in March and April. It entered the off - season in June. The company is pessimistic about the demand in the second half of the year, mainly due to the withdrawal of national subsidies and the long payment cycle of customers [13]. - **Zhejiang trading company**: The company's hedging ratio is flexible, and it mainly imports EQ copper. The domestic scrap copper supply is tight, and the company expects the price to correct to 74,000 - 75,000 yuan/ton in the medium term. There is a high risk of a short squeeze in the overseas market [14]. - **Shanghai trading company**: The company's copper trade volume is large, and it mainly imports copper through long - term contracts. The supply of copper concentrate has little increment, but the production of refined copper in China continues to increase. The consumption shows strong reality and weak expectation. The company is bullish on the long - term copper price [14]. - **Another Shanghai trading company**: The company mainly imports copper from "Belt and Road" countries. The shortage of copper concentrate is due to low processing fees. The Russian copper in LME warehouses will be shipped to China in batches. The overall supply and demand of copper are in a tight balance [15]. - **Yet another Shanghai trading company**: The market contradictions mainly come from the conflicts between traders and smelters and between raw materials and elements. The 232 result will affect the price structure, and the company is relatively optimistic about the price [17].

Core Viewpoint - The credit rating agency maintains a stable outlook for Ningbo Jintian Copper Industry (Group) Co., Ltd. and its convertible bonds, reflecting the company's solid operational performance and market position in the copper processing industry [1][2]. Company Overview - Ningbo Jintian Copper Industry is a leading domestic copper processing enterprise with a comprehensive product range and significant market share [2][3]. - The company has expanded its production capacity, with a total capacity of 2.2524 million tons/year for copper and copper products as of the end of 2024 [8]. Financial Performance - The company reported a revenue of 124.16 billion yuan in 2024, representing a year-on-year increase of 12.36% [8]. - The gross profit margin for copper and copper products improved, reaching 2.36% in 2024 [8][9]. - The company has maintained a low bad debt ratio and high accounts receivable turnover efficiency, with accounts receivable turnover days increasing slightly from 17.01 days in 2022 to 20.23 days in 2024 [10]. Market Position and Industry Dynamics - The copper processing industry in China is characterized by a high dependence on imported copper ore, with an import dependency rate of 85% [6]. - The demand for copper in various sectors, including electricity, home appliances, and transportation, has been increasing, with electricity demand accounting for 46% of total copper demand in 2023 [6]. - The company has established a strong supply chain for raw materials, primarily sourcing cathode copper and recycled copper, with a procurement concentration of about 30% from the top five suppliers [11]. Investment Projects - The company is currently undertaking several major projects, including a 70,000-ton precision copper alloy rod project and an 80,000-ton precision copper pipe production project in Thailand, funded through self-raised capital and convertible bond proceeds [12][13]. Future Outlook - The credit rating agency anticipates that the company's credit quality will remain stable in the coming months, with a stable outlook for its credit rating [2][3].

Core Viewpoint - Ningbo Bowei Alloy Materials Co., Ltd. maintains a long-term credit rating of AA, reflecting its strong operational performance and financial stability despite challenges in the photovoltaic sector due to U.S. tariff policies [2][4]. Company Overview - The company primarily engages in alloy materials and photovoltaic businesses, maintaining a technological advantage in alloy materials and a differentiated advantage in overseas photovoltaic markets [2][4]. - As of the end of 2024, the company reported total assets of 172.95 billion yuan and equity of 84.20 billion yuan, with total revenue of 186.55 billion yuan and a profit of 15.46 billion yuan [8][12]. Financial Performance - In 2024, the company's alloy materials revenue increased significantly, driven by strong downstream demand, while photovoltaic revenue declined due to U.S. tariff impacts [5][12]. - The alloy strip business saw a sales volume increase of 42.23% and a net profit increase of 171.12%, attributed to high-growth sectors such as new energy vehicles and semiconductors [5][12]. - The company maintains a light debt burden, with strong short-term and long-term debt repayment indicators, indicating low financial risk [5][12]. Industry Analysis - The global photovoltaic industry is facing challenges, including increased competition and tariff impacts, which may affect profitability [9][10]. - The company has been recognized as a top supplier in the U.S. photovoltaic market, but future profitability may be at risk due to changing tariff policies and market conditions [4][10]. Operational Insights - The company continues to invest in capacity upgrades and technological improvements to maintain competitiveness [4][6]. - The alloy materials business has a diversified product range, including copper alloys used in various high-growth industries, and has a strong focus on R&D, with 164 patents held [10][12]. Risk Factors - The company's photovoltaic projects in Vietnam and the U.S. face uncertainties due to U.S. tariff policies and potential subsidy reviews, which could impact operational profitability [6][9]. - Rising accounts receivable and inventory levels indicate significant working capital usage, which may affect liquidity [6][12].

| 证券代码：002203 证券简称：海亮股份 | | | 公告编号：2025-039 | | | --- | --- | --- | --- | --- | | 债券代码：128081 债券简称：海亮转债 | | | | | | 浙江海亮股份有限公司 | | | | | | 本公司及董事会全体成员保证公告内容的真实、准确和完整，并对公告中的 | | | | | | 虚假记载、误导性陈述或者重大遗漏承担责任。 | | | | | | 重要内容提示： | | | | | | 浙江海亮股份有限公司（以下简称"公司"）于 2024 年 月 7 | 11 | | 日、2024 年 | | | 审议通过了《关于回购公司股份方案的议案》，同意公司使用自有资金和回购专 | | | | | | 项贷款以集中竞价交易方式回购公司已发行的人民币普通股（A | | | 股）。本次回购 | | | 股份将用于实施股权激励或员工持股计划，拟用于回购资金总额不低于人民币 | | | 5 | | | 亿元（含），且不超过人民币 6 亿元（含），回购股份价格上限为 | | | 13.29 | 元/股（含）。 | | 具体内容详见公司于 20 ...

Core Viewpoint - The global market for shaped copper strips is projected to grow significantly, with sales expected to reach $1,080.86 million in 2024 and $1,519.64 million by 2031, reflecting a compound annual growth rate (CAGR) of 4.78% from 2025 to 2031 [3] Market Overview - The shaped copper strip market is primarily driven by demand in China, which is expected to account for 48.54% of the market revenue in 2024, followed by Taiwan and Japan at 19.76% and 18.56% respectively [3] - The production capacity and end-users are mainly concentrated in Asia, particularly in China, due to the rising demand for electronic products, especially in the automotive and renewable energy sectors [3] Product and Application Insights - Copper alloys are expected to dominate the market, with a projected revenue share of 89.43% by 2031 [4] - Lead frames are anticipated to account for approximately 86.58% of revenue in 2024, with a CAGR of about 4.87% from 2025 to 2031 [4] - The shaped copper strip is crucial in semiconductor applications, requiring high thermal resistance, corrosion resistance, and excellent electrical conductivity [4] Industry Characteristics - The industry is characterized by diverse applications, high technical intensity, and reliance on advanced manufacturing technologies such as precision rolling and laser cutting [4] Domestic Market Dynamics - Domestic companies have accelerated the pace of replacing imported products, achieving breakthroughs in self-research and development, which has led to increased domestic production capacity [5][11] - The market is currently dominated by Japanese and European companies, but domestic firms are gradually increasing their market share [7] Growth Drivers - Technological innovations in production methods have led to improvements in product quality and precision, addressing the strength limitations of traditional copper materials [8] - The demand for shaped copper strips is expected to rise due to their superior electrical and mechanical properties, particularly in high-precision electronic applications [9] - Government policies supporting the development of high-end copper alloys are creating more opportunities for the industry [10] Challenges and Barriers - The industry faces challenges such as fluctuations in raw material prices and supply risks, particularly due to high dependence on electrolytic copper [12] - Production processes are energy-intensive, and rising energy and environmental costs are putting pressure on profit margins [13] - New entrants face significant barriers, including high technical, financial, and market entry challenges due to established competitors and stringent environmental regulations [15][16][17][18]

Core Insights - The current spot price for 1 electrolytic copper in Shanghai is reported at 78,510.00 CNY per ton, with a premium of 640.00 CNY over the futures main price of 77,870.00 CNY per ton [1] - The futures market shows a slight decline, with the main contract closing at 77,870.00 CNY per ton, down 0.15%, with a trading volume of 73,407 lots on May 28 [2] Price Overview - The price list for 1 electrolytic copper shows various quotes: - Shanghai Huatuo: 78,510 CNY/ton - Guangdong Nanshu: 78,500 CNY/ton - Shanghai YS: 78,495 CNY/ton [2] Market Capacity and Inventory - In 2025, 29 major domestic copper strip and sheet processing enterprises have a combined effective capacity of 2.034 million tons, accounting for 48.7% of the national effective total capacity [3] - As of May 28, the Shanghai Futures Exchange recorded a copper futures warehouse receipt of 34,861 tons, a decrease of 100 tons from the previous trading day, with a cumulative reduction of 6,357 tons over the past week, representing a decrease of 15.42% [3] Market Analysis - The market is facing price suppression due to global economic weakness expectations driven by tariff policies, alongside a backdrop of a mild recession and high interest rates in the U.S. [4] - Support for prices is expected from tight copper raw material supply and potential new restocking demand following tariff easing [4] - Recent trends show a continuous reduction in LME and SHFE inventories, indicating that spot premiums and backwardation structures may persist for an extended period, supporting a strong price fluctuation [4]

Group 1 - The implementation of the "Private Economy Promotion Law" supports private enterprises in participating in national strategic projects and encourages investment in emerging industries and technological upgrades [1][2] - As of April this year, China has cultivated 605,000 technology and innovation-oriented SMEs and over 490,000 high-tech enterprises, with private enterprises accounting for over 92% of national high-tech enterprises [2] - The law aims to alleviate financial pressures on private enterprises by providing funding support and facilitating access to major projects and technology research initiatives [2][3] Group 2 - The law encourages private enterprises to strengthen foundational and cutting-edge research, develop key technologies, and promote the integration of technological and industrial innovation [3] - Companies like Zhongzi Technology and Zongheng Co. are significantly increasing their R&D investments, with Zhongzi's R&D expenditure reaching 110 million yuan in 2024, a 26.13% increase, and Zongheng's R&D investment at 92.44 million yuan, a 27.22% increase [3][4] - Zongheng Co. is focusing on transforming its drone technology towards a tool-based and platform-based model, integrating AI and cloud platforms to enhance efficiency in various applications [4] Group 3 - Hai Liang Co., a leader in the copper processing industry, emphasizes the importance of technological innovation for strategic upgrades and seeks government support for industry-academia collaboration [4][5] - The company has developed an "order class" model for training blue-collar workers and technical personnel, highlighting the need for government-led initiatives to facilitate industry-wide cooperation in talent development [4]

证券代码：002203 证券简称：海亮股份 浙江海亮股份有限公司投资者关系活动记录表 编号：2025005 投 资 者 关 系 活 动类别 √特定对象调研 □分析师会议 □媒体采访 □业绩说明会 □新闻发布会 □路演活动 □现场参观 □其他 （请文字说明其他活动内容） 参 与 单 位 名 称 及人员姓名 具体参会名单详见附件 时间 2025 年 5 月 14 日（周三） 地点 浙江省杭州市滨江区海亮科研大厦会议室 上 市 公 司 接 待 人员姓名 董事会秘书 童莹莹 投资者关系活 动主要内容介 绍 董事会秘书童莹莹女士向投资者介绍了海亮股份的发展历 程、使命愿景、产品服务、全球布局、对外投资、未来展望等。 公司就投资者在本次调研活动中提出的问题进行了回复： 问题一、请问公司在全球拥有 23 个生产基地，未来在海外 市场拓展方面有哪些具体计划？管理层对海外基地未来的经营 预期如何？ 您好！公司在全球范围内布局 23 个生产基地，国内基地覆 盖浙江、上海、安徽、广东、四川、重庆、甘肃、山东等省市， 而海外基地则遍及美国、德国、法国、意大利、西班牙、越南、 泰国、印度尼西亚、摩洛哥等国家。 公司管理层以前瞻性战略眼 ...

Core Viewpoint - The Chinese copper industry is leveraging "digital intelligence" as a key strategy to enhance global competitiveness and production efficiency [1][3][4]. Group 1: Industry Development - The Chinese copper industry has seen continuous growth in scale, structural optimization, and technological advancement, forming competitive industrial clusters that support strategic emerging industries like new energy and information technology [3][4]. - The Ministry of Industry and Information Technology of China has issued a development plan for the copper industry from 2025 to 2027, emphasizing high-quality development [3]. Group 2: Technological Innovation - The industry is undergoing a transformation driven by systematic technological innovation, with upstream mining adopting automation to improve extraction efficiency, and midstream companies developing ultra-thin high-strength copper materials for new energy applications [4][8]. - Companies like Jintian Copper are implementing over 100 digital and intelligent projects annually, achieving a 100% networking rate for key equipment and an 82% coverage rate for data collection, resulting in a 5% increase in product yield and a 26% boost in labor productivity [3][5]. Group 3: Global Expansion and Collaboration - Jintian Copper's overseas revenue reached 12.16 billion RMB in 2024, marking a 26.75% year-on-year increase, with production bases established in Vietnam and Thailand, and a global supply chain and sales network in place [5]. - The company is actively collaborating with domestic and international copper processing firms and research institutions to share resources and address challenges posed by trade disputes [4][5]. Group 4: Risk Management and Market Adaptation - The volatility of copper prices has led companies like Zhongji Ningbo Group to develop a comprehensive commodity trading risk management system, integrating trading, risk management, market analysis, and compliance [7]. - The domestic copper industry has established a multi-layered and differentiated application of futures and derivatives, enhancing market liquidity and price discovery [7][8].

Summary of Copper and Recycled Copper Market Analysis Industry Overview - The analysis focuses on the copper and recycled copper market, highlighting supply and demand dynamics, production trends, and pricing factors for 2025 [1][3][40]. Key Points Supply and Demand Dynamics - Copper mine supply growth is projected to be only 1%-2% in 2025, while domestic smelters are expected to add over 1 million tons of new production capacity, leading to a tight supply situation amid increasing demand [1][3]. - In the first four months of 2025, electrolytic copper production increased by approximately 400,000 tons year-on-year, primarily due to the significant contribution of recycled copper anode plates [1][6]. - Domestic recycled copper supply increased by 87,000 tons year-on-year in the first four months of 2025, driven by rising copper prices and policies promoting the replacement of old equipment [1][11]. Production and Profitability - The average processing profit for copper processing and recycled copper industries remains high, encouraging companies to maximize production capacity, particularly for anode plates, which are expected to reach 1.85 to 1.90 million tons in 2024 [1][8][9]. - Current smelting operations are facing challenges, with zero single transactions generally resulting in losses of around 1,500 yuan, reflecting the tough market environment [1][7]. - The processing profit for recycled copper anode plates is notably high, with profits reaching 500 to 600 yuan per ton, driving increased production [5][8]. Regional Development - Key regions for the development of the recycled copper industry include Jiangxi, Anhui, Hubei, and Sichuan, benefiting from tax incentives and attracting significant investment [1][10]. Market Influences - The growth in electric grid investment is expected to boost demand for wires and cables, with a positive outlook for the real estate market in 2025, indicating a narrowing year-on-year decline [2][17]. - The impact of U.S.-China trade tensions has led to fluctuations in the supply of recycled metals, with April 2025 seeing a decrease in supply due to tariffs [14][24]. Price Trends - Copper prices are expected to remain optimistic in 2025, with a support level likely above 70,000 yuan, despite potential volatility due to macroeconomic factors [25][41]. - The price sensitivity of downstream demand is significant, with order volumes increasing when prices drop to around 75,000 yuan [30][31]. Future Outlook - The overall outlook for the recycled copper supply is positive, with expectations of an increase in both imported and domestic supply, driven by policy changes and the aging of equipment [22][35]. - The anticipated stability in the waste copper market suggests that while the second quarter may not show significant growth, the overall demand for copper is expected to rise in the latter half of 2025 [24][40]. Additional Insights - The relationship between electrolytic copper production and recycled copper anode plates is crucial, as the latter helps to fill the production gap caused by slow growth in copper mines [28]. - The competition for waste copper between smelting and processing plants is influenced by market prices, affecting production decisions and supply flows [29]. This comprehensive analysis provides a detailed overview of the current state and future prospects of the copper and recycled copper markets, highlighting key trends, challenges, and opportunities for stakeholders in the industry.