Group 1 - The core point of the article is that Jiangxi Copper's stock price in Hong Kong fell by 2.9% following the announcement of a plan to issue bonds not exceeding 25 billion yuan [1] Group 2 - The bond issuance plan is aimed at raising funds, which may indicate the company's strategy to strengthen its financial position or fund new projects [1] - The market reaction, reflected in the stock price decline, suggests investor concerns regarding the implications of the bond issuance on the company's financial health [1] - The specific amount of 25 billion yuan is significant, as it represents a substantial capital raise for the company [1]

Core Insights - The copper market is expected to experience a fluctuating upward trend in 2025, influenced by factors such as signals of interest rate cuts from the Federal Reserve, tariff policy adjustments, and mining accidents, with prices reaching a peak of 88,700 yuan/ton [1] - The importance of copper in the AI era is highlighted, as it plays a critical role in the hardware infrastructure necessary for AI development, particularly in terms of electrical conductivity and heat dissipation [2][3] Copper's Importance - Copper is essential due to its excellent electrical conductivity and thermal performance, making it irreplaceable in the AI industry [3] - Compared to other conductive materials, copper offers a significant balance between cost and performance, with electrolytic copper priced at 86,000 yuan/ton [5] - In AI data centers, copper usage is substantial, with a standard cabinet requiring over 1 ton of copper for power distribution systems [6] Supply Chain Challenges - The global copper supply chain faces unprecedented pressure due to resource distribution, market prices, and environmental regulations [7] - Major copper-producing countries like Chile, Peru, and the Democratic Republic of Congo hold nearly half of the world's copper reserves, making the supply chain vulnerable to geopolitical risks [7] - The price of copper has risen from 77,000 yuan/ton at the beginning of 2023 to 86,000 yuan/ton, with a projected increase to over 90,000 yuan/ton by 2025 [7] Environmental Compliance - Increasing environmental regulations, such as the EU's new battery regulations and the U.S. Inflation Reduction Act, are raising the bar for copper supply chain sustainability [9] - The importance of the recycled copper industry is growing, with approximately 35% of global copper supply coming from recycled sources [9] Future Industry Outlook - By 2026, the copper industry is expected to enter a phase of tight supply and demand balance, driven by supply constraints and upgraded demand from sectors like AI data centers and electric vehicles [10][11] - The supply side is under pressure due to frequent production disruptions and limited new capacity, while demand is shifting towards new growth areas [11] Development Opportunities - The integration of AI technology with the copper industry is creating opportunities in smart upgrades, technological innovation, and industrial transformation [14] - The adoption of liquid cooling technology in data centers is projected to increase significantly, driving demand for high-end copper cooling products [15] - Innovations in recycled copper technology and the establishment of carbon footprint tracking systems are expected to reshape the industry [16]

Core Viewpoint - Jiangxi Copper Co., Ltd. has signed a cooperation framework agreement with China Ordnance Material Group Co., Ltd. to engage in the purchase and sale of products such as cathode copper, crude copper, and electrolytic nickel, which is classified as a related party transaction due to the ownership structure [2][6]. Group 1: Agreement Overview - The agreement primarily involves the purchase and sale of cathode copper, crude copper, and electrolytic nickel [2][31]. - China Ordnance Material Group holds a 29.52% stake in Jiangxi Copper's subsidiary, Jiangxi Copper International Trade Co., Ltd., making it a related party under the Hong Kong Stock Exchange rules [2][6]. - The board of directors approved the related party transaction, with related directors abstaining from voting, and it does not require shareholder approval [2][6]. Group 2: Financial and Operational Details - As of the end of 2024, China Ordnance Material Group reported total assets of 2,205,946 thousand RMB and net assets of 446,882 thousand RMB, with a revenue of 4,727,253 thousand RMB and a net profit of 29,085 thousand RMB for the year [4]. - The agreement is set to be effective from January 1, 2026, to December 31, 2028, allowing for the procurement of cathode copper and electrolytic nickel from both domestic and international sources [16][30]. Group 3: Impact on the Company - The collaboration with China Ordnance Material Group is expected to enhance Jiangxi Copper's market competitiveness and brand influence, facilitating efficient integration of resources within the non-ferrous metal industry [31].

Core Viewpoint - The copper market is experiencing weakness due to sluggish domestic demand and increasing social inventory, leading to a decline in copper prices [1] Group 1: Market Performance - On Friday night, copper prices showed a significant decline, closing down by 0.68% after a slight recovery in the morning [1] - The overall atmosphere in the non-ferrous sector has turned weak, with domestic copper demand remaining low [1] Group 2: Inventory and Supply - As of January 19, domestic electrolytic copper inventory reached 338,000 tons, an increase of 10,500 tons compared to January 15 [1] - The recent increase in domestic supply and high copper prices have limited purchasing demand from downstream enterprises, contributing to the rise in inventory [1] Group 3: Processing Fees and Production - Domestic copper concentrate processing fees continue to operate weakly, although trading enthusiasm has shown some recovery [1] - A survey indicated that five domestic smelting plants will undergo maintenance in January, leading to expectations of a decline in refined copper production [1] Group 4: Future Outlook - Jinrui Futures suggests that while the market has cooled due to the postponement of tariffs, the impact on copper may be minimal, and the price spread has not shown significant changes [1] - The anticipated tightness in the copper market is expected to persist, indicating that the overall strong fluctuation in copper prices may not be over yet [1]

Core Viewpoint - Jiangxi Copper intends to issue debt financing tools not exceeding 250 billion RMB to expand financing channels and reduce costs [1][2]. Group 1: Company Announcement - Jiangxi Copper's board of directors approved a proposal to apply for membership registration with the China Interbank Market Dealers Association and to issue non-financial corporate debt financing tools [2]. - The proposed debt financing tools include medium-term notes up to 150 billion RMB and ultra-short-term financing bonds up to 100 billion RMB [1][2]. - The funds raised will be used for repaying interest-bearing debts, supplementing working capital, or for project acquisitions, in compliance with national laws and regulations [2]. Group 2: Meeting Details - The board meeting was held on January 19, 2026, in Nanchang, with all nine directors present [2]. - The meeting complied with the Company Law of the People's Republic of China and the company's articles of association [2].

Report Title - Copper Weekly Report: US Copper Tariffs May Be Delayed, Bullish Sentiment Cools [1] Report Date - January 19, 2026 [1] Report Industry Investment Rating - Not mentioned in the report Core Viewpoints of the Report - Trump's suspension of tariffs on key minerals, combined with the strengthening of the US dollar and the suppression of downstream market demand by high - priced copper, brings adjustment pressure to copper prices. Although the supply - shortage trend of copper concentrate is difficult to reverse, and there is still a logic for copper price increase due to global energy transformation and incremental demand, the short - term support has significantly decreased, and copper prices have entered a high - level shock pattern [9]. Summary by Directory 1. Main Viewpoints and Strategies 1.1 Last Week's Market Review - Last week, Shanghai copper fluctuated at a high level. As of January 16, it closed at 100,770 yuan/ton, with a weekly decline of 0.8%. The shortage at the mine end was not substantially repaired, and the spot processing fee of copper concentrate remained at a historical low. The strike at Chile's Mantoverde copper mine continued. Downstream demand was limited, and domestic inventory continued to accumulate. Trump's statement on not considering tariff hikes narrowed the LME - COMEX arbitrage space. With the strengthening of the US dollar index and the increase in profit - taking sentiment, copper prices fluctuated at a high level [5]. 1.2 Supply - Demand and Inventory Analysis - **Supply**: The shortage of copper concentrate continued. The strike at Mantoverde copper mine in Chile continued. As of January 16, the domestic copper concentrate port inventory was 547,000 tons, with a week - on - week increase of 21.76% and a year - on - year decrease of 19.32%. The spot smelting fee of copper concentrate was - 46.4 US dollars/ton. In December, China's electrolytic copper production was 1.178 million tons, with a month - on - month increase of 6.8% and a year - on - year increase of 7.54%. The total electrolytic copper output in January is expected to decline month - on - month [8]. - **Demand**: The downstream was under pressure at high copper prices, but the copper foil industry's operating rate increased. As of January 15, the weekly operating rate of domestic major refined copper rod enterprises was 57.47%. In December, the operating rates of copper strips, copper bars, copper tubes, and copper foils were 68.21%, 52.74%, 68.84%, and 88.2% respectively [8]. - **Inventory**: Domestic copper inventory continued to accumulate, and COMEX copper inventory continued to increase. As of January 16, the copper inventory of the Shanghai Futures Exchange was 21.35 tons, with a week - on - week increase of 18.26%. As of January 15, the total copper inventory in the mainstream regions of China increased by 17.2% week - on - week, and the total inventory increased by 2.128 million tons year - on - year. As of January 16, the LME copper inventory was 143,600 tons, with a week - on - week increase of 3.31%, and the COMEX copper inventory was 542,900 short tons, with a week - on - week increase of 4.81% [8]. 1.3 Strategy Suggestions - Trump's suspension of tariff hikes on key minerals, the strengthening of the US dollar, and the suppression of downstream demand by high - priced copper bring adjustment pressure to copper prices. Although the supply - shortage trend at the mine end is difficult to reverse, and the logic for copper price increase still exists, the short - term support has decreased, and copper prices have entered a high - level shock pattern [9]. 2. Macroeconomic and Industry News 2.1 Macroeconomic Data Overview - China's exports denominated in US dollars in December increased by 6.6% year - on - year, and imports increased by 5.7% year - on - year. In 2025, China's total goods trade volume exceeded 45 trillion yuan, and the trade surplus was expected to reach 1.2 trillion US dollars. - In 2025, China's social financing scale increased by more than 35 trillion yuan, and RMB loans increased by 16.27 trillion yuan. - The core CPI increase in the US in December was 2.6%, remaining at the lowest level in four years. - US retail sales in November unexpectedly strengthened, with a month - on - month increase of 0.6%. - The PPI in the US in November rebounded to 3% year - on - year, and the core PPI increased by 0% month - on - month [13]. 2.2 Industry News Overview - In November 2025, copper production in Chile decreased by 3% to 130,900 tons. - Japan's Pan Pacific Copper raised the 2026 copper premium in Japan to a record 330 US dollars/ton. - Chile's copper exports in December were 146,401 tons, and the exports of copper ore and concentrates were 1,170,302 tons. - In 2025, China's imports of copper ore and concentrates were 3.031 million tons, a year - on - year increase of 7.9%. - In 2025, China's imports of unwrought copper and copper products were 532,100 tons, a year - on - year decrease of 6.4%. - Rio Tinto's Nuton project reached a copper supply agreement with Amazon's cloud computing service department [14]. 3. Spot - Futures Market and Positioning 3.1 Premium and Discount - As the delivery approached, the discount converged. The high price and limited supply of high - quality copper drove up the premium. The spot premium of Shanghai copper was stable during the week, but the discount widened at the end of the week. The LME copper 0 - 3 premium widened, and the New York - London copper spread weakened. Trump's statement on not considering tariff hikes on key minerals narrowed the LME - COMEX arbitrage space [17]. 3.2 Domestic and Foreign Positions - As of January 16, the trading position of Shanghai copper futures was 225,933 lots, a week - on - week increase of 9.42%, and the average daily trading volume was 286,732.4 lots, a week - on - week increase of 3.96%. As of January 9, the net long position of LME copper investment companies and credit institutions was 9,769.24 lots, a week - on - week increase of 217.29%. As of January 13, the net long position of COMEX copper asset management institutions was 63,391 lots, a week - on - week decrease of 7.11% [20]. 4. Fundamental Data 4.1 Supply Side - The shortage of copper concentrate continued due to mine - end disruptions. The strike at Mantoverde copper mine in Chile continued. As of January 16, the domestic copper concentrate port inventory was 547,000 tons, with a week - on - week increase of 21.76% and a year - on - year decrease of 19.32%. The spot smelting fee of copper concentrate was - 46.4 US dollars/ton. In December, China's electrolytic copper production was 1.178 million tons, with a month - on - month increase of 6.8% and a year - on - year increase of 7.54%. The total electrolytic copper output in January is expected to decline month - on - month [31]. 4.2 Downstream Operating Rates - As of January 15, the weekly operating rate of domestic major refined copper rod enterprises was 57.47%. In December, the operating rates of copper strips, copper bars, copper tubes, and copper foils were 68.21%, 52.74%, 68.84%, and 88.2% respectively. The copper foil industry's operating rate increased for the eighth consecutive month [35]. 4.3 Inventory - As of January 16, the copper inventory of the Shanghai Futures Exchange was 21.35 tons, with a week - on - week increase of 18.26%. As of January 15, the total copper inventory in the mainstream regions of China increased by 17.2% week - on - week, and the total inventory increased by 2.128 million tons year - on - year. As of January 16, the LME copper inventory was 143,600 tons, with a week - on - week increase of 3.31%, and the COMEX copper inventory was 542,900 short tons, with a week - on - week increase of 4.81% [39].

Summary of Key Points from the Conference Call Industry Overview - The current copper cycle is driven by the AI technology revolution and the re-electrification of developed countries, indicating a structural shift in copper demand [1][2] - The global economy faces challenges such as aging populations, debt expansion, and de-globalization, making the supply chain security of strategic resources like refined metals crucial [1] Core Insights and Arguments - The AI super cycle is identified as the fourth major copper cycle, with historical cycles driven by core demand [2] - Despite a slowdown in global economic growth, copper prices have continued to rise, breaking the traditional correlation between economic growth and copper prices [2][3] - The relationship between U.S. inflation expectations and copper prices has changed, with expectations of tariffs on imported refined copper exacerbating regional supply imbalances [2] - By the end of 2026, the global supply-demand balance for electrolytic refined copper is expected to tighten further, with prices projected to stabilize above $13,000 [2][24] Demand Drivers - The AI industry and related sectors (data centers, smart homes, electric vehicles, humanoid robots) are driving strong demand for refined metals, significantly supporting current price levels [4][8] - Emerging industries are expected to contribute an additional 600,000 to 800,000 tons of copper demand by 2026, with infrastructure investments in China and Europe also boosting demand [20][21] Supply Challenges - Major copper mines are expected to face production challenges due to accidents and power shortages, leading to low growth rates in output [9] - Capital expenditures in copper mining are currently low, with a projected growth rate remaining subdued from 2026 to 2030 [10][11] - Resource nationalism and policy uncertainties are increasing project development times, leading companies to prefer mergers and acquisitions over new projects [12] Market Dynamics - The de-dollarization process is expected to increase the demand for strategic resources, with geopolitical risks affecting supply chains [6][18] - The U.S. is likely to maintain high domestic copper inventories, which could lead to supply shortages in non-U.S. regions [18] - The anticipated economic policies in China and the U.S. are expected to support copper demand through fiscal and monetary easing [19] Price Outlook - The copper price is projected to rise by 20% in 2026, influenced by geopolitical tensions and macroeconomic conditions [24] - Key factors affecting copper prices include U.S.-China economic performance, dollar liquidity, and price differentials between Comex and domestic markets [25] Investment Recommendations - The A-share copper sector is viewed as having a safe valuation level, with potential for upward movement in 2026 [26] - Companies with high certainty in future production growth, such as Zijin Mining, Luoyang Molybdenum, and Minmetals Resources, are recommended for investment [28]

Core Viewpoint - The article emphasizes that the copper market is expected to remain tight in 2026, supporting a potential increase in copper prices despite current pressures on demand [4]. Supply and Demand - As of January 16, 2026, SHFE copper closed at 100,770 CNY/ton, down 0.63% from January 9, while LME copper closed at 12,803 USD/ton, down 1.50% [4]. - The TC spot price has reached a historical low, indicating tight procurement conditions for copper concentrate [4][6]. - Domestic copper social inventory increased by 17.2% week-on-week, while LME copper inventory rose by 4.6% [5]. Inventory Levels - Domestic mainstream port copper concentrate inventory stood at 690,000 tons, up 7.8% week-on-week as of January 16, 2026 [5]. - Global electrolytic copper inventory totaled 900,000 tons, reflecting a week-on-week increase of 7.7% [5]. Supply Factors - In October 2025, China's copper concentrate production was 130,000 tons, down 8.1% month-on-month and 12.1% year-on-year [6]. - The price difference between refined copper and scrap copper was 3,391 CNY/ton, down 1,010 CNY/ton from January 9 [6]. Smelting and Processing - The TC spot price was recorded at -46.6 USD/ton, marking a historical low [7]. - In December 2025, China's electrolytic copper production was 1,178,100 tons, up 6.8% month-on-month and 7.5% year-on-year [7]. Demand Insights - Cable manufacturing, which accounts for approximately 31% of domestic copper demand, saw a weekly operating rate of 55.99%, down 0.59 percentage points [8]. - Air conditioning production, representing about 13% of domestic copper demand, is projected to decline by 11.4% and 2.4% in the first quarter of 2026 [8]. Futures Market - As of January 16, 2026, the SHFE copper active contract open interest increased by 24% week-on-week, reaching 226,000 lots [9]. - COMEX non-commercial net long positions were recorded at 53,000 lots, down 7.6% week-on-week [9].

1. Report Industry Investment Rating No information provided in the report. 2. Core Viewpoints of the Report - Despite short - term news - induced pullbacks, the medium - to long - term upward trend of copper prices remains unchanged. The strategy is to buy on dips in the medium term, with the reference support range for Shanghai copper 2603 being 94,000 - 95,000 yuan/ton [8][9]. - The vulnerability of the copper mine end is prominent, with frequent production disruptions at major overseas mines. From 2025 - 2026, global copper mine production growth is expected to be limited. Although domestic refined copper production increased in December 2025, future production may decline due to reduced processing fees. - Recent domestic downstream copper consumption has weakened, and Nvidia's revision of copper demand data for data centers may lower market expectations for future copper demand. However, the impact on overall copper demand is relatively limited. New energy, power grids, photovoltaic, and wind power are expected to maintain high - speed growth and remain the main drivers of new copper demand. In the context of limited supply growth, the supply - demand balance of copper is likely to tighten in the short term, and the long - term upward price trend is unlikely to change [9]. 3. Summary by Directory 3.1 Week - ly Views and Strategies - **Strategy**: Buy on dips in the medium term, with the reference support range for Shanghai copper 2603 being 94,000 - 95,000 yuan/ton [8]. - **Macro**: The US imposed a 25% tariff on some semiconductors starting from January 15, 2026, with exemptions for data centers and the public sector. Copper import tariffs only apply to semi - finished products, and refined copper is not restricted. The People's Bank of China lowered the re - lending rates for supporting agriculture and small businesses by 0.25 percentage points starting from January 19. China will cancel the VAT export tax rebate for photovoltaic products starting from April 1, and the tax rebate rate for battery products will be phased out [9]. - **Supply**: The vulnerability of the copper mine end is prominent, with frequent production disruptions at major overseas mines. The ICSG predicts that the global copper mine production growth rate may drop to 0.9% in 2025. From 2025 - 2026, copper mine production growth is expected to be restricted. In December 2025, domestic refined copper production increased by 76,000 tons month - on - month. Overseas smelting capacity expansion is slow due to energy prices [9]. - **Demand**: Domestic downstream copper consumption has weakened recently, with an increase in production cuts and suspensions. Nvidia's revision of copper demand data for data centers may lower market expectations for future copper demand, but the impact on overall copper demand is relatively limited. New energy, power grids, photovoltaic, and wind power are expected to maintain high - speed growth and remain the main drivers of new copper demand [9]. - **Inventory**: Last week, LME copper inventory decreased slightly, while domestic social and exchange inventories increased rapidly. The off - season and significant price increases have affected downstream demand [9]. 3.2 Futures and Spot Markets - **Futures, Spot, and Premiums**: Relevant data on domestic futures and spot prices and Shanghai flat - water copper premiums are presented, but no specific analysis is provided [13]. - **LME Copper Price and Shanghai - London Ratio**: Relevant data on LME copper price trends and the Shanghai - London ratio are presented, but no specific analysis is provided [15]. 3.3 Supply and Inventory - **Global Copper Mine Capital Expenditure and New Large - scale Copper Mine Discoveries**: Global copper exploration investment has fluctuated significantly. Since 2015, the discovery of high - grade copper mines has decreased year by year, and new large - scale copper mines are often located in areas with poor geological conditions or political instability, with long development cycles [24]. - **Global Copper Mine and Refined Copper Production Distribution**: In 2024, the top three countries in global copper mine production were Chile (23%), Congo (DRC) (15%), and Peru (11%); the top three countries in global refined copper production were China (45%), Congo (DRC) (9%), and Chile (7%) [27][29]. - **Copper Concentrate Processing Fees TC and Global Copper Mine Production**: As of January 16, 2026, the comprehensive TC price of 26% clean copper concentrate was - 46.40 US dollars/dry ton, and the comprehensive spot price was 3498 US dollars/dry ton. In 2025, the global copper concentrate production was 15.305 million tons from January to October, and the annual production in 2024 was 22.388 million tons, a year - on - year increase of 2.1% [33]. - **Copper Concentrate Import and Inventory**: In November 2025, China's copper concentrate imports were 2.5262 million tons, a month - on - month increase of 3.05% and a year - on - year increase of 13.13%. From January to November 2025, the cumulative imports were 27.614 million tons, a year - on - year increase of 8.0%. In the third week of 2026, the port inventory of imported copper concentrate in China was 547,000 tons [40]. - **Global and Chinese Electrolytic Copper Production**: In October 2025, the global refined copper production was 2.2419 million tons, with a consumption of 2.2433 million tons, a supply shortage of 1400 tons. From January to October 2025, the global refined copper production was 22.6095 million tons, with a consumption of 22.5734 million tons, a supply surplus of 36,100 tons. In October 2025, China's refined copper (electrolytic copper) production was 1.204 million tons, a year - on - year increase of 8.9%; from January to October, the cumulative production was 12.295 million tons, a year - on - year increase of 9.7% [44]. - **Chinese Electrolytic Copper Import and Export Volume**: In November 2025, China's refined copper imports were 304,700 tons, a year - on - year decrease of 23.47%. From January to November 2025, the cumulative imports were 3.1031 million tons, a year - on - year decrease of 278,000 tons, a cumulative year - on - year decrease of 8.2%. From January to November 2025, the cumulative exports were 681,000 tons, a year - on - year increase of 49.33% [46]. - **Chinese Scrap Copper Import and Refined - Scrap Price Difference**: From January to November 2025, China's cumulative imports of recycled copper raw materials (copper scrap and waste) were 2.104 million tons, a year - on - year increase of 3.6%. As of January 16, 2026, the refined - scrap price difference in the Guangdong market was 5505 yuan/ton, higher than the reasonable price difference of 1500 yuan/ton [50][51]. - **International Visible Inventory**: As of January 15, 2026, the LME copper inventory was 141,600 tons, and the copper inventory in the New York market rose to 542,900 tons, reaching a new high in the same period in recent years [58][59]. - **Domestic Inventory**: Since the end of the year, domestic social and SHFE copper inventories have increased rapidly. As of January 15, 2026, the domestic social inventory was 327,500 tons, and the SHFE inventory reached a new high since May last year [63][64]. 3.4 Primary Processing and End - user Markets - **Primary Processing Market**: From January to November 2025, China's cumulative copper product output was 22.593 million tons, a year - on - year increase of 4.9%. In November 2025, China imported 427,000 tons of unwrought copper and copper products; from January to November, the cumulative imports were 4.883 million tons, a year - on - year decrease of 4.7%. From January to November 2025, the total export of unwrought copper was 1.4971 million tons, a year - on - year increase of 24.10% [70][75]. - **End - user Market - Power**: From January to November 2025, the investment in power source projects of major power generation enterprises in China was 850 billion yuan, a year - on - year decrease of 1.8%; the investment in power grid projects was 560.4 billion yuan, a year - on - year increase of 5.9% [79]. - **End - user Market - Real Estate**: From January to November 2025, the national real estate development investment was 7.8591 trillion yuan, a year - on - year decrease of 15.9%; among them, residential investment was 6.0432 trillion yuan, a decrease of 15.0% [85]. - **End - user Market - Automobile**: From January to November 2025, China's automobile production and sales were 31.231 million and 31.127 million vehicles respectively, a year - on - year increase of 11.9% and 11.4% respectively. From January to November 2025, the production and sales of new energy vehicles were 14.907 million and 14.780 million vehicles respectively, a year - on - year increase of 31.4% and 31.2% respectively, and the sales of new energy vehicles accounted for 47.5% of the total sales of new vehicles. It is expected that the sales of new energy vehicles in China will reach 1.85 million in 2026, and although the copper consumption growth rate will drop to about 15%, the absolute increase in copper consumption will still be considerable [90][95]. - **End - user Market - Home Appliances**: In November 2025, the national air - conditioner output was 15.026 million units, a year - on - year decrease of 23.4%; from January to November, the cumulative output was 245.361 million units, a year - on - year increase of 1.6%. From January to November 2025, the export volume of Chinese household appliances was 4.082801 billion units, a year - on - year decrease of 0.4%. Among them, the cumulative export of air - conditioners from January to November was 55.13 million units, a year - on - year decrease of 2.9% [99]. - **End - user Market - Photovoltaic and Wind Power**: From January to November 2025, the national cumulative power generation installed capacity was 3.79 billion kilowatts, a year - on - year increase of 17.1%. Among them, the installed capacity of solar power generation was 1.16 billion kilowatts, a year - on - year increase of 41.9%; the installed capacity of wind power was 600 million kilowatts, a year - on - year increase of 22.4%. It is expected that the new installed capacity of photovoltaic in China in 2026 will be between 235 - 270GW, and the new installed capacity of wind power in 2025 will be 78 - 80GW. The single - consumption of copper in photovoltaic and wind power is gradually decreasing. It is expected that the copper consumption of photovoltaic and wind power installations in China will decrease by 2% in 2025 and by more than 12% in 2026 [103][107]. 3.5 Supply - Demand Balance Sheet and Industrial Chain Structure - **Global Copper Downstream Demand Structure Change and Supply - Demand Balance Forecast**: Since 2020, the global copper demand structure has changed significantly. It is expected that the proportion of green copper demand (photovoltaic, wind power, new energy vehicles) will exceed that of construction demand in 2025. From 2026 - 2028, the global refined copper supply will be 27.97 million tons, 28.94 million tons, and 28.84 million tons respectively, with a year - on - year increase of 1.6%, 1.7%, and 1.4%; the global refined copper demand will be 28.13 million tons, 28.80 million tons, and 29.45 million tons respectively, with a year - on - year increase of 2.9%, 2.4%, and 2.3%. There will be continuous supply shortages of 160,000 tons, 360,000 tons, and 610,000 tons from 2026 - 2028 [110][111]. - **Industrial Chain Structure**: No specific content is provided in the report.

证券日报网1月16日讯 ，云南铜业（000878）在接受调研者提问时表示，资产注入涉及复杂的系统工 作，需综合考虑发展战略、资产条件、监管要求及股东利益等多方面因素。公司将持续关注并努力提升 上市公司质量，如有新的相关安排，将严格按照规定履行决策和披露程序。 ...