Core Viewpoint - Zijin Mining is facing challenges in its copper business due to recent seismic events at its Kamoa-Kakula copper mine, while simultaneously planning to spin off its gold subsidiary, Zijin Gold International, to enhance international financing capabilities [3][10]. Group 1: Copper Business - As of the end of 2024, Zijin Mining's copper resources amount to 110 million tons, ranking second globally [2]. - The Kamoa-Kakula copper mine has experienced multiple seismic events, which are expected to negatively impact the annual production targets [3][11]. - The mine's operations have been temporarily suspended in affected areas, with a focus on processing surface stockpiles [11]. - The estimated contribution of the Kamoa-Kakula copper mine to Zijin Mining's net profit for 2024 is approximately RMB 1.72 billion, accounting for 5.37% of the total [11][12]. Group 2: Gold Business and Spin-off - Zijin Mining plans to spin off its wholly-owned subsidiary, Zijin Gold International, for listing on the Hong Kong Stock Exchange [4][5]. - The subsidiary, established in 2007, focuses on gold exploration, mining, processing, and sales, with projected net profits of RMB 1.371 billion, RMB 1.67 billion, and RMB 3.318 billion for 2022, 2023, and 2024, respectively [4][5]. - The spin-off aims to create an independent platform for financing and enhance Zijin Gold International's competitiveness in international capital markets [8]. Group 3: Financial Position and Debt - As of the end of 2024, Zijin Mining's current assets are RMB 98.939 billion, while current liabilities are RMB 99.784 billion, indicating a current asset deficit [8]. - The company has issued various debt instruments totaling over RMB 50 billion from 2020 to 2024 [8]. - Despite a significant increase in net profit of 62.39% year-on-year in Q1 2024, the company faces pressure from its aggressive acquisition strategy [9].

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative increase in stock price of over 20% compared to the benchmark index within the next six months [2][13]. Core Insights - The company reported a revenue of 2.013 billion yuan in 2024, a year-on-year decrease of 10.66%, while the net profit attributable to shareholders reached 390 million yuan, reflecting a significant increase of 163.56% [4][9]. - In Q1 2025, the company achieved a revenue of 353 million yuan, with net profit attributable to shareholders at 8 million yuan, marking year-on-year growth of 33.92% and 194.37% respectively [4][9]. - The growth in performance is primarily attributed to rising metal prices, completion of technical upgrades at the Jingshan mine, and compensation received from litigation [4][5]. - The average spot prices for silver, gold, lead, and zinc increased by 30.94%, 23.87%, 9.67%, and 8.18% respectively in 2024 [4][5]. Financial Performance Summary - The company’s production figures for silver, gold, lead, and zinc were 138,590 tons, 125 tons, 13,406 tons, and 24,368 tons respectively, showing a decline of 4.48%, 15.38%, 0.42%, and 1.84% year-on-year [5]. - The gross profit for 2024 was 986 million yuan, an increase of 35.53% year-on-year, with contributions from lead concentrate, zinc concentrate, and silver ingots [5][9]. - The company has been actively acquiring quality asset stakes, including the remaining 47% stake in Honglin Mining and 33% in its subsidiary Jingshan Mining, with a profit commitment of no less than 470 million yuan from 2025 to 2027 [5][6]. Growth Outlook - The Jingshan Mining subsidiary is expected to resume normal production in 2025, with an annual mining capacity of 480,000 tons, while Honglin Mining is projected to begin trial production in the second half of 2025 [6]. - Revenue projections for 2025, 2026, and 2027 are 2.749 billion yuan, 3.214 billion yuan, and 3.704 billion yuan respectively, with year-on-year growth rates of 36.56%, 16.91%, and 15.24% [6][9]. - The net profit attributable to shareholders is forecasted to be 601 million yuan, 778 million yuan, and 901 million yuan for the same years, reflecting growth rates of 54.05%, 29.41%, and 15.93% respectively [6][9].

1. Report Industry Investment Rating The report does not provide an overall industry investment rating. However, for individual metals, the mid - term outlooks are as follows: - Copper: Oscillating on the strong side [5] - Alumina: Oscillating [5] - Aluminum: Oscillating [6] - Zinc: Oscillating on the weak side [7] - Lead: Oscillating [10] - Nickel: Oscillating on the weak side [11] - Stainless steel: Oscillating [15] - Tin: Oscillating [18] 2. Core Viewpoints of the Report The overall view is that the US dollar is trending weakly, providing support for the non - ferrous metals market. In the short - to - medium term, the real supply - demand fundamentals are expected to strengthen again, and the macro - outlook is positive with some fluctuations. Attention should be paid to structural opportunities and short - long opportunities for varieties with supply disruptions. In the long - term, the demand prospects for base metals are uncertain, and opportunities to short on rallies can be considered for some oversupplied or expected - to - be - oversupplied varieties [1]. 3. Summary by Related Catalogs 3.1行情观点 3.1.1 Copper - Information: Supply disruptions occur at Zijin Mining's mine, and the annual mid - term negotiation for copper processing fees is approaching. China's electrolytic copper production has increased, and the spot premium is stable. The inventory has decreased slightly. Glencore is buying Russian copper for the Chinese market [5]. - Logic: Macro risks have decreased, and the supply of copper mines is tight with ongoing processing fee negotiations. Demand is rising in the peak season, but the inventory decline has slowed down [5]. - Outlook: Copper prices are expected to oscillate on the strong side in the short term due to supply constraints and increasing demand [5]. 3.1.2 Alumina - Information: The spot price has a slow increase, and a Guizhou enterprise is resuming production. Guinea is cracking down on mining rights [5]. - Logic: In the short - to - medium term, the supply of bauxite is sufficient, and the tightness of the spot market has eased. There are many long - term news events causing market fluctuations [5]. - Outlook: The logic of near - month production resumption is more certain. Consider 7 - 9/7 - 1 reverse arbitrage after the spot and inventory inflection points [5]. 3.1.3 Aluminum - Information: The spot price is rising, and the inventory is decreasing. Some enterprises in Sichuan are resuming production. Russia may supply more aluminum to the US [6]. - Logic: Tariff issues have improved, and the supply growth is limited. The demand is strengthening, and the supply - demand is in a tight balance in the long - term [6]. - Outlook: The demand is rising slightly, and the inventory is expected to decline. It is recommended to go long on dips, and the price will oscillate [6]. 3.1.4 Zinc - Information: The spot premium is stable, and the inventory is decreasing. A mine's production is expected to be lower than expected [7]. - Logic: The market has digested the maintenance news. The supply of zinc ore is loosening, and the demand is seasonally rising but with limited new orders [7]. - Outlook: The demand is recovering, but the long - term supply surplus is expected, and the price will oscillate on the weak side [7]. 3.1.5 Lead - Information: The price of waste batteries has increased, and the lead ingot price has decreased slightly. The inventory has decreased, and it is the traditional consumption off - season [10]. - Logic: The spot discount is stable, the supply cost is rising, and the demand from battery factories is good [10]. - Outlook: After the Geneva negotiation, the tariff impact has weakened. The demand is in the off - season, but the cost support is stable, and the price will oscillate [10]. 3.1.6 Nickel - Information: The LME and domestic inventories are increasing. Indonesia has various policies and events affecting the nickel market [11]. - Logic: Market sentiment dominates the market. The industry fundamentals are weakening marginally, with high inventory and supply pressure [11]. - Outlook: Short - term wide - range oscillation, and short on rallies for the long - term [11]. 3.1.7 Stainless steel - Information: The futures warehouse receipt inventory has decreased, and the spot premium has widened. The predicted price of Indonesian nickel ore is stable to slightly decreasing [15]. - Logic: The price of nickel and chromium is stable, and the supply is high. The demand is out of the peak season, and the inventory has decreased [15]. - Outlook: Cost provides some support, but demand is weakening. The price will oscillate in the short term [15]. 3.1.8 Tin - Information: The inventory in London and Shanghai has changed, and the spot price has increased slightly. There are rumors of tin ore inflows from Wa State [18]. - Logic: The market sentiment has improved, and the fundamentals are still resilient. However, supply disruptions are easing, and the long - term demand is not optimistic [18]. - Outlook: The macro - environment has improved, but the upside is limited. The price will oscillate, and the performance of开工 rate and inventory will determine the price height in the second quarter [18]. 3.2行情监测 The report only lists the names of different metals (copper, alumina, aluminum, zinc, lead, nickel, stainless steel, tin) for monitoring, but no specific monitoring content is provided [21][35][47][60][64][84][99][109]

Core Points - The company announced a cash dividend of RMB 0.040 per share (before tax) for its A shares [1][2] - The dividend distribution plan was approved at the annual general meeting held on May 20, 2025 [1] - The record date for shareholders is June 4, 2025, with the last trading day and ex-dividend date both on June 5, 2025 [1][2] Dividend Distribution Details - The total share capital used for the dividend distribution is 819,964,698 shares [2] - The cash dividends will be distributed through China Securities Depository and Clearing Corporation Limited, Shanghai Branch [3] - No bonus shares or capital increase will be involved in this distribution [3] Taxation Information - For individual shareholders holding shares for over one year, the dividend income is exempt from personal income tax, resulting in an actual cash dividend of RMB 0.040 per share [4] - For shares held for less than one year, the tax will be calculated upon transfer of the shares, with the actual cash dividend remaining RMB 0.040 per share [4] - For Qualified Foreign Institutional Investors (QFII), a 10% withholding tax will apply, leading to an actual cash dividend of RMB 0.036 per share [5]

Group 1 - The core point of the announcement is that Jinwei Mining Co., Ltd. is establishing a wholly-owned subsidiary, Gansu Jinwei Jiate Mining Co., Ltd., with a registered capital of 20 million yuan [1][2] - The investment decision aligns with the company's long-term development strategy and is considered a prudent decision by the board [1][2] - The establishment of the subsidiary will not require approval from the shareholders' meeting, as it does not involve related transactions or constitute a major asset restructuring [1][2] Group 2 - Gansu Jinwei Jiate Mining Co., Ltd. is a limited liability company with a registered capital of 20 million yuan, located in Longnan City, Gansu Province [2] - The business scope includes non-coal mining resource extraction, geological exploration of metal and non-metal mineral resources, and mineral processing [2] - The investment will lead to the addition of a subsidiary to the company's consolidated financial statements but will not adversely affect the company's financial status or operating results [2]

登录新浪财经APP 搜索【信披】查看更多考评等级 信息披露义务人国民信托有限公司保证向本公司提供的信息内容真实、准确、完整，没有虚假记载、误 导性陈述或重大遗漏。 本公司及董事会全体成员保证公告内容与信息披露义务人提供的信息一致。 特别提示： 1、本次权益变动性质为股份减少，不触及要约收购。 2、本次权益变动不涉及公司控股股东及实际控制人，不会导致公司控股股东、实际控制人发生变化， 不会对公司经营及治理结构产生影响。 1、本次权益变动未触及要约收购，不会导致公司实际控制人发生变更，亦不会对公司治理结构和持续 经营构成影响。 2、本次权益变动后，股东国民信托持股比例降至5%以下。 3、根据《证券法》《公开发行证券的公司信息披露内容与格式准则第15号一一权益变动报告书》等法 律法规及规范性文件相关规定，股东国民信托作为信息披露义务人编制了简式权益变动报告书，具体内 容详见公司同日在巨潮资讯网（www.cninfo.com.cn）披露的《简式权益变动报告书》。 4、本次权益变动符合《中华人民共和国证券法》《深圳证券交易所上市公司自律监管指引第18号一一 股东及董事、监事、高级管理人员减持股份》等有关法律法规及规范性 ...

Report Industry Investment Rating - Not provided in the content Core Views - **Copper**: Today, copper prices fluctuated downward and rebounded in the afternoon. The main contract price has certain support at the 78,000 level. Macroscopically, the domestic sentiment weakened today, and non - ferrous metals generally declined. Recently, the weak operation of the index is beneficial to copper prices. Industrially, the marginal increase in inventory last week put pressure on the futures price, but on the 26th, Mysteel's electrolytic copper social inventory was 141,100 tons, a decrease of 11,000 tons from last week, which is beneficial to copper prices. In the short term, continue to focus on the long - short game at the 78,000 level, and it is expected that the futures price will oscillate strongly [5]. - **Aluminum**: Today, aluminum prices dived in the morning and then stabilized in the range of 20,000. Macroscopically, the domestic sentiment weakened today, and non - ferrous metals generally declined. Industrially, benefiting from good downstream demand, the social inventory of electrolytic aluminum continued to decline at a low level. On the 26th, Mysteel's electrolytic aluminum social inventory was 540,000 tons, a decrease of 47,000 tons from last week. It is expected that the futures price will remain strong, and the technical support at the 20,000 mark can be concerned [6]. - **Nickel**: Today, nickel prices oscillated weakly, and the main contract price stabilized at the 122,000 level with a slight increase in open interest. Last week, nickel prices oscillated weakly, and the price center moved down. In the short term, the upstream of nickel is strong and the downstream is weak, showing a neutral state with weak price drivers; in the long term, it is bearish, and the price center continues to decline. Technically, the short - term nickel price broke through the 123,000 mark downward, and it is expected that the futures price will operate weakly [7]. Summary by Relevant Catalogs 1. Industry Dynamics - **Copper**: On May 27, according to the National Bureau of Statistics, from January to April 2025, the non - ferrous metal smelting and rolling processing industry achieved an operating income of 2,959.46 billion yuan, a year - on - year increase of 18.0%; the operating cost was 2,795.27 billion yuan, a year - on - year increase of 18.5%; the total profit was 91.63 billion yuan, a year - on - year increase of 24.5%. From January to April, the non - ferrous metal mining and dressing industry achieved an operating income of 128.35 billion yuan, a year - on - year increase of 18.0%; the operating cost was 74.78 billion yuan, a year - on - year increase of 7.2%; the total profit was 36.54 billion yuan, a year - on - year increase of 47.8%. On May 26, the Shanghai Futures Exchange issued an announcement on the release of the "Regulations on the Management of Non - Ferrous Metal Delivery Commodities of the Shanghai Futures Exchange" (Revised Edition in May 2025). On May 26, Mysteel's electrolytic copper social inventory was 141,100 tons, a decrease of 800 tons from the 19th and a decrease of 2,600 tons from the 22nd [9]. - **Aluminum**: On May 26, Mysteel's electrolytic aluminum inventory was 540,000 tons, a decrease of 17,900 tons from the 22nd and a decrease of 47,000 tons from the 19th [9]. - **Nickel**: On May 27, the mainstream reference contract for refined nickel in the Shanghai market was the SHFE nickel 2506 contract. The mainstream premium of Jinchuan electrolytic nickel was +2,200 yuan/ton, with a price of 124,280 yuan/ton; the mainstream premium of Russian nickel was +350 yuan/ton, with a price of 122,430 yuan/ton; the mainstream premium of Norwegian nickel was +2,600 yuan/ton, with a price of 124,680 yuan/ton; the mainstream premium of nickel beans was - 900 yuan/ton, with a price of 121,180 yuan/ton [10]. 2. Relevant Charts - **Copper**: The report includes charts such as copper basis, copper monthly spread, domestic visible inventory of electrolytic copper (social inventory + bonded area inventory), overseas copper exchange inventory, LME copper cancellation warrant ratio, and SHFE warrant inventory [11][13][14] - **Aluminum**: The report includes charts such as aluminum basis, aluminum monthly spread, domestic social inventory of electrolytic aluminum, overseas exchange inventory of electrolytic aluminum (LME + COMEX), alumina trend, alumina inventory [24][26][29] - **Nickel**: The report includes charts such as nickel basis, nickel monthly spread, LME inventory, SHFE inventory, LME nickel trend, and nickel ore port inventory [37][39][41]

Meeting Details - The meeting of Guangxi Huaxi Nonferrous Metals Co., Ltd. is scheduled for June 12, 2025, at 15:00, with online voting from 9:15 to 15:00 on the same day [2] - The meeting will be held at the Beibu Gulf Shipping Center, Nanning, Guangxi [2] Agenda - The meeting will include the announcement of the meeting's start, qualification review of attending shareholders, discussion of agenda items, and a voting process [2][3] - Key agenda items include the election of independent and non-independent directors for the ninth board of directors [3][4] Election Proposals - Proposal for the election of an independent director, He Liwen, whose term will last until the end of the ninth board of directors [4][5] - Proposal for the election of a non-independent director, Cen Yeming, with a similar term duration [5][6] Candidate Qualifications - Both candidates, He Liwen and Cen Yeming, have not faced penalties from the China Securities Regulatory Commission or other relevant authorities and meet the qualifications required by laws and regulations [8]

鉴于本次交易的最终交易对价尚未确定，发行股份购买资产的发行股份数量尚未确定。 募集配套资金方面，本次募集配套资金所发行股票种类为境内上市人民币普通股(A股)，每股面值为人 民币1.00元，上市地点为深交所。 本次发行股份募集配套资金的发行对象为中铝集团、中国铜业。 中国经济网北京5月26日讯云南铜业（000878）(000878.SZ)近日披露《发行股份购买资产并募集配套资 金暨关联交易预案》。公司股票于今日开市起复牌。 上市公司拟通过发行股份的方式购买云南铜业(集团)有限公司(简称"云铜集团")持有的凉山矿业股份有 限公司(简称：凉山矿业)40%股份，并向中国铝业（601600）集团有限公司(简称：中铝集团)、中国铜 业有限公司(简称：中国铜业)发行股份募集配套资金。 发行股份购买资产方面，本次发行股份购买资产所发行股票种类为境内上市人民币普通股(A股)，每股 面值为人民币1.00元，上市地点为深交所。 本次发行股份购买资产的发行对象为云铜集团。 本次发行股份购买资产的发行价格确定为9.31元/股，不低于定价基准日前20个交易日公司股票交易均 价的80%，且不低于上市公司最近一期末经审计的归属于上市公司股东 ...

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The macro - disturbances are weakening, but the Sino - US game continues, and there is still a possibility of repetition in the tariff issue. The prices of non - ferrous metals continue to fluctuate. The fundamentals of different metals have different impacts on prices, and the prices of each metal are expected to show different trends in the short term [3][4]. 3. Summary by Related Catalogs 3.1 Copper - **Trend Status**: High - level and strong - side oscillation, with a price range of 76000 - 79500 [3]. - **Market Viewpoint**: Mine - end disturbances continue, the cost pressure of smelters limits the downward space of prices, but the supply shortage pressure is difficult to change. Consumption in May weakened compared with April but was better than the same period. Social inventory has been slightly accumulating since May, and the spot premium has weakened, but the low - level inventory still supports the premium. The market demand is difficult to recover significantly at the end of the month, but there may be some inventory - building sentiment during the Dragon Boat Festival. The fundamentals still support the copper price, and the Shanghai copper may maintain an oscillating pattern before the festival [3]. - **Operation Suggestion**: Interval trading, and pay attention to the position of near - month contracts [3]. 3.2 Aluminum - **Trend Status**: Continued strong - side oscillation [3]. - **Market Viewpoint**: The revocation of some mining licenses in Guinea has escalated. The operating capacity of alumina has increased, and the operating capacity of electrolytic aluminum has also increased. The demand of domestic aluminum downstream processing enterprises has declined, and the off - season is approaching. However, the unexpected de - stocking of aluminum ingots and aluminum rods, and the 90 - day tariff window period promote export rush. The short - term aluminum price is expected to oscillate [3]. - **Operation Suggestion**: Wait - and - see [3]. 3.3 Zinc - **Trend Status**: Oscillation, with a price range of 22000 - 23000 [3]. - **Market Viewpoint**: The supply of the mine end is loose, and the domestic inventory has decreased. However, the traditional consumption peak season of downstream has passed, and the consumption is weak, with insufficient fundamental support. If the inventory turns, the decline of zinc price may expand [3]. - **Operation Suggestion**: Interval trading [3]. 3.4 Lead - **Trend Status**: Overall strong - side oscillation, with a price range of 16600 - 17100 [3]. - **Market Viewpoint**: The supply and demand are both weak. The import decline has accelerated the de - stocking of domestic lead, but it is in the consumption off - season, and both smelters and battery enterprises are waiting and watching [3]. - **Operation Suggestion**: Interval trading [3]. 3.5 Nickel - **Trend Status**: Weak - side oscillation, with a price range of 122000 - 127000 for nickel and 12800 - 13200 for stainless steel [3]. - **Market Viewpoint**: The nickel ore market in Indonesia is tight, and the cost is firm, but the long - term supply of nickel is excessive. The profit of nickel - iron is in deficit, the demand for stainless steel is average, and the demand for nickel sulfate is flat [3]. - **Operation Suggestion**: Interval trading [3]. 3.6 Tin - **Trend Status**: Side - way oscillation, with a price range of 250,000 - 275,000 [4]. - **Market Viewpoint**: The supply has recovered, and the consumption of the semiconductor industry is expected to recover. The inventory is at a medium level, and the mine - end resumption expectation is strong. The US tariff policy suppresses the terminal demand of electronic products, and the price fluctuation is expected to increase [4]. - **Operation Suggestion**: Interval trading, and pay attention to the supply resumption and downstream demand recovery [4]. 3.7 Industrial Silicon - **Trend Status**: The downward trend remains unchanged, and it continues to decline at a low level [4]. - **Market Viewpoint**: The weekly output and factory inventory have decreased, and the cost has decreased due to the decline in electricity prices and reducing agent prices. The start - up of industrial silicon furnaces has decreased, and the enterprises in the southwest region will gradually resume production during the wet season, but are restricted by the low silicon price [4]. - **Operation Suggestion**: Wait - and - see [4]. 3.8 Carbonate Lithium - **Trend Status**: The downward trend remains unchanged, and it continues to decline at a low level [4]. - **Market Viewpoint**: The supply exceeds demand, and the price is under pressure. The supply is stable, but the short - term demand growth rate is lower than the supply. The import supply is expected to increase, and the price is expected to continue the weak - side oscillation [4]. - **Operation Suggestion**: Short - selling at high prices, and pay attention to the upstream enterprise production cuts and cathode material factory production schedules [4]. 3.9 Macro - economic Data - **China**: In April, the year - on - year growth rate of social consumer goods retail slowed down, the added value of industrial enterprises above designated size increased, the real estate development investment continued to decline, and the 1 - year and 5 - year LPR both decreased by 10 basis points [13][14][15][16]. - **US**: In May, the Markit manufacturing, service, and comprehensive PMI were all better than expected and in an expansion state. The Trump tax - cut bill passed in the House of Representatives, and Trump threatened to impose a 50% tariff on the EU from June 1 [17][19][20]. - **Eurozone**: In May, the PMI unexpectedly shrank, and the service industry performance reached the worst level in 16 months [18].