登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：000426 证券简称：兴业银锡 公告编号：2025-92 内蒙古兴业银锡矿业股份有限公司 第十届董事会第二十五次会议决议公告 本公司及董事 会全体成员保证公告内容真实、准确和完整，没有虚假记载、误导性陈述或 者重大遗 漏。 一、董事会会议召开情况 内蒙古兴业银锡矿业股份有限公司（以下简称"公司"）第十届董事会第二十五次会议通知于2025年12月 3日以专人送达、电子邮件等方式发出，会议于2025年12月5日以通讯方式召开。本次会议应参加表决董 事9人，实际收到表决票9张。会议的召集、召开、表决符合《公司法》及《公司章程》的规定，决议合 法有效。 二、董事会会议审议情况 1、审议通过了《关于公司为子公司兴业黄金（香港）发行境外债提供担保的议案》 表决结果：同意9票，反对0票，弃权0票。 本议案已经公司董事会审计与法律委员会审查通过。具体内容详见公司同日于巨潮资讯网 （www.cninfo.com.cn）上披露的《关于公司为子公司兴业黄金（香港）发行境外债提供担保的公告》 (公告编号：2025-93)。 本议案尚需提交公司2025年第四次临时股东会审议 ...

与市场的乐观情绪相悖，高盛集团试图抑制对铜价破纪录涨势的热情，称铜价突破每吨1.1万美元的涨 势不太可能持续，因为全球供应依然充足。 在本周对客户的报告中，以Aurelia Waltham为首的高盛分析师们认为，近期铜价上涨的核心原因是"对 未来市场供应紧张的预期，而非当前基本面因素"，并补充称他们预计当前价格水平难以持续。 展望未来，高盛表示，预计至少到2029年以前不会出现全球性铜短缺，因为预计今年需求仍将比供应少 约50万吨。 "需求不佳，供应过剩——但价格却在上涨。这是一种特殊动态，"他表示，甚至预测非美国市场可 能"没有阴极铜。" **消除短缺担忧** 然而，高盛的分析师则持有不同的观点。虽然他们承认正在发生的供应短缺，导致明年上半年铜价预测 走高，但美国以外的"极低"库存可以通过提高地区溢价和收紧LME价差来避免。 "虽然2026年16万吨的小幅度过剩使得市场更趋于平衡，但这意味着我们预计全球铜市场不会很快进入 短缺状态，"他们写道，并补充说，价格明年将"局限于"每吨10,000-11,000美元区间。 铜价长期被看涨的预测最终都未能应验。尽管到2025年之前主要矿场的中断收紧了供应，但尽管清洁能 ...

Core Viewpoint - The recent surge in copper prices is driven by concerns over global supply shortages, exacerbated by Mercuria's announcement to withdraw over 40,000 tons of copper from LME warehouses, potentially pushing prices to historical highs [1][3]. Group 1: Copper Price Dynamics - Copper prices have increased by over 30% this year, with a notable spike attributed to supply disruptions in major producing countries like Indonesia and Chile, alongside rising demand [2][4]. - On December 2, Mercuria canceled or marked over 40,000 tons of copper for delivery from LME warehouses in South Korea and Taiwan, indicating a growing demand for physical copper [1][3]. - The LME copper trading price rebounded significantly, reaching a record high of $11,540 per ton, marking the third consecutive day of record closing prices [1]. Group 2: Supply Chain and Market Reactions - The surge in copper prices is linked to the uncertainty surrounding U.S. tariff policies, which have led to increased imports and a potential global supply shortage in the first quarter of the following year [3][4]. - The cancellation of warehouse receipts at LME reached a record high of 50,725 tons, reflecting the heightened demand and supply constraints [1][2]. - Analysts predict that the ongoing tariff threats will continue to drive prices upward, with a significant impact on global inventory levels [4][6]. Group 3: Diverging Market Perspectives - While some analysts, like those from Goldman Sachs, express caution regarding the sustainability of high copper prices, citing sufficient global supply to meet demand, others, like Mercuria, maintain a bullish outlook [6][7]. - Goldman Sachs forecasts a surplus of approximately 500,000 tons in copper supply this year, suggesting that the recent price increases are largely based on future market expectations rather than current fundamentals [6]. - Mercuria's leadership emphasizes that current high prices may soon appear low if trends continue, predicting a significant increase in U.S. copper imports by early 2026 [7].

Core Insights - The company is focusing on a plan to reduce costs and improve productivity, with a target of cutting unit costs by 4% from 2024 to 2030 [1][5] - The company expects to increase profits by up to 50% by 2023 due to capital discipline, rising commodity prices, and a 20% increase in copper production [5] - The company is streamlining its core business from four divisions to three, focusing on profitable assets, with certain assets like titanium and borates up for sale [5] - The copper production forecast for 2025 has been raised to between 860,000 and 875,000 tons, up from a previous estimate of 780,000 to 850,000 tons, driven by increased operations at the Oyu Tolgoi project in Mongolia [5][6] Industry Focus - Although the company's profits primarily come from iron ore, it is shifting its focus towards copper, aiming for an annual production of 1 million tons by 2030 [6] - Copper prices have reached record levels, and demand for this commodity is expected to remain high as the world transitions to green energy [7] - The company anticipates a more than 50% increase in copper production at Oyu Tolgoi this year, with a projected increase of about 15% in 2026 [3][8]

Group 1 - Goldman Sachs expresses caution regarding the recent surge in copper prices, stating that the breakout above $11,000 per ton will likely be temporary due to ample metal supply to meet global demand [1] - The recent rise in copper prices is primarily driven by expectations of future market tightness rather than current fundamentals, with Goldman Sachs predicting that the current price level will not be sustained [1] - Concerns over copper being rushed to the U.S. before global tariffs have led to a tightening of global supply, pushing prices to a record high of $11,540 per ton on the London Metal Exchange [1] Group 2 - Goldman Sachs forecasts a demand shortfall of approximately 500,000 tons compared to supply this year, with a significant copper shortage not expected until 2029 [2] - The anticipated supply surplus in 2026 is projected to be much smaller at only 160,000 tons, indicating that the market is moving closer to balance and suggesting that a copper shortage is not imminent [2]

Core Viewpoint - The non-ferrous metal sector is experiencing significant upward momentum, driven by expectations of interest rate cuts by the Federal Reserve, supply disruptions in key metals, and increased demand from the AI and clean energy sectors [2][3][4]. Group 1: Market Performance - The non-ferrous metal sector opened actively, with notable gains: Tin Industry Co. rose over 8%, Jincheng Mining and Western Mining increased over 6%, and several others including Luoyang Molybdenum and Jiangxi Copper rose over 5% [1]. - Specific stock performances include: - Jincheng Mining at 70.19, up 6.95% with a year-to-date increase of 95.34% [2] - Western Mining at 25.76, up 6.89% with a year-to-date increase of 70.64% [2] - Luoyang Jiya at 18.64, up 5.79% with a year-to-date increase of 189.17% [2]. Group 2: Supply and Demand Dynamics - The London Metal Exchange (LME) reported a significant increase in copper delivery applications, reaching 56,875 tons, the largest increase since 2013 [3]. - LME metal futures closed higher, with copper rising by $342 to $11,488 per ton, marking a historical high, and tin increasing by 4.21% to $40,685 per ton [3]. - The semiconductor and consumer electronics sectors are the primary applications for tin, accounting for over 65% of consumption, which is driving demand due to a recovery in the semiconductor industry [3]. Group 3: Future Outlook - Morgan Stanley forecasts that supply disruptions and global inventory mismatches will push copper prices to $12,500 per ton by mid-2026 [3]. - The copper market is experiencing "strategic locking" of COMEX inventories, which reduces market liquidity and exacerbates regional shortages, acting as a catalyst for price increases [4]. - The industrial metals sector is facing ongoing supply-demand imbalances, with global copper mine supply disruptions and increased demand from the clean energy transition [4]. Group 4: Precious and Minor Metals - The precious metals sector is benefiting from rising expectations of interest rate cuts, with silver prices reaching historical highs and ongoing supply shortages [5]. - The small metals sector, particularly tin, is gaining attention due to its critical role in the electronics supply chain, with recent price increases reflecting a recovery in demand from semiconductor and AI device sectors [5].

以下文章来源于深蓝财经 ，作者深蓝财经 图源：公司2024年年报 导语：陈景河的退休，也标志着一个财富神话的阶段性完成。 日前，紫金矿业的一份公告打破矿业圈平静。68岁的陈景河提出不再接受第九届董事会董事提名，这位掌舵万亿矿业帝国32年的"中国金王"正式 卸任。 全球矿业进入巨头主导时代，但未来带领紫金征战的是谁？陈景河的答案不再是自己。 交棒之际，紫金矿业的财富神话还在继续。随着伦敦现货白银价格创历史新高，12月1日收盘，资金矿业AH股双双涨超5%。有投资者打趣说，这 是对陈总的致敬行情。 一代"金王"谢幕 深蓝财经 . 影响价值圈层！创立于2011年，关注中国最具价值公司，是新中产的财富顾问。 11月28日，紫金矿业第八届董事会临时会议审议通过多项议案，最引人注目的是《关于拟聘任陈景河先生为公司终身荣誉董事长的议案》。 因年龄和家庭原因，陈景河主动提出 不再接受第九 届董事会董事候选人提名。尽管控股股东及董事会极力挽留，他坚持认为： 一个基业长青的企 业应从"创始人驱动"迈向"制度驱动" 。 他表示，目前公司新的核心管理团队已经成熟，是实现新老交替的最好时机。 然而，为表彰他的卓越功勋，董事会仍温情决定： ...

Core Viewpoint - Copper prices are experiencing a significant restructuring driven by expectations of U.S. tariffs and structural supply tensions globally, leading to a self-reinforcing cycle of inventory depletion and price increases [1][4]. Group 1: Market Dynamics - Goldman Sachs commodity experts warn that arbitrage trading based on tariff expectations is creating a cycle of "inventory depletion—widening price spreads—accelerated stockpiling," pushing global copper prices into historical high ranges [1]. - LME copper prices have seen a cumulative increase of 30% this year, with prices reaching $11,294.50 per ton, while Comex copper futures rose by 1.6% [1]. - The tightening of LME inventories, combined with active arbitrage trading in the COMEX market, is strengthening the backwardation structure, further stimulating arbitrage activities [4]. Group 2: Supply Challenges - Major copper mines are facing production challenges, including supply constraints at the Grasberg mine, declining inventories at Kakalua, operational friction at Codelco, weak output at Collahuasi, and low extraction rates at the QB project [4]. - The current supply-demand imbalance is expected to persist in the coming quarters, particularly as global copper mine supplies remain constrained and U.S. infrastructure demand remains strong [7]. Group 3: U.S. Market Influence - The U.S. is becoming the marginal price setter in the copper market, with predictions that copper prices could reach $12,000 to $13,000 per ton due to rising U.S. import demand [5]. - As the Chinese market reopens after the Spring Festival, it may face a significant shortage of copper cathodes, exacerbating the supply situation [5]. Group 4: Long-term Demand Drivers - Investors are entering the copper market not only for profitable U.S. arbitrage but also betting on long-term structural demand driven by the next wave of AI computing and global grid upgrades [6]. - The current market dynamics are seen as one of the most compelling trades in the last 30 years, according to industry experts [6].

Core Viewpoint - Zijin Mining, a multinational mining giant, is transitioning from a "founder-driven" model to an "institution-driven" model following the retirement of its founder Chen Jinghe after 32 years of leadership [1][3][15] Leadership Transition - Chen Jinghe, aged 68, will no longer accept nomination for the board due to age and family reasons, and will be appointed as honorary chairman and senior advisor [1][3] - The new board candidates consist of long-time executives who have worked closely with Chen, indicating a strong internal succession plan [4][5] Company Achievements - Under Chen's leadership, Zijin Mining grew from a struggling county-level mining company to a global mining powerhouse, producing 65% of China's copper and 24% of its gold [2][3] - The company ranks 267th in Forbes Global 2000 and 1st among global gold companies, with a market capitalization exceeding $100 billion [2][3] Management and Governance Changes - The board restructuring signifies a comprehensive upgrade in governance, including the cancellation of the supervisory board and the introduction of an audit and supervision committee [7][8] - A diverse group of independent director candidates has been nominated, bringing extensive experience in international mining and finance [8] Strategic Initiatives - Zijin Mining is reforming its incentive system to align management interests with company performance, emphasizing stock options over cash bonuses [8] - Chen has laid out a clear strategic vision for the future, including potential spin-offs of its gold, copper, and lithium assets to capitalize on different market dynamics [10][12] Recent Transactions - Zijin Mining's subsidiary, Zijin Gold International, successfully listed on the Hong Kong Stock Exchange, raising nearly $250 million, marking it as the second-largest IPO in Hong Kong this year [11][12] - The company completed the acquisition of 100% equity in Kazakhstan's Raygorodok gold mine for $1.2 billion (approximately 8.6 billion RMB), which is expected to support its gold production targets [12][13][14]

Core Viewpoint - Cobalt prices have surged past the $50,000 mark due to strict supply controls, with LME cobalt futures rising by $1,465 to $50,035 per ton [1] Group 1: Supply Dynamics - The Democratic Republic of the Congo (DRC) has not resumed cobalt exports despite the expiration of its export ban, which has significant implications for global supply [1] - The DRC supplies approximately 75% of the world's cobalt, making any changes in its export policy critical for the electric vehicle, battery, and aerospace industries [1] Group 2: Export Policy Changes - The DRC implemented an export ban starting February 22 due to dissatisfaction with low cobalt prices, which was extended in June and ultimately replaced by a quota system on October 16 [1] - The export ban ended on October 15, transitioning to a new quota system aimed at controlling supply upon the resumption of exports [1]