东方证券研报指出，铜陵有色是国内最大的阴极铜生产企业之一，冶炼产能超过170万吨，目前已经逐 渐成为覆盖"资源—冶炼—加工"全产业链的综合性铜业公司。公司铜产品营收和毛利贡献较大，但2024 年以来由于铜矿供给趋紧导致铜冶炼费下行，公司铜产品毛利率小幅下降。市场担心，公司因其较大的 铜冶炼产能是否会受到铜冶炼费持续下行的影响而对利润空间造成挤压。铜价上行确定性增强，冶炼费 亦存边际利好预期，利润弹性有望受益提升。公司锚定高端铜加工市场，子公司铜冠铜箔已于2022年分 拆上市，在AI、电子通信行业快速发展背景下，高端电子铜箔产品有望迎来更大应用市场。此外，黄 金等副产品板块有望继续增益公司利润。首次覆盖给予公司"买入"评级。 ...

商 品 研 究 2025 年 11 月 21 日 【基本面跟踪】 铜基本面数据 | 昨日收盘价 | | 日涨幅 | 昨日夜盘收盘价 | 夜盘涨幅 | | --- | --- | --- | --- | --- | | 沪铜主力合约 | 86,130 | 0.02% | 85920 | -0.24% | | 伦铜3M电子盘 | 10,686 | -1.08% | - | - | | 较前日变动 | 昨日成交 | | 昨日持仓 | 较前日变动 | | 期 货 沪铜指数 | 177,960 | -7,559 | 523,117 | -4,003 | | 伦铜3M电子盘 | 18,624 | 2,012 | 317,000 | 84 | | 昨日期货库存 | | 较前日变动 | 注销仓单比 | 较前日变动 | | 沪铜 | 54,983 | -3,369 | - | - | | 伦铜 | 157,925 | 50 | 6.00% | -0.16% | | LME铜升贴水 | | 昨日价差 -33.13 | 前日价差 -35.33 | 较前日变动 2.20 | | 保税区提单升水 | | 48 | 48 | 0 | | ...

Report Investment Rating - Copper: Cautiously bullish [8] - Arbitrage: On hold - Options: Short put Core View - Although high copper prices significantly suppress consumption, due to tight supply at the mine end and better - than - expected performance of new energy sectors like photovoltaics in the second half of the year, copper prices are likely to maintain a volatile and slightly bullish pattern [8] Summary by Relevant Catalog Market News and Important Data - **Futures Quotes**: On November 20, 2025, the main Shanghai copper contract opened at 86,540 yuan/ton and closed at 86,130 yuan/ton, a 0.06% change from the previous trading day's close. The night - session main contract opened at 86,380 yuan/ton and closed at 85,920 yuan/ton, a 0.53% drop from the afternoon close [1] - **Spot Situation**: SMM's 1 electrolytic copper spot price was 86,180 - 86,690 yuan/ton on November 20, with an average premium of 80 yuan/ton over the current - month contract, down 5 yuan from the previous day. The import loss widened to around 800 yuan/ton. Market sentiment improved, and copper price drops spurred downstream restocking. Regional price differences may continue [2] - **Important Information**: US September non - farm payrolls increased by 119,000, more than double the expected level, but July and August figures were revised down by 33,000. The September unemployment rate rose to 4.4%. US initial jobless claims decreased by 8,000 to 220,000 last week, while continuing claims reached a 4 - year high. Trump may delay semiconductor tariff implementation and plans to launch an AI development plan [3] Supply - Side Analysis - **Mine End**: Chile, the world's largest copper producer, faces production constraints. This year's production is expected to increase by only 0.1% to 5.51 million tons, with a 2.5% growth to 5.6 million tons in 2026. Magna Mining's Levack mine has significant nickel, copper, and precious metal resources, with plans for restart and development in 2026 [4] - **Smelting and Imports**: In October 2025, China's refined copper imports decreased by 13.62% month - on - month and 16.32% year - on - year. Reasons include RMB exchange - rate fluctuations, lower domestic spot premiums, and closed import windows. Domestic social inventories have been rising since late September, and domestic production growth has compensated for the import shortfall [5] Demand - Side Analysis - **Consumption**: China aims to add 100 GW of new energy storage capacity from 2025 - 2027, reaching 180 GW by 2027. The US is expected to add 19 GW of storage power and 52.5 GWh of capacity in 2025. Energy storage expansion will increase demand for copper, with China's copper demand in the electric vehicle and energy - transition sectors expected to grow by 18% to 3 million tons in 2025 [6] Inventory and Warehouse Receipts - LME warehouse receipts changed by 17,375 tons to 157,925 tons. SHFE warehouse receipts changed by - 3,369 tons to 54,983 tons. On November 20, domestic electrolytic copper spot inventory was 194,500 tons, a 700 - ton change from the previous week [7] Strategy - **Copper**: Buy on dips between 85,000 - 85,500 yuan/ton for hedging, and sell - hedge enterprises can operate between 88,500 - 89,000 yuan/ton [8] - **Arbitrage**: Suspend operations - **Options**: Short put

南财智讯11月21日电，云南铜业在投资者关系活动中表示，大股东旗下的秘鲁铜业生产情况正常。2023 年6月，中国铜业已将其持有的中矿国际100%股权委托公司管理，以避免同业竞争。公司作为中铝集 团、中国铜业唯一铜产业上市平台，将持续依托股东资源与行业合作优势推进发展。如有资产注入事 项，将严格按照相关规定履行信息披露义务。 ...

Group 1 - Recent copper price movements have been influenced by supply-side production cuts and the Federal Reserve's monetary policy, leading to a strong rally followed by a pullback due to hawkish signals from the Fed [1] - The macroeconomic environment remains marginally loose, but its positive impact on the market is limited, with expectations for a rate cut in December now below 50% [1] - Supply uncertainties persist, with a decrease in refined copper production and imports in September, while global copper markets may face a supply gap of approximately 150,000 tons by 2026 [1][2] Group 2 - The inventory structure shows regional mismatches, with high Comex copper inventories and slight accumulations in SHFE, while LME inventories are declining [2] - The TC (treatment charge) remains at historically low levels, indicating ongoing tightness in copper ore supply, with upcoming negotiations expected to influence TC levels for 2026 [2] - As the fourth quarter progresses, copper prices are likely to be driven by supply and demand dynamics, with macroeconomic stimuli failing to create a sustained trend [3]

证券代码：600362 证券简称：江西铜业 公告编号：临2025-039 债券代码：243700 债券简称：25江铜K1 江西铜业股份有限公司关于 召开2025年第三季度业绩说明会的公告 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，对公告的虚假记载、误导性陈述或者重大 遗漏负连带责任。 重要内容提示： ● 会议召开时间：2025年11月26日（星期三）16:00一一17:00 ● 会议召开方式：本次说明会通过上海证券交易所上证路演中心（https://roadshow.sseinfo.com/）以网络 互动方式召开。 一、说明会类型 江西铜业股份有限公司（以下简称公司）已于2025年10月29日发布了《江西铜业股份有限公司2025年第 三季度报告》。为使广大投资者更加全面、深入地了解公司情况，公司决定召开业绩说明会，就投资者 关心的问题进行交流。 1、投资者可以在2025年11月26日（星期三）16:00一17:00，通过互联网注册并登录上海证券交易所上 证路演中心（https://roadshow.sseinfo.com/），以网络互动形式参加本次说明会，就所关心的问题与公司 管理层进行沟通交流。 ...

本次权益分派股权登记日为：2025年11月27日，除权除息日为：2025年11月28日。 MACD金叉信号形成，这些股涨势不错！ 格隆汇11月20日丨江西铜业(600362.SH)发布2025年第二次中期权益分派实施公告，本次利润分配以利 润分配实施公告前确定的股权登记日的A股总股本20.75亿股，扣除回购专用证券账户的回购股份 1044.18万股后，即以20.65亿为基数，每股派发现金红利0.40元（含税）。 ...

截至发稿，铜陵有色市值为684亿元。 每经头条（nbdtoutiao）——展望"十五五" | 专访黄群慧：既要重视AI赋能千行百业，也要考量其对就业 的替代效应和带来的收入极化 （记者 曾健辉） 每经AI快讯，铜陵有色（SZ 000630，收盘价：5.1元）11月20日晚间发布公告称，公司十届二十七次董 事会会议于2025年11月20日在安徽省铜陵市长江西路铜陵有色展示馆二楼会议室召开。会议审议了《公 司关于制定、修订部分管理制度的议案》等文件。 2025年1至6月份，铜陵有色的营业收入构成为：非贸易收入占比99.18%，贸易收入占比0.82%。 ...

铜价高位区间延续，宏观预期主导后市方向 一、日度市场总结 铜期货市场数据变动分析 主力合约与基差 ：11月19日SHFE铜主力合约收于86030元/吨，较前一交易 日小幅回升250元/吨，但较11月13日仍下跌470元/吨。基差方面，平水铜 升水扩大至50元/吨，湿法铜贴水维持-55元/吨。LME（0-3）贴水扩大 至-35.33美元/吨，创近两周新高。 持仓与成交 ：LME铜持仓量11月18日减少4891手至319542手，LME库存单日 下降4.14%。国内方面，SMM监测显示86000元/吨下方现货采购情绪指数升 至3.13，低价刺激下游补库需求释放。 产业链供需及库存变化分析 供给端 ：短期扰动与长期增量并存。刚果（金）Kalando铜矿桥梁坍塌事 故或影响局部运输，但科菲科技与刚果（金）LEDYA集团签订的60kt/a铜选 冶化项目及TrueNorth Copper在澳大利亚Mt Oxide项目的高品位矿体发现 预示中期供应增量。华北地区冶炼厂检修结束令现货升贴水承压，国内精 铜供应边际宽松。 需求端 ：电力基建支撑韧性。国家能源集团松滋八宝100MW风电项目获 批，配套160MWh储能设施将拉动铜 ...

新能源及有色金属日报 | 2025-11-20 下游采购对铜价有所支撑 市场要闻与重要数据 期货行情： 2025-11-19，沪铜主力合约开于 85530元/吨，收于 86080元/吨，较前一交易日收盘0.50%，昨日夜盘沪铜主力合约 开于 86,540元/吨，收于 86,190 元/吨，较昨日午后收盘上涨0.26%。 现货情况： 据 SMM 讯，昨日SMM 1#电解铜现货报价85930~86300元/吨，对当月合约均价升水85元/吨，较前日上涨15元。早 盘期铜自85800元/吨震荡走高，跨月价差呈Contango结构，进口亏损维持在600元/吨以内。铜价低位支撑下游采购， 上海地区采销情绪继续回升，指数分别达3.13和3.26。平水铜主流成交于升水30-70元/吨，品牌间价差明显；常州 地区部分成交升水仅10-20元/吨。江苏地区近4万吨交割仓单若后续流出，可能压制现货升水，预计今日升水空间 有限。 重要资讯汇总： 今日凌晨，美联储公布的10月政策会议纪要显示，美联储决策层在上月降息时存在严重分歧；且支持降息的一方 并未在人数上占绝对优势。对于缩减资产负债表（缩表）的量化紧缩（QT）行动，则几乎完全一致认 ...