Group 1 - The company will hold its 2024 Annual General Meeting on June 25, 2025, at 15:00 in Baiyin City, Gansu Province [6][7][10] - Shareholders must register for the meeting and provide necessary identification documents [1][2][3] - Voting will be conducted through a combination of on-site and online methods, with specific time frames for online voting [6][10][11] Group 2 - The company reported a significant increase in production for various metals in 2024, with copper, lead, and zinc output reaching 770,600 tons, a year-on-year increase of 7.83% [9][10] - Gold production was reported at 17,470 kilograms, showing a remarkable growth of 99.45%, while silver production reached 544 tons, up 72.31% [10][11] - The total industrial output value for 2024 was 56.086 billion yuan, reflecting a 39.35% increase compared to the previous year [10][11] Group 3 - The company aims to achieve a total industrial output value of 62.1 billion yuan in 2025, with projected increases in production for copper, gold, and silver [25][26] - The planned production for copper, lead, and zinc is set at 800,000 tons, with gold at 18,000 kilograms and silver at 550 tons, indicating growth targets of 3.82%, 16%, and 1.09% respectively [25][26] - The company is focused on enhancing its operational efficiency and expanding its market presence through strategic investments and project implementations [10][28] Group 4 - The company is committed to high-quality development, aligning its strategies with national and provincial policies while focusing on innovation and sustainable practices [26][29] - It aims to optimize its industrial structure and enhance its technological capabilities to support the transition to a low-carbon economy [29][30] - The company plans to strengthen its supply chain security and resource acquisition strategies to ensure stable production and growth [12][27]

有色商品日报 有色商品日报（2025 年 6 月 20 日） 一、研究观点 | 品 | 点评 | | | --- | --- | --- | | 种 | 隔夜 LME 铜震荡偏弱，下跌 0.32%至 9619.5 美元/吨；SHFE 铜主力下跌 0.27%至 | | | | 78280 元/吨；国内现货进口仍维系较大亏损。宏观方面，美联储在 6 月议息会议上维 | | | | 持利率不变后，特朗普再度喊话美联储要求其降息。关税谈判方面，欧盟正寻求与美 | | | | 国达成英国式贸易协议。中东局势仍是短期焦点，美方有意介入伊以冲突，特朗普已 | | | | 批准攻击计划但暂缓执行，各方也在呼吁伊以停止冲突，局势已在逐步升温。库存方 | | | 铜 | 面，LME 库存下降 4025 吨至 103325 吨；Comex 库存增加 1400 吨至 18.14 万吨； | | | | SMM 周四统计全国主流地区铜库存较周一下降 0.18 万吨至 14.59 万吨，较上周四上 | | | | 升 0.11 万吨。需求方面，淡季来临下，下游消费转弱。伊以冲突升温后铜价表现不 | | | | 佳，佐证投资者相比供给，更 ...

2025/06/16 -681.41 -1161.78 140 -25 130225 58075 2025/06/17 -797.78 -1366.18 140 -28 128875 58975 2025/06/18 -657.73 -1266.71 140 -30 128250 33150 2025/06/19 -583.20 -1068.47 140 -27 127475 33475 变化 74.53 198.24 0 3 -775 325 本周锌价震荡下跌，受累库预期及宏观扰动影响价格中枢下移。供应端，本周国内TC不变，进口TC小幅回升。6月相比 5月冶炼环比提升2.5万吨左右，矿端加工费月均预计提升150元/吨。需求端，内需边际走弱，华北和华南订单环比下 滑，但刚性仍存，绝对价格下跌过快时下游存在一定点价;海外，欧洲需求较弱，但部分炼厂因为加工费问题生产有一 定阻力，现货升贴水小幅提高。国内，社库震荡，绝对价格下跌升水有抬升，但价格企稳后升水又出现回落，累库加速 拐点预计在六月中旬出现。海外LME库存基本保持不变，5月后震荡去化，主要由于海外锌锭较多流入国内。策略方 面，锌空配思路不变，反弹逢高沽空; ...

Report Industry Investment Rating - The report does not explicitly provide an overall industry investment rating. However, for individual metals, the ratings are as follows: - Copper: Mid - term outlook is "oscillation" [6] - Alumina: Mid - long term outlook is "oscillation on the weak side" [8] - Aluminum: Short - term outlook is "strong oscillation", mid - long term consumption may face pressure [9] - Aluminum alloy: Short - term outlook is "spot is weak in the off - season, the market follows aluminum and is strong", mid - long term outlook is that "spot ADC12 and ADC12 - A00 are expected to rebound" [12] - Zinc: Outlook is "oscillation on the weak side" [13] - Lead: Outlook is "oscillation" [17] - Nickel: Short - term outlook is "wide - range oscillation", mid - long term can "short on rebounds" [23] - Stainless steel: Short - term outlook is "range oscillation" [25] - Tin: Outlook is "oscillation" [27] Report's Core View - The reality of low inventory and the expectation of weakening demand are intertwined, and the non - ferrous metals market will continue to oscillate. In the short and medium term, the weak US dollar, low LME inventory, and weakening demand are intertwined. Attention should be paid to structural opportunities, and short - term long opportunities for copper, aluminum, and tin can be cautiously considered. In the long term, the demand prospects of basic metals are still uncertain, and opportunities to short on rallies for some varieties with supply surplus or expected surplus can be considered [1] Summary by Relevant Catalogs 1.行情观点 Copper - **View**: The Fed maintains the interest rate unchanged, and copper prices oscillate. - **Analysis**: US May labor market data is better than expected; global copper mining giant Antofagasta starts mid - year negotiations; China's electrolytic copper production increases; spot premiums decline; copper inventory decreases; Glencore buys Russian copper; Trump raises tariffs on steel and aluminum imports. - **Logic**: Overseas economy may continue to weaken. Supply is tight due to falling processing fees and smelter maintenance. Demand weakens in the off - season, and there is a risk of tariff increase on copper. - **Outlook**: Copper supply constraints remain, and low inventory supports prices. Copper may oscillate at a high level in the short term [6] Alumina - **View**: The number of warehouse receipts is at a low level, and the monthly spread of the alumina futures market widens. - **Analysis**: Spot prices decline; shipping freight increases; warehouse receipts decrease. - **Logic**: In the short and medium term, there is no shortage of ore, but warehouse receipt depletion is obvious. In the long term, events have limited impact without further fermentation. - **Outlook**: Mid - long term outlook is oscillation on the weak side. Short - term positive spreads or shorting can be considered after the far - month contract rises further [7][8] Aluminum - **View**: Low inventory and high premiums lead to high - level oscillation of aluminum prices. - **Analysis**: Spot prices decline; inventory decreases; geopolitical events occur; new tariff policies are introduced. - **Logic**: Short - term geopolitical and squeezing risks push up prices. Mid - long term consumption may face pressure. - **Outlook**: Short - term prices are strongly oscillating, and mid - long term consumption may be under pressure. Short - term positive spreads can be considered, and mid - long term shorting on rallies is recommended [9][10] Aluminum Alloy - **View**: The transaction prices of scrap aluminum and spot increase, and the aluminum alloy futures market rises. - **Analysis**: Spot prices decline; relevant policies are introduced; car companies make payment commitments. - **Logic**: Short - term pressure in the off - season is high, but low inventory of electrolytic aluminum drives prices up. Mid - long term demand is expected to recover seasonally. - **Outlook**: Short - term spot is weak in the off - season, and the market follows aluminum and is strong. Mid - long term spot ADC12 and ADC12 - A00 are expected to rebound [10][12] Zinc - **View**: Inventory continues to accumulate, and zinc prices oscillate on the weak side. - **Analysis**: Spot premiums are different in different regions; inventory increases; a mine's production plan is announced. - **Logic**: Macro uncertainty exists. Supply is loose, and demand is in the off - season. Inventory accumulates, and prices may decline further. - **Outlook**: Zinc prices are expected to oscillate on the weak side [12][13] Lead - **View**: Cost support is stable, and lead prices oscillate. - **Analysis**: Scrap battery prices rise; lead ingot prices increase; inventory changes; some enterprises are in maintenance or production reduction. - **Logic**: Spot premiums narrow slightly; supply tightens; demand is in the off - season but with some positive factors. - **Outlook**: Lead prices are expected to oscillate [13][14][17] Nickel - **View**: Supply and demand are under pressure, and nickel prices are weak in the short term. - **Analysis**: LME and domestic nickel inventories change; relevant investment and cooperation projects are announced. - **Logic**: Market sentiment dominates the market. Industry fundamentals weaken marginally. Inventory accumulates, and prices are under pressure. - **Outlook**: Short - term wide - range oscillation, mid - long term shorting on rebounds [17][23] Stainless Steel - **View**: Nickel iron prices continue to decline, and the stainless steel futures market oscillates. - **Analysis**: Futures warehouse receipts decrease; spot premiums exist; production data changes. - **Logic**: Nickel iron and chrome iron prices decline, and steel mills are under pressure. Supply and demand may weaken, and inventory accumulates slightly. - **Outlook**: Short - term range oscillation [24][25] Tin - **View**: There is no obvious driving force, and tin prices oscillate. - **Analysis**: Warehouse receipts and inventory increase; spot prices rise; high prices suppress restocking. - **Logic**: Supply disturbances in the main production areas subside. Without obvious driving forces, prices oscillate. Supply is tight, but upward elasticity is limited. - **Outlook**: Tin prices are expected to oscillate [25][27] 2.行情监测 - The report does not provide specific content for this part, so it is skipped.

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The prices of various non - ferrous metals are affected by multiple factors such as geopolitical situations, supply - demand relationships, and cost changes. Most metals are expected to show different trends of price fluctuations in the short term, including high - level oscillations, weakening trends, etc. [1][3][4] - The investment value and risks of different non - ferrous metals vary, and investors need to pay attention to inventory changes, cost factors, and policy impacts. [1][3][14] 3. Summary by Metals Copper - **Price**: Yesterday, LME copper closed down 0.32% to $9,619/ton, and SHFE copper main contract closed at 78,280 yuan/ton. It is expected to maintain high - level oscillations in the short term, with the SHFE copper main contract running in the range of 77,600 - 78,800 yuan/ton and LME copper 3M in the range of $9,500 - 9,700/ton. [1] - **Inventory**: LME inventory decreased by 4,025 to 103,325 tons, and SHFE copper warehouse receipts decreased by 0.2 to 4.5 tons, remaining at a low level. [1] - **Market Situation**: Overseas geopolitical situations are volatile, and copper follows risk preferences. The tight supply of copper concentrates strengthens, and low inventory strongly supports copper prices, but weakening demand restricts the upside. [1] Aluminum - **Price**: Yesterday, LME aluminum closed down 0.82% to $2,525/ton, and SHFE aluminum main contract closed at 20,540 yuan/ton. It is expected to oscillate and consolidate in the short term, with the domestic main contract running in the range of 20,300 - 20,700 yuan/ton and LME aluminum 3M in the range of $2,480 - 2,550/ton. [3] - **Inventory**: SHFE aluminum weighted contract positions increased by 17,000 to 646,000 lots, and warehouse receipts decreased by 0.3 to 54,000 tons. Domestic aluminum ingot social inventory decreased by 0.9 tons to 449,000 tons, and LME aluminum inventory decreased by 0.2 to 345,000 tons. [3] - **Market Situation**: Overseas geopolitical situations are volatile, and rising oil prices push up overseas aluminum costs, but demand concerns suppress sentiment. Low domestic inventory and possible easing of US steel - aluminum tariffs support price increases, but weakening downstream demand restricts the upside. [3] Lead - **Price**: On Thursday, the SHFE lead index closed up 0.70% to 16,932 yuan/ton. It is expected to maintain a weakening trend. [4] - **Inventory**: SHFE lead futures inventory was 43,800 tons, and domestic social inventory slightly decreased to 51,200 tons. [4] - **Market Situation**: Downstream battery enterprises have weak consumption, and the operating rate of primary lead smelting reaches a historical high, while the inventory of recycled lead products remains high, with weak downside support. [4] Zinc - **Price**: On Thursday, the SHFE zinc index closed down 0.74% to 21,691 yuan/ton. There is a large downward risk in the future. [6] - **Inventory**: SHFE zinc futures inventory was 8,600 tons, and domestic social inventory slightly increased to 79,600 tons. [6] - **Market Situation**: Zinc ore is in surplus, zinc smelter profits increase, and terminal consumption is weak. Although domestic social inventory has decreased, overall visible inventory is stable, and there is a large downward risk. [6] Tin - **Price**: On June 19, 2025, the SHFE tin main contract closed at 263,300 yuan/ton, down 0.65%. It is expected to oscillate in the range of 250,000 - 270,000 yuan/ton in the short term, and LME tin price in the range of $31,000 - 33,000/ton. [7][8] - **Inventory**: SHFE futures registered warehouse receipts increased by 39 to 6,613 tons, and LME inventory increased by 25 to 2,200 tons. [7] - **Market Situation**: The resumption of production in Myanmar is slow, and short - term supply of tin ore is tight. Upstream enterprises are reluctant to sell, but downstream acceptance of high - price raw materials is limited, and the industrial chain is in a stalemate. [7][8] Nickel - **Price**: On Thursday, nickel prices oscillated. It is expected that the SHFE nickel main contract will run in the range of 115,000 - 128,000 yuan/ton, and LME nickel 3M in the range of $14,500 - 16,500/ton. [9] - **Market Situation**: The shortage of nickel ore has marginally eased, and the price of nickel iron is dragged down by weak stainless - steel demand. The production of MHP in Indonesia has recovered, and the prices of intermediate products and nickel sulfate are expected to decline. The supply - demand surplus pattern of refined nickel remains unchanged, and inventory is difficult to maintain, which may lead to a decline in nickel prices. [9] Lithium Carbonate - **Price**: The MMLC spot index of lithium carbonate closed at 59,961 yuan, down 0.24%. The LC2509 contract closed at 60,060 yuan, up 0.30%. It is expected to oscillate weakly at the bottom in the short term, with the GZEE lithium carbonate 2509 contract running in the range of 59,300 - 60,700 yuan/ton. [11] - **Inventory**: This week, domestic lithium carbonate production increased by 1.8% to 18,462 tons, and inventory increased by 1,352 to 134,901 tons. [11] - **Market Situation**: The fundamentals of lithium carbonate have not improved substantially, supply is resilient, and inventory is under pressure. [11] Alumina - **Price**: On June 19, 2025, the alumina index closed down 0.65% to 2,892 yuan/ton. It is expected to oscillate weakly in the second half of the year, with the domestic main contract AO2509 running in the range of 2,750 - 3,100 yuan/ton. [13][14] - **Inventory**: On Thursday, futures warehouse receipts were 49,200 tons, a decrease of 11,000 tons from the previous day. [14] - **Market Situation**: There are continuous disturbances in the ore end, but the over - capacity pattern of alumina is difficult to change. The price is expected to be anchored by cost, and the focus of ore prices may rise this year. [14] Stainless Steel - **Price**: On Thursday, the stainless - steel main contract closed at 12,575 yuan/ton, up 0.40%. [16] - **Inventory**: Futures inventory was 114,869 tons, a decrease of 2,110 tons from the previous day. Social inventory increased to 1,157,400 tons, up 1.04%. [16] - **Market Situation**: High inventory of Qing Shan resources suppresses steel prices, downstream users are waiting and watching, and actual transactions are light. The industry is under cost pressure, and the future market depends on whether downstream demand can drive inventory digestion. [16]

Core Points - The company announced an adjustment to the conversion price of its convertible bonds, changing from RMB 4.38 per share to RMB 4.29 per share, effective June 26, 2025 [1][3] - The adjustment is due to the company's planned distribution of cash dividends, where shareholders will receive RMB 0.87 per 10 shares [3] Group 1 - The previous conversion price of the convertible bonds was RMB 4.38 per share [1] - The new conversion price after adjustment will be RMB 4.29 per share [1][3] - The adjustment date for the conversion price is set for June 26, 2025 [1][3] Group 2 - The company will distribute cash dividends to shareholders at a rate of RMB 0.87 per 10 shares, which is inclusive of tax [3] - The adjustment to the conversion price is in accordance with the regulations set forth in the company's bond issuance prospectus [1][3] - The company will disclose the details of the conversion price adjustment on the Shenzhen Stock Exchange and other designated media [2]

证券代码：000758 证券简称：中色股份 公告编号：2025-048 中国有色金属建设股份有限公司 本公司及董事会全体成员保证公告内容的真实、准确、完整，没有虚假记载、 误导性陈述或重大遗漏。 中国有色金属建设股份有限公司（以下简称"公司"）2024 年度利润分配 方案已获 2025 年 5 月 16 日召开的 2024 年年度股东大会审议通过，现将权益分 派事宜公告如下： 一、股东大会审议通过权益分派方案情况 年度利润分配预案》。公司 2024 年度利润分配方案为：以 1,992,841,364 股为基 数，向全体股东每 10 股派发现金红利 0.46 元（含税），现金红利分配总额为 分配预案公告披露之日至权益分派实施前，若公司股本由于股份回购、股权激励 行权等原因发生变动，公司将按照"现金分红总额固定不变"的原则调整每股现 金分红金额。具体内容详见公司于 2025 年 4 月 24 日在《中国证券报》《证券时 报》《上海证券报》《证券日报》和巨潮资讯网（www.cninfo.com.cn）上披露的 《关于 2024 年度利润分配预案的公告》（公告编号：2025-022）。 变化，公司已办理完成部分限制性 ...

国际铜夜盘收跌0.07%，沪铜收跌0.01%，沪铝收涨0.05%，沪锌收跌0.18%，沪铅收涨0.06%，沪镍收涨 0.60%，沪锡收涨0.27%。 氧化铝夜盘收涨0.41%。 不锈钢夜盘收涨0.60%。 ...

有色早报 研究中心有色团队 2025/06/18 铜 ： 日期 沪铜现货 升贴水 废精铜 价差 上期所 库存 沪铜 仓单 现货进口 盈利 三月进口 盈利 保税库 premium 提单 premium 伦铜 C-3M LME 库存 LME 注销仓单 2025/06/11 90 1103 107404 33373 -874.85 136.66 38.0 60.0 55.49 119450 70700 2025/06/12 95 990 107404 32785 -642.66 374.84 38.0 60.0 85.51 116850 68125 2025/06/13 50 660 - 36269 -901.68 236.81 38.0 60.0 73.41 114475 63625 2025/06/16 25 570 - 47051 -854.45 266.19 39.0 60.0 95.59 107325 56325 2025/06/17 230 804 - 54541 -1307.92 -170.98 39.0 60.0 122.77 107550 54600 变化 205 234 - 7490 -453. ...

| 产业期现日报 | | | | | | | --- | --- | --- | --- | --- | --- | | 投资咨询业务资格:证监许可 【2011】1292号 2025年6月18日 | | | | 林嘉施 | Z0020770 | | 价格及基差 | | | | | | | 现值 | | 前值 | 日 涨跌 | 日涨跌幅 | 单位 | | SMM 1#电解销 | 119825 | 120725 | -900 | -0.75% | 元/吨 | | 1#金川镇 | 120925 | 121775 | -850 | -0.70% | 元/吨 | | 1#金川镍升贴水 | 2600 | 2500 | 100 | 4.00% | 元/吨 | | 1#进口镇 | 118675 | 119625 | -950 | -0.79% | 元/吨 | | 1#进口镍升贴水 | 350 | 350 | 0 | - | 元/肥 | | LME 0-3 | -204 | -192 | -12 | 6.22% | 美元/吨 | | 期货进口盈亏 | -3303 | -3090 | -213 | 6.89% | 元/吨 | | ...