证券代码：601609 证券简称：金田股份 公告编号：2025-081 债券代码：113046 债券简称：金田转债 债券代码：113068 债券简称：金铜转债 宁波金田铜业（集团）股份有限公司（以下简称"公司"）于近日收到东方 证券股份有限公司（以下简称"东方证券"）出具的《关于更换宁波金田铜业(集 团)股份有限公司 2023 年向不特定对象发行可转换公司债券项目持续督导保荐代 表人的情况说明》，东方证券作为公司 2023 年向不特定对象发行可转换公司债券 项目的保荐机构，原指派王为丰先生、李金龙先生担任该项目的保荐代表人负责 持续督导工作，持续督导期至 2024 年 12 月 31 日止。鉴于本次发行的募集资金尚 未使用完毕，东方证券仍需对公司募集资金的使用情况继续履行持续督导义务。 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 现因李金龙先生工作调动，无法继续担任公司持续督导保荐代表人。为保证 持续督导工作的有序进行，东方证券现委派具有保荐代表人资格的石健先生（简 历附后）接替李金龙先生担任公司持续督导期间的保荐代表人， ...

Report Industry Investment Rating - Copper: Cautiously Bullish [6] - Arbitrage: On Hold [7] - Options: Short Put @ 77,000 yuan/ton [7] Core Viewpoints - The supply constraint logic still exists, providing strong support for copper prices. However, the global visible copper inventory has increased, and the downstream purchasing sentiment is cautious. There is no obvious marginal improvement in demand. The uncertainty of the global macro - economy makes the market worried about whether the demand can be maintained in the second half of the year. In the short term, the weakening of macro - level catalysts makes it difficult to significantly improve the overall copper demand expectation. In the future, it is still recommended to mainly use buy - on - dips hedging for copper varieties, with a buying range of 77,000 yuan/ton to 77,500 yuan/ton [6][7]. Summary by Directory Market News and Important Data Futures Quotes - On August 5, 2025, the main Shanghai copper contract opened at 78,460 yuan/ton and closed at 78,580 yuan/ton, up 0.32% from the previous trading day's close. The night - session main contract opened at 78,170 yuan/ton and closed at 78,070 yuan/ton, down 0.65% from the afternoon close [1]. Spot Situation - The domestic electrolytic copper spot market showed a pattern of rising first and then falling. The spot offer was at a premium of 80 - 180 yuan/ton to the 2508 contract, with an average of 130 yuan/ton, down 50 yuan/ton from the previous day. The trading range was 78,530 - 78,700 yuan/ton. The spot premium dropped significantly due to the replenishment of imported goods and the weakening of downstream purchasing willingness. It is expected that the spot premium may continue to adjust weakly [2]. Important Information Summary - **Macro and Geopolitical**: The US ISM non - manufacturing index in July dropped from 50.8 to 50.1, lower than the expected 51.5. The US trade deficit in June shrank by 16% to $60.2 billion. Trump said he would announce drug and chip tariffs in the next week, with a maximum drug tariff of 250%, and would significantly increase tariffs on India in 24 hours. A 35% tariff would be imposed if the EU fails to fulfill its investment obligations to the US [3]. - **Mine End**: McEwen Mining expects to complete the feasibility study of its Los Azules copper mine in Argentina in two months, aiming to obtain $600 million in financing next year. The mine is expected to start construction in 2027 and be put into production by the end of 2029 or early 2030, with an annual production of 180,000 - 200,000 tons of copper [4]. - **Smelting and Import**: Copper is entering a critical decade. Although the importance of copper is increasing, the copper supply chain still faces challenges. The LME inventory decline has triggered regulatory intervention, and mine disruptions have also affected the market. In 2025, the mine supply is expected to increase slightly by about 1.2% to 23.2 million tons [4]. - **Consumption**: Copper consumption is expected to increase by about 2.6%. The rise of resource nationalism poses risks to new supplies, and about 6 million tons of new copper production capacity will be needed by 2035 to meet demand [5]. - **Inventory and Warehouse Receipts**: LME warehouse receipts decreased by 2,175 tons to 153,850 tons, SHFE warehouse receipts decreased by 1,581 tons to 18,767 tons. On August 4, the domestic electrolytic copper spot inventory was 1.359 million tons, an increase of 166,000 tons from the previous week [5]. Strategy - **Copper**: It is recommended to use buy - on - dips hedging, with a buying range of 77,000 yuan/ton to 77,500 yuan/ton [7]. - **Arbitrage**: On hold [7]. - **Options**: Short put @ 77,000 yuan/ton [7].

Report Summary 1. Report Industry Investment Rating No relevant information provided. 2. Core View of the Report The weakening US job market has increased expectations of a Fed rate cut. However, the traditional domestic consumption off - season has suppressed downstream demand, and the inventory of electrolytic copper at home and abroad fluctuates, suggesting that the Shanghai copper price may still have room to fall. It is recommended that investors hold their previous short positions cautiously and pay attention to the support and resistance levels of Shanghai copper, London copper, and US copper [2]. 3. Summary by Related Catalogs Market Data - **Shanghai Copper Futures**: On August 5, 2025, the closing price of the active contract was 78,580, up 250 from the previous day; the trading volume was 42,792 lots, a decrease of 19,597 lots; the open interest was 159,866 lots, a decrease of 3,692 lots; the inventory was 18,767 tons, a decrease of 1,581 tons. The SMM 1 electrolytic copper average price was 78,615, up 195 [2]. - **London Copper**: The LME 3 - month copper futures closing price (electronic trading) on August 5, 2025, was 9,634.5, down 74 from the previous day; the total inventory of registered and cancelled warrants was 0, a decrease of 153,850; the LME copper futures 0 - 3 - month contract spread was - 67.32, down 14.59; the 3 - 15 - month contract spread was - 142.61, down 3.38 [2]. - **COMEX Copper**: On August 5, 2025, the closing price of the active copper futures contract was 4.3795, down 0.06; the total inventory weight was 262,190, an increase of 2,509 [2]. News and Information - **Company News**: Zangge Mining's Julong Copper Mine Phase II project is expected to be completed and put into production by the end of 2025, with an annual copper output of about 300,000 - 350,000 tons. Codelco, the world's largest copper miner, has stopped the mining operation of its flagship El Teniente copper mine due to an accident and postponed its quarterly earnings release [2]. - **Trade News**: Affected by US tariffs on copper semi - finished products, domestic copper processing exports to the US are under pressure. A copper tube enterprise's goods arriving in the US on August 5 were subject to an additional 50% tariff, with a comprehensive tariff of 97% [2]. - **Industry News**: Japan's Mitsubishi Materials may partially shut down its refinery due to falling copper concentrate processing and smelting fees (TC/RCs), while Chinese smelters maintain record - high production [2]. Industry Operation - The daily processing fee of refined copper rods for power and enameled wire in East China has increased compared to last week, leading to an increase in the operating rate of China's refined copper (recycled copper rod) production capacity. The raw material and finished - product inventory of refined copper rod enterprises has increased, while that of recycled copper rod enterprises has decreased. The operating rate of China's copper wire and cable production capacity has decreased, and the raw material and finished - product inventory has increased. The operating rate and order volume of China's copper enameled wire have increased, and the raw material and finished - product inventory days have decreased. The operating rate and production volume of China's copper strip have increased, and the raw material and finished - product inventory days have decreased. The operating rate of China's copper tube has decreased, and the raw material and finished - product inventory days have remained flat. The operating rate of China's brass rod has decreased, and the raw material and finished - product inventory days have decreased [2]. - In August, the operating rate of domestic copper processing enterprises may be affected by the easing of Sino - US tariffs and the traditional consumption off - season. The operating rates of electrolytic copper rod, copper strip, and brass rod may increase month - on - month, while those of recycled copper rod, copper wire and cable, copper enameled wire, copper foil, and copper tube may decrease [2]. Trading Strategy It is recommended that investors hold their previous short positions cautiously and pay attention to the support and resistance levels: Shanghai copper at 74,000 - 76,000 and 80,000 - 81,000; London copper at 9,300 - 9,500 and 10,000 - 10,200; US copper at 4.0 - 4.2 and 4.6 - 5.0 [2].

1. Report Industry Investment Rating There is no information about the report industry investment rating in the provided content. 2. Core Viewpoints - Due to the weakening US employment market, the expectation of the Fed's interest - rate cut is rising. However, the traditional consumption off - season in China suppresses downstream demand, and the inventory of electrolytic copper at home and abroad fluctuates. The Shanghai copper price may still have room to fall. It is recommended that investors hold their previous short positions cautiously and pay attention to the support and pressure levels of different copper markets [2]. 3. Summary by Relevant Catalogs 3.1 Market Data - **Shanghai Copper Futures**: On August 5, 2025, the closing price of the active Shanghai copper futures contract was 78,580, up 250 from the previous day; the trading volume was 42,792 lots, a decrease of 19,597 lots; the open interest was 159,866 lots, a decrease of 3,692 lots; the inventory was 18,767 tons, a decrease of 1,581 tons. The SMM 1 electrolytic copper average price was 78,615, up 195 from the previous day [2]. - **London Copper**: The LME 3 - month copper futures closing price (electronic trading) on August 5, 2025, was 9,634.5, down 74 from the previous day. The total inventory of registered and cancelled warrants was 0, a decrease of 153,850 tons. The LME copper futures 0 - 3 - month contract spread was - 67.32, down 14.59; the 3 - 15 - month contract spread was - 142.61, down 3.38. The Shanghai - London copper price ratio was 8.1561, up 0.09 [2]. - **COMEX Copper**: The closing price of the active copper futures contract on August 5, 2025, was 4.3795, down 0.06. The total inventory weight was 262,190, an increase of 2,509 [2]. 3.2 Industry News - **Project Progress**: Zangge Mining's Julong Copper Mine Phase II mining and beneficiation expansion project is expected to be completed and put into operation by the end of 2025. After the project is put into operation, the annual output of copper ore of Julong Copper will be about 300,000 - 350,000 tons, which is expected to significantly increase the company's performance [2]. - **Production Interruption**: Codelco, the world's largest copper miner, has stopped the mining operation of its flagship El Teniente copper mine due to an accident and postponed the release of its quarterly results. The impact on production is unknown [2]. - **Tariff Impact**: Affected by the US tariff on copper semi - finished products, some domestic copper processing exports to the US are under pressure. The comprehensive tariff of copper tubes exported to the US has reached 97%, and domestic copper tube enterprises' export orders are directly affected [2]. - **Corporate Strategy Adjustment**: Japan's Mitsubishi Materials is considering partially shutting down its smelter and reducing the processing volume of copper concentrate due to the continuous decline of copper concentrate processing and smelting fees (TC/RCs) [2]. 3.3 Industry Operation - **Capacity Utilization and Inventory**: The daily processing fee of refined copper rods for power and enameled wires in East China has increased compared with last week. The capacity utilization rate of China's refined copper rods (recycled copper rods) has increased, and the raw material (finished product) inventory of refined copper rod enterprises has increased. The raw material (finished product) inventory of recycled copper rod enterprises has decreased. The capacity utilization rate of China's copper wire and cable has decreased, and the raw material (finished product) inventory has increased. The order volume and capacity utilization rate of China's copper enameled wires have increased, and the raw material (finished product) inventory days have decreased. The capacity utilization rate and production volume of China's copper strips have increased, and the raw material (finished product) inventory days have decreased. The capacity utilization rate of China's copper tubes has decreased, and the raw material (finished product) inventory days have remained unchanged. The capacity utilization rate of China's brass rods has decreased, and the raw material (finished product) inventory days have decreased [2]. - **Investment Strategy**: In August, the capacity utilization rate, production volume, import volume, and export volume of domestic copper processing enterprises may decline month - on - month. Specifically, the capacity utilization rate of electrolytic copper rods and copper strips and brass rods may increase month - on - month, while the capacity utilization rate of recycled copper rods, copper wire and cable, copper enameled wires, copper foils, and copper tubes may decrease month - on - month [2].

或由于美对铜50%关税落地，对中国铜价影响弱于预期，8月6日，铜业龙头显著领涨！铜业龙头铜陵有 色涨超9%，云南铜业涨逾3%，江西铜业、北方铜业涨逾2%；铝业龙头神火股份涨超2%，黄金龙头山 东黄金涨超1%。 热门ETF方面，揽尽有色金属行业龙头的有色龙头ETF（159876）场内价格盘中摸高0．77%，现涨0． 46%，冲击日线4连阳！深交所数据显示，该ETF近5个交易日连续获资金净流入，反映资金看好板块后 市，逐步进场布局！ 消息面上，美国白宫7月30日表示，美国将自8月1日起对进口半成品铜产品（例如铜管、铜线、铜棒、 铜板和铜管）及铜密集型衍生产品（例如管件、电缆、连接器和电气元件）普遍征收50%的关税，但铜 输入材料，例如阴极铜和废铜等原料不受"232"条款的限制。 市场分析人士指出，本次关税落地，对国内铜价影响相对弱于市场预期。从数据分析，2024年美国铜材 进口总量为57.8万吨，其中主要品种为铜线、铜管、铜板带和铜棒等产品。其中中国出口量仅占3万 吨，占比5.2%。而其主要来源国为加拿大、韩国、墨西哥等周边国家，并且转口贸易量低。因此对中 国下游产业影响相对较低，对需求影响较弱。 展望2025下 ...

Report Information - Report Name: Copper Futures Daily Report [1] - Date: August 6, 2025 [2] - Researcher: Zhang Ping, Yu Feifei, Peng Jinglin [3] Investment Rating - Not provided Core View - The short - term market sentiment for buying copper is still strong. Although copper is in the inventory accumulation period, the support at 77,000 is expected to be strong. However, the short - term spot market's support for copper prices is weak due to inventory accumulation pressure at home and abroad [11]. Summary by Directory 1. Market Review and Operation Suggestions - The main contract of Shanghai copper fluctuated strongly, closing at 78,580, and continued to run below the trend line. Spot copper rose 195 to 78,615, and the premium dropped 50 to 130. It is expected that the premium will continue to decline tomorrow. The premium of imported copper continued to be weak, with a rising trend in offers but large differences between buyers and sellers, and few transactions in the market. LME copper inventory increased by 14,275 to 153,850 tons, and the 0 - 3C structure expanded to 52.73. The domestic spot market has limited acceptance of high - priced copper, and the inventory accumulation pressure at home and abroad weakens the support of the short - term spot market for copper prices [11]. 2. Industry News - Some domestic copper processing material export orders to the US are under pressure due to the US tariff increase on copper semi - finished products. A copper tube enterprise's goods arriving in the US on August 5 were additionally taxed 50%, and the comprehensive tariff for copper tube exports to the US reached 97%. High tariffs have led to a suspension of subsequent un - signed orders from US customers [12]. - Codelco must submit four reports regarding the El Teniente copper mine collapse incident [12]. - Baiyin Nonferrous has achieved cost - reduction and efficiency - improvement. As of the end of July, the electrolysis workshop of its copper business has produced 231,000 tons of cathode copper, with the A - grade copper grade rate reaching 96.31% [12].

截至目前，全省累计培育省级及以上绿色工厂1210家、绿色工业园区74个、绿色供应链管理企业127家，绿 色设计产品型号184个。其中，国家级绿色工厂数量位居全国第五，中部六省第一，为全省制造业绿色低碳 转型注入强劲动能，也为实现高质量发展筑牢了绿色根基。（记者 陈辉） 责任编辑： 何山 绿色工厂是绿色制造体系的核心实施单元，以此次入选省级绿色工厂的河南新昌铜业集团有限公司为例，该 公司对生产线进行智能化升级改造，建立数字化能碳管理中心系统，实现用能管理数字化；深度挖掘余热利 用空间，建设废铜渣综合利用项目，显著提升能源资源利用效率，能效水平在行业内位居前列。 近年来，我省大力推进工业绿色低碳发展，通过实施《河南省制造业绿色低碳高质量发展三年行动计划 （2023—2025年）》，落实绿色低碳产品创新、绿色工厂提质发展、资源循环利用提升等十大行动，加快绿 色制造体系建设。目前已纵向形成国家级、省级、市级、县级四级联动的绿色制造培育机制；横向形成绿色 工业园区带动园区内企业创建绿色供应链、绿色工厂和绿色设计产品，绿色供应链管理企业带动上游供应商 创建绿色工厂和绿色设计产品的培育机制。 记者8月4日从省工业和信息化厅 ...

Core Viewpoint - Yunnan Copper Industry Co., Ltd. plans to acquire a 40% stake in Liangshan Mining Co., Ltd. from Yunnan Copper (Group) Co., Ltd. through a share issuance, while raising matching funds by issuing shares to China Aluminum Corporation and China Copper Corporation [1] Group 1: Transaction Overview - The transaction involves Yunnan Copper acquiring a significant stake in Liangshan Mining, which is expected to enhance its operational capacity and market position [1] - The independent financial advisor, CITIC Securities, conducted a review of stock trading activities related to the transaction and found no evidence of insider trading that would obstruct the deal [2][6] Group 2: Self-Inspection Period and Findings - The self-inspection period for the transaction spans from November 12, 2024, to July 21, 2025, covering the six months prior to the disclosure of the restructuring report [2] - During the self-inspection, individuals associated with the transaction, such as Jiang Hua and Chen Lei, engaged in buying and selling Yunnan Copper shares, with a total of 4,600 shares bought and sold by each [2][3] Group 3: Commitments and Compliance - Jiang Hua and Chen Lei committed to not engaging in further trading of Yunnan Copper shares until the transaction is completed or terminated, ensuring compliance with relevant laws and regulations [3][4] - CITIC Securities also confirmed that its trading activities were based solely on publicly available information and did not involve any insider information related to the transaction [5][6]

Core Viewpoint - The report provides a legal opinion on the stock trading activities of insiders related to Yunnan Copper Co., Ltd. during the self-examination period prior to a significant asset acquisition and fundraising transaction, concluding that no insider trading occurred [2][9]. Group 1: Legal Framework and Procedures - The legal opinion is based on various laws and regulations, including the Securities Law of the People's Republic of China and guidelines for major asset restructuring [2][3]. - The law firm conducted a thorough review of insider trading activities by examining insider registration forms, self-examination reports, and stock change records from the China Securities Depository and Clearing Corporation [2][4]. Group 2: Findings on Individual Stock Trading - During the self-examination period, two individuals, Jiang Hua and Chen Lei, were found to have traded Yunnan Copper shares, with specific transactions detailed [4][7]. - Both individuals declared that their trading activities were based on public market information and personal judgment, asserting no connection to the ongoing transaction [5][6]. Group 3: Findings on Institutional Stock Trading - CITIC Securities was noted to have engaged in stock trading during the self-examination period, with a commitment that their transactions were based solely on publicly available information [7][8]. - The firm emphasized adherence to information isolation management practices to prevent insider trading [8]. Group 4: Conclusion of the Legal Opinion - The law firm concluded that the trading activities of the identified individuals and institutions did not constitute insider trading and posed no legal obstacles to the transaction [9].

新能源及有色金属日报 | 2025-08-05 持货商存在挺价情绪 铜价维持震荡格局 市场要闻与重要数据 期货行情： 2025-08-04，沪铜主力合约开于 78380元/吨，收于 78330元/吨，较前一交易日收盘-0.09%，昨日夜盘沪铜主力合 约开于 73,810元/吨，收于 74,060 元/吨，较昨日午后收盘上涨0.47%。 现货情况： 矿端方面，外电8月2日消息，Koryx Copper公司已完成此前宣布的包销公开发行，此次共发行1905万股普通股，每 股价格1.05加元，为公司带来总计2000万加元的总募集资金。这其中包括承销商全额行使超额配售权所对应的股份。 该公司同时完成了一项非经纪私募配售，以相同发行价额外发行476万股普通股，总募集资金约500万加元。公司 计划将此次公开发行和私募配售的净收益用于推进其位于纳米比亚的Haib铜矿项目的技术研究，继续该矿区的勘 探工作，同时也将部分资金用于营运资本及一般企业用途。 冶炼及进口方面，卡莫阿–卡库拉50万吨/年的高技术一步炼铜冶炼厂将于2025年9月初点火烘炉。冶炼厂最低可以 按50%产能运行，相当于约25万吨铜的年化产量。公司预计，矿山现场的 ...