| 品 种 | 点评 隔夜 LME 铜冲高回落，下跌 0.03%至 9692.5 美元/吨；SHFE 铜主力下跌 0.1%至 79820 | | --- | --- | | | 元/吨；现货进口亏损 500 元/吨左右。宏观方面，美国 3 月 ISM 制造业指数 49，不及 预期 49.5 和前值 50.3，该数据今年首次出现萎缩，价格指数飙升，创 2022 年 6 月以来 | | 铜 | 的新高，工厂订单和就业表现低迷，凸显美新政府关税政策对经济的影响。美对等关税 | | | 细节即将落地，白宫宣城 4 月 2 日关税宣布后即生效，多国表示将采取反制措施。国内 | | | 方面，中国 3 月财新制造业 PMI 为 51.2，高于前值 50.8，创 2024 年 12 月来新高，显 | | | 示制造业生产经营活动继续加快扩张。库存方面，LME 铜下增加 1900 吨至 213275 | | | 吨；Comex 铜增加 1223.8 吨至 88473.19 吨；SHFE 铜仓单下降 1457 吨至 136003 吨； | | | BC 铜仓单维系 15017 吨。COMEX 铜库存连续增仓，或意味着前期套利头 ...

Group 1 - The company announced the conversion of its convertible bonds "铜陵定02" (bond code: 124024) with a conversion period from March 27, 2024, to September 20, 2029, and a current conversion price of 3.30 CNY per share [1][2] - The company issued a total of 21,460,000 convertible bonds, which were registered on October 23, 2023, with the approval from the China Securities Regulatory Commission [2] - The initial conversion price was set at 3.38 CNY per share, which was adjusted to 3.30 CNY per share due to the company's 2023 annual equity distribution plan [3][4] Group 2 - As of March 31, 2025, the remaining number of convertible bonds "铜陵定02" is 21,419,990, with the remaining amount reflecting the company's capital structure [3][4] - The company has a total share capital of 12,792,920,401 shares, with a cash distribution of 0.792126 CNY per 10 shares to all shareholders [3]

Summary of Key Points from the Conference Call Industry Overview - The conference call primarily discusses the non-ferrous metals and energy chemical sectors, focusing on the supply and demand dynamics affecting copper, aluminum, nickel, and other related materials [2][3][6]. Key Insights and Arguments Non-Ferrous Metals Market 1. **Supply Constraints**: The non-ferrous metals market in Q2 2025 is heavily influenced by supply-side issues, with copper, aluminum, and nickel facing significant supply constraints due to mining restrictions and policy changes [2][3]. 2. **Copper Price Trends**: Copper prices are expected to trend upwards in 2025 due to tight mining resources, a weakening US dollar, and inflationary pressures. The dollar index has dropped from 110 to around 104, with expectations of further declines [3][4]. 3. **Aluminum and Nickel Prices**: Both aluminum and nickel markets are experiencing high prices due to supply limitations, including domestic aluminum smelting capacity constraints and adjustments in Indonesian nickel mining policies [3][5]. 4. **Copper Supply and Smelting**: The tight copper supply is affecting smelting operations, with global metal smelting capacity utilization rates declining. Domestic reliance on imported copper ore is high, with port inventories at historical lows [3][11]. 5. **Processing Fees**: Current smelting processing fees are below breakeven levels, leading to increased concerns about production cuts. The long-term processing fee for copper is significantly lower than the previous year [12][11]. 6. **US Tariffs on Copper**: The US plans to impose a 25% tariff on imported copper, raising market premium expectations and affecting global inventory dynamics [13][14]. Energy Chemical Sector 1. **Oil and Coal Chemical Markets**: The oil chemical sector is influenced by global oil supply and geopolitical risks, while the coal chemical sector is affected by domestic coal production policies and environmental regulations [6]. 2. **Market Dynamics**: The energy chemical products' prices are expected to be significantly impacted by downstream demand changes, particularly in industrial production activities [6]. Future Outlook 1. **Copper Market**: The copper market is expected to remain tight due to limited new mining capacity and declining ore grades. The overall industry supply situation is likely to remain constrained [9][10]. 2. **Aluminum and Nickel**: The aluminum market is facing limited growth potential, while the nickel market is experiencing a more relaxed supply situation, although policy changes in Indonesia could impact future supply [5][25]. 3. **Industrial Silicon and Polysilicon**: The industrial silicon market is oversupplied, while polysilicon production is expected to stabilize due to self-discipline production agreements among manufacturers [27][28]. Additional Considerations 1. **Domestic Market Conditions**: The domestic market is heavily reliant on imported copper ore, with significant concerns about the impact of US tariffs on waste copper supply and basic metal consumption [11][15]. 2. **Automotive Sector Impact**: The domestic automotive export situation is expected to influence global demand, with a focus on the recovery of domestic consumption in the context of new energy vehicles [17][39]. 3. **Regulatory Environment**: The evolving regulatory landscape, particularly regarding tariffs and environmental policies, will play a crucial role in shaping market dynamics across the non-ferrous metals and energy chemical sectors [16][38]. This summary encapsulates the critical insights and projections discussed during the conference call, highlighting the ongoing challenges and opportunities within the non-ferrous metals and energy chemical industries.

广晟有色金属股份有限公司 董事会审计、合规与风险管理委员会 根据《上海证券交易所股票上市规则》《上海证券交易所上市公 司自律监管指引第 1 号——规范运作》《公司章程》等有关规定的要 求，本着公正、客观、独立的原则，认真履行职责。现将 2024 年度 广晟有色金属股份有限公司(以下简称"公司")审计、合规与风险管 理委员会履职情况如下： | 序 | 会议 | 时间 | 会议名称 | 议 | 题 | | --- | --- | --- | --- | --- | --- | | 号 | 方式 | 2023 | 听取中喜会计师事务所汇报关于公司 | 年年报总体 | | | 第八届董事 | 审计策略和具体审计计划 | | | | | | 会审计委员 | 通讯 | 2024 | 会 | 年第 | 方式 | | 意见书 | 一次会议 | | | | | | 2023 | 听取关于调整 | 年审计项目的说明 | 第八届董事 | | | | 会议先由外部审计机构（中喜会计师事务所）范凤伟先 | 会审计委员 | 通讯 | | | | | 2024 | 会 | 年第 | 方式 | 对于各位委员发表意见建议，形成会议记录。 | ...

Group 1: Company Performance in 2024 - Yunnan Copper produced 1,206,000 tons of cathode copper, 127,100 tons of gold, and 12,000 tons of silver in 2024 [1] - Total assets at the end of 2024 amounted to CNY 34.899 billion, with a debt-to-asset ratio of 57.66% [1] - The company achieved a total profit of CNY 1.265 billion and an operating income of CNY 17.8012 billion [1][2] Group 2: Southwest Copper Relocation Project - The Southwest Copper relocation project has completed its overall construction and is currently in the load trial phase [3] - The project aims to optimize smelting layout and production processes, enhancing resource utilization and reducing production costs [3] Group 3: Asset Disposal and Financial Impact - The company plans to transfer part of the fixed assets and inventory of the Wangjiabridge plant, with an estimated asset value of CNY 239.5048 million and a final transaction price of CNY 446.7424 million [4] - This asset transfer is expected to increase the company's net profit by approximately CNY 182 million for 2025 [4] Group 4: Resource Acquisition and Exploration - In 2024, the company invested CNY 65 million in geological research and exploration, discovering an additional 91,800 tons of copper resources [5] - The total copper ore reserves at the end of 2024 were 964 million tons, with a metal content of 3.6509 million tons and an average grade of 0.38% [5] Group 5: Response to Processing Fee Fluctuations - The company employs long-term contracts and spot market strategies to manage processing fee volatility [6][7] - It maintains stable relationships with major suppliers to ensure consistent supply and production continuity [7] Group 6: Technological Innovation and Digital Transformation - In 2024, the company invested CNY 2.707 billion in R&D, focusing on green low-carbon technologies and resource recovery [8][9] - The company has made significant progress in smart factory projects, including the implementation of AI technologies for improved operational efficiency [9] Group 7: Shareholder and Asset Injection Plans - Yunnan Copper Group plans to inject its 40% stake in Liangshan Mining into Yunnan Copper by November 29, 2026, subject to regulatory conditions [10][11] - The company is committed to maintaining transparency regarding any future asset injection matters [11]

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for future performance [6][41]. Core Views - The company experienced a decline in net profit for 2024 due to falling coal prices and production, but anticipates a recovery in 2025 driven by increased aluminum production and stable costs [4][38]. - The company has a significant cost advantage in aluminum production, particularly in Xinjiang, which is expected to enhance profitability [38][41]. - The forecasted net profits for 2025-2027 are projected to be 5.91 billion, 6.48 billion, and 7.01 billion yuan, respectively, with corresponding PE ratios of 7, 7, and 6 [41][42]. Summary by Sections 1. Company Performance Overview - In 2024, the company achieved revenue of 38.373 billion yuan, a year-on-year increase of 1.99%, while net profit dropped to 4.307 billion yuan, a decrease of 27.07% [1][9]. - The fourth quarter of 2024 saw a revenue of 10.059 billion yuan, with a net profit of 768 million yuan, reflecting a year-on-year decline of 57.38% [1][9]. 2. Production and Profitability Analysis - Coal production decreased by 6.01% to 6.739 million tons, while aluminum production increased by 7.28% to 1.6285 million tons in 2024 [2][18]. - The gross profit per ton of aluminum rose to 4,462 yuan, an increase of 509 yuan, while coal's gross profit per ton fell to 170 yuan, a decrease of 299 yuan [2][18]. 3. Future Operational Plans - The company plans to produce 1.7 million tons of aluminum, 7.2 million tons of coal, and 660,000 tons of carbon products in 2025 [2][41]. 4. Investment Recommendations - The report suggests that the company's low valuation and high earnings elasticity could catalyze stock price increases, with a strong emphasis on the cost advantages in aluminum production [4][41]. - The anticipated growth in net profit and the favorable PE ratios indicate a promising investment opportunity [41][42].

云南铜业: 关于2024年度利润分配预案的公告 证券代码：000878 证券简称：云南铜业 公告编号：2025-017 云南铜业股份有限公司 公司本次现金分红预案不触及《深圳证券交易所股票上 市规则》第 9.8.1 条规定的可能被实施其他风险警示情形。 一、审议程序 云南铜业股份有限公司（以下简称云南铜业或公司） 于 2025 年 3 月 24 日召开第九届董事会第三十五次会议和第 九届监事会第二十六次会议，审议通过了《公司 2024 年度 利润分配的预案》。 该预案尚需提请公司 2024 年年度股东大会审议。 二、利润分配和资本公积金转增股本方案的基本情况 （一）本次利润分配和资本公积金转增股本方案的基本内 容 报表实现归属于母公司所有者净利润 1,264,690,204.48 元， 母公司实现净利润 132,227,424.58 元，提取法定盈余公积 加上年初未分配利润 2,387,468,633.45 元， 扣除实际分配的现金股利 661,197,342.30 元，截止 2024 年 预计分配现金股利人民币 480,870,794.40 元，不进行资本公 积金转增股本。 的比例为 42.78%。 （二） ...

云南铜业: 监事会决议公告 证券代码：000878 证券简称：云南铜业 公告编号：2025-015 云南铜业股份有限公司 第九届监事会第二十六次会议决议公告 本公司及监事会全体成员保证信息披露的内容真实、准确、完整， 没有虚假记载、误导性陈述或重大遗漏。 云南铜业股份有限公司（以下简称云南铜业或公司）第 九届监事会第二十六次会议通知于 2025 年 3 月 14 日以加密 邮件形式发出，会议于 2025 年 3 月 24 日以现场方式在云南 省昆明市盘龙区华云路 1 号中铜大厦会议室召开，会议应到 监事 4 人，实到监事 4 人，会议由监事会主席彭捍东先生主 持。会议的召集、召开符合《公司法》和《公司章程》的有 关规定。到会监事经过充分讨论，经书面表决的方式审议并 通过了如下议案: 一、以 4 票同意，0 票反对，0 票弃权，审议通过《云 南铜业股份有限公司 2024 年年度报告全文》 具体内容详见公司于同日在指定信息披露媒体上披露 的《云南铜业股份有限公司 2024 年年度报告全文》 监事会对公司 2024 年年度报告的内容和编制审议程序 进行了全面审核，发表意见如下： 经审核，监事会认为董事会编制和审议云 ...

云南铜业: 年度股东大会通知 证券代码：000878 证券简称：云南铜业 公告编号：2025-018 云南铜业股份有限公司 关于召开 2024 年年度股东大会的 通 知 本公司及董事会全体成员保证信息披露的内容真实、准确、完整， 没有虚假记载、误导性陈述或重大遗漏。 （一）股东大会届次：2024 年年度股东大会 一、召开会议基本情况 （二）会议召集人：云南铜业股份有限公司（以下简称 公司）第九届董事会 本次股东大会会议召开符合有关法律、行政法规、部门 规章、规范性文件和《公司章程》的有关规定。 《上海证券报》 《证券 《证券时报》 日报》及巨潮资讯网上披露）。 （三）会议召开的合法、合规性：经 2025 年 3 月 24 日 召开的公司第九届董事会第三十五次会议审议通过，同意召 开公司 2024 年年度股东大会（董事会决议公告于 2025 年 3 月 26 日在《中国证券报》 （四）会议召开日期和时间： 现场会议召开时间为：2025 年 4 月 15 日下午 14:30 网络投票时间为：2025 年 4 月 15 日，其中，通过深圳 证券交易所交易系统进行网络投票的具体时间为：2025 年 4 月 15 日上 ...

云南铜业: 2024年年度股东大会会议资料 会议资料 云南铜业股份有限公司 会议议程 一、参会股东资格审查 公司登记在册的所有股东或其代理人，均有权出席股东大会。股 东应当持身份证或其他能够表明其身份的有效证件或证明出席股东 大会。代理人还应当提交股东授权委托书和本人有效身份证件。 （一）介绍参加会议的公司股东和股东代表及所代表的股份总数， 介绍参加会议的公司董事、监事、高管人员等。 （二）介绍会议议题、表决方式。 （三）推选表决结果统计的计票人、监票人。 四、宣读并审议以下议案 序号 议案名称 【非累积投票议案】 （一）本次会议表决方法按照公司章程规定，与会股东及股东代 表对议案进行表决。 （二）现场表决情况汇总并宣布表决结果。 （三）将现场表决结果上传至深圳证券交易所股东大会网络投 上签字。 云南铜业股份有限公司董事会 议案一 《云南铜业股份有限公司2024年年度报告全文》 各位股东及股东代表： 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2 号——年度报告的内容与格式》和《深圳证券交易所股票上市规则》等相 关规定和要求，公司编制了《云南铜业股份有限公司2024年年度报告全 文》，现提交股东 ...