Core Viewpoint - Jiangxi Copper is set to distribute a mid-term dividend of 826 million yuan, marking its first mid-term dividend payout since 2012 [2][3][7]. Financial Performance - Jiangxi Copper has cumulatively distributed cash dividends of 23.564 billion yuan since its listing, which is more than double its total equity financing amount [4][9]. - The company reported a net profit attributable to shareholders of over 6 billion yuan in the first three quarters of 2025, reflecting a year-on-year growth of over 20% [12]. - The net profit attributable to shareholders has been consistently increasing since 2021, with cumulative net profit since listing amounting to approximately 81.653 billion yuan [5][11]. Dividend Distribution - The upcoming dividend will be distributed only to A-share shareholders, with a cash dividend of 0.40 yuan per share based on a total of 2.065 billion shares [8][10]. - This mid-term dividend is the second in the company's history since its A-share listing, with the last one occurring in 2011 [8][11]. Operational Strengths - Jiangxi Copper is the largest copper production base in China, processing over 2 million tons of copper products annually and also being a major producer of by-product gold and silver [4][14]. - The company has a complete integrated industrial chain and significant technological advantages, contributing to its cost advantages [14][16]. - The company has maintained a strong financial operation with robust debt repayment capabilities [6]. Resource and Production Capacity - As of the end of 2024, Jiangxi Copper's owned resources include approximately 8.899 million tons of copper and 239.08 tons of gold [14]. - The company has a production capacity of 98.33 tons of gold and 1,000 tons of silver annually, along with 250,000 tons of electrolytic copper and 1.3 million tons of sulfuric acid [14][15]. Research and Development - Jiangxi Copper has consistently increased its R&D investment, with expenditures rising from 4.793 billion yuan in 2021 to 6.012 billion yuan in 2024 [16].

1. Report Industry Investment Rating - The report does not explicitly provide an overall industry investment rating. However, it suggests that for copper, the short - term price is expected to fluctuate, and in the long - term, the logic of consumption driving price increases remains, with a recommended strategy of buying on dips [8]. 2. Core Viewpoints - Copper prices are currently oscillating, and the global four - market price volatility has narrowed. There is strong uncertainty in the macro - environment, and the raw material supply shortage logic is weakening. High copper prices are suppressing consumption in the short - term, but the long - term consumption recovery logic is strong. The global total inventory has increased this week, with a significant increase in LME inventory. It is expected that copper prices will fluctuate in the short - term and be mainly bought on dips in the long - term [3][8]. 3. Summary by Relevant Catalogs 3.1 Transaction End - Volatility: The volatility of SHFE, INE, LME, and COMEX copper has declined. The LME copper price volatility is around 7.5%, and the SHFE copper volatility is about 13%, both lower than the previous week [12]. - Term Spread: The term structure of SHFE copper has weakened marginally, the LME copper spot premium has weakened, and the COMEX copper near - end C structure has expanded [14][16]. - Position: COMEX copper positions have increased, while LME and SHFE positions have decreased. SHFE copper positions have decreased by 35,600 lots to 517,500 lots [17]. - Capital and Industry Positions: LME commercial short net positions have increased from 75,900 lots on November 7th to 76,700 lots on November 14th; CFTC non - commercial long net positions have increased from 32,600 lots on September 30th to 39,100 lots on October 7th [23]. - Spot Premium: The domestic copper spot premium has strengthened, the Yangshan copper premium has remained stable at a historically low level, the US copper premium has remained high, the Rotterdam copper premium has remained at $145/ton, and the Southeast Asian copper premium has remained at $120/ton [28]. - Inventory: The global total copper inventory has increased from 760,700 tons on November 13th to 794,100 tons on November 20th. Domestic social inventory has decreased, while bonded area and COMEX inventories have increased, and LME copper inventory has also increased significantly [32]. - Position - to - Inventory Ratio: The LME copper position - to - inventory ratio has declined, and the SHFE copper position - to - inventory ratio is at a historically low level [33]. 3.2 Supply End - Copper Concentrate: Copper concentrate imports have increased year - on - year, port inventories have increased from 530,000 tons on November 14th to 596,000 tons on November 21st, and processing fees have continued to be weak, with smelting losses widening [38]. - Recycled Copper: Recycled copper imports and domestic production have increased year - on - year. In October, recycled copper imports were 196,600 tons, a 7.35% year - on - year increase, and in September, domestic recycled copper production was 97,700 tons, a 17.85% year - on - year increase. The refined - scrap spread of recycled copper has narrowed, and the import loss has also narrowed [39][49]. - Blister Copper: Blister copper imports have increased, and processing fees have rebounded. In September, imports were 55,200 tons, a year - on - year decrease of 8.56%, and in October, processing fees have increased marginally [51]. - Refined Copper: Domestic refined copper production has increased year - on - year, imports have decreased, and the spot import loss has narrowed. In October, production was 1,091,600 tons, a 9.63% year - on - year increase, and imports were 282,100 tons, a 15.61% year - on - year decrease [54]. 3.3 Demand End - Capacity Utilization Rate: In October, the capacity utilization rates of copper tube and copper plate - strip - foil enterprises have declined and are at historically low levels. The weekly capacity utilization rate of wire and cable enterprises has increased marginally in the week of November 20th [57]. - Profit: The copper rod processing fee has rebounded but is at a historically low level, the copper tube processing fee has declined and is at a historically moderately high - level, and the copper plate - strip and lithium - ion copper foil processing fees have remained stable at low levels [61]. - Raw Material Inventory: The raw material inventory of wire and cable enterprises has remained at a low level, the copper rod enterprise raw material inventory is at a historically moderately low level, and the copper tube raw material inventory is at a historically low level [62]. - Finished - Product Inventory: The copper rod finished - product inventory has increased and is at a historically high level, the copper tube finished - product inventory is at a historically low level, and the weekly finished - product inventory of wire and cable has decreased [65]. 3.4 Consumption End - Consumption: The domestic actual and apparent copper consumption has performed well. From January to September, the cumulative actual consumption was 12,035,900 tons, a 9.77% year - on - year increase, and the apparent consumption was 1,428,900 tons, a 9.01% year - on - year increase. Power grid investment, home appliances, and the new energy industry are important supports for copper consumption, but the growth rate of power grid investment has slowed down [70]. - Output: In October, the domestic air - conditioner output was 10.1326 million units, a 27.92% year - on - year decrease, and the new energy vehicle output was 1.772 million units, a 21.12% year - on - year increase [73].

Group 1: Report Overview - Report Title: Copper Weekly Report [1][2] - Report Date: November 21, 2025 [2] Group 2: Core Views - The low TC of copper concentrates and tightness at the mine end, along with some smelting maintenance, support prices from the raw material side [4] - New energy demand continues, providing structural demand support and offsetting the traditional off - season [4] - Traditional downstream demand weakens from the peak season. High prices make buyers cautious, with weak transactions in construction and home appliance sectors and low restocking willingness [4] - Hawkish remarks from the Fed suppress rate - cut expectations, strengthening the US dollar and weakening the upward financial - attribute drive for copper prices [4] - There is co - existence of tightness at the mine end and weak traditional demand. Inventory and basis fluctuations are limited, and prices mainly fluctuate within a range [5] Group 3: Copper Futures Data (Weekly) - The latest price of SHFE Copper Main Contract is 85,660 yuan/ton, with a weekly decline of 1.43%, a position of 190,218, and a weekly position decline of 2,075. The trading volume is 98,905 [6] - The latest price of SHFE Copper Index - weighted is 85,634 yuan/ton, with a weekly decline of 1.43%, a position of 523,117, and a weekly position decline of 38,538. The trading volume is 177,960 [6] - The latest price of International Copper is 76,320 yuan/ton, with a weekly decline of 1.34%, a position of 3,329, and a weekly position decline of 684. The trading volume is 3,931 [6] - The latest price of LME Copper 3 - month is $10,686, with a weekly decline of 1.59%, a position of 239,014, and a weekly position decline of 38,282. The trading volume is 18,624 [6] - The latest price of COMEX Copper is $495.35, with a weekly decline of 2.06%, a position of 69,028, and a weekly position decline of 39,283. The trading volume is 48,117 [6] Group 4: Copper Spot Data (Weekly) - The latest price of Shanghai Non - ferrous 1 copper is 85,815 yuan/ton, with a weekly decline of 1,280 yuan and a decline rate of 1.47% [10] - The latest price of Shanghai Material Trading is 85,870 yuan/ton, with a weekly decline of 1,205 yuan and a decline rate of 1.38% [10] - The latest price of Guangdong Southern Reserve is 85,900 yuan/ton, with a weekly decline of 1,160 yuan and a decline rate of 1.33% [11] - The latest price of Yangtze River Non - ferrous is 85,980 yuan/ton, with a weekly decline of 1,220 yuan and a decline rate of 1.4% [11] - The latest Shanghai Non - ferrous premium/discount is 90 yuan/ton, with a weekly increase of 35 yuan and an increase rate of 63.64% [11] - The latest Shanghai Material Trading premium/discount is 60 yuan/ton, with a weekly increase of 35 yuan and an increase rate of 140% [11] - The latest Guangdong Southern Reserve premium/discount is 85 yuan/ton, with a weekly increase of 35 yuan and an increase rate of 70% [11] - The latest Yangtze River Non - ferrous premium/discount is 105 yuan/ton, with a weekly increase of 50 yuan and an increase rate of 90.91% [11] - The latest LME Copper (spot/3 - month) premium/discount is -$18.89/ton, with a weekly decline of $12.93 and a decline rate of 216.95% [11] - The latest LME Copper (3 - month/15 - month) premium/discount is $117.68/ton, with a weekly decline of $5.65 and a decline rate of - 4.58% [11] Group 5: Advanced Copper Data (Weekly) - The copper import profit and loss is - 488.26 yuan/ton, with a weekly increase of 338.52 yuan and a decline rate of - 40.94% [12] - The copper concentrate TC is - 41.72 dollars/ton, with a weekly decline of 0.2 dollars and an increase rate of 0.48% [12] - The copper - to - aluminum ratio is 4.007, with a weekly increase of 0.0229 and an increase rate of 0.57% [12] - The refined - scrap copper price difference is 3,065.74 yuan/ton, with a weekly decline of 657.24 yuan and a decline rate of - 17.65% [12] Group 6: Copper Inventory (Weekly) - The total SHFE copper warehouse receipts are 49,790 tons, with a weekly decline of 40 tons and a decline rate of - 0.08% [18] - The total International Copper warehouse receipts are 6,202 tons, with a weekly decline of 7,131 tons and a decline rate of - 53.48% [18] - The SHFE copper inventory is 110,603 tons, with a weekly increase of 1,196 tons and an increase rate of 1.09% [18] - The LME copper registered warehouse receipts are 148,450 tons, with a weekly increase of 22,400 tons and an increase rate of 17.77% [18] - The LME copper cancelled warehouse receipts are 9,475 tons, with a weekly decline of 650 tons and a decline rate of - 6.42% [20] - The LME copper inventory is 157,925 tons, with a weekly increase of 21,750 tons and an increase rate of 15.97% [20] - The COMEX copper registered warehouse receipts are 176,701 tons, with a weekly increase of 9,804 tons and an increase rate of 5.87% [20] - The COMEX copper unregistered warehouse receipts are 221,812 tons, with a weekly increase of 9,270 tons and an increase rate of 4.36% [20] - The COMEX copper inventory is 398,513 tons, with a weekly increase of 19,074 tons and an increase rate of 5.03% [20] - The copper mine port inventory is 530,000 tons, with a weekly increase of 32,000 tons and an increase rate of 6.43% [20] - The social inventory is 418,200 tons, with a weekly increase of 4,300 tons and an increase rate of 1.04% [20] Group 7: Copper Mid - stream Production (Monthly) - In September 2025, the refined copper output was 1.266 million tons, with a year - on - year increase of 10.1%. The cumulative output was 12.295 million tons, with a year - on - year increase of 9.7% [24] - In September 2025, the copper product output was 2.232 million tons, with a year - on - year increase of 5.9%. The cumulative output was 20.124 million tons, with a year - on - year increase of 5.9% [24] Group 8: Copper Mid - stream Capacity Utilization (Monthly) - In October 2025, the capacity utilization rate of refined copper rods was 56.2%, with a monthly decline of 9.03 percentage points and a year - on - year decline of 5.35 percentage points [26] - In October 2025, the capacity utilization rate of scrap copper rods was 24.11%, with a monthly decline of 1.26 percentage points and a year - on - year decline of 1.69 percentage points [26] - In October 2025, the capacity utilization rate of copper strips was 63.84%, with a monthly decline of 2.4 percentage points and a year - on - year decline of 8.4 percentage points [26] - In October 2025, the capacity utilization rate of copper rods was 50.13%, with a monthly decline of 0.77 percentage points and a year - on - year increase of 0.1 percentage point [26] - In October 2025, the capacity utilization rate of copper tubes was 52.57%, with a monthly decline of 6.87 percentage points and a year - on - year decline of 15.63 percentage points [26] Group 9: Copper Element Imports (Monthly) - In October 2025, the copper concentrate imports were 2.451487 million tons, with a year - on - year increase of 6%. The cumulative imports were 25.118228 million tons, with a year - on - year increase of 8% [30] - In October 2025, the anode copper imports were 55,239 tons, with a year - on - year decline of 8%. The cumulative imports were 634,011 tons, with a year - on - year decline of 15% [30] - In October 2025, the cathode copper imports were 279,944 tons, with a year - on - year decline of 22%. The cumulative imports were 2,817,921 tons, with a year - on - year decline of 6% [30] - In October 2025, the scrap copper imports were 196,607 tons, with a year - on - year increase of 7%. The cumulative imports were 1,895,530 tons, with a year - on - year increase of 2% [30] - In October 2025, the copper product imports were 440,000 tons, with a year - on - year decline of 13.5%. The cumulative imports were 4,460,000 tons, with a year - on - year decline of 3.1% [30]

Group 1 - The global refined copper market experienced a deficit of 51,000 tons in September, contrasting with a surplus of 41,000 tons in August [1] - For the first nine months of the year, the market showed a surplus of 94,000 tons, down from a surplus of 310,000 tons in the same period last year [1] - In September, global refined copper production was 2.37 million tons, while consumption was 2.42 million tons [1] Group 2 - After adjusting for changes in inventory at Chinese bonded warehouses, a deficit of 50,000 tons was reported in September, compared to a surplus of 47,000 tons in August [2] - China, as the largest copper consumer globally, faces three major challenges: increasing reliance on foreign upstream resources, excess capacity in the midstream processing sector, and downstream demand being suppressed by high copper prices [3]

证券日报网讯云南铜业（000878）11月21日发布公告，在公司回答调研者提问时表示，今年以来，主要 地区硫酸均价同比有较大幅度上涨，公司积极抢抓市场机遇，实现了对业绩的积极贡献。 ...

Core Viewpoint - The copper market is experiencing a downward trend, influenced by weak stock market sentiment and concerns over liquidity risks, despite a slight improvement in demand due to lower copper prices [1] Group 1: Market Performance - Shanghai copper opened lower and subsequently fluctuated within a narrow range, closing down by 0.83% [1] - The overall market atmosphere is poor, with both U.S. and A-share markets under pressure, leading to a cautious risk appetite [1] Group 2: Economic Indicators - The U.S. non-farm payroll data for September showed mixed results, with the market awaiting further data guidance [1] - Recent comments from Federal Reserve officials have been generally hawkish, leading to a significant decline in market expectations for a rate cut in December [1] Group 3: Supply and Demand Dynamics - Global copper mine supply remains tight, with domestic refined copper production showing a slight decline in October, although the decrease is limited [1] - High copper prices have previously suppressed downstream demand, but there has been a slight improvement in demand as prices have recently softened [1] Group 4: Price Outlook - Jinrui Futures indicates that the non-farm data may lead to a retreat in rate cut expectations, suggesting that copper price drivers have not exceeded historical levels [1] - The short-term price trend is expected to remain high with fluctuations, and there is no significant downward pressure anticipated [1] - Attention should be paid to the impact of Indonesian mines on the non-U.S. refined copper inventory [1]

（编辑 袁冠琳） 证券日报网讯 云南铜业11月21日发布公告，在公司回答调研者提问时表示，作为国内较大的铜精矿采 购商之一，公司遵循市场化和综合效益最大化的原则对外采购原材料，公司长期以来与各大供应商保持 了较好的长期稳定的合作关系，并与铜精矿供应商积极谈判，努力稳定长单供应量，争取保障生产有序 开展。此外，公司大股东所持有的矿山资源，也为公司的原料供应保障奠定了坚实基础。 ...

Group 1 - The core viewpoint of the article is that Yunnan Copper Industry announced the normal production status of its major shareholder's subsidiary, Peru Copper, and emphasized its commitment to protecting the interests of shareholders, especially small and medium-sized ones [1] - In June 2023, China Copper signed a share custody agreement with the company, entrusting the management of 100% equity of Zhongkuang International to avoid competition and protect shareholder interests [1] - The company serves as the only listed platform for the copper industry under Chalco Group and China Copper, leveraging the strong comprehensive strength and resource advantages of the state-owned enterprise [1] Group 2 - The company has established diverse business collaborations with various upstream and downstream enterprises, financial institutions, and research institutes, gaining support and trust from all parties [1] - The company strictly adheres to the information disclosure obligations as per the Shenzhen Stock Exchange listing rules and will fulfill disclosure obligations for any future asset injection matters [1]

Core Viewpoint - The domestic copper futures market is experiencing a downward trend, with the main contract reported at 85,730.00 yuan/ton, a slight decrease of 0.75% [1] Macroeconomic Factors - Recent U.S. employment data shows conflicting signals, with new jobs added at 119,000, significantly exceeding expectations, while the unemployment rate rose to a four-year high of 4.4%. This presents challenges for the Federal Reserve's decision-making ahead of the December meeting [1] Supply and Demand Dynamics - Supply-side issues include a shortage of copper concentrate (processing fee at -40 USD/ton) and delays in the resumption of mining operations in Indonesia. Demand from emerging sectors like electric vehicles and AI is supporting the market, countering weak demand from real estate and home appliances [1] - Market participants are cautious in their purchasing despite suppliers holding prices firm [1] Inventory Levels - Domestic refined copper inventory is not decreasing as expected, with social inventory reported at 194,500 tons as of November 20, showing a slight increase of 0.07 tons and remaining at a high level not seen in three years [1] Overall Market Outlook - The probability of a rate cut in December remains low, with weak fundamentals and increasing inventory levels contributing to a bearish outlook for copper prices. Attention will be on the gradual release of U.S. economic data [1]

Core Viewpoint - Tongling Nonferrous Metals is one of the largest cathode copper producers in China, with smelting capacity exceeding 1.7 million tons, and has gradually become a comprehensive copper company covering the entire industry chain from "resources to smelting to processing" [1] Group 1: Company Overview - The company generates significant revenue and gross profit from copper products, but since 2024, tightening copper ore supply has led to a decline in copper smelting fees, resulting in a slight decrease in copper product gross margins [1] - There are concerns in the market regarding whether the company's large copper smelting capacity will be affected by the continued decline in smelting fees, potentially squeezing profit margins [1] Group 2: Market Outlook - The upward certainty of copper prices has increased, and there are marginally positive expectations for smelting fees, which may enhance profit elasticity [1] - The company is targeting the high-end copper processing market, with its subsidiary, Tongguan Copper Foil, having been listed separately in 2022, indicating potential for greater application markets for high-end electronic copper foil products amid rapid development in AI and electronic communication industries [1] Group 3: Additional Profit Sources - The gold and other by-product segments are expected to continue contributing to the company's profits [1] - The initial coverage has assigned a "buy" rating for the company [1]