Core Viewpoint - The copper market is experiencing fluctuations with a slight decline in prices, influenced by macroeconomic factors and changes in supply and demand dynamics [1] Market Performance - On May 15, 2025, the main copper contract opened at 78,900 CNY/ton and closed at 77,870 CNY/ton, a decrease of 1.36% from the previous close [1] - The night session saw the contract open at 78,160 CNY/ton and close at 78,490 CNY/ton, reflecting a slight increase of 0.13% [1] Supply and Demand Dynamics - Domestic supply is expected to increase as the Shanghai Futures Exchange (SHFE) copper warehouse receipts rose by over 20,000 tons to more than 50,000 tons [1] - Peru's copper exports showed a recovery in Q1, with a total export value of 6.62 billion USD, marking a 23% increase year-on-year [1] - The U.S. is projected to export 600,000 tons of scrap copper in 2024, with over half going to China [1] Price and Inventory Trends - The LME warehouse receipts decreased by 4,075 tons to 184,650 tons, while SHFE warehouse receipts increased by 10,466 tons to 60,535 tons [1] - As of May 12, the domestic market's electrolytic copper inventory was 132,000 tons, a change of 8,900 tons from the previous week [1] Strategic Recommendations - The strategy for copper is cautiously bullish, with recommendations to buy on dips for hedging purposes [1] - The market is currently characterized by a backwardation structure, leading to weakened consumption as new orders remain subdued [1]

Group 1 - Chilean President Boric's visit to China marks a new chapter in China-Chile cooperation, with multiple bilateral cooperation agreements signed in various fields [1] - China has been Chile's largest trading partner for several years, with Chile being China's third-largest trading partner in Latin America [1][3] - In 2024, the bilateral trade volume between China and Chile is projected to reach $61.69 billion, which is 8.6 times the volume before the China-Chile Free Trade Agreement came into effect [2] Group 2 - The bilateral trade between China and Chile has shown significant growth, with a historical high of 163.19 billion yuan in the first four months of this year, a year-on-year increase of 5.4% [3] - Chilean cherries are particularly popular in China, especially during the Chinese New Year, due to their quality and flavor [4] - There is potential for further growth in high-tech products such as machinery and electronics in the bilateral trade between China and Chile [5] Group 3 - Chinese investments in Chile have rapidly increased, particularly in infrastructure, energy, agriculture, and mining sectors, with a direct investment stock of approximately $1.6 billion by the end of 2023 [5] - Both countries are looking to deepen cooperation in emerging fields such as artificial intelligence and green energy [6] - The collaboration between China and Chile is seen as significant in the context of current geopolitical tensions, with both countries aiming to enhance their economic and strategic goals through cooperation [6]

全球交易所库存情况来看：截至5月14日，LME铜库存较4月30日减少12125吨至18.56万吨，前期LME与COMEX套利操作令LME铜库持续降低，LME市场供 应压力提升；上期所铜库存继续减少8602吨至8.07万吨，上期所铜库存自3月起持续下降，冶炼厂加工费低位以及下游消费回升令国内供应问题持续深化； COMEX铜库存较五一假期前增加23017吨至16.7万吨，与前期套利操作到货有一定关系。 SHMET 网讯： 近期铜市表现平稳，铜价持续于5日均线附近窄幅震荡已经超过两周时间，宏观市场对铜价的压制作用明显减弱，基本面支撑明确。伦铜表现持续相对沪铜 偏强，与前期海外套利造成的铜的库存结构变化有一定关系。 宏观方面，美联储5月议息会议未采取降息行动，联邦基金利率目标区间保持4.25%至4.5%不变，这是美联储连续第三次货币政策会议决定暂停行动，符合 市场预期。在美联储公布最新利率决议两天后，超过一半的美联储政策制定者公开发表讲话，没有一位暗示美联储即将降息，多位官员强调控制通胀预期的 重要性，认为贸易政策不确定性或使利率保持在高位更长时间。根据芝商所工具显示，期货市场预计美联储6月不降息的概率偏大，7月降息 ...

证券代码：000878 证券简称：云南铜业 公告编号：2025-034 云南铜业股份有限公司 关于召开 2025 年一季度网上业绩说明会 的公告 （三）出席人员：副董事长、总经理孙成余先生，董 事会秘书、财务总监高洪波先生，独立董事于定明先生， 财务资产部负责人刘八妹女士，证券事务代表孙萍女士和 公司证券部相关人员。 （四）投资者参与方式 投资者可登陆"约调研"小程序搜索"云南铜业"，参加本 次网上业绩说明会。 二、投资者问题征集 为充分尊重投资者、提升交流的针对性，公司就本次 说明会提前向投资者公开征集问题。投资者可于 2025 年 5 月 19 日 12:00 时前，通过"约调研"小程序，以提问的形式 将关注的问题进行提交。公司将对征集到的问题进行整理， 在本次业绩说明会上就投资者重点关注的问题进行回复。 欢迎广大投资者积极参与本次网上业绩说明会。 特此公告 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。 云南铜业股份有限公司（以下简称公司）于2025年4月 者更全面深入了解公司所处行业状况、生产经营、财务状 况、面临的风险与困难等相关情况，加强公司与投资 ...

Group 1: Report Industry Investment Rating - Copper investment rating: Cautiously bullish [5] Group 2: Core View of the Report - After the UK - US trade agreement, market risk sentiment has emerged, and the continuously low TC price indicates that copper prices are still likely to rise rather than fall. It is recommended to mainly use buy - hedging on dips [5] Group 3: Summary by Relevant Catalogs Market News and Important Data Futures Quotes - On May 14, 2025, the main Shanghai copper contract opened at 77,930 yuan/ton and closed at 78,940 yuan/ton, up 1.09% from the previous trading day's close. The night - session main contract opened at 78,900 yuan/ton and closed at 78,650 yuan/ton, up 0.19% from the afternoon close [1] Spot Situation - On the previous day, both procurement and sales sentiment declined. Near the delivery date, downstream procurement was affected by high monthly spreads, with a procurement index of 3.07. Sellers with registerable warehouse receipt goods were reluctant to sell at low prices, and the overall sales sentiment index dropped to 3.14 [2] Important Information Summary - **Macro and Geopolitical**: The US is "close to reaching" a trade tariff agreement with Japan, South Korea, and India. The US does not seek dollar depreciation in tariff negotiations. Trump reached a $12 - trillion economic commitment in Qatar, and the US and Qatar signed over $243.5 - billion economic and military cooperation agreements. In China, the social financing increment from January to April was 16.34 trillion yuan, new loans were 10.06 trillion yuan, and M2 in April increased by 8% year - on - year [3] - **Mine End**: From 2020 - 2024, Western Mining's net profit compound growth rate was 41%. Its mine production capacity expanded, and mineral copper production increased significantly. In 2024, the deterioration of smelting processing fees and year - end asset impairment affected the company's profitability [3] - **Smelting and Import**: In 2024, the total electrolytic copper output of 19 large domestic copper smelters was 10.5558 million tons, an increase of 0.642 million tons or 6.5% year - on - year. These 19 enterprises accounted for 77.37% of China's total electrolytic copper output, a 1.04% increase from the previous year [4] - **Consumption**: Last week, copper prices fluctuated narrowly. Near the end of the month, downstream consumption growth was limited. Due to some processing enterprises' export - rushing actions, market demand was relatively stable, and downstream enterprises mainly made low - price, just - in - time purchases [4] - **Inventory and Warehouse Receipts**: LME warehouse receipts decreased by 2,125 tons to 185,575 tons, SHFE warehouse receipts increased by 20,912 tons to 50,069 tons. On May 12, the domestic electrolytic copper spot inventory was 1.231 million tons, an increase of 0.03 million tons from the previous week [4] Strategy - Copper: Cautiously bullish, mainly use buy - hedging on dips [5] - Options: short put@ 74000 [5] Data Table - The table shows copper price and basis data including spot (premium/discount), inventory, warehouse receipt, arbitrage, import profit, and Shanghai - London ratio data for different time points [20][25]

Core Viewpoint - The recent surge in mergers and acquisitions (M&A) in the A-share market reflects a deep-seated logic of industrial upgrading and strategic transformation, showcasing the diversification and specialization of the current M&A landscape [1] Group 1: Characteristics of Recent M&A Activity - Cash transactions dominate the current wave of M&A, with companies accelerating their entry into new sectors [2] - The M&A activities are driven by three strategic directions: seeking breakthroughs in technological innovation, enhancing risk resilience through resource integration, and capitalizing on policy incentives to enter emerging sectors like AI and semiconductors [2] Group 2: Industry Chain Integration - Industry chain integration is a core driver of M&A among A-share companies, with firms pursuing horizontal and vertical integration to enhance competitiveness [3] - Jiangsu Zongyi Co., Ltd. plans to acquire control of Jiangsu Jilai Microelectronics Co., Ltd. to extend its reach into the power semiconductor sector [3] - Suzhou Dongshan Precision Manufacturing Co., Ltd. intends to acquire 100% of Groupe Mécanique Découpage to optimize its debt structure and enhance its capabilities in the automotive parts sector [3][4] Group 3: Strategic Focus and Diversification - Companies are adopting divergent strategies, with some focusing on core businesses while others pursue diversification [5] - Jiangsu Zongyi's acquisition of Jilai Microelectronics aims to strengthen its position in the integrated circuit sector, enhancing its technical capabilities and market share [5] - China National Pharmaceutical Group plans to acquire Beijing Jinsui Technology to enter the e-commerce service sector, diversifying its business and revenue streams [5] Group 4: Investment Trends - Beijing Lier High-Temperature Materials Co., Ltd. is investing in Shanghai Zhenliang Intelligent Technology Co., Ltd. to enter the AI chip market, reflecting a commitment to both core business and new growth areas [6] Group 5: Valuation and Compliance Concerns - Valuation and compliance are critical issues in M&A transactions, directly impacting their success [8] - Huafeng Chemical Co., Ltd. terminated its planned acquisition of Zhejiang Huafeng Synthetic Resin Co., Ltd. due to high valuation and lack of shareholder approval, highlighting the risks associated with high-premium related transactions [8][9] - Companies are advised to establish a scientific valuation system and ensure transparency in operations to mitigate risks associated with related-party transactions [10]

（图片系AI生成） 时隔多年后，大股东资产注入计划终于再次启动。 股权结构方面，云铜集团持有40%股权，凉山州工业投资发展集团有限责任公司持有40%股权，云南铜 业持有20%股权。2022年1月，云铜集团将凉山矿业40%的股权委托云南铜业管理。2023年11月，云南 铜业发布控股股东承诺事项延期的公告称，因凉山矿业土地、房产等资产问题较为复杂，云铜集团对凉 山矿业的股权注入承诺已延期至2026年11月底前启动。 目前市场对云南铜业存在较强的重组预期，此次大股东终于启动凉山矿业资产注入计划似乎让投资者看 到了希望。再加上2023年间接控股股东中国铜业已将中矿国际股权委托云南铜业代管，并压缩管理层 级，被外界视为资产注入前兆；2024年中国铝业集团增持云南铜业股权1.98%亦被看作是为后续整合铺 路。 但此次凉山矿业能否注入成功还要打一个问号，一是因为云南铜业曾有多次重大筹划"落空"，比如2014 年、2015年的两次定增。二是云铜集团也曾违背承诺，其在2014年6月云铜集团明确了资产注入时间 表，即在当年内启动资产注入，同年云南铜业也曾公告筹划资产重组。然而，该事项最终在上市公司停 牌三个月后宣告终止，理由是" ...

Group 1: Production and Operational Performance - In 2024, the company produced 155,200 tons of copper concentrate, 1,768,000 tons of cathode copper, 415,800 tons of copper processing materials, 5,359,600 tons of sulfuric acid, 229.1 tons of gold, 5,476.7 tons of silver, 393,600 tons of iron concentrate, and 447,300 tons of sulfur concentrate, successfully meeting production targets [3] - The company achieved operating revenue of 145.531 billion yuan, a year-on-year increase of 5.88%; total profit of 5.508 billion yuan, up 2.15%; and net profit attributable to shareholders of the parent company of 2.809 billion yuan, an increase of 4.05% [4] Group 2: Safety and Environmental Management - The company maintained a "zero work-related death" and "zero environmental incident" goal, enhancing safety and environmental culture through various initiatives [5] - The company added two photovoltaic power generation projects, generating over 12 million kWh, and purchased over 112 million kWh of green electricity, reducing carbon emissions by 2.02% [5] Group 3: Technological Innovation and Development - R&D investment reached 4.68 billion yuan, a year-on-year increase of 12.38%, with 334 key technology projects implemented [7] - The company received 9 provincial and ministerial-level science and technology achievement awards, including 6 first prizes and 3 second prizes, and was granted 329 patents, including 269 invention patents [7] Group 4: Industry and Market Trends - In 2024, global refined copper consumption grew by 2.9%, with China being the core driver, particularly benefiting from the rapid growth of the electric vehicle industry, which saw a year-on-year increase of over 34% in production and sales [11] - Copper prices fluctuated significantly, with an annual average price of 74,904 yuan/ton, up 9.7% year-on-year, ranging between 67,830 yuan/ton and 88,940 yuan/ton [12] Group 5: Future Plans and Strategic Goals - For 2025, the company plans to produce 194,900 tons of copper concentrate, 1,896,000 tons of cathode copper, and 430,500 tons of copper processing materials, among other targets [16] - The company aims to enhance operational efficiency and cost control, focusing on quality improvement and resource optimization to maintain competitiveness [18] Group 6: Social Responsibility and ESG Initiatives - The company allocated 4.34 million yuan for scholarships benefiting 86 university students and purchased agricultural products worth 13.5389 million yuan for consumption assistance [10] - The company was recognized in the "ESG Pioneer 100 Index" and the "Top 50 ESG Listed Companies in the Yangtze River Delta" for its commitment to social responsibility [10]

云南铜业（000878）公告，公司正在筹划发行股份购买云南铜业(集团)有限公司持有的凉山矿业股份有 限公司40%股份并募集配套资金。因有关事项尚存不确定性，公司证券自2025年5月13日开市时起开始 停牌，预计在不超过10个交易日的时间内披露本次交易方案。若未能在上述期限内召开董事会审议并披 露交易方案，公司证券最晚将于2025年5月27日开市起复牌并终止筹划相关事项。 ...

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core View of the Report The Sino-US tariff negotiations have achieved initial results, and the inventory of electrolytic copper at home and abroad tends to decline. However, as the traditional off-season of consumption approaches, copper prices may be strong first and then weak. It is recommended that investors wait and see for the moment, paying attention to the support and resistance levels of copper prices in different markets [3]. 3. Summary by Relevant Catalogs Market Data - **Shanghai Copper Futures**: On May 9, 2025, the closing price of the active contract was 77,450 yuan, up 120 yuan from the previous day; the trading volume was 111,450 lots, down 5,268 lots; the open interest was 181,319 lots, up 1,627 lots; the inventory was 19,165 tons, down 375 tons. The average price of SMM 1 electrolytic copper was 78,205 yuan, down 230 yuan. The Shanghai copper basis and various spot premiums and discounts, as well as the spreads between near - and far - month contracts, showed different degrees of change [2]. - **London Copper**: On May 9, 2025, the LME 3 - month copper futures settlement price (electronic trading) was 9,445.5 US dollars, up 14 US dollars. The total inventory of registered and cancelled warrants decreased, and the spreads of different LME copper futures contracts also changed [2]. - **COMEX Copper**: On May 9, 2025, the closing price of the active copper futures contract was 4.654 US dollars, up 0.03 US dollars, and the total inventory was 160,250 tons, up 3,627 tons [2]. Company News - **Jinchengxin**: It plans to acquire a 50% stake in Colombia's OM Company for 100 million US dollars and gain control. It will invest 230 million US dollars in the construction of the Alacran copper - gold - silver mine project, with an estimated investment of 420.4 million US dollars, a construction period of 2 years, and an expected mine life of 12 years. The company will contribute about 202.22 million US dollars according to the equity ratio and lead the subsequent development and construction of the mine, with an average annual ore mining volume of about 6.1 million tons, equivalent to 25,000 tons of copper, 1.4 tons of gold, and 16 tons of silver [2]. - **Codelco and Escondida Mine**: In March, Codelco's copper production increased by 14.8% year - on - year to 123,200 tons, and the Escondida mine under BHP Billiton's smelting had a 18.9% year - on - year increase in copper production to 120,600 tons [2]. Important Information - **Macro - economic**: The US Senate and House of Representatives reached an agreement on the budget resolution on April 10, including tax cuts of 5.5 trillion US dollars in the next ten years, an increase in the debt ceiling of 5 trillion US dollars, and a reduction in government spending of 4 billion US dollars. The Trump administration proposed to cut the federal fiscal budget by 163 billion US dollars in 2026. The US ISM manufacturing PMI and employment data in April were not bad, delaying the expected time of the Fed's interest rate cut to July, September, or December [2]. - **Upstream**: Some copper mines in Peru, Poland, Kazakhstan, etc. have production changes such as resumption or suspension. Some copper smelters at home and abroad have production adjustments due to various reasons, such as accidents, overhauls, and new capacity launches. The domestic copper concentrate production (import) volume, electrolytic copper production (import) volume, and waste copper production (import) volume may change in May. The inventory of electrolytic copper in China's bonded area, social inventory, and LME inventory decreased, while the COMEX inventory increased [2]. - **Downstream**: The new orders and long - order executions of refined copper rod enterprises decreased significantly, resulting in a decline in the capacity utilization rate of refined copper rods and an increase in that of recycled copper rods. The capacity utilization rate, production volume, import volume, and export volume of domestic copper product enterprises may decline in May, with different performances in different sub - industries [2]. 4. Trading Strategy Investors are advised to wait and see for the moment, paying attention to the support and resistance levels of copper prices in different markets: 70,000/73,000 - 75,000 yuan for Shanghai copper, 8,700 - 8,900 US dollars for London copper, 4.3 - 4.58 US dollars for COMEX copper on the support side, and 78,500 - 80,000 yuan for Shanghai copper, 9,600 - 9,800 US dollars for London copper, 4.85/5.0 - 5.2 US dollars for COMEX copper on the resistance side [3].