1. Report Industry Investment Rating No information provided in the report regarding the industry investment rating. 2. Core Viewpoints of the Report - The target price of Jin 25 Convertible Bonds on the first trading day is estimated to be between 128 and 133 yuan, and investors are advised to actively subscribe [20]. - The estimated first - day new - bond subscription winning rate is around 0.0121% - 0.0149% [21]. 3. Summary According to Relevant Catalogs 3.1 Jin 25 Convertible Bonds New - Bond Analysis and Investment Suggestions 3.1.1 Convertible Bond Basic Terms Analysis - The issuance methods of Jin 25 Convertible Bonds are priority placement and online issuance, with both the bond and issuer rated AA. The issuance scale is 2 billion yuan, the initial conversion price is 63.46 yuan, the bond parity on September 24, 2025, is 99.78 yuan, and the pure bond value is 98.93 yuan. The game terms (downward revision, redemption, and put - back clauses) are normal. The bond has high issuance scale, good liquidity, acceptable rating, and good bond - floor protection. It is easy for institutions to include in their portfolios, and there is no objection to primary - market participation [16]. 3.1.2 New - Bond Initial Listing Price Analysis - Considering the current market environment and parity level, the conversion premium rate of Jin 25 Convertible Bonds on the first listing day is expected to be in the range of 28% - 33%, corresponding to a first - day listing target price of around 128 - 133 yuan. The company is a group - based mining listed company mainly engaged in mining services and mining resource development [20]. 3.1.3 Convertible Bond New - Bond Subscription Winning Rate Analysis - Assuming the old - shareholder placement ratio is 41% - 52%, the scale available for the market is 951 million - 1.175 billion yuan. Assuming the online effective subscription number is 7.89 million households, the winning rate when subscribing to the full quota is estimated to be around 0.0121% - 0.0149% [21]. 3.2 Underlying Stock Fundamental Analysis 3.2.1 Company's Main Business and Industry Upstream - Downstream Situation - The company's main business includes mining operation management, mine engineering construction, mining resource development, mine engineering design and research, and mining machinery equipment manufacturing. The upstream is the mining machinery equipment manufacturing industry, which has little impact on the company. The downstream of mining services is the mineral resource development industry, and the downstream of resource development is the mineral resource smelting, processing, and trading industry [22][23]. 3.2.2 Company's Operating Conditions - From 2022 to the first half of 2025, the company's operating income showed an upward trend, with year - on - year growth rates of 18.90%, 38.18%, 34.37%, and 47.82% respectively. The core business is mining operation management. The sales revenue of cathode copper, copper concentrate, and phosphate ore increased due to the acquisition of mines. The comprehensive gross profit margin and net profit margin increased steadily. The company's receivables' proportion of operating revenue decreased, and the accounts - receivable turnover rate increased. The net profit attributable to the parent company maintained high - speed positive growth [25][29][35]. 3.2.3 Company's Equity Structure and Major Subsidiaries - As of June 30, 2025, the equity structure was relatively dispersed. Jinchengxin Group was the largest shareholder with a 38.88% shareholding ratio. The top two shareholders held a combined 41.25% stake, and the top ten shareholders held a combined 52.47% stake. Wang Xiancheng, Wang Cicheng, Wang Youcheng, Wang Yicheng, and Wang Yicheng were the actual controllers, directly and indirectly controlling 43.16% of the company's shares [43]. 3.2.4 Company's Business Characteristics and Advantages - The company has advantages in technology R & D, deep - resource development services, talent, and equipment - maintenance - operation integration. It has rich experience in complex geological conditions, a large number of technical achievements, a high - quality talent team, advanced equipment, and a mature mechanized operation model [48]. 3.2.5 Current Raised - Capital Investment Arrangements - The raised funds after deducting issuance fees are planned to be used as follows: 800 million yuan for the Zambia Lubumbi Copper Mine Beneficiation Project (technical renovation), 800 million yuan for the mine mining operation and infrastructure equipment purchase project, 80 million yuan for the underground green unmanned intelligent equipment R & D project, and the remaining 320 million yuan for working - capital replenishment [14].

登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：600711 证券简称：盛屯矿业 公告编号：2025-048 盛屯矿业集团股份有限公司 关于以集中竞价交易方式回购公司 三、其他事项 公司将严格按照《上市公司股份回购规则》《上海证券交易所上市公司自律监管指引第7号一一回购股 份》等相关规定，在回购期限内根据市场情况择机做出回购决策并予以实施，同时根据回购股份事项进 展情况及时履行信息披露义务，敬请广大投资者注意投资风险。 详细内容参见公司于2025年8月29日在上海证券交易所网站（www.sse.com.cn）披露的《盛屯矿业集团 股份有限公司关于以集中竞价交易方式回购股份的预案》（公告编号：2025-039）。 二、回购股份的进展情况 根据《上海证券交易所上市公司自律监管指引第7号一一回购股份》等相关规定，在回购期间，回购股 份占上市公司总股本的比例每增加1%的，应当在事实发生之日起3个交易日内予以披露。现将公司回购 股份的进展情况公告如下： 截至2025年9月25日，公司以集中竞价交易方式累计回购公司股份 33,582,400股，占公司总股本的比例 为1.0866%，购买的最高价为8.7500元 ...

Group 1 - The company held its 21st meeting of the 10th Board of Directors on September 25, 2025, where all 9 directors participated and voted, confirming the legality and validity of the resolutions [2][3] - The Board approved a proposal for a subsidiary to provide guarantees for the company's bank comprehensive credit application, which includes a maximum of RMB 700 million in credit, with specific allocations for working capital loans and bank acceptance bills [4][12] - The Board also approved a proposal for a subsidiary to provide guarantees for the company's bank loan application of RMB 50 million, with a financing term of one year [6][18] Group 2 - The company plans to provide guarantees for its wholly-owned subsidiary, Yinman Mining, for financing lease agreements with four leasing companies, totaling up to RMB 100 million [22][24] - The financing lease agreements include a maximum of RMB 30 million with Chengtai Leasing for 24 months, RMB 30 million with Fengrong Leasing for 36 months, RMB 10 million with Guotai Leasing for 36 months, and RMB 20 million with Xinxin Leasing for 36 months [22][24] - The Board believes that these guarantees will support the operational financing needs of Yinman Mining and contribute to the overall development of the company [44][45]

Core Viewpoints - In the first half of 2025, the company achieved operating revenue of 94.773 billion yuan and a net profit attributable to shareholders of 8.671 billion yuan, representing a year-on-year increase of 60.07%, marking the highest profit level for the same period in history [1] - The company met all production targets for its products in the first half of 2025, with copper production increasing by 12.68% year-on-year, reaching a historical high for the same period [1] - The company completed the acquisition of Ecuador's Odin Mining (Kagelhaus Gold Mine) and is rapidly advancing development work, enhancing its global layout of diversified products, with the project expected to commence production before 2029 [1] Production and Pricing - The company produced 353,600 tons of copper in the first half of 2025, a year-on-year increase of 12.68%, achieving approximately 56.1% of the production guidance midpoint [2] - The average LME copper price in the first half of 2025 increased by 3.75% year-on-year to 9,431 USD/ton, with cobalt and other mineral prices also showing significant increases [2] Cost Management and Resource Layout - The company has made significant progress in cost reduction and efficiency improvement through refined management and technological innovation, with copper production costs around 33,700 yuan per ton in the first half of 2025 [2] - The acquisition of the Kagelhaus Gold Mine represents a breakthrough in the company's layout of gold resources, further diversifying its product matrix [2] Market Dynamics - The cobalt price has risen from a low of 160,000 yuan/ton to 275,000 yuan/ton due to the ongoing cobalt export ban from the Democratic Republic of Congo, which has been in effect for seven months [2] - The domestic supply of cobalt is tightening, with a significant decrease in imports, which may further support cobalt prices in the upcoming consumption peak season [2]

本集团矿石储量(含金属量)减少部分：铜(-2%)、银(-5%)。 上述结果显示，MMG旗下各矿山多年来的勘探及资源量转储量钻探工作持续补充选矿消耗，并进一步 增加矿产资源量及矿石储量。Rosebery及Dugald River矿山通过地质与采矿研究实现矿产资源量及矿石 储量的显著提升。Las Bambas矿山的Ferrobamba露天矿体资源亦提升，结合Ferrobamba地下矿体的最新 概略研究，已连续第二年有效补足过去十二个月铜矿产资源量消耗。 五矿资源(01208)发布集团截至2025年6月30日最新矿产资源量及矿石储量声明。截至2025年6月30日的 矿产资源量及矿石储量声明的主要变动包括： 本集团矿产资源量(含金属量)增加部分：铜(3%)、铅(5%)、钼(10%)、银(3%)及金(29%)。 本集团矿产资源量(含金属量)减少部分：锌(-0.5%)、钴(-2%)。 本集团矿石储量(含金属量)增加部分：锌(13%)、铅(10%)、钴(3%)、钼(5%)及金(10%)。 依托Kinsevere矿山的采矿研究，Nambulwa及Dianzenza(DZ)区域首次报告矿石储量，而Kimbwe Kafubu 区 ...

• 本集团矿石储量(含金属量)减少部分：铜(-2%)、银(-5%)。 上述结果显示，MMG 旗下各矿山多年来的勘探及资源量转储量钻探工作持续补充选矿消耗，并进一步 增加矿产资源量及矿石储量。Rosebery 及 Dugald River 矿山通过地质与采矿研究实现矿产资源量及矿石 储量的显著提升。Las Bambas 矿山的 Ferrobamba 露天矿体资源亦提升，结合 Ferrobamba 地下矿体的最 新概略研究，已连续第二年有效补足过去十二个月铜矿产资源量消耗。 依托 Kinsevere 矿山的采矿研究，Nambulwa 及 Dianzenza(DZ)区域首次报告矿石储量，而 Kimbwe Kafubu 区域的矿产资源量对比2024年首次报告近乎翻倍。 智通财经APP讯，五矿资源(01208)发布集团截至2025年6月30日最新矿产资源量及矿石储量声明。截至 2025年6月30日的矿产资源量及矿石储量声明的主要变动包括： • 本集团矿产资源量(含金属量)增加部分：铜(3%)、铅(5%)、钼(10%)、银(3%)及金(29%)。 • 本集团矿产资源量(含金属量)减少部分：锌(-0.5%)、钴(-2%)。 ...

国城矿业公告，此前公司已审议通过为子公司国城锂业增加不超15.5亿元担保额度的议案。近日，国城 锂业与冀银租赁开展融资租赁业务，公司为该业务提供最高1.8亿元连带责任保证担保，属已审议通过 的担保范围内事项，无需再提交审议。国城锂业成立于2023年，国城矿业持股75%。截至6月30日，其 资产总额36645.91万元，负债总额12641.15万元。本次担保有助于国城锂业发展，风险可控。截至公告 披露日，公司及控股子公司实际对外担保余额164757.15万元，本次担保后不超182757.15万元。 ...

Core Viewpoint - CITIC Securities projects Luoyang Molybdenum's net profit for 2025-2027 to be 16.3 billion, 18.5 billion, and 21 billion yuan respectively, with corresponding PE ratios of 16.84, 14.86, and 13.09 times, recommending a "buy" rating based on the company's industry position, growth potential, and low-cost advantages [1] Production Performance - In the first half of 2025, the company achieved significant increases in production across various metals: copper at 353,600 tons (up 12.68%), cobalt at 61,100 tons (up 13.05%), and niobium at 5,231 tons (up 2.94%), all reaching historical highs [2] - The company completed over half of its production targets for the first half of the year, with the TFM and KFM projects contributing significantly to copper production [2] Price Trends - The average LME copper price in the first half of 2025 increased by 3.75% to $9,431 per ton, with cobalt and molybdenum prices rising by 7.69% and 23.90% respectively [3] Cost Management - The company has made significant progress in cost reduction and efficiency improvements through refined management and technological innovations, with copper production costs around 33,700 yuan per ton in the first half of 2025 [4] Strategic Developments - The company has successfully acquired the Odin Mining project in Ecuador, aiming to enhance its gold resource portfolio and diversify its product matrix, with production expected to commence by 2029 [5] Market Dynamics - The ongoing cobalt export ban in the Democratic Republic of Congo has led to a significant price increase for electrolytic cobalt, from 160,000 yuan per ton to 275,000 yuan per ton, with domestic supply tightening and potential policy adjustments on the horizon [6]

量：2025H1铜、钴产量显著提升 公司TFM中区治理取得阶段性成果，东区产能持续释放，产品质量得到较大提升，成本较去年显著下 降;KFM持续稳定高产，成本继续下降。2025H1公司矿产铜吨成本约3.37万元。 布局黄金资源取得突破 2025上半年产量：铜/钴/钼/钨/铌/磷肥分别为35.36万吨/6.11万吨/6989吨/3948吨/5231吨/58.26万吨，其中 铜产量同比增长12.68%，创历史同期新高;钴产量同比增长13.05%;铌产量同比增长2.94%，产量同样创 近年来新高;钼/钨产量均超预算目标完成。公司各产品产量全部达成上半年度目标，实现时间过半任务 超半。 在两大世界级项目TFM和KFM助力下，公司上半年产铜35.36万吨，同比增长12.68%，按产量指引中值 计算，完成度约56.1%;目前TFM已完成相关勘探矿体的地质建模工作，KFM二期工程积极筹备中，此 外，公司拥有200兆瓦发电能力的刚果(金)Heshima水电站顺利推进，为远期80-100万吨铜产能保供电 力。 价：2025H1铜均价同增4% 2025年上半年LME铜现货均价同比上涨3.75%至9431美元/吨。钴/钼铁/APT/ ...

1. Report Industry Investment Rating No relevant content provided. 2. Core Views of the Report - **Copper**: Overnight, both domestic and international copper prices rose significantly, with domestic spot imports in a loss situation. The strong real - estate demand in the US exceeded market expectations, showing economic resilience. The Grasberg mine accident in Indonesia may have a long - term impact on copper supply, and it is expected to drive a significant increase in the average copper price in the fourth quarter. Investors are advised to follow the trend and mainly go long on dips [1]. - **Aluminum**: Alumina, Shanghai aluminum, and aluminum alloy all showed a slightly stronger trend. However, domestic mines have not resumed production, and ore shipments have decreased, resulting in a continuous decline in ore inventory. Alumina is generally bearish but has basically bottomed out. The aluminum ingot has not yet reached an actual de - stocking inflection point. The subsequent increase in aluminum prices depends on further improvement in demand [1][2]. - **Nickel**: The bottom of the nickel price may rise slightly due to macro factors, supply - side disturbances, and the strengthening of raw material prices, but inventory remains a resistance to the price increase [2][3]. 3. Summary by Relevant Catalogs 3.1 Research Views Copper - **Macro**: US new home sales in August reached an annualized 800,000 units, much higher than the expected 650,000 units, with a month - on - month increase of 20.5%. The US Treasury Secretary expressed dissatisfaction with the Fed Chairman and called for a 100 - 150 basis - point interest rate cut by the end of the year [1]. - **Inventory**: LME copper inventory decreased by 144,775 tons to 200 tons, Comex inventory decreased by 142 tons to 288,695 tons, SHFE copper warehouse receipts decreased by 308 tons to 27,419 tons, and BC copper remained at 6,445 tons [1]. - **Demand**: Downstream buyers are afraid of high copper prices and macro uncertainties, with weak procurement enthusiasm, and domestic social inventory de - stocking is not ideal [1]. - **Supply**: The Grasberg mine accident in Indonesia is expected to reduce copper and gold production by about 35% (about 270,000 tons) in 2026 compared to previous expectations, and sales in the fourth quarter of 2025 will also be greatly affected [1]. Aluminum - **Futures**: Alumina, Shanghai aluminum, and aluminum alloy all showed a slightly stronger trend. Overnight, AO2601 closed at 2,916 yuan/ton, up 0.76%; AL2510 closed at 20,805 yuan/ton, up 0.58%; AD2511 closed at 20,435 yuan/ton, up 0.59% [1][2]. - **Spot**: SMM alumina price dropped to 3,008 yuan/ton, aluminum ingot spot discount was 10 yuan/ton to par, and the Foshan A00 aluminum price dropped to 20,620 yuan/ton [2]. - **Supply and Demand**: Domestic mines have not resumed production, and ore shipments have decreased, resulting in a continuous decline in ore inventory. Alumina is generally bearish but has basically bottomed out. The aluminum ingot has not yet reached an actual de - stocking inflection point, and downstream procurement willingness has declined [2]. Nickel - **Futures**: LME nickel rose 0.62% to 15,435 US dollars/ton, and Shanghai nickel rose 0.88% to 122,750 yuan/ton [2]. - **Inventory**: LME nickel inventory increased by 132 tons to 120,586 tons, and domestic SHFE warehouse receipts decreased by 493 tons to 24,971 tons [2]. - **Supply and Demand**: The sanctions on 39 nickel - mining enterprises in Indonesia have little impact on overall supply. In the stainless - steel sector, cost support has strengthened, but supply has increased. In the new - energy sector, ternary demand has weakened slightly in September, and MHP supply may be relatively tight [2]. 3.2 Daily Data Monitoring - **Copper**: The price of flat - copper rose by 30 yuan/ton, and the flat - copper premium decreased by 5 yuan/ton. SHFE copper warehouse receipts decreased by 308 tons, and the total inventory increased by 11,760 tons [4]. - **Lead**: The average price of 1 lead decreased by 40 yuan/ton, and SHFE lead warehouse receipts decreased by 3,450 tons, with a weekly inventory decrease of 9,229 tons [4]. - **Aluminum**: The Wuxi aluminum price rose by 10 yuan/ton, and the spot premium increased by 10 yuan/ton. SHFE aluminum warehouse receipts decreased by 1,224 tons, and the total inventory decreased by 765 tons [5]. - **Nickel**: The price of Jinchuan nickel increased by 500 yuan/ton, and SHFE nickel warehouse receipts decreased by 493 tons, with a weekly inventory increase of 2,334 tons [5]. - **Zinc**: The main - contract settlement price decreased by 0.2%, and the LME0 - 3 premium decreased by 1.75 US dollars/ton. SHFE zinc inventory increased by 793 tons, and social inventory decreased by 0.37 million tons [7]. - **Tin**: The main - contract settlement price increased by 0.5%, and the LME0 - 3 premium increased by 17 US dollars/ton. SHFE tin inventory decreased by 909 tons [7]. 3.3 Chart Analysis - **Spot Premium**: The report provides charts of spot premiums for copper, aluminum, nickel, zinc, lead, and tin from 2019 - 2025 [9][11][14]. - **SHFE Near - Far Month Spread**: Charts of the spread between the first - and second - month contracts for copper, aluminum, nickel, zinc, lead, and tin from 2020 - 2025 are presented [17][22]. - **LME Inventory**: Charts of LME inventory for copper, aluminum, nickel, zinc, lead, and tin from 2019 - 2025 are shown [25][27][29]. - **SHFE Inventory**: Charts of SHFE inventory for copper, aluminum, nickel, zinc, lead, and tin from 2019 - 2025 are provided [31][33][35]. - **Social Inventory**: Charts of social inventory for copper, aluminum, nickel, zinc, stainless - steel, and 300 - series stainless - steel from 2019 - 2025 are presented [37][39][41]. - **Smelting Profit**: Charts of copper concentrate index, rough - copper processing fee, aluminum smelting profit, nickel - iron smelting cost, zinc smelting profit, and stainless - steel 304 smelting profit rate from 2019 - 2025 are shown [43][45][49]. 3.4有色金属团队介绍 - **Zhan Dapeng**: He holds a master's degree in science and is currently the director of non - ferrous research at Everbright Futures Research Institute. He has more than ten years of experience in commodity research and has won many industry awards [52]. - **Wang Heng**: He holds a master's degree in finance from the University of Adelaide, Australia, and is mainly responsible for the research on aluminum and silicon [52]. - **Zhu Xi**: She holds a master's degree in science from the University of Warwick, UK, and focuses on the research of lithium and nickel [53].