Core Viewpoint - The company Zhongjin Lingnan announced its main products, which include lead ingots, zinc ingots, zinc alloys, cathode copper, silver, gold, crude copper, gallium, germanium concentrate, industrial sulfuric acid, and sulfur [1] Product Overview - Lead metal is primarily used in lead-acid batteries, lead materials, and lead alloys, with additional applications in lead oxide, lead salts, and cables [1] - Zinc metal is mainly utilized in galvanizing, die-casting alloys, zinc oxide, brass, and batteries [1]

行业 铜期货日报 日期 2025 年 11 月 20 日 研究员：张平 021-60635734 zhangping@ccb.ccbfutures.com 期货从业资格号：F3015713 021-60635729 yufeifei@ccb.ccbfutures.com 期货从业资格号：F3025190 021-60635740 pengjinglin@ccb.ccbfutures.com 期货从业资格号：F3075681 请阅读正文后的声明 ＃summary＃ 每日报告 一、 行情回顾与操作建议 图1：沪铜走势及盘面价差 图2：伦铜走势及价差 数据来源：Wind，建信期货研究发展部 有色金属研究团队 研究员：余菲菲 研究员：彭婧霖 同时，预留 6 万吨/年铜电解精炼及阳极泥贵金属处理与回收的扩建空间。项 目建成后，将推动铜资源梯级利用与高效转化，核心产品包括品位 98%的粗 铜以及符合 GB/T534-2002 一级品标准的 98%浓度工业硫酸，实现冶炼烟气的 资源化回收。后续项目还会陆续投建湿法精炼生产线，生产阴极铜、粗硫酸 镍等产品，并对阳极泥进行资源化处理。 3. 自由港麦克莫伦（Freeport-M ...

Group 1: Resource Acquisition and Development - The company is focusing on resource replacement and increasing reserves through geological research and exploration activities in various mining areas [2][3] - Currently, the company owns several key mines, including the Pulang Copper Mine and the Dahongshan Copper Mine, located in the Sanjiang mineralization belt, which has good geological conditions and exploration potential [2] - The company plans to acquire 40% of Liangshan Mining from Yunnan Copper Group, which will enhance its resource reserves upon completion of the transaction [3][4] Group 2: Financial and Operational Updates - The acquisition of Liangshan Mining is expected to resolve industry competition issues and enhance the company's competitive edge due to Liangshan's resource advantages and profitability [5] - Liangshan Mining has an annual production capacity of approximately 13,000 tons of copper concentrate and 119,000 tons of anode copper, with a copper metal reserve of 779,700 tons as of March 2025 [4] - The company has faced a significant decline in net profit year-on-year due to low copper smelting processing fees and increased production costs [8] Group 3: Market Conditions and Strategic Responses - The rise in gold prices has limited positive impact on the company's overall performance, as most gold comes from purchased copper concentrates [6] - The company is implementing strategies to address the decline in processing fees, including focusing on resource optimization and cost reduction initiatives [9] - The company is closely monitoring copper price trends influenced by global economic conditions, supply-demand dynamics, and market speculation [11] Group 4: Risk Management and Financial Strategies - The company employs hedging strategies to mitigate risks associated with raw material prices and foreign exchange fluctuations [12] - The company has maintained stable long-term relationships with suppliers to secure raw material supply and optimize procurement costs [7]

Core Viewpoint - Zhuzhou Smelter Group's stock has shown significant performance, with a year-to-date increase of 95.93%, indicating strong market interest and potential growth in the non-ferrous metal sector [1][2]. Group 1: Stock Performance - As of November 11, the stock price of Zhuzhou Smelter Group reached 15.42 CNY per share, with a trading volume of 2.03 billion CNY and a market capitalization of 165.44 billion CNY [1]. - The stock has experienced a 5.69% increase over the last five trading days, a 7.66% decrease over the last 20 days, and a 27.44% increase over the last 60 days [1]. - The company has appeared on the trading leaderboard twice this year, with the most recent net buy of 58.32 million CNY on September 12 [1]. Group 2: Company Overview - Zhuzhou Smelter Group, established on December 20, 1993, and listed on August 30, 2004, is located in Hunan Province and specializes in the production and sale of zinc, zinc alloys, and industrial sulfuric acid [2]. - The revenue composition includes 38.48% from zinc and zinc alloys, 28.17% from other sources, 13.94% from gold ingots, 10.71% from silver ingots, 7.85% from lead and lead alloys, 0.51% from indium ingots, 0.20% from sulfuric acid, and 0.14% from non-ferrous metal trading [2]. - As of October 31, the number of shareholders increased to 41,300, with an average of 18,203 circulating shares per shareholder [2]. Group 3: Financial Performance - For the period from January to September 2025, Zhuzhou Smelter Group reported a revenue of 16.048 billion CNY, reflecting a year-on-year growth of 11.54%, and a net profit attributable to shareholders of 858 million CNY, which is a 47.51% increase year-on-year [2]. - The company has distributed a total of 388 million CNY in dividends since its A-share listing, with no dividends paid in the last three years [2]. Group 4: Institutional Holdings - As of September 30, 2025, the top ten circulating shareholders include Qianhai Kaiyuan Gold and Silver Jewelry Mixed A, holding 16.65 million shares, an increase of 2.59 million shares from the previous period [3]. - Hong Kong Central Clearing Limited is the fifth-largest shareholder with 9.22 million shares, an increase of 1.64 million shares [3]. - New entrants include the Gold Stock ETF, holding 6.17 million shares, while several funds have exited the top ten list [3].

Core Viewpoint - Guocheng Mining (000688) announced on November 7 that it plans to pay 3.168 billion yuan to acquire 60% of Inner Mongolia Guocheng Industrial Co., Ltd. from Guocheng Holdings Group, making Guocheng Industrial a subsidiary of the listed company [1] Group 1: Acquisition Details - The acquisition is a strategic move for Guocheng Mining to deepen its main business synergy and strengthen its resource strategy [1] - The integration of Guocheng Industrial's assets and operations is expected to enhance the completeness of the industrial chain and market competitiveness for Guocheng Mining [1] Group 2: Company Operations - Guocheng Mining primarily engages in the mining and comprehensive utilization of non-ferrous metals, with main products including zinc concentrate, lead concentrate, copper concentrate, titanium dioxide, sulfur concentrate, sulfur iron powder, industrial sulfuric acid, and secondary iron concentrate [1] - Guocheng Industrial's main business is also in non-ferrous metal mining, focusing on molybdenum concentrate as its primary product [1]

Group 1 - The stock price of Zhuzhou Smelter Group increased by 2.03% to 16.05 CNY per share, with a total market capitalization of 17.22 billion CNY as of October 30 [1] - Year-to-date, the stock price has risen by 103.94%, with a 6.43% increase over the last five trading days and a 36.48% increase over the last 60 days [1] - The company has appeared on the trading leaderboard twice this year, with the most recent net purchase of 58.32 million CNY on September 12 [1] Group 2 - Zhuzhou Smelter Group, established on December 20, 1993, specializes in the production and sale of zinc and zinc alloys, with a revenue composition of 38.48% from zinc and zinc alloys [2] - For the period from January to September 2025, the company reported a revenue of 16.05 billion CNY, a year-on-year increase of 11.54%, and a net profit of 858 million CNY, up 47.51% year-on-year [2] - As of September 30, 2025, the number of shareholders decreased by 10.19% to 40,200, while the average circulating shares per person increased by 11.35% to 18,685 shares [2] Group 3 - Since its A-share listing, Zhuzhou Smelter Group has distributed a total of 388 million CNY in dividends, with no dividends paid in the last three years [3] - Among the top ten circulating shareholders, Qianhai Kaiyuan Gold and Silver Jewelry Mixed A holds 16.65 million shares, an increase of 2.59 million shares compared to the previous period [3] - New shareholders include the Gold Stock ETF, which holds 6.17 million shares, while several funds have exited the top ten circulating shareholders list [3]

Core Insights - Zhuzhou Smelter Group Co., Ltd. experienced a stock price increase of 5.05%, reaching 15.59 CNY per share, with a trading volume of 334 million CNY and a turnover rate of 2.91%, resulting in a total market capitalization of 16.726 billion CNY [1] Company Overview - Zhuzhou Smelter Group, established on December 20, 1993, and listed on August 30, 2004, is located in Hunan Province, China. The company specializes in the production and sale of zinc and zinc alloys, as well as industrial sulfuric acid [1] - The revenue composition of the company includes: zinc and zinc alloys (38.48%), other products (28.17%), gold ingots (13.94%), silver ingots (10.71%), lead and lead alloys (7.85%), indium ingots (0.51%), sulfuric acid (0.20%), and non-ferrous metal trading (0.14%) [1] Fund Holdings - According to data, one fund under Huaxia Fund has a significant holding in Zhuzhou Smelter Group. The Huaxia CSI 1000 Index Enhanced A (014125) held 196,000 shares in the third quarter, accounting for 0.76% of the fund's net value, making it the eighth largest holding [2] - The fund has generated an estimated floating profit of approximately 147,000 CNY today [2] Fund Performance - The Huaxia CSI 1000 Index Enhanced A (014125) was established on December 7, 2021, with a current scale of 1.09 billion CNY. Year-to-date, it has achieved a return of 31.72%, ranking 1635 out of 4216 in its category. Over the past year, the return is 32.42%, ranking 1330 out of 3877, and since inception, the return is 22.66% [2]

Group 1 - The core viewpoint of the news highlights the recent performance of Zhuzhou Smelter Group, which saw a stock price increase of 5.02% to 16.33 CNY per share, with a trading volume of 255 million CNY and a turnover rate of 2.12%, resulting in a total market capitalization of 17.52 billion CNY [1] - Zhuzhou Smelter Group, established on December 20, 1993, and listed on August 30, 2004, is primarily engaged in the production and sale of zinc and zinc alloys, as well as industrial sulfuric acid. The revenue composition includes zinc and zinc alloys at 38.48%, other products at 28.17%, gold ingots at 13.94%, silver ingots at 10.71%, lead and lead alloys at 7.85%, indium ingots at 0.51%, sulfuric acid at 0.20%, and non-ferrous metal trading at 0.14% [1] Group 2 - From the perspective of fund holdings, Zhuzhou Smelter Group is a significant investment for China Post Fund, with its Core Advantage Flexible Allocation Mixed A Fund (590003) holding 3.098 million shares, accounting for 2.87% of the fund's net value, ranking as the sixth largest holding. The estimated floating profit today is approximately 2.4164 million CNY [2] - The Core Advantage Flexible Allocation Mixed A Fund (590003) was established on October 28, 2009, with a current scale of 1.084 billion CNY. Year-to-date returns are 34.35%, ranking 2723 out of 8167 in its category, while the one-year return is 23.88%, ranking 4628 out of 8010. Since inception, the fund has achieved a return of 381.53% [2] Group 3 - The fund managers of the Core Advantage Flexible Allocation Mixed A Fund are Jiang Liwei and Zhang Yiyan. As of the report, Jiang Liwei has a tenure of 4 years and 211 days, managing assets totaling 2.035 billion CNY, with the best return during his tenure being 30.66% and the worst being 8.56%. Zhang Yiyan has a tenure of 1 year and 270 days, managing assets of 1.206 billion CNY, with the best return during his tenure being 34.66% and the worst being 16.83% [3]

Core Viewpoint - The company Linhe Xinhai, a subsidiary of Guocheng Mining, currently has no plans for expansion despite the tightening supply of lithium iron phosphate [2] Company Summary - Guocheng Mining's subsidiary Linhe Xinhai primarily produces industrial sulfuric acid [2] - There are no current plans for expansion in response to the market conditions [2]

Group 1: Historical Context and Significance - The speech by General Secretary Xi Jinping emphasizes the resilience and self-reliance of the Chinese nation, highlighting the importance of industrial development for national revival [1] - The article reflects on the contributions of industrialists during the Anti-Japanese War, showcasing their efforts to save the nation through industrialization [1][19] Group 2: Company Case Study - China Petroleum & Chemical Corporation (Sinopec) - China Petroleum & Chemical Corporation's Nanjing Chemical Industry Co., Ltd. (Nanjing Chemical) has a 90-year history, originally founded as Yung Lee Chemical Factory in 1934 by patriot industrialist Fan Xudong [3][4] - During the war, the company faced significant challenges, including air raids, but managed to relocate critical equipment to continue production, demonstrating resilience [4] - The company has since evolved, focusing on innovation, such as the development of electronic-grade sulfuric acid, which is crucial for chip production [5][6] Group 3: Company Case Study - WISCO Kunming Steel Co., Ltd. - WISCO Kunming Steel Co., Ltd. was established in 1939, emerging from the need for steel production during wartime, with significant contributions to the war effort [8][10] - The company faced numerous challenges, including air raids, but successfully produced over 10,000 tons of iron and 4,000 tons of steel by 1945 [11] - Today, the company has modernized its operations, focusing on green and intelligent manufacturing, and has become a leader in high-strength seismic steel production [12][12] Group 4: Company Case Study - Nanjiao Hydropower Plant - The Nanjiao Hydropower Plant, built during the war, was crucial for powering the strategic Yunnan Gejiu tin mine, showcasing the importance of energy infrastructure [13][16] - Despite facing significant challenges, including air raids, the plant was completed and significantly increased tin production, supporting the war effort [16][17] - The plant has undergone modernization, achieving a significant increase in efficiency and contributing to the local power grid [17][18]