证券日报网讯 中金岭南11月21日发布公告，在公司回答调研者提问时表示，公司秉承高效集约、绿色 高端、安全智能、以人为本、融合发展的基本要求，提出"一体两翼"新战略。"一体"即掌握丰富金属资 源的行业头部企业，"两翼"即：大力发展铜铅锌冶炼及精深加工产业，大力发展金、银、镓、锗、铟、 硒、碲、铋、铂、钯、铑等稀有稀散稀贵金属及新材料精深加工产业，加快形成新质生产力，为国家供 应链安全作贡献。公司坚持"外延发展"与"内涵发展"并举，坚持"聚焦主业+资本运营"双轮驱动，不断 完善产业链布局，优化产品结构，多措并举促进高质量、高效益发展。为进一步加强公司市值管理工 作，规范公司市值管理行为，切实推动公司投资价值提升，增强投资者回报，维护公司、投资者及其他 利益相关者的合法权益，结合公司实际情况，制定了《深圳市中金岭南有色金属股份有限公司市值管理 制度》。公司将通过价值创造，提升投资者关系管理水平，推动公司高质量发展，实现股东价值回报。 （编辑 袁冠琳） ...

（文章来源：证券日报） 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，首先，公司从战略上布 局"数智转型、做大资源、做精矿山、做优冶炼、做实再生（铜）、做细稀散（金属）"，加大城市矿 山、稀散金属的提取；其次，2025年公司聚焦极致经营工作重点，着力推动公司高质量发展，推进降本 3.0—铁血降本，全方位、多层次深化极致降本，力争主产品成本在2024年基础上实现再下降。公司经 过几年的降本、提质增效，主要产品成本具备一定的竞争力；第三方面，公司加大副产品硫酸、硒、 碲、铂、钯、铼等利润贡献度，提升公司综合竞争力，可以部分弥补加工费带来的冲击；第四方面，公 司加大城市矿山的采购量，协同做好原料保供，部分弥补加工费带来的挑战。 ...

Group 1: Production and Resource Management - The production situation of the major shareholder's Peru Copper is normal, with a signed equity custody agreement to avoid competition and protect shareholder interests [2] - The company is focusing on resource replacement and increasing reserves, with significant investments in geological research and exploration activities [3] - The company is in the process of acquiring 40% of Liangshan Mining from Yunnan Copper Group, which will enhance resource reserves [3] Group 2: Cost Management and Competitive Advantage - The new Southwest Copper project utilizes advanced smelting technology to reduce production costs and enhance competitiveness [4] - The company has a competitive advantage in smelting processing costs due to ongoing cost reduction and quality improvement measures [4] - The company maintains stable long-term relationships with suppliers to ensure a steady supply of raw materials [5] Group 3: Strategic Response to Market Changes - The company is implementing a strategic layout focusing on digital transformation, resource expansion, and cost reduction, aiming for further cost decreases in 2024 [6] - The company is increasing the procurement of urban mining resources to mitigate the impact of declining processing fees [7] - Sulfur production and sales have seen significant price increases this year, contributing positively to the company's performance [7]

Core Insights - XianDao Technology Group has established itself as a global leader in the rare metal industry, focusing on strategic emerging industries such as semiconductors and new energy, and has been included in the 2024 Fortune China 500 list [1] Industry and Company Overview - The company has developed a complete industrial ecosystem encompassing "resources - materials - devices - systems - recycling," with over 10,000 employees globally, positioning itself as a core force in promoting domestic high-end materials [1] Comprehensive Business Layout - The company has implemented a vertical integration strategy, forming five synergistic business segments with an annual output value of nearly 30 billion yuan [3] - As a leader in the global rare metal market, the company holds over 30% market share in gallium and germanium, with proprietary purification technology achieving over 99.999% purity [3][4] - The company has made significant advancements in high-end devices and system integration, including the establishment of an 8-inch silicon-based MEMS infrared detector production line and the development of high-purity materials for major semiconductor companies [4] R&D Innovation Strength - The company has built a robust innovation system centered on R&D, with national-level innovation platforms and advanced research facilities covering over 100,000 square meters [8] - It has accumulated hundreds of authorized patents, including 387 invention patents, and has led the formulation of national standards in the rare metal sector [9] - The core R&D team comprises over 30% of personnel with doctoral or senior titles, emphasizing the company's commitment to technological breakthroughs [10] Global Strategic Layout - The company has established production bases in multiple countries, including China and the U.S., with a total area of 1.8 million square meters, enhancing its domestic semiconductor material production capacity [11] - It has formed deep partnerships with top global companies in various sectors, including semiconductors and new energy, and actively participates in international exhibitions to expand its global brand influence [12] Corporate Responsibility - The company adheres to strict environmental regulations, achieving a 100% compliance rate in industrial wastewater and emissions treatment, and has been recognized as a national-level green factory [13] - It has invested 30 million yuan in social initiatives, including education and disaster relief, and has contributed to local economic upgrades through industrial cluster development [14] Future Outlook - The company aims to maintain an annual R&D investment ratio of over 5%, focusing on technological innovation in semiconductor materials and new energy, and strives to become a leader in the semiconductor materials and devices sector [16]

Core Insights - Southbound funds reduced their holdings in Jiangxi Copper Company Limited (00358.HK) by 12.79 million shares on October 16, 2025, marking a decrease of 3.58% [1][2] - Over the past five trading days, there were three days of net reductions totaling 3.76 million shares, while in the last twenty trading days, there were ten days of net increases totaling 11.20 million shares [1][2] - As of now, southbound funds hold 345 million shares of Jiangxi Copper, accounting for 24.83% of the company's total issued ordinary shares [1][2] Trading Data Summary - On October 16, 2025, total holdings were 345 million shares, with a reduction of 12.79 million shares [2] - On October 15, 2025, total holdings were 357 million shares, with a reduction of 7.36 million shares [2] - On October 14, 2025, total holdings were 365 million shares, with a reduction of 3.68 million shares [2] - On October 13, 2025, total holdings were 368 million shares, with an increase of 14.98 million shares [2] - On October 3, 2025, total holdings were 353 million shares, with an increase of 5.10 million shares [2] Company Overview - Jiangxi Copper Company Limited primarily engages in the mining, smelting, and processing of copper and gold [2] - The company operates through two main segments: copper-related and gold-related industries, producing a range of products including cathode copper, gold, silver, sulfuric acid, copper rods, tubes, foils, selenium, tellurium, rhenium, and bismuth [2] - The products are mainly used in various industries such as electrical, electronics, light industry, machinery manufacturing, construction, transportation, and military [2]

Group 1 - The company primarily produces cathode copper, with by-products including gold, silver, and industrial sulfuric acid [2] - The company also recovers rare metals such as molybdenum, selenium, tellurium, platinum, palladium, and rhenium [2] - The high-quality cathode copper and the recovered precious and rare metals are essential materials for downstream industries such as telecommunications, new energy batteries, and electronic components [2]

Core Insights - Yunnan Copper reported a net profit attributable to shareholders of 1.317 billion yuan in the first half of 2025, representing a year-on-year increase of 24.32% [1] - The rise in precious metal prices positively impacted the company's performance, although the low self-sufficiency in copper concentrate limited the overall growth from rising copper and precious metal prices [1] - The copper smelting processing fees have remained low this year, creating pressure on companies primarily engaged in smelting within the copper industry [1] Company Strategy - The company is strategically focusing on "digital transformation, expanding resources, refining mining, optimizing smelting, solidifying recycling (copper), and fine-tuning rare and scattered (metals)" [1] - There is an emphasis on increasing the extraction of urban mines and rare metals, as well as enhancing the contribution of by-products such as sulfuric acid, selenium, tellurium, platinum, palladium, and rhenium to profits [1] - The company plans to increase the procurement of urban mines and collaborate effectively to ensure raw material supply, thereby enhancing its overall competitiveness and mitigating challenges posed by low processing fees [1]

Core Viewpoint - Yunnan Copper achieved significant growth in revenue and net profit in the first half of 2025, driven by optimized resource allocation and production efficiency [1][2]. Financial Performance - The company reported a revenue of 88.913 billion yuan, a year-on-year increase of 4.27% [1] - Total profit reached 1.895 billion yuan, up 2.94% year-on-year [1] - Net profit attributable to shareholders was 1.317 billion yuan, reflecting a growth of 24.32% [1] Production and Cost Management - Yunnan Copper's production of cathode copper reached 779,400 tons, marking a year-on-year increase of 53.22% [1] - The company has successfully reduced costs, with unit costs for copper concentrate and cathode copper better than annual reduction targets [1][3]. Industry Context - The copper price experienced high volatility, with a significant increase in the first quarter, surpassing 80,000 yuan per ton [2] - The demand from downstream processing enterprises surged, providing strong support for copper prices and boosting production in smelting companies [2]. Strategic Focus - The company is committed to high-quality development and cost reduction, enhancing the profitability of by-products such as sulfuric acid and molybdenum [2][4]. - Yunnan Copper is advancing towards intelligent mining and refining, investing over 80 million yuan in smart ore selection systems to improve efficiency and precision [4]. Environmental and Technical Improvements - The company has improved various technical indicators, including mining loss rates and overall recovery rates in copper smelting [3]. - Yunnan Copper aims to maximize resource utilization and promote green development through technological innovation [4].

Core Viewpoint - In the first half of 2025, China Copper achieved significant operational success, exceeding multiple performance targets set by the Aluminum Corporation of China (Chinalco), demonstrating resilience against challenges such as raw material supply constraints and declining treatment charges (TC) [1][2]. Financial Performance - China Copper's total profit reached 136.85% of the target set by Chinalco, while operating cash flow achieved 110.75% of the rolling target. The contribution to Chinalco's equity surpassed the target by 203.81% [2]. Industry Layout - The company is actively advancing its extension, strengthening, and supplementation strategies in its industrial layout, expanding its resource reserves in copper and lead-zinc mines. Key projects such as the Tangshan mixed ore base and the relocation of Yunnan Copper are progressing as planned, laying the groundwork for future capacity release [3]. Innovation Drive - China Copper is enhancing its development through innovation, increasing R&D investments, and achieving breakthroughs in key technology areas such as deep and high-altitude mineral development. The launch of the "Zhong Copper Data Analysis Platform 1.0" marks a significant step in data-driven decision-making across various operations [4]. Reform and Vitality - The company has made substantial progress in its reform initiatives, achieving a 96% completion rate in its overall reform actions by the end of June. The "Green Star Chain" platform was launched ahead of schedule, generating over 40 million yuan in effectiveness. The company is also advancing its restructuring efforts and has successfully issued a five-year, 500 million yuan technology innovation bond [5].

Summary of Key Points from the Conference Call Industry Overview - The global tin resource is limited and concentrated, with China holding the largest share of reserves. However, insufficient exploration investment has led to a decrease in the static extraction ratio, indicating a reduction in the lifespan of existing reserves, necessitating increased exploration efforts [1][3][4] - Supply-side disruptions significantly impact tin prices, with events such as Myanmar's suspension of mining and delays in Indonesia's export license approvals driving prices higher. Future tin prices are expected to rise due to increasing global mining costs and a scarcity of large, high-quality new mines [1][4] Demand Dynamics - The downstream demand for tin is primarily concentrated in the semiconductor sector, which fluctuates in tandem with infrastructure changes. The development of AI technology is anticipated to boost the semiconductor cycle, positively affecting tin prices [1][5] - The macroeconomic environment, particularly the onset of interest rate cuts by the Federal Reserve, is expected to improve global liquidity, supporting industrial metals, including tin [5][6] Supply Chain Challenges - Myanmar's recovery progress is slow, impacted by physical tax tightening, earthquakes, material shortages, and seasonal rains, making it difficult to restore previous production levels. The expected impact of Myanmar's recovery on global tin supply is limited [1][7][8] - Indonesia has shifted from exporting raw tin to refined tin, but the approval of mining quotas is delayed due to political changes and corruption investigations, leading to supply constraints. Future offshore mining efforts face increased costs and operational challenges [1][9] Inventory and Price Support - Global tin inventory levels are low, providing support for future tin prices. Current global supply is expected to have a shortfall, but this may be alleviated by Myanmar's recovery and new overseas production capacities coming online by 2026-2027 [1][12][13] Company-Specific Insights - Tin Industry Co., as the largest tin producer in China, has significant potential for internal expansion, with expected annual copper production reaching 940,000 tons and tungsten production at 560,000 tons, alongside a capacity of 1.5 million tons [2][14] - The company has established strategic partnerships to create an integrated new industrial base in northern China, focusing on resource and smelting integration [2][15] Future Outlook - The overall market is expected to maintain a stable upward price trend, with a projected global supply shortfall of 8,000 tons this year and a domestic shortfall of 16,000 tons. The anticipated recovery of Myanmar and new production capacities may help alleviate these shortages in the coming years [13] - The market's understanding of Tin Industry Co.'s growth potential is not fully recognized, but the company has substantial room for volume growth, particularly in its main mining operations [14] Conclusion - The tin industry is navigating a complex landscape of supply constraints, evolving demand dynamics, and macroeconomic influences. The strategic initiatives of key players like Tin Industry Co. position them well for future growth amidst these challenges [19]