机构持仓方面，截止2025年6月30日，中金岭南十大流通股东中，香港中央结算有限公司位居第四大流 通股东，持股3956.13万股，相比上期减少3916.84万股。南方中证500ETF（510500）位居第五大流通股 东，持股3877.58万股，相比上期增加533.54万股。广发聚丰混合A（270005）退出十大流通股东之列。 中金岭南今年以来股价涨18.18%，近5个交易日涨3.62%，近20日涨7.72%，近60日涨25.26%。 资料显示，深圳市中金岭南有色金属股份有限公司位于广东省深圳市福田深南大道6013号中国有色大厦 23-26楼，成立日期1984年9月1日，上市日期1997年1月23日，公司主营业务涉及主要从事铅锌等有色金 属的采矿、选矿、冶炼、销售及有色金属贸易业务;铝型材、幕墙门窗、电池材料等业务。主营业务收 入构成为：铜冶炼产品65.69%，有色金属贸易业务13.52%，铅锌冶炼产品12.39%，精矿产品5.45%，电 池、复合材料4.35%，铝型材0.88%，其他0.83%。 9月12日，中金岭南盘中上涨2.06%，截至10:04，报5.44元/股，成交2.12亿元，换手率1.05%，总市 ...

Group 1 - The core viewpoint of the news is the performance and financial status of Zhongjin Lingnan, highlighting its stock price movements, trading volume, and market capitalization [1][2]. - As of September 5, Zhongjin Lingnan's stock price increased by 2.15% to 5.22 CNY per share, with a trading volume of 2.29 billion CNY and a total market capitalization of 195.10 billion CNY [1]. - The company has seen a year-to-date stock price increase of 13.40%, with a recent 5-day decline of 0.57%, a 20-day increase of 6.10%, and a 60-day increase of 14.90% [1]. Group 2 - Zhongjin Lingnan's main business involves mining, selection, smelting, and trading of non-ferrous metals, with revenue composition as follows: copper smelting products (57.03%), non-ferrous metal trading (20.76%), lead and zinc smelting products (13.68%), and others [1][2]. - As of June 30, the company reported a revenue of 31.11 billion CNY for the first half of 2025, representing a year-on-year growth of 1.54%, and a net profit of 559 million CNY, up 3.12% year-on-year [2]. - The company has distributed a total of 4.39 billion CNY in dividends since its A-share listing, with 908 million CNY distributed in the last three years [3]. Group 3 - Zhongjin Lingnan is classified under the non-ferrous metals industry, specifically in industrial metals focusing on lead and zinc, and is associated with concepts such as scarce resources and state-owned enterprise reform [2]. - As of June 30, the number of shareholders decreased slightly to 127,600, while the average circulating shares per person increased by 0.05% to 29,283 shares [2][3]. - The top ten circulating shareholders include Hong Kong Central Clearing Limited and Southern CSI 500 ETF, with notable changes in their holdings [3].

Company Overview - Zhongjin Lingnan is primarily engaged in the mining, selection, smelting, sales, and trading of non-ferrous metals, particularly lead and zinc [1] - The company was established on September 1, 1984, and was listed on January 23, 1997 [1] - The main revenue composition includes copper smelting products (57.03%), non-ferrous metal trading (20.76%), lead and zinc smelting products (13.68%), and other segments [1] Financial Performance - For the first half of 2025, Zhongjin Lingnan achieved operating revenue of 31.113 billion yuan, a year-on-year increase of 1.54% [2] - The net profit attributable to shareholders for the same period was 559 million yuan, reflecting a year-on-year growth of 3.12% [2] - The company has distributed a total of 4.389 billion yuan in dividends since its A-share listing, with 908 million yuan distributed over the past three years [3] Stock Performance - As of September 4, Zhongjin Lingnan's stock price was 5.09 yuan per share, with a market capitalization of 19.024 billion yuan [1] - The stock has increased by 10.58% year-to-date, with a recent decline of 1.74% over the last five trading days [1] - The stock experienced a trading volume of 334 million yuan on September 4, with a turnover rate of 1.73% [1] Shareholder Structure - As of June 30, 2025, the number of shareholders was 127,600, a slight decrease of 0.05% from the previous period [2] - The average number of circulating shares per shareholder increased by 0.05% to 29,283 shares [2] - Major shareholders include Hong Kong Central Clearing Limited and Southern CSI 500 ETF, with notable changes in their holdings [3]

Summary of Conference Call Notes Company and Industry Involved - The conference call discusses a mining company involved in copper, lead, and zinc production, with a focus on their operational performance and production plans for the year. Key Points and Arguments Production and Sales Performance - The company reported a stable mineral production output, with a quarter-on-quarter increase in production from Qianxin, which is primarily sourced from Inner Mongolia's Xibu Copper Industry and Huokqi Copper Mine [1] - In Q1, the copper-gold mine production reached 26% of the annual target, indicating a potential to exceed the previously set goal of 168,000 tons for the year, despite a planned reduction of 10,000 tons compared to last year [3] - The company plans to conduct major maintenance in December, which is typically the month with the most adverse mining conditions [4] Financial Performance and Challenges - The copper smelting segment is under pressure, with processing fees currently negative at $30, leading to a loss in Q1 despite an increase in profits compared to the previous year [5][6] - The company aims to reduce losses in the copper smelting segment by improving raw material structure and increasing procurement of lower-cost mixed ores [7] - The overall processing fees for domestic copper are lower than imported copper, with processing costs ranging from 4,800 to 5,300 [9] Raw Material Supply and Procurement - The company anticipates a stable supply of raw materials, with a significant portion of lead and zinc needing to be sourced externally due to insufficient internal production [12][13] - The supply of new raw materials is expected to improve compared to previous years, with lower procurement difficulties noted [13] Cost Management and Future Outlook - The complete cost of copper and lead production is reported to be stable, with expectations of cost reductions as new projects come online [16][17] - The company is focusing on internal management improvements and cost reduction strategies to enhance profitability in the coming year [8] Project Developments - The company is progressing on the Phase III expansion project at Yulong Copper Mine, expected to be completed by late next year, with a short production ramp-up time anticipated [22][23] - The total investment for the project is estimated at 5 billion, with cash flow management indicating that the company can handle the financial burden over the next few years [23] Miscellaneous - The company has experienced a return to asset impairment of 60 million, primarily due to previous inventory adjustments, but expects this to be less significant than last year [20] - The company is actively engaging in exploration and resource expansion as a key focus area for future growth [24] Other Important but Overlooked Content - The company is not currently signing long-term contracts for processing fees, indicating a cautious approach to market fluctuations [9] - The Q1 performance of the company shows a cumulative revenue of 3.1 billion with a profit of 1.89 billion, reflecting a strong operational performance despite market challenges [15]