2）铝：需求预期或上调，铝价突破创新高。①氧化铝：产能高位运行叠加库存上升，氧化铝现货价格 延续弱势。短期内，氧化铝供需基本面仍维持过剩格局，氧化铝库存持续累积，现货价格延续弱势。后 续需持续关注氧化铝成本利润与运行产能情况。②电解铝：需求预期或上调，铝价突破创新高。在铜价 创历史新高背景下，空调等家电领域"铝代铜"进程或加速推进，另一方面消费品以旧换新政策有望在 2026年延续，电解铝需求有望上调。供给端，国内电解铝运行产能接近天花板，海外在建项目进度缓 慢，而需求端维持稳定增长甚至存超预期可能，电解铝今年或出现短缺格局，铝价有望迎来上行周期。 山东省工信厅等多部门联合印发《山东省有色金属行业稳增长工作方案》，主要目标为，2026年，全省 规模以上有色金属行业增加值同比增长5%左右，阴极铜实现产量170万吨左右，同比增长3%左右；铜 加工产品产量达到60万吨左右，同比增长4%左右；铜产业总产值突破2000亿元，铜冶炼综合能耗、伴 生金属综合回收率等处于行业领先水平；铝产业营业收入超6600亿元，电解铝能效标杆水平以上产能占 比超35%。 华源证券认为，1）铜：需求方面，高铜价短期对需求有所抑制，电解铜杆周度 ...

山东省工业和信息化厅网站1月7日消息，山东省工业和信息化厅等多部门近日印发《山东省有色金属行 业稳增长工作方案》。工作方案提出，2026年，全省规模以上有色金属行业增加值同比增长5%左右， 阴极铜实现产量170万吨左右，同比增长3%左右；铜加工产品产量达到60万吨左右，同比增长4%左 右；铜产业总产值突破2000亿元，铜冶炼综合能耗、伴生金属综合回收率等处于行业领先水平；铝产业 营业收入超6600亿元，电解铝能效标杆水平以上产能占比超35%。 山东省有色金属行业稳增长工作方案 为落实省委、省政府关于稳住经济基本盘的部署要求，结合山东省有色金属行业产业基础和发展实际， 聚焦铜、铝两大优势产业，推动全省有色金属行业实现质的有效提升和量的合理增长，特制定本方案。 一、主要目标 2026年，全省规模以上有色金属行业增加值同比增长5%左右，阴极铜实现产量170万吨左右，同比增长 3%左右；铜加工产品产量达到60万吨左右，同比增长4%左右；铜产业总产值突破2000亿元，铜冶炼综 合能耗、伴生金属综合回收率等处于行业领先水平；铝产业营业收入超6600亿元，电解铝能效标杆水平 以上产能占比超35%。 二、重点任务 （一）筑牢 ...

铜陵有色(000630)公司研究报告 2025 年 12 月 8 日 [Table_Title] 铜资源紧缺度上升，米拉多二期指引增长 ——铜陵有色(000630)首次覆盖报告 [Table_Summary] 报告要点： 铜全产业链企业，受限铜加工费短期利润承压 [Table_Main] 公司研究|有色金属 证券研究报告 企业实现了铜全产业链布局，核心业务涵盖铜矿勘探、采选、冶炼及精深加 工等关键环节。联合旗下铜箔加工企业铜冠铜箔，成功实现了双主体上市。 近五年，企业营业收入与净利润稳步提升。2020-2024 年，公司营业收入年 均复合增长率为 9.99%，归母净利润年均复合增长率为 34.20%。 但受到铜加工费持续走低和海外子公司所得税政策调整事件影响，企业短 期利润承压。2025 年前三年度，企业实现营收 1218.93 亿元（同比 +14.66%），归母净利润 17.71 亿元（同比-35.13%）。2025 年半年度铜产 品毛利仅 34.45 亿元（同比-26.97%），占比下降至 56.91%。黄金、硫酸等 副产品成为利润新支撑点。 铜精矿供给增长放缓，新兴领域拉动铜产品需求 供给端，全球铜储量 ...

Core Viewpoint - Ningbo is transforming from a "supporting role" to a "leading role" in manufacturing, characterized by a strong industrial spirit and a focus on specialized and refined production [1] Group 1: Manufacturing Excellence - Ningbo has 104 national-level manufacturing champions, ranking first among all cities in China, and has maintained this status for seven consecutive years [1] - Over 50% of Ningbo's A-share listed companies are involved in automotive parts and new materials, with around 50 companies engaged in strategic emerging industries like semiconductors and new energy [1] Group 2: New Market Opportunities - Companies like Zhongdali and Ningbo Dongli are actively entering the humanoid robot sector, with Zhongdali's precision reducer being a core component for robot joints [2] - Canaan Intelligent is expanding into charging stations and overseas markets, transitioning into a comprehensive energy service provider [2] Group 3: Innovation and Growth - Jin Tian Co. is breaking through industry ceilings by transforming copper processing products for new productivity sectors such as electric vehicles and robotics [2] - Jiangfeng Electronics has achieved a leap from a follower to a competitor in the high-purity metal sputtering target field through two decades of technological innovation [2] - Domestic companies are adopting a "three-step" strategy of import substitution, quality innovation, and global leadership to avoid industry risks and gain market recognition [2] Group 4: Economic Development - Ningbo is enhancing its modern industrial system by iterating the "361" framework, focusing on advanced manufacturing as a backbone [3] - High-tech industries in Ningbo have seen a 12.8% year-on-year increase in value added during the first three quarters of the year [3] - More Ningbo listed companies are driven by innovation, product iteration, and global market objectives, contributing to the transformation of "Ningbo manufacturing" [3]

Core Viewpoint - Jiangxi Copper is pursuing a non-binding cash offer to acquire all shares of SolGold Plc at a price of 26 pence per share, aiming to enhance its resource base and address profitability issues in copper production [1][2][11]. Group 1: Acquisition Details - Jiangxi Copper has already acquired a 12.19% stake in SolGold, becoming its largest single shareholder, with other significant shareholders including BHP and Newcrest [1][9]. - The two non-binding cash offers submitted by Jiangxi Copper on November 23 and 28 were rejected by SolGold's board [1][11]. - According to UK regulations, Jiangxi Copper must issue a formal offer or abandon the acquisition by December 27 [2][11]. Group 2: SolGold's Assets - SolGold's core asset is the Cascabel project in Ecuador, which is considered one of the largest undeveloped copper-gold mines discovered in South America in the past decade [6][7]. - The Alpala deposit within the Cascabel project has proven, controlled, and inferred resources of 12.2 million tons of copper, 30.5 million ounces of gold, and 10,230 million ounces of silver [7]. Group 3: Production and Financial Outlook - Jiangxi Copper's copper smelting capacity is substantial, with a projected output of 2.3 million tons of cathode copper in 2024, which is significantly higher than its current copper concentrate production [13][14]. - The company has faced challenges with low profit margins in its primary product, cathode copper, which have fluctuated between 3% and 4% over the past five years [15]. - The acquisition of SolGold could potentially double Jiangxi Copper's copper production capacity, significantly improving its self-sufficiency and profitability [18]. Group 4: Strategic Importance - The acquisition is part of Jiangxi Copper's broader strategy to seek resource breakthroughs, including both internal exploration and external strategic investments [17][18]. - Jiangxi Copper also holds an 18.47% stake in First Quantum, a major global copper producer, indicating its interest in expanding its resource base further [19].

Core Viewpoint - The ownership of 29.99996% of Jingyi Co., Ltd. shares has been transferred to Sichuan Xingdong Investment Group Co., Ltd. following a successful judicial auction, resulting in a change of controlling shareholder [1][2] Group 1: Shareholder Change - On November 3, 2025, the court ruled that the shares held by Sanjian Holdings, totaling 75.1847 million shares, would be transferred to Xingdong Group [1] - Following the auction, Xingdong Group will become the controlling shareholder of Jingyi Co., Ltd. [2] Group 2: Auction Details - The shares were successfully auctioned for a total price of 1.086 billion yuan [2] - The auction took place from October 9 to October 10, 2025, on the JD.com judicial auction platform [1] Group 3: Business Implications - Xingdong Group's acquisition is based on its strategic development plans and confidence in the long-term investment value of Jingyi Co., Ltd.'s core business [2] - The change in ownership is expected to enhance the profitability and sustainability of Jingyi Co., Ltd. through resource integration [2] - There are no immediate plans for Xingdong Group to increase its stake in the company within the next 12 months [2] Group 4: Corporate Governance - The transaction does not trigger a mandatory tender offer but does involve a change in the controlling shareholder and actual controller [2] - The completion of the share transfer may lead to significant impacts on the company's governance and ownership structure [2]

Core Viewpoint - The state-owned asset management company in Meishan is expected to acquire actual control of a listed company, Jingyi Co., Ltd., for approximately 1.086 billion yuan through a judicial auction of shares held by the controlling shareholder [1][5]. Group 1: Acquisition Details - The controlling shareholder, Nantong Sanjian Holdings Co., Ltd., is selling 75,184,700 shares, representing 29.99996% of the total share capital, which will result in a change of control if the auction is completed [1][5]. - The winning bidder, Sichuan Xingdong Investment Group Co., Ltd., won the shares at a final price of 1,085,514,969.60 yuan, which is nearly 40% higher than the starting price of 780 million yuan, translating to approximately 14.44 yuan per share [2][5]. Group 2: Company Background - Sichuan Xingdong is a state-owned enterprise with a registered capital of 3 billion yuan and total assets of 83.9 billion yuan, focusing on various sectors including investment operations, cultural technology services, new energy, health, park development, and urban infrastructure [2]. - The shares being auctioned are the only shares held by Nantong Sanjian, which are currently under pledge and judicial freeze [5]. Group 3: Financial Performance of Jingyi Co., Ltd. - In the first half of 2025, Jingyi Co., Ltd. reported a revenue of 2.381 billion yuan, a year-on-year increase of 38.80%, while the net profit attributable to shareholders decreased by 42.95% to 10.86 million yuan [10][11]. - The company’s total assets increased by 19.26% to approximately 2.491 billion yuan, while the net assets attributable to shareholders remained relatively stable with a slight increase of 0.08% [11]. Group 4: Management Issues - The former chairman of Jingyi Co., Ltd., Huang Yuhui, has been involved in multiple economic disputes and has been listed as a dishonest person by the courts, leading to his resignation [4][9]. - Following regulatory intervention, Huang Yuhui resigned from all positions within the company, and the financial director, Gu Chong, has taken over as chairman [9].

Core Viewpoint - The shares of Jingyi Co., Ltd. (002295.SZ), held by Nantong Sanjian Holdings Co., Ltd., are set for judicial auction with a starting price of 725 million yuan, raising concerns about potential changes in the company's controlling shareholder and actual controller [2][4]. Group 1: Auction Details - Nantong Sanjian's 75,184,700 shares in Jingyi Co., representing approximately 29.9996% of the total share capital, are being auctioned, with the auction date scheduled for October 9 [2]. - The initial auction price of 725 million yuan is only 60% of the 1.2 billion yuan paid by Nantong Sanjian in 2018 for these shares [2][4]. - The final auction price will be determined based on the average closing price of the stock over the 20 trading days prior to the auction, multiplied by the number of shares, and then discounted by 10% [3]. Group 2: Company Performance - Jingyi Co., Ltd. is a leading player in China's copper processing industry, with a reported revenue of 3.754 billion yuan in 2024, reflecting a year-on-year growth of 38.43%, and a net profit of 27.7063 million yuan, up 15.57% [4]. - The stock price of Jingyi Co. surged from 5.7 yuan per share in January to a peak of 12.49 yuan in July, marking a 120% increase, driven by demand from the new energy sector [4]. Group 3: Nantong Sanjian's Financial Issues - Nantong Sanjian has faced significant financial difficulties, being included in the list of dishonest entities in July 2024 due to multiple overdue debts and failure to disclose timely information [5]. - The company is involved in several legal cases with a total amount of approximately 1.4 billion yuan, leading to the freezing of its shares in Jingyi Co. [5].

Group 1 - Nantong Sanjian Holdings Co., Ltd. is facing a judicial auction of its shares in Jingyi Co., Ltd. (002295.SZ), with an initial auction price of 725 million yuan for 75.1847 million shares, scheduled for October 9 [2] - The shares represent approximately 29.9996% of Jingyi's total equity, and if successfully auctioned, it will lead to a change in the controlling shareholder and actual controller of the company [2] - The initial auction price is only 60% of the 1.2 billion yuan that Nantong Sanjian paid for the shares in November 2018 [2] Group 2 - Jingyi Co., Ltd. is a leading company in China's copper processing industry, established in 1999, with products widely used in home appliances, automotive, communication, and new energy sectors [3] - The company reported a revenue of 3.754 billion yuan in 2024, a year-on-year increase of 38.43%, and a net profit of 27.7063 million yuan, up 15.57% [3] - The stock price of Jingyi surged from 5.7 yuan per share in January to a peak of 12.49 yuan in July, marking a 120% increase due to demand from the new energy industry [3] Group 3 - Nantong Sanjian was listed among the "Top 500 Chinese Enterprises" in 2018, ranking 157th, and was the second highest revenue-generating private enterprise in Nantong, with annual revenue exceeding 100 billion yuan [3] - The company has faced financial difficulties since the Evergrande crisis in 2022, leading to a series of defaults and being listed as a dishonest entity [4][5] - The shares of Jingyi held by Nantong Sanjian have been frozen by the court, involving multiple cases with a total amount of approximately 1.4 billion yuan [5]

Group 1 - Nantong Sanjian Holdings Co., Ltd. is auctioning its stake in Jingyi Co., Ltd. on JD Asset Disposal Platform, with a starting price of 725 million yuan [1] - The stake being auctioned amounts to 75,184,700 shares, representing approximately 30% of Jingyi's total share capital [1] - The auction is scheduled for October 9, and the final starting price will be determined based on the average closing price of the stock over the 20 trading days prior to the auction [1] Group 2 - Jingyi Co., Ltd. is a leading company in China's copper processing industry, with a reported revenue of 3.754 billion yuan in 2024, marking a 38.43% year-on-year increase [2] - The net profit attributable to shareholders for Jingyi in 2024 was 27.7063 million yuan, reflecting a 15.57% increase compared to the previous year [2] - The stock price of Jingyi surged from 5.7 yuan per share in January to a peak of 12.49 yuan per share in July, representing a 120% increase [2] Group 3 - Nantong Sanjian was once ranked first among Jiangsu's top 100 construction companies and was included in the "China Top 500 Enterprises" list in 2018 [2] - The company faced financial difficulties following the crisis of Evergrande in 2022, leading to a series of defaults and loss of creditworthiness [3] - Nantong Sanjian's equity in Jingyi has been frozen by the court, with related cases involving a total amount of approximately 1.4 billion yuan [3]