格隆汇8月20日｜民生证券研报指出，铜陵有色实际经营稳健，期待米拉多铜矿二期投产。冶炼端，铜 加工费大幅致冶炼利润下降明显，但冲击有限，下降幅度远小于加工费下降幅度，或主要是副产品贡献 较多。从冶炼子公司利润来看，25H1金隆铜业实现净利润3.23亿元，同比下滑30%；赤峰金铜实现净利 润1.90亿元，同比下滑36%。公司冶炼端利润韧性明显或主要是由于冶炼副产品，公司上半年化工及其 他产品毛利率55.04%，同比增长39.05PCT。围绕铜产业链上下游补链、强链。上游：米拉多铜矿注入 完成，2024年自产铜产量达到15.5万吨，且二期项目将于2025年投产，届时自给率还将进一步提升。中 游：铜基新材料项目有序推进，冶炼产能预计提升，得益于交通和区位优势，冶炼成本位于成本曲线左 侧，成本优势明显。下游：铜箔年产能8万吨。铜产业链一体化发展持续推进，产能建设稳步进行，米 拉多铜矿二期投产在即，未来增量可期。维持"推荐"评级。 ...

Core Viewpoint - Jiangxi Jiangnan New Materials Technology Co., Ltd. experienced a significant stock price fluctuation, with a cumulative closing price deviation exceeding 20% over three consecutive trading days in August 2025 [2][4]. Group 1: Stock Trading Anomaly - The company's stock price increased significantly on August 15, 18, and 19, 2025, leading to a cumulative price deviation of over 20%, which is classified as an abnormal trading situation according to the Shanghai Stock Exchange rules [2][4]. - The company has conducted a self-examination and confirmed that there are no undisclosed significant information related to the stock price fluctuation [5][6]. Group 2: Company Operations - The company is primarily engaged in the research, production, and sales of copper-based new materials, and its production and operational conditions are reported to be normal without any significant changes [5]. - There are no major events such as asset restructuring, share issuance, or significant business cooperation that could impact the stock price [6][8]. Group 3: Market Sentiment and Information Disclosure - The company has not identified any media reports or market rumors that require clarification or response [7]. - There are no other significant events that could impact the stock price, and the company's major stakeholders have not engaged in buying or selling shares during the period of stock price fluctuation [8].

Group 1 - The number of IPOs in Hong Kong has significantly increased in the first half of 2025, with A-share companies also increasingly announcing plans to list in Hong Kong [1] - In Q2 2025, the Hong Kong Stock Exchange (HKEX) surpassed NASDAQ in terms of fundraising scale, achieving a net fundraising amount of HKD 1,067.13 billion, a year-on-year increase of 688.56% [2][3] - Despite having fewer IPOs than NASDAQ in Q2 (27 vs. 83), the fundraising amount from Hong Kong IPOs reached HKD 880.44 billion, exceeding NASDAQ's USD 9.5 billion (approximately HKD 744.94 billion) [3] Group 2 - The number of Chinese companies listing in the US has increased, with 40 companies going public in the first half of 2025, up from 25 in the same period last year. However, the total fundraising amount decreased by 59.73% to USD 7.45 billion [4] - The largest fundraising in A-shares during the first half of 2025 was from Zhongce Rubber, which raised RMB 39.33 billion, followed by Tianyouwei and Yingshi Innovation [5] - The largest IPO in the US was from Venture Global, raising USD 1.67 billion, while the largest in Hong Kong was CATL, raising HKD 353.31 billion (approximately USD 45.01 billion) [7] Group 3 - The best-performing new stocks in A-shares this year include Jiangnan New Materials with a cumulative increase of 419.29%, followed by Haibosichuang and Tianhe Magnetic Materials [8] - In the US market, the top-performing new stocks include Diginex with a cumulative increase of 584.00%, followed by Anbio and CoreWeave [8] - In Hong Kong, the best-performing new stock is Gu Ming, with a cumulative increase of 158.06% [8] Group 4 - The number of companies queued for IPOs in Hong Kong for the second half of 2025 has significantly increased, with at least 8 companies confirmed to list in July and August [9] - From June 27 to June 30, 23 companies submitted applications for the first time on the HKEX, including several A-share companies [9] - The influx of new listings may lead to differentiated performance based on the flow of funds and the quality of the companies, emphasizing the importance of fundamental analysis over speculative trading [9]

Group 1 - The core viewpoint of the article indicates that Jiangnan New Materials (603124) primarily supplies copper-based new materials to PCB manufacturers, with some customers being suppliers to Nvidia, but the company does not supply Nvidia directly [1]

Core Viewpoint - The establishment of the copper-based new materials key laboratory in Shanxi Province marks a significant recognition of innovation capabilities in the field, focusing on technological innovation, achievement transformation, and talent cultivation to support the transformation and upgrading of the copper industry [1][2]. Group 1: Laboratory Establishment and Recognition - The copper-based new materials laboratory, led by Northern Copper Industry, passed the evaluation organized by the Shanxi Provincial Science and Technology Department, indicating its authoritative recognition in innovation capabilities and platform construction [2]. - The laboratory was approved for construction in December 2022 and has made significant progress in key technology breakthroughs, research platform construction, and achievement transformation over the past two years [2][3]. Group 2: Innovation and Research Collaboration - The laboratory focuses on building a full-chain innovation system aligned with Shanxi Province's "14th Five-Year" new materials industry plan, integrating basic research, technology tackling, and achievement transformation [3]. - Northern Copper Industry, in collaboration with universities, has applied for seven provincial and municipal research projects and signed two horizontal projects, promoting core technology iteration [3]. Group 3: Research Achievements and Talent Development - Over the past two years, the laboratory has published ten papers, applied for ten invention patents, and achieved significant breakthroughs in product development, including a record-breaking 20,000 meters length of 6μm ultra-thin copper foil [4]. - The laboratory has also trained over 20 master's and doctoral students and 18 technical backbones, creating a virtuous cycle of talent cultivation and research promotion [4]. Group 4: Future Goals and Strategic Direction - The laboratory aims to continue its mission in tackling key core technologies in the high-end copper-based new materials field, enhancing innovation outcomes, and fostering high-level academic exchanges [4]. - The leadership of the laboratory emphasizes resource coordination and strategic layout to overcome challenges such as equipment shortages and technological blockades, aiming to elevate the copper industry in Shanxi to a first-class innovation hub [4].

Core Viewpoint - Taiyuan City is focusing on industrial transformation and the cultivation of strategic emerging industries, enhancing innovation and establishing a green manufacturing system to drive high-quality economic development [1][31]. Group 1: Macroeconomic Analysis - Taiyuan's GDP for 2024 is projected to be CNY 541.887 billion, with a growth rate of 1.2%. The primary, secondary, and tertiary industries contribute CNY 4.785 billion, CNY 166.671 billion, and CNY 370.431 billion respectively, with the tertiary sector growing by 1.6% [2][4]. - The proportion of strategic emerging industries in Taiyuan's industrial output is increasing, with a 2024 forecast showing a 37.3% contribution to the total industrial output, up 1.4 percentage points from the previous year [4]. Group 2: Investment Trends - Fixed asset investment in Taiyuan is expected to grow by 0.5% in 2024, with 136 ongoing projects valued over CNY 1 billion, representing 35.9% of total investment [6]. - Industrial investment is projected to account for 27.7% of total investment, with a significant increase of 24.7% year-on-year [6]. Group 3: Industrial Structure - Taiyuan is constructing a modern industrial system centered around the "1233" key industrial chain system, which includes nine major industrial chains contributing approximately 70% of the city's industrial output [10][31]. - The "1233" system focuses on high-end metal materials, advanced carbon-based materials, and advanced biological materials, among others, with 118 key enterprises involved [10][31]. Group 4: Innovation and R&D - In 2023, Taiyuan's R&D expenditure reached CNY 12.79 billion, ranking first in Shanxi Province, indicating a strong focus on innovation [8]. - The city is implementing four major projects to enhance innovation capabilities, including optimizing the innovation ecosystem and promoting the transformation of innovative results [8]. Group 5: Key Industries - The high-end metal materials industry is a pillar of Taiyuan's economy, with significant products including special steel and new magnesium alloys, generating CNY 118.3 billion in revenue in 2023 [19][20]. - The carbon-based materials industry is leveraging local coal resources and advanced research capabilities, with a focus on both traditional and cutting-edge carbon materials [25][27]. - The advanced biological materials and biopharmaceutical industry is developing rapidly, focusing on bio-based new materials and recombinant human collagen protein [29]. Group 6: Policy Framework - Taiyuan has introduced several policies to support high-quality development, including plans for digital transformation and the establishment of advanced manufacturing bases [16][18]. - The city aims to achieve significant results in industrial high-quality development by 2025, enhancing its competitive advantages [16].