今年10月，雅安市宝兴县收到一份特殊的"生态账单"：1009吨碳汇指标被打包售出，实现了从生态资源到实际收 益的转化。 在"十四五"收官之际，这宗四川省首单林草碳普惠项目的成功交易，不仅是全省林草碳汇市场迈出的实质性一 步，更意味着宝兴县的绿水青山价值已从涵养水源、释放氧气的生态层面，拓展至可测量、可交易的市场层 面，"生态有价"真正照进现实，回馈给当地的守护者。 "十四五"以来，宝兴县深入实施"一园一区引领、两城三地共建、四化同步推进、全域协同共兴"发展战略，高质 效推进灾后恢复重建与县城功能疏解，因地制宜构建现代生态产业体系，在高质量发展、特色产业培育、生态文 明建设等方面取得显著成效，社会主义现代化新宝兴建设迈出坚实步伐。 生态有价 大山的"碳"索与回答 作为省级林草碳汇开发试点县，宝兴县立足森林资源优势，有序推进"CCER造林碳汇+森林经营碳普惠+'熊猫碳 惠'"三类方法学落地。"CCER造林碳汇是指通过造林活动产生的碳汇量，经国家核证后可用于碳市场交易的自愿 减排量。"宝兴县林业局副局长杨志武介绍，目前全县已确定3.6万亩CCER造林碳汇、7265亩森林经营碳普惠、 1.2万亩"熊猫碳惠"开发，惠及 ...

铜周报 2025/11/22 0755-23375135 wukj1@wkqh.cn 从业资格号：F3036210 交易咨询号：Z0015924 吴坤金（有色金属组） 地缘层面对市场情绪有所压制 CONTENTS 目录 周度评估及策略推荐 周度评估及策略推荐 01 周度评估及策略推荐 04 供给端 02 期现市场 05 需求端 03 利润库存 06 资金端 01 ◆ 供应：铜精矿现货加工费下滑，粗铜加工费持平，冷料供应边际偏宽松。消息面，智利国家铜业（Codelco）对2026年CIF韩国电解铜长单报 价在330美元/吨，较2025年85美元/吨上涨245美元/吨。 ◆ 库存：三大交易所库存环比增加3.8万吨，其中上期所库存增加0.1至11.1万吨，LME库存增加1.9至15.5万吨，COMEX库存增加1.7至36.2万吨 上海保税区库存增加0.5万吨。现货方面，周五国内上海地区现货升水期货90元/吨，LME市场Cash/3M升水1.1美元/吨。 ◆ 进出口：国内电解铜现货进口亏损缩窄，洋山铜溢价反弹。海关总署数据显示，2025年10月我国精炼铜进口量32.3万吨，净进口量为25.7万 吨，环比减少9.0万吨 ...

为积极响应《中共中央关于制定国民经济和社会发展第十五个五年规划的建议》中关于构建全国统 一大市场的战略号召，池州市政府与池州经开区牵头组建了 "长三角有色金属产业金融统一大市场"(以 下简称"大市场")。这一集"产业、金融、仓储、物流"于一体的综合性供应链平台，旨在通过创新模式 破解行业痛点，打造高效规范的跨区域交易标杆，为有色金属产业高质量发展注入新动能。 当前，我国再生有色金属产业已形成"国内回收+进口补充"的双循环格局。数据显示，2024年国内 回收量(金属量)高达1565万吨，其中废铜、废铝回收量分别占原料供应的58.4%和84.4%，市场潜力巨 大。在此背景下，长三角有色金属产业金融统一大市场的建立正是为了高效整合资源，打造一个功能完 备的跨区域商品交易平台。 融资难、融资贵是长期困扰中小企业发展的瓶颈。肖磊指出，目前行业供应链融资成本普遍高达年 化7%及以上。大市场引入九江银行作为金融合作伙伴，通过动产质押、应收账款质押和配资代采三种 模式提供授信，并依托金信云仓进行严格监管，从而将综合融资利率控制在5.5%以内，切实为企业减 轻负担。 通过构建由国有运营平台、实力金融方、专业监管方和下游客户组成 ...

Summary of Jiangxi Copper's Conference Call Company Overview - **Company**: Jiangxi Copper - **Industry**: Copper Smelting and Mining Key Points Financial Performance - In Q3 2025, Jiangxi Copper reported a revenue of **396.046 billion CNY**, a year-on-year increase of **0.98%** [3] - The net profit attributable to shareholders was **6.024 billion CNY**, reflecting a year-on-year growth of **20.85%** [3] - Despite a decline in Q3 profits compared to Q2, the overall operational plan remains on track without adjustments [3] Profitability Factors - Q3 profits decreased primarily due to rising copper prices impacting hedging operations, resulting in losses on the futures side while the spot market remained profitable [2][6] - The smelting business faced challenges due to low long-term contract prices, leading to a shift towards spot purchases, which affected profitability [2][7] - By Q3 2025, the smelting business contributed approximately **15%** to the overall profit, maintaining profitability despite a decline [8] Industry Dynamics - The copper smelting industry is currently experiencing limited effectiveness in anti-competitive measures, with the non-ferrous metals association advocating for reduced competition since 2024 [4] - The potential for production cuts among domestic copper smelting plants depends on whether TC long-term contract prices fall below cost levels or if there are unified policy directives from authorities [9] - The cancellation of long-term contract negotiations could lead to less transparent pricing, which is unfavorable for smelting plants [10] Production and Cost Management - Jiangxi Copper plans to maintain its copper concentrate production at **200,000 tons** without expansion, relying on cooperative mining rights or acquisitions for any increases [11] - The company’s overall production costs are below the industry average, with the Dexing copper mine being a significant contributor to low costs [12][13] Future Outlook - For 2025, profits are expected to be primarily driven by mining activities, accounting for about **85%** of total profits, while smelting will contribute around **15%** [14] - The profitability of the smelting segment is supported by rising sulfuric acid prices and stable metal prices, which help offset losses in processing operations [15] - The copper processing segment is projected to incur losses of approximately **200 million CNY** for the year, primarily due to losses in lithium battery copper foil business [15] Strategic Initiatives - The company is actively pursuing copper mine acquisitions, focusing on projects in Central Asia, Africa, and South America, although no significant updates are available yet [4][25] - Jiangxi Copper is considering increasing its stake in Jiaxin International, currently holding nearly **30%** of the shares, with plans to achieve control by 2026 [21] Capital Expenditure and Dividends - The company has significant capital expenditure plans primarily for resource acquisitions, which may impact dividend distributions [28] - Dividends will be adjusted based on performance, with a preference for steady growth rather than substantial increases due to investment plans [29] Digital Management - Jiangxi Copper is working on implementing management assessment indicators set by the Jiangxi Provincial State-owned Assets Supervision and Administration Commission, focusing on market value management despite operational challenges [30]

Group 1 - LME copper futures prices experienced a sharp increase, opening at $11,123 per ton and currently trading at $11,065.5 per ton, reflecting a decline of 1.06% [1] - The highest price during the trading session reached $11,125.5 per ton, while the lowest dipped to $10,032 per ton [1] Group 2 - On October 29, LME copper futures opened at $11,023.5, peaked at $11,200.0, and closed at $11,157.5, marking a 1.15% increase [2] - The Shanghai Futures Exchange reported a decrease in copper warehouse receipts to 35,745 tons, down by 101 tons from the previous trading day [2] - A survey of 31 domestic copper rod production enterprises indicated that the order volume for copper rods was 0.82 tons, a decrease of 0.08 tons or 9.10% from the previous day [2] - LME registered copper warehouse receipts totaled 120,675 tons, with 14,675 tons canceled and an increase of 3,500 tons [2] - Total copper inventory at LME rose by 775 tons to reach 135,350 tons [2]

Group 1 - The event held in Dongying City on October 23 aimed to bridge the gap between chain-leading enterprises and specialized innovative companies in the copper industry, promoting effective integration of research outcomes with industrial needs [1] - Shandong Province has developed a complete copper industry system from mining to deep processing, becoming one of the strongest provinces in copper processing capacity in China [3] - Dongying is a significant copper industry cluster in China, with a cathode copper production capacity of 940,000 tons, accounting for 10% of the national total, ranking fourth in the country and first in the province [3] Group 2 - The event featured a report on copper industry development policies and trends, analyzing the current state of the copper industry and interpreting the latest national policies for enterprise development planning [4] - Key enterprises such as Shandong Zhongjin Lingnan Copper Industry Co., Ltd. and Yanggu Xiangguang Copper Industry Co., Ltd. expressed their technological innovation and industrial cooperation needs during the event [4] - Over 100 participants, including representatives from municipal industry and information bureaus, industry experts, enterprise representatives, financial institutions, and research institutions, attended the event [4]

Group 1 - LME copper futures prices are experiencing high volatility, opening at $10,600 per ton and currently trading at $10,722 per ton, reflecting a 1.05% increase, with an intraday high of $10,728 and a low of $10,591.5 [1] Group 2 - On October 17, LME copper futures opened at $10,610, reached a high of $10,650, a low of $10,430, and closed at $10,611, showing a slight decrease of 0.12% [2] - On the same day, a survey of 31 domestic copper rod production enterprises indicated an order volume of 13,300 tons, which is an increase of 2,500 tons compared to the previous trading day, representing a 23.16% increase [2] - As of October 17, the Shanghai Futures Exchange reported copper warehouse receipts at 42,849 tons, a decrease of 1,557 tons from the previous trading day [2] - LME registered copper warehouse receipts totaled 129,400 tons, with 7,825 tons canceled and an increase of 275 tons, leading to a total copper inventory of 137,225 tons, which is a decrease of 225 tons [2]

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 State-owned Assets Supervision and Administration Commission of Meishan Dongpo District acquired 29.9% of Jingyi Metal's shares for 1.086 billion yuan, changing the actual controller to the Meishan Dongpo District State-owned Assets Supervision and Administration Commission [1] - Jingyi Metal, founded in July 1999 and listed in September 2009, specializes in precision copper tubes and related products, serving major clients like Gree and Midea, and is recognized as one of China's top ten copper pipe manufacturers [1] - The acquisition marks the first instance in 2023 of a district-level state-owned enterprise in Sichuan acquiring control of a listed company, enhancing the capital liquidity and operational efficiency of state-owned assets in the region [2] Group 2 - Meishan Dongpo District aims to become a "thousand billion core" area, with a projected GDP of 33.553 billion yuan in the first half of 2025, reflecting an 8.7% year-on-year growth, the highest in Meishan City [2] - The district has established a leading industrial system focused on new energy materials and food medicine, with advanced manufacturing clusters in lithium batteries, crystalline silicon photovoltaics, and high-end fine chemicals [2] - The collaboration between the China Yangtze River Economic Belt Development Research Institute and Meishan Dongpo District includes planning for industrial transfer demonstration zones and regional public brand establishment [3]

Group 1 - The core point of the news is that Sichuan Xingdong Investment Group Co., Ltd. acquired a 29.9% stake in Guangdong Jingyi Metal Co., Ltd. for 1.086 billion yuan, changing the company's controlling shareholder to the state-owned assets supervision and administration office of Meishan City Dongpo District [1][12] - The acquisition is significant as it marks the first instance of a county-level state-owned enterprise in Sichuan acquiring control of a listed company in 2023, enhancing the capital liquidity and operational efficiency of state-owned capital in the region [12] - The auction for the shares was highly competitive, with 32,000 participants and 77 bids, ultimately resulting in a price approximately 40% higher than the starting bid [7][12] Group 2 - Guangdong Jingyi Metal Co., Ltd. reported a revenue of 3.754 billion yuan in 2024, representing a year-on-year increase of 38.43%, and a net profit of 27.7 million yuan, up 15.57% [5] - The company has a solid asset structure, with total assets of 2.088 billion yuan and a debt ratio of 35.03%, indicating a safe financial leverage position [5] - The cash flow situation is healthy, with a net increase in cash and cash equivalents of 158 million yuan, and a year-end cash balance of 353 million yuan [6] Group 3 - The company operates in a traditional industry but maintains a robust fundamental performance, benefiting from the growing demand for copper materials in the renewable energy sector [4] - The company has established itself as a strategic supplier for leading enterprises such as Gree and Midea, with its products widely used in refrigeration, communications, and new energy sectors [5] - The acquisition allows the state-owned enterprise to leverage capital market resources to integrate industrial resources in new energy and intelligent manufacturing sectors [12]