1.2本公司董事会及董事、高级管理人员保证半年度报告内容的真实性、准确性、完整性，不存在虚假 记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 登录新浪财经APP 搜索【信披】查看更多考评等级 公司代码：603527 公司简称：众源新材 第一节 重要提示 1.1本半年度报告摘要来自半年度报告全文，为全面了解本公司的经营成果、财务状况及未来发展规 划，投资者应当到www.sse.com.cn网站仔细阅读半年度报告全文。 1.3公司全体董事出席董事会会议。 1.4本半年度报告未经审计。 1.5董事会决议通过的本报告期利润分配预案或公积金转增股本预案 无。 第二节 公司基本情况 2.1公司简介 ■ 2.2主要财务数据 单位：元 币种：人民币 ■ 2.3前10名股东持股情况表 单位: 股 ■ 2.4截至报告期末的优先股股东总数、前10名优先股股东情况表 □适用 √不适用 2.5控股股东或实际控制人变更情况 □适用 √不适用 2.6在半年度报告批准报出日存续的债券情况 □适用 √不适用 第三节 重要事项 公司应当根据重要性原则，说明报告期内公司经营情况的重大变化，以及报告期内发生的对公司经营情 况有重大影响和预 ...

证券代码：603527 证券简称：众源新材 公告编号：2025-042 安徽众源新材料股份有限公司 公司秉承新材料业务和新能源业务的双轮驱动战略，并以其他业务为补充。 报告期内，公司铜板带产量 6.24 万吨，销量 6.27 万吨；铜箔产量 1,756.24 吨，销量 1,730.81 吨；实现出口销量 4,471.95 吨。 公司铜板带产品广泛应用于变压器、电力电缆、通信电缆、散热器、换热器、 电子电器和新能源等领域。公司的压延铜箔产品主要应用于 LED、印刷线路板、 新能源软连接、板式热换器、背胶铜箔等。 截至目前，全资子公司安徽永杰铜业有限公司（以下简称"永杰铜业"）的 年产 10 万吨高精度铜合金板带及 5 万吨铜带坯生产线项目的一期项目已达到预 定可使用状态，二期项目搬迁工作现已完成，正在有序推进改造工作，项目完成 后，公司及子公司的铜板带箔材年产能将达到 20 万吨。 （1）动力电池金属结构件 报告期内，公司控股子公司安徽众源智造科技有限公司（以下简称"众源智 造"）及安徽众源新能源科技有限公司的主要产品为新能源电池包箱体及电池模 组结构件，其中电池包箱体现有年产能为 50 万套，目前主要客户是奇 ...

产品产量、销量及同比变化情况为： 以上经营数据未经审计，仅供投资者及时了解公司生产经营状况所用，敬请 广大投资者理性投资，注意投资风险。 安徽众源新材料股份有限公司 2025 年半年度主要经营数据公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 根据上海证券交易所《上市公司自律监管指引第 3 号——行业信息披露》及 其附件《第十六号——有色金属》有关规定和披露要求，并结合公司的实际情况， 公司 2025 年半年度主要经营数据如下： | 主要产品 | 单位 | 生产量 | 销售量 | 库存量 | 生产量 比上年 | 销售量 比上年 | 库存量 比上年 | | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | | 同期增 | 同期增 | 同期增 | | | | | | | 减（%） | 减（%） | 减（%） | | 铜板带 | 吨 | 62,414.82 | 62,711.65 | 2,512.85 | 10.29 | 9.89 | 20.25 | | 铜箔 ...

行业 铜期货日报 日期 2025 年 8 月 21 日 研究员：张平 021-60635734 zhangping@ccb.ccbfutures.com 期货从业资格号：F3015713 021-60635729 yufeifei@ccb.ccbfutures.com 期货从业资格号：F3025190 021-60635740 pengjinglin@ccb.ccbfutures.com 期货从业资格号：F3075681 有色金属研究团队 研究员：余菲菲 研究员：彭婧霖 请阅读正文后的声明 ＃summary＃ 每日报告 一、 行情回顾与操作建议 图1：沪铜走势及盘面价差 图2：伦铜走势及价差 宏观金融研究团队 021-60635739 有色金属研究团队 021-60635734 黑色金属研究团队 021-60635736 石油化工研究团队 021-60635738 农业产品研究团队 021-60635732 量化策略研究团队 021-60635726 数据来源：Wind，建信期货研究发展部 数据来源：Wind，建信期货研究发展部 铜价震荡偏弱，主力收盘报 78640，宏观面等待周五晚间全球央行年会上鲍威尔 发 ...

Investment Rating - The investment rating for Tongling Nonferrous Metals Group Co., Ltd. is "Buy" (maintained) [6] Core Views - The company has demonstrated strong operational efficiency and cost control in its smelting segment, maintaining profitability despite a significant decline in copper concentrate processing fees [12][14] - The Mirador copper mine is expected to maintain stable and high production levels, with the second phase of the project fully completed, enhancing the company's copper concentrate self-sufficiency [14] - The company is projected to see a recovery in net profit from 2025 onwards, with expected net profits of 35.01 billion, 41.30 billion, and 47.21 billion yuan for 2025, 2026, and 2027 respectively, reflecting year-on-year growth rates of 24.64%, 17.98%, and 14.30% [14][15] Financial Performance Summary - In H1 2025, the company achieved a revenue of 76.08 billion yuan, a year-on-year increase of 6.39%, while the net profit attributable to shareholders was 1.441 billion yuan, down 33.94% year-on-year [12] - The sales gross margin for H1 2025 was 7.96%, a decrease of 0.57 percentage points year-on-year, while Q2 2025 saw a gross margin of 8.22%, which was a slight improvement from the previous quarter [12][14] - The company’s smelting plants, Jinlong Copper Industry and Chifeng Jintong Copper Industry, reported a combined net profit of 515 million yuan in H1 2025, down 32.61% year-on-year [12][14] Production and Operational Highlights - The Mirador copper mine is projected to produce over 150,000 tons of copper concentrate in 2025, with production in the first seven months of 2025 reaching 123.56% of the planned target, marking a historical high for the same period since production began [14] - The processing capacity of the first and second phases of the Mirador project is expected to reach a total of 46.2 million tons per year, with an anticipated annual output of approximately 200,000 tons of copper metal [14]

Group 1 - The core viewpoint of the article highlights that Tongling Nonferrous Metals' total operating revenue for the first half of 2025 reached 76.08 billion yuan, representing a year-on-year growth of 6.39% [1] - The net profit for the same period was 1.441 billion yuan, showing a significant decline of 33.94% compared to the previous year [1] - The earnings per share were reported at 0.11 yuan, with a return on equity of 4.2% and an operating cash flow per share of 0.0296 yuan [1] Group 2 - Tongling Nonferrous Metals, established in 1996, is located in Tongling City, Anhui Province, and operates as a large-scale integrated copper production enterprise covering copper mining, smelting, processing, and trading [1] - The company's main products include cathode copper, sulfuric acid, gold, silver, copper foil, and copper strips [1] - The company has a registered capital of 12.794 billion yuan and is led by legal representative Gong Huadong [1] Group 3 - Tongling Nonferrous Metals has made investments in 48 enterprises and participated in 5,000 bidding projects [1] - The company holds one trademark and has 969 patent records, along with 90 administrative licenses [1]

Industry Overview - Copper strip is a key material in modern industry, known for its excellent electrical and thermal conductivity, processing performance, and corrosion resistance, widely used in new energy and electronic electrical fields [1][4] - The industry is experiencing a "quantity and quality rise" trend, with total production capacity expected to reach 4.179 million tons and output exceeding 3 million tons by 2024, while the proportion of high-end products is projected to increase to 35% [1][10] - The new energy vehicle sector has become a core growth driver, with production and sales in the first five months of 2025 increasing by over 44% year-on-year, significantly boosting demand for high-conductivity copper strips [1][22] Import and Export Dynamics - The import and export landscape is characterized by accelerated import substitution and steady export growth, with exports expected to increase by 20.61% year-on-year in 2024 [1][12] - In 2024, the total import volume of copper strips is projected to be approximately 88,800 tons, a year-on-year increase of 14.28%, while exports are expected to reach 124,200 tons [12][14] - The import structure is shifting towards high-value-added products, while exports are primarily focused on general-purpose products, indicating a trend towards higher technical content and added value in trade [14][21] Competitive Landscape - The competitive landscape of the copper strip industry is evolving into a gradient structure, with leading companies like Jiangxi Copper and Tongling Nonferrous Metals dominating over 60% of the high-end market through technological innovation and cost reduction [16][18] - Medium-sized enterprises are focusing on niche markets, while smaller firms are facing pressure due to environmental standards and market saturation, leading to accelerated exits from the market [16][18] - The industry is expected to consolidate further, with a focus on technological leadership and high-end production capabilities [18][21] Future Trends - The copper strip industry is witnessing three core trends: high-end breakthrough, structural differentiation, and green transformation, driven by technological advancements and market demands [21][22] - The demand for copper strips in the new energy vehicle sector is expected to exceed 2 million tons by 2025, accounting for over 40% of global copper consumption growth [22][23] - Companies are increasingly investing in green technologies and innovations to enhance competitiveness, with significant potential for import substitution in high-end markets [23]

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The copper price is expected to maintain a volatile trend, but investors need to be wary of risks brought by subsequent tariffs [5][65]. 3. Summary by Relevant Catalogs 3.1 Report Summary - The number of initial jobless claims in the US last week decreased by 7,000 to 221,000, reaching the lowest level since mid - April, indicating the resilience of the employment market [5]. - In June, the US retail sales increased by 0.6% month - on - month, better than expected, alleviating concerns about consumer spending contraction [5]. - The US CPI in June increased by 2.7% year - on - year, and the core CPI increased by 2.9% year - on - year and 0.2% month - on - month, both lower than market expectations [5]. - Domestically, the GDP in the first half of the year increased by 5.3% year - on - year. In June, industrial production was strong while demand was weak. The production of refined copper in the second quarter is expected to increase [5]. 3.2 Multi - empty Focus - **Bullish factors**: Domestic TC maintains a low and weak quotation; US retail sales in June are better than expected; the spot has changed from a discount to a premium [8]. - **Bearish factors**: The tight inventory situation in non - US regions has eased; LME copper inventory continues to rise [8]. 3.3 Data Analysis - **Copper ore imports**: In June, China's copper ore and concentrate imports were 2.35 million tons, and the cumulative imports from January to June were 14.754 million tons, a year - on - year increase of 6.4%. Chile's copper exports to China have rebounded [18]. - **Mining end**: As of the week of July 11, the Mysteel standard clean copper concentrate TC weekly index was - 43.31 dollars/dry ton, up 0.12 dollars/dry ton from the previous week. The spot market is expected to remain stable [22]. - **Electrolytic copper production**: In May, China's electrolytic copper production was 1.1417 million tons, a month - on - month increase of 2.93% and a year - on - year increase of 16.33%. The production in June is expected to remain high [24]. - **Waste copper imports**: In May, China's waste copper imports were 185,200 tons, a month - on - month decrease of 9.55% and a year - on - year decrease of 6.53%. The supply from major countries has declined [27]. - **Refined - waste price difference**: As of July 17, the refined - waste price difference was around - 1,075 yuan/ton, which is conducive to refined copper consumption [31]. - **Copper product production**: In June, the production of refined copper rods decreased, the production of copper strips decreased, the production of copper materials increased, the production of household refrigerators increased, and the export of automobiles maintained a high growth rate [35][39][43][46][50]. - **Real estate market**: From January to June, real estate development investment decreased by 11.2% year - on - year, with declines in new construction and completion areas [54]. - **Copper inventory**: LME copper inventory has accumulated, with the latest level at 122,150 tons. SHFE copper inventory decreased slightly to 81,462 tons in the week of July 11. COMEX inventory has continued to accumulate, reaching 241,814 tons. Domestic spot inventory increased to 144,400 tons on July 17 [58]. - **Copper spot premium**: On July 17, the Yangtze River Non - ferrous 1 copper spot changed from a discount to a premium of about 85 yuan/ton, while the LME 0 - 3 spot discount widened to about - 58.71 dollars/ton [62]. 3.4后市研判 - The copper price will maintain a volatile trend, but risks from subsequent tariffs should be watched out for [65].

Report Investment Rating No information provided on the industry investment rating. Core View The copper market may continue its low-level oscillation in the next 1 - 2 weeks. The contradiction between stable domestic smelting capacity release and tight overseas LME inventory on the supply side, combined with the deepening off - season and high copper prices suppressing procurement on the demand side, makes it difficult for orders in the construction and electronics sectors to support prices. Macroeconomic factors such as the repeated expectations of the Fed's interest rate cuts and the weak domestic economic recovery also suppress the valuation of commodities [3]. Summary by Directory 1. Daily Market Summary - **Market Data Changes**: On July 8, the SHFE copper main contract closed at 79,510 yuan/ton, up 0.13% from the previous trading day. The basis weakened significantly, with the premium of flat - copper dropping from 80 yuan/ton on July 2 to 55 yuan/ton, and the premium/discount of wet - copper widening from - 5 yuan/ton to - 40 yuan/ton. The LME (0 - 3) premium fell to 79.8 dollars/ton. The SHFE copper's inter - month BACK spread narrowed from 250 yuan/ton to 190 yuan/ton. The LME copper's open interest decreased by 3,072 lots to 281,488 lots on July 7, and the SHFE inventory increased to 102,500 tons in a single week [1]. - **Supply - Demand and Inventory Changes**: On the supply side, domestic supply remained stable with high utilization of smelting capacity, while overseas LME inventory decreased continuously. On the demand side, the off - season effect deepened, with weak demand in the power and electronics sectors. The copper cable operating rate was 72.41% with a 7.52% increase in finished product inventory, and the copper strip processing fee collapsed. The operating rates of various industries were expected to decline further in July. On the inventory side, the inventory differentiation intensified, with the continuous decline of LME inventory possibly reflecting European restocking demand, while the SHFE inventory exceeded 100,000 tons due to weak domestic consumption [2]. - **Market Conclusion**: The copper market may continue its low - level oscillation in the next 1 - 2 weeks due to the supply - demand contradiction and macro - level factors [3]. 2. Industrial Chain Price Monitoring - **Price Data**: On July 8, 2025, the SMM:1 copper price was 79,910 yuan/ton, down 0.09% from July 7. The premium of premium copper was 115 yuan/ton, down 8.00%. The premium of flat - copper was 55 yuan/ton, down 21.43%. The premium/discount of wet - copper was - 40 yuan/ton, down 300.00%. The LME (0 - 3) was 51 dollars/ton, down 35.70%. The SHFE price was 79,510 yuan/ton, up 0.13%. The LME price was 9,665 dollars/ton, down 1.22% [5]. - **Inventory Data**: The LME inventory was 19,109 tons, down 11.87% from July 7. The SHFE inventory was 102,500 tons, up 5.24%. The COMEX inventory was 221,788 short tons, up 0.15% [5]. 3. Industrial Dynamics and Interpretation - **Enterprise Projects**: On July 2, China Copper Industry established a mining research institute. Northern Copper's calendered copper foil production capacity is 5000 tons/year [6]. - **Industry Operating Rates**: In June, the operating rate of SMM copper cable enterprises decreased by 9.27% month - on - month to 72.41%, and is expected to drop to 71.98% in July. The copper strip processing fee declined significantly, and the operating rate in June was 67.44%, expected to drop to 63.44% in July [6]. 4. Industrial Chain Data Charts The report includes charts on China PMI, US PMI, US employment, the correlation between the US dollar index and LME copper price, the correlation between US interest rates and LME copper price, TC processing fees, CFTC copper open interest, LME copper net long positions, SHFE copper warehouse receipts, LME copper inventory changes, COMEX copper inventory changes, and SMM social inventory [7][9][13][16][18][22][23][26][27].

Core Viewpoint - The recent Central Financial Committee meeting emphasized the need to regulate low-price disorderly competition among enterprises, guide companies to improve product quality, and promote the orderly exit of outdated production capacity. This policy signal has led to a noticeable recovery in the sentiment of the bulk commodity market, with some investors anticipating market benefits similar to those from the supply-side structural reforms of 2016 [3][4]. Policy Impact Analysis - Different periods may have varying policy focuses, necessitating an in-depth analysis of the core impact range of policies. Attention should be directed towards industries with severe overcapacity, widespread losses, high proportions of outdated capacity, and strong policy constraints [4]. - Industries such as polysilicon, industrial silicon, and PVC currently exhibit persistently low profit levels, aligning with the main objectives of policy regulation. The sustainability of profit improvement in these industries hinges on the enforcement strength of policies and the effectiveness of actual capacity clearance [4][5]. Historical Context - The aluminum industry serves as an example where strong policy constraints successfully led to sustained profit improvements during the last capacity reduction phase. Historical experience indicates that there is a certain lag between policy issuance and market rebound, ultimately relying on strict enforcement to achieve profit redistribution within the industry chain [4]. Current Industry Status - Leading companies in industries like polysilicon are beginning to formulate capacity optimization plans. However, due to differences in company nature, interest conflicts, and market constraints, the realization of substantial capacity clearance in the industry will require more time for validation [5]. Profit and Capacity Overview - A summary of key indicators for various bulk commodities, including profit levels, capacity concentration, and the nature of enterprises, has been compiled for reference [6]. - For example, the profit margins and capacity concentration for several commodities are as follows: - PVC: -13% profit margin, 40% capacity concentration, state-owned enterprises [9] - Polysilicon: -13.5% profit margin, 82.23% capacity concentration, private enterprises [10] - Urea: 20% profit margin, 28% capacity concentration, state-owned enterprises [9] - Copper products show varying profit margins, with electrolytic copper at 0.31% and lithium battery copper foil at 26.07% [10].