证券代码：000060 证券简称：中金岭南 深圳市中金岭南有色金属股份有限公司 投资者关系活动记录表 编号：2025-06 投资者关系活动 类别 □ 特定对象调研 √分析师会议 □ 媒体采访 □业绩说明会 □ 新闻发布会 □路演活动 □ 现场参观 □ 其他 （请文字说明其他活动内容） 参与单位名称及 人员姓名 深圳前海互兴资产管理有限公司 时间 2025 年 11 月 28 日 地点 深圳 上市公司接待人 员姓名 董事会秘书、总法律顾问 万磊 投资者关系活动 主要内容介绍 1、请介绍公司主要产品及其用途。 公司主要产品有铅锭、锌锭及锌合金、阴极铜、白银、黄金、粗铜、 电镓、锗精矿、工业硫酸、硫磺等产品。 铅金属主要用于铅酸蓄电池、铅材和铅合金，其他用途还包括氧化铅、 铅盐、电缆等其他铅产品。锌金属主要用于镀锌、压铸合金、氧化锌、黄 铜、电池等领域。阴极铜具有广泛的用途，可以应用于电子工业、机械工 业、建筑工业、化工工业、航空航天工业和食品工业等领域。公司其他产 品包括铝门窗、铝型材、电池锌粉、片状锌粉、冲孔镀镍钢带、复合金属 材料和双金属原件、电工触头材料及元件等，广泛运用于建筑工程、汽车 部件、轨道交通及电 ...

Core Viewpoint - Jin Chengtong's stock price has shown significant growth this year, with a notable increase in revenue and net profit, indicating strong operational performance and investor interest [1][2]. Financial Performance - As of September 30, 2025, Jin Chengtong achieved a revenue of 9.933 billion yuan, representing a year-on-year growth of 42.50% [2]. - The net profit attributable to shareholders for the same period was 1.753 billion yuan, reflecting a year-on-year increase of 60.37% [2]. Stock Market Activity - On November 28, Jin Chengtong's stock rose by 2.17%, reaching 63.43 yuan per share, with a trading volume of 114 million yuan and a turnover rate of 0.29% [1]. - The company has seen a stock price increase of 76.93% year-to-date, with a 6.05% rise over the last five trading days [1]. Shareholder Information - As of September 30, 2025, the number of shareholders increased by 27.38% to 20,900, while the average number of circulating shares per person decreased by 21.49% to 29,884 shares [2]. - The total cash dividends distributed by Jin Chengtong since its A-share listing amount to 768 million yuan, with 477 million yuan distributed over the past three years [3]. Major Shareholders - Hong Kong Central Clearing Limited is the second-largest circulating shareholder, holding 24.4684 million shares, an increase of 10.5752 million shares from the previous period [3]. - Southern CSI 500 ETF is a new entrant among the top ten circulating shareholders, holding 5.4639 million shares [3].

11月28日，白银有色（维权）盘中上涨2.11%，截至10:11，报4.84元/股，成交2.10亿元，换手率 0.59%，总市值358.39亿元。 今年以来白银有色已经7次登上龙虎榜，最近一次登上龙虎榜为10月20日，当日龙虎榜净买入-3.39亿 元；买入总计1.77亿元 ，占总成交额比7.72%；卖出总计5.16亿元 ，占总成交额比22.51%。 资金流向方面，主力资金净流入1064.33万元，特大单买入1465.22万元，占比6.97%，卖出1652.26万 元，占比7.86%；大单买入4386.68万元，占比20.86%，卖出3135.32万元，占比14.91%。 资料显示，白银有色集团股份有限公司位于甘肃省白银市白银区友好路96号，成立日期2007年7月6日， 上市日期2017年2月15日，公司主营业务涉及铜、铅、锌、金、银等多种有色金属的采选、冶炼、加工 及贸易。主营业务收入构成为：阴极铜47.65%，黄金18.67%，锌锭7.39%，铜杆6.90%，其他5.47%，电 银4.54%，铜精矿4.44%，其他(补充)2.39%，铅锌精矿1.52%，硫酸0.58%，电铅0.46%。 白银有色今年以来股价 ...

1. Report Industry Investment Rating - Not provided in the content 2. Core View of the Report - The Shanghai copper main contract shows a volatile trend, with increasing open interest, spot premium, and strengthening basis. The copper concentrate spot TC index remains at a low negative level, indicating a tight raw material supply. The supply of refined copper may be restricted due to the tight copper ore supply and concentrated maintenance of some smelters. Downstream demand is still cautious due to high copper prices, mainly for rigid demand restocking. Overall, the fundamentals of Shanghai copper may be in a situation of converging supply and temporarily weak demand. In the options market, the sentiment is bullish, and the implied volatility has slightly increased. It is recommended to conduct short - term long trades on dips with a light position, while paying attention to controlling the rhythm and trading risks [2]. 3. Summary by Relevant Catalogs 3.1 Futures Market - The closing price of the Shanghai copper futures main contract is 86,990 yuan/ton, up 400 yuan; the LME 3 - month copper price is 10,931 dollars/ton, down 22 dollars. The main contract's open interest is 210,684 lots, up 5,956 lots. The LME copper inventory is 156,500 tons, down 75 tons; the SHFE cathode copper inventory is 110,603 tons, up 1,196 tons [2]. 3.2现货市场 - The SMM 1 copper spot price is 87,085 yuan/ton, up 430 yuan; the Yangtze River Non - ferrous Market 1 copper spot price is 87,165 yuan/ton, up 420 yuan. The CU main contract basis is 95 yuan/ton, up 30 yuan; the LME copper premium (0 - 3) is 30.83 dollars/ton, up 21.31 dollars [2]. 3.3 Upstream Situation - The import volume of copper ore and concentrates is 245.15 million tons, down 13.56 million tons. The copper concentrate prices in Jiangxi and Yunnan are 76,990 yuan/metal ton and 77,690 yuan/metal ton respectively, both up 140 yuan. The TC of domestic copper smelters is - 42.32 dollars/thousand tons, down 0.11 dollars [2]. 3.4产业情况 - The output of refined copper is 120.40 million tons, down 6.20 million tons. The import volume of unwrought copper and copper products is 440,000 tons, down 50,000 tons. The social inventory of copper is 41.82 million tons, up 0.43 million tons [2]. 3.5下游及应用 - The output of copper products is 200.40 million tons, down 22.80 million tons. The cumulative grid infrastructure investment is 4,824 billion yuan, up 445.93 billion yuan. The cumulative real estate development investment is 73,562.70 billion yuan, up 5,856.99 billion yuan. The monthly output of integrated circuits is 4,177,000 thousand pieces, down 194,236.10 thousand pieces [2]. 3.6期权情况 - The 20 - day historical volatility of Shanghai copper is 11.20%, down 0.16%; the 40 - day historical volatility is 19.39%, up 0.01%. The current month's at - the - money IV implied volatility is 12.13%, up 0.0044%. The at - the - money option call - put ratio is 1.23, up 0.059 [2]. 3.7行业消息 - The Fed's Beige Book shows that economic activity is basically flat, with some areas facing a risk of slowdown. Six departments jointly issued a plan to promote consumer goods consumption. The number of initial jobless claims in the US last week decreased to a new low. More car companies are entering the humanoid robot field. The China Non - Ferrous Metals Industry Association opposes zero or negative processing fees in the copper smelting industry and is taking measures to manage copper smelting capacity [2].

11月26日（周三），总部位于日内瓦的大宗商品贸易商摩科瑞（Mercuria）金属研究主管表示，明年铜 市将再度收紧，推动铜精矿和精炼铜价格升至新高。该公司知名多头Nicholas Snowdon表示，明年全球 铜精矿市场将出现约50万吨的缺口，和今年相当。他将这一预估归因于供应增长有限，以及中国以外新 冶炼厂的需求不断增长。他在5月份是预计缺口为70万吨。 摩科瑞是众多能源交易商之一，如BGN和贡沃尔（Gunvor）等都在向金属交易中扩张，押注全球能源 系统的结构性变化将被证明是有利可图的。Snowdon表示，过去12个月，摩科瑞已投资近20亿美元，交 易大约100万吨铜和150万吨铜精矿。 （文华综合） Snowdon在2025年亚洲世界铜业大会上表示："铜市今年面临着严重的供应冲击，这种局面将持续到明 年。"他表示，关税冲突前人们争相将铜运往美国，导致美国的阴极铜库存占到全球库存的四分之三左 右，到明年第一季度可能提升至90%。 Snowdon称，伦敦金属交易所（LME）精炼铜价格需要上涨，才能将铜拉回到全球市场，而全球市场易 于受到低库存的影响。他表示，阴极铜市场目前供应过剩35-40万吨之间，较他5 ...

11月24日伦敦金属交易所(LME)铜期货行情 北京时间11月25日，伦敦金属交易所(LME)铜期货价格偏强运行，今日开盘报10788美元/吨，现报 10856美元/吨，涨幅0.77%，盘中最高触及10860美元/吨，最低下探10788美元/吨。 LME铜期货行情回顾： 品种 开盘价 最高价 最低价 收盘价 LME铜 10770.0 10805.0 10743.0 10781.5 0.03% 【铜市场消息速递】 11月24日，电解铜现货沪伦比值为7.99，进口盈亏：-857.94元/吨，上一交易日进口盈亏：-489.97元/ 吨。 据外媒报道，印尼自由港公司（Freeport Indonesia）首席执行官托尼·韦纳斯（Tony Wenas）周一表示， 由于泥石流事故后的恢复过程仍在进行，公司计划在2026年生产47.8万吨阴极铜和26吨黄金，这低于其 最初计划。 11月24日，伦敦金属交易所（LME）：铜注册仓单150225吨。注销仓单5525吨，减少1100吨。铜库存 155750吨，增加725吨。 ...

11月25日，江西铜业盘中上涨2.01%，截至10:05，报36.62元/股，成交2.98亿元，换手率0.39%，总市值 1268.05亿元。 江西铜业今年以来股价涨83.61%，近5个交易日跌0.92%，近20日跌6.56%，近60日涨35.78%。 今年以来江西铜业已经1次登上龙虎榜，最近一次登上龙虎榜为10月9日。 资料显示，江西铜业股份有限公司位于江西省南昌市高新开发区昌东大道7666号，成立日期1997年1月 24日，上市日期2002年1月11日，公司主营业务涉及铜和黄金的采选、冶炼与加工;稀散金属的提取与加 工;硫化工以及金融、贸易等领域。主营业务收入构成为：阴极铜50.21%，铜杆线19.55%，黄金 14.50%，铜精矿、稀散及其他有色金属6.91%，白银3.21%，铜加工产品2.66%，其他产品1.65%，化工 产品(硫酸硫精矿)0.85%，其他(补充)0.46%。 江西铜业所属申万行业为：有色金属-工业金属-铜。所属概念板块包括：基金重仓、大盘、MSCI中 国、融资融券、一带一路等。 资金流向方面，主力资金净流入2982.61万元，特大单买入1747.77万元，占比5.87%，卖出934. ...

Summary of the Conference Call for Tongling Nonferrous Metals Group Co., Ltd. Industry Overview - The copper industry is experiencing significant changes due to resource acquisition and market dynamics. The global average copper ore grade has declined from 0.86% in 2000 to 0.6% in 2023, with projections to drop to 0.56% by 2030. This trend is coupled with a decrease in major new discoveries and limited new projects, leading to a potential stagnation in global copper production in 2025 compared to 2024 [7][8]. Company Developments - Tongling Nonferrous has enhanced its resource reserves significantly by acquiring a 70% stake in China Railway Construction's Tongguan, injecting the Mirador copper mine's high-quality resources. This acquisition is expected to improve the company's copper concentrate self-sufficiency and reduce production costs [2][4]. - The first phase of the Mirador copper mine has been operational since 2019, producing approximately 90,000 tons of copper metal annually. The second phase is expected to commence in 2025, with an annual processing capacity of 46.2 million tons of ore and an anticipated output of 200,000 tons of copper metal by 2027 [2][4]. Financial Performance - Despite a decline in net profit in the first half of 2025 due to increased tax expenses from overseas subsidiaries, the overall profit margin remains stable when excluding tax impacts. The company's revenue and net profit have shown an upward trend from 2020 to 2024, with a projected increase in cathode copper production to 1.896 million tons in 2025, a year-on-year growth of over 7% [5][6][10]. Market Demand - The demand for copper is expected to rise significantly in emerging sectors such as renewable energy, electric vehicles, and AI data centers. For instance, electric vehicle sales alone are projected to contribute an additional 224,000 tons of copper demand by 2025, while renewable energy generation will require at least 17.4 million tons in the long term [8][9]. Competitive Advantages - Tongling Nonferrous is positioned as one of the most comprehensive enterprises in the domestic copper industry, with over 1.65 million tons of combined resources and stable production capabilities. The company is actively expanding its upstream and downstream operations, including investments in a green intelligent copper-based new materials industrial park to enhance product value and mitigate industry volatility [9][10]. Future Outlook - The company anticipates a significant increase in profits, with projected net profits of 3.64 billion yuan, 5.07 billion yuan, and 5.74 billion yuan for 2025, 2026, and 2027, respectively. The estimated earnings per share (EPS) for these years are 0.27 yuan, 0.38 yuan, and 0.43 yuan. Based on a comparable company PE ratio of 26, a target price of 6.08 yuan is set for the company [14]. Additional Insights - The company is also expanding its operations in the electronic information industry and precious metals sector. The production capacity for high-precision electronic copper foil has reached 80,000 tons, with a revenue growth of 44.8% year-on-year in the first half of 2025. The precious metals segment is expected to see a significant increase in gold production, with the second phase of Mirador adding nearly 2.65 tons of gold annually, marking an over 50% increase compared to 1.7 tons in 2024 [3][13].

Core Viewpoint - The article highlights the significant performance of Luoyang Molybdenum Co., Ltd. (LMO) in the metals sector, particularly its stock price surge despite disappointing revenue growth, driven by strategic business adjustments and market conditions [2][5][8]. Group 1: Market Performance - The non-ferrous metals sector has seen a cumulative increase of approximately 77% year-to-date as of mid-November 2025, ranking first among 31 primary industries [2]. - LMO's H-shares have experienced a price increase of over 220% and A-shares have risen by about 160% in 2025 [2]. - The H-share market has outperformed the A-share market, with LMO's H-shares dropping 17% over six trading days in October 2025, compared to an 8% decline in A-shares [2]. Group 2: Revenue and Profit Analysis - LMO's revenue growth has been disappointing, with year-on-year declines of 0.25%, 13.99%, and 2.36% in Q1, Q2, and Q3 of 2025, respectively [3]. - The decline in revenue is attributed to a contraction in the low-margin mineral trading segment, while the mining segment has shown growth in both revenue and profitability [5][6]. - In the first half of 2025, LMO's mineral trading revenue fell by 11.44% to 82.33 billion yuan, while mining revenue increased by 25.64% to 39.40 billion yuan, with a 40.56% rise in gross profit [6]. Group 3: Competitive Positioning - LMO has strategically reduced its low-margin mineral trading operations while enhancing its core mining business, which has led to improved profitability [5][6]. - The company is a leading global cobalt producer, benefiting from a significant price increase in cobalt (approximately 140% in 2025) compared to copper (less than 30%) [8][10]. - LMO's copper mining operations have a gross margin of 54.07%, significantly higher than its peers, due to its cost advantages and strategic expansion during low cycles [10]. Group 4: Strategic Expansion and Ownership - LMO has undergone significant changes in ownership and management, transitioning from a state-owned enterprise to a mixed-ownership model controlled by Hongshang Group, led by Yu Yong [12][15][17]. - Since acquiring control, Yu Yong has implemented a counter-cyclical global expansion strategy, acquiring key assets in Brazil and the Democratic Republic of Congo [18][19]. - LMO's indirect ownership of the TFM copper-cobalt mine and KFM project positions it favorably in the global resource market [21][22]. Group 5: Market Outlook and Influencing Factors - The company's performance is closely tied to copper prices, which are influenced by both commodity and financial attributes, including the U.S. dollar index and global supply-demand dynamics [24][25]. - Despite a weak global economic outlook, copper prices remain optimistic due to supply constraints and new demand from AI-related investments [30][31]. - The article emphasizes the importance of monitoring global economic indicators, manufacturing cycles, and geopolitical factors to assess future copper demand and pricing trends [31][32].

印尼自由港公司（Freeport Indonesia）首席执行官Tony Wenas周一表示，因泥浆溃涌事故后的恢复工作 仍在进行中，该公司计划在2026年生产47.8万吨阴极铜和26吨黄金，低于其最初计划。 9月8日发生的Grasberg Block Cave矿（GBC）泥浆溃涌事故造成七人死亡。 Wenas表示："我们将继续恢复Grasberg Block矿，目标是在明年第一季度重启运营。" 印尼自由港公司预计，2025年铜销售为53.7万吨，黄金销售为33吨。 （文华综合） 印尼自由港公司已经下修明年的生产计划。该公司最初目标是生产约70万吨铜和45吨黄金。 该公司预计，明年的销售收入为83亿美元，仅略低于之前85亿美元的目标，因该公司预计铜和黄金价格 将走高。 该公司2025年铜销售额预计也将较最初计划低30%，黄金销售减少50%，不过由于铜价上涨，收入可能 仅下降18%。 ...