Core Viewpoint - The non-ferrous metal sector is experiencing a strong upward trend, with significant inflows into related ETFs, indicating robust investor interest and potential for continued growth [1][12]. Group 1: Market Performance - The popular non-ferrous ETF, Huabao (159876), saw an intraday increase of 2.2%, currently up 1.41%, reaching a new high since its listing [1][12]. - As of January 15, the latest scale of Huabao ETF reached 1.453 billion, marking a historical peak and ranking first among three ETFs tracking the China Nonferrous Metals Index [1][12]. - The ETF has attracted a net subscription of 50.4 million units, with a total net inflow of 473 million over the past ten days [1][12]. Group 2: Stock Performance - Leading stocks in the sector include Hunan Silver, which surged over 6%, along with Chihong Zn & Ge, Jiangxi Copper, and Jinchuan Group, all rising more than 5% [4][15]. - Other notable performers include Western Mining and Zhongjin Lingnan, both showing positive gains [4][15]. Group 3: Industry Outlook - Analysts predict that the non-ferrous metal sector will continue to thrive due to multiple factors, including global capital expenditure cycles, manufacturing recovery, and improved domestic macro expectations [5][16]. - The sector is expected to enter a bull market by 2026, driven by a confluence of monetary, demand, and supply factors [5][16]. - The demand for strategic metals is anticipated to rise significantly, influenced by new technologies and geopolitical factors, with a focus on metals used in military applications [3][16]. Group 4: Copper Market Insights - China Galaxy Securities suggests that copper prices have substantial upward potential, as historical analysis shows that current prices, adjusted for inflation, have not reached previous supercycle highs [3][14]. - The ongoing reshaping of the international monetary order and the low copper-to-gold ratio indicate a favorable environment for copper investments [3][14]. - The convergence of the AI technology revolution and global order restructuring is expected to create a new supercycle for copper [3][14].

1月15日晚间，江西铜业股份在港交所公告，公司全资子公司江西铜业（香港）投资有限公司在香港设 立的全资子公司江铜风险勘探管理有限公司（江铜风勘）于北京时间2026年1月14日与First Quantum Minerals Limited（第一量子）全资子公司FQM Kazakhstan Limited（第一量子哈萨克）签署《投资选择 权契约》，双方通过技术协同和共同投资，开展勘探项目合作，并就江铜风勘在Lakeside Minerals Limited项目中所持权益与第一量子哈萨克设定了投资选择权。 ...

Core Viewpoint - Jiangxi Copper Corporation's subsidiary, Jiangxi Copper (Hong Kong) Investment Co., Ltd., has signed an investment option agreement with First Quantum Minerals Limited's subsidiary, FQM Kazakhstan Limited, to collaborate on exploration projects and set investment options regarding Jiangxi Copper's stake in Lakeside Minerals Limited [1][2] Group 1: Investment Agreement Details - Jiangxi Copper's subsidiary, Jiangxi Copper Exploration Management Co., Ltd., signed the investment option agreement on January 14, 2026, to explore the Lakeside project [1][2] - Jiangxi Copper plans to invest $6.5 million to acquire a 14.9% equity stake and related debt in Lakeside, which holds 14 mining rights in northern Kazakhstan's Balkhash Lake region [1] - First Quantum's global exploration team will provide technical oversight for the Lakeside project, and they have an investment option for 51% of Jiangxi Copper's wholly-owned subsidiary in the AIFC for three years after Jiangxi Copper becomes a shareholder [2] Group 2: Company Backgrounds - Jiangxi Copper Exploration Management Co., Ltd. was established in 2018 in Hong Kong, focusing on financial activities and serving as a platform for overseas risk exploration and investment [2] - First Quantum Minerals is a global mining company listed on the Toronto Stock Exchange, primarily producing copper, gold, and nickel, with assets in Zambia, Panama, Argentina, and Peru [2] - FQM Kazakhstan Limited, a wholly-owned subsidiary of First Quantum, was established in 2023 in the UK and holds 99% of the shares in First Quantum's exploration company in Kazakhstan [2]

第一量子哈萨克是第一量子全资子公司，注册地在英国，成立于2023年，其作为持股平台，直接持有第 一量子勘探哈萨克斯坦有限责任公司99%的股份，后者是第一量子成立于哈萨克斯坦阿拉木图的当地公 司，在哈萨克斯坦经营勘探业务。 江西铜业（600362）股份(00358)发布公告，公司全资子公司江西铜业(香港)投资有限公司(江铜香港投 资)在香港设立的全资子公司江铜风险勘探管理有限公司(江铜风勘)于北京时间2026年1月14日与First Quantum Minerals Limited(第一量子)全资子公司FQM Kazakhstan Limited(第一量子哈萨克)签署《投资选 择权契约》。 同时，江铜风勘已于北京时间2026年1月14日与第一量子哈萨克签署《投资选择权契约》。协议相关内 容如下：第一量子全球勘探团队将对Lakeside项目勘探工作提供技术监督。自江铜风勘成为Lakeside股 东之日起三年内，第一量子哈萨克对江铜风勘AIFC全资子公司的51%股权有投资选择权。 江铜风勘是江铜香港投资的全资子公司，注册地在香港，成立于2018年，经营范围为金融活动，是用于 服务公司战略，进行海外风险勘探和投资的平 ...

Group 1 - Huasheng Tiancheng's AI-related revenue currently accounts for a low proportion of overall revenue, indicating that it does not significantly impact the company's performance [2] - CICC's merger with Dongxing Securities and Xinda Securities is still undergoing audit work, which has not yet been completed [2] - Xinhua Department Store confirmed that there are no undisclosed major matters related to semiconductor asset injections, addressing market rumors [3] Group 2 - Zhong Rare Metals signed a strategic cooperation agreement with Xian Dao Group to enhance market share and industry influence in rare metals [4] - Zhongtian Rocket reported losses in its carbon/carbon thermal field materials business due to intensified competition in the photovoltaic industry [5] - Zhongyuan Nepe proposed to acquire 59% of Zhongyuan Jikean's equity for 143 million yuan, which will make it a wholly-owned subsidiary [5] Group 3 - Jiangxi Copper's subsidiary signed a cooperation agreement with First Quantum Minerals for exploration projects [6] - China Nuclear Power's Jiangsu Xuwei Nuclear Energy Heating Power Plant's first unit is set to pour its first concrete on January 16, 2026 [6] - ST Aowei's stock may be delisted if it continues to trade below par value [6] Group 4 - Triangle Tire plans to invest 3.219 billion yuan in a new high-performance tire project in Cambodia, expected to generate annual revenue of 2.585 billion yuan [7] - Baoxin Technology intends to publicly sell part of its subsidiary's assets, with a valuation of 50.2334 million yuan [7] - Nong Shang Environment's computing infrastructure project has not progressed as planned due to funding issues [8] Group 5 - Golden Dragon Fish plans to transfer stakes in two subsidiaries to Mars China for a total of 60 million USD, which is expected to impact its 2026 earnings significantly [8] - Jin Dao Technology intends to issue convertible bonds to raise up to 306 million yuan for various projects [8] - Aerospace Information expects a net loss of 700 million to 980 million yuan for 2025 due to industry changes [10] Group 6 - Tianji Co. forecasts a net profit of 70 million to 105 million yuan for 2025, recovering from a previous loss [10] - Muyuan Foods anticipates a net profit decrease of 12.2% to 17.79% for 2025 [11] - SAIC Group expects a net profit increase of 438% to 558% for 2025, driven by sales growth [12] Group 7 - Haolaike expects a significant drop in net profit for 2025, projecting a decrease of 75.16% to 83.23% [13] - Hainan Development anticipates a net loss of 440 million to 565 million yuan for 2025 [13] - Shuangliang Energy expects to report a loss for 2025 [14] Group 8 - Aijian Group also anticipates a loss for 2025 [14] - Meijin Energy forecasts a net loss of 850 million to 1.25 billion yuan for 2025 [14] - Kunlun Wanwei expects to report a loss for 2025 [14] Group 9 - Xue Rong Biological expects a net profit of 29 million to 40 million yuan for 2025, recovering from a previous loss [15] - Xin Nuo Wei anticipates a net loss of 170 million to 255 million yuan for 2025 due to increased R&D expenses [15] - Shengnuo Biological expects a net profit increase of 204.42% to 280.53% for 2025 [16] Group 10 - Longyuan Construction forecasts a net loss of 1 billion to 1.5 billion yuan for 2025 [17] - Kosen Technology expects a net loss of 245 million to 330 million yuan for 2025 [17] - Daqian Ecology anticipates a net loss of 100 million to 120 million yuan for 2025 [17] Group 11 - Lianfa Co. expects a net profit increase of 38.92% to 58.77% for 2025 [18] - Chongqing Steel anticipates a net loss of 2.5 billion to 2.8 billion yuan for 2025, but expects to reduce losses compared to the previous year [18] - Tongxing Technology forecasts a net profit increase of 74.2% to 125.44% for 2025 [19] Group 12 - Siyuan Electric expects a net profit of 3.163 billion yuan for 2025, a 54.35% increase year-on-year [19] - Luoyang Molybdenum expects a net profit increase of 47.8% to 53.71% for 2025 [20] - Nawei Technology anticipates a net profit increase of 54.51% to 75.03% for 2025 [20] Group 13 - Jingjia Micro expects a net loss of 120 million to 180 million yuan for 2025 [21] - Southwest Securities forecasts a net profit increase of 47% to 57% for 2025 [22] - Wankai New Materials expects a net profit of 156 million to 203 million yuan for 2025, recovering from a previous loss [22] Group 14 - Yilian Network anticipates a slight decrease in net profit for 2025, projecting a decline of 0% to 4% [23] - Baofeng Energy expects a net profit increase of 73.57% to 89.34% for 2025 [23] - Sanmei Co. forecasts a net profit increase of 155.66% to 176.11% for 2025 [23] Group 15 - Zhenyu Technology expects a net profit increase of 96.89% to 116.58% for 2025 [24] - Fute Technology anticipates a net profit increase of 121.98% to 164.26% for 2025 [24] - Guoli Electronics expects a net profit increase of 124.89% to 164.57% for 2025 [24] Group 16 - Shenyu Co. expects a slight decrease in net profit for 2025, projecting a decline of 0.05% to 11.37% [25] - Rongchang Biological plans to increase its share repurchase price limit to 116 yuan per share [26] - Defu Technology plans to repurchase shares for 75 million to 150 million yuan [26] Group 17 - ST Chengchang's stock will resume trading on January 16 after completing a trading fluctuation investigation [27] - Zhi Te New Materials will also resume trading on January 16 after confirming no major changes in business operations [27] - Lio Co. will suspend trading starting January 16 for stock fluctuation investigation [27]

同时，江铜风勘已于北京时间2026年1月十4日与第一量子哈萨克签署《投资选择权契约》，协议相关内 容如下：1.第一量子全球勘探团队将对Lakeside项目勘探工作提供技术监督。2.自江铜风勘成为Lakeside 股东日起三年内，第一量子哈萨克对江铜风勘AIFC全资子公司的51%股权有投资选择权。 江铜风勘已于北京时间2025年12月17日与Lakeside签署协议，拟率先投资650万美元获取Lakeside14.9% 股权及相关债权。Lakeside拥有位于哈萨克斯坦的巴尔喀什湖北部地区14个矿权。协议签署后，江铜风 勘将先行受让权益，后于哈萨克斯坦阿斯塔纳国际金融中心("AIFC")设立一家全资子公司，最终将该权 益转让至该子公司。 格隆汇1月15日丨江西铜业股份(00358.HK)公告，公司全资子公司江西铜业(香港)投资有限公司("江铜香 港投资")在香港设立的全资子公司江铜风险勘探管理有限公司("江铜风勘")于北京时间2026年1月14日与 First Quantum Minerals Limited("第一量子")全资子公司FQM Kazakhstan Limited("第一量子哈萨克")签署 《投资 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內 容 概 不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示，概 不對因本公告全部或任何部分內容而產生或因倚賴該等內容而引致的 任 何 損 失 承 擔 任 何 責 任。 自願性公告 關於本公司全資子公司 與第一量子全資子公司簽 署 合作契約 江 西 銅 業 股 份 有 限 公 司（「本公司」）及 董 事（「董 事」）會（「董事會」）全 體 成 員 保 證 本 公 告 內 容 的 真 實、準 確 和 完 整，對 本 公 告 的 虛 假 記 載、誤 導 性 陳 述 或 者 重 大 遺 漏 負 連 帶 責 任。 本公司謹此宣佈，本 公 司 全 資 子 公 司 江西銅業（香 港）投資有限公司（「江 銅香港投資」）在香港設立的全資子公司 江銅風險勘探管理有限公司 （「江銅風勘」）於 北 京 時 間 二 零 二 六 年 一 月 十 四 日 與First Quantum Minerals Limited（「第一量子」）全 資 子 公 司FQM Kazakhstan Limited（「第一量子哈薩克」） 簽 署《投資選 ...

Group 1 - Siyuan Electric reported a total operating revenue of 21.205 billion yuan for 2025, a year-on-year increase of 37.18%, with a net profit attributable to shareholders of 3.163 billion yuan, up 54.35% year-on-year [1] - VisiOn expects a negative net profit for 2025, indicating a loss in operating performance [2] - Chongqing Steel anticipates a net loss of 2.5 billion to 2.8 billion yuan for 2025, which is an improvement from a net loss of 3.196 billion yuan in the previous year [3] - Lianfa Co. forecasts a net profit of 280 million to 320 million yuan for 2025, representing a year-on-year growth of 38.92% to 58.77% [4] Group 2 - CICC announced that the audit work related to the absorption merger with Dongxing Securities and Xinda Securities has not yet been completed [5] - Dalong Real Estate's subsidiary won a project bid worth 763 million yuan [6] - Zhongchuang Zhiling plans to issue convertible bonds to raise no more than 4.35 billion yuan for various projects [7] - Jintong Co. intends to acquire a 24% stake in Jinsha Molybdenum for 1.731 billion yuan [8] Group 3 - Nami Technology expects a net profit of 128 million to 145 million yuan for 2025, an increase of 54.51% to 75.03% year-on-year [9] - China State Construction reported a new contract total of 4.5458 trillion yuan for 2025, a 1% increase year-on-year [12] - China Metallurgical Group's new contract amount for 2025 is expected to decrease by 10.8% to 1.1136 trillion yuan [13] Group 4 - Beiding Co. reported a net profit of 111 million yuan for 2025, a year-on-year increase of 59.05% [14] - Southwest Securities expects a net profit of 1.028 billion to 1.098 billion yuan for 2025, an increase of 47% to 57% [15] - China Eastern Airlines reported a 4.93% year-on-year increase in passenger capacity for December 2025 [20] Group 5 - *ST Aowei's stock may be delisted due to a closing price below par value [21] - Yilian Network expects a net profit of 2.542 billion to 2.648 billion yuan for 2025, a decrease of 0% to 4% year-on-year [22] - Huochen Co. anticipates a net profit of 420 million to 540 million yuan for 2025, recovering from a loss of 2 million yuan in the previous year [17] Group 6 - Guoli Electronics expects a net profit of 68 million to 80 million yuan for 2025, an increase of 124.89% to 164.57% [28] - Jinchuan Group forecasts a net profit of 11 billion to 12 billion yuan for 2025, a year-on-year increase of 73.57% to 89.34% [41] - Triangle Tire plans to invest 3.219 billion yuan in a new tire project in Cambodia [42]

证券代码：600362 证券简称：江西铜业 公告编号：临 2026-001 债券代码：243700 债券简称：25 江铜 K1 江西铜业股份有限公司关于全资子公司 与第一量子全资子公司签署合作协议的公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，对公告 的虚假记载、误导性陈述或者重大遗漏负连带责任。 重要内容提示： 江西铜业股份有限公司（以下简称公司）全资子公司江西铜业 （香港）投资有限公司（以下简称江铜香港投资）在香港设立的全资 子公司江铜风险勘探管理有限公司（以下简称江铜风勘）于北京时间 2026 年 1 月 14 日与 First Quantum Minerals Limited（以下简称第 一量子）全资子公司 FQM Kazakhstan Limited（以下简称第一量子 哈萨克）签署《投资选择权协议》，双方通过技术协同和共同投资， 开展勘探项目合作，并就江铜风勘在 Lakeside Minerals Limited（以 下简称 Lakeside）项目中所持权益与第一量子哈萨克设定了投资选 择权。 本协议的签署不构成关联交易，不属于《上市公司重大资产重 组管理办法》规定的重大资产重组，无需 ...

Industry Outlook - Morgan Stanley projects that the MSCI China Materials Index will outperform the MSCI China Index by 65 percentage points in 2025, driven by supply dynamics [1] - The firm expects continued outperformance in 2026 due to supply disruptions and further M&A activities [1] - The demand growth for basic metals in China is anticipated to slow and stabilize, with copper and aluminum demand growth rates expected to be 2.5% and 1.5% respectively [2] Company Ratings and Forecasts - China Hongqiao's rating is maintained at "Overweight," with the target price raised from HKD 34 to HKD 40, citing its integrated model as a cost advantage [1][3] - Zijin Mining is highlighted as a top pick for 2026 due to its exposure to copper and gold [3] - Jiangxi Copper's rating is upgraded to "Neutral," despite a recent stock price increase of over 40% [3] - Baosteel's rating is downgraded to "Neutral," while Angang Steel's rating is downgraded to "Underweight" due to expected declines in steel profit margins [3] Supply Chain Dynamics - Supply disruptions are ongoing, with South32 scheduled maintenance at the Mozal aluminum smelter in March 2026 and a strike at Capstone Copper's Mantoverde copper-gold mine expected to reduce copper supply by 77,000 tons [1][2] - Zijin Mining has issued a positive profit forecast, expecting a net profit of RMB 51-52 billion for 2025, representing a year-on-year growth of 59-62% [1] M&A Activities - Industry consolidation is advancing, with notable acquisitions such as Luoyang Molybdenum's purchase of Brazilian gold assets and Jiangxi Copper's acquisition of SolGold [1]