智通财经获悉，铜业股全线走低，截至发稿，紫金矿业(02899)跌4.48%，报21.3港元；江西铜业股份 (00358)跌4.09%，报15.94港元；洛阳钼业(03993)跌3.48%，报9.15港元；五矿资源(01208)跌2.75%，报 3.89港元。 本文源自：智通财经网 值得注意的是。今年初，特朗普首次暗示将可能征收铜关税，导致美国铜价相对全球市场大涨，引发铜 大量涌入美国的抢运潮，使全球一些最大金属贸易商获得可观利润。7月9日特朗普进一步宣布将征收高 达50%的铜进口关税，是多数市场参与者原先预期的两倍，使美国铜价创下历史新高。此次关税政策 后，最近几个月运往美国的大量铜可能被再出口。 消息面上，美国总统特朗普宣布，将自8月1日起对进口半成品铜产品及铜密集型衍生产品普遍征收50% 的关税；铜输入材料和铜废料不受"232条款"或对等关税约束。在白宫宣布这一关税后，纽约铜价在数 分钟内暴跌约20%，创下历史最大单日跌幅。 ...

创梦天地(01119)再涨8.7%，公司引入Playrix战略投资，或为布局《卡拉比丘》海外发行。 康方生物(09926)涨3%再创新高，依沃西联合方案治疗IO耐药NSCLC三期临床完成首例给药。 智通财经APP获悉，港股恒生指数跌1.07%，跌270点，报24906点；恒生科技指数涨0.34%。港股早盘成 交1672亿港元。 AI概念股走势强劲，近期AI应用迎来多重催化，机构称下半年AI主线具充分投资机遇。美图公司 (01357)涨15.26%；金蝶国际(00268)涨11.70%；汇量科技(01860)涨8.59%；金山云(03896)涨10.14%；快 手-W(01024)涨8.98%；粉笔（02469）涨7.91%。 伟仕佳杰(00856)涨2.88%，公司东南亚业务形成多元布局，机构指其当前估值具备显著上行空间。 三生制药(01530)涨超5%，SSGJ-707出海绑定辉瑞，海外估值提升潜力巨大。 锦欣生殖(01951)盘中涨6.48%，政策红利逐步释放，公司为民营辅助生殖龙头。 铜业股全线走低，特朗普宣布对进口半成品铜等征50%关税，纽铜创下历史最大单日跌幅。紫金矿业 (02899)跌4.93%； ...

港股市场铜概念股集体下跌，其中，中国大冶有色金属跌超6%，江西铜业股份跌超3%，兴业合金、中 国黄金国际、中国金属利用跌超2%，五矿资源跌近2%。消息面上，美国总统特朗普意外宣布，对铜加 征新关税中，美国期铜大泻两成，创史上最大单日跌幅。 | 代码 | 名称 | 涨跌幅 ^ | 最新价 | 总市值 | | --- | --- | --- | --- | --- | | 00661 | 中国大冶有色金属 | -6.45% | 0.058 | 10.38亿 | | 00358 | 江西铜业股份 | -3.85% | 15.980 | 553.34亿 | | 00505 | 兴业合会 | -2.94% | 0.990 | 8.91亿 | | 01258 | 中国有色矿业 | -2.65% | 7.720 | 301.24亿 | | 02099 | 中国黄金国际 | -2.51% | 67.900 | 269.16亿 | | 01636 | 中国金属利用 | -2.20% | 0.890 | 3.99亿 | | 01208 | 五矿资源 | -1.75% | 3.930 | 477.12亿 | 责任编辑：栎树 特朗普 ...

特朗普曾在7月初暗示，关税将适用于各类铜产品，由矿场与冶炼厂生产的电解铜，到电线及其他制成 品。但白宫发布最新公告中，表示该关税将自本周五起仅适用于铜管、铜管件及其他半成品铜制品，以 及大量使用铜来制造产品，包括电缆与电气元件。 | 代码 | 名称 | 涨跌幅 ^ | 最新价 | 总市值 | | --- | --- | --- | --- | --- | | 00661 | 中国大冶有色金属 | -6.45% | 0.058 | 10.38亿 | | 00358 | 江西铜业股份 | -3.85% | 15.980 | 553.34 Z | | 00505 | 兴业合金 | -2.94% | 0.990 | 8.91亿 | | 01258 | 中国有色矿业 | -2.65% | 7.720 | 301.24亿 | | 02099 | 中国黄金国际 | -2.51% | 67.900 | 269.16亿 | | 01636 | 中国金属利用 | -2.20% | 0.890 | 2666.8 | | 01208 | 五矿资源 | -1.75% | 3.930 | 477.12亿 | 港股市场铜概念股集体下跌，其 ...

值得注意的是。今年初，特朗普首次暗示将可能征收铜关税，导致美国铜价相对全球市场大涨，引发铜 大量涌入美国的抢运潮，使全球一些最大金属贸易商获得可观利润。7月9日特朗普进一步宣布将征收高 达50%的铜进口关税，是多数市场参与者原先预期的两倍，使美国铜价创下历史新高。此次关税政策 后，最近几个月运往美国的大量铜可能被再出口。 消息面上，美国总统特朗普宣布，将自8月1日起对进口半成品铜产品及铜密集型衍生产品普遍征收50% 的关税；铜输入材料和铜废料不受"232条款"或对等关税约束。在白宫宣布这一关税后，纽约铜价在数 分钟内暴跌约20%，创下历史最大单日跌幅。 智通财经APP获悉，铜业股全线走低，截至发稿，紫金矿业(02899)跌4.48%，报21.3港元；江西铜业股 份(00358)跌4.09%，报15.94港元；洛阳钼业(03993)跌3.48%，报9.15港元；五矿资源(01208)跌2.75%， 报3.89港元。 ...

Core Viewpoint - The copper industry stocks have experienced a significant decline following the announcement of a 50% tariff on imported copper products by U.S. President Trump, leading to a historic drop in copper prices [1] Group 1: Stock Performance - Zijin Mining (601899) saw a drop of 4.48%, trading at 21.3 HKD [1] - Jiangxi Copper (600362) decreased by 4.09%, with a price of 15.94 HKD [1] - Luoyang Molybdenum (603993) fell by 3.48%, priced at 9.15 HKD [1] - Minmetals Resources (01208) declined by 2.75%, trading at 3.89 HKD [1] Group 2: Tariff Announcement Impact - President Trump announced a 50% tariff on imported semi-finished copper products and copper-intensive derivatives starting August 1 [1] - Following the tariff announcement, New York copper prices plummeted approximately 20% within minutes, marking the largest single-day drop in history [1] - The tariff is expected to affect the recent influx of copper into the U.S., which may lead to a re-export of large quantities of copper [1] Group 3: Historical Context - Earlier in the year, Trump's initial hints at potential copper tariffs caused U.S. copper prices to rise significantly compared to global markets, resulting in a surge of copper shipments to the U.S. [1] - On July 9, Trump announced the 50% tariff, which was double the expectations of most market participants, leading to a record high in U.S. copper prices [1]

Investment Rating - The report rates the industry as "Outperform" [1] Core Views - Gold prices are expected to fluctuate due to tariff agreements and Federal Reserve independence issues, with prices initially rising before declining [2][9] - Copper prices are supported by positive market sentiment and upcoming tariff implementation, despite potential supply and demand pressures [10][12] - The aluminum sector is experiencing price fluctuations influenced by macroeconomic sentiment and inventory levels, with long-term demand expected to remain strong [11][12] Summary by Sections Weekly Research Insights - Gold prices are under pressure due to evolving tariff agreements and scrutiny of the Federal Reserve's independence, with a long-term bullish outlook on gold [9] - Copper prices are supported by positive sentiment in the domestic commodity market and upcoming tariff changes, with a long-term optimistic outlook [10] - Aluminum prices are influenced by macroeconomic factors and inventory levels, with expectations of sustained high profitability in the sector [11] Market Performance - The non-ferrous metal index increased by 7.10%, outperforming the broader market by 5.43%, ranking third among 30 sub-industries [12] - The top-performing sectors include tungsten, lithium, and rare earth materials, with significant individual stock gains [12] Metal Prices and Inventory - Prices for various metals, including lithium and cobalt, have shown significant increases, indicating strong demand and market dynamics [22][24][27] - Basic metals have generally seen price increases both domestically and internationally, with specific price movements detailed for copper, aluminum, zinc, lead, nickel, and tin [27][28] - Inventory levels for metals such as copper and aluminum have shown mixed trends, impacting market supply dynamics [35][36]

Core Viewpoint - The article discusses the current state and future outlook of the copper smelting industry in China, highlighting production capacity, profitability challenges, and potential policy changes aimed at regulating the industry [2][5][6]. Production - In 2024, China's electrolytic copper production is expected to reach 13.64 million tons, accounting for 59% of global primary electrolytic copper production, with a compound annual growth rate of 10% since 2004 [3]. - The top ten companies in the copper smelting sector hold approximately 76% of the market share, with major producers including Jiangxi Copper (2.29 million tons), Tongling Nonferrous (1.77 million tons), and Jinchuan Group (1.33 million tons) [3]. Expansion - As of June 2025, the smelting operating rate is around 86%, with 2.98 million tons of production capacity yet to be put into operation. The annualized capacity for June 2025 is estimated at 15.88 million tons [4]. Profitability - The processing fee (TC/RC) has dropped significantly, with the spot price as of July 18, 2025, at -$43.2 per ton, marking a historical low. The long-term processing fee has also fallen to $0 per ton, forcing smelting companies to rely on by-products like sulfuric acid for profitability [5]. - If sulfuric acid prices decline further, smelting companies may face potential losses due to the lack of processing fee income [5]. Policy Implications - The implementation of "anti-involution" policies in the copper industry could limit new smelting capacity and accelerate the exit of smaller smelting operations. This may alleviate the current overcapacity and improve future profitability for smelting companies, especially as downstream consumption continues to grow due to sectors like renewable energy and grid upgrades [6].

会十期货执图 铜加工费跌至近20年低位，冶炼减产传导至精铜供给，铜价支撑逻辑全梳理！一图看懂TC/RC对铜价的影响。 看期货热点,到 2 金十期货 铜加工费(TC/RC)的波动 对铜价有何影响? 01. 什么是铜加工费(TC/RC) ? TC/RC定义 TC (粗炼费) > 铜精矿→粗铜的加工费 单位:美元/吨铜精矿 RC (精炼费) · 粗铜→阴极铜(纯度99.99%) 的精炼费 单位:美分/磅精铜 本质:矿商向冶炼厂支付的加工报酬,费用高低反映铜矿供需关系。 定价机制 核心公式 铜精矿售价 = LME铜价 - TC/RC费用 例：LME铜价9.000/吨，TC/RC=60/6美分 → 铜精矿售价$8,940/吨。 费用方向：矿山为卖方,治炼厂为买方,费用由卖方向买方支付。 02.费用如何决定? 供需博弈 辑 4 铜矿供不应求 → TC/RC下跌 (矿商掌握主动权) 2025年铜精矿长单加工费(TC/RC) : = = Antofagasta 与中国冶炼厂: 2025年6月谈判结果为0美元/千吨及0美分 /磅(约合人民币0元/吨)。 Antofagasta 与江西铜业： 2024年12月确定的价格为21.2 ...

Core Viewpoint - The construction of the Yarlung Zangbo River hydropower project is expected to significantly boost demand for copper and aluminum, leading to a surge in related sectors such as hydropower, cement, infrastructure, and steel [1][3][9] Group 1: Market Performance - The non-ferrous metal sector in the Hong Kong stock market saw a substantial increase, with a rise of 3.90% on July 21, 2023, and continued gains of 3.82% the following day [1][3] - Key stocks in the sector, such as China Aluminum and Jiangxi Copper, experienced notable price increases, with China Aluminum rising 6.33% to 6.05 HKD and Jiangxi Copper increasing 5.09% to 16.10 HKD [1] Group 2: Project Impact - The Yarlung Zangbo River hydropower project has a total investment of 1.2 trillion RMB and is expected to create significant demand for construction materials, particularly in the cement and steel industries during the construction phase [3][7] - The project will also drive demand for copper and aluminum due to the need for equipment and transmission cables, with an anticipated annual power generation exceeding 300 billion kWh [7][9] Group 3: Sector Outlook - The non-ferrous metal sector is projected to outperform the broader market, with a cumulative increase of 19.2% from early 2025 to June 30, 2025, compared to a 5.6% rise in the Shanghai Composite Index [4] - The demand for copper and aluminum is expected to be supported by the ongoing transition in the economy, with copper prices being influenced by macroeconomic conditions and the anticipated increase in demand from the renewable energy sector [5][6][7] Group 4: Investment Opportunities - Investors are advised to focus on companies directly benefiting from the hydropower project, such as those involved in cable and special copper material manufacturing [9] - Long-term investment opportunities may arise in regions with abundant hydropower resources, particularly in electrolytic aluminum and copper smelting projects, as well as in supporting electric grid companies [9]