五矿期货研报认为，地缘层面仍有一定逆风因素，不过市场关注点更多转向美联储议息会议，降息概率 提高使得情绪面偏暖。产业上看铜原料供应维持紧张格局，冶炼减产预期推动铜价走势较强，短期供应 则有边际增加预期，在下游开工率仍有支撑的情况下，铜价有望维持偏强运行。 金吾财讯 | 铜业股逆市有支撑，江西铜业股份(00358)涨3.82%，中国大冶有色金属(00661)涨2.94%，中 国有色矿业(01258)涨2.8%，五矿资源(01208)涨2.8%，洛阳钼业(03993)涨2.6%，紫金矿业(02899)涨 1.57%。 兴业期货研报表示，供应紧张格局仍是驱动铜价上涨的主要因素，同时美联储降息预期升温，美元走弱 也对基本金属提供较强支撑。 兴业期货研报表示，供应紧张格局仍是驱动铜价上涨的主要因素，同时美联储降息预期升温，美元走弱 也对基本金属提供较强支撑。 五矿期货研报认为，地缘层面仍有一定逆风因素，不过市场关注点更多转向美联储议息会议，降息概率 提高使得情绪面偏暖。产业上看铜原料供应维持紧张格局，冶炼减产预期推动铜价走势较强，短期供应 则有边际增加预期，在下游开工率仍有支撑的情况下，铜价有望维持偏强运行。 金吾财讯 ...

银河证券此前指，2024年行业触底企稳后，2025年中美达成日内瓦协议宏观预期的修复，美国加征关 税、中国反制措施及其他资源国矿产资源管制等政策下的供应链扰动、美联储降息周期中的流动性宽 松，使有色金属价格与行业业绩增速持续提升，确立了有色金属行业进入新一轮上行周期。2026年上述 逻辑有望继续推动有色金属商品价格上涨与提升有色金属企业的盈利能力，延续有色金属行业的景气上 行行情。 智通财经APP获悉，有色金属概念表现活跃，截至发稿，中国铝业(02600)涨3.42%，报11.48港元；江西 铜业股份(00358)涨3.12%，报35.08港元；金力永磁(06680)涨3.18%，报19.49港元；灵宝黄金(03330)涨 2.21%，报17.13港元；紫金矿业(02899)涨1.08%，报33.56港元。 消息面上，美国白宫国家经济委员会主任哈塞特最新表示，美联储主席需要是一位对数据敏感的人。他 认为，下次会议将降息约25个基点。此外，受一系列疲软的就业数据影响，交易员正加大力度押注美联 储将进一步降息。高盛在最新的报告中指出，美国劳动力市场明显出现了降温迹象，美联储12月降息25 个基点已经基本板上钉钉。 ...

3、港股通最近5个交易日减持榜（前10名） | 公司名称 | 持股额变动 | 持股数变动 | | --- | --- | --- | | 紫金矿业(02899) | -11.62亿元 | -3500.86万股 | | 中芯国际(00981) | -9.24亿元 | -1323.75万股 | | 中国移动(00941) | -4.58亿元 | -526.45万股 | | 建设银行(00939) | -4.52亿元 | -5710.69万股 | | 南方恆生科技(03033) | -4.45亿元 | -8093.00万股 | | 联想集团(00992) | -4.03亿元 | -4063.41万股 | | 信达生物(01801) | -3.85亿元 | -411.75万股 | | 药明康德(02359) | -3.67亿元 | -357.43万股 | | 中国联通(00762) | -3.37亿元 | -3759.80万股 | | 中通快递-Ｗ(02057) | -3.21亿元 | -195.28万股 | 智通财经APP获悉，根据2025年12月4日披露数据，中国电信（00728）、绿色动力环保（01330）、昊 ...

| 股票名称 | 净流出(元)↓ | 净流出比 | 收盘价 | | --- | --- | --- | --- | | 腾讯控股(00700) | -3.83 亿 | -5.40% | 617.000（-0.40%） | | 紫金矿业(02899) | -2.84 亿 | -14.67% | 32.720（+1.24%） | | 华虹半导体(01347) | -1.38 亿 | -11.76% | 72.800（-2.80%） | | 中国黄金国际(02099) | -1.16 亿 | -28.43% | 163.500（-1.21%） | | 建设银行(00939) | -1.11 亿 | -6.65% | 8.160（+0.12%） | | 长城汽车(02333) | -1.07 亿 | -45.69% | 14.790（-0.07%） | | 药明康德(02359) | -8888.95 万 | -17.46% | 99.000（-3.13%） | | 协鑫科技(03800) | -8818.71 万 | -21.51% | 1.150（-1.71%） | | 香港交易所(00388) | -8461. ...

Group 1 - The core viewpoint of the article is that copper prices have surpassed $11,000 per ton due to supply disruptions and heightened market tensions, leading to an optimistic outlook for copper prices and related stocks in the coming year [1] - Morgan Stanley maintains an "overweight" rating on Zijin Mining (02899) and Luoyang Molybdenum (03993) H-shares, citing strong profit growth and diversified assets in copper, gold, and cobalt as supporting factors [1] - The target price for Zijin Mining is set at HKD 42, while the target price for Luoyang Molybdenum has been raised from HKD 13.5 to HKD 22 [1] Group 2 - Despite a positive outlook on copper, Morgan Stanley has downgraded Jiangxi Copper (00358) H-shares to "underweight," with the target price increased from HKD 15 to HKD 28 due to ongoing weak processing and refining fees and slowing profit growth [1] - The firm believes Zijin Mining is relatively well-valued compared to its peers [1]

Core Viewpoint - Morgan Stanley reports that copper prices have surpassed $11,000 per ton due to supply disruptions and heightened market tensions, leading to an optimistic outlook for copper prices and related stocks in the coming year [1] Group 1: Copper Market Outlook - Strong demand, severe supply disruptions, and reduced smelting capacity in China are driving the positive outlook for copper prices [1] - The expectation is that copper will continue to outperform the market next year [1] Group 2: Company Ratings - Morgan Stanley maintains an "Overweight" rating on Zijin Mining (601899)(02899) and Luoyang Molybdenum (603993)(03993), citing strong profit growth and diversified assets in copper, gold, and cobalt [1] - The target price for Zijin Mining is set at HKD 42, while Luoyang Molybdenum's target price has been raised from HKD 13.5 to HKD 22 [1] - Zijin Mining is preferred due to its relatively reasonable valuation [1] Group 3: Jiangxi Copper Rating - Despite a positive outlook for copper, Morgan Stanley has a "Underweight" rating on Jiangxi Copper (600362)(00358), citing ongoing weak processing and refining fees and slowing profit growth [1] - The target price for Jiangxi Copper has been increased from HKD 15 to HKD 28 [1]

Group 1 - The core viewpoint of the article is that copper prices have surged past $11,000 per ton due to supply disruptions and heightened market expectations, with a positive outlook for the copper market in the coming year [1] - Morgan Stanley maintains an optimistic stance on copper prices and related stocks, citing strong demand, severe supply interruptions, and reduced smelting capacity in China as key factors [1] - The report highlights that Zijin Mining and Luoyang Molybdenum Co. are rated "overweight" due to strong profit growth and diversified assets in copper, gold, and cobalt, with target prices set at HKD 42 and HKD 22 respectively [1] Group 2 - The report identifies Zijin Mining as the preferred choice due to its relatively reasonable valuation [1] - Jiangxi Copper Co. is rated "underweight" due to ongoing weak processing and refining fees and slowing profit growth, with its target price raised from HKD 15 to HKD 28 [1]

(本文来自第一财经) 来源：第一财经 恒生指数高开0.17%，恒生科技指数涨0.21%。京东健康、紫金矿业、携程集团涨逾3%；新能源车概念 股再度走低，理想汽车、小鹏汽车、蔚来均下跌。 ...

Core Viewpoint - The A-share market for non-ferrous metals continues to rise, driven by factors such as a weakening dollar, supply concerns, and tight supply in LME registered warehouses, leading to record high copper prices [1] Group 1: Market Performance - Non-ferrous metal stocks in the A-share market saw significant gains, with Xiyang Co. rising by 6% and Western Mining increasing by over 5% [1] - The non-ferrous metal ETF (512400) rose by 1.3%, expanding its year-to-date increase to 82% [1] - The ETF has experienced a net inflow of 325 million yuan over the past five days [1] Group 2: Commodity Prices - LME copper prices reached $11,540 per ton, the highest level since 2013, while Shanghai copper futures surpassed 90,000 yuan per ton, marking a historical peak [1] - The ongoing tight supply of refined copper globally, particularly in non-American regions, is contributing to upward price pressure [1] Group 3: Industry Insights - The non-ferrous metal ETF is the only one tracking the Zhongzheng Shenwan Non-ferrous Metal Index, with a current scale of 16.2 billion yuan, covering key sectors such as copper, aluminum, lithium, rare earths, and gold [1] - Key holdings in the ETF include leading companies in the non-ferrous sector such as Zijin Mining, Northern Rare Earth, Luoyang Molybdenum, Huayou Cobalt, and China Aluminum [1] Group 4: Future Outlook - With rising premiums for American copper and ongoing supply tightness in non-American regions, there is a bullish sentiment in the market [1] - The anticipated demand from the artificial intelligence sector is expected to provide a broad demand outlook for copper, suggesting potential upward price movement in the short term [1]

Core Viewpoint - Morgan Stanley's research report indicates that copper prices have surpassed $11,000 per ton due to supply disruptions and heightened market tension, leading to an optimistic outlook for copper prices and related stocks in the coming year [1] Group 1: Copper Market Dynamics - Strong demand and severe supply disruptions, along with reduced smelting capacity in China, are driving the optimistic outlook for copper prices [1] - The expectation is that copper prices will continue to outperform the market next year [1] Group 2: Company Ratings and Price Targets - Morgan Stanley maintains an "Overweight" rating on Zijin Mining and Luoyang Molybdenum Co., citing strong profit growth and diversified assets in copper, gold, and cobalt [1] - The target price for Zijin Mining is set at HKD 42, while Luoyang Molybdenum's target price has been raised from HKD 13.5 to HKD 22 [1] - The firm prefers Zijin Mining due to its relatively reasonable valuation [1] Group 3: Other Company Ratings - Jiangxi Copper Co. has been given a "Underweight" rating due to ongoing weak processing and refining fees and slowing profit growth, with its target price increased from HKD 15 to HKD 28 [1]