格隆汇9月28日｜据Choice数据，剔除新股和次新股，周五A股市场共有52家上市公司盘中股价创出历 史新高。这52家公司分别是：紫金矿业、阳光电源、洛阳钼业、赛力斯、华虹公司、ST华通、徐工机 械、浪潮信息、华工科技、晶合集成、杰瑞股份、华海清科、兴业银锡、科博达、科华数据、安集科 技、中科飞测、剑桥科技、纽威股份、电气风电、宁波华翔、北方铜业、华建集团、聚辰股份、应流股 份、精达股份、聚和材料、汇成股份、美湖股份、隆盛科技、菲林格尔、新坐标、*ST宇顺、统联精 密、赛微微电、亚翔集成、优优绿能、捷邦科技、*ST亚振、合锻智能、易德龙、和远气体、锦华新 材、金马游乐、智洋创新、唯特偶、品茗科技、佰奥智能、埃科光电、征和工业、太龙股份、通源环 境。 ...

证券研究报告 | 行业周报 gszqdatemark 2025 09 28 年 月 日 有色金属 金银围绕降息交易展开，白银存在逼仓可能 贵金属：金银继续围绕降息交易展开，白银存在逼仓可能。周内无重要宏观数据驱动，金银 继续围绕降息后的交易逻辑展开，历史上看，美联储在经济不衰退的情况下降息，将会带动 美股和黄金上涨。周五发布的美国 8 月核心 PCE 物价指数年率录得 2.9%，前值和预期值均 为 2.9%，符合预期的通胀数据减少了市场对降息前景的担忧，金银周五盘面均录得上涨， 白银表现更为强势，我们认为可能与当前白银较低的库存水平（LBMA 更为显著）与 ETF 资 金的持续流入有关，低库存水平下白银存在逼仓可能。建议关注：兴业银锡、盛达资源、万 国黄金集团、中金黄金、紫金矿业、山东黄金、赤峰黄金、银泰黄金、招金矿业等。 工业金属：（1）铜：Grasberg 减产与铜冶炼反内卷共同支撑铜价。①宏观方面：周内宏 观因素对铜价影响较弱；②库存端：周内全球铜库存环比减少 1 万吨，其中中国库存减少 1.14 万吨，LME 铜库存减少 0.44 万吨，COMEX 铜库存增加 0.59 万吨；③供给端：据 SMM 铜 ...

本报记者 董红艳 北京报道 受印尼Grasberg铜矿事故停产及供应中断影响，全球铜价大幅上涨。9月24日，LME伦铜收盘价飙涨 3.46%至10320美元/吨；9月25日，长江现货1#电解铜均价也一度攀升至82500元/吨，较上一日均价上涨 3.06%，上涨2450元。 同时，值得留意的是，铜价的走高也让市场对相关企业产生了想象空间。9月25日，A股市场上，整个 有色板块也呈现为强势状态，多个铜企股价触及涨停。 其中，洛阳栾川钼业集团股份有限公司（603993.SH，03993.HK）（下称"洛阳钼业"）相关工作人员向 《华夏时报》记者表示，未来，随着美国对铜制品进口关税的生效，大量铜流向美国的局面结束，市场 预计将趋于稳定。供应方面，矿端新增产能有限，部分增量释放延迟，矿端紧张将日益凸显，结合部分 地区再生铜短缺，供应结构或将面临区域性失衡。 不过，业内分析人士向《华夏时报》记者表示，此次突发事件主要对短期市场心态影响较大。本次事件 受影响的印尼矿山的铜矿石并未出口，主要在当地冶炼厂进行生产消耗，并未对国内铜精矿供应产生直 接影响，主要会导致全球金属供应有小幅减量。待事件热度缓和，在市场需求拖累下，铜价有 ...

据天眼查APP显示，洛阳栾川钼业集团股份有限公司成立于1999年12月22日，注册资本427886.20352万 人民币。（数据宝） 9月26日洛阳钼业大宗交易一览 | 成交量 | 成交金额 | 成交价格 | 相对当日收盘折 | 买方营业部 | 卖方营业部 | | --- | --- | --- | --- | --- | --- | | （万股） | （万元） | （元） | 溢价（%） | | | | 30.00 | 414.00 | 13.80 | 0.00 | 国泰海通证券股份 | 华泰证券股份有限公司上海 | | | | | | 有限公司总部 | 武定路证券营业部 | （文章来源：证券时报网） 洛阳钼业9月26日大宗交易平台出现一笔成交，成交量30.00万股，成交金额414.00万元，大宗交易成交 价为13.80元。该笔交易的买方营业部为国泰海通证券股份有限公司总部，卖方营业部为华泰证券股份 有限公司上海武定路证券营业部。 进一步统计，近3个月内该股累计发生3笔大宗交易，合计成交金额为1.57亿元。 证券时报·数据宝统计显示，洛阳钼业今日收盘价为13.80元，下跌0.50%，日换手率为2.26%，成 ...

资料显示，洛阳栾川钼业集团股份有限公司位于河南省洛阳市栾川县城东新区画眉山路伊河以北，成立 日期1999年12月22日，上市日期2012年10月9日，公司主营业务涉及主要从事钼、钨及黄金等稀贵金属 的开采、选冶、深加工、贸易、科研等。生产所需原辅材料、机械设备、仪器仪表、零配件的进口(上 述进出口项目凭资格证书经营)。金属贸易。主营业务收入构成为：精炼金属产品贸易48.56%，精矿产 品贸易38.31%，铜27.14%，钴6.04%，钼3.12%，磷2.23%，铌1.88%，钨1.17%，其他(补充)0.11%。 截至6月30日，洛阳钼业股东户数23.75万，较上期减少15.95%；人均流通股0股，较上期增加0.00%。 2025年1月-6月，洛阳钼业实现营业收入947.73亿元，同比减少7.83%；归母净利润86.71亿元，同比增长 60.07%。 分红方面，洛阳钼业A股上市后累计派现215.62亿元。近三年，累计派现105.76亿元。 机构持仓方面，截止2025年6月30日，洛阳钼业十大流通股东中，香港中央结算有限公司位居第四大流 通股东，持股6.48亿股，相比上期增加6940.89万股。华夏上证50ET ...

Group 1: Market Impact - The closure of Freeport McMoRan's Grasberg mine due to a fatal landslide is expected to significantly disrupt global copper supply, potentially leading to a price increase and improved profitability for copper companies [1][2] - Analysts predict a loss of 500,000 tons of copper supply in the next 12 to 15 months, with possible further losses of 1 to 2 million tons, equating the impact to the simultaneous closure of three major copper mines [1][3] Group 2: Demand Dynamics - Copper is increasingly recognized as a critical material for green energy transition and digital economy development, with electric vehicles using four times more copper than traditional fuel vehicles [2] - Goldman Sachs forecasts that by 2030, data centers powering AI servers could consume an additional 1 million tons of copper, indicating strong future demand [2] Group 3: Price Forecasts - Goldman Sachs has adjusted its price forecast for copper, suggesting an upward risk to its previous estimate of $9,700 per ton for December 2025, now expecting prices to stabilize between $10,200 and $10,500 per ton [2] - The long-term outlook for copper prices remains bullish, with expectations of reaching $10,750 per ton by 2027 due to challenges such as increased mining depth and declining ore grades [2] Group 4: Company Performance - Jiangxi Copper Co. reported a revenue of approximately 256.03 billion yuan for the first half of 2025, a decrease of 4.97% year-on-year, while net profit attributable to shareholders increased by 19.78% to about 4.45 billion yuan [4] - Zijin Mining's copper production reached 566,853 tons in the first half of 2025, a year-on-year increase of 9.3%, with copper sales contributing 27.8% to total revenue [4] - Luoyang Molybdenum Co. achieved a copper production of 353,600 tons in the first half of 2025, with revenue from mining operations increasing by 29.05% to 31.446 billion yuan [4] - Minmetals Resources reported a total copper production of 140,368 tons in Q2 2025, a 54% increase year-on-year, driven by improved output from three copper mines [5]

Core Viewpoints - In the first half of 2025, the company achieved operating revenue of 94.773 billion yuan and a net profit attributable to shareholders of 8.671 billion yuan, representing a year-on-year increase of 60.07%, marking the highest profit level for the same period in history [1] - The company met all production targets for its products in the first half of 2025, with copper production increasing by 12.68% year-on-year, reaching a historical high for the same period [1] - The company completed the acquisition of Ecuador's Odin Mining (Kagelhaus Gold Mine) and is rapidly advancing development work, enhancing its global layout of diversified products, with the project expected to commence production before 2029 [1] Production and Pricing - The company produced 353,600 tons of copper in the first half of 2025, a year-on-year increase of 12.68%, achieving approximately 56.1% of the production guidance midpoint [2] - The average LME copper price in the first half of 2025 increased by 3.75% year-on-year to 9,431 USD/ton, with cobalt and other mineral prices also showing significant increases [2] Cost Management and Resource Layout - The company has made significant progress in cost reduction and efficiency improvement through refined management and technological innovation, with copper production costs around 33,700 yuan per ton in the first half of 2025 [2] - The acquisition of the Kagelhaus Gold Mine represents a breakthrough in the company's layout of gold resources, further diversifying its product matrix [2] Market Dynamics - The cobalt price has risen from a low of 160,000 yuan/ton to 275,000 yuan/ton due to the ongoing cobalt export ban from the Democratic Republic of Congo, which has been in effect for seven months [2] - The domestic supply of cobalt is tightening, with a significant decrease in imports, which may further support cobalt prices in the upcoming consumption peak season [2]

有色金属行业资金流出榜 | 代码 | 简称 | 今日涨跌幅（%） | 今日换手率（%） | 主力资金流量（万元） | | --- | --- | --- | --- | --- | | 600988 赤峰黄金 | | -3.29 | 3.65 | -22637.51 | | 000630 铜陵有色 | | 8.12 | 6.93 | -21961.74 | | 601168 西部矿业 | | 6.07 | 5.02 | -20115.30 | | 600392 盛和资源 | | -1.55 | 4.60 | -15193.53 | | 600362 江西铜业 | | 6.10 | 4.88 | -14833.66 | | 300139 晓程科技 | | -3.99 | 21.00 | -14470.89 | | 601600 中国铝业 | | 0.13 | 1.70 | -12982.65 | | 600489 中金黄金 | | -0.34 | 2.19 | -10134.58 | | 002738 中矿资源 | | 4.32 | 5.65 | -9160.72 | | 002716 湖南白银 | | -2. ...

招商证券香港指出，在战术资产配置上采取 "三大进攻"，即积极挖掘科技、有色和非银三大板块的弹 性和投资机会；在战略资产配置上维持"两大底仓"，长线资金可配置"困境反转"策略（以必需消费等行 业为代表）及高股息策略的相关标的。 蓝筹股表现 小米集团-W(01810)表现亮眼。截至收盘，涨4.48%，报59.45港元，成交额193.08亿港元，贡献恒指 72.84点。小米17系列将于今晚7点正式发布，共推出三款机型：小米17、小米17 Pro、小米17 Pro Max。今早，小米澎湃OS官方微博正式宣布，小米17系列将首发第五代骁龙8至尊版处理器。此外，大 和研报引述小米管理层指，公司营收目标在三年内达成7000亿元人民币。 其他蓝筹股方面，紫金矿业（601899）(02899)涨5.13%，报31.16港元，贡献恒指13.6点；京东集团- SW(09618)涨3.46%，报137.6港元，贡献恒指12.65点；海尔智家（600690）(06690)跌4.79%，报25.06港 元，拖累恒指4.82点；恒生银行(00011)跌3.13%，报114.5港元，拖累恒指4.4点。 热门板块方面 盘面上，大型科技股多数上 ...

Market Overview - The Hong Kong stock market experienced fluctuations, with the Hang Seng Index initially rising nearly 2% before closing down 0.13% at 26,484.68 points, with a total turnover of HKD 314.89 billion [1] - The Hang Seng Tech Index rose by 0.89% to 6,379.19 points, while the Hang Seng China Enterprises Index saw a marginal increase of 0.01% to 9,444.22 points [1] Blue-Chip Performance - Xiaomi Group-W (01810) showed strong performance, rising 4.48% to HKD 59.45, contributing 72.84 points to the Hang Seng Index [2] - Other notable blue-chip stocks included Zijin Mining (02899) up 5.13%, JD Group-SW (09618) up 3.46%, while Haier Smart Home (06690) and Hang Seng Bank (00011) saw declines of 4.79% and 3.13% respectively [2] Sector Highlights - Large tech stocks mostly rose, with Xiaomi up over 4%, JD up over 3%, and Baidu up over 2% [3] - Copper stocks surged due to production disruptions, with Luoyang Molybdenum (03993) up 11%, and other copper-related stocks also seeing significant gains [3][4] - The robotics sector gained traction, with several companies experiencing notable increases in stock prices [4][5] Copper Market Dynamics - A landslide at Freeport McMoRan's Grasberg mine in Indonesia has halted production, expected to impact global copper supply significantly, with a projected 35% decrease in copper-gold output by 2026 [4] - This disruption is anticipated to support copper prices, as Grasberg accounts for approximately 3% of global copper supply [4] Robotics Sector Developments - The Chinese government is focusing on humanoid robots and related technologies, with significant investments expected in the coming years [5] - Companies like UBTECH and others are rapidly advancing in humanoid robot production, with substantial orders being reported [5] Chip Sector Activity - Semiconductor stocks remained active, with Huahong Semiconductor (01347) rising 4.74% and other chip companies also showing positive movement [5][6] Notable Stock Movements - China Everbright Holdings (00165) surged 25.89% to HKD 12.79, driven by investments in high-tech sectors [7] - Yimai Sunshine (02522) rose 14.08% following the launch of an AI medical imaging product in collaboration with Alibaba Cloud [8] - CATL (03750) reached a new high, up 5.14% to HKD 532, with Morgan Stanley upgrading its rating due to strong demand for energy storage batteries [9] - Chery Automobile (09973) debuted on the Hong Kong Stock Exchange, rising 3.8% to HKD 31.92, marking a significant IPO [10] - JD Group-SW (09618) increased by 3.46%, with plans for substantial investments in AI over the next three years [11]