| 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 300337 | 银邦股份 | 14.58 | -6.66% | 127.04万 | 19.01亿 | | 603876 | 鼎胜新材 | 14.87 | -5.65% | 64.29万 | - 9.57亿 | | 920634 | 新威凌 | 24.37 | -4.69% | 2.13万 | 5231.34万 | | 601212 | 白银有色 | 5.95 | -4.65% | 391.33万 | 22.95亿 | | 002295 | 精艺股份 | 12.99 | -3.28% | 17.36万 | 2.24亿 | | 002578 | 闽发铝业 | 4.54 | -2.58% | 74.94万 | 3.42 Z | | 600531 | 豫光金铅 | 11.93 | -2.53% | 88.75万 | 10.46亿 | | 300057 | 万顺新材 | 5.76 | -2.21% | 22.58万 | 1.31亿 | | 000603 | ...

江西铜业公告，公司与深圳江铜融资租赁有限公司签署了有效期自2026年1月1日至2028年12月31日的 《融资租赁合作框架协议》。协议期限内，融资租赁项下每个会计年度公司及公司子公司支付的租金总 额为不超过19亿元。深圳江铜融资租赁有限公司为公司控股股东江铜集团的控股子公司，本次交易构成 关联交易。 ...

Core Viewpoint - Morgan Stanley reports that the National Development and Reform Commission (NDRC) has issued an article titled "Vigorously Promoting the Optimization and Upgrading of Traditional Industries," which emphasizes the management and optimization of the alumina and copper smelting industries, encouraging large backbone enterprises in these sectors to pursue mergers and acquisitions [1] Industry Summary - The new policy may restrict the planning of new alumina production capacity, which is expected to benefit industry leaders such as China Aluminum and China Hongqiao [1] - The anticipated lower annual copper concentrate processing/refining fees and long-term contract concentrate volumes may indicate a reduction in refined copper production by 2026 [1] - These factors, combined with relatively stable demand, are expected to support copper prices at high levels, benefiting companies like Zijin Mining, Luoyang Molybdenum, Minmetals Resources, and Jiangxi Copper [1]

Group 1 - The overall commodity market has experienced significant volatility, with high-volatility assets like silver undergoing deep corrections, impacting gold prices [1] - Gold, as a hard currency, is expected to have stronger and longer-term upward momentum due to the ongoing de-dollarization trend and escalating geopolitical conflicts [1] - As of December 30, 2025, the CSI Gold Industry Stock Index (931238) rose by 0.06%, with notable increases in constituent stocks such as Zijin Mining (02899) up 2.87% and Jiangxi Copper (600362) up 2.84% [1] Group 2 - The US dollar has entered a depreciation cycle, with the dollar index dropping approximately 10% in 2025, which typically benefits gold prices due to their inverse relationship [3] - The tense situation in Venezuela and global geopolitical risks have heightened the market's focus on gold's safe-haven attributes, supporting gold prices [4] - Three key factors supporting the current gold bull market include the Federal Reserve's resumption of easing, declining confidence in the dollar, and escalating geopolitical risks [4] Group 3 - The Gold Stock ETF (517520) is known for its higher elasticity during gold price increases, making it an attractive investment for those looking to gain from rising gold prices [5] - The ETF closely tracks the CSI Gold Industry Stock Index (931238) and selects high-quality gold industry companies from the Shanghai, Shenzhen, and Hong Kong markets, allowing investors to capture gold price gains effectively [5] - Investing in this ETF can help diversify individual stock risks while providing exposure to the entire gold industry [5]

Group 1 - The core viewpoint of the article highlights the active performance of non-ferrous metal stocks, with significant gains observed in companies such as China Aluminum, Luoyang Molybdenum, and Zijin Mining [1] - China Aluminum (601600) increased by 5.61%, reaching HKD 12.23; Luoyang Molybdenum (603993) rose by 3.3% to HKD 19.08; Zijin Mining (601899) saw a 3.05% increase to HKD 35.16; Jiangxi Copper (600362) gained 2.47% to HKD 40.64; and China Hongqiao (01378) was up by 1.7% to HKD 32.3 [1] - Precious metals have regained upward momentum, with spot gold rising over 1% to touch USD 4,380, and spot silver increasing by over 4% to surpass USD 75 [1] Group 2 - CITIC Construction Investment (601066) noted that insufficient capital expenditure, limited resource supply, strong AI demand prospects, expanding fiscal deficits, and a downward interest rate cycle are contributing factors to the uneven distribution of physical commodities between the US and non-US markets [1] - The article suggests that these factors are leading to a lack of liquidity in certain commodities, prompting capital inflows to take long positions [1] - A new resource pricing paradigm is emerging globally, driven by the interplay of limited resources and weakening US dollar credit, indicating a vibrant market for non-ferrous metals [1]

Group 1 - The core viewpoint is that the copper market is experiencing strong demand and supply mismatch, with optimistic economic expectations supporting price increases, while caution is advised regarding short-term price volatility [1][2][3] - On December 26, major metal prices surged, with COMEX copper rising by 4.96% to $5.8515 per pound and Shanghai copper increasing by 3.33% to 101,380 yuan per ton, marking a new historical high [1][2] - Factors contributing to the strong market sentiment include supply chain disruptions, resource nationalism, and a gradual economic recovery in major economies, leading to a strong willingness to buy copper [2] Group 2 - The economic outlook for 2026 is moderately optimistic, with the Federal Reserve projecting GDP growth of 2.1%-2.5%, which is expected to support industrial metal demand and further increase copper prices [3] - Despite the positive outlook, there are concerns about inflation and potential impacts on Federal Reserve interest rate policies, which could affect copper prices [3] - Investment recommendations include leading industrial metal companies such as Zijin Mining, Luoyang Molybdenum, Western Mining, Tongling Nonferrous Metals, Yunnan Copper, Jiangxi Copper, and Jincheng Mining [3]

Group 1 - Silver industry stocks opened at the limit down price, indicating significant market pressure [1] - Yuguang Gold Lead and Xinye Silver Tin experienced declines exceeding 5% [1] - Hunan Silver, Jiangxi Copper, and Yunnan Copper also opened lower, reflecting a broader downturn in the sector [1]

Market Overview - The A-share market opened lower on December 30, with the Shanghai Composite Index down 0.22%, while the Shenzhen Component Index rose by 0.48% and the ChiNext Index increased by 0.73% [2] - The semiconductor, electronic components, and robotics sectors showed strong performance, while precious metals, lithium batteries, and consumer sectors experienced significant declines [2] Robotics Sector - Robotics concept stocks have shown strong performance, with Fenglong Co. achieving five consecutive trading limits, and other stocks like Wuzhou Xinchun, Xinshi Da, Tianqi Co., and Hongying Intelligent also hitting the daily limit [6] - The robotics sector is gaining traction, with notable products like the Yushu Go2 quadruped robot and G1 humanoid robot being showcased in a new store opening by JD and Yushu Technology [8] Electronic Components Sector - The electronic components sector experienced a rebound, with stocks like Kaisheng Technology and Aerospace Information hitting the daily limit [8] - The sector's performance is reflected in the overall market activity, contributing positively to the indices [2] Precious Metals and Lithium Sector - The precious metals sector faced a collective downturn, with companies like Hunan Silver and Shengda Resources dropping over 4% [12] - The lithium carbonate price fell by over 7%, impacting the performance of companies in the sector, including Ganfeng Lithium and Jiangxi Copper, which also saw declines [10][11] - The overall sentiment in the precious metals market is affected by recent adjustments in trading margins for various metal futures, leading to a cooling market and profit-taking [14]

年度报告——铜 革故鼎新，迭创新高 | [T走ab势le_评R级an：k] | | | 铜：看涨 | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 报告日期： | 2025 | 年 | 12 | 月 | 30 | 日 | [Table_Analyser] | [★Ta原bl料e_端Summary] 矿端紧缺加剧，冷料补充有限，预计 2026 年全球铜矿产量边际 增长至 30-45 万金属吨。极端天气频发、地缘政策潜变、资源民 族主义抬头、矿石品位下降及水资源紧张、社区问题不稳及罢 工潜在威胁已经构成"系统性扰动风险"。 ★冶炼端 有 色 金 加工利润继续恶化，产能限制风险抬升，冶炼主动降负荷范围 扩大，2026 年全球精铜产量边际增长恐低于 50 万吨。明年将更 多围绕减产预期博弈，盘面及结构均会受到影响。海外供给生 态更为脆弱，间接影响铜元素进口。副产品收益继续观察。 ★需求端 需求新周期悄然开启，"旧动能不弱，新动能更强"，乐观预 计 2026 年全球铜需求边际增速超过 4%。新能源需求与国内传统 需求阶段被低估风险上升，明年存在阶 ...

Core Viewpoint - The performance of the Huabao ETF (159876), which encompasses leading companies in the non-ferrous metals industry, shows resilience with a recent price increase of 0.52% after an initial drop of 2%, indicating strong investor interest in the sector [1][7]. Fund Performance - As of the latest report, the Huabao ETF has seen a net subscription of 28.8 million shares, with an additional inflow of 15.36 million yuan the previous day, reflecting positive market sentiment towards the non-ferrous metals sector [1][7]. - The current trading price of the Huabao ETF is 0.974, with a gain of 0.005, representing a 0.52% increase [1][7]. Leading Stocks - Key stocks within the ETF include Tianshan Aluminum, which rose by 4.41%, and Yun Aluminum, which increased by 4.22%. Other notable performers include Jiangxi Copper, China Aluminum, and Luoyang Molybdenum, all of which saw gains exceeding 2% [2][8]. Market Trends - The overall metal market has been on an upward trend, particularly in precious metals, energy metals, and industrial metals, with significant price increases observed [9]. - The recent announcement by the CME Group to raise margin requirements for various metal futures, including gold and silver, has led to a decline in international metal futures prices [9]. Future Outlook - Analysts predict that the non-ferrous metals sector is entering a new bull market driven by strong demand from "new productive forces," with supply constraints and diverse driving factors [3][9]. - The current bull market is characterized by a shift from traditional infrastructure-driven demand to one that integrates global energy transitions, technological revolutions, and industrial upgrades, with emerging fields such as new energy, new materials, AI, and aerospace being key growth drivers [3][9]. Investment Strategy - A diversified investment approach through the Huabao ETF and its associated funds is recommended to capture the overall beta performance of the non-ferrous metals sector, as it covers a wide range of metals including copper, aluminum, gold, rare earths, and lithium [4][10].