10月21日，株冶集团盘中上涨2.05%，截至11:14，报15.45元/股，成交1.93亿元，换手率1.68%，总市值 165.76亿元。 责任编辑：小浪快报 资料显示，株洲冶炼集团股份有限公司位于湖南省株洲市天元区衡山东路12号，成立日期1993年12月20 日，上市日期2004年8月30日，公司主营业务涉及锌及锌合金、工业硫酸的生产和销售。主营业务收入 构成为：锌及锌合金38.48%，其他28.17%，金锭13.94%，银锭10.71%，铅及铅合金7.85%，铟锭 0.51%，硫酸0.20%，有色金属贸易0.14%。 株冶集团所属申万行业为：有色金属-工业金属-铅锌。所属概念板块包括：锌电池、有色铜、小金属、 黄金股、有色锌等。 截至9月30日，株冶集团股东户数4.02万，较上期减少10.27%；人均流通股18701股，较上期增加 11.44%。2025年1月-6月，株冶集团实现营业收入104.12亿元，同比增长14.89%；归母净利润5.85亿元， 同比增长57.83%。 分红方面，株冶集团A股上市后累计派现3.88亿元。近三年，累计派现0.00元。 机构持仓方面，截止2025年6月30日，株冶集团十 ...

Core Viewpoint - The traditional metal resources are becoming a new lifeline amid the technological wave and energy transition, with challenges in supply for non-ferrous metals and emerging demand potentially marking a long-term turning point for the sector [2]. Group 1: Tin Market Insights - Minmetals Securities is optimistic about tin prices, forecasting an average annual growth rate of 44.5% in tin consumption for AI servers from 2025 to 2030, driven by significantly higher tin usage compared to traditional servers [5]. Group 2: Precious Metals Outlook - Shenwan Hongyuan suggests that the precious metals sector is likely to continue its recovery, with current valuations at the lower end of historical averages. They recommend focusing on companies like Shandong Gold, Zhaojin Mining, and others, while noting that the gold-silver ratio is currently high and may converge in the future [6]. Group 3: Copper Investment Opportunities - Guolian Minsheng highlights long-term supply constraints in copper due to insufficient capital expenditure in mining, which, combined with expectations of Federal Reserve rate cuts, could catalyze a new upward cycle in copper prices. Recommended companies include Zijin Mining and Luoyang Molybdenum [7]. Group 4: Cobalt Market Dynamics - CITIC Construction emphasizes the strategic opportunity in cobalt, noting that new export quotas from the Democratic Republic of Congo will reduce cobalt exports by over 100,000 tons in the next two years, leading to an estimated market shortage of about 30,000 tons in 2024 [8]. Group 5: Overall Non-Ferrous Metals Investment Space - HSBC Jintrust Fund indicates that there remains investment space in the non-ferrous metals sector, primarily due to further expected rate cuts by the Federal Reserve, which could drive prices up. The current valuation of the non-ferrous sector in Hong Kong is seen as advantageous compared to A-shares [9].

Core Viewpoint - The traditional metal resources are becoming a new lifeline amid the technological wave and energy transition, with challenges in supply for non-ferrous metals and potential long-term turning points in the sector [1] Group 1: Tin Market Insights - AI servers consume significantly more tin than traditional servers, leading to an increase in tin demand, with an expected annual growth rate of 44.5% in global tin consumption from 2025 to 2030 [2] - Limited new supply capacity for tin in the medium to long term, combined with growth in emerging fields like AI and robotics, as well as steady growth in electric vehicles and photovoltaics, supports a bullish long-term outlook for tin prices [2] Group 2: Precious Metals Outlook - The precious metals sector is currently at the lower end of historical valuation, indicating potential for sustained recovery, with recommendations to focus on companies like Shandong Gold, Zhaojin Mining, and others [3] - The gold-silver ratio is currently high and is expected to converge, suggesting a focus on silver investments [3] - Future investments in power grids and growth in AI data centers, along with relatively inelastic copper supply, are likely to elevate copper price levels [3] Group 3: Copper Investment Opportunities - Global copper supply is expected to face long-term constraints due to insufficient capital expenditure in mining, which may limit supply growth [4] - Anticipated interest rate cuts by the Federal Reserve could catalyze a new upward cycle in copper prices, making the copper sector an attractive investment opportunity [4] - Recommended companies include Zijin Mining, Luoyang Molybdenum, and others [4] Group 4: Cobalt Market Dynamics - The implementation of export quotas for cobalt from the Democratic Republic of Congo is expected to reduce exports by over 100,000 tons in the next two years, leading to an estimated market shortage of about 30,000 tons in 2024 [5] - The tightening supply in the cobalt market is likely to maintain high price levels, with potential for further increases [5] Group 5: Overall Non-Ferrous Metals Sector - Despite market reactions, there remains investment space in the non-ferrous metals sector, primarily driven by expectations of further interest rate cuts from the Federal Reserve, which could boost prices [6] - Precious and industrial metals are sensitive to global interest rate environments, indicating potential for price increases [6] - The current valuation of the non-ferrous metals sector in Hong Kong shows an advantage over A-shares [6]

数据截至10月14日23:31 记者丨叶麦穗 郑青亭 刘雪莹 编辑丨包芳鸣 和佳 江佩霞 北京时间10月14日晚，美股三大股指回调，纳斯达克综合指数一度跌近2%。 截至23:30左右，英特尔跌5.5%，英伟达、博通跌超3%，甲骨文、特斯拉、台积电等热门股均明显下跌。 | 1小时爆仓 | $0 | 4小时爆仓 | $0 | | --- | --- | --- | --- | | 多車 | $0 | 多東 | $0 | | 空車 | $0 | 空車 | $0 | | 12小时爆仓 | $0 | 24小时爆仓 | $0 | | 念東 | $0 | 多東 | $0 | | 空車 | $0 | 空車 | $0 | 白 银 、 原 油 下 | | | 加密货币集体大跌，比特币跌2.25%，以太坊跌破4000美元关口。 近24小时内超20.6万人爆仓，爆仓金额近6.7亿美元。 | 而中 | 价格 | 价格(24h%) | | --- | --- | --- | | 日 BTC | $111350.1 | -2.25% | | ETH | $3969.19 | -3.00% | | III SOL | $196.04 | + ...

Core Viewpoint - The non-ferrous metal sector is experiencing significant gains, driven by expectations of interest rate cuts from the Federal Reserve and a supportive growth plan for the industry, which has boosted market sentiment [1] Group 1: Market Performance - As of the morning of September 30, several companies in the non-ferrous metal sector saw substantial stock price increases, with Jingyi Co. rising over 8%, Jiangxi Copper up more than 7%, and several others including Xingye Silver Tin and Baiyin Nonferrous rising over 6% [1] - Companies such as Zinc Industry Co., Yunnan Copper, Zhuhai Smelter Group, and Luoping Zinc Electric also experienced stock price increases exceeding 5% [1] Group 2: Industry Outlook - The short-term outlook is positive due to the anticipated interest rate cuts by the Federal Reserve and the implementation of a growth plan for the non-ferrous metal industry, which is expected to enhance market sentiment [1] - The aluminum processing sector is witnessing a continuous recovery in operating rates, with inventory levels showing signs of a turning point, particularly during the "Golden September and Silver October" peak season [1] - Current low inventory levels and expectations for improved aluminum water conversion rates, combined with a steady recovery in demand, suggest that aluminum prices may perform strongly [1] Group 3: Price Dynamics - In the alumina sector, recent supply disruptions from Guinea's bauxite mines and changes in domestic alumina production capacity have led to increased price volatility [1] - Despite these fluctuations, long-term growth in alumina production capacity is expected to keep future prices at lower levels [1] - The aluminum industry is projected to maintain high levels of prosperity in the long term, as supply growth is limited while demand continues to have growth points [1]

Group 1 - The core viewpoint of the news highlights the recent performance of Zhuzhou Smelter Group, which saw a stock price increase of 5.02% to 16.33 CNY per share, with a trading volume of 255 million CNY and a turnover rate of 2.12%, resulting in a total market capitalization of 17.52 billion CNY [1] - Zhuzhou Smelter Group, established on December 20, 1993, and listed on August 30, 2004, is primarily engaged in the production and sale of zinc and zinc alloys, as well as industrial sulfuric acid. The revenue composition includes zinc and zinc alloys at 38.48%, other products at 28.17%, gold ingots at 13.94%, silver ingots at 10.71%, lead and lead alloys at 7.85%, indium ingots at 0.51%, sulfuric acid at 0.20%, and non-ferrous metal trading at 0.14% [1] Group 2 - From the perspective of fund holdings, Zhuzhou Smelter Group is a significant investment for China Post Fund, with its Core Advantage Flexible Allocation Mixed A Fund (590003) holding 3.098 million shares, accounting for 2.87% of the fund's net value, ranking as the sixth largest holding. The estimated floating profit today is approximately 2.4164 million CNY [2] - The Core Advantage Flexible Allocation Mixed A Fund (590003) was established on October 28, 2009, with a current scale of 1.084 billion CNY. Year-to-date returns are 34.35%, ranking 2723 out of 8167 in its category, while the one-year return is 23.88%, ranking 4628 out of 8010. Since inception, the fund has achieved a return of 381.53% [2] Group 3 - The fund managers of the Core Advantage Flexible Allocation Mixed A Fund are Jiang Liwei and Zhang Yiyan. As of the report, Jiang Liwei has a tenure of 4 years and 211 days, managing assets totaling 2.035 billion CNY, with the best return during his tenure being 30.66% and the worst being 8.56%. Zhang Yiyan has a tenure of 1 year and 270 days, managing assets of 1.206 billion CNY, with the best return during his tenure being 34.66% and the worst being 16.83% [3]

Investment Rating - The report maintains a "Positive" investment rating for the non-ferrous and steel industry in China [6]. Core Views - The market has fully priced in the Federal Reserve's first interest rate cut, and the non-ferrous and steel sectors are set to rebound [9][15]. - Despite a recent decline in aluminum prices, the profitability of the electrolytic aluminum sector remains stable due to a simultaneous decrease in raw material costs [9][15]. - Gold prices are expected to rise in the medium term due to multiple factors, enhancing corporate profitability and dividend intentions [9][15]. - The steel sector is poised for mid-term profitability improvements, with potential increases in dividends as the Simandou iron ore project progresses [9][15]. Summary by Sections Non-Ferrous and Steel Industry Overview - The non-ferrous and steel sectors experienced a notable decline prior to the Federal Reserve's interest rate cut, driven by speculative trading [9][15]. - The market is expected to shift towards low-risk, high-dividend segments within the non-ferrous and steel sectors [9][15]. Electrolytic Aluminum - Although aluminum prices have decreased, the profitability of the sector remains stable due to lower raw material costs [9][15]. - Future price increases are anticipated as supply-demand dynamics tighten, potentially leading to higher dividend payouts from companies like Tianshan Aluminum [9][15]. Gold Sector - The recent interest rate cut is expected to lead to a short-term stabilization or correction in gold prices, but medium-term prospects remain positive [9][15]. - Increased profitability in gold mining companies is likely to result in higher dividend distributions [9][15]. Steel Sector - The Simandou iron ore project is entering a decisive phase, which could enhance mid-term profitability and dividend capabilities for steel companies [9][15]. - The steel price is expected to stabilize and potentially increase, supported by cost structures and seasonal demand shifts [9][15]. Supply and Demand Dynamics - The report notes a seasonal increase in rebar consumption, with a week-on-week rise of 6.04% [17][22]. - Inventory levels show a divergence between social and steel mill stocks, indicating structural improvements in demand [22][24]. Price Trends - The overall steel price index has seen a slight increase of 0.50%, with specific products like steel billets showing a 1.18% rise [37][38]. - The report highlights the importance of monitoring price movements in raw materials, which are crucial for profitability in the steel sector [29][34].

株洲冶炼集团股份有限公司 收购报告书 上市公司名称：株洲冶炼集团股份有限公司 股票上市地点：上海证券交易所 股票简称：株冶集团 一、本报告书系收购人及其一致行动人依据《证券法》《收购管理办法》《准 则第 16 号》及其他相关法律、法规和部门规章的有关规定编写。 二、依据《证券法》《收购管理办法》及《准则第 16 号》的规定，本报告 书已全面披露了收购人及其一致行动人在株冶集团拥有权益的股份。 截至本报告书签署日，除本报告书披露的持股信息外，收购人及其一致行动 人没有通过任何其他方式在株冶集团拥有权益。 三、收购人及其一致行动人签署本报告书已获得必要的授权和批准，其履行 亦不违反收购人章程或内部规则中的任何条款，或与之相冲突。 股票代码：600961 收购人名称：湖南有色金属控股集团有限公司 住所/通讯地址：湖南省长沙市天心区劳动西路 290 号 一致行动人名称：株洲冶炼集团有限责任公司 住所/通讯地址：湖南省株洲市天元区衡山东路 12 号 签署日期：二〇二五年九月 收购人声明 本部分所述词语或简称与本报告书"释义"所述词语或简称具有相同含义。 四、收购人及其一致行动人在本报告书摘要中援引相关专业机构出具的专业 ...

北京市嘉源律师事务所 关于湖南有色金属控股集团有限公司 收购株洲冶炼集团股份有限公司免于发出要约 的法律意见书 西城区复兴门内大街 158 号远洋大厦 4 楼 中国·北京 二〇二五年九月 除非本法律意见书中另有说明,下列词语在本法律意见书中的含义如下: | 本法律意见书 | 指 | 北京市嘉源律师事务所关于湖南有色金属控股集团有限公司 | | --- | --- | --- | | | | 收购株洲冶炼集团股份有限公司免于发出要约的法律意见书 | | 上市公司、株冶集团 | 블 | 株洲冶炼集团股份有限公司(证券代码:600961.SH) | | 湖南有色、收购人、 | 指 | 湖南有色金属控股集团有限公司 | | 划入方 | | | | 株治有限、一致行动 | 指 | 株洲冶炼集团有限责任公司 | | 人 | | | | 水口山集团 | 指 | 湖南水口山有色金属集团有限公司 | | 湖南有限 | 指 | 湖南有色金属有限公司 | | 划出方 | 指 | 水口山集团、湖南有限 | | 中国五矿 | 指 | 中国五矿集团有限公司 | | 五矿股份 | 指 | 中国五矿股份有限公司 | | 有色控股 | 指 | ...

北京市嘉源律师事务所 关于《株洲冶炼集团股份有限公司收购报告书》 的法律意见书 西城区复兴门内大街 158 号远洋大厦 4 楼 中国·北京 二〇二五年九月 释 义 除非本法律意见书中另有说明,下列词语在本法律意见书中的含义如下: | 本法律意见书 | 指 | 北京市嘉源律师事务所关于《株洲冶炼集团股份有限公司收购 | | --- | --- | --- | | | | 报告书》的法律意见书 | | 《收购报告书》 | 指 | 《株洲冶炼集团股份有限公司收购报告书》 | | 上市公司、株冶集团 | 指 | 株洲冶炼集团股份有限公司(证券代码:600961.SH) | | 湖南有色、收购人、 | 指 | 湖南有色金属控股集团有限公司 | | 划入方 | | | | 株治有限、一致行动 | 指 | 株洲冶炼集团有限责任公司 | | 人 | | | | 水口山集团 | 指 | 湖南水口山有色金属集团有限公司 | | 湖南有限 | 指 | 湖南有色金属有限公司 | | 划出方 | 指 | 水口山集团、湖南有限 | | 中国五矿 | 指 | 中国五矿集团有限公司 | | 五矿股份 | 指 | 中国五矿股份有限公司 | | ...