截至2025年12月10日 14:39，中证细分有色金属产业主题指数(000811)强势上涨1.01%，成分股盛新锂能(002240)上涨6.33%，国城矿业(000688)上涨4.82%， 雅化集团(002497)上涨4.36%，白银有色(601212)，山金国际(000975)等个股跟涨。有色金属ETF基金(516650)上涨0.87%，最新价报1.73元。拉长时间看，截 至2025年12月9日，有色金属ETF基金近1周累计上涨0.70%。（以上所列股票仅为指数成份股，无特定推荐之意） | 股票代码 | 股票简称 | 涨跌幅 | 权重 | | --- | --- | --- | --- | | 201899 | 紫金矿业 | 0.86% | 16.32% | | 600111 | 北方稀土 | -0.90% | 6.60% | | 603993 | 洛阳辑业 | 0.68% | 5.96% | | 603799 | 华友钻业 | -0.46% | 5.22% | | 600547 | 山东黄金 | 1.01% | 3.85% | | 002460 | 赣锋锂业 | 1.30% | 3.72% | | 60 ...

Market Overview - The precious metals sector experienced a decline of 2.9% compared to the previous trading day, with Zhongjin Gold leading the drop [1] - The Shanghai Composite Index closed at 3909.52, down 0.37%, while the Shenzhen Component Index closed at 13277.36, down 0.39% [1] Individual Stock Performance - The following table summarizes the closing prices, percentage changes, trading volumes, and transaction amounts for key stocks in the precious metals sector: - Zhaohui Gold (000506): Closed at 11.95, up 0.34%, with a trading volume of 260,100 shares and a transaction amount of 3.12 billion [1] - Western Gold (601069): Closed at 25.88, down 1.52%, with a trading volume of 93,100 shares and a transaction amount of 241 million [1] - Shanshe International (000975): Closed at 21.54, down 1.55%, with a trading volume of 373,600 shares and a transaction amount of 810 million [1] - Hunan Gold (002155): Closed at 20.74, down 2.03%, with a trading volume of 362,700 shares and a transaction amount of 753 million [1] - Hengbang Co. (002237): Closed at 12.72, down 2.08%, with a trading volume of 233,300 shares and a transaction amount of 298 million [1] - Shandong Gold (600547): Closed at 34.74, down 2.80%, with a trading volume of 319,500 shares and a transaction amount of 1.115 billion [1] - Sichuan Gold (001337): Closed at 27.14, down 2.90%, with a trading volume of 95,200 shares and a transaction amount of 260 million [1] - Chifeng Gold (600988): Closed at 29.81, down 3.03%, with a trading volume of 446,700 shares and a transaction amount of 1.336 billion [1] - Hunan Silver (002716): Closed at 6.25, down 3.10%, with a trading volume of 916,100 shares and a transaction amount of 5.751 billion [1] Fund Flow Analysis - The precious metals sector saw a net outflow of 968 million from main funds, while retail funds experienced a net inflow of 703 million [3] - The following table outlines the fund flow for individual stocks: - Zhaohui Gold (000506): Main funds net inflow of 37.63 million, retail funds net outflow of 29.18 million [4] - Chifeng Gold (600988): Main funds net inflow of 8.47 million, retail funds net outflow of 21.40 million [4] - Hengbang Co. (002237): Main funds net outflow of 13.95 million, retail funds net inflow of 2.87 million [4] - Sichuan Gold (001337): Main funds net outflow of 14.81 million, retail funds net inflow of 6.80 million [4] - Western Gold (601069): Main funds net outflow of 30.28 million, retail funds net inflow of 24.75 million [4] - Shanshe International (000975): Main funds net outflow of 31.25 million, retail funds net inflow of 2.88 million [4] - Hunan Gold (002155): Main funds net outflow of 90.56 million, retail funds net inflow of 63.69 million [4] - Hunan Silver (002716): Main funds net outflow of 1.07 billion, retail funds net inflow of 77.10 million [4] - Shandong Gold (600547): Main funds net outflow of 1.17 billion, retail funds net inflow of 47.97 million [4] - Xiaocheng Technology (300139): Main funds net outflow of 1.79 billion, retail funds net inflow of 196 million [4] ETF Performance - The gold stock ETF (product code: 159562) tracks the CSI Hong Kong and Shanghai Gold Industry Stock Index, with a recent five-day change of 3.84% and a price-to-earnings ratio of 24.03 times [6]

来源：新浪证券-红岸工作室 12月9日，赤峰黄金跌3.03%，成交额13.36亿元，换手率2.68%，总市值566.51亿元。 异动分析 金属铅+黄金概念+金属铜+人民币贬值受益+稀土永磁 1、根据2024年半年报，公司旗下天宝山锌铅铜钼多金属矿主要产品包括锌精粉、铅精粉（含银）、铜 精粉（含银）和钼精粉。其对外销售的定价一般以精矿中所含的金属的市场价格为基准确定。主要是以 上海有色网1#锌锭的价格、1#铅现货的价格，上海期货交易所铜即期合约结算价为基准价，并根据精粉 产品中实际金属含量，综合考虑运输费、检斤费等因素确定结算价格；产品销售主要是通过预收货款的 方式进行，产品销售对象为长期合作的下游大型冶炼企业。 2、公司的主营业务是黄金、有色金属采选业务。公司的主要产品为黄金、电解铜等贵金属、有色金 属。 3、公司位于老挝的万象矿业目前主要从事铜矿开采和冶炼。 4、根据2024年年报，公司海外营收占比为69.11%，受益于人民币贬值。 5、2024年3月8日互动易：公司与厦门钨业合作，共同在老挝推动稀土资源开发。近日通过控股子公司 收购的"老挝川圹省勐康稀土矿"项目，估算矿种为花岗岩风化壳离子吸附稀土矿，矿区 ...

（文章来源：每日经济新闻） 每经AI快讯，12月9日，A股贵金属板块持续走弱，中金黄金跌超5%，赤峰黄金、湖南白银、山东黄金 跟跌。 ...

Group 1: Precious Metals - Gold - The weakening of the US dollar credit remains the core logic for gold pricing in 2025, with a notable negative correlation between gold prices and the dollar's share in global foreign exchange reserves [11][12] - The Federal Reserve is expected to continue its rate-cutting cycle into 2026, which may support gold prices, especially with concerns over the independence of monetary policy due to potential changes in leadership [13][15] - The long-term trend of weakening US dollar credit is not expected to change, with the US fiscal deficit projected to reach 6.9% of GDP in 2024, indicating ongoing structural issues in the US fiscal system [16][17] Group 2: Industrial Metals - Supply constraints for copper are expected to intensify, with significant disruptions in overseas copper mining projects leading to a projected decrease in output by over 100,000 tons in 2025 [23][24] - The demand for copper is anticipated to grow significantly due to the rise of AI and data centers, with each MW of installed capacity requiring approximately 27 tons of copper [27][28] - The macroeconomic environment, characterized by a weak dollar and continued rate cuts by the Federal Reserve, is expected to drive copper prices upward [29][31] Group 3: Energy Metals - The supply of lithium and cobalt is expected to improve significantly due to the end of overseas capacity clearances and the implementation of supply constraint policies by major producing countries [33] - The demand for energy metals is projected to benefit from the resilience of battery technologies and the growth of the energy storage sector, leading to a positive supply-demand dynamic [33][34] Group 4: Tin - The supply of tin is tightening due to regulatory changes in Indonesia and ongoing production disruptions in Myanmar, with exports from Indonesia declining by approximately 20% year-on-year [45][46] - The global demand for refined tin is expected to grow, particularly in the electronics sector, driven by high semiconductor sales and the increasing use of tin solder in AI and high-performance computing applications [51]

资金面上，数据宝统计，截至12月5日收盘，12月以来融资净买入逾1亿元的白银概念股有4只，分别为 云南铜业、兴业银锡、赤峰黄金、铜陵有色。 估值水平方面，截至12月5日收盘，13只白银概念股滚动市盈率低于30倍，其中豫光金铅、株冶集团、 紫金矿业、西部矿业滚动市盈率不到20倍。豫光金铅滚动市盈率为15.04倍，排在最低位置。今年前三 季度，公司实现净利润6.21亿元，同比增长11.99%。 据数据宝统计，截至12月5日收盘，今年以来白银概念股平均上涨79.24%，远远跑赢同期上证指数。兴 业银锡、华钰矿业、盛达资源、鹏欣资源、紫金矿业、赤峰黄金6只概念股年内涨幅翻倍。 ...

全球银价创出历史新高，成为市场关注的热点。 多股早盘一字涨停 四大领域推升白银需求大幅增长 12月8日早盘，A股主要指数全线上涨，创业板指上涨3.02%，上证指数、深证成指分别上涨0.62%、1.55%。 CPO概念、光通信、铜缆高速连接、6G、商业航天等题材涨幅领先。CPO概念龙头天孚通信触及20cm的涨停板，该股上午收盘时股价报收238.5元/股，创 下历史新高，A股市值升至1800亿元以上。 安妮股份（002235）今日早盘直接一字涨停，上午收盘时涨停板封单超过100万手。12月7日晚间，公司发布公告，公司控股股东、实控人林旭曦和张杰已 签署相关协议，拟向北京晟世天安科技有限公司(以下简称"晟世天安")合计转让15.92%公司股份，张杰拟同意放弃自标的股份交割日起所持4.98%公司股 份对应表决权。交易完成后，晟世天安将成为公司控股股东，并取得公司控制权。 今日早盘一字涨停的还有西部材料、*ST铖昌、双星新材、龙洲股份、瑞达期货等。 白银价格涨幅已翻倍 涨幅远超黄金 近期，国际银价持续走高。12月5日，伦敦银涨幅一度扩大至3.9%，触及59.33美元/盎司的历史峰值，当天收于58.29美元/盎司。 据观 ...

Investment Rating - The report maintains a "Positive" investment rating for the non-ferrous and steel industry [6] Core Viewpoints - A super cycle for industrial metals may have arrived, with a focus on copper and aluminum sectors. The report highlights that even small supply-demand gaps can lead to significant price elasticity during a rate-cutting cycle [9][13] - Copper prices have surged, with LME copper closing at a historical high of $11,655 per ton, driven by supply tightness and tariff concerns [9][13] - The aluminum sector is expected to benefit from strong demand in energy storage, with projections indicating a need for 800,000 tons of aluminum materials due to the anticipated growth in storage battery production [9][14] - The gold sector is also viewed positively, with expectations for gold prices to exceed $5,000 per ounce by 2026, driven by rising inflation expectations [9][15] Summary by Sections Industrial Metals - The report indicates a significant increase in metal prices, with copper and aluminum prices rising sharply. The LME copper price increased by 1.88% recently, reflecting strong market conditions [9][13] - Supply constraints are evident, with LME copper warehouse cancellations reaching 56,900 tons, about 35% of total inventory, marking the largest single-day withdrawal in 13 years [9][13] - The report suggests that the copper and aluminum sectors will see continued price increases due to strong demand from traditional and new energy sectors [9][13][14] Steel - The steel sector is experiencing weak supply-demand fundamentals during the off-season, with a slight recovery in steel profitability noted [17] - Weekly rebar consumption decreased by 4.81% compared to the previous week, indicating a decline in demand [21] - Overall steel prices have shown a slight increase, with the rebar price rising to 3,355 yuan per ton, reflecting a 1.16% week-on-week increase [38][39] New Energy Metals - Lithium carbonate production in October 2025 saw a significant year-on-year increase of 67.28%, indicating strong supply growth in the new energy sector [42] - The demand for new energy vehicles remains robust, with production and sales in October 2025 showing year-on-year growth of 19.94% and 18.65%, respectively [46] - Nickel production and consumption trends are mixed, with refined nickel output in China showing a notable year-on-year decline of 12.20% [44][49] Price Trends - The report notes that lithium prices have seen a slight decline, with battery-grade lithium carbonate priced at 91,100 yuan per ton, down 2.36% week-on-week [51][52] - Cobalt prices have increased significantly, with sulfuric acid cobalt priced at 90,000 yuan per ton, reflecting a year-on-year increase of 236.45% [51][52]

证券之星消息，12月5日贵金属板块较上一交易日上涨0.12%，晓程科技领涨。当日上证指数报收于 3902.81，上涨0.7%。深证成指报收于13147.68，上涨1.08%。贵金属板块个股涨跌见下表： 从资金流向上来看，当日贵金属板块主力资金净流入4.64亿元，游资资金净流出4.35亿元，散户资金净流 出2884.31万元。贵金属板块个股资金流向见下表： | 代码 | 名称 | 主力净流入(元) | 主力净占比 游资净流入 (元) | | 游资净占比 散户净流入(元) | | 散户净占比 | | --- | --- | --- | --- | --- | --- | --- | --- | | 300139 | 晓程科技 | = 2.441Z | 10.07% | -2.28 Z | -9.38% | -1653.66万 | -0.68% | | 600489 | 中全黄金 | 8679.56万 | 6.18% | -6385.24万 | -4.55% | -2294.33万 | -1.63% | | 6009888 | 赤峰黄金 | 7139.82万 | 8.03% | -7480.44万 | -8.41% ...

| 代码 | 名称 | 涨幅%v | 现价 | | --- | --- | --- | --- | | 300139 | 晓程科技 | +13.45% | 27.00 | | 601069 | 西部黄金 | +1.67% | 26.24 | | 001337 | 四川黄金 | +1.45% | 27.30 | | 002237 | 恒邦股份 | +1.34% | 12.82 | | 600489 | 中金黄金 | +0.68% | 22.28 | | 000506 | 招金黄金 | +0.60% | 11.81 | | 002155 | 湖南黄金 | +0.48% | 21.12 | | 002716 | 湖南自银 | +0.31% | 6.40 | | 600988 | 赤峰黄金 | +0.49% | 30.52 | | 600547 | 山东黄金 | +0.45% | 35.83 | 编辑 ｜ 钉钉 12月5日早盘， 贵金属板块领涨，黄金方向发力 ，截至发稿，晓程科技涨超13%，西部黄金、四川黄 金、中金黄金、湖南黄金等纷纷走高。 ...