| 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 | | --- | --- | --- | --- | --- | --- | --- | --- | | 600150 | 中国船舶 | 5.19/Z | 9.60% | -2.18 Z | -4.02% | -3.02 Z | -5.58% | | 002558 | 巨人网络 | 1.35 Z | 8.14% | 8753.79万 | 5.27% | -2.23 Z | -13.42% | | 615009 | 贵州茅台 | 1.26亿 | 3.38% | -1.26 Z | -3.38% | -17.30万 | 0.00% | | 601600 | 中国铝业 | 1.24 Z | 4.85% | -2011.05万 | -0.78% | -1.04亿 | -4.06% | | 600660 | 福耀玻璃 | 8972.64万 | 8.73% | -220.23万 | -0.21% | -8752.41万 | -8.52% | | 601766 | 中国中车 | 8638 ...

2025 年 10 月 19 日 行业研究 本周全球三大交易所电解铜库存创近 5 年同期新高 ——铜行业周报（20251013-20251017） 要点 本周小结：贸易冲突短期压制铜价，后续继续看好铜价上行。截至 2025 年 10 月 17 日，SHFE 铜收盘价 84390 元/吨，环比 10 月 10 日-1.77%；LME 铜收盘 价 10607 美元/吨，环比 10 月 10 日+2.25%。（1）宏观：短期中美经贸摩擦 变化，或造成铜价大幅波动。（2）供需：自由港削减 2025-2026 年铜产量，导 致供给后续仍维持紧张，10-12 月空调排产环比持续改善，随着电网、空调等下 游需求 Q4 环比回升，在消化贸易冲突后，铜价后续有望上行。 库存：国内铜社库环比+6.7%，LME 铜库存环比上周-1.5%。（1）国内港口铜 精矿库存：截至 2025 年 10 月 17 日，国内主流港口铜精矿库存 68.1 万吨，环 比上周+3.1%。（2）全球电解铜库存：截至 2025 年 10 月 13 日，全球三大交 易所库存合计 58.9 万吨，环比 9 月 30 日+4.9%。截至 2025 年 10 月 ...

Investment Rating - The investment rating for the non-ferrous metals industry is "Positive" (maintained) [3] Core Views - The report anticipates a potential upward trend in copper prices due to expected shortages in copper mines, particularly with the global second-largest copper mine, Grasberg, facing production halts. The report suggests that the copper supply-demand balance may shift from tight equilibrium to shortage by 2026 [4] - The report highlights the performance of various metals, including aluminum, lithium, and cobalt, with specific recommendations for companies to watch in each segment [4] Summary by Sections 1. Industry Overview - Recent macroeconomic developments include a new round of US-China trade negotiations and comments from Trump regarding the unsustainability of high tariffs on China [8] 2. Market Performance - The overall performance of the non-ferrous metals sector saw a decline, with the Shanghai Composite Index down 1.47% and the Shenwan Non-Ferrous Metals Index down 3.07%, underperforming the Shanghai Composite by 1.60 percentage points [10][11] 3. Valuation Changes - The PE_TTM for the Shenwan Non-Ferrous Metals Index is 26.96, down 1.78 from the previous week, while the PB_LF is 3.22, down 0.22 [19][22] 4. Copper - Copper prices have seen a decline, with LME copper down 1.86% and SHFE copper down 1.77%. However, the report indicates a potential for price recovery due to supply disruptions and seasonal demand [21][44] 5. Aluminum - Aluminum prices are experiencing fluctuations, with LME aluminum down 0.45% and SHFE aluminum down 0.47%. The report notes a decrease in inventory levels, which may support price stability [33][44] 6. Lithium - Lithium prices are showing mixed trends, with lithium carbonate down 0.27% and lithium spodumene up 0.83%. The report suggests that lithium prices may stabilize due to seasonal demand [73] 7. Cobalt - Cobalt prices have increased, with MB cobalt up 5.40% to $20.98 per pound, driven by changes in export regulations from the Democratic Republic of Congo [86]

2020-2025年1-4月中国十种有色金属产量统计图 数据来源：国家统计局，智研咨询整理 知前沿，问智研。智研咨询是中国一流产业咨询机构，十数年持续深耕产业研究领域，提供深度产业研 究报告、商业计划书、可行性研究报告及定制服务等一站式产业咨询服务。专业的角度、品质化的服 务、敏锐的市场洞察力，专注于提供完善的产业解决方案，为您的投资决策赋能。 上市企业：紫金矿业（601899）,洛阳钼业（603993）,中国铝业（601600）,北方稀土（600111）,江西铜 业（600362）,云南铜业（000878）,驰宏锌锗（600497）,中金黄金（600489）,西部矿业（601168）,盛 和资源（600392） 相关报告：智研咨询发布的《2025-2031年中国有色金属冶炼和压延加工行业市场动态分析及未来趋势 研判报告》 根据国家统计局数据显示：2025年4月中国十种有色金属产量为676万吨，同比增长3.1%；2025年1-4月 中国十种有色金属累计产量为2660万吨，累计增长2.3%。 ...

Core Viewpoint - The company, Western Mining Co., Ltd., will hold a Q3 2025 performance briefing on October 27, 2025, to discuss its operational results and financial status with investors [2][3]. Group 1: Meeting Details - The performance briefing is scheduled for October 27, 2025, from 16:00 to 17:00 [5]. - The meeting will take place at the Shanghai Stock Exchange Roadshow Center and will be conducted in an interactive online format [4][5]. - Investors can submit questions from October 20 to October 24, 2025, through the Roadshow Center website or via the company's email [2][6]. Group 2: Participation Information - Investors can participate in the briefing by logging into the Shanghai Stock Exchange Roadshow Center on the scheduled date and time [4][5]. - The company will address commonly asked questions during the briefing [3][6]. - Contact information for inquiries includes a designated contact person and an email address for question submissions [6].

会议召开时间：2025 年 10 月 27 日（星期一）16:00-17:00 会 议 召 开 地 点 ： 上 海 证 券 交 易 所 上 证 路 演 中 心 （ 网 址 ： https://roadshow.sseinfo.com/） 证券代码：601168 证券简称：西部矿业 公告编号：临 2025-039 西部矿业股份有限公司 关于召开 2025 年第三季度业绩说明会的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 会议召开方式：上证路演中心网络互动 投资者可于 2025 年 10 月 20 日（星期一）至 10 月 24 日（星期五）16:00 前登 录 上 证 路 演 中 心 网 站 首 页 点 击 " 提 问 预 征 集 " 栏 目 或 通 过 公 司 邮 箱 wm@westmining.com 进行提问。公司将在说明会上对投资者普遍关注的问题进 行回答。 西部矿业股份有限公司（以下简称"公司"）将于 2025 年 10 月 25 日发布公 司 2025 年第三季度报告，为便于广大投资者更全面 ...

Investment Rating - The report maintains a "Market Weight" rating for the non-ferrous metals industry, indicating that the industry is expected to perform within ±10% of the market index over the next six months [67]. Core Insights - Silver prices continue to reach new highs, with international gold prices surpassing $4,300 [2]. - As of October 16, 2025, the non-ferrous metals industry has seen a 3.35% increase over the past two weeks, outperforming the CSI 300 index by 3.83 percentage points, ranking 4th among 31 industries [3][13]. - The precious metals sector has risen by 6.04%, while the industrial metals sector has increased by 3.58% during the same period [18]. Market Review - As of October 16, 2025, the COMEX gold price closed at $4,344.30 per ounce, up $828.2 since early September, while the COMEX silver price reached $53.43 per ounce, an increase of $12.68 [6][35]. - The LME copper price stood at $10,620 per ton, with other industrial metals like aluminum at $2,796 per ton and nickel at $15,230 per ton [25][60]. - The rare earth price index was recorded at 204.65, down 22.28 from early September, indicating a need for caution regarding external risk sentiment [42][61]. Industry News - The Ministry of Commerce announced export controls on rare earth-related technologies to safeguard the global supply chain and address illegal acquisition issues [50]. - The World Gold Council noted that overall gold holdings remain low, suggesting potential for future price increases despite current market concerns [50]. Company Announcements - Shenghe Resources expects a net profit increase of 697% to 783% year-on-year for the first three quarters of 2025, driven by favorable market conditions for rare earth products [51][52]. - Northern Rare Earth anticipates a net profit increase of 273% to 287% for the same period, reflecting strong market demand and effective management strategies [53][54]. - Shandong Gold forecasts a net profit increase of 84% to 99% for the first three quarters of 2025, attributed to rising gold prices [57][58]. Investment Recommendations - The report suggests focusing on companies such as Zijin Mining (601899), Xinyi Silver (000426), and Chifeng Jilong Gold (600988) in the precious metals sector [60][63]. - For industrial metals, companies like Western Mining (601168) and Luoyang Molybdenum (603993) are recommended [60][63]. - In the rare earth sector, attention is drawn to Xiamen Tungsten (600549) and Northern Rare Earth (600111) [62][63].

Core Viewpoint - Western Mining experienced a stock price decline of 2.03% on October 16, with a current price of 22.73 CNY per share and a total market capitalization of 54.166 billion CNY [1] Group 1: Stock Performance - Year-to-date, Western Mining's stock price has increased by 50.83%, but it has seen a decline of 6.07% over the last five trading days [1] - The stock has appreciated by 19.76% over the last 20 days and by 40.14% over the last 60 days [1] Group 2: Financial Performance - For the first half of 2025, Western Mining reported a revenue of 31.619 billion CNY, representing a year-on-year growth of 26.59% [2] - The net profit attributable to shareholders for the same period was 1.869 billion CNY, reflecting a year-on-year increase of 15.35% [2] Group 3: Shareholder Information - As of October 10, the number of shareholders for Western Mining reached 118,900, an increase of 4.76% from the previous period [2] - The average number of circulating shares per shareholder decreased by 4.54% to 20,042 shares [2] Group 4: Dividend Distribution - Since its A-share listing, Western Mining has distributed a total of 10.723 billion CNY in dividends, with 6.911 billion CNY distributed over the last three years [3] Group 5: Institutional Holdings - As of June 30, 2025, Hong Kong Central Clearing Limited was the third-largest circulating shareholder, holding 117 million shares, a decrease of 12.1887 million shares from the previous period [3] - Southern CSI 500 ETF was the eighth-largest circulating shareholder, increasing its holdings by 3.3228 million shares to 24.8459 million shares [3] - Guotou Securities Co., Ltd. entered as the tenth-largest circulating shareholder with 21.98 million shares [3]

Core Viewpoint - The report highlights a decline in China's iron ore production, with a significant drop in both April 2025 and the cumulative production for the first four months of 2025 compared to the previous year [1] Industry Summary - According to the National Bureau of Statistics, China's iron ore raw ore production in April 2025 was 84.7 million tons, representing a year-on-year decrease of 4.9% [1] - The cumulative iron ore raw ore production from January to April 2025 was 328.596 million tons, showing a cumulative decline of 12.2% [1] - The report provides a comprehensive market assessment and development strategy analysis for the iron ore industry in China from 2025 to 2031 [1] Company Summary - Listed companies in the iron ore sector include Hebei Steel Resources, Hainan Mining, Jinling Mining, Dazhong Mining, Western Mining, Ansteel, Taiyuan Iron & Steel, Baotou Steel, Benxi Steel, and Jiugang Hongxing [1]

Investment Rating - The report maintains an "Accumulate" rating for the non-ferrous metals industry [6]. Core Viewpoints - The report expresses optimism for copper prices to rise in the future due to tightening supply and improving demand [4]. - The report highlights that the recent trade conflicts have temporarily suppressed copper prices, but a recovery is expected as downstream demand rebounds in Q4 [1][4]. Supply and Demand Summary - **Supply**: In September 2025, China's electrolytic copper production decreased by 4.3% month-on-month to 1.121 million tons, while year-on-year it increased by 11.6% [3][68]. - **Demand**: The cable industry's operating rate fell by 6.9 percentage points to 58.53% [3][76]. The report notes that air conditioning production is expected to decline year-on-year by 18%, 15%, and 9% for October, November, and December respectively [3][96]. - **Inventory**: Domestic copper social inventory increased by 18.7% compared to September 29, 2025, while LME copper inventory decreased by 0.1% [2][24]. Price and Futures Summary - **Copper Prices**: As of October 10, 2025, SHFE copper closed at 85,910 RMB/ton, up 3.37% from September 30, while LME copper closed at 10,374 USD/ton, down 3.05% from October 3 [1][17]. - **Futures**: The active SHFE copper contract's open interest decreased by 5.6% week-on-week, with a total of 216,000 contracts [4][35]. Investment Recommendations - The report recommends investing in companies such as Zijin Mining, Luoyang Molybdenum, Jincheng Mining, and Western Mining, while keeping an eye on Tongling Nonferrous Metals [4].