【国泰海通金属｜周论与调研】关注供给扰动带来的板块机会 本周调研： 公司：天山铝业 时间：1月29日周四上午11:00 地点：上海市浦东新区 ☎联系人：梁琳18811312831 公司：华峰铝业 时间：1月29日周四下午16:00 地点：上海市金山区 ☎联系人：梁琳18811312831 金银：贵金属价格继续上行。 北美地缘政治事件发酵，投资者对美元、美债的担忧上升，受益于美元贬值和避险需求，贵金属继续上行并突破 关键价格。 展望2026年，我们认为央行购金和黄金ETF持仓份额的上升，将继续成为支撑黄金价格的重要因素。 本周调研： 公司：天山铝业 时间：1月29日周四上午11:00 地点：上海市浦东新区 ☎联系人：梁琳18811312831 公司：华峰铝业 时间：1月29日周四下午16:00 地点：上海市金山区 ☎联系人：梁琳18811312831 金银：贵金属价格继续上行。 北美地缘 【国泰海通金属｜周论与调研】关注供给扰动带来的板块机会 白银来看，伦敦白银租赁利率有所下降，但美国白银库存下降速度较快。 矿供给有所改善，锡矿加工费反弹，锡锭高价下，下游多观望为主。 近期期货端多空博弈激烈，价格波动加大，后续 ...

有色金属板块持续攀升，盛达资源、铜陵有色、豫光金铅、华峰铝业盘中创新高，白银有色7连板，锌 业股份、怡球资源涨停，电工合金、鹏欣资源、北方铜业、中国铝业、中色股份跟涨。 ...

证券之星消息，1月27日工业金属板块较上一交易日上涨0.01%，白银有色领涨。当日上证指数报收于 4139.9，上涨0.18%。深证成指报收于14329.91，上涨0.09%。工业金属板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | | --- | --- | --- | --- | --- | --- | --- | | 601212 | 白银有色 | 12.55 | 9.99% | 745.46万 | | 90.05 Z | | 600531 | 豫光金铅 | 20.49 | 9.98% | 285.55万 | | 57.72亿 | | 603132 | 金徽股份 | 20.16 | 9.98% | 49.86万 | | 28886 | | 000603 | 盛达资源 | 61.16 | 7.96% | 84.49万 | | 51.13亿 | | 601702 | 华隆铝业 | 23.70 | 5.01% | 22.71万 | | 5.35亿 | | 002824 | 和胜股份 | 24.03 | 3.18% | 15.21万 | | 3.59亿 ...

Investment Rating - The report maintains a "Positive" outlook on the non-ferrous metals industry [5] Core Viewpoints - The gold-silver ratio has broken through 50, indicating that precious metals are likely to lead industrial metals in accelerating price increases. Recent significant price increases in silver reflect a broader trend of rising physical metal prices as a response to the weakening trust in fiat currency systems [7][12] - The long-term debt cycle is entering its late stage, with rising physical metal prices signaling a loss of confidence in existing fiat currency systems. This trend is expected to continue, with precious metals likely to set new historical price records in 2026 [12] - Zinc is viewed as an overlooked foundational material in the context of de-globalization, with favorable supply-demand dynamics suggesting continued price increases. The report highlights the potential for increased demand from re-industrialization efforts in Asia, Africa, and Latin America [13] - The aluminum sector is expected to benefit from geopolitical concerns, with China's electrolytic aluminum industry poised to enjoy valuation premiums due to its supply chain security and competitive advantages [13] Summary by Sections Precious Metals - The report emphasizes the potential for precious metals to lead industrial metals in price increases, driven by a breakdown in the gold-silver ratio and a late-stage long-term debt cycle [7][12] - Specific investment opportunities include companies like Chifeng Jilong Gold Mining (600988) and others in the precious metals sector [7] Zinc Sector - The report identifies zinc as a critical material in the context of re-industrialization, with supply constraints and increasing demand expected to drive prices higher [13] Aluminum Sector - The report highlights the competitive advantages of China's electrolytic aluminum industry, which is expected to benefit from geopolitical tensions and supply chain security [13] Steel Sector - The steel industry is currently facing weak fundamentals as it approaches the seasonal low period before the Spring Festival, with expectations for policy measures to support the industry [14] - Steel production and consumption metrics indicate a slight increase in iron output but a decrease in rebar demand, reflecting a mixed outlook for the sector [19][26] New Energy Metals - The report notes significant increases in lithium and cobalt prices, with production metrics showing substantial year-on-year growth in lithium carbonate output [37][46] - The demand for new energy vehicles remains strong, with production and sales figures indicating continued growth in the sector [41] Industrial Metals - The report discusses the overall upward trend in industrial metal prices, driven by political policy risks and supply reduction expectations [56] - Specific metrics indicate rising copper production and declining refining fees, suggesting a tightening supply environment [57]

Investment Rating - The report maintains a "Positive" outlook on the non-ferrous metals industry [5] Core Insights - The gold-silver ratio has broken through 50, indicating that precious metals are likely to lead industrial metals in accelerating price increases. Recent significant price increases in silver reflect a broader trend of rising physical metal prices as a response to the weakening trust in fiat currency systems [7][12] - The long-term debt cycle is entering its late stage, with rising physical metal prices signaling a loss of confidence in existing fiat currency systems. This trend is expected to continue into 2026, with precious metals likely to set new historical price records [12] - Zinc is identified as an overlooked material in the context of de-globalization, with favorable supply-demand dynamics suggesting continued price increases. The report highlights the potential for increased demand from re-industrialization efforts in Asia, Africa, and Latin America [13] - The aluminum sector is expected to benefit from geopolitical concerns, with China's electrolytic aluminum industry poised to enjoy valuation premiums due to its supply chain security and competitive advantages [13] Summary by Sections Precious Metals - The report emphasizes the importance of precious metals in preserving wealth amid a declining trust in fiat currencies, recommending active investment in this sector [12] Zinc Sector - The report suggests that zinc, as a fundamental material for de-globalization, will see increased demand driven by infrastructure needs in emerging markets, despite current market skepticism [13] Aluminum Sector - The electrolytic aluminum industry in China is expected to benefit from enhanced supply chain security and competitive advantages, with a positive outlook for profitability and valuation [13] Steel Industry - The steel sector is currently facing weak fundamentals as it approaches the seasonal low around the Spring Festival, with expectations for policy measures to support the industry [14] - Steel production has seen a slight increase, but demand for rebar is weakening, indicating a mixed outlook for the sector [19] New Energy Metals - Lithium and carbonate prices have shown significant increases, with production levels rising sharply, indicating strong demand in the new energy vehicle sector [37][41] - The report notes a substantial increase in the production of lithium carbonate and hydroxide, reflecting the growing demand for electric vehicles [37] Industrial Metals - The report indicates that political risks and supply constraints are contributing to an overall increase in industrial metal prices, with copper production expected to rise despite declining refining fees [56][57]

证券之星消息，1月23日工业金属板块较上一交易日上涨2.29%，银邦股份领涨。当日上证指数报收于 4136.16，上涨0.33%。深证成指报收于14439.66，上涨0.79%。工业金属板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | | --- | --- | --- | --- | --- | --- | --- | | 300337 | 银邦股份 | 17.87 | 13.46% | 155.99万 | | 27.01亿 | | 601702 | 华峰铝业 | 23.09 | 10.00% | 21.94万 | | 4.87 C | | 600531 | 豫光金铅 | 16.94 | 10.00% | 133.67万 | | 22.22亿 | | 000751 | 锌业股份 | 5.72 | 10.00% | 212.69万 | | 11.77亿 | | 003038 | 整铂股份 | 18.81 | 10.00% | 19.37万 | | 3.48亿 | | 000603 | 盛达资源 | 51.50 | 10.00% | 39.67万 | ...

声明：市场有风险，投资需谨慎。本文为AI大模型基于第三方数据库自动发布，任何在本文出现的信 息（包括但不限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，不构成 个人投资建议。受限于第三方数据库质量等问题，我们无法对数据的真实性及完整性进行分辨或核验， 因此本文内容可能出现不准确、不完整、误导性的内容或信息，具体以公司公告为准。如有疑问，请联 系biz@staff.sina.com.cn。 责任编辑：小浪快报 根据喜娜AI异动分析，华峰铝业涨停原因可能如下，公司治理优化+海外业务拓展+土地资源获取： 1、 公司近期进行了一系列治理结构改革，取消监事会、增加董事会席位、修订32项制度，有利于提升决策 效率和规范运作水平。同时设立香港子公司、增加外汇衍生品交易额度，积极拓展国际市场，战略布局 主动性增强。 2、公司完成对关联公司华峰普恩的收购，获得毗邻厂区的土地资源，可解决产能紧张问 题。此外，公司完善外汇衍生品和期货套保管理制度，强化风险管理体系，还制定了未来三年股东回报 规划，现金分红比例不低于15%。 3、从行业来看，华峰铝业主营铝板带箔研发、生产和销售，产品广 泛应用于汽车、空调热交 ...

证券日报网讯 1月20日，华峰铝业在互动平台回答投资者提问时表示，公司产品销往全球多个国家和地 区，其中包含部分欧盟成员国。关于公司营业收入的区域分布情况，公司严格按照信息披露相关规定， 在定期报告中对境内及境外的营业收入情况进行了分类披露，可查阅公司在上海证券交易所网站及法定 信息披露媒体发布的定期报告了解相关详情。公司目前对欧盟市场的销售主要通过境内主体直接向境外 客户出口的方式实现。公司将继续稳健经营，积极开拓内外销市场。 （文章来源：证券日报） ...

Core Viewpoint - The air conditioning aluminum foil industry is experiencing fluctuations in production due to varying market demands, with a projected increase in production in 2024 followed by a decline in 2025 due to rising inventory levels [1][7]. Industry Overview - Air conditioning aluminum foil is a critical material in the air conditioning manufacturing sector, known for its lightweight, corrosion resistance, and thermal conductivity [1][3]. - The industry is divided into non-coated and coated aluminum foil, with the latter gaining traction in recent years due to its enhanced functionality [3]. Production Trends - China's air conditioning aluminum foil production saw a significant drop to 860,000 tons in 2022, a 14% decrease year-on-year, due to the impact of the pandemic [1][7]. - In 2023, production began to recover, and by 2024, it is expected to reach 1,060,000 tons, a 1.9% increase from the previous year [1][7]. - However, a forecast for 2025 indicates a decline to 1,020,000 tons, a reduction of approximately 40,000 tons or 3.8% [1][7]. Industry Chain - The upstream of the air conditioning aluminum foil industry includes raw materials such as bauxite, alumina, electrolytic aluminum, and recycled aluminum [5]. - The production of electrolytic aluminum is crucial, with China's output projected to grow from 35.13 million tons in 2019 to 44.00 million tons by 2024 [5][6]. Competitive Landscape - The air conditioning aluminum foil market is characterized by a diverse competitive landscape, with large companies dominating due to scale and technology, while smaller firms seek market opportunities through flexible strategies [9]. - Key players include Jiangsu Dingsheng New Material Co., Ltd., Guangdong Dongyangguang Technology Holdings Co., Ltd., and Jiangsu Chang Aluminum Group Co., Ltd., among others [9][10]. Development Trends - Technological innovation is driving the industry forward, with companies investing in R&D to enhance product quality and performance [11]. - Environmental policies are pushing the industry towards more sustainable practices, creating opportunities for the development of recyclable and biodegradable aluminum foil materials [12]. - The industry is expected to undergo consolidation and restructuring, optimizing the industry structure and improving production efficiency [13].

截至减持股份计划公告披露日前，尤小华持有公司无限售流通股25,000,000股，占公司总股本的 2.50%。上述股份均来源于公司首次公开发行股票前持有的股份。 尤小华为控股股东、实控人及一致行动人。尤小华与公司实控人尤小平为兄弟关系，持有公司控股股东 华峰集团4.8861%股份，担任华峰集团的董事。 2026年1月9日至2026年1月15日，尤小华通过集中竞价及大宗交易方式累计减持公司股份21,629,200股， 占公司总股本的2.17%，减持总金额为413,708,935.83元，本次减持计划已实施完毕。 中国经济网北京1月16日讯 华峰铝业（601702）(601702.SH)昨日晚间发布控股股东之一致行动人减持计 划实施完毕暨减持股份结果公告。公司于2026年1月15日收到尤小华出具的《关于所持上海华峰铝业股 份有限公司股份减持计划实施结果的告知函》。 ...