截至2025年11月17日 14:29，中证细分有色金属产业主题指数(000811)下跌0.58%。成分股方面涨跌互现，盛新锂能(002240)领涨10.01%，中矿资源(002738) 上涨10.00%，雅化集团(002497)上涨10.00%；中孚实业(600595)领跌7.88%，中国铝业(601600)下跌4.55%，云铝股份(000807)下跌4.47%。有色 50ETF(159652)下跌0.39%，最新报价1.53元。拉长时间看，截至2025年11月14日，有色50ETF近1周累计上涨1.59%。 流动性方面，有色50ETF盘中换手5.7%，成交1.61亿元。拉长时间看，截至11月14日，有色50ETF近1月日均成交1.67亿元。 值得一提的是，有色50ETF(159652)盘中获资金逆市加仓，截至目前，该基金盘中已获净申购6200万份，按盘中成交均价估算，净申购金额已超9400元。 | | 有色50ETF 159652 | ਐ | | --- | --- | --- | | | | 十〇 | | 实时申购赎回信息 | 申购 | 赎回 | | 筆数 | 54 | 4 | | 金额 | 0 | 0 ...

花旗发表研究报告指，紫金矿业常务副总裁林泓富预期金价仍有上升空间，而集团专注于黄金，目标 2030年年产量达100吨，当中三成增长来自内部产能提升，七成来自收购，特别是在南美与非洲地区。 对于铜的展望，林泓富认为因新矿床探勘难度日益增加，资本开支周期可能延长，同时预期2035年铜需 求将强劲增长至每年4,000万吨。目前仅处于超级周期的开始。公司将积极寻求收购铜矿资源，认为金 矿亦存在并购机会。至于锂，公司将聚焦现有项目，目标2028年年产能达20至25万吨。该行现予其目标 价39港元及"买入"评级。 ...

证券研究报告·行业跟踪周报·有色金属 有色金属行业跟踪周报 美国政府重启缓解流动性担忧，降息预期左 右贵金属短期价格走向 增持（维持） [Table_Tag] [Table_Summary] 投资要点 ◼ 回顾本周行情（11 月 10 日-11 月 14 日），有色板块本周上涨 1.07%，在全部一级 行业中排名靠前。二级行业方面，周内申万有色金属类二级行业中贵金属板块上涨 2.77%，能源金属板块上涨 2.47%，工业金属板块上涨 1.56%，小金属板块下跌 1.42%，金属新材料板块下跌 3.22%。工业金属方面，美国政府重启缓解流动性担 忧，工业金属震荡偏强，但在产业旺季末期，以及工业金属价格高位震荡背景下， 进一步的上行空间将依赖于海内外产业供需逻辑的演绎。贵金属方面，本周美联储 鹰派理事博斯蒂克宣布将于明年一季度退休，市场认为届时鸽派实力将占优，下半 周随着更多理事的"鹰派"言论，降息预期大幅回撤，我们认为当下整体宏观框架 仍属做多窗口期，贵金属中期逻辑依旧通顺，看好回调后后市行情。 执业证书：S0600523120001 mengxw@dwzq.com.cn 证券分析师 徐毅达 执业证书：S060 ...

| | 021-63326320 | | --- | --- | | 黄雨韵 | 执业证书编号：S0860125070019 | | | huangyuyun@orientsec.com.cn | | | 021-63326320 | 有色、钢铁行业 行业研究 | 行业周报 当降息预期回摆，关注中期财政发力受益 品种 ——有色钢铁行业周观点（2025 年第 46 周） 核心观点 投资建议与投资标的 风险提示 宏观经济增速放缓；关税影响需求与产业链稳定性；原料价格波动；中美关系变化。 国家/地区 中国 行业 有色、钢铁行业 报告发布日期 2025 年 11 月 17 日 看好（维持） | 刘洋 | 执业证书编号：S0860520010002 | | --- | --- | | 香港证监会牌照：BTB487 | | | liuyang3@orientsec.com.cn | | | 021-63326320 | | | 李一涛 | 执业证书编号：S0860124120001 | | liyitao@orientsec.com.cn | | | 西芒杜项目顺利投产，铁矿供给格局变革 | 2025-11-11 | | ...

近期，国际金价高位震荡，国内首饰金价格也居高不下，不少品牌黄金珠宝商足金饰品报价突破1300 元/克大关，回收价则突破900元/克大关。在此背景下，黄金消费出现新趋势，轻克重黄金产品、金条 等受到消费者青睐。 金价维持高位 11月16日，周大福足金饰品报价为1315元/克，工艺金章金条类报价为1153元/克，黄金增值服务金价为 1138元/克，黄金回收服务金价为901元/克。 同日，六福珠宝足金饰品报价为1313元/克；周生生足金饰品报价为1310元/克。 11月以来，国际金价维持高位震荡走势。11月14日，COMEX黄金报价达到4084.4美元/盎司，收盘跌幅 为2.62%。 业内人士普遍认为，今年下半年以来，受全球地缘局势不确定性加剧、美元指数波动等因素影响，国际 黄金价格保持强劲走势，带动国内零售端价格同步上行。短期内，黄金价格或仍将维持高位震荡，若相 关经济数据进一步推升避险情绪，金价仍有上行空间。对于消费者而言，若以投资为目的，需关注国际 金价波动；若以佩戴需求为主，建议根据自身预算合理选择购买时机。 分化成关键词 中国黄金协会最新数据显示，2025年前三季度，我国黄金消费量为682.73吨，同比下 ...

Investment Rating - The report maintains a positive outlook on the metals and new materials industry, indicating a high prosperity trend despite fluctuating interest rate expectations [3][4]. Core Views - The report highlights that the non-ferrous metals index outperformed the broader market indices, with significant year-to-date gains across various metal categories, particularly energy metals and precious metals [5][9]. - The report suggests that the recent interest rate cuts and ongoing geopolitical developments will continue to influence metal prices positively, particularly for gold and silver [4][22]. Weekly Market Review - The Shanghai Composite Index decreased by 0.18%, while the non-ferrous metals index increased by 1.07%, outperforming the CSI 300 by 2.15 percentage points [5]. - Year-to-date, the non-ferrous metals index has risen by 77.71%, significantly outperforming the CSI 300 by 60.09 percentage points [8]. Price Changes and Industry Key Companies Valuation - Precious metals saw a price increase, with gold prices rising by 1.91% and silver by 4.51% [14]. - The report provides detailed price changes for various metals, including copper, aluminum, and lithium, indicating a mixed performance with some metals experiencing price increases while others faced declines [15][17]. - Key companies in the industry are highlighted with their respective valuations, showing a range of price-to-earnings (PE) and price-to-book (PB) ratios, indicating potential investment opportunities [19][20]. Precious Metals - The report notes an increase in gold ETF holdings, reflecting growing investor confidence in gold as a safe-haven asset [22]. - The gold-silver ratio is reported at 78.3, suggesting potential shifts in demand dynamics between these two precious metals [23]. Industrial Metals - The report discusses the supply and demand dynamics for copper, noting a decrease in domestic social inventory and fluctuations in production rates [28]. - For aluminum, the report indicates an increase in downstream processing rates and a tightening supply-demand balance, suggesting a positive price outlook [42][44]. Small Metals - The report highlights the tight supply conditions for cobalt due to export restrictions from the Democratic Republic of Congo, while lithium prices continue to rise due to strong demand in energy storage [9][17].

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - In Q3 2025, the scale of public offering fixed - income + funds increased significantly compared to the previous quarter, reaching a record high, with the increment mainly coming from secondary bond funds, possibly due to institutional funds such as insurance funds and wealth management [2][7]. - The concentration of leading institutions has increased. The proportion of the top ten fund companies in the fixed - income + fund scale has risen from 43.0% in Q2 2025 to 46.0% in Q3 2025 [2]. - The equity position of fixed - income + funds has risen to the highest level since Q1 24, with obvious increased allocation to equities. The funds mainly increased their holdings in the manufacturing sector while also considering finance, technology, and basic industries [2]. - Fixed - income + funds' top ten heavy - position stocks are relatively stable overall, and the ten stocks with the most increased holdings are mainly concentrated in the technology field [2]. - In Q3 2025, convertible bond funds and secondary bond funds became the main forces for increasing convertible bonds. Fixed - income + funds continued to prefer convertible bonds in the banking sector, but the proportion of bank - sector convertible bonds decreased, while the proportions of convertible bonds in the power equipment, non - bank finance, and agriculture, forestry, animal husbandry, and fishery industries increased significantly [2][3]. - There is no significant correlation between the scale of fixed - income + funds and their yield distribution characteristics. The income of small - and medium - scale products is more elastic, and in Q3 2025, the proportion of products with positive income is 83.49%, with an average yield of about 3.16% [3][66]. 3. Summaries According to Relevant Catalogs 3.1 Overall Scale: Secondary Bond Funds Become the Main Force for Expansion - Fixed - income + funds are a hybrid investment strategy that uses fixed - income assets as the core allocation and enhances returns through a small amount of equity - asset allocation. Their scale increased rapidly in Q2 and Q3 25, reaching over 2.5 trillion yuan again in Q3 25 [7]. - In Q3 2025, the scale of public offering fixed - income + funds increased significantly compared to the previous quarter, reaching a record high. The total net asset value of fixed - income + funds was about 2.75 trillion yuan, a significant increase of 0.5 trillion yuan from Q2 25, with a month - on - month increase of 23.2%. The increment mainly came from secondary bond funds, whose scale exceeded that of primary bond funds and became the largest type of fixed - income + funds [2][7]. - The number of fixed - income + funds increased slightly in Q3 2025, also reaching a record high. The proportion of secondary bond funds in the total market's net asset value increased significantly, while the proportions of primary bond funds and partial - debt hybrid funds decreased slightly [10][13]. - The significant increase in the scale of secondary bond funds in Q3 may be mainly due to institutional funds such as insurance funds and wealth management. For example, the proportion of secondary bond funds in bank wealth - management bond - fund investments increased by 6.3 pct month - on - month to 8.9%, and the investment scale increased by 0.06 trillion yuan to 0.09 trillion yuan [2][14]. 3.2 Institutional Scale: Concentration of Leading Institutions Increases 3.2.1 Stock Scale Ranking - In Q3 2025, the proportion of the top ten public - offering fund companies in the fixed - income + fund scale increased month - on - month, and the industry concentration increased. The proportion of the top five fund companies increased from 26.2% in Q2 2025 to 28.9% in Q3 2025, and the proportion of the top ten increased from 43.0% to 46.0% [20]. - As of the end of September 2025, the top ten fund companies in the fixed - income + fund scale were E Fund, Invesco Great Wall Fund, Fullgoal Fund, Huatai - PineBridge Fund, Bosera Fund, China Merchants Fund, GF Fund, China Europe Fund, China Asset Management, and Penghua Fund [20]. 3.2.2 Stock Scale Changes - In Q3 2025, the scale changes of different - scale fund companies in the fixed - income + fund field showed significant differentiation. Large - scale public - offering fund companies had a scale increase far exceeding the industry average, while small - and medium - sized fund companies had little scale change, and some even shrank [26]. - Different types of fund companies also showed significant differentiation in the scale growth of fixed - income + funds in Q3 2025. Private - equity - affiliated fund companies led with an increase of 85.89 billion yuan, followed by securities - affiliated and bank - affiliated fund companies, while insurance - affiliated fund companies had a contraction of 3.6 billion yuan [29]. - In Q3 2025, leading institutions became the main force for growth. The top ten public - offering fund companies in the scale growth of fixed - income + funds were Invesco Great Wall Fund, Fullgoal Fund, Bosera Fund, Huatai - PineBridge Fund, China Europe Fund, E Fund, Yongying Fund, Penghua Fund, GF Fund, and Huashang Fund [30]. 3.3 Asset Allocation Changes: Increase in Equity Position 3.3.1 Changes in the Allocation of Major Asset Classes of Fixed - Income + Funds - According to Q3 2025 data, the asset - allocation structure of fixed - income + funds was adjusted, and the stock position rose to the highest level since Q1 24. The market - wide market - value proportions of stocks, bonds, and cash in fixed - income + funds in Q3 25 were 8.9%, 87.1%, and 1.4% respectively, with corresponding scale increases of 1020.9 billion yuan, 3759.6 billion yuan, and 35.8 billion yuan compared to Q2 25 [35]. - Except for convertible bond funds, the stock - holding proportions of other types of bond funds increased to varying degrees compared to the previous quarter, while the bond - holding proportions decreased to varying degrees [39]. 3.3.2 Changes in Stock - Asset Investment - Fixed - income + funds' equity assets are mainly invested in the manufacturing sector. In Q3 2025, the manufacturing sector accounted for about 63% of the investment scale, followed by the mining, finance, and information transmission, software, and information technology services industries, with a total proportion of about 24% [47]. - In Q3 2025, the manufacturing industry was the most significantly increased industry, with a scale increase of 634 billion yuan and a proportion increase of 6.03 percentage points. The mining and information transmission, software, and information technology services industries also had increased investment, while the power, construction, real estate, and education industries had reduced investment [49]. - In Q3 2025, the top ten heavy - position stocks of fixed - income + funds were relatively stable overall. Zijin Mining, CATL, and Tencent Holdings remained in the top three, and technology stocks such as Alibaba - W, Zhongji Innolight, Luxshare Precision, and SMIC entered the top ten. The overall allocation direction of the top ten heavy - position stocks continued to hold the growth sector [50]. - The ten stocks with the most increased holdings by fixed - income + funds in Q3 2025 were mainly concentrated in the technology field, and 8 of them also entered the top ten heavy - position stocks of public - offering funds in the same quarter [52]. 3.3.3 Changes in Convertible - Bond Asset Investment - Among fixed - income + funds, convertible bond funds and secondary bond funds are the main holders of convertible bonds. In Q3 2025, convertible bond funds and secondary bond funds became the main forces for increasing convertible bonds, while primary bond funds and partial - debt hybrid funds reduced their holdings [53][55]. - Overall, about 11.19% of fixed - income + funds' assets were allocated to convertible bonds in Q3 2025. Only the convertible - bond position of convertible bond funds increased month - on - month, while the positions of other fixed - income + funds decreased [55]. - Among the top five heavy - position bonds of fixed - income + funds, financial bonds and treasury bonds dominated in Q3 2025, with a total proportion of about 80%, and convertible bonds accounted for 7.5% [56]. - Among the top five heavy - position bonds of fixed - income + funds in Q3 2025, bank - sector convertible bonds still dominated, but the proportion decreased, while the proportions of convertible bonds in the power equipment, non - bank finance, and agriculture, forestry, animal husbandry, and fishery industries increased significantly [61]. - The top ten convertible bonds with the most increased holdings by fixed - income + funds in Q3 2025 were mainly concentrated in the banking, non - bank finance, and power equipment sectors, and 8 of them also entered the top ten in the convertible - bond holding scale of fixed - income + funds in the same quarter [65]. 3.4 Performance - According to Q3 2025 data, there is no significant correlation between the scale of fixed - income + funds and their yield distribution characteristics. The income of small - and medium - scale products is more elastic. In Q3 2025, the proportion of products with positive income was 83.49%, and the average yield was about 3.16% [66]. - The top ten fixed - income + funds with outstanding performance in Q3 2025 included Huaan Zhilian Hybrid (LOF), Southern Changyuan Convertible Bond, etc. These funds achieved excess returns through flexible allocation of equity positions such as technology and convertible - bond assets [67]. - Among the top ten heavy - position stocks of fixed - income + funds with a quarterly yield of over 18% in Q3 2025, the technology - growth sector dominated, and the holdings were relatively decentralized, reflecting the differentiated positioning of different fixed - income + products' investment strategies [68].

2025 年 11 月 16 日 行业研究 10 月下游消费商精炼铜库存创 2015 年以来新低 ——铜行业周报（20251110-20251114） 要点 本周小结：短期铜价震荡，需求修复后仍看好铜价上行。截至 2025 年 11 月 14 日，SHFE 铜收盘价 86900 元/吨，环比 11 月 7 日+1.12%；LME 铜收盘价 10846 美元/吨，环比 11 月 7 日+1.41%。（1）宏观：短期宏观扰动减弱。（2）供需： 自由港削减 2025-2026 年铜产量，供给后续仍维持紧张；本周线缆企业开工率 在铜价上行中仍有回升，Q4 电网旺季效应仍存；2025/11-2026/1 空调排产同比 下降，但空调排产环比持续改善；供需仍将维持偏紧格局，铜价在短期震荡后后 续仍有望继续上行。 库存：国内铜社库环比-1.1%，LME 铜库存环比-0.4%。（1）国内港口铜精矿库 存：截至 2025 年 11 月 14 日，国内主流港口铜精矿库存 64.8 万吨，环比上周 +2.9%。（2）全球电解铜库存：截至 2025 年 11 月 10 日，全球三大交易所库 存合计 62.1 万吨，环比 11 月 3 ...

有色金属周报 20251116 美政府重启，流动性改善有助价格表现 2025 年 11 月 16 日 ➢ 本周（11/10-11/14）上证综指下跌 0.18%，沪深 300 指数下跌 1.08%，SW 有 色指数上涨+0.20%，贵金属 COMEX 黄金+1.91%，COMEX 白银+4.51%。工业金属 价格铝、铜、锌、铅、镍、锡分别变动 +0.99%、- 1.30%、+0.49%、 +0.49%、- 1.98%、 +0.99%；工业金属 LME 库存铝、铜、锌、铅、镍、锡分别变动+0.57%、- 0.13%、+11.68%、+9.22%、- 0.40%、+0.99%。 ➢ 工业金属：美政府停摆结束，经济数据走弱推动降息预期，中美关税和谈，国内 "十五五"规划落地，未来不改价格上行趋势。铜方面，SMM 进口铜精矿指数-42.21 美元/干吨，环比-0.17 美元/吨，坦桑尼亚港口运行效率仍然偏低。宏观上美国消费者 信心指数跌至三年低位，劳动力市场持续降温，降息预期升温，美元指数下行，对铜价 形成支撑；铝方面，10 月国内电解铝运行产能环比持平，国内供应持稳，海外冰岛某 铝厂因电气设备故障减产，莫桑比克某铝 ...

【外交部：#反华势力炮制新疆强迫劳动谎言#】#外交部回应美方机构抹黑中国#11月14日，外交部发言 人林剑主持例行记者会。彭博社记者提问，摩根士丹利正面临美国众议院中国特设委的调查，调查该银 行在承销紫金黄金国际公司公开募股时是否进行了尽职调查，争议在于这笔交易可能帮助了中国企业紫 金矿业。而紫金矿业因涉嫌在新疆使用"强迫劳工"而被美国列入黑名单。外交部对该调查有何评 论？"我不了解你提到的商业行为。"林剑对此表示，所谓新疆存在"强迫劳动"，完全是反华势力炮制的 谎言。我想说的是，一个惯于无中生有、抹黑中国的美方机构，反复翻炒一个早已被事实揭穿的虚假叙 事，无理打压中国企业，只会让世人进一步看清这个机构毫无信誉、大搞政治操弄的本质，最终伤及美 方自身的利益和信誉。（@北京日报 记者 刘晓琰 视频来源：环球时报） ...