上交所副总经理王泊表示：上交所将继续深化并购重组市场化改革，优化完善规则体系，落实好"并购 六条"；及时回应投资者诉求，继续提升制度包容性、适应性，打造适配科技创新和外资需求的并购重 组制度环境；持续提升监管的科学性、有效性，着力提升监管包容度，充分尊重市场主体的首创精神， 支持各类优质并购案例加快落地，推动形成既"放得活"又"管得好"的并购市场秩序。 ◎记者 孙小程 自《关于深化上市公司并购重组市场改革的意见》（简称"并购六条"）发布以来，一批创新案例密集落 地，A股市场期待已久的新一轮并购潮，终于轮廓初现。 不过，在实操中，如何做好高质量的跨境并购、硬科技标的怎样估值定价等问题，尚未形成共识，仍然 需要在更多实践中找寻答案。 11月12日，在上海证券交易所国际投资者大会上，来自头部上市公司、中介机构的资深并购专家，围绕 上述议题展开了深入探讨。在业内看来，当下阶段的并购交易应当回归产业本质、尊重行业规律、构建 协同效应，从而真正提升企业核心竞争力，培育长期价值。 硬科技并购的"道与术" 最新数据显示，"并购六条"发布以来的重大资产重组中，半数为科技类并购，同比增长287%，标的资 产集中于新兴产业和未来产 ...

Fixed Income Research - The issuance rates for credit bonds have decreased, with overall changes ranging from -10 BP to -3 BP during the period from November 3 to November 9 [2] - The issuance scale of credit bonds has increased on a month-on-month basis, with net financing amounts also rising, except for corporate bonds which showed negative net financing [2] - Secondary market transactions for credit bonds have decreased, while short-term financing bonds saw a slight increase in transaction amounts [2] - Credit spreads have generally narrowed, with most varieties at historical low levels; 1-year credit spreads are within 1%, 3-year and 5-year within 5%, and 7-year around 10% [2] Metal Industry Research - The steel industry is entering a consumption off-season, leading to increased pressure on steel prices; some steel mills are planning maintenance, which may reduce supply [6] - Copper prices are supported by tight supply due to overseas mining accidents, while the impact of U.S. government actions on economic data is being monitored [6] - Aluminum prices are expected to remain volatile due to low alumina prices and domestic demand shifting from strong to weak [6] - Gold prices are influenced by U.S. government actions and geopolitical factors, with long-term trends favoring gold due to central bank purchases and a weakening dollar [6] - Lithium prices are under pressure from production resumption expectations, but strong fundamentals may support prices [6] - Rare earth prices are expected to improve as demand increases with anticipated growth in neodymium-iron-boron production [6][7] Investment Strategy - In the steel sector, policies aimed at stabilizing growth are expected to improve industry profitability, with demand in shipbuilding and construction likely to increase [7] - The copper industry is expected to benefit from tightening global supply and improving demand from key sectors like electric power and new energy vehicles [7] - The aluminum sector is projected to see improved profitability due to strict capacity limits and demand growth from new energy vehicles [8] - Gold remains attractive in the long term due to macroeconomic factors and geopolitical tensions [8] - The rare earth sector is poised for reevaluation due to export controls and strategic importance, with ongoing demand from robotics and new energy sectors [8][9] - Cobalt supply is expected to be constrained, while demand from electric vehicles and energy storage will likely keep the market tight [9]

两融数据显示，该股最新融资余额为69.22亿元，近5日增加1.60亿元，增幅为2.37%。（数据宝） 11月11日紫金矿业大宗交易一览 | 成交量（万 | 成交金额（万 | 成交价格 | 相对当日收盘折溢价 | 买方营业部 | 卖方营业 | | --- | --- | --- | --- | --- | --- | | 股） | 元） | （元） | （%） | | 部 | | 360.00 | 10663.20 | 29.62 | 0.00 | 华泰证券股份有限公 司总部 | 机构专用 | （文章来源：证券时报网） 紫金矿业11月11日大宗交易平台出现一笔成交，成交量360.00万股，成交金额1.07亿元，大宗交易成交 价为29.62元。该笔交易的买方营业部为华泰证券股份有限公司总部，卖方营业部为机构专用。 进一步统计，近3个月内该股累计发生28笔大宗交易，合计成交金额为25.41亿元。 证券时报·数据宝统计显示，紫金矿业今日收盘价为29.62元，下跌1.82%，日换手率为0.81%，成交额为 49.69亿元，全天主力资金净流出3.62亿元，近5日该股累计上涨2.92%，近5日资金合计净流入1.88亿 元。 ...

Investment Rating - The report maintains a "Positive" rating for the steel industry and a "Positive" rating for the non-ferrous metals industry, with "Buy" ratings for specific companies including Luoyang Molybdenum, Zhongjin Gold, Huayou Cobalt, Zijin Mining, and China Aluminum [5]. Core Views - The report indicates an optimistic outlook for the fundamentals of the metal industry, particularly in lithium and rare earths, with expectations of price stabilization in the short term due to various supply and demand factors [2][3][4]. Steel Industry Summary - The steel industry is entering a consumption off-season, with increasing pressure on steel prices due to declining profits at steel mills and planned maintenance leading to expected supply reductions. Short-term steel prices are anticipated to fluctuate [17][24]. - As of November 7, 2025, the total steel inventory was 14.92 million tons, a decrease of 0.60% from the previous period but an increase of 22.87% year-on-year [24]. - The average price of steel on November 7, 2025, was 3,419.80 yuan/ton, reflecting a decrease of 1.09% from the previous period and an 8.08% decline year-on-year [35]. Copper Industry Summary - The copper market is experiencing tight supply due to accidents at major overseas mines, which is providing support for copper prices. The report highlights the importance of upcoming U.S. economic data on copper price trends [4][40]. - As of November 7, 2025, the LME copper spot price was $10,700/ton, a decrease of 1.66% from the previous period [42]. Aluminum Industry Summary - The aluminum sector is facing challenges with low alumina prices impacting profits, while domestic demand is shifting from strong to weak. The report suggests that aluminum prices may continue to fluctuate in the short term [5][44]. - On November 7, 2025, the LME aluminum spot price was $2,800/ton, reflecting a decrease of 1.53% from the previous period [45]. Gold Industry Summary - The gold market is influenced by geopolitical factors and U.S. economic conditions, with recent data showing support for gold prices despite pressure from hawkish Federal Reserve statements. The report emphasizes the importance of monitoring U.S. economic indicators and geopolitical developments [50][52]. Lithium and Rare Earths Summary - The lithium market is expected to see price stabilization in the short term, with the resumption of production at CATL's projects potentially exerting downward pressure on prices. However, strong fundamentals are expected to provide support [3][57]. - The rare earth market is anticipated to improve with increasing demand for neodymium-iron-boron, which is expected to support rare earth prices [3].

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 进一步统计，近3个月内该股累计发生28笔大宗交易，合计成交金额为25.41亿元。该股近5个交易日累 计上涨2.92%，主力资金合计净流入2.28亿元。 责任编辑：小浪快报 11月11日，紫金矿业收跌1.82%，收盘价为29.62元，发生1笔大宗交易，合计成交量360万股，成交金额 1.07亿元。 第1笔成交价格为29.62元，成交360.00万股，成交金额10,663.20万元，溢价率为0.00%，买方营业部为 华泰证券股份有限公司总部，卖方营业部为机构专用。 ...

Investment Rating - The report maintains a positive investment rating for the non-ferrous metals sector, recommending specific companies such as Luoyang Molybdenum, Zijin Mining, and China Aluminum [4]. Core Insights - The non-ferrous metals sector has seen a significant increase in profitability, with overall profits rising year-on-year in Q3 2025. The sector's performance is driven by a new resource cycle, with copper and aluminum showing strong price increases [2][3]. - The report highlights a divergence in performance among sub-sectors, with precious metals, base metals, and energy metals all experiencing different trends in profitability and price movements [2][3]. Summary by Sections Overall Sector Performance - The non-ferrous metals sector has increased by 93.45% since the beginning of 2025, with a 47.02% rise in Q3 2025, ranking it second among sectors [1][9][15]. Sub-sector Analysis - **Base Metals**: In Q3 2025, copper and aluminum prices rose by 5.90% and 5.64% year-on-year, respectively, with net profits increasing by 56% and 38% [2][44]. - **Precious Metals**: Gold prices increased by 39.88% year-on-year, with net profits for the precious metals sector rising by 55.89% [2][44]. - **Energy Metals**: Lithium prices saw a decline of 8.0%, while cobalt prices increased by 49.2% year-on-year, indicating a mixed performance in this sub-sector [2][44]. Investment Recommendations - The report suggests continued optimism for copper and aluminum, driven by expectations of demand growth from AI data centers and a global easing of monetary policy. Key recommended stocks include Luoyang Molybdenum, Zijin Mining, and China Aluminum [3][4]. - For energy metals, the report notes an improvement in the lithium supply-demand balance and recommends companies like Ganfeng Lithium and Huayou Cobalt [3][4]. - In the precious metals sector, the report maintains a long-term bullish outlook on gold prices, recommending stocks such as Western Gold and Shandong Gold [3][4]. Financial Performance - The non-ferrous metals sector's net profit for Q3 2025 increased by 50.92% year-on-year, with a notable rise in gross profit margins [31][32]. - The report indicates that the sales gross margin and net margin have been on an upward trend since 2019, with Q3 2025 showing a recovery in profitability [31][32]. Market Trends - The report identifies a strong performance in the non-ferrous metals sector compared to major indices, with the sector outperforming the Shanghai Composite Index and CSI 300 [15][16]. - The report also notes that the sub-sectors of rare earths and silver have shown particularly strong performance, with significant price increases [19][21].

Investment Rating - The report suggests a positive outlook for the precious metals sector, indicating a potential upward trend in gold prices due to central bank purchases and a favorable macroeconomic environment [3][19]. Core Insights - The report highlights that the central bank's continuous gold purchases over the past 12 months are expected to support gold prices in the long term, with a projected upward adjustment in the price center [3][19]. - The industrial metals sector is anticipated to experience price increases driven by stable supply-demand dynamics, particularly in copper and aluminum, with recommendations for specific companies in these sectors [3][4]. Summary by Sections Market Overview - The Shanghai Composite Index rose by 1.08%, while the non-ferrous metals index fell by 0.04%, underperforming the broader market [4][6]. - Year-to-date, the non-ferrous metals index has increased by 75.83%, outperforming the Shanghai Composite Index by 56.92 percentage points [4][8]. Precious Metals - The report notes a 2.53% decline in precious metals prices over the past week, with a year-to-date increase of 65.43% [9]. - The central bank's gold purchases are expected to continue, with a focus on long-term price stability and potential increases in gold ETF inflows [3][19]. Industrial Metals - Copper production is expected to be impacted by supply disruptions, with a projected 35% decrease in output from Freeport's Grasberg mine due to a recent landslide [3][24]. - The report indicates that aluminum prices are likely to trend upward due to tightening supply-demand conditions, with specific companies recommended for investment [3][40]. Key Companies and Valuations - The report provides valuations for key companies in the non-ferrous metals sector, highlighting their earnings per share (EPS) and price-to-earnings (PE) ratios, indicating potential investment opportunities [17][18].

作者：Sogear 10月29日，被行业称为"铜博士"的伦敦金属交易所（LME）铜期货价格达到11146美元/吨高点，全年累计上涨超过25%。受LME带动，2025年11月上海市场 铜价触及89279元/吨，刷新历史高点。 三重因素助推铜价走强 有别于黄金，推动铜价持续上行的本质在于供需矛盾。国信期货首席分析师顾冯达表示，在供需紧平衡、地缘风险溢价及国内政策预期的多重支撑下，预计 铜价将保持震荡偏强格局。 在供应端，2025年5月，全球第四大铜矿卡莫阿-卡库拉铜矿发生矿震；7月，全球最大地下铜矿埃尔特尼恩特因地震引发矿井坍塌；9月8日，全球第二大铜 矿格拉斯贝格铜矿发生大规模泥石流。 摩根士丹利研究报告指出，基于三起铜矿意外事件，预期2026年铜的供需缺口将进一步扩大。 从需求面来看，一方面，受美国铜进口关税影响，库存与需求地区性错配，加剧非美地区现货供需紧张；另一方面，新经济领域等"新基建"需求，是不可忽 视的铜消费新引擎。 2025年7月，美国宣布对进口铜征收50%的关税。大宗商品交易巨头摩科瑞能源团队预计，高达50万吨铜将改道运往美国，导致主要消费国库存承压。摩科 瑞能源团队预测，LME铜价或突破120 ...

资料显示，紫金矿业集团股份有限公司位于福建省上杭县紫金大道1号,福建省厦门市思明区环岛东路 1811号中航紫金广场B塔,香港九龙柯士甸道西1号环球贸易广场75楼7503A室，成立日期2000年9月6 日，上市日期2008年4月25日，公司主营业务涉及矿产资源勘查和开发。主营业务收入构成为：冶炼产 品60.94%，矿产品36.48%，其他16.83%，贸易8.02%。 紫金矿业所属申万行业为：有色金属-工业金属-铜。所属概念板块包括：钴镍、有色铜、黄金股、小金 属、稀缺资源等。 11月11日，紫金矿业盘中下跌2.02%，截至10:36，报29.56元/股，成交27.40亿元，换手率0.44%，总市 值7856.32亿元。 资金流向方面，主力资金净流出1.98亿元，特大单买入4.15亿元，占比15.14%，卖出4.82亿元，占比 17.59%；大单买入8.00亿元，占比29.21%，卖出9.32亿元，占比34.00%。 紫金矿业今年以来股价涨102.19%，近5个交易日涨2.71%，近20日涨0.20%，近60日涨47.58%。 分红方面，紫金矿业A股上市后累计派现592.77亿元。近三年，累计派现277.72亿 ...

Investment Rating - The report maintains a positive outlook on the metals and new materials industry, particularly highlighting the resilience of the lithium sector and the stability of gold prices due to central bank purchases [3][4]. Core Insights - The report indicates that the central bank's gold purchases are expected to support a stable gold price outlook, while the lithium sector shows unexpected strength, suggesting potential investment opportunities in these areas [3][4]. - The overall performance of the metals sector has been mixed, with significant year-to-date gains in various sub-sectors, particularly in energy metals and copper [10][5]. Weekly Market Review - The Shanghai Composite Index rose by 1.08%, while the Shenzhen Component increased by 0.19%. The non-ferrous metals index slightly declined by 0.04%, underperforming the CSI 300 by 0.86 percentage points [5][4]. - Year-to-date, the non-ferrous metals index has increased by 75.83%, outperforming the CSI 300 by 56.92 percentage points [5][9]. Price Changes - Industrial metals and precious metals saw varied price movements, with copper, aluminum, and lithium prices experiencing fluctuations. For instance, lithium carbonate prices decreased by 2.73% week-on-week [4][10]. - The report notes that the price of copper has decreased by 1.57% to $10,717 per ton, while aluminum prices have shown a slight increase of 1.22% [15][44]. Key Company Valuations - The report provides a detailed valuation of key companies in the metals sector, highlighting their stock prices, earnings per share (EPS), and price-to-earnings (PE) ratios. For example, Zijin Mining has a stock price of 30.17 yuan with a PE ratio of 38 [20]. - Other notable companies include Shandong Gold with a stock price of 35.21 yuan and a PE ratio of 70, and Huayou Cobalt with a stock price of 64.34 yuan and a PE ratio of 36 [20]. Supply and Demand Analysis - The report highlights that the supply of copper is tightening due to increased demand from the manufacturing sector, with the operating rates for copper products showing positive trends [29][4]. - In the aluminum sector, the report notes a decrease in the operating rates of downstream processing enterprises, indicating potential supply constraints in the future [44][45].