本报讯(记者袁传玺)天眼查工商信息显示，近日，合肥星能玄光科技有限责任公司发生工商变更，新增 蚂蚁集团旗下上海云玚企业管理咨询有限公司、紫金矿业（601899）股权投资管理(厦门)有限公司等为 股东，同时，注册资本由约665万元增至约902.5万元。 ...

证券时报·数据宝统计显示，紫金矿业今日收盘价为28.00元，下跌0.50%，日换手率为0.83%，成交额为 47.82亿元，全天主力资金净流出5343.83万元，近5日该股累计下跌3.38%，近5日资金合计净流出18.10 亿元。 紫金矿业11月24日大宗交易平台共发生2笔成交，合计成交量40.60万股，成交金额1136.80万元。成交价 格均为28.00元。从参与大宗交易营业部来看，机构专用席位共出现在2笔成交的买方或卖方营业部中， 合计成交金额为1136.80万元，净卖出1136.80万元。 进一步统计，近3个月内该股累计发生29笔大宗交易，合计成交金额为24.72亿元。 11月24日紫金矿业大宗交易一览 | 成交量 | 成交金额 | 成交价格 | 相对当日收盘折 | | 买方营业部 | 卖方营 | | --- | --- | --- | --- | --- | --- | --- | | （万股） | （万元） | （元） | 溢价（%） | | | 业部 | | 33.00 | 924.00 | 28.00 | 0.00 | 国泰海通证券股份有限公司总部 | | 机构专 | | | | | | | | ...

Investment Strategy Overview - The report maintains a standard rating for the non-ferrous metals industry, highlighting the positive outlook for copper and aluminum, while emphasizing the potential for rare metals and lithium to rise due to supply-demand dynamics and technological advancements [1][3]. Copper Industry - The copper supply-demand landscape is influenced by ongoing global supply disruptions and a favorable macroeconomic environment, with expectations for price increases supported by a global interest rate cut cycle [3][21]. - Domestic copper production is projected to slow down due to tightening copper concentrate supplies and low smelting fees, while demand from the renewable energy sector and AI electronics is expected to continue rising [3][50]. - In the first three quarters of 2025, China's refined copper production reached 889.5 million tons, a year-on-year increase of 13.14%, driven by significant contributions from recycled copper and improved smelting technology [3][28]. Aluminum Industry - The aluminum market is characterized by rigid supply constraints and differentiated demand, with prices expected to rise due to strong demand from the renewable energy sector and gradual recovery in the real estate market [3][55]. - Domestic aluminum production is supported by stable bauxite supply and increasing imports, with a notable rise in imported bauxite by 33.6% year-on-year [3][59]. - The report indicates that the aluminum price is likely to maintain an upward trajectory due to the ongoing economic recovery and the anticipated demand from various sectors [3][55]. Strategic Metals - The rare earth supply is expected to stabilize, but demand needs to be boosted, particularly from sectors like electric vehicles and renewable energy [3][4]. - Tungsten supply is projected to remain tight due to resource depletion and environmental regulations, while demand is stable, driven by applications in hard alloys and emerging technologies [3][4]. - Lithium production is set to benefit from the rapid expansion of energy storage and solid-state battery technologies, with a significant increase in demand anticipated [3][4]. Precious Metals - Gold is expected to maintain its upward momentum due to declining dollar credit and ongoing central bank purchases, despite short-term volatility [3][5]. - The report highlights that gold's monetary attributes are likely to be reinforced amid geopolitical tensions and a global trend towards de-dollarization [3][19]. Investment Recommendations - The report suggests focusing on companies such as Tianshan Aluminum (002532), Luoyang Molybdenum (603993), and Western Mining (601168) for industrial metals, while recommending Xiamen Tungsten (600549) and Xingye Silver Tin (000426) for small metals and new materials [6]. - For energy metals, Ganfeng Lithium (002460) and Tianqi Lithium (002466) are highlighted as key players to watch [6]. - In the precious metals sector, Zijin Mining (601899) and Chifeng Jilong Gold Mining (600988) are recommended due to their potential for price appreciation [6].

Core Points - The Shanghai Investment Products Index (000102) closed at 7055.9 points, up 0.15%, with a trading volume of 61.914 billion yuan and a turnover rate of 1.18% [1] - Among the index constituents, 23 stocks rose while 26 fell, with Arctech leading the gainers at 4.57% and Huayou Cobalt leading the decliners at 2.48% [1] Index Constituents Summary - The top ten constituents of the Shanghai Investment Products Index include: - Zijin Mining (6.27% weight, latest price 28.00, down 0.50%, market cap 744.171 billion yuan) in the non-ferrous metals sector [1] - China Shipbuilding (5.26% weight, latest price 35.49, up 3.59%, market cap 267.084 billion yuan) in the defense sector [1] - Northern Rare Earth (5.01% weight, latest price 44.84, up 1.68%, market cap 162.1 billion yuan) in the non-ferrous metals sector [1] - Longi Green Energy (4.99% weight, latest price 18.76, down 0.42%, market cap 142.164 billion yuan) in the power equipment sector [1] - Luoyang Glass (4.67% weight, latest price 15.35, up 1.12%, market cap 328.403 billion yuan) in the non-ferrous metals sector [1] - Sany Heavy Industry (4.48% weight, latest price 20.51, up 1.23%, market cap 186.764 billion yuan) in the machinery sector [1] - China Shenhua (3.91% weight, latest price 41.20, down 2.07%, market cap 818.583 billion yuan) in the coal sector [1] - TBEA (3.86% weight, latest price 21.52, up 0.47%, market cap 108.736 billion yuan) in the power equipment sector [1] - Guodian NARI (3.79% weight, latest price 22.15, down 0.40%, market cap 177.911 billion yuan) in the power equipment sector [1] - Huayou Cobalt (3.73% weight, latest price 58.20, down 2.48%, market cap 110.353 billion yuan) in the non-ferrous metals sector [1] Capital Flow Analysis - The net inflow of main funds into the index constituents totaled 216 million yuan, while retail funds saw a net outflow of 27.9793 million yuan [1] - Major stocks with significant net inflows include: - China Shipbuilding with a net inflow of 569 million yuan [2] - TBEA with a net inflow of 13.2 million yuan [2] - Shaanxi Coal and Chemical with a net inflow of 89.1999 million yuan [2] - Notable stocks with net outflows include: - Huayou Cobalt with a net outflow of 60.246 million yuan [2] - China National Railway with a net outflow of 45.0979 million yuan [2]

11月24日，紫金矿业大宗交易成交40.6万股，成交额1136.8万元，占当日总成交额的0.24%，成交价28 元，较市场收盘价28元持平。 | 交易日期 | 证券简称 | 证券代码 | 成交价(元) 成交金额(万元) 成交量(*) 买入营业部 | | | | | 类出营业部 | 是否为专场 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 2025-11-24 | 繁杂乱,不 | 668 TO9 | 28 | 924 | 33 | 用费漫画览器服份 | 机构专用 | | 图 | | 2025-11-24 | 紧金矿业 | 601899 | 28 | 212.8 | 7.6 | 史曾是有里身主要 | 机构专用 | | Ka | ...

Core Viewpoint - The non-ferrous metal sector is experiencing mixed performance, with opportunities for low-cost investments in specific sub-sectors, particularly in the electrolytic aluminum segment, driven by anticipated demand growth and price increases through 2026 [1][2]. Group 1: Market Performance - As of November 24, 2025, the non-ferrous metal industry index (399395) shows mixed results among its constituent stocks, with Dongyangguang (600673) leading gains at 5.68%, followed by Placo New Materials (300811) at 5.42%, and Hailiang Co. (002203) at 4.31% [1]. - The non-ferrous ETF fund (159880) is currently priced at 1.67 yuan [1]. Group 2: Sector Insights - The non-ferrous sector is viewed as presenting a buying opportunity, particularly in segments that have been undervalued [1]. - The electrolytic aluminum sector is highlighted for its high dividend yield as a defensive strategy, with expectations of demand growth and price increases continuing into 2026 [1]. - The outlook for industrial metals is positive, driven by U.S. fiscal expansion and the high copper-aluminum price ratio, which may lead to increased demand for aluminum [1]. Group 3: Index Composition - As of October 31, 2025, the top ten weighted stocks in the non-ferrous metal industry index (399395) include Zijin Mining (601899), Luoyang Molybdenum (603993), and Northern Rare Earth (600111), collectively accounting for 52.91% of the index [2].

智通财经APP获悉，东方证券发布研报称，全球第二大铜矿Grasberg宣布重启和复产计划，预计未来产 量持续增长。该行认为，在中期矿端干扰被逐渐排除的情况下，如Grasberg、Cobre Panamá等铜矿的重 新恢复正常生产或将显著贡献矿端增量，铜矿供给端的紧张局势有望得到缓解。另指铜冶炼费或存边际 向上改善空间，关注中期铜冶炼企业的投资机会。 东方证券主要观点如下： 全球第二大铜矿Grasberg宣布重启和复产计划，预计未来产量持续增长 26-27年铜冶炼产量增速或低于铜矿供给端，铜冶炼费有望边际向好 在中期矿端干扰被逐渐排除、大型铜矿有望复产的预期下，26-27年铜矿供给端放量增速或较25年显著 提升，据测算26-27年铜矿产量增速同比可达3.3%、5.3%。当前海外多家冶炼厂因铜精矿紧缺、成本高 企而收缩产能，叠加国内中游铜冶炼端"反内卷"政策措施落地的预期，中期铜冶炼产量增速或低于铜矿 供给端。该行认为，铜冶炼费或存边际向上改善空间，关注中期铜冶炼企业的投资机会。 投资建议与投资标的 铜冶炼端：建议关注全国最大铜冶炼企业之一、且具有米拉多铜矿资源放量提升铜精矿自给率预期的铜 陵有色(000630. ...

Investment Rating - The industry investment rating is maintained as "Positive" [4] Core Insights - The Grasberg copper mine has announced a resumption plan, with expectations for mid-term copper smelting fees to have upward potential [2] - The global second-largest copper mine, Grasberg, is expected to resume large-scale production by Q2 2026, maintaining a copper output of 1 billion pounds (approximately 454,000 tons) in 2026, with an average annual output potentially reaching 1.6 billion pounds (approximately 726,000 tons) from 2027 to 2029 [7] - The resumption of multiple copper mines is anticipated to alleviate supply tensions, with the Cobre Panamá mine also expected to restart production, contributing an additional 300,000 to 350,000 tons of copper metal annually [7] - The growth rate of copper smelting output from 2026 to 2027 is expected to be lower than that of copper supply, indicating potential marginal improvement in smelting fees [7] - Investment opportunities are suggested in major copper smelting companies like Tongling Nonferrous Metals (000630, Buy) and Zijin Mining (601899, Buy), with other notable mentions including Jiangxi Copper (600362, Not Rated) and Luoyang Molybdenum (603993, Not Rated) [7] Summary by Sections Industry Overview - The report focuses on the non-ferrous and steel industries, highlighting the dynamics and trends affecting these sectors [1] Copper Mining Sector - Grasberg's production is expected to stabilize and grow, contributing to a projected copper production growth rate of approximately 3.3% in 2026 [7] - The reopening of Cobre Panamá is also a significant factor in easing supply constraints [7] Copper Smelting Sector - The anticipated growth in copper smelting output is expected to lag behind the supply side, suggesting a favorable outlook for smelting fees [7] - Investment recommendations are made for companies with strong resource bases and production expansion potential [7]

2025年11月24日早盘，A股三大股指集体高开。从盘面上看，6G、光通信、AI应用、BC电池、算力硬 件概念股活跃；锂矿、水产题材回调。截至 09:54，中证A500指数下跌0.09%，成分股方面涨跌互现， 广汽集团10cm涨停，张江高科上涨7.30%，光启技术上涨4.94%；润和软件领跌，江特电机、雅化集团 跟跌。 A500ETF嘉实(159351)紧密跟踪中证A500指数，均衡布局各行业优质核心资产。 没有股票账户的投资者可以通过A500ETF嘉实联接基金(022454)一键布局A股500强。 华泰证券发布A股策略研报称，近期AI叙事起争论、流动性有所收紧、区域扰动构成了市场波动加大的 底色，当前市场调整已初步具备空间感，对应9月下旬市场中枢位或有较强支撑，后续伴随着海外流动 性预期改善、国内资金压力减弱、市场情绪进一步消化，行情走势环境或更加健康。配置上，当前市场 估值接近"合理"中枢，若超调则可适度提升仓位，配置上围绕中期主线、重视安全边际，关注低位内需 消费、国产算力、创新药等，继续持有大金融以降低波动性。 数据显示，截至2025年10月31日，中证A500指数前十大权重股分别为宁德时代、贵州茅台 ...

Investment Rating - The industry investment rating is "Outperform" [3] Core Views - The report highlights ongoing speculation regarding interest rate cuts, with a focus on gold and copper markets. The expectation for a December rate cut remains uncertain, influenced by mixed employment data and the lack of CPI data due to government shutdowns. Despite fluctuations in market expectations, historical trends suggest that even if a rate cut does not occur, it will not alter the long-term direction for gold [10][11] - The impact of Russia's gold sales is deemed limited, as the country has significantly reduced its gold purchases in 2023 and is primarily selling gold domestically due to sanctions on international transactions. This is expected to have minimal effect on the global market [10] - Copper prices show resilience, remaining stable within the range of $10,600 to $11,000 per ton, supported by strong supply and demand fundamentals. Recent production guidance from Freeport has been adjusted downward, indicating a tighter supply outlook for 2026 [11] Summary by Sections Gold Market - The ongoing debate over interest rate cuts is affecting gold prices, with December cut probabilities fluctuating between 30% and 70%. The report suggests that the direction for gold remains positive regardless of short-term rate cut outcomes [10] - Russia's gold reserves are over 2,300 tons, but their recent sales are not expected to significantly impact international gold prices due to domestic selling constraints [10] Copper Market - Copper prices have shown strong resilience, not following broader market declines. The report notes a recent increase in the operating rate of copper rod production, indicating robust demand [11] - Freeport's production guidance for copper has been revised downwards, suggesting a tighter supply situation moving forward [11] - The report anticipates further upward adjustments in earnings expectations for copper mining stocks due to ongoing fiscal expansion and liquidity conditions [11] Market Performance - The report indicates that the non-ferrous metals index has underperformed the broader market, with a decline of 6.75% recently. Specific sectors such as lithium and gold have shown varying performance, with lithium stocks performing relatively better [12]