Investment Rating - The report maintains an "Overweight" rating for the copper industry [6]. Core Viewpoints - The copper price is expected to continue rising in 2025 due to tightening supply and improving demand [4]. - The report highlights that the LME and COMEX copper inventories are facing upward pressure, while domestic cable production rates have increased but remain significantly lower than the previous year [1][2]. - The report suggests that the demand for copper will rebound in Q4 2025, driven by the recovery in electric grid and air conditioning needs [1]. Summary by Sections Inventory - Domestic copper social inventory increased by 10.6% week-on-week, while LME copper inventory rose by 11.5% [2]. - As of August 8, 2025, domestic port copper concentrate inventory stood at 620,000 tons, up 18.8% from the previous week [2]. - Global electrolytic copper inventory totaled 472,000 tons as of August 4, 2025, reflecting a 5.0% increase [2]. Supply - The TC spot price increased by $4 per ton week-on-week, currently at -$37.98 per ton, remaining at historically low levels [3][63]. - In July 2025, China's electrolytic copper production reached 1.1743 million tons, up 3.5% month-on-month and 14.2% year-on-year [3][66]. - The report notes a decrease in the price difference between refined copper and scrap copper, indicating potential tightening in scrap supply [2][56]. Demand - The cable industry's operating rate increased by 2.6 percentage points week-on-week, with the current rate at 69.89% [3][75]. - Air conditioning production is projected to decline year-on-year, with expected reductions of 2.8%, 12.7%, and 12.1% for August, September, and October respectively [3][94]. - The report emphasizes that the demand for copper in the power sector remains strong, supported by ongoing investments in power infrastructure [75][82]. Futures - SHFE copper active contract positions decreased by 4% week-on-week, while COMEX non-commercial net long positions fell by 45% [4][32]. - As of August 8, 2025, SHFE copper active contract positions were at 157,000 lots, reflecting a 4.1% decrease from the previous week [4][32]. Investment Recommendations - The report recommends stocks such as Jincheng Mining, Zijin Mining, Luoyang Molybdenum, and Western Mining, while suggesting to pay attention to Tongling Nonferrous Metals [4].

Investment Rating - The report maintains a "Buy" rating for the industry, highlighting several key companies as recommended investments [5]. Core Views - The report emphasizes a positive outlook for industrial metal prices driven by macroeconomic factors, including rising expectations for interest rate cuts by the Federal Reserve and resilient domestic export data [2][4]. - The report identifies specific companies within the sector that are expected to perform well, including Zijin Mining, Luoyang Molybdenum, and China Nonferrous Mining [2][5]. Summary by Sections Industrial Metals - The report notes that the price of industrial metals such as aluminum, copper, zinc, lead, nickel, and tin has shown positive movements, with LME prices for aluminum increasing by 1.69% and copper by 1.40% during the week [1][10]. - The SMM copper concentrate import index increased by $4.03 per ton, indicating a recovery in processing costs [2]. - Domestic aluminum production remains stable, but demand from end-use sectors like home appliances and construction is weak, leading to an increase in social inventory to 564,000 tons [2][21]. Energy Metals - The report highlights the impact of the Democratic Republic of Congo's mining ban on cobalt prices, which are expected to rise significantly [3]. - Lithium prices are anticipated to increase due to recovering demand from downstream battery manufacturers, with market activity showing signs of improvement [3]. - Nickel prices are also expected to remain strong due to tight supply and rising demand for replenishment [3]. Precious Metals - The report indicates that gold prices have surpassed $3,500 per ounce, driven by increased central bank purchases and rising inflation expectations [4]. - Silver prices are also on the rise, supported by its industrial applications and recent price surges [4]. - Key companies in the precious metals sector recommended for investment include Shandong Gold and Zhongjin Gold [4][5]. Company Earnings Forecasts and Valuations - The report provides earnings per share (EPS) forecasts for several companies, with Zijin Mining expected to achieve an EPS of 1.21 yuan in 2024, and Luoyang Molybdenum projected at 0.63 yuan [5]. - The price-to-earnings (PE) ratios for these companies indicate favorable valuations, with Zijin Mining at 17 times and Luoyang Molybdenum at 15 times for 2024 [5].

Group 1 - The core viewpoint of the article highlights the performance and holdings of the Invesco Great Wall State-Owned Enterprise Value Mixed A Fund, which has shown positive returns since its inception [1] - The fund's latest net value is 1.3466 yuan, with a weekly return of 3.11%, a three-month return of 11.11%, and a year-to-date return of 11.74% [1] - The fund was established on May 30, 2023, and as of June 30, 2025, it has a total scale of 295 million yuan [1] Group 2 - The top ten stock holdings of the fund include Zijin Mining, China Mobile, Shenhuo Holdings, Tencent Holdings, China National Offshore Oil Corporation, Chuan Yi Co., Ltd., Sinopharm Group, Zhuhai Smelter Group, Yun Aluminum, and CRRC Corporation, with a combined holding percentage of 52.32% [1]

有色金属行业资金流入榜 | 代码 | 简称 | 今日涨跌幅（%） | 今日换手率（%） | 主力资金流量（万元） | | --- | --- | --- | --- | --- | | 002466 | 天齐锂业 | 3.26 | 5.57 | 41372.67 | | 600392 | 盛和资源 | 4.66 | 18.47 | 28920.23 | | 600366 | 宁波韵升 | 10.02 | 12.07 | 24672.52 | | 601899 | 紫金矿业 | 1.18 | 0.62 | 20524.12 | | 603799 | 华友钴业 | 2.36 | 4.73 | 16963.75 | | 002240 | 盛新锂能 | 3.78 | 6.91 | 16128.92 | | 002738 | 中矿资源 | 5.88 | 6.88 | 12256.66 | | 002460 | 赣锋锂业 | 1.01 | 3.95 | 12256.13 | | 603993 | 洛阳钼业 | 2.95 | 1.11 | 11145.79 | | 000657 | 中钨高新 | 1.73 | 10.00 ...

2024年，金田股份CFO王瑞大幅涨薪至121.29万年薪，但公司的经营状况却难容乐观。2024年，公司营 业收入同比增长12.36%，净利润同比下降13.7%，营业收入与净利润变动背离。除此之外，2024年公司 加权平均净资产收益率为5.6%，且最近三个会计年度加权平均净资产收益率平均低于7%。 2024年，亚太科技CFO罗功武涨薪至115万，ROE及多项营运能力指标持续下降。2022年-2024年，亚太 科技应收账款周转率分别为4.25，3.72，3.47，应收账款周转能力趋弱；总资产周转率分别1.1，1.01， 0.94，总资产周转能力趋弱；加权平均净资产收益率分别为12.77%，10.06%，8.24%，变动趋势持续下 降。 专题：专题|2024年度A股CFO数据报告：美的集团钟铮年薪946万，比亚迪周亚琳896万 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！ 财务总监CFO的地位与作用至关重要。新浪财经《2024年度A股C FO数据报告》显示，2024年A股上市 公司财务总监CFO群体薪酬规模合计达42.70亿元，平均年薪为81.48万元。 着年报披露收官，工业金属行业（ ...

Group 1 - The total salary scale of CFOs in A-share listed companies reached 4.27 billion yuan in 2024, with an average annual salary of 814,800 yuan [1] - The highest annual salary for a CFO in the industrial metals sector was 4.45 million yuan paid to Zijin Mining's CFO, while the lowest was 169,000 yuan paid to Silver Industry's CFO [1] - Eleven listed companies paid their CFOs over one million yuan in annual salary, including Haomei New Materials and Huayu Mining [1] Group 2 - Xinjiang Zhonghe's CFO earned 2.36 million yuan, which is above the industry average, but the company's net profit decreased by 22.94% year-on-year in 2024 [2] - The sales gross margin of Xinjiang Zhonghe has been declining, with figures of 17%, 15.46%, and 10.85% from 2022 to 2024 [2] - Kingtian's CFO received a significant salary increase to 1.21 million yuan, but the company's net profit fell by 13.7% despite a 12.36% increase in revenue [2] Group 3 - The CFO of Asia Pacific Technology received a salary of 1.15 million yuan, while the company's return on equity (ROE) and various operational indicators have been declining [2] - The accounts receivable turnover ratio for Asia Pacific Technology decreased from 4.25 to 3.47 from 2022 to 2024, indicating weakening receivables management [2] - The weighted average ROE for Asia Pacific Technology also showed a downward trend, with figures of 12.77%, 10.06%, and 8.24% from 2022 to 2024 [2]

Group 1 - The A-share market's non-ferrous metal sector has seen over 50 companies release their 2025 mid-year performance forecasts, with more than 80% expecting positive results and nearly 50% anticipating significant growth [1] - The main drivers for performance growth in the sector include rising prices and volumes of mineral products, as well as cost reduction and efficiency improvement measures adopted by companies [1] - For copper companies, four have projected a net profit increase of over 40% year-on-year for the first half of the year, driven by price and sales volume increases, expansion into high-end applications, and cost control measures [1] Group 2 - Hunan Gold expects a net profit of between 613.31 million and 700.92 million yuan for the first half of the year, representing a year-on-year growth of 40% to 60%, primarily due to rising sales prices of gold and antimony products [2] - Zhuhai Group anticipates a net profit of between 560 million and 650 million yuan, with a year-on-year increase of 50.97% to 75.23%, attributed to rising precious metal prices and improved operational efficiency [2] - Hunan Silver forecasts a net profit of between 6 million and 8.5 million yuan, with a year-on-year growth of 3.23% to 46.25%, driven by increased production and favorable market conditions for precious metals [3] Group 3 - Weiling Co. expects to break even with a projected net profit of between 0 and 5 million yuan, marking a year-on-year increase of 100% to 109.82%, due to new multi-metal mining operations and cost reductions [3]

资金流向方面，今日主力资金净流入1.67亿元，占比成交额6.4%。其中，超大单净流入2.46亿元、占成 交额9.41%，大单净流出7892.95万元、占成交额3.01%，中单净流出流出11344.86万元、占成交额 4.33%，小单净流出5403.48万元、占成交额2.06%。 来源：金融界 紫金矿业最新一期业绩显示，截至2025一季报，公司营业总收入789.28亿元、同比增长5.55%，归属净 利润101.67亿元，同比增长62.39%，扣非净利润98.81亿元，同比增长58.76%，流动比率1.026、速动比 率0.704、资产负债率54.89%。 天眼查商业履历信息显示，紫金矿业集团股份有限公司，成立于2000年，位于龙岩市，是一家以从事有 色金属矿采选业为主的企业。企业注册资本263281.7224万人民币，实缴资本263265.7124万人民币。公 司法定代表人为邹来昌。 金融界消息 截至2025年8月8日收盘，紫金矿业（601899）报收于20.54元，上涨1.18%，换手率0.62%， 成交量127.65万手，成交金额26.19亿元。 通过天眼查大数据分析，紫金矿业集团股份有限公司共对外投资了7 ...

消息面上，8月7日，中国人民银行公布的数据显示，截至7月末，我国黄金储备规模7396万盎司，较6月 末增加6万盎司，为连续第9个月增持黄金。此外，周四晚间公布数据显示8月初美国初次申请失业金人 数超出市场预期，短线避险需求升温推动金价走高。值得关注的是，有消息称，美联储理事沃勒被特朗 普团队视作美联储主席的优先人选之一，而沃勒的降息意愿可能是其在特朗普眼中的加分项。 中信期货认为，随着非农数据的暴雷和美股的反转，美国经济短期韧性的交易短期或告一段落，市场重 回美国基本面走弱+降息周期重启的逻辑定价，黄金市场情绪将转向积极。此外，该行提示，美联储换 届节奏的加快，可能带来明年利率路径预期的改变和美联储独立性的忧虑，有望带来价格弹性的放大。 黄金中长期牛市趋势不变，关税路径下的美国基本面延续放缓及降息周期的重启带来中期驱动，美元信 用收缩构筑长期牛市基石。 黄金股延续近期涨势，截至发稿，集海资源(02489)涨4.96%，报1.48港元；潼关黄金(00340)涨4.1%，报 2.03港元；山东黄金（600547）(01787)涨2.9%，报29.78港元；招金矿业(01818)涨2.83%，报22.56港 元；紫 ...

紫金矿业股价创出历史新高，截至10:28，该股上涨1.03%，股价报20.51元，成交量4955.56万股，成交 金额10.13亿元，换手率0.24%，该股最新A股总市值达4222.75亿元，该股A股流通市值4222.59亿元。 公司发布的一季报数据显示，一季度公司共实现营业收入789.28亿元，同比增长5.55%，实现净利润 101.67亿元，同比增长62.39%，基本每股收益为0.3830元，加权平均净资产收益率7.12%。 7月14日公司发布上半年业绩预告，预计实现净利润232.00亿元，同比同比增长54.00%。（数据宝） （文章来源：证券时报网） 两融数据显示，该股最新（8月7日）两融余额为31.85亿元，其中，融资余额为31.54亿元，近10日减少 3131.22万元，环比下降0.98%。 机构评级来看，近10日共有1家机构对该股进行评级，7月31日华泰证券发布的研报给予公司目标价为 25.92元。 证券时报·数据宝统计显示，紫金矿业所属的有色金属行业，目前整体涨幅为0.51%，行业内，目前股价 上涨的有76只，涨幅居前的有宁波韵升、中矿资源、和胜股份等，涨幅分别为10.02%、4.81%、 4. ...