丨证券研究报告丨 行业研究丨行业周报丨金属、非金属与采矿 [Table_Title] 重视银金比修复，内外共振铜铝普涨突破 王鹤涛 肖勇 叶如祯 王筱茜 肖百桓 SAC：S0490512070002 SAC：S0490516080003 SAC：S0490517070008 SAC：S0490519080004 SAC：S0490522080001 SFC：BQT626 SFC：BUT918 SFC：BWM115 报告要点 [Table_Summary] 大非农延续弱势，衰退交易重归下重视贵金属补涨行情。本周，美国初请失业金人数大增，非 农就业数据疲软，经济预期进一步下修。而同时，美国 8 月消费者物价同比整体符合预期，强 滞胀担忧有所缓和。更弱的经济数据致使市场进一步押注 9 月 50BP 降息概率。学习效应下， 市场再度转向聚焦降息后的再通胀风险，银金比显著修复。当前再关注黄金降息交易的同时， 也应重视银金比修复下白银的弹性。基本金属：一方面，海外方面，弱就业、稳通胀数据下， 美联储降息预期进一步增强，催化大宗商品走强，另一方面，国内稳增长政策预期增强，也提 振内需展望。 分析师及联系人 [Table_A ...

数据显示，中信保诚基金旗下1只基金重仓华通线缆。中信保诚盛裕一年持有期A（011713）二季度持 有股数10.77万股，占基金净值比例为1.28%，位居第四大重仓股。根据测算，今日浮盈赚取约14.43万 元。 中信保诚盛裕一年持有期A（011713）成立日期2021年6月22日，最新规模1.11亿。今年以来收益 2.92%，同类排名7318/8174；近一年收益3.01%，同类排名7740/7981；成立以来亏损3.78%。 中信保诚盛裕一年持有期A（011713）基金经理为孙惠成、吴秋君。 9月12日，华通线缆涨5.03%，截至发稿，报27.99元/股，成交1.87亿元，换手率1.35%，总市值143.03亿 元。 资料显示，河北华通线缆集团股份有限公司位于河北省丰南经济开发区华通街111号，成立日期2002年6 月21日，上市日期2021年5月11日，公司主营业务涉及从事电线电缆的研发、生产与销售业务。主营业 务收入构成为：电线电缆及其他87.20%，连续管及作业装置9.73%，其他(补充)3.07%。 从基金十大重仓股角度 截至发稿，孙惠成累计任职时间2年3天，现任基金资产总规模1.85亿元，任职期间最 ...

Core Viewpoint - The release of the "Power Equipment Industry Stabilization Growth Work Plan (2025-2026)" by three government departments is a significant positive development for the industry, aiming to ensure steady growth and quality improvement in the power equipment sector [1][7]. Summary by Sections Overall Requirements - The plan emphasizes the need to adhere to the new development philosophy, promote high-quality development, and support the green and low-carbon transition in the energy sector [8]. Main Goals - The primary objectives for 2025-2026 include maintaining an average revenue growth rate of around 6% for traditional power equipment, ensuring stable revenue growth for new energy equipment, and achieving a 10% average revenue growth rate for leading enterprises [5][9]. Work Measures - **Improving Equipment Supply Quality**: Focus on enhancing the supply level of power equipment through technological breakthroughs and innovation in key components [10]. - **Expanding Domestic Effective Demand**: Leverage major energy projects to stabilize demand for power equipment and promote the development of wind and solar energy projects [10]. - **International Market Expansion**: Strengthen cooperation with emerging market countries in the wind, solar, and energy storage sectors, encouraging enterprises to explore overseas markets [11]. - **Accelerating Equipment Promotion and Application**: Implement policies to support the promotion of innovative products in the power equipment sector [12]. - **Optimizing Industry Development Environment**: Foster a competitive environment and establish industry standards to enhance quality and service [12]. - **Strengthening Standard Support**: Improve the standard system in the power equipment sector to drive quality enhancement and equipment updates [13]. - **Promoting Green and Intelligent Transformation**: Integrate new information technologies with power equipment to enhance efficiency and sustainability [13]. - **Enhancing Industry Chain Collaboration**: Support advanced manufacturing clusters in the power equipment sector to stabilize industry growth [14]. Guarantee Measures - **Strengthening Organizational Support**: Encourage collaboration between departments and local governments to stabilize growth in the power equipment industry [15]. - **Enhancing Monitoring and Analysis**: Establish mechanisms for monitoring industry data and addressing growth challenges [15]. - **Reinforcing Financial and Tax Support**: Implement tax incentives and financial services to support the high-quality development of the power equipment sector [16].

关于参加 2025 年河北辖区上市公司投资者网上集体 接待日暨 2025 年半年报集体业绩说明会的公告 证券代码：605196 证券简称：华通线缆 公告编号：2025-079 河北华通线缆集团股份有限公司 河北华通线缆集团股份有限公司董事会 为进一步加强与投资者的互动交流，河北华通线缆集团股份有限公司(以下 简称"公司")将参加由河北上市公司协会、河北资本市场之家与深圳市全景网 络有限公司联合举办的"2025 年河北辖区上市公司投资者网上集体接待日暨 2025 年半年报集体业绩说明会"活动，现将相关事项公告如下: 本次活动将采用网络远程的方式举行，投资者可登录"全景路演"网站 (http://rs.p5w.net)，或关注微信公众号:全景财经，或下载全景路演 APP，参 与本次互动交流，活动时间为 2025 年 9 月 15 日(周一)15:00-17:00。 届时公司董事、总经理张书军先生，财务总监兼董事会秘书罗效愚先生将在 线就公司业绩、公司治理、发展战略、经营状况和可持续发展等投资者关心的问 题，与投资者进行沟通与交流，欢迎广大投资者踊跃参与! 特此公告。 本公司董事会及全体董事保证本公告内容不存在任何 ...

9月9日，华通线缆涨5.05%，截至发稿，报27.47元/股，成交1.22亿元，换手率0.90%，总市值140.37亿 元。 资料显示，河北华通线缆集团股份有限公司位于河北省丰南经济开发区华通街111号，成立日期2002年6 月21日，上市日期2021年5月11日，公司主营业务涉及从事电线电缆的研发、生产与销售业务。主营业 务收入构成为：电线电缆及其他87.20%，连续管及作业装置9.73%，其他(补充)3.07%。 从基金十大重仓股角度 国富平衡养老三年混合(FOF)A（008625）基金经理为吴弦、赵星宇。 截至发稿，吴弦累计任职时间5年100天，现任基金资产总规模2.74亿元，任职期间最佳基金回报0%， 任职期间最差基金回报0%。 赵星宇累计任职时间48天，现任基金资产总规模2.74亿元，任职期间最佳基金回报0%， 任职期间最差 基金回报-8.21%。 风险提示：市场有风险，投资需谨慎。本文为AI大模型自动发布，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。 数据显示，国海富兰克林基金旗下1只基金重仓华通线缆。国富平衡养老三 ...

Core Viewpoint - Recently, Huadong Oilfield (Beijing) International Energy Co., Ltd. was established with a registered capital of 10 million yuan, focusing on oil and gas technology services and equipment sales [1] Company Summary - The newly established company has a registered capital of 10 million yuan [1] - Its business scope includes oil and gas technology services, sales of specialized drilling equipment, and research and sales of mechanical equipment [1] - The company is jointly held by Huadong Cable and other stakeholders [1]

Group 1 - The core viewpoint of the news is the performance and financial status of Huadong Cable, which saw a stock price increase of 5.41% to 24.35 CNY per share, with a total market capitalization of 12.443 billion CNY [1] - Huadong Cable's main business involves the research, production, and sales of electrical wires and cables, with revenue composition being 87.20% from cables, 9.73% from continuous pipes and operating devices, and 3.07% from other sources [1] - The company was established on June 21, 2002, and went public on May 11, 2021, indicating a relatively recent entry into the public market [1] Group 2 - According to data, the ICBC Credit Suisse Fund has a significant holding in Huadong Cable, with its fund "ICBC New Materials New Energy Stock" (001158) reducing its stake by 791,900 shares, now holding 1,458,100 shares, which represents 2.16% of the fund's net value [2] - The fund has achieved a year-to-date return of 15.34% and a one-year return of 27.67%, ranking 2837 out of 4222 and 3141 out of 3789 respectively among its peers [2] - The fund manager, Zhang Jianfeng, has been in charge for nearly 9 years, with the fund's total asset size at 5.42 billion CNY and a best return of 100.95% during his tenure [3]

Core Points - Company completed the registration of restricted stock grants on August 1, 2025, resulting in an increase in total shares from 508,242,781 to 511,002,781 [2] - Correspondingly, the registered capital was adjusted from 508,242,781 yuan to 511,002,781 yuan [2] - The capital change was authorized by the company's first extraordinary general meeting of 2025 and approved by the ninth meeting of the fourth board of directors on August 25, 2025 [2] - The company has completed the business change registration and the filing of the Articles of Association, receiving a new business license from the Tangshan Administrative Approval Bureau [2]

证券代码：605196 证券简称：华通线缆 公告编号：2025-078 河北华通线缆集团股份有限公司 关于完成工商变更登记并换发营业执照的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 统一社会信用代码：9113020074017492XD 法定代表人：张文东 注册资本：伍亿壹仟壹佰万贰仟柒佰捌拾壹元整 成立日期：2002 年 6 月 21 日 住所：丰南经济开发区华通街 111 号 经营范围：一般项目:电线、电缆经营；电力设施器材制造；电力设施器材 销售；机械电气设备制造；机械电气设备销售；化工产品销售(不含许可类化工 一、换发公司营业执照的情况概述 根据《上市公司股权激励管理办法》《公司 2025 年限制性股票激励计划（草 案）》的相关规定以及股东会的授权，并经上海证券交易所审核同意，河北华通 线缆集团股份有限公司（以下简称"公司"）于 2025 年 8 月 1 日完成了 2025 年 限制性股票的授予登记工作，取得了中国证券登记结算有限责任公司上海分公司 出具 的《 证券 变更登 记证 明》，公 司股 份总 数由 ...

Group 1 - The stock price of Huadong Cable increased by 5.07% to 22.80 CNY per share, with a trading volume of 139 million CNY and a turnover rate of 1.23%, resulting in a total market capitalization of 11.651 billion CNY [1] - Hebei Huadong Cable Group Co., Ltd. was established on June 21, 2002, and went public on May 11, 2021. The company's main business involves the research, development, production, and sales of electrical wires and cables [1] - The revenue composition of the company is as follows: electrical wires and cables account for 87.20%, continuous pipes and operating devices for 9.73%, and other supplementary sources for 3.07% [1] Group 2 - According to data, one fund under Xinda Australia Fund has a significant holding in Huadong Cable. The Xinda Industrial Upgrade Mixed A Fund (610006) held 739,800 shares in the second quarter, representing 7.42% of the fund's net value, making it the largest holding [2] - The Xinda Industrial Upgrade Mixed A Fund (610006) was established on June 13, 2011, with a latest scale of 176 million CNY. Year-to-date returns are 43.23%, ranking 1022 out of 8254 in its category; the one-year return is 103.69%, ranking 339 out of 8037; and since inception, the return is 223.61% [2] - The fund manager of Xinda Industrial Upgrade Mixed A Fund is Zeng Guofu, who has a cumulative tenure of 17 years and 38 days, with the total asset scale currently at 481 million CNY. The best fund return during his tenure is 109.1%, while the worst is -57.43% [2]