Core Viewpoint - The price of gold has reached a new historical high of $3,245.45 per ounce, driven by various factors including geopolitical tensions and economic conditions [2] Precious Metals - Gold prices are being supported by strong demand for safe-haven assets due to fluctuating U.S. tariff policies and a declining trend in real interest rates as the Federal Reserve enters a rate-cutting cycle [2] - Recent U.S. CPI data was below expectations, and rising unemployment rates have increased expectations for interest rate cuts, further supporting gold prices [2] - The People's Bank of China has increased its gold holdings for the fifth consecutive month, boosting market confidence [2] Industrial Metals - HSBC reports that concerns over a global recession have been overstated, leading to a reassessment of investment preferences towards copper and aluminum assets [2] - The decision by the U.S. to delay aggressive tariffs for 90 days is expected to provide upward price momentum for copper and aluminum commodities, along with related company stocks [2] - Anticipated new stimulus policies in China are expected to further drive price increases in industrial metals [2]

作者 | 独行侠 数据支持 | 勾股大 数 据（www.gogudata.com） 美国 "对等"关税震撼全球金融市场。隔夜，美股 三大股指均刷新近 5年来最大单日跌幅纪录 ， 美元指数一日暴跌近 2%，10年期美债收益 率 盘中一度跌破 4%，创下自去年10月以来的最低水平。 但黄金稳如泰山。 昨日， COMEX黄金下跌不足1%，现价超3130美元/盎司，较年初的2640美元仍上涨18.8%，引发关注。 此前疯狂的铜也崩了，昨日大跌 4.5%，但今年以来仍大涨19.75%（期间最大涨幅高达34%），压过黄金之表现。 那么，接下来的铜怎么看？又孕育着什么机会呢？ 01 今年 3月26日，美铜刷新历史新高，伦铜则超过10000美元，随后迎来一波剧烈调整。而此前轰轰烈烈的大涨，又是为何？我们不妨分阶段复 盘一下背后的驱动因素。 去年 11月初至12月，国际铜价迎来一波流畅下跌，回到当年8月担忧美国经济衰退时的水平。彼时，市场情绪悲观，交易 特朗普 上台，会兑 现竞选承诺，对外普征高额关税，扰动全球经济增长，进而影响铜需求。 翻年之后，铜价止跌快速上行（ 1月2日-1月16日），其核心逻辑是 市场对特朗普关税政策预 ...

北方铜业: 股票交易异常波动公告 针对股价异常波动情况，公司对有关事项进行了核查，并通过书面方式对公司控 股股东、实际控制人进行了问询，现将有关情况说明如下： 影响的未公开重大信息； 司的应披露而未披露的重大事项。公司控股股东和实际控制人均不存在关于本公司 的应披露而未披露的重大事项，或其他处于筹划阶段的重大事项； 三、是否存在应披露而未披露信息的说明 证券代码：000737 证券简称：北方铜业 公告编号：2025-14 北方铜业股份有限公司 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、 误导性陈述或重大遗漏。 一、股票交易异常波动的情况介绍 北方铜业股份有限公司（以下简称"公司"）股票（证券简称：北方铜业，证券 代码：000737）于2025年3月24日、2025年3月25日及2025年3月26日连续3个交易日收 盘价格涨幅偏离值累计超过20%，根据《深圳证券交易所交易规则》的有关规定，属 于股票交易异常波动的情况。 二、公司关注及核实的相关情况 （http://www.cninfo.com.cn）为公司指定信息披露媒体，公司所有信息均以在上述 指定媒体刊登的信息为准； 做好信息 ...

证券代码：000737 证券简称：北方铜业 公告编号：2025-14 北方铜业股份有限公司 股票交易异常波动公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、 误导性陈述或重大遗漏。 一、股票交易异常波动的情况介绍 北方铜业股份有限公司（以下简称"公司"）股票（证券简称：北方铜业，证券 代码：000737）于2025年3月24日、2025年3月25日及2025年3月26日连续3个交易日收 盘价格涨幅偏离值累计超过20%，根据《深圳证券交易所交易规则》的有关规定，属 于股票交易异常波动的情况。 3、公司近期经营情况及内外部经营环境未发生重大变化； 4、公司除在证监会指定信息披露媒体上已公开披露的信息外，不存在关于本公 司的应披露而未披露的重大事项。公司控股股东和实际控制人均不存在关于本公司 的应披露而未披露的重大事项，或其他处于筹划阶段的重大事项； 5、控股股东及实际控制人在股票交易异常波动期间不存在买卖公司股票的情形。 三、是否存在应披露而未披露信息的说明 本公司董事会确认，本公司目前没有任何根据《深圳证券交易所股票上市规则》 等有关规定应予以披露而未披露的事项或与该事项有关的筹划 ...

Core Viewpoint - Copper prices are surging due to supply tightness and concerns over U.S. tariffs, with significant price movements observed in recent weeks [1][2]. Group 1: Price Movements - As of March 25, 2024, LME copper briefly reached $10,000 per ton, marking a new high since October 2023, while COMEX copper was priced at $5.138 per pound [1][2]. - Year-to-date, COMEX copper has increased by approximately 25%, outperforming both COMEX gold and silver, which rose by 15% [1]. - The price difference between COMEX and LME copper has exceeded $1,300 per ton, indicating significant market arbitrage opportunities [2]. Group 2: Supply and Demand Dynamics - The supply of copper concentrate is tight, leading to increased processing fees and concerns about smelting capacity, particularly following maintenance announcements from major producers [3]. - A large influx of refined copper, estimated at 100,000 to 150,000 tons, is expected to arrive in the U.S. in the coming weeks, as traders redirect shipments initially intended for Asia [2]. - Domestic copper futures have also surged, with SHFE copper contracts reaching 81,900 yuan per ton, reflecting a daily increase of 1.17% [2]. Group 3: Future Demand Drivers - The ongoing recovery of China's manufacturing sector and advancements in AI technology are expected to significantly boost copper demand [4]. - The deployment of AI hardware and the upgrade of semiconductor manufacturing equipment are anticipated to increase the demand for high-precision copper products [4]. - Recent collaborations, such as the agreement between Northern Copper and Huawei, highlight the industry's focus on digital transformation and infrastructure development [3]. Group 4: Price Forecasts - Analysts predict that copper prices may stabilize around $10,200 per ton by Q4 2025, contingent on U.S. trade policies regarding copper [5]. - Morgan Stanley forecasts a significant increase in global copper demand, projecting a market shortfall of approximately 3 million tons annually by 2030 [5].

Market Overview - On March 24, the Shanghai Composite Index rose by 0.15%, the Shenzhen Component Index increased by 0.07%, and the ChiNext Index saw a slight rise of 0.01%. The total market turnover reached 1.4744 trillion yuan, with over 3,800 stocks declining. Market focus was on tourism and hotel, insurance, chemical, and industrial metal sectors [1]. Key Stocks - In the automotive parts sector, Xuelong Group achieved a five-day consecutive rise, while Dalian Heavy Industry recorded a four-day rise. Shaoyang Hydraulic, Zhenhua Heavy Industry, and Yaxing Anchor Chain saw three consecutive days of increases [2]. Top Gainers and Losers - The top gainers included: - Electric Alloy (300697) with a price increase of 20.00% to 17.34 yuan and a turnover of 736.17 million yuan [3]. - Dayang Hydraulic (301079) rose by 19.99% to 34.87 yuan with a turnover of 1.403 billion yuan [3]. - The top losers included: - Zhejiang University New (600797) which fell by 9.96% to 12.74 yuan with a turnover of 4.290 billion yuan [5]. Institutional Trading - The top net selling stocks included: - Dalian Heavy Industry with a net sell of 2.48 billion yuan [6]. - CITIC Heavy Industry with a net sell of 1.85 billion yuan [6]. - The top net buying stocks included: - Electric Alloy with a net buy of 1.05 billion yuan [6]. Specific Company Insights - **Fenda Technology**: Engaged in humanoid robot key component development and has established partnerships with major brands in smart wearable devices and smart speakers [9][10]. - **Xuelong Group**: Invested indirectly in Yushu Technology and focuses on energy-saving and intelligent cooling systems for commercial vehicles [12]. - **Northern Copper Industry**: Involved in copper and gold mining, with expectations of asset injections and support from state-owned enterprises [15]. Trading Dynamics - The trading dynamics showed significant activity with institutions actively buying and selling various stocks. For instance, T Wang net bought 1.35 billion yuan in Yaxing Anchor Chain and 1.1 billion yuan in CITIC Heavy Industry [21].

Core Viewpoint - Northern Copper Industry has seen a significant increase in stock price, with the non-ferrous metal ETF fund (516650) experiencing over 10 million inflows in the past 10 days [1][3]. Group 1: Market Performance - As of March 24, 2025, the CSI Non-ferrous Metal Industry Theme Index (000811) rose by 1.55%, with Northern Copper Industry hitting the daily limit, Jiangxi Copper up by 5.72%, and Baotai Co. up by 5.13% [3]. - The non-ferrous metal ETF fund (516650) increased by 1.50% [3]. - Over the past two weeks, the non-ferrous metal ETF fund has accumulated a rise of 1.53% and a net subscription of 10.6644 million yuan [3]. Group 2: Fund Characteristics - The management fee for the non-ferrous metal ETF fund is 0.50%, and the custody fee is 0.10%, which are the lowest among comparable funds [3]. - The tracking error for the non-ferrous metal ETF fund over the past month is 0.005%, indicating the highest tracking precision among comparable funds [3]. Group 3: Index Composition - As of February 28, 2025, the top ten weighted stocks in the CSI Non-ferrous Metal Industry Theme Index account for 49.57% of the index, including Zijin Mining, China Aluminum, Northern Rare Earth, and others [4].

Core Viewpoint - Northern Copper Industry and Huawei signed a comprehensive cooperation agreement to leverage their respective strengths in the digital transformation of the non-ferrous metal industry and other technological advancements [1] Group 1: Partnership Details - The agreement was signed on February 20 at Huawei's headquarters in Shenzhen [1] - The collaboration aims to establish a long-term, comprehensive, and stable partnership based on mutual benefits [1] Group 2: Areas of Cooperation - The partnership will focus on digital transformation in the non-ferrous metal industry, industrial internet platforms, and scenario-based applications [1] - It will also involve the construction of information infrastructure, data governance planning and implementation, and the development of smart mines/factories [1] - Additionally, there will be an emphasis on digital talent cultivation [1]

证券代码：000737 证券简称：北方铜业 公告编号：2025-12 北方铜业股份有限公司 第十届监事会第一次会议决议公告 本公司及监事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、 误导性陈述或重大遗漏。 一、 监事会会议召开情况 北方铜业股份有限公司（以下简称"公司"）第十届监事会第一次会议于2025 年1月23日在公司办公楼三楼会议室以现场结合通讯表决方式召开。会议通知于公司 2025年第一次临时股东大会选举产生第十届监事会成员后，经全体监事同意豁免会 议通知时间要求，以现场通知、电话通知等形式送达至全体监事。本次会议应出席 监事3名，实际出席监事3名，全体监事一致推举王小政先生主持本次会议。本次会 议的召集、召开及表决程序符合《公司法》和《公司章程》的有关规定，会议合法 有效。 二、监事会会议审议情况 2、审议通过《关于选举第十届监事会主席的议案》 同意选举王小政先生为第十届监事会主席，任期三年，自本次监事会审议通过 之日起至第十届监事会届满之日止。 表决结果：同意 3 票，反对 0 票，弃权 0 票。 具体内容详见公司同日刊登在巨潮资讯网(www.cninfo.com.cn)及《上海证 ...

证券代码：000737 证券简称：北方铜业 公告编号：2025-11 北方铜业股份有限公司 第十届董事会第一次会议决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误 导性陈述或重大遗漏。 一、董事会会议召开情况 北方铜业股份有限公司（以下简称"公司"）第十届董事会第一次会议于2025 年1月23日在公司办公楼三楼会议室以现场结合通讯表决方式召开。会议通知于公司 2025年第一次临时股东大会选举产生第十届董事会成员后，经全体董事同意豁免会 议通知时间要求，以现场通知、电话通知等形式送达至全体董事。本次会议应出席 董事9名，实际出席董事9名，全体董事一致推举魏迎辉先生主持本次会议。本次会 议的召集、召开及表决程序符合《公司法》和《公司章程》的有关规定，会议合法 有效。 二、董事会会议审议情况 1、审议通过《关于豁免董事会通知时限的议案》 表决结果：同意9票，反对0票，弃权0票。 2、审议通过《关于选举第十届董事会董事长的议案》 同意选举魏迎辉先生为公司第十届董事会董事长，任期三年，自本次董事会审 议通过之日起至第十届董事会届满之日止。 表决结果：同意 9 票，反对 0 票，弃权 ...