有色50ETF（159652）标的指数成分股多数冲高，锂矿股涨幅居前，天齐锂业涨超5%，赣锋锂业涨超4%，洛阳钼业涨超2%，山东黄金、中金黄金等跟涨， 北方稀土等回调。 12月17日，A股市场震荡回调，有色板块震荡冲高！有色50ETF（159652）早盘涨超2%，昨日强势吸金超8300万元，近20个交易日获净申购超6.5亿元，基 金最新规模超35亿元，同指数断层领先！ 【有色50ETF（159652）标的指数前十大成分股】 | 分时 多日 1分 5分 15分 30分 = 综合屏 F9 前复权 超级叠加 画线 工具 @ 2 | | 有色50ETF | | 159652 | | --- | --- | --- | --- | --- | | 159652.SZ[有色50ETF] 2025/12/01 收1.531 幅2.89%(0.043) 开1.528 高1.555 低1.520 均 MA51 1.4521 MA120 1.2391 MA250 1.0661 2025/07/21-2025/12/17(102日)▼ | | | | +0.030 +2.01% | | | | SZSE CNY 11:02:27 ...

1. Report Industry Investment Rating No relevant content provided. 2. Core Views of the Report - Global geopolitical conflicts drive up the risk - aversion sentiment, the People's Bank of China continuously buys gold, and the Fed is still in the interest - rate cut channel, so the gold price is supported. Suggestions are to focus on Zijin Mining and Shandong Gold [5]. - The raw material for copper is in short supply, and the copper price is more likely to rise than fall. Suggestions are to focus on Zijin Mining and Tongling Nonferrous Metals [5]. - For electrolytic aluminum, supply is restricted, new - energy demand contributes to the increase, and the situation of weak supply and strong demand continues. In terms of profit, the alumina production capacity will be gradually released in 2025, the alumina price will continue to decline, and the profit is expected to recover. Suggestions are to focus on Shenhuo Co., Ltd., Yunnan Aluminum Co., Ltd., and Tianshan Aluminum Co., Ltd. [5]. - For energy metals, there are frequent reports of production cuts from overseas supply - side, and signals of production cuts or shutdowns in the whole industry will continue to appear. The lithium price has bottomed out and rebounded as the in - depth integration of production capacity has begun. Suggestions are to focus on Ganfeng Lithium Co., Ltd., Tianqi Lithium Corporation, and Huayou Cobalt Co., Ltd. [5]. - China tightens the tungsten supply, and the market continues to rise with reduced volume. Relevant companies are China Tungsten High - tech Co., Ltd. and Xiamen Tungsten Co., Ltd. [5]. 3. Summary by Related Catalogs Gold - **Price Trend**: Since 2024, the gold price has repeatedly hit new highs. In different quarters from 24Q3 to 25Q3, various factors such as Fed's interest - rate cuts, geopolitical conflicts, inflation, and tariff policies have affected the gold price. In the future, geopolitical, tariff policy changes, market risk preferences, and interest - rate cuts will still impact the gold price [8][13]. - **Supply and Demand**: Gold supply is stable, while global central banks are increasing their gold purchases. In 25Q3, central bank gold - buying demand was 219.85 tons, a 10.2% increase year - on - year. The People's Bank of China restarted the gold - buying channel in November 2024 and has continuously increased its gold holdings [14][21]. - **Stock Recommendations**: Suggestions are to focus on Chifeng Gold, Shandong Gold, Shanjin International, and Zijin Mining. These companies have certain scales and performance flexibility. For example, in the first half of 2025, Shandong Gold's net profit attributable to shareholders was 28.08 billion yuan, a 102.98% year - on - year increase; Chifeng Gold planned to produce 16.0 tons of gold in 2025; Shanjin International's revenue and profit increased significantly; Zijin Mining's net profit attributable to shareholders was 233 billion yuan, a 54% year - on - year increase [22][23]. Copper - **Supply - Demand Situation**: The supply of copper ore is tight, which leads to the increase of copper price and compresses the profit of the smelting end. The copper concentrate treatment and refining charges (TC) have been declining since 2024, reaching - 43.08 US dollars/ton as of December 12, 2025. The difference between LME and COMEX copper inventories has widened, resulting in a short - term regional mismatch in copper supply [26][30]. Electrolytic Aluminum - **Supply**: The domestic electrolytic aluminum production capacity is approaching the ceiling, and the output growth is restricted by power - rationing policies. Overseas, power supply is tight, and there are frequent shutdown events, leading to supply shortages [41]. - **Demand**: From January to October 2025, the domestic electrolytic aluminum demand was 38.7697 million tons, a 5.72% year - on - year increase. The demand for aluminum in the automotive and photovoltaic industries is increasing. Aluminum - bodied new - energy vehicles can increase cruising range and reduce battery costs, and the photovoltaic industry is booming under policy support [42][48]. - **Cost and Profit**: The domestic electrolytic aluminum production capacity restricts the demand for alumina, and with the release of new production capacity, alumina is in oversupply. The decline in alumina price is beneficial to the profit of the electrolytic aluminum sector. Suggestions are to focus on Shenhuo Co., Ltd., Yunnan Aluminum Co., Ltd., and Tianshan Aluminum Co., Ltd. [51][52]. Lithium - **Price and Market**: The price of lithium carbonate has bottomed out and rebounded. The market is generally optimistic about the demand for lithium carbonate next year. With the gradual increase in supply, both supply and demand are booming, and the industry profit is gradually improving [56]. - **Stock Recommendations**: Suggestions are to focus on Tianqi Lithium Corporation, Ganfeng Lithium Co., Ltd., Zhongkuang Resources Co., Ltd., Yongxing Special Materials Co., Ltd., and other companies. The performance and profit expectations of these companies vary [60]. Tungsten - **Supply**: China tightens the tungsten supply, and the global supply is restricted. Regulatory strengthening and declining ore grades affect production capacity release, and supply is generally tight. In April 2025, the Ministry of Natural Resources of China issued the first - batch tungsten ore mining total - volume indicator of 58,000 tons [62][66]. - **Stock Recommendations**: Suggestions are to focus on Xiamen Tungsten Co., Ltd., Zhangyuan Tungsten Co., Ltd., China Tungsten High - tech Co., Ltd., Xianglu Tungsten Co., Ltd., and Jiangxi Tungsten Equipment Co., Ltd. [67].

截至2025年12月16日 14:45，国证有色金属行业指数(399395)成分股方面涨跌互现，中钨高新(000657)领 涨3.05%，雅化集团(002497)上涨2.25%，厦门钨业(600549)上涨0.59%；赤峰黄金(600988)领跌。有色 ETF基金(159880)最新报价1.74元，盘中净申购700万份。 有色ETF基金(159880)，场外联接(A：021296；C：021297；I：022886)。 以上内容与数据，与有连云立场无关，不构成投资建议。据此操作，风险自担。 市场整体回调，资金逆势布局有色板块。中国银河证券指出，2024年行业触底企稳后，2025年宏观预期 的修复，其他资源国矿产资源管制等政策下的供应链扰动、美联储降息周期中的流动性宽松，使有色金 属价格与行业业绩增速持续提升，确立了有色金属行业进入新一轮上行周期。2026年上述逻辑有望继续 推动有色金属商品价格上涨与提升有色金属企业的盈利能力，延续有色金属行业的景气上行行情。美联 储继续降息与可能开启扩表，流动性边际宽松将带动全球黄金ETF基金持续购金，推升金价。铜矿供给 叙事延续，长周期景气向上不改。看好刚果（金）政策调控下 ...

有色金属 证券研究报告 | 行业周报 gszqdatemark 2025 12 14 年 月 日 美联储如期降息，看好金属价格上涨弹性 工业金属：（1）铜：美国铜库存持续流入，非美地区低库存引发逼仓风险。①宏观方面： 周内美联储降息+扩表利好铜价金融属性；②库存端：周内全球铜库存环比增加 1.7 万吨， 其中中国库存增加 0.2 万吨，LME 铜库存增加 0.3 万吨，COMEX 铜库存增加 1.1 万吨；全球 铜库存继续向美国聚集，引发市场对非美地区铜供应紧张的担忧；③供给端：据 Ivanhoe Mines 公告：Kamoa-Kakula 2026 年铜产量目标为 38 万至 42 万吨，中值较 2025 年指引小 幅上调 0.5 万吨，2027 年铜产量目标为 50 万至 54 万吨，中期铜产量目标维持于 55 万吨。 此前公司计划 2025 年产量目标为 52-58 万吨；④需求端：目前虽然终端消费受到一定高铜 价抑制，但低库存状态下，向下空间有限。（（2）铝：经济数据及政策双重托底，短期铝价偏 强震荡。①供给：本周山西地区电解铝企业全部复产产能释放完毕，新疆地区电解铝企业继 续投产，综合来看，本周电解 ...

Investment Rating - The report maintains a "Buy" rating for all key companies listed, including Zijin Mining, Luoyang Molybdenum, and Huayou Cobalt [2][4]. Core Views - The report highlights that the metal prices are expected to continue rising due to the resonance of domestic and foreign fiscal and monetary policies, with a focus on the upcoming economic growth under the "14th Five-Year Plan" [8][21]. - The report emphasizes the strong demand in the lithium battery sector and the ongoing supply constraints in cobalt, indicating a bullish outlook for energy metals [8][83]. Summary by Sections Industry and Stock Performance - The report notes a decline in the Shanghai Composite Index by 0.34% and a 1.10% drop in the SW Nonferrous Index during the week [8]. - Key stocks in the nonferrous metal sector showed varied performance, with significant recommendations for companies like Zijin Mining and Luoyang Molybdenum [2][11]. Base Metals - Aluminum prices decreased by 0.88% to $2875 per ton, while copper prices fell by 0.96% to $11552.5 per ton, with zinc prices increasing by 1.31% to $3139 per ton [12][21]. - The report indicates that the domestic aluminum production capacity is stable at 44.39 million tons, with a slight increase in operational capacity due to high profits [21][23]. Precious Metals - Gold prices increased by 2.42% to $4329.80 per ounce, and silver prices rose by 5.59% to $62.09 per ounce, driven by the Federal Reserve's interest rate cuts [12][68]. - The report suggests a bullish outlook for gold and silver prices, supported by central bank purchases and weakening dollar credit [68][69]. Energy Metals - The lithium market is experiencing stable growth in supply, while demand from the energy storage sector continues to rise, leading to a positive outlook for lithium prices [8][83]. - Cobalt supply remains tight, with the Congo's cobalt export quotas expected to impact the market dynamics positively [8][83]. Other Minor Metals - The report discusses the fluctuations in prices for minor metals, including molybdenum and tungsten, with significant price increases noted for tungsten [15][83]. - The overall sentiment in the minor metals market remains cautious, with a focus on supply-demand dynamics and policy changes [55][85].

2020-2025年1-10月中国氧化铝产量统计图 上市企业：中国铝业（601600）,天山铝业（002532）,南山铝业（600219）,云铝股份（000807）,神火股 份（000933）,中孚实业（600595）,焦作万方（000612）,宏创控股（002379）,闽发铝业（002578）,宁 波富邦（600768） 相关报告：智研咨询发布的《2026-2032年中国氧化铝行业发展模式分析及未来前景规划报告》 根据国家统计局数据显示：2025年10月中国氧化铝产量为787万吨，同比增长5.8%；2025年1-10月中国 氧化铝累计产量为7634.4万吨，累计增长8%。 数据来源：国家统计局，智研咨询整理 知前沿，问智研。智研咨询是中国一流产业咨询机构，十数年持续深耕产业研究领域，提供深度产业研 究报告、商业计划书、可行性研究报告及定制服务等一站式产业咨询服务。专业的角度、品质化的服 务、敏锐的市场洞察力，专注于提供完善的产业解决方案，为您的投资决策赋能。 ...

Group 1: Precious Metals - The report emphasizes the long-term allocation value of precious metals, particularly gold, supported by central bank purchases and a weakening dollar credit system [10][11][44] - Gold demand is expected to remain strong due to central bank purchases, with a total of 219.85 tons purchased in Q3 2025, marking a historical high [18][20] - Silver is projected to experience strong price momentum due to persistent supply-demand gaps and low domestic inventory levels [28][39] Group 2: Copper - The copper mining sector is expected to maintain low growth rates, with a projected supply shortage in 2026 due to ongoing mining and smelting conflicts [12][45] - Global copper production is anticipated to increase by approximately 10,000 tons, 70,000 tons, and 84,000 tons from 2025 to 2027, while smelting capacity is expected to rise by 217,000 tons, 100,000 tons, and 20,000 tons respectively [12][47] - The report suggests focusing on leading companies in the copper sector, such as Zijin Mining and Jiangxi Copper, as supply tightens [2][12] Group 3: Aluminum - The aluminum market is expected to maintain a tight balance, with domestic production growth rates projected at 2.2%, 1.4%, and 0.4% from 2025 to 2027 [3][13] - Demand for aluminum remains resilient, driven by investments in new energy and power grids, with a projected domestic demand growth of 2.6%, 1.0%, and 3.6% over the same period [3][13] - The report highlights the importance of high dividend stocks in the aluminum sector, recommending companies like China Hongqiao and Tianshan Aluminum [3][13] Group 4: Cobalt - The cobalt supply chain is being reshaped by policies in the Democratic Republic of Congo, leading to a significant reduction in global supply, with projections of only 96,600 tons contributed annually from 2026 to 2027 [4][14] - Demand for cobalt is expected to grow, particularly in high-end electric vehicles and solid-state batteries, with a projected global shortage of 32,000 tons and 31,000 tons in 2026 and 2027 respectively [4][14] - Companies benefiting from cobalt price elasticity, such as Huayou Cobalt and Luoyang Molybdenum, are recommended for investment [4][14]

12月12日，A股市场有色金属股普涨，其中，锡业股份、国城矿业、驰宏锌锗、西部矿业涨超3%，金 诚信、中金岭南、中金黄金、上大股份、山金国际、云铝股份涨超2%。 责任编辑：栎树 股票频道更多独家策划、专家专栏，免费查阅>> | 代码 | 名称 | | 涨幅% ↓ | 总市值 | 年初至今涨幅%。 | | --- | --- | --- | --- | --- | --- | | 000960 | 锡业股份 | 1 | 3.49 | 429亿 | 89.59 | | 000688 | 国城矿业 | 1 | 3.42 | 283亿 | 103.45 | | 600497 | 驰宏锌猪 | | 3.41 | 337亿 | 23.51 | | 601168 | 西部矿业 | 兼 | 3.00 | 613亿 | 70.38 | | 603979 | 金诚信 | | 2.87 | 432亿 | 92.53 | | 000060 | 中金岭南 | 泰 | 2.67 | 239亿 | 17.24 | | 600489 | 中金黄金 | | 2.66 | 1085亿 | 91.05 | | 301522 | 上大股份 | 1 ...

格隆汇12月12日｜A股市场有色金属股普涨，其中，锡业股份、国城矿业、驰宏锌锗、西部矿业涨超 3%，金诚信、中金岭南、中金黄金、上大股份、山金国际、云铝股份涨超2%。 ...

登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：000807 证券简称：云铝股份 公告编号：2025-052 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、误导性陈述或者重大 遗漏。 特别提示： 1.本次股东会未出现否决提案的情形。 2.本次股东会不涉及变更以往股东会已通过的决议。 一、会议召开和出席情况 （一）召开时间 1.现场会议召开时间为：2025年12月9日（星期二）上午10:00 2.网络投票时间为：2025年12月9日上午09:15-下午15:00 其中，通过深圳证券交易所交易系统进行网络投票的具体时间为：2025年12月9日上午09:15-09:25， 09:30-11:30和下午13:00-15:00；通过深圳证券交易所互联网投票系统投票的具体时间为：2025年12月9 日上午09:15-下午15:00。 （二）现场会议召开地点：云南铝业股份有限公司（以下简称"云铝股份"或"公司"）一楼会议室。 （三）会议召开方式：本次股东会采用现场表决与网络投票相结合的方式。公司通过深圳证券交易所交 易系统和互联网投票系统向全体股东提供网络形式的投票平台，股东可以在网络 ...