2020-2025年1-7月中国铝合金产量统计图 上市企业：中国铝业（601600）,南山铝业（600219）,明泰铝业（601677）,云铝股份（000807）,新疆众 和（600888）,怡球资源（601388）,豪美新材（002988）,亚太科技（002540）,顺博合金（002996） 相关报告：智研咨询发布的《2025-2031年中国铝合金行业市场运营格局及前景战略分析报告》 根据国家统计局数据显示：2025年7月中国铝合金产量为154万吨，同比增长10.7%；2025年1-7月中国铝 合金累计产量为1062.8万吨，累计增长14.8%。 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。 ...

Summary of Key Points Core Viewpoint - A total of 135 stocks received buy ratings from institutions today, with 17 stocks receiving initial attention from institutions, indicating a strong interest in the market and potential investment opportunities [1]. Institutional Ratings - 140 buy rating records were published today, with 29 of these providing future target prices. 13 stocks have an upside potential exceeding 20%, with AVIC Optoelectronics showing the highest potential at 61.62% [1]. - Notable stocks with high upside potential include Noli Shares at 48.46% and United Imaging Healthcare at 37.22% [1]. - 17 stocks received initial buy ratings from institutions, including Haimeixing and Hengli Hydraulic [1]. Market Performance - Stocks rated with buy ratings saw an average increase of 3.27%, outperforming the Shanghai Composite Index. 119 stocks experienced price increases, with several hitting the daily limit up [1]. - Stocks with significant declines included Noli Shares, Agricultural Bank, and Shoufang Environmental Protection, with declines of 3.23%, 2.93%, and 1.26% respectively [1]. Industry Focus - The most favored industries include power equipment and machinery, each with 17 stocks listed in the buy rating category. The pharmaceutical and communication sectors also attracted attention, with 15 and 6 stocks respectively [2]. - Specific stocks receiving multiple buy ratings include Betaini, Kebo Da, AVIC Optoelectronics, and Yunnan Baiyao, each with two buy ratings [2][3]. Detailed Stock Information - A selection of stocks with buy ratings includes: - Betaini (2 ratings, +2.22% today, PE 40.30) in beauty care - Kebo Da (2 ratings, +10.00% today, PE 27.44) in automotive - AVIC Optoelectronics (2 ratings, +0.57% today, PE 28.83) in defense and military [2][3]. - Other notable stocks include: - Yunnan Baiyao (2 ratings, +1.06% today, PE 14.56) in pharmaceuticals - Zhonglian Heavy Industry (2 ratings, +0.41% today, PE 11.39) in machinery [2][3]. Additional Stock Ratings - Additional stocks with single buy ratings include: - Xuji Electric (1 rating, +2.09% today, PE 18.44) in power equipment - Xugong Machinery (1 rating, -0.20% today, PE 13.29) in machinery - China Rare Earth (1 rating, +2.33% today, PE 174.07) in non-ferrous metals [3][4].

证券研究报告 基础材料 上调 25H2 需求预期，铝价维持乐观 华泰研究 2025 年 9 月 04 日│中国内地 专题研究 铝系列报告一：上调 25H2 需求预期，铝价维持乐观 在电解铝国内供给端接近产能天花板的大背景下，我们持续看好未来铝价的 上行空间，因此从本篇报告开始，我们将分系列分析铝价在未来上行的主要 驱动，并回答市场对于铝价的部分担忧。本篇报告首先将以国内供需为主要 抓手，重点分析光伏、汽车等细分板块的需求变化，来阐述为何我们认为铝 下半年需求应保持乐观预期。综合来看，下半年电解铝的供需关系或依旧偏 紧，考虑绝对库存偏低，我们预计 2025 年下半年铝价或上行至 2.2 万元/吨。 需求：悲观预期扭转，上调 25H2 电解铝消费 受光伏相关政策以及美国关税政策影响，此前市场对 25H2 铝下游需求相对 悲观，但从实际表现及测算来看，我们认为铝消费下半年不宜悲观。光伏方 面，因政策原因 1-5 月国内光伏组件装机量同比增长 149.97%，但抢装后光 伏组件产量并未出现市场预期的大幅度下滑，需求维持韧性，我们预期 25H2 光伏领域对铝需求或环比仍上升 4.9%，25 年全年累计增速达 7.1%。 ...

数据显示，截至2025年8月29日，国证有色金属行业指数(399395)前十大权重股分别为紫金矿业 (601899)、北方稀土(600111)、洛阳钼业(603993)、华友钴业(603799)、中国铝业(601600)、山东黄金 (600547)、天齐锂业(002466)、赣锋锂业(002460)、中金黄金(600489)、云铝股份(000807)，前十大权重 股合计占比50.35%。 有色ETF基金(159880)，场外联接A：021296；联接C：021297；联接I：022886。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。 截至2025年9月4日 09:33，国证有色金属行业指数(399395)上涨0.80%，成分股云南锗业(002428)上涨 3.71%，赣锋锂业(002460)上涨3.60%，华友钴业(603799)上涨2.88%，中矿资源(002738)上涨2.83%，铂 科新材(300811)上涨2.74%。有色ETF基金(159880)上涨0.86%，最新价报1.52元。 消息面上，受美联储9月降息预期强化推动，有色板块走高，钴、铜、稀土等品种集 ...

有色ETF基金（159880）业绩比较基准为国证有色金属行业指数收益率，管理人为鹏华基金管理有限公 司，基金经理为闫冬，成立（2021-03-08）以来回报为51.22%，近一个月回报为23.01%。 来源：新浪基金∞工作室 9月4日，有色ETF基金（159880）开盘涨0.07%，报1.509元。有色ETF基金（159880）重仓股方面，紫 金矿业开盘跌0.56%，洛阳钼业跌0.37%，北方稀土跌1.30%，中国铝业跌0.51%，山东黄金跌0.16%，华 友钴业跌0.36%，中金黄金跌0.06%，赣锋锂业跌0.05%，赤峰黄金涨0.39%，云铝股份跌0.31%。 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。 ...

Market Overview - The non-ferrous metal sector has seen a strong rebound, with the Shenwan Non-Ferrous Metal Index rising by 8.59% over the past two weeks, ranking fifth among 31 primary industries [7] - The market has shown significant structural differentiation, with small metals, precious metals, and new materials performing particularly well, while rare earths, copper, and aluminum have attracted substantial capital [1][2] Precious Metals - Gold and silver prices have strengthened, with COMEX gold closing at $3,516 per ounce, reflecting a year-to-date increase of 31.63%, while silver has risen by 35.88% [1][17] - The demand for gold from global central banks continues to rise, enhancing its financial attributes, leading to increased investment in companies like Shandong Gold, Zhongjin Gold, and Hunan Gold [1][17] Industrial Metals - Copper prices have shown a strong upward trend, with LME copper settling at $9,805 per ton, up 12.89% year-to-date, driven by expectations of increased infrastructure investment and demand from the renewable energy sector [2][23] - Aluminum prices are constrained by production capacity limits, with domestic electrolytic aluminum capacity reaching 44 million tons, while demand from the new energy sector remains robust [2][27] Rare Earths - The rare earth sector has experienced a strong performance, with the rare earth price index rising by 6.39% over the past two weeks and 37.44% year-to-date [2][41] - Recent policy changes have tightened supply controls, benefiting companies like China Rare Earth, Northern Rare Earth, and Shenghe Resources [2][41][55] Small Metals - The small metals sector has seen significant price increases, with black tungsten concentrate prices rising by 24.26% over the past two weeks and 75.52% year-to-date [3][30] - Tin prices have also increased due to raw material shortages and recovering semiconductor demand, benefiting companies like Tin Industry Co., Huaxi Nonferrous Metals, and Xingye Silver Tin [3][31] Energy Metals - The energy metals sector has shown mixed performance, with electrolytic cobalt prices rising by 1.33% over the past two weeks and 86.71% year-to-date, while lithium carbonate prices have decreased by 3.69% in the short term but remain positive year-to-date [3][47][49] - Companies like Zijin Mining, Ganfeng Lithium, and Huayou Cobalt are positioned well across multiple supply chains, benefiting from low inventory and downstream replenishment demand [3][47] Fund Flow and Market Sentiment - The non-ferrous metal ETF has seen record trading volumes, with significant inflows into rare earth and copper sectors, indicating strong market sentiment and recognition of the sector's growth potential [3][56] - The market is shifting towards low-valuation, high-growth segments, with leading companies benefiting from favorable conditions [3][56]

Core Viewpoint - The A-share market is experiencing a slight consolidation, with a noticeable trend of "high cutting and low buying" in recent funds, particularly focusing on the solid performance and high valuation of the non-ferrous metal sector during the interim report season [1][3] Group 1: Market Performance - The Non-ferrous 50 ETF (159652) saw a significant net inflow of over 1 billion yuan in a single day, with four out of the last five days showing net inflows totaling over 1.85 billion yuan [3] - As of the latest data, the Non-ferrous 50 ETF (159652) has surpassed a scale of 10 billion yuan, with both fund shares and scale reaching new highs since its listing [3] - The Non-ferrous 50 ETF (159652) experienced a net subscription of 2.9 million shares, translating to a real-time net subscription amount exceeding 37 million yuan [1] Group 2: Price Movements - Silver trading prices have surpassed 40 USD per ounce, marking the highest level since 2011 [5] - On September 1, tungsten concentrate prices surged by 12,000 yuan, reaching 264,000 yuan per ton, with a growth rate of 4.76%, and a cumulative increase of nearly 35% over the past two months [5] - COMEX gold futures rose over 1% on September 1, reaching a peak of 3,552 USD per ounce, setting a new historical high [5] Group 3: Sector Analysis - Analysts indicate that the A-share precious metals and industrial metals sectors are currently in a "high profitability, low valuation" phase, with expectations for valuation increases driven by active capital market trading and the "high cutting and low buying" rotation effect [3] - The non-ferrous sector is experiencing a comprehensive growth across various sub-sectors, with price-driven earnings per share (EPS) and improved sentiment contributing to a dual boost in price-to-earnings (PE) ratios [5] - The Non-ferrous 50 ETF (159652) is highlighted as a leading option for investors looking to capitalize on future opportunities in precious and industrial metals, given its higher copper content and scale [6][10]

【导读】百亿私募最新持仓曝光 2025年A股上市公司半年报收官，多家百亿私募最新调仓动向浮出水面。 今年二季度，高毅资产邓晓峰加仓紫金矿业（601899）、云铝股份（000807），冯柳新买进新城控股（601155）、太极集团（600129）；睿郡资产董承非 新买进扬杰科技（300373）、兔宝宝（002043）；杨东掌舵的宁泉资产新买进天壕能源（300332）；景林资产加仓石基信息（002153）；中国人寿 （601628）与新华保险（601336）联合创设的国丰兴华鸿鹄志远二期私募基金（以下简称鸿鹄基金）新买进中国神华（601088）、中国石油（601857）。 高毅冯柳新买进新城控股、太极集团 半年报显示，截至今年6月末，高毅资产资深基金经理冯柳管理的高毅邻山1号远望基金现身12家A股上市公司的前十大流通股东名单，合计持有市值达到 154.46亿元。 | | | 高毅资产冯柳2025年二季度末持仓 | | | | --- | --- | --- | --- | --- | | 证券简称 | 私募产品名称 | 期末参考市 | 持股数量 | 持股数量变动 | | | | 值(亿元) | (万股) | | | ...

Core Insights - A-share semi-annual report reveals a number of companies with better-than-expected performance [1] - According to statistics from Securities Times·Data Treasure, 130 stocks are identified as having exceeded performance expectations in the first half or second quarter of this year [1] Group 1: Performance Highlights - Among the stocks with better-than-expected performance, 41 were held by social security funds at the end of the second quarter [1] - Seven of these stocks have a market value exceeding 1 billion yuan held by social security funds, including SANY Heavy Industry (600031), Yun Aluminum (000807), Chint Electric (601877), Jincheng Holdings (603979), Pengding Holdings (002938), Western Superconducting (600989), and Chifeng Gold (600988) [1]

兄弟姐妹们，今天看看私募大佬动向哈~ 随着上市公司年报陆续披露，私募大佬冯柳、邓晓峰最新持仓来了！ 截至8月31日，冯柳管理的高毅邻山1号远望基金二季度进入12家A股前十大流通股东名单中，合计持股市值约为154.45亿元。 具体来看，冯柳二季度新进太极集团和新城控股；增持安琪酵母、松井股份、同仁堂；减持海康威视、瑞丰新材、中炬高新、国瓷材料、东诚药业、 泰坦科技；对龙佰集团的持仓数量保持不变。 | 持股家数 | 新进 | 加仓 | 不变 | 減仓 | | --- | --- | --- | --- | --- | | 12家 | 2家 | 3家 | 1家 | 6家 | | 海康威视 93.72亿 3.71% | | --- | | 002415 减持 | | 安琪酵母 12.30亿 4.08% 11.11% 3 × | | 600298 增持 | | 太极集团 4.262亿 3.59% 新进 3 v | | 600129 ■ ZH: ETF进化论 | | 瑞丰新材 4.909亿 4.10% | | 300910 减持 | | 中炬高新 5.130亿 | 3.50% | -5.26% | 4 V | | --- ...