沪指6月6日上涨0.04%，申万所属行业中，今日上涨的有13个，涨幅居前的行业为有色金属、通信，涨 幅分别为1.16%、1.00%。有色金属行业位居今日涨幅榜首位。跌幅居前的行业为美容护理、纺织服 饰，跌幅分别为1.70%、1.18%。 有色金属行业资金流出榜 | 代码 | 简称 | 今日涨跌幅（%） | 今日换手率（%） | 主力资金流量（万元） | | --- | --- | --- | --- | --- | | 300748 | 金力永磁 | -2.58 | 4.75 | -15028.69 | | 600259 | 广晟有色 | -3.25 | 7.16 | -10604.44 | | 000807 | 云铝股份 | 0.00 | 0.76 | -7611.22 | | 000969 | 安泰科技 | -2.20 | 2.64 | -5690.63 | | 300328 | 宜安科技 | -1.94 | 5.08 | -5276.07 | | 000795 | 英洛华 | -1.94 | 2.00 | -4454.14 | | 300963 | 中洲特材 | 6.26 | 21.72 | -4366 ...

沪指6月3日上涨0.43%，申万所属行业中，今日上涨的有20个，涨幅居前的行业为美容护理、纺织服 饰，涨幅分别为3.86%、2.53%。有色金属行业今日上涨1.40%。跌幅居前的行业为家用电器、钢铁，跌 幅分别为2.10%、1.37%。 资金面上看，两市主力资金全天净流出63.59亿元，今日有12个行业主力资金净流入，有色金属行业主 力资金净流入规模居首，该行业今日上涨1.40%，全天净流入资金14.01亿元，其次是医药生物行业，日 涨幅为1.78%，净流入资金为9.17亿元。 有色金属行业资金流出榜 主力资金净流出的行业有19个，计算机行业主力资金净流出规模居首，全天净流出资金24.79亿元，其 次是汽车行业，净流出资金为19.59亿元，净流出资金较多的还有电子、机械设备、国防军工等行业。 | 代码 | 简称 | 今日涨跌幅（%） | 今日换手率（%） | 主力资金流量（万元） | | --- | --- | --- | --- | --- | | 601600 | 中国铝业 | 2.14 | 1.32 | -4810.54 | | 000807 | 云铝股份 | -0.75 | 0.87 | -3233. ...

Investment Rating - The report maintains a "Recommended" rating for the aluminum industry [1] Core Views - The report indicates that tariff pressures are expected to ease further, and the off-season destocking performance is better than anticipated. The aluminum industry is likely to experience a continuous trend of destocking and price increases, supported by improving export conditions [10] - The long-term outlook for the aluminum industry remains positive due to limited supply growth and potential demand increases, maintaining a high level of industry prosperity [10] Summary by Sections 1. Prices - As of May 30, the LME three-month aluminum closing price was $2,448.5 per ton, while the Shanghai aluminum active contract closing price was ¥20,070.0 per ton [14][20] - The average price of A00 aluminum in Changjiang was ¥20,240.0 per ton, down ¥160.0 from the previous week [20] 2. Production - In May 2025, the production of electrolytic aluminum was 3.729 million tons, an increase of 123,000 tons month-on-month and 214,000 tons year-on-year [53] - The production of alumina in May 2025 was 7.272 million tons, up 189,000 tons month-on-month and 593,000 tons year-on-year [53] 3. Inventory - As of May 29, the inventory of electrolytic aluminum ingots in major domestic consumption areas was 511,000 tons, a decrease of 46,000 tons week-on-week [7] - The inventory of aluminum rods was recorded at 128,300 tons, with a slight decrease of 2,500 tons week-on-week [7] 4. Key Companies and Earnings Forecast - Key companies include Shenhuo Co., China Hongqiao, Tianshan Aluminum, China Aluminum, and Yun Aluminum, all rated as "Buy" with projected earnings per share (EPS) growth [5] 5. Supply and Demand - Domestic electrolytic aluminum production capacity remains stable, with a slight increase in the alloying ratio affecting the delivery situation [7] - Demand from downstream sectors is showing signs of weakness, particularly in photovoltaic aluminum and automotive materials, while cable orders remain strong due to state grid demand [7]

Market Overview - The Shanghai Composite Index fell by 0.18% on May 27, with 13 industries experiencing gains, led by textiles and apparel (up 1.30%) and pharmaceuticals (up 0.97%). The non-ferrous metals sector had the largest decline at 2.07% [2] - The net outflow of capital from the two markets was 19.519 billion yuan, with 8 industries seeing net inflows. The food and beverage sector led with a net inflow of 1.006 billion yuan and a daily increase of 0.17%, followed by pharmaceuticals with a net inflow of 650 million yuan and a daily increase of 0.97% [2] Non-Ferrous Metals Sector - The non-ferrous metals sector declined by 2.07%, with a total net capital outflow of 1.934 billion yuan. Out of 137 stocks in this sector, 20 rose while 115 fell [3] - Among the stocks with net inflows, Tianqi Lithium saw the highest inflow of 29.1255 million yuan, followed by Liyuan Co. and Jintian Titanium with inflows of 15.2085 million yuan and 15.1109 million yuan, respectively [3] - The stocks with the largest net outflows included Chifeng Gold (1.96 billion yuan), Yun Aluminum (998.792 million yuan), and Huayou Cobalt (838.327 million yuan) [3][5] Capital Flow in Non-Ferrous Metals - The top stocks with net inflows in the non-ferrous metals sector included: - Tianqi Lithium: +0.98%, 1.23% turnover, 29.1255 million yuan inflow - Liyuan Co.: +1.30%, 3.34% turnover, 15.2085 million yuan inflow - Jintian Titanium: +2.44%, 5.14% turnover, 15.1109 million yuan inflow [4] - The stocks with the largest net outflows included: - Chifeng Gold: -4.26%, 3.67% turnover, -195.8561 million yuan outflow - Yun Aluminum: -4.16%, 1.54% turnover, -99.8792 million yuan outflow - Huayou Cobalt: -0.26%, 1.04% turnover, -83.8327 million yuan outflow [5]

Investment Rating - The report maintains a "Recommended" investment rating for the gold, copper, aluminum, tin, and antimony industries [11]. Core Views - The report highlights that the recent announcement by Trump to impose tariffs on the EU has increased global economic uncertainty, which supports a bullish trend in gold prices. Central banks continue to purchase gold, indicating a sustained long-term bullish outlook [3]. - For copper and aluminum, while there is a short-term weakness in downstream operations, the long-term supply-demand dynamics are expected to remain tight, justifying a "Recommended" rating for both industries [11]. - Tin prices are expected to stabilize at a high level, with corporate profits projected to gradually increase, leading to a "Recommended" rating for the tin industry [11]. - Antimony prices are currently weak due to short-term demand decline, but long-term supply constraints are expected to support prices, hence a "Recommended" rating is maintained [11]. Summary by Sections Market Performance - The non-ferrous metals sector (Shenwan) showed a monthly performance increase of 3.1%, a quarterly increase of 4.3%, and a yearly increase of 3.5%, outperforming the CSI 300 index [1]. Macroeconomic Indicators - China's real estate development investment from January to April decreased by 10.3%, while the industrial added value in April grew by 6.1%, exceeding expectations [4][28]. - The U.S. Markit Manufacturing PMI for May was reported at 52.3, significantly above the expected 49.9 [3][28]. Gold Market Data - The London gold price increased to $3342.65 per ounce, a rise of 3.48% from the previous week [32]. - SPDR Gold ETF holdings rose to 29.66 million ounces, an increase of 120,000 ounces [32]. Copper Market Data - LME copper closed at $9565 per ton, up by $52 from the previous week, while SHFE copper closed at 77,790 yuan per ton, down by 880 yuan [41]. - Domestic copper social inventory was reported at 139,900 tons, a decrease of 790 tons from the previous week [41]. Aluminum Market Data - Domestic electrolytic aluminum prices rose to 20,400 yuan per ton, an increase of 170 yuan [42]. - The operating rate of leading aluminum profile enterprises was reported at 56.0%, a slight decrease of 0.5 percentage points [42]. Tin and Antimony Market Data - Domestic refined tin prices were reported at 265,070 yuan per ton, a slight decrease of 370 yuan [43]. - Antimony ingot prices were reported at 220,500 yuan per ton, down by 2,000 yuan [43].

Investment Rating - The industry investment rating is optimistic, with a recommendation to buy [3][19]. Core Insights - The report highlights the production elasticity and profit elasticity of electrolytic aluminum companies, indicating that profitability will be a key competitive factor due to fixed production capacity [8]. - The report predicts a decrease in the volatility of alumina prices in 2025, which will enhance the profitability of companies like Yun Aluminum, Shenhuo, and Tianshan [8]. - The report provides forecasts for gold production from listed companies, with specific attention to the CAGR of production from 2024 to 2027 [10][11]. Summary by Sections Copper Industry - The report includes production data and forecasts for major copper companies, emphasizing the importance of proprietary mining data [6]. Electrolytic Aluminum - The report details the production capacity and market valuation of various electrolytic aluminum companies, noting that the lowest market value per ton of aluminum is approximately 21,000 RMB [8][9]. Gold Industry - The report presents a forecast of self-produced gold output for listed companies, with specific figures for total gold resources and market capitalization [10][11]. Lithium Industry - The report outlines the lithium resource rights and production forecasts for several companies, highlighting significant growth rates for companies like Ganfeng Lithium and Yongxing Materials [12]. Uranium Industry - The report discusses the production forecasts for uranium companies, particularly focusing on China General Nuclear Power Corporation, with a projected CAGR of 8.16% from 2024 to 2027 [14][15].

Investment Rating - The report maintains a "Recommended" rating for the aluminum industry [1] Core Views - The aluminum industry is expected to benefit from favorable domestic policies and supply disruptions in Guinea affecting bauxite supply, leading to potential price increases and inventory reductions [6][9] - The report highlights that the aluminum industry is likely to experience a sustained "de-inventory + price increase" trend, supported by improving export conditions and limited supply growth [9] Summary by Sections 1. Prices - As of May 23, the LME three-month aluminum closing price was $2466.0 per ton, while the Shanghai aluminum active contract closing price was ¥20155.0 per ton [19] - The average price of A00 aluminum in Changjiang was ¥20400.0 per ton, showing a week-on-week increase of ¥170.0 [19] 2. Production - In April 2025, the production of electrolytic aluminum was 360.6 million tons, a month-on-month decrease of 10.8 million tons but a year-on-year increase of 2.5 million tons [51] - The production of alumina in April 2025 was 708.4 million tons, down 46.6 million tons month-on-month but up 30.2 million tons year-on-year [51] 3. Inventory - As of May 22, the inventory of electrolytic aluminum ingots in major domestic consumption areas was 557,000 tons, a week-on-week decrease of 24,000 tons [6] - The inventory of aluminum rods was 130,800 tons, down 740 tons week-on-week, remaining at a three-year low [6] 4. Key Companies and Earnings Forecast - Key companies include Shenhuo Co., China Hongqiao, Tianshan Aluminum, China Aluminum, and Yun Aluminum, all rated as "Buy" with projected earnings per share (EPS) growth [5]

Investment Rating - The report maintains an "Overweight" rating for the non-ferrous metals sector [1]. Core Views - The non-ferrous metals sector experienced a weekly increase of 1.26%, ranking it in the middle among all primary industries. Precious metals saw a significant rise of 5.58%, while industrial metals increased by 1.86% [1][14]. - The report highlights that tariff policies and a cooling U.S. Treasury auction have negatively impacted macroeconomic sentiment, leading to a weakening in industrial metals [1][24]. - Gold prices have surged due to deteriorating U.S. fiscal conditions, with COMEX gold closing at $3,357.70 per ounce, a 4.75% increase week-on-week [4][49]. Summary by Sections Market Review - The Shanghai Composite Index fell by 0.57%, while the non-ferrous metals sector rose by 1.26%, outperforming the index by 1.83 percentage points [14]. - Among the sub-sectors, precious metals led with a 5.58% increase, followed by industrial metals at 1.86%, while small metals and new materials declined [1][14]. Industrial Metals - **Copper**: As of May 23, LME copper was priced at $9,614 per ton, up 1.76% week-on-week. Supply remains tight due to mining incidents, but domestic smelting capacity is unaffected [2][32]. - **Aluminum**: LME aluminum closed at $2,466 per ton, down 0.62%. The supply side is impacted by the shutdown of bauxite mines in Guinea, leading to a significant rise in alumina prices [3][36]. - **Zinc**: LME zinc price increased by 0.78% to $2,713 per ton, with inventories decreasing [39]. - **Tin**: LME tin price fell by 0.46% to $32,665 per ton, with mixed inventory trends [45]. Precious Metals - Gold prices have risen significantly due to concerns over U.S. fiscal health, with a notable increase in both COMEX and SHFE gold prices [4][49]. - The report notes that the U.S. credit rating downgrade and a lackluster Treasury auction have further weakened market sentiment, contributing to the rise in gold prices [51][49]. Rare Earths - The report indicates stable supply and moderate demand for rare earths, with prices showing a slight decline [4]. News Highlights - The report discusses the implications of U.S. tariff policies and their potential impact on the market, particularly in relation to gold and industrial metals [4][51].

Core Insights - The high-pressure cleaning machine market in China is experiencing steady growth, with the market size projected to increase from 1.937 billion yuan in 2018 to 3.02 billion yuan in 2024, reflecting a compound annual growth rate (CAGR) of 7.68% [1][13] - The demand for high-pressure cleaning machines is diversifying due to rising living standards and changing consumer perceptions, which will further expand the market [1][13] - The industry is characterized by a complete supply chain, including upstream raw material supply, midstream manufacturing, and downstream applications across various sectors [7] Industry Overview - High-pressure cleaning machines utilize a power-driven high-pressure pump to generate high-pressure water for cleaning surfaces, making them an efficient and environmentally friendly cleaning solution [3] - The machines can be categorized based on the driving engine (electric, gasoline, diesel), usage (household, commercial, industrial), and water temperature (cold, hot, or both) [3] Industry Development History - The Chinese high-pressure cleaning machine industry has evolved through four stages: initial imitation of imported equipment, expansion with domestic innovation, technological upgrades, and a focus on high-quality development driven by carbon neutrality goals [5] Industry Chain - The industry chain includes upstream raw materials (plastics, steel, aluminum alloys), midstream manufacturing, and downstream applications in household, automotive, construction, food processing, and municipal sectors [7] Market Trends - The global high-pressure cleaning machine market is projected to reach approximately 3.195 billion yuan by 2024, driven by industrialization and urbanization [12] - The application of high-pressure cleaning machines is expanding into various sectors, including vehicle washing, building maintenance, and municipal cleaning, due to their efficiency and environmental benefits [24] Competitive Landscape - The industry is fragmented, with domestic manufacturers transitioning from OEM to ODM and OBM models, enhancing their competitive edge [16][18] - Key players include Greenfield Machinery, Zhejiang Danong, and others, with Greenfield's revenue from high-pressure cleaning machines expected to reach 1.085 billion yuan in 2024, a 70.06% increase [19][21] Future Development Trends - The industry is expected to see continued technological innovation, with a focus on high-performance materials and smart manufacturing processes [23] - The trend towards specialization, diversification, integration, and intelligence in high-pressure cleaning machines will cater to specific market needs and enhance user experience [25]

Investment Rating - The investment rating for the non-ferrous metals sector is "Positive" (maintained) [4] Core Insights - The non-ferrous metals sector has shown overall profit growth in 2024 and Q1 2025, with significant performance differentiation among sub-sectors. The gold and copper-aluminum sectors benefited from rising metal prices, while the energy metals sector experienced a substantial profit decline [5][6] - In 2024, the non-ferrous metals sector achieved a revenue of 3.64 trillion yuan, a year-on-year increase of 5.73%, and a net profit of 147.13 billion yuan, up 2.61% year-on-year. The gross margin was 11.46%, up 0.34 percentage points, while the net margin decreased by 0.12 percentage points to 4.04% [11][18] Summary by Sections 1. Overview of Non-Ferrous Metals Sector Performance - In 2024, the non-ferrous metals sector's revenue and profit increased year-on-year, with a revenue of 3.64 trillion yuan and a net profit of 147.13 billion yuan [11] - The gross margin improved to 11.46%, while the net margin slightly decreased to 4.04% [11] 2. Price Changes in 2024 and Q1 2025 - Gold prices saw significant increases, with an average price of 560.8 yuan/gram in 2024, up 24.4% year-on-year, and 673.5 yuan/gram in Q1 2025, up 37.2% year-on-year [24][28] - Industrial metals generally increased in price, with copper averaging 75,000 yuan/ton in 2024, up 10.5% year-on-year, and 77,000 yuan/ton in Q1 2025, up 11.5% year-on-year [28] - Energy metals prices fell significantly due to oversupply, with lithium carbonate averaging 91,000 yuan/ton in 2024, down 65% year-on-year [24][28] 3. Sector and Sub-Sector Performance - The non-ferrous metals sector rose by 3.2% in 2024 and 12.0% in Q1 2025, ranking 15th and 1st among the Shenwan sectors, respectively [29] - The gold sector saw a profit increase of 29% year-on-year in 2024, while the lithium sector experienced a profit decline of 126.9% [16][22] 4. Fund Holdings - In Q1 2025, the proportion of active funds holding non-ferrous metals stocks increased by 0.71 percentage points to 3.82% [32] - The top ten active fund holdings included companies like Zijin Mining and Shandong Gold, with a focus on gold sector companies [34]