1. Report Industry Investment Ratings No specific industry investment ratings are provided in the report. 2. Core Views of the Report - The Geneva economic and trade talks between China and the US reached a tariff consensus, with both sides significantly reducing tariff levels, leading to a notable increase in market risk appetite [1][17]. - The progress of Sino - US trade negotiations has had a wide - ranging impact on various financial and commodity markets, including changes in prices and market sentiment [2][5]. - The long - term bullish logic of the bond market remains unchanged, and the impact of the easing of trade conflicts is mainly concentrated on the expected level [3]. 3. Summary by Directory 3.1 Financial News and Comments 3.1.1 Macro Strategy (Gold) - Fed official Goolsbee believes tariffs will still cause stagflation. Gold prices continued to decline by over 3%, as the progress of Sino - US trade negotiations exceeded expectations, geopolitical military conflicts weakened, and market risk aversion eased [2][12]. - Short - term gold prices are under pressure and are expected to have further downward space [14]. 3.1.2 Macro Strategy (Foreign Exchange Futures - US Dollar Index) - Trump's "grand tax - cut bill" plans to cut taxes by over $4 trillion in the next decade and reduce spending by at least $1.5 trillion. Trump hinted at possibly participating in the Russia - Ukraine leaders' talks [15][16]. - The US dollar index is expected to rise in the short term due to the Sino - US tariff consensus and increased market risk appetite [17][18]. 3.1.3 Macro Strategy (US Stock Index Futures) - Fed Governor Kugler believes that Trump's tariff policy may still push up inflation and drag down economic growth. The Sino - US economic and trade joint statement significantly reduced bilateral tariff levels [19][21]. - The short - term strength of US stocks is supported by the easing of tariff negotiations, but there may be fluctuations in the subsequent negotiation process [21]. 3.1.4 Macro Strategy (Treasury Bond Futures) - The Sino - US economic and trade talks made significant progress, and the central bank conducted 43 billion yuan of 7 - day reverse repurchase operations [22][23]. - The long - term bullish logic of the bond market remains unchanged. It is recommended to adopt a strategy of buying on dips [23][24]. 3.2 Commodity News and Comments 3.2.1 Agricultural Products (Cotton) - The USDA May report shows that the ending stocks of US cotton in 25/26 will increase slightly, and the global ending stocks will remain flat, with a bearish impact on the international cotton market [4][27]. - After the Sino - US consultations, Zhengzhou cotton may fluctuate after a short - term bullish boost. It is necessary to pay attention to the progress of domestic cotton commercial inventory depletion and Sino - US trade negotiations [29]. 3.2.2 Agricultural Products (Soybean Meal) - The USDA May report shows that the ending stocks of US soybeans in 25/26 are significantly lower than expected, and the soybean planting rate is higher than expected. The inventory of soybean meal in oil mills has increased [30][31]. - The easing of Sino - US relations will lead to a situation of weak domestic and strong foreign markets, and soybean meal spot prices will remain under pressure [32]. 3.2.3 Agricultural Products (Corn Starch) - The spot price of corn starch remains high and firm. It is recommended to wait and see due to the complex influencing factors of the CS - C spread [33]. 3.2.4 Agricultural Products (Corn) - The spot prices of wheat and corn have risen. It is recommended to hold long positions in the 07 contract and positive spreads in 7 - 9 and 7 - 11 contracts [34][35]. 3.2.5 Black Metals (Coking Coal/Coke) - The price of coking coal in the Changzhi market fluctuates. The short - term price of coking coal may stabilize with the improvement of the macro - environment, but the medium - and long - term fundamentals remain unchanged [36][37]. 3.2.6 Black Metals (Rebar/Hot - Rolled Coil) - The Sino - US trade negotiation progress drove up steel prices. The sales volume of excavators in April increased year - on - year, and the production and sales of automobiles from January to April exceeded 10 million for the first time [5][39]. - Steel prices are expected to continue the rebound pattern in the near future, and it is recommended to avoid short positions in the short term [41][42]. 3.2.7 Non - ferrous Metals (Copper) - High - grade silver - copper ore was discovered in Ireland's Ballywire multi - metal mine. Yunnan Copper plans to buy a 40% stake in Liangshan Mining [42][43]. - The Sino - US tariff reduction is beneficial to copper prices, but the weakening fundamentals will limit the increase. Short - term copper prices are expected to fluctuate at a high level [6][45]. 3.2.8 Non - ferrous Metals (Lead) - The social inventory of lead ingots shows a slight downward trend. It is recommended to wait and see in the short term and pay attention to high - level internal - external positive spreads [48][49]. 3.2.9 Non - ferrous Metals (Zinc) - The production of zinc by Zijin Mining in the first quarter decreased, while New Century's zinc concentrate production increased. The inventory of zinc ingots in seven regions increased [50][52]. - Zinc has the value of short - selling allocation. It is recommended to pay attention to short - selling opportunities on rebounds and high - level option selling opportunities [53]. 3.2.10 Non - ferrous Metals (Polysilicon) - There are rumors that leading enterprises plan to control production and support prices. It is recommended to pay attention to changes in the supply side and the possibility of demand exceeding expectations from May to June [55][56]. 3.2.11 Non - ferrous Metals (Industrial Silicon) - The production of 97 - grade silicon continues to decrease. It is recommended to partially stop profits on previous short positions and not to buy on the left side [57]. 3.2.12 Non - ferrous Metals (Lithium Carbonate) - The installed capacity of power batteries in April increased year - on - year. Short - term fundamentals are mixed, and it is recommended to wait and see in the short term and pay attention to short - selling opportunities on rebounds in the medium - and long - term [58][59]. 3.2.13 Non - ferrous Metals (Nickel) - Indonesian nickel enterprises are preparing for the potential impact of the Philippine nickel ore export ban. The price of nickel is expected to fluctuate within the range of 122,000 - 128,000 yuan/ton [60][62]. 3.2.14 Energy Chemicals (Liquefied Petroleum Gas) - The reduction of China's import tariffs on the US has a positive impact on the international LPG market. Long - term FEI price increase momentum may be insufficient, and policy changes should be closely monitored [64]. 3.2.15 Energy Chemicals (Crude Oil) - Iraq may cut oil exports slightly. The improvement of market risk appetite supports short - term oil prices, but supply - side risks still exist [65][66]. 3.2.16 Energy Chemicals (PTA) - The spot price of PTA increased, and the basis strengthened. PTA is expected to be volatile and strong in the short term [67][68]. 3.2.17 Energy Chemicals (Asphalt) - The inventory accumulation of asphalt has slowed down. The futures price of asphalt is expected to rise in an oscillatory manner [69][70]. 3.2.18 Energy Chemicals (Urea) - The sowing progress of spring crops in Sichuan is over half. The urea market is expected to focus on exports, and the 9/1 spread is in a positive spread pattern in the short - to - medium - term [71][73]. 3.2.19 Energy Chemicals (Styrene) - The inventory of styrene in East China ports decreased. Short - term styrene may continue to rebound, and the medium - term depends on the recovery of 3S orders [74][76]. 3.2.20 Energy Chemicals (Caustic Soda) - The price of caustic soda in Shandong is rising, and the inventory is low. The short - term caustic soda futures price is expected to be strong [77][78]. 3.2.21 Energy Chemicals (Pulp) - The price of imported wood pulp shows a differentiated trend. The reduction of Sino - US tariffs may drive the pulp futures price to rebound [79][81]. 3.2.22 Energy Chemicals (PVC) - The price of PVC in the domestic market slightly decreased. The reduction of Sino - US tariffs may drive the PVC price to rebound [82][83]. 3.2.23 Energy Chemicals (Bottle Chips) - The export quotes of bottle chip factories have increased. Due to supply pressure, the processing fee of bottle chips is expected to remain low [84][86]. 3.2.24 Energy Chemicals (Soda Ash) - The inventory of soda ash manufacturers decreased slightly. It is recommended to short on rallies in the medium - term and pay attention to the impact of maintenance on the 09 contract in the short - term [87]. 3.2.25 Energy Chemicals (Float Glass) - The price of float glass in the Guangdong market remained stable. The glass futures price is expected to remain low, and attention should be paid to real - estate policy changes [88].

作为中铝集团、中国铜业旗下的唯一铜产业上市平台，云南铜业2024年生产阴极铜120.60万吨、黄金 12.71吨、白银348.99吨、硫酸482.86万吨、精矿含铜5.48万吨，全年实现营收1780.12亿元，同比增长 21.11%；实现归母净利润为12.65亿元。 近年来，云南铜业在优化旗下资产方面动作频频。今年1月，公司披露称，所属西南铜业分公司（下 称"西南铜业"）老装置于2023年12月30日开始有序停产，王家桥厂区资产处于闲置状态。为盘活资产， 公司于2024年12月17日在广东联合产权交易中心以公开挂牌的方式转让西南铜业王家桥厂区部分固定资 产及存货，标的资产评估值为2.4亿元，挂牌底价为2.4亿元。经过竞价，最终意向受让方成交价格为 4.47亿元，对应公司的资产成交价格为4.47亿元。最新披露显示，本次转让资产预计增加云南铜业2025 年度净利润约1.82亿元。 近期，A股掀起一股矿产资源并购热潮。继安宁股份宣布拟斥资65亿元收购经质矿产后，云南铜业也披 露计划收购凉山矿业40%股权。 据上海证券报记者统计，今年以来已有紫金矿业、洛阳钼业、兴业银锡、西部黄金、川发龙蟒、中钨高 新等多家上市公司相 ...

Key Developments - China CNR Corporation recently signed several major contracts totaling approximately 54.74 billion yuan, which accounts for about 22.2% of the company's expected revenue for 2024 [2] - Ningde Times' vice chairman Li Ping and his spouse plan to donate 4.05 million shares of stock to Fudan University, valued at over 1 billion yuan, to support educational development [3] - Wolong Nuclear Material plans to issue H-shares and apply for listing on the Hong Kong Stock Exchange to enhance its international strategy and brand image [5] - Noli Co., Ltd.'s subsidiary submitted an application for an overseas IPO to list H-shares on the Hong Kong Stock Exchange [6] Financing Activities - Qingdao Huicheng Environmental Technology's private placement has been terminated, which aimed to raise up to 850 million yuan for various projects [8] - Yaxing Chemical plans to issue up to 220 million yuan in corporate bonds to repay debts and for other permitted uses [9] - Tangyuan Electric intends to raise up to 864 million yuan through a private placement for various projects related to rail transit [10] - Shangsheng Electronics plans to issue convertible bonds to raise up to 330 million yuan for technology upgrades and working capital [11] Mergers and Acquisitions - Nanjing Chemical Fiber's board approved a restructuring plan to acquire 100% of Nanjing Process Equipment Manufacturing Co., Ltd. through asset swaps and cash payments [13] - Entropy Technology plans to acquire 55% of Longzhiyuan Technology, focusing on smart outdoor audio and video equipment [17] - New Special Electric is selling its wholly-owned subsidiary Hebei Xinhua to Hillhouse Technology for a total of 32 million yuan [19] - Yunnan Copper is planning to purchase 40% of Liangshan Mining's shares, with the transaction details to be disclosed soon [20] Project Updates - Hengguang Co., Ltd. has terminated its investment in a project to produce 270,000 tons of green electric chemical materials, which will not affect its normal operations [21] - Beijing Lier plans to invest 200 million yuan in Shanghai Zhenliang, a domestic AI chip company, to support its growth [18]

中国医药公告称，公司拟以现金3.02亿元收购中国新兴集团有限责任公司（以下简称新兴集团）所持北 京金穗科技开发有限责任公司（以下简称金穗科技）100%股权。新兴集团系公司控股股东通用技术集 团的全资子公司，此次交易构成关联交易。金穗科技主营业务为电商运营服务，目前的核心业务为飞利 浦个人健康消费等产品的品牌授权经销。 阳光诺和：拟购买朗研生命100%股权 每经记者｜范芊芊 每经编辑｜张海妮 并购重组 中国医药：拟3.02亿元收购金穗科技100%股权 中铁工业：控股股东中国中铁拟1.6亿元至3亿元增持公司股份 阳光诺和公告称，公司拟通过发行股份及可转换公司债券方式，购买利虔、朗颐投资等38名股东持有的 江苏朗研生命科技控股有限公司（以下简称朗研生命）100%股权，并向不超过35名特定投资者发行股 份募集配套资金。朗研生命专注于高端化学药及原料药的研发、生产和销售，并对外提供药品生产服 务。 云南铜业：筹划购买凉山矿业40%股份 云南铜业公告称，正在筹划发行股份购买云南铜业（集团）有限公司（以下简称云铜集团）持有的凉山 矿业股份有限公司（以下简称凉山矿业）40%股份并募集配套资金。因有关事项尚存在不确定性，公司 ...

全球制造业 PMI 走弱，基本金属偏弱运行 | | | 有色金属 证券研究报告/行业定期报告 2025 年 05 月 12 日 | | | 执业证书编号：S0740517080003 Email：xiehh@zts.com.cn 分析师：陈凯丽 执业证书编号：S0740525050001 Email：chenkl@zts.com.cn 执业证书编号：S0740523080004 Email：liuyq07@zts.com.cn | 上市公司数 | 142 | | --- | --- | | 行业总市值(亿元) | 29,468.06 | | 行业流通市值(亿元) | 27,667.90 | 1、《海外中重稀土价格大幅上行》 2025-05-12 2、《【中泰金属观察-全球制造业 PMI 跟踪】全球制造业 PMI 跟踪：4 月， 下 行 趋 势 或 已 确 立 20250506 》 2025-05-07 3、《宏观情绪好转叠加节前去库， 基本金属整体上涨》2025-04-28 | | |  | 【本周关键词】：全球制造业 PMI 走弱，美联储维持当前利率水平。 | | --- | --- | --- | -- ...

【中国中车：近期签订合计547.4亿元重大合同】 中国中车(601766.SH)公告称，公司及下属企业于近期（主要为2024年12月至2025年5月）签订了若干项 重大合同，合计金额约547.4亿元人民币。主要合同包括城市轨道车辆、设备销售及维保合同，动车组 销售合同，动车组高级修合同，风电设备销售合同和储能设备销售合同，机车销售合同以及货车修理合 同。上述合同总金额约占公司中国会计准则下2024年营业收入的22.2%。 转自：智通财经 | | | 5月12日重要公告摘要 | | --- | --- | --- | | 类型 | 公司 | 主要内容 | | 今日聚焦 | 兆威机电 | 股东清墨投资计划减持不超过1.5%公司股份 | | | 中国中车 | 近期签订合计547.4亿元重大合同 | | | 云南铜业 | 筹划购买凉山矿业40%股份 股票停牌 | | | 阳光诺和 | 拟购买朗研生命100%股权 股票复牌 | | | 沃尔核材 | 筹划发行H股股票并申请在香港联交所主板上市 | | | 翰宇药业 | 签署GLP-1R/GIPR/GCGR三重激动剂多肽创新药物联合开发协议 | | | 利君股份 | 目前 ...

证券代码：000878 证券简称：云南铜业 公告编号：2025-033 云南铜业股份有限公司 关于筹划发行股份购买资产并募集配套 资金事项的停牌公告 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、停牌事由和工作安排 云南铜业股份有限公司（以下简称公司）正在筹划发行 股份购买云南铜业（集团）有限公司（以下简称云铜集团） 持有的凉山矿业股份有限公司（以下简称凉山矿业）40%股 份并募集配套资金。因有关事项尚存不确定性，为了维护投 资者利益，避免对公司证券交易造成重大影响，根据深圳证 券交易所的相关规定，经公司申请，公司证券（品种：A 股 股票，简称：云南铜业，代码：000878）自 2025 年 5 月 13 日开市时起开始停牌。 公司预计在不超过 10 个交易日的时间内披露本次交易 方案，即在 2025 年 5 月 27 日前按照《公开发行证券的公司 信息披露内容与格式准则第 26 号——上市公司重大资产重 组》的要求披露相关信息。 若公司未能在上述期限内召开董事会审议并披露交易 方案，公司证券最晚将于 2025 年 5 月 27 日开市起复牌并终 止筹划 ...

在普吉街道一家家具厂附近 总有一些亮晶晶的 絮状纤维物飘浮在空中 来源：春城晚报 有昆明市民反映 近段时间 落在皮肤上还会发痒 这些东西究竟是什么 对人体会有伤害吗？ 5月8日上午，记者在小普吉村内找到了市民反映的这家家具厂，表明来意后，工作人员从家具厂门口空 地上取来一块板子，在阳光的照射下，就能看到板子上附着着一层薄薄的，疑似玻璃纤维的物质。 家具厂工作人员张师傅："在太阳照射下能够看到像絮状的白色纤维，一根一根的，像针一样，在空中 飘着，有时候是从窗户飞进来的。" 张师傅："这些疑似玻璃纤维的物质在光线不强时，肉眼还不容易发现，我和同事也是最近3天才注意到 这种物质的。" 家具厂工作人员告诉记者，从前天开始就觉得身上到处痒。"今天我才听说附近有工地拆迁，有玻璃纤 维飞扬，猜测会不会是这个原因导致。" 皮肤痒还可以用药物缓解，但工作人员担心的是，这些疑似玻璃纤维的物质随着呼吸进入体内，会不会 给身体带来危害。 这些疑似玻璃纤维的物质 是否真来自 附近的拆迁工地呢？ 记者随后来到了拆迁工地进行查看，并没看到这些物质的来源。随后，记者向普吉街道办事处以及昆明 市生态环境局五华分局反馈了相关情况，工作人员到现场 ...

第九届监事会第二十八次会议决议公告 证券代码：000878 证券简称：云南铜业 公告编号：2025-030 云南铜业股份有限公司 《云南铜业股份有限公司关于参股公司存续分立暨关联交 易的公告》。 特此公告。 云南铜业股份有限公司监事会 2025 年 5 月 9 日 2 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。 云南铜业股份有限公司（以下简称云南铜业或公司）第 九届监事会第二十八次会议以通讯方式召开，会议通知于 2025 年 5 月 6 日以加密邮件方式发出，表决截止日期为 2025 年 5 月 9 日，会议应发出表决票 4 份，实际发出表决票 4 份， 在规定时间内收回有效表决票 4 份，会议符合《公司法》及 《公司章程》的规定。会议表决通过了如下决议： 一、以 4 票同意，0 票反对，0 票弃权，审议通过《云 南铜业股份有限公司关于参股公司存续分立暨关联交易的 议案》。 该议案属关联交易，根据《深圳证券交易所股票上市规 则》有关规定，在提交董事会审议之前已经独立董事专门会 议审议并取得全体独立董事同意。关联董事回避该议案的表 决。 具体内容详见公司同日 ...

证券代码：000878 证券简称：云南铜业 公告编号：2025-029 云南铜业股份有限公司 第九届董事会第三十七次会议决议公告 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。 云南铜业股份有限公司（以下简称云南铜业或公司）第 九届董事会第三十七次会议以通讯方式召开，会议通知于 2025 年 5 月 6 日以加密邮件方式发出，表决截止日期为 2025 年 5 月 9 日，会议应发出表决票 10 份，实际发出表决票 10 份，在规定时间内收回有效表决票 10 份，会议符合《公司 法》及《公司章程》的规定。会议表决通过了如下决议： 特此公告。 云南铜业股份有限公司董事会 一、关联董事回避表决后，以 6 票同意，0 票反对，0 票弃权，审议通过《云南铜业股份有限公司关于参股公司存 续分立暨关联交易的议案》。 该议案属关联交易，根据《深圳证券交易所股票上市规 则》有关规定，在提交董事会审议之前已经取得独立董事专 门会议及全体独立董事同意； 孔德颂先生、姜敢闯先生、罗德才先生和柴正龙先生为 关联董事，回避该议案的表决； 1 具体内容详见公司同日在指定信息披露媒体上披露的 ...