3月26日沪股通A股成交额前十：招商银行新进，江 淮汽车新进 3月26日沪股通A股成交额前十 | | 序 | 代码 | 名称 | 当日涨跌幅 | 当日成交额 | 成交额 | 较上一交易日变化 | | --- | --- | --- | --- | --- | --- | --- | --- | | 1 | | 600580 | 卧龙电驱 | 9.26% | 90.07亿 | 90.07亿 | — | | 2 | | 600036 | 招商银行 | -5.39% | 68.18亿 | 68.18亿 | 新进 | | 3 | | 601899 | 紫金矿业 | -1.09% | 59.79亿 | 59.79亿 | — | | 4 | | 600418 | 江淮汽车 | 6.16% | 37.47亿 | 37.47亿 | 新进 | | 5 | | 603993 | 洛阳钼业 | -1.24% | 34.56亿 | 34.56亿 | 新进 | | 6 | | 601608 | 中信重工 | 10.09% | 32.34亿 | 32.34亿 | ↓1 | | 7 | | 600276 | 恒瑞医药 | 3.03% | ...

"有色之王"狂飙。 受特朗普政府的关税刺激，被称为"有色之王"的铜价格飙涨。今日早间，COMEX铜期货价格直线拉升，再度创出历 史新高。美东时间25日，COMEX铜期货价格大幅飙涨，盘中一度大涨超2.3%。 受铜期货价格大涨影响，今日A股有色金属板块全线大涨，其中，众源新材涨停，北方铜业大涨超7%，鑫铂股份、 白银有色、江西铜业、盛达资源、铜陵有色、兴业银锡、洛阳钼业等跟涨。港股部分铜矿股亦集体冲高，中国有色 矿业、金川国际一度大涨超7%，五矿资源最高涨超6%。 有分析称，交易员开始将特朗普可能对这一关键工业金属加征高额进口关税的预期计入价格中。交易员担心未来关 税实施后进口铜成本将大幅增加，所以提前买入纽铜期货进行布局。另外，全球铜供应商、交易商争相在关税落地 前"抢铜"运往美国，导致美国市场对铜的需求预期大增，需求增加推动纽铜价格上升。 摩根大通在最新发布的全球铜市场深度分析报告中预测，到2025年，铜需求将持续增长，价格有望攀升至新高。摩 根大通预计，到2030年，全球铜市场的供需缺口将扩大到每年约300万吨。 直线拉升 北京时间3月26日早间，纽约商品交易所（COMEX）铜期货价格短线拉升，最高报5. ...

Core Viewpoint - Zijin Mining's ESG rating remains stagnant at B level from 2022 to 2024, significantly lower than its peers in the industrial metals sector, raising concerns among investors about its governance and environmental practices [3][4][7]. Financial Performance - In 2024, Zijin Mining's revenue exceeded 300 billion yuan, marking a 3.49% year-on-year increase, while net profit reached over 30 billion yuan, up 51.76% year-on-year [4]. - The company's revenue growth rate in 2024 is the lowest since 2014 [4]. Environmental Concerns - The amount of hazardous waste generated per unit of revenue increased by over 70% in 2024, reaching 0.94 tons per million yuan of revenue [8]. - Energy consumption intensity reached 4.59 MWh per ten thousand yuan of industrial added value, the highest in five years, with a year-on-year increase of 3.27% [7][9]. - Total water consumption rose to 72.52 million tons, a 9.66% increase year-on-year, while fresh water usage intensity increased to 238.84 tons per million yuan of revenue, up 5.97% [7][9]. Social Responsibility Issues - Employee turnover rate increased to 8.49% in 2024, with significant losses among Chinese employees [10]. - The company reported 104 employees disciplined for corruption-related issues, reflecting a rise in internal governance problems [13]. Governance and Ethical Practices - The coverage rate of business ethics training for employees dropped to the lowest level in three years, at 75.25% [14]. - The total number of complaints and reports reached 236 in 2024, doubling from 104 in 2020, indicating a significant rise in reported misconduct [13][14]. Shareholder Returns - In 2024, Zijin Mining executed only one share buyback worth less than 3 million yuan, significantly lower than competitors [16]. - The cumulative dividend payout ratio since listing is 38.14%, which is lower than several peers in the industry [16][17].

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].

盘后财政政策重大发布！A500ETF(159339)今日深 V收盘翻红，过去10个交易日日均成交额7.40亿元 消息面上，2025年3月24日，财政部发布《2024年中国财政政策执行情况报告》称，2025年财政政 策要更加积极，持续用力、更加给力。强调提高财政赤字率，加大支出强度、加快支出进度。安排更大 规模政府债券，为稳增长、调结构提供更多支撑。支持全方位扩大国内需求。大力提振消费。支持现代 化产业体系建设。着力提升科技创新能力，加大中央本级科技投入。 A500ETF（159339）跟踪A股新时代核心宽基A500指数，以500只成份股覆盖A股市场营收的63%和 净利润的70%，代表A股核心资产。所有成份股都处于互联互通范围内，便利外资配置。指数编制方案 重视行业均衡，均衡配置"科技+顺周期"，把握A股盈利主线。 3月24日，A股市场临近收盘大幅反弹，A500指数深V修复至收红。A500指数成份股中，石英股份 涨超10%，江西铜业、胜宏科技、中集集团涨超5%，洛阳钼业、铜陵有色、新易盛、西部超导涨超 4%，其余成份股走势积极。 A500ETF（159339）跟踪中证A500指数，在编制方案上具备四大特点，分别 ...

证券代码：600362 证券简称：江西铜业 公告编号：临 2025-007 债券代码：137816 债券简称：22 江铜 01 江西铜业股份有限公司关于 控股子公司安全事故进展的公告 事故调查组认定，本次事故发生的原因是工艺控制及风险辨识 不到位、设备带病运行、水套漏水后违规处置。 2.事故性质 经事故调查组认定,本次事故是一起较大生产安全责任事故，且 企业存在瞒报、谎报情形。 二、事故调查处理建议 1.恒邦股份冶炼一公司熔炼车间副主任曲洪思，对事故发生负 有责任。鉴于已在事故中死亡，建议免予追究刑事责任。 2.建议依法追究刑事责任人员（8 人）： 本公司及董事会全体成员保证公告内容的真实、准确和完整，对公告 的虚假记载、误导性陈述或者重大遗漏负连带责任。 2024 年 8 月 3 日，公司控股子公司山东恒邦冶炼股份有限公司 （以下简称恒邦股份）冶炼一公司侧吹炉放铜口突发喷溅，造成现 场人员伤亡，具体内容详见公司于 2024 年 8 月 14 日披露的《江西 铜业股份有限公司关于控股子公司发生安全事故的公告》（公告编号： 临 2024-043）。 2025 年 3 月 23 日，山东省人民政府发布了《关于烟台 ...

Core Viewpoint - Chinese assets are experiencing a broad-based rebound, with optimistic outlooks from various institutions regarding future performance [2][8]. Market Performance - A-shares and Hong Kong stocks saw a recovery, with major indices turning positive; the Hang Seng Tech Index rose over 2% at one point [2][4]. - A-shares closed with the Shanghai Composite Index up 0.15%, Shenzhen Component Index up 0.07%, and ChiNext Index up 0.01% [4]. - In the Hong Kong market, the Hang Seng Tech Index increased by 1.72%, the Hang Seng Index by 0.92%, and the Hang Seng China Enterprises Index by 1.27% [4]. Sector Highlights - Cyclical stocks, particularly in the non-ferrous metals sector, showed strong performance, with copper stocks leading the gains [4]. - Companies like Jiangxi Copper and Luoyang Molybdenum saw significant increases in their stock prices, driven by expectations of a long-term bull market in copper due to rising electrification demand [4]. Fiscal Policy Insights - The Ministry of Finance released a report indicating that fiscal policy in 2025 will be more proactive, focusing on increasing the fiscal deficit ratio and government bond issuance [5][6]. - Key areas of focus include optimizing expenditure structure, enhancing local financial support, and promoting domestic demand and consumption [5][6]. Future Outlook - Institutions like Huatai Securities maintain a positive outlook on Chinese assets, citing strong earnings from major tech companies and the potential for AI-driven investments to boost domestic demand [8]. - The report suggests that the market may see a rebalancing of styles, focusing on stable earnings and free cash flow, while technology remains a key theme [9]. - Concerns about increased volatility during the earnings season are noted, with a potential shift from valuation-driven to fundamentals-based pricing [9].

Group 1 - The A-share market is expected to experience a phase of rebalancing in style, focusing on stable performance or marginal profit improvement [1] - A500 ETF (159339) has seen a strong surge in trading volume, exceeding 600 million yuan, indicating investor interest [1] - The A500 index covers 63% of total revenue and 70% of total net profit in the A-share market, representing core assets [1] Group 2 - Nomura Oriental International Securities notes a decline in trading volume and an increase in financing balance, reflecting volatility in market liquidity [2] - The upcoming month will see the release of corporate earnings and domestic economic data, which will influence the long-term trend of the market [2] - A500 ETF (159339) offers a low-cost investment option with an annual management fee of 0.15% and a custody fee of 0.05%, making it attractive for investors [2]

Group 1 - The Hong Kong Dividend Index ETF (513630) has seen continuous net inflows for five days, indicating strong institutional interest in dividend assets [1] - As of March 21, 2025, the ETF's latest scale reached 9.488 billion yuan with 7.117 billion shares, making it the largest among Wind's cross-border strategy index ETFs [1] - The ETF has attracted a total net inflow of 350 million yuan over the past five days, with a peak single-day inflow of 170 million yuan [1] Group 2 - Over 120 A-share listed companies announced cash dividend plans alongside their 2024 annual reports, with 13 companies offering dividend yields exceeding 3% [2] - Despite a cooling trend in dividend asset markets, the stable profitability and low valuation of these assets provide a safety margin, suggesting a favorable time for repositioning in the dividend sector [2] - Morgan Asset Management has launched a series of international "Dividend Toolbox" funds, offering diversified dividend investment solutions covering A-shares, Hong Kong stocks, and Asian markets [2] Group 3 - The Morgan Asia Dividend Fund focuses on high-dividend assets in the Asia-Pacific region, excluding Japan, and has won the "Golden Bull Overseas Mutual Fund" award for three consecutive years [3] - The Morgan CSI A50 ETF targets core A-share assets and has implemented a quarterly mandatory dividend mechanism, accumulating nearly 100 million yuan in dividends for 2024 [3] - The Morgan CSI A500 ETF also features a quarterly dividend mechanism and is among the first index funds included in personal pension plans, providing more investment options for individual pension investors [3] Group 4 - In the context of a new normal in interest rates, Morgan Asset Management aims to identify relatively "certain" quality asset investment opportunities, leveraging its global market insights and research capabilities [4]

美国全球抢铜！铜市场迎来重大转折，或引发全球供应紧张，专家预测铜价有 望创历史新高 从产业链来看，铜产业链主要分为上游采矿、中游冶炼加工和下游应用三个环节。上游主要包括铜矿开采和贸易；中游涉及铜的冶炼、精炼和加工，生产电 解铜、铜材等产品；下游应用领域广泛，包括电力、建筑、交通、电子等行业。随着全球数字化转型和新能源产业发展，下游需求持续增长，而上游供给增 长相对缓慢，导致供需矛盾日益突出。 在这一背景下，多个相关板块值得关注： 江西铜业（600362）：中国最大的综合性铜生产企业，公司 "贵冶牌" 阴极铜早在 1996 年于 LME 一次性注册成功，是中国第一个世界性铜品牌。公司拥有 较多铜资源，截至 2024 年，铜矿资源量 1342.8 万吨，年产铜精矿含铜超过 20 万吨，阴极铜产量超过 140 万吨 / 年，年加工铜产品超过 100 万吨。 紫金矿业（601899）：是矿产铜产量位居全球前四的企业。截至 2024 年底，保有证实储量和可信储量中铜有 5043.21 万吨。2024 年矿产铜产量 107 万吨， 2025 年计划实现矿产铜 115 万吨。公司在全球拥有多个铜矿山项目，并且不断通过并购等 ...