来看，美元信用弱化为主线，看好金价中枢上移。白银兼具金融和工业属性，近年来光伏用 银增长带动供需格局紧张，银价弹性相对更高，价格有望创历史新高。重点推荐：万国黄金 集团、赤峰黄金、山金国际、招金矿业、山东黄金、中金黄金、湖南黄金，关注中国黄金国 际，白银标的推荐盛达资源、兴业银锡。 风险提示：需求不及预期、供给超预期释放、海外地缘政治风险。（民生证券 邱祖学, 张弋清 ） 免责声明：本文内容与数据仅供参考，不构成投资建议，使用前请核实。据此操作，风 险自担。 民生证券近日发布有色金属周报：工业金属高位震荡，金价再创历史新高。 以下为研究报告摘要： 本周（03/21-03/28）上证综指下跌0.4%，沪深300指数上涨0.01%，SW有色指数上涨 0.28%，贵金属COMEX黄金上涨2.97%，COMEX白银上涨3.85%。工业金属LME铝、铜、 锌、铅、镍、锡价格分别变动-2.84%、-0.70%、-2.60%、-0.22%、1.17%、4.35%；工业金属 库存LME铝、铜、锌、铅、镍、锡分别变 动-3.69%、-5.20%、-8.42%、-0.45%、-0.19%、-18.88%。 工业金属：关税担忧刺激 ...

Group 1 - The China Securities Index for gold industry stocks (931238) increased by 0.61% as of March 31, 2025, with notable gains from companies such as Western Gold (4.12%) and Chifeng Jilong Gold (3.19%) [1] - The Gold Stock ETF Fund (159322) rose by 0.75%, with a latest price of 1.08 yuan and significant trading volume [1] - Over the past two weeks, the Gold Stock ETF Fund saw a scale increase of 793.78 million yuan and a share increase of 7 million shares, ranking second among comparable funds [1] Group 2 - Analysts noted that gold prices surged to over $3,093 per ounce due to fears surrounding new tariffs from the Trump administration, with a potential global tariff rate of up to 20% [4] - The recent rise in gold prices is attributed to recession fears and tariff-related trading, with expectations that the current gold market conditions may persist into mid-year [4] - The gold market is experiencing high levels of bullish sentiment, with room for further capital inflow despite not reaching historical extremes in trading volume [4] Group 3 - The China Securities Index for gold industry stocks (931238) includes 50 major companies involved in gold mining, refining, and sales, reflecting the overall performance of the gold industry in mainland China and Hong Kong [5] - As of February 28, 2025, the top ten weighted stocks in the index accounted for 65.74% of the total index weight, with Shandong Gold being the largest component [5]

转自：新华财经 新华财经北京3月28日电 四大证券报内容精华摘要如下： 中国证券报 •2025中关村论坛年会开幕 人形机器人成为独特风景线 3月27日，2025中关村论坛年会开幕。写书法、冲咖啡、秀茶艺、提供问诊服务、耐心解答观众疑问并 介绍各类活动信息……人形机器人成为本届中关村论坛一道科技感十足的独特风景线。与会嘉宾表示， 当前新一轮科技革命和产业变革深入推进，世界经济数字化、绿色化、智能化进程不断加快，我国应抓 紧推动科技创新和产业创新深度融合，改造提升传统产业，培育壮大新兴产业和未来产业。 继续深耕电子、机械设备两大行业，被调研标的超六成实现正收益，3月以来，券商调研A股上市公司 路径图逐渐清晰。数据显示，截至3月27日记者发稿时，沪深北交易所共有543家上市公司接待券商调 研，其中电子、机械设备行业上市公司相对更受青睐，医药生物等行业上市公司也获得券商密集调研。 结合对政策及行业基本面的分析，业内人士认为，二季度预计电子行业业绩仍有较强支撑，板块有望取 得较好表现；中医药产业有望迎来高质量发展，预计未来头部企业外延并购节奏有望加快。 上海证券报 本周以来，先后有4家一线外资投行发布看好中国市场的观点 ...

Core Viewpoint - Zijin Mining is undergoing a transformation in its market value management, with the chairman taking primary responsibility and executive incentives linked to stock performance [1][10]. Group 1: Market Value Management - The chairman of Zijin Mining, Chen Jinghe, acknowledged that the company's market value management has not been satisfactory, despite strong growth potential [1]. - The company has introduced a market value management system, designating the chairman as the primary responsible person and the secretary as the direct responsible person [1]. - The company's current price-to-earnings (PE) ratio is around 14 times, significantly lower than the global mining average of over 20 times [1][10]. Group 2: Financial Performance - In 2024, Zijin Mining's copper production reached 106.8 million tons, a year-on-year increase of 6.07%, contributing approximately 28% to revenue [2]. - The company reported significant profit margins for gold products, with gross profit margins exceeding 46% and 68% for gold ingots and concentrates, respectively [2]. - The company's dividend payout ratio has decreased from 56%-79% (2015-2019) to 26%-49% (2020-2024), with a projected payout of 31.51% in 2024 [8][9]. Group 3: Resource Strategy - Zijin Mining aims to continuously increase its resource reserves through various means, including acquisitions, to sustain growth [3][7]. - The company is focusing on gold and silver as key areas for future acquisitions, with a notable interest in the silver market [4][5]. - The lithium resource reserves have reached 18 million tons of lithium carbonate equivalent, with significant production capacity expected to come online by 2025 [6]. Group 4: Market Comparisons - Compared to peers like Southern Copper and Freeport-McMoRan, Zijin Mining's market valuation is lower, with a PE ratio of less than 15 times compared to their higher valuations [10][11]. - Despite being perceived as a cyclical industry, Zijin Mining is positioned as a high-growth company, with projected production increases of 50% by 2028 [11].

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 ...

Investment Rating - The report maintains a "Buy" rating on non-ferrous metal stocks, particularly under supply constraints, anticipating strong performance in the upcoming months [2]. Core Insights - The suspension of mining operations by Alphamin Resources in the Democratic Republic of Congo is expected to shift the tin supply-demand balance from slight surplus to slight shortage in 2025 [3][8]. - The report highlights a significant increase in aluminum demand and a reduction in inventory levels, indicating a positive trend for aluminum prices and profitability in the sector [7][8]. - The report emphasizes the potential for price increases in strategic minor metals such as tin, antimony, and cobalt due to supply constraints and rising demand [8]. Industry Overview - The non-ferrous metal sector consists of 126 listed companies with a total market capitalization of approximately 30,247.68 billion [4]. - Recent performance metrics show a 6.3% increase over the past month and a 34.0% increase over the past six months for the sector [5]. - The report notes that copper inventories have reached a turning point, with ongoing supply-demand conflicts in the mining and smelting sectors [7]. Aluminum Industry Insights - Domestic aluminum ingot social inventory has decreased to 869,000 tons, reflecting a 1.5% reduction week-on-week, indicating improving demand [7]. - The report forecasts continued improvement in aluminum fundamentals as the peak season approaches, with expectations of profit recovery in the electrolytic aluminum industry [7]. Copper Industry Insights - The report indicates a decrease in domestic electrolytic copper inventory to 352,900 tons, down by 18,000 tons week-on-week, suggesting tightening supply conditions [7]. - The report suggests that the copper market is experiencing heightened tensions between mining and smelting operations, which could impact future pricing [7]. Minor Metals Insights - The report anticipates a significant increase in tin production from Alphamin, with a projected output of 20,000 tons in 2025, which could be affected by the recent suspension of operations [8]. - The report recommends focusing on companies with clear growth potential in tin and antimony production, such as Xingye Silver Tin and Hunan Gold [8].

Investment Rating - The report maintains an "Accumulate" rating for the non-ferrous metals sector [6]. Core Viewpoints - Domestic port copper concentrate inventory has rapidly decreased, indicating tightening supply and a bullish outlook for copper prices [1]. - As of March 14, 2025, SHFE copper price is 80,500 RMB/ton, up 2.8% week-on-week, while LME copper price is 9,793 USD/ton, up 2.0% week-on-week [1][15]. - The report anticipates continued upward movement in copper prices in 2025 due to tightening supply and improving demand [4]. Summary by Sections Inventory - Domestic copper social inventory decreased by 3% week-on-week, while LME copper inventory fell by 9% [2]. - As of March 14, 2025, domestic port copper concentrate inventory stands at 575,000 tons, down 5.8% week-on-week [2]. - Global electrolytic copper inventory as of March 3, 2025, totaled 613,000 tons, a decrease of 1.6% week-on-week [2]. Supply - The TC spot price as of March 14 is -15.9 USD/pound, continuing to set historical lows [3]. - In February 2025, China's electrolytic copper production was 1.0582 million tons, up 4.4% month-on-month and 11.4% year-on-year [3]. - The price difference between refined copper and scrap copper is 2,330 RMB/ton, an increase of 72 RMB/ton week-on-week [2][48]. Demand - The cable industry's operating rate increased by 4.6 percentage points week-on-week, reaching 77.21% [3]. - In January 2025, household air conditioner production decreased by 4.2% year-on-year, while sales increased by 8.7% [3]. - The operating rate for brass rods was 40.4% in February 2025, down 1.3 percentage points month-on-month but up 13.7 percentage points year-on-year [3]. Futures - SHFE copper active contract positions increased by 38% week-on-week, while COMEX non-commercial net long positions rose by 43% [4]. - As of March 14, 2025, SHFE copper active contract positions reached 230,000 lots, a 38.1% increase week-on-week [4]. Investment Recommendations - The report recommends stocks such as Jincheng Mining, Zijin Mining, Luoyang Molybdenum, and Western Mining, with a focus on Minmetals Resources [4].

Investment Rating - The report maintains an "Accumulate" rating for the non-ferrous metals sector [6]. Core Viewpoints - Domestic port copper concentrate inventory has rapidly decreased, indicating tightening supply and a bullish outlook for copper prices [1][4]. - As of March 14, 2025, SHFE copper price is 80,500 RMB/ton, up 2.8% week-on-week, while LME copper price is 9,793 USD/ton, up 2.0% week-on-week [1][15]. - The report anticipates continued upward movement in copper prices in 2025 due to tightening supply and improving demand [4]. Summary by Sections Inventory - Domestic copper social inventory decreased by 3% week-on-week, while LME copper inventory fell by 9% [2]. - As of March 14, 2025, domestic port copper concentrate inventory stands at 575,000 tons, down 5.8% week-on-week [2]. - Global electrolytic copper inventory as of March 3, 2025, totaled 613,000 tons, a decrease of 1.6% week-on-week [2]. Supply - The TC spot price as of March 14, 2025, is -15.9 USD/pound, continuing to set historical lows [3]. - In February 2025, China's electrolytic copper production was 1.0582 million tons, up 4.4% month-on-month and 11.4% year-on-year [3]. - The price difference between refined copper and scrap copper is 2,330 RMB/ton, an increase of 72 RMB/ton week-on-week [2][48]. Demand - The cable industry's operating rate increased by 4.6 percentage points week-on-week, reaching 77.21% [3][63]. - In January 2025, household air conditioner production decreased by 4.2% year-on-year, while sales increased by 8.7% [3][79]. - The operating rate for brass rods, primarily used in construction, was 40.4% in February 2025, down 1.3 percentage points month-on-month but up 13.7 percentage points year-on-year [3][63]. Futures - SHFE copper active contract positions increased by 38% week-on-week, while COMEX non-commercial net long positions rose by 43% [4][29]. - As of March 14, 2025, SHFE copper active contract positions reached 230,000 lots, a significant increase from the previous week [4][29]. Investment Recommendations - The report recommends stocks such as Jincheng Mining, Zijin Mining, Luoyang Molybdenum, and Western Mining, while also suggesting to pay attention to Minmetals Resources [4].

Group 1: Key Insights on Humanoid Robot Sensors - Humanoid robot sensors are essential for perceiving the physical world and include various types such as visual, auditory, tactile, and force sensors, which enable robots to gather information about their environment [1][2] - A humanoid robot requires multiple sensors, including one set of visual sensors, one set of position sensors, and various force and tactile sensors, with sensor costs accounting for approximately 30% of the total robot cost [2][3] - The global humanoid robot market is projected to grow significantly, with an estimated market size of USD 1.017 billion in 2024 and expected to reach USD 15 billion by 2030, reflecting a CAGR of over 56% from 2024 to 2030 [3][4] Group 2: Opportunities and Challenges in the Sensor Industry - The sensor industry faces opportunities due to policy support and the need for a reliable supply chain, but challenges include late development, limited technological accumulation, and the need for core technology breakthroughs [2][3] - The sensor industry is characterized by a wide variety of products, low output per single sensor, and high overall industry value, indicating that development requires a focus on integrated growth rather than a fragmented approach [2][3] Group 3: Investment Targets in the Humanoid Robot Sensor Market - Companies with technological advantages in the humanoid robot sensor market are expected to benefit from the industry's expansion, with potential investment targets including Keli Sensor, Hanwei Technology, and others [4] Group 4: Government Policies Impacting the Machinery and Robotics Sector - The government work report emphasizes boosting consumption and developing future industries, which is expected to positively impact the machinery and robotics sectors [5][6] - The report highlights the importance of establishing application scenarios for robots, particularly in municipal services and emergency rescue, which could accelerate the adoption of humanoid robots [7][8] Group 5: Market Dynamics and Future Projections - The report indicates that the demand for humanoid robots and their sensors will continue to rise as the industry expands and technology evolves, with a focus on high-dimensional and high-precision sensors [2][3] - The MEMS sensor market in China is transitioning from scale expansion to quality upgrades, with significant growth expected in the coming years [4]

DONGXING SECURITIES 东兴证券研究报告 首席周观点：2025年第11周 P1 首席周观点：2025 年第 11 周 2025 年 3 月 13 日 首席观点 周度观点 刘航 | 东兴证券电子行业首席分析师 S1480522060001，021-25102909，liuhang-yjs@dxzq.net.cn 电子行业：人形机器人专题（一）：传感器的技术路径、竞争格局与产业重构 Q1：人形机器人传感器是什么？传感器是机器人感知物理世界的窗口，也是机器人迈向智能 化的基础。包含各类视觉传感器、听觉传感器、触觉传感器、力传感器等，用于感知环境， 获取关于周围世界的信息。视觉传感器是具有图像采集处理、数据传输能力的功能专门化嵌 入式视觉系统，可实现目标识别定位、尺寸测量、缺陷检测、条码识别等功能；人形机器人 的听觉传感器主要为麦克风，包括声音接收器、信号处理器和音频处理软件等部分；力传感 器主要为力矩传感器，其可以在各种旋转或非旋转机械部件上对扭转力矩感知进行检测，将 扭力的物理变化转化为精确电信号；触觉传感器可覆盖于人形机器人三维载体表面，实现与 环境接触力、温度、湿度、震动、材质、软硬等特性的检 ...