5月19日，华安国企机遇混合C（018807）下跌0.23%，最新净值1.11元，连续3个交易日下跌，区间累计 跌幅2.25%。 公开信息显示，现任基金经理孙澍先生:中国国籍,硕士研究生,曾任Alex&Forrest,Inc研究部数量研究员、 芝加哥期权交易所权益研究部数量研究员、平安资产管理有限责任公司量化交易研究员、工银瑞信基金 管理有限公司权益投资部投资经理,2021年9月加入华安基金,现任基金投资部基金经理。2022年3月28日 任华安双核驱动混合型证券投资基金基金经理。现任华安安进灵活配置混合型发起式证券投资基金基金 经理。2023年8月28日起担任华安红利精选混合型证券投资基金基金经理。 截止2025年3月31日，华安国企机遇混合C前十持仓占比合计63.48%，分别为：中国太保（7.57%）、中 国人保（7.41%）、中国船舶（7.00%）、中国银河（6.99%）、紫金矿业（6.25%）、天山铝业 （6.18%）、云铝股份（6.06%）、洛阳钼业（5.66%）、中国铝业（5.40%）、中国人寿（4.96%）。 来源：金融界 据了解，华安国企机遇混合C成立于2024年1月，基金规模0.05亿元，成立 ...

Industry Investment Rating - The industry investment rating is maintained at "Outperform the Market" [1] Core Viewpoints - The report indicates that the precious metals market has adjusted adequately, and it is now a good time to consider long positions. The recent U.S. CPI data has influenced gold prices, and the resilience of inflation supports the bullish outlook for gold as long as long-term U.S. Treasury yields remain above 4% [4] - For copper, trade pricing is expected to reverse, with significant inventory accumulation noted in COMEX copper. The report suggests that the price difference between New York and London copper is narrowing, which may indicate a loss of arbitrage profits [5] - Tungsten prices have continued to rise, increasing by 14.84% since early April due to reduced mining quotas and environmental inspections, leading to supply constraints [6] - The report suggests that rare earth export controls may be relaxed, and it recommends positioning for potential opportunities as the market remains cautious [6] Summary by Sections Industry Overview - The closing index for the industry is at 4695.15, with a weekly high of 5020.22 and a low of 3700.9 [1] Price Movements - Basic metals saw LME copper decrease by 1.92%, aluminum by 0.36%, and zinc by 1.27%. Precious metals experienced a decline in COMEX gold by 1.51% and silver by 1.99% [20] Inventory Levels - Global visible copper inventory increased by 28,367 tons, while aluminum saw a decrease of 2,370 tons, and zinc decreased by 3,175 tons [27]

Industry Investment Rating - The industry investment rating is maintained at "Outperform the Market" [1] Core Viewpoints - The report indicates that the precious metals market has adjusted adequately, and it is now a good time to go long. The recent U.S. CPI data has influenced gold prices, and the resilience of inflation supports the bullish outlook for gold as long as long-term U.S. Treasury yields remain above 4% [4] - For copper, trade pricing is expected to reverse, with significant inventory accumulation noted in COMEX copper. The report suggests that the demand side remains favorable due to the suspension of tariffs, particularly for aluminum, which is recommended for investment [5] - Tungsten prices continue to rise due to tightened production indicators and environmental inspections, with a 14.84% increase since early April. The report highlights strong demand from the manufacturing sector and potential applications in high-tech industries [6] - The rare earth market is experiencing price stabilization, with potential easing of export controls. The report advises investors to consider buying on dips as the market awaits developments regarding export regulations [6] Summary by Sections Section 1: Market Performance - The non-ferrous metals sector saw a weekly increase of 0.5%, ranking 16th among sectors [13] Section 2: Prices - Basic metals prices: LME copper decreased by 1.92%, aluminum by 0.36%, zinc by 1.27%, lead increased by 0.65%, and tin decreased by 0.03%. Precious metals: COMEX gold fell by 1.51%, silver by 1.99%, while palladium rose by 1.15% and platinum fell by 2.37% [20][21] Section 3: Inventory - Global visible inventories showed an increase of 28,367 tons for copper, while aluminum saw a decrease of 2,370 tons, zinc decreased by 3,175 tons, lead decreased by 1,697 tons, and nickel decreased by 3,740 tons [27]

Investment Rating - The report maintains an "Overweight" rating for the non-ferrous metals sector [1]. Core Views - The report highlights that the industrial metals sector has shown a strong performance due to the easing of trade tensions between China and the U.S., leading to a significant recovery in market sentiment [1][27]. - Despite the recent drop in precious metal prices, the report maintains a bullish outlook on gold, citing ongoing risks related to U.S. dollar credit and the potential impact of tariffs on the real economy in the coming months [4][50]. Summary by Sections Market Review - The non-ferrous metals sector increased by 0.61% from May 12 to May 16, ranking 16th among 31 sectors [14]. - The industrial metals sub-sector saw a rise of 0.99%, while precious metals declined by 2.96% during the same period [14]. Industrial Metals - **Copper**: Prices for copper are expected to remain strong in the short term due to improved export demand following the easing of trade tensions. As of May 16, LME copper was priced at $9,448 per ton, a slight increase of 0.02% week-on-week [2][33]. - **Aluminum**: The aluminum market is experiencing upward price movement, with LME aluminum reaching $2,482 per ton, up 2.65% week-on-week. The report notes a decrease in social inventory, which supports price stability [3][38]. - **Zinc**: Zinc prices have also increased, with LME zinc at $2,692 per ton, reflecting a 1.43% rise week-on-week. Inventory levels have decreased, indicating a tightening supply [40]. - **Tin**: Tin prices have risen, with LME tin at $32,816 per ton, up 2.92% week-on-week. The market remains stable despite mixed inventory changes [46]. Precious Metals - **Gold**: The price of gold has significantly decreased, with COMEX gold closing at $3,205.30 per ounce, down 3.72% week-on-week. The report attributes this decline to reduced market risk aversion following the U.S.-China trade agreement [4][49]. - **Silver**: Silver prices have also seen a decline, with COMEX silver at $32.44 per ounce, down 1.48% week-on-week [51]. Economic Indicators - U.S. economic indicators show resilience, with April CPI growth at 2.3%, below expectations, and retail sales growth at 0.1%, exceeding forecasts. These factors contribute to the overall market sentiment and pricing dynamics in the metals sector [4][49].

华源证券近日发布有色金属 大宗金属周报：受中美关税"降级"催化影响电解铝大涨，后 伴随氧化铝价格反弹而反弹，成本支撑仍是电解铝价格主线。库存方面，现货库存58万吨， 环比降低6.3%，沪铝库存15.6万吨，环比降低8.0%，相比上周库存改善明显，一方面有上周 过节因素另一方面受中美缓和下游补库影响，5-6月份本为传统淡季，但考虑中美缓和或出 现"淡季不淡"的情况，价格高度随氧化铝波动，或反弹至2.05-2.1万元/吨。 以下为研究报告摘要： 投资要点： 铜：铜价维持震荡，等待后续宏观催化。本周伦铜/沪铜/美铜涨跌幅分别为 +0.86%/+0.89%/-1.34%，本周一中美发布经贸会谈联合声明，实现对等关税"降级"，受此催 化全球商品价格反弹，沪铜一度反弹至7.9万元/吨，后续逐步回落至7.8万元/吨。基本面方 面，受美国232铜进口调查影响，海外铜库存仍在转移，LME库存下降而comex库存高增， 反观国内库存开始回升，smm社会库存13.2万吨，环增9.91%，沪铜库存10.8万吨，环增 34%。下游开工开始回升，铜杆开工率73.26%，同增10.47pct。我们认为铜价短期维持震 荡，宏观面重点关注：1 ...

证券研究报告 有色金属 行业定期报告 hyzqdatemark 2025 年 05 月 18 日 证券分析师 田源 SAC：S1350524030001 tianyuan@huayuanstock.com 张明磊 SAC：S1350525010001 zhangminglei@huayuanstock.com 郑嘉伟 SAC：S1350523120001 zhengjiawei@huayuanstock.com 田庆争 SAC：S1350524050001 tianqingzheng@huayuanstock.com 联系人 陈轩 板块表现： 中美关税"降级"催化，成本支撑叠加库存去化，铝价大涨 投资评级： 看好（维持） ——有色金属 大宗金属周报（2025/5/12-2025/5/16） 投资要点： 请务必仔细阅读正文之后的评级说明和重要声明 铜：铜价维持震荡，等待后续宏观催化。本周伦铜/沪铜/美铜涨跌幅分别为 +0.86%/+0.89%/-1.34%，本周一中美发布经贸会谈联合声明，实现对等关税"降级"， 受此催化全球商品价格反弹，沪铜一度反弹至 7.9 万元/吨，后续逐步回落至 7.8 万 元/吨。基本 ...

评级：推荐(维持) 证券研究报告 2025年05月18日 有色金属 铝行业周报：中美双边关税大幅下降，库存维持强势表现 《铝行业周报：关税压力缓和，政策定调积极（推荐）*有色金属*王璇，陈 晨》——2025-04-28 《铝行业周报：去库表现强势，关注需求及出口走向（推荐）*有色金属*王璇， 陈晨》——2025-04-21 《铝行业周报：关税压力缓解，铝价压制减弱，关注需求变化（推荐）*有色 金属*王璇，陈晨》——2025-04-14 沪深300表现 | 表现 | 1M | 3M | 12M | | --- | --- | --- | --- | | 有色金属 | 2.7% | 1.3% | -0.0% | | 沪深300 | 3.1% | -1.3% | 6.8% | 请务必阅读报告附注中的风险提示和免责声明 2 陈晨（证券分析师） 王璇（证券分析师） S0350522110007 S0350523080001 chenc09@ghzq.com.cn wangx15@ghzq.com.cn 最近一年走势 相关报告 -24% -16% -8% 1% 9% 17% 2024/05 2024/08 2024/11 ...

Investment Rating - Industry Rating: Recommended [5] Core Views - The easing of trade tensions between China and the US has led to a recovery in macroeconomic sentiment, benefiting the overall base metals sector [4][16][42] - Precious metals, particularly gold and silver, are expected to remain attractive due to ongoing economic uncertainties and inflation concerns, with gold prices anticipated to rise in the long term [4][42][43] - The report highlights potential investment opportunities in gold and silver mining companies, as well as in base metals like copper and aluminum, driven by favorable market conditions and policy support [17][18][42] Summary by Sections Precious Metals - Gold prices on COMEX fell by 3.72% to $3,205.30 per ounce, while silver prices decreased by 1.37% to $32.43 per ounce [22][24] - SPDR Gold ETF holdings decreased by 617,575.37 troy ounces, and SLV Silver ETF holdings fell by 1,591,307.50 ounces [24] - The macroeconomic environment is expected to support gold prices, with a focus on gold resource stocks due to their low valuation levels [4][42][43] Base Metals - In the LME market, copper prices increased by 0.02% to $9,447.50 per ton, aluminum rose by 2.65% to $2,481.50 per ton, zinc increased by 1.43% to $2,691.50 per ton, and lead rose by 0.93% to $2,000.00 per ton [6][44] - SHFE market showed similar trends with copper at 78,140.00 yuan per ton, aluminum at 20,130.00 yuan per ton, zinc at 22,500.00 yuan per ton, and lead at 16,870.00 yuan per ton [6][44] - The report indicates a tightening supply of copper concentrate and a favorable outlook for copper prices due to ongoing infrastructure investments and demand in sectors like electric vehicles [17][71] Small Metals - The report notes that magnesium prices have remained firm due to cost increases and environmental inspections in certain regions [14] - The market for molybdenum and vanadium is stable, with steel mills beginning to procure, although price movements are limited [15][79] - The US has initiated anti-dumping investigations on metal silicon imports, which may impact market dynamics [78]

Investment Rating - The report maintains a "Recommended" rating for several companies in the non-ferrous metals sector, including Zijin Mining, Luoyang Molybdenum, and Huayou Cobalt [4][5]. Core Insights - The easing of US-China trade tensions has led to a rebound in industrial metal prices, with significant reductions in tariffs announced for both sides [2][4]. - The report highlights a mixed demand outlook for aluminum, with domestic production nearing capacity limits while demand from the construction sector remains weak [2][14]. - For energy metals, cobalt supply tightness is expected to increase due to ongoing export bans from the Democratic Republic of Congo, while lithium prices are under pressure from high inventory levels [3][4]. - Precious metals are experiencing short-term price corrections but are expected to perform well in the medium to long term due to central bank purchases and geopolitical tensions [4][67]. Summary by Sections Industrial Metals - Aluminum prices have seen a weekly increase of 2.75%, with domestic production costs rising due to recovering alumina prices [10][14]. - Copper prices remained stable, with a slight weekly change of 0.01%, while copper concentrate imports reached a historical high [2][36]. - Zinc prices increased by 1.15% this week, driven by improved market sentiment following US-China trade negotiations [10][44]. Precious Metals - Gold prices have corrected by 3.72% due to reduced demand for safe-haven assets amid easing trade tensions, while silver prices have shown a smaller decline of 0.37% [10][67]. - The report anticipates a long-term upward trend for gold prices, supported by central bank purchases and ongoing geopolitical risks [4][67]. Energy Metals - Cobalt prices are expected to rise due to supply constraints from the Democratic Republic of Congo, while lithium prices are under pressure from high inventory levels [3][4]. - Nickel prices have shown a slight increase of 0.7%, but the overall market remains cautious due to weak demand and high inventory levels [55][57]. Recommended Companies - Key companies recommended in the report include Zijin Mining, Luoyang Molybdenum, Huayou Cobalt, and several others in the non-ferrous metals sector [4][5].

Investment Rating - The report maintains a "Buy" rating for several companies in the non-ferrous metals sector, including Zijin Mining, Shandong Gold, and Chifeng Jilong Gold [7]. Core Views - The easing of US-China tariffs is expected to positively impact metal demand, with a focus on the economic fundamentals following the tariff negotiations [1][2]. - Gold prices have fluctuated due to lower-than-expected US inflation and dovish comments from Federal Reserve Chairman Jerome Powell, indicating a potential for future price recovery depending on tariff negotiations [1][36]. - The copper market is cautious due to high tariff levels, but inventory reductions provide some support for prices [2]. - Aluminum prices are supported by low inventory levels and positive macro sentiment following substantial progress in US-China tariff talks [2]. Summary by Sections Precious Metals - Gold prices have been affected by a 2.3% year-on-year increase in the US CPI for April, which was lower than expected, leading to a decrease in gold prices [1]. - Powell's comments suggest a higher tolerance for inflation, which may lead to fluctuations in gold prices based on tariff negotiations [1][36]. Industrial Metals - Copper prices are under pressure due to ongoing tariff concerns, but a reduction in global copper inventory to 572,000 tons provides some support [2]. - Aluminum prices are buoyed by low inventory levels, with domestic social inventory dropping below 600,000 tons [2]. Energy Metals - Lithium prices have stabilized, with carbon lithium futures rising by 1.3% to 65,000 yuan/ton, while supply pressures are expected to persist [3]. - The lithium market is experiencing a supply-demand imbalance, with a 9% decrease in carbon lithium production this week [3]. Key Companies to Watch - Recommended companies include Zijin Mining, Shandong Gold, Chifeng Jilong Gold, and others in the non-ferrous metals sector [1][2][3].