2020-2025年1-9月中国十种有色金属产量统计图 数据来源：国家统计局，智研咨询整理 知前沿，问智研。智研咨询是中国一流产业咨询机构，十数年持续深耕产业研究领域，提供深度产业研 究报告、商业计划书、可行性研究报告及定制服务等一站式产业咨询服务。专业的角度、品质化的服 务、敏锐的市场洞察力，专注于提供完善的产业解决方案，为您的投资决策赋能。 上市企业：紫金矿业（601899）,洛阳钼业（603993）,中国铝业（601600）,北方稀土（600111）,江西铜 业（600362）,云南铜业（000878）,驰宏锌锗（600497）,中金黄金（600489）,西部矿业（601168）,盛 和资源（600392） 相关报告：智研咨询发布的《2025-2031年中国有色金属冶炼和压延加工行业市场动态分析及未来趋势 研判报告》 根据国家统计局数据显示：2025年9月中国十种有色金属产量为695万吨，同比增长2.9%；2025年1-9月 中国十种有色金属累计产量为6124.9万吨，累计增长3%。 ...

Core Viewpoint - The precious metals sector is experiencing a significant rally, driven by expectations of a Federal Reserve interest rate cut in December, with market pricing reflecting over 86% probability of a rate decrease [1][2]. Group 1: Precious Metals Performance - The precious metals sector saw a collective surge, with the non-ferrous metal ETF (159871) rising by 2.77% and silver reaching its daily limit up of 10% [1]. - COMEX gold increased by 4.77% and COMEX silver surged by 14.95% over the past week, indicating strong upward momentum in precious metal prices [2]. Group 2: Market Influences - The Federal Reserve has entered a quiet period before its meeting, with no significant macroeconomic data expected to alter the anticipated policy path, leading to a consensus that the December rate cut decision is "locked in" [1]. - Economic data releases have prompted some Federal Reserve officials to signal a potential rate cut in December, supporting the rebound in precious metal prices [1]. Group 3: Long-term Outlook - The long-term trend for the non-ferrous metals sector remains positive, with recommendations to focus on the non-ferrous metal ETF (159871) for structural opportunities [3]. - The ongoing process of de-dollarization is expected to continue, suggesting that investors should hold onto low-positioned assets despite market volatility [2].

Core Viewpoint - The Hong Kong copper industry stocks have collectively strengthened, with significant price increases observed across various companies [1] Group 1: Company Performance - Jiangxi Copper Company (00358.HK) increased by 7.69%, reaching HKD 33.04 [1] - China Daye Non-Ferrous Metals (00661.HK) rose by 7.53%, trading at HKD 0.1 [1] - Minmetals Resources (01208.HK) saw a rise of 6.8%, priced at HKD 7.38 [1] - China Nonferrous Mining (01258.HK) gained 6.35%, with a share price of HKD 15.9 [1] - Luoyang Molybdenum (03993.HK) increased by 5.2%, now at HKD 17 [1]

国联民生证券研报指出，经济数据持续发布后，美联储部分官员释放12月降息信号，支撑贵金属价格反 弹，未来在央行购金+美元信用弱化主线下，继续看好金银价格上涨。此前降息预期过于悲观，随着美 联储官员释放"鸽派"信号，12月降息预期抬升，降息预期从不足4成回升至超过8成。白银海内外库存加 速去化，或迎来逼仓行情。中长期看，央行购买黄金+美元信用弱化为主线，持续看好金银价格中枢上 移。 12月1日，沪深两市震荡上行，盘面上，贵金属板块集体拉升。截至10点15分，有色金属 ETF(512400.SH)涨3.52%，白银有色涨停10%，江西铜业、兴业银锡涨超9%。 风险提示：基金有风险，投资需谨慎。 整体而言，在供给刚性、新兴需求扩张及流动性改善的多重驱动下，中证申万有色金属指数估值分位数 处于近10年较低水平，板块中长期配置价值依然稳固，建议关注有色金属ETF(512400.SH)。 ...

有色ETF基金紧密跟踪国证有色金属行业指数，国证有色金属行业指数参照国证行业分类标准，选取归 属于有色金属行业的规模和流动性突出的50只证券作为样本，反映了沪深北交易所有色金属行业上市公 司的整体收益表现，向市场提供细分行业的指数化投资标的。 数据显示，截至2025年11月28日，国证有色金属行业指数(399395)前十大权重股分别为紫金矿业 (601899)、洛阳钼业(603993)、北方稀土(600111)、华友钴业(603799)、中国铝业(601600)、赣锋锂业 (002460)、中金黄金(600489)、山东黄金(600547)、天齐锂业(002466)、云铝股份(000807)，前十大权重 股合计占比52.34%。 有色ETF基金(159880)，场外联接(A：021296；C：021297；接I：022886)。 截至2025年12月1日 09:48，国证有色金属行业指数(399395)强势上涨4.20%，成分股白银有色(601212)上 涨9.96%，江西铜业(600362)上涨9.72%，兴业银锡(000426)上涨9.53%，云南铜业(000878)，铜陵有色 (000630)等个股跟涨 ...

Market Overview - A-shares opened higher with the Shanghai Composite Index up 0.14% and the ChiNext Index up 0.26%, led by the non-ferrous metals and military sectors, while e-commerce stocks weakened [1] - Hong Kong stocks also opened higher, with the Hang Seng Index rising 0.34% and the Hang Seng Tech Index up 0.21%, notable gainers included New World Development up over 6% and China Metallurgical Group up over 5% [1][5] Commodity Performance - Most commodities opened higher, with silver rising 6.98%, the shipping index (European line) up 3.67%, and international copper up 2.39% [1] - The precious metals sector saw significant gains, with silver stocks hitting the daily limit, including Hunan Silver and Jiangxi Copper, both up over 6% [1] Bond Market - The bond market opened mostly lower, with the 30-year main contract down 0.01%, while the 5-year contract saw a slight increase of 0.01% [1][2] Stock Index Performance - The Shanghai Composite Index opened at 3894.21 points, up 0.14%, while the Shenzhen Component Index opened at 13038.16 points, up 0.42% [4] - The ChiNext Index opened at 3060.56 points, up 0.26%, and the CSI 300 opened at 4539.19 points, up 0.28% [4] Notable Stock Movements - Silver-related stocks showed strong performance, with Silver Holdings up 9.96% and Jiangxi Copper up 7.51% [2] - In the Hong Kong market, Meituan fell over 2% following its earnings report, while NetEase rose 1.3% and Alibaba increased nearly 1% [5]

Core Insights - The A-share market is experiencing an upward trend, with expectations of a volatile structure in the short term, influenced by signals from the Federal Reserve [3] - The demand for copper is anticipated to rise due to tightening supply and increased demand from AI data center construction, while silver prices have reached historical highs [2][3] - The top ten weighted stocks in the Shanghai 180 Index account for 26.13% of the index, indicating concentrated investment opportunities [4] Group 1: Market Performance - As of December 1, 2025, the Shanghai 180 Index rose by 0.36%, with notable increases in stocks such as Jiangxi Copper (up 7.80%) and China Merchants Energy (up 6.24%) [1] - The Shanghai 180 ETF Index Fund also saw a slight increase of 0.34%, closing at 1.2 yuan [1] Group 2: Commodity Insights - Silver prices have surged significantly, with COMEX silver futures reaching a peak of $57.245 per ounce, marking a 90% increase year-to-date [1] - The Chilean state-owned copper company has raised long-term contract premiums to $350 per ton, highlighting supply constraints in the copper market [2] Group 3: Investment Opportunities - The electric aluminum sector is showing defensive characteristics with high dividends, and leading companies are seeing valuations drop to historical lows, suggesting potential for recovery [2] - Upcoming important meetings in December are expected to create investment opportunities related to economic policy and emerging industries such as AI and carbon materials [3]

我们不是资讯的搬运工 而是有态度的发现者 2.中国人民银行、科技部等部门联合召开科技金融统筹推进机 制第一次会议。 3.发改委主任郑栅洁主持召开民营企业座谈会 就"十五五"时期 服务业高质量发展听取意见建议。 二、行业最新动态 1 谷歌将发布AI眼镜深度集成Gemini, 相关个股: 博士眼镜 (300622) 、恒信东方(300081)等。 万和财富早班车 2025年12月1日 · 国内金融市场 · 宏观消息汇总 1。国家统计局：11月份制造业PMI为49.2% 比上月上升0.2个百 分点。 3.恩捷股份(002812)：公司正在筹划发行股份购买中科华联100% 股权并募集配套资金。 4.嘉戎技术(301148)：拟向厦门溥玉定增募资不超10亿元并购买 杭州蓝然100%股份。 四、市场回顾及展望 11月28日周五，市场探底回升，三大指数集体收红。沪 深两市成交额1.59万亿，较上个交易日缩量1240亿。盘面上热 点快速轮动,全市场超4100只个股上涨。从板块来看,海南 板块持续走高，海南瑞泽4天3板。商业航天概念股爆发，雷 科防务反包5天4板,航天发展再度涨停。福建板块反复活跃, 福建水泥、平潭发展等多股涨 ...

（原标题：港股异动 | 江西铜业股份(00358)高开近5% 拟收购境外上市公司SolGold Plc股份） 智通财经APP获悉，江西铜业股份(00358)高开近5%，截至发稿，涨4.82%，报32.16港元，成交额 1000.18万港元。 消息面上，11月30日，江西铜业公告称，公司已向伦敦证券交易所上市公司SolGold Plc提交两项非约束 性现金要约，拟以每股26便士的价格收购其全部股份。目前公司持有目标公司12.19%的股份，但该收 购事宜仍处于非正式要约阶段，且已被目标公司董事会拒绝。公司保留提出正式要约的权利，但具体是 否提出存在不确定性。根据英国《城市收购及合并守则》，公司需在2025年12月26日前发布正式要约公 告或明确放弃收购的公告。 ...

每经AI快讯，江西铜业股份(00358.HK)高开近5%，截至发稿，涨4.82%，报32.16港元，成交额1000.18 万港元。 ...