2025.12.30 本文字数：579，阅读时长大约1分钟 作者 |一财阿驴 09:27贵金属板块开盘大跌，白银有色触及跌停，豫光金铅、晓程科技、贵研铂业、湖南白银、江西铜 业等纷纷低开。 09:25 A股开盘丨三大指数集体低开 沪指低开0.44%，深成指低开0.52%，创业板指低开0.44% 盘面上，能源金属全线回调，锂矿方向领跌；黄金、海南自贸区、固态电池、商业航天、光伏题材纷纷 走低。 个股方面，赣锋锂业低开近5%，公司公告，公司于2025年12月29日收到宜春市公安局的移送起诉告知 书，因涉嫌内幕交易罪单位犯罪，案件已移送检察机关审查起诉。 | | 62.25 -3.07 -4.70% | | | | 赣锋锂业 立即 002460 交易 | | | --- | --- | --- | --- | --- | --- | --- | | | SZSE CNY 9:25:00 休市 查看L2全景 | | | | 年0 > 能 理 股 分 0 + | | | 港(1772) | 51.650(-5.75%) H/A:-24.95% | | Wind ESG评级A | | | 详情 | | | 美(GNENY ...

2025.12. 30 本文字数：579，阅读时长大约1分钟 作者 | 一财 阿驴 09:27 贵金属板块开盘大跌，白银有色触及跌停，豫光金铅、晓程科技、贵研铂业、湖南白银、江 西铜业等纷纷低开。 09:25 A股开盘丨三大指数集体低开 沪指低开0.44%，深成指低开0.52%，创业板指低开0.44% | 代码 | 名称 | 两日图 | 现价 | 涨跌 | 涨跌幅 | | --- | --- | --- | --- | --- | --- | | 000001 | 上证指数 | 1 | 3947.87 | -17.41 | -0.44% | | 399001 | 深证成指 | VW | 13466.30 | -70.79 | -0.52% | | 399006 | 创业板指 | VW | 3208.32 | -14.29 | -0.44% | 盘面上，能源金属全线回调，锂矿方向领跌；黄金、海南自贸区、固态电池、商业航天、光伏题材纷 纷走低。 个股方面，赣锋锂业低开近5%，公司公告，公司于2025年12月29日收到宜春市公安局的移送起诉 告知书，因涉嫌内幕交易罪单位犯罪，案件已移送检察机关审查起诉。 | | 6 ...

09:21 港股开盘丨恒生科技指数涨0.38% 09:27 贵金属板块开盘大跌，白银有色触及跌停，豫光金铅、晓程科技、贵研铂业、湖南白银、江西铜 业等纷纷低开。 09:25 A股开盘丨三大指数集体低开 沪指低开0.44%，深成指低开0.52%，创业板指低开0.44% | 代码 | 名称 | 两日图 | 现价 | 涨跌 | 涨跌幅 | | --- | --- | --- | --- | --- | --- | | 000001 | 上证指数 | 1m | 3947.87 | -17.41 | -0.44% | | 399001 | 深证成指 | Vh | 13466.30 | -70.79 | -0.52% | | 399006 | 创业板指 | VW | 3208.32 | -14.29 | -0.44% | 盘面上，能源金属全线回调，锂矿方向领跌；黄金、海南自贸区、固态电池、商业航天、光伏题材纷纷 走低。 个股方面，赣锋锂业低开近5%，公司公告，公司于2025年12月29日收到宜春市公安局的移送起诉告知 书，因涉嫌内幕交易罪单位犯罪，案件已移送检察机关审查起诉。 | | 62.25 -3.07 -4.70% ...

来源：中国能源网 华龙证券近日发布有色金属行业点评报告：12月26日，美铜上涨4.96%，沪铜上涨3.33%至10.138万元/ 吨，突破10万元大关，续创历史新高。美联储12月初议息会议对2026年经济也表示乐观，上调了9月份 经济增速预测，预计2026年GDP实际增速2.1%-2.5%；据2025年亚洲铜业周预测，2026年中国铜需求仍 将保持韧性。 12月26日，主要金属价格持续上扬，金、银、铜等大涨。COMEX铜涨4.96%至5.8515美元/磅，沪铜上 涨3.33%至10.138万元/吨。 以下为研究报告摘要： 评级与投资建议：美国经济表现较好、预期乐观，国内2026年铜需求有韧性，铜的供需错配正在从预期 转向现实，市场交易热度高、做多意愿强烈。但随着美铜大涨、沪铜突破10万元大关续创历史新高，应 注意铜价短期波动的风险。维持行业"推荐"评级。建议关注工业金属龙头紫金矿业（601899.SH）、洛 阳钼业（603993.SH）、西部矿业（601168.SH）、铜陵有色（000630.SZ）、云南铜业（000878.SZ）、 江西铜业（600362.SH）、金诚信（603979.SH）等。 事件： 风 ...

Group 1: Precious Metals Market Overview - Multiple strong metal varieties experienced a sharp decline, with palladium and platinum hitting the limit down, and lithium carbonate also reaching the limit down [1] - NYMEX palladium dropped over 16%, platinum fell over 14%, COMEX gold decreased over 4%, and COMEX silver dropped over 7% [2] - The rapid decline in precious metals followed a period of short-term surges, attributed to technical indicator adjustments, profit-taking by investors, and increased margin requirements by exchanges [4] Group 2: Precious Metals Performance - Shanghai silver saw a peak increase of over 10%, reaching nearly 20,000 yuan/kg, with an annual increase exceeding 140% [5] - Shanghai gold reached new highs, surpassing 1,000 yuan/g, with an annual increase of over 60% [5] - The investment demand for precious metals remains strong, with global central bank gold purchases expected to exceed 1,000 tons for the fourth consecutive year [6] Group 3: Supply and Demand Dynamics - Silver's industrial demand is expected to grow, with projections indicating that global photovoltaic silver usage will exceed 5,200 tons by 2025 [6] - Silver inventories on the Shanghai Futures Exchange have dropped to 715 tons, the lowest level since July 2016, indicating tight supply [6] - Precious metals like silver and platinum have been at historically low prices, contributing to their recent price increases [6] Group 4: Energy Metals Market Overview - Lithium carbonate futures reached a peak of 130,000 yuan/ton before closing below 120,000 yuan/ton, marking a significant increase from under 60,000 yuan/ton earlier in the year [9] - Cobalt prices have risen significantly, reaching 443,500 yuan/ton, with an annual increase exceeding 160% [9] - The surge in energy metal prices is driven by a rebound from historical lows and an explosion in downstream energy storage demand [9][10] Group 5: Supply Constraints in Energy Metals - New regulations on lithium mining in China are expected to tighten supply, with significant reductions in mining rights in key regions [10] - Cobalt imports have declined due to new export quota policies in the Democratic Republic of Congo, leading to low domestic inventory levels [10] Group 6: Industrial Metals Price Trends - Tungsten prices have surged dramatically, with prices increasing from 210,000 yuan/ton at the beginning of the year to 680,000 yuan/ton, a rise of 220% [15] - Copper prices have reached historical highs, with Shanghai copper futures surpassing 100,000 yuan/ton [16] - The pricing logic for copper has shifted, with increasing demand driven by the transition to electric-driven energy systems [16] Group 7: Key Stocks in Precious and Energy Metals - Key stocks in precious metals include Zijin Mining, Shandong Gold, and Zhongjin Gold, with significant annual increases [6][8] - Energy metal stocks include Tianqi Lithium, Ganfeng Lithium, and Jiangte Electric, reflecting the strong performance in the sector [10][11] - Industrial metal stocks such as Xiamen Tungsten, Zhongtung High-tech, and Jiangxi Copper have also shown notable price increases [17][19]

Group 1 - Recent copper prices have reached new highs, with the London Metal Exchange three-month copper price hitting $12,960 per ton on December 29, setting a historical record [2] - Minmetals Resources announced the approval of the second phase expansion project at the Khoemacau mine in Botswana, which will increase annual copper production to 130,000 tons and silver production to over 4 million ounces, with total capital expenditure estimated at $900 million [2][3] - The expansion project will significantly enhance mining and processing capacity, with a new processing plant capable of handling 4.5 million tons annually, raising total processing capacity to over 8 million tons per year [3] Group 2 - The average C1 cost for the Khoemacau mine is expected to decrease to below $1.60 per pound, down from $2.05 per pound in the first half of 2025, indicating improved cost efficiency [3] - The mine has identified further expansion potential, with future copper production capacity expected to increase to 200,000 tons per year, and a pre-feasibility study for a third phase expansion planned to start in 2026 [3][4] - Global copper exploration capital investment has been insufficient in recent years, leading to a limited number of new large copper projects over the past 15 years, highlighting supply constraints [4] Group 3 - Several domestic companies are actively acquiring overseas copper resources, driven by rising prices of various non-ferrous metals [5][6] - Jiangxi Copper announced a formal offer to acquire all issued and to be issued shares of SolGold plc for approximately £867 million, with significant copper and gold resources identified at the Alpala deposit [7] - China Nonferrous Mining has signed a share purchase agreement to acquire an additional 55% stake in SM Minerals for $89 million, which operates in Kazakhstan and has approximately 1.5 million tons of copper resources [8]

沪指12月29日上涨0.04%，申万所属行业中，今日上涨的有10个，涨幅居前的行业为石油石化、国防军 工，涨幅分别为1.48%、1.43%。跌幅居前的行业为有色金属、公用事业，跌幅分别为1.95%、1.24%。 有色金属行业位居今日跌幅榜首位。 605376 博迁新材 5.56 3.26 1379.20 有色金属行业资金流出榜 | 代码 | 简称 | 今日涨跌幅（%） | 今日换手率（%） | 主力资金流量（万元） | | --- | --- | --- | --- | --- | | 603993 | 洛阳钼业 | -4.41 | 1.94 | -109862.42 | | 600362 | 江西铜业 | 1.41 | 6.56 | -104962.10 | | 002466 | 天齐锂业 | -4.54 | 5.05 | -68899.68 | | 002460 | 赣锋锂业 | -4.74 | 5.67 | -60331.70 | | 002240 | 盛新锂能 | -6.19 | 7.96 | -39038.27 | | 601600 | 中国铝业 | -3.29 | 3.23 | -37509.87 ...

Report Title - Market Game Intensifies, Copper Price Reaches 100,000 - Copper and Aluminum Weekly Report 2025.12.29 [1] Report Author - Liu Peiyang [2] Report Core Views Copper - Macro: The market continues to trade on the expectation of the Fed's interest rate cut next year [3]. - Fundamental: Global copper inventories are shifting to the US market, and there is still an expectation of supply tightness. High - priced copper suppresses short - term demand, but long - term demand from emerging fields like AI may be a breakout point [3]. - Overall: The medium - term bullish logic for copper prices remains unchanged, with short - term attention on macro sentiment and capital flow disturbances [3]. Electrolytic Aluminum - Macro: The market continues to trade on the expectation of the Fed's interest rate cut next year [5]. - Fundamental: The domestic electrolytic aluminum operating capacity is 4.439 million tons with a slight increase. December is the traditional off - season, but consumption in industries like automotive, power, and electronics is resilient, and the aluminum ingot social inventory has not entered a continuous accumulation phase [5]. - Overall: With little change in fundamentals and the market trading on the Fed's rate - cut expectation, aluminum prices may remain high [5]. Alumina - Macro: The market continues to trade on the expectation of the Fed's interest rate cut next year [6]. - Fundamental: As of December 25, the national metallurgical alumina installed capacity is 110.32 million tons/year, and the operating capacity is 88.085 million tons/year with a flat weekly operating rate of 79.85%. Alumina plants are continuously accumulating inventory [6]. - Overall: The alumina market remains in an oversupply situation, but an article from the National Development and Reform Commission boosts market sentiment, and the rebound situation should be monitored [6]. Report Recommendations Copper - For the SHFE Copper 2602 contract, the upper reference resistance level is 105,000 yuan/ton, and the lower reference support level is 95,000 yuan/ton [3]. Electrolytic Aluminum - For the SHFE Aluminum 2602 contract, the upper reference resistance level is 22,800 yuan/ton, and the lower reference support level is 21,600 yuan/ton [5]. Alumina - For the Alumina 2605 contract, the upper reference resistance level is 2,900 yuan/ton, and the lower reference support level is 2,600 yuan/ton [6]. Summary by Directory 01 Market Review Weekly Market Performance - Provided the week - on - week cumulative price change statistics for various metals from December 22 - 26 [11]. Weekly News - The National Development and Reform Commission published an article on promoting the optimization and upgrading of traditional industries, emphasizing management and layout for resource - constrained industries like alumina and copper smelting [12]. - The China Copper Industry Joint Procurement Group (CSPT) stopped setting a guidance price for copper concentrate processing fees in Q1 2026, reflecting a new stage in the bargaining power game between domestic smelters and miners [12]. - Jiangxi Copper announced an offer to acquire SolGold plc, valuing the target company at about £867 million [12]. - Gree Electric stated it has no immediate plan to replace copper with aluminum in air - conditioners due to performance differences [12]. - The Shanghai Futures Exchange adjusted the approved storage capacities of several alumina delivery warehouses and added a new storage point [12]. 02 Macro Analysis Domestic Market - From January to November, the total profit of industrial enterprises above designated size in China was 6.62686 trillion yuan, a year - on - year increase of 0.1%. In November, the profit of these enterprises decreased by 13.1% year - on - year [14]. Overseas Market - The initial estimate of the US real GDP annualized quarterly growth rate in Q3 2025 was 4.3%, significantly higher than the expected 3.3% and the previous 3.8%. After the GDP data release, the market's expectation of the Fed's interest rate cut slightly decreased [16]. 03 Non - ferrous Market Analysis Copper - **Spot Market**: Provided data on copper premiums, refined - scrap copper price differences, and other indicators [21]. - **Futures Market**: Presented the position data of SHFE copper futures, options, and international copper futures [24]. - **Overseas Market**: Analyzed the price differences between US and LME copper, LME copper premiums, and the relationship with the US dollar index [27]. - **Market Inventory**: Showed the inventory data of SHFE copper, Shanghai bonded area copper, LME copper, and COMEX copper [30]. - **Downstream Consumption**: As of December 25, the SMM national mainstream copper inventory increased by 14.96% week - on - week, and the domestic major refined copper rod enterprises' operating rate was 60.73%, with a week - on - week decrease of 2.34 percentage points [34]. Aluminum - **Domestic Market**: Provided data on A00 aluminum ingot premiums, aluminum alloy price differences, and social inventories of aluminum rods and electrolytic aluminum [36]. - **Futures Market**: Presented the position data of aluminum futures, options, and alumina futures and options [39]. - **Overseas Market**: Analyzed LME aluminum premiums, the relationship with the US dollar index, and LME aluminum total inventory [42]. - **Downstream Operating Rate**: As of December 25, the operating rate of domestic aluminum downstream processing leading enterprises was 60.8%, a week - on - week decrease of 0.7 percentage points [44]. - **Recycled Aluminum Alloy**: As of December 26, the SMM ADC12 price rose by 250 yuan/ton week - on - week to a new high for the year [48]. - **Cost and Profit**: Analyzed the cost and profit of electrolytic aluminum and its relationship with raw material prices [51]. Alumina - **Spot Market**: Provided data on alumina prices in different regions, the average spot price index, and raw material prices [54]. - **Futures Market**: Presented the relationship between alumina inventory futures, futures closing prices, and the prices of related products [57]. - **Market Supply and Demand**: As of December 25, the alumina supply was stable, and the demand slightly increased due to the new production capacity release of electrolytic aluminum enterprises in Xinjiang and Inner Mongolia [60]. - **Cost and Profit**: As of December 25, the domestic alumina industry cost was 2,940.91 yuan/ton, and the average industry profit was - 227.82 yuan/ton [61].

Market Performance - The Hong Kong stock market indices experienced a decline in the afternoon, with the Hang Seng Index falling by 0.71% to close at 26,000 points, reversing earlier gains [1] - The Hang Seng China Enterprises Index decreased by 0.26%, while the Hang Seng Tech Index dropped by 0.3% after an initial rise of 2.2% [1] Sector Performance - Major technology stocks saw a decline, contributing to the overall market downturn, with Alibaba down nearly 2%, Xiaomi down 1.6%, and other companies like Kuaishou, Tencent, and JD.com also experiencing losses [1] - Gaming stocks faced significant declines, with Morgan Stanley predicting an increase in license fees to 3.5% of monthly revenue next year, leading to a more than 17% drop in MGM China, the worst performer [1] - Precious metals prices fell sharply, with spot palladium plunging by 12%, resulting in a broad decline in gold stocks, including Zijin Mining International and Shandong Gold, which both dropped over 5% [1] - Most sectors, including Chinese brokerage firms, film and entertainment, home appliances, semiconductors, insurance, and domestic real estate, showed weak performance [1] Positive Developments - The Ministry of Finance will continue to allocate funds next year to support the consumption of new products through trade-in programs, leading to active performance in automotive stocks, with NIO, Xpeng, and BYD showing notable gains [1] - Copper prices reached new highs, making copper stocks the only strong performers in the non-ferrous metals sector, with Jiangxi Copper Company rising by 6.5% [1] - Most Chinese bank stocks saw increases, with Agricultural Bank of China, China Merchants Bank, Bank of China, and China Construction Bank all recording gains [1]

Company Overview - Deep Blue Ocean Technology Co., Ltd. (referred to as Deep Blue) has recently had its IPO application accepted by the Shanghai Stock Exchange, with China International Capital Corporation as the sponsor [1] - Established in 2013, Deep Blue specializes in underwater robotics, providing products and solutions for various sectors including marine safety, engineering, emergency rescue, hydropower, scientific research, and marine tourism [1] IPO Details - Deep Blue plans to raise 1.5 billion yuan through its IPO, with at least 10% of the total share capital to be newly issued [2] - The fundraising allocation includes 865 million yuan for expanding the underwater robot production base, 399 million yuan for upgrading research and experimental centers, and 235 million yuan for supplementing working capital [2] Financial Performance - The company's revenue for the years 2022 to the first half of 2025 is reported as 141 million yuan, 235 million yuan, 251 million yuan, and 141 million yuan, respectively, with a compound annual growth rate of 33.23% over the last three years [2] - The proportion of overseas revenue has increased significantly, from 49.5% in 2022 to 79.75% in 2025 [2] - Gross profit margins for the same periods were 35.97%, 41.97%, 38.34%, and 43.96%, indicating an improvement in profitability [2] Profitability and Expenses - Despite the growth in revenue, Deep Blue has not yet achieved profitability, primarily due to high sales, management, and R&D expenses, as well as significant stock option compensation costs [3] - The earliest expected time for the company to achieve profitability is projected to be 2026, contingent on revenue, gross margin, and expense management [3] Shareholding Structure - The controlling shareholder, Wei Jiancang, holds 23.6393% of the total share capital, controlling 41.3427% of the voting rights [3] - Other shareholders include Yuanxing Capital, TEDA Technology, and Shunwei Capital [3] R&D and Workforce - As of the first half of 2025, Deep Blue employed 69 R&D personnel, accounting for 15.5% of the total workforce, with 26.64% holding master's degrees and 73.91% holding bachelor's degrees [3] Industry Trends - The underwater robotics sector is gaining momentum, with significant investments in companies like Shihang Intelligent and Shandong Future Robotics [5] - The global market for industrial cable-controlled and autonomous underwater robots is projected to reach $2.1 billion and $7.1 billion, respectively, by 2024, with a compound annual growth rate of nearly 40% over the next six years [5] - The consumer-grade underwater booster market is expected to reach $1.18 million globally by 2024, with a domestic market size of approximately 0.57 million yuan [5] Competitive Landscape - The underwater robotics market is characterized by higher certainty and clearer application scenarios compared to surface unmanned vessels [6] - Key competitive factors include acoustic sensors and navigation positioning systems, with traditional marine nations currently leading in sensor technology [6] - The ongoing development of domestic underwater robotics manufacturers like Deep Blue is expected to open up new opportunities in this sector [7]