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比黄金涨得还猛,它,价格创14年新高
3 6 Ke· 2025-10-10 07:27
中国(香港)金融衍生品投资研究院院长王红英告诉中新经纬,本轮白银价格的上涨主要源于三个层面的驱动因素。 9日,现货白银历史首次突破50美元/盎司,站上51美元/盎司,创近14年新高,日内涨超4%。 Wind数据显示,今年以来现货白银累计涨幅超70%,现货黄金涨超50%。 10日,现货白银价格有所回落。截至发稿前,现货白银报49.73美元/盎司。 今年以来现货白银价格走势图片 来自Wind 中国外汇投资研究院研究总监李钢对中新经纬表示,本轮白银突破50美元/盎司,核心在于"金融属性+产业需求"双轮驱动。 李钢认为,一方面,金价屡创新高带动贵金属整体估值重估,资金将白银视为加杠杆版的通胀对冲工具;另一方面,新能源、光伏、电动车等行业对白银 的消费持续走强,使其兼具"避险资产"和"工业金属"双重逻辑。再叠加美联储降息预期升温、美元走弱及地缘风险加剧,流动性与情绪共同推动白银进入 快速上行通道。 王红英指出,从投资角度看,风险控制始终是首要原则。若短期白银价格出现技术性回调,可在关键支撑位如46美元/盎司附近考虑分批建立仓位,在严 格控制风险的前提下,中长期仍看好白银价格的上涨趋势。 文中观点仅供参考,不构成投资建议 ...
最新资金净流入3.58亿元,稀有金属ETF(562800)规模创成立以来新高!
Sou Hu Cai Jing· 2025-10-10 02:32
截至2025年10月10日 09:53,中证稀有金属主题指数下跌0.51%。成分股方面涨跌互现,天和磁材领涨6.28%,金力永磁上涨4.58%,云路股份上涨4.40%;华 友钴业领跌,铂科新材、天齐锂业跟跌。稀有金属ETF(562800)下修调整。拉长时间看,截至2025年10月9日,稀有金属ETF近2周累计上涨15.78%。 流动性方面,稀有金属ETF盘中换手4.69%,成交1.41亿元。拉长时间看,截至10月9日,稀有金属ETF近1周日均成交6.22亿元,排名可比基金第一。 规模方面,稀有金属ETF最新规模达30.10亿元,创成立以来新高,位居可比基金第一。份额方面,稀有金属ETF近2周份额增长2.78亿份,实现显著增长, 新增份额位居可比基金第一。资金流入方面,稀有金属ETF最新资金净流入3.58亿元。 国泰海通证券认为,美联储开启降息周期,利好工业金属板块,就锡而言,锡矿增量有限且供给扰动持续,锡价中枢有望抬升。同时市场预期2025年9月美 联储有望再度开启降息随着全球流动性逐步宽松,叠加国内宏观预期向上,内外需逐步改善,利好锡、铜等工业金属。随着终端需求释放,利好下游深加工 品,如稀土磁材有望在海内 ...
历史新高!7千亿“铜王”紫金矿业涨疯了
Xin Lang Cai Jing· 2025-09-26 01:36
截至今日收盘,包括铜、铝、钼等多种在内的工业金属和小金属概念表现亮眼。其中紫金矿业、江西铜业、铜陵有色、北方铜业等铜资源龙头涨幅均超过5%,并带动洛阳钼业、精艺股份、西部矿 作业铜产业链中最大市值龙头的紫金矿业,今天其A股价跳空高开高走,收涨5.17%,市值超越7000亿大关,创下历史新高(紫金矿业H股大涨5.47%,市值涨至8308.15亿港元)。 紫金矿业今年以来累计大涨80%,主要驱动原因是作为主营之一的黄金在近两年强势大涨,推动公司利润大增。但铜业务的贡献也不小。根据紫金矿业发布的2025年半年报,铜业务的销售收入占 消息面来看,近日发生的印尼Grasberg矿山泥石流事件成为刺激铜价及铜产业股大涨的导火索。 截至9月25日A股收市,工业金属板块整体上涨1.31%,板块主力资金净流入近16亿元,表现位居多数概念前列。 来源:格隆汇APP 有分析认为,随着美联储进入降息周期刺激全球资源品通胀抬升、叠加国内"反内卷"推动供给侧改革以及经济稳增长态势,工业有色行情或许还未走完。 继刚果(金)对钴出口政策调整引发钴概念股大涨之后,近日一则铜矿事件,再度点燃A股工业金属大涨行情。 01 集体大涨 9月8日,美国 ...
午后,大跳水!超4700只个股下跌
Zhong Guo Ji Jin Bao· 2025-09-18 07:00
Market Overview - The A-share market experienced a significant decline on September 18, with the Shenzhen Component Index dropping over 2% and the ChiNext Index falling by 3% [2] - More than 4,700 stocks across the market saw a decrease [2] Sector Performance - Various industry sectors, including non-ferrous metals, non-bank financials, media, and beauty care, collectively declined [2] - Concept stocks related to stock trading software, PEEK materials, industrial metals, and gold jewelry faced the largest drops [2] Hong Kong Market Reaction - The Hong Kong stock market also saw a sharp decline, with all three major indices falling by more than 2% [3] - The Hang Seng Technology Index had previously increased by 2% before the downturn [3]
午后,大跳水!超4700只个股下跌
中国基金报· 2025-09-18 06:55
Market Overview - The A-share market experienced a significant decline, with the Shenzhen Component Index dropping over 2% and the ChiNext Index falling by 3% [2] - A total of 4,757 stocks in the market saw a decrease, indicating a broad market downturn [2] Index Performance - The Shanghai Composite Index closed at 3,805.03, down by 71.31 points or 1.84% [3] - The Shenzhen Component Index ended at 12,927.10, down by 288.36 points or 2.18% [3] - The ChiNext Index recorded a decline of 3.00%, closing at 3,053.06 [3] Trading Volume and Market Capitalization - The trading volume reached 294 million hands, with a turnover rate of 5.51% [4] - The total trading value was 774.655 billion, with a volume ratio of 1.28 [4] - The overall market capitalization stood at 17.11 trillion [4] Sector Performance - Various sectors experienced declines, with non-ferrous metals, non-bank financials, media, and beauty care sectors collectively falling [6] - Notable declines were observed in stocks related to stock trading software, PEEK materials, industrial metals, and gold jewelry [6] Hong Kong Market - The Hong Kong stock market also saw a sharp decline, with all three major indices dropping over 2% [7] - The Hang Seng Technology Index had previously increased by 2% before the downturn [7]
粤开市场日报-20250912
Yuekai Securities· 2025-09-12 07:51
Market Overview - The main indices showed slight declines today, with the Shanghai Composite Index down by 0.12%, the Shenzhen Component down by 0.43%, and the ChiNext Index down by 1.09% [1] - In terms of industry performance, non-ferrous metals, real estate, and steel sectors led the gains, while banking, non-bank financials, and home appliances lagged behind [1] - Concept sectors showed mixed results, with continuous boards, memory storage, and industrial metals performing relatively well, while insurance, liquor, and dairy sectors underperformed [1]
稀有金属ETF(562800)连续4日“吸金”超3亿元,最新份额创成立以来新高!
Sou Hu Cai Jing· 2025-09-04 02:31
Group 1 - The core viewpoint indicates that the rare metals sector is experiencing fluctuations, with the Zhongzheng Rare Metals Theme Index down by 0.50% as of September 4, 2025, while individual stocks show mixed performance, with Dongfang Zirconium leading with a 6.82% increase [1] - The rare metals ETF (562800) has seen significant trading activity, with a turnover of 1.99% and a transaction volume of 44.08 million yuan, ranking first among comparable funds in terms of weekly average transaction volume [3] - The rare metals ETF has achieved a remarkable growth in scale, increasing by 291 million yuan over the past week, and its latest share count reached 2.952 billion, marking a new high since its inception [3] Group 2 - The supply-demand imbalance for rare earths is intensifying due to limited reserves and high extraction difficulty, while downstream demand from sectors like new energy and semiconductors is rapidly increasing [4] - The Ministry of Industry and Information Technology has implemented measures to control the total amount of rare earth mining and refining, which is expected to tighten supply and drive up prices [4] - The top ten weighted stocks in the Zhongzheng Rare Metals Theme Index account for 57.58% of the index, with significant players including Northern Rare Earth, Luoyang Molybdenum, and Ganfeng Lithium [4][6]
粤开市场日报-20250818
Yuekai Securities· 2025-08-18 08:02
Market Overview - The main indices showed positive performance today, with the Shanghai Composite Index increasing by 0.85%, the Shenzhen Component Index rising by 1.73%, and the ChiNext Index up by 2.84% [1] - Among the Shenwan first-level industries, the top performers were Communication, Comprehensive, and Computer sectors, while the laggards included Construction Decoration, Coal, and Banking sectors [1] - Concept sectors performed variably, with Stock Trading Software, Rare Earths, and Continuous Board Concepts showing relatively strong performance, whereas Industrial Metals, Coal Mining, and Excavator Concepts lagged behind [1]
铝&氧化铝产业链周度报告-20250810
Guo Tai Jun An Qi Huo· 2025-08-10 12:30
1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - For aluminum, it maintains a convergent oscillation pattern with volatility at a historical low. There is no bearish view on industrial metals currently, and the core strategy for aluminum is to wait for buying opportunities on price dips, unless subsequent inventory accumulation is excessive. The market lacks a smooth trading logic, leading to a decline in overall market positions and extremely low volatility. Attention should be paid to the duration of low volatility, and there will be opportunities to re - enter long - volatility positions in the future [3]. - For alumina, there are obvious differences in market views. Although some expect a significant relaxation of available spot goods around mid - August, there may be uncertainties. The market is also waiting for potential short - term production cuts in northern capacities in late August. It is believed that alumina may reach a certain balance at the current price level in the short term, but caution is needed if the spot price confirms an inflection point [4]. 3. Summary by Relevant Catalogs 3.1 Trading End: Spreads, Volume, and Positions 3.1.1 Term Spreads - This week, the spot premium of A00 aluminum weakened. The average spot premium of SMM A00 aluminum changed from - 20 yuan/ton to - 50 yuan/ton, and the average spot premium of SMM A00 aluminum (Foshan) changed from - 15 yuan/ton to - 55 yuan/ton. - The spot premium of alumina also weakened. The premium of Shandong alumina to the current month changed from - 63 yuan/ton to 51 yuan/ton, and that of Henan alumina changed from 83 yuan/ton to 71 yuan/ton [9]. 3.1.2 Monthly Spreads - The spread between the near - month and the first - continuous contract of SHFE aluminum narrowed [10]. 3.1.3 Positions - The position volume of the main SHFE aluminum contract decreased slightly, and the trading volume continued to decline. - The position volume of the main alumina contract decreased slightly but remained at a historical high, and the trading volume decreased significantly [12]. 3.1.4 Position - to - Inventory Ratio - The position - to - inventory ratio of the main SHFE aluminum contract declined, and that of alumina continued to fall and is at a historical low [18]. 3.2 Inventory: Bauxite, Alumina, Electrolytic Aluminum, and Processed Materials 3.2.1 Bauxite - As of August 8, the port inventory of imported bauxite in the Steel Union weekly data decreased, with a week - on - week increase of 400,000 tons, and the port inventory days remained basically the same. As of July, the port inventory and inventory days of Chinese bauxite in the阿拉丁 data continued to show an upward trend. - As of July, the bauxite inventory of 43 sample enterprises in China increased by 1.19 million tons month - on - month, and the bauxite inventory days in alumina plants continued to decline. - As of August 8, the weekly bauxite shipments from Guinea ports decreased slightly by 445,700 tons week - on - week, and those from Australian ports decreased slightly by 408,000 tons week - on - week. The weekly bauxite floating inventory in Guinea decreased slightly by 1.7711 million tons week - on - week, while that in Australia increased slightly by 167,700 tons week - on - week. - As of August 1, the bauxite shipments from Australia's Weipa + Gove ports increased slightly by 64,600 tons week - on - week, and those from Guinea's Boffa + Kamsar ports increased slightly by 360,500 tons week - on - week. The bauxite arrivals under the SMM data increased by 414,600 tons week - on - week [23][28][29][34]. 3.2.2 Alumina - The national total alumina inventory continued to accumulate, with a week - on - week increase of 62,000 tons. Alumina plant inventory remained flat, electrolytic aluminum plant alumina inventory increased slightly, port inventory increased, and platform/in - transit inventory decreased. - As of August 7, the national alumina inventory was 3.285 million tons, a week - on - week increase of 42,000 tons. Alumina plant inventory increased by 19,000 tons, electrolytic aluminum plant alumina inventory increased by 23,000 tons, port inventory decreased by 2,000 tons, and yard/platform/in - transit inventory increased slightly by 2,000 tons [43][47]. 3.2.3 Electrolytic Aluminum - According to seasonal patterns, domestic electrolytic aluminum social inventory usually reaches its peak in the fifth or sixth week after the holiday and then enters a cycle of oscillatory inventory reduction. As of August 7, the weekly inventory of aluminum ingot social inventory increased by 24,000 tons to 549,000 tons, continuing to accumulate [48]. 3.2.4 Aluminum Rod - This week, the spot and in - plant inventories of downstream aluminum rods showed a slight reduction [54]. 3.2.5 Aluminum Profiles and Plate - Foil - As of July, the finished - product inventory ratio of SMM aluminum profiles remained basically flat, while the raw - material inventory ratio decreased significantly. The finished - product inventory ratio of SMM aluminum plate - foil decreased slightly, and the raw - material inventory ratio decreased significantly [57]. 3.3 Production: Output, Capacity, and Operating Rate 3.3.1 Bauxite - Domestic bauxite supply is mainly stable. As of July, the domestic bauxite output under the SMM data increased slightly. Imported bauxite supply is an important factor driving the growth of total domestic bauxite supply. - In July, the bauxite output in Shanxi under the Steel Union data increased slightly by 120,000 tons month - on - month, while that under the SMM data decreased slightly by 42,500 tons month - on - month. The bauxite output in Henan under the Steel Union data increased slightly by 60,000 tons month - on - month, and that under the SMM data decreased by 32,000 tons month - on - month. The bauxite output in Guangxi under the Steel Union data increased slightly by 40,000 tons month - on - month, and that under the SMM data decreased by 89,400 tons month - on - month [62][67]. 3.3.2 Alumina - The alumina capacity utilization rate remains stable. As of August 8, the total operating capacity of national alumina was 95.8 million tons, with a week - on - week increase of 1.2 million tons in weekly operating capacity. This week, the domestic metallurgical - grade alumina output was 1.851 million tons, a week - on - week increase of 4,000 tons, remaining at a high level in recent years. The short - term supply - side loosening pattern of alumina has not been reversed, and alumina prices may continue to be under pressure [71]. 3.3.3 Electrolytic Aluminum - As of July, the operating capacity of electrolytic aluminum remained at a high level, and the capacity utilization rate remained high due to profit recovery. As of August 7, the weekly output of electrolytic aluminum under the Steel Union data was 845,900 tons, a week - on - week increase of 50 tons, maintaining a high level in the past six years. With the terminal consumption entering the off - season, the aluminum - water ratio has a seasonal decline, and the ingot - casting volume of aluminum ingots is expected to continue to increase month - on - month, potentially increasing supply pressure [76]. 3.3.4 Downstream Processing - This week, the output of recycled aluminum rods decreased by 730 tons week - on - week. The load of aluminum rod plants decreased slightly week - on - week, and the weekly output of aluminum rods decreased by 2,800 tons week - on - week. The output of aluminum plate - foil decreased slightly by 3,250 tons week - on - week. - This week, the operating rate of domestic aluminum downstream leading enterprises increased slightly by 0.1% to 58.7%. There was a divergence in operating rates due to insufficient orders during the traditional off - season. The operating rate of aluminum plates remained flat, with enterprises reporting a significant decline in export orders in July. The operating rate of aluminum foils remained flat, mainly affected by weak terminal demand, export decline, and summer high - temperature holidays, with the industry operating at a low level. - The operating rate of aluminum profiles decreased slightly. Although some enterprises had new orders for automotive aluminum, the building materials sector continued to be weak, and the order volume in the photovoltaic sector continued to decline, putting pressure on enterprise operations. The operating rate of aluminum cables increased slightly, but the speed of matching orders from the State Grid was still slow, and the procurement rhythm slowed down significantly. The operating rate of recycled aluminum alloys remained flat, affected by the off - season effect, low - price supply shocks, and potential production cuts by terminal automobile enterprises due to high - temperature holidays or inventory pressure. The operating rate of primary aluminum alloys increased slightly, as surplus aluminum water was mostly used for the production of primary aluminum alloys under the requirement of aluminum - water alloying [79][80][85]. 3.4 Profit: Alumina, Electrolytic Aluminum, and Processed Materials 3.4.1 Alumina - This week, the alumina profit decreased slightly. The profit of metallurgical - grade alumina under the Steel Union data was 418 yuan/ton, and the smelting profit continued to recover. The alumina profits in Shandong, Shanxi, and Henan remained stable, and the profit in Guangxi was better due to relatively firm cost [87]. 3.4.2 Electrolytic Aluminum - Electrolytic aluminum profit remains at a high level. However, the complex global macro - economic situation, overseas geopolitical conflicts leading to increased risk - aversion sentiment, and the volatility of trade policies have increased uncertainties and disrupted market expectations [97]. 3.4.3 Downstream Processing - In terms of downstream processing profit, the aluminum rod processing fee decreased slightly by 50 yuan/ton week - on - week, and the downstream processing profit remains at a low level [98]. 3.5 Consumption: Import Profit and Loss, Export Profit and Loss, and Apparent Demand 3.5.1 Import Profit and Loss - The import profit and loss of alumina and SHFE aluminum have widened [107]. 3.5.2 Export - In July 2025, the export of unwrought aluminum and aluminum products increased slightly by 52,000 tons month - on - month. The export profit and loss of aluminum processed materials are divergent. The export demand for aluminum products is hindered by trade policy adjustments and requires market games, which may drag down the demand side [109][111]. 3.5.3 Consumption Absolute Quantity - The transaction area of commercial housing decreased, and the automobile production increased month - on - month [116].
铝锭:工业金属高位运行,关注宏观情绪
Hua Bao Qi Huo· 2025-07-23 13:44
Group 1: Report Industry Investment Ratings - No specific industry investment ratings are provided in the report. Group 2: Core Views - The price of finished products is expected to move in a volatile and weak manner, with the focus shifting downward [1][2] - The price of aluminum ingots is expected to be relatively strong in the short - term, and attention should be paid to macro - sentiment and downstream starts [3] Group 3: Summary by Related Content Finished Products - During the Spring Festival, short - process construction steel enterprises in Yunnan and Guizhou regions are expected to affect the total output of construction steel by 74.1 tons, and 6 short - process steel mills in Anhui will also have production cuts, with a daily output reduction of about 1.62 tons for some [1][2] - From December 30, 2024, to January 5, 2025, the total transaction area of newly built commercial housing in 10 key cities decreased by 40.3% month - on - month and increased by 43.2% year - on - year [2] - The price of finished products continued to decline yesterday, reaching a new low. In the context of weak supply and demand, the market sentiment is pessimistic, and winter storage is sluggish, so the price support is weak [2] Aluminum - From January to June, China's cumulative import of bauxite increased by 34% year - on - year. With some enterprises starting maintenance in late July, the operating capacity of alumina may decline, while the demand in the southwest region will increase due to the commissioning of some electrolytic aluminum capacity replacement projects. However, the supply of alumina is still relatively loose overall [2] - As of July 21, the inventory of electrolytic aluminum ingots in domestic mainstream consumption areas was 49.80 tons, with fluctuations. The reduction of aluminum rod production at the end of the month led to an increase in ingot production, and the increase in supply was the core driver of inventory accumulation in the off - season [2] - Macro risks are increasing, and short - term policy boosts the metal price. The short - term aluminum price is expected to be relatively strong in the range, and attention should be paid to the inventory - consumption trend [3]