碳酸锂产业日报 2025/8/5 | 项目类别 | 数据指标 | | 最新 | 环比 数据指标 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | --- | | 期货市场 | 主力合约收盘价（日，元/吨） | | 67,840.00 | -1080.00↓ 前20名净持仓（日，手） | -170,744.00 | +3844.00↑ | | | 主力合约持仓量（日，手） | | 232,062.00 | +24292.00↑ 近远月合约价差（日，元/吨） | -540.00 | -700.00↓ | | | 广期所仓单（日，手/吨） | | 12,603.00 | +5998.00↑ | | | | 现货市场 | 电池级碳酸锂平均价（日，元/吨） | | 71,200.00 | -150.00↓ 工业级碳酸锂平均价（日，万元/吨） | 69,100.00 | -150.00↓ | | | Li₂CO₃主力合约基差（日，元/吨） | | 3,360.00 | +930.00↑ | | | | 上游情况 | 锂辉石精矿(6%CIF中国)平均价（日，美元/吨） | ...

新能源及有色金属日报 | 2025-08-05 持货商存在挺价情绪 铜价维持震荡格局 市场要闻与重要数据 期货行情： 2025-08-04，沪铜主力合约开于 78380元/吨，收于 78330元/吨，较前一交易日收盘-0.09%，昨日夜盘沪铜主力合 约开于 73,810元/吨，收于 74,060 元/吨，较昨日午后收盘上涨0.47%。 现货情况： 矿端方面，外电8月2日消息，Koryx Copper公司已完成此前宣布的包销公开发行，此次共发行1905万股普通股，每 股价格1.05加元，为公司带来总计2000万加元的总募集资金。这其中包括承销商全额行使超额配售权所对应的股份。 该公司同时完成了一项非经纪私募配售，以相同发行价额外发行476万股普通股，总募集资金约500万加元。公司 计划将此次公开发行和私募配售的净收益用于推进其位于纳米比亚的Haib铜矿项目的技术研究，继续该矿区的勘 探工作，同时也将部分资金用于营运资本及一般企业用途。 冶炼及进口方面，卡莫阿–卡库拉50万吨/年的高技术一步炼铜冶炼厂将于2025年9月初点火烘炉。冶炼厂最低可以 按50%产能运行，相当于约25万吨铜的年化产量。公司预计，矿山现场的 ...

智通财经APP讯，中国铁塔(00788)发布截至2025年6月30日止半年度中期业绩，集团营业收入保持稳定 增长，实现人民币496.01亿元，同比增长2.8%;盈利能力持续提升，EBITDA达到人民币342.27亿元，同 比增长3.6%，归属于公司股东的利润为人民币57.57亿元，同比增长8.0%;实现经营活动现金流量净额人 民币286.79亿元，自由现金流达到人民币162.87亿元;董事会决定2025年继续派发中期股息，金额为每股 人民币0.13250元(税前)。 上半年，公司持续优化资源配置，深化改革创新，推动经营发展稳中提质、效率效益持续向好，企业核 心竞争力得到不断提升。 两翼业务发展上，公司不断强化产品创新，优化业务布局，进一步提升核心能力，推动业务不断发展， 收入规模保持快速增长。2025年上半年，两翼业务实现收入人民币69.35亿元，占营业收入比重为 14.0%，较去年同期提升1.6个百分点。 上半年，公司持续强化科技创新驱动，厚植发展后劲。强化新一代移动通信、人工智能、边缘计算、 5G+北斗、5G共享室分、新能源、物联网等关键核心技术研发，在国际上、行业内着力锻造有影响力 的重大项目、技术标準 ...

证券研究报告·公司点评报告·商用车 宇通客车（600066） 7 月销量同环比下降，淡季加库或为后续放 量做库存准备 买入（维持） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 27,042 | 37,218 | 42,920 | 49,941 | 56,683 | | 同比（%） | 24.05 | 37.63 | 15.32 | 16.36 | 13.50 | | 归母净利润（百万元） | 1,817 | 4,116 | 4,626 | 5,515 | 6,677 | | 同比（%） | 139.36 | 126.53 | 12.39 | 19.22 | 21.06 | | EPS-最新摊薄（元/股） | 0.82 | 1.86 | 2.09 | 2.49 | 3.02 | | P/E（现价&最新摊薄） | 32.57 | 14.38 | 12.79 | 10.73 | 8.86 | [Table_Tag] [Table ...

Group 1: IPO Market Overview - In the past week (July 28 - August 3, 2025), seven companies submitted IPO applications in the Hong Kong market, including YunTianLiFei (688343.SH), XinWangDa (300207.SZ), and DanNuo Pharmaceutical [3][4] - Two companies passed the Hong Kong Stock Exchange hearing: TianYue Advanced (688234.SH) and YinNuo Pharmaceutical [3][4] - One new company, ZhongHui Biological (02627.HK), initiated its IPO process, with no companies successfully listed during this period [3][4] Group 2: ZhongHui Biological - ZhongHui Biological officially launched its IPO on July 31, 2025, with a global offering of 33.4426 million shares, priced between HKD 12.90 and HKD 15.50 per share [3][17] - The expected listing date on the Hong Kong Stock Exchange is August 8, 2025 [3][17] - The company has secured cornerstone investors who agreed to subscribe for shares totaling approximately HKD 102 million [17][19] Group 3: YunTianLiFei - YunTianLiFei is a leading AI company in China, focusing on the research, design, and commercialization of AI inference chips [6] - The company ranks among the top three providers of AI inference chip-related products and services in China, based on revenue statistics for 2024 [7] - For the three months ending March 31, 2025, YunTianLiFei reported revenue of RMB 264 million, a year-on-year increase of 168.2%, but incurred a net loss of RMB 85.801 million, a decrease of 37.9% year-on-year [8] Group 4: XinWangDa - XinWangDa, a global leader in lithium battery technology, aims to provide integrated solutions for green and efficient energy [8] - The company has a diverse product matrix, including energy storage systems, consumer batteries, and power batteries [8] - For the three months ending March 31, 2025, XinWangDa recorded revenue of RMB 12.289 billion, a year-on-year increase of 12.0%, and a 21.3% increase in profit attributable to shareholders [9] Group 5: DanNuo Pharmaceutical - DanNuo Pharmaceutical is a biotechnology company focused on discovering, developing, and commercializing innovative drug products for bacterial infections and related diseases [10][11] - The company has established a pipeline of seven innovative assets, with no products currently approved for commercial sale [12][14] - For the three months ending March 31, 2025, DanNuo reported a net loss of RMB 38.011 million, an increase of 36.4% year-on-year [14] Group 6: TianYue Advanced - TianYue Advanced is a leading manufacturer of wide bandgap semiconductor materials, focusing on the research and industrialization of silicon carbide substrates [15] - The company ranks among the top three global manufacturers of silicon carbide substrates based on sales revenue for 2024 [15] - For the three months ending March 31, 2025, TianYue reported revenue of RMB 408 million, a year-on-year decrease of 4.2%, and a net profit of RMB 8.518 million, a decrease of 81.5% year-on-year [16] Group 7: YinNuo Pharmaceutical - YinNuo Pharmaceutical is a science-driven biopharmaceutical company focused on providing innovative and affordable high-quality drugs for metabolic diseases [16] - The company has developed a pipeline of candidate drugs targeting diabetes and other metabolic diseases, including a core product for treating obesity and related conditions [16] - For the five months ending May 31, 2025, YinNuo reported revenue of RMB 38.144 million, with a net loss of RMB 97.875 million, an increase of 58.1% year-on-year [16]

失速的营收与"注水"的利润 智通财经注意到，华源控股的营收持续下滑。上半年，这家公司营收11.62亿元，同比下滑5.68%；第二季度单季营收6亿元，同比下滑7.78%，创近三年最差 季度表现。 智通财经记者 | 陶知闲 2025年上半年的华源控股（002787.SZ），如同一台引擎失灵的旧车，在营收下滑的斜坡上加速坠落。 业务基因的天然缺陷、表面繁华的净利润和不断下滑的营收，这些矛盾日益显现，而新能源业务的破灭终将击破华源控股幻象的40倍市盈率。 数据来源：公司公告、智通财经研究部 营收下滑同时，华源控股的利润表则上演"魔术"。上半年公司净利润4850万元，同比增长15.15%；扣非净利润4590万元，同比增16%。投资者王胜向智通财 经表示，公司净利润增长主要依赖费用缩减，而非主业扩张，盈利持续性存疑。 智通财经对华源控股的利润进行了拆解：其上半年费用总额同比减少2023.39万元，降幅达16%。其中销售费用砍掉14.47%，管理费用压缩6.74%，研发费用 收缩6.06%，财务费用更是下降67.97%。此外，公司费用率也从上年同期的10.92%降至9.84%。 "利润增长完全由费用剪刀裁出，主业造血功能已 ...

资金方面，8月4日主力资金净流出1134.07万元，近五个交易日累计净流出4.49亿元。 风险提示：市场有风险，投资需谨慎。 截至2025年8月4日收盘，赣锋锂业股价报35.91元，较前一交易日下跌0.27元，跌幅0.75%。当日成交量 为266853手，成交额达9.52亿元，振幅2.21%。 赣锋锂业主要从事锂资源开发、锂产品深加工及锂电池制造业务，覆盖锂产业链上游至下游。公司产品 广泛应用于新能源汽车、储能及消费电子等领域。 消息面上，赣锋锂业近期在新能源领域动作频频。旗下江西赣锋锂电科技股份有限公司参股成立广东麦 格度汇储科技有限公司，持股29%，该公司注册资本2000万元，业务涵盖太阳能发电技术服务、储能技 术等。此外，赣锋锂业全资子公司深圳易储能源科技有限公司在深圳成立合邦新能源有限公司，注册资 本1.55亿元，聚焦新兴能源技术研发及光伏设备制造。 ...

Group 1 - The latest stock price of Leshan Electric is 13.84 yuan, up by 0.31 yuan from the previous trading day, with a trading volume of 219,067 hands and a transaction amount of 300 million yuan [1] - Leshan Electric is a key local power company in Sichuan Province, involved in the entire power supply chain including generation, transmission, distribution, and sales [1] - The company is expanding its renewable energy business through a targeted issuance for energy storage projects [1] Group 2 - The Sichuan Provincial Development and Reform Commission has announced a new low valley electricity price policy for residential use, effective from September 1, with prices set at 0.175 yuan/kWh during the abundant water period and 0.2535 yuan/kWh during the dry season [1] - This policy is expected to reduce the company's electricity business revenue by approximately 16.6 million yuan in 2025, and the company states that this adjustment is a measure to benefit the public [1] - Leshan Electric had a net inflow of 19.01 million yuan in main funds on August 4, accounting for 0.26% of its circulating market value, but experienced a cumulative net outflow of 65.43 million yuan over the past five trading days, representing 0.88% of its circulating market value [1]

Group 1 - UBS's report indicates that family offices are gradually reducing cash holdings and increasing interest in gold, precious metals, and private debt [1][2] - 19% of global family offices plan to increase investments in the Greater China region, up 3 percentage points from 2024, with 30% in the Asia-Pacific region, reflecting a growing interest in this market [1] - The preference for the Greater China region is attributed to China's robust economic growth, expanding consumer market, and rapid development in technology innovation [1] Group 2 - Family offices are expected to reduce cash allocation to 6% by 2025, reflecting a shift towards assets with growth potential, particularly in developed market equities [2] - Interest in private debt has significantly increased among family offices, aiming to enhance overall portfolio returns through diversification [3] - Approximately one-third of family offices plan to increase allocations to gold and precious metals, indicating a rising demand for risk-hedging assets [3] Group 3 - The World Gold Council reported a 3% year-on-year increase in global gold demand, reaching 1249 tons in Q2 2025, driven by strong investment inflows amid geopolitical uncertainties [4] - Family offices are balancing investments between technology stocks and precious metals, indicating a strategy to capture growth opportunities while hedging against risks [4] - The long-term low-interest rate environment is pushing family offices to explore non-traditional investment avenues, including private equity and infrastructure [5] Group 4 - 45% of Middle Eastern family offices plan to increase investments in the Greater China region over the next five years, highlighting the region's growing appeal [7] - China and India are the most focused markets for family offices in the next 12 months, with 39% of Asia-Pacific family offices planning to increase investments in mainland China [7] - Approximately 78% of Asia-Pacific family offices prefer active investment strategies to achieve higher risk-adjusted returns [7] Group 5 - The development of family offices in China is driven by rapid economic growth and the need for wealth management tools for succession planning [8] - China's ongoing high-level opening-up policies and the dual drivers of consumption and technology are creating fertile investment opportunities [8] - The current market conditions present opportunities for investors to capitalize on valuation gaps and achieve cost-effective positioning [8]

Investment Rating - The report maintains an investment rating of "Leading the Market - A" [6] Core Insights - The fusion energy industry is experiencing a "race-like development" with significant capital influx, as it is viewed as a long-term solution for clean and stable energy [1] - Approximately 50 private fusion companies globally have raised over $9 billion, with several projects aiming for grid connection by around 2035 [1] - The commercial vision of fusion energy is driving intense competition among governments and enterprises in technology, capital, and policy [1] Summary by Sections 1. Fusion Energy Development - The fusion energy sector is transitioning from scientific research to engineering validation and industrial promotion, with notable advancements in both domestic and international projects [1][2] - In the U.S., Commonwealth Fusion Systems (CFS) has partnered with Google to optimize fusion control and has established the largest fusion power purchase agreement globally [1] - Helion Energy plans to construct the world's first fusion power plant, aiming to supply 50 MW to Microsoft's data center by 2028 [1] 2. Market Performance - The report notes that from July 19 to August 1, the Shanghai Composite Index rose by 0.72%, while the public utilities index fell by 2.34% [3] 3. Industry Dynamics - China's fusion energy industry is driven by a collaboration between state-owned enterprises and private companies, forming a multi-faceted research and development ecosystem [2] - The "national team" focuses on large Tokamak devices, while private enterprises are accelerating commercialization through modular and miniaturized technologies [2] 4. Investment Portfolio and Recommendations - The report suggests focusing on key players in the thermal power sector, such as Sheneng Co., Zhejiang Energy, and Anhui Energy, which are expected to perform well despite slight coal price increases [13] - In the green energy sector, it recommends quality operators like Fuzhou Energy and Zhongmin Energy, as well as virtual power plants like Hekang New Energy and Guoneng Rixin [13] - For gas companies, it highlights the importance of monitoring domestic gas pricing policies and suggests focusing on national gas companies like China Gas and upstream-downstream integrated firms like Jiufeng Energy and Xin'ao Co. [13] 5. Pricing Trends - In August 2025, the average transaction price for electricity in Jiangsu was 393.8 RMB/MWh, up 0.72% from the benchmark price, while in Guangdong, it was 372.32 RMB/MWh, down 17.81% [11] - The average price of thermal coal in the Bohai Rim region was reported at 665 RMB/ton, with coal inventories at key power plants increasing slightly [11] 6. Future Outlook - The report anticipates that by 2050, China will achieve commercial fusion power stations, with significant advancements expected in the 2030s [44][46]