有色金属日报 2025-6-25 五矿期货早报 | 有色金属 铜 有色金属小组 吴坤金 从业资格号：F3036210 交易咨询号：Z0015924 0755-23375135 wukj1@wkqh.cn 曾宇轲 从业资格号：F03121027 0755-23375139 zengyuke@wkqh.cn 张世骄 从业资格号：F03120988 0755-23375122 zhangsj3@wkqh.cn 王梓铧 从业资格号：F03130785 0755-23375132 wangzh7@wkqh.cn 刘显杰 从业资格号：F03130746 0755-23375125 liuxianjie@wkqh.cn 陈逸 从业资格号：F03137504 0755-23375125 cheny40@wkqh.cn 原油价格走低，国内权益市场上扬，铜价冲高回落，昨日伦铜收跌 0.31%至 9664 美元/吨，沪铜主力 合约收至 78470 元/吨。产业层面，昨日 LME 库存减少 1200 至 94675 吨，注册仓单量维持低位，注 销仓单比例下滑至 42.4%，Cash/3M 升水下调至 151 美元/吨。国内方面，昨日 ...

油脂油料早报 研究中心农产品团队 2025/06/25 隔 夜 市 场 信 息 ： USDA报告前瞻：美国2025年大豆播种面积料为8,365.5万英亩，玉米面积料为9,535万英亩 在美国农业部（USDA）公布年度作物播种面积报告之前，受访的分析师平均预计，美国2025年大豆播种面积为 8,365.5万英亩，预估区间介于8,250-8,530万英亩。美国农业部在3月31日的报告中预测大豆播种面积为8,349.5万英 亩。 分析师平均预计，美国2025年玉米播种面积为9,535万英亩，预估区间介于9,375-9,680万英亩，3月31日种植意向 报告中预估为9,532.6万英亩。 美国农业部将在北京时间7月1日00:00公布种植面积报告。 Anec：巴西6月大豆出口量料达到1,499万吨 巴西全国谷物出口商协会（Anec）预估，巴西6月大豆出口量料达到1,499万吨，高于前一周预估的1436万吨。 截至6月22日欧盟2024/25年度棕榈油进口量为276万吨 欧盟委员会公布的数据显示，截至6月22日，欧盟2024/25年度（自7月开始）迄今棕榈油进口量为276万吨，低于去 年同期的341万吨。 欧盟大豆进口量 ...

Core Insights - The article highlights the ongoing success of animated films in China, particularly noting the record-breaking box office performance of "Ne Zha" and the anticipation for upcoming animated releases during the summer season [1][2]. Group 1: Box Office Performance - "Ne Zha" has surpassed 15.9 billion yuan in total box office, ranking fifth in global box office history [1] - The summer season is historically significant for animated films, with past successes including "Ne Zha" grossing 5.035 billion yuan in 2019 and "Chang'an 30,000 Li" earning 1.824 billion yuan in 2023 [1] - The summer box office has seen strong performances from various animated films, with "The Time of Son" and "Doraemon: Nobita's Adventure in Painting" achieving 67.82 million yuan and 63.46 million yuan respectively [2] Group 2: Upcoming Releases - Several animated films are set to release this summer, many of which draw from traditional Chinese cultural stories, such as "Wang Wang Mountain Little Monster" and "Liaozhai: Lanruo Temple" [3] - "Liaozhai: Lanruo Temple," set to release on July 12, adapts classic tales from "Liaozhai Zhiyi" and features various artistic styles [3] - "Wang Wang Mountain Little Monster," based on the popular short series "Chinese Tales," is scheduled for release on August 2 [4] Group 3: Classic IP and New Entries - Established animated franchises like "Pleasant Goat and Big Big Wolf" and "Pipilu and Luxixi" are releasing new films, with "Pleasant Goat and Big Big Wolf: Dawn of the Foreign Country" celebrating its 20th anniversary [5] - "Pipilu and Luxixi: The 309 Dark Room" faced challenges after a poor initial release last year, indicating a competitive landscape for animated films this summer [5] Group 4: Imported Animation - The imported animation market is diversifying, with three Japanese films and a new Pixar film entering the summer lineup, breaking the dominance of major studios [6] - "Detective Conan: The Eye of the Eye" and "Crayon Shin-chan: The Kingdom of Adults" are among the anticipated Japanese releases, with significant viewer interest [6] - The Pixar film "Earth Agents," directed by a Chinese-American director, aims to appeal to family audiences with its imaginative themes [6] Group 5: International Collaborations - "Tom and Jerry: Starry Adventure," a co-production between China and the U.S., is set to release on August 9, showcasing a blend of Eastern and Western storytelling [7] - Other international films from Russia and Norway are also expected to attract niche audiences with their unique styles and narratives [7] - The success of "Ne Zha" has raised expectations for animated films across all age groups in China, marking a significant moment for the industry [7]

新西兰5月进口 64.4亿纽元，前值 64.2亿纽元。 ...

新西兰5月进口 64.4亿纽元，前值由64.2亿纽元修正为64.1亿纽元。 ...

Core Insights - The API reported that U.S. crude oil imports for the week ending June 20 were 365,000 barrels, a significant increase from the previous value of -641,000 barrels [1] Group 1 - U.S. crude oil imports have shown a positive shift, moving from a negative figure to a positive 365,000 barrels [1]

Core Insights - The API reported a decrease in U.S. refined oil imports by 159,000 barrels per day for the week ending June 20, compared to an increase of 349,000 barrels per day in the previous period [1] Group 1 - The current refined oil import figure indicates a significant drop, reflecting potential changes in domestic demand or supply chain adjustments [1] - The previous week's import figure was notably higher, suggesting fluctuations in import activity that may impact market dynamics [1] - This trend could influence pricing and availability of refined oil products in the U.S. market [1]

Core Viewpoint - The company plans to issue shares to specific investors, which may dilute immediate returns, and has outlined measures to compensate for this dilution while ensuring the protection of minority investors' rights [1][4]. Financial Impact Analysis - The company estimates that the total share capital will increase from 62,514.47 million shares to 81,379.28 million shares post-issuance, with a maximum of 188,648,115 shares to be issued [2][3]. - The total amount of funds raised is projected to be 313,203.05 million yuan [2]. - The company has provided three scenarios for net profit growth in 2025 compared to 2024: no growth, a 15% increase, and a 30% increase, affecting earnings per share and return on equity [3]. Use of Proceeds - The funds raised will be allocated to a semiconductor equipment R&D project and to supplement working capital, which aligns with the company's core business and long-term strategic goals [5][6]. - The semiconductor equipment R&D project aims to enhance product technology depth and support domestic demand, contributing to market share growth and improved financial performance [5]. Measures to Mitigate Dilution - The company has established a management framework for the use of raised funds, ensuring compliance with relevant laws and regulations to enhance fund utilization efficiency [6][7]. - A commitment to maintain shareholder rights and improve governance structures has been made, ensuring that the board acts in the best interests of all shareholders [7][8]. Commitments from Management - The board of directors and senior management have pledged to uphold their responsibilities and ensure the effective implementation of measures to mitigate the impact of share dilution on immediate returns [8][9]. - The controlling shareholders have also committed to maintaining the company's independence and not interfering with its management, ensuring that the interests of minority shareholders are protected [9].

Core Viewpoint - Changchuan Technology plans to issue A-shares to specific investors, which may significantly reduce the shareholding ratio of its actual controllers, Zhao Yi and Xu Xin, from 28.48% to 18.10% after the issuance and share transfer [1][9]. Group 1: Fundraising and Investment Plans - The company intends to invest approximately 22 billion yuan in semiconductor equipment research and development, with a total project investment of about 38 billion yuan [2][4]. - The funds will be used to purchase R&D equipment, hire relevant personnel, and develop testing machines and automatic optical inspection (AOI) devices [4]. - An additional 9.4 billion yuan will be allocated to supplement working capital, addressing the increasing financial needs in talent, management, technology, and R&D as the business scales [5]. Group 2: Shareholding Structure and Control - Zhao Yi holds 22.51% of the shares, while Xu Xin controls 5.97% through a partnership, totaling 28.48% before the share transfer [6]. - Following the transfer of approximately 31.16 million shares to a private fund, their combined control will decrease to 23.53%, and potentially to 18.10% after the new share issuance [7][9]. - Despite the reduction in shareholding percentage, Zhao Yi and Xu Xin will remain the actual controllers of the company [11].

Core Viewpoint - The decline in U.S. consumer confidence in June is attributed to widespread concerns about the economy, job market, and personal financial outlook due to trade policy implications [1] Group 1: Consumer Confidence Index - The Conference Board Consumer Confidence Index fell to 93 in June, lower than all economists' expectations [1] - This decline highlights ongoing worries about the potential economic impact of increased import tariffs [1] Group 2: Consumer Spending Behavior - Despite moderate inflation over the past three months, some consumers are becoming more cautious in their spending [1] - Consumers' assessment of current business conditions has become more pessimistic compared to May [1] Group 3: Employment Outlook - The perception of current job opportunities has weakened for the sixth consecutive month, although it remains in positive territory, aligning with a still strong job market [1]