有色商品日报 有色商品日报（2025 年 4 月 29 日） 一、研究观点 | 品 种 | | | | | 点评 | | | --- | --- | --- | --- | --- | --- | --- | | | 隔夜 LME 铜上涨 0.49%至 9405.5 美元/吨；SHFE 铜主力上涨 0.34%至 77630 元/吨；国 内现货进口亏损。宏观方面，美国 4 月达拉斯联储商业活动指数-35.8，大幅低于预期 | | | | | | | | 14.1 和前值-16.3，美政府关税引起的动荡在当地制造业开始显现。美国财政部目前预 计，4 月至 6 月期间的净借款将达到 5140 亿美元，高于今年 2 月时预测的 1230 亿美 | | | | | | | | 元，但剔除债务上限影响后不增反降，这或表明美国融资需求实际上正在下降。库存方 | | | | | | | 铜 | 万吨；Comex 库存增加 2873.99 吨至 12.26 万 | | | 面来看，LME 库存下降 650 吨至 20.28 | | | | | | 吨；SMM 全国主流地区铜库存环比上周五下降 2.66 万吨至 15.51 万吨 ...

Group 1 - The core viewpoint of the article highlights the financial performance and market position of China Aluminum International Engineering Corporation, indicating a significant disparity between its price-to-earnings (PE) ratio and the industry average [1][3] - As of the first quarter of 2025, the company reported a revenue of 4.804 billion yuan, a year-on-year decrease of 3.63%, and a net profit of 65.797 million yuan, down 36.71% year-on-year, with a gross profit margin of 8.91% [2] - The company's current PE ratio stands at 72.93, significantly higher than the industry average of 15.46 and the median of 19.25, ranking it 60th in the industry [1][3] Group 2 - The main business of the company includes design consulting, EPC engineering contracting, construction, and equipment manufacturing, leveraging its technological, talent, and international advantages in the non-ferrous metal industry [2] - The company has participated in numerous projects across various sectors, contributing to the establishment of industry standards and achieving over a hundred "China First" and "World First" accolades [2] - The company has received multiple prestigious awards for its projects, including the China Construction Engineering Luban Prize and the Civil Engineering Zhan Tianyou Award [2]

正信期货有色金属套利周报20250428 研究员：张杰夫 研究员：王艳红 投资咨询号:Z0016959 投资咨询号：Z0010675 Email：zhangjf@zxqh.net Email：wangyh@zxqh.net Tel：027-68851554 Tel：027-68851554 套利策略 | | 品 种 | 策 | 略 | 核心观点 | | --- | --- | --- | --- | --- | | 跨 期 | 锌 | 正 | 套 | TC持续快速上调 炼厂扭亏为盈 受国内外 ， 。 锌矿山投产周期影响 锌矿供给将周期性由 ， | | | | | | 紧转宽松 若全年需求无大的亮点 供需平 ， ， 建议逢低滚动参与 衡倾向于向过剩端移动 ， 锌的跨期正套 。 | | 跨品种 | 铝&锌 | 多铝空锌 | | 国内精炼锌产出边际恢复 年内全球新投产 ， 锌矿项目有望逐步释放增量 而铝因国内产 ， | | | | | | 能限制 基本面强于锌 建议逢低滚动参与 ， ， | | | | | | 多铝空锌 。 | 2 第一部分：周度价格表现回顾与资金流动情况 第二部分：有色金属库存与利润情况 第三部分 ...

证券研究报告：有色金属 | 公司点评报告 公司基本情况 | 最新收盘价（元） | 12.53 | | --- | --- | | 总股本/流通股本（亿股）17.76 | / 17.75 | | 总市值/流通市值（亿元）222 | / 222 | | 52 周内最高/最低价 | 15.53 / 9.75 | | 资产负债率(%) | 34.4% | | 市盈率 | 15.01 | | 第一大股东 | 国民信托有限公司-国 | | 民信托·恒盈 | 5 号事务 | | | 管理类集合资金信托计 | | 划 | | 研究所 分析师:李帅华 SAC 登记编号:S1340522060001 Email:lishuaihua@cnpsec.com 分析师:魏欣 SAC 登记编号:S1340524070001 Email:weixin@cnpsec.com 兴业银锡(000426) 银锡产量延续增长，资源优势进一步加强 l 投资要点 事件：公司发布 2024 年年报和 2025 年一季报，2024 年公司实 现营业收入 42.70 亿元，同比增长 15.23%；实现归母净利润/扣非归 母净利润 15.30/15.39 亿元 ...

证券研究报告 交易型指数基金资金流向周报 数据日期：2025/4/21-2025/4/25 长城证券产业金融研究院 基金研究 分析师：金铃 执业证书编号：S1070521040001 www.cgws.com 国内被动股票基金 | 大 类 | 所属概念 | 基金规模 | 周涨跌幅 | 周资金净买 | 今年以来周涨跌幅 | 今年以来周资金流向 | | | --- | --- | --- | --- | --- | --- | --- | --- | | | | (亿元) | (%) | 入额(亿元) | 走势图 | 走势图 | | | | 上证50 | 1594.56 | -0.39 | -14.93 | | | | | | 沪深300 | 9834.49 | 0.38 | -27.83 | | | | | | 中证500 | 1401.20 | 1.25 | -6.47 | | | | | | 中证1000 | 1169.17 | 1.95 | 5.94 | | | | | | 创业板指 | 1264.48 | 2.12 | -10.06 | | | | | | 科创创业50 | 329.65 | 0.82 ...

证券代码：601069 证券简称：西部黄金 公告编号： 2025-022 西部黄金股份有限公司 2025 年第一季度经营数据公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 根据上海证券交易所《上海证券交易所上市公司自律监管指引第 3 号——行 业信息披露》要求，现将西部黄金股份有限公司（以下简称"公司"）2025 年 第一季度（1-3 月）主要有色金属品种产销量及盈利情况披露如下（财务数据未 经审计）： 一、2025 年第一季度（1-3 月）主营业务分行业、分产品、分地区、分销售模式情况 单位：元 币种：人民币 | | | | 主营业务分行业情况 | | | | | --- | --- | --- | --- | --- | --- | --- | | 分行业 | 营业收入 | 营业成本 | 毛利率（%） | 营业收入比上年增 | 营业成本比上 | 毛利率比上年增减 | | | | | | 减（%） | 年增减（%） | （%） | | 黄金行业 | 1,508,003,259.23 | 1,422,538,270.46 ...

Core Insights - The overall performance of the non-ferrous metal industry in 2024 is positive, with over 70% of companies reporting revenue growth and nearly 90% achieving profitability [1] - The demand for non-ferrous metals is increasing, driven by rising gold prices and a significant upward shift in the prices of traditional industrial metals like copper, aluminum, and zinc [1][2] - Companies are actively expanding their resource reserves and production capacity through acquisitions and exploration [2] Industry Performance - As of April 27, 2024, 124 non-ferrous metal companies have released their annual reports, showing a comprehensive index of industry prosperity on the rise [1] - The average annual prices for copper and lead have reached their highest levels in five years [1] Company Highlights - China Aluminum Corporation reported a revenue of 237.066 billion yuan, a year-on-year increase of 5.21%, and a net profit of 12.4 billion yuan, up 85.38% [1] - Zijin Mining Group achieved a revenue of 303.64 billion yuan, a 3.49% increase, and a net profit of 32.051 billion yuan, up 51.76% [2] - Jinhui Mining reported a revenue of 1.539 billion yuan, a 19.97% increase, and a net profit of 477 million yuan, up 39.06% [1] Strategic Moves - Companies are accelerating resource acquisition and capacity expansion, with Jinhui Mining successfully bidding for mining rights and establishing new subsidiaries [2] - Tongling Nonferrous Metals Group completed a 70% acquisition of China Railway Construction Copper Crown Investment Co., enhancing its resource reserves and production capabilities [2] Future Outlook - Experts predict that non-ferrous metal prices will remain high into 2025, sustaining a high level of industry prosperity [3]

Investment Rating - The investment rating for the non-ferrous metals industry is "Positive" (maintained) [4] Core Views - The report highlights a rebound in copper prices due to increased downstream activity and accelerated inventory depletion, with copper prices rising by 2.98% in the US, 2.55% in London, and 1.71% in Shanghai. The report notes that the largest copper mine in Peru, Antamina, has halted operations due to an accident, impacting supply. The copper rod operating rate increased to 79.56%, and social inventory of electrolytic copper decreased by 22.15% to 181,700 tons [4][3] - Aluminum prices are rising as domestic inventory decreases, with alumina prices stabilizing after maintenance cuts. The report indicates that electrolytic aluminum margins have improved, suggesting a potential shortage in supply this year [4][3] - Lithium prices are under pressure due to demand growth not meeting expectations, leading to continued inventory accumulation and a downward trend in prices. The report emphasizes the need to monitor potential production cuts and marginal improvements in demand [4][3] Summary by Sections 1. Industry Overview - The report provides insights into macroeconomic conditions, noting that initial jobless claims in the US were in line with expectations [8] - The non-ferrous metals sector outperformed the Shanghai Composite Index, with a weekly increase of 1.50% [13] 2. Industrial Metals 2.1. Copper - Copper prices increased, with London copper up 2.55% and Shanghai copper up 1.71%. Inventory levels decreased significantly, with Shanghai copper inventory down 31.97% [28] 2.2. Aluminum - Aluminum prices rose, with London aluminum increasing by 3.25% and Shanghai aluminum by 1.29%. The report notes a rise in aluminum processing margins [37] 2.3. Lead and Zinc - Lead and zinc prices saw increases, with lead prices up 2.72% and zinc prices up 3.48%. The report indicates improved profitability for mining companies [48] 2.4. Tin and Nickel - Tin prices increased, with London tin up 5.04%. Nickel prices also saw slight increases, but profitability for nickel enterprises has narrowed [63] 3. Energy Metals 3.1. Lithium - Lithium prices are declining, with carbonate lithium down 2.31% to 69,800 yuan/ton. The report highlights the need for monitoring supply-side adjustments [79] 3.2. Cobalt - Cobalt prices have decreased, with domestic cobalt prices at 238,000 yuan/ton. The report notes a decline in profitability for domestic smelting plants [89]

Group 1 - The company achieved a revenue of 39.345 billion yuan in 2024, representing a year-on-year growth of 22.40% [1] - The net profit attributable to shareholders reached 807 million yuan, with a year-on-year increase of 38.88% [1] - The company plans to distribute a cash dividend of 2.25 yuan per 10 shares, totaling 245 million yuan, which accounts for 30.39% of the net profit [1] Group 2 - The company has been leading the advancement of domestic lead smelting technology and is recognized for its international leading position in this field [2] - The company has developed several core technologies, including oxygen bottom-blown oxidation and liquid high-lead slag direct reduction for lead smelting [2] - The company aims to create a "first-class non-ferrous metal new materials high-tech industrial group" and is focused on accelerating its transformation towards high-end, intelligent, and green development [2]

| | 20250425申万期货有色金属基差日报 | | | --- | --- | --- | | | 铜： 短期可能宽幅波动 | | | | 锌： 可能宽幅区间波动 | | | 摘要 | 铝： 可能短期震荡 | | | | 镍： 可能宽幅震荡 | | | 品种 | 观点 | 策略方向 | | | 铜：夜盘铜价收涨。目前精矿加工费总体低位以及低铜价 ，考验冶炼产量。 根据国家统计局数据来看，国内下游需求总体稳定向好，电网带动电力投资 | | | 铜 | 高增长，家电产量延续增长，需关注出口变化，新能源渗透率提升有望巩固 | 短期可能宽 | | | 汽车铜需求，地产数据降幅缩窄。铜价短期可能宽幅波动，关注美国关税谈 | 幅波动 | | | 判进展，以及美元、人民币汇率、库存和基差等变化。 | | | | 锌：夜盘锌价收涨超1%。近期精矿加工费持续回升。由国家统计局数据来 | | | 锌 | 看，国内汽车产销正增长，基建稳定增长，家电表现良好，地产数据降幅缩 窄。市场预期今年精矿供应明显改善，冶炼供应可能恢复，前期锌价的回落 | 可能宽幅区 间波动 | | | 已部分消化产量增长预期。短期锌价可能宽幅波动，关注 ...