Group 1 - The core viewpoint of the report indicates that copper prices are expected to decline to around $9,100 per ton in the third quarter of 2025 due to the reversal of tight supply conditions caused by preemptive imports in the U.S. and slowing demand from China [1][2] - In the first half of 2025, the copper market was significantly tightened due to two main factors: pre-imports in the U.S. before potential tariffs and the early release of demand in China [2] - The report anticipates that the U.S. will import approximately 430,000 tons of excess refined copper in the first half of 2025, which is equivalent to about six months of normal import demand [2] Group 2 - The report suggests that as the certainty of copper tariffs approaches, the situation of preemptive imports will reverse, leading to a potential de-inventory period in the U.S. where refined copper imports may drop to very low levels [2] - China's copper demand growth rate is projected to be around 7% year-on-year, but this growth momentum has shown signs of slowing since April 2025 [2][3] - Despite strong demand from the power grid, the report predicts that demand for air conditioning and white goods will face headwinds, leading to a potential stagnation or slight contraction in overall copper demand in China in the second half of 2025 [3] Group 3 - The overall copper supply growth remains challenged, but prices are expected to find basic support around $9,000 per ton or slightly above this level, as price corrections may attract buying interest from investors, companies, and stockpilers [3] - The ongoing conflicts in the Middle East pose a downside risk to basic metal demand, although they may have a more significant positive impact on aluminum supply [3]

Core Viewpoint - The article discusses the evolution and significance of the "Phoenix Bird Pattern" in ancient Chinese bronze artifacts, tracing its origins from the Shang Dynasty through the Western Zhou and into the Spring and Autumn and Warring States periods, highlighting its cultural and artistic transformations over time [1][2][3]. Group 1: Historical Context - The "Phoenix Bird Pattern" emerged during the Shang Dynasty, particularly associated with the worship of the "Xuan Bird," which is debated among scholars regarding its exact identity, with interpretations ranging from a black swallow to an owl [2][3]. - The pattern reflects a broader "bird worship" among the Shang people, indicating a complex relationship with various bird representations in their culture [2][3]. Group 2: Artistic Evolution - In the late Shang Dynasty, the Phoenix Bird Pattern was characterized by elaborate and ornate designs, often featuring large, prominent bird figures that conveyed a sense of grandeur [3][4]. - The Western Zhou period saw a shift towards simplification and elegance in the representation of the Phoenix Bird, focusing on aesthetic harmony rather than intricate detail [6][7][10]. - By the Spring and Autumn and Warring States periods, the Phoenix Bird Pattern diversified significantly, with geometric and abstract representations becoming more common, reflecting regional variations and cultural influences [11][12][13]. Group 3: Cultural Significance - The Phoenix Bird served as a symbol of communication between heaven and earth, embodying the spiritual beliefs of the Shang and Zhou dynasties [4][10]. - The transformation of the Phoenix Bird Pattern from a religious symbol to a more secular representation in daily life illustrates the changing social dynamics and values during the transition from the Shang to the Zhou [10][13]. - The pattern's continued evolution into the Warring States period signifies its adaptability and enduring relevance in Chinese cultural heritage, influencing later artistic expressions in lacquerware and other mediums [14][15][16].

Core Viewpoint - The exhibition "The Beauty of Bronze from the Yellow River: Chinese Bronze Art from the 16th Century BC to the 3rd Century BC" showcases the unique charm of Chinese bronze culture and serves as a bridge for cultural dialogue between China and Hungary [1][2]. Group 1: Exhibition Details - The exhibition opened on the 17th at the Hungarian University of Fine Arts and features a combination of digital media, replicas, and images to present Chinese bronze art to the Hungarian public [1]. - It focuses on the birth, development, and evolution of bronze artifacts, particularly during the Shang and Zhou dynasties, highlighting the beauty of shapes, patterns, inscriptions, and craftsmanship [1]. - The exhibition will run until July 31, 2025, and is co-hosted by the Shanxi Museum and the Hungarian University of Fine Arts [2]. Group 2: Cultural Significance - Shanxi is recognized as a "treasure trove of ancient Chinese bronze art," and the exhibition aims to deepen the understanding and appreciation of Chinese culture among the Hungarian audience [1][2]. - The exhibition features notable artifacts such as the "Jin Hou Bird Zun," "Dragon-shaped Wine Vessel," and "Owl-shaped Vessel," which exemplify advanced bronze casting techniques from the Shang and Zhou periods [1]. - The exhibition is seen as an opportunity for Hungarian scholars and students to interpret these ancient artifacts through a contemporary lens, enhancing cross-cultural dialogue [2].

交易咨询业务资格：证监许可【2012】1091号 沪铜早报- 大越期货投资咨询部 : 祝森林 从业资格证号：F3023048 投资咨询证号： Z0013626 联系方式：0575-85226759 重要提示：本报告非期货交易咨询业务项下服务，其中的观点和信息仅作参考之用，不构成对任何人的投资建议。 我司不会因为关注、收到或阅读本报告内容而视相关人员为客户；市场有风险，投资需谨慎。 每日观点 铜: 1、基本面：冶炼企业有减产动作，废铜政策有所放开，5月份，制造业采购经理指数为49.5%，比上月 上升0.5个百分点，制造业继续保持恢复发展态势；中性。 2、基差：现货78755，基差-105，贴水期货；中性。 3、库存：6月18日铜库存减200至107350吨，上期所铜库存较上周减5461吨至101943吨；中性。 4、盘面：收盘价收于20均线上，20均线向上运行；偏多。 5、主力持仓：主力净持仓空，空减；偏空。 6、预期：美联储降息放缓，库存高位去库，美国贸易关税不确定性增强，地缘扰动仍存，铜价震荡运 行为主. 近期利多利空分析 利多： 利空： 逻辑： 国内政策宽松 和 贸易战升级 风险： 期现价差 自然灾害 1 ...

LME铜库存暴跌60%，铜现货溢价飙至32个月新高！供应危机是否真的要来了？贸易商疯狂套利，铜价 会否再冲高？ 相关链接 期货热点追踪 ...

证券研究报告 | 2025年06月18日 金融工程日报 沪指探底回升，AI 硬件方向午后崛起 市场表现：今日(20250618) 规模指数中沪深 300 指数表现较好，板块指数 中科创 100 指数表现较好，风格指数中中证 500 成长指数表现较好。电子、 通信、国防军工、银行、电新行业表现较好，综合金融、房地产、轻工制造、 非银、商贸零售行业表现较差。覆铜板、电路板、光模块(CPO)、电子纸、 磁电存储等概念表现较好，稀土永磁、虫害防治、黄酒、稀土、草甘膦等概 念表现较差。 市场情绪：今日收盘时有 49 只股票涨停，有 13 只股票跌停。昨日涨停股票 今日收盘收益为 1.12%，昨日跌停股票今日收盘收益为-5.64%。今日封板率 66%，较前日提升 1%，连板率 25%，较前日提升 7%。 市场资金流向：截至 20250617 两融余额为 18273 亿元，其中融资余额 18153 亿元，融券余额 120 亿元。两融余额占流通市值比重为 2.3%，两融交易占市 场成交额比重为 9.1%。 折溢价：20250617 当日 ETF 溢价较多的是游戏 ETF 华泰柏瑞，ETF 折价较多 的是创业板 200ETF ...

| | 本报告期 | 上年同期 | 本报告期比上年同期增减 | | --- | --- | --- | --- | | | | | (%) | | 营业收入(元) | 1,394,869,375.68 | 892, 462, 177. 62 | 56. 29% | | 归属于上市公司股东的净利 | 4,751,511.30 | -27,697, 372, 62 | 117. 16% | | 润(元) | | | | | 归属于上市公司股东的扣除 | | | | | 非经常性损益的净利润 | -4,775,711.99 | -32.459.882.72 | 85. 29% | | (元) | | | | | 经营活动产生的现金流量净 | -509,887,933.66 | -348,356,179,91 | -46. 37% | | 额(元) | | | | 铜冠铜箔于2022年1月27日在深圳证券交易所创业板上市，公开发行股票20,725.3886万股，发行价格 17.27元/股，保荐机构(主承销商)为国泰君安证券股份有限公司(现名"国泰海通证券股份有限公司")，保 荐代表人为朱哲磊、张翼；联席主承销商为平安 ...

商 品 研 究 2025 年 06 月 18 日 铜：伦铜现货强势，支撑价格 季先飞 投资咨询从业资格号：Z0012691 jixianfei@gtht.com 【基本面跟踪】 铜基本面数据 | | | 昨日收盘价 | 日涨幅 | 昨日夜盘收盘价 | 夜盘涨幅 | | --- | --- | --- | --- | --- | --- | | | 沪铜主力合约 | 78,380 | -0.22% | 78560 | 0.23% | | | 伦铜3M电子盘 | 9,670 | -0.26% | - | - | | | | 昨日成交 | 较前日变动 | 昨日持仓 | 较前日变动 | | 期 货 | 沪铜主力合约 | 30,609 | -45,906 | 136,197 | -56,046 | | | 伦铜3M电子盘 | 12,735 | -245 | 293,000 | -2,042 | | | | 昨日期货库存 | 较前日变动 | 注销仓单比 | 较前日变动 | | | 沪铜 | 54,541 | 7,490 | - | - | | | 伦铜 | 107,550 | 225 | 50.77% | -1.71% ...

期货研究报告 商品研究 [铜早报 Table_ReportType] 走势评级： 铜——高位盘整， 后续看跌 楼家豪—有色分析师 从业资格证号：F3080463 投资咨询证号：Z0018424 联系电话：0571-28132615 邮箱：loujiahao@cindasc.com 信达期货有限公司 CINDAFUTURESCO.LTD 杭州市萧山区钱江世纪城天人大厦19-20 楼 邮编：311200 [Table_ReportDate] 报告日期： 2025 年 6 月 18 日 报告内容摘要: 宏观与行业消息：【伦敦金属交易所铜库存锐减，买方面临供应吃紧】据 报道，伦敦金属交易所（LME）铜买方面临供应吃紧，随着交易员争夺交易 所仓库中不断下降的铜库存，现货铜价飙升。周二，将在一天内到期的合 约较次日到期合约一度溢价每吨 36 美元，为 2021 年历史性供应吃紧以来 最阔。尽管这一所谓的明日/次日价差临近收盘出现回落，但其他中长期限 价差继续收紧。现货合约价格飙升，即所谓的现货升水，表明交易所仓库 中的库存不足以满足交易商的需求。此前，LME 可交割库存今年已减少 80%。（华尔街见闻） 品种逻辑:宏观角 ...

Core Viewpoint - The article highlights the advancements and strategic direction of Guangdong Jiayuan Technology Co., Ltd. in the high-end copper foil industry, emphasizing its focus on technology development and market expansion, particularly in the context of solid-state battery production and international market penetration [2][3][7]. Group 1: Company Overview - Guangdong Jiayuan Technology is located in the mountainous region of Meizhou, Guangdong, and specializes in the production of high-end copper foil for various applications, including batteries and electronics [1]. - The company has transitioned from relying on imported technology to developing its own core technologies in the copper foil sector, achieving significant milestones in producing ultra-thin copper foils [3][4]. Group 2: Product Development and Market Demand - Jiayuan Technology has successfully developed ultra-thin copper foils, with 6-micron copper foil becoming a mainstream product, and has achieved mass production of 5-micron and 4.5-micron variants [4]. - The company reported a 15.57% increase in copper foil production in 2024, reaching 67,000 tons, with a growing proportion of ultra-thin copper foils that command a 30% higher processing fee compared to standard products [5]. - The demand for copper foil is driven by the rapid growth of the new energy and storage industries, with the company focusing on product innovation to meet the specific needs of electric vehicles and energy storage systems [5][6]. Group 3: Financial Performance - Jiayuan Technology's revenue for 2024 was 6.522 billion yuan, a year-on-year increase of 31.27%, while the first quarter of 2025 saw revenue of 1.981 billion yuan, a remarkable 113% increase compared to the same period last year [3][5]. Group 4: Strategic Direction and Future Outlook - The company aims to increase its overseas revenue share to 30% within the next 3 to 5 years, with expectations of exporting over 10,000 tons of products by 2026 [7]. - Jiayuan Technology is committed to continuous innovation and collaboration with research institutions to develop advanced copper foil technologies, positioning itself for future growth in a competitive landscape [5][7].