沪锌产业日报 2025-08-25 | | | 锌价支撑或减弱。技术面，持仓低位价格回升，多空谨慎，关注22200支撑。操作上，建议暂时观望，或短 线逢回调轻仓做多。 免责声明 本报告中的信息均来源于公开可获得资料，瑞达期货股份有限公司力求准确可靠，但对这些信息的准确性及完整性不做任 何保证，据此投资，责任自负。本报告不构成个人投资建议，客户应考虑本报告中的任何意见或建议是否符合其特定状况。本 报告版权仅为我公司所有，未经书面许可，任何机构和个人不得以任何形式翻版、复制和发布。如引用、刊发，需注明出处为 瑞达期货股份有限公司研究院，且不得对本报告进行有悖原意的引用、删节和修改。 | 项目类别 | 数据指标 | 最新 | 环比 数据指标 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | 期货市场 | 沪锌主力合约收盘价(日,元/吨) | 22395 | 150 09-10月合约价差:沪锌(日,元/吨) | -20 | -20 | | | LME三个月锌报价(日,美元/吨) | 2805.5 | 38.5 沪锌总持仓量(日,手) | 206625 | -468 ...

单有所释放；同时持货商出货意愿较高，国内市场保持去库趋势，现货升水持稳。技术面，持仓下降价格 回升，空头氛围减弱，关注MA60支撑。操作上，建议暂时观望，或短线轻仓做多。 研究员: 王福辉 期货从业资格号F03123381 期货投资咨询从业证书号Z0019878 不锈钢产业日报 2025-08-25 | 项目类别 | 数据指标 | 最新 | 环比 数据指标 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | 期货市场 | 期货主力合约收盘价:不锈钢(日,元/吨) | 12880 | 125 09-10月合约价差:不锈钢(日,元/吨) | -95 | -30 | | | 期货前20名持仓:净买单量:不锈钢(日,手) | -9146 | -1294 主力合约持仓量:不锈钢(日,手) | 144460 | 5650 | | | 仓单数量:不锈钢(日,吨) | 101925 | -16715 | | | | 现货市场 | 304/2B卷:切边:无锡(日,元/吨) | 13650 | -50 市场价:废不锈钢304:无锡(日,元/吨) | 9650 | 0 | | | ...

1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints of the Report - The Indonesian government's PNBP policy restricts issuance, increasing the cost of nickel resource supply, and the premium of domestic trade ore remains stable. The supply of nickel ore from the Philippines has rebounded, but the port inventory of nickel ore in China has decreased, resulting in a tight raw material situation. [3] - In July, the production rhythm of leading enterprises remained stable, the output of several smelters increased, and new production capacity is still planned to be put into operation, driving a slight increase in the overall refined nickel output. [3] - The profit of stainless - steel plants has improved, leading to increased production. The production and sales of new energy vehicles continue to rise, but the demand for ternary batteries is limited. Recently, the nickel price has declined, the downstream purchasing atmosphere at low prices has improved, the spot premium has increased, and the domestic inventory has slightly decreased, while the overseas LME inventory has also decreased. [3] - Technically, the decline in positions and the rise in price indicate a weakening of the bearish sentiment. Attention should be paid to the battle at the 120,000 mark. It is recommended to wait and see for now, or go long lightly at low prices, with a reference range of 119,500 - 124,000. [3][4] 3. Summary by Relevant Catalogs 3.1 Futures Market - The closing price of the main futures contract of Shanghai nickel is 120,310 yuan/ton, with a daily increase of 700 yuan; the spread between the September - October contracts of Shanghai nickel is - 240 yuan/ton, a decrease of 90 yuan. [3] - The price of LME 3 - month nickel is 14,975 US dollars/ton, with a daily increase of 35 US dollars; the position of the main contract of Shanghai nickel is 111,421 lots, an increase of 9,036 lots. [3] - The net long position of the top 20 futures holders of Shanghai nickel is - 36,593 lots, a decrease of 1,224 lots; the LME nickel inventory is 209,748 tons, an increase of 150 tons. [3] - The inventory of nickel in the Shanghai Futures Exchange is 26,943 tons (weekly), a decrease of 19 tons; the LME nickel cancelled warrants total 7,998 tons, an increase of 24 tons. [3] - The warehouse receipt quantity of Shanghai nickel is 22,552 tons, a decrease of 36 tons. [3] 3.2 Spot Market - The SMM1 nickel spot price is 120,550 yuan/ton, a decrease of 550 yuan; the average spot price of 1 nickel plate in the Yangtze River Non - ferrous Metals Market is 120,650 yuan/ton, a decrease of 550 yuan. [3] - The CIF (bill of lading) price of Shanghai electrolytic nickel is 85 US dollars/ton, unchanged; the price of Shanghai electrolytic nickel in the bonded warehouse (warehouse receipt) is 85 US dollars/ton, unchanged. [3] - The average price of battery - grade nickel sulfate is 27,900 yuan/ton, unchanged; the basis of the NI main contract is 940 yuan/ton, a decrease of 330 yuan. [3] - The LME nickel (spot/three - month) premium is - 175.83 US dollars/ton, an increase of 11.13 US dollars. [3] 3.3 Upstream Situation - The monthly import volume of nickel ore is 500.58 million tons, an increase of 65.92 million tons; the total port inventory of nickel ore is 1,205.85 million tons (weekly), an increase of 110.69 million tons. [3] - The average monthly import unit price of nickel ore is 63.77 US dollars/ton, a decrease of 2.08 US dollars/ton; the tax - included price of Indonesian laterite nickel ore with 1.8% Ni is 41.71 US dollars/wet ton, unchanged. [3] 3.4 Industry Situation - The monthly output of electrolytic nickel is 29,430 tons, an increase of 1,120 tons; the total monthly output of ferronickel is 22,200 metal tons, a decrease of 400 metal tons. [3] - The monthly import volume of refined nickel and alloys is 38,234.02 tons, an increase of 21,018.74 tons; the monthly import volume of ferronickel is 835,900 tons, a decrease of 205,500 tons. [3] 3.5 Downstream Situation - The monthly output of 300 - series stainless steel is 4.59 million tons less; the total weekly inventory of 300 - series stainless steel is 590,100 tons, an increase of 7,400 tons. [3] 3.6 Industry News - The vice - minister of the Ministry of Industry and Information Technology, Xiong Jijun, said that the dominant position of enterprises in innovation will be strengthened, and the in - depth integration of scientific and technological innovation and industrial innovation will be promoted. Key core technologies such as GPU chips will be quickly broken through, and the supply of basic and common technologies will be expanded. The scale of intelligent computing power in China will increase by more than 40% this year. [3] - Powell said that the stable labor market indicators allow the Fed to consider policy adjustments carefully. The change in the baseline outlook and risk balance may require the Fed to adjust its policy stance. The labor market has achieved a "strange balance" due to the significant slowdown in both supply and demand, indicating an increased downside risk to employment. In the short term, the inflation risk is upward. The Fed has adjusted its monetary policy framework, eliminating the policy of tolerating high inflation and promising to anchor long - term inflation expectations. The Ministry of Industry and Information Technology will guide the construction of computing power facilities in an orderly manner and accelerate the breakthrough of key core technologies such as GPU chips. [3]

Market Overview - The overall A-share market showed positive performance with the Wind All A Index rising by 1.64% to 6060.82 points, while the Shanghai Composite Index increased by 1.45% to 3825.76 points [7] - The hard technology sector, represented by the Sci-Tech 50 Index, outperformed with an increase of 8.59% to 1247.86 points, indicating strong investor interest in this area [7] - The market saw a total trading volume of 25,788.42 billion yuan, an increase of 1,185.07 billion yuan compared to the previous trading day [8] Company Dynamics - Bilibili reported a net profit attributable to shareholders of 209 million yuan for the first half of 2025, marking a turnaround from a loss in the same period last year. The company achieved a revenue of 14.34 billion yuan, a year-on-year increase of 21.6% [34] - Kingmed Diagnostics (603882.SH) faced a decline in revenue of 22.78% year-on-year, with a net loss of 85 million yuan in the first half of 2025, primarily due to external environmental impacts and credit impairment losses [37][39] - Muyuan Foods (002714.SZ) announced an employee stock ownership plan, aiming to incentivize up to 5,437 core employees and business leaders, with a total estimated cost of 1.06 billion yuan [41] Industry Trends - The Chinese photovoltaic industry is shifting towards high-quality competition, with the China Photovoltaic Industry Association advocating against price competition below cost [26] - The semiconductor industry is witnessing significant developments, with NVIDIA launching the Spectrum-XGS Ethernet technology to enhance data center capabilities and Intel initiating the licensing of semiconductor glass substrate technology [28][32] - The smart computing sector in China is expected to grow by over 40% in 2025, driven by the rapid development of artificial intelligence and the establishment of regional computing platforms [19][20]

2025 年 8 月 25 日市场全天震荡走高，成交额再上三万亿 报告要点： 证券研究报告 2025 年 08 月 25 日 [Table_Title] 每日复盘 2025 年 8 月 25 日市场全天震荡走高，成交额再上三万亿。上证指数上 涨 1.51%，深证成指上涨 2.26%，创业板指上涨 3.00%。市场成交额 31769.52 亿元，较上一交易日增加 5981.12 亿元。全市场 3351 只个股上涨，1898 只 个股下跌。 风格上看，各指数涨跌幅排序为：成长>消费>周期>稳定>金融>0；大盘 成长>小盘成长>中盘成长>中盘价值>小盘价值>大盘价值；基金重仓股表现 优于中证全指。 分行业看，30 个中信一级行业普遍上涨；表现相对靠前的是：有色金属 （4.81%），通信（4.75%），房地产（3.19%）；表现相对靠后的是：纺织服装 （-0.03%），综合金融（0.48%），石油石化（0.55%）。概念板块方面，多数 概念板块上涨，稀土永磁、F5G、金属铅等大幅上涨；赛马、共享单车、芬 太尼等板块走低。 资金筹码方面，主力资金 8 月 25 日净流出 449.29 亿元。其中超大单净 流出 168. ...

截至2025年8月25日 13点19，上证科创板半导体材料设备主题指数下跌1.82%。成分股方面涨跌互 现，盛美上海领涨6.79%，中船特气上涨2.44%，晶升股份上涨2.38%；新益昌领跌5.93%，芯源微下跌 5.49%，京仪装备下跌5.30%。科创半导体ETF（588170）下跌1.97%，最新报价1.2元。拉长时间看，截 至2025年8月22日，科创半导体ETF（588170）近1周累计上涨11.21%，流动性方面，科创半导体ETF （588170）盘中换手28.7%，成交1.18亿元，市场交投活跃。拉长时间看，截至8月22日，科创半导体 ETF（588170）近1周日均成交1.16亿元。份额方面，科创半导体ETF（588170）近3月份额增长6600.00 万份，实现显著增长。 每日经济新闻 （责任编辑：董萍萍 ） 【免责声明】本文仅代表作者本人观点，与和讯网无关。和讯网站对文中陈述、观点判断保持中立，不对所包含内容 的准确性、可靠性或完整性提供任何明示或暗示的保证。请读者仅作参考，并请自行承担全部责任。邮箱： news_center@staff.hexun.com 消息面上，从2025中国算力大会 ...

Group 1 - The Core Point: The 科创创业50ETF fund (588660) experienced a significant increase, with a nearly 3% rise and a trading volume of 12.67 million yuan, reflecting strong performance in the underlying 中证科创创业50 index, which rose by 2.29% [1] - The fund has shown a cumulative increase of 12.61% over the past week, ranking first among comparable funds [1] - The 2025 China Computing Power Conference highlighted the growth in computing power infrastructure, with the number of operational computing centers reaching 10.85 million and intelligent computing power scaling up to 788 EFLOPS as of June 2025 [1] Group 2 - Goldman Sachs raised the target price for 寒武纪 by 50% to 1,835 yuan, citing increased capital expenditure in cloud computing and diversified chip platforms as key reasons [2] - The net profit forecasts for 寒武纪 for 2025-2027 were increased by 59%, 28%, and 29% respectively, reflecting higher AI chip shipment volumes [2] - 中信建投证券 noted that market sentiment is warming, with a potential for a slow bull market, while emphasizing the importance of finding low-position new directions in thriving sectors [2] Group 3 - The 科创创业50ETF fund closely tracks the 中证科创创业50 index, which selects 50 large-cap emerging industry companies from the 科创板 and 创业板 to reflect the overall performance of these sectors [3]

Group 1 - The core viewpoint of the news highlights the significant growth in the computing power sector, with the cloud computing ETF Huatai-PineBridge (159273) experiencing a nearly 5% increase and a trading volume of 40 million yuan [1] - The computing power platform in China is accelerating its construction, with 10 provinces already connected to the computing power sub-platforms, aiming to improve the quality of intelligent computing supply to meet the needs of emerging industries [3] - The intelligent computing power is widely applied in various fields, including generative models, autonomous driving, embodied intelligence, smart cities, and industrial manufacturing, with over 23,000 innovative computing projects collected through competitions [3] Group 2 - The majority of the index component stocks of the cloud computing ETF Huatai-PineBridge (159273) saw positive performance, with notable stocks like Zhongke Shuguang and Huasheng Tiancai hitting the daily limit, and Data Port and Zhongji Xuchuang rising over 8% [4] - The estimated weight and performance of key stocks within the ETF include New Yisheng at 4.66%, Zhongji Jiachuan at 7.74%, and Tencent Holdings at 2.42% [5] - The DeepSeek V3.1 upgrade is expected to inject new momentum into domestic computing power, with a focus on AI computing chains and the continuous growth of the AI application market [6][7] Group 3 - The release of DeepSeek V3.1 emphasizes the importance of domestic computing power, liquid cooling, and optical communication in the AI industry chain, with recommended stocks including Zhongji Xuchuang and New Yisheng [9] - The cloud computing ETF Huatai-PineBridge (159273) is positioned to capture opportunities in the AI-driven computing power market, covering a wide range of sectors including hardware, cloud computing services, and IT services [9]

Group 1 - The core viewpoint is that China's computing power platforms are accelerating construction, with 10 provinces officially connected to the computing power sub-platforms, and the total computing power scale in China is growing at an annual rate of approximately 30% [1] - By 2025, China's intelligent computing power scale is expected to exceed 40% growth, with projections indicating that the intelligent computing power scale will reach 1,037.3 EFLOPS by 2025 and 2,781.9 EFLOPS by 2028 [1] - The market for intelligent computing centers in China is anticipated to reach 288.6 billion yuan by 2028, driven by the shift from training to inference in AI large model applications [1] Group 2 - As of August 25, 2025, the CSI Artificial Intelligence Theme Index has surged by 3.73%, with significant gains in constituent stocks such as Zhongke Shuguang (up 10.00%) and Cambrian (up 9.48%) [2] - The AI Artificial Intelligence ETF has also shown strong performance, with a recent price of 1.94 yuan and a cumulative increase of 14.22% over the past week [2] - The top ten weighted stocks in the CSI Artificial Intelligence Theme Index account for 55.52% of the index, indicating a concentrated investment in key players within the AI sector [2]

Market Overview - The AI industry chain experienced a significant surge on August 22, with the electronic, communication, and computer sectors leading the market. The Huaxia AI ETF (589010) closed up 7.99%, with a 5-day increase of 17.18% and a 20-day increase of 26.19%, showcasing the high elasticity and strong growth potential of the AI sector in a bullish market [1] - All 30 component stocks in the Huaxia AI ETF closed in the green, with the largest weight stock, Hanwu Record, hitting a 20% limit up, surpassing a market capitalization of 500 billion. Other notable performers included Yuntian Lifei with a 20% increase, and Tianzhun Technology rising by 11.44% [1] - The Robot ETF (562500) rose by 2.44%, with Yuntian Lifei leading the gains at 20% and Tianzhun Technology increasing by 11.44%. The total trading volume reached 1.845 billion, with a turnover rate of 10.82%, indicating a vibrant market with increasing attention [1] Key News Highlights - NVIDIA's robot account teased an upcoming event on August 25, 2025, with a promotional video hinting at new developments in robotics, suggesting a significant product launch [2] - The "2025 China Computing Power Conference" reported that China's computing power platforms are accelerating construction, with 10 provinces already connected. The intelligent computing power is expected to grow over 40% by 2025, with applications in various fields including generative models and smart cities [2] - Kuaishou Technology reported record highs in traffic and profitability for Q2 2025, with revenue increasing by 13.1% to 35 billion and adjusted net profit rising by 20.1% to 5.6 billion. The company's AI product, Keling AI, generated over 250 million in revenue for the quarter, with expectations to double its annual revenue target [2] Institutional Insights - CITIC Securities noted that the domestic C-end AI market is dominated by large enterprises, with faster commercialization seen in overseas companies. Domestic giants are focusing on multi-modal, agent-based, and AI programming applications, often adopting free models to capture market share [3] Popular ETFs - The Robot ETF (562500) is the only ETF in the market with a scale exceeding 10 billion, offering the best liquidity and comprehensive coverage of the Chinese robotics industry, facilitating investor access to the sector [4] - The Huaxia AI ETF (589010) is characterized by its 20% price fluctuation limit and small to mid-cap elasticity, aiming to capture significant moments in the AI industry [4]