t 1）富观。美国民影曾轻农就业人数为13.9万高于预期但低于前值，平均时薪年率为3.9%高于预期和动值，但是美国5月港费端通胀67红年率为2.4%民于预期但高于前值，特朗普政府关 投资策略 | ?）上游：第金矿业旗下:莫明=卡库拉钢矿画侧正在排水目或于6月下旬复产但东侧排水或持续至9月《25年计划矿产钢62-58万吨》，加拿大Tack Besources矿业6月2日宣布旗下智利 | | --- | | 亿azmen de Jackacol 1 off 因Sater (此现机械故障碍Queberrada Blancerð (发生无关的阿拉)障而均需停产维修约1个月，印尼自由港麦克莫兰公司（Freeport: Mölbkar）3月 | | 17日被准许6个月内出口127万吨就精矿但将被征收更高出口税，钢装有由演下位于厄瓜多尔的状拉多钢矿二期15万吨产能绩于26年下半年投产，巨龙钢矿新增二期20万吨/日扩建工程 | | 或于25年底投产，ACC Netal s旗下Gediktrepe多金属矿山的硫化钢矿扩建项目将于2026年一季度设产目初期年产量为2.5万吨，或使国内6月钢精矿生产《进口》量环比增加（减少 》 | ...

季先飞 投资咨询从业资格号：Z0012691 jixianfei015111@gtjas.com 【基本面跟踪】 2025 年 06 月 12 日 铜：库存减少，限制价格回落 铜基本面数据 资料来源：同花顺 iFinD，SMM，国泰君安期货研究 【宏观及行业新闻】 宏观方面，中国商务部国际贸易谈判代表：中美原则上达成协议框架。特朗普关税大限将至，欧盟据称 拒绝妥协，拟推迟贸易谈判至 7 月之后。（华尔街见闻） 微观方面，秘鲁政府首次承认存在大规模的非正规铜矿开采，并警告称，在不久的将来，高价格可能会 导致这种活动增加。（SMM） 加拿大铜矿商 Hudbay Mineral 表示，由于野火继续肆虐，该公司已发布疏散通知，已停止在马尼托 请务必阅读正文之后的免责条款部分 1 国 泰 君 安 期 货 研 究 所 期货研究 商 品 研 究 | | | 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 | 79,290 | 0.52% | 78570 | -0.91% | | | 伦铜3M电子盘 | 9,647 ...

Core Viewpoint - The article highlights the significance of the archaeological findings in Ningxia Guyuan, particularly the bronze artifacts from the Spring and Autumn period and the Warring States period, which reflect the cultural and technological exchanges between nomadic and agrarian societies in ancient China [1][12][39]. Group 1: Archaeological Discoveries - Large-scale burial sites from the Spring and Autumn and Warring States periods were discovered in Ningxia, providing unprecedented physical evidence for understanding nomadic societies [2]. - The Yanglang burial site revealed a clear image of a pastoral and militaristic community through the unique burial practices and artifacts found [3][4]. - The artifacts, including over 743 bronze items, predominantly consisted of weapons and horse-drawn vehicle equipment, indicating a strong reliance on pastoralism [4][11]. Group 2: Cultural Significance of Artifacts - The bronze artifacts displayed a blend of cultural influences, showcasing both Central Plains weapon designs and Eurasian artistic elements, reflecting a dialogue between different civilizations [1][26]. - The practical design of the bronze weapons and tools emphasized functionality over decorative elements, aligning with the survival strategies of nomadic peoples [5][15]. - Animal motifs in the bronze artifacts served as cultural symbols, illustrating the deep connection between nomadic tribes and their environment [20][21]. Group 3: Technological Innovations - The findings indicate that the nomadic tribes were not only influenced by Central Plains technology but also adapted and innovated their own tools and weapons to suit their needs [30][34]. - The bronze and iron composite weapons found in the burial sites signify a transitional phase from the Bronze Age to the Iron Age, highlighting the technological evolution in the region [38]. Group 4: Exhibition and Public Engagement - The exhibition at Anhui Suzhou Museum showcases these artifacts, providing insights into the life of ancient nomadic peoples and the cultural exchanges that occurred in the region [40]. - The exhibition is open from May 18, 2025, to July 16, 2025, allowing the public to engage with the historical narrative presented through these artifacts [41].

Core Insights - The company has experienced continuous revenue growth from 2022 to 2024, with a 24.9% increase in revenue from 2022's 365 million to 2024's 621 million, while facing net losses for three consecutive years, with a net loss of 13 million in 2024 [2][3] - The gross profit margin has improved significantly, reaching 38.28% in 2024, an increase of 8.41 percentage points from 2022 [2] - The company attributes its losses to high stock-based compensation from equity incentives and increased R&D investments [2] Revenue and Profitability - The company’s revenue has consistently increased, with a notable rise in electronic chemical products due to acquisitions of two subsidiaries, which contributed to higher gross margins [2][3] - The surface engineering equipment business has shown significant growth, generating revenues of 140 million and 181 million in 2023 and 2024, respectively, accounting for 28% and 29% of total revenue [4] Customer Concentration - The company has a high customer concentration in its equipment and components business, with two related parties contributing 68% of the revenue in 2023 and 46.59% in 2024 [5] - A new non-related customer, established in April 2023, quickly became a significant client, indicating strong market interest in the company's technology [5] Asset Sale and Financial Impact - The company sold 100% of Guangzhou Zhilan New Materials Co., Ltd. for 25.8 million, generating an investment income of 15.24 million, which positively impacted its net profit [3] - The high appraisal value of the sold asset was attributed to significant property value appreciation [3]

Core Insights - Copper prices have rapidly declined, dropping over 1% in a single day, raising questions about the impact of U.S.-China trade agreement expectations on the market [1] - Analysts are examining whether changes in inventory levels could serve as a key factor in supporting copper prices [1] Group 1 - The rapid decline in copper prices indicates market volatility and potential shifts in demand or supply dynamics [1] - The expectations surrounding the U.S.-China trade agreement are influencing market sentiment and could affect future pricing trends [1] - Inventory changes are being closely monitored as they may provide critical support for copper prices amid fluctuating market conditions [1]

新能源及有色金属日报 | 2025-06-11 市场要闻与重要数据 期货行情： 2025-06-10，沪铜主力合约开于 78920元/吨，收于 78880元/吨，较前一交易日收盘-0.04%，昨日夜盘沪铜主力合 约开于 79,050元/吨，收于 79,030 元/吨，较昨日午后收盘下降0.13%。 现货情况： 据 SMM 讯，昨日早盘持货商开始低报升水，主流平水铜报价升水400元/吨附近，铁峰、中条山PC、金凤等上海、 常州市场价格降至升水350元/吨附近，随后在被压价至升水320-340元/吨成交。此时主流平水铜依旧升水380-400 元/吨报价，货源紧缺。好铜升水420元/吨附近以金川为主，CCC-P依旧紧缺。进入第二交易时段，部分日本、韩 国、大江PC、大江HS等货源升水300-320元/吨。低价引起市场下游采购，日内市场采购情绪指数提升至3.18，销 售情绪指数提升至3.29。沪铜现货商担心后市升水继续走跌，积极出货止盈。 重要资讯汇总： 宏观与地缘方面，在关税事宜方面，据外媒称，印度和美国有望在月底前达成一项临时贸易协议、美墨接近就钢 铁进口关税达成协议。此外，特朗普称，洛杉矶骚乱事件是"外国入侵" ...

行业 铜期货日报 日期 2025 年 6 月 11 日 有色金属研究团队 研究员：张平 021-60635734 zhangping@ccb.ccbfutures.com 期货从业资格号：F3015713 研究员：余菲菲 021-60635729 yufeifei@ccb.ccbfutures.com 期货从业资格号：F3025190 研究员：彭婧霖 021-60635740 pengjinglin@ccb.ccbfutures.com 期货从业资格号：F3075681 请阅读正文后的声明 每日报告 一、 行情回顾与操作建议 图1：沪铜走势及盘面价差 图2：伦铜走势及价差 数据来源：Wind，建信期货研究发展部 数据来源：Wind，建信期货研究发展部 沪铜冲高回落，日内一度站上 7.9 万，但受到中美关税谈判消息扰动，沪铜在尾 盘涨幅回落，国内期现价差平稳，LME 市场因昨库存大降 1 万吨，LME0-3back 结 构再度扩大至 95.78 美金/吨，LME 市场库存紧张趋势凸显，这也令沪伦比值下降， 出口窗口打开，短期 COMEX 铜价>LME 铜>沪铜，这将令国内铜及 LME 铜低库存持 续，基本面对铜 ...

LME铜价下跌，市场情绪谨慎，贸易谈判与美国铜进口税调查将如何影响铜价？ 相关链接 期货热点追踪 ...

佰维存储 20250610 Q&A 光伏行业目前的供需情况如何？ 截至 2025 年第一季度末，光伏产业链各个环节仍处于严重过剩状态。组件、 电池、硅片和硅料四个主要环节的名义产能均超过 1,200 吉瓦，而 2025 年组 件产量预期在 650-700 吉瓦之间，主产业链各环节的名义产能约为今年组件产 量的两倍。辅材环节如胶膜和玻璃的年度供应量在 800-900 吉瓦之间，其中玻 璃情况稍好，名义产能约 800 吉瓦，但由于光伏玻璃在建产能较多，未来预期 市面主要含铜浆料方案包括地科开发的高铜浆料和聚合开发的纯铜浆料。 地科高铜浆料采用银包覆和银种子层技术，定价 4,000-5,000 元/公斤， 每瓦节省约 0.5 分；聚合纯铜浆料采用非银材料包覆，定价 2,500- 3,000 元/公斤，需专用烧结炉，成本节省也约为 0.5 分/瓦。 高铜浆料和纯铜浆料均在积极推广。高铜浆料因抗氧化性和防止扩散风 险可靠性较高，进展较快，Topcon 组件龙头企业已加快导入节奏，预 计 2026 年出货量可达小几百吨，加工费显著提升。纯铜浆料也在持续 推进中，若成功将带来更大成本节省空间，建议关注地科及聚合相关标 的发 ...

Group 1: Market Overview - Copper prices have shown a narrow fluctuation since May, with market sentiment being cautious due to a tight supply from mines and weakening demand [2] - The macroeconomic environment lacks clear drivers, with potential tariff increases on copper following the U.S. tariffs on steel and aluminum, causing temporary price spikes [3] - The U.S. economy shows signs of stability with improved GDP and employment data, but concerns over fiscal deficits and credit risks keep market sentiment cautious [3] Group 2: Supply Dynamics - Global copper mine production in March was 1.969 million tons, up 11.4% month-on-month and 3.68% year-on-year, with Chile's production at a four-year high [4] - Supply disruptions are noted, including a temporary halt in operations at the Kakula copper mine due to an earthquake, while other mines remain unaffected [4] - Domestic processing fees for copper remain low, with a recent figure of -$43.29 per ton, indicating ongoing supply tightness [5] Group 3: Production and Demand - Global refined copper production for January to March was 7.058 million tons, a 3.17% year-on-year increase, driven by growth in China, the Democratic Republic of Congo, and India [6] - China's electrolytic copper production in May reached 1.1383 million tons, a 12.86% year-on-year increase, but a decline in production is expected due to tight copper ore supply [6] - Demand from downstream sectors is weakening, with reduced operating rates in copper rod, pipe, and plate manufacturers, while cable manufacturers maintain higher rates due to existing orders [8] Group 4: Inventory and Pricing - LME copper inventory has decreased rapidly, with total stocks at 132,400 tons, raising concerns about short-term supply risks [7] - Domestic copper inventory is low, and the spot premium has decreased, indicating a tightening supply situation [9] - The market is experiencing a tug-of-war between tight supply and weakening demand, leading to expectations of continued price fluctuations in the short term [9]