2025 年 5 月 18 日 行业研究 国内铜社库 2025 年 3 月初以来首次周度累库 ——铜行业周报（20250512-20250516） 要点 本周小结：本周国内电解铜累库，看好宏观预期改善后铜价上行。截至 2025 年 5 月 16 日，SHFE 铜收盘价 78140 元/吨，环比 5 月 9 日+0.9%；LME 铜收盘 价 9448 美元/吨，环比 5 月 9 日+0.02%。（1）宏观：近期贸易冲突有所缓和， 但关税及贸易冲突对经济负面影响尚未显现，仍会压制铜价涨幅。（2）供需： 国内电解铜库存本周低位回升或因前期国内外企业备货需求有所透支；但线缆企 业开工率维持高位，7 月空调排产延续高增长，国内铜库存或仍将维持低位。铜 价有望在国内刺激政策出台以及美国降息后逐步上行。 库存：国内铜社库环比+10%，LME 铜库存环比-6%。（1）国内港口铜精矿库 存：截至 2025 年 5 月 16 日，国内主流港口铜精矿库存 82.0 万吨，环比上周 -9.0%。（2）全球电解铜库存：截至 2025 年 5 月 9 日，全球三大交易所库存合 计 43.2 万吨，环比-0.6%。截至 2025 年 5 ...

明天（18日）是国际博物馆日，根据统计，目前我国备案的博物馆，已经有将近7000家，珍藏着无数珍贵的文物，在素有"青铜器之乡"美誉的陕西宝鸡，有 着我国第一座以青铜器命名的青铜文化专题博物馆。宝鸡青铜器博物院，这里馆藏文物48万多件，以集中收藏、研究和展示商代和周秦青铜器为主，"中 国"一词最早的文字记录，就出现在镇馆之宝：何尊之上的铭文中。 3000年象尊憨态可掬 青铜萌兽话西周 我们到宝鸡青铜器博物院，探访这里的另一件珍藏：一只3000多岁、憨态可掬的象尊。 总台记者 甘轲晗：在宝鸡青铜器博物院，除了庄严肃穆的青铜礼器和青铜兵器之外，还有一些生动活泼、寓意丰富的动物形青铜器。今天，我就带大家见 一位特殊的对"象"。 现在大家看到的这件西周象尊，出土于1974年的宝鸡茹家庄鱼国墓地，它的高度是达到了23.6厘米，重量达9斤，肥硕丰满的体态，堪称青铜器中的"萌系担 当"，四只健壮的小粗腿，鼻子高扬，象身之上，凤鸟纹优雅灵动，以云雷纹为衬底，中间又巧妙地填以三角形几何纹，在器盖上饰有四组卷体蛇纹，纹饰 布局错落有致，犹如一幅精美的画卷。相信大家应该也猜到了它的功能，没错儿，这枚象尊是盛酒器。我们都知道，大象通常 ...

Group 1 - The article explores the historical significance of jade in early Chinese civilization, highlighting its dual role as a symbol of both divine and royal power [2][12][32] - Jade artifacts from different periods reflect the evolution of cultural practices, transitioning from spiritual communication tools to symbols of social hierarchy [12][32] - The craftsmanship of jade artifacts, such as the intricate designs and techniques used in the production of jade items, showcases the advanced skills of ancient artisans [5][18][24] Group 2 - The article discusses the transformation of jade from ritualistic objects in the Xia and Shang dynasties to more secular and decorative items in the Ming dynasty, indicating a shift in societal values [24][28][32] - Specific jade pieces, like the jade crown and belt buckles from royal tombs, illustrate the intertwining of art, power, and social status in ancient China [25][30][32] - The exhibition at Hubei Provincial Museum serves as a comprehensive showcase of jade artifacts across various dynasties, providing insights into the cultural and historical context of jade in Chinese civilization [33]

湖北中一科技股份有限公司 投资者关系活动记录表 编号：2025-001 | | □ 特定对象调研 □ 分析师会议 □ 媒体采访 业绩说明会 | | |  | | --- | --- | --- | --- | --- | | | □ 新闻发布会 | | | □ 路演活动 | | 投资者关系活动类别 | □ 现场参观 | | | | | | □ 其他 （请文字说明其他活动内容） | | | | | 参与单位名称及人员姓 | 参与中一科技 年度业绩说明会的全体投资者 | | | | | 名 | 2024 | | | | | 时间 | 2025 年 月 日 | 05 | 16 | 15：00-17：00 | | 地点 | 价值在线（https：//www.ir-online.cn/） | | | | | 上市公司接待人员姓名 | 董事长、总经理：汪晓霞女士 | | | | | | 财务负责人：蔡利涛先生 | | | | | | 副总经理、董事会秘书：金华峰先生 | | | | | | 独立董事：苏灵女士 | | | | | | 独立董事：丁飞先生 | | | | | | 独立董事：罗娇女士 | | | | | | ...

Group 1 - Copper prices declined on May 16, but are expected to rise this week, with long-term demand uncertainty limiting further increases [2] - The LME benchmark copper contract fell by $81.5 or 0.85% to $9,495.5 per ton [3] - The most actively traded June copper contract on the Shanghai Futures Exchange closed down 250 yuan or 0.32% at 78,140 yuan per ton [4] Group 2 - This week, LME copper rose approximately 1%, while Shanghai copper prices increased about 0.6% [5] - A metal analyst noted that traders are pleased with the US-China trade decisions, but uncertainty remains about future developments after 90 days [6] - Analysts expect Shanghai copper to hover around 78,000-79,000 yuan per ton in the short term, reflecting mixed market sentiment [7] Group 3 - Copper inventories at Shanghai Futures Exchange warehouses surged 34% this week to 108,142 tons [8] - The rapid increase in copper inventory may exert short-term pressure on copper prices, according to traders [9] - Other LME metals also experienced declines, with three-month aluminum down 0.8%, zinc down 1.1%, lead down 1.1%, and tin down 0.5% [9]

Core Viewpoint - The copper market is experiencing fluctuations with a slight decline in prices, influenced by macroeconomic factors and changes in supply and demand dynamics [1] Market Performance - On May 15, 2025, the main copper contract opened at 78,900 CNY/ton and closed at 77,870 CNY/ton, a decrease of 1.36% from the previous close [1] - The night session saw the contract open at 78,160 CNY/ton and close at 78,490 CNY/ton, reflecting a slight increase of 0.13% [1] Supply and Demand Dynamics - Domestic supply is expected to increase as the Shanghai Futures Exchange (SHFE) copper warehouse receipts rose by over 20,000 tons to more than 50,000 tons [1] - Peru's copper exports showed a recovery in Q1, with a total export value of 6.62 billion USD, marking a 23% increase year-on-year [1] - The U.S. is projected to export 600,000 tons of scrap copper in 2024, with over half going to China [1] Price and Inventory Trends - The LME warehouse receipts decreased by 4,075 tons to 184,650 tons, while SHFE warehouse receipts increased by 10,466 tons to 60,535 tons [1] - As of May 12, the domestic market's electrolytic copper inventory was 132,000 tons, a change of 8,900 tons from the previous week [1] Strategic Recommendations - The strategy for copper is cautiously bullish, with recommendations to buy on dips for hedging purposes [1] - The market is currently characterized by a backwardation structure, leading to weakened consumption as new orders remain subdued [1]

新能源及有色金属日报 | 2025-05-16 月差并未明显走阔 铜价亦维持震荡格局 市场要闻与重要数据 期货行情： 2025-05-15，沪铜主力合约开于 78900元/吨，收于 77870元/吨，较前一交易日收盘-1.36%，昨日夜盘沪铜主力合 约开于 78,160元/吨，收于 78,490 元/吨，较昨日午后收盘上涨0.13%。 现货情况： 据 SMM 讯， 昨日早盘持货商均对沪期铜2606合约报价，平水铜升水430-460元/吨，好铜升水470-500元/吨。随后 成交价格走跌，铁峰、中条山pc、豫光等成交落至升水380-410元/吨，贵溪升水470元/吨附近，湿法成交在升水350 元/吨左右，非注册坚挺升水300元/吨。 盘面较昨日走跌，月差并未明显走扩。昨日上期所铜期货仓单增加2w多吨 至5W吨以上，预计今日现货升水将在昨日基础上下行。 重要资讯汇总： 宏观与地缘方面，、美联储主席鲍威尔称，美联储正在调整其总体政策制定框架，零利率已不再是一个基本情况， 需要重新考虑就业不足和平均通胀率的措辞，预计4月PCE降至2.2%。国内方面，国办印发《关于持续推进城市更 新行动的意见》，推进城镇老旧小区整治改 ...

行业 铜期货日报 日期 2025 年 5 月 16 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 沪铜期货减仓下行，隔夜消息称美国与日本、韩国、印度的贸易关税协议"接近 达成",美国不会在关税谈判中寻求弱势美元，美元受到支撑，贵金属和铜价受抑 制明显。05 合约最后交易日，盘面月差依旧维持在高位水平，不过 SMM 统计的社 库显示本周累库 0.89 万吨至 13.2 万吨，短期受到月差较大影响下游采购欲下降， 5 月在国内精铜产量增长、进口精铜补充、而铜材开工率下滑的背景下，维持 5 月国内累库预期，预计交割后盘面月差将回落，COMEX ...

Group 1 - The core viewpoint indicates that the metal industry is expected to see steady profit growth in 2024 and the first quarter of 2025, with gold, rare earths, and copper leading the sectors, while industry valuations are low and dividend returns are improving [1] - The performance of the colored ETF and its constituent stocks, such as Zijin Mining and Shandong Gold, is positively influenced by the sentiment boost from the research report [1] - Recent US-China tariff negotiations have exceeded expectations, leading to a return to fundamentals for the colored sector, with tungsten prices rising due to quota reductions, while gold is under pressure from a decrease in safe-haven sentiment [1] Group 2 - The report from CITIC Securities suggests focusing on investment opportunities in gold, rare earths, copper, and aluminum due to favorable market conditions [1] - The analysis from Huachuang Securities highlights that the reform in the public fund industry may enhance the competitiveness of niche products, indirectly benefiting the ecosystem of thematic ETFs [1] - The performance of related stocks such as Jintian Copper and Zijin Mining is expected to be influenced by the anticipated benefits from the easing of export restrictions and rising overseas prices [1]

有色金属丨日报 s 投资咨询业务资格 核心观点 证监许可【2011】1772 号 有色金属研究员：薛丽冰 联系电话：020-88523420 从业资格号：F03090983 投资咨询号：Z0016886 2025 年 5 月 15 日 高关税仍对铜价构成威胁 一、市场概述 5 月 15 日，沪铜主力合约开盘价格为 78900 元/吨，最高达到 79090 元/吨，最低为 77860 元/吨，收盘于 77870 元/吨，跌幅 0.14%。全天 成交量 11 万手，减仓 0.2 万手。持仓量 18.7 万手，减仓 0.7 万手。 广金期货研究中心 二、基本面情况 宏观方面，美联储副主席杰斐逊预计关税将导致经济放缓，通胀 前景不明朗。 供给方面，Mysteel 统计中国 16 港口进口铜精矿当周库存为 89.7 万吨，较 4 月 25 日增 1.1 万吨。TC 跌至 44 美元/吨。 需求方面，钢联调研国内 59 家铜板带样本企业，涉及产能 358 万吨，数据得出 2025 年 4 月国内铜板带 21.54 万吨，环比增加 4.46%， 同比增加 4.97%。钢联调研国内 57 家电解铜箔生产企业涉及产能 179 ...