日经平均股指盘中重返4万点（东京都中央区，6月27日上午） 海外投资者已连续12周净买入日本股。美国总统特朗普在26日虽然没有提及具体内容，但表示已签署了 与中国有关贸易的协议。白宫发言人勒维特也就7月9日即将到期的美方"对等关税"加征部分的宽限期表 示："期限并不重要"…… 在6月27日上午的东京股市中，日经平均股指连续第4个交易日上涨，最终收于40215.36点，较前一交易 日上涨630.78点（涨幅1.6%）。日经平均指数在盘中触及4万点以上，是自1月27日以来首次。受全球股 市上涨带动，海外资金流入日本股市。由于市场对美国关税政策和中东局势的警惕进一步减弱，投资者 情绪转为乐观。 在6月27日的东京股市开盘，日经平均股指连续第4个交易日上涨，一度突破具有心理意义的4万点关 口。日经平均股指在盘中触及4万点以上，是自1月27日以来的首次。受全球股市上涨的推动，日本股市 也吸引了海外资金流入。由于市场对美国关税政策和中东局势的警惕情绪减弱，投资者情绪转为积极。 版权声明：日本经济新闻社版权所有，未经授权不得转载或部分复制，违者必究。 日经中文网 https://cn.nikkei.com 视频号推荐内容： ...

合肥雪祺电气股份有限公司 投资者关系活动记录表 | 编号：2025-004 | | --- | | | 特定对象调研 ☐分析师会议 | | --- | --- | | | ☐媒体采访 ☐业绩说明会 | | 投资者关系活动类别 | ☐新闻发布会 ☐路演活动 | | | 现场参观 | | | ☐其他（请文字说明其他活动内容） | | | 中信证券：霍商贤 华西证券：喇睿萌 | | 参与单位名称及人员姓名 | 浙商证券：芦家宁 | | | 信达证券：罗岸阳 | | | 国盛证券：徐程颖 | | 时间 | 2025年5月22日 14:00-16:00 | | 地点 | 公司会议室 | | | 董事、副总经理、财务负责人：徐园生 | | 上市公司接待人员姓名 | 董事会秘书：刘杰 | | | 证券事务代表：陈玉玉 | | | 投资者提出的问题及公司回复如下： | | 投资者关系活动主要内容介 | 1、请公司介绍一下2024年度和2025年第一季度业绩情况？ | | 绍 | 答：尊敬的投资者，您好！公司2024年营业收入为194,580.41万 | | | 元，归属于上市公司股东的净利润为10,207.85万元，20 ...

行业报告 | 行业研究周报 金属与材料 证券研究报告 宏观情绪回暖，看好基本金属向上修复 基本金属：关税政策缓和，宏观情绪回暖，铜铝价格向上修复。1）铜：本周铜价震荡，沪铜收于 77670 元/吨。宏观层面，中美贸易摩擦缓和，叠加美国通胀降温，4月 CPI 同比上涨2.3%，加大美联储降息概率， 整个宏观面上交易情绪回暖，提振铜价上行。基本面上，铜精矿现货 TC 继续回落，再度创历史新低，但下 跌速度放缓，本周随着铜价上行，国内再生铜供应紧张局面缓和，成交量有明显改善，但再生铜进口端仍 呈现下滑趋势。整体来看，5月部分铜材加工率环比4 月有所下滑，但好于去年同期，当前库存水平较低， 但需求已有走弱迹象，进人 5 月中下旬需求转为淡季，库存将由去库转为累库，对铜价的支撑作用减弱， 当前宏微观共振支撑短期铜价保持高位震荡运行。2）铝：本周铝价回升，沪铝收于 20190 元/吨，重新站 上 2 万大关。国内外宏观情绪大幅好转叠加中国铝锭社会库存持续降库，以及氧化铝价格上涨，现货铝价 上行。供应方面：本周山东地区电解铝企业继续向云南地区转移产能，广西地区电解铝企业有所复产。综 合来说，本周电解铝行业理论开工产能较上周 ...

Group 1: Report Industry Investment Ratings - Polypropylene: ★★★ [1] - Styrene: ★☆☆ [1] - PTA: ★☆★ [1] - Short Fiber: ★★★ [1] - Methanol: ★★★ [1] - Urea: ★★★ [1] - PVC: ★☆★ [1] - Caustic Soda: ☆☆☆ [1] - Glass: ★★★ [1] - Soda Ash: ★★★ [1] Group 2: Core Views - The methanol market faces risks of returning to fundamental trading after the macro - driven rally fades due to increased supply and decreased demand [2] - The urea market is expected to maintain range - bound operation with sufficient supply and limited influence from industrial and agricultural demand [3] - The polyolefin market shows positive sentiment driven by macro factors, but downstream buyers remain cautious [4] - The styrene market has temporarily alleviated supply - demand contradictions with expected production decline and order recovery [6] - The polyester market has potential risks such as weakening cash flow and possible production cuts, with different trends for each product [7] - The chlor - alkali market has different trends for PVC and caustic soda, with PVC potentially oscillating strongly and caustic soda facing high - level pressure in the medium term [8] - The glass and soda ash markets are expected to follow cost fluctuations, with glass having high inventory pressure and soda ash having supply - side changes [9] Group 3: Summaries by Product Methanol - Macro sentiment drives the methanol price up, but there are risks of returning to fundamentals due to increased domestic supply, expected import recovery, and decreased traditional downstream demand [2] Urea - The urea price declined slightly, with reduced inventory due to previous export rumors. Future supply is sufficient, and the market is expected to be range - bound [3] Polyolefin - Macro factors boost the polyolefin market, but downstream buyers are cautious. Polyethylene is in the off - season, while polypropylene has support from concentrated maintenance [4] Styrene - Macro factors and supply reduction from plant maintenance, along with expected order recovery, ease supply - demand contradictions [6] Polyester - PX and PTA prices are rising, but there are potential risks such as weakening cash flow and possible production cuts. Ethylene glycol supply is shrinking, and short - fiber and bottle - chip markets have their own characteristics [7] Chlor - alkali - PVC shows strong performance due to macro factors and export improvement, but faces supply pressure. Caustic soda is expected to oscillate in the short term and face high - level pressure in the medium term [8] Glass and Soda Ash - Glass has high inventory pressure and is expected to follow cost fluctuations. Soda ash supply is decreasing, and it is also expected to follow cost changes with long - term supply pressure [9]