Most commodities rose on Monday with gold prices on COMEX nearing the coveted $4,000 per ounce mark. Oil prices also rose sharply as the Organization of the Petroleum Exporting Countries and allies agreed to only a modest increase in oil output for November. Silver prices also rose, tracking gold's rise, but copper was down after ...

东莞证券指出，工业金属方面，Freeport McMoRan印尼子公司Grasberg矿山近期发生泥石流事故，致使 该矿全面停产。当下，美联储降息打开宏观宽松空间，国内工业金属需求旺季来临，此次Grasberg铜矿 停产或将拉开铜价上涨的序幕。 矿业ETF（561330）跟踪的是有色矿业指数（931892），该指数从市场中选取涉及有色金属勘探、开采 及加工等业务的上市公司证券作为指数样本，涵盖铜、铝、铅、锌等基本金属以及稀有金属相关领域， 以反映有色金属行业上市公司证券的整体表现。该指数具有显著的周期特征，其走势与大宗商品价格波 动密切相关。 （文章来源：每日经济新闻） ...

26日国际油价上涨 本周国际油价大幅上涨 大宗商品方面，乌克兰对俄罗斯能源基础设施的袭击促使俄罗斯削减燃料出口，加上美国继续向多国施压，要求减 少从俄罗斯进口原油，以及强于预期的美国经济数据提振，多个因素利多油价，国际油价本周五走高。截至收盘， 纽约商品交易所11月交货的轻质原油期货价格涨1.14%；11月交货的伦敦布伦特原油期货价格涨1.02%。 本周，纽约商品交易所轻质原油期货主力合约价格累计上涨4.85%，伦敦布伦特原油期货主力合约价格累计上涨 5.17%。 26日国际金价上涨超1% 本周涨超2% 贵金属市场方面，在美国公布通胀数据符合预期、市场强化美联储降息押注后，国际金价周五上涨。截至收盘，纽 约商品交易所12月黄金期价收于每盎司3809.00美元，涨幅为1.01%。本周国际金价累计上涨2.78%。 来源：央视财经 ...

更多集体接待日详情，请点击：https://rs.p5w.net/html/175611728073329.shtml 上海雅仕在2025年上海辖区上市公司集体接待日暨中报业绩说明会活动上回答投资者提问称，2025年上 半年，公司供应链物流业务保持稳健运行，其中，供应链执行贸易业务中硫磺品种价格稳中有升，公司 相关业务利润同比增加。硫磷化工行业受大宗商品价格周期性波动影响显著，2025年以来硫磺价格的阶 段性上行窗口期为相关业务带来积极贡献；有色金属行业受益于全球制造业复苏及新能源汽车等高端制 造领域的需求扩张，市场需求保持增长态势，带动相关供应链服务需求提升。 ...

Core Viewpoint - Peru's economy is projected to grow by 3.41% year-on-year in July 2025, surpassing market analysts' expectations of 3.0% [1] Economic Performance - Most economic sectors in Peru showed expansion in July, indicating a positive trend in overall economic activity [1] - The mining sector experienced a significant year-on-year growth of 13.2%, while the fishing industry surged by 34.9%, becoming the main drivers of economic expansion for the month [1] - The construction sector grew by 2.7% year-on-year, and the manufacturing sector saw a modest increase of 1.2% [1] Future Outlook - The Central Bank of Peru has raised its full-year economic growth forecast for 2025 to 3.4%, supported by the strong performance of July's economic data [1] - However, the overall economic trajectory for the year will require further validation through subsequent monthly data [1]

Market Performance - The Nasdaq index rose over 1%, while the Dow Jones Industrial Average fell by 0.05% and the S&P 500 increased by 0.51% [2] - Major U.S. tech stocks saw significant gains, with Alphabet (Google) rising over 9% and reaching a record high, while Apple increased by nearly 4% [4] - The technology sector's seven giants index rose by 2.01% [4] - Chinese concept stocks showed mixed results, with Huya rising over 7% [4] Commodity Prices - Gold prices reached historical highs, with London spot gold hitting $3,578.375 per ounce and COMEX gold futures reaching $3,640.1 per ounce [6] - The price of international crude oil futures fell by over 2%, influenced by an unexpected increase in U.S. API crude oil inventories by 622,000 barrels, contrary to market expectations of a decrease of 3.4 million barrels [8] European Market - All three major European stock indices closed higher, with Germany's DAX up 0.46%, France's CAC40 up 0.86%, and the UK's FTSE 100 up 0.67% [4]

Investment Rating - The investment rating for the company is "Buy" (maintained) [6] Core Views - The company's performance is under short-term pressure, awaiting demand improvement [6] - The company reported a revenue of 151.66 billion yuan in the first half of 2025, a year-on-year decrease of 22.31%, and a net profit attributable to shareholders of 0.523 billion yuan, down 37.62% year-on-year [8] - The decline in performance is primarily due to fluctuations in commodity prices and adjustments in business strategy [8] - The company is actively optimizing its business structure and diversifying its service capabilities, which is expected to build a competitive moat [8] - Future growth is anticipated if global economic recovery aligns with increased demand for new energy [8] Financial Summary - Revenue projections for 2025-2027 are 368.72 billion yuan, 393.85 billion yuan, and 413.85 billion yuan respectively, with growth rates of 4.03%, 6.81%, and 5.08% [7] - Net profit attributable to shareholders is projected to be 1.24 billion yuan, 1.58 billion yuan, and 1.89 billion yuan for 2025-2027, with growth rates of 98.17%, 27.47%, and 19.53% respectively [7] - The current price-to-earnings ratio (P/E) is projected to be 10.69, 8.39, and 7.02 for 2025-2027 [7] - The company is considered a leader in the domestic bulk commodity supply chain industry, with long-term growth potential and a favorable valuation [8]

Group 1 - The market is reacting to the dovish signals from Federal Reserve Chairman Powell, with heightened expectations for interest rate cuts in September [1][2] - The necessity for rate cuts by the Federal Reserve has increased due to rising unemployment and inflation risks, with predictions of two rate cuts in 2025 [2][3] - There is a consensus in the industry that the Federal Reserve is entering a rate-cutting cycle, driven by a slowdown in the labor market and declining inflation [3] Group 2 - Different commodities respond differently to interest rate changes, with industrial commodities typically declining during rate-cutting cycles due to weakened demand [3][4] - Gold is highly sensitive to real interest rates, with its attractiveness decreasing when real rates rise, while copper is seen as an economic barometer, affected by construction and manufacturing demand [4][5] - Agricultural products are less directly sensitive to interest rates, primarily influenced by supply-side factors such as weather and policies [5][6] Group 3 - In the current context, commodities like copper, silver, and gold are expected to see price increases due to their sensitivity to Federal Reserve policies [6] - The global economic performance, particularly from China, significantly impacts commodity prices, with expectations of a strong U.S. economy potentially driving demand [6] - The Federal Reserve's shift away from allowing short-term inflation overshoot towards a traditional 2% inflation target may limit aggressive rate cuts, affecting the price dynamics of non-ferrous metals [6]

Financial Performance - The company's revenue for the first half of the year was 94.773 billion yuan, a year-on-year decrease of 7.83% [1] - The net profit attributable to shareholders reached 8.671 billion yuan, an increase of 60.07%, marking a historical high [1] - Operating cash flow increased by 11.4% to 12.009 billion yuan, while the debt-to-asset ratio remained at a reasonable level of 50.15% [1] Core Business Progress - Copper production was 353,600 tons, up 12.68%, and cobalt production was 61,100 tons, up 13.05%, with all products exceeding half of their annual targets [2] - Significant improvements in operational efficiency were noted, particularly in the TFM project in the Democratic Republic of Congo, with enhanced governance and optimized processes leading to lower costs [2] Key Drivers of Profitability - The substantial increase in net profit was driven by effective cost control, with operating costs decreasing by 10.96%, surpassing the revenue decline [1] - Continuous optimization of product structure, with copper and cobalt business revenue share increasing, benefiting from long-term demand in the new energy supply chain [1]

Core Insights - BHP reported a decline in annual profits to the lowest level in five years due to falling iron ore and coal prices, indicating a mixed global economic outlook [1] - For the fiscal year ending June 2025, total revenue decreased by 8% to $51.3 billion, while profit fell by 26% to $10.2 billion [1] - Increased copper production helped offset weakness in other commodities, contributing 45% to the company's underlying earnings, with copper output growing by 28% over the past three years [1] - The company noted record iron ore and copper production for the fiscal year, with demand from major Asian export markets helping to mitigate the impact of an unstable overall trade environment [1]