铜陵有色公司的经营情况如何？ 除了 2022 年因国内经济下行压力和大宗商品价格震荡导致业绩回落外，从 2020 年至 2024 年，公司营业总收入与归母净利润总体保持上升态势。2025 年上半年，由于境外子公司分红增加所得税费用，公司整体归母净利润有所下 铜陵有色 20251124 摘要 铜陵有色通过收购中铁建潼关股权，注入米拉多铜矿特大型优质资源， 显著提升资源储备，增强铜精矿自给率，降低生产成本，为应对行业波 动提供保障。 米拉多铜矿一期已投产，年产约 9 万吨铜金属量，二期预计 2025 年投 产，届时年处理原矿石 4,620 万吨，预计 2027 年年产铜金属量约 20 万吨，大幅提升公司铜产量。 公司受益于冶炼费预期改善，尽管 2025 上半年冶炼费处于低位，但市 场预期向好，叠加高端铜加工及伴生贵金属资源，盈利能力有望提升。 全球铜矿平均品位下降，新发现减少，新增项目有限，叠加矿产扰动事 件，2025 年全球铜产量或与 2024 年持平，中期供应增速低于需求增 速，供需缺口扩大。 下游需求方面，新能源发电、电动汽车、AI 数据中心等新兴领域铜需求 迅猛增长，将推动整体需求持续上升，成为支撑铜价上 ...

"黎巴嫩消费者对中国电动汽车兴趣浓厚，中国品牌在电池、车载软件和智能技术等方面处于行业领先 地位。"在黎巴嫩首都贝鲁特举办的电动出行展上，展会主办方电子生态经济解决方案公司首席执行官 吉尔贝特·特古这样对记者说。 "中国用极强的创新力向世界证明其能够制造既漂亮又先进的汽车。"极氪经销商伯纳德·阿卜杜拉感 慨，中国电动汽车在黎巴嫩市场的受认可度持续提升。 业内人士表示，尽管黎巴嫩电动汽车市场仍处于起步阶段，但市场潜力巨大。当地消费者对车辆品质和 驾乘体验要求高，增强了经销商引进更多中国品牌汽车的信心。中国电动汽车凭借创新设计、先进制造 工艺、高安全配置以及丰富的智能化功能，在中东市场赢得了广泛认可。（据新华社电） （文章来源：经济日报） 记者在现场看到，展厅内人头攒动，消费者在各个展台仔细观看汽车内饰和智能大屏，体验交互系统， 并向经销商咨询最新技术。 观众法里斯·法赫德目前拥有4辆电动汽车，其中3辆为中国品牌，他打算进一步"扩充车队"。他说："我 最看重中国电动汽车的设计和智能系统。它们的技术、质量和价格都让人满意。" 经销商巴泽尔吉汽车公司负责人阿琳·巴泽尔吉·穆拉德告诉记者，中国品牌汽车在黎巴嫩市场销量显 ...

据《日经亚洲》21日报道，东南亚五大汽车市场（印度尼西亚、马来西亚、泰国、菲律宾、越南）第三季度销量数据显示，日系车长期稳固 的市场铜墙铁壁正被"攻破"，需求整加速转向电动汽车。 作为东盟最大经济体的印尼，中国电动汽车龙头品牌比亚迪首次实现销量登顶，成为当地最畅销车型的代名词；而连续两个季度蝉联东南亚 汽车销量冠军的马来西亚，也因中国车企（尤其奇瑞汽车）的崛起，市场份额分布出现显著变动。 东盟五大汽车市场增长趋势。《日经亚洲》制图 据报道，数据显示，今年7-9月，东南亚五大市场汽车总销量达73.19万辆，同比下降4% ，但环比增长4%。2024年以来，该区域季度销量仅 在去年第四季度突破80万辆，其余季度均低于75万辆。 【文/观察者网 阮佳琪】 与印尼销量下滑形成对比的，是马来西亚市场的逆势增长：得益于5.2%季度GDP增速支撑，马来西亚7-9月汽车销量同比增长3%至20.1588万 辆，连续两个季度超过印尼。 马来西亚市场由本土品牌第二国产车（Perodua）和宝腾（Proton）长期主导，今年1-10月销量分别为28.9210万辆和12.5120万辆，市场份额达 41.6%和18%。 中国车企的崛起正重 ...

Core Viewpoint - Guangzhou Automobile Group (GAC) will manufacture its electric AION V model at a Magna facility in Austria to circumvent EU tariffs on China-made electric vehicles [1] Company Summary - GAC is strategically partnering with Magna to produce the AION V in Europe, which is expected to enhance its market position in the EU by avoiding tariffs [1] Industry Summary - The move reflects a broader trend in the electric vehicle industry where manufacturers are seeking local production to mitigate trade barriers and enhance competitiveness in international markets [1]

富士康母公司鸿海集团董事长刘扬伟近日表示，该公司计划未来三到五年内每年在人工智能方面投资20 亿到30亿美元，这将占到鸿海约50亿美元年度资本支出的一半以上。"目前，人工智能将是投资的主要 部分，"刘扬伟说。他是在本月早些时候的一次采访中透露这些信息的，但采访内容被要求到本周五， 即鸿海科技日活动当天才能发表。他还预计中国竞争激烈的电动汽车市场将很快出现洗牌，随着竞争加 剧，汽车制造商可能会更快地将生产外包。 ...

日期 2025 年 11 月 20 日 有色金属研究团队 行业 铝日报 数据来源：Wind，建信期货研究发展部 铝观点： 请阅读正文后的声明 ＃summary＃ 研究员：余菲菲 021-60635729 yufeifei@ccb.ccbfutures.com 期货从业资格号：F3025190 每日报告 研究员:张平 021-60635734 zhangpin@ccb.ccbfutures.com 期货从业资格号：F3015713 研究员：彭婧霖 021-60635740 pengjinglin@ccb.ccbfutures.com 期货从业资格号：F3075681 一、行情回顾与操作建议 宏观氛围转暖风险资产恐慌情绪有所缓解，19 日铝价暂止跌窄幅运行，主力 2601 报收于 21570，较上日上涨 0.12%。现货上，绝对价小幅回升，但整体水平 低于前期，采购情绪回暖，下游补货意愿回升，持货方尝试挺升贴水，日内华东 贴水-20，中原贴水-120，华南贴水-145。进口窗口关闭，现货进口亏损-1600 元 /吨左右。国产矿相对坚挺，几内亚矿价低位徘徊，氧化铝运行产能保持高位，过 剩压力显著，但随着月均价下行北 ...

Core Viewpoint - The Chinese chip design industry is experiencing a significant growth resurgence, with a projected sales increase of 29.4% in 2025 compared to 2024, reaching approximately 835.73 billion RMB (about 118.04 billion USD) [6][20][23]. Summary by Sections Overall Development of the Chip Design Industry - The number of chip design companies is expected to grow from 3,626 in 2024 to 3,901 in 2025, indicating a steady increase in industry participation [3][16]. - The average annual compound growth rate of the chip design industry from 2006 to 2025 is estimated at 19.6%, showcasing its resilience and growth potential [20]. Sales and Market Analysis - The total sales for the chip design industry in 2025 is projected to be 835.73 billion RMB, with a significant increase in market share compared to previous years [6][20]. - The top ten design companies are expected to achieve a combined sales total of 249.93 billion RMB, representing 29.9% of the total industry sales, with a growth rate of 41.8% [22][23]. Regional Development - The Yangtze River Delta region is projected to generate sales of 2,300 billion RMB in 2025, marking a 28.1% increase from 2024 [6][7]. - Cities like Wuhan, Chengdu, and Fuzhou are leading in growth rates, with Wuhan expected to grow by 94.3% and Chengdu by 73.8% [7][20]. Company Size and Employment - In 2025, 831 companies are expected to exceed 100 million RMB in sales, an increase of 100 companies from 2024, indicating a trend towards larger, more successful firms [9][10]. - The workforce in the chip design industry is also expanding, with 39 companies employing over 1,000 people, reflecting a growing demand for skilled labor [16][30]. Product and Market Challenges - The industry remains heavily focused on low to mid-end products, with communication and consumer electronics chips accounting for 66.48% of total sales, while computer chips only represent 7.7% [17][24]. - High operational costs and market competition pose significant challenges, necessitating improvements in productivity and product competitiveness [24][31]. Future Outlook - The chip design industry is expected to continue its upward trajectory, with potential sales reaching or exceeding 1 trillion RMB by 2030, driven by advancements in artificial intelligence and electric vehicles [20][22]. - The industry must address issues of fragmentation and low concentration, as the majority of companies remain small and scattered, which could hinder long-term growth [21][23].

格隆汇11月20日｜在今日举行的2025集成电路发展论坛(成渝)暨三十一届集成电路设计业展览会 (ICCAD-Expo 2025)上，中国半导体行业协会集成电路设计分会理事长魏少军在演讲中表示，2006年至 2025年的20年间，中国芯片设计产业的年均复合增长率为19.6%，是唯一一个自有统计数据以来没出现 过衰退的细分产业领域。"在人工智能和电动汽车大发展的背景下，有理由相信芯片设计业的新一轮发 展高潮正在到来，不排除在2030年前，中国芯片设计业的规模达到或超过10000亿元。" ...

（文章来源：证券时报） （据新华社电） ...

Summary of Miller Industries FY Conference Call Company Overview - **Company Name**: Miller Industries (NYSE: MLR) - **Founded**: 1990 - **Headquarters**: Ottawa, Tennessee - **Employees**: Approximately 1,500 worldwide - **Industry**: Towing and recovery equipment manufacturing - **Manufacturing Facilities**: Four in the U.S., one in England, and one in France - **Key Brands**: Century, Vulcan, Chevron, Holmes, Boniface, GJ Core Business Insights - **Product Range**: Offers towing and recovery equipment including carriers up to 30 feet and towing units with boom capabilities up to 100 tons [5][10] - **Market Position**: World's largest manufacturer of towing and recovery equipment [10] - **Revenue**: Q3 revenue reported at $178.7 million with net income of $3.1 million [21] - **Dividend**: Announced 60th consecutive quarterly dividend [11] Industry Dynamics - **Market Size**: Multi-billion dollar global market, primarily focused on commercial towing [12] - **Key Drivers**: Miles driven, accidents per miles driven, last-mile deliveries, and aging vehicle fleets (average age of 12.8 to 13 years) [12][13] - **Growth Accelerators**: Trade cycle acceleration, future emission changes, global conflicts, and military vehicle recovery upgrades [13] Strategic Focus - **Employee Development**: Emphasis on education and career development for employees [14] - **Innovation**: Focus on designing and manufacturing high-quality products with greater payloads and lower vehicle weight [14] - **Distribution Network**: 90% of revenue from North America, with a strong exclusive distribution network [15][16] - **Market Share Expansion**: Targeting growth in the rental industry and European markets [20][21] Financial Performance and Outlook - **Current Challenges**: Slower market conditions noted since Q2, with inventory management being a focus [22][36] - **Future Projections**: Anticipated normalization of production levels by mid-Q1 2026 [22][38] - **Capital Allocation**: Focus on dividends, debt reduction, share repurchases, and M&A opportunities [23] International Operations - **European Market**: Strong backlog and expansion projects in Europe, with a focus on military contracts and rental market share [19][26] - **Export Activities**: Products exported to approximately 60 countries [19] Risks and Considerations - **Tariff Monitoring**: No major impact from tariffs observed yet, but ongoing monitoring of steel imports and pricing [22][35] - **Military Market**: Increased RFQ activity post-Ukraine conflict, with expectations for growth in military contracts [41][42] Additional Insights - **Technological Adaptation**: Use of AI in operations, but human labor remains essential in manufacturing [28] - **Electric Vehicles**: No significant impact expected from electric vehicles on the towing industry, as they still require towing services [30][32] - **Financing Environment**: Stable financing availability for operators, with current street rates around 7.5% to 8% [43] This summary encapsulates the key points discussed during the Miller Industries FY Conference Call, highlighting the company's position, market dynamics, strategic focus, and financial outlook.