每经AI快讯，锡业股份（SZ 000960，收盘价：25.27元）10月10日晚间发布公告称，截至2025年9月30 日，公司累计通过股份回购专用证券账户以集中竞价交易方式回购公司股份数量37万股，占公司目前总 股本的0.0225%，最高成交价为19.96元/股，最低成交价为17.74元/股，成交金额约为701万元。 2025年1至6月份，锡业股份的营业收入构成为：有色金属行业占比99.68%，其他业务占比0.32%。 截至发稿，锡业股份市值为416亿元。 每经头条（nbdtoutiao）——天水麻辣烫、淄博烧烤、荣昌卤鹅⋯⋯"泼天流量"退去后，这些城市怎么 样了？ （记者 王晓波） ...

Report Industry Investment Rating No relevant content provided. Core Viewpoints - Supply - side tightening and Fed rate - cut expectations support copper prices upward, but if precious metals form a stage top, the short - term copper price increase may slow down [2]. - Aluminum prices are expected to continue volatile and strong due to the increased proportion of molten aluminum and seasonal consumption recovery [5]. - Cast aluminum alloy consumption shows peak - season characteristics, and cost provides support, but due to increasing warehouse receipts, the upside space is limited [9]. - Short - term Shanghai lead is expected to have wide - range low - level fluctuations due to post - holiday de - stocking and positive sector sentiment [12]. - Shanghai zinc is expected to be strong in the short term due to normal production during holidays, positive sector sentiment, and structural risks in LME zinc [14]. - Tin prices may maintain high - level fluctuations in the short term due to tight supply - demand balance and peak - season demand recovery [16]. - Nickel prices may face downward pressure in the short term but have limited downside in the long term, and short - term waiting and long - position entry on dips are recommended [18]. - Lithium carbonate has strong supply and demand, with social inventory decreasing. Supply recovery expectations may pressure the market [22]. - Alumina has short - term support in ore prices but faces over - capacity and supply recovery pressure. Short - term waiting is recommended [25]. - Stainless steel is expected to maintain volatile operation, and attention should be paid to RKAB approval progress [28]. Summary by Related Catalogs Copper - **Market Information**: After the National Day, copper prices were strong. LME copper 3M rose 0.71% to $10,776/ton, and Shanghai copper closed at 86,650 yuan/ton. LME copper inventory increased by 275 tons, and domestic social inventory increased by 18,000 tons [2]. - **Strategy Viewpoint**: Supply tightening and Fed rate - cut expectations support copper prices, but if precious metals peak, the short - term increase may slow. Shanghai copper main contract range: 85,500 - 87,800 yuan/ton; LME copper 3M range: $10,680 - $10,900/ton [2]. Aluminum - **Market Information**: On the first day after the National Day, aluminum prices rose. LME aluminum 3M rose 1.16% to $2,782/ton, and Shanghai aluminum closed at 21,100 yuan/ton. Domestic mainstream consumption area aluminum ingot inventory increased by 57,000 tons [4]. - **Strategy Viewpoint**: The market atmosphere is warm, and aluminum prices are expected to be volatile and strong. Shanghai aluminum main contract range: 21,000 - 21,250 yuan/ton; LME aluminum 3M range: $2,750 - $2,820/ton [5]. Cast Aluminum Alloy - **Market Information**: AD2511 contract rose 1.93% to 20,550 yuan/ton. Domestic mainstream ADC12 price increased by 200 yuan/ton, and domestic regeneration aluminum alloy ingot inventory increased slightly [8]. - **Strategy Viewpoint**: Consumption shows peak - season characteristics, cost provides support, but warehouse receipt increase limits upside space [9]. Lead - **Market Information**: Shanghai lead index rose 1.19% to 17,121 yuan/ton, and LME lead 3S rose to $2,013/ton. Domestic social inventory decreased to 35,800 tons [11]. - **Strategy Viewpoint**: Short - term Shanghai lead is expected to have wide - range low - level fluctuations due to post - holiday de - stocking and positive sector sentiment [12]. Zinc - **Market Information**: Shanghai zinc index rose 2.36% to 22,330 yuan/ton, and LME zinc 3S fell to $3,028/ton. Domestic social inventory increased slightly to 150,200 tons [13]. - **Strategy Viewpoint**: Shanghai zinc is expected to be strong in the short term due to normal production during holidays, positive sector sentiment, and structural risks in LME zinc [14]. Tin - **Market Information**: Shanghai tin main contract rose 4.37% to 287,090 yuan/ton. Supply is tight, and demand in traditional sectors is weak but improving in the peak season [15]. - **Strategy Viewpoint**: Tin prices may maintain high - level fluctuations in the short term. It is recommended to wait and see. Domestic main contract range: 280,000 - 300,000 yuan/ton; overseas LME tin range: $36,000 - $39,000/ton [16]. Nickel - **Market Information**: Shanghai nickel main contract rose 2.96% to 124,480 yuan/ton. Spot market trading was average, and cost was stable [17]. - **Strategy Viewpoint**: Nickel prices may face short - term downward pressure but have limited downside in the long term. Short - term waiting and long - position entry on dips are recommended. Shanghai nickel main contract range: 115,000 - 128,000 yuan/ton; LME nickel 3M range: $14,500 - $16,500/ton [18]. Lithium Carbonate - **Market Information**: MMLC index was flat at 73,011 yuan. LC2511 contract rose 0.74%. Domestic weekly production was 20,635 tons, and inventory decreased by 2,024 tons (-1.5%) [20]. - **Strategy Viewpoint**: Lithium carbonate has strong supply and demand, with social inventory decreasing. Supply recovery expectations may pressure the market. The Guangzhou Futures Exchange LC2511 contract range: 71,000 - 74,800 yuan/ton [22]. Alumina - **Market Information**: On October 9, 2025, the alumina index rose 0.28% to 2,880 yuan/ton. Shandong spot price fell, and overseas prices also declined. Import window opened [24]. - **Strategy Viewpoint**: Alumina has short - term support in ore prices but faces over - capacity and supply recovery pressure. Short - term waiting is recommended. Domestic main contract AO2601 range: 2,800 - 3,100 yuan/ton [25]. Stainless Steel - **Market Information**: Stainless steel main contract rose 1.02% to 12,860 yuan/ton. Spot prices in some markets changed slightly, and social inventory decreased slightly [27]. - **Strategy Viewpoint**: Stainless steel is expected to maintain volatile operation, and attention should be paid to RKAB approval progress [28].

Report Summary 1. Industry Investment Rating No investment rating information is provided in the report. 2. Core Views - **Copper**: During the National Day holiday, LME copper rose to $10,800, hitting a new high this year with a holiday increase of about 3%. On the first trading day after the holiday, SHFE copper opened and closed higher, with the open interest continuously rising. The strong upward movement was mainly due to three factors: supply shortage (dual squeeze from the mine and smelting ends), macro and financial attributes (interest - rate cut expectations and increased capital attention), and demand resilience (traditional peak season and long - term trends). In the short term, copper prices broke through and moved up, with strong upward momentum. Technically, attention should be paid to the high - point pressure in May 2024 [5]. - **Aluminum**: During the National Day holiday, LME aluminum rose by about 3%. On the first trading day after the holiday, SHFE aluminum opened and closed higher, breaking through the 21,000 - yuan mark, with the open interest continuously rising. The rise in aluminum prices was largely affected by the general rise of the non - ferrous metal sector, driven by the sharp increase in copper prices. On the industrial side, the social inventory of electrolytic aluminum increased by 47,000 tons during the National Day holiday, and downstream enterprises showed strong wait - and - see sentiment after the holiday. Technically, attention should be paid to the high - point pressure in mid - September [6]. - **Nickel**: During the National Day holiday, LME nickel rose by about 1.2%. On the first trading day after the holiday, SHFE nickel continued to increase positions and move up, with the main contract price breaking through the 124,000 - yuan mark. The rise in nickel prices was largely affected by the general rise of the non - ferrous metal sector, driven by the sharp increase in copper prices. At the industrial level, the long - term oversupply of nickel elements continued to suppress nickel prices, but in the short term, the slowdown of nickel ore inventory accumulation at ports and the depletion of SHFE nickel inventory provided support for nickel prices. Continuous attention should be paid to the technical support at the 121,000 - yuan mark [7]. 3. Summary by Directory 3.1 Industry Dynamics - **Copper**: Goldman Sachs analysts pointed out that copper prices are resetting into a new range, with a lower limit of $10,000 per ton and an upper limit of $11,000 per ton. Supply structural constraints, strategic demand (such as power grids, AI, and national defense), and possible inventory behavior support the bottom, but high prices may trigger the entry of scrap copper into the market and aluminum substitution, thus limiting the upside. Goldman Sachs raised its 2026 copper price forecast to $10,500 per ton and maintained the 2027 forecast at $10,750 per ton. Citi's forecast for copper prices is more aggressive, expecting copper prices to soar to $11,000 per ton within 0 - 3 months and average $12,000 per ton in the second quarter of 2026. On October 9, Mysteel's social inventory of electrolytic copper was 167,900 tons, an increase of 11,200 tons from September 29 [9]. - **Aluminum**: On October 9, Mysteel's social inventory of electrolytic aluminum was 634,000 tons, an increase of 47,000 tons from September 29 [10]. - **Nickel**: The mainstream reference contract for refined nickel in the Shanghai market is the SHFE nickel 2511 contract. The mainstream premium of Jinchuan electrolytic nickel is + 2,400 yuan/ton, with a price of 125,240 yuan/ton; the mainstream premium of Russian nickel is + 550 yuan/ton, with a price of 123,390 yuan/ton; the mainstream premium of Norwegian nickel is + 2,550 yuan/ton, with a price of 125,390 yuan/ton; the mainstream premium of nickel beans is + 2,550 yuan/ton, with a price of 125,390 yuan/ton [11]. 3.2 Related Charts - **Copper**: The report provides charts on copper basis, copper monthly spread, domestic visible inventory of electrolytic copper (social inventory + bonded - area inventory), overseas copper exchange inventory, LME copper cancelled warrant ratio, and SHFE warrant inventory [12][14][15]. - **Aluminum**: Charts include aluminum basis, aluminum monthly spread, domestic social inventory of electrolytic aluminum, overseas exchange inventory of electrolytic aluminum (LME + COMEX), alumina inventory, and aluminum rod inventory [25][27][29]. - **Nickel**: Charts cover nickel basis, nickel monthly spread, SHFE inventory, LME nickel trend, LME nickel cancelled warrant ratio, and nickel ore port inventory [37][41][43].

一、市场行情回顾 行业板块方面，有色金属（3.22%）、国防军工（2.59%）和房地产（2.12%）板块涨幅居前，通信（-1.83%）、非银金融（-1.14%）和综合（-1.06%）板块 跌幅居前。 09月30日，A股三大股指全线上涨。其中，上证指数收涨0.52%，深证成指收涨0.35%，创业板指收涨0.00%。主流宽基指数中，科创100指数上涨2.77%，涨 幅相对居前。全市场共2,660只股票上涨。港股主流指数集体收涨。其中，恒生科技指数上涨2.24%，涨幅相对居前。沪深两市成交额为21814亿元人民币， 相较上个交易日小幅增量。 | 证券名称 | 日涨跌幅 | 今年以来 涨跌幅 | | --- | --- | --- | | 科创100 | 2.77% | 59.64% | | 科创50 | 1.69% | 51.20% | | 科创综指 | 1.55% | 53.48% | | 中证1000 | 1.03% | 27.15% | | 中证500 | 0.84% | 29.46% | | 中证A50 | 0.57% | 15.82% | | 上证指数 | 0.52% | 15.84% | | 沪深300 ...

每经AI快讯，华友钴业（SH 603799，收盘价：60.25元）9月29日晚间发布公告称，近日，公司收到控 股股东华友控股及其一致行动人陈雪华先生的通知，华友控股和陈雪华先生办理了部分股份解除质押和 质押业务。截至本公告日，公司控股股东华友控股集团有限公司持有公司股份约3.08亿股，占公司总股 本1的16.2%；其中已累计质押约1.82亿股，占其所持公司股份总数的59.18%，占公司总股本的9.59%。 截至本公告日，华友控股一致行动人陈雪华先生持有公司股份约8251万股，占公司总股本的4.34%；其 中已累计质押3227万股，占其所持公司股份总数的39.11%，占公司总股本的1.7%。截至本公告日，华 友控股及其一致行动人陈雪华先生共计持有公司股份约3.9亿股，占公司总股本的20.55%；其中已累计 质押约2.14亿股，占其所持公司股份总数的54.94%，占公司总股本的11.29%。 （记者 王晓波） 2024年1至12月份，华友钴业的营业收入构成为：锂电新材料占比47.17%，有色金属行业占比33.35%， 贸易及其他占比17.4%，其他业务占比2.08%。 截至发稿，华友钴业市值为1112亿元。 每经 ...

1. Report Industry Investment Rating - No information provided in the report. 2. Core Viewpoints of the Report - The September trend of the stock index was more volatile compared to July and August, entering a high - level consolidation phase after continuous growth. Due to some funds' hedging needs at high levels after a long - term uptrend, there was a divergence in long - and short - term forces, leading to significant fluctuations in the stock index. However, in the medium - to long - term, China's capital market is just at the beginning of the strategic allocation period. The CSI 500 and CSI 1000 indices, which are mainly composed of technology growth stocks, are more aggressive with larger fluctuations and potentially higher returns. The SSE 50 and CSI 300 indices, which are dominated by dividend blue - chip stocks, are more defensive with smaller fluctuations but relatively weaker price elasticity [2]. 3. Summaries by Relevant Catalogs 3.1 Stock Index Futures Market - **IF Contracts**: The previous day's closing prices of IF contracts (for different delivery months) decreased compared to the previous two days, with declines ranging from - 0.87% to - 1.16%. Trading volumes were 35095.00, 3254.00, 71448.00, and 11288.00 respectively, and the changes in open interest were - 2835.00, 367.00, - 3631.00, and - 350.00 [1]. - **IH Contracts**: The closing prices also declined, with decreases from - 0.43% to - 0.48%. Trading volumes were 15109.00, 966.00, 29241.00, and 2910.00 respectively, and the changes in open interest were 819.00, 301.00, 341.00, and - 420.00 [1]. - **IC Contracts**: The prices dropped by - 1.44% to - 1.48%. Trading volumes were 35918.00, 3743.00, 82089.00, and 14285.00 respectively, and the changes in open interest were - 1087.00, 841.00, 3028.00, and 583.00 [1]. - **IM Contracts**: The prices decreased by - 1.33% to - 1.47%. Trading volumes were 56703.00, 5684.00, 155277.00, and 25326.00 respectively, and the changes in open interest were 623.00, 1021.00, 8777.00, and 1116.00 [1]. - **Inter - month Spreads**: The current inter - month spreads of IF, IH, IC, and IM contracts showed different changes compared to the previous values [1]. 3.2 Stock Index Spot Market - **Index Performance**: The CSI 300, SSE 50, CSI 500, and CSI 1000 indices all declined, with decreases of - 0.95%, - 0.40%, - 1.37%, and - 1.45% respectively. The trading volumes and total trading amounts also changed [1]. - **Industry Performance**: Different industries had different trends. Energy, main consumption, pharmaceutical and healthcare, etc. showed certain percentage changes in prices [1]. 3.3 Futures - Spot Basis - The futures - spot basis of IF contracts (for different delivery months) compared to the CSI 300 index had different values on the previous day and the previous two days [1]. 3.4 Other Domestic and Overseas Indices - **Domestic Indices**: The Shanghai Composite Index, Shenzhen Component Index, Small and Medium - sized Board Index, and ChiNext Index all declined, with decreases of - 0.65%, - 1.76%, - 1.85%, and - 2.60% respectively [1]. - **Overseas Indices**: The Hang Seng Index declined by - 1.35%, while the Nikkei 225, S&P 500, and DAX Index increased by 0.27%, 0.59%, and 0.87% respectively [1]. 3.5 Macro Information - The National Development and Reform Commission will implement practical measures to stimulate private investment. The National Bureau of Statistics reported that the labor - age population still has scale advantages and demographic dividends. During the National Day and Mid - Autumn Festival holidays, small - passenger cars can pass toll - free on national highways, and the expected cross - regional passenger flow is 23.6 billion person - times, a 3.2% increase from last year. The 2025 Conference on Accelerating the Construction of a Transportation Power emphasized multiple transportation construction tasks. South Korea will implement a visa - free policy for Chinese group tourists from September 29 to next June 30, and the number of Chinese tourists to South Korea is expected to exceed 5 million this year [2]. 3.6 Industry Information - Eight departments issued a work plan for the non - ferrous metals industry, aiming for an average annual growth of about 5% in added value and 1.5% in the output of ten non - ferrous metals from 2025 - 2026. From January to August, the national transportation fixed - asset investment was 2.26 trillion yuan. The State Administration for Market Regulation issued regulations on food safety responsibilities of catering service chain enterprises. As of September 27, more than 470 policies to stabilize the real - estate market were introduced in about 200 cities (counties) [2].

上周五大幅下跌的港股三大指数集体高开，恒生指数涨0.74%，国企指数涨0.64%，恒生科技指数涨 0.67%。盘面上，大型科技股多数呈现上涨行情，其中，小米、京东涨1.5%，腾讯、美团、阿里巴巴均 有涨幅，百度、快手飘绿；中信建投报告指，继续看好储能、锂电板块景气度抬升，宁德时代高开 3.5%再创历史新高，赣锋锂业、天齐锂业、中创新航皆走强；8部门：适时丰富重要有色金属期货交易 品种和金融衍生品种，有色金属股齐涨，江西铜业、紫金矿业、中铝国际涨超3%；建材水泥股、机器 人概念股、内险股、互联网医疗股、电力股纷纷上涨。另一方面，汽车股走势分化，零跑汽车、蔚来汽 车、小鹏汽车均有跌幅，中资券商股、新消费概念股、光伏股部分走低。(格隆汇) ...

Core Viewpoint - The "Nonferrous Metals Industry Stabilization and Growth Work Plan (2025-2026)" aims to address challenges in the nonferrous metals sector, focusing on resource security, supply optimization, transformation promotion, consumption expansion, and enhanced cooperation to ensure stable growth and high-quality development [1][2]. Group 1: Industry Growth Targets - The plan sets a target for an average annual growth of approximately 5% in the value added of the nonferrous metals industry from 2025 to 2026, with a 1.5% annual increase in the production of ten major nonferrous metals [2]. - The production of recycled metals is expected to exceed 20 million tons, with advancements in domestic resource development for copper, aluminum, and lithium [2]. Group 2: Resource Utilization and Exploration - The plan emphasizes efficient resource utilization and improving resource security, including a new round of exploration strategies for copper, aluminum, lithium, nickel, cobalt, and tin [2]. - It supports the development of green and efficient mining technologies for low-grade and complex ores, as well as the comprehensive utilization of waste nonferrous metals [2]. Group 3: International Cooperation and Trade - The plan aims to enhance international development levels, guiding enterprises to respond to unreasonable foreign trade restrictions and promoting the compliant export of high-end new materials [2]. - It encourages the import of primary products like anode copper and alumina, and supports the establishment of overseas nonferrous metal projects and trade cooperation zones [2]. Group 4: Technological Innovation and Investment - The plan calls for strengthening technological innovation in the industry to enhance effective supply capabilities, focusing on breakthroughs in high-purity metals and advanced materials [6]. - It aims to expand effective investment and facilitate industry transformation through streamlined project approvals and environmental assessments [6]. Group 5: Consumption Expansion and Market Development - The plan seeks to stimulate market consumption potential by promoting the upgrade of bulk metal consumption and expanding applications for high-end aluminum, copper, and magnesium alloys [7]. - It encourages long-term procurement agreements between upstream and downstream enterprises to establish stable cooperative relationships [7]. Group 6: Industry Performance and Economic Impact - The nonferrous metals industry is a crucial foundational sector, with significant strategic value and high industrial correlation, having become the largest producer and consumer globally [8]. - In 2024, the industry is projected to see an 8.9% year-on-year increase in value added, outperforming the average industrial growth rate by 3.1 percentage points [8].

Market Overview - The market experienced a significant adjustment on Friday afternoon, attributed to pre-holiday effects and style drift in portfolio adjustments, with external trade impacting sentiment [3] - The Shanghai stock market saw a substantial decrease in financing balance by 11.2 billion, marking the largest drop recently, particularly affecting sectors like robotics and gaming [4] Industrial Profit Recovery - Industrial profits showed a remarkable recovery, with August profits increasing by 20.4%, the highest growth rate since December 2023, indicating a positive trend in industrial revenue [6][8] - The State-owned Assets Supervision and Administration Commission emphasized the need to resist "involution" competition, which is contributing to the improvement in industrial profits [6] Growth Strategies in Various Industries - Multiple government departments have released growth stabilization plans for key industries, including petrochemicals and non-ferrous metals, aiming for an average annual growth of over 5% from 2025 to 2026 [8][9] - The focus on new materials and technologies is seen as a catalyst for emerging industries, enhancing the performance of leading companies [9] Technology Sector Developments - Xiaomi reported strong sales for its new product line, with the Xiaomi 17 series breaking sales records shortly after launch, indicating robust consumer demand [10] - The National Development and Reform Commission announced measures to foster innovation in digital economy enterprises, which is expected to strengthen the technology sector [13] Energy Storage and Battery Industry - The lithium battery industry in China has seen significant activity, with 183 new projects signed or initiated from January to August, amounting to a planned investment of 400 billion [15] - Major battery manufacturers are operating at full capacity due to strong demand for energy storage cells, indicating a bullish outlook for the sector [15] Strategic Market Outlook - The market is expected to experience short-term volatility due to pre-holiday effects, but the long-term outlook remains positive with a focus on self-sufficiency in technology and stable growth strategies [17] - Institutional investors are showing a strong commitment to sectors with confirmed growth, while the focus on "involution" and stable growth continues to provide opportunities for long-term investment [17]

01 维护资本市场稳定！央行，重磅部署 央行货币政策委员会2025年第三季度（总第110次）例会于9月23日召开。其中会议研究了下阶段货币政策主要思路，建议加强货币 政策调控，提高前瞻性、针对性、有效性，根据国内外经济金融形势和金融市场运行情况，把握好政策实施的力度和节奏，抓好各 项货币政策措施执行，充分释放政策效应。保持流动性充裕，引导金融机构加大货币信贷投放力度，使社会融资规模、货币供应量 增长同经济增长、价格总水平预期目标相匹配。强化央行政策利率引导，完善市场化利率形成传导机制，发挥市场利率定价自律机 制作用，加强利率政策执行和监督。推动社会综合融资成本下降。从宏观审慎的角度观察、评估债市运行情况，关注长期收益率的 变化。畅通货币政策传导机制，提高资金使用效率，防范资金空转。增强外汇市场韧性，稳定市场预期，防范汇率超调风险，保持 人民币汇率在合理均衡水平上的基本稳定。 会议指出，要引导大型银行发挥金融服务实体经济主力军作用，推动中小银行聚焦主责主业，增强银行资本实力，共同维护金融市 场的稳定发展。有效落实好各类结构性货币政策工具，扎实做好金融"五篇大文章"，加力支持科技创新、提振消费、小微企业、稳 定外 ...