官 2025 年 11 月 02 日 相关研究 证券分析师 郭中伟 A0230524120004 quozw@swsresearch.com 马焰明 A0230523090003 maym@swsresearch.com 陈松涛 A0230523090002 chenst@swsresearch.com 马昕晔 A0230511090002 maxy@swsresearch.com 研究支持 郭中耀 A0230124070003 quozy@swsresearch.com 联系人 郭中耀 (8621)23297818× guozy@swsresearch.com 申万宏源研究微信服务号 美联储如期降息 25bp, 关注3 a 金属&新材料行业周报 20251027-20251031 本期投资提示: 请务必仔细阅读正文之后的各项信息披露与声明 一周行情回顾：据 ifind，环比上周 1）上证指数上涨 0.11%，深证成指上涨 0.67%，沪深 300 下跌 ● 0.43%，有色金属（申万）指数上涨 2.56%，跑赢沪深 300 指数 2.99 个百分点。2）分子板块看，环比上 周，贵金属上涨 0.61%，铝上涨 ...

咨询业务资格：沪证监许可【2012】1515号 研报作者：许亮 Z0002220 审核：唐韵 Z0002422 . 贵金属有色金属产业日报 2025/10/31 【免责声明 】 本报告基于本公司认为可靠的、已公开的信息编制，但本公司对该等信息的准确性及完整性不作任何保证。本报告所载的意见、结论及预测仅反映报告发布时的观点、结论和建议。 在不同时期，本公司可能会发出与本报告所载意见、评估及预测不一致的研究报告。本公司不保证本报告所含信息保持在最新状态。本公司对本报告所含信息可在不发出通知的情形下做出修 改， 交易者（您）应当自行关注相应的更新或修改。本公司力求报告内容客观、公正，但本报告所载的观点、结论和建议仅供参考，交易者（您）并不能依靠本报告以取代行使独立判断。对交 易者（您）依据或者使用本报告所造成的一切后果，本公司及作者均不承担任何法律责任。本报告版权仅为本公司所有。未经本公司书面许可，任何机构或个人不得以翻版、复制、发表、引用 或再次分发他人等任何形式侵犯本公司版权。如征得本公司同意进行引用、刊发的，需在允许的范围内使用，并注明出处为"东亚期货"，且不得对本报告进行任何有悖原意的引用、删节和修改。 本 ...

资料显示，沃尔德成立于2006年8月，主营业务是超硬刀具、超硬材料及硬质合金刀具的研发、生产和 销售业务。 所属行业：机械设备–通用设备–磨具磨料 蓝科高新：拟变更重大资产重组方案 10月31日晚，蓝科高新（601798）发布公告称，公司拟对本次重大资产重组方案做出调整，方案变更为 拟以现金方式收购中国浦发所持有的中国空分51%股权，方案变更后将有效优化公司资产结构，支持公 司工程业务强链补链，推动公司向能源装备整体解决方案服务商转型，进一步改善上市公司经营状况。 沃尔德：本次询价转让初步确定的转让价格为40.88元/股 10月31日晚，沃尔德（688028）发布公告称，根据2025年10月31日询价申购情况，本次询价转让初步确 定的转让价格为40.88元/股。本次询价拟转让股份已获全额认购，初步确定受让方为12家机构投资者， 拟受让股份总数为150.95万股。 资料显示，蓝科高新成立于2001年4月，主营业务是石油石化、新能源专用设备的研发、设计、生产、 安装、技术服务以及石油石化设备的质量性能检验检测服务等。 所属行业：机械设备–自动化设备–工控设备 宏英智能：子公司牵头中标6.16亿元储能电站PC总承包 ...

铜陵有色成立于1996年11月12日，1996年11月20日在深圳证券交易所上市，注册及办公地址均位于安徽 省。它是国内最大的阴极铜生产企业之一，拥有完整产业链和先进加工能力。 铜陵有色主营业务为铜矿开采、冶炼及铜加工业务，所属申万行业为有色金属 - 工业金属 - 铜，涉及有色 铜、稀缺资源等概念板块。 经营业绩：营收行业第五，净利润第五 2025年三季度，铜陵有色实现营业收入1218.93亿元，行业排名5/16，高于行业平均数890.55亿元和中位数 566.87亿元，但与第一名江西铜业3960.47亿元、第二名紫金矿业2542亿元有差距。当期净利润为22.68亿 元，行业排名同样为5/16，高于行业中位数8.03亿元，但低于行业平均数52.01亿元，与第一名紫金矿业 457.01亿元、第二名洛阳钼业164.88亿元差距较大。 资产负债率低于同业平均，毛利率低于同业平均 截至2025年9月30日，铜陵有色A股股东户数为26.92万，较上期减少6.59%；户均持有流通A股数量为4.14 万，较上期增加13.31%。十大流通股东中，香港中央结算有限公司位居第二，持股2.70亿股，相比上期增 加4503.31万股 ...

经营业绩：营收行业第13，净利润第15 2025年三季度，众源新材营业收入为77.3亿元，在行业16家公司中排名第13。行业第一名江西铜业营收 3960.47亿元，第二名紫金矿业营收2542亿元，行业平均数为890.55亿元，中位数为566.87亿元。同期，公 司净利润为9836.47万元，行业排名第15。行业第一名紫金矿业净利润457.01亿元，第二名洛阳钼业净利润 164.88亿元，行业平均数为52.01亿元，中位数为8.03亿元。 众源新材成立于2005年4月6日，于2017年9月7日在上海证券交易所上市，注册及办公地址均位于安徽省芜 湖市。该公司是国内紫铜带箔材领域的重要企业，专注于相关产品研发、生产与销售，具备较强的技术实 力与产业链优势。 资产负债率高于同业平均，毛利率低于同业平均 公司主营业务为紫铜带箔材系列产品的研发、生产和销售，所属申万行业为有色金属 - 工业金属 - 铜，涉 及有色铜、电池箔、锂电池核聚变、超导概念、核电等概念板块。 偿债能力方面，2025年三季度众源新材资产负债率为56.31%，高于去年同期的50.04%，也高于行业平均的 54.12%。从盈利能力看，2025年三季度公司 ...

Report Summary 1. Investment Ratings The report does not explicitly provide an overall industry investment rating. However, it offers specific trading suggestions for different sectors and varieties: - **Financial Sector** - **Equity Index Futures**: Try to lightly sell put options at the support level or construct a bull call spread for follow - up upside potential [3]. - **Treasury Bond Futures**: Go long on pullbacks for the unilateral strategy and pay attention to the positive arbitrage strategy for the cash - futures strategy [3]. - **Precious Metals**: For gold, there is pressure for a further decline; for silver, it is in a volatile consolidation. Trading suggestions are based on price trends [3]. - **Black Metals Sector** - **Steel**: Reduce long positions appropriately and hold the long - coking coal and short - hot - rolled coil arbitrage [3]. - **Iron Ore**: Close long positions and observe, and consider the 1 - 5 positive arbitrage [3]. - **Coking Coal and Coke**: Go long on pullbacks and hold the long - coking coal and short - coke arbitrage [3]. - **Non - ferrous Metals Sector** - **Copper**: Pay attention to the support around 87,000 [3]. - **Tin**: Adopt a low - buying strategy on pullbacks [3]. - **Energy and Chemical Sector** - **Crude Oil**: Go short in the short term [3]. - **Urea, PX, PTA, etc.**: Adopt different strategies such as reducing long positions, short - selling on rallies, and spread trading according to different varieties [3]. - **Agricultural Products Sector** - **Soybeans**: Hold long positions in the 2601 contract [3]. - **Palm Oil**: The main contract may test the support at 8,800 yuan [3]. - **Sugar**: It is in a bottom - oscillating state around 5,400 [3]. - **Cotton**: It is in a range - bound and upward - trending state, paying attention to the pressure around 13,800 [3]. - **Special and New Energy Sectors** - **Glass**: Look for short - term long opportunities based on the spot market [3]. - **Carbonate Lithium**: It is in a relatively strong state, with the main contract reference range of 83,000 - 87,000 [3]. 2. Core Views - **Market Environment**: Key factors such as the meeting between Chinese and US leaders, the release of the 15th Five - Year Plan draft, and the clarification of bond - fund redemption fees have an impact on the market. Risk - preference - enhancing factors are gradually materializing, and uncertainties in the market are decreasing [3]. - **Sector - specific Views** - **Financial Sector**: Stock index futures are affected by market sentiment and policy expectations; treasury bond futures are on an upward trend as negative factors are gradually digested; precious metals are affected by geopolitical and trade factors [3]. - **Black Metals Sector**: Supply and demand factors such as production, transportation, and inventory levels affect the price trends of steel, iron ore, coking coal, and coke [3]. - **Non - ferrous Metals Sector**: Prices are affected by factors such as macro - environment, supply - demand relationship, and technical levels [3]. - **Energy and Chemical Sector**: Supply - demand expectations, cost support, and inventory levels are the main factors affecting prices [3]. - **Agricultural Products Sector**: Factors such as procurement, supply pressure, and seasonal characteristics affect the price trends of various agricultural products [3]. - **Special and New Energy Sectors**: Macro - events and fundamental factors affect the price trends of glass, rubber, and new - energy products [3]. 3. Summary by Related Catalogs - **Financial Sector** - **Equity Index Futures**: After the meeting between Chinese and US leaders and the release of the 15th Five - Year Plan draft, the market has a short - term pullback after reaching a high. It is recommended to try light - selling put options or constructing a bull call spread [3]. - **Treasury Bond Futures**: As negative factors such as bond - fund redemption fees and central - bank bond - buying uncertainties are gradually digested, the bond market sentiment is improving. It is recommended to go long on pullbacks and consider the positive arbitrage strategy [3]. - **Precious Metals**: Gold is under pressure to decline due to factors such as the meeting between Chinese and US leaders and geopolitical concerns; silver is in a volatile consolidation [3]. - **Black Metals Sector** - **Steel**: The increase in apparent demand and the alleviation of inventory pressure lead to suggestions of reducing long positions and holding arbitrage positions [3]. - **Iron Ore**: The decline in shipping and arrivals, the increase in port inventory, and the sharp drop in molten - iron production lead to suggestions of closing long positions and considering arbitrage [3]. - **Coking Coal and Coke**: The strength of coking - coal prices and the cost support provided by coking coal lead to suggestions of going long on pullbacks and holding arbitrage positions [3]. - **Non - ferrous Metals Sector** - **Copper**: After the realization of positive expectations, the price is in a high - level oscillation. Pay attention to the support level [3]. - **Tin**: Affected by the Fed's interest - rate outlook, it is recommended to buy on pullbacks [3]. - **Energy and Chemical Sector** - **Crude Oil**: Although the macro - sentiment has eased and inventory has decreased, the increase in OPEC production limits the rebound height. It is recommended to go short in the short term [3]. - **Urea, PX, PTA, etc.**: Due to weak supply - demand expectations and limited cost support, different trading strategies are recommended for different varieties [3]. - **Agricultural Products Sector** - **Soybeans**: Supported by China's increased confidence in purchasing US soybeans, hold long positions [3]. - **Palm Oil**: The main contract may test the support level [3]. - **Sugar**: It is in a bottom - oscillating state due to abundant overseas supply [3]. - **Cotton**: With the solidification of new - cotton costs, it is in a range - bound and upward - trending state [3]. - **Special and New Energy Sectors** - **Glass**: Affected by macro - events, pay attention to short - term long opportunities based on the spot market [3]. - **Carbonate Lithium**: With the upward shift of the price center and the realization of demand benefits, it is in a relatively strong state [3].

北方铜业主营业务涵盖铜矿开采、铜选矿、冶炼、加工制品等生产销售，所属申万行业为有色金属 - 工业 金属 - 铜，涉及有色铜、黄金股、小金属核聚变等概念板块。 经营业绩：营收行业第11，净利润行业第9 2025年三季度，北方铜业营业收入为199.73亿元，在行业16家公司中排名第11，远低于行业第一名江西铜 业的3960.47亿元和第二名紫金矿业的2542亿元，也低于行业平均数890.55亿元和中位数566.87亿元。净利 润为6.89亿元，行业排名第9，与第一名紫金矿业的457.01亿元和第二名洛阳钼业的164.88亿元差距较大， 低于行业平均数52.01亿元，略低于行业中位数8.03亿元。 资产负债率高于同业平均，毛利率低于同业平均 偿债能力方面，2025年三季度北方铜业资产负债率为65.81%，高于行业平均的54.12%，不过较去年同期的 67.86%有所下降。从盈利能力看，当期毛利率为8.49%，低于行业平均的10.36%，但较去年同期的7.40%有 所提升。 总经理姜卫东薪酬61.39万元，同比减少9.5万元 北方铜业控股股东为中条山有色金属集团有限公司，实际控制人为山西省人民政府国有资产监督管理委员 ...

中泰证券研报称，科技内部分赛道拥挤度较高，但科技风格整体并不拥挤，我们跟踪观察的科技细分赛 道中，有59.5%的赛道其成交额占科技板块的比例已超过近3年的75%水平，而万得科技大类成交额占全 A的比例当前仅处于近3年的50%分位。建议关注：科技内部交易不拥挤的方向，如港股互联网、消费 电子等；受益于联储降息和海外财政扩张的全球定价资源品，如黄金和铜；海外需求相关的制造业。 ...

电工合金成立于1985年6月12日，于2017年9月7日在深圳证券交易所上市，注册及办公地址均为江苏省江 阴市。公司是国内铜及铜合金产品领域的重要企业，在铜产品研发和生产方面具备一定技术优势。 公司主营业务为铜及铜合金产品的研发、生产和销售，所属申万行业为有色金属 - 工业金属 - 铜，所属概 念板块包括股权转让、石墨烯、轨道交通核聚变、超导概念、核电等。 经营业绩：营收行业第十六，净利润第十四 2025年三季度，电工合金营业收入22.93亿元，行业排名16/16，远低于行业第一名江西铜业的3960.47亿元 和第二名紫金矿业的2542亿元，行业平均数为890.55亿元，中位数为566.87亿元。主营业务构成中，铜母 线系列产品9.45亿元占比66.21%，电气化铁路接触网系列产品4.27亿元占比29.90%，新能源汽车高压连接 件产品4695.73万元占比3.29%，其他(补充)853.36万元占比0.60%。当期净利润1.29亿元，行业排名14/16， 远低于行业第一名紫金矿业的457.01亿元和第二名洛阳钼业的164.88亿元，行业平均数为52.01亿元，中位 数为8.03亿元。 A股股东户数较上期增加 ...

Core Viewpoint - Hailiang Co., Ltd. is a leading player in the copper processing industry, with significant revenue and profit rankings, but faces challenges in debt levels and profitability compared to industry averages [1][2][3]. Company Overview - Hailiang Co., Ltd. was established on October 29, 2001, and listed on the Shenzhen Stock Exchange on January 16, 2008. The company is headquartered in Zhejiang Province and is the largest copper tube and rod processing enterprise globally [1]. - The company specializes in the research, production, and sales of copper tubes, rods, fittings, copper-aluminum composite conductors, and aluminum profiles, categorized under the non-ferrous metals industry [1]. Financial Performance - For Q3 2025, Hailiang reported revenue of 649.33 billion yuan, ranking 8th among 16 companies in the industry. The top competitor, Jiangxi Copper, achieved revenue of 3960.47 billion yuan [2]. - The main business segments include copper tubes (272.42 billion yuan, 61.25%), raw materials (102.42 billion yuan, 23.03%), copper rods (32.24 billion yuan, 7.25%), copper foils (20.05 billion yuan, 4.51%), and others [2]. - The net profit for the same period was 9.16 billion yuan, also ranking 8th in the industry, with the leading company, Zijin Mining, reporting a net profit of 457.01 billion yuan [2]. Financial Ratios - As of Q3 2025, Hailiang's debt-to-asset ratio was 59.61%, down from 62.12% year-on-year, but still above the industry average of 54.12% [3]. - The gross profit margin was reported at 3.68%, an increase from 3.06% year-on-year, yet below the industry average of 10.36% [3]. Shareholder Information - As of June 30, 2025, the number of A-share shareholders decreased by 16.55% to 16,700, while the average number of circulating A-shares held per shareholder increased by 20.01% to 115,900 [5]. - The top ten circulating shareholders included Hong Kong Central Clearing Limited, which increased its holdings by 33.6 million shares [5]. Business Highlights - Hailiang is actively expanding its overseas operations, with growth in copper processing revenue and sales outpacing domestic figures. The Texas plant is expected to reach a production capacity of 90,000 tons by the end of 2025 [5]. - New product developments are promising, with expectations for the copper foil business to break even by 2026 and a significant increase in demand for heat dissipation copper-based materials [5][6].