电 话：020-88818009 E-Mail：zhangxiaozhen@gf.com.cn 目录： 广发早知道-汇总版 广发期货研究所 金融衍生品： 金融期货： 股指期货、国债期货 贵金属： 黄金、白银 集运欧线 商品期货： 有色金属： 铜、氧化铝、铝、铝合金、锌、锡、镍、不锈钢、碳酸锂 黑色金属： 钢材、铁矿石、焦煤、焦炭 农产品： 油脂、粕类、玉米、生猪、白糖、棉花、鸡蛋、花生、红枣、苹果 能源化工： 原油、PTA、乙二醇、苯乙烯、短纤、尿素、瓶片、烧碱、PVC、LLDPE、 PP 刘珂（投资咨询资格：Z0016336） 电话：020-88818026 邮箱：qhliuke@gf.com.cn 叶倩宁（投资咨询资格：Z0016628） 电话：020- 88818017 邮箱：yeqianning@gf.com.cn 周敏波（投资咨询资格：Z0010559） 电话：020-81868743 邮箱：zhoumingbo@gf.com.cn 本报告中所有观点仅供参考，请务必阅读正文之后的免责声明。 特殊商品： 橡胶、玻璃纯碱、工业硅、多晶硅 2025 年 7 月 11 日星期五 投资咨询业务资格： 证监许可 ...

Core Viewpoint - The proposal by President Trump to impose a 50% tariff on imported copper products, including semi-finished copper goods, is expected to significantly impact various economic sectors and the U.S. copper supply chain [1][2]. Group 1: Tariff Proposal Details - The proposed tariff will cover copper products used in power grids, military equipment, and data centers, with semi-finished products likely included [1]. - The details of the tariff plan are not fully disclosed, and adjustments to the measures are still possible [1]. - The market had anticipated tariffs on refined copper, but the inclusion of semi-finished products (such as wire, sheet, and pipe) was uncertain until now [1]. Group 2: Economic Impact - The tariff is expected to raise production costs across multiple sectors, including electronics, automotive manufacturing, construction, and defense [1]. - In 2022, the U.S. imported 908,000 tons of refined copper, which constituted the largest import category, and these materials are processed into rods, cables, and alloy products [1]. Group 3: Industry Insights - The U.S. Copper Development Association highlighted that semi-finished copper products are critical to the military supply chain, representing 90% of U.S. semi-finished copper producers [2]. - The U.S. domestic copper production is insufficient to meet its own demand, necessitating significant imports of semi-finished copper products, estimated at 800,000 tons last year [2]. - The potential for a 50% tariff on semi-finished products raises national security concerns, as any disruption in foreign copper supply could severely impact U.S. electricity supply [2]. Group 4: Processing Sector Challenges - Imposing tariffs on semi-finished products will directly increase costs for processing companies, which rely heavily on imported raw materials [3]. - Current domestic processing capacity cannot meet the additional demand for 800,000 tons of semi-finished products, and establishing new capacity may take up to seven years [3].

Core Viewpoint - The sixth Multinational Corporation Leaders Summit held in Qingdao highlighted the importance of international cooperation and investment in China, with Delisi Foods being recognized as a key representative of the food industry in Weifang [1][2] Group 1: Company Achievements - Delisi Foods was awarded the "Support Partner" honor at the summit, reflecting its significant contributions to the food industry [1][2] - The company has developed a complete food industry chain, from pig farming to meat processing, and is focusing on low-temperature meat products and prepared foods [1][2] Group 2: Strategic Development - Delisi Foods has established five production bases across Shandong, Beijing, Shaanxi, Jilin, and Jiangxi, enabling nationwide market coverage and catering to local tastes [2] - The company is actively expanding into international markets, demonstrating a strong momentum for globalization [2] Group 3: Future Goals - Delisi Foods aims to become a "globally leading full industry chain food group" by leveraging its complete industry chain advantages, innovation-driven approach, and international perspective [2] - As a supporting partner of the summit, Delisi Foods intends to facilitate deeper connections between the Chinese food industry and international markets, promoting collaborative innovation and sustainable development in the global food supply chain [2]

二季度米厂开工率缓慢提升需求利多米价 二季度全国米厂开工率缓慢提升，需求对米价存一定利多。据卓创资讯统计，二季度全国米厂月度平均 开工率由14%提升至17%，提升3个百分点；季度内平均开工率16%，环比一季度增加1个百分点，较去 年同期下滑3个百分点。分开来看，4月下游批发市场贸易商按需采购大米，米厂维持老客户订单加工走 货，整体开工率无明显变化，但由于部分产区稻谷上货缓慢，谷价上涨带动米价窄幅跟涨。5月中下旬 受端午节以及线上年中大促活动影响，下游适量备货，米厂开工率回升，需求拉动米价继续上调。6月 中下旬随着下游进入去库存阶段，米厂大米新增订单有所减少，开工率略有下滑，米价逐步趋稳。 基层稻谷余粮减少米厂上货难度增加 据卓创资讯监测，截至6月底，主产区基层售粮进度在98%左右，较3月底提升7个百分点。分产区来 看，二季度初始，南方多数产区基层稻谷余粮已经降至7%及以内，东北产区基层余粮略多，在 10%-15%。4-5月东北产区农户农忙，无暇售粮；6月随着农忙结束，部分农户虽然陆续卖粮，但考虑产 区基层余粮少，部分存在低价惜售心态。整体来看，二季度基层稻谷供应量有限，米厂上货难度较大， 部分提价促收，受稻谷 ...

油脂日报 | 2025-07-11 巴西大豆出口增加，油脂持续震荡 油脂观点 市场分析 期货方面，昨日收盘棕榈油2509合约8638.00元/吨，环比变化-40元，幅度-0.46%；昨日收盘豆油2509合约7944.00 元/吨，环比变化+24.00元，幅度+0.30%；昨日收盘菜油2509合约9468.00元/吨，环比变化-42.00元，幅度-0.44%。 现货方面，广东地区棕榈油现货价8720.00元/吨，环比变化-10.00元，幅度-0.11%，现货基差P09+82.00，环比变化 +30.00元；天津地区一级豆油现货价格8120.00元/吨，环比变化+20.00元/吨，幅度+0.25%，现货基差Y09+176.00， 环比变化-4.00元；江苏地区四级菜油现货价格9600.00元/吨，环比变化-40.00元，幅度-0.41%，现货基差OI09+132.00， 环比变化+2.00元。 近期市场咨询汇总：据外媒报道，巴西全国谷物出口商协会（ANEC）表示，预计巴西7月大豆出口将达到1193万 吨，较去年同期的960万吨增长24.27%；预计豆粕出口为219万吨，较去年同期201万吨增长8.96%；预计玉米 ...

截至07月11日10:27，有色ETF基金(159880.SZ)上涨1.39%，其关联指数国证有色(399395.SZ)上涨 1.46%；主要成分股中，北方稀土上涨9.92%，盛和资源上涨8.00%，中国稀土上涨4.86%，紫金矿业上 涨0.64%，中国铝业上涨1.82%。 关联个股： 紫金矿业（601899）、北方稀土（600111）、洛阳钼业（603993）、中国铝业（601600）、山东黄金 （600547）、华友钴业（603799）、赣锋锂业（002460）、中金黄金（600489）、赤峰黄金 （600988）、天齐锂业（002466） 消息面上，北方稀土、包钢股份上调第三季度稀土精矿交易价格至不含税19109元/吨，环比上涨1.5%， 带动稀土永磁概念股集体走强，其中北方稀土、盛和资源等成分股涨幅显著。此次稀土精矿价格上调反 映出上游资源端供需格局趋紧，对相关产业链企业盈利预期形成支撑。 关联产品： 有色ETF基金（159880），联接基金（A类 021296，C类 021297，I类 022886） 券商研究方面，国泰海通证券指出依据Stable beta+基金筛选逻辑，国证有色（399395.S ...

华夏时报记者黄敏璇胡梦然深圳报道 上市14年、去年业绩首亏的光韵达（300227）(300227.SZ)正在寻求跨界并购。 日前，光韵达公告，公司拟以3.52亿元收购深圳市亿联无限科技有限公司(下称"亿联无限")56.03%股 权，取得标的公司控制权，以此切入通信设备制造领域。 值得注意的是，亿联无限曾在2023年6月冲刺创业板IPO，但在2024年3月突然撤回。IPO折戟后的亿联 无限业绩暴跌，2024年净利润2867万元，相比2023年6201万元降幅超半。此外，公司还存在二股东涉案 和子公司土地退回导致损失等多重风险。 光韵达今年4月就曾公告收购亿联无限的意向协议，彼时收购股权比例为100%，如今降至56.03%。收购 股权比例大幅降低基于哪些考虑？光韵达方面7月10日回复《华夏时报》记者表示："本次收购的一部分 资金会考虑使用并购贷款解决，因此由收购全部股权调整为部分股权可以降低公司财务费用规模。同时 考虑到亿联无限过去两年业绩略有下滑，公司通过分步收购，可以降低标的公司经营不确定性带来的影 响，降低收购带来的商誉等风险。故经过双方友好协商，决定降低收购比例。" 标的公司IPO折戟，净利润腰斩 公告显 ...

Core Insights - Nicotinamide, an important member of the B-vitamin family, has diversified applications in the food, pharmaceutical, and cosmetic industries, driven by its nutritional enhancement and functional characteristics [1][15] - The market size of the nicotinamide industry in China is projected to reach approximately 2.535 billion yuan in 2024, with a year-on-year growth of 17.26% [1][15] - The industry is expected to benefit from the ongoing "Healthy China" strategy and the increasing consumer demand for functional products, indicating a broader development space in the future [1][15] Industry Overview - Nicotinamide, also known as niacinamide, is a white crystalline powder with a molecular weight of 122.125, primarily used in clinical settings for the prevention and treatment of various health issues [3] - The industry can be segmented into food-grade, cosmetic-grade, pharmaceutical-grade, and feed-grade nicotinamide, with varying concentrations available [3] Production Methods - Three main production methods for nicotinamide include oxidation of β-methylpyridine to niacin, dehydration of niacin with ammonium hydroxide, and a reaction involving niacin, boric acid, and ammonia [5][11] Applications and Benefits - Nicotinamide is recognized for its anti-acne, anti-inflammatory, whitening, and anti-aging properties, making it a popular ingredient in skincare products [7][8] - In the pharmaceutical sector, it is crucial for treating conditions related to niacin deficiency, while in cosmetics, it enhances skin barrier function and moisture retention [9][12] Industry Chain - The nicotinamide industry chain includes upstream raw material supply, midstream production and processing, and downstream applications in pharmaceuticals, cosmetics, and food [9] - Key raw materials include 3-cyanopyridine, niacin, ammonia, and solvents, with production methods involving chemical synthesis or fermentation [9] Market Dynamics - The global nicotinamide industry exhibits a tiered competitive landscape, with leading companies like Lonza, Vantiv, and Brother Technology dominating the market [17][19] - Brother Technology is identified as a leading domestic player, focusing on the production and sales of nicotinamide and niacin products across various sectors [19][21] Future Trends - The industry is shifting towards high-value products, with a focus on technological innovation and product upgrades to enhance purity and bioavailability [26][28] - The application of nicotinamide is expanding into new areas such as oral beauty products and functional foods, driven by consumer trends and interdisciplinary research [27][28]

铜冠铜箔近况交流 20250710 摘要 公司 2024 年总出货量为 5.4 万吨，PCB 膜占比约 55%，高端高分高速 铜箔在 PCB 膜中的比例从 2024 年的 25%提升至 2025 年的 30%，表 明产品结构持续优化。 公司已具备 HVLP 一至四代产品的生产能力，目前以二代产品为主，主 要供应台资客户，并计划将 2 万吨锂电池铜箔产能转产至高频高速 RTF 或 HVLP 领域，首条产线预计 6 月底交付，下半年陆续安装其余产线。 下游客户计划在 2025 年第四季度采购四代 HVLP 铜箔，公司已做好产 品切换准备，但目前四代产品尚无订单，二代产品良率虽有提升但未达 最高水平，同行多处于认证阶段。 锂电池铜箔加工费平均水平约为 15,000 元/吨，但尚未实现盈亏平衡。 RTF 铜箔毛利约为几千元/吨，HVLP 具体毛利未透露，HTE 铜箔为微毛 利，锂电铜箔毛利为负。 HVLP 生产难点在于表面粗糙度控制及后续处理工艺，包括偶联剂和硫 化处理。公司目前供应 RTF 铜箔，如 RTF 的 23 和 HVRP 的 123，下游 客户自行决定搭配布料和适配产品。 Q&A 请介绍一下同冠同博公司目 ...

有色早报 研究中心有色团队 2025/07/11 铜 ： 日期 沪铜现货 升贴水 废精铜 价差 上期所 库存 沪铜 仓单 现货进口 盈利 三月进口 盈利 保税库 premium 提单 premium 伦铜 C-3M LME 库存 LME 注销仓单 2025/07/04 105 1223 84589 22307 -974.44 138.45 30.0 52.0 95.35 95275 33950 2025/07/07 100 1001 84589 21682 -1002.36 174.64 29.0 63.0 79.80 97400 36875 2025/07/08 80 1048 84589 19109 -844.96 44.77 29.0 63.0 51.31 102500 37100 2025/07/09 60 502 84589 21336 -437.33 412.81 40.0 65.0 22.37 107125 38250 2025/07/10 15 306 84589 21729 -302.05 513.15 45.0 62.0 -0.95 108100 40950 变化 -45 -196 0 3 ...