国际铜夜盘收跌0.07%，沪铜收跌0.01%，沪铝收涨0.05%，沪锌收跌0.18%，沪铅收涨0.06%，沪镍收涨 0.60%，沪锡收涨0.27%。 氧化铝夜盘收涨0.41%。 不锈钢夜盘收涨0.60%。 ...

1. Report Industry Investment Rating - No information provided regarding the industry investment rating in the report. 2. Core Viewpoints - The fundamentals and inventory of copper still provide support, but attention should be paid to whether orders show signs of weakening in the off - season next week [1]. - The short - term fundamentals of aluminum are acceptable, but demand should be monitored. The calendar spread long position can be held if the absolute price drops [1]. - The idea of short - allocating zinc remains unchanged. Long the domestic and short the foreign zinc can be continued, and attention should be paid to the calendar spread short - position opportunity [4]. - Opportunities for the contraction of the nickel - stainless steel price ratio can continue to be monitored [7]. - The fundamentals of stainless steel are expected to be weak in the short term, with prices likely to fluctuate weakly [10][11]. - Lead prices are expected to fluctuate between 16,700 - 17,100 next week, with supply expected to be flat and demand weak in June [12]. - Tin can be cautiously held for long - allocation in the short term, and high - short opportunities after the maintenance period should be monitored in the long - term [14]. - The price of industrial silicon is expected to bottom - out based on the cash - flow cost of leading manufacturers in the long - term, and attention should be paid to the cost reduction caused by green - electricity subsidies and falling thermal - power prices [17]. - The price of lithium carbonate is expected to fluctuate weakly in the medium - to - long term and continue to accumulate inventory next week, which will put upward pressure on prices [19][20]. 3. Summary by Metal Copper - **Price and Inventory Changes**: From June 11 - 17, the spot premium of Shanghai copper increased by 205, the waste - refined copper spread increased by 234, and the LME inventory decreased by 1725 [1]. - **Market Situation**: Overseas, LME warehouse receipts continued to be cancelled, and the LME cash - 3m structure remained high. Domestically, the monthly spread widened slightly due to export expectations and downstream order flexibility. Global visible copper inventory is in a downward trend, and domestic inventory is not expected to accumulate rapidly. Consumption remains resilient [1]. Aluminum - **Price and Inventory Changes**: From June 11 - 17, the Shanghai aluminum ingot price decreased by 10, the domestic alumina price decreased by 9, the aluminum LME inventory decreased by 2100 [1]. - **Market Situation**: Supply increased slightly, and imports were large from January to April. Demand is expected to weaken seasonally in June, and there is still a supply - demand gap. Inventory depletion is gentle from June to July [1]. Zinc - **Price and Inventory Changes**: From June 11 - 17, zinc prices fluctuated and declined, the domestic TC remained unchanged, and the imported TC increased slightly. The domestic social inventory fluctuated, and the LME inventory decreased by 1350 [1][4]. - **Market Situation**: Supply increased in June, with a monthly increase of about 25,000 tons in smelting compared to May. Domestic demand weakened marginally, and overseas demand in Europe was weak. The inflection point of inventory accumulation is expected to occur in mid - June [4]. Nickel - **Price and Inventory Changes**: From June 11 - 17, the Shanghai nickel spot price decreased by 900, the spot import return increased by 208.53, and the LME inventory increased by 1986 [7]. - **Market Situation**: Pure nickel production remained at a high level, and Russian nickel imports increased in April. Demand was weak overall, and overseas nickel - plate inventory remained stable while domestic inventory decreased slightly [7]. Stainless Steel - **Price and Inventory Changes**: From June 11 - 17, the 304 cold - rolled and hot - rolled prices decreased by 50, and the waste stainless steel price decreased by 100. The inventory in Xijiao and Foshan increased slightly [10]. - **Market Situation**: Production increased seasonally in April and decreased passively in some steel mills from late May. Demand is mainly based on rigid needs, and the fundamentals are weak [10][11]. Lead - **Price and Inventory Changes**: From June 11 - 17, lead prices rebounded from a low level, the spot import return decreased by 58.54, and the LME inventory increased by 23,975 [12]. - **Market Situation**: Supply - side scrap volume was weak, and demand - side battery inventory was high. The price is expected to fluctuate between 16,700 - 17,100 next week [12]. Tin - **Price and Inventory Changes**: From June 11 - 17, tin prices fluctuated widely, the spot import return increased by 894.60, and the LME inventory remained unchanged [14]. - **Market Situation**: Supply was affected by the uncertain resumption of production in Myanmar's Wa State and domestic smelting cuts. Demand was weak, and the short - term supply - demand situation is expected to be weak [14]. Industrial Silicon - **Price and Inventory Changes**: From June 11 - 17, the basis of 421 in Yunnan and Sichuan increased by 10, and the number of warehouse receipts decreased by 755 [17]. - **Market Situation**: The overall market operation rate increased slightly, and there is a pattern of double - reduction in short - term supply and demand. Future supply has potential pressure, and prices are expected to bottom - out in the long - term [17]. Lithium Carbonate - **Price and Inventory Changes**: From June 11 - 17, lithium carbonate prices rebounded from a low level, the SMM electric - carbon and industrial - carbon prices decreased by 50, and the number of registered warehouse receipts decreased by 330 [19]. - **Market Situation**: The price is expected to fluctuate weakly in the medium - to - long term, and inventory is expected to continue to accumulate next week, putting pressure on prices [19][20].

| 产业期现日报 | | | | | | | --- | --- | --- | --- | --- | --- | | 投资咨询业务资格:证监许可 【2011】1292号 2025年6月18日 | | | | 林嘉施 | Z0020770 | | 价格及基差 | | | | | | | 现值 | | 前值 | 日 涨跌 | 日涨跌幅 | 单位 | | SMM 1#电解销 | 119825 | 120725 | -900 | -0.75% | 元/吨 | | 1#金川镇 | 120925 | 121775 | -850 | -0.70% | 元/吨 | | 1#金川镍升贴水 | 2600 | 2500 | 100 | 4.00% | 元/吨 | | 1#进口镇 | 118675 | 119625 | -950 | -0.79% | 元/吨 | | 1#进口镍升贴水 | 350 | 350 | 0 | - | 元/肥 | | LME 0-3 | -204 | -192 | -12 | 6.22% | 美元/吨 | | 期货进口盈亏 | -3303 | -3090 | -213 | 6.89% | 元/吨 | | ...

供应层面看，4月产量季节性回升，5月下旬起钢厂部分被动减产。需求层面，刚需为主。成本方面，镍铁、铬铁价格维 持。库存方面，锡佛两地小幅累库，交易所仓单部分到期去化。基本面整体维持偏弱，需求转淡后现货压力增大，短期 有色早报 研究中心有色团队 2025/06/17 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 2025/06/10 90 1043 107404 33746 -1195.14 161.13 43.0 66.0 84.10 120400 71725 2025/06/11 90 1103 107404 33373 -874.85 136.66 38.0 60.0 55.49 119450 70700 2025/06/12 95 990 107404 32785 -642.66 374.84 38.0 60.0 85.51 116850 68125 2025/06/13 50 660 - 36269 -901.68 236.81 38.0 60.0 73 ...

1. Report Industry Investment Rating - No relevant content provided 2. Core Views of the Report - **Copper**: Overnight LME copper trended strongly with a 0.49% increase to $9,695/ton, and SHFE copper rose 0.45% to 78,450 yuan/ton. The market is more concerned about the Israel-Iran conflict. In China, May economic data was mixed. LME copper inventory decreased by 7,150 tons, Comex increased by 1,193 tons, and domestic social inventory rose by 0.29 million tons. With the off - season, downstream demand is cautious. The conflict may increase concerns about demand. Considering LME's de - stocking and potential exports, a short - term oscillatory pattern is expected, with a focus on the 78,000 - 80,000 yuan/ton range [1]. - **Aluminum**: Alumina trended strongly, with AO2509 closing at 2,852 yuan/ton (0.18% increase), while Shanghai aluminum trended weakly, with AL2507 at 20,385 yuan/ton (0.02% decrease). Aluminum alloy trended strongly. Domestic alumina plants are resuming production, and the demand structure of electrolytic aluminum is further differentiated. The inventory of rods and ingots shows different trends, and the high - premium pattern of spot is hard to sustain. Pay attention to the convergence opportunity of the spread between AD and AL [1][2]. - **Nickel**: LME nickel fell 0.3% to $15,065/ton, and SHFE nickel dropped 0.48% to 119,100 yuan/ton. LME inventory increased by 126 tons, and domestic SHFE warehouse receipts decreased by 21,041 tons. Nickel ore prices remained strong, and stainless steel production was cut in China and Indonesia, but inventory is still accumulating. In the new energy sector, prices are stable, and there is no significant new demand in June. In the short - term, focus on nickel ore premium and primary nickel inventory, and the medium - term fundamentals may be bearish [2]. 3. Summary by Relevant Catalogs 3.1 Daily Data Monitoring - **Copper**: On June 16, 2025, the price of flat - water copper was 78,610 yuan/ton, down 305 yuan from June 13. LME registered + cancelled inventory decreased by 7,150 tons, and Comex inventory increased by 1,898 tons. The active contract's import loss widened by 100 yuan [4]. - **Lead**: The average price of 1 lead on June 16 was 16,840 yuan/ton, down 10 yuan. LME registered + cancelled inventory decreased by 1,500 tons, and the active contract's import loss increased by 30 yuan [4]. - **Aluminum**: On June 16, the Wuxi and Nanhai quotes decreased, and the spot premium changed from - 210 yuan/ton to - 10 yuan/ton. LME registered + cancelled inventory decreased by 2,025 tons, and alumina social inventory decreased by 0.6 million tons [5]. - **Nickel**: On June 16, the price of Jinchuan nickel decreased by 875 yuan/ton. LME registered + cancelled inventory increased by 5,412 tons, and the active contract's import loss increased by 360 yuan [5]. - **Zinc**: The main settlement price on June 16 was 21,800 yuan/ton, down 0.7%. LME S3 remained unchanged. The domestic spot premium decreased by 20 yuan/ton. The active contract's import loss changed from - 614 yuan to 0 yuan [6]. - **Tin**: The main settlement price on June 16 was 264,530 yuan/ton, up 0.1%. LME S3 decreased by 2.1%. The active contract's import loss changed from - 17,631 yuan to 0 yuan [6]. 3.2 Chart Analysis - **Spot Premium**: Charts show the historical trends of spot premiums for copper, aluminum, nickel, zinc, lead, and tin from 2019 - 2025 [8][10][11]. - **SHFE Near - Far Month Spread**: Charts display the historical trends of the near - far month spreads for copper, aluminum, nickel, zinc, lead, and tin from 2020 - 2025 [15][20][21]. - **LME Inventory**: Charts present the historical trends of LME inventories for copper, aluminum, nickel, zinc, lead, and tin from 2019 - 2025 [22][24][26]. - **SHFE Inventory**: Charts show the historical trends of SHFE inventories for copper, aluminum, nickel, zinc, lead, and tin from 2019 - 2025 [29][31][33]. - **Social Inventory**: Charts illustrate the historical trends of social inventories for copper, aluminum, nickel, zinc, stainless steel, and 300 - series from 2019 - 2025 [35][37][39]. - **Smelting Profit**: Charts display the historical trends of copper concentrate index, rough copper processing fee, aluminum smelting profit, nickel - iron smelting cost, zinc smelting profit, and stainless steel 304 smelting profit margin from 2019 - 2025 [42][44][46]. 3.3 Team Introduction - The research team consists of Zhan Dapeng, Wang Heng, and Zhu Xi. Zhan Dapeng is the director of non - ferrous research at Everbright Futures Research Institute, with over a decade of experience. Wang Heng focuses on aluminum and silicon research, and Zhu Xi focuses on lithium and nickel research, both providing in - depth reports and policy interpretations [49][50].

登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：000630 证券简称：铜陵有色 公告编号：2025－046 债券代码：124024 债券简称：铜陵定02 铜陵有色金属集团股份有限公司 2024年年度权益分派实施公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误导性陈述或重大遗 漏。 特别提示： （一）截至本公告刊登之日，铜陵有色金属集团股份有限公司（以下简称"公司"）回购专用证券账户持 股数量为29,505,500股，根据《中华人民共和国公司法》《深圳证券交易所上市公司自律监管指引第9号 一一回购股份》等相关规定，该部分股票不参与此次利润分配。公司根据"按照每股分配金额不变的原 则对分配总额进行调整"，以公司现有总股本12,794,132,824.00剔除已回购股份29,505,500.00股后的 12,764,627,324.00股为基数，向全体股东每10股派1.000000元人民币（含税），不送红股，不以公积金 转增股本。 （二）因公司回购专户的股份不参与2024年年度权益分派，本次实际现金分红的总金额=实际参与分配 的总股本*分配比例，即12,764,627, ...

1. Report Industry Investment Rating - Not provided in the report 2. Core View of the Report - The overall fundamentals and inventory of copper provide support, but attention should be paid to whether orders show signs of weakness in the off - season next week. For aluminum, the short - term fundamentals are acceptable, and the long spread position can be held if the absolute price drops. Zinc should be held short, and long the domestic and short the overseas position can be continued, and attention should be paid to the reverse spread opportunity between months. For nickel, continue to pay attention to the opportunity of narrowing the nickel - stainless steel price ratio. Stainless steel is expected to be weak and volatile in the short term. Lead is expected to fluctuate between 16,700 and 17,100 in the next week, with supply expected to be flat and demand weak in June. Tin can be held long cautiously in the short term, and pay attention to the short - selling opportunity after the maintenance period in the medium - long term. Industrial silicon has potential supply pressure in the future, and its price is expected to bottom - out based on the cash - flow cost of leading manufacturers. Lithium carbonate is expected to continue to build up inventory, putting upward pressure on prices, and will be weak and volatile in the medium - long term [1][4][5][7][10][13][15] 3. Summary by Metal Copper - **Price and Inventory Changes**: From June 9th to June 13th, the spot price of Shanghai copper decreased by 45, the spread between scrap and refined copper decreased by 330, and the inventory of the Shanghai Futures Exchange increased by 3,484. The LME inventory decreased by 2,375, and the LME cancelled warrants decreased by 4,500 [1] - **Market Analysis**: Overseas, LME warrants in the eurozone continued to be cancelled, and the LME cash - 3m structure remained high. Domestic smelters' export volume was slightly higher than expected. Global visible copper inventory is in a downward trend due to the US's siphoning effect, and domestic inventory is difficult to accumulate rapidly due to the opening of the export window. Consumption remains resilient, and the operating rates of copper rods and cables are stable compared to the previous period [1] Aluminum - **Price and Inventory Changes**: From June 9th to June 13th, the Shanghai aluminum ingot price increased by 70, the Yangtze River aluminum ingot price increased by 80, and the Guangdong aluminum ingot price increased by 20. The domestic alumina price decreased by 9. The social inventory decreased, and the LME inventory decreased by 2,375 [1] - **Market Analysis**: Supply has increased slightly, and aluminum ingot imports were large from January to April. Demand is expected to weaken seasonally in June, with aluminum product exports remaining stable and photovoltaic demand declining. There is still a supply - demand gap, and inventory will decline slowly from June to July [1] Zinc - **Price and Inventory Changes**: From June 9th to June 13th, the Shanghai zinc ingot price decreased by 70, the Tianjin zinc ingot price decreased by 40, and the Guangdong zinc ingot price decreased by 60. The social inventory remained unchanged. The LME inventory decreased by 1,025 [1][2][3] - **Market Analysis**: Zinc prices fluctuated and declined this week, affected by inventory build - up expectations and macro disturbances. Supply: Domestic TC remained unchanged this week, and imported TC rebounded slightly. In June, smelting output is expected to increase by about 25,000 tons compared to May, and the average monthly processing fee for ore is expected to increase by 150 yuan/ton. Demand: Domestic demand is weakening marginally, but there is still rigidity. Overseas demand in Europe is weak, but some smelters face production resistance due to processing fees [4] Nickel - **Price and Inventory Changes**: From June 9th to June 13th, the Shanghai nickel spot price decreased by 200, the spot import return decreased by 535.12, and the LME inventory decreased by 96 [5] - **Market Analysis**: On the supply side, pure nickel production remains at a high level, and Russian nickel imports increased in April. On the demand side, overall demand is weak, but the LME premium has strengthened slightly. Overseas nickel plate inventory remains stable, and domestic inventory has decreased slightly. The plan to ban raw ore exports from the Philippines has been abolished [5] Stainless Steel - **Price and Inventory Changes**: From June 9th to June 13th, the 304 cold - rolled coil price remained unchanged, the 304 hot - rolled coil price decreased by 50, and the 201 cold - rolled coil price decreased by 50 [5] - **Market Analysis**: On the supply side, production increased seasonally in April, and some steel mills cut production passively since late May. On the demand side, it is mainly driven by rigid demand. Costs: The prices of nickel iron and chrome iron remained stable. Inventory: Inventories in Xijiao and Foshan increased slightly, and exchange warrants decreased partially [5] Lead - **Price and Inventory Changes**: From June 9th to June 13th, the spot premium decreased by 5, the spot import return increased by 39.20, and the LME inventory decreased by 3,775 [7] - **Market Analysis**: Lead prices rebounded from a low level this week. On the supply side, the scrap volume is weak compared to the same period last year, the supply of waste batteries is tight, and the utilization rate of recycled lead smelters is about half. The supply of concentrates at home and abroad has changed from loose to tight, and TC is chaotic. On the demand side, battery inventory is high, and Tianneng's operating rate increased from 50% to 60% this week, driving spot transactions [7] Tin - **Price and Inventory Changes**: From June 9th to June 13th, the spot import return decreased by 260.29, the LME inventory decreased by 105, and the LME cancelled warrants decreased by 80 [10] - **Market Analysis**: Tin prices fluctuated widely this week. On the supply side, the short - term resumption of production in Wa State, Myanmar, requires negotiation, the processing fee for ore is low, and smelting profits are inverted. Some smelters in Jiangxi have cut production, and those in Yunnan are struggling to maintain. The war on the Myanmar - Thailand border has affected transportation, exacerbating the short - term supply shortage. On the demand side, the elasticity of solder is limited, the growth rate of terminal electronics and photovoltaics is expected to decline, and the premium has decreased at high tin prices [10] Industrial Silicon - **Price and Inventory Changes**: From June 9th to June 13th, the 421 Yunnan basis increased by 110, the 421 Sichuan basis increased by 110, and the number of warrants decreased by 452 [13] - **Market Analysis**: The operating rates in Sichuan, Yunnan, and Xinjiang have increased slightly. The overall operating rate of the market has increased slightly. The dry season in Sichuan has arrived, and some silicon plants have resumed production. The electricity price discount in Yunnan in the wet season is not clear, so the number of operating plants is small. In the short term, the pattern of supply and demand reduction is obvious, and the speculative demand is limited. The overall supply and demand of industrial silicon has reached a tight balance, but there is still potential supply pressure in the future [13] Lithium Carbonate - **Price and Inventory Changes**: From June 9th to June 13th, the SMM electric lithium carbonate price remained unchanged, the SMM industrial lithium carbonate price remained unchanged, the basis of the main contract increased by 500, and the number of registered warrants decreased by 265 [15] - **Market Analysis**: Lithium carbonate prices rebounded from a low level this week. The main contract is changing, and the spot premium has made the 07 contract price strong. High prices have attracted manufacturers to hedge and sell scattered orders, and the basis has weakened. Downstream demand has replenished inventory on a rigid basis. Some production lines in Sichuan have resumed production, and some projects in Ningde have increased production. The overall inventory has increased this week, and downstream only maintains a safe inventory. In the medium - long term, there are many expansion projects in the mine and lithium salt production capacity. If the operating rate of leading mining - smelting integrated enterprises does not decrease significantly, lithium carbonate prices will continue to fluctuate weakly [15]

Group 1 - The core viewpoint emphasizes the importance of investor relations management as a bridge between listed companies and investors, enhancing corporate governance, market transparency, and protecting investor rights, which is crucial for high-quality development [1] - On June 13, China Nonferrous Metal Industry's Foreign Engineering and Construction Co., Ltd. (中色股份) was awarded the "Excellent Investor Relations Management Team Award" at the 16th China Listed Companies Investor Relations Management Forum, recognizing its efforts in this area over the past year [1][5] - The company has established a systematic investor relations framework, deepened value transmission, and optimized market capitalization management, significantly improving governance effectiveness and market transparency [1][5] Group 2 - In 2024, the company aims to improve the quality of listed companies as its core goal, implementing investor relations work as a key focus area through institutional foundation, decision-making efficiency, team support, and enhanced communication [2] - The company has revised its "Investor Relations Management System" and "Investor Relations Activity Workflow," establishing a comprehensive management system that ensures standardized operations [2] - The company has strengthened its team capabilities, improved information disclosure quality, and effectively communicated its strategic planning and business philosophy to enhance investor confidence [2] Group 3 - The company emphasizes transparent communication and precise interaction to stabilize market expectations, utilizing strategic seminars and regular reports to reinforce strategic transmission [3] - It has achieved breakthroughs in broker research reports and improved response times on the interactive platform, addressing 111 inquiries and establishing a multi-channel communication network [3] - The company has released its first bilingual ESG report, showcasing achievements in green mining, which has increased recognition among domestic and international investors [3] Group 4 - The company is implementing multiple measures for market capitalization management, including a stock incentive plan for 216 core employees, leading to significant increases in net profit growth rate and return on equity [4] - China Nonferrous Group has increased its holdings in the company by 39.86 million shares, amounting to approximately RMB 198 million, reflecting confidence in the company's future development [4] - The company announced a cash dividend of RMB 0.46 per 10 shares, totaling RMB 91.67 million, and disclosed action plans for quality and value enhancement, demonstrating its commitment to returning value to investors [4] Group 5 - The award received highlights the effectiveness and innovation of the company's investor relations work, with the "Tianma Award" being a recognized industry accolade that emphasizes investor protection and two-way interaction [5] - The company plans to continue focusing on systematic thinking, quality improvement, and sustained efforts in governance, value transmission, and investor communication to create greater value for shareholders [5]

锌产业链周度报告 国泰君安期货研究所 有色及贵金属 莫骁雄 投资咨询从业资格号：Z0019413 日期：2025年6月15日 Guotai Junan Futures all rights reserved, please do not reprint Special report on Guotai Junan Futures 锌：过剩或逐步显性化，价格承压 强弱分析：偏弱 冶炼利润较为充裕 ◆ 供应端如期放量。随着锌精矿的放量兑现，炼厂及港口锌精矿库存处在相对充裕的位 置，且目前炼厂加白银及硫酸的利润约700元/吨。国内炼厂集中检修后带来增量，叠 加炼厂搬迁、新建项目投产，供应压力增加，过剩逻辑或将显性化，体现在社会库存 累积之上。 ◆ 消费端迈入传统淡季，下游补库空间整体承压。终端内需消费迈入淡季，下游开工率 存在下调趋势。同时，在此前价格大幅下跌时部分下游企业原料库存已经补库值相对 高位，限制补库空间。周内价格小幅下调，仅刺激部分下游逢低采购，对需求的拉动 程度亦相对有限。 ◆ 锌矿供应增量传导至冶炼端供应压力增加的逻辑依然适用，炼厂增量，而需求端步入 淡季，价格偏弱运行，中期空头持有。不过，今年年内 ...

is Dentons' Preferred Law Firm in China ( ) www.dentons.cn · - 5 Xishan District, Kunming City Tel: 86 871-64326335 根据《中华人民共和国证券法》（以下简称"《证券法》"）、《中华人民共 和国公司法》（以下简称"《公司法》"）和中国证券监督管理委员会《上市公司 股东会规则》（以下简称"《股东会规则》"）等法律、法规和其他有关规范性 文件的要求，以及《云南铜业股份有限公司章程》（以下简称"《公司章程》"）、 《云南铜业股份有限公司股东大会议事规则》（以下简称"《议事规则》"）等 有关规定，北京大成（昆明）律师事务所（以下简称"本所"）接受云南铜业股 份有限公司（以下简称"公司"）的委托，指派律师参加公司 2025 年第二次临 时股东大会（以下简称"本次股东大会"）。 本所声明：本所律师仅对本次股东大会的召集程序、召开程序、出席会议人 员资格、召集人资格、表决程序及表决结果发表法律意见，并不对本次股东大会 所审议的议案、议案所涉及的数字及内容发表意见。本所律师同意将本法律意见 书随本次股东大会其他信息 ...