Investment Rating - The report maintains a positive outlook on the metals and new materials industry, indicating a favorable investment environment [3][4]. Core Insights - The report highlights a significant increase in silver prices and resilient demand for base metals, suggesting a bullish trend in the market [3][4]. - The report emphasizes the ongoing increase in gold reserves by the People's Bank of China, which is expected to support long-term gold price growth [4][23]. - The report identifies potential investment opportunities in companies such as Zijin Mining, Luoyang Molybdenum, and Shandong Gold, among others, due to their favorable valuations and market positions [4][20]. Weekly Market Review - The Shanghai Composite Index rose by 1.13%, while the Shenzhen Component increased by 1.42%, and the CSI 300 Index gained 0.88% [5]. - The non-ferrous metals index increased by 3.74%, outperforming the CSI 300 Index by 2.86 percentage points [5][10]. - Year-to-date, the non-ferrous metals index has risen by 12.16%, exceeding the CSI 300 Index's growth by 13.70 percentage points [9]. Price Changes - Industrial metals and precious metals saw price changes, with copper, aluminum, lead, and zinc prices increasing by 2.05%, 0.27%, 1.05%, and 1.76% respectively [4][16]. - The report notes a significant rise in silver prices by 9.24% and gold prices by 0.54% [4][16]. Key Company Valuations - The report provides a detailed valuation of key companies in the metals sector, indicating potential growth in earnings per share (EPS) and price-to-earnings (PE) ratios for companies like Zijin Mining and Luoyang Molybdenum [20][21]. - Companies such as Shandong Aluminum and China Hongqiao are highlighted for their stable performance and dividend yields [4][20]. Copper Market Analysis - The report indicates a slight increase in copper supply costs, with the current TC at $42.9 per dry ton, reflecting a $0.55 increase [33]. - Domestic copper social inventory rose to 148,800 tons, an increase of 10,000 tons week-on-week [33]. Aluminum Market Insights - The report notes a decrease in aluminum prices, with the current average price reported at 20,230 CNY per ton, reflecting a week-on-week decline of 0.7% [48]. - The operating rate of downstream aluminum processing enterprises has decreased to 60.90% [48]. Steel Market Overview - The report highlights an increase in rebar prices, which rose by 10 CNY per ton to 3,140 CNY per ton [73]. - The total inventory of steel products remained stable, with slight fluctuations in production and demand across various steel categories [73].

Core Viewpoint - The company, Chongqing Shunbo Aluminum Alloy Co., Ltd., is actively engaging in hedging and share repurchase activities to manage financial risks and enhance shareholder value. Group 1: Stock Performance - As of June 6, 2025, Shunbo Alloy's stock closed at 7.18 yuan, a 6.85% increase from the previous week's 6.72 yuan [1] - The stock reached a high of 7.38 yuan on June 5, 2025, and a low of 6.61 yuan on June 3, 2025 [1] - The company's current total market capitalization is 4.807 billion yuan, ranking 48th out of 60 in the industrial metals sector and 3045th out of 5148 in the A-share market [1] Group 2: Hedging Business - The company announced the initiation of commodity futures and options hedging business, with a maximum margin and premium balance not exceeding 120 million yuan, valid for 12 months [2] - As of May 30, 2025, the hedging activities resulted in a total investment loss of 11.5192 million yuan, with unrealized losses from open hedging positions amounting to 15.5225 million yuan [2] - The company plans to enhance market tracking and risk management to mitigate uncertainties from price fluctuations [2] Group 3: Share Repurchase - The company approved a share repurchase plan on November 8, 2024, with a total repurchase amount between 50 million yuan and 100 million yuan, and a maximum repurchase price of 9 yuan per share [3] - The estimated number of shares to be repurchased ranges from approximately 5.55 million to 11.1 million, representing 0.83% to 1.66% of the total share capital [3] - As of May 31, 2025, the company has repurchased 8,605,520 shares at a total cost of approximately 55.58 million yuan, with the highest and lowest transaction prices being 6.80 yuan and 5.94 yuan per share, respectively [3][4]

Summary of Key Points Core Viewpoint - Huayu Mining (601020) experienced a decline in stock price, closing at 16.39 yuan, down 4.65% from the previous week, indicating market volatility and investor sentiment [1]. Company Announcements - Huayu Mining announced a cash dividend of 0.040 yuan per share, with the distribution date set for June 5, 2025 [1]. - The annual equity distribution plan for 2024 includes a cash dividend of 0.040 yuan per share (before tax), totaling approximately 32.8 million yuan [1]. - Important dates include the record date for dividend entitlement on June 4, 2025, and the ex-dividend date on June 5, 2025 [1]. Taxation Details - Individual shareholders holding unrestricted circulating shares for over one year will be exempt from personal income tax on dividend income, while those holding for one year or less will not have tax withheld [1]. - Qualified Foreign Institutional Investors (QFII) will have a 10% corporate income tax withheld on dividends [1]. - Investors from the Hong Kong Stock Exchange will also face a 10% withholding tax on dividends [1].

Core Viewpoint - Zijin Mining Group Co., Ltd. is planning to spin off its subsidiary, Zijin Gold International Co., Ltd., for listing on the Hong Kong Stock Exchange, alongside implementing a 2025 employee stock ownership plan [2][3][6]. Company Announcements - The board of Zijin Mining approved multiple resolutions, including the spin-off of Zijin Gold International and the 2025 employee stock ownership plan [2][6]. - The employee stock ownership plan will involve up to 2,500 participants, with a total funding not exceeding 700.40 million yuan, and a stock purchase price set at 10.89 yuan per share [2][4]. - The company’s supervisory board confirmed that the spin-off complies with relevant laws and regulations, and the proposed plan is reasonable and feasible [3][4]. Financial Performance - Zijin Mining's stock price closed at 17.73 yuan, down 4.63% from the previous week, with a market capitalization of 471.22 billion yuan, ranking 1st in the industrial metals sector [1]. Legal and Compliance - Legal opinions confirm that Zijin Mining has the qualifications to implement the employee stock ownership plan and the spin-off, which requires approvals from various regulatory bodies [4][5]. - The independent financial advisor, CITIC Securities, supports the spin-off, stating it will enhance the company's focus on its core business and independence [4].

Core Viewpoint - The China Securities Hong Kong 300 Upstream Index (H300 Upstream) has shown significant growth, with a 8.71% increase over the past month, 10.63% over the past three months, and a 5.02% increase year-to-date [2]. Group 1: Index Performance - The H300 Upstream Index is currently reported at 2474.02 points, reflecting a strong upward trend [1]. - The index is based on a sample of securities selected from the China Securities Hong Kong 300 Index, representing the overall performance of various thematic securities listed on the Hong Kong Stock Exchange [2]. Group 2: Index Composition - The top ten holdings of the H300 Upstream Index include: - China National Offshore Oil Corporation (29.31%) - PetroChina Company Limited (12.7%) - China Shenhua Energy Company (10.38%) - Zijin Mining Group (9.79%) - Sinopec Limited (9.47%) - China Hongqiao Group (3.57%) - China Coal Energy Company (3.32%) - Zhaojin Mining Industry Company (3.14%) - Yanzhou Coal Mining Company (2.77%) - Luoyang Molybdenum Company (2.28%) [2]. Group 3: Sector Allocation - The sector allocation of the H300 Upstream Index is as follows: - Oil and Gas: 51.89% - Coal: 18.54% - Precious Metals: 14.87% - Industrial Metals: 10.17% - Rare Metals: 2.98% - Oil and Gas Extraction and Field Services: 1.05% - Other Non-ferrous Metals and Alloys: 0.49% [3]. Group 4: Index Adjustment - The index samples are adjusted semi-annually, with adjustments occurring on the next trading day following the second Friday of June and December each year. Temporary adjustments may occur under special circumstances [3].

Report Industry Investment Rating No relevant content provided. Core View of the Report - The global financial and commodity markets show complex trends. Stock indices such as the Dow Jones Industrial Index, Nasdaq Index, and S&P 500 in the US have risen, while some commodity prices like COMEX gold and silver have fallen. In the domestic market, various commodities also present different price changes. Macroeconomic events, including international trade negotiations and domestic economic data releases, have an impact on market sentiment and price trends. Different sectors, such as agriculture, energy - chemical, and industrial metals, have their own supply - demand characteristics and price outlooks [2][6][7][11]. Summary by Relevant Catalogs 1. Market Data Tracking - **Stock Indices**: On May 28, 2025, the Dow Jones Industrial Index rose by 740.58 points (1.78%) to 42343.65, the Nasdaq Index rose by 461.95 points (2.465%) to 19199.16, the S&P 500 rose by 118.72 points (2.046%) to 5921.54, and the Hang Seng Index rose by 99.66 points (0.428%) to 23381.99 [2]. - **Commodity Futures**: In the international market, COMEX gold fell by 1.727% to 3299.70 dollars/ounce, and COMEX silver fell by 0.758% to 33.39 dollars/ounce. In the domestic market, for example, the price of gold fell by 0.117% to 770.70, and the price of silver rose by 0.389% to 8249.00 [2]. - **Currency and Interest Rates**: The SHIBOR overnight rate fell by 3.586% to 1.45, the dollar index fell by 0.085% to 99.53, and the dollar - to - RMB (CFETS) exchange rate remained unchanged at 7.19 [2]. 2. Macroeconomic News - **International Trade**: Premier Li Qiang attended the ASEAN - China - GCC Summit, emphasizing cooperation in multiple fields. The EU is seeking to accelerate trade negotiations with the US, and the US may lower tariffs on some countries. There are also expectations for the completion of trade agreements such as the China - GCC Free Trade Agreement [6]. - **Domestic Economy**: In April, the profits of China's large - scale industrial enterprises increased by 3% year - on - year, with new - kinetic - energy industries showing rapid profit growth. In May, the second - hand housing market in Guangzhou showed year - on - year growth [7]. - **Consumer Confidence**: In May, the US consumer confidence index rose significantly from 85.7 in April to 98, exceeding all economists' expectations [7]. 3. Morning Meeting Views on Major Varieties 3.1 Agricultural Products - **Peanuts**: Affected by factors such as the busy farming season, the supply of peanut spot goods is low, and the price is stable with a slight upward trend. However, the market lacks upward momentum, and it is not recommended to chase the high in the futures market [11]. - **Oils and Fats**: The US soybean planting rate is lower than expected, and the commodity market atmosphere is weak. The oil and fat market is expected to fluctuate weakly [11]. - **Sugar**: The price of sugar futures is in the range of 5800 - 5850 yuan. It is recommended to wait and see. If it breaks through the 5850 - yuan pressure level, a small - position long position can be tried [11]. - **Corn**: The corn market shows a pattern of weak supply and demand. The price is expected to fluctuate in the range of 2300 - 2340 yuan. It is recommended to wait and see [11]. - **Pigs**: The pig market shows a pattern of strong supply and weak demand, and the futures contract is oscillating around 13500, waiting for a direction [13]. - **Eggs**: The spot price of eggs is stable in the short term, but there is still pressure in the medium - term due to factors such as high - age laying hens and weather [13]. 3.2 Energy and Chemical Products - **Caustic Soda**: The price of liquid caustic soda in Shandong is expected to run steadily in the short term, and the 2509 contract continues to run at a low level [13]. - **Urea**: The domestic urea market price is stable. The UR2509 contract is expected to run in the range of 1800 - 1900 yuan/ton [13]. 3.3 Industrial Metals - **Copper and Aluminum**: Overseas tariff risks still exist, and the prices of copper and aluminum continue to oscillate and consolidate [13]. - **Alumina**: Affected by factors such as production capacity changes and supply disturbances, the 2509 contract of alumina rebounds from a low level, and attention should be paid to the pressure range of 3200 - 3300 yuan/ton [15]. - **Black Series**: Black series products such as steel and iron alloys are generally in a downward trend. It is not recommended to chase short positions in the short term [15]. - **Coking Coal and Coke**: The coking coal market is weak, and the second - round price cut of coke has been implemented. The prices of both continue to run weakly [15]. - **Lithium Carbonate**: The lithium carbonate market shows a pattern of weak supply and demand. It is recommended to wait and see. If it breaks through the 61500 - yuan pressure level, a small - position long position can be tried [15][16]. 3.4 Options and Finance - **Stock Index**: The A - share market shows weak upward momentum, and it is expected to continue to oscillate. Attention should be paid to structural opportunities [18][19]. - **Options**: On May 28, it is the last trading day of the May contracts of ETF options on the Shanghai and Shenzhen Stock Exchanges. Trend investors should focus on defense, and volatility investors can buy wide - straddle positions to bet on increased volatility after the decline in volatility [20].

Core Viewpoint - The report from CITIC Securities indicates a divergence in the performance of various indices in the energy and materials sectors since early 2025, with expectations of complex commodity price trends in the second half of 2025 due to anticipated fluctuations in U.S. tariff policies [1] Group 1: Investment Strategy - Focus on "hedging" and "supply disruptions" as the main investment themes, suggesting a sequential allocation in the following order: gold, strategic metals, steel, industrial metals, coal, and oil [1] - Gold remains the preferred investment direction, with attention on companies' production growth and cost optimization prospects [1] - The strategic metals sector should focus on rare earths, tungsten, antimony, and cobalt [1] - The steel sector presents a good opportunity for allocation due to its valuation advantages and profit redistribution expectations [1] - It is recommended to accumulate positions in industrial metals, coal, and crude oil during price dips [1]

两家A股上市公司筹划控制权变更相关事宜。 罗平锌电(002114)5月27日晚间公告称，公司于2025年5月27日收到控股股东罗平县锌电公司的通知，其正在筹划公司控制权变更事宜，拟向曲靖市 发展投资集团有限公司协议转让其所持有的7242.76万股公司无限售流通股股份，占公司总股本的22.3960%。本次权益变动需取得有权国资监管部 门的批准或许可后方可进行。公司股票自2025年5月28日开市起停牌，预计停牌时间不超过2个交易日。 所属行业 √ 工业金属 -1.39% > 罗平锌电表示，该事项目前处于筹划阶段，尚存在重大不确定性，敬请广大投资者注意投资风险。 值得一提的是，曲靖市发展投资集团有限公司实际控制人为曲靖市人民政府国有资产监督管理委员会（持股比例：100%）。 业绩方面，罗平锌电一季报显示，报告期内，公司实现营业总收入1.85亿元，同比下降53.55%；归母净利润亏损4500.88万元。 截至5月27日收盘，罗平锌电上涨5.27%，报7.19元/股。 23.25亿 7.00 7.32 成交量 32.30万手 总市值 ▼ 量比 2.58 3.23亿 6.85 2.28亿 总股本 载化 -57.73% 成 ...

Investment Rating - The report maintains a "Hold" recommendation for the non-ferrous metals industry [7] Core Insights - The non-ferrous metals index increased by 1.88% over the past two weeks, outperforming the CSI 300 index and ranking seventh among 31 first-level industries [2][13] - Precious metals showed strong performance due to heightened market risk aversion influenced by global geopolitical conflicts and inflation data [5] - The report highlights the importance of strategic minor metals investment opportunities amid intensified international market purchasing [5] Summary by Sections Market Review - The non-ferrous metals industry index rose by 1.88% from May 12 to May 23, 2025, with industrial metals and precious metals leading the gains at 2.87% and 2.45% respectively [2][13] Precious Metals - As of May 23, COMEX gold closed at $3,357.70 per ounce, reflecting a 4.75% increase over the past week and a 25.70% rise year-to-date [21][23] - COMEX silver closed at $33.64 per ounce, up 3.73% over the past week and 12.19% year-to-date [21][26] Industrial Metals - LME copper settled at $9,595 per ton, up 1.15% over the past two weeks and 10.47% year-to-date [30] - LME aluminum closed at $2,437 per ton, increasing by 1.50% over the past two weeks but down 3.90% year-to-date [30][32] Minor Metals - The price of antimony ingots (99.65%) was reported at 225,000 yuan per ton, down 5.32% over the past two weeks but up 58.65% year-to-date [36][37] - Black tungsten concentrate (≥65%) was priced at 164,500 yuan per ton, down 1.79% over the past two weeks and up 15.24% year-to-date [36] Rare Earths - The rare earth price index stood at 177.95, up 0.55% over the past two weeks and 8.65% year-to-date [47] - Praseodymium-neodymium oxide was priced at 429,000 yuan per ton, up 1.42% over the past two weeks [47] Energy Metals - Electrolytic cobalt averaged 235,850 yuan per ton, down 2.54% over the past two weeks but up 38.33% year-to-date [51] - Sulfuric cobalt (≥20.5%) averaged 49,000 yuan per ton, down 0.71% over the past two weeks and up 83.52% year-to-date [51] Major Events - China issued export licenses for rare earths to at least four producers, marking the first such issuance since export controls were implemented in April [4][58]

本 文摘自：2025年5月26日发布的 宏观扰动再起，金属价格震荡运行 于嘉懿 ，资格证书编号： S0880522080001 刘小华 ，资格证书编号： S0880523120003 报告导读： 特朗普全面减税法案的最终落地、以及其关税威胁均存在不确定性，市场情 绪反复之下，金价或呈现震荡。国内宏观利好频出，或将对冲部分海外影响，不过仍需 关注淡季下游需求反馈，工业品价格预计震荡运行。 周期研判： 特朗普全面减税法案，在美众议院预算委员会获得通过，引发市场对于美财政赤字担忧，且特 朗普再度发动对欧盟等关税威胁，市场避险情绪上升，金价上行。然该法案的最终落地、以及特朗普关税 威胁均存在不确定性，市场情绪反复之下，金价或呈现震荡。同时国内宏观方面利好频出，或将对冲部分 海外影响，进入传统淡季，需关注下游对工业金属需求反馈，工业品价格预计震荡运行。 贵金属：市场情绪反复，金价或延续震荡。 5 月 22 日，美国总统特朗普的全面减税法案，在美国众议院 获得通过，引发市场对于美财政赤字的担忧，长期美债遭遇抛售，叠加周五特朗普提出对欧盟、苹果、三 星加征关税，美股下跌、美元指数单周下跌约 2% 。同时，据美国有线电视新闻 ...