有色金属日报 2025-5-16 五矿期货早报 | 有色金属 铜 有色金属小组 吴坤金 从业资格号：F3036210 交易咨询号：Z0015924 0755-23375135 wukj1@wkqh.cn 曾宇轲 从业资格号：F03121027 0755-23375139 zengyuke@wkqh.cn 张世骄 从业资格号：F03120988 0755-23375122 zhangsj3@wkqh.cn 王梓铧 从业资格号：F03130785 0755-23375132 wangzh7@wkqh.cn 刘显杰 从业资格号：F03130746 0755-23375125 liuxianjie@wkqh.cn 陈逸 从业资格号：F03137504 0755-23375125 cheny40@wkqh.cn 国内权益市场走弱，美国零售增长放缓，贵金属价格企稳，铜价下探回升，昨日伦铜微涨 0.08%至 9600 美元/吨，沪铜主力合约收至 78490 元/吨。产业层面，昨日 LME 库存减少 925 至 184650 吨，注销仓 单比例下滑至 41.6%，Cash/3M 升水 14.8 美元/吨。国内方面，电解铜社会 ...

从业资格号：F3036210 交易咨询号：Z0015924 0755-23375135 wukj1@wkqh.cn 曾宇轲 有色金属日报 2025-5-13 五矿期货早报 | 有色金属 铜 有色金属小组 吴坤金 从业资格号：F03121027 0755-23375139 zengyuke@wkqh.cn 张世骄 从业资格号：F03120988 0755-23375122 zhangsj3@wkqh.cn 王梓铧 从业资格号：F03130785 0755-23375132 wangzh7@wkqh.cn 刘显杰 从业资格号：F03130746 0755-23375125 liuxianjie@wkqh.cn 陈逸 从业资格号：F03137504 0755-23375125 cheny40@wkqh.cn 中美贸易谈判取得进展，关税大幅降低，权益市场走强，贵金属走弱，铜价冲高后有所回落，昨日伦 铜收涨 0.67%至 9502 美元/吨，沪铜主力合约收至 77820 元/吨。产业层面，昨日 LME 库存减少 10253 至 190750 吨，注销仓单比例下滑至 43.1%，Cash/3M 升水 23.9 美元/吨。 ...

有色、钢铁行业 行业研究 | 行业周报 铁矿价格出现明显松动，继续关注钢铁板 块的投资机会 ——有色钢铁行业周观点（2025 年第 19 周） 核心观点 投资建议与投资标的 风险提示 国内宏观经济增速放缓；美国通胀增速放缓；原材料价格波动 国家/地区 中国 行业 有色、钢铁行业 报告发布日期 2025 年 05 月 11 日 看好（维持） 刘洋 021-63325888*6084 liuyang3@orientsec.com.cn 执业证书编号：S0860520010002 香港证监会牌照：BTB487 | 铁矿价格出现明显松动，积极关注钢铁板 | 2025-04-27 | | --- | --- | | 块的投资机会：——有色钢铁行业周观点 | | | （2025 年第 17 周） | | | 持续关注钢铁板块的投资机会：——有色 | 2025-04-20 | | 钢铁行业周观点（2025 年第 16 周） | | | 金价再创新高，积极关注黄金板块投资机 | 2025-03-30 | | 会：——有色钢铁行业周观点（2025 年第 | | | 13 周） | | 有关分析师的申明，见本报告最后部分。其他重 ...

投资咨询业务资格：证监许可【2011】1778 号 有色金属 姓名：何彬 宝城期货投资咨询部 从业资格证号：F03090813 投资咨询证号：Z0019840 电话：0571-87006873 邮箱：hebin@bcqhgs.com 作者声明 本人具有中国期货业协会授 予的期货从业资格证书，期货投 资咨询资格证书，本人承诺以勤 勉的职业态度，独立、客观地出 具本报告。本报告清晰准确地反 映了本人的研究观点。本人不会 因本报告中的具体推荐意见或观 点而直接或间接接收到任何形式 的报酬。 有色金属 | 日报 2025 年 5 月 9 日 有色日报 专业研究·创造价值 低库存给予铜铝支撑 核心观点 沪铜 沪铜主力期价昨日夜盘冲高，站上 7.8 万关口，今日早盘跳水， 日内震荡运行。美联储 5 月议息会议落地，整体偏鹰派，利空铜价。 短期铜价在 7.8 万一线仍有较强的技术压力。短期可持续关注 7.8 万 关口多空博弈，也可关注月间正套。消息面上，关注中美在瑞会 议，若中美贸易摩擦趋于缓和，将在宏观氛围和终端需求上利好铜 价。 （仅供参考，不构成任何投资建议） 专业研究·创造价值 1 / 6 请务必阅读文末免责条款 ...

Core Viewpoint - The FTSE China A50 index components showed mixed performance with sectors like non-ferrous metals, insurance, liquor, and semiconductors rising, while oil, electricity, and home appliances sectors declined [1] Sector Summaries Insurance - Major companies include China Pacific Insurance (market cap: 292.65 billion), Ping An Insurance (market cap: 321.07 billion), and China Life Insurance (market cap: 925.08 billion) with trading volumes of 8.47 million, 19.92 million, and 5.97 million respectively [3] - China Pacific Insurance rose by 0.57 (+1.91%), Ping An by 0.09 (+0.18%), and China Life by 0.20 (+2.83%) [3] Liquor Industry - Key players are Kweichow Moutai (market cap: 1947.36 billion), Shanxi Fenjiu (market cap: 249.29 billion), and Wuliangye (market cap: 502.63 billion) with trading volumes of 28.39 million, 8.70 million, and 18.89 million respectively [3] - Kweichow Moutai increased by 3.20 (+0.21%), Shanxi Fenjiu by 0.24 (+0.12%), and Wuliangye by 0.79 (+0.61%) [3] Semiconductor - Notable companies include North Huachuang (market cap: 244.42 billion), Cambricon Technologies (market cap: 295.23 billion), and Haiguang Information (market cap: 348.67 billion) with trading volumes of 18.49 million, 39.07 million, and 18.70 million respectively [3] - North Huachuang rose by 3.62 (+0.51%), Cambricon by 1.41 (+0.95%), and Haiguang by 6.61 (+1.47%) [3] Oil Industry - Major firms are Sinopec (market cap: 684.03 billion), PetroChina (market cap: 227.63 billion), and COSCO Shipping (market cap: 1456.85 billion) with trading volumes of 9.73 million, 5.80 million, and 11.59 million respectively [3] - Sinopec increased by 0.20 (+1.39%), while PetroChina and COSCO Shipping saw slight declines [3] Coal Industry - Key companies include China Shenhua (market cap: 186.24 billion), Shaanxi Coal and Chemical (market cap: 761.96 billion), and CATL (market cap: 1019.96 billion) with trading volumes of 8.12 million, 45.91 million, and 6.62 million respectively [3] - China Shenhua rose by 0.05 (+0.13%), Shaanxi Coal by 0.04 (+0.21%), and CATL by 0.13 (+0.06%) [3] Electricity Industry - Important players are China Yangtze Power (market cap: 713.98 billion), China Nuclear Power (market cap: 191.08 billion), and Long江电力 (market cap: 331.34 billion) with trading volumes of 24.27 million, 6.20 million, and 68.68 million respectively [4] - China Yangtze Power decreased by 0.32 (-1.08%), while the other two companies saw slight increases [4] Food and Beverage - Major companies include Citic Securities (market cap: 378.07 billion), Guotai Junan (market cap: 232.32 billion), and Haitian Flavoring (market cap: 304.47 billion) with trading volumes of 20.86 million, 9.80 million, and 4.73 million respectively [4] - Citic Securities rose by 0.43 (+1.71%), Guotai Junan by 0.04 (+0.23%), while Haitian Flavoring decreased by 0.14 (-0.33%) [4] Consumer Electronics - Key players are Industrial Fulian (market cap: 325.33 billion), Luxshare Precision (market cap: 373.55 billion), and Heng Rui Medicine (market cap: 230.54 billion) with trading volumes of 19.72 million, 18.50 million, and 43.26 million respectively [4] - Industrial Fulian decreased by 0.10 (-0.20%), while Luxshare and Heng Rui saw increases [4] Home Appliances - Notable companies include Gree Electric (market cap: 254.70 billion), Haier Smart Home (market cap: 235.70 billion), and Muyuan Foods (market cap: 216.98 billion) with trading volumes of 17.84 million, 9.91 million, and 10.41 million respectively [4] - Gree Electric decreased by 0.09 (-0.20%), while Haier and Muyuan saw slight increases [4] Logistics Industry - Key firms are Mindray Medical (market cap: 267.03 billion), Wanhua Chemical (market cap: 218.48 billion), and Guofeng Holdings (market cap: 172.87 billion) with trading volumes of 9.47 million, 13.83 million, and 14.65 million respectively [4] - Mindray Medical rose by 0.28 (+0.64%), while Wanhua and Guofeng saw slight increases [4] Communication Services - Major companies include China Unicom (market cap: 171.33 billion) and China Construction (market cap: 228.50 billion) with trading volumes of 25.07 million and 9.22 million respectively [4] - China Unicom increased by 0.02 (+0.36%), while China Construction rose by 0.30 (+1.72%) [4]

1. Report Industry Investment Ratings No relevant content provided. 2. Core Viewpoints of the Report - Overall, the report analyzes the market conditions of various non - ferrous metals. The market trends are affected by factors such as supply and demand, inventory changes, and macro - economic factors. Some metals show short - term fluctuations and long - term trends, with both upward and downward risks [2][4][7][8]. 3. Summary by Metal Copper - Price: LME copper rose 0.92% to $9455/ton, and SHFE copper main contract reached 77770 yuan/ton. - Inventory: LME inventory decreased by 1825 to 203425 tons, and SHFE warehouse receipts decreased by 0.2 to 4.3 million tons. - Market: Domestic copper spot import had a small loss, and the scrap - refined copper price difference narrowed. Short - term copper prices may be volatile, and the impact of US tariffs on market sentiment should be noted [2]. Aluminum - Price: LME aluminum rose 0.68% to $2459/ton, and SHFE aluminum main contract reached 19955 yuan/ton. - Inventory: LME aluminum inventory decreased by 0.2 to 42.4 million tons, and domestic aluminum ingot social inventory decreased by 1.5 to 65.8 million tons. - Market: The short - term trade situation is uncertain. Aluminum prices are supported by strong demand in the peak season, and there is an opportunity for the inter - month spread to widen [4]. Lead - Price: SHFE lead index rose 0.13% to 16930 yuan/ton, and LME lead 3S rose to $1938/ton. - Inventory: SHFE lead futures inventory was 3.83 million tons, and LME lead inventory was 27.71 million tons. - Market: Lead supply is generally loose, demand is stable, and short - term lead prices show a strong - side shock [7]. Zinc - Price: SHFE zinc index rose 0.52% to 22536 yuan/ton, and LME zinc 3S rose to $2666/ton. - Inventory: SHFE zinc futures inventory was 0.36 million tons, and domestic social inventory decreased to 8.58 million tons. - Market: The medium - term bearish scenario remains. Zinc supply is expected to be loose, and there is a risk of price decline as inventory accumulates [8]. Tin - Price: SHFE tin main contract reached 259520 yuan/ton, up 0.08%. - Inventory: SHFE registered warehouse receipts were 8977 tons, and LME inventory decreased by 20 to 2810 tons. - Market: Mine supply is gradually recovering, which suppresses tin prices, but domestic demand is strong, and short - term tin prices are expected to fluctuate [9][10]. Nickel - Price: SHFE nickel main contract closed at 125880 yuan/ton, up 0.58%, and LME nickel closed at $15880/ton, up 1.96%. - Market: The supply - demand pattern is oversupplied. Stainless steel mills' raw material procurement is light, and nickel prices are expected to be under pressure. It is recommended to short at high prices [11]. Lithium Carbonate - Price: MMLC was reported at 69,028 yuan, and LC2507 contract closed at 68,300 yuan, down 0.99%. - Inventory: Domestic lithium carbonate production decreased by 2.8%, and inventory increment narrowed to 0.2%. - Market: High inventory and approaching off - season make it difficult to reduce inventory. Prices are likely to fluctuate at the bottom [13]. Alumina - Price: Alumina index rose 0.7% to 2864 yuan/ton. - Inventory: Thursday's futures warehouse receipts were 28.04 million tons, down 0.21 million tons. - Market: The supply surplus pattern remains, and it is recommended to short at high prices [15][16]. Stainless Steel - Price: Stainless steel main contract closed at 12780 yuan/ton, down 0.08%. - Inventory: Futures inventory was 170965 tons, down 2205, and social inventory decreased by 0.78%. - Market: Raw material prices are stable, and the price is under pressure due to prominent supply - demand contradictions [18].

有色金属小组 吴坤金 从业资格号：F3036210 交易咨询号：Z0015924 0755-23375135 wukj1@wkqh.cn 曾宇轲 从业资格号：F03121027 0755-23375139 zengyuke@wkqh.cn 张世骄 从业资格号：F03120988 0755-23375122 zhangsj3@wkqh.cn 王梓铧 有色金属日报 2025-4-18 五矿期货早报 | 有色金属 铜 从业资格号：F03130785 0755-23375132 wangzh7@wkqh.cn 刘显杰 从业资格号：F03130746 0755-23375125 liuxianjie@wkqh.cn 陈逸 从业资格号：F03137504 0755-23375125 cheny40@wkqh.cn 原油价格走强，贵金属价格下探回升，铜价震荡上涨，昨日伦铜收涨 0.71%至 9254 美元/吨，沪铜主 力合约收至 76070 元/吨。产业层面，昨日 LME 库存转为减少 2850 至 213400 吨，注销仓单比例下滑 至 41.3%，Cash/3M 贴水 32.2 美元/吨。国内方面，社会库存较周一减少逾 ...

Core Insights - Western Mining achieved a remarkable performance in 2024 with a revenue exceeding 50 billion yuan for the first time, marking a year-on-year growth of 17.02% [1][2] - The total profit reached 5.992 billion yuan, reflecting a year-on-year increase of 27%, while the dividend payout ratio reached 81%, exceeding market expectations [1][2] - The company has improved its ESG ratings to AA level, demonstrating its commitment to sustainable development and social responsibility [1][4] Financial Performance - In 2024, Western Mining reported a total revenue of 50.026 billion yuan, a 17.02% increase year-on-year, and a total profit of 5.992 billion yuan, up 27% [2] - The net profit for the year was 5.294 billion yuan, with a year-on-year growth of 25%, while the attributable net profit was 2.932 billion yuan, reflecting a 5% increase [2] - The company’s advance payments at the end of 2024 reached 612 million yuan, a significant increase of 170.40% compared to the previous year [2] Production and Sales Growth - The growth in performance was driven by a significant increase in copper and molybdenum production, with copper output reaching 177,500 tons, a 35% increase year-on-year [2] - The Yulong Copper Mine contributed 159,100 tons of copper, marking a 39.10% increase, while molybdenum production reached 4,009 tons, up 18% [2] - Iron concentrate production also increased to 1.3769 million tons, a 15% rise, and silver concentrate production reached 130.83 tons, a 6% increase [2] ESG Initiatives - Western Mining has been publishing ESG reports for 14 consecutive years, highlighting its commitment to sustainable development and governance [4] - The company’s ESG ratings have improved, achieving AA and A levels in various ESG rating systems, placing it among the leaders in the industrial metals sector [4] - In 2024, the company invested 650 million yuan in environmental protection, establishing new green mines and factories, and planting over 458,100 trees [4] Environmental Performance - The company reduced its greenhouse gas emissions by 4.21% in 2024 and decreased energy consumption intensity by 28.22% [5] - Water consumption intensity was reduced by 6.45%, with 100% of wastewater from smelting units being recycled [5] Social Responsibility - Western Mining increased its safety training sessions by 228.46% in 2024 and eliminated over 14,000 safety hazards [6] - The workforce grew by 11.4%, and employee training hours increased significantly, reflecting the company’s commitment to employee development [6] - The company invested 6.07 million yuan in rural revitalization, benefiting over 10,200 people [6] Governance Structure - The board of directors has a diverse composition, with three independent directors, ensuring independent decision-making [7] - The company has established compliance committees across its subsidiaries to enhance governance and compliance management [7] - In 2024, the company engaged in 122 institutional research sessions, maintaining a 100% response rate to investor inquiries [7]

Core Viewpoint - The recent U.S. tariff policy has led to significant declines in metal prices, particularly in copper, nickel, and tin, with expectations of short-term demand suppression but long-term supply constraints due to increasing demand from sectors like AI and renewable energy [1][2][4]. Price Volatility - International copper prices have shown a strong upward trend into 2025, reaching 83,320 yuan/ton by the end of March, but fell to a low of 73,640 yuan/ton by April 7, effectively reversing earlier gains [2] - The U.S. government announced a 10% baseline tariff on all trade partners and additional tariffs ranging from 20% to 49% on over 60 countries, leading to significant price drops in various metals during the Qingming holiday [2][3] - LME copper prices dropped by 8.95%, COMEX copper by 10.21%, and LME tin and nickel also saw declines of nearly 10% [2] Supply Constraints - The U.S. tariff policy is expected to lead to a decrease in both U.S. and global trade, potentially weakening demand for non-ferrous metals [4] - Despite tariff impacts, the copper market is projected to remain tight due to uncertainties in supply, including regional policy disruptions and operational challenges in mining [5][6] - The aluminum sector faces limitations due to a production cap in China and rising carbon emission costs, although supply constraints have eased somewhat [6] Industry Response - Companies are advised to adapt to the high inflation environment in the U.S. and the potential for tariff adjustments, with a focus on diversifying markets and reducing reliance on the U.S. [7] - The domestic consumption of non-ferrous metals in China accounts for over 40% of global demand, suggesting resilience against tariff impacts [7] - Downstream processing and end-user sectors are experiencing seasonal improvements in orders, but demand remains insufficiently strong [8]