| 锡产业期现日报 | | | | | | | --- | --- | --- | --- | --- | --- | | 投资咨询业务资格:证监许可【2011】1292号 2025年5月15日 | | | | 寇帝斯 | Z0021810 | | 现货价格及基差 | | | | | | | 品种 | 现值 | 前值 | 旅跌 | 张跌幅 | 单位 | | SMM 1#锡 | 265000 | 262100 | 2900 | 1.11% | | | SMM 1#锡升贴水 | 800 | 800 | O | 0.00% | 元/吨 | | 长江 1#锡 | 265500 | 262600 | 2900 | 1.10% | | | LME 0-3升贴水 | -18.50 | 15.00 | -33.50 | -223.33% | 美元/吨 | | 内外比价及进口盈亏 | | | | | | | 品种 | 我们 | 前值 | 涨跌 | 张跌幅 | 单位 | | 进口盈亏 | -11580.58 | -11526.88 | -53.70 | -0.47% | 元/吨 | | 沪伦比值 | 8.12 | 8.10 | ...

1. Report Industry Investment Rating No information provided in the content. 2. Core Views of the Report - For copper, overnight LME copper rose slightly and then declined. The domestic demand orders may gradually slow down as the peak season turns to the off - season. The Sino - US trade negotiation progress is expected to boost copper prices in the short term. Copper prices are expected to reach the range of 78,000 - 80,000 yuan/ton, but attention should be paid to the downstream acceptance and potential price fluctuations [1]. - For aluminum, alumina and Shanghai aluminum are oscillating strongly. Aluminum ingots continue to show a slight de - stocking state. The short - strong and long - weak pattern of aluminum prices continues. Attention should be paid to the inventory - consumption situation and subsequent tariff negotiation dynamics [1][2]. - For nickel, macro sentiment has improved, and the Philippine nickel ore event has attracted market attention. In the short term, nickel ore is relatively strong, but the overall trend is still oscillating. If domestic primary nickel continues to accumulate inventory, it will put pressure on nickel prices [2]. 3. Summary According to Relevant Catalogs 3.1 Research Views - **Copper**: Trump pressured the Fed Chairman Powell to cut interest rates, and the dollar's V - shaped trend restricted copper price increases. China's April social financing and new RMB loans data and M2 - M1 spread changes were reported. LME copper inventory decreased by 4,075 tons, while COMEX inventory increased by 1,749 tons. Domestic demand orders are relatively stable but may slow down. Sino - US trade progress is expected to boost copper prices, with prices expected to reach 78,000 - 80,000 yuan/ton, but attention should be paid to downstream acceptance and potential price drops [1]. - **Aluminum**: Alumina and Shanghai aluminum are oscillating strongly. Alumina AO2509 closed at 2,979 yuan/ton with a 3.51% increase, and AL2506 closed at 20,255 yuan/ton with a 0.67% increase. Aluminum ingot prices changed from a discount to a premium. Some downstream processing fees changed. Aluminum ingots continued to de - stock slightly. The short - strong and long - weak pattern of aluminum prices continues, and attention should be paid to inventory - consumption and tariff negotiations [1][2]. - **Nickel**: Overnight LME nickel rose 0.35%, and Shanghai nickel rose 0.92%. LME inventory decreased by 84 tons, and domestic SHFE warehouse receipts decreased by 398 tons. Nickel ore prices are strong, and some stainless steel production has decreased, but demand - side inventory has increased. In the new energy sector, raw material supply has recovered, and the demand for ternary precursors has decreased slightly. In the short term, the market sentiment has improved, but overall, it is still oscillating, and attention should be paid to inventory changes [2]. 3.2 Daily Data Monitoring - **Copper**: Price changes of various copper products such as flat - water copper, scrap copper, and downstream products were reported. LME and COMEX inventory changes, as well as other indicators such as LME0 - 3 premium and import profit and loss, were also provided [3]. - **Lead**: The average price and other indicators of lead remained stable, with some minor changes in lead ore prices and processing fees. LME and SHFE inventory changes and import profit and loss were also reported [3]. - **Aluminum**: Aluminum prices, raw material prices, downstream processing fees, and inventory changes in LME, SHFE, and social inventories were reported. Import profit and loss and other indicators were also provided [4]. - **Nickel**: Price changes of various nickel products, including electrolytic nickel, nickel iron, nickel ore, stainless steel, and new energy products, were reported. Inventory changes in LME, SHFE, and social inventories, as well as import profit and loss, were also provided [4]. - **Zinc**: Zinc prices, including the main settlement price, spot price, and alloy price, increased. TC remained stable, and inventory changes in LME, SHFE, and social inventories were reported [5]. - **Tin**: The main settlement price of tin increased, and the price of tin concentrate also rose. Inventory changes in LME and SHFE, as well as import profit and loss, were reported [5]. 3.3 Chart Analysis - **3.1 Spot Premium**: Charts of spot premiums for copper, aluminum, nickel, zinc, lead, and tin from 2019 - 2025 were presented [7][8][11]. - **3.2 SHFE Near - Far Month Spread**: Charts of the near - far month spreads for copper, aluminum, nickel, zinc, lead, and tin from 2020 - 2025 were presented [12][15][18]. - **3.3 LME Inventory**: Charts of LME inventories for copper, aluminum, nickel, zinc, lead, and tin from 2019 - 2025 were presented [20][22][23]. - **3.4 SHFE Inventory**: Charts of SHFE inventories for copper, aluminum, nickel, zinc, lead, and tin from 2019 - 2025 were presented [25][27][29]. - **3.5 Social Inventory**: Charts of social inventories for copper, aluminum, nickel, zinc, stainless steel, and 300 - series stainless steel from 2019 - 2025 were presented [31][33][35]. - **3.6 Smelting Profit**: Charts 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 were presented [38][40][42]. 3.4有色金属团队介绍 - **展大鹏**: Holds a science master's degree, serves as the director of non - ferrous research at Everbright Futures Research Institute, a senior researcher of precious metals, a gold intermediate investment analyst, an excellent metal analyst of the Shanghai Futures Exchange, and the best industrial product futures analyst of Futures Daily & Securities Times. Has over a decade of commodity research experience, serves many leading spot enterprises, and has published dozens of professional articles in public newspapers and magazines [45]. - **王珩**: Holds a finance master's degree from the University of Adelaide, Australia. Serves as a non - ferrous researcher at Everbright Futures Research Institute, mainly researching aluminum and silicon. Focuses on domestic non - ferrous industry research and new energy industry chain dynamics [45]. - **朱希**: Holds a science master's degree from the University of Warwick, UK. Serves as a non - ferrous researcher at Everbright Futures Research Institute, mainly researching lithium and nickel. Focuses on the integration of non - ferrous metals and new energy and tracks new energy industry chain dynamics [46].

◆ 铜： 截至 5 月 14 日收盘，沪铜主力 06 合约上涨 1.36%至 78940 元/吨。中 美在经贸领域达成相关贸易协议，全球贸易紧张局势进一步缓解。美通 胀数据低于市场预期，美元走软，隔夜有色金属普涨，铜价小幅上行。 现货市场，日内铜价重心下移，BACK 结构月差有所扩张，下游企业入 市接货情绪难有提振同时由于交割换月临近，持货商大贴水出货情绪有 限。全球贸易紧张局势进一步缓解，铜价回归基本面逻辑。目前铜精矿 TC 继续下移，冶炼产出后续存在下滑趋势，不过冶炼端的原料压力虽然 较大，但近期实际对产出的影响相对较小消费表现依然稳中有进，但高 月差抑制了近期消费表现。低库存背景下，铜价或继续维持高位偏强震 荡。技术上看，沪铜短期维持偏强震荡。 ◆ 铝： 截至 5 月 14 日收盘，沪铝主力 06 合约上涨 1.4%至 20275 元/吨。氧 化铝运行产能周度环比减少 55 万吨至 8675 万吨，全国氧化铝库存较节 前减少 13.5 万吨至 328.8 万吨。氧化铝企业检修减产和主动压产仍在 继续，市场处于投产、复产、减产交织状态。有媒体报道北方某大型氧 化铝企业氧化铝产能或存在违规建设，带动市场情绪 ...

有色早报 研究中心有色团队 2025/05/14 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 2025/05/07 260 1321 116753 21541 52.52 553.27 100.0 115.0 21.65 193975 86125 2025/05/08 225 1089 116753 19540 -252.05 750.12 102.0 116.0 45.82 194275 84025 2025/05/09 80 829 80705 19165 160.52 955.79 103.0 117.0 49.19 191775 82625 2025/05/12 -25 899 80705 20084 -381.79 644.55 101.0 117.0 23.87 190750 82200 2025/05/13 -10 799 80705 29157 -370.77 284.15 101.0 117.0 19.17 189650 81275 变化 ...

有色商品日报 有色商品日报（2025 年 5 月 14 日） 一、研究观点 | 品 种 | 点评 | | | | --- | --- | --- | --- | | | 隔夜 LME 铜震荡走高。宏观方面，美国劳工部公布，4 | | 月 CPI 同比增长 2.3%，略低于 | | | 预期和前值 2.4%；核心 CPI 同比增长 2.8%，持平于预期和前值 的关税政策普遍预计将推高通胀，但企业可能仍在消化大量库存，尚未开始全面提价， | | 2.8%。虽然特朗普政府 | | | 市场预计未来两三个月将逐步体现。同日，特朗普再次向美联储主席鲍威尔施压，要求 | | | | | 其降息。国内方面，中美达成关税协议后，海外投行纷纷上调中国经济增长预期。库存 | | | | 铜 | 方面，LME 铜库存下降 1100 吨至 189650 吨；comex | | 库存增加 1500 吨至 149788 吨。国 | | | 内需求方面，当前订单相对平稳，但旺季转淡季预期下，终端需求订单可能逐步放缓。 | | | | | 中美贸易谈判取得超预期进展，预计将继续推动风险偏好回升，对铜而言有望短线继续 | | | | | 得到 ...

中辉有色观点 | 200 | 111 | 197 | 1 | I | 1 | 2 | | --- | --- | --- | --- | --- | --- | --- | | N | C | 1 | E | | | | 金银：关税谈判情绪和通胀降温影响，黄金震荡 表 1：产业高频数据 | 盘面信息 | 最新 | 最新 | 前值 | 涨跌 | 上周 | 周变化 | | --- | --- | --- | --- | --- | --- | --- | | 黄金 | SHFE黄金 | 767.68 | 772.28 | -0. 60% | 804 | -4. 46% | | | COMEX黄金 | 3255 | 3242 | 0. 39% | 3310 | -1.69% | | 白银 | SHFE 白 银 | 8245 | 8232 | 0. 16% | 8235 | 0. 12% | | | COMEX白银 | 33 | 33 | 0. 90% | 33 | 1.47% | | | 上海金银比 | 93. 40 | 93.81 | -0. 44% | 97.37 | -4. 07% | | 比价 | COME ...

Core Viewpoint - The company is facing challenges in its smelting operations, with significant losses reported, and is under pressure to improve its market performance and investor confidence [16][19][22]. Group 1: Stock Performance and Market Sentiment - As of May 13, 2025, the company's stock closed at 15.98 yuan, up 0.38%, with a turnover rate of 1.02% and a trading volume of 243,700 hands, amounting to a transaction value of 389 million yuan [1]. - The company has seen a decline in institutional holdings, which may be influenced by market conditions and investment strategies [3]. - The company’s stock has underperformed compared to its peers, with a significant drop in value attributed to poor earnings performance and market sentiment [12][19]. Group 2: Financial Performance and Management - The company reported a net profit increase of only 9% in the first quarter, significantly lower than competitors like Zijin Mining and Luoyang Molybdenum, which saw net profit increases of 62% and 90%, respectively [7][12]. - The smelting segment has been a major source of losses, with the company’s smelting capacity at only 750,000 tons per year, which is lower than industry peers [16][19]. - The company plans to increase its copper smelting capacity by 33% in 2025, despite previous losses, indicating a strategy to enhance production [18]. Group 3: Strategic Decisions and Future Outlook - The company is considering strategic partnerships to improve management and operational efficiency, particularly in light of its challenges in the smelting sector [20]. - The management has emphasized the importance of risk management in its hedging strategies, despite facing losses in its futures trading [5][21]. - The company is committed to optimizing its resource allocation and enhancing operational efficiency to improve its financial performance [19].

证券代码：601609 证券简称：金田股份 公告编号：2025-051 债券代码：113046 债券简称：金田转债 债券代码：113068 债券简称：金铜转债 宁波金田铜业（集团）股份有限公司 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： ? 本次会议是否有否决议案：无 一、 会议召开和出席情况 (一) 股东大会召开的时间：2025 年 5 月 13 日 (二) 股东大会召开的地点：宁波市江北区慈城镇城西西路 1 号五楼会议室 (三) 出席会议的普通股股东和恢复表决权的优先股股东及其持有股份情况： 份总数的比例（%） (四) 表决方式是否符合《公司法》及《公司章程》的规定，大会主持情况等。 本次会议由董事会召集，董事长楼城先生主持。采用现场投票和网络投票相 结合的表决方式，会议的召集、召开及表决程序符合《公司法》《上海证券交易 所上市公司股东大会网络投票实施细则》及《公司章程》的规定，会议召开合法 有效。 (五) 公司董事、监事和董事会秘书的出席情况 二、 议案审议情况 (一) 非累积投票议案 审议结果：通过 ...

北京市鑫河律师事务所 BEIJING X.H.LAW FIRM 北京市鑫河律师事务所 关于宁波金田铜业（集团）股份有限公司 法律意见书 地址：北京市西城区太平街 6 号富力摩根中心 E 座 901 室 邮编：100050 电话：（86-10）5936 2077 传真：（86-10）5936 2188 网址：www.xhlaw.cn 鑫河律师事务所 法律意见书 根据《中华人民共和国公司法》（以下简称"《公司法》"）、《上市公司 股东会规则》等法律、法规和规范性文件以及《宁波金田铜业（集团）股份有限 公司章程》（以下简称"《公司章程》"）的有关规定，本所律师参加了本次股 东大会的全过程，对本次股东大会所涉及的相关事项进行了必要的核查和验证, 审查了本所认为出具本法律意见书所需的相关文件、资料。 本所律师根据上述法律、法规及规范性文件的要求,按照律师行业公认的业 务标准、道德规范和勤勉尽责精神，出具法律意见如下： 一、本次股东大会的召集、召开程序 年 5 月 13 日召开公司 2024 年年度股东大会，并于 2025 年 4 月 15 日在指定信息 披露媒体上刊登了《宁波金田铜业（集团）股份有限公司关于召开 202 ...

Report Industry Investment Ratings - No investment ratings provided in the reports Core Views Tin Industry - The macro sentiment may drive the tin price to rebound, but considering the supply recovery and weak demand, it is advisable to try short - selling in the range of 265,000 - 270,000, and focus on the supply recovery rhythm [1] Copper Industry - The copper market presents a combination of "strong reality + weak expectation", with short - term prices likely to fluctuate. Pay attention to the continuation of the strong reality after May, the tariff negotiation rhythm, and the resistance level of 77,500 - 78,500 [2] Aluminum Industry - The alumina market has mixed factors and is expected to fluctuate in the short term. The aluminum price is supported by inventory reduction, tariff easing, and policy expectations, but is pressured by weakening demand and cost, and is expected to be weak, with the support level at 18,000 - 18,500 [4] Zinc Industry - Short - term zinc prices may be supported by tariff easing. In the future, if tariffs lead to insufficient consumption, the price may decline; otherwise, it may maintain a high - level shock. In the long - term, a short - selling strategy is recommended, with the reference range of 21,500 - 23,500 [6] Lithium Industry - Tariff news has limited impact on lithium. The supply - demand contradiction is clear, and the support is weakening. The short - term price may stabilize, but the upward space is limited. A short - selling strategy is recommended, with the reference range of 62,000 - 66,000 [9] Nickel Industry - The macro sentiment improves, and the nickel price has cost support, but the medium - term supply is loose. The price is expected to fluctuate, with the reference range of 122,000 - 128,000 [11] Stainless Steel Industry - The stainless steel market has some price support from the ore end, but the short - term supply - demand contradiction expands. The price is expected to fluctuate, with the reference range of 12,600 - 13,200 [14] Summary by Directory Tin Industry Spot Price and Basis - SMM 1 tin price rose to 262,800, up 1.23%; LME 0 - 3 spread rose 72.79% [1] Internal - External Ratio and Import Profit and Loss - Import loss decreased by 74.84% to - 2,373.05 yuan/ton [1] Monthly Spread - 2506 - 2507 spread rose 433.33% to 160 yuan/ton [1] Fundamental Data - March tin ore imports decreased by 4.83%, while SMM refined tin production increased by 8.75% [1] Inventory Changes - SHEF inventory decreased by 2.13%, while social inventory increased by 3.66% [1] Copper Industry Price and Basis - SMM 1 electrolytic copper price rose 0.09% to 78,275 yuan/ton; import loss was - 570 yuan/ton [2] Monthly Spread - 2505 - 2506 spread decreased by 180 yuan/ton to 330 yuan/ton [2] Fundamental Data - April electrolytic copper production increased by 0.32%, and March imports increased by 15.24% [2] Inventory Changes - SHFE inventory decreased by 9.63% to 8.07 million tons [2] Aluminum Industry Price and Spread - SMM A00 aluminum price rose 1.02% to 19,810 yuan/ton; 2505 - 2506 spread decreased by 35 yuan/ton to 35 yuan/ton [4] Fundamental Data - April alumina production decreased by 6.17%, and electrolytic aluminum production decreased by 2.91% [4] Inventory Changes - Chinese electrolytic aluminum social inventory decreased by 5.50% to 60.1 million tons [4] Zinc Industry Price and Spread - SMM 0 zinc ingot price decreased by 0.22% to 22,720 yuan/ton; 2505 - 2506 spread decreased by 150 yuan/ton to 235 yuan/ton [6] Fundamental Data - April refined zinc production increased by 0.31%, and March imports increased by 9.47% [6] Inventory Changes - Chinese zinc ingot seven - region social inventory increased by 1.66% to 8.55 million tons [6] Lithium Industry Price and Basis - SMM battery - grade lithium carbonate price decreased by 1.00% to 64,600 yuan/ton; 2505 - 2506 spread rose 220 yuan/ton to 160 yuan/ton [9] Fundamental Data - April lithium carbonate production decreased by 6.65%, and demand increased by 3.02% [9] Inventory Changes - Last week, the overall inventory decreased slightly, mainly due to the reduction in downstream inventory [9] Nickel Industry Price and Basis - SMM 1 electrolytic nickel price rose 1.92% to 127,225 yuan/ton; LME 0 - 3 spread decreased by 6.35% to - 183 [11] Fundamental Data - April refined nickel production increased by 6.08%, and imports decreased by 68.84% [11] Inventory Changes - SHFE inventory decreased by 3.08% to 28,675 [11] Stainless Steel Industry Price and Basis - 304/2B (Wuxi Hongwang 2.0 roll) price rose 0.77% to 13,150 yuan/ton; 2506 - 2507 spread remained unchanged at - 40 yuan/ton [14] Fundamental Data - April 300 - series stainless steel production in China increased by 11.37%, and exports increased by 70.98% [14] Inventory Changes - 300 - series social inventory in Wuxi and Foshan increased by 1.94% to 56 million tons [14]