株冶集团12月25日披露，截至12月20日公司股东户数为39200户，较上期（12月10日）减少2300户，环 比降幅为5.54%。 证券时报·数据宝统计，截至发稿，株冶集团收盘价为16.08元，下跌2.37%，本期筹码集中以来股价累 计上涨8.50%。具体到各交易日，7次上涨，4次下跌。 融资融券数据显示，该股最新（12月24日）两融余额为3.71亿元，其中，融资余额为3.69亿元，本期筹 码集中以来融资余额合计增加4344.08万元，增幅为13.33%。 公司发布的三季报数据显示，前三季公司共实现营业收入160.48亿元，同比增长11.54%，实现净利润 8.58亿元，同比增长47.51%，基本每股收益为0.7500元，加权平均净资产收益率24.76%。（数据宝） （文章来源：证券时报网） ...

（文章来源：证券日报） 证券日报网讯 12月25日，豫光金铅在互动平台回答投资者提问时表示，截至12月19日公司股东人数为 109087户。 ...

国内贵金属集体调整。 A股市场今天（12月25日）上午涨跌互现，上证指数表现相对较好，创业板指、科创50指数走弱，国防军工板块领涨。 值得注意的是，国内贵金属期货在连续多日暴涨后，今天上午涨势受阻，有贵金属期货品种罕见跌停，贵金属价格的剧烈波动也 传导至股票和基金市场，多只相关股票和基金大跌。 A股市场涨跌互现 A股市场今天上午涨跌互现，上证指数表现相对较好，创业板指、科创50指数走弱。截至中午收盘，上证指数上涨0.29%，深证成 指下跌0.11%，创业板指下跌0.37%，科创50指数下跌0.57%。 转自：证券时报 行业板块和赛道方面，若按照申万一级行业划分，国防军工板块领涨，板块盘中涨幅超过2%，广联航空"20cm"涨停，博云新材、 盛路通信、天奥电子、航发科技、派克新材、中天火箭等多股触及涨停。 非银金融板块走强，拉卡拉涨超6%，华金资本涨约5%，九鼎投资涨近3%。另外，非银金融板块中包括中国太保、中国平安、中 国人保在内的多只保险股再度走强。 通信、综合、商贸零售等板块盘中走弱。 此外，今天A股市场有一只新股上市，为江天科技，截至中午收盘，该股大涨超230%。 招股资料显示，江天科技主要从事标签印刷产 ...

Core Viewpoint - The Gansu Branch of the China Development Bank has been actively integrating financial services into the development blueprint of Gansu, focusing on infrastructure investment to support high-quality economic growth in the region [1] Group 1: Traditional Infrastructure Investment - The construction of three new highway corridors across Gansu is a key project aimed at improving transportation and supporting urban-rural development, with the bank providing comprehensive financial services [2] - As of early December, 28 sub-projects of the new highway corridors have commenced, with the bank having invested nearly 100 billion yuan in infrastructure during the 14th Five-Year Plan period [2] - The bank has supported the construction of over 2,200 kilometers of new highways and railways, and facilitated a green energy transition with renewable energy installations exceeding 35 million kilowatts [2][3] Group 2: Financing and Project Support - The bank has developed a differentiated credit product system covering the entire project lifecycle for major infrastructure projects, including the three new highway corridors and the expansion of Lanzhou Zhongchuan International Airport [3] - During the 14th Five-Year Plan, the bank has led the organization of syndicated loans exceeding 120 billion yuan, effectively gathering financial resources for project implementation [3] - The bank has utilized policy financial tools to invest over 13 billion yuan, effectively supplementing project capital and stimulating larger-scale social investments [3] Group 3: New Infrastructure Development - The Gansu Branch has recognized the importance of new infrastructure, aligning with national strategies to modernize transportation systems and support digital economy initiatives [4] - The bank has issued over 8 billion yuan in loans to support the development of 5G, big data centers, and industrial internet projects, facilitating a transition from physical to smart connectivity [4] - A notable project includes the first "5G+" smart highway in Gansu, supported by a 6.5 billion yuan long-term loan, which enables automated driving through intelligent roadside systems [4] Group 4: Innovative Projects and Green Energy - The bank is supporting the construction of the first national pilot project for a green electricity aggregation data center in Qingyang, which aims to achieve a green electricity ratio of 55% and reduce electricity costs [5][6] - The bank's financing has also enabled the establishment of an intelligent copper factory, enhancing production efficiency and safety through automation and digital integration [6] - The ongoing development of a comprehensive and efficient infrastructure network in Gansu is expected to significantly boost the flow of people, goods, and information, contributing to the region's economic growth [6]

广发早知道-汇总版 电 话：020-88818009 E-Mail：zhangxiaozhen@gf.com.cn 目录： 每日精选： 每日重点关注品种逻辑解析 金融衍生品： 金融期货： 股指期货、国债期货 贵金属： 黄金、白银、铂、钯 集运欧线 广发期货研究所 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、工业硅、多 晶硅 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、红枣、苹果 能源化工： PTA、乙二醇、苯乙烯、纯苯、短纤、瓶片、烧碱、PVC、LLDPE、PP、 甲醇、合成橡胶、橡胶、玻璃纯碱 2025 年 12 月 25 日星期四 投资咨询业务资格： 证监许可【2011】1292 号 组长联系信息： 张晓珍（投资咨询资格：Z0003135） 电话：020- 88818009 邮箱：zhangxiaozhen@gf.com.cn 周敏波（投资咨询资格：Z0010559） 电话：020-81868743 邮箱：zhoumingbo@gf.com.cn 焦煤：产地煤价涨跌互现，蒙煤价格跟随期货波动，盘面超跌反弹 朱迪（投资咨询资格：Z ...

Report Industry Investment Rating No relevant content provided. Core Viewpoints - In the stock index market, although there is some uncertainty at the end of the year due to partial profit - taking by funds, the long - term strategy is to go long on dips as policy support for the capital market remains unchanged [4]. - In the bond market, short - term bonds are expected to fluctuate due to weak domestic demand and institutional behavior. Attention should be paid to the repair of the supply - demand relationship at the end of the year and the rebound after over - selling [6]. - For precious metals, considering the Fed's potential interest rate cuts and balance - sheet expansion, gold and silver prices are expected to be strong. It is recommended to hold long positions [10]. - In the non - ferrous metals market, different metals have different trends. For example, copper is expected to be in a high - level shock, aluminum to fluctuate, and zinc to be cautious about price shocks [13][15][17]. - In the black building materials market, steel prices are expected to remain in a bottom - range shock, and iron ore prices are expected to operate within a shock range [32][34]. - For energy and chemical products, different products have different strategies. For example, rubber can be short - term operated, and crude oil can be observed in the short - term [51][54]. - In the agricultural products market, different agricultural products such as hogs, eggs, and beans have different price trends and trading strategies [76][78][80]. Summary by Category Macro - financial Stock Index - **Market Information**: The central bank will conduct 400 billion yuan of MLF operations on December 25, 2025. Beijing has adjusted housing purchase restrictions, and multiple departments have urged e - commerce platforms to manage product quality. The Yanjiawo lithium mine in Yichun, Ningde is expected to resume production around the Spring Festival [2]. - **Strategy**: End - of - year profit - taking by some funds brings uncertainty, but the long - term strategy is to go long on dips [4]. Treasury Bonds - **Market Information**: On December 24, multiple departments in Beijing optimized housing policies. The central bank conducted 26 billion yuan of 7 - day reverse repurchase operations on Wednesday, with a net withdrawal of 20.8 billion yuan [5]. - **Strategy**: The short - term bond market is expected to fluctuate. Attention should be paid to the supply - demand relationship repair and rebound [6]. Precious Metals - **Market Information**: Shanghai gold fell 0.23%, and silver rose 1.54%. US employment data exceeded expectations, suppressing precious metal prices in the short - term [8]. - **Strategy**: It is recommended to hold long positions in gold and silver, with reference price ranges provided [10]. Non - ferrous Metals Copper - **Market Information**: Offshore RMB strengthened, and copper prices rose. LME inventory decreased, and domestic demand was weak [12]. - **Strategy**: Copper prices are expected to be in a high - level shock, with a reference operating range provided [13]. Aluminum - **Market Information**: Aluminum prices rose. Domestic inventory increased slightly, and overseas inventory increased. Trading was light [14]. - **Strategy**: Aluminum prices are expected to fluctuate, with a reference operating range provided [15]. Zinc - **Market Information**: Zinc prices rose. Zinc concentrate inventory increased, and LME zinc inventory increased [16]. - **Strategy**: Be cautious about price shocks caused by the departure of precious metal funds [17]. Lead - **Market Information**: Lead prices rose. Lead concentrate inventory increased, and domestic lead supply tightened marginally [18]. - **Strategy**: Lead prices are expected to be strong in a wide - range in the short - term [19]. Nickel - **Market Information**: Nickel prices rose. Nickel ore prices were stable, and nickel iron prices increased slightly [20]. - **Strategy**: Although the surplus pressure is large, the short - term bottom may have appeared. It is recommended to observe [20]. Tin - **Market Information**: Tin prices fell. Supply was stable at a high level but lacked upward momentum, and demand was weak [21]. - **Strategy**: It is recommended to observe, with reference operating ranges provided [22]. Carbonate Lithium - **Market Information**: Carbonate lithium prices rose. The Yanjiawo lithium mine is expected to resume production around the Spring Festival [23][24]. - **Strategy**: It is recommended to observe or lightly buy options, with a reference operating range provided [24]. Alumina - **Market Information**: Alumina prices rose. Ore prices were expected to decline, and inventory was accumulating [25]. - **Strategy**: It is recommended to observe in the short - term, with a reference operating range provided [26]. Stainless Steel - **Market Information**: Stainless steel prices rose. Indonesian nickel ore production targets were adjusted, and spot trading was light [27]. - **Strategy**: It is recommended to observe and pay attention to policy implementation [27]. Casting Aluminum Alloy - **Market Information**: Casting aluminum alloy prices rose. Cost was firm, and supply was disrupted [28]. - **Strategy**: Prices are expected to fluctuate within a range [29]. Black Building Materials Steel - **Market Information**: Steel prices rose slightly. Rebar supply and demand increased, and hot - rolled coil production decreased [31]. - **Strategy**: Steel prices are expected to remain in a bottom - range shock, and pay attention to policy impacts [32]. Iron Ore - **Market Information**: Iron ore prices rose slightly. Overseas shipments decreased, and steel mill inventory was at a low level [33]. - **Strategy**: Iron ore prices are expected to operate within a shock range [34]. Glass and Soda Ash - **Market Information**: Glass prices rose, and soda ash prices rose slightly. Glass demand was weak, and soda ash inventory was accumulating [35][37]. - **Strategy**: Glass is expected to fluctuate narrowly, and it is recommended to short soda ash [36][38]. Manganese Silicon and Ferrosilicon - **Market Information**: Manganese silicon and ferrosilicon prices fluctuated slightly. Spot prices were stable [39]. - **Strategy**: Pay attention to the impact of manganese ore and "dual - carbon" policies [40][41]. Industrial Silicon and Polysilicon - **Market Information**: Industrial silicon prices rose, and polysilicon prices fell. Industrial silicon supply decreased slightly, and polysilicon demand was weak [42][44]. - **Strategy**: Industrial silicon is expected to follow market fluctuations, and polysilicon prices are unstable [43][46]. Energy and Chemicals Rubber - **Market Information**: Rubber prices rose. There are different views on the market from bulls and bears [48]. - **Strategy**: It is recommended to operate short - term and hold a hedging position [51]. Crude Oil - **Market Information**: Crude oil prices rose, and refined oil inventories decreased [52]. - **Strategy**: It is recommended to observe in the short - term and test OPEC's export - supporting willingness [54]. Methanol - **Market Information**: Methanol prices fluctuated. Port inventory decreased, but future pressure remains [55]. - **Strategy**: It is recommended to observe, and the market is expected to consolidate at a low level [56]. Urea - **Market Information**: Urea prices rose. Demand improved, and supply is expected to decline seasonally [57]. - **Strategy**: It is recommended to go long at low prices [58]. Pure Benzene and Styrene - **Market Information**: Pure benzene prices fell, and styrene prices rose. Supply and demand had different trends [59]. - **Strategy**: It is recommended to go long on the non - integrated profit of styrene [61]. PVC - **Market Information**: PVC prices rose. Supply was strong, and demand was weak [62]. - **Strategy**: It is recommended to short on rallies in the medium - term [63]. Ethylene Glycol - **Market Information**: Ethylene glycol prices rose. Supply was high, and inventory was accumulating [64]. - **Strategy**: Be cautious about the risk of price rebound due to increased maintenance [65]. PTA - **Market Information**: PTA prices rose. Supply was under high - level maintenance, and demand was affected by the off - season [66]. - **Strategy**: Pay attention to the opportunity of going long on dips based on expectations [67]. Para - Xylene - **Market Information**: Para - xylene prices fell. Supply was high, and demand was weak [68]. - **Strategy**: Pay attention to the opportunity of going long on dips [69]. Polyethylene (PE) - **Market Information**: PE prices rose. Supply was high, and demand was in the off - season [70]. - **Strategy**: Go long on the LL5 - 9 spread at low prices [71]. Polypropylene (PP) - **Market Information**: PP prices rose. Supply pressure was large, and demand was seasonally weak [72]. - **Strategy**: Wait for the supply - surplus situation to change in the first quarter of 2026 [73]. Agricultural Products Hogs - **Market Information**: Hog prices rose. Supply was large, and demand was stable [75]. - **Strategy**: Keep a short - term shock view and pay attention to long - term support [76]. Eggs - **Market Information**: Egg prices were stable or fell. Supply was sufficient, and demand was average [77]. - **Strategy**: Short on rallies in the short - term and pay attention to long - term pressure [78]. Bean and Rapeseed Meal - **Market Information**: CBOT soybeans rose. Domestic soybean inventory was high, and bean meal inventory increased [79]. - **Strategy**: Bean meal is expected to fluctuate [80]. Oils and Fats - **Market Information**: Palm oil production and export data were mixed. Domestic oils and fats rebounded [81]. - **Strategy**: Observe high - frequency data for short - term operations [82]. Sugar - **Market Information**: Sugar prices rebounded. Imported sugar supply decreased, and international production data was mixed [85]. - **Strategy**: International sugar prices may rebound after February, and domestic sugar prices may continue to rebound in the short - term [86]. Cotton - **Market Information**: Cotton prices rose. Xinjiang may reduce cotton planting area, and import data was mixed [87][88]. - **Strategy**: Wait for a callback to go long [89].

本期我们深入企业运转的"操作系统"——谁是中国最会"精打细算"的公司？ 运营效率，是企业最基础却最容易被忽视的能力。 "规模大"不等于"转得快"，资产可以靠融资堆出来，营收可以靠扩张拉上去，但能不能让每一块钱、每 一台设备、每一个员工都高效运转，才是管理基本功的终极体现。 一场行业寒冬，最先暴露出问题的，往往是那些"库存积压、回款慢、人浮于事"的企业；一轮激烈竞 争，胜出的常常是"轻资产、快周转、低库存"的效率高手。 总资产周转率：每1元资产创造多少收入 存货周转率：库存多久能变成真金白银 应收账款周转率：客户回款快不快，信用管理严不严 人均营收与人均利润：组织是否精简，人效是否领先 基于济安金信最新发布的上市公司竞争力评级数据，我们整理出"A股运营效率"维度排名前100的公司 名单。这些企业不仅业务流畅，更在资产周转、库存管理、回款速度、人均效能等方面做到行业标杆。 本期榜单，带你看清谁是真正的"效率先锋"。 济安金信的"运营效率"评估，并非只看营收或利润增速，而是通过多维度指标加权打分，综合衡量企业 资源使用效率，包括： 更重要的是，所有评分均在同行业内横向比较，避免将制造业与互联网平台、重资产国企与轻资 ...

每经AI快讯，罗平锌电（SZ 002114，收盘价：8.37元）12月24日晚间发布公告称，公司第九届第四次 董事会临时会议于2025年12月24日以现场加通讯表决方式召开。会议审议了《公司向控股股东借款暨关 联交易》等文件。 （记者 王晓波） 截至发稿，罗平锌电市值为27亿元。 每经头条（nbdtoutiao）——左手"欠款"右手"豪购"！杨陵江收购"国内酒庄第一股"，1919是否重启上 市？"吹太多牛都实现了，但千亿还没实现，我很着急" 2025年1至6月份，罗平锌电的营业收入构成为：冶金占比96.38%，自发电占比3.02%，食用油及副产品 占比0.6%。 ...

Core Viewpoint - The restructuring plan for the critical mineral supply chain led by the U.S. is facing uncertainty due to legal disputes and management disagreements involving the South Korean zinc smelting leader, Korea Zinc [1] Group 1: Project Overview - The Tennessee smelting plant project, a flagship of the U.S.-South Korea mineral strategy, is experiencing severe delays due to internal disputes over equity and management at Korea Zinc [1] - The U.S. Department of Defense has confirmed a partnership with Korea Zinc to invest $7.4 billion in the construction of the smelting plant, aimed at addressing supply chain risks for various industries [1] - The project was expected to be a significant achievement, marking the first large-scale zinc smelting plant built in the U.S. since the 1970s [1] Group 2: Legal and Financial Issues - The focus of the legal dispute is on a third-party directed capital increase plan scheduled for December 26, where the current chairman of Korea Zinc intends to issue new shares to Crucible JV, acquiring 10% of Korea Zinc [2] - This financing plan has faced strong opposition from the largest shareholder alliance, who have filed for an injunction, claiming it is an "abnormal operation" to dilute competitors' shares and consolidate management rights [2] - Ongoing investigations by the Korean Fair Trade Commission and prosecutors into the legality of the financing chain may lead to further delays in the project's investment progress [2]

有色贵金属与新能源团队 | 作者： | 杨莉娜 | | --- | --- | | 从业资格证号： | F0230456 | | 投资咨询证号： | Z0002618 | | 联系方式： | 010-68573781 | | 作者： | 胡彬 | | 从业资格证号： | F0289497 | | 投资咨询证号： | Z0011019 | | 联系方式： | 010-68576697 | | 作者： | 梁海宽 | | 从业资格证号： | F3064313 | | 投资咨询证号： | Z0015305 | | 联系方式： | 010-68518650 | 投资咨询业务资格：京证监许可【2012】75号 成文时间：2025年12月23日星期二 更多精彩内容请关注方正中期官方微信 期货研究院 有色金属日度策略 Metal Futures Daily Strategy 摘要 铜： 美国联邦基金期货小幅提高了明年1月降息的几率，美元指数跌破9 8，创5日新低，金银再创历史新高，提振沪铜至前高附近。国内下 游对高铜价的接受度开始逐步提升，终端需求进入季节性旺季，11 月精铜杆，铜箔，铜管，铜板带和铜棒产量均出现环比增加， ...