（编辑 李家琪） 证券日报网讯 8月11日晚间，鑫科材料发布公告称，2025年8月11日，公司与华夏银行芜湖分行签署了 《最高额保证合同》，为控股子公司鑫科铜业与华夏银行芜湖分行于2025年8月11日至2026年6月27日期 间基于主合同连续发生的多笔债权在最高债权额限度内提供连带责任保证担保，担保最高债权额为人民 币6，000万元，保证期间为三年，上述担保不存在反担保。截至本公告日，公司实际为鑫科铜业提供的 担保余额为134，626万元（含此次签订的担保合同人民币6，000万元），鑫科铜业其他股东未向鑫科铜 业提供担保。 ...

投资咨询业务资格：证监许可【2012】31号 【有色金属周报】 美元指数回落，有色板块反弹 国贸期货 有色金属研究中心 2025-8-11 分析师：方富强 从业资格证号：F3043701 投资咨询证号：Z0015300 分析师：谢灵 从业资格证号：F3040017 投资咨询证号：Z0015788 助理分析师：陈宇森 从业资格证号：F03123927 助理分析师：林静妍 从业资格证号：F03131200 本报告非期货交易咨询业务项下服务，其中的观点和信息仅供参考，不构成任何投资建议；期市有风险，投资需谨慎 目录 01 有色金属价格监测 02 铜（CU） 03 锌（ZN） 04 镍（NI） 不锈钢（SS) 01 PART ONE 有色金属价格监测 有色金属价格监测 有色金属收盘价格监控 | 有色金属价格监测 | | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | | | 有色金属收盘价格监控 | | | | | | | 品 种 | 单 位 | 现 值 | ...

有色早报 研究中心有色团队 2025/08/11 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 2025/08/04 185 203 72543 20348 -72.83 331.83 50.0 64.0 -52.73 139575 12075 2025/08/05 150 301 72543 18767 -172.87 266.63 46.0 56.0 -67.32 153850 12000 2025/08/06 105 108 72543 20346 -79.58 430.61 46.0 57.0 -62.62 156125 10925 2025/08/07 105 156 72543 20145 -79.96 359.16 46.0 57.0 -65.63 156000 11125 2025/08/08 115 216 81933 21272 -15.62 225.75 46.0 57.0 -69.55 155850 11075 变化 10 60 939 ...

Inflation Data Summary - July CPI year-on-year growth is 0%, exceeding the expected -0.1% and matching the previous month's 0.1%[1] - July CPI month-on-month growth is 0.4%, up from -0.1% in the previous month and down from 0.5% year-on-year[1] - Core CPI year-on-year growth is 0.8%, slightly above the previous value of 0.7%[1] PPI Analysis - July PPI year-on-year decline is -3.6%, worse than the expected -3.4% and unchanged from the previous month[1] - PPI month-on-month change is -0.2%, an improvement from -0.4% in the previous month[1] - The decline in PPI is primarily driven by weak demand, with upstream industry price declines narrowing more significantly[2] Sector Contributions - Service and industrial consumer goods support CPI growth, contributing over 60% to the total CPI increase[2] - Food prices decreased by 0.2%, underperforming compared to the seasonal average decline of 0.7%[2] - Upstream industries like coal mining and black metal smelting show reduced price declines, indicating some recovery in these sectors[3] Future Outlook - To achieve a positive year-on-year PPI by year-end, the average month-on-month growth over the next five months needs to reach at least 0.42%[3] - The "anti-involution" policy effects are beginning to show, but full transmission may take time[3] - The current inflation data suggests a moderate environment, supporting a loose monetary policy stance[3]

Core Viewpoint - The company is announcing the expiration of its employee stock ownership plan, which is set to end on February 10, 2026, and is providing details regarding the plan's implementation and future arrangements [2][4]. Summary by Sections Employee Stock Ownership Plan Overview - The employee stock ownership plan was approved during board meetings on August 18, 2021, and September 8, 2021, allowing the company to implement the 2021 employee stock ownership plan [1]. - The plan has resulted in the purchase of 5.0761 million shares at an average price of 11.40 yuan per share, totaling approximately 57.84 million yuan, which represents 0.44% of the company's total share capital [2]. Arrangements Before Expiration - Upon expiration of the employee stock ownership plan, all shares must be sold within 12 months, unless extended by a meeting of holders and the board's approval [2]. - Specific regulations govern the sale of shares, including restrictions during certain periods such as 30 days before regular reports and 10 days before performance forecasts [3]. Plan Duration, Changes, and Termination - The plan has a duration of 48 months from the date the shares are registered under the plan [3]. - The plan can be extended with the approval of the holders and the board [3]. - If the plan's assets are entirely in cash at the end of the lock-up period, it may be terminated early upon agreement by the holders [4]. - Any changes to the plan require a two-thirds majority approval from the holders and board review [4]. Additional Information - The company will continue to monitor the implementation of the employee stock ownership plan and fulfill its disclosure obligations as required by law [4].

专题：专题|2024年度A股CFO数据报告：美的集团钟铮年薪946万，比亚迪周亚琳896万 炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 作为上市公司核心管理层关键成员，财务总监CFO的地位与作用至关重要。新浪财经《2024年度A股 CFO数据报告》显示，2024年A股上市公司财务总监（CFO）群体薪酬规模合计达42.70亿元，平均年薪 为81.48万元。 在葫芦岛锌业股份的财务室，60岁的张俊廷正演绎着传统工业最沉默的坚守。2024年，这位最高龄梯队 的大专学历财务总监年薪定格在62.04万元，与A股CFO平均薪酬（81.48万元）相差24%。更引人注目的 是，2021-2024连续4年薪酬62万元保持不变的罕见记录——当公司归母净利暴跌76%，这位有色行业老 将以日薪2481.6元（时薪310元）的代价，为156亿营收筑起财务防线。 | 截止日期 | | 2020-12-31 | 2021-12-31 | 2022-12-31 | 2023-12-31 | 2024-12-31 | | --- | --- | --- | --- | --- | --- | --- | | 报告 ...

| 华东电力与漆包线用精铜杆日度加工费较上周升高，使中国精铜杯（再生铜杆）产能开工率较上周升高（升高），精钢杯企业原料（成品）库存量 | | | --- | --- | | 较上周增加〈增加〉，再生铜桥企业原料〈成品〉库存量较上周城少〈增加〉，中国铜电线电缆产能升工率较上周下降，中国铜电线电缆企业原料 | | | （成品）库存量较上周减少〈增加〉；中国铜液包线接单量〈产能开工卒〉较上周增加（升高〉，中国漆包线企业原料(成品)库存天数较上周减 | | | 少〈減少〉；中国铜板带产能汗工率《生产量》较上周升高〈增加〉，中国铜板带企业境科〈成品〕库存天数较上周减少〈减少〉；中国铜管产能 | | | 开工率较上周下降，中国铜管企业原料（成品）库存天数较上周持平（增加）;中国黄铜棒产能开工率较上周下降,中国黄铜棒企业历料(成品) | | | 库存天数较上周减少〈減少〉；中美互征关税缓和和传统消费淡季交织，或使国内8月铜材企业产能开工率〈生产量、进口量，出口量〉环比下降 | | | 投资策略 | 〈増加、减少、减少〉，具体而言:电解铜制杯、铜板带（新能源汽车及电力和高端电子需求向好，但家电与光伏需求疲软）、铜箔〈动力与储 ...

Group 1: Report Industry Investment Rating - No information provided Group 2: Core Viewpoints of the Report - The non - ferrous metals industry is influenced by macro - economic factors such as global GDP growth, China's economic trends, and the Fed's monetary policy. The industry shows strong cyclicality, and there are opportunities and challenges in different segments like gold and copper [14][24][30] - The industry is experiencing several development trends, including digital transformation, globalization of resource allocation, and safety upgrades [65][70][75] - The performance of benchmark non - ferrous metal enterprises has generally improved, with growth in revenue, profit, and efficiency indicators [84][88] Group 3: Summaries by Relevant Catalogs 3.1 Macro - economic Analysis - Global GDP growth was about 3.9% in 2024, with the top ten countries accounting for 45% and a weighted growth rate of 4%. In 2025Q1, China's economy maintained rapid growth, and the full - year outlook is positive, providing a core driving force for industrial demand [11] - In 2025, the global GDP is expected to continue growing, but the growth rate may slow down. China's local governments are confident in economic growth, with most provincial GDP targets set above 5% [14] - China's CPI showed a mild decline in June 2025, but there are positive signals. The PPI of non - ferrous metal mining and smelting industries maintained positive year - on - year growth [18] - In 2025, China's manufacturing and infrastructure investment maintained growth, while real estate investment declined. High - tech manufacturing and infrastructure investment in areas like water conservancy and transportation are strong [21] - The Fed's expected interest rate cuts in the second half of 2024 led to a rise in non - ferrous metal prices, especially gold, which had a significant annual increase [24] 3.2 Industry Competition Pattern - Non - ferrous metals are basic materials for the national economy, and China has a wide variety of non - ferrous metal mineral resources. The industry is at the upstream of the manufacturing chain and is highly cyclical [25][27] - In 2024, the non - ferrous metal industry in China had good development, with total revenue of 9.0 trillion yuan and a profit of 423.9 billion yuan, both increasing by 14% year - on - year [32] - The production of ten non - ferrous metals in China reached 7,919 tons in 2024, a record high, and is expected to reach 100 million tons in 2026, with aluminum accounting for 56% [38] - The concentration of the non - ferrous metal industry is increasing, with the CR5 of listed companies' revenue and net profit rising to 45% and 49% respectively [42] 3.3 Development Trend Prediction - The digital transformation of the non - ferrous metal industry is promoted by policies, aiming to cultivate more than 15 digital transformation benchmark factories by 2026 [65] - Chinese non - ferrous metal enterprises are accelerating the "going - out" strategy, extending the industrial chain overseas from "mining" to "smelting" [70] - With the rise in metal prices, the industry's production capacity is being released. However, deep - mining safety risks are increasing, and new regulations are promoting enterprise safety standardization [75] 3.4 Industry Organization Efficiency Analysis - The "Five - Efficiency" analysis model is used to analyze the organizational efficiency of non - ferrous metal enterprises from five dimensions: human efficiency, yuan efficiency, cost efficiency, asset efficiency, and market efficiency [82] - The performance of benchmark enterprises has generally improved, with revenue and net profit increasing by 25% and 52% respectively in 2024 [84] - In terms of human efficiency, per - capita revenue and per - capita net profit increased by 23% and 46% respectively year - on - year, and the 3 - year CAGR was 12% and 25% respectively [88] - In terms of yuan efficiency, the labor cost efficiency of benchmark enterprises continued to improve, and there was a gradient differentiation pattern among enterprises [95] - In terms of cost efficiency, the gross profit margin and net profit margin of benchmark enterprises increased by 30% and 27% respectively year - on - year [101]

关注后期政策走向。 铅 ： 日期 现货升贴水 上海河南价差 上海广东价差 1#再生铅价差 社会库存 上期所库存 2025/07/31 -145 0 -75 -25 7 63254 2025/08/01 -150 0 -75 -50 - 63283 2025/08/04 -150 25 -25 -25 7 63283 2025/08/05 -155 25 -75 0 - 63283 2025/08/06 -160 -25 -50 -25 - 63283 变化 -5 -50 25 -25 - 0 日期 现货进口收益 期货进口收益 保税库premium LME C-3M LME库存 LME注销仓单 2025/07/31 -525.73 -630.66 105 -41 276500 72350 2025/08/01 -549.50 -540.50 105 -41 275325 73900 2025/08/04 -367.60 -557.42 105 -48 274225 72525 2025/08/05 -486.97 -513.99 105 -42 272975 71275 2025/08/06 -567.51 - ...

再再再 call【锑】：反转在即，重视底部布局机会 20250806 摘要 2020 年至 2024 年 8 月，锑价主要受光伏玻璃需求影响，从每吨 4 万 元上涨至 2021 年的八九万元，后在 22 万至 23 万之间横盘，主要受光 伏装机量增长和库存去化影响。 2024 年 9 月至今，出口管制政策导致多数时间出口接近零，国内市场 需求弹性大幅增加，直接影响价格波动。今年 2-3 月锑价曾涨至 16 万 元，后因打击走私回落至 18 万元。 出口管制减少了 40%的需求，因直接出口占国内总产量 40%。今年初 出口恢复至正常水平一半，后因查处走私再次清零，5-6 月出口量仅为 去年同期的 5%-10%，导致国内市场需求波动。 光伏玻璃产量从 5 月上旬接近 60 万吨降至当前单周约 51 万吨，环比下 滑 15%-16%。库存天数从 7 月初的 34 天降至 29 天，同比减少 5 天， 表明下游反周期库存累积不高。 近期国企出口放行和民企限制解除，显示出口管制有所放松。预计 Tia 出口拐点向上，若光伏玻璃企业盈利改善，补库需求可能增加 3-4 个百 分点，外需恢复至二三月份水平将增加约 20%需求。 ...