5月份制造业采购经理指数回升 非制造业商务活动指数延续扩张 (一)企业生产加快。生产指数为50.7%，比上月上升0.9个百分点，升至临界点以上，制造业生产活动有 所加快。新订单指数为49.8%，比上月上升0.6个百分点。从行业看，农副食品加工、专用设备、铁路船 舶航空航天设备等行业生产指数和新订单指数均高于54.0%，供需两端较快增长；纺织、化学纤维及橡 胶塑料制品、黑色金属冶炼及压延加工、有色金属冶炼及压延加工等行业两个指数均低于临界点，产需 释放不足。 (二)大型企业PMI升至临界点以上。大型企业PMI为50.7%，比上月上升1.5个百分点，重返扩张区间， 其生产指数和新订单指数分别为51.5%和52.5%，比上月上升1.7和3.0个百分点；中型企业PMI为 47.5%，比上月下降1.3个百分点，景气水平回落；小型企业PMI为49.3%，比上月上升0.6个百分点，景 气水平有所改善。 (三)高技术制造业延续扩张。从重点行业看，高技术制造业PMI为50.9%，连续4个月保持在扩张区间， 延续较好发展态势；装备制造业和消费品行业PMI分别为51.2%和50.2%，比上月上升1.6和0.8个百分 点，景气水平均 ...

2025年5月31日国家统计局服务业调查中心和中国物流与采购联合会发布了中国采购经理指数。对此， 国家统计局服务业调查中心高级统计师赵庆河进行了解读。 （四）进出口指数均有回升。新出口订单指数和进口指数分别为47.5%和47.1%，比上月上升2.8和3.7个 百分点。调查中部分涉美企业反映外贸订单加速重启，进出口情况有所改善。 （五）市场预期改善。生产经营活动预期指数为52.5%，比上月上升0.4个百分点，制造业企业对近期市 场发展信心总体保持稳定。其中，农副食品加工、食品及酒饮料精制茶、汽车、铁路船舶航空航天设备 等行业生产经营活动预期指数均持续位于56.0%以上较高景气区间，相关企业对行业发展更为乐观。 二、非制造业商务活动指数延续扩张 5月份，非制造业商务活动指数为50.3%，比上月略降0.1个百分点，仍高于临界点，非制造业总体延续 扩张态势。 5月份，制造业采购经理指数为49.5%，比上月上升0.5个百分点；非制造业商务活动指数为50.3%，比上 月下降0.1个百分点；综合PMI产出指数为50.4%，比上月上升0.2个百分点，我国经济总体产出保持扩 张。 一、制造业采购经理指数回升 5月份，制造业PM ...

Board Restructuring Announcement - China Aluminum Corporation is conducting a board restructuring as the current board's term is about to expire [1][2] - The company has nominated eight candidates for the ninth board, including three executive directors, two non-executive directors, and three independent non-executive directors [1][2] Board Candidates - Executive director candidates include He Wenjian, Mao Shiqing, and Jiang Tao, all of whom have extensive experience in management and production technology [4][5] - Non-executive director candidates are Li Xiehua and Jiang Hao, both with significant backgrounds in production technology and enterprise management [5][6] - Independent non-executive director candidates include Yu Jinsong, Chen Yuanyou, and Li Xiaobin, all of whom meet the qualifications and independence requirements set by relevant regulations [2][7][8] Election Process - The nominated candidates will be submitted to the shareholders' meeting for election, with independent non-executive director candidates requiring approval from the Shanghai Stock Exchange before being presented [2] - The election will utilize a cumulative voting system, and the board will consist of nine members, including one employee director to be elected by the employee representative assembly [2] Compliance and Qualifications - All nominated candidates meet the legal and regulatory requirements for serving as directors, with no disqualifications or prior administrative penalties from the China Securities Regulatory Commission [2][3]

Group 1 - The company plans to distribute a cash dividend of RMB 1.10 per 10 shares (including tax) to all shareholders based on the total share capital after deducting shares held in the repurchase account [1][2] - The profit distribution plan was approved at the annual general meeting held on May 13, 2025, and further details were published on May 14, 2025 [2] - The company will adjust the conversion prices of the two convertible bonds, "Jintian Convertible Bond" and "Jincopper Convertible Bond," according to the relevant regulations after the implementation of the profit distribution plan [2][3] Group 2 - The convertible bonds will be suspended from conversion from June 4, 2025, until the record date for the profit distribution, with resumption of conversion on the first trading day after the record date [3] - Holders of convertible bonds wishing to enjoy the profit distribution must convert their bonds by June 3, 2025 [3]

Core Viewpoint - Jiangxi Copper Co., Ltd. plans to issue corporate bonds not exceeding RMB 10 billion to professional investors, with the aim of refinancing debt, supplementing working capital, or funding projects in compliance with national regulations [2][4]. Meeting Information - The meeting will be held on June 6, 2025, combining on-site and online voting, with the on-site location in Nanchang, Jiangxi Province [2][3]. - The meeting agenda includes the authorization of the board to handle the bond issuance, approval of the annual report, and the appointment of auditing firms [3][5]. Bond Issuance Details - The proposed bond issuance will target professional institutional investors and will be conducted publicly, potentially in multiple phases [4]. - The funds raised will be used for repaying interest-bearing debts, enhancing liquidity, or for project construction [4]. - The board seeks authorization from shareholders to manage all aspects of the bond issuance, including determining specific terms and conditions based on market conditions [4][5]. Financial Reports and Auditing - The company’s 2024 audited financial report shows a net profit attributable to shareholders of RMB 6,962,197,980 [9]. - The proposal for profit distribution will be based on the total share capital minus shares held in the repurchase account [9]. - The company intends to continue its relationship with Ernst & Young Huaming as its auditing firm for both domestic and international audits for 2025 [10][12]. Internal Control and Compliance - The supervisory board confirms that the company operates in accordance with the law and has effective internal control systems in place [7][8]. - There were no significant asset acquisitions or disposals during the reporting period, and all related party transactions were conducted in compliance with regulations [7][8].

有色早报 研究中心有色团队 2025/05/23 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 2025/05/16 445 1250 108142 63247 -433.62 40.45 95.0 111.0 31.45 179375 71900 2025/05/19 430 816 108142 61913 -103.15 218.98 95.0 111.0 15.52 174325 67550 2025/05/20 390 979 108142 45738 -23.85 170.67 94.0 110.0 3.16 170750 66450 2025/05/21 265 758 108142 41218 -527.73 57.47 94.0 110.0 14.01 168825 66000 2025/05/22 125 495 108142 31754 -701.34 264.30 92.0 108.0 15.88 166525 68650 变化 -14 ...

一、研究观点 | 品 种 | 点评 | | --- | --- | | | 隔夜 LME 铜震荡走弱，下跌 0.71%至 9481 美元/吨；SHFE 铜主力下跌 0.41%至 77770 | | | 元/吨；国内现货进口持续亏损。宏观方面，美债拍卖情况不佳，再次引起市场警 | | | 觉，美股债汇同时下跌，风险偏好受到抑制，欧央行警告美国资产遭到投资者前所未 | | | 有的质疑，全球金融系统面临连锁风险。库存方面，LME 铜库存下降 1925 吨至 | | 铜 | 168825 吨；comex 铜库存增加 1271 吨至 156965 吨；SHFE 铜仓单下降 4520 吨至 | | | 41218 吨；BC 铜仓单维持 2737 吨。需求方面，高铜价高升水制约下游采购节奏。昨 | | | 晚美元大幅回落，但市场偏好抑制下，也未能进一步推动铜价。另外，市场关注国内 | | | 某仓位大量持有铜多头情况，市场或担心挤仓风险，且铜结构也不利于空头布局，从 | | | SHFE 仓单来看依然维系大量流出情形，表明部分投资者仍在做正套扩大交易，这也 | | | 有利于维护当前铜价，暂时仍以震荡偏强看待。 | | ...

有色金属日报 基本金属 ◆ 铜： 截至 5 月 21 日收盘，沪铜主力 06 合约上涨 0.31%至 78100 元/吨。中 美关税冲突缓和，叠加国内密集出台"稳增长"政策组合拳，同时美国 通胀降温，美联储降息概率加大，整个宏观面上交易情绪回暖，对铜价 有所提振。基本面，铜精矿现货 TC 继续回落，创历史新低，但下跌速 度放缓，短期对炼厂产量影响不大。随着铜价上行，持货商挺价出货与 下游畏高保守采购形成博弈，下游订单新增相对有限，消费提升空间不 大，5 月部分铜材加工率环比有所下滑，虽好于去年同期，但需求已有 走弱迹象。旺季转淡，库存低位累库，对铜价的支撑作用减弱，现货升 水或将承压。整体来看，宏观偏好，而基本面有所转弱，沪铜近期或仍 维持震荡格局。 ◆ 铝： 截至 5 月 21 日收盘，沪铝主力 07 合约上涨 0.65%至 20190 元/吨。近 日几内亚政府撤销部分矿山采矿许可证问题有进一步升级，AXIS 矿区被 划入战略储备区域，禁止开采，推动氧化铝大涨，后续关注是否有复产 回旋余地。氧化铝运行产能周度环比增加 10 万吨至 8685 万吨，全国氧 化铝库存 324.6 万吨，周度环比减少 4.2 万 ...

| 镇产业期现日报 | | | | | | | --- | --- | --- | --- | --- | --- | | 投资咨询业务资格:证监许可 【2011】1292号 2025年5月22日 | | | | 林嘉施 | Z0020770 | | 价格及基差 | | | | | | | | 现值 | 前值 | 日 涨跌 | 日涨跌幅 | 单位 | | SMM 1#电解键 | 124525 | 124575 | -20 | -0.04% | 元/肥 | | 1#金川嶺 | 125475 | 125525 | -50 | -0.04% | 元/肥 | | 1#金川镍升贴水 | 2100 | 2150 | -50 | -2.33% | 元/吨 | | 1#进口娱 | 123575 | 123575 | 0 | 0.00% | 元/吨 | | 1#进口镍升贴水 | 200 | 200 | 0 | | 元/吨 | | LME 0-3 | -204 | -202 | -3 | 1.27% | 美元/吨 | | 期货进口盈亏 | -2587 | -2726 | 138 | -5.10% | 元/吨 | | 沪伦比值 | ...

1. Report Industry Investment Rating No relevant content provided. 2. Core Views of the Report - For copper, the inventory drawdown slope may continue to slow down, and attention should be paid to the consumption inflection point. For the monthly spread, the subsequent upward momentum requires substantial shortages or a decline in absolute prices [1]. - For aluminum, with the positive progress in Sino - US trade negotiations and the alleviation of global trade tensions, the aluminum price rebounds with inventory drawdown. The monthly spread long - short arbitrage can be held if the absolute price drops [2]. - For zinc, attention should be paid to the inflection point from inventory drawdown to accumulation. It is recommended to short at high prices, and the domestic - foreign long - short arbitrage can be continued [5]. - For nickel, opportunities for the contraction of the nickel - stainless steel price ratio can continue to be monitored [6]. - For stainless steel, in the short term, with long and short factors intertwined, the reverse arbitrage can be rolled over and held [7]. - For lead, it is expected to oscillate in the range of 16,800 - 17,000 next week, and the supply is expected to decrease in May [8]. - For tin, it is recommended to wait and see in the short term and pay attention to short - selling opportunities in the medium - long term [9]. - For industrial silicon, in the medium - long term, the price trend is expected to be mainly bottom - oscillating, anchored to the cash - flow cost of leading large enterprises [11]. - For lithium carbonate, in the medium - long cycle, if the operating rate of leading mining - smelting integrated enterprises does not significantly decline, the price will still oscillate weakly [13]. 3. Summary by Metals Copper - **Market Data**: From May 15 - 21, the spot premium decreased by 125, the waste - refined copper price difference decreased by 221, and the LME inventory decreased by 1,925 [1]. - **Supply and Demand**: Domestic inventory showed an inflection point this week. The smelting plants were eager to sell under high monthly spreads, and downstream orders slowed down. The demand has strong current reality but weak future expectations [1]. Aluminum - **Market Data**: From May 15 - 21, the Shanghai aluminum ingot price increased by 100, and the domestic alumina price increased by 42 [1]. - **Supply and Demand**: Supply increased slightly, and the demand in May did not decline significantly. The inventory is expected to be drawn down gently from May to July [2]. Zinc - **Market Data**: From May 15 - 21, the Shanghai zinc ingot price increased by 150, and the LME inventory decreased by 1,150 [5]. - **Supply and Demand**: The domestic TC remained unchanged this week, and the import TC increased slightly. The demand at home has general elasticity, and overseas demand has slightly recovered. The inventory accumulation inflection point is expected to appear at the end of May or early June [5]. Nickel - **Market Data**: From May 15 - 21, the沪镍现货 price decreased by 150, and the LME inventory decreased by 312 [6]. - **Supply and Demand**: The pure nickel production remained at a high level, and the overall demand was weak. The overseas nickel beans inventory decreased slightly, and the domestic inventory remained stable [6]. Stainless Steel - **Market Data**: From May 15 - 21, the prices of 304 cold - rolled, 304 hot - rolled, 201 cold - rolled, 430 cold - rolled, and scrap stainless steel remained unchanged [6]. - **Supply and Demand**: The production increased seasonally in April, and steel mills may cut production passively in May. The demand is mainly for rigid needs [7]. Lead - **Market Data**: From May 15 - 21, the lead spot premium increased by 10, and the LME inventory decreased by 36,375 [8]. - **Supply and Demand**: The supply side has tight raw materials, and the demand side has limited overall demand. The price is expected to oscillate between 16,800 - 17,000 next week [8]. Tin - **Market Data**: From May 15 - 21, the spot import gain increased by 5,126.89, and the LME inventory increased by 15 [9]. - **Supply and Demand**: The supply side has some alleviation of long - term ore shortages, but there are still domestic supply disturbances. The demand side has limited elasticity, and the downstream lacks consumption power [9]. Industrial Silicon - **Market Data**: From May 15 - 21, the 553 East China basis decreased by 55, and the warehouse receipt quantity decreased by 596 [11]. - **Supply and Demand**: In the short term, there is a pattern of double - reduction in supply and demand. In the medium - long term, the price is expected to oscillate at the bottom [11]. Lithium Carbonate - **Market Data**: From May 15 - 21, the SMM electric carbon price decreased by 200, and the warehouse receipt quantity decreased by 152 [13]. - **Supply and Demand**: The overall production increased this week, and the inventory accumulation speed slowed down. In the medium - long term, the price may oscillate weakly [13].