Group 1: Report Summary - The report provides a morning briefing on metal option strategies, covering various metal options including non - ferrous metals, precious metals, and black metals [1][2] - It analyzes the underlying futures market conditions, option factors such as PCR, pressure and support levels, and implied volatility, and offers corresponding option strategies and suggestions [3][4][7] Group 2: Underlying Futures Market Overview - The latest prices, price changes, trading volumes, and open interest changes of multiple metal futures contracts are presented, including copper, aluminum, zinc, etc [3] Group 3: Option Factor Analysis Volume and Open Interest PCR - The volume and open interest PCR values of different metal options are given, which are used to describe the strength of the option underlying market and the turning point of the market [4] Pressure and Support Levels - The pressure and support levels of various metal options are analyzed from the perspective of the strike prices with the largest open interest of call and put options [5] Implied Volatility - The implied volatility data of different metal options are provided, including at - the - money implied volatility, weighted implied volatility, and their changes [6] Group 4: Option Strategies and Suggestions Non - Ferrous Metals - For copper options, a short - volatility seller option portfolio strategy is recommended to obtain time - value income [7] - For aluminum options, a bull spread strategy for call options and a short call + put option portfolio strategy are suggested [9] - For zinc options, a short neutral call + put option portfolio strategy is proposed [9] - For nickel options, a short bearish call + put option portfolio strategy and a spot long - hedging strategy are recommended [10] - For tin options, a short - volatility strategy and a spot collar strategy are suggested [10] - For lithium carbonate options, a short bullish call + put option portfolio strategy and a spot long - hedging strategy are proposed [11] Precious Metals - For gold and silver options, a short - volatility neutral option seller portfolio strategy and a spot hedging strategy are recommended [12] Black Metals - For rebar options, a short neutral call + put option portfolio strategy and a spot long - covered call strategy are suggested [13] - For iron ore options, a bull spread strategy for call options, a short bullish call + put option portfolio strategy, and a spot long - collar strategy are proposed [13] - For ferroalloy options, a short - volatility strategy is recommended for manganese silicon [14] - For industrial silicon and polysilicon options, a bull spread strategy for call options, a short bullish call + put option portfolio strategy, and a spot hedging strategy are suggested [14] - For glass options, a short - volatility short call + put option portfolio strategy and a spot long - collar strategy are recommended [15]

Group 1 - Yaxin Security plans to reduce its shareholding by up to 3%, totaling no more than 12 million shares, from August 8, 2025, to November 7, 2025 [1] - Shangwei Co. intends to issue up to 180 million shares to its controlling shareholder, raising no more than 1.144 billion yuan for digital upgrades and working capital [1][2] - Anker Innovations is exploring the possibility of overseas share issuance to enhance its global strategy and brand image, with no specific plan confirmed yet [3] Group 2 - AVIC Xi'an Aircraft Industry Group's chairman resigned due to work changes, effective immediately upon submission of the resignation [4] - Tianci Materials signed a procurement cooperation agreement to supply at least 550,000 tons of electrolyte products to Chuangneng New Energy from 2025 to 2030, enhancing market share and profitability [5][6] - Guangshentang's innovative drug GST-HG131 has been included in the list of breakthrough therapies, but this does not guarantee market approval or immediate financial impact [7][8] Group 3 - Chaozhuo Aerospace plans to reduce its shareholding by up to 3%, totaling no more than 896,000 shares, from August 7, 2025, to November 6, 2025 [9] - Taiji Group intends to repurchase shares worth between 80 million and 120 million yuan, with a maximum price of 28.03 yuan per share, to be used for cancellation [11][12] - Xibu Materials plans to invest 125 million yuan in a private placement by its subsidiary to raise 147 million yuan for working capital and loan repayment [13] Group 4 - Shantui Co. plans to issue H-shares and apply for listing on the Hong Kong Stock Exchange [14] - *ST Huawang intends to acquire 55.5% of Niwei Power for 666 million yuan, entering the new energy hybrid vehicle sector [15] - Tailin Bio's controlling shareholder plans to reduce its shareholding by up to 1.5%, totaling no more than 1.8195 million shares, for personal funding needs [17] Group 5 - Huicheng Vacuum plans to reduce its shareholding by up to 3%, totaling no more than 3 million shares, from August 7, 2025, to November 6, 2025 [18][19] - Kesi Co.'s actual controller plans to reduce its shareholding by up to 3%, totaling no more than 14.27 million shares, for personal funding needs [20][21] - Zhongchong Co.'s controlling shareholder plans to reduce its shareholding by up to 1.5%, totaling no more than 4.56 million shares, for funding needs [22][23] Group 6 - Shanhigh Environmental plans to raise no more than 718 million yuan through a private placement to supplement working capital and repay bank loans [24][25] - Zhongrong Electric plans to invest 114 million yuan in the construction of the Sinok New Energy Technology Park, expected to be completed by the end of 2027 [26] - Kaisen New Materials' shareholder plans to transfer 4.75% of its shares, totaling 20 million shares, for personal funding needs [27] Group 7 - Xinxin Standard's controlling shareholder plans to reduce its shareholding by up to 3%, totaling no more than 6.7792 million shares, for personal funding needs [28] - Chuhuan Technology plans to invest 9.99 million yuan in a partnership focused on high-end manufacturing, including semiconductors and new materials [29] - Shankai Intelligent's stock will resume trading after a share transfer agreement with Changjiang Aerospace, which will become the controlling shareholder [30]

新能源及有色金属日报 | 2025-07-17 锌海外库存持续增加 重要数据 现货方面：LME锌现货升水为-9.95 美元/吨。SMM上海锌现货价较前一交易日下跌100元/吨至22050元/吨，SMM 上海锌现货升贴水较前一交易日持平于30元/吨，SMM广东锌现货价较前一交易日下跌110元/吨至21970元/吨。 SMM广东锌现货升贴水较前一交易日下跌10元/吨至-50元/吨，SMM天津锌现货价较前一交易日下跌110元/吨至 22000元/吨。SMM天津锌现货升贴水较前一交易日下跌10元/吨至-20元/吨。 期货方面：2025-07-16沪锌主力合约开于22040元/吨，收于22045元/吨，较前一交易日下跌60元/吨，全天交易日成 交89469手，较前一交易日减少29569手，全天交易日持仓78311手，较前一交易日减少5993手，日内价格震荡，最 高点达到22065元/吨，最低点达到21965元/吨。 库存方面：截至2025-07-14，SMM七地锌锭库存总量为9.31万吨，较上周同期增加0.4万吨。截止2025-07-16，LME 锌库存为121350吨，较上一交易日增加2750吨。 市场分析 现货市场 ...

有色商品日报 有色商品日报（2025 年 7 月 17 日） 一、研究观点 | 品 种 | | 点评 | | | | --- | --- | --- | --- | --- | | | 隔夜 LME 铜震荡偏弱，下跌 0.21%至 9637 美元/吨；SHFE 铜主力微跌 0.01%至 77950 | | | | | | 元/吨；国内现货进口维系亏损，亏损幅度收窄。宏观方面，美国劳工部数据显示，美 | | | | | | 国 6 月 PPI 同比 2.3%，低于预期 2.5%，这是 2024 年 9 月以来的最低同比涨幅，这表明 | | | | | | 关税影响通胀并不明显。美联储褐皮书显示，经济活动略有增加，较此前改善，就业整 | | | | | | 体"略有上升"，关税政策导致的通胀并未显现，通胀提及次数创四年新低。昨晚美金 | | | | | 铜 | 融市场经历特朗普解雇鲍威尔闹剧，美元指数快速回落，美股也经历较大动荡，铜市场 | | | | | | | 则担忧全球经济前景受阻。库存方面，LME 铜增加 10525 吨至 12.1 万吨；Comex 铜增 | | | | | 加 1062 吨至 21.7 ...

黑色商品日报 黑色商品日报（2025 年 7 月 17 日） 一、研究观点 | 品种 | 点评 | 观点 | | --- | --- | --- | | 钢材 | 螺纹钢：昨日螺纹盘面继续小幅下跌，截止日盘螺纹 2510 合约收盘价格为 3106 元/吨，较上一交易收盘 | 弱势整理 | | | 价格下跌 8 元/吨，跌幅 0.26%，持仓减少 1.68 万手。现货价格稳中有跌，成交维持低位，唐山地区迁安 | | | | 普方坯价格持平于 2950 元/吨，杭州市场中天螺纹价格下跌 10 元/吨至 3180 元/吨，全国建材成交量 8.74 | | | | 万吨。据钢谷网数据，本周全国建材产量增加 3.19 万吨至 419.2 万吨，社库增加 8.64 万吨至 538.64 万吨， | | | | 厂库增加 14.8 万吨至 330.93 万吨，建材表需下降 13.71 万吨至 395.76 万吨。建材产量小幅回升，库存累 | | | | 积幅度加大，表需继续回落，市场供需有所趋弱。1-6 月地产、基建、制造业投资数据均有所走弱，对市 | | | | 场情绪形成一定影响。预计短期螺纹盘面或将弱势整理运行。 | ...

中国6月份精炼铜产量130.2万吨，同比增长14.2%。 中国6月份铅产量66万吨，同比增长3.1%。 中国6月份锌产量62.8万吨，同比增长5.4%。 ...

| 摘要 | 铜： 可能短期区间波动 | | | --- | --- | --- | | | 锌： 可能短期宽幅波动 | | | 品种 | 观点 | 策略方向 | | | 铜：夜盘铜价收低。目前精矿加工费总体低位以及低铜价，考验冶炼产量。 根据国家统计局数据来看，国内下游需求总体稳定向好，电力行业延续正增 | | | 铜 | 长；汽车产销正增长；家电产量增速趋缓；地产持续疲弱。多空因素交织， | 可能短期区 | | | 铜价可能区间波动。关注美国关税进展，以及美元、铜冶炼和家电产量等因 | 间波动 | | | 素变化。 | | | | 锌：夜盘锌价收涨。近期精矿加工费持续回升。由国家统计局数据来看，国 内汽车产销正增长，基建稳定增长，家电产量增速趋缓，地产持续疲弱。市 | | | 锌 | | 可能短期宽 | | | 场预期今年精矿供应明显改善，冶炼供应可能恢复。短期锌价可能宽幅波 | 幅波动 | | | 动，关注美国关税进展，以及美元、锌冶炼和家电产量等因素变化。 | | | | 分析师：李野 | | | | 从业资格号：F0285557 | | | | 交易咨询号：Z0002369 | | | | 邮箱：l ...

夏莹莹（投资咨询证号：Z0016569） 投资咨询业务资格:证监许可【2011】1290号 2025年7月17日 【行情回顾】 南华贵金属日报: 整体震荡 日内波动加剧 周三贵金属市场整体震荡，盘中一度因特朗普可能提前解雇鲍威尔消息影响剧烈波动。美指近期持续反弹 后正面临60日均线在99及整数100关键阻力，10Y美债收益率亦接近4.5%分水岭，短期需重点关注其对贵金 属负面影响，但美元升值对人民币计价贵金属影响相对有限。周边美股震荡微涨，比特币上涨，原油震荡， 南华有色金属震荡。最终COMEX黄金2508合约收报3354.2美元/盎司，+0.52%；美白银2509合约收报于 38.125美元/盎司，+0.04%。 SHFE黄金2510主力合约776.66元/克，-0.2%；SHFE白银2510合约收9152 元/千克，-0.35%。昨日晚间因报道称特朗普已起草解雇鲍威尔信函，此后特朗普回应还不打算将其免职，引 发贵金属市场先涨后回吐的走势，其他金融资产亦剧烈波动。美联储永久票委威廉姆斯表示，今年美国经济 预计将增长约1%，失业率预计到年底升至4.5%。6月份整体通胀率可能为2.5%，核心通胀率可能为2.75 ...

gtaxinstitute@essence.com.cn 综合晨报 2025年07月17日 【原油】 隔夜国际油价回落，布伦特09合约跌0.22%。上周美国EIA原油库存下降385.9万桶，但成品油库存 的超预期增加引发需求担忧。5月以来油价自底部回升持续受到旺季采购预期支撑,但近期原油现货 升贴水及月差均未进一步走强，或显示强现实因素对油价的上行驱动减弱，7月贸易战的利空风险大 于地缘因素的利多风险，油价或转为震荡承压；8月为俄乌、伊核博弈的关键窗口期，欧洲柴油矛盾 若仍无法消退,市场仍有再度上行的可能。 【贵金属】 隔夜美国PPI低于预期,消息称特朗普有意解雇美联储主席鲍威尔并已起草解雇信件向共和党人征求 意见，美元资产一度回落国际金价上涨，但此后特朗普予以否认市场恢复平稳。事件驱动下贵金属 表现敏感，美国关税政策截止日前各方谈判仍有空间，风险情绪可能反复，贵金属震荡为主。今晚 关注美国零售销售数据。 【铜】 隔夜铜价震荡收跌，沪铜周内多抵抗阳线。LME香港库启用，铜首个入库数据显著。昨日国内现铜 78060元，换月后上海升水95元，广东升60元，精废价差780元。交投上，空头持有或尝试2508合约 卖出 ...

联合研究丨公司深度丨银龙股份（603969.SH） [Table_Title] 进击的预应力材料龙头 %% %% %% %% research.95579.com 1 丨证券研究报告丨 research.95579.com 2 银龙股份（603969.SH） cjzqdt11111 报告要点 [Table_Summary] 公司是国内预应力材料行业龙头企业，目前下游需求整体稳中有增（水利、公路桥梁和高铁建 设等）。同时，公司依托先进的技术研发，不断推出性能更强的超高强预应力产品，提升下游产 品寿命的同时也可降低下游施工成本，突出的综合优势带来公司产品结构不断升级。此外，海 外市场也是一片蓝海，期待公司能有更大突破。 分析师及联系人 [Table_Author] 范超 李金宝 赵超 SAC：S0490513080001 SAC：S0490516040002 SAC：S0490519030001 SFC：BQK473 SFC：BVZ972 SFC：BUY139 吕士诚 请阅读最后评级说明和重要声明 2 / 26 %% %% %% %% [Table_Title2] 进击的预应力材料龙头 [Table_Summar ...