科技创新是引领发展的第一动力，金融是科技创新的重要血脉。 面对全球新一轮科技革命与产业变革浪潮，培育发展新质生产力成为中国经济高质量发展的新引擎。当前，上海瞄准建成具有全球影响力的科技创新高地目 标加速迈进，对科技金融的需求与日俱增。 中信银行上海分行党委委员、行长助理单振雷表示，近年来，中信银行上海分行积极响应中央金融工作会议提出的"做好科技金融大文章"要求，将支持中小 企业与科技创新作为工作重点，围绕"新质生产力"培育目标，深度融入区域创新链、产业链，打造科创金融"成长伙伴"特色品牌。 构筑"五专体系"顶层设计 银行服务科技企业，尤其是服务初创期、成长期的中小企业，并非易事。需要深刻理解产业现状，洞察技术趋势，有针对性地改造传统业务流程，创新业务 思路。中信银行上海分行从顶层设计入手，精心构建出科技金融的"五专体系"，夯实科技金融服务的"四梁八柱"。 建立"专营架构"，织密服务网络。分行高规格成立科技金融中心，形成"1+5+N"的专营机构体系，包含1个监管认定的科技支行、5家科技特色支行、N家科 技重点区域支行，形成了覆盖重点产业集群和科创园区的服务网络。同时，引导专业支行以专业化、特色化、体系化、品牌化 ...

证券研究报告：有色金属 | 公司点评报告 发布时间：2025-07-16 股票投资评级 资料来源：聚源，中邮证券研究所 公司基本情况 | 最新收盘价（元） | 16.10 | | --- | --- | | 总股本/流通股本（亿股）16.46 | / 16.46 | | 总市值/流通市值（亿元）265 | / 265 | | 52 周内最高/最低价 | 16.93 / 12.80 | | 资产负债率(%) | 40.2% | | 市盈率 | 18.88 | | 第一大股东 | 云南锡业集团有限责任 | | 公司 | | 研究所 分析师:李帅华 SAC 登记编号:S1340522060001 Email:lishuaihua@cnpsec.com 分析师:魏欣 SAC 登记编号:S1340524070001 Email:weixin@cnpsec.com 锡业股份(000960) 业绩稳定增长，积极回馈股东 l 投资要点 事件：公司发布 2025 年半年报预告，预计 2025 年半年度实现归 母净利润 10.2-11.2 亿元，同比增加 27.52%到 40.03%；实现扣非归 母净利润 12.6-13.6 亿 ...

在贵金属材料领域，钌铱钛网正以"工业维生素"的姿态，深度渗透新能源与化工产业。这种以钛为基底、表面涂覆钌铱合金的网状材料，凭借其超凡的耐腐 蚀性和导电性，成为氯碱工业电解槽、水电解制氢装置的核心组件。以国内某大型氯碱企业为例，其年产60万吨烧碱的产线中，钌铱钛网阳极使用寿命长达 8年，较传统石墨电极提升300%，单吨烧碱电耗降低15%。 回收市场正上演着与前端应用并行的价值变革。2025年7月，国内钌铱钛网回收价格呈现显著梯度：含钌量15g/㎡、铱量5g/㎡的废旧网材，长三角精炼企业 报价达820元/公斤；而经第三方检测机构认证的高纯度废料，在再生资源平台交易中可突破950元/公斤。这一价格差异背后，是钌（Ru）与铱（Ir）两种战 略金属的市场博弈——伦敦期钌2025年累计涨幅达28%，铱价更因燃料电池需求激增暴涨42%。 | 地联系电话 | 0 联系地址 | 开盘 实时全价 | | | --- | --- | --- | --- | | | 专注于金银钾铂铸绒钉回收精炼! | | | | 商品 | 回收 | 销售 | 高/ | | | 2025-07-16 11:01 平泽回收行情 | | | | 黄金 | ...

（以上内容为金融界基于公开消息，由程序或算法智能生成，不作为投资建议或交易依据。） 本文源自：金融界 机构评级方面，目前暂无机构对该股做出投资评级建议。 行业估值方面，工业工程行业市盈率（TTM）平均值为16.33倍，行业中值3.39倍。天臣控股市盈 率-0.77倍，行业排名第192位；其他中国航天万源（01185.HK）为0.32倍、谊砾控股（00076.HK）为 0.36倍、亿都(国际控股)（00259.HK）为0.65倍、同景新能源（08326.HK）为2.67倍、博奇环保 （02377.HK）为2.98倍。 资料显示，天臣控股有限公司(以下简称天臣控股)成立于1982年,并于1998年在香港联合交易所主板上市 (股票代码:01201.HK)。经营总部位于香港,曾多次被授予'香港杰出企业'、'中国百家明星侨资企 业'、'福布斯亚洲最佳小型上市企业'等称号。成立近三十年来,天臣控股一直保持稳健发展态势,并在 2017年各项经济指标再创新高,实现销售收入3.91亿港元(约人民币3.39亿元),股东应占溢利1,900万港元 (约人民币1,700万元),同比增长2.17倍。天臣控股是中国侨资企业的发轫之始,曾组 ...

7月16日，截至港股收盘，恒生指数下跌0.29%，报24517.76点。威雅利（00854.HK）收报12.66港元/ 股，上涨288.34%，成交量150.44万股，成交额2173.34万港元，振幅875.15%。 大事提醒 最近一个月来，威雅利累计涨幅0%，今年来累计涨幅0%，跑输恒生指数22.58%的涨幅。 财务数据显示，截至2024年9月30日，威雅利实现营业总收入10.73亿元，同比减少12.48%；归母净利 润-5605.44万元，同比增长34.73%；毛利率2.01%，资产负债率71.78%。 机构评级方面，目前暂无机构对该股做出投资评级建议。 2025年7月15日，完成配售1500万新股份，占扩大后股本14.61%，每股配售价2.66港元，净筹3950万港 元(实施) 行业估值方面，工业工程行业市盈率（TTM）平均值为16.33倍，行业中值3.39倍。威雅利市盈率-2.1 倍，行业排名第177位；其他中国航天万源（01185.HK）为0.32倍、谊砾控股（00076.HK）为0.36倍、 亿都(国际控股)（00259.HK）为0.65倍、同景新能源（08326.HK）为2.67倍、博奇环保（0 ...

总体来看，工业硅供需基本面有小幅改善的迹象，下游需求增加对价格有一定支撑，同时多晶硅价 格上涨对工业硅现货价格有一定的带动作用，预计工业硅现货价格仍有一定的上涨空间，需要持续关注 供应端减复产情况和下游市场变动。 （李敏） 本周工业硅现货价格上涨。过去一周（2025年7月10日-16日），主力合约收盘价从8470元/吨震荡 波动至8685元/吨，涨幅为2.54%。全国综合价格为8851元/吨，上涨108元/吨，其中分牌号来看，553为 8602元/吨、441为8852元/吨、421为9425元/吨，分别上涨100元/吨、100元/吨和128元/吨，新疆、云南 和四川的综合价格为8749元/吨、9734元/吨和9600元/吨。FOB价格整体持稳。 本周工业硅现货市场价格在多晶硅价格上涨、大厂继续减产和下游需求增加的影响下，价格上涨， 市场情绪回暖。供应端，南方地区在丰水期来临时，开工率逐渐上涨，产量增加；北方地区大厂暂无复 产计划，其余厂家生产较为稳定，整体产量变动较小，总体全国产量基本持稳。需求端，有机硅单体厂 前期检修装置重启，开工率逐步提高，对工业硅需求增加；多晶硅整体开工较为稳定，对工业硅需求变 动较小 ...

1. Report Industry Investment Ratings No relevant information provided in the reports. 2. Core Views of the Reports Glass and Soda Ash - Yesterday, the soda ash futures market sentiment weakened, with the 09 contract dropping about 30 points. Although the overall market sentiment had improved earlier, the supply - demand pattern of soda ash remains in surplus, with continuous inventory accumulation. It is recommended to watch for opportunities to short on rebounds [1]. - The glass futures market sentiment declined yesterday, while the spot market remained strong. Currently, it is the off - season, and the industry needs capacity clearance. It is advisable to wait and see for now [1]. Logs - Yesterday, the log futures market fluctuated slightly stronger. The market is in a situation of weak supply and demand due to the off - season for demand and seasonal reduction in supply from New Zealand. The 09 contract is expected to fluctuate weakly, and attention should be paid to market sentiment and policy expectations [2]. Industrial Silicon - The spot price of industrial silicon increased by 150 - 200 yuan/ton, and the futures price rose by 90 yuan/ton. The supply is expected to increase. In the short - term, the price will fluctuate strongly, but attention should be paid to the risk of price decline due to the increase in warehouse receipts [3]. Polysilicon - The polysilicon spot price stabilized, and the futures price increased. There is still room for the futures price to catch up with the spot price. The market has a wait - and - see attitude, and there are both positive and negative factors. Attention should be paid to the risk of price decline [4]. Natural Rubber - The natural rubber price rebounded due to macro - sentiment, but the fundamental situation is still weak. It is recommended to short at the price range of 14,000 - 14,500 yuan/ton, and pay attention to raw material supply and US tariff changes [5]. 3. Summaries According to Relevant Catalogs Glass and Soda Ash Price and Spread - Glass: The prices in North China, East China, and South China remained unchanged, while the price in Central China increased by 30 yuan/ton with a 2.80% increase. The 2505 and 2509 contracts decreased by 1.35% and 2.81% respectively. The 05 basis increased by 17.53% [1]. - Soda Ash: The prices in North China, East China, Central China, and Northwest China remained unchanged. The 2505 and 2509 contracts decreased by 0.53% and 2.06% respectively. The 05 basis increased by 17.95% [1]. Supply - Soda ash: The operating rate and weekly output remained unchanged. The float glass daily melting volume increased by 0.38%, and the photovoltaic daily melting volume remained unchanged [1]. Inventory - Glass factory inventory decreased by 2.87%, while soda ash factory inventory and delivery warehouse inventory increased by 2.98% and 4.39% respectively. The glass factory's soda ash inventory days remained unchanged [1]. Real Estate Data - New construction area increased by 2.99%, construction area decreased by 7.56%, completion area increased by 15.67%, and sales area increased by 12.13% [1]. Logs Futures and Spot Prices - Log futures: The 2509, 2511, and 2601 contracts increased slightly, while the 2507 contract decreased slightly. The basis of the 09, 11, and 01 contracts decreased [2]. - Spot prices: The prices of most spot logs remained unchanged, except for a 1.39% decrease in the price of 4A small radiata pine in Taicang Port [2]. Supply - Monthly supply: Port shipments increased by 2.12%, and the number of ships from New Zealand to China, Japan, and South Korea decreased by 8.62% [2]. Inventory - Weekly inventory: The national inventory decreased by 0.31%, with a 1.66% decrease in Shandong and a 1.93% increase in Jiangsu [2]. Demand - Weekly demand: The daily average outbound volume decreased by 12% nationwide, with a 9% decrease in Shandong and a 14% decrease in Jiangsu [2]. Industrial Silicon Spot Price and Basis - The prices of East China oxygen - passed S15530 and Xinjiang 99 - grade industrial silicon increased, while the basis of some varieties decreased [3]. Monthly Spread - The spreads of 2508 - 2509, 2509 - 2510, and 2512 - 2601 increased significantly, while the spread of 2511 - 2512 decreased significantly [3]. Fundamental Data - In April, the national output and operating rate decreased, while the output and operating rate in Yunnan and Sichuan increased. In May, the output of organic silicon DMC, polysilicon, and recycled aluminum alloy increased [3]. Inventory Change - The inventory in Xinjiang decreased by 17.46%, and the social inventory decreased slightly. The warehouse receipt inventory increased by 0.34% [3]. Polysilicon Spot Price and Basis - The prices of N - type granular silicon decreased slightly, and the basis of N - type and cauliflower - type decreased [4]. Futures Price and Monthly Spread - The PS2506 contract increased by 1.69%. Some monthly spreads changed significantly [4]. Fundamental Data - Weekly: The output of silicon wafers and polysilicon decreased. Monthly: The polysilicon output increased, and the import and export volumes changed [4]. Inventory Change - The polysilicon inventory increased by 1.47%, and the silicon wafer inventory decreased by 5.67% [4]. Natural Rubber Spot Price and Basis - The prices of some rubber varieties increased slightly, and the basis and non - standard spread changed [5]. Monthly Spread - The 9 - 1 spread increased by 1.69%, and the 1 - 5 spread decreased by 16.67% [5]. Fundamental Data - In May, the output in Thailand, Indonesia, India, and China increased. The operating rates of semi - steel and all - steel tires increased, and the domestic tire output decreased slightly. The tire export volume increased [5]. Inventory Change - The bonded area inventory increased slightly, and the warehouse receipt inventory in the Shanghai Futures Exchange increased significantly [5].

从中证香港100工业指数持仓样本的行业来看，快递占比56.33%、工业集团企业占比11.17%、物流综合 占比11.01%、商用车占比7.85%、航运占比7.33%、航空运输占比6.32%。 资料显示，指数样本每半年调整一次，样本调整实施时间分别为每年6月和12月的第二个星期五的下一 交易日。权重因子随样本定期调整而调整，调整时间与指数样本定期调整实施时间相同。在下一个定期 调整日前，权重因子一般固定不变。特殊情况下将对指数进行临时调整。当对应的母指数调整样本时， 行业指数样本将相应调整。当样本公司有特殊事件发生，导致其行业归属发生变更时，将对指数进行相 应调整。当样本退市时，将其从指数样本中剔除。样本公司发生收购、合并、分拆等情形的处理，参照 计算与维护细则处理。 本文源自：金融界 作者：行情君 金融界7月16日消息，上证指数低开震荡，中证香港100工业指数 (H100工业，L11182)报148.81点。 数据统计显示，中证香港100工业指数近一个月上涨12.33%，近三个月上涨16.66%，年至今上涨 9.65%。 据了解，中证香港100行业指数系列将中证香港100指数样本按中证行业分类标准进行分类，再 ...

7月16日，国内期市有色金属板块多数飘红。其中，工业硅期货主力合约开盘报8740.0元/吨，今日盘中 低位震荡运行；截至发稿，工业硅主力最高触及8770.0元，下方探低8585.0元，跌幅达1.08%附近。 华联期货指出，上周工业硅市场开炉总数增加。其他地区个别硅厂有部分增减炉子情况，整体供应变量 不大；下游端，近日关于光伏行业反内卷消息较多，情绪驱动盘面价格持续拉涨。铝合金持货商反馈下 游采购能力减弱明显，出货整体弱于上周，铝棒现货市场交投氛围冷清，铝合金实际需求有限；综合来 看，厂家挺价情绪较浓，使得下游低价采购不易，但终端淡季需求下下游市场高价同样不接，供需双方 僵持。操作上建议09逢低做多，企业考虑买入套期保值。 建信期货分析称，7月第2周工业硅产量继续保持在7万吨之上，西南产区丰水期复产弥补新疆大厂减 产，月度产量仍将保持在31万吨以上。需求端，多晶硅7月排产增至10-11万吨，有机硅开工率小幅增 加，但总体月需求增量不足2万吨。期货仓单开始转增，需要关注持续性，前期仓单进入持续减产区间 在8800-9000之间，目前产业政策面形成利多预期，现货市场提价仍在刺激盘面走强，短期偏强震荡为 主。 目前来 ...

Economic Growth - In the first half of 2025, China's GDP grew by 5.3% year-on-year, an increase of 0.3 percentage points compared to 2024[2] - In Q2 2025, GDP growth was 5.2% year-on-year, a slight decrease of 0.2 percentage points from Q1[7] - The industrial added value in June increased by 6.8% year-on-year, significantly above the market expectation of 5.5%[3] Investment and Consumption - Fixed asset investment growth in the first half of 2025 was 2.8%, below the expected 3.7%, and down 1.4 percentage points from Q1[3] - Retail sales in June showed a nominal year-on-year growth of 4.8%, lower than the expected 5.6%[12] - The contribution rate of final consumption expenditure to economic growth was 52% in the first half of 2025, indicating strong domestic demand[4] Sector Performance - The contribution of the tertiary sector (services) to GDP reached 60.1% in the first half of 2025, the highest in two years[4] - Manufacturing investment growth was 7.5%, while real estate investment saw a decline of 11.2%[3] - The trade surplus in June was $114.8 billion, with a cumulative surplus of $586 billion in the first half, reflecting a year-on-year increase of 35%[11] Risks and Outlook - Risks include potential underperformance due to economic growth, industry competition, external economic conditions, and policy changes[5] - Despite a stable unemployment rate of 5.0% in June, the youth unemployment rate remains high, indicating ongoing labor market challenges[29]