转自：云南日报 从决胜贫困到迈向振兴，地处乌蒙山腹地的昭通市正悄然蝶变。 作为全国脱贫人口最多的地级市，昭通市是观察巩固拓展脱贫攻坚成果同乡村振兴有效衔接的重要窗 口。昭通市有10个乡村振兴重点帮扶县、脱贫人口达185.07万人、监测对象6.13万户25.85万人，坚决守 住不发生规模性返贫的底线，推进乡村全面振兴任务依然艰巨，责任十分重大。 过渡期以来，昭通市秉持抓巩固就是抓发展、谋振兴就是促跨越的理念，扎实做好"产城人"文章，奋力 书写高质量答卷。2023年，昭通市地区生产总值增速全省第一，2024年经济总量提前一年迈上2000亿元 台阶，连续4年在省级巩固拓展脱贫攻坚成果考核中位居全省第一。 如今的昭通，巩固脱贫攻坚成果成色更足，绿色发展理念深入人心，乡村振兴美丽画卷徐徐铺展。 强化监测帮扶 牢牢守住底线 昭通市巩固拓展脱贫攻坚成果任务之艰巨，从一组沉甸甸的数据中可见一斑：全市脱贫人口185.07万 人，占全省的四分之一，是全国公认的脱贫人口最多的地级市；易地搬迁群众35.47万人，占全省的三 分之一，居全省首位。这份体量最大、任务最重的考卷，考验着昭通干部的作风与担当。 鲁甸县卯家湾安置区搬迁群众龙清 ...

Core Viewpoint - The company, Zhongjin Lingnan, provided production forecasts for its mining and smelting operations, indicating significant output levels for various metals by mid-2025 [1] Group 1: Mining Production - The company's mining enterprises are expected to produce 125,400 tons of refined lead and zinc metals by the first half of 2025, with domestic mining operations contributing 76,000 tons [1] Group 2: Smelting Production - The company's smelting operations are projected to yield 447,800 tons of copper, lead, and zinc products, including 240,200 tons of cathode copper and 207,600 tons of lead and zinc products [1] Group 3: Precious Metals Production - The company anticipates producing 56 tons of silver and 34 kilograms of gold, along with 1,010 tons of crude copper by mid-2025 [1]

Core Viewpoint - The report highlights environmental risks faced by nine listed companies in China, with a focus on the penalties imposed for violations related to noise pollution and improper waste disposal [6][12][16]. Group 1: Company Penalties - Jianfa Hancheng Holdings Co., Ltd. received three fines within a month for noise pollution due to nighttime construction without proper permits, totaling 28 million yuan [6][12]. - Zhejiang Construction Holdings Co., Ltd. was fined 200,000 yuan for indiscriminately dumping construction waste [14]. - Xiangxin Technology Co., Ltd. was penalized 136,000 yuan for failing to operate air pollution control facilities properly [13]. Group 2: Environmental Risk Overview - A total of nine listed companies were identified as having environmental risks, affecting approximately 910,100 shareholders [11][12]. - The report emphasizes the growing importance of environmental risks in corporate management, impacting both business development and corporate image [8][16]. Group 3: Regulatory Context - The report is based on data collected from 31 provinces and 337 cities, aiming to enhance transparency in environmental information related to listed companies [6][16]. - The increasing focus on ESG (Environmental, Social, and Governance) principles is driving investors to pay more attention to companies' sustainable development capabilities [16].

证券日报网讯12月19日，豫光金铅（600531）在互动平台回答投资者提问时表示，公司在冶炼环节会产 出海绵钯副产品，该产品由公司销售部门统一负责销售，旗下豫光金店不开展此项产品的对外零售业 务。 ...

证券日报网讯 12月19日，豫光金铅（600531）在互动平台回答投资者提问时表示，公司属于有色金属 冶炼行业，黄金、白银为铅铜冶炼过程中的综合回收副产品，外购原材料采购价格按产成品市场价格扣 减加工费确定，产品盈利水平随金属市场价格及加工费波动动态调整；为平抑贵金属价格波动对经营业 绩的潜在影响、保障公司稳健运营，公司开展适度套期保值业务，核心目的是防范价格波动风险、实现 经营收益稳定，后续公司也将持续优化套期保值策略，提升风险管理水平。 ...

证券日报网讯 12月19日下午，锌业股份发布公告称，公司第十一届董事会第十八次会议审议通过《关 于聘任高级管理人员的议案》，决定聘任赵智达先生、董婷婷女士为公司副总经理，任期与第十一届董 事会任期一致。 （文章来源：证券日报） ...

――宏观经济周报 证券分析师 宏观经济分析报告 5 数据密集披露，等待政策反应 周喜[Table_IndInvest] 022-28451972 zhouxi@bhzq.com 宋亦威[Table_IndInvest] SAC NO：S1150514080001 022-23861608 songyw@bhzq.com 严佩佩 SAC NO：S1150520110001 022-23839070 yanpp@bhzq.com 研究助理 靳沛[Table_IndInvest] 芃 SAC NO：S1150124030005 022-23839160 jinpp@bhzq.com 分析师：周喜 SAC NO：S1150511010017 2025 年 12 月 19 日 就外围环境而言，美国方面，10 月和 11 月非农数据集中披露，前者因政府 雇员大幅减少呈现负增；而后者表面虽有新增，但若真如鲍威尔此前所言 "就业每月高估约 6 万人"，那么实际上也近乎没有增长。令人稍感欣慰的 是私人部门就业相对稳健。从失业率角度看，10 月数据受"政府关门"影 响永久消失，而 11 月数据在劳动参与率走高的情形下出现小幅跳升 ...

Group 1: Zinc Market Overview - Today's Shanghai zinc futures showed weak fluctuations, with the main contract opening at 23,005 CNY/ton, reaching a high of 23,020 CNY/ton, and a low of 22,835 CNY/ton, closing at 22,970 CNY/ton, down 170 CNY, a decrease of 0.73% [1] - The trading volume for the Shanghai zinc 2601 contract was 120,568 lots, a decrease of 17,972 lots, while the open interest fell by 13,967 lots to 59,226 lots [1] - The latest price for London zinc was reported at 3,057 USD, an increase of 22 USD [1] Group 2: Domestic Zinc Price Statistics - The ccmn comprehensive price for 0 zinc was reported at 22,970-23,070 CNY/ton, with an average of 23,020 CNY, down 170 CNY; 1 zinc was priced at 22,880-22,980 CNY/ton, averaging 22,930 CNY, also down 170 CNY [1] - In Guangdong, the 0 zinc price ranged from 22,610 to 22,910 CNY/ton, averaging 22,760 CNY, and 1 zinc was priced at 22,540-22,840 CNY/ton, averaging 22,690 CNY, both down 170 CNY [1] - The current spot zinc market quotes 0 zinc between 22,960-23,070 CNY/ton and 1 zinc between 22,890-22,980 CNY/ton, with the 0 zinc premium at 30-140 CNY/ton and 1 zinc at a discount of 40-50 CNY/ton [1] Group 3: Supply and Demand Dynamics - In November, domestic zinc concentrate production was 311,400 tons, a decrease of 19,400 tons from October, with northern mines entering a seasonal reduction phase [3] - The processing fees for domestic zinc concentrate have rapidly declined, with domestic processing fees dropping to 1,600 CNY/metal ton and imported processing fees falling to 50.56 USD/dry ton [3] - Domestic zinc ingot inventory has been continuously decreasing, with a weekly decline of 12.34%, reaching the lowest level in three and a half months [3] Group 4: Market Sentiment and Future Outlook - The overall market sentiment remains cautious, with downstream demand weak and trading activity subdued, despite traders' efforts to maintain prices [4] - The continuous decline in processing fees and expanding losses for smelters are expected to slow down the adjustment pace and space for zinc prices [4] - Short-term attention should be given to the support level at the 20-day moving average [4]

长江铅价pb.ccmn.cn短评：美指反弹施压，隔夜伦铅收跌0.05%；铅市结构性收缩支撑成本底线，但需 求端新旧动能切换下淡季承压，供需僵持成交偏淡，今现铅或小跌。 长江锡价sn.ccmn.cn短评：资金轮动激活纳指引擎美股齐涨，隔夜伦锡收涨1.53%；地缘扰动引发供紧 担忧，新兴领域支撑韧性，但现货畏高交投清淡，今现锡或小涨。 长江镍价ni.ccmn.cn短评：美国最新CPI数据不佳提振降息预期市场流动性宽裕，隔夜伦镍收涨1.84%； 镍过剩压力未减，但印尼镍矿审批收紧资金助推，料今镍上涨。 新浪合作大平台期货开户 安全快捷有保障 长江铜价copper.ccmn.cn短评：美11月CPI重回"2时代"助美元反弹，伦铜跌0.13%；国内股指下行拖累市 场情绪，供应虽紧张但现货贴水加深、成交疲软，今现铜或跌。 长江铝价alu.ccmn.cn短评：美股全线飘红提振市场风险偏好，伦铝收涨0.38%；国内下游年底赶工态势 显著，汽车、电子等行业消费具韧性且铝锭社库低位，今现铝或涨。 长江锌价zn.ccmn.cn短评：美通胀数据欠佳且圣诞节前交易员削减持仓，伦锌跌0.44%；供应紧俏、锌 锭社库续降提供支撑，然下游补 ...

中国银河证券认为，2025年有色金属行业确立新一轮上行周期，2026年宏观预期修复、供应链扰动、流 动性宽松等逻辑将持续推动商品价格上涨与企业盈利能力提升，延续景气上行行情。 2025年12月19日，有色金属概念走强。截至13:44，中证工业有色金属主题指数强势上涨2.53%，成分股 云铝股份领涨，金诚信、天山铝业、锡业股份等个股跟涨。 消息面上，美国CPI数据超预期放缓。受此影响，美国联邦基金利率期货显示，美联储1月份降息的可 能性从26.6%上升至28.8%。交易员押注明年美联储将降息62个基点。 国内政策层面，节能降碳行动持续深化，国务院《2024-2025年节能降碳行动方案》明确优化有色金属 产能布局，从严控制铜、氧化铝等冶炼新增产能，大力发展再生金属产业，要求2025年底再生金属供应 占比达24%以上、铝水直接合金化比例提高到90%以上；同时推进行业节能改造，明确电解铝、铜铅锌 冶炼等领域能效标杆水平目标。 华创证券指出，美联储"鹰派"降息落地后铝价短暂走弱，但全球铝库存总体小幅下行，LME+国内铝库 存总计维持120-125万吨，安全库存维持低位。海外项目因电力问题减产叠加印尼增量释放缓慢，未来 ...