转自：智通财经 【4连板白银有色（维权）：预计2025年净亏损4.5亿元-6.75亿元 因仓储合同纠纷计提预计负债金额约 3.14亿元】智通财经1月23日电，白银有色(601212.SH)公告称，预计2025年年度归属于上市公司股东的 净利润为-4.50亿元到-6.75亿元。2025年有色金属及贵金属产品市场价格同比上升，公司主要产品产量 同比增加，并强化内部管理，多措并举降本增效、开源节流，毛利率同比上升。但是由于公司下属子公 司上海红鹭国际贸易有限公司与南储仓储管理集团有限公司及其上海分公司的仓储合同纠纷案，2025年 上半年基于该案件的最新进展及谨慎性原则，计提预计负债金额约3.14亿元。另外，由于市场价格波动 导致当期点价交易形成的嵌入式衍生金融工具公允价值变动损失同比增加，相应影响了公司业绩。 ...

2025年有色金属及贵金属产品市场价格同比上升，公司主要产品产量同比增加，并强化内部管理，多措 并举降本增效、开源节流，毛利率同比上升。但是由于公司下属子公司上海红鹭国际贸易有限公司与南 储仓储管理集团有限公司及其上海分公司的仓储合同纠纷案，2025年上半年基于该案件的最新进展及谨 慎性原则，计提预计负债金额约3.14亿元。另外，由于市场价格波动导致当期点价交易形成的嵌入式衍 生金融工具公允价值变动损失同比增加，相应影响了公司业绩。 格隆汇1月23日丨白银有色（维权）(601212.SH)公布，经财务部门初步测算，预计2025年年度实现归属 于母公司所有者的净利润-45,000万元到-67,500万元，与上年同期相比，将出现亏损。 ...

人民财讯1月23日电，白银有色（601212）1月23日公告，预计2025年实现归属于母公司所有者的净利润 亏损4.5亿元至6.75亿元，上年同期净利润8079.17万元。由于公司下属子公司上海红鹭国际贸易有限公 司与南储仓储管理集团有限公司及其上海分公司的仓储合同纠纷案，2025年上半年公司基于该案件的最 新进展及谨慎性原则，计提预计负债金额约3.14亿元。 ...

资料显示，云南铜业股份有限公司位于云南省昆明市盘龙区华云路1号中铜大厦，成立日期1998年5月15 日，上市日期1998年6月2日，公司主营业务涉及铜的勘探、采选、冶炼,贵金属和稀散金属的提取与加 工,硫化工以及贸易等领域。主营业务收入构成为：阴极铜74.00%，其他产品12.42%，贵金属12.24%， 硫酸1.33%。 1月23日，云南铜业涨5.08%，截至发稿，报23.39元/股，成交18.12亿元，换手率3.95%，总市值528.57 亿元。 声明：市场有风险，投资需谨慎。 本文基于第三方数据库自动发布，任何在本文出现的信息（包括但 不限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，不构成个人投资建 议。受限于第三方数据库质量等问题，我们无法对数据的真实性及完整性进行分辨或核验，因此本文内 容可能出现不准确、不完整、误导性的内容或信息，具体以公司公告为准。如有疑问，请联系 biz@staff.sina.com.cn。 从基金十大重仓股角度 责任编辑：小浪快报 中海混改红利混合A（001574）基金经理为时奕。 截至发稿，时奕累计任职时间1年209天，现任基金资产总规模1亿元，任 ...

1. Report Industry Investment Ratings - Gold: Long - term holding, ★★ [1] - Silver: Long - term holding, ★★ [1] - Copper: Long - term holding, ★ [1] - Zinc: Rebound, ★ [1] - Lead: Under pressure, ★ [1] - Tin: Rebound under pressure, ★ [1] - Aluminum: Rebound under pressure, ★ [1] - Nickel: Rebound under pressure, ★ [1] - Industrial silicon: Rebound, ★ [1] - Polysilicon: Rebound, ★ [1] - Lithium carbonate: Cautiously bullish, ★ [1] 2. Core Views of the Report - Geopolitical issues and the Fed's stance are key factors affecting precious metals. Gold and silver have long - term investment value due to geopolitical uncertainties and central bank purchases. Copper has long - term potential due to supply shortages and green demand, but short - term fluctuations are affected by seasonality and market sentiment. Zinc shows a short - term rebound but is limited by weak fundamentals. Aluminum and nickel face short - term pressure due to inventory accumulation and weak demand. Industrial silicon and polysilicon have short - term rebound opportunities. Lithium carbonate is cautiously bullish with supply - side disturbances [1][3][5][6]. 3. Summary by Related Catalogs Gold and Silver - **Market Performance**: Gold reached a new high due to geopolitical issues. SHFE gold was at 1087.58 with a - 0.43% daily change and a 3.40% weekly change; COMEX gold was at 4938 with a 2.11% daily change and a 7.33% weekly change. Silver also showed an upward trend. SHFE silver was at 23339 with a 0.90% daily change and a 0.65% weekly change; COMEX silver was at 96 with a 3.51% daily change and a 6.97% weekly change [2]. - **Core Logic**: Geopolitical issues such as Trump's rumored actions in Cuba and the weakening of the US dollar due to large - scale capital outflows from US dollar assets. Central banks continue to buy gold, and long - term strategic allocation value remains unchanged. Silver's logic is dominated by gold's safe - haven property [1][3]. - **Strategy Recommendation**: Long - term holding. The short - term support for domestic gold is at 1040, and for domestic silver is at 21000. In 2026, the overall support for precious metals is still strong, and the long - term bullish logic remains unchanged [3]. Copper - **Market Performance**: The 100,000 - yuan mark was regained after a tug - of - war. The closing price of SHFE copper was 100270, down 0.43% from the previous day [4]. - **Core Logic**: BHP slightly raised its copper production guidance for fiscal year 2026. In December 2025, refined copper imports decreased. Although it is currently the traditional off - season, the long - term supply - demand logic remains unchanged, with tight global copper concentrate supply and growing green demand for copper [5]. - **Strategy Recommendation**: For existing long positions, use trailing stop - loss to lock in profits. New entrants should wait for a full correction. In the long - term, copper is still promising. Short - term, SHFE copper is in the range of [99500, 103000] yuan/ton, and LME copper is in the range of [12500, 13000] US dollars/ton [6]. Zinc - **Market Performance**: The market sentiment improved, and zinc showed a pattern of being stronger overseas and weaker domestically. The closing price of SHFE zinc was 24530, up 0.74% from the previous day [7]. - **Core Logic**: In 2026, global zinc ore supply may shrink, and domestic new mine production increases are uncertain. Refined zinc production in December decreased, and downstream processing enterprises'开工 rates declined during the off - season [8]. - **Strategy Recommendation**: Long positions should take profits on rallies. Enterprises should actively arrange selling hedging to lock in profits. SHFE zinc is in the range of [24200, 24800] yuan/ton, and LME zinc is in the range of [3150, 3250] US dollars/ton [9]. Aluminum - **Market Performance**: Aluminum prices faced pressure in the short - term, and alumina stabilized at a low level [11]. - **Core Logic**: In 2026, the Fed's interest - rate cut expectation continued. An electrolytic aluminum project in Inner Mongolia was put into production, and inventory increased. The downstream processing enterprises'开工 rates showed a differentiated trend. The alumina market remained oversupplied [12]. - **Strategy Recommendation**: For SHFE aluminum, take profits and wait and see in the short - term, and pay attention to the change direction of aluminum ingot social inventory. The main operating range is [23000 - 25000] [13]. Nickel - **Market Performance**: Nickel prices faced pressure in the short - term, and stainless steel rebounded and then declined [15]. - **Core Logic**: In 2026, the Fed's interest - rate cut expectation continued. Indonesia significantly reduced its nickel ore production target, and there were issues of illegal land occupation in some mines. Domestic pure nickel inventory increased, and stainless steel was in the off - season [16]. - **Strategy Recommendation**: Take profits and wait and see for nickel and stainless steel, and pay attention to Indonesian policies and stainless steel inventory changes. The main operating range for nickel is [133000 - 151000] [17]. Lithium Carbonate - **Market Performance**: The main contract LC2605 opened high and went high, hitting a new high during the session [18]. - **Core Logic**: Affected by the news of canceling export tax rebates for lithium batteries, prices rose for two consecutive days, but then回调 due to the overall decline of the non - ferrous sector and exchange position - limit measures. The upstream lithium salt plants had high enthusiasm for production, and the new production capacity of material plants in 2026 provided support for rigid demand [19]. - **Strategy Recommendation**: High - level oscillation in the range of [16400 - 175000] [20].

Group 1: Investment Ratings - No investment ratings provided in the reports Group 2: Core Views - For copper, prices pulled back in the second half of the week due to US tariff concerns, but the medium - term view remains bullish as fundamentals show limited supply and increasing demand, with faster post - holiday destocking expected [1] - For aluminum, the basis and downstream processing fees are low, with continuous inventory accumulation. While auto consumption is weak, PV installation and export expectations support domestic demand, and overseas active restocking may support prices [1] - For zinc, the domestic fundamentals are average, but long - term capital investment is limited and there are supply disturbances. It's difficult for prices to fall deeply. There are potential reverse arbitrage and positive arbitrage opportunities [2][3] - For nickel, the short - term fundamentals are weak with a slight decline in production, weak demand, and slow inventory accumulation in China. Policy and fundamentals are in a short - term game [3] - For stainless steel, the fundamentals are weak, and the price is mainly driven by nickel price and Indonesian quota news [3] - For lead, prices are oscillating at a high level. Supply is increasing, demand is weakening, and inventory is accumulating. Prices are expected to oscillate between 17100 - 17600 next week, and short - selling on high prices is recommended [5] - For tin, prices fluctuate greatly, affected by capital sentiment. There are supply disturbances in major producing countries, and it is recommended to wait and see or look for positive arbitrage opportunities [8] - For industrial silicon, the supply - demand is balanced and slightly loose, and prices are expected to oscillate with costs in the short - term and at the cycle bottom in the long - term [11] - For lithium carbonate, the short - term supply - demand is close to balance with a 1.4 - thousand - ton monthly inventory accumulation in January. Prices are affected by futures market sentiment, and a spot - futures resonance may occur later [13] Group 3: Summary by Metal Copper - Price: Pulled back in the second half of the week due to US tariff concerns [1] - Inventory: LME inventory increased by 8850, and SHFE inventory decreased by 2408 [1] - Outlook: Medium - term bullish, with faster post - holiday destocking expected [1] Aluminum - Price: Aluminum ingot prices increased slightly, and alumina prices decreased slightly [1] - Inventory: Domestic inventory was flat, and LME inventory increased by 2100 [1] - Outlook: Domestic demand has short - term support, and overseas restocking may support prices [1] Zinc - Price: Zinc ingot prices increased slightly [2] - Supply: Domestic and imported TC is declining, and production increased in January [2] - Demand: Domestic demand is seasonally weak, and exports increased in December [2] - Strategy: Look for reverse and positive arbitrage opportunities [2][3] Nickel - Price: Nickel prices decreased slightly, and nickel ore prices increased [3] - Supply: Pure nickel production decreased slightly [3] - Demand: Overall demand is weak [3] - Outlook: Short - term fundamentals are weak, and there is a policy - fundamentals game [3] Stainless Steel - Price: Prices increased slightly [3] - Supply: Mill production is at a high level [3] - Demand: Demand is mainly for rigid needs [3] - Outlook: Fundamentals are weak, and prices follow nickel prices [3] Lead - Price: Prices oscillated at a high level [5] - Supply: Production is expected to increase, and raw materials are getting tight [5] - Demand: Battery demand is weakening [5] - Inventory: Inventory increased by 1.3 - 3.25 million tons [5] - Outlook: Prices are expected to oscillate between 17100 - 17600, and short - selling on high prices is recommended [5] Tin - Price: Prices fluctuated greatly [8] - Supply: There are supply disturbances in major producing countries [8] - Demand: Downstream restocking willingness is divided [8] - Outlook: Prices may have reduced volatility, and it is recommended to wait and see or look for arbitrage opportunities [8] Industrial Silicon - Price: Basis decreased, and prices are expected to oscillate with costs [11] - Supply: Some factories may reduce production, and some may resume production [11] - Demand: Downstream polysilicon production is affected [11] - Outlook: Supply - demand is balanced and slightly loose, and long - term prices will oscillate at the cycle bottom [11] Lithium Carbonate - Price: Prices increased, and the market was volatile [13] - Supply: Upstream enters the maintenance cycle [13] - Demand: Downstream is cautious about high prices [13] - Inventory: Inventory accumulation is expected to be 1.4 thousand tons in January [13] - Outlook: Supply - demand is close to balance, and spot - futures resonance may occur [13]

热点栏目 自选股 数据中心 行情中心 资金流向 模拟交易 客户端 铜：市场情绪降温，铜价震荡偏弱 隔夜沪铜主力低开震荡，收于100270元，最低触及99440元。伦铜运行至12483美金附近。 宏观中性偏空。美国去年11月核心PCE同比上涨2.8%，环比涨0.2%，均符合预期，上周初请失业金人数略低于预期，经济数据表现强劲降低降息预期。 基本面中性。昨日上期所铜仓单减少2408吨至14.3万吨，LME铜累库8850吨至16.8万吨。自由港印尼发布Grasberg铜矿重启计划，预计今年二季度开始分阶 段重启，基本符合前期预期。据智通财经，受罢工影响智利Mantoverde铜矿停产。随着铜价回调企稳，下游需求边际改善，但目前仍以刚需备库为主。 总体来看，地缘与关税矛盾缓和，加之降息预期回落，市场情绪降温，关注跌价期间下游节前需求回暖程度，预计短期铜价震荡整理。今日沪铜主力运行区 间参考9.93-10.13万元/吨。策略上，短线区间为主，中长线等待低点布局远月多单。 重要声明 本报告中的信息均来源于公开可获得资料，中信建投期货力求准确可靠，但对这些信息的准确性及完整性不做任何保证，据此投资，责任自负。本报告不构 成 ...

（文章来源：证券日报） 证券日报网1月22日讯 ，亚太科技在接受调研者提问时表示，高端铝合金因具有高应力腐蚀开裂抗力， 且耐热性、焊接性和韧性较好，是运载火箭和宇宙飞行器结构件的重要材料之一。航空航天是公司高端 产品重要应用领域之一，凭借参与神舟等系列航天器专用铝材的配套开发经验和为中国航空工业集团有 限公司旗下飞机整机客户批产配套能力，公司在轻质特种高强高韧铝材方面拥有成熟开发体系和丰富技 术积累；同时，公司通过AS9100D等质量管理体系规范建设、特种产品国家行业标准制定参与、CNAS 等实验室建设、新型材料产品开发等工作的持续进行，持续满足该领域客户对关键部件材料进口替代、 持续升级进程需求。 ...

Core Insights - China's refined copper production in December reached 1.326 million tons, marking a year-on-year increase of 9.1%. The cumulative production for the year was 14.72 million tons, up 10.4% compared to the previous year [1][2] - In December, alumina production was 8.011 million tons, reflecting a year-on-year increase of 6.7%, with a total annual production of 92.446 million tons, an 8% increase [1][2] - The production of ten non-ferrous metals in December was 7.208 million tons, up 4.9% year-on-year, with a total annual production of 81.75 million tons, a 3.9% increase [1][2] - Copper product output in December was 2.229 million tons, showing a decrease of 3.4% year-on-year, while the total annual production was 24.814 million tons, up 4.7% [1][2] Production Data Summary - **Alumina**: December production was 801.1 thousand tons, with a monthly growth rate of 6.7% and an annual growth rate of 8.0% [2] - **Ten Non-Ferrous Metals**: December production was 720.8 thousand tons, with a monthly growth rate of 4.9% and an annual growth rate of 3.9% [2] - **Refined Copper**: December production was 132.6 thousand tons, with a monthly growth rate of 9.1% and an annual growth rate of 10.4% [2] - **Aluminum**: December production was 71.9 thousand tons, with a monthly growth rate of 5.3% and an annual growth rate of 2.8% [2] - **Zinc**: December production was 67.5 thousand tons, with a monthly growth rate of 11.0% and an annual growth rate of 9.3% [2] - **Raw Aluminum**: December production was 387.4 thousand tons, with a monthly growth rate of 3.0% and an annual growth rate of 2.4% [2] - **Aluminum Alloys**: December production was 182.5 thousand tons, with a monthly growth rate of 13.7% and an annual growth rate of 15.8% [2] - **Copper Products**: December production was 222.9 thousand tons, with a monthly decrease of 3.4% and an annual growth rate of 4.7% [2] - **Aluminum Products**: December production was 613.6 thousand tons, with no monthly growth and a slight annual decrease of 0.2% [2]

根据《企业会计准则第16号-政府补助》有关规定，公司获得与收益相关的政府补助900万元，计入其他 收益900万元，预计对公司净利润产生一定影响。 格隆汇1月22日丨白银有色（维权）(601212.SH)公布，截至 2026年1月21日，公司获得白银市商务局下 发的2025年中央外经贸提质增效项目补助900万元（未经审计），该政府补助与收益相关，占公司最近 一期经审计归母净利润的比例为11.14%。 ...