广发早知道-汇总版 广发期货研究所 电 话：020-88818009 E-Mail：zhangxiaozhen@gf.com.cn 目录： 每日精选： 金融期货： 股指期货、国债期货 贵金属： 黄金、白银、铂、钯 集运欧线 商品期货： 有色金属： 铜、氧化铝、铝、铝合金、锌、锡、镍、不锈钢、碳酸锂、工业硅、多 晶硅 黑色金属： 钢材、铁矿石、焦煤、焦炭、硅铁、锰硅 农产品： 油脂、粕类、玉米、生猪、白糖、棉花、鸡蛋、红枣、苹果 能源化工： PX、PTA、乙二醇、短纤、瓶片、纯苯、苯乙烯、LLDPE、PP、甲醇、烧 碱、PVC、尿素、纯碱、玻璃、天然橡胶、合成橡胶 投资咨询业务资格： 证监许可【2011】1292 号 每日重点关注品种逻辑解析 金融衍生品： 组长联系信息： 张晓珍（投资咨询资格：Z0003135） 电话：020- 88818009 邮箱：zhangxiaozhen@gf.com.cn 周敏波（投资咨询资格：Z0010559） 电话：020-81868743 邮箱：zhoumingbo@gf.com.cn 朱迪（投资咨询资格：Z0015979） 电话：020-88818008 邮箱：zhudi@g ...

登录新浪财经APP 搜索【信披】查看更多考评等级 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容 的真实性、准确性和完整性承担个别及连带责任。 重要内容提示： ● 河南豫光金铅股份有限公司（以下简称"公司"）股票价格短期涨幅较大，2026年1月21日、1月22日、 1月23日、1月26日、1月27日连续五个交易日公司股票价格涨幅累计达到45.01%，存在交易风险。 ● 近期公司产品白银价格出现较大涨幅，未来白银价格能否继续上涨或维持高位存在不确定性。 ● 公司股价短期涨幅较大，后续可能存在下跌风险。 ● 公司经营情况未发生重大变化，敬请广大投资者注意二级市场交易风险，理性决策，审慎投资。 一、二级市场交易风险 2026年1月21日、1月22日、1月23日、1月27日公司股票的换手率分别为14.71%、14.07%、11.05%、 23.61%，高于日常换手率。敬请广大投资者注意二级市场交易风险，理性决策，审慎投资。 三、股票质押风险 1、公司控股股东河南豫光集团有限公司（以下简称"豫光集团"）持有的公司股份322,799,737股，占公 司总股本的26.69%。截至 ...

Core Viewpoint - Recent breakthroughs in lithium extraction from salt lakes in China indicate a shift in the industry from "cost advantage" to "technology leadership," potentially leading to a full-chain upgrade from resource development to high-value utilization [1] Group 1: Macro Environment - The overall macro environment is favorable for the non-ferrous metals sector [3][12] - Multiple supportive factors are emerging for the non-ferrous metals sector due to the dual backdrop of global economic restructuring and domestic policy drivers [4][13] Group 2: Global Liquidity and Geopolitical Risks - Expectations for increased global liquidity are rising, with UBS predicting two 25 basis point rate cuts by the Federal Reserve in 2026, lowering the target range for the federal funds rate to 3.00% to 3.25% [5][14] - Heightened geopolitical risks at the start of 2026 are expected to increase market demand for safe-haven assets, benefiting gold prices and supporting demand for key strategic metals like copper, tungsten, molybdenum, cobalt, and rare earths [6][14] Group 3: Domestic Economic Stability - China's manufacturing PMI rose above the neutral line in December, indicating economic stabilization and a potential recovery in manufacturing sentiment [6][14] - Continued government investment and infrastructure improvements are anticipated, alongside constraints on corporate expansion due to "anti-involution" policies, which may sustain price increases in the non-ferrous metals sector [6][14] Group 4: National Strategy and Resource Security - In 2026, China will initiate a new round of mineral exploration strategies and crack down on illegal mining of strategic mineral resources, which is expected to strengthen the long-term stability of the industry [6][15] Group 5: Supply and Demand Dynamics - The overall supply-demand balance for various non-ferrous metals is expected to remain tight, supporting upward price trends [8][18] - Factors such as global monetary easing, geopolitical tensions, supply-side constraints, and steady demand are likely to drive the non-ferrous metals sector in 2026 [10][19] Group 6: Specific Metal Insights - Gold: China's official gold reserves have increased for 14 consecutive months, indicating a trend towards further accumulation by the central bank [19] - Silver: Supply remains tight while industrial demand, particularly from the photovoltaic sector, continues to grow [19] - Copper: Long-term capital expenditure on copper mines is insufficient, leading to a potential shift from a tight balance to a shortage [19] - Aluminum: High copper prices are accelerating the "aluminum substitution for copper" trend, with potential shortages in aluminum supply expected [19] - Lithium: Demand for lithium battery materials remains strong, with expectations for a supply-demand reversal in lithium carbonate prices [19] - Cobalt: Continued export quotas from the Democratic Republic of Congo are expected to maintain structural tightness in cobalt supply [19]

格隆汇1月27日｜北方铜业27日在互动平台表示，公司每年生产金锭约6吨、银锭约60吨，全部对外销 售。 ...

Core Viewpoint - Hunan Gold (002155.SZ) is set to acquire 100% equity of Hunan Golden Tianyue Mining Co., Ltd. and Hunan Zhongnan Gold Smelting Co., Ltd. through a share issuance, which is part of a resource integration led by Hunan state-owned assets [2][3][4] Group 1: Acquisition Details - The acquisition aims to eliminate competition between Hunan Gold and its controlling shareholder, Hunan Gold Group, while reducing related party transactions [2][5] - The transaction will enhance Hunan Gold's control over quality assets and the industry chain, thereby increasing profitability [2][6] - The financial projections for 2025 indicate that Golden Tianyue and Zhongnan Smelting will achieve revenues of 221 million yuan and 2.796 billion yuan, respectively, with net profits of approximately 64.55 million yuan and 124 million yuan [2][6] Group 2: Financial Performance - Hunan Gold forecasts a net profit of 1.27 billion to 1.608 billion yuan for 2025, representing a year-on-year growth of 50% to 90% [7][8] - The company reported a revenue of 41.194 billion yuan for the first three quarters of 2025, a 96.26% increase year-on-year, with net profits growing by 54.28% [9] - This marks the first time since its listing in 2004 that Hunan Gold's annual net profit is expected to exceed 1 billion yuan [8]

1月25日晚间，湖南黄金发布重组预案。上市公司拟通过发行股份方式购买湖南黄金天岳矿业有限公司、湖南中南 黄金冶炼有限公司(以下分别简称"黄金天岳""中南冶炼")100%股权，并募集配套资金。 湖南省属资源龙头湖南黄金（002155）(002155.SZ)将获注关联资产。 长江商报记者注意到，本次交易实质上是湖南国资主导下的资源整合。通过本次重组，湖南黄金的控股股东湖南 黄金集团将黄金天岳注入上市公司，将有利于消除二者之间的同业竞争问题。同时，收购中南冶炼之后，湖南黄 金将进一步减少关联交易规模。 不仅如此，收购两家公司之后，湖南黄金将整合金矿资源的采选与冶炼环节，进一步增加资源储备，提升对优质 资产及产业链的控制力，增厚盈利空间。 重组预案显示，2025年，黄金天岳、中南冶炼分别已实现营收2.21亿元、27.96亿元，归母净利润6454.97万元、 1.24亿元。截至2025年末，两家公司资产总额合计为27.2亿元。 同日，湖南黄金发布业绩预告，受益于金、锑、钨价格上涨，公司预计2025年实现归母净利润12.7亿元至16.08亿 元，同比增长50%至90%，经营业绩创下新高。 拟收购黄金天岳和中南冶炼100% ...

登录新浪财经APP 搜索【信披】查看更多考评等级 本公司董事会全体成员保证信息披露内容的真实、准确、完整，没有虚假记载、误导性陈述或重大遗 漏。 一、股票交易异常波动的情况介绍 葫芦岛锌业股份有限公司（以下简称"公司"）股票（证券简称：锌业股份，证券代码：000751）于 2026年1月23日、1月26日连续2个交易日收盘价格涨幅偏离值累计超过20%，根据《深圳证券交易所交 易规则》的有关规定，公司股票交易属于异常波动情形。 二、说明关注、核实情况 经公司董事会调查核实，有关情况如下： 1.公司前期披露的信息不存在需要更正、补充之处； 5.公司控股股东、实际控制人在股票异常波动期间不存在买卖公司股票的行为。 三、是否存在应披露而未披露信息的说明 本公司董事会确认，本公司目前没有根据《深圳证券交易所股票上市规则》等有关规定应予以披露而未 披露的事项或与该事项有关的筹划、商谈、意向、协议等；董事会也未获悉本公司有根据《深圳证券交 易所股票上市规则》等有关规定应予以披露而未披露的、对本公司股票及其衍生品种交易价格产生较大 影响的信息；公司前期披露的信息不存在需要更正、补充之处。 四、必要的风险提示 1.经自查，公司 ...

证券日报网讯 1月26日，锌业股份发布公告称，公司股票于2026年1月23日、1月26日连续2个交易日收 盘价格涨幅偏离值累计超过20%，根据《深圳证券交易所交易规则》的有关规定，公司股票交易属于异 常波动情形。公司、控股股东及实际控制人不存在关于公司的应披露而未披露的重大事项，或处于筹划 阶段的重大事项。 （文章来源：证券日报） ...

1. Report Industry Investment Rating - No relevant content provided. 2. Core Viewpoints - Aluminum: Macro funds' bullish sentiment on prices remains, but environmental controls and bad weather have slowed the inventory accumulation mid - week. Aluminum prices are expected to remain strong at high levels in the short term. Attention should be paid to the development of macro events and downstream feedback [12]. - Zinc: Affected by the volatility of non - ferrous metals, zinc prices are relatively strong. In the medium - and long - term, the supply increase exerts pressure on the upside, but it will take time to materialize. Zinc prices will run at a high level in the short term, and attention should be paid to macro - risk events and inventory trends at home and abroad [14]. - Tin: Tin prices are at a high level, and it is advisable to avoid participation in the short term [15]. - Lithium Carbonate: It will fluctuate in a high - level range, with a game between "strong expectations" and "weak reality". Policy expectations and supply disruptions support the price bottom [16]. 3. Summary by Directory 3.1 01 Colorful Weekly Market Review - **Futures and Spot Prices**: The report shows the closing prices, weekly changes, and weekly price changes of the main futures contracts and spot prices of copper, aluminum, zinc, tin, and nickel from January 16th to January 23rd, 2026. For example, the main copper futures contract (CU2603) rose 0.57%, while the average copper spot price in Shanghai Wumaohu decreased 0.80% [9]. 3.2 02 This Week's Non - Ferrous Market Forecast - **Aluminum**: Macro factors such as geopolitical frictions and tariff uncertainties put pressure on the US dollar. On the fundamental side, some northern mining areas have staged production cuts due to weather, and the domestic ore price is expected to remain stable. The overall aluminum processing industry shows a pattern of stable operation with local fluctuations. Aluminum prices are expected to remain strong at high levels in the short term [12]. - **Zinc**: SMM Zn50 domestic weekly TC average price remained flat, and the SMM imported zinc concentrate index decreased. The supply of domestic zinc concentrates continues to weaken, and the overall supply - demand pattern in February is expected to remain unchanged. The galvanizing industry shows a "first - up - then - down" trend. Zinc prices will run at a high level in the short term [14]. - **Tin**: In December 2025, China's tin concentrate imports increased. The smelting plants in Yunnan and Jiangxi are operating at a high level, but there is limited room for further improvement. The demand is stable, and the market is optimistic about the semiconductor and new - energy vehicle industries after the festival. Tin prices are at a high level, and short - term participation should be avoided [15]. - **Lithium Carbonate**: Last week, the lithium carbonate market rose strongly. The supply side is contracting comprehensively, the demand side has kinetic energy conversion and prominent structural contradictions, the inventory structure has deteriorated significantly, and the profit structure has prominent contradictions. It will fluctuate in a high - level range, with a game between "strong expectations" and "weak reality" [16]. 3.3 03 Variety Data 3.3.1 Aluminum - **Bauxite**: The prices of domestic high - and low - grade bauxite in Henan remained unchanged week - on - week; the average price index of imported bauxite decreased. The port arrival volume increased, while the departure volume decreased [21][24]. - **Alumina**: The domestic price in Henan decreased, the full cost decreased, and the profit in Shanxi increased [27]. - **Electrolytic Aluminum**: The total cost decreased, and the regional price difference increased. The downstream processing industry's overall operating rate showed a mixed trend, with some rising and some remaining stable. The inventory in the bonded area decreased, the social inventory increased, and the inventory in the futures exchange also changed [29][36][41]. - **Spot and Basis**: The basis of SMM A00 aluminum decreased week - on - week, and the monthly spread also changed [47][48]. 3.3.2 Zinc - **Zinc Concentrate**: The price of domestic zinc concentrate decreased, the domestic processing fee remained unchanged, and the imported processing fee decreased. The enterprise production profit decreased, the import loss increased, and the imported zinc concentrate inventory in Lianyungang increased [57][60]. - **Refined Zinc**: The social inventory of zinc ingots decreased, the bonded area inventory remained unchanged, the inventory in the futures exchange changed [63]. - **Galvanizing**: The output and operating rate increased, and the raw material and finished - product inventories increased [67]. - **Basis and Monthly Spread**: The basis of SMM 0 zinc ingot decreased, and the monthly spread changed [71][75]. 3.3.3 Tin - **Refined Tin**: The combined output and operating rate of Yunnan and Jiangxi provinces increased [82]. - **Tin Ingot Inventory**: The SHFE tin ingot inventory and the Chinese regional social inventory increased [85]. - **Tin Concentrate Processing Fee**: The processing fees in different regions remained unchanged week - on - week and increased year - on - year [88]. - **Tin Ore Import Profit and Loss**: The import profit and loss level increased [89]. - **Spot Price**: The average prices in different regions increased [95]. 3.3.4 Lithium Carbonate - **Price and Trading Volume**: The closing price of the main contract increased, the trading volume decreased, the open interest increased, and the basis decreased significantly [98]. - **Supply Side**: The overall operating rate and output decreased, with significant declines in the lithium - spodumene and recycling - material routes [100][105]. - **Demand Side**: The cathode material industry generally increased production and accumulated inventory, and the demand transmission was blocked. The total demand on the terminal side was under pressure, but energy storage showed strong performance [113][118]. - **Inventory**: The total inventory decreased slightly, the smelters and downstream accumulated inventory, and the social inventory increased [119]. - **Cost and Profit**: The raw - material market showed a differentiated trend, with overseas lithium - spodumene prices rising slightly and domestic lithium - ore prices generally falling back. The production and import profits were differentiated, and the delivery profit improved but was still under pressure [126][129].

南财智讯1月26日电，锌业股份公告，公司股票于2026年1月23日、1月26日连续2个交易日收盘价格涨幅 偏离值累计超过20%，构成股票交易异常波动。经核实，公司前期披露的信息不存在需要更正、补充之 处；未发现近期公共传媒报道可能或已经对公司股票交易价格产生较大影响的未公开重大信息；公司经 营情况正常，内外部经营环境未发生重大变化；公司、控股股东及实际控制人不存在应披露而未披露的 重大事项，亦无处于筹划阶段的重大事项；控股股东、实际控制人在股票异常波动期间不存在买卖公司 股票的行为。 ...