格隆汇8月4日丨新疆众和(600888.SH)在投资者互动平台表示，公司2024年度研发投入共计5.96亿元，占 当年营业收入的8.14%，处于合理区间；公司目前没有收购铝土矿的计划。 ...

Group 1: Global Economic Impact of Tariffs - The average import tariff level in the U.S. has reached 15.6% in 2023, significantly higher than the 2.4% in 2024, which may increase inflation and weaken corporate profitability [3] - The impact of U.S. tariff policies includes a slowdown in global trade flows, reduced investment and consumption growth, and potential restructuring of global supply chains [3] - The legal standing of Trump's tariff policies remains uncertain, pending a final ruling from the Supreme Court [4] Group 2: U.S. Monetary Policy Outlook - The Federal Reserve decided to maintain interest rates in July, with expectations of potential rate cuts in September or October, and a total of four cuts by June 2024, amounting to 100 basis points [6][7] - High tariffs may hinder the Fed's ability to cut rates due to rising inflation and weakening corporate earnings [6] Group 3: Precious Metals and Investment Strategies - Gold prices are expected to rise, with a forecast of $3,700 per ounce by June 2026, driven by geopolitical risks and increased central bank gold reserves [8] - The market may see a correction in gold prices due to reduced uncertainty from tariff policies and a historical high price level [8] Group 4: Global Asset Allocation - U.S. economic and stock market pressures may lead to a decline in trust in dollar assets, while European stocks may attract investment due to lower valuations [10] - A-shares and H-shares are expected to benefit from policy support and improved fundamentals, with a focus on cyclical stocks and technology growth sectors [10] Group 5: Sector Focus in Chinese Market - The market is showing a "high-low" switching characteristic influenced by infrastructure policies and trade risks, with a focus on cyclical stocks and technology sectors [13] - The AI sector is anticipated to remain a core focus, with recommendations to monitor semiconductor and technology index stocks [13][14]

Group 1: Copper Market - LME copper closing price is $9592/ton, down $247/ton from July 25, a decrease of -2.51% [1][4] - SHFE copper closing price is 78390 CNY/ton, down 780 CNY/ton from July 25, a decrease of -0.99% [1][4] - LME copper inventory is 141750 tons, up 13275 tons from July 25, but down 103400 tons year-on-year [1][4] - COMEX copper inventory is 259681 tons, up 11822 tons from July 25, and up 244655 tons year-on-year [1][4] - SHFE copper inventory is 72543 tons, down 880 tons from July 25 [1][4] Group 2: Aluminum Market - Domestic electrolytic aluminum price is 20490 CNY/ton, down 310 CNY from July 25 [5][6] - LME aluminum inventory is 462800 tons, up 11975 tons from July 25, and down 466525 tons year-on-year [5][6] - Domestic SHFE inventory is 117527 tons, up 1737 tons from July 25, and down 156666 tons year-on-year [5][6] Group 3: Precious Metals - London gold price is $3346.85/oz, up $3.35/oz from July 25, an increase of 0.10% [2] - London silver price is $36.49/oz, down $2.25/oz from July 25, a decrease of -5.80% [2] - Non-farm payroll data for July shows an increase of 73000 jobs, significantly below the expected 104000 [3][2] Group 4: Tin and Antimony - Domestic refined tin price is 264070 CNY/ton, down 7290 CNY from July 25, a decrease of -2.69% [8] - Domestic antimony ingot price is 184500 CNY/ton, unchanged from July 25 [9] - Domestic tin market shows tight supply with reduced output from major production areas [8][9] Group 5: Investment Recommendations - Gold industry maintains a "recommended" investment rating due to ongoing Fed rate cuts [10] - Copper industry maintains a "recommended" investment rating despite short-term demand weakness [11] - Aluminum industry maintains a "recommended" investment rating with expectations of tight supply in the long term [12]

Report Summary 1. Industry Investment Ratings - Gold: Cautiously long [1] - Silver: Stabilize and test long [1] - Copper: Buy on dips [1] - Zinc: Sell on rallies [1] - Lead: Resistance on rallies [1] - Tin: Resistance on rallies [1] - Aluminum: Under pressure [1] - Nickel: Under pressure [1] - Industrial Silicon: Cautiously bearish [1] - Polysilicon: Cautiously bearish [1] - Lithium Carbonate: Cautiously long [1] 2. Core Views - The weak US data has increased the expectation of interest rate cuts and the risk of stagflation, leading to an inflow of safe - haven funds and a significant increase in gold prices. The long - bull logic of gold remains unchanged in the long term [3][4]. - For copper, short - term supply - demand contradictions are due to seasonal factors and inventory pressure, while long - term contradictions lie in demand uncertainty and potential demand growth. After the non - farm payroll data was disappointing, the dollar index weakened, and copper prices rebounded [8][9]. - Zinc supply is abundant, and demand is weak during the off - season. It is recommended to hold short positions and seize opportunities to short on rallies [10][12]. - Aluminum prices are under pressure due to downstream weakness and inventory accumulation [13][15]. - Nickel prices face pressure due to weak supply - demand and inventory accumulation, and stainless steel also faces over - supply in the off - season [17][19]. - Lithium carbonate inventory has decreased, and with potential supply risks and improved demand, it is recommended to go long on dips [21][23]. 3. Summary by Directory Gold and Silver - **Market Review**: Weak US data increased the expectation of interest rate cuts, and the risk of stagflation reappeared. Safe - haven funds flowed in, causing a significant increase in gold prices [3]. - **Basic Logic**: US data increased the expectation of interest rate cuts; "reciprocal tariffs" are about to take effect; global gold demand is growing strongly. The long - bull logic of gold remains unchanged in the long term [4]. - **Strategy Recommendation**: Pay attention to the support around 770 for gold in the short term. For silver, it has fallen back to the previous range, and it is recommended to enter long positions after stabilization [5]. Copper - **Market Review**: Shanghai copper stopped falling and fluctuated narrowly [8]. - **Industry Logic**: Short - term supply - demand contradictions are related to seasonal factors and inventory pressure. Medium - term contradictions are the coexistence of tight copper concentrate supply and high electrolytic copper production. Long - term contradictions are between demand uncertainty and potential demand growth [8]. - **Strategy Recommendation**: After the non - farm payroll data was disappointing, the dollar index weakened, and copper prices rebounded. It is recommended to buy on dips in the short term and be bullish on copper in the long term. Pay attention to the price range of Shanghai copper [77500, 79500] and LME copper [9650, 9850] [9]. Zinc - **Market Review**: Shanghai zinc fluctuated weakly [11]. - **Industry Logic**: Zinc concentrate supply is abundant, processing fees are rising, and demand is weak during the off - season [11]. - **Strategy Recommendation**: It is recommended to hold previous short positions and take partial profits. Seize opportunities to short on rallies in the long term. Pay attention to the price range of Shanghai zinc [21800, 22600] and LME zinc [2650, 2850] [12]. Aluminum - **Market Review**: Aluminum prices were under pressure, and alumina also showed a downward trend [14]. - **Industry Logic**: For electrolytic aluminum, costs have decreased, inventory has increased, and downstream demand is weak. For alumina, supply is abundant, and inventory is accumulating [15]. - **Strategy Recommendation**: It is recommended to sell on rallies for Shanghai aluminum in the short term and pay attention to inventory changes. The main operating range is [20000 - 20700] [16]. Nickel - **Market Review**: Nickel prices were under pressure, and stainless steel rebounded and then fell [18]. - **Industry Logic**: Nickel supply - demand is weak, and inventory is accumulating. Stainless steel has over - supply issues in the off - season [19]. - **Strategy Recommendation**: It is recommended to sell on rallies for nickel and stainless steel and pay attention to downstream inventory changes. The main operating range for nickel is [118000 - 121000] [20]. Lithium Carbonate - **Market Review**: The main contract LC2509 reduced positions for five consecutive days, with a significant decline in trading volume and a gain of over 1% [22]. - **Industry Logic**: The inventory has stopped increasing, and the supply - demand situation may improve. The compliance risk of mining licenses is a key factor [23]. - **Strategy Recommendation**: There are still expectations of supply speculation. It is recommended to go long on dips in the range of [68000 - 71500] [24].

Core Viewpoint - Chinese equity assets are expected to outperform overseas markets in the second half of the year due to strong policy expectations and favorable liquidity conditions in the Asia-Pacific emerging markets [22]. Group 1: Global Economic Impact - The average import tariff level in the U.S. has reached 15.6% this year, significantly higher than the 2.4% expected in 2024, which may elevate U.S. inflation and weaken corporate profitability [11]. - The U.S. tariff policy is likely to slow global trade flows, reduce investment and consumption growth, and reshape global supply chains, potentially leading to a "de-Americanization" and "multilateralization" of trade among non-U.S. economies [11]. Group 2: U.S. Monetary Policy Outlook - The Federal Reserve is expected to maintain interest rates unchanged as long as the U.S. economy and labor market remain robust, with market expectations for rate cuts cooling down [14]. - It is anticipated that the Federal Reserve will cut rates four times by June next year, totaling 100 basis points [16]. Group 3: Investment Strategies - Investors are advised to increase their allocation to non-U.S. assets, particularly European investment-grade bonds and stocks, which are expected to benefit from Germany's fiscal stimulus plan [20]. - A focus on Chinese A-shares and H-shares is recommended, as they are likely to attract international capital inflows due to policy support and improving fundamentals [20]. Group 4: Sector Focus in China - The market is expected to show a "high-low cut" characteristic, with significant interest in cyclical stocks driven by infrastructure policies and technology events [23]. - The technology sector, particularly AI-related stocks, is projected to remain a core focus, with recommendations to monitor semiconductor, optical module, and high-end PCB stocks [23].

Group 1: Market Overview - The global capital market continues to exhibit a complex and volatile trend as of July, with macroeconomic data, geopolitical situations, and monetary policies influencing the market outlook for August [1] - The average import tariff level in the U.S. has reached 15.6% this year, significantly higher than the 2.4% expected in 2024, which may elevate U.S. inflation and weaken corporate profitability [8][12] - The impact of U.S. tariff policies includes potential slowdowns in global trade flows, reduced investment and consumption growth, and a reshaping of global supply chains [8] Group 2: Trade Policies and Economic Impact - The trade agreements reached have prevented the implementation of higher tariffs, which is generally favorable for the market; however, the tariffs already in effect since April have led to a notable decline in U.S. imports and affected consumer confidence [8][11] - The tariffs have a more pronounced effect on industries such as automotive, steel, and aluminum, with significant declines in revenue and profitability for companies heavily exposed to the U.S. market [8][11] - The legal standing of Trump's tariff policies remains uncertain, pending a final ruling from the Supreme Court [9] Group 3: Monetary Policy and Interest Rates - The Federal Reserve decided to maintain interest rates in July, with expectations of potential rate cuts in September or October, and a total of four cuts anticipated by June next year, amounting to 100 basis points [11][13] - High tariffs may constrain the Fed's ability to lower rates, as they could lead to increased inflation and weakened consumer and investment activity in the U.S. [12] Group 4: Investment Strategies - The outlook for gold prices is positive, with a forecast of $3,700 per ounce by June 2026, driven by ongoing geopolitical risks and central banks increasing gold reserves [14] - Investors are advised to increase allocations to non-U.S. assets, particularly European investment-grade bonds and stocks, which are expected to benefit from Germany's fiscal stimulus [18] - Chinese equity assets are projected to outperform overseas markets in the second half of the year due to strong policy expectations and improved fundamentals [20] Group 5: Sector Focus - The market is expected to show a "high-low cut" characteristic, with significant interest in cyclical stocks driven by infrastructure policies and technological advancements [21] - The AI sector is anticipated to remain a core focus, with recommendations to pay attention to semiconductor, optical module, and high-end PCB stocks [21] - For low-risk investors, there are opportunities in undervalued stocks with cash value and liquidation reassessment potential, particularly in sectors that have lagged since last year [22]

Investment Rating - The investment rating for the non-ferrous metals industry is "Positive" (maintained) [4] Core Views - The report highlights the impact of the recent 232 tariffs on copper, which do not include refined copper, leading to a significant drop in US copper prices. The week saw a decline in copper prices with LME copper down 2.51%, SHFE copper down 1.07%, and US copper down 23.45% [5][10]. - The report emphasizes the recovery in downstream copper demand, with the copper rod operating rate increasing by 2.36 percentage points to 71.73% [5]. - The report suggests monitoring the supply disruptions in Chile and the potential impact of the Federal Reserve's interest rate cuts in September [5]. Summary by Sections 1. Industry Overview - Important macroeconomic information includes lower-than-expected job vacancies in the US and mixed employment data, indicating a cautious economic outlook [9]. - The non-ferrous metals sector underperformed, with the Shenwan non-ferrous index down 4.62%, lagging behind the Shanghai Composite Index by 3.68 percentage points [12]. 2. Industrial Metals Copper - LME copper prices fell by 2.51%, while SHFE copper prices decreased by 1.07%. LME copper inventory increased by 10.33% [26]. - The report notes a copper smelting profit of -2408 CNY/ton, indicating a narrowing loss [26]. Aluminum - LME aluminum prices dropped by 4.12%, and SHFE aluminum prices fell by 1.33%. The report indicates a decrease in aluminum smelting profit to 4116 CNY/ton, down 7.71% [37]. Lead and Zinc - LME lead prices decreased by 3.30%, and SHFE lead prices fell by 1.48%. LME zinc prices dropped by 4.59%, while SHFE zinc prices decreased by 2.19% [52]. - The report highlights a smelting profit of 346 CNY/ton for zinc, with mining profits down 6.47% to 6884 CNY/ton [52]. Tin and Nickel - LME tin prices fell by 5.10%, and SHFE tin prices decreased by 2.47%. LME nickel prices dropped by 4.08%, while SHFE nickel prices fell by 2.83% [66]. 3. Energy Metals Lithium - Lithium carbonate prices decreased by 2.13% to 71350 CNY/ton, while lithium hydroxide prices increased by 4.04% to 65670 CNY/ton [83]. - The report indicates a smelting profit of 862 CNY/ton for lithium from spodumene, while the profit from lithium from lepidolite was -4608 CNY/ton [83]. Cobalt - Domestic cobalt prices surged by 11.29% to 276000 CNY/ton, with significant increases in cobalt smelting profits [96]. 4. Market Performance - The report provides a detailed analysis of the performance of various non-ferrous metal stocks, highlighting the top gainers and losers in the market [12]. 5. Valuation Changes - The report notes that the PE_TTM for the non-ferrous sector is 20.54, with a decrease of 0.88, while the PB_LF is 2.37, down 0.11 [21].

Core Viewpoint - Nanshan Aluminum has successfully transformed from a local building materials company to a key supplier in the aerospace and automotive industries, showcasing its comprehensive aluminum material supply chain and commitment to quality and innovation [1][8]. Group 1: Company Overview - Nanshan Aluminum has established a complete aluminum material supply chain within a 5-kilometer radius, covering energy, alumina, electrolytic aluminum, and aluminum processing [1]. - The company has become a supplier for major aircraft manufacturers, including COMAC, Boeing, and Airbus, and has received the "Gold Supplier" award from Boeing [1][4]. Group 2: Product Quality and Innovation - Nanshan Aluminum's aluminum plates for aviation applications have exceeded the fatigue testing requirements, achieving over 3 million cycles compared to the standard of 200,000 cycles [2]. - The company has developed a patented aluminum alloy for automotive body panels, which won a silver award at the 24th China Patent Awards, significantly enhancing aluminum alloy strength and addressing production challenges [5]. Group 3: Market Position and Strategy - Nanshan Aluminum holds over 25% market share in the automotive aluminum sector, with partnerships established with international brands like Volkswagen and BMW, as well as domestic electric vehicle manufacturers [5]. - The company is actively involved in the development of products for the C929 aircraft and has established a joint research center for aluminum alloy materials with COMAC [4]. Group 4: Environmental Commitment - Nanshan Aluminum has reduced carbon emissions by 18% since 2019, with its recycling aluminum project alone reducing emissions by 2 million tons annually [7]. - The company has developed a closed-loop system for aluminum production, integrating alumina, electrolytic aluminum, high-end manufacturing, and recycled aluminum to promote energy conservation and clean production [7][8].

Meeting Overview - The 21st meeting of the 9th Board of Directors was held on August 1, 2025, with all 9 directors present, including one via telecommunication [1][2] - The meeting was hosted by the General Manager, Mr. Xie Jun, and complied with relevant laws and regulations [1] Agenda Items - The meeting reviewed several proposals, including amendments to the company's articles of association, shareholder meeting rules, board meeting rules, independent director system, fundraising management methods, and related party transaction management system [2][3][4][5][6][7] - All proposals were passed unanimously with 9 votes in favor, 0 against, and 0 abstentions [2][3][4][5][6][7] Election of Directors - The meeting included proposals for the election of non-independent and independent directors for the 10th Board of Directors, with candidates nominated by various shareholders [6][7] - All director nominations were approved with the same voting results of 9 in favor, 0 against, and 0 abstentions [6][7] Upcoming Shareholder Meeting - A third extraordinary shareholder meeting is scheduled for August 18, 2025, to review the previously mentioned proposals [8][9] - The meeting will address eight specific agenda items related to the amendments and elections discussed in the board meeting [8]

德国总理默茨：将与美国谈判钢铁出口配额 金十数据8月1日讯，德国总理默茨周五表示，欧盟将与美国就钢铁问题进行谈判，重点关注可在不征收 过高关税的情况下出口的配额。双方上个月达成了一项贸易协议，协议中，大多数产品的关税定为 15%，但某些行业的谈判仍在继续，其中包括钢铁和铝，这些产品的关税为50%。默茨表示，现在的任 务是制定"细节"。默茨称，该协议对整个欧洲工业来说都是"痛苦的"，但他表示欧盟还没有能力引发全 面的贸易争端。他说："那只会有输家，而最大的输家可能是我们欧洲人。" ...