2025 年 08 月 12 日 商 品 研 究 工业硅：焦煤夜盘上涨，关注市场情绪提振 多晶硅：关注市场信息扰动 张 航 投资咨询从业资格号：Z0018008 zhanghang2@gtht.com 【基本面跟踪】 工业硅、多晶硅基本面数据 | 指标名称 | | T | T-1 | T-5 | T-22 | | --- | --- | --- | --- | --- | --- | | Si2511收盘价（元/吨） | | 9,000 | 290 | 640 | 530 | | Si2511成交量（手） | | 662,196 | 231,724 | 475,182 | -806,390 | | Si2511持仓量（手） | | 271,943 | 33,258 | 95,779 | -109,294 | | PS2511收盘价（元/吨） 工业硅、多晶硅期货市场 | | 52,985 | 2,195 | 4,265 | - | | PS2511成交量（手） | | 592,822 | 157,850 | 417,487 | - | | PS2511持仓量（手） | | 139,739 | 2,143 | 4 ...

五矿发展（600058.SH）8月8日在投资者互动平台表示，公司及公司实际控制人中国五矿集团有限公司 （以下简称"中国五矿"）高度重视历史承诺履行及上市公司规范运作。 截至目前，黑色金属业务整合 准备工作有序推进，已完成鞍山五矿陈台沟矿业有限公司及其他黑色金属领域相关资产及业务的全面尽 职调查，并已根据尽职调查情况开展重组方案细化论证及资产规范等工作。为支持上市公司发展，维护 上市公司及全体股东利益，中国五矿拟按照"成熟一批、注入一批"的原则推进资产整合，结合资本市场 形势和相关资产实际情况，论证重组方案，持续推进资产规范等重组准备工作，并在完成准备工作后启 动资产注入事宜。 具体情况详见《五矿发展股份有限公司关于实际控制人相关承诺履行进展情况的公 告》（临2025-17）。公司将严格按照相关规定定期披露承诺履行进展情况。 （记者 张明双） 每经AI快讯，有投资者在投资者互动平台提问：请问贵公司承诺的资产注入进展到哪一步了？请给出 具体时间，希望把承诺落实而不是限于口头！ ...

1. Report Industry Investment Ratings - No specific industry - wide investment ratings are provided in the report. 2. Core Views - The report provides trend forecasts and fundamental analysis for various commodities, including precious metals, base metals, energy, chemicals, agricultural products, etc. Each commodity has its own unique market situation and influencing factors, such as macro - economic news, supply - demand relationships, and policy changes [2][11][20]. 3. Summary by Commodity Precious Metals - **Gold**: Non - farm payroll data weakened, and the price showed certain strength. The trend intensity is 1. For example, Comex gold 2510 had a 1.48% daily increase [2][6]. - **Silver**: There was a slight rebound, with a trend intensity of 1. Comex silver 2510 rose 1.57% [2][6]. Base Metals - **Copper**: The decline of the US dollar supported the price. The trend intensity is 0. China's un - wrought copper and copper products imports in July increased compared to the same period last year [11][13]. - **Zinc**: It showed range - bound fluctuations, with a trend intensity of 0. LME zinc inventory decreased [14]. - **Lead**: The increase in LME cancelled warrants supported the price, with a trend intensity of 0 [17]. - **Tin**: It was in range - bound fluctuations, with a trend intensity of - 1 [19][20]. - **Aluminum**: The price was under pressure. The trend intensity of aluminum, alumina, and aluminum alloy is 0. The LME aluminum cash - 3M spread and other indicators changed [25][26]. - **Nickel**: The multi - empty game intensified, and the nickel price had narrow - range fluctuations, with a trend intensity of 0 [27]. - **Stainless Steel**: There was a game between the reality of supply elasticity and macro - expectations, and the steel price fluctuated, with a trend intensity of 0 [28]. Energy and Chemicals - **Carbonate Lithium**: The weekly production increase led to inventory accumulation. The trend intensity is 1. The weekly production increased by 2288 tons, and the industry inventory increased by 692 tons [33][35]. - **Industrial Silicon**: The inventory was being reduced, and market sentiment should be monitored. The trend intensity is 0 [37]. - **Polysilicon**: Attention should be paid to the fermentation of market information, with a trend intensity of 1 [37]. - **Iron Ore**: It showed repeated fluctuations, with a trend intensity of - 1. China's iron ore imports in July decreased compared to the previous month [41][42]. - **Coke and Coking Coal**: They showed relatively strong fluctuations, with a trend intensity of 0 [44][45]. - **Log**: It showed repeated fluctuations, with a trend intensity of 0 [48]. - **Para - Xylene**: Supply - demand pressure increased, and the trend was weak, with a trend intensity of - 1 [54]. - **PTA**: The processing fee was at a low level, and attention should be paid to unplanned production cuts, with a trend intensity of - 1 [54]. - **MEG**: Go long on MEG and short on PTA/PX, with a trend intensity of 0 [54]. - **Rubber**: It was in range - bound operation, with a trend intensity of 0 [62]. Agricultural Products - **Palm Oil**: Due to repeated macro - sentiment, it is advisable to go long at low levels [4]. - **Soybean Oil**: It was in high - level fluctuations, and attention should be paid to the China - US trade agreement [4]. - **Soybean Meal**: Exports were good, and the US soybean price rose, so the Dalian soybean meal might follow the rebound [4]. - **Corn**: It was in a weak operation [4]. - **Sugar**: It was in a volatile period [4]. - **Cotton**: It had narrow - range fluctuations [4]. - **Egg**: There was a rebound sentiment in the spot market [4]. - **Live Pig**: The transaction was poor, and the reverse spread should be maintained [4]. - **Peanut**: Attention should be paid to the weather in the producing areas [4].

Group 1: Company Performance - BeiGene reported a net profit of 450 million yuan for the first half of 2025, marking a turnaround from losses in the previous year, with product revenue increasing by 45.8% to 17.36 billion yuan and total revenue rising by 46.0% to 17.52 billion yuan [1] - CITIC Securities announced that Huaxia Fund achieved a net profit of 1.123 billion yuan in the first half of 2025, with total operating income of 4.258 billion yuan and total comprehensive income of 1.106 billion yuan [1] - Shanghai Pudong Development Bank reported a net profit of 29.737 billion yuan for the first half of 2025, reflecting a year-on-year growth of 10.19%, with total operating income of 90.559 billion yuan, up 2.62% [4] - Xianhe Co., Ltd. plans to invest approximately 11 billion yuan in a new integrated high-performance paper-based material project, with an expected annual output value of about 5.15 billion yuan from the first phase [5] - Shunbo Alloy reported a net profit growth of 110.56% year-on-year for the first half of 2025 [12] Group 2: Regulatory and Corporate Actions - Sino Medical announced that its subsidiary received breakthrough medical device designation from the FDA for a new intracranial atherosclerosis treatment product, marking a significant milestone as the first of its kind globally [1] - *ST Dongtong's actual controller and chairman is under investigation by the China Securities Regulatory Commission for suspected violations of information disclosure laws [6][7] - Tianyang Technology is planning to purchase equity in Tonglian Jinfu and related companies, with key transaction details still under negotiation [8] - Filinger reported stock price fluctuations, with the president reducing his holdings by 8,600 shares during a period of abnormal trading activity [2] - Dongfang Guoxin's controlling shareholder reduced their stake by 2.68 million shares, decreasing their total shareholding from 27.06% to 26.82% [3]

（原标题：港股异动 | 南方锰业(01091)涨超9% 预计上半年扭亏为盈至不少于1.5亿港元） 消息面上，南方锰业公布，与2024年上半年归属于公司所有者的亏损约1.628亿港元相比，该集团预计 于2025年上半年取得归属于公司所有者的利润将为不少于1.5亿港元。公告称，预期由亏转盈的主要由 于管理层积极优化贸易产品结构，推动集团的贸易业务于2025年上半年实现扭亏为盈；管理层在生产、 采购、招标、运营等关键环节全面加强成本管控，取得显着成效；及金融资产减值损失减少。 智通财经APP获悉，南方锰业(01091)涨超9%，截至发稿，涨9.38%，报0.35港元，成交额418.65万港 元。 ...

Core Insights - The global copper market experienced significant price volatility on August 3, 2025, with a sharp decline affecting both domestic and international markets, as well as scrap copper prices [1] Group 1: International Market Impact - COMEX copper futures fell by 22%, marking the largest single-day drop since 1968, with prices decreasing by $1.24 per pound to $4.33 [2] - Major copper mining companies saw stock price declines, with Southern Copper Corporation (SCCO.US) down nearly 7% and Freeport-McMoRan (FCX.US) plummeting by 11% [2] - Analysts attribute the price drop to a "rational return" following irrational speculation driven by trade tensions, which previously inflated copper prices by approximately 40% [2] Group 2: Domestic Market Reaction - Domestic copper prices also fell, with the Yangtze River region's spot price dropping to ¥78,460 per ton, a decrease of ¥220, and Guangdong's price falling to ¥78,160 per ton, down ¥240 [3] - The futures market reflected similar trends, with August and September contracts declining by ¥40, settling at ¥78,390 and ¥78,400 per ton, respectively [3] - Aluminum prices also saw a decline, stabilizing at ¥20,520 per ton, down ¥60 [3] Group 3: Scrap Copper Price Trends - Scrap copper prices across various domestic regions experienced widespread declines, with significant drops in areas like Sichuan and Heilongjiang, where "No. 1 scrap copper" fell by ¥200 per ton [5] - Bright copper wire prices saw a more pronounced decrease, dropping by ¥400 per ton [5] - In contrast, some regions maintained stable prices for imported yellow mixed copper, indicating steady demand [5] Group 4: Future Outlook - The overall decline in copper and scrap prices is closely linked to international price fluctuations and changes in domestic demand [6] - Future price movements will be significantly influenced by international copper prices and the domestic economic landscape, necessitating companies to monitor market dynamics closely [6]

截至2024年年报，中国白银集团营业总收入43.14亿元、净利润996.6万元。 本文源自：金融界 作者：行情君 8月4日，中国白银集团(00815)盘中上涨8.24%，截至11:18，报0.46元/股，成交712.21万元。 中国白银集团有限公司是一家全产业白银及贵金属综合企业，主营业务包括白银制造、珠宝新零售及白 银交易。该公司是香港上市的中国领先民营白银生产商，也是伦敦金银市场协会的中国成员企业之一， 连续12年获评为"中国用户最喜爱20家白银品牌"。 ...

"反内卷"预期走弱带动情绪退坡， 投机头寸建议观望，抓住套保机会 陈张滢（黑色建材组） 锰硅周报 2025/08/02 0755-23375161 chenzy@wkqh.cn 从业资格号：F03098415 交易咨询号：Z0020771 CONTENTS 目录 01 周度评估及策略推荐 04 供给及需求 02 期现市场 05 库存 03 利润及成本 06 图形走势 产业链示意图 01 周度评估及策略推荐 周度要点小结 ◆ 天津6517锰硅现货市场报价5900元/吨，环比上周-110元/吨；期货主力（SM509）收盘报5962元/吨，环比上周-452元/吨；基差128元/吨， 环比上周+342元/吨，基差率2.12%，处于历史统计值中性水平。 ◆ 利润：锰硅测算即期利润（不含折旧等费用）维持低位，内蒙-338元/吨，环比上周-74元/吨；宁夏-317元/吨，环比上周-194元/吨；广西- 531元/吨，环比上周-57元/吨。（利润为测算值，仅供参考） ◆ 成本：测算内蒙锰硅即期成本（不含折旧等费用)在6058元/吨，环比上周+94元/吨；宁夏在6017元/吨，环比上周+94元/吨；广西在6331元/ 吨，环比 ...

Mergers and Acquisitions - Sanan Optoelectronics plans to acquire 100% equity of Lumileds Holding B.V. in collaboration with foreign investor Inari Amertron Berhad for a cash consideration of $239 million [1] - Wehua New Materials intends to acquire controlling stake in Jiangsu Heyutai Chemical Co., with the specific acquisition ratio to be negotiated [2] - Cixing Co. has terminated its plan to acquire 75% of Shunyi Technology due to disagreements on commercial terms with some counterparties [3] Performance Disclosure - Zangge Mining reported a 38.80% year-on-year increase in net profit attributable to shareholders for the first half of 2025, with total revenue of 1.678 billion yuan, a decrease of 4.74% [4] - Beijing Culture recorded a net loss of 233 million yuan for the first half of 2025, despite a significant revenue increase of 1944.24% to 158 million yuan [5] - Rongbai Technology reported a net loss of 68.39 million yuan for the first half of 2025, with revenue of 6.248 billion yuan, down 9.28% year-on-year [6] Shareholding Changes - Yuxin Technology's controlling shareholder, Yuqin Hongtai, plans to reduce its stake by up to 1.50%, amounting to a maximum of 10.56 million shares [7] - Henghua Technology's shareholder, Chen Xianlong, intends to reduce his stake by up to 1.50%, equating to a maximum of 9 million shares [8] - Kangpeng Technology's shareholders plan to collectively reduce their stake by up to 5.89% of the company's total equity [9]

7月31日（周四），纽约商品交易所（COMEX）表示，COMEX铜交易在周三一度停止，因在美国总统特朗普意外宣布将广泛交易的精炼铜排除在50%的进 口关税之外决定后的一小时内，价格暴跌了超过20%。 在关税决定宣布后，COMEX铜价暴跌22%，至每磅4.5030美元，或每吨9,927美元，引发多头仓位快速平仓，触发熔断机制。 周四，COMEX铜交易在每吨9,600美元左右，其较伦敦金属交易所（LME）基准合约的溢价已从本月初达到每吨约3,000美元纪录缩窄至每吨10美元左右。 自特朗普在2月份提出征收金属关税以来，这一溢价效应已促使全球各地的铜流入美国市场，其中大部分是存放在伦敦金属交易所认可的仓库中。 （文华综合） 这是不到一个月内铜市场第二次触发熔断机制。在7月8日，价格飙升将近18%，此前美国总统特朗普称他将宣布对铜进口征收50%的关税。 "市场有点超前了，"一位铜交易商表示。"一旦人们清楚精炼铜是被排除在征税之外的，那整个泡沫很快就破灭了。" 美国白宫30日表示，特朗普签署了一项公告，宣布对几类进口铜产品征收关税。公告显示，将自8月1日起对进口半成品铜产品（例如铜管、铜线、铜棒、铜 板和铜管）及铜密集 ...