铝：国内库存小幅累积，铝价高位运行。1）氧化铝：产能高位叠加库存上升，氧化铝价格延续下跌。 本周氧化铝价格下跌1.08%为2750元/吨，氧化铝期货主力合约2602涨0.44%至2528元/吨。本周冶金级氧 化铝运行产能达8808.5万吨/年，周度开工率增加0.23pct为79.85%。短期内，氧化铝供需基本面仍维持 过剩格局，氧化铝库存持续累积，现货价格延续弱势。后续需持续关注氧化铝成本利润与运行产能情 况。2）国内库存小幅累积，铝价高位运行。本周沪铝跌0.54%至2.20万元/吨，电解铝毛利6057元/吨， 环比减少2.76%。宏观方面，美国11月失业率超预期，CPI低于预期，美联储降息预期升温，提振铝 价。国内库存累积，伦铝库存51.96万吨，环比减少0.01%，沪铝库存12.05万吨，环比增加0.43%，国内 现货库存为59.7万吨，环比增加2.40%。供给端，国内电解铝运行产能接近天花板，海外在建项目进度 缓慢，而需求端维持稳定增长，电解铝明年或出现短缺格局，铝价有望迎来上行周期。建议关注：中孚 实业、宏创控股、云铝股份、电投能源、天山铝业、神火股份、中国铝业、焦作万方。 锂：锂电需求旺盛，锂盐库存 ...

证券研究报告 有色金属 行业定期报告 hyzqdatemark 2025 年 12 月 21 日 证券分析师 田源 SAC：S1350524030001 tianyuan@huayuanstock.com 张明磊 SAC：S1350525010001 zhangminglei@huayuanstock.com 田庆争 SAC：S1350524050001 tianqingzheng@huayuanstock.com 陈婉妤 SAC：S1350524110006 chenwanyu@huayuanstock.com 陈轩 SAC：S1350525120001 chenxuan01@huayuanstock.com 板块表现： 铜铝价格高位震荡，等待突破上行 投资评级： 看好（维持） ——有色金属 大宗金属周报（2025/12/15-2025/12/19） 投资要点： 请务必仔细阅读正文之后的评级说明和重要声明 铜 ： 美 国 失 业 率 超 预 期 ， 铜 价 高 位 震 荡 。 本 周 伦 铜/ 沪 铜 / 美 铜 涨 跌 幅 分 别 为 +0.36%/-0.96%/+2.33%。宏观方面，美国 11 月失业 ...

Core Viewpoint - Huayou Cobalt (603799.SH) has signed a binding Memorandum of Understanding (MoU) with an internationally renowned client to supply 79,600 tons of ternary precursor products through its subsidiary, which is expected to positively impact the company's operating performance after formal supply begins [1] Group 1 - The MoU specifies that the supply will be directed to the client's designated buyers [1] - The execution of the MoU will not have a significant impact on the company's operating performance for the fiscal year 2025 [1] - The agreement will not affect the company's business independence or operations [1] Group 2 - The anticipated formal supply is expected to have a positive effect on the company's operating performance [1]

智通财经APP讯，华友钴业(603799.SH)发布公告，公司与国际知名客户签署了具有约束力的《谅解备 忘录》，约定协议期限内由公司下属子公司向客户指定买方供应7.96万吨三元前驱体产品。 该备忘录的履行不会对公司2025年度经营业绩产生重大影响，对公司业务、经营的独立性不产生影响。 待正式供货后，预计将对公司经营业绩产生积极影响。 ...

Core Viewpoint - Huayou Cobalt (603799.SH) has signed a binding Memorandum of Understanding (MOU) with an internationally renowned client to supply 79,600 tons of ternary precursor products, which is expected to positively impact the company's operating performance after formal supply begins [1] Group 1: Agreement Details - The MOU stipulates that the company's subsidiary will supply the specified quantity of products to the client's designated buyer [1] - The agreement has a long duration, indicating a commitment to a sustained business relationship [1] Group 2: Financial Impact - The fulfillment of the MOU is not expected to have a significant impact on the company's operating performance for the fiscal year 2025 [1] - Actual sales quantities may have uncertainties due to potential influences from policies, market conditions, and environmental factors [1] Group 3: Pricing and Profitability - Product pricing will be determined based on the market prices of core raw materials and processing costs [1] - Future fluctuations in core raw material prices may introduce uncertainties regarding profitability after the agreement is executed [1]

证券日报网讯12月12日，寒锐钴业（300618）在互动平台回答投资者提问时表示，在业务运营方面，公 司积极拓展多元化采购渠道，并依据原料供应状况及库存水平，科学合理地签订销售订单，确保向下游 客户稳定供货；同时，公司紧跟市场趋势，有序推进产线升级改造，进一步丰富产品矩阵，提升市场竞 争力。 ...

格隆汇12月12日丨寒锐钴业(300618.SZ)在投资者互动平台表示，公司经营管理团队密切结合刚果(金)的 当地政策与钴行业的市场动态，持续对经营策略进行审慎调整和优化，以切实保障公司股东权益。在业 务运营方面，公司积极拓展多元化采购渠道，并依据原料供应状况及库存水平，科学合理地签订销售订 单，确保向下游客户稳定供货；同时，公司紧跟市场趋势，有序推进产线升级改造，进一步丰富产品矩 阵，提升市场竞争力。目前公司的钴产品库存分布于国内和境外刚果(金)。 ...

Group 1 - The company, Huayou Cobalt Co., Ltd. (603799.SH), has recently completed the issuance of its 2025 eighth phase of technology innovation bonds, amounting to 700 million RMB [1] - The bonds have a maturity period of 269 days and an issuance interest rate of 2.40% [1] - The underwriting syndicate for this bond issuance was organized by CITIC Bank, Zheshang Bank, and Ping An Bank, utilizing a book-building and centralized placement method for public issuance in the national interbank bond market [1] Group 2 - The funds raised from this bond issuance will be used to repay the company's interest-bearing liabilities [1]

Group 1 - The company announced that it will provide guarantees totaling 2.468 billion yuan for eight subsidiaries by November 2025 [1] - The company will provide 1.136 billion yuan in guarantees for five subsidiaries with a debt-to-asset ratio exceeding 70% and 0.696 billion yuan for three subsidiaries with a debt-to-asset ratio below 70% [1] - The subsidiaries will provide 0.636 billion yuan in guarantees for subsidiaries with a debt-to-asset ratio below 70% [1] Group 2 - As of November 30, the company's total external guarantee balance is 89.439 billion yuan, primarily for its controlling subsidiaries and their subordinate enterprises [1] - The total amount of external guarantees exceeds 100% of the most recent audited net assets [1] - The company reminds investors to be aware of risks associated with guarantees provided for subsidiaries with a debt-to-asset ratio exceeding 70% [1]

登录新浪财经APP 搜索【信披】查看更多考评等级 一、本次股份解除质押情况 近日，公司收到控股股东华友控股的通知，华友控股完成办理部分股份解除质押业务，具体情况如下： 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法律责任。 重要内容提示： ● 截至本公告日，浙江华友钴业股份有限公司（以下简称"公司"）控股股东华友控股集团有限公司（以 下简称"华友控股"）持有公司股份308,664,701股，占公司总股本的16.28%；其中已累计质押135,866,994 股，占其所持公司股份总数的44.02%，占公司总股本的7.17%。 ● 截至本公告日，华友控股及其一致行动人陈雪华先生共计持有公司股份391,169,847股，占公司总股本 的20.63%；其中已累计质押162,386,994股，占其所持公司股份总数的41.51%，占公司总股本的8.56%。 ■ 华友控股本次解除质押股份后若再发生质押事项，后续将根据实际质押情况及时履行告知义务，公司将 按照相关法律法规要求及时履行信息披露义务。 二、上市公司控股股东及其一致行动人股份质押情况 截至本 ...