锡产业期现日报 投资咨询业务资格:证监许可【 2011】1292号 2025年12月23日 #NAME? V期现日报 厂家发期货 | 2025年12月23日 | | | | 寇帝斯 | Z0021810 | | --- | --- | --- | --- | --- | --- | | 现货价格及基差 | | | | | | | 品种 | 现值 | 前值 | 涨跌 | 涨跌幅 | 单位 | | SMM 1#锡 | 340600 | 337100 | 3500 | 1.04% | | | SMM 1#锡升贴水 | -50 | -50 | O | 0.00% | 元/吨 | | 长江 1#锡 | 341100 | 337600 | 3500 | 1.04% | | | LME 0-3升贴水 | -11.00 | -62.00 | 51.00 | 82.26% | 美元/吨 | | 内外比价及进口盈亏 | | | | | | | 品种 | 现值 | 前值 | 涨跌 | 涨跌幅 | 单位 | | 进口盈亏 | -13815.90 | -13213.45 | -602.45 | -4.56% | 元/吨 | | 沪伦比 ...

南华期货锌产业周报 ——进口窗口开启，区间震荡 傅小燕 （投资咨询证号：Z0002675） 交易咨询业务资格：证监许可【2011】1290号 2025年12月21日 第一章 核心矛盾及策略建议 1.1 核心矛盾 宏观情绪回暖，但产业基本面呈现"外松内紧"的剧烈分化。 宏观层面，美国11月CPI低于预期 （2.7%）且美联储降息预期增强，叠加国内经济会议释放积极信号，为锌价提供了金融属性的底部支撑 。然 而，供需的核心矛盾在于全球库存周期的错配。LME库存因大幅交仓激增至10万吨级别，0-3月差迅速转为 Contango（C结构），直接证伪了海外供应短缺的逻辑 。反观国内，虽然消费端受北方环保预警抑制导致镀 锌开工下滑 ，但冶炼厂年末集中检修导致供应边际收缩，叠加进口矿实际流通量尚未完全释放，国内现货升 水持续走高 。结论：短期基本面处于"海外利空压顶，国内供应底支撑"的僵持阶段，单边驱动不足，更多 表现为比价修复。 沪锌沪铜期货主力收盘价对比 元/吨 沪锌期货主力合约收盘价 沪铜期货主力收盘价(右轴) 元/吨 15000 20000 25000 30000 50000 60000 70000 80000 90 ...

| 项目类别 | 数据指标 | 最新 | 环比 数据指标 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | 期货市场 | 沪锌主力合约收盘价(日,元/吨) | 22970 | -60 01-02月合约价差:沪锌(日,元/吨) | -5 | 10 | | | LME三个月锌报价(日,美元/吨) | 3035 | -60 沪锌总持仓量(日,手) | 194756 | -12790 | | | 沪锌前20名净持仓(日,手) | 2722 | -4540 沪锌仓单(日,吨) | 0 | 0 | | | 上期所库存(周,吨) | 80577 | -11339 LME库存(日,吨) | 95550 | 31075 | | 现货市场 | 上海有色网0#锌现货价(日,元/吨) | 23020 | -160 长江有色市场1#锌现货价(日,元/吨) | 22750 | -60 | | | ZN主力合约基差(日,元/吨) | 50 | -100 LME锌升贴水(0-3)(日,美元/吨) | -16.47 | 15.14 | | | 昆明50%锌精矿到厂价(日,元/吨) | 20 ...

| 铜产业期现日报 | | | | | | | --- | --- | --- | --- | --- | --- | | 投资咨询业务资格:证监许可 【2011】1292号 2025年12月15日 星期一 | | | | 周敏波 | Z0015979 | | 价格及基差 | | | | | | | | 现值 | 前值 | 日涨跌 | 日涨跌幅 | 車位 | | SMM 1#电解铜 | 03222 | 92665 | +930.00 | 1.00% | 元/吨 | | SMM 1#电解铜升贴水 | -20 | 5 | -25.00 | | 元/吨 | | SMM 广东1#电解铜 | 93650 | 92785 | +865.00 | 0.93% | 元/吨 | | SMM 广东1#电解铜升贴水 | વેર | ୧୧ | +30.00 | - | 元/肥 | | SMM湿法铜 | 93505 | 92585 | +920.00 | 0.99% | 元/吨 | | SMM湿法铜升贴水 | -110 | -75 | -35.00 | - | 7C/ http | | 精废价差 | 4797 | 4007 | +79 ...

| 铜产业期现日报 | | | | | | | --- | --- | --- | --- | --- | --- | | 投资咨询业务资格:证监许可 【2011】1292号 2025年12月15日 星期一 | | | | 周敏波 | Z0015979 | | 价格及基差 | | | | | | | | 现值 | 前值 | 日涨跌 | 日涨跌幅 | 車位 | | SMM 1#电解铜 | 03222 | 92665 | +930.00 | 1.00% | 元/吨 | | SMM 1#电解铜升贴水 | -20 | 5 | -25.00 | | 元/吨 | | SMM 广东1#电解铜 | 93650 | 92785 | +865.00 | 0.93% | 元/吨 | | SMM 广东1#电解铜升贴水 | વેર | ୧୧ | +30.00 | - | 元/肥 | | SMM湿法铜 | 93505 | 92585 | +920.00 | 0.99% | 元/吨 | | SMM湿法铜升贴水 | -110 | -75 | -35.00 | - | 7C/ http | | 精废价差 | 4797 | 4007 | +79 ...

锌产业链周度报告 国泰君安期货研究所 有色及贵金属组 季先飞 （首席分析师/联席行政负责人） 投资咨询从业资格号：Z0012691 王宗源（联系人） 期货从业资格号：F03142619 日期：2025年12月14日 Guotai Junan Futures all rights reserved, please do not reprint Special report on Guotai Junan Futures 锌：内外盘共振，价格高位震荡 强弱分析：中性偏强 国内库存继续去化 镀锌开工回升 Special report on Guotai Junan Futures 第 2 页 资料来源：SMM、钢联、同花顺、Bloomberg、国泰君安期货研究所 ◆ 国内供应端减量。当下进口锌精矿亏损仍然较大，叠加年底北方矿山停产，后续国产 矿供应形势偏紧，国产矿TC预计进一步下调。原料库存有限下，已经有炼厂规划减产 来缓解压力，其中减量贡献较大为云南、广西、广东、内蒙古、陕西、湖南等省份， 供应环比减量或在3-4万吨。 ◆ 消费端延续淡季。需求呈现季节性回落，下游开工率有所下滑，叠加锌价高位震荡， 持货商挺升水报 ...

锌产业周报 2025/12/12 咨询业务资格：沪证监许可【2012】1515号 研报作者：许亮 Z0002220 审核：唐韵 Z0002422 【免责声明】 本报告基于本公司认为可靠的、已公开的信息编制，但本公司对该等信息的准确性及完整性不作任何保证。本报告所载的意见、结论及预测仅反映报告发布时的观点、结论 和建议。在不同时期，本公司可能会发出与本报告所载意见、评估及预测不一致的研究报告。本公司不保证本报告所含信息保持在最新状态。本公司对本报告所含信息可在不发出通知的情 形下做出修改， 交易者（您）应当自行关注相应的更新或修改。本公司力求报告内容客观、公正，但本报告所载的观点、结论和建议仅供参考，交易者（您）并不能依靠本报告以取代行 使独立判断。对交易者（您）依据或者使用本报告所造成的一切后果，本公司及作者均不承担任何法律责任。本报告版权仅为本公司所有。未经本公司书面许可，任何机构或个人不得以翻 版、复制、发表、引用或再次分发他人等任何形式侵犯本公司版权。如征得本公司同意进行引用、刊发的，需在允许的范围内使用，并注明出处为"东亚期货"，且不得对本报告进行任何有 悖原意的引用、删节和修改。本公司保留追究相关责 ...

Report Information - Report Title: Zinc Industry Weekly Report - Report Date: December 5, 2025 - Report Author: Xu Liang (Z0002220) - Reviewer: Tang Yun (Z0002422) Report Industry Investment Rating - Not mentioned in the provided content Core Views Bullish Factors - Domestic zinc inventory has been continuously declining, with the inventory of zinc ingots in seven major regions decreasing by 0.38 million tons, indicating a tightening supply [3]. - Export orders have remained stable, and the improvement in weather has boosted terminal demand, supporting zinc prices [3]. Bearish Factors - The increase in LME zinc inventory indicates supply pressure, and weak consumption has suppressed zinc prices [3]. - Galvanizing enterprises in northern China have reduced their operating rates due to environmental protection restrictions, dragging down downstream demand [3]. Trading Advisory Views - It is recommended to pay attention to the impact of inventory changes and export data on short - term prices and operate with caution [3]. Summary by Directory Processing and Terminal Demand - Multiple data on the zinc processing industry, including the weekly market sentiment index, weekly inventory, and weekly output of galvanized coils, are presented in a seasonal chart format [5]. - Seasonal charts of net exports of galvanized sheets (strips), die - cast zinc alloys, color - coated sheets (strips), and zinc oxide are provided [6][8]. - Seasonal charts of real - estate - related data such as real - estate development investment, engineering progress, sales area, and land transaction area are shown [11][13][15]. - Seasonal charts of infrastructure fixed - asset investment (excluding rural households) in different sectors are presented [16]. Supply and Supply - side Profit - Seasonal charts of zinc concentrate monthly import volume, SMM zinc ingot monthly output, China's zinc ingot monthly production plus import volume, and zinc concentrate raw material inventory days are provided [19][22][23][25]. - Charts showing the relationship between SMM import and domestic zinc concentrate weekly processing fees, refined zinc enterprise production profit and domestic zinc concentrate weekly processing fees, and LME and SHFE zinc inventory are presented [21][22][25][26]. Futures and Spot Market Review - Charts of domestic and international zinc price trends, Shanghai zinc main contract trading volume and open interest, LME zinc closing price and US dollar index, LME zinc premium and discount, and zinc ingot basis are presented [28][29][30][32][34][37].

知识图强,求实奉献,客户至上,合作共赢 关注微信公众号 #NAME | 投资咨询业务资格:证监许可 【2011】1292号 | 产业链期现日报 | | | | | | --- | --- | --- | --- | --- | --- | | 2025年12月4日 | | | | 周敏波 | Z0015979 | | 价格及价差 | | | | | | | | 现值 | 前值 | 涨跌 | 涨跌幅 | 单位 | | SMM A00铝 | 21800 | 21710 | 90.0 | 0.41% | 元/吨 | | SMM A00铝升贴水 | -50 | - 50 | 0.0 | / | 元/吨 | | 长江 铝A00 | 21790 | 21700 | 90.0 | 0.41% | 元/吨 | | 长江 铝A00 升贴水 | -60 | -60 | 0.0 | / | 元/吨 | | 氧化铝(山东)-平均价 | 2760 | 2760 | 0.0 | 0.00% | 元/吨 | | 氧化铝(河南)-平均价 | 2850 | 2850 | 0.0 | 0.00% | 元/吨 | | 氧化铝(山西)-平均价 | ...

1. Report Industry Investment Ratings No relevant content provided. 2. Core Views of the Reports Tin Considering the strong fundamentals, maintain a bullish view on tin prices. Hold existing long positions and consider adding long positions on price pullbacks. Monitor macro and supply - side changes [1]. Aluminum Oxide The oversupply situation continues to suppress prices, which are expected to fluctuate at the bottom. The reference range for the main contract is lowered to 2600 - 2800 yuan/ton. Observe actual production cuts and inventory inflection points [3]. Aluminum Short - term aluminum prices are expected to remain strong, with the reference range for the SHFE main contract this week being 21500 - 22200 yuan/ton. Focus on the latest Fed monetary policy and domestic inventory depletion sustainability [3]. Aluminum Alloy The casting aluminum alloy market is supported by cost and demand. Short - term prices are expected to remain firm, with the main contract reference range at 20700 - 21400 yuan/ton. Monitor scrap aluminum supply improvement and inventory depletion [5]. Polysilicon In December, there is an oversupply situation, and each link is expected to accumulate inventory. The trading strategy is to wait and see [7]. Industrial Silicon The industrial silicon market in December remains in a weak supply - demand situation. Prices are expected to fluctuate at a low level, with the main price range at 8500 - 9500 yuan/ton [8]. Zinc The zinc price is expected to fluctuate. The supply pressure is relieved, but the fundamentals provide limited upward momentum. The main contract reference range is 22200 - 23000 yuan/ton [11]. Copper The medium - to - long - term supply - demand contradiction supports the upward shift of the copper price bottom. The main contract support range is 88500 - 89500 yuan/ton. Monitor overseas interest rate cut expectations and smelting production cuts [13]. Lithium Carbonate The short - term disk is expected to fluctuate widely, with the main contract reference range at 92000 - 95000 yuan/ton [16]. Nickel The short - term disk is expected to fluctuate within a range, with the main contract reference range at 116000 - 120000 yuan/ton. Monitor macro expectations and Indonesian industrial policy news [19]. Stainless Steel The short - term disk is expected to remain weakly volatile, with the main contract reference range at 12300 - 12700 yuan/ton. Monitor steel mills' production cut implementation and ferro - nickel prices [20]. 3. Summaries According to Related Catalogs Tin - **Price and Spread**: SMM 1 tin and Yangtze 1 tin prices rose 1.51%, LME 0 - 3 spread dropped 38.67%. Import loss decreased 13.91%, and some monthly spreads changed significantly [1]. - **Fundamentals**: In October, tin ore imports, SMM refined tin production, and average开工率 increased, while refined tin imports, exports, and SMM solder开工率 decreased [1]. - **Inventory**: SHEF, social, and LME inventories increased, while SHEF warehouse receipts decreased slightly [1]. Aluminum Oxide - **Price and Spread**: SMM A00 aluminum prices rose 0.41%, and most alumina prices remained unchanged. Aluminum import loss decreased, and monthly spreads were stable [3]. - **Fundamentals**: In November, alumina and electrolytic aluminum production decreased, while alumina开工率 and some downstream开工率 increased [3]. - **Inventory**: Chinese electrolytic aluminum and aluminum rod social inventories decreased, while electrolytic aluminum plant alumina inventory increased [3]. Aluminum Alloy - **Price and Spread**: SMM ADC12 alloy prices were stable, and some scrap - to - refined aluminum price spreads increased [5]. - **Fundamentals**: In November, recycled and primary aluminum alloy ingot production increased, while unforged aluminum alloy ingot imports decreased and exports increased [5]. - **Inventory**: Recycled aluminum alloy social inventory decreased slightly, and some daily inventories changed [5]. Polysilicon - **Price and Spread**: Polysilicon spot prices were stable, futures prices rose, and silicon wafer and component prices fell. Some monthly spreads changed significantly [7]. - **Fundamentals**: In November and December, polysilicon and silicon wafer production decreased, imports and exports changed, and demand decreased [7]. - **Inventory**: Polysilicon and silicon wafer inventories increased [7]. Industrial Silicon - **Price and Spread**: East China oxygen - passing SI5530 industrial silicon spot prices fell slightly, and futures prices declined. Some monthly spreads changed [8]. - **Fundamentals**: In November, national industrial silicon production decreased, and some regional production and开工率 changed. Organic silicon production increased [8]. - **Inventory**: Some regional factory inventories and social inventories increased slightly [8]. Zinc - **Price and Spread**: SMM 0 zinc ingot prices rose slightly, and import loss decreased. Some monthly spreads changed [11]. - **Fundamentals**: In November, refined zinc production decreased, imports decreased, and exports increased. Downstream开工率 was relatively stable [11]. - **Inventory**: Chinese zinc ingot social inventory decreased, and LME inventory increased [11]. Copper - **Price and Spread**: SMM 1 electrolytic copper prices rose, and some spreads changed. Import loss increased slightly [13]. - **Fundamentals**: In November, electrolytic copper production increased, and imports decreased. Some processing开工率 decreased [13]. - **Inventory**: Domestic social and SHFE inventories decreased, while bonded and LME inventories increased [13]. Lithium Carbonate - **Price and Spread**: SMM battery - grade and industrial - grade lithium carbonate prices decreased slightly, and some monthly spreads changed [16]. - **Fundamentals**: In November, lithium carbonate production and demand increased, imports and exports increased, and开工率 increased [16]. - **Inventory**: Lithium carbonate total, downstream, and smelter inventories decreased [16]. Nickel - **Price and Spread**: SMM 1 electrolytic nickel prices rose slightly, and some spreads and costs changed [19]. - **Fundamentals**: Chinese refined nickel production and imports decreased, and some inventories increased or decreased [19]. - **Inventory**: SHFE and social inventories increased, while LME and bonded area inventories decreased [19]. Stainless Steel - **Price and Spread**: 304/2B stainless steel prices were stable, and some monthly spreads changed [20]. - **Fundamentals**: Chinese and Indonesian 300 - series stainless steel production changed, imports increased, and exports decreased [20]. - **Inventory**: 300 - series social and cold - rolled social inventories increased, and SHFE warehouse receipts decreased slightly [20].