货，且不得对本报告进行有悖原意的引用、删节和修改。 风险提示：期市有风险，投资需谨慎！ 祁玉蓉（F03100031, Z0021060），联系电话：010-8229 5006 | | | 铅锌日评20250612：沪铅下方支撑较强；沪锌反弹空间有限 | | | | --- | --- | --- | --- | --- | | 2025/6/12 | | 指标 单位 今值 变动 近期趋势 | | | | | | SMM1#铅锭平均价格 元/吨 | 16,625.00 | 0.00% | | | 沪铅期现价格 | 期货主力合约收盘价 元/吨 | 16,845.00 | -0.21% | | | | 沪铅基差 元/吨 | -220.00 | 35.00 | | | | 升贴水-上海 元/吨 | -25.00 | - | | | | 升贴水-LME 0-3 美元/吨 | -28.65 | -1.10 | | | | 升贴水-LME 3-15 美元/吨 | -66.10 | 2.00 | | | 价差 | 沪铅近月-沪铅连一 元/吨 | -25.00 | 15.00 | | | | 沪铅连一-沪铅连二 元/吨 | - ...

铅锌产业链周度报告 范玲 期货从业资格号：F0272984 投资咨询资格号：Z0011970 中航期货 2025-6-6 | 目 | 录 | | | | | --- | --- | --- | --- | --- | | 0 0 1 1 | 报 报 | 告 告 | 摘 摘 | 要 要 | | 0 0 2 2 | 多 多 | 空 空 | 焦 焦 | 点 点 | | 0 0 3 3 | 数 数 | 据 据 | 分 分 | 析 析 | | 4 4 0 0 | 后 后 | 市 市 | 研 研 | 判 判 | | 告 | 摘 | 报 | 要 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- ...

登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：002114 证券简称：罗平锌电 公告编号：2025-019 会议决议公告 本公司及董事会全体成员保证公告内容的真实、准确、完整，不存在虚假记载、误导性陈述或重大遗 漏。 一、会议召开基本情况 云南罗平锌电股份有限公司（以下简称"公司"）第八届董事会第二十六次（临时）会议于2025年5月23 日上午9：00以通讯表决方式召开。会议通知及资料已于2025年5月19日以电子邮件方式发出，并经电话 确认。公司实有董事8人，参加会议的董事8人。本次会议发放表决票8张，收回有效表决票8张。本次会 议的召集、召开程序符合《中华人民共和国公司法》、《公司章程》的相关规定，会议合法有效。 二、会议议案审议情况 （一）会议以8票同意，0票反对，0票弃权，审议通过了关于《为全资子公司提供担保》的议案 董事会意见：本次担保主要用于满足全资子公司生产经营发展及补充流动资金的需要，有利于公司长 效、有序发展，符合全体股东的利益。本次公司对全资子公司提供担保及全资子公司互相担保对公司的 财务状况和经营成果不会产生重大影响。 具体情况详见公司同日披露于《中国证券报》、《证券时报》 ...

截至5月21日收盘，金属铅概念上涨1.39%，位居概念板块涨幅第10，板块内，23股上涨，粤宏远A涨 停，紫金矿业、赤峰黄金、山金国际等涨幅居前，分别上涨5.90%、5.62%、5.10%。跌幅居前的有智慧 农业、国城矿业、高能环境等，分别下跌1.85%、1.43%、0.68%。 今日涨跌幅居前的概念板块 | 代码 | 简称 | 今日涨跌幅 | 今日换手率 | 主力资金流量（万 | 主力资金净流入比率 | | --- | --- | --- | --- | --- | --- | | | | （%） | （%） | 元） | （%） | | 601899 | 紫金矿 业 | 5.90 | 1.27 | 37991.59 | 8.01 | | 600988 | 赤峰黄 金 | 5.62 | 7.47 | 25469.04 | 7.52 | | 000573 | 粤宏远 A | 10.00 | 9.53 | 9006.04 | 30.38 | | 002237 | 恒邦股 份 | 2.69 | 2.26 | 1886.78 | 8.35 | | 002716 | 湖南白 银 | 2.01 | 3.04 | 136 ...

中国有色金属建设股份有限公司 投资者关系活动记录表 证券代码：000758 证券简称：中色股份 编号：2025-004 | | 特定对象调研 □分析师会议 | | --- | --- | | 投资者关系活 | □媒体采访 □业绩说明会 | | 动类别 | □新闻发布会 □路演活动 | | | □现场参观 | | | □其他（请文字说明其他活动内容） | | 活动参与人员 | 中信证券陈剑凡、田中石 | | | 刘厚胜 清和泉资本 | | | 上市公司接待人员： | | | 董事会秘书 朱国祥 | | | 证券事务代表 赵 旸 | | 时间 | 年 月 日 2025 5 21 | | 地点 | 中色股份 16 层会议室 | | 形式 | 线下交流 | | | 1. 公司达瑞铅锌矿项目进展如何？ | | | 达瑞铅锌矿位于印度尼西亚苏门答腊岛西北部，全区保有的 | | | 资源/储量总计为：矿石量 2,070.09 万吨，锌金属量 225.62 万吨， | | | 铅金属量 132.03 万吨，锌平均品位 10.90%，铅平均品位 6.38%， | | | 设计采选处理能力 万吨/年。在世界上待开发的铅锌资源项 ...

祁玉蓉（F03100031, Z0021060），联系电话：010-8229 5006 | 铅锌日评20250521：原料不足引发炼厂减产，铅价下方支撑较强；沪锌区间整理 | 指标 | 近期趋势 | 2025/5/21 | 单位 | 今值 | 变动 | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 元/吨 | 16,650.00 | -0.45% | SMM1#铅锭平均价格 | 沪铅期现价格 | 元/吨 | 16,845.00 | -0.09% | 期货主力合约收盘价 | | 元/吨 | -195.00 | -60.00 | 沪铅基差 | 元/吨 | - - | 升贴水-上海 | | | | 美元/吨 | -24.07 | -6.01 | 升贴水-LME 0-3 | 美元/吨 | -56.80 | 2.80 | 升贴水-LME 3-15 | 价差 | | 元/吨 | -10.00 | 5.00 | 沪铅近月-沪铅连一 | 元/吨 | -5.00 | - | 沪铅连一-沪铅连二 | 铅 | | 元/吨 | 10.00 | 10.00 ...

祁玉蓉（F03100031, Z0021060），联系电话：010-8229 5006 2025/5/20 单位 今值 变动 近期趋势 SMM1#铅锭平均价格 元/吨 16,725.00 -0.30% 期货主力合约收盘价 元/吨 16,860.00 -0.06% 沪铅基差 元/吨 -135.00 -40.00 升贴水-上海 元/吨 - -10.00 升贴水-LME 0-3 美元/吨 -4.45 0.38 升贴水-LME 3-15 美元/吨 -59.10 -0.60 沪铅近月-沪铅连一 元/吨 -15.00 10.00 沪铅连一-沪铅连二 元/吨 - -5.00 沪铅连二-沪铅连三 元/吨 - -20.00 期货活跃合约成交量 手 26,893.00 -17.21% 期货活跃合约持仓量 手 27,388.00 -4.11% 成交持仓比 / 0.98 -13.66% LME库存 吨 0.00% 246,350.00 沪铅仓单库存 吨 50,047.00 0.25% LME3个月铅期货收盘价（电子盘） 美元/吨 1,961.50 -1.93% 沪伦铅价比值 / 8.60 1.90% SMM1#锌锭平均价格 元/吨 ...

1. Report Industry Investment Rating - The industry investment rating is "Weak". Zinc is expected to fluctuate in the short - term due to weak supply and demand, and trend weakly in the medium - term [3]. 2. Core Viewpoints - With the resumption of mines and the gradual implementation of new and expanded production capacities, the subsequent processing fees still have a trend of rising steadily. Currently, smelter profits have significantly recovered, and the smelting revenue including by - products such as silver and sulfuric acid is close to 1000 yuan/ton. At the same time, smelter raw material and port ore inventories are at relatively high levels, and the smelting start - up rate has generally increased in the second quarter. However, in May, smelters in regions such as Yunnan are under maintenance and shut - down, and the output may decrease by more than 10,000 tons compared with April [7]. - Consumption is gradually transitioning to a slack stage, and the downstream replenishment space is limited. In terms of terminal consumption by sector, power towers are still relatively strong, while other sectors are relatively dull. After the previous sharp price decline, the downstream had a strong willingness to replenish raw materials, which to some extent reduced the subsequent demand space. It is expected that the apparent consumption peaked in April and will show a high - level contraction trend, putting pressure on the upper price limit [7]. - Fundamentally, it shows weak supply and demand. The supply - side production cuts and low social inventories support the near - end price. However, there is still an expectation of increased supply in the far - end, the inflection point of social inventories may come, and it will still operate weakly in the medium - and long - term, and the term spread also faces convergence pressure. For domestic and foreign zinc prices, the profit - loss ratio of domestic - foreign long - short arbitrage is appropriate, but attention should be paid to structural losses [7]. 3. Summary by Relevant Catalogs 3.1. Market Review - **Price**: The closing price of SHFE Zinc main contract last week was 22,190 yuan/ton, with a weekly decline of 1.11%. The closing price of the night session yesterday was 22,260 yuan/ton, with a night - session increase of 0.32%. The closing price of LmeS - Zinc 3 last week was 2,655.5 US dollars/ton, with a weekly increase of 2.61% [8]. - **Trading Volume and Open Interest**: The trading volume of SHFE Zinc main contract last Friday was 140,017 lots, an increase of 24,655 lots compared with the previous week. The open interest was 119,170 lots, an increase of 13,174 lots. The trading volume of LmeS - Zinc 3 last Friday was 6,713 lots, an increase of 1,517 lots compared with the previous week. The open interest was 213,170 lots, an increase of 4,608 lots [8]. - **Basis**: The LME zinc premium last Friday was - 26.13 US dollars/ton, an increase of 10.96 US dollars/ton compared with the previous week. The SHFE zinc basis showed different changes in different regions [8]. - **Inventory**: The SHFE zinc warrant inventory last week was 1,903 tons, a decrease of 451 tons compared with the previous week. The total SHFE zinc inventory was 47,102 tons, a decrease of 1,375 tons. The LME zinc inventory was 170,325 tons, a decrease of 3,475 tons. The bonded - area inventory was 7,600 tons, a decrease of 1,200 tons. The social inventory was 83,300 tons, an increase of 6,300 tons [8]. 3.2. Industry Chain Vertical and Horizontal Comparison - **Inventory**: Zinc ore inventory has risen to a high level, while zinc ingot visible inventory is low. The port inventory of imported zinc ore in Lianyungang and smelter raw material inventory are at relatively high levels, while the seven - region inventory and smelter finished - product inventory are relatively low [10][11]. - **Profit**: Zinc ore profit is at the forefront of the industry chain, and smelting profit is at a medium - high level. Mining enterprise profit is stable in the short - term and at a historical medium level. Smelting profit has recovered and is at a historical medium level. The profit of galvanized pipe enterprises is stable and at a medium - low level in the same period [12][13]. - **Start - up Rate**: The smelting start - up rate has recovered to a high level, while the downstream start - up rate is at a historically low level. The zinc concentrate start - up rate has rebounded and is at a historical medium level in the same period. The refined zinc monthly start - up rate has rebounded and is at a high level in the same period. The start - up rates of downstream galvanizing and die - casting zinc have decreased and are at a historically low level [14][15]. 3.3. Trading Aspect - **Spot**: The spot premium has declined from a high level. Overseas premiums are relatively stable, with a slight increase in Antwerp, and the LME CASH - 3M still shows a C structure [17][19]. - **Spread**: The near - end of SHFE Zinc shows a B structure, while the far - end is relatively flat [21]. - **Inventory**: The inventory shows a downward trend, and the open - interest - to - inventory ratio is relatively high. The LME inventory is mainly concentrated in Singapore. The total LME inventory has decreased in the short - term and is at a historical medium level in the same period. The global zinc visible inventory has decreased [25][32][35]. - **Futures**: The domestic open interest is at a relatively high level in the same historical period [36]. 3.4. Supply - **Zinc Concentrate**: Zinc concentrate imports are at a high level, domestic zinc ore production is at a medium - low level, and the processing fees of domestic and imported ores have rebounded. The ore arrival volume is at a high level, and smelter raw material inventory is abundant and at a historical high level in the same period [39][40]. - **Refined Zinc**: Smelting profit has marginally recovered, and smelting output has marginally recovered. Refined zinc imports are at a historical medium level [41][44]. 3.5. Zinc Demand - **Consumption**: Refined zinc consumption is basically the same as the same period last year [49]. - **Downstream**: The downstream monthly start - up rate has slightly recovered, and most are at a medium - low level in the same historical period. The downstream raw material inventory and finished - product inventory show different trends in different sectors [50][52]. - **Terminal**: The real estate market is still at a low level, while the power grid shows structural increments [61]. 3.6. Overseas Factors - In Europe, electricity prices, natural gas prices, and carbon prices show different trends, and the profitability of zinc smelters in different countries also varies [63].

一、主要会计数据和财务指标 | 报告期指标 | 2024年年报 | 2023年年报 | 本年比上年增减(%) | 2022年年报 | | --- | --- | --- | --- | --- | | 基本每股收益（元） | 0.2512 | -0.2356 | 206.62 | 0.4505 | | 每股净资产（元） | 4.02 | 3.48 | 15.52 | 3.79 | | 每股公积金(元) | 0.02 | 0.02 | 0 | 0.02 | | 每股未分配利润(元) | 3.32 | 3.07 | 8.14 | 3.31 | | 每股经营现金流(元) | - | - | - | - | | 营业收入(亿元) | 16.39 | 14.68 | 11.65 | 19.73 | | 净利润(亿元) | 2.3 | -2.15 | 206.98 | 4.12 | | 净资产收益率(%) | 6.70 | -6.43 | 204.2 | 13.19 | 数据四舍五入，查看更多财务数据>> | 名称 持有数量(万股) | | 占总股本比例 | 增减情况(万 | | --- | --- | --- | -- ...

西藏珠峰（600338）公告，2024年营业收入16.39亿元，同比增长11.64%。归属于上市公司股东的净利 润2.3亿元，上年为亏损2.15亿元。公司董事会建议2024年度股利分配预案为每10股派发现金红利0.55元 (含税)，不实施送股及转增。 ...