格隆汇9月3日丨宝钛股份(600456.SH)公布，公司拟以自有资金参与竞拍位于宝鸡市科技新城片区高新 大道以南、实业路以西的一宗国有土地使用权（宗地总面积126198m2，挂牌起始价5734万元。最终购 买金额和面积以实际出让文件为准）。 ...

人民财讯9月3日电，宝钛股份（600456）9月3日晚间公告，基于公司中长期战略发展规划，公司拟参与 竞拍位于宝鸡市科技新城片区高新大道以南、实业路以西的一宗国有土地使用权，挂牌起始价5734万 元。 ...

Report Industry Investment Ratings No relevant content provided. Core Views - The report analyzes multiple industries and commodities, including energy, metals, chemicals, agricultural products, and financial derivatives, providing insights into market trends, supply - demand relationships, and investment strategies for each sector [2][3][4] Summary by Commodity Energy - **Crude Oil**: Overnight international oil prices rose, with Brent 11 contract up 1.34%. In the third quarter, the oil market supply - demand was balanced. Considering OPEC+ output increase in September and post - peak demand decline, there is a risk of inventory build - up. Look for shorting opportunities when SC11 rebounds above 495 yuan/barrel [2] - **Fuel Oil & Low - sulfur Fuel Oil**: Singapore and Chinese ship - fuel sales declined year - on - year, but domestic refinery production was also low. Due to geopolitical premium and delayed supply pressure, LU rebounded and FU strengthened [22] - **Liquefied Petroleum Gas**: After the gas off - season, it shows some resilience. Supported by rising import costs and domestic demand, the civil gas price increased. The high - basis difference pattern persists, and the short - term market is strong in the near term and weak in the long term [24] - **Asphalt**: In the traditional peak season, demand increases seasonally, and supply - demand tightens. The 10 - contract is supported at 3500 yuan/ton, and it is expected to oscillate strongly in the short term [23] Metals - **Precious Metals**: Overnight, the US manufacturing PMI was slightly lower than expected, increasing the expectation of a Fed rate cut. Maintain a long position and focus on the US non - farm payroll data on Friday [3] - **Copper**: Overnight, copper prices broke through integer thresholds. In the short - to - medium term, it is affected by the Fed rate cut, domestic refined copper consumption substitution, and capital resonance. Hold short - term long positions based on the MA5 moving average [4] - **Aluminum**: Overnight, Shanghai aluminum oscillated strongly. Downstream开工率 has increased seasonally for four weeks. It is expected to test the resistance at 21,000 yuan in the short term [5] - **Alumina**: Production capacity is at a historical high, with rising inventory and supply surplus. It is running weakly, and pay attention to the support at 2830 - 3000 yuan [6] - **Zinc**: In September, refinery maintenance may reduce output. In the short term, it rebounds, but in the medium term, maintain a short - allocation strategy [8] - **Nickel and Stainless Steel**: Due to political unrest in Indonesia, prices rebounded. Short - term short positions are suspended, and a wait - and - see approach is adopted [10] - **Tin**: Overnight, Shanghai tin recovered some losses. There is a shortage of concentrates, and short - term long positions can be held based on 271,000 yuan [11] - **Manganese Silicon**: Production is increasing, and inventory has not accumulated. In the long term, manganese ore is expected to accumulate inventory [19] - **Silicon Iron**: Supply is increasing, demand is okay, and inventory is slightly decreasing [20] Chemicals - **Carbonate Lithium**: Futures prices declined, and the market was quiet. The overall sentiment is low, and a wait - and - see approach is adopted [12] - **Polysilicon**: It oscillated below 52,000 yuan/ton. Before new policy details are disclosed, the PS2511 price is expected to face pressure at 53,000 yuan/ton [13] - **Industrial Silicon**: Futures prices rose slightly. In September, supply surplus will intensify, and there is a risk of a price decline after the current up - trend [14] - **Methanol**: Coastal available supply is abundant, and inventory is accumulating. But with the improvement of downstream device economics, the market is expected to strengthen [26] - **Pure Benzene**: Oil prices rebounded, and benzene prices stopped falling. In the third quarter, supply - demand may improve [27] - **Styrene**: Crude oil and pure benzene provide little support. Supply - demand contradiction is increasing, and the fundamentals are weak [28] - **Polypropylene, Plastic, and Propylene**: Propylene production enterprises have controllable inventory pressure, but downstream acceptance of price increases is limited. Polyethylene demand is okay, while polypropylene supply pressure is increasing [29] - **PVC and Caustic Soda**: PVC supply pressure is high, and it may oscillate weakly. Caustic soda prices are relatively firm but may also oscillate widely [30] - **PX and PTA**: Prices are oscillating at a low level. Demand is improving, but the actual improvement is limited [31] - **Ethylene Glycol**: Prices fluctuate around 4350 yuan/ton. Supply - demand is weakening, and there are both long and short factors in the medium term [32] Agricultural Products - **Soybeans and Soybean Meal**: There is uncertainty in Sino - US trade. In the short term, it may oscillate, and in the long term, there is a cautious bullish view on domestic soybean meal [37] - **Soybean Oil and Palm Oil**: Prices rebounded. In the long term, consider buying at low prices, but pay attention to volatility risks [38] - **Corn**: Dalian corn futures were weak at night. After the new - grain purchase enthusiasm fades, it may continue to run weakly at the bottom [40] - **Pigs**: Spot prices are mixed, and futures prices are weak. There is downward pressure on prices under large supply [41] - **Eggs**: Spot prices are stable, and futures prices rebounded. Consider long positions in far - month contracts for next year [42] - **Cotton**: US cotton prices fell, and Zhengzhou cotton may continue to oscillate. Consider buying on dips [43] - **Sugar**: US sugar prices are trending down, and domestic sugar prices are expected to oscillate [44] - **Apples**: Futures prices are oscillating at a high level. In the short term, prices may rise, but in the long term, there is limited upside [45] - **Timber**: Futures prices are oscillating. Supply may remain low, and a wait - and - see approach is adopted [46] - **Paper Pulp**: Futures prices rose slightly. Supply is relatively loose, and a wait - and - see or range - trading approach is recommended [47] Financial Derivatives - **Container Shipping Index (European Route)**: MSC announced empty - sailing plans for the Golden Week. Spot prices are under pressure, and the market is expected to oscillate [21] - **Stock Index**: The market is adjusting, and there is short - term macro uncertainty. Increase allocation to technology - growth sectors [48] - **Treasury Bonds**: Futures prices oscillated flat. Pay attention to the opportunity for curve steepening in short - term multi - variety hedging [49]

黄金又开始创新高。截至9月3日，COMEX黄金期货突破3600美元，今年以来涨超30%。 黄金股也很雀跃。身为许多黄金股ETF第一大重仓的紫金矿业，截至9月2日，今年以来涨了61.44%。 在2025年《福布斯》全球上市公司榜单中， 紫金矿业位列 全球黄金企业第1位、全球金属矿业企业第4位。 8月27日，紫金矿业披露了2025年最新中报，报告期内实现营收1677亿元、归母净利润233亿元，分别同比增长11.5%、54.4%。 同时，公司计划实施中期分红，拟向全体股东每 10 股派发现金红利 2.2元 （ 含税 ） ，总计派发现金红利约 58.47亿元，约占今年上半年归母净利润的 25.10%。 得说，紫金矿业最初的主营业务是铜，但近年来黄金营收持续增长，尤其是在今年金价大涨的环境中，据中报披露按产品划分的销售详情， 矿产金的营收 （ 2,645,475万元）几乎追上矿产铜的营收（2,726,131万元）。 且公司主营矿产品量价齐升，主要业绩指标均创历史新高，整体矿产品毛利率同比增加 3个百分点至60.23%。 细分矿种来看，公司实现矿产铜 57万吨，同比增长超9%，矿产金同比增长16%至41吨；矿产金占公司的 ...

Industry Overview Mid - view Events - In the production industry, attention should be paid to the advancement of artificial intelligence. After the release of the "Opinions on Deeply Implementing the 'Artificial Intelligence +' Action", Shanghai responded promptly by launching the project application for the 2025 Shanghai "Artificial Intelligence +" Action [1] - In the service industry, attention should be given to the new tax policy. The Ministry of Finance and the State Taxation Administration issued a notice on the tax policy for the operation and management of state - owned equity and cash income transferred to enrich the social security fund, exempting VAT on certain income from the investment of transferred state - owned equity and cash income, effective from April 1, 2024 [1] Upstream - In the black industry, wire rod prices declined [2] - In the chemical industry, PTA prices continued to fall [2] Midstream - In the chemical industry, the PX operating rate increased [3] - In the infrastructure sector, the asphalt operating rate slightly decreased [3] Downstream - In the real estate sector, the sales of commercial housing in second - and third - tier cities slightly increased [4] - In the service sector, the number of domestic flights decreased [4] Key Industry Price Indicators - Agricultural products: On September 2, the spot price of corn was 2301.4 yuan/ton with a year - on - year decrease of 0.19%; the spot price of eggs had a year - on - year decrease of 0.77%; the spot price of palm oil was 9492.0 yuan/ton with a year - on - year decrease of 1.51%; the spot price of cotton was 15414.3 yuan/ton with a year - on - year increase of 0.54%; the average wholesale price of pork was 19.8 yuan/kg with a year - on - year decrease of 1.05% [38] - Non - ferrous metals: On September 2, the spot price of copper was 80130.0 yuan/ton with a year - on - year increase of 0.62%; the spot price of zinc was 22132.0 yuan/ton with a year - on - year decrease of 0.65%; the spot price of aluminum was 20636.7 yuan/ton with a year - on - year decrease of 0.74%; the spot price of nickel was 124383.3 yuan/ton with a year - on - year increase of 0.72% [38] - Ferrous metals: On September 2, the spot price of aluminum was 16800.0 yuan/ton with a year - on - year decrease of 0.30%; the spot price of rebar was 3186.0 yuan/ton with a year - on - year decrease of 1.88%; the spot price of iron ore was 22132.0 yuan/ton with a year - on - year decrease of 0.65% [38] - Others: On September 2, the spot price of WTI crude oil was 64.6 dollars/barrel with a year - on - year decrease of 0.26%; the spot price of Brent crude oil was 68.1 dollars/barrel with a year - on - year decrease of 1.08%; the spot price of liquefied natural gas was 3928.0 yuan/ton with a year - on - year increase of 0.46%; the coal price was 782.0 yuan/ton with a year - on - year decrease of 0.13% [38]

消息面上，9月3日，在美联储降息预期升温和全球矿端供应持续紧张的宏观与基本面双重背景下，LME铜价时隔数月重返1万美元/吨的心理关口。 机构指出，此轮突破被视为前期交易预期的兑现，市场正转向下一阶段，即金融属性与商品属性共振下的价格主升浪，并催化资源股迎来盈利与估 值修复的戴维斯双击。此外，国际现货黄金价格2日一度突破每盎司3500美元，创历史新高。 截至2025年9月3日 13:54，国证有色金属行业指数(399395)成分股方面涨跌互现，东阳光(600673)领涨5.82%，江西铜业(600362)上涨1.86%，中金黄金 (600489)上涨1.63%；中国稀土(000831)领跌。有色ETF基金(159880)最新报价1.5元。 从资金净流入方面来看，有色ETF基金近7天获得连续资金净流入，最高单日获得3187.53万元净流入，合计"吸金"1.08亿元，日均净流入达1540.82万 元。 有色ETF基金紧密跟踪国证有色金属行业指数，国证有色金属行业指数参照国证行业分类标准，选取归属于有色金属行业的规模和流动性突出的50只 证券作为样本，反映了沪深北交易所有色金属行业上市公司的整体收益表现，向市场提供细 ...

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Core Viewpoint - The overall performance of companies listed on the ChiNext board has significantly improved in the first half of 2025, achieving a total revenue exceeding 2 trillion yuan and a net profit exceeding 150 billion yuan, with year-on-year growth rates of over 9% and 11% respectively, leading the A-share market [2][4]. Group 1: Financial Performance - ChiNext companies collectively achieved a revenue of 2.05 trillion yuan in the first half of 2025, with an average revenue of 1.48 billion yuan, representing a year-on-year growth of 9.03% [4]. - The total net profit reached 150.54 billion yuan, with an average net profit of 109 million yuan, reflecting a year-on-year increase of 11.18% [4]. - Over 70% of ChiNext companies reported profits, with more than half experiencing a year-on-year increase in net profit, an increase of 4.86 percentage points compared to the previous year [5]. - In Q2 2025, ChiNext companies achieved a revenue of 1.10 trillion yuan, a quarter-on-quarter growth of 14.95%, and a net profit of 78.82 billion yuan, a quarter-on-quarter growth of 9.90% [5]. Group 2: Key Growth Areas - ChiNext companies are actively integrating into the broader economic development landscape, focusing on innovation-driven strategies in advanced manufacturing, digital economy, and green low-carbon sectors, with over 800 listed companies in these areas [6]. - In the first half of 2025, these three key sectors generated a total revenue of 1.34 trillion yuan, with a year-on-year growth of 9.87%, and a net profit of 113.92 billion yuan, with a year-on-year growth of 15.90% [7]. - The green low-carbon sector showed strong performance, with over 190 companies achieving a revenue of 507.35 billion yuan, a year-on-year increase of 10.85%, and a net profit of 49.70 billion yuan, a year-on-year increase of 25.55% [8]. - The digital economy sector, with over 300 companies, reported a revenue of 370.95 billion yuan, a year-on-year growth of 8.66%, and a net profit of 29.22 billion yuan, a year-on-year growth of 40.03% [8]. - The advanced manufacturing sector achieved a revenue of 461.13 billion yuan, a year-on-year increase of 9.79% [8]. Group 3: Notable Highlights - The top 100 companies by market capitalization on the ChiNext board generated a revenue of 937.23 billion yuan, a year-on-year increase of 14.59%, and a net profit of 102.45 billion yuan, a year-on-year increase of 21.56% [11]. - Overseas revenue for ChiNext companies grew significantly by 21.26% in the first half of 2025, with notable increases in the electronics and communication sectors [11]. - The consumer electronics, automotive, and small home appliance sectors saw net profit increases of 16.80%, 9.57%, and 21.94% respectively, driven by policies supporting consumption recovery [12]. - Research and development expenditures for ChiNext companies totaled 94.99 billion yuan, a year-on-year increase of 5.35%, with a significant number of companies investing heavily in R&D [12]. - Long-term asset investments by ChiNext companies reached 182.23 billion yuan, reflecting a year-on-year growth of 9.43%, indicating a strong recovery in investment expansion intentions [13].

Core Insights - LME tin inventory has decreased to a two-year low of 1,630 tons on August 19, 2025, but has since increased to 2,175 tons, marking a two-month high [2] - Shanghai Futures Exchange reported a 1% weekly increase in tin inventory to 7,566 tons for the week ending August 29, 2025 [2] Inventory Trends - LME tin inventory data from August 2025 shows a fluctuation with a notable increase from 1,630 tons on August 19 to 2,175 tons by September 2 [4] - Shanghai Futures Exchange inventory has shown a consistent upward trend, with a recorded increase to 7,566 tons on August 29, 2025 [4] Market Implications - The decline in inventories at both LME and Shanghai Futures Exchange typically supports tin prices, while an increase in inventory may exert downward pressure on prices [2]

Core Viewpoint - The London Metal Exchange (LME) copper futures prices are experiencing fluctuations, with a current price of $9,969 per ton, reflecting a slight decline of 0.12% from the opening price of $10,018 per ton [1] Group 1: LME Copper Futures Performance - On September 2, LME copper futures opened at $9,896 per ton, reached a high of $10,015 per ton, a low of $9,844 per ton, and closed at $10,013.5 per ton, marking a 1.40% increase [1] - The intraday trading on September 3 saw copper prices peak at $10,038 per ton and dip to $9,965 per ton [1] Group 2: Market Indicators - The electrolytic copper spot price ratio between Shanghai and London was reported at 8.08, with an import profit and loss of 316.06 yuan per ton, up from 217.18 yuan per ton on the previous trading day [1] - The SHFE warehouse report indicated a decrease of 699 tons in copper futures warehouse receipts, bringing the total to 19,501 tons, with all reductions occurring in Guangdong warehouses, while Shanghai and Jiangsu remained unchanged [1] Group 3: LME Copper Inventory - As of September 2, LME registered copper warehouse receipts totaled 145,700 tons, with canceled receipts at 13,075 tons, reflecting a decrease of 100 tons [1] - The total copper inventory at LME was reported at 158,775 tons, also showing a reduction of 100 tons [1]