Core Insights - The couple, Lou Guoqiang and Lu Xiaomi, transferred approximately 3.4 billion RMB worth of shares to their two children, completing a family wealth succession process [1] - Prior to the transfer, the controlling shareholder, Jintian Investment, held 423,284,500 shares of Jintian Co., accounting for 24.49% of the total shares [1] - After the transfer, the indirect shareholdings of Lou Cheng and Lou Jingjing in the listed company are valued at approximately 3.055 billion RMB and 354 million RMB, respectively, totaling around 3.4 billion RMB [1] Company Information - Ningbo Jintian Investment Holding Co., Ltd. was established in 2007, with Lou Cheng as the legal representative and a registered capital of 22.8 million RMB [2] - Ningbo Jintian Copper Industry (Group) Co., Ltd. was founded in 1992, also with Lou Cheng as the legal representative, and has a registered capital exceeding 1.7 billion RMB [2] - Lou Cheng, born in the 1980s, has been with Jintian Co. since July 2011, serving in various roles and currently holds the positions of Chairman and General Manager since April 2023 [2] Financial Performance - For the third quarter of 2025, Jintian Co. reported total operating revenue of 91.765 billion RMB, a slight decrease of 0.09% compared to the same period last year [2] - The net profit attributable to shareholders increased by 104.37% year-on-year, amounting to 588 million RMB [2]

1. Report Industry Investment Rating No relevant information provided. 2. Core Views of the Report - Copper: Overnight, both domestic and international copper prices were strong, hitting record highs. The US manufacturing PMI in November was below expectations, and the Bank of Japan may consider raising interest rates in December, which could affect global liquidity. Domestically, the estimated copper production in December is expected to increase, but demand has slowed due to high prices. With the Fed's December rate - cut fully priced in, there is uncertainty about whether the macro - environment can remain optimistic, and the price's continued rise is also uncertain [1]. - Aluminum: Overnight, alumina, Shanghai aluminum, and aluminum alloy all trended strongly. The expected environmental restrictions on northern alumina plants did not occur, and new production and复产 increased. High - price aluminum led to an improvement in downstream sentiment, and inventory decreased. However, with the end of new energy vehicle purchase tax promotions and the completion of State Grid orders, the possibility of aluminum prices hitting new highs this year is low [1][2]. - Nickel: Overnight, LME nickel and Shanghai nickel both rose. Nickel ore prices fell slightly, and the nickel - iron stainless - steel industry chain was weak. In the new energy industry chain, raw materials were tight, but the output of ternary precursors is expected to decline in December. With increasing inventory pressure on primary nickel, one can consider buying at low prices, but beware of macro - disturbances and overseas industrial policy adjustments [3]. 3. Summary by Relevant Catalogs 3.1 Research Views - **Copper**: The US manufacturing PMI was weak, and the BOJ's potential rate - hike may impact liquidity. Domestic production is expected to increase in December, but demand is sluggish. Inventory changes vary in different markets. The sustainability of price increases is uncertain [1]. - **Aluminum**: Futures prices trended strongly, while spot prices had mixed performance. The non - occurrence of environmental restrictions and new production affected supply expectations. Demand was released in the short - term, but future growth is limited [1][2]. - **Nickel**: Futures prices rose, and inventory pressure increased. The nickel - iron stainless - steel industry was weak, and the new energy industry faced a decline in precursor output. Consider buying at low prices with caution [3]. 3.2 Daily Data Monitoring - **Copper**: On December 1, 2025, the price of flat - water copper was 89,195 yuan/ton, up 1,850 yuan from November 28. LME inventory remained unchanged, Comex inventory increased, and SHFE copper warehouse receipts decreased [4]. - **Aluminum**: On December 1, 2025, the Wuxi and Nanhai aluminum quotes increased. LME inventory remained unchanged, and SHFE total inventory decreased [5]. - **Nickel**: On December 1, 2025, the price of Jinchuan nickel increased. LME inventory decreased, and SHFE nickel warehouse receipts decreased [5]. - **Zinc**: On December 1, 2025, the主力 settlement price increased by 0.7%. LME inventory remained unchanged, and social inventory decreased [8]. - **Tin**: On December 1, 2025, the主力 settlement price increased by 2.1%. LME inventory remained unchanged, and SHFE inventory increased [8]. 3.3 Chart Analysis - **Spot Premium**: Charts show the historical trends of spot premiums for copper, aluminum, nickel, zinc, lead, and tin from 2019 - 2025 [10][12][14]. - **SHFE Near - Far Month Spread**: Charts display the historical trends of SHFE near - far month spreads for copper, aluminum, nickel, zinc, lead, and tin from 2020 - 2025 [17][20][23]. - **LME Inventory**: Charts present the historical trends of LME inventory for copper, aluminum, nickel, zinc, lead, and tin from 2019 - 2025 [25][27][29]. - **SHFE Inventory**: Charts show the historical trends of SHFE inventory for copper, aluminum, nickel, zinc, lead, and tin from 2019 - 2025 [32][34][36]. - **Social Inventory**: Charts display the historical trends of social inventory for copper, aluminum, nickel, zinc, stainless steel, and 300 - series from 2019 - 2025 [38][40][42]. - **Smelting Profit**: Charts present the historical trends of copper concentrate index, rough copper processing fee, aluminum smelting profit, nickel - iron smelting cost, zinc smelting profit, and stainless - steel 304 smelting profit margin from 2019 - 2025 [45][47][49]. 3.4 Team Introduction - The research team includes Zhan Dapeng, Wang Heng, and Zhu Xi, who have rich experience in non - ferrous metals research and have won many industry awards [52][53].

根据国家统计局数据显示：2025年9月中国原铝(电解铝)产量为381万吨，同比增长1.8%；2025年1-9月 中国原铝(电解铝)累计产量为3396.8万吨，累计增长2.2%。 上市企业：中国铝业（601600）,南山铝业（600219）,云铝股份（000807）,新疆众和（600888）,神火股 份（000933）,中孚实业（600595）,焦作万方（000612）,东阳光（600673）,天山铝业（002532）,闽发 铝业（002578） 相关报告：智研咨询发布的《2025-2031年中国原铝（电解铝）行业发展战略规划及投资机会预测报 告》 数据来源：国家统计局，智研咨询整理 知前沿，问智研。智研咨询是中国一流产业咨询机构，十数年持续深耕产业研究领域，提供深度产业研 究报告、商业计划书、可行性研究报告及定制服务等一站式产业咨询服务。专业的角度、品质化的服 务、敏锐的市场洞察力，专注于提供完善的产业解决方案，为您的投资决策赋能。 2020-2025年1-9月中国原铝(电解铝)产量统计图 ...

Group 1: Report's Investment Rating - No information regarding the industry investment rating is provided in the reports [1][2][3] Group 2: Core Views of the Report - CESCO copper conference shows a consensus among institutions and the industry, with the main strategy being to buy on dips. Copper prices are expected to have an upward - moving central range of $10,500 - $11,300, driven by strong domestic demand and overseas grid and computing power - related demand, while supply is constrained [1] - The aluminum market has seen a stable rebound in the futures market, with significant inventory reduction. It may fluctuate in the short term, and the supply - demand balance is expected to be loose at the beginning of 2026 and then tighten [1] - Zinc prices have been fluctuating this week. The supply side has issues such as a decline in TC and potential production cuts at the end of the year. The demand side is weak. The price may not fall deeply, and different trading strategies are recommended [2] - Nickel's short - term fundamentals are weak. There are disturbances in the Indonesian mining end, and short - selling opportunities on rallies can be considered [3] - Stainless steel's fundamentals are weak. There is a motivation for price support from the Indonesian policy end, and short - selling opportunities on rallies can be considered [3] - Lead prices have fallen this week. The supply is abundant, and the demand is expected to weaken. The price is expected to fluctuate narrowly between 16,900 - 17,200, and cautious operation is recommended [5] - Tin prices have risen this week. The supply side has limited recovery elasticity and many disturbances. The demand is mainly rigid. Short - term fundamentals are okay, and long - position strategies near the cost line are recommended [8] - Industrial silicon's Q4 supply - demand is in a balanced and slightly loose state. In the short term, prices are expected to fluctuate, and in the long term, they will oscillate at the cycle bottom [9] - Lithium carbonate's short - term supply and demand are both strong. The current inventory is high, and the upward price elasticity depends on inventory reduction, speculative demand, and stronger holding willingness [9] Group 3: Summary by Metal Copper - **Price and Inventory Changes**: From November 25 to December 1, the spot premium of Shanghai copper decreased by 15, the scrap - refined copper spread increased by 556, and the inventory of the Shanghai Futures Exchange decreased by 3,749 [1] - **Market Outlook**: The copper price is expected to rise, with a central range of $10,500 - $11,300. The main bullish factors include limited domestic scrap copper supply, increased demand for the power grid in 2026, computing power - related demand, and power construction demand in Southeast Asia. The bearish factor is the potential outflow of North American inventory if US tariffs are removed [1] Aluminum - **Price and Inventory Changes**: From November 25 to December 1, the Shanghai aluminum ingot price increased by 280, and the inventory of the Shanghai Futures Exchange remained unchanged. The LME aluminum inventory decreased by 1,150 [1] - **Market Outlook**: The aluminum market has rebounded, and the inventory has decreased. It may fluctuate in the short term. The supply - demand balance is expected to be loose at the beginning of 2026 and then tighten [1] Zinc - **Price and Inventory Changes**: From November 25 to December 1, the Shanghai zinc ingot price increased by 190, the LME zinc inventory increased by 275, and the spot import profit decreased by 396.33 [2] - **Market Outlook**: Zinc prices have fluctuated. The supply side has issues such as a decline in TC and potential production cuts at the end of the year. The demand side is weak. The price may not fall deeply. Different trading strategies are recommended [2] Nickel - **Price and Inventory Changes**: From November 25 to December 1, the Shanghai nickel spot price increased by 350, and the LME nickel inventory decreased by 396 [3] - **Market Outlook**: Nickel's short - term fundamentals are weak. There are disturbances in the Indonesian mining end, and short - selling opportunities on rallies can be considered [3] Stainless Steel - **Price and Inventory Changes**: From November 25 to December 1, the price of 201 cold - rolled stainless steel decreased by 50, and other prices remained unchanged [3] - **Market Outlook**: Stainless steel's fundamentals are weak. There is a motivation for price support from the Indonesian policy end, and short - selling opportunities on rallies can be considered [3] Lead - **Price and Inventory Changes**: From November 25 to December 1, the lead price decreased, the LME lead inventory decreased by 2,300, and the spot import profit increased by 64.41 [4][5] - **Market Outlook**: Lead prices have fallen. The supply is abundant, and the demand is expected to weaken. The price is expected to fluctuate narrowly between 16,900 - 17,200, and cautious operation is recommended [5] Tin - **Price and Inventory Changes**: From November 25 to December 1, the tin price increased, the LME tin inventory remained unchanged, and the spot import profit increased by 10,585.40 [8] - **Market Outlook**: Tin prices have risen. The supply side has limited recovery elasticity and many disturbances. The demand is mainly rigid. Short - term fundamentals are okay, and long - position strategies near the cost line are recommended [8] Industrial Silicon - **Price and Inventory Changes**: From November 25 to December 1, the basis of 421 silicon in Yunnan and Sichuan decreased by 15, and the number of warehouse receipts remained unchanged [9] - **Market Outlook**: Q4 supply - demand is in a balanced and slightly loose state. In the short term, prices are expected to fluctuate, and in the long term, they will oscillate at the cycle bottom [9] Lithium Carbonate - **Price and Inventory Changes**: From November 25 to December 1, the SMM electric - grade lithium carbonate price increased by 600, and the number of warehouse receipts increased by 2,781 [9] - **Market Outlook**: Short - term supply and demand are both strong. The current inventory is high, and the upward price elasticity depends on inventory reduction, speculative demand, and stronger holding willingness [9]

白银期货行情又涨疯了。 12月1日，沪银主力合约价格盘中突破13520元/公斤，涨幅超7%，收报5.86%，对比涨幅不足1.5%的黄金，白银堪称此世间已无敌手。 如果从月线看，白银期货已走出八连阳，年内涨幅超过77%，尤其是从上周一到今天，仅6就飙涨了13.68%。 COMEX白银盘中突破58美元/盎司，同样表现极强势，年内涨幅已达到惊人的98%。 如此迅猛的速度，结合交易所仓单数据观察，市场已弥漫明显的逼空气息。 与此同时，铜价也表现强势，在上周五显著上涨后，今日LME铜期货价格继续大幅拉涨，国内沪铜主力合约站上89650元/吨，大涨超 2.5%，盘中刷新历史新高。 在此前的文章《为什么说黄金还能涨上去》、《铜资源，仍被低估的长期价值机会》中，我已经反复强调过黄金白银、铜的涨价行情还远未 结束。 如今又是被进一步验了。 白银当前最核心的上涨驱动，无疑是市场对美联储即将开启降息周期的强烈预期。 目前市场押注美联储在12月降息25个基点的概率已高达87.4%。高盛更是指出，鉴于就业市场走弱与政策风险管理需求，12月降息"几乎板上 钉钉"。 然而，白银的暴涨远非"降息预期"四字可以简单概括。 近期，全球资金正以前 ...

Core Viewpoint - The market sentiment for non-ferrous and precious metals is high, driven by increased expectations of interest rate cuts by the Federal Reserve, leading to significant price increases in gold, silver, and copper [2][10][16]. Group 1: Market Performance - On December 1, the Hong Kong and A-share markets opened positively, with the Shanghai Composite Index returning to 3900 points, particularly boosted by non-ferrous and precious metals [1]. - Spot gold prices briefly surpassed $4250 per ounce, while spot silver reached a historic high of $57.88 per ounce [3]. - The A-share precious metals sector has seen a nearly 76% increase year-to-date, following a week of consecutive gains [8][6]. Group 2: Federal Reserve and Interest Rate Expectations - The global financial market is experiencing a surge in optimism due to heightened expectations of interest rate cuts by the Federal Reserve, with a probability of 87.4% for a 25 basis point cut in December [12][17]. - Market sentiment is further fueled by speculation regarding the potential appointment of Hassett as the new Fed chair, who is expected to advocate for aggressive rate cuts [13][15]. Group 3: Diverging Views on Gold - Despite the bullish sentiment, notable investors have expressed caution regarding gold, with some recommending selling positions. For instance, Hong Hao has sold all his gold holdings, citing a potential price bubble [20]. - Li Bei has also exited his gold positions, indicating that he believes the best phase for gold has passed and considers current prices overvalued [20]. - Fu Peng acknowledges structural risks for gold but maintains that it still holds value, viewing it as a "credit yardstick" amid increasing volatility [20].

1. Report Industry Investment Ratings - No industry investment ratings are provided in the reports [1][3][4][7][10][12][15][16][17][19] 2. Core Views of the Reports Tin Industry - Considering the strong fundamentals, maintain a bullish view on tin prices. Hold existing long positions and adopt a low - buying strategy on pullbacks. Monitor macro changes and supply - side recovery [1] Nickel Industry - Macro sentiment has slightly improved. Short - term upstream production cuts and valuation provide some support, but the upward drive is limited. The Indonesian nickel ore benchmark price will decline next month, and fundamental pressure restricts the upside space of prices. Expect the market to trade in a range in the short term, with the main contract reference range of 116,000 - 120,000. Pay attention to macro expectations and Indonesian industrial policy news [3] Stainless Steel Industry - Policy - driven changes are difficult to have a direct impact in the short term. Fundamentals show limited improvement, cost support is weakening, demand is sluggish, and inventory reduction is difficult. The market is expected to remain weakly volatile in the short term, with the main contract reference range of 12,300 - 12,700. Follow the implementation of steel mill production cuts and nickel - iron prices [4] Lithium Industry - The lithium carbonate futures market is in a wide - range shock, and market divergence is increasing. The main contract is expected to remain in a wide - range shock in the short term, with larger intraday fluctuations. Pay attention to the sustainability of demand improvement during the year - end off - season [7] Zinc Industry - As the TC declines and the export space opens up, the supply pressure eases. The downside space of short - term prices is limited, but the fundamentals provide limited elasticity for continuous upward movement. Prices are likely to trade in a range. Monitor the TC inflection point, refined zinc inventory changes, with the main contract reference range of 22,200 - 22,800 [10] Copper Industry - In the medium - to - long term, the supply - demand contradiction supports the upward shift of the copper price bottom. Pay attention to overseas interest - rate cut expectations and smelting - end production cuts, with the main contract support at 86,000 - 87,000 [12] Aluminum Industry - Alumina is expected to maintain a bottom - range shock, with the main contract reference range of 2,650 - 2,850 yuan/ton. Aluminum prices are expected to remain strong in the short term, with the Shanghai Aluminum main contract reference range of 21,400 - 22,000 yuan/ton. Monitor the latest trends in the Fed's monetary policy and the sustainability of domestic inventory reduction [15] Aluminum Alloy Industry - The casting aluminum alloy market is supported by costs and demand. Short - term prices remain strong, with the main contract reference range of 20,600 - 21,200 yuan/ton. Focus on the improvement of scrap aluminum supply and inventory reduction [16] Industrial Silicon Industry - The industrial silicon price is expected to remain in a low - range shock, with the main price fluctuation range of 8,500 - 9,500 yuan/ton. Pay attention to the downstream start - up changes and the impact of the inflow of cancelled warehouse receipts into the spot market [17] Polysilicon Industry - In December, the polysilicon market is expected to have oversupply and inventory accumulation. Futures trading should be on hold, and put options can be bought when volatility is low [19] 3. Summaries by Relevant Catalogs Tin Industry - **Spot Prices and Basis**: SMM 1 tin price dropped to 300,000 yuan/ton (-0.60%), and LME 0 - 3 spread decreased by 2.50%. The import loss improved slightly [1] - **Inter - month Spreads**: The spreads of 2512 - 2601, 2603 - 2604 decreased, while those of 2601 - 2602, 2602 - 2603 increased [1] - **Fundamentals**: In October, tin ore imports, SMM refined tin production, and average smelting start - up rate increased, while refined tin imports and exports decreased [1] - **Inventory**: SHEF, social, and LME inventories all increased [1] Nickel Industry - **Prices and Basis**: SMM 1 electrolytic nickel price rose by 0.42%, and 1 Jinchuan nickel premium increased by 2.15% [3] - **Electrowinning Nickel Costs**: The costs of integrated MHP and external - procurement methods decreased, while that of integrated high - grade nickel matte increased [3] - **New Energy Material Prices**: Battery - grade nickel sulfate price decreased by 0.32%, and battery - grade lithium carbonate price increased by 0.95% [3] - **Inter - month Spreads**: The spreads of 2601 - 2602, 2603 - 2604 increased, and that of 2602 - 2603 decreased [3] - **Supply, Demand, and Inventory**: Chinese refined nickel production increased slightly, imports decreased significantly, and SHFE and social inventories increased, while LME and bonded - area inventories decreased [3] Stainless Steel Industry - **Prices and Basis**: 304/2B stainless steel prices were stable or slightly decreased, and the spot - futures spread increased by 9.78% [4] - **Raw Material Prices**: Most raw material prices were stable, and the 8 - 12% high - grade nickel - iron price decreased slightly [4] - **Inter - month Spreads**: The spreads of 2602 - 2603 decreased, and those of 2603 - 2604 increased [4] - **Fundamentals**: Chinese 300 - series stainless steel production decreased slightly, imports increased, exports decreased, and social inventories increased [4] Lithium Industry - **Prices and Basis**: SMM battery - grade lithium carbonate price increased by 0.48%, and lithium spodumene concentrate price increased by 2.13% [7] - **Inter - month Spreads**: The spreads of 2512 - 2601 decreased, and those of 2601 - 2602, 2601 - 2603 increased [7] - **Fundamentals**: In November, lithium carbonate production increased, and in October, demand, imports, and exports increased [7] - **Inventory**: In October, total and downstream lithium carbonate inventories decreased, and smelter inventories decreased slightly [7] Zinc Industry - **Prices and Spreads**: SMM 0 zinc ingot price decreased by 0.36%, and the import loss improved [10] - **Inter - month Spreads**: The spreads of 2512 - 2601 decreased, and those of 2601 - 2602, 2602 - 2603, 2603 - 2604 increased [10] - **Fundamentals**: In November, refined zinc production decreased, in October, imports decreased, and exports increased significantly. The start - up rates of primary processing industries were basically stable [10] - **Inventory**: Chinese zinc ingot seven - region social inventory decreased, and LME inventory increased [10] Copper Industry - **Prices and Basis**: SMM 1 electrolytic copper price increased by 0.36%, and the refined - scrap copper spread increased by 13.03% [12] - **Inter - month Spreads**: The spreads of 2512 - 2601, 2601 - 2602 increased, and that of 2602 - 2603 decreased [12] - **Fundamentals**: In October, electrolytic copper production and imports decreased. The start - up rates of copper rod production decreased [12] - **Inventory**: Domestic social inventory decreased, and LME and COMEX inventories increased [12] Aluminum Industry - **Prices and Spreads**: SMM A00 aluminum price decreased slightly, and the import loss improved [15] - **Inter - month Spreads**: The spreads of 2512 - 2601, 2601 - 2602, 2602 - 2603, 2603 - 2604 increased [15] - **Fundamentals**: In November, alumina and electrolytic aluminum production decreased, and in October, electrolytic aluminum imports increased slightly and exports decreased [15] - **Inventory**: Chinese electrolytic aluminum social inventory decreased, and LME inventory decreased slightly [15] Aluminum Alloy Industry - **Prices and Spreads**: SMM aluminum alloy ADC12 prices were stable, and most refined - scrap spreads decreased [16] - **Inter - month Spreads**: The spreads of 2512 - 2601, 2601 - 2602 decreased, and that of 2602 - 2603 increased [16] - **Fundamentals**: In October, regenerated aluminum alloy production decreased, and primary aluminum alloy production increased. The start - up rates of regenerated aluminum alloy decreased, and that of primary aluminum alloy increased [16] - **Inventory**: Regenerated aluminum alloy social and daily inventories decreased [16] Industrial Silicon Industry - **Spot Prices and Basis**: Most industrial silicon spot prices were stable, and the basis of some varieties decreased [17] - **Inter - month Spreads**: The spreads of 2512 - 2601 increased, and those of 2603 - 2604, 2604 - 2605 changed significantly [17] - **Fundamentals**: National industrial silicon production decreased, especially in Yunnan and Sichuan. Organic silicon DMC production increased, and polysilicon production decreased [17] - **Inventory**: Xinjiang factory inventory increased slightly, and social inventory increased slightly [17] Polysilicon Industry - **Spot Prices and Basis**: Polysilicon spot prices were stable, and the N - type material basis decreased [19] - **Futures Prices and Inter - month Spreads**: The main futures contract price increased by 2.15%, and the spreads of different contracts changed [19] - **Fundamentals**: Weekly and monthly polysilicon production decreased, imports increased slightly, and exports decreased. Silicon wafer production and demand decreased [19] - **Inventory**: Polysilicon and silicon wafer inventories increased, and polysilicon warehouse receipts decreased significantly [19]

罗平锌电再度涨停，5个交易日内录得3个涨停，累计涨幅为12.19%，累计换手率为59.39%。截至9:51， 该股今日成交量4858.89万股，成交金额4.29亿元，换手率15.02%。最新A股总市值达29.17亿元，A股流 通市值29.17亿元。 | 日期 | 当日涨跌幅（%） | 换手率（%） | 主力资金净流入（万元） | | --- | --- | --- | --- | | 2025.11.28 | -6.29 | 19.52 | 1256.96 | | 2025.11.27 | -9.98 | 18.43 | -11851.16 | | 2025.11.26 | 9.95 | 2.88 | 1993.63 | | 2025.11.25 | 9.95 | 3.54 | 5301.99 | | 2025.11.24 | 6.07 | 5.39 | 1334.67 | | 2025.11.21 | -9.76 | 8.16 | 174.22 | | 2025.11.20 | -0.24 | 7.85 | -329.86 | | 2025.11.19 | 0.60 | 10.73 | 1091.14 | ...

本周锌价震荡，LME锌0-3M升水增至224美金。供应端，国产和进口TC加速下滑。四季度至明年一季度国产矿边际走 紧，冬储临近，国内冶炼厂内卷矿库存较严重，目前利润尚可，需关注硫酸价格和白银价格的走势对总利润的影响。11 月，火烧云锌锭正式投产(月产量预计在8k-1wt)，其他冶炼厂增量有限，12月多数冶炼厂检修环比预计下滑1万吨以 上。需求端，内需季节性疲软;海外，欧洲需求一般。国内社库震荡下行，海外LE库存去化，升水再次上扬;当前外强内 弱格局下出口窗口已打开，海外已出现部分交仓情况。策略方面，锌国内基本面现实较差，但年底供应端存阶段性减 量，价格重心或较难深跌。短期宏观不确定性增强情况下单边建议观望为主;内外方面，关注反套机会;月差方面，建议 关注01-03的正套机会。 镍 ： 日期 1.5菲律宾镍矿 高镍铁 沪镍现货 金川升贴水 俄镍升贴水 2025/11/24 57.0 - 119900 4350 500 2025/11/25 57.0 - 119500 4450 500 2025/11/26 57.0 - 120450 4650 400 2025/11/27 57.0 - 119150 4650 ...

有色金属日报 2025-12-1 五矿期货早报 | 有色金属 铜 有色金属小组 【行情资讯】 吴坤金 从业资格号：F3036210 交易咨询号：Z0015924 0755-23375135 wukj1@wkqh.cn 曾宇轲 从业资格号：F03121027 交易咨询号：Z0023147 0755-23375139 zengyuke@wkqh.cn 张世骄 从业资格号：F03120988 交易咨询号：Z0023261 0755-23375122 zhangsj3@wkqh.cn 王梓铧 从业资格号：F03130785 0755-23375132 wangzh7@wkqh.cn 刘显杰 从业资格号：F03130746 0755-23375125 liuxianjie@wkqh.cn 陈逸 从业资格号：F03137504 0755-23375125 cheny40@wkqh.cn 冶炼减产忧虑下铜价一度突破历史新高，周五伦铜 3M 合约收涨 2.25%至 11175 美元/吨，沪铜主力 合约收至 88740 元/吨。LME 铜库存增加 2250 至 159425 吨，注销仓单比例抬升，Cash/3M 升水走强。 国 ...