Core Viewpoint - The company, Beijite, is planning to acquire a controlling stake in Yunnan Wenye Nonferrous Metals Co., Ltd. through a share acquisition framework agreement, aiming to enhance its strategic position in the heavy metal wastewater resource utilization sector [1] Group 1: Acquisition Details - Beijite's wholly-owned subsidiary, Beijite New Materials, signed a share acquisition framework agreement on December 4 with individuals Liang Dakun, Liang Dajuan, and Liang Dafang [1] - The acquisition is part of a strategy to secure upstream key raw material supplies by also acquiring a controlling stake in Wenshan Dahao Mining Development Co., Ltd. [1] Group 2: Strategic Objectives - The core objective of the acquisition is to extend the company's industrial chain from the "recycling" end to increase the volume and layout of "raw materials" at the front end, while also enhancing the "smelting" segment in the middle [1] - This move aims to complete the entire industrial chain of antimony, including antimony mining, smelting, product production, recycling, and resource assurance [1]

12月4日，国内期市有色金属板块涨跌互现。其中，氧化铝期货盘面表现偏弱，截至发稿主力合约报 2603.0元/吨，震荡下跌1.63%。 供应方面，广州期货指出，目前市场长单协议未定厂家仍保持高产暂无实质性主动减产动作，国内氧化 铝进口盈亏重回水上，预计后续仍有进口货源流入国内市场，年后仍有部分海内外新增产能等待投放， 将进一步加剧市场过剩供应。 需求方面，瑞达期货（002961）分析称，国内电解铝产能受淡季影响小幅回落，但其消费端表现韧性， 令铝厂生产稳中小幅回落。 库存方面，据融达期货介绍，截至11月27日全国氧化铝库存量441.5万吨，环比增7.1万吨。 后市来看，三立期货表示，随着近期发运恢复，铝土矿价格开始震荡下行，拖累氧化铝价格逐步跌破前 期震荡区间，短期内随着基本面恶化及铝土矿成本回落，氧化铝或保持震荡偏弱走势。 ...

Report Summary 1. Report Industry Investment Rating - No investment rating information is provided in the report. 2. Core Views - Copper: Night - session copper prices closed higher, hitting a record high. Concentrate supply remains tight, smelting profit is at the break - even point, and smelting output, while declining month - on - month, continues to grow overall. Power investment is stable, auto production and sales are growing, home appliance output is negative, and the real estate market is weak. Supply disruptions in mines have led to a global copper supply - demand gap. Attention should be paid to changes in the US dollar, copper smelting output, and downstream demand [2]. - Zinc: Night - session zinc prices closed higher. Zinc concentrate processing fees have declined, concentrate supply is temporarily tight, and smelting output continues to grow. Galvanized sheet inventories are generally high, infrastructure investment growth has slowed, auto production and sales are growing, home appliance output is negative, and the real estate market is weak. The overall difference in zinc supply - demand is not obvious. Attention should be paid to changes in the US dollar, smelting output, and downstream demand [2]. 3. Summary by Related Contents Metal Price and Market Data - **Copper**: The previous domestic futures closing price was 89,150 yuan/ton, the domestic basis was 90 yuan/ton, the previous LME 3 - month futures closing price was 11,449 dollars/ton, the LME spot premium (CASH - 3M) was 88.38 dollars/ton, LME inventory was 161,800 tons, and the daily change was 2,375 tons [2]. - **Aluminum**: The previous domestic futures closing price was 21,900 yuan/ton, the domestic basis was - 70 yuan/ton, the previous LME 3 - month futures closing price was 2,897 dollars/ton, the LME spot premium (CASH - 3M) was - 30.98 dollars/ton, LME inventory was 535,900 tons, and the daily change was - 2,000 tons [2]. - **Zinc**: The previous domestic futures closing price was 22,720 yuan/ton, the domestic basis was 65 yuan/ton, the previous LME 3 - month futures closing price was 3,062 dollars/ton, the LME spot premium (CASH - 3M) was 186.85 dollars/ton, LME inventory was 52,375 tons, and the daily change was 350 tons [2]. - **Nickel**: The previous domestic futures closing price was 117,600 yuan/ton, the domestic basis was - 3,330 yuan/ton, the previous LME 3 - month futures closing price was 14,875 dollars/ton, the LME spot premium (CASH - 3M) was - 196.14 dollars/ton, LME inventory was 253,074 tons, and the daily change was - 1,290 tons [2]. - **Lead**: The previous domestic futures closing price was 17,195 yuan/ton, the domestic basis was - 65 yuan/ton, the previous LME 3 - month futures closing price was 1,999 dollars/ton, the LME spot premium (CASH - 3M) was - 43.64 dollars/ton, LME inventory was 256,950 tons, and the daily change was - 3,925 tons [2]. - **Tin**: The previous domestic futures closing price was 311,370 yuan/ton, the domestic basis was - 7,390 yuan/ton, the previous LME 3 - month futures closing price was 40,750 dollars/ton, the LME spot premium (CASH - 3M) was 133.00 dollars/ton, LME inventory was 3,145 tons, and the daily change was - 15 tons [2].

Core Viewpoint - The A-share market experienced a general pullback on December 4, while the non-ferrous metal sector continued to rise, with the non-ferrous metal leader ETF (159876) surging over 2% and attracting significant net subscriptions [1] Group 1: Market Performance - The non-ferrous metal sector showed resilience, with key stocks like Xiyang Co., Western Mining, and Huaxi Nonferrous rising over 5% [1] - The non-ferrous metal leader ETF (159876) saw a net subscription of 1.8 million units, marking three consecutive days of net inflow [1] Group 2: Influencing Factors - Expectations for a Federal Reserve interest rate cut in December have increased, with an 80.9% probability of a 25 basis point cut, which has positively impacted the prices of industrial metals like copper and aluminum [1] - Chile's state-owned copper company has set a historical high for copper premiums offered to U.S. customers, alongside frequent disruptions in global copper supply, leading to a rapid increase in LME copper prices [1] Group 3: Industry Insights - Guosen Securities noted that the non-ferrous metal industry remains relatively stable, with slight price increases for copper and aluminum, while inventory levels remain high, indicating strong resilience [1] - The black metal smelting sector has established a replenishment trend, with narrowing price declines contributing to a recovery in industry prosperity [1] Group 4: Investment Strategy - The non-ferrous metal leader ETF (159876) and its connected fund (017140) passively track the CSI Non-Ferrous Index, which covers copper, aluminum, gold, rare earths, and lithium, providing a diversified investment option compared to single metal investments [1]

银河期货研究所 2025 年 12 月 4 日 0 / 48 研究所 期货眼·日迹 期 货 眼 ·日 迹 每日早盘观察 | 股指期货：继续整理 3 | | --- | | 国债期货：情绪偏弱，超长承压 4 | | 蛋白粕：供应压力明显 | 美豆持续回落 5 | | --- | --- | | 白糖：国际糖价调整 | 国内糖价下跌 5 | | 油脂板块：震荡行情延续 6 | | | 玉米/玉米淀粉：现货偏强，盘面高位震荡 7 | | | 生猪：供应仍有压力 | 价格小幅震荡 8 | | 花生：花生现货稳定，花生盘面震荡回落 9 | | | 鸡蛋：需求表现一般 | 蛋价稳定为主 9 | | 苹果：库存较低 | 苹果基本面偏强 10 | | 棉花-棉纱：基本面矛盾不大 | 棉价震荡为主 11 | | 钢材：钢价区间震荡，成本存在支撑 13 | | --- | | 双焦：底部震荡运行 13 | | 铁矿：高位偏空思路对待 14 | | 铁合金：成本推动短期反弹，需求压制反弹高度 15 | | 金银：黄金持稳 | 白银博弈加剧 16 | | --- | --- | | 铂钯：铂择机逢低布多 | 钯震荡运行 17 | | ...

文字早评 202512/04 星期四 宏观金融类 股指 【行情资讯】 1、法国总统马克龙抵达北京 开启第四次对华国事访问; 2、在推动人工智能之后 特朗普政府开始关注机器人； 3、夜盘铜、锡等有色金属价格大涨； 4、美国 11 月 ADP 就业人数减少 3.2 万人，为 2023 年 3 月以来最低水平，预估为增加 5000 人，前值为 增加 4.2 万人。 期指基差比例： IF 当月/下月/当季/隔季：-0.28%/-0.64%/-1.07%/-2.15%； IC 当月/下月/当季/隔季：-0.66%/-1.47%/-3.07%/-6.06%； IM 当月/下月/当季/隔季：-0.73%/-1.75%/-3.86%/-7.14%； IH 当月/下月/当季/隔季：-0.16%/-0.38%/-0.40%/-0.88%。 【策略观点】 近期市场轮动加快，风偏有所降低。从大方向看，政策支持资本市场的态度未变，科技成长仍是市场主 线，指数中长期仍是逢低做多的思路为主。 国债 【行情资讯】 行情方面：周三，TL 主力合约收于 113.610 ，环比变化-0.25%；T 主力合约收于 108.040 ，环比变 化 0. ...

Market Overview - US stock market continues to rise with increasing expectations of interest rate cuts, leading to a slight opening increase in Hong Kong stocks, with the Hang Seng Index up 0.17% at 25,804.01 points [1] - Major technology stocks mostly rose, with Alibaba down 0.33%, Tencent down 0.16%, JD.com up 0.61%, Xiaomi up 0.3%, NetEase up 0.32%, Meituan up 0.94%, and Kuaishou up 0.07% [1] - The innovative drug concept opened high, with Gilead Sciences up over 3% and BeiGene up 3.1% [1] - Real estate stocks were active, with China Oceanwide Holdings up over 1% [1] - The non-ferrous metals sector performed actively, with Chalco International up 7.17% and Luoyang Molybdenum up 3.43% [1] - Airline stocks opened lower, with China Eastern Airlines down over 1% [1] - Robotics concept stocks opened high, with Sanhua Intelligent Control up 5.67% and Yujian up 4.06% [1] Company News - InnoCare Pharma (02577.HK) has reached a strategic cooperation agreement with ON Semiconductor to accelerate the development of the GaN industry ecosystem [2] - The collaboration aims to integrate InnoCare's advanced GaN manufacturing capabilities with ON Semiconductor's expertise in system packaging and integration, potentially generating hundreds of millions in GaN sales over the next few years [2] - Agile Group (03383.HK) reported a total pre-sale amount of approximately 8.08 billion, a year-on-year decrease of 45.2% [3] - Jingrui Holdings (01862.HK) reported a cumulative contract sales amount of approximately 876 million, a year-on-year decrease of 54.1% [4] - China Aluminum International (02068.HK) announced that its subsidiary won a bid for a new 394,000 tons/year electrolytic aluminum project in Shanxi, with a total contract price of 3.03 billion [4] - Stone Pharmaceutical Group (01093.HK) received clinical trial approval for a selective 5-HT2A receptor agonist in the US [5] - Fosun Pharma (02196.HK) received clinical trial approval for its subsidiary's FXS887 tablets [6] - Zai Lab (02617) had its Tislelizumab tablets included in the priority review list by the National Medical Products Administration [7] - Deking Pharma (06996) received approval in Hong Kong for its Hivio® to treat two new indications: multiple myeloma and diffuse large B-cell lymphoma [7] - Kaisa Group (01813) has postponed its liquidation hearing to December 8 [8] Industry Insights - According to CCB International, domestic demand policies are being promoted, and the market is focusing on the "New Year" expectations [9] - After the consolidation in November, the Hong Kong stock market is expected to welcome a layout window for the year-end rally in December [9] - The focus is shifting from external environments to internal policies, with attention on the Central Economic Work Conference scheduled for mid-December [9] - Tianfeng Securities reported that most northern provinces have begun implementing staggered production during the heating season, with over 85% of clinker lines in a shutdown state [9] - The overall staggered production efforts have strengthened, with Hunan planning a month-long shutdown in December due to environmental pressures [9] - The bottom profitability support for cement is strong in the short term, with head enterprises starting to address overproduction capacity indicators [9]

Group 1 - Hai Xin Food and Hai Wang Bio have achieved six consecutive trading limit increases, while Dao Ming Optics has five consecutive increases [1] - The total trading volume in the Shanghai and Shenzhen markets reached 1.67 trillion yuan, an increase of 76.5 billion yuan compared to the previous trading day [1] - Sectors such as cultivated diamonds, coal, and wind power equipment saw significant gains [1] Group 2 - Xin Lai Materials plans to invest 157 million yuan to increase capital in its wholly-owned subsidiary, Bi Hai Packaging, which will acquire a 51% stake in Anpu Intelligent [2] - The investment aims to overcome production capacity bottlenecks and capitalize on market opportunities in the sterile packaging materials industry [2] Group 3 - Dian Guang Media intends to invest 60 million yuan to establish a joint venture with Mango Super Media and Zhangjiajie Tourism Group for the renovation and operation of the Dayong Ancient City project [3] - This investment constitutes a related party transaction, with related directors abstaining from voting [3] Group 4 - US stock indices collectively rose, with the Dow Jones up 0.86%, Nasdaq up 0.17%, and S&P 500 up 0.3% [4] - The metals sector saw significant gains, with companies like Alcoa rising over 6% [4] - Storage and lithium stocks experienced declines, with SanDisk dropping over 5% [4]

近日，由金川集团信息与自动化工程公司自主开发的生产运行管理系统上线试运行。该系统通过业务流程重构、国产化技术创新与多系统集成，构建起覆 盖计划、调度、能源、实绩管理的全链路数字化平台，为集团生产管控能力跃升奠定了基础。 生产运行管理系统的开发是集团"数字化转型三年行动计划"的核心项目，技术团队聚焦生产计划滞后、调度效率低、数据碎片化等痛点，以"国产化替代 +数字化升级"双轮驱动，围绕系统计划管理、生产调度、实绩管理、大屏可视化与移动应用四大模块开展技术攻坚。 不仅如此，系统集成计划、调度、能源等多部门数据，减少人工传递数据的中间环节，跨系统查询时间缩短70%，跨部门协同成本有效降低，助推生产管 理向高效协同转型。 金川集团信息与自动化工程公司将结合试用反馈持续优化相关功能，逐步推动系统在各二级单位推广应用，为集团构建"更智能、更高效、更安全"的数字 化生产管理体系持续发力，助力集团数字化建设迈上新台阶。（金川集团新闻中心全媒体记者 陈泽统 吴志强） 系统计划模块打通"年度-月度"二级计划联动通道，支持集团级计划指标的自动分解与维护，并设置三级权限管控体系——业务管理员可自主授权二级单 位编制专项计划，审核通过 ...

Core Insights - The report presented by Huang Fusheng at the "2026 Postal Financial Forum" highlights China's economic recovery, driven by the "14th Five-Year Plan" focusing on modern industrial systems and high-tech sectors [3][8]. Group 1: Economic Recovery and Industrial Policy - China is building a modern industrial system under the "14th Five-Year Plan," with a focus on high-tech sectors showing significant performance [3][8]. - The plan prioritizes the construction of a modern industrial system and strengthening the real economy, aiming to "recreate a Chinese high-tech industry" over the next decade [3][8]. - Key strategies include enhancing traditional industries, addressing core technology challenges, and fostering strategic emerging industries like new materials and quantum technology [3][8]. Group 2: Manufacturing Sector Performance - The manufacturing sector exhibits a K-shaped recovery, with high-tech product exports growing faster than the overall export growth rate of 5.3% in the first ten months of 2025 [4][9]. - Profit growth in upstream manufacturing sectors like transportation equipment and non-ferrous metal smelting significantly outpaces that of downstream industries such as furniture and apparel [4][9]. - A-share non-financial companies reported a revenue increase of 0.9% year-on-year in Q3 2025, with net profits rising by 3.29% [4][10]. Group 3: Consumer Wealth and Spending Trends - Recovery of resident wealth is projected to take 3-5 years, with service consumption identified as a future growth area [5][10]. - In 2025, there remains a significant gap in resident wealth compared to the peak in 2021, but optimistic scenarios suggest recovery to previous levels by 2028 [5][10]. - The consumption structure indicates a saturation in goods consumption (15% of GDP) compared to major Western countries, while service consumption in healthcare and education is below global averages, indicating substantial growth potential [5][10].