本文首发于公众号"私募排排网"。 （点击↑↑ 上图查看详情 ） 截至 8月31日，A股公司的2025年半年报已经落下帷幕。半年报中披露了上市公司前十大流通股东数据，不少私募旗下产品现身十大流通股东名 单之中。因此，私募的重仓股也随之浮出水面。 高毅资产 作为国内少有的千亿级私募，是 A股市场的持仓大户，持股数量和持仓市值长期位居私募前列，其持仓一直备受市场关注。 （ 点此领 取高毅持仓全名单 ） 公司资料显示，高毅资产成立于2013年，公司聚焦基本面研究和产业研究，努力践行长期投资、价值投资和责任投资。 公司汇聚了多位投资研 究经验丰富、长期业绩出色的基金经理及投研人才。由邱国鹭担任董事长，邓晓峰担任首席投资官，卓利伟担任首席研究官，孙庆瑞、冯柳、吴 任昊担任合伙人、资深基金经理，韩海峰担任合伙人、研究总监。 高毅资产展业以来多次获得行业评选的重要奖项。 公司及 6位资深基金经理在职业生涯中合计获得30座金牛奖，在公司展业10年中合计获得17 座金牛奖 。 资料来源：公司官网 0 1 高毅 A 股持仓超 260 亿，邓晓峰第一大重仓股涨幅接近 7 倍！ 根据A股公司的前十大流通股东数据统计， 截至 2025年 ...

注：一般来说，国内外交易所库存不断下降将对期价形成支撑，反之，则对期价有所利空。 2023年以来LME和上期所锌库存对比 伦敦金属交易所（LME）公布数据显示，上周伦锌库存继续下降，最新库存水平为55,875吨，再刷逾两 年新低。 上期所公布的数据显示，8月29日当周，沪锌库存继续累积，目前已连增十周，周度库存增加10.46%至 85,980吨，增至九个月新高。 以下为2025年8月以来LME和上期所锌库存数据：（单位：吨） ...

9月2日，白银有色收涨10.08%，收盘价为4.26元，发生1笔大宗交易，合计成交量32.81万股，成交金额 139.77万元。 第1笔成交价格为4.26元，成交32.81万股，成交金额139.77万元，溢价率为0.00%，买方营业部为中信证 券股份有限公司泉州温陵北路证券营业部，卖方营业部为中国国际金融股份有限公司北京建国门外大街 证券营业部。 炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 进一步统计，近3个月内该股累计发生1笔大宗交易，合计成交金额为139.77万元。该股近5个交易日累 计上涨18.01%，主力资金合计净流入1.54亿元。 责任编辑：小浪快报 ...

Core Viewpoint - Baiyin Nonferrous (601212) experienced a significant increase in stock price, reaching the daily limit, with a trading volume of 357 million yuan and a turnover rate of 1.13% [2] Trading Activity - The stock was listed on the Shanghai Stock Exchange due to a price deviation of 10.52%, with a net buying amount of 130 million yuan from brokerage seats [2] - The top five brokerage seats accounted for a total transaction volume of 314 million yuan, with a buying amount of 222 million yuan and a selling amount of 92 million yuan, resulting in a net buying of 130 million yuan [2] - The largest buying brokerage was Guotai Junan Securities, Shanghai Changning District, with a buying amount of 113 million yuan, while the largest selling brokerage was Everbright Securities, Ningbo Fenghua, with a selling amount of 45.8 million yuan [2][3] Fund Flow - The stock saw a net inflow of 108 million yuan from main funds, with a significant inflow of 132 million yuan from large orders, while large orders saw an outflow of 24.5 million yuan [2] - Over the past five days, the net inflow of main funds totaled 167 million yuan [2] Margin Trading Data - As of September 1, the margin trading balance for the stock was 442 million yuan, with a financing balance of 436 million yuan and a securities lending balance of 656,930 yuan [2] - Over the past five days, the financing balance decreased by 111 million yuan, a decline of 20.28%, while the securities lending balance decreased by 93,600 yuan, a decline of 1.41% [2] Financial Performance - In the first half of the year, the company reported a total revenue of 44.56 billion yuan, a year-on-year decrease of 15.28%, and a net loss of 2.17 million yuan [3]

9月2日，白银有色大宗交易成交32.81万股，成交额139.77万元，占当日总成交额的0.39%，成交价4.26 元，较市场收盘价4.26元持平。 | 交易日期 | 证券商房 | 证券代码。 | 成交价(元) 成交金额[万元] 成交量(*) 买入营业部 | | | 卖出营业部 | 是否为专场 | | --- | --- | --- | --- | --- | --- | --- | --- | | 025-09-02 | 白银有色 | 601212 4.26 | 139.77 | 32.81 | 中信证券股份有限 公司展州温陵北路 | 中国国际金融股份 有限公司北京建国 | 종 | | | | | | | 连势富在路 | 门外大街证券营业 | | ...

Group 1 - A-share earnings growth shows a marginal decline, with cumulative net profit growth for the entire A-share market and non-financial sectors in Q2 2025 at 2.64% and 1.29% respectively, reflecting a quarter-on-quarter change of -0.94 and -2.98 percentage points [1][17][20] - Revenue growth for A-shares has slightly increased after bottoming out, with cumulative revenue growth for the entire A-share market and non-financial sectors in Q2 2025 at 0.18% and -0.18% respectively, showing a quarter-on-quarter change of 0.37 and 0.07 percentage points [2][28][32] - The net profit margin growth has declined year-on-year, which has negatively impacted the growth of non-financial sectors, with cumulative net profit growth for non-financial sectors in H1 2025 at 1.29%, driven primarily by a net profit margin growth of 1.47% [3][38][41] Group 2 - The electronic industry is the only sector showing high cumulative performance growth and improvement compared to the previous quarter in Q2 2025 [3][46] - Cumulative revenue growth in Q2 2025 for high-growth sectors includes electronics, defense, automotive, and non-bank financials, with significant improvements in revenue growth compared to the previous quarter [3][49] - The overall cash flow for non-financial sectors has shown signs of recovery, with operating cash flow ratio at 10.57% in Q2 2025, indicating an ongoing improvement in the operational situation of A-share listed companies [7]

Report Investment Rating - No investment rating information is provided in the report. Core View - Macroscopically, China's S&P Manufacturing PMI in August rebounded to 50.5, with the fastest new order growth rate since March, and the eurozone's Manufacturing PMI in August rose above the boom-bust line for the first time in three years. Fundamentally, although Myanmar's Wa State has restarted the mining license approval, actual ore production will not start until the fourth quarter; the Congo Bisie mine plans to resume production in stages, and currently, tin ore processing fees remain at a historical low. On the smelting side, the output increase in July was mainly affected by factors such as the resumption of production by some enterprises and the cleaning of intermediate products, but the raw material shortage in Yunnan is still severe, and the scrap recycling system in Jiangxi is under pressure, with the operating rate remaining at a low level. On the demand side, downstream processing enterprises are in the peak-season recovery period, with slow order recovery and little overall demand increase. Recently, social inventories have remained high, and tin downstream buyers are cautious after the price increase. The spot premium has dropped to 0 yuan/ton, and domestic inventories have increased. LME inventories have rebounded, but the spot premium has risen. Technically, with the decline in positions and prices, the bullish sentiment has weakened, and attention should be paid to the MA10 support. Operationally, it is recommended to wait and see for the time being or go long on dips, focusing on the range of 271,000 - 277,000 yuan/ton [3]. Summary by Directory Futures Market - The closing price of the main futures contract of Shanghai Tin was 273,980 yuan/ton, up 740 yuan; the closing price of the October - November contract of Shanghai Tin was -200 yuan/ton, up 20 yuan. The LME 3 - month tin price was 35,060 US dollars/ton, up 110 US dollars. The main contract position of Shanghai Tin was 34,947 lots, down 1,036 lots. The net position of the top 20 futures was -2,097 lots, up 729 lots. The LME tin total inventory was 2,155 tons, up 145 tons. The Shanghai Futures Exchange inventory of tin was 7,566 tons, up 75 tons, and the warehouse receipts were 7,263 tons, up 48 tons [3]. Spot Market - The SMM 1 tin spot price was 273,500 yuan/ton, up 1,000 yuan; the Yangtze River Non - ferrous Market 1 tin spot price was 273,960 yuan/ton, up 1,530 yuan. The basis of the main Shanghai Tin contract was -480 yuan/ton, up 260 yuan. The LME tin premium (0 - 3) was 148 US dollars/ton, down 27 US dollars [3]. Upstream Situation - The import volume of tin ore and concentrates was 1.21 million tons, down 0.29 million tons. The average price of 40% tin concentrate processing fees was 10,500 yuan/ton, unchanged. The average price of 40% tin concentrate was 261,500 yuan/ton, up 1,000 yuan; the average price of 60% tin concentrate was 265,500 yuan/ton, up 1,000 yuan. The average price of 60% tin concentrate processing fees was 6,500 yuan/ton, unchanged [3]. Industry Situation - The monthly output of refined tin was 14,000 tons, down 1,600 tons. The monthly import volume of refined tin was 3,762.32 tons, up 143.24 tons [3]. Downstream Situation - The price of 60A solder bars in Gejiu was 177,290 yuan/ton, unchanged. The monthly export volume of tin - coated sheets was 140,700 tons, unchanged. The cumulative monthly output of tin - coated sheets (strips) was 1.6014 million tons, up 144,500 tons [3]. Industry News - The eurozone's Manufacturing PMI in August rose to a three - year high of 50.7 from 49.8 in July, higher than the preliminary value of 50.5, and expanded for the first time since mid - 2022, with the fastest growth rates of factory output and new orders in nearly three and a half years. China's S&P Manufacturing PMI in August rebounded to 50.5, with the fastest new order growth rate since March. New orders drove the recovery of manufacturing production, the pace of contraction of new export business slowed down, procurement activities and inventories increased, and business confidence also improved, but enterprises remained cautious in employee recruitment. Chinese President Xi Jinping delivered a keynote speech at the 25th Meeting of the Council of Heads of Member States of the Shanghai Cooperation Organization. China plans to implement 100 "small but beautiful" livelihood projects in member states in need and will provide 2 billion yuan in free aid to member states this year. China's cumulative trade volume with Shanghai Cooperation Organization countries has exceeded the target of 2.3 trillion US dollars ahead of schedule, and China will soon establish the Shanghai Cooperation Organization Development Bank to provide stronger support for member states' security and economic cooperation [3].

FICC日报 | 2025-09-02 美联储降息预期升温，关注贵金属 市场分析 8月海外通胀上升迹象初显。全球7月的经济数据仍有韧性：中国7月官方制造业PMI回落至49.3，非制造业保持扩 张；中国7月按美元计出口同比增长7.2%，高于预期，主要受去年低基数和"抢出口"效应支撑；金融数据中，货币 供给超预期，但融资和贷款数据仍弱；经济数据中，投资数据仍有明显压力，国内月频经济数据仍有压力。国务 院第九次全体会议强调，采取有力措施巩固房地产市场止跌回稳态势，培育壮大服务消费，加力扩大有效投资。 中共中央、国务院印发关于推动城市高质量发展的意见。意见提出，发展组团式、网络化的现代化城市群和都市 圈，持续推动城镇老旧小区改造。商务部宣布，将于9月出台扩大服务消费的若干政策措施。中国8月官方制造业 PMI小幅回升至49.4，新订单指数升至49.5，非制造业加速扩张。9月1日，"上海合作组织＋"会议在天津梅江会展 中心举行。A股全天震荡分化，沪指窄幅盘整，创业板午后涨2%。算力硬件股再度爆发，CPO等方向领涨。黄金 股大涨，医药股强势反弹，芯片半导体股继续活跃。国债反弹，黑色系商品下跌。股指的IC和IM期货基差有所走 ...

Group 1 - Jiangxi Copper's stock price increased by 0.14% to 29.00 CNY per share, with a trading volume of 2.583 billion CNY and a turnover rate of 4.27%, resulting in a total market capitalization of 100.419 billion CNY [1] - The stock has experienced a continuous rise for three days, accumulating a total increase of 11.2% during this period [1] - Jiangxi Copper's main business includes copper and gold mining, smelting, and processing, with revenue composition as follows: cathode copper 51.55%, copper rod and wire 22.79%, gold 12.65%, copper concentrate and other non-ferrous metals 5.12%, silver 3.25%, copper processing products 1.95%, chemical products (sulfuric acid and sulfur concentrate) 0.54%, and others 0.45% [1] Group 2 - Penghua Fund holds Jiangxi Copper as one of its top ten heavy positions, with a reduction of 19,100 shares in the second quarter, now holding 121,500 shares, which accounts for 2.13% of the fund's net value [2] - The fund has generated a floating profit of approximately 48,616 CNY today, with a total floating profit of 354,900 CNY during the three-day rise [2] - The Penghua CSI A-Share Resource Industry Index Fund (LOF) A has a year-to-date return of 27.4% and a one-year return of 38.16%, ranking 1632 out of 4222 and 2396 out of 3781 in its category, respectively [2]

（责任编辑：康博） 中国经济网北京9月2日讯 白银有色(SH:601212)今日股价涨停，截至收盘报4.26元，涨幅10.08%， 总市值315.44亿元。该股此前1个交易日涨停。 ...