Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report - Overseas, the US November ISM manufacturing PMI dropped to 48.2, contracting for nine consecutive months, with a weak demand and improving output situation. The market's expectation of a December BOJ interest rate hike rose to 80%, leading to a stronger yen and a significant increase in Japanese bond yields. In the domestic market, the November RatingDog manufacturing PMI fell to 49.9, shifting from expansion to contraction. A-shares rose with heavy volume on Monday, and the bond market generally recovered [2][3]. - Precious metals: Silver prices reached a new high, but short - term risks need to be watched. Copper: CSPT may jointly cut production next year, and copper prices hit a record high. Aluminum: Despite the off - season, aluminum prices are expected to be strong. Alumina: Local production cuts may provide temporary support. Cast aluminum: It is expected to oscillate strongly. Zinc: The price center has moved up, and it is expected to continue to oscillate strongly in the short term. Lead: The fundamentals have improved marginally, and the price is expected to repair strongly. Tin: The macro and micro performances are differentiated, and the price is expected to oscillate at a high level. Industrial silicon: The supply and demand are stable, and the price is expected to fluctuate within a narrow range. Steel products: Cost rebounds drive the price to oscillate and rebound. Iron ore: The price is under pressure to oscillate. Coking coal and coke: The price rebounds at a low level, and it is expected to oscillate weakly. Bean and rapeseed meal: It is expected to oscillate in the short term. Palm oil: It is expected to oscillate within a range [4][6][8][10][11][12][14][16][17][19][20][21][23][25]. Summary by Relevant Catalogs Macroeconomy - Overseas: The US November ISM manufacturing PMI was 48.2, with new orders dropping at the fastest rate since July, factory employment continuing to contract, raw material payment prices rising, and the production index expanding at the fastest rate in four months. The BOJ governor hinted at a possible December interest rate hike, and the market's expectation probability rose to 80%, leading to a stronger yen and a significant increase in Japanese bond yields. The US dollar index fell back to the 99 mark and then rebounded, and the 10Y US Treasury yield rose to 4.08%. Silver and copper reached new highs and then fell, while oil prices closed higher [2]. - Domestic: The November RatingDog manufacturing PMI fell to 49.9, shifting from expansion to contraction. New export orders grew at the fastest rate in eight months, indicating a recovery in external demand, but the overall sentiment remained in the contraction range. A - shares rose with heavy volume on Monday, and the bond market generally recovered [3]. Precious Metals - International gold and silver prices continued to rise on Monday. COMEX gold futures rose 0.24% to $4265.00 per ounce, and COMEX silver futures rose 2.25% to $58.45 per ounce, with silver hitting a new record high. COMEX platinum and palladium futures showed a trend of rising and then falling and closed slightly lower. The tightness of New York silver spot and potential delivery risks boosted silver prices. The market's expectation of a Fed rate cut in December exceeded 87%. It's not advisable to chase high in the short term, and the domestic platinum and palladium are expected to be weak [4][5]. Copper - On Monday, the main contract of Shanghai copper approached the 90,000 mark, and LME copper reached a maximum of over 11,300 and then fell. The CSPT plans to cut production by more than 10% in 2026 to address the distorted copper concentrate processing fees. The US November ISM manufacturing PMI was lower than expected and the previous value, hitting a four - month low. The weak US manufacturing data and the uncertainty of the Fed's leadership have an impact on copper prices. Overall, copper prices are expected to remain strongly oscillating at a high level [6][7]. Aluminum - On Monday, the main contract of Shanghai aluminum closed at 21,865 yuan/ton, up 1.65%. The LME closed at $2888 per ton, up 0.8%. The aluminum ingot inventory was flat, and the consumption in the off - season showed resilience. With copper prices hitting a new high, aluminum prices are expected to be strong [8][9]. Alumina - On Monday, the main contract of alumina futures closed at 2677 yuan/ton, down 1.51%. A Shanxi alumina enterprise will start maintenance, reducing the daily output by about 2000 tons. The fundamentals of alumina are still bearish, but local production cuts may provide temporary support [10]. Cast Aluminum - On Monday, the main contract of cast aluminum alloy futures closed at 21,055 yuan/ton, up 1.54%. The end - of - year order rush and tight raw materials support the price. Cast aluminum is expected to oscillate strongly [11]. Zinc - On Monday, the price of the main contract of Shanghai zinc rose with increased positions, and LME zinc strengthened. The supply pressure has been continuously relieved, with the LME0 - 3 premium soaring and processing fees dropping significantly. The production in November was lower than expected, and it is expected to decrease in December. Short - term zinc prices are expected to continue to oscillate strongly, but the upside is limited [12][13]. Lead - On Monday, the main contract of Shanghai lead oscillated narrowly during the day and opened slightly higher at night, and LME lead rebounded. The supply in December is expected to decrease, and the demand for lead - acid batteries has improved marginally. Lead prices are expected to repair strongly [14][15]. Tin - On Monday, the main contract of Shanghai tin rose and then fell during the day and oscillated horizontally at night, and LME tin first declined and then rebounded. The production in November was lower than expected, and it is expected to increase in December. The potential supply disruption in Congo due to the conflict and the uncertainty of the Fed's leadership have an impact on tin prices. Tin prices are expected to oscillate at a high level [16]. Industrial Silicon - On Monday, industrial silicon oscillated narrowly. The supply side is contracting, with Xinjiang maintaining a high operating rate and the southwest region's operating rate dropping due to the dry season. The demand side shows mixed performance. The supply and demand are generally balanced, and the price is expected to oscillate in the short term [17][18]. Steel Products - On Monday, steel futures oscillated and rebounded. The real - estate supply in November increased slightly. The overall supply - demand drive is weak, and the inventory reduction provides support. Steel prices are expected to oscillate, and short - term attention should be paid to the impact of capital contract switching [19]. Iron Ore - On Monday, iron ore futures oscillated and rebounded. The overseas supply is at a high level, and the demand from steel mills is weak. Iron ore prices are expected to be under pressure to oscillate [20]. Coking Coal and Coke - On Monday, coking coal and coke futures rebounded. The upstream supply is stable, but the downstream demand is weak. The coking enterprises' inventory is increasing, and the demand for blast furnace raw materials is poor. The price is expected to oscillate weakly, and short - term attention should be paid to the rhythm of contract switching [21][22]. Bean and Rapeseed Meal - On Monday, the bean meal 01 contract closed down 0.36%, and the rapeseed meal 01 contract closed down 1.46%. Brazilian soybean planting is progressing well, and the domestic oil mill's soybean and bean meal inventories have increased. The coastal oil mills' rapeseed and rapeseed meal inventories are almost depleted. It is expected to oscillate in the short term [23][24]. Palm Oil - On Monday, the palm oil 01 contract closed up 0.75%. In November, Malaysian palm oil production decreased, and export demand remained weak, with an expected increase in inventory. Domestic palm oil inventory decreased slightly. It is expected to oscillate within a range [25][26].

交易咨询业务资格：证监许可【2012】1091号 沪锌期货早报-2025年12月02日 大越期货投资咨询部 祝森林 从业资格证号：F3023048 投资咨询证号： Z0013626 联系方式：0575-85225791 重要提示：本报告非期货交易咨询业务项下服务，其中的观点和信息仅作参考之用，不构成对任何人的投 资建议。 我司不会因为关注、收到或阅读本报告内容而视相关人员为客户；市场有风险，投资需谨慎。 指标体系 沪锌: 1、基本面：外媒10月19日消息：世界金属统计局（WBMS）公布最新数据显 示，2025年9月，全球精炼锌产量为119.35万吨,消费量为122.92万吨,供应 短缺3.57万吨.1-9月,全球锌板产量为1036.32万吨,消费量为1073.69万吨, 供应短缺37.37万吨.9月份,全球锌矿产量为116.33万吨.1-9月,全球锌矿产 量为996.47万吨；偏多。 2、基差：现货22650，基差+60；中性。 3、库存：12月1日LME锌库存较上日增加275吨至52025吨，12月1日上期所锌 库存仓单较上日减少1839至65778吨；中性。 4、盘面：昨日沪锌震荡上涨走势，收20日均线之 ...

智通财经APP获悉，据港交所12月1日披露，云南金浔资源股份有限公司(简称：金浔股份)向港交所主板递交上市申请， 华泰国际为其独家保荐人。此前，该公司曾于2025年6月1日向港交所递表。 据招股书，金浔股份是优质阴极铜的领先制造商，专注于开发及供应优质铜资源，以满足中国庞大的铜需求。公司利用 非洲丰富的铜储量，战略性地扩大产能，并实现了整个产业价值链的深度整合。 截至2024年12月31日，按在刚果(金)及赞比亚的产量计，公司在中国阴极铜生产商中排名第五，并为两个司法管辖区中 唯一排名前五大的中国公司。具体而言，公司于2024年在刚果(金)及赞比亚分别生产约16,000吨及5,000吨阴极铜。在中 国的民营企业中，按2024年的产量计，公司于刚果(金)排名第三，并于赞比亚排名第一。 公司在刚果(金)及赞比亚建立了先进的阴极铜冶炼业务，大幅提升经济效益及市场地位。此外，利用非洲矿石储量中铜 和钴天然伴生的优势，公司正积极发展下游钴相关产品生产业务，使自身在快速增长的新能源材料领域进行了战略性佈 局。 公司的业务运营涵盖矿石加工、冶炼、铜产品销售及有色金属贸易。铜矿石加工及冶炼主要由分别位于赞比亚及刚果 (金)的 ...

Core Viewpoint - The collaboration between China Gas Holdings Limited and Henan Jinli Zinc Co., Ltd. on a 60MW/120MWh commercial energy storage project represents a significant advancement in the green transformation of the non-ferrous metal smelting industry, addressing high energy consumption and enabling low-carbon production [1][2]. Group 1: Project Overview - The energy storage project is one of the largest user-side applications in the non-ferrous metal smelting sector, aimed at creating an efficient and low-carbon energy system for Henan Jinli Zinc's lead-zinc smelting operations [1]. - The total investment for Henan Jinli Zinc's lead-zinc smelting project is 3 billion yuan, with an expected annual output value of 5 billion yuan upon completion [1]. Group 2: Technical Specifications - The project includes 24 DC cabins and 12 power conversion systems, utilizing a fully liquid-cooled lithium iron phosphate system with a charge-discharge efficiency exceeding 87% [2]. - The liquid cooling temperature control technology maintains battery temperature within ±3°C, ensuring stable output even under high-temperature smelting conditions, and features a "black start" capability to provide emergency power during grid failures [2]. Group 3: Economic and Environmental Impact - Once operational, the energy storage project will significantly reduce electricity costs for smelting production through peak shaving and valley filling, while optimizing power resource utilization and reducing carbon emissions from fossil fuel consumption [2]. - The project is positioned as a benchmark for energy storage applications in the non-ferrous metal smelting industry, with China Gas aiming to continue focusing on energy transition needs in high-energy-consuming sectors through technological innovation and service upgrades [2].

有色金属冶炼属于高耗能产业，且生产过程对电力供应的稳定性要求极高；随着企业二期项目的建成试车，传统用能模式已难以匹配产能扩张后 的能源需求。凭借在综合能源服务领域的技术积淀与大型项目经验，中国燃气为河南金利金锌量身打造了超大规模储能解决方案。 （原标题：中国燃气携手河南金利金锌? 打造重工业定制化储能解决方案） 在有色金属冶炼行业绿色转型的关键阶段，储能技术成为企业破解高耗能痛点、实现低碳生产的关键助力。据记者获悉，中国燃气控股有限公司 与河南金利金锌有限公司合作60MW/120MWh工商业储能项目正在加紧建设中，该项目作为有色金属冶炼领域规模较大的用户侧储能应用案例， 将为河南金利金锌的铅锌冶炼生产构建高效、低碳的能源体系，也标志着中国燃气在重工业储能服务领域实现重大突破。 中国燃气董事会主席刘明辉表示，河南金利金锌项目是公司在重工业领域储能服务的重要布局，未来将持续聚焦高耗能行业的能源转型需求，通 过技术创新与服务升级，为更多重工业企业提供定制化储能解决方案，推动有色金属冶炼行业的绿色升级。 资料显示，河南金利金锌是河南金利金铅集团旗下子公司，承担着国家重点研发计划"固废资源化"专项实验生产线示范项目的实 ...

Core Viewpoint - The collaboration between China Gas Holdings and Henan Jinli Zinc Co., Ltd. on a 60MW/120MWh commercial energy storage project marks a significant advancement in the green transformation of the non-ferrous metal smelting industry, aiming to establish an efficient and low-carbon energy system for lead-zinc smelting production [1][2]. Group 1: Project Details - The energy storage project is one of the largest user-side applications in the non-ferrous metal smelting sector, highlighting China Gas's major breakthrough in heavy industry energy storage services [1]. - The project includes 24 DC cabins and 12 power conversion systems, utilizing a fully liquid-cooled lithium iron phosphate system with a charge-discharge efficiency exceeding 87% [2]. - The liquid cooling temperature control technology maintains battery temperature within ±3°C, ensuring stable output even under high-temperature smelting conditions [2]. Group 2: Benefits and Impact - The energy storage project will significantly reduce electricity costs for Henan Jinli Zinc by enabling peak shaving and valley filling, optimizing electricity resource utilization [2]. - The project’s load regulation capability will help decrease carbon emissions from fossil fuel consumption, positioning the company as a benchmark for green production in the lead-zinc smelting industry [2]. - The total investment for the lead-zinc smelting project is 3 billion yuan, with an expected annual output value of 5 billion yuan upon completion, making it a key construction project in Henan Province [1].

Market Performance - The Hong Kong stock market opened positively in December, with the Hang Seng Index recovering above the 26,000-point mark, closing at 26,033.26 points, up 174.37 points, a gain of 0.67% [1] - The Hang Seng Tech Index closed at 5,644.76 points, increasing by 45.65 points, a rise of 0.82% [3] Focus Companies - ZTE Corporation's H-shares rose over 13%, while its A-shares hit a 10% limit up. This surge is attributed to positive news regarding the launch of the Nubia M153, which features the Doubao mobile assistant technology [5] - The development of AI on mobile devices is expected to drive hardware upgrades, potentially leading to a new wave of smartphone replacements [6] Sector Performance - The consumer electronics sector showed strong performance, with Sunny Optical Technology rising over 6%, and Lens Technology and Q Technology both increasing by over 4% [6] - Technology stocks performed well overall, with Alibaba up over 2%, NetEase nearly 4%, and Baidu up over 1%. However, Xiaomi and Meituan saw declines of over 1% and 2%, respectively [6] - Gold and non-ferrous metal stocks experienced broad gains, with Jiangxi Copper rising over 10% and China Gold International up over 11% [6] - Cryptocurrency-related stocks faced significant declines, with Sparkle Tech Holdings down over 9% and OK Blockchain Chain down over 8% [6] Capital Flow - Southbound funds recorded a small net purchase of Hong Kong stocks, with a cumulative net buy exceeding 2.1 billion HKD by the end of the trading day [7] Market Outlook - According to a report from CMB International, the market is shifting focus from external factors to internal policies, with expectations for a year-end rally in December. Attention is on the upcoming Central Economic Work Conference [9] - Some institutions remain optimistic about dividend assets in the Hong Kong market, viewing them as a "safe haven" amid market fluctuations [9] - Short-term recommendations suggest focusing on dividend/defensive sectors while also considering consumer sectors benefiting from policies and technology sectors with valuation corrections [9]

在国家 " 双碳 " 目标的引领下，直流冶炼技术以其独特的优势和广阔的发展前 景，正逐渐崭露头角，成为推动行业技术进步的重要方向。为进一步促进业内深化交 流、共谋发展，由中国有色金属工业协会硅业分会指导、北京安泰科信息科技股份有 限公司主承办的 "2025 年矿热炉节能供电（直流电）技术研讨会 " 定于 2025 年 12 月 4 日 -6 日 在 内蒙古自治区呼和浩特 市召开。 同时，此次会议也得到乌拉特中旗人民政府、内蒙古纳顺装备工程集团有限公 司、河北顺天电极有限公司、西冶科技集团股份有限公司和内蒙古通威绿色基材有限 公司的大力支持。 2025 年矿热炉节能供电（直流电）技 术研讨会 会 议 手 册 2025 年 12月 4-6 日 1 组 织 机 构 支持单位: 内蒙古通威绿色基材有限公司 中国铁合金网 北京安泰科信息科技股份有限公司 承办单位: 会 议 须 知 4. 会议文件、现金、贵重物品要妥善保管,防止遗失。 2 中国有色金属工业协会硅业分会 指导单位: 主办单位: 北京安泰科信息科技股份有限公司 特邀支持: 乌拉特中旗人民政府 特邀协办: 内蒙古纳顺装备工程(集团)有限公司 河北顺天电极有限公 ...

Market Overview - On December 1, A-shares opened high and rose significantly, with the Shanghai Composite Index up 0.65% to 3914.01 points, the Shenzhen Component Index up 1.25% to 13146.72 points, and the ChiNext Index up 1.31% to 3092.5 points. The total trading volume in the Shanghai and Shenzhen markets reached 1.87 trillion yuan, with nearly 3400 stocks rising [1] Hot Sectors Consumer Electronics - The consumer electronics sector saw a collective surge, particularly in AI mobile phone concepts, with stocks like ZTE Corporation, Tianyin Holdings, and Daoming Optics hitting the daily limit. The release of a mobile assistant technology preview by Doubao, which is collaborating with multiple phone manufacturers, contributed to this momentum [2] Film and Television - The film and television sector strengthened, with China Film hitting the daily limit for the second consecutive day. The success of "Zootopia 2," which broke the single-day box office record for imported films in China, is seen as a positive indicator for the industry, suggesting a year of improvement in animation films [3] Metals - Precious metals, particularly silver, experienced a significant rise, with silver prices reaching historical highs. The dovish signals from multiple Federal Reserve officials and expectations of a rate cut have bolstered the demand for precious metals [4] Commercial Aerospace - The commercial aerospace sector remained active, with stocks like Qianzhao Optoelectronics reaching new highs. The establishment of a dedicated regulatory body for commercial aerospace by the National Space Administration marks a new phase for the industry, indicating a dual focus on demand and supply [5] Institutional Insights - CITIC Securities noted that the market is exhibiting characteristics of a slow bull market, with reduced volatility and improved Sharpe ratios. However, significant changes in domestic demand are necessary to unlock market potential. The focus should be on resource and traditional manufacturing sectors [6] - CITIC Jiantou suggested that any short-term declines could present better investment opportunities, with a focus on the upcoming Federal Reserve meeting and the Central Economic Work Conference for potential market movements. The anticipated cross-year market rally is attributed to several factors, including liquidity improvements from potential rate cuts [7] - Huazheng Securities expects continued high-level fluctuations in December, with a lack of significant events to drive risk appetite. The focus should be on sectors with clear trends, such as AI, while maintaining patience for future investment opportunities [7]

Core Viewpoint - The A-share market experienced a collective rise, with major indices showing positive performance, indicating a bullish sentiment among investors [1] Market Performance - The Shanghai Composite Index increased by 0.65%, the Shenzhen Component rose by 1.25%, the ChiNext Index gained 1.31%, and the Northern Stock 50 climbed 1.52% [1] - The total trading volume across Shanghai, Shenzhen, and Beijing reached 1.8894 trillion yuan, an increase of 291.7 billion yuan compared to the previous day [1] - Over 3,300 stocks in the market saw gains [1] Sector Performance - Leading sectors included AI smartphones, AI glasses, industrial metals like silver and copper, commercial aerospace, tourism and hotels, storage chips, and photolithography materials [1] - The AI smartphone and AI glasses hardware sectors saw significant surges, with companies like Furuong Technology, ZTE, Daoming Optics, and others hitting their daily limits [1] - The rise in international silver and copper prices positively impacted the non-ferrous metals sector, with Jiangxi Copper, Yunnan Copper, and others showing notable gains [1] - Photolithography stocks experienced a midday rally, with Huarong Chemical hitting the daily limit and other companies like Rongda Photosensitive and Nanda Optoelectronics also rising sharply [1] Underperforming Sectors - The battery sector showed weakness, with Wanrun New Energy dropping by 9%, and other companies like Fengyuan Co., Hunan Yuno, and Haike New Energy also experiencing adjustments [1] - The real estate sector lagged behind, with stocks such as Vanke A, Shanghai Shimao, and Jindi Group declining [1]