证券研究报告 | 朝闻国盛 gszqdatemark 2025 06 09 年 月 日 朝闻国盛 短期可能迎来"决断" 今日概览 ◼ 重磅研报 【宏观】政策半月观—短期可能迎来"决断"——20250608 【宏观】美国经济将迎来至关重要的两个月——兼评 5 月非农就业—— 20250607 【金融工程】市场有望继续上涨——20250608 【金融工程&医药生物】新质生产力布局全球，一键投资 AH 创新药—— 永赢医药创新智选基金投资价值分析——20250608 【金融工程】择时雷达六面图：本周估值分数下降——20250607 【固定收益】利率为何能突破前低——20250608 【建筑材料】建材传统淡季来临，预计淡季不淡——20250608 【能源】迎峰度夏有望提振电力需求，新型电力系统试点解决新能源消 纳——20250608 【固定收益】利率下行，杠杆抬升——流动性和机构行为跟踪—— 20250607 【固定收益】如何理解央行预告式买断回购，影响几何？——20250606 【银行】本周聚焦—近期多家银行宣布分红派息——20250608 【能源】复盘煤价止跌的启示——历史如镜、照见兴衰规律—— 20250607 ...

马鞍山奥特佳机电有限公司，成立于2014年，位于马鞍山市，是一家以从事有色金属冶炼和压延加工业 为主的企业。企业注册资本3000万人民币。通过天眼查大数据分析，马鞍山奥特佳机电有限公司参与招 投标项目16次，专利信息66条，此外企业还拥有行政许可20个。 专利摘要显示，本发明公开了一种汽车空调活塞变排量压缩机，包括离合器、前盖、缸体、后盖，前盖 与缸体之间具有斜盘腔，缸体内设有与离合器连接的主轴，主轴中心设有沿主轴轴向延伸的冷冻油通 道，主轴壁面上设有连通冷冻油通道和斜盘腔的横孔，冷冻油通道内靠近离合器的一端内设有开关阀， 开关阀包括弹簧和阀芯，阀芯的周向与冷冻油通道壁面滑动密封配合，弹簧的一端固定在冷冻油通道靠 近离合器的一端、另一端与阀芯连接，横孔内固定有挡止件，挡止件包括从横孔延伸至冷冻油通道内的 挡片，挡片边缘与冷冻油通道之间具有空隙，挡片与阀芯挡止配合。 天眼查资料显示，马鞍山奥特佳科技有限公司，成立于2017年，位于马鞍山市，是一家以从事汽车制造 业为主的企业。企业注册资本9000万人民币。通过天眼查大数据分析，马鞍山奥特佳科技有限公司参与 招投标项目7次，专利信息55条，此外企业还拥有行政许可7 ...

1. Report Industry Investment Rating No relevant content provided. 2. Core Views of the Report - **Copper**: Overnight LME copper rose 0.61% to $9,707.5/ton, SHFE copper up 0.58% to 78,570 yuan/ton. US trade deficit in April narrowed 55.5%, but jobless claims rose. LME copper stocks fell, Comex increased, and SHFE declined. Demand slowed due to the off - season. Sino - US trade conflict eased, and LME de - stocking supported prices. Copper prices face a directional choice, with resistance at 78,000 - 80,000 yuan/ton [1]. - **Aluminum**: Alumina trended weakly, AO2509 down 1.17% to 2,953 yuan/ton. Shanghai aluminum was strong, AL2507 up 0.1% to 20,075 yuan/ton. Spot alumina prices fell, and upstream costs eased. Alumina production resumed, and the supply shortage improved. Aluminum demand had structural resilience, and the US tariff hike provided short - term support [1][2]. - **Nickel**: LME nickel rose 0.75% to $15,445/ton, Shanghai nickel up 0.28% to 122,060 yuan/ton. LME and SHFE stocks decreased. Nickel ore prices were stable. Stainless - steel demand was weak, and new - energy demand was also sluggish. The market was in a short - term oscillation [2]. 3. Summary by Relevant Catalogs 3.1 Daily Data Monitoring - **Copper**: On June 5, 2025, the price of flat - water copper dropped 85 yuan/ton, and the premium decreased 55 yuan/ton. LME stocks fell 3,350 tons, SHFE warehouse receipts decreased 246 tons, and social inventory increased 1.4 million tons [3]. - **Lead**: The average price of 1 lead rose 70 yuan/ton, and LME stocks increased 1,100 tons, while the weekly inventory of the Shanghai Futures Exchange decreased 1,928 tons [3]. - **Aluminum**: On June 5, 2025, the Wuxi and Nanhai quotes declined. LME stocks fell 2,025 tons, and the weekly inventory of the Shanghai Futures Exchange decreased 16,856 tons [4]. - **Nickel**: On June 5, 2025, the price of Jinchuan nickel dropped 375 yuan/ton. LME stocks decreased 900 tons, and SHFE warehouse receipts fell 48 tons [4]. - **Zinc**: The main contract settlement price dropped 0.2%, LME stocks increased 875 tons, and social inventory decreased 0.09 million tons [5]. - **Tin**: The main contract settlement price rose 1.5%, LME stocks decreased 160 tons, and the Shanghai Futures Exchange inventory decreased 338 tons [5]. 3.2 Chart Analysis - **Spot Premium**: Charts show the historical trends of spot premiums for copper, aluminum, nickel, zinc, lead, and tin from 2019 - 2025 [6][7][9]. - **SHFE Near - Far Month Spread**: Charts display the historical trends of the near - far month spreads for copper, aluminum, nickel, zinc, lead, and tin from 2020 - 2025 [14][17][19]. - **LME Inventory**: Charts present the historical trends of LME inventories for copper, aluminum, nickel, zinc, lead, and tin from 2019 - 2025 [21][23][25]. - **SHFE Inventory**: Charts show the historical trends of SHFE inventories for copper, aluminum, nickel, zinc, lead, and tin from 2019 - 2025 [28][30][32]. - **Social Inventory**: Charts display the historical trends of social inventories for copper, aluminum, nickel, zinc, stainless steel, and 300 - series from 2019 - 2025 [34][36][38]. - **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 [41][43][47]. 3.3 Team Introduction - **Zhan Dapeng**: Master of Science, Director of Non - ferrous Research at Everbright Futures Research Institute, Senior Precious Metals Researcher, Intermediate Gold Investment Analyst, Excellent Metal Analyst of the Shanghai Futures Exchange, Best Industrial Futures Analyst of Futures Daily & Securities Times. With over a decade of commodity research experience, he has published many articles and been interviewed by multiple media. His team won industry awards [50]. - **Wang Heng**: Master of Finance from the University of Adelaide, Australia, Non - ferrous Researcher at Everbright Futures Research Institute, focusing on aluminum and silicon research [50]. - **Zhu Xi**: Master of Science from the University of Warwick, UK, Non - ferrous Researcher at Everbright Futures Research Institute, focusing on lithium and nickel research [51].

V期现日报 投资次输业务资格·证监许可 【2011】1292 2025年6月6日 林嘉施 Z0020770 | 价格及基差 | | | | | | | --- | --- | --- | --- | --- | --- | | | 现值 | 前值 | 日涨跌 | 日涨跌幅 | 单位 | | 304/2B (无锡宏旺2.0卷) | 13050 | 13100 | -50 | -0.38% | 元/吨 | | 304/2B (佛山宏旺2.0卷) | 13050 | 13050 | O | 0.00% | 元/吨 | | 期现价差 | 530 | 550 | -20 | -3.64% | 元/吨 | | 原料价格 | | | | | | | | 现值 | 前值 | 日涨跌 | 日涨跌幅 | 单位 | | 菲律宾红土镍矿1.5%(CIF)均价 | ਦਰੇ | ਦੌਰੇ | O | 0.00% | 美元/湿吨 | | 南非40-42%铬精矿均价 | 60 | ୧୦ | - J | -0.83% | 元/吨度 | | 8-12%高镍生铁出厂均价 | 957 | વેરૂદ | 1 | 0.05% | 元/镍点 | | 内 ...

【铜】 周四沪铜主力震荡收阳在7.8万上方，今日现铜微调到78415元,上海铜升水缩窄到90元,广东铜贴水15元。周 内SMM社库减少4200吨至14.88万吨。隔夜美国ADP就业与服务业PMI液软，但联储本月降息概率低，晚间关注ECB 利率动作与美国4月贸易账。反弹空配或主动换月。 【铝&氧化铝】 | | 操作评级 | 2025年06月05日 | | --- | --- | --- | | 铜 | ★☆☆ | 肖静 首席分析师 | | 铝 | ★☆☆ | F3047773 Z0014087 | | | | 刘冬博 高级分析师 | | 氧化铝 | ななな | F3062795 Z0015311 | | 锌 | ★☆☆ | 吴江 高级分析师 | | 铝 | ななな | F3085524 Z0016394 | | 镇及不锈钢 ★☆☆ | | 张秀睿 中级分析师 | | 锡 | ★☆☆ | F03099436 Z0021022 | | 碳酸锂 工业培 | ★☆☆ | 孙芳芳 中级分析师 | | 多晶硅 | なな女 な女女 | F03111330 Z0018905 | | | | 010-58747784 | | | ...

Core Points - The company announced a cash dividend of CNY 0.27 per share, totaling CNY 379,002,040.47 based on a total share capital of 1,403,711,261 shares [1][2] - The dividend distribution was approved at the annual shareholders' meeting held on April 16, 2025 [1] - Key dates for the dividend distribution include the record date on June 11, 2025, and the ex-dividend date on June 12, 2025 [2] Dividend Distribution Details - The cash dividend will be distributed to shareholders registered with China Securities Depository and Clearing Corporation Limited, Shanghai Branch, as of the close of trading on the record date [2] - Shareholders who have not completed designated trading will have their dividends held by China Securities Depository and Clearing Corporation Limited until they complete the necessary trading [2] - Specific shareholders, including TBEA Co., Ltd., Yunnan Bowan Technology Industry Co., Ltd., and Xinjiang Honglian Venture Capital Co., Ltd., will receive their dividends directly from the company [2] Taxation Information - Individual shareholders will be subject to a 20% personal income tax on dividends, with different tax treatments based on the holding period of the shares [3] - Qualified Foreign Institutional Investors (QFII) will have a 10% corporate income tax withheld, resulting in a net dividend of CNY 0.243 per share [6] - Hong Kong Stock Exchange investors will also receive a net dividend of CNY 0.243 per share after a 10% tax withholding [6]

Group 1 - The domestic aluminum oxide futures market is experiencing a downward trend, with the main contract trading at 3053.0 CNY/ton and a decline of approximately 3.10% [1] - Supply from mining sources remains normal, with Guinea and Australia maintaining steady shipping volumes, leading to a situation of oversupply [1] - Domestic aluminum oxide inventory is decreasing, but the pace of reduction is slowing down, while the current price is significantly higher than the futures price, indicating a standard backwardation structure [1] Group 2 - Overseas aluminum oxide transactions have been relatively quiet, with minor price fluctuations, while domestic prices are rising, turning imports from losses to profits [2] - The aluminum oxide spot price remains firm due to concentrated maintenance and production cuts, with the 2509 contract expected to stabilize around the 3000 CNY mark [2] - Despite the current balance in supply and demand, medium-term expectations of oversupply pressure still exist [2]

有色早报 研究中心有色团队 2025/06/05 铜 ： 日期 沪铜现货 升贴水 废精铜 价差 上期所 库存 沪铜 仓单 现货进口 盈利 三月进口 盈利 保税库 premium 提单 premium 伦铜 C-3M LME 库存 LME 注销仓单 2025/05/28 150 554 98671 34861 -796.53 232.23 89.0 106.0 44.97 154300 71175 2025/05/29 145 564 98671 32165 -810.64 212.82 89.0 105.0 51.57 152375 74450 2025/05/30 175 665 105791 34128 -778.22 155.91 86.0 100.0 50.08 149875 74850 2025/06/03 215 1019 105791 31404 -652.82 409.92 85.0 100.0 52.31 143850 74375 2025/06/04 130 945 105791 31933 -863.51 389.51 81.0 98.0 48.48 141350 75025 变化 -8 ...

有色商品日报 有色商品日报（2025 年 6 月 5 日） 一、研究观点 | 品 种 | | | | | 点评 | | --- | --- | --- | --- | --- | --- | | | 隔夜 LME 铜震荡偏强，上涨 0.11%至 9649 美元/吨；SHFE 铜主力下跌 0.08%至 78140 | | | | | | | 元/吨；国内现货进口窗口持续关闭。宏观方面，美国 5 月 ADP 就业人数增加 3.7 | | 万 | | | | | 人，为自 2023 年 3 月以来的最低水平，远逊预期 11.4 万人和前值 6.2 万人。美国 5 | | | | | | | 月 服务业 PMI 指数 49.9，大幅低于预期 52 和前值 51.6。数据公布后，特朗普继 续喊话美联储敦促其降息，不过美联储褐皮书显示最近几周美国经济活动略有下滑， | ISM | | | | | | 劳动力需求减弱，涨价预期更强，注重关税带来的不确定性和通胀走高预期，因此预 | | | | | | | 计 月降息的概率仍较小。库存方面来看，LME 库存下降 2500 至 141350 吨；Comex | 6 | | | ...

有色金属日报 2025-6-5 五矿期货早报 | 有色金属 铜 从业资格号：F03121027 0755-23375139 zengyuke@wkqh.cn 张世骄 从业资格号：F03120988 0755-23375122 zhangsj3@wkqh.cn 王梓铧 从业资格号：F03130785 0755-23375132 wangzh7@wkqh.cn 刘显杰 有色金属小组 吴坤金 从业资格号：F3036210 交易咨询号：Z0015924 0755-23375135 wukj1@wkqh.cn 曾宇轲 铝 国内商品氛围改善，铝价回升，昨日伦铝收涨 0.67%至 2487 美元/吨，沪铝主力合约收至 20110 元/ 吨。昨日沪铝加权合约持仓量 52.9 万手，环比增加 0.6 万手，期货仓单减少 0.2 至 4.9 万吨，维持 偏低水平。根据 SMM 统计，昨天铝锭三地库存录得 39.1 万吨，环比减少 1.1 万吨，铝价下跌后库存 再次去化，两地铝棒库存录得 8.0 万吨，环比增加 0.1 万吨，昨日铝棒加工费回调。现货方面，昨 日华东现货升水期货 100 元/吨，环比下调 10 元/吨，刚需消费尚可 ...