登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：000630 证券简称：铜陵有色 公告编号：2025－046 债券代码：124024 债券简称：铜陵定02 铜陵有色金属集团股份有限公司 2024年年度权益分派实施公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误导性陈述或重大遗 漏。 特别提示： （一）截至本公告刊登之日，铜陵有色金属集团股份有限公司（以下简称"公司"）回购专用证券账户持 股数量为29,505,500股，根据《中华人民共和国公司法》《深圳证券交易所上市公司自律监管指引第9号 一一回购股份》等相关规定，该部分股票不参与此次利润分配。公司根据"按照每股分配金额不变的原 则对分配总额进行调整"，以公司现有总股本12,794,132,824.00剔除已回购股份29,505,500.00股后的 12,764,627,324.00股为基数，向全体股东每10股派1.000000元人民币（含税），不送红股，不以公积金 转增股本。 （二）因公司回购专户的股份不参与2024年年度权益分派，本次实际现金分红的总金额=实际参与分配 的总股本*分配比例，即12,764,627, ...

Group 1 - The article highlights the implementation of water resource tax incentives aimed at promoting water conservation among industries in China, effective from December 1, 2024, where companies achieving advanced water efficiency will receive a 20% tax reduction [1][3] - Henan Yuguang Zinc Industry Co., Ltd. reported receiving over 58,000 yuan in water resource tax benefits in the first quarter, reinforcing their commitment to increasing water-saving investments [1][2] - The list of taxpayers achieving advanced water efficiency in Henan province includes Henan Yuguang Zinc Industry Co., Ltd., Henan Jinli Jin Zinc Co., Ltd., and Henan Jinma Energy Co., Ltd., marking them as pioneers in water efficiency [1] Group 2 - The Jiyuan tax department has established a "one-on-one" service mechanism for key enterprises, providing tailored support to help them understand and apply for tax benefits related to water conservation [2] - Jiyuan tax authorities collaborate with water resources and finance departments to monitor and analyze enterprise water usage data, ensuring effective implementation of tax incentives [2] - Henan Jinma Energy Co., Ltd. has invested 200 million yuan in wastewater treatment and recycling projects, achieving significant water savings of over 2 million cubic meters annually [3] Group 3 - Henan Yuguang Zinc Industry Co., Ltd. has adopted innovative water-saving practices, reducing water usage to 8.42 m³/t of zinc ingot, significantly below national standards [3] - Henan Jinli Jin Zinc Co., Ltd. has implemented smart water-saving devices for real-time monitoring and precise control of production water usage [3] - The Jiyuan tax department emphasizes that water resource tax incentives are crucial for promoting green development among enterprises, aiming to enhance their water efficiency and contribute to sustainable economic growth [3]

2025 年 6 月 16 日 低库存影响 铝价偏强 核心观点及策略 ⚫ 风险因素：美国关税及财政问题、消费超预期 投资咨询业务资格 沪证监许可【2015】84 号 李婷 021-68555105 li.t@jyqh.com.cn 从业资格号：F0297587 投资咨询号：Z0011509 黄蕾 huang.lei@jyqh.com.cn 从业资格号：F0307990 投资咨询号：Z0011692 高慧 gao.h@jyqh.com.cn 从业资格号：F03099478 投资咨询号：Z0017785 王工建 wang.gj@jyqh.com.cn 从业资格号：F3084165 投资咨询号：Z0016301 赵凯熙 zhao.kx@jygh.com.cn 从业资格号：F031122984 投资咨询号：Z00210404 敬请参阅最后一页免责声明 1 / 7 铝周报 ⚫ 上周美国5月CPI和PPI数据均不及预期，进一步强 化了通胀压力降温预期，市场加大了美联储9月降 息押注，美指快速回落。加上中美贸易谈判取得进 展，贸易紧张情绪缓解，市场风险偏好回升。基本 面，供应端北方多地铝厂和西南部分电解铝厂策略 调整导致铸 ...

宏观 股指 市场分析：股指期货市场在近期呈现出一定的波动特征，主力合约均呈现不同程度的上涨态 势，其中 IH 和 IF 的涨幅较为显著，而 IM 和 IC 则相对温和。从成交量和持仓量的变化来看， 市场参与度有所提升，尤其是 IM 和 IC 的成交与持仓均出现双增，反映出中小盘指数相关产 品的关注度上升。然而，期指基差普遍处于贴水状态，且贴水幅度未见明显收敛，说明市场 对未来宏观经济和政策环境仍存在不确定性。在外部环境尚未明朗之前，市场更倾向于观望， 预计短期内股指期货将以区间震荡为主，突破方向仍需等待更具确定性的变量出现。 参考观点：当前股指期货市场虽有企稳迹象，但缺乏持续上攻的动力，可采取轻仓持有、逢 低布局的操作思路，以应对未来可能出现的结构性机会。 原油 宏观与地缘：以色列发动代号"狮子的力量"的大规模空袭，精准打击伊朗纳坦兹核设施、 导弹工厂及军事高层。中东局势急剧恶化下，市场担忧原油断供等黑天鹅事件，引爆原油价 格。 市场分析：基本面看，原油夏季旺季即将到来，同时美库存连续三周下滑，EIA 首次给出美 国产量下行预测，一定程度上在基本面也支撑油价的上涨。但同时中期看，需要密切关注中 东局势特别是伊 ...

有色早报 研究中心有色团队 2025/06/16 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 2025/06/09 70 944 107404 34242 -1215.58 217.42 43.0 66.0 95.78 122400 67800 2025/06/10 90 1043 107404 33746 -1195.14 161.13 43.0 66.0 84.10 120400 71725 2025/06/11 90 1103 107404 33373 -874.85 136.66 38.0 60.0 55.49 119450 70700 2025/06/12 95 990 107404 32785 -642.66 374.84 38.0 60.0 85.51 116850 68125 2025/06/13 50 660 - 36269 -901.68 236.81 38.0 60.0 73.41 114475 63625 变化 -45 -330 - ...

2025.6.16-6.20 电解铝 期货品种周报 中线行情分析 大区间震荡，7月偏上涨。 中线趋势判断 1 趋势判断逻辑 n 现货企业套期保值建议 可考虑适量逢低配置期货虚拟库存 国内外显性库存处于历史偏低水平，2025年国内产量存在天花板且几内亚供 应仍存在一定的不确定性，需求端政策宽松预期升温+中美贸易局势阶段缓和， 但短期而言，传统需求淡季及订单下滑成为拖累。 2 19800以下可以考虑适当增配库存。 3 中线策略建议 品种交易策略 n 上周策略回顾 未来一周沪铝2507合约波动区间看19600-20200。 未来一周沪铝2507合约波动区间看20200-20800。 n 本周策略建议 【总体观点】 | | 2025年6月第2周 | | --- | --- | | 铝土矿市场 | 几内亚政局以及雨季等因素或对7月后到港量产生影响，近期国产矿石市场变化有限，北方山西、河南 | | | 两地矿石供应紧张局面延续，依旧主要受到政策面管控影响。 | | 氧化铝市场 | 截至6月12日，中国氧化铝建成产能为11240万吨，开工产能为8805万吨，开工率为78.34%。部分氧化 | | | 铝企业结束检修恢复生产 ...

1. Report Industry Investment Rating There is no information provided regarding the report industry investment rating in the given content. 2. Core Viewpoints of the Report - The geopolitical risk in the Middle East remains high, and the uncertainty of the situation between Iran and Israel continues, which has a significant impact on the financial and commodity markets [1][12][13]. - The majority of financial data in May fell short of expectations, with corporate debt gradually becoming short - term, and the willingness of residents to actively increase debt remaining low. There is a need to observe the sustainability of the rebound in M1 growth rate [2][23][24]. - The A - share market is affected by external geopolitical risks, and the pressure on the molecular end of stock market pricing is still large. The next stage requires observation of domestic policy changes [3][27]. - The new bio - fuel policy in the United States will significantly tighten the balance sheet of US soybean oil and increase the demand for US soybean crushing, which will have a chain reaction on the prices of palm oil, soybean oil, and rapeseed oil [4][31][32]. 3. Summary According to the Directory 3.1 Financial News and Reviews 3.1.1 Macro Strategy (Gold) - Trump hopes that Iran and Israel can reach an agreement, and the 6 - month consumer confidence index of the University of Michigan has rebounded, with inflation expectations significantly falling. However, due to the impact of oil prices, US inflation still faces upward risks. Gold prices are driven by the military conflict between Israel and Iran, and the short - term market continues to focus on the situation in the Middle East [12][13]. - Investment advice: The short - term trend of gold prices is dominated by the geopolitical conflict in the Middle East, with increased volatility, so attention should be paid to risks [14]. 3.1.2 Macro Strategy (Foreign Exchange Futures - US Dollar Index) - The "Brigade of the Righteous" in Iraq warns that if the US intervenes in the conflict between Israel and Iran, it will attack US interests in the region. Trump claims that Iran and Israel "will reach an agreement" to suspend the conflict. The geopolitical risk remains high, and the US dollar index is expected to fluctuate in the short term [15][17][18]. - Investment advice: The US dollar index will fluctuate in the short term [19]. 3.1.3 Macro Strategy (US Stock Index Futures) - The consumer confidence index in June increased, and inflation expectations decreased. However, the intensification of the Middle East conflict may lead to concerns about re - inflation. If the oil price rises to $100 per barrel, the CPI in June may rebound to around 3%, increasing the difficulty of the Fed's decision - making. US stocks still face the risk of correction before the situation improves [20][21][22]. - Investment advice: Geopolitical risks increase inflation risks, and US stocks still have a risk of correction before the situation improves [22]. 3.1.4 Macro Strategy (Treasury Bond Futures) - The financial data in May fell short of expectations. The fundamentals are still favorable for the bond market, and the long - term bullish view remains unchanged. However, short - term bonds will fluctuate in the near term, and it is recommended to lay out medium - term long positions on dips [23][24][25]. - Investment advice: It is recommended to lay out medium - term long positions on dips. Pay appropriate attention to T when going long on the long - end [25]. 3.1.5 Macro Strategy (Stock Index Futures) - The A - share market is affected by external geopolitical risks, and the pressure on the molecular end of stock market pricing is still large. The next stage requires observation of domestic policy changes [3][27]. - Investment advice: It is recommended to allocate various stock index futures evenly to cope with the rotational pattern [27]. 3.2 Commodity News and Reviews 3.2.1 Agricultural Products (Soybean Oil/Rapeseed Oil/Palm Oil) - The US EPA proposed to increase the bio - fuel blending volume from 2026 to 2027, which will significantly tighten the balance sheet of US soybean oil and increase the demand for US soybean crushing. It will have a chain reaction on the prices of palm oil, soybean oil, and rapeseed oil [4][31][32]. - Investment advice: US soybean oil still has room to rise, and palm oil, soybean oil, and rapeseed oil will follow suit, but the increase in rapeseed oil is expected to be relatively weak [32]. 3.2.2 Agricultural Products (Sugar) - The net profit of Cristal Union in the 2024/25 fiscal year decreased by 62%. The supply in Europe is sufficient, and the import from Ukraine is large, resulting in low sugar prices. The expected decline in Brazilian sugar cane production in 2025 increases the uncertainty of Brazilian sugar production [33][35]. - Investment advice: Zhengzhou sugar may rebound in the short term, but the overall weak pattern is difficult to change. Attention should be paid to the arrival rhythm of imported sugar, the quotation of processed sugar, and the performance of the external market [36]. 3.2.3 Agricultural Products (Cotton) - The inventory of port cotton continues to decline, and the USDA June report has a slightly positive impact on the cotton market, but the overall supply - demand pattern is still relatively loose. The downstream textile industry is in a off - season, which drags down cotton prices [37][39][40]. - Investment advice: The cotton market may fluctuate repeatedly. A cautious and slightly optimistic view is held on the future market, and attention should be paid to macro - cotton dynamics and downstream demand changes [41]. 3.2.4 Black Metals (Rebar/Hot - Rolled Coil) - The five major varieties continue to de - stock slightly, but there is a differentiation among varieties. The demand for rebar and hot - rolled coil shows a downward trend, and the steel price is expected to fluctuate in the short term [42][44]. - Investment advice: It is recommended to adopt a rebound hedging strategy for the spot end [45]. 3.2.5 Agricultural Products (Soybean Meal) - The expected increase in the US bio - fuel blending standard will drive up the price of CBOT soybeans and domestic soybean meal futures. The supply of domestic soybean meal is expected to increase, and the spot basis will continue to be under pressure [46][48]. - Investment advice: The prices of CBOT soybeans and domestic soybean meal futures are expected to fluctuate strongly, and the spot basis of soybean meal will remain weak [48]. 3.2.6 Agricultural Products (Corn Starch) - The spread between cassava starch and corn starch has narrowed. The supply - demand situation of corn starch may be gradually improving, and the spread between cassava starch and corn starch may temporarily stabilize [49]. - Investment advice: It is recommended to wait and see due to the complex influencing factors of the CS - C spread [50]. 3.2.7 Agricultural Products (Corn) - The price of wheat has fluctuated, and the substitution advantage of wheat has slightly increased. The spot price of corn is expected to rise first and then fall, and the basis is expected to strengthen [50][51]. - Investment advice: For the 07 contract, speculative long positions are recommended to take profits opportunely. For the 09 contract, shorting is not recommended, and it is expected to fluctuate with a first - strong - then - weak trend. Attention can be paid to the opportunity of shorting the 11 and 01 contracts at high prices [51]. 3.2.8 Non - ferrous Metals (Alumina) - The national alumina inventory is 312.9 million tons, and large - scale discount transactions are gradually emerging. The market is oscillating weakly [52]. - Investment advice: It is recommended to wait and see [53]. 3.2.9 Non - ferrous Metals (Nickel) - The price of nickel is oscillating weakly at a low level. The cancellation of the price limit of downstream stainless steel has released market pessimism. The supply of nickel ore and nickel iron is in excess, and the medium - term price of nickel is expected to decline [54][55]. - Investment advice: In the short term, it is possible to sell put options on dips. In the medium term, attention can be paid to the strategy of shorting at high prices in Q3 [55]. 3.2.10 Non - ferrous Metals (Copper) - The LME warehouse in Hong Kong is expected to receive the first batch of copper next week. The escalation of the Middle East geopolitical war may suppress copper prices through the impact on the US dollar index. The domestic inventory is decreasing, and the short - term price is difficult to decline trend - wise [56][59][60]. - Investment advice: Unilaterally, it is recommended to wait and see as copper prices are expected to continue to oscillate at a high level. For arbitrage, wait for the opportunity of positive inter - period arbitrage of Shanghai copper [60]. 3.2.11 Non - ferrous Metals (Lithium Carbonate) - After the rebound, the downstream's willingness to take delivery is insufficient, and the basis of the spot market is weakening. The short - term fundamentals are difficult to improve, and the market may oscillate weakly [61][62]. - Investment advice: It is not recommended to chase short positions at the current level. Existing short positions can be held, and a strategy of shorting on rebounds is recommended [62]. 3.2.12 Non - ferrous Metals (Polysilicon) - Anhui Huasheng's polysilicon wafer technical transformation and expansion project has been accepted for environmental assessment. The spot trading volume is low, and the price of some products is declining. The supply in June is expected to be 960,000 tons, and there is a possibility of inventory reduction. The decision of leading enterprises on production reduction will have a major impact on the market [63][64][65]. - Investment advice: Before the leading enterprises reduce production, the market is bearish. A strategy of short - term shorting and long - term going long is recommended, and attention should be paid to the position management [65]. 3.2.13 Non - ferrous Metals (Industrial Silicon) - The production of industrial silicon in major producing areas has increased. The supply in Sichuan and Yunnan is expected to increase. The demand is still weak, and the spot price is difficult to rebound significantly [66][67]. - Investment advice: The futures market has rebounded. It is expected to oscillate at a low level, and it is recommended to short lightly after the rebound. Attention should be paid to changes in the supply side and the cash - flow risks of large enterprises [67]. 3.2.14 Non - ferrous Metals (Lead) - The silver pricing coefficient of lead concentrates in June has not changed. The supply of lead is expected to increase, and the demand is expected to be weak until July. The short - term rise of lead prices is temporary, and the medium - term demand may increase marginally [68][69][70]. - Investment advice: In the short term, it is recommended to wait and see and look for opportunities to buy on dips, paying attention to the pressure around 17,000 yuan. For arbitrage, it is recommended to wait and see for both inter - period and internal - external arbitrage [70]. 3.2.15 Non - ferrous Metals (Zinc) - Some zinc oxide enterprises are facing environmental inspections, resulting in production cuts. The supply of zinc is expected to increase, and the demand is expected to weaken in the medium term. The inventory is at an inflection point, and the price is expected to decline [71][72]. - Investment advice: Unilaterally, look for opportunities to short at high prices and increase positions appropriately on rebounds. For arbitrage, it is recommended to wait and see for the inter - period spread, and maintain the strategy of positive internal - external arbitrage in the medium term [72]. 3.2.16 Energy and Chemicals (Carbon Emissions) - The EU carbon price has risen slightly, affected by the geopolitical tension in the Middle East and the shutdown of a French nuclear power plant. The short - term market needs to pay attention to the development of the geopolitical situation [73][74]. - Investment advice: The EU carbon price is expected to oscillate strongly in the short term [74]. 3.2.17 Energy and Chemicals (Crude Oil) - Israel has attacked Iranian energy infrastructure, and the US oil rig count has decreased. The risk of supply in the Middle East has increased, and oil prices are expected to be easy to rise and difficult to fall in the short term [75][76][77]. - Investment advice: Oil prices are expected to be easy to rise and difficult to fall in the short term as the market has not fully priced in the geopolitical conflict risk [77]. 3.2.18 Energy and Chemicals (PTA) - The spot price of PTA has risen, but the demand is in a seasonal off - season, and the supply is expected to increase. The short - term rise is mainly due to the impact of crude oil prices. It is not recommended to chase long positions directly, and short positions can be established after the geopolitical situation eases [78][79][80]. - Investment advice: It is not recommended to chase long positions directly in the short term, and short positions can be established after the geopolitical situation eases [80]. 3.2.19 Energy and Chemicals (Bottle Chips) - The export quotes of bottle - chip factories have increased, and the market trading atmosphere has improved. However, the industry is under supply pressure, and the processing fee is under pressure. Some large factories have plans to reduce production [81][82]. - Investment advice: The processing fee is expected to fluctuate at a low level in the short term. It is possible to establish long positions for expanding the bottle - chip processing fee at low valuations [82]. 3.2.20 Energy and Chemicals (Caustic Soda) - The trading of liquid caustic soda in Shandong has remained stable. The supply is relatively stable, and there are still maintenance plans in the future. The demand is affected by the inventory of alumina and the wait - and - see attitude of non - aluminum downstream and traders [83]. - Investment advice: The 09 contract of caustic soda is affected by the overall weakness of commodities, but the large discount of the 09 contract will limit the downward space [84]. 3.2.21 Energy and Chemicals (Pulp) - The spot price of imported wood pulp has continued to decline, and the demand from downstream paper mills is weak [84]. - Investment advice: The fundamentals of pulp have changed little, and the market is expected to oscillate [86]. 3.2.22 Energy and Chemicals (PVC) - The spot price of PVC powder has risen, but the downstream purchasing enthusiasm is low, and the market trading is average [87]. - Investment advice: The fundamentals of PVC have changed little, and the market is expected to oscillate [87]. 3.2.23 Energy and Chemicals (Soda Ash) - The price of soda ash in the South China market is general, and the supply is expected to remain high in the short term. The demand from photovoltaic glass is expected to decline, and the market is bearish [88][89]. - Investment advice: In the medium - term expansion cycle, the strategy of shorting soda ash at high prices is still maintained [89]. 3.2.24 Energy and Chemicals (Float Glass) - The spot price of float glass has continued to decline, and the market demand is weak. With the arrival of the high - temperature and rainy season, the demand will decline seasonally, and the supply - demand imbalance will intensify [90][91]. - Investment advice: Before the inventory of original - sheet manufacturers is substantially reduced, the spot price of float glass still has room for downward adjustment. The short - term market may be affected by the overall risk preference, and the rebound driven by short - covering is difficult to sustain [91].

近日，由中国有色金属工业协会联合中国铝业集团有限公司牵头打造的有色金属行业碳足迹数据库正式 上线。此举标志着有色金属行业碳足迹管理体系建设迈出重要一步。 此次上线的有色金属行业碳足迹数据库1.0版本由四大核心子系统构成：数据在线采集子系统、碳足迹 核算子系统、碳足迹分析展示子系统以及碳足迹数据库管理子系统。该数据库以细分产品规模和碳排放 占比为研究基础，首期重点开发电解铝产品碳足迹数据库。 再生金属成为实现"双碳"目标的核心支撑力量。2024年，我国再生铜铝铅锌产量达到1915万吨，同比增 长7.1%，其中再生铝突破1000万吨。每吨再生铝替代电解铝可减排约10吨二氧化碳，实现"一铝多用"的 全生命周期减碳。 此外，国内首个工业领域产品碳足迹国家标准《温室气体 产品碳足迹量化方法与要求 电解铝》已发 布。该标准明确了核算边界、核算方法、数据质量要求和溯源性要求等，为铝行业碳足迹量化及国际规 则的兼容互通奠定了坚实基础。 据了解，今年，电解铝行业作为首批扩围重点控排行业被纳入全国碳市场，覆盖98家电解铝企业，覆盖 产能规模近4500万吨，占全球电解铝总产能的60%以上。 有色金属行业是国民经济的重要基础产业，也 ...

Group 1 - The core viewpoint emphasizes the importance of investor relations management as a bridge between listed companies and investors, enhancing corporate governance, market transparency, and protecting investor rights, which is crucial for high-quality development [1] - On June 13, China Nonferrous Metal Industry's Foreign Engineering and Construction Co., Ltd. (中色股份) was awarded the "Excellent Investor Relations Management Team Award" at the 16th China Listed Companies Investor Relations Management Forum, recognizing its efforts in this area over the past year [1][5] - The company has established a systematic investor relations framework, deepened value transmission, and optimized market capitalization management, significantly improving governance effectiveness and market transparency [1][5] Group 2 - In 2024, the company aims to improve the quality of listed companies as its core goal, implementing investor relations work as a key focus area through institutional foundation, decision-making efficiency, team support, and enhanced communication [2] - The company has revised its "Investor Relations Management System" and "Investor Relations Activity Workflow," establishing a comprehensive management system that ensures standardized operations [2] - The company has strengthened its team capabilities, improved information disclosure quality, and effectively communicated its strategic planning and business philosophy to enhance investor confidence [2] Group 3 - The company emphasizes transparent communication and precise interaction to stabilize market expectations, utilizing strategic seminars and regular reports to reinforce strategic transmission [3] - It has achieved breakthroughs in broker research reports and improved response times on the interactive platform, addressing 111 inquiries and establishing a multi-channel communication network [3] - The company has released its first bilingual ESG report, showcasing achievements in green mining, which has increased recognition among domestic and international investors [3] Group 4 - The company is implementing multiple measures for market capitalization management, including a stock incentive plan for 216 core employees, leading to significant increases in net profit growth rate and return on equity [4] - China Nonferrous Group has increased its holdings in the company by 39.86 million shares, amounting to approximately RMB 198 million, reflecting confidence in the company's future development [4] - The company announced a cash dividend of RMB 0.46 per 10 shares, totaling RMB 91.67 million, and disclosed action plans for quality and value enhancement, demonstrating its commitment to returning value to investors [4] Group 5 - The award received highlights the effectiveness and innovation of the company's investor relations work, with the "Tianma Award" being a recognized industry accolade that emphasizes investor protection and two-way interaction [5] - The company plans to continue focusing on systematic thinking, quality improvement, and sustained efforts in governance, value transmission, and investor communication to create greater value for shareholders [5]

锌产业链周度报告 国泰君安期货研究所 有色及贵金属 莫骁雄 投资咨询从业资格号：Z0019413 日期：2025年6月15日 Guotai Junan Futures all rights reserved, please do not reprint Special report on Guotai Junan Futures 锌：过剩或逐步显性化，价格承压 强弱分析：偏弱 冶炼利润较为充裕 ◆ 供应端如期放量。随着锌精矿的放量兑现，炼厂及港口锌精矿库存处在相对充裕的位 置，且目前炼厂加白银及硫酸的利润约700元/吨。国内炼厂集中检修后带来增量，叠 加炼厂搬迁、新建项目投产，供应压力增加，过剩逻辑或将显性化，体现在社会库存 累积之上。 ◆ 消费端迈入传统淡季，下游补库空间整体承压。终端内需消费迈入淡季，下游开工率 存在下调趋势。同时，在此前价格大幅下跌时部分下游企业原料库存已经补库值相对 高位，限制补库空间。周内价格小幅下调，仅刺激部分下游逢低采购，对需求的拉动 程度亦相对有限。 ◆ 锌矿供应增量传导至冶炼端供应压力增加的逻辑依然适用，炼厂增量，而需求端步入 淡季，价格偏弱运行，中期空头持有。不过，今年年内 ...