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。 ...

Group 1: Energy and Metals Crude Oil - Brent crude's November contract rose 1.04% overnight. Mid - term supply - demand is loose, but short - term net long positions of funds are low, making oil prices sensitive to geopolitical positives. Consider shorting SC's November contract on rallies and use out - of - the - money call options for protection [1] Precious Metals - Rising Fed rate - cut expectations and concerns about Fed independence boost precious metals. International gold prices may hit new highs. Hold long positions and focus on US non - farm payrolls data on Friday [2] Copper - Overnight, copper prices oscillated and closed lower. The probability of short - term copper prices breaking through the 80,000 - yuan mark and expanding the upward trend is increasing. Hold short - term long positions based on the MA5 moving average and pay attention to the rise in the premium of the 2510 contract's call option with a strike price of 82,000 yuan [3] Aluminum - Overnight, Shanghai aluminum oscillated. Downstream开工率 has been rising seasonally for four weeks, and inventory is likely to be low this year. However, the inventory of aluminum ingots and bars increased slightly at the beginning of the week. The short - term trend is oscillatory, with resistance at the 21,000 - yuan area [4] Cast Aluminum Alloy - Cast aluminum alloy follows Shanghai aluminum. The spot - to - Shanghai aluminum cross - variety spread may narrow further due to tight scrap aluminum supply and expected tax policy adjustments [5] Alumina - Alumina's operating capacity is at a historical high, with rising inventory and warehouse receipts. Supply surplus is emerging, and the northwest tender price has dropped significantly. It is in a weak trend but may not fall deeply after breaking through the cost of high - cost production capacity. Pay attention to the support at the June low of 2830 yuan to the 3000 - yuan mark [6] Zinc - SMM's zinc social inventory rose to 146,300 tons, pressuring zinc prices. In September, smelter maintenance will increase, and zinc output is expected to decrease. LME zinc inventory is low, and there is strong support at the 22,000 - yuan mark. It is expected to oscillate in the "Golden September and Silver October" season. Consider shorting on rebounds in the medium - term at the 23,000 - 23,500 - yuan range [7] Nickel and Stainless Steel - Shanghai nickel rebounded sharply. Concerns about political unrest in Indonesia may push up the price of the nickel industry chain. Short - term trading should be oscillatory, suspending the short - selling strategy [9] Tin - After strong two - way fluctuations, tin prices closed with a positive line overnight. LME Singapore warehouse inventory increased. There is a shortage of concentrate in the domestic tin market. Hold short - term long positions based on the 271,000 - yuan level and avoid chasing the rise [10] Lithium Carbonate - Lithium carbonate futures oscillated weakly. Total market inventory decreased slightly to 141,000 tons. The market is focused on the 930 - term expectation. Adopt a bullish strategy with risk control [11] Industrial Silicon - Industrial silicon futures rose slightly, driven by polysilicon sentiment. In September, supply surplus is expected to intensify. Temporarily observe the support at 8300 yuan/ton. If it breaks, consider short - selling lightly [12] Polysilicon - Polysilicon futures rose significantly due to a leading company's "industry restructuring plan" and the "self - discipline production limit" in September. The policy's short - term implementation needs verification. Pay attention to the resistance at 53,000 yuan/ton and control positions [13] Group 2: Steel and Iron Ore Rebar and Hot - Rolled Coil - Night - session steel prices continued to decline slightly. Rebar's apparent demand improved, but inventory accumulated. Hot - rolled coil's demand and output declined, and inventory also increased. The market is under short - term pressure, and pay attention to the improvement in building material demand [14] Iron Ore - Iron ore's overnight futures oscillated. Global shipments reached a new high this year, and domestic arrivals rebounded. Iron - water production may decline significantly this week. It is expected to oscillate at a high level [15] Coke - Coke prices rebounded at the end of the session. The first round of price cuts was partially implemented. Inventory decreased slightly, and the market is affected by the "anti - involution" policy. Prices are under short - term pressure [16] Coking Coal - Coking coal prices mainly declined during the session and rebounded at the end. Total inventory decreased, and production - end inventory increased. It is affected by the "anti - involution" policy, and prices are under short - term pressure [17] Silicomanganese - Silicomanganese prices oscillated downwards and rebounded at the end. Demand is good, and manganese ore prices have limited downside. Observe the support at the previous low [18] Ferrosilicon - Ferrosilicon prices oscillated downwards and rebounded at the end. Demand is okay, and supply has increased significantly, with inventory slightly decreasing [19] Group 3: Shipping and Energy - Related Products Container Freight Index (European Line) - Spot market freight rates are in a downward channel. The impact of geopolitical events on the market is short - term. The market is under pressure. Pay attention to airlines' empty - sailing plans for the National Day Golden Week. If the scale is smaller than last year, the market may decline further [20] Fuel Oil and Low - Sulfur Fuel Oil - As of the end of July, Singapore and China's bunker fuel sales decreased year - on - year, and domestic refinery production enthusiasm was low. LU is under pressure, while FU is relatively stronger due to geopolitical premiums [21] Asphalt - Factory and social inventories of asphalt continued to decline. Asphalt futures rose against the trend. It is expected to oscillate strongly in the short - term. Consider a spread strategy of going long on the crack spread between BU and SC10 [22] Liquefied Petroleum Gas - September's CP was stable. After the gas off - season, it showed some resilience. Import costs and domestic demand rebounded, supporting the spot price. The short - term futures market is stronger in the near - term and weaker in the far - term [23] Group 4: Chemical Products Urea - Urea's daily output decreased slightly but remained high year - on - year. Some compound fertilizer enterprises limited production, and agricultural fertilizer preparation was slow. Inventory at production enterprises increased. During India's tender period, the market sentiment may change [24] Methanol - Methanol's autumn maintenance is ending, and domestic supply is increasing, with production enterprises accumulating inventory. However, downstream demand is expected to improve due to better economics and pre - holiday stocking, so the market outlook is positive [25] Pure Benzene - Pure benzene prices continued to be weak, breaking through 6000 yuan/ton at night. Supply increased, demand was weak, and the port inventory increased slightly. There is an expectation of supply - demand improvement in the third quarter, but pay attention to the downstream rhythm [26] Styrene - Styrene's trend is weak. Crude oil may fluctuate widely, and pure benzene may be weak, providing no support. Demand is weak, supply is high, and inventory has increased significantly, resulting in a weak fundamental situation [27] Polypropylene, Plastic, and Propylene - Propylene production enterprises have controllable inventory pressure, but downstream acceptance of price increases is limited. Ethylene's downstream demand is mixed, and polypropylene's supply pressure is increasing, with weak downstream orders [28] PVC and Caustic Soda - PVC is weak due to high supply and low demand. Caustic soda is relatively strong, but the profit is good, so future supply may increase. PVC is expected to oscillate weakly, and caustic soda may oscillate widely [29] PX and PTA - Night - session PX drove PTA to rise first and then fall, oscillating. Terminal demand is improving, but the actual supply - demand improvement is limited. Pay attention to device dynamics, oil prices, and polyester's production increase [30] Ethylene Glycol - Ethylene glycol's night - session price dropped to the 4400 - yuan mark. Domestic production increased, and port inventory rose slightly. It is expected to oscillate within a range. Pay attention to policies and the peak - season demand [31] Short - Fiber and Bottle Chip - Short - fiber's supply - demand is stable, and its price follows the cost. New capacity this year is limited, and the peak - season demand may boost the market. Bottle - chip has long - term over - capacity issues. Pay attention to petrochemical policies [32] Group 5: Agricultural Products Soybean and Soybean Meal - Last night, soybean meal futures increased in position and oscillated upwards. Globally, the "crushing for oil" pattern is emerging. Domestically, import costs limit the decline of soybean meal. Supply is sufficient in the fourth quarter but may be short in the first quarter of next year. The market may oscillate in the short - term and is cautiously bullish in the long - term [36] Soybean Oil and Palm Oil - Overnight, soybean oil and palm oil rebounded. Short - term price declines released negative factors, and concerns about supply in Indonesia exist. Domestic soybean supply is loose in the near - term and uncertain in the far - term. Palm oil may enter a production - reduction cycle in the fourth quarter. Consider buying on dips in the long - term [37] Rapeseed and Rapeseed Oil - The Canadian rapeseed futures market was closed. Global rapeseed supply will be seasonally loose. China's rapeseed supply - demand is expected to be in a tight - balance state. Rapeseed futures may stabilize in the short - term [38] Soybean No. 1 - After recent price declines, the price of domestic soybean futures rebounded as short - sellers reduced positions. Policy - driven auctions increased supply. New soybeans are expected to have a good harvest. Pay attention to the new - season opening price [39] Corn - Dalian corn futures rose last night. New - season corn may have a good harvest. Short - term, the market may oscillate stably. After the new - grain purchase enthusiasm fades, it may decline at the bottom [40] Live Pigs - Live - pig futures opened high and closed low on Monday. The pig - grain ratio is below 6:1. Supply is expected to increase in September, but demand may also rise during holidays. The price is under downward pressure. Pay attention to policies and supply release [41] Eggs - Egg futures increased in position on Monday. Spot prices did not rise strongly in the autumn semester. Old - hen culling increased, and chick replenishment was low in August. Consider long positions in far - month contracts next year and pay attention to short - sellers' exit in near - month contracts [42] Cotton - US cotton oscillated weakly last week. US cotton signing data improved. China - US negotiations are ongoing. Brazilian cotton's harvest is slow but the yield is expected to be good. Zhengzhou cotton is expected to oscillate, with strong support below. Buy on dips [43] Sugar - Overnight, US sugar oscillated. Brazilian sugar production may remain high. In China, domestic sugar sales are fast, and inventory pressure is low. The 25/26 sugar - cane production in Guangxi is uncertain. Sugar prices are expected to oscillate [44] Apples - Apple futures oscillated at a high level. Early - maturing apples have high prices, but the supply in the 25/26 season may not change much. The price may rise in the short - term but lacks long - term bullish factors. Temporarily observe [45] Wood - Wood futures oscillated. Foreign prices rose, but domestic prices increased slightly. Imports may remain low, and inventory pressure is small. The supply - demand situation improved, but peak - season demand has not started. Temporarily observe [46] Pulp - Pulp futures rose slightly yesterday. Port inventory declined slightly, but it is still high year - on - year. Supply is relatively loose, and demand is average. Temporarily observe or trade within a range [47] Group 6: Financial Products Stock Index - The stock market oscillated strongly yesterday, with the ChiNext Index performing well. Futures contracts of stock indices rose. Shanghai's mortgage policy was adjusted. The market has an optimistic expectation of factors such as Fed rate cuts. Increase allocation to the technology - growth sector and also pay attention to consumption and cyclical sectors [48] Treasury Bonds - Treasury bond futures rose across the board. The "stock - bond seesaw" effect is weakening. In September, domestic monetary policy may be loosened. The yield curve is expected to steepen [49]

FICC日报 | 2025-09-02 阅兵在即，股指偏强运行 市场分析 欧元区景气度回升。国内方面，国家主席习近平主持上海合作组织成员国元首理事会第二十五次会议并发表重要 讲话。成员国领导人签署并发表《上海合作组织成员国元首理事会天津宣言》，批准《上合组织未来10年（2026－ 2035年）发展战略》，发表关于第二次世界大战胜利和联合国成立80周年的声明、关于支持多边贸易体制的声明， 通过加强安全、经济、人文合作和组织建设等24份成果文件。海外方面，欧元区8月制造业PMI终值从7月份的49.8 升至50.7的三年多高点，高于初值50.5，自2022年中期以来首次扩张，工厂产量、新订单增速达到近三年半以来的 最快。 沪指走势偏强。现货市场，A股三大指数震荡收红，沪指涨0.46%收于3875.53点，创业板指涨2.29%。行业方面， 板块指数涨多跌少，通信、有色金属、医药生物、电子行业涨幅居前，非银金融、银行、家用电器行业跌幅居前。 当日沪深两市成交金额为2.75万亿元。海外方面，美股因劳动节假期休市。 IM贴水深。期货市场，基差方面，股指期货贴水程度快速加深，IC、IM基差处于历史较低水平。成交持仓方面， 股 ...