Market Overview - On June 27, the A-share market exhibited structural differentiation, with the Shanghai Composite Index down by 0.70%, while the Shenzhen Component Index and the ChiNext Index rose by 0.34% and 0.47% respectively [2] - The total trading volume across the Shanghai, Shenzhen, and Beijing markets reached 1.58 trillion yuan, with over 3,400 stocks rising and 54 stocks hitting the daily limit [2] Sector Performance - The electronic, non-ferrous metals, and textile sectors attracted significant capital, with Tesla supply chain and military protection stocks showing particularly active performance [2] - In the electronic sector, nine stocks hit the daily limit, with notable inflows into Huaten Technology and Shenzhen Huqiang, which saw net inflows of 5.82 billion yuan and 6.40 billion yuan respectively [2] Non-Ferrous Metals - North Copper achieved a four-day limit increase, closing at 10.31 yuan with a net inflow of 2.57 billion yuan [3] - The sector saw a collective rise in small metal varieties such as zinc, tin, and molybdenum, driven by interest in Tesla's new electric vehicle concepts [3] Military and Defense - The defense sector saw significant activity, with Inner Mongolia First Machinery Group receiving a large net buy of 4.8 billion yuan, while Jihua Group also hit the daily limit [4] - The military protection theme ranked among the top gainers, supported by recent advancements in new equipment development by military enterprises [4] Communication Equipment - The communication equipment sector experienced a net inflow of 12.80 billion yuan, with Hengbao Co. hitting the daily limit at 19.15 yuan and a turnover rate of 54.38% [5] - The sector's activity is linked to the accelerated rollout of 5G-A networks by operators, indicating a potential for valuation recovery in related industries [5] Capital Flow Insights - The main sectors attracting capital included electronic components, communication equipment, and small metals, with net inflows of 19.26 billion yuan, 12.80 billion yuan, and 5.47 billion yuan respectively [5] - As the semi-annual report disclosure period approaches, sectors with strong earnings certainty, such as technology and high-end manufacturing, are likely to continue attracting investment [5]

本周行情综述 铜：本周 LME 铜价+2.26%到 9879.00 美元/吨，沪铜+2.47%到 7.99 万元/吨。供应端，据 SMM，本周进口铜精矿加工费 周度指数跌至-44.81 美元/吨。截至本周四，全国主流地区铜库存较周一微增 0.05 万吨至 13.01 万吨，较上周四下降 1.58 万吨。消费端，据 SMM，本周国内主要精铜杆企业周度开工率环比下滑至 74.01%，环比下滑 1.81 个百分点，较 预期值低 2.22 个百分点，同比上升 4.99 个百分点；本周漆包线行业机台开机率环比下降 0.23 个百分点至 81.6%， 周订单量环比微降 0.26%；本周国内黄铜棒生产企业开工率持续走低，较上周回落 0.38 个百分点至 50.8%。 铝：本周 LME 铝价+1.31%到 2595.00 美元/吨，沪铝+0.56%到 2.06 万元/吨。供应端，据 SMM，本周四国内主流消费地 电解铝锭库存 46.3 万吨，较本周一减少 0.1 万吨，环比上周四增加 1.4 万吨；国内主流消费地铝棒库存 14.25 万吨， 较周一减少 0.2 万吨，环比上周四增加 0.8 万吨；国内主流消费地再生铝合金锭社 ...

证 券 研 究 报 告 有色金属行业周报（20250623-20250627） 推荐（维持） 降息预期升温，金属价格上行 基本面上，本周五，上期所阴极铜库存 8.16万吨，环比上周减少 19264吨， COMEX库存 209281吨，环比上周增加 8084吨；LME铜库存 9.13万吨，环 比上周减少 7925吨；本周四，全球社会显性库存 43.1万吨，环比上周四减少 18587吨。重点推荐贵金属板块的赤峰黄金、中金黄金、山金国际、山东黄金， 建议关注招金矿业；白银推荐兴业银锡，建议关注盛达资源、白银有色、湖南 白银；建议关注铜板块紫金矿业、金诚信、西部矿业，铝板块建议关注中国宏 桥、宏创控股、天山铝业、神火铝业、云铝股份、中孚实业、南山铝业、南山 铝业国际。 华创证券研究所 证券分析师：马金龙 邮箱：majinlong@hcyjs.com 执业编号：S0360522120003 证券分析师：刘岗 邮箱：liugang@hcyjs.com 执业编号：S0360522120002 证券分析师：李梦娇 邮箱：limengjiao@hcyjs.com 执业编号：S0360525040002 行业基本数据 行业研究 ...

本周市场表现强势，超出我们预期。1）短期催化主要来自于分母端。近期联储降息预期提升、人民币 汇率升值及以伊军事冲突趋平稳，特朗普访华预期等因素叠加，边际推升风险偏好。2）谁是增量资 金？主动权益公募新发基金边际回暖、杠杆资金快速跟随，此外从银行板块6月中下旬以来的加速行情 推测，险资资金入市进程也可能有所提速；但ETF、外资未有明显增量。 联系人：陈果/郑佳雯 后续如何演绎？市场表现仍是由资金端/估值端主导。战略上我们保持看多，维持下半年指数"更上一层 楼"的判断，但战术上我们认为短期行情未必会演绎持续急涨，而是依然将呈现一定的震荡特征。机构 中长期资金入市+低利率时代下居民金融资产配置比例提升的趋势是中期逻辑，有望使市场震荡中枢整 体上移，短期脉冲式波动也可能阶段性超市场预期。但当前阶段是否能开启资金的正反馈螺旋仍有待观 察：一是今年以来的结构性行情都未走向持续抱团而是呈现轮动特征，表征资金环境对估值容忍度有一 定约束；二是各方增量资金尚未形成明显合力，更多采取观望、被动跟随策略，而非主动流入；三是除 了内需下滑担忧加剧外，7月中报业绩期、全球贸易环境波动及过于乐观的降息预期能否兑现均存在不 确定风险。 责 ...

证券研究报告|行业研究周报 [Table_Date] 2025 年 6 月 29 日 [Table_Title] 宏观情绪推动叠加供应短缺，铜价飙升至 3 月份 以来最高水平 [Table_Title2] 有色-基本金属行业周报 [Table_Summary] 报告摘要: ►贵金属：地缘局势缓和叠加中美签署协议，金价本 周回调 本周 COMEX 黄金下跌 2.90%至 3,286.10 美元/盎司， COMEX 白银上涨 0.60%至 36.17 美元/盎司。SHFE 黄金下跌 1.56%至 766.40 元/克，SHFE 白银上涨 1.48%至 8,792.00 元/千 克。 周四，美国 5 月耐用品订单月率 16.4%，预期 8.5%，前 值由-6.30%修正为-6.6%。美国第一季度实际 GDP 年化季率终 值 -0.5%，预期-0.20%，前值-0.20%。美国第一季度实际个人 消费支出季率终值 0.5%，预期 1.2%，前值 1.2%。美国第一季 度核心 PCE 物价指数年化季率终值 3.5%，预期 3.4%，前值 3.40%。美国至 6 月 21 日当周初请失业金人数 23.6 万人，预 期 24 ...

最新一期业绩显示，2025年一季报，公司实现营业收入460.06亿元，同比-0.25%；净利润39.46亿元，同 比90.47%，销售毛利率22.33%。 序号股票简称PE(TTM)PE(静)市净率总市值(元)1洛阳钼业11.5813.192.421784.44亿行业平均 53.1657.733.77195.63亿行业中值48.9054.473.39119.37亿2金钼股份11.8212.002.02357.83亿3锡业股份 15.7717.661.35255.10亿4华锡有色18.8619.333.06127.15亿5厦门钨业19.4819.072.02329.58亿6贵研铂业 20.2920.601.64119.37亿7中钨高新27.8428.042.75263.45亿8宝钛股份29.7225.702.10148.16亿9云路股份 30.3730.654.28110.63亿10铂科新材35.1535.364.93132.86亿11浩通科技36.7437.472.8643.70亿12东方钽业 37.3038.483.0982.06亿 6月27日，洛阳钼业今日收盘8.3元，上涨5.06%，滚动市盈率PE（当前 ...

[Table_Main] 行业研究|有色金属 证券研究报告 有色金属双周报 2025 年 06 月 25 日 [Table_Title] 避险情绪支撑金价，刚果钴临时禁令延长 ——有色金属行业双周报 [Table_Summary] 报告要点： 行情回顾：近 2 周申万有色金属指数上涨 0.08% 近 2 周（2025.6.09-2025.6.20），有色金属行业指数上涨 0.08%，跑 赢沪深 300 指数，在 31 个申万一级行业中排名第 5。从细分领域看， 能源金属（1.54%）、金属新材料（0.90%）涨幅居前，贵金属、小金 属分别变化 0.54%、-2.00%，工业金属涨幅基本不变。 金属价格:地缘政治加大避险需求，贵金属价格回升 截至 6 月 20 日，COMEX 黄金收盘价为 3384 美元/盎司，近 2 周上 涨 1.60%；COMEX 银收盘价为 35.95 美元/盎司，近 2 周下跌 0.50%； LME 锡现价 32,690 美元/吨，近两周上涨 1.35%；65%黑钨精矿现价 172,000 元/吨，近两周下跌 0.58%；稀土价格指数现价 182.17，近两 周下跌 0.70%；镨钕氧 ...

[Table_Main] 有色月跟踪：小金属涨价周期已至，重 视战略矿产资源价值评估 报告要点 近期小金属市场热度高企，价格中枢上行。主要原因在于战略小金属储量有 限、开采难度大且供给弹性不足，同时新能源、半导体、军工等下游需求快 速增长，叠加地缘政治致供应链波动及中国对钨、锑、稀土等实施出口管制， 内外价差拉大，供需矛盾加剧。在资源稀缺性持续凸显、需求结构升级及政 策调控下，未来小金属价格有望延续上行趋势，具备资源储量优势、技术壁 垒及合规出口渠道的企业将持续受益。 2025 年 5 月有色金属板块整体温和上涨。贵金属（黄金）及战略小金属（稀 土、钨等）领涨，5 月全球地缘政治局势紧张加剧，中东地区冲突持续升级， 俄乌局势也出现新的波动，导致国际金融市场风险偏好下降，黄金作为传统 的避险资产，价格持续走高。受资源稀缺性、政策管控以及下游新兴产业需 求增长的影响，稀土、钨等战略小金属价格上涨。铜和铝价格呈现温和上涨 态势，但供需整体处于紧平衡状态。未来需重点关注美联储降息节奏、中国 经济复苏力度及细分品种供需边际变化。 全球多国围绕关键性矿产资源保护及开发密集出台政策，主要手段有资源管 控升级、深化国际合作、 ...

Q&A 金属行业 2025 年中期投资策略系列报告之小金属&新材 料篇 战略金属重新定价，新材料迭代创机遇 20250624 摘要 2025 年上半年，战略金属定价已充分反映实际金属价格，全球局势及 美国关税政策不确定性持续影响战略属性对金属价格。稀土磁材、钨、 锑矿等国内资源掌控力强的品种值得重点关注。 新材料领域，电子和军工赛道在 2025 年备受看好。电子行业关注上游 电子新材料升级，军工领域受益于需求反转。AI 快速发展推动电源电路 稳定性、电子元器件及散热材料需求。 中国对镓、锗、锑、超硬材料、钨、铋、钼、铟等小金属实施出口管制， 旨在应对美国科技封锁。管制后，海外市场价格涨幅显著高于国内，因 中国在这些品种供给侧占据绝对优势。 中国在全球工业金属冶炼端拥有显著产能优势，尤其在稀土、钨和锑等 金属冶炼技术上具备壁垒。尽管美国对中国实施科技封锁，但在战略小 金属上仍高度依赖中国。 稀土冶炼分离中国占比超 90%，中重稀土领域海外几乎没有相关能力。 2025 年配额指标或涵盖进口矿，以严格控制供给，缓解供需过剩，推 动市场回归紧平衡状态。预计未来几年内供需格局将逐步改善，并可能 从过剩转向短缺，从而推动 ...

Group 1 - China State Construction won multiple major projects with a total amount of 21.53 billion yuan, accounting for 1.0% of the audited revenue for 2024 [1] - Zhongtai Chemical's subsidiary has fully launched a methanol upgrading demonstration project, which will further reduce production costs [1] - Wide Special Materials expects a net profit increase of approximately 367.51% year-on-year for the first half of 2025, driven by improved demand and internal optimization [1][2] Group 2 - Longdi Group plans to exercise its preferential subscription rights to participate in the convertible bond issuance of its associate company, Yongqi Electronics, with an investment of no more than 89.249 million yuan [3] - Dayou Energy's subsidiary Mengjin Coal Mine has resumed production after a 38-day suspension due to an accident, with an annual capacity of 1.2 million tons [5] - Shanying International plans to repurchase shares worth between 500 million and 1 billion yuan, with a maximum repurchase price of 2.50 yuan per share [7] Group 3 - Huatai Securities has been approved to issue up to 10 billion yuan in technology innovation bonds to support investment in the technology innovation sector [9] - Weixin Kang's cooperative product, an injectable multivitamin, has passed the consistency evaluation, enhancing its market potential [10] - Jinpu Titanium's controlling shareholder will have 35 million shares auctioned, accounting for 3.55% of the company's total share capital [11] Group 4 - China Pharmaceutical plans to waive its preferential purchase rights for a 24% stake in Chongqing Medical Health Industry Co., with a base transfer price of 2.206 billion yuan [12] - Beijia Clean plans to reduce its shareholding by 1.99% due to funding needs [13] - Anpelon has obtained a design patent for a brake sensor, enhancing its technological capabilities [14] Group 5 - Zhongyue Holdings' subsidiary has received approval for a clinical trial application for a new drug, indicating progress in its pharmaceutical development [14] - Lijun Group's YJH-012 injection has been approved for clinical trials, showcasing its potential in treating gout [16] - Yageer has sold financial assets totaling 4.176 billion yuan, representing 10.13% of its audited net assets for 2024 [15] Group 6 - Tailing Micro expects a net profit increase of approximately 267% year-on-year for the first half of 2025, driven by customer demand and product sales [19] - Baotai plans to invest 287 million yuan to acquire a 51% stake in Shaanxi Wanhao Titanium Technology Co., enhancing its production capabilities [21] - Laime Pharmaceutical has received a drug registration certificate for azithromycin granules, expanding its product portfolio [23] Group 7 - KQ Bio has received approval for a new veterinary vaccine, marking a significant advancement in its product offerings [25] - Robotech signed a contract worth approximately 17.1 million euros, representing over 12.82% of its audited revenue for 2024 [26] - Alloy Investment is planning a control change, leading to a temporary suspension of its stock [27] Group 8 - Huabang Health's subsidiary has received approval for two dermatological drugs, indicating growth in its pharmaceutical pipeline [28] - Lingxiao Pump Industry plans to invest 60 million yuan in wealth management products, optimizing its financial strategy [29] - Jinzhong Technology has won projects totaling 113 million yuan, accounting for 6.39% of its expected revenue for 2024 [31] Group 9 - Yifan Pharmaceutical's subsidiary has received approval for a clinical trial of a growth hormone injection, indicating progress in its research and development [32] - Guiguan Electric plans to invest 395 million yuan in a photovoltaic project, reflecting its commitment to renewable energy [33] - Rili Technology intends to repurchase shares worth between 10 million and 20 million yuan, supporting its stock performance [34] Group 10 - Xingye Securities' chairman has resigned, leading to a change in leadership [35] - Jinko Solar has achieved third-party certification for its high-efficiency solar cells, setting a new industry record [37] - Changan Automobile's controlling shareholder has changed its name, reflecting a rebranding effort [38]