本次无偿划转完成后，本公司的直接控股股东将由云南冶金变更为中国铜业，实际控制人未发生变化， 仍为国务院国资委。 格隆汇11月26日丨驰宏锌锗(600497.SH)公布，为优化国有资本布局，提升资源配置和运营效率，2025 年11月26日，中国铜业有限公司与云南冶金集团股份有限公司签署了《中国铜业有限公司与云南冶金集 团股份有限公司关于云南驰宏锌锗股份有限公司股份无偿划转协议》，云南冶金将其直接持有的公司 19.44亿股股份（占本公司总股本的38.57%）全部无偿划转给中国铜业。 ...

（文章来源：证券日报） 本报讯 （记者袁传玺）天眼查App显示，近日，郴州钻石钨制品有限公司成立，注册资本3亿元，经营 范围包括常用有色金属冶炼、有色金属压延加工。股东信息显示，该公司由中钨高新全资持股。 ...

1. Report Industry Investment Rating - No relevant content provided 2. Core Views of the Report - **Copper**: Overnight, copper prices both at home and abroad rose and then fell. Economic data strengthened the possibility of the Fed cutting interest rates in December. Global visible inventories are in a state of accumulation and close to recent high levels, which may restrict future copper prices. Without unexpected events, copper prices will show a high - level oscillation, with low volatility. Attention should be paid to the performance of overseas financial markets and internal and external inventories [1]. - **Aluminum**: Overnight, alumina, Shanghai aluminum, and aluminum alloy all oscillated weakly. With the decline in the expectation of US interest rate cuts, the macro - sentiment turned cautious. Although the出库 of aluminum ingots has increased and short - term support for aluminum prices exists, there are still restrictions on the upside [1][2]. - **Nickel**: Overnight, LME nickel and Shanghai nickel rose. The inventory pressure of primary nickel is obvious. Considering the cost support, one can consider bottom - fishing and waiting for favorable factors, but be vigilant against macro - disturbances, potential production cuts of primary nickel, and overseas industrial policy adjustments [2]. 3. Summary According to the Directory 3.1 Research Views - **Copper**: US economic data shows mild inflation and a possible worsening employment situation, increasing the possibility of a Fed rate cut in December. LME and Comex inventories increased, while SHFE copper warehouse receipts and BC copper decreased. The downstream acceptance of high - priced copper has improved, and overall demand is slowly recovering. However, high inventories may restrict copper prices, and copper prices are expected to oscillate at a high level [1]. - **Aluminum**: Overnight, alumina, Shanghai aluminum, and aluminum alloy futures prices all declined. The spot price of alumina fell, and the spot of aluminum ingots was at par or at a discount. The processing fees of some aluminum products were stable or decreased. With the decline in the expectation of US interest rate cuts, the macro - sentiment turned cautious. Although the出库 of aluminum ingots has increased, there are still restrictions on the upside [1][2]. - **Nickel**: Overnight, LME nickel and Shanghai nickel rose. LME inventory remained unchanged, and SHFE warehouse receipts decreased. The benchmark price of nickel ore slightly declined, and the raw material support for the nickel - iron stainless - steel industry chain weakened. The inventory of stainless steel increased. Although the raw material end of the new energy industry chain is tight, the ternary precursor in November decreased month - on - month. The inventory pressure of primary nickel is large, and one can consider bottom - fishing based on cost support [2]. 3.2 Daily Data Monitoring - **Copper**: On November 25, 2025, the price of flat - water copper increased by 375 yuan/ton compared with the previous day. LME inventory remained unchanged, SHFE warehouse receipts decreased by 2851 tons, and COMEX inventory increased by 5905 tons. The social inventory increased by 0.1 million tons [3]. - **Lead**: The average price of 1 lead decreased by 80 yuan/ton. The warehouse receipts of SHFE lead decreased by 902 tons, and the weekly inventory decreased by 3869 tons [3]. - **Aluminum**: The prices of aluminum in Wuxi and Nanhai increased. The social inventory of electrolytic aluminum decreased by 0.8 million tons, and the social inventory of alumina decreased by 0.6 million tons [4]. - **Nickel**: The price of Jinchuan nickel increased by 800 yuan/ton. LME inventory remained unchanged, SHFE nickel warehouse receipts decreased by 843 tons, and the weekly inventory decreased by 778 tons. The stainless - steel warehouse receipts decreased by 253 tons, and the social inventory decreased by 12 tons [4]. - **Zinc**: The主力结算 price remained unchanged. The social inventory decreased by 0.81 million tons, and the registered warehouse receipts of SHFE decreased by 822 tons, while those of LME increased by 600 tons [6]. - **Tin**: The主力结算 price increased by 0.7%, and the LmeS3 price decreased by 2.1%. The SHFE weekly inventory decreased by 29 tons, and the registered warehouse receipts increased by 209 tons [6]. 3.3 Chart Analysis - **Spot Premium**: The report provides charts of spot premiums for copper, aluminum, nickel, zinc, lead, and tin from 2019 - 2025 [8][9][10]. - **SHFE Near - Far Month Spread**: Charts of the spread between the first and second - month contracts for copper, aluminum, nickel, zinc, lead, and tin from 2020 - 2025 are presented [13][16][17]. - **LME Inventory**: Charts of LME inventories for copper, aluminum, nickel, zinc, lead, and tin from 2019 - 2025 are given [20][22][24]. - **SHFE Inventory**: Charts of SHFE inventories for copper, aluminum, nickel, zinc, lead, and tin from 2019 - 2025 are provided [26][28][30]. - **Social Inventory**: Charts of social inventories for copper (including bonded areas), aluminum, nickel, zinc, stainless steel, and 300 - series stainless steel from 2019 - 2025 are shown [32][34][36]. - **Smelting Profit**: Charts of copper concentrate index, rough copper processing fee, aluminum smelting profit, nickel - iron smelting cost, zinc smelting profit, and stainless steel 304 smelting profit rate from 2019 - 2025 are presented [39][41][43]. 3.4 Team Introduction - **Zhan Dapeng**: He holds a science master's degree, serves as the director of non - ferrous research at Everbright Futures Research Institute, and is a senior precious metals researcher. He has over a decade of commodity research experience and his team has won many awards [46]. - **Wang Heng**: He has a master's degree in finance from the University of Adelaide, Australia. He is a non - ferrous researcher at Everbright Futures Research Institute, mainly focusing on aluminum and silicon [46]. - **Zhu Xi**: She has a master's degree in science from the University of Warwick, UK. She is a non - ferrous researcher at Everbright Futures Research Institute, mainly focusing on lithium and nickel [47].

Group 1 - The company received an administrative regulatory measure decision from the Shandong Securities Regulatory Bureau due to the failure to complete the re-election of independent directors within the stipulated time frame, resulting in a violation of regulations [1][2] - The company has acknowledged the issues raised in the decision and is committed to improving compliance with relevant laws and regulations, including the Securities Law and the Management Measures for Independent Directors of Listed Companies [4][5] - The company held a board meeting on November 14, 2025, and approved the nomination of two candidates for independent directors, which were subsequently elected by the shareholders [3] Group 2 - The company announced the early redemption of its convertible bonds, "Hengbang Convertible Bonds," with the last conversion date set for November 27, 2025 [8][9] - The redemption price for the bonds is set at 100.28 yuan per bond, including accrued interest, with a current annual interest rate of 0.6% [9][18] - The company has triggered the conditional redemption clause due to the stock price meeting the required thresholds over a specified period, leading to the decision to redeem all unconverted bonds [15][16] Group 3 - The company will stop trading the "Hengbang Convertible Bonds" on November 25, 2025, and the redemption date is scheduled for November 28, 2025 [20][21] - The company will ensure that all bondholders are informed of the redemption process and timelines through regular announcements [20][21] - After the redemption is completed, the "Hengbang Convertible Bonds" will be delisted from the Shenzhen Stock Exchange [21]

新能源及有色金属日报 | 2025-11-26 市场分析 国内现货升水表现稳中向好，隔月价差收窄，海外升水长期保持高位，出口窗口持续打开。海内外TC持续下滑，TC 价格的快速回落叠加绝对价格的回落造成冶炼综合成本开始面临亏损。在供给端压力尚未明显下滑的情况下，社 会库存重心持续回落。基本面数据已经全面从前期利空转为利多，且当前锌估值偏低，虽然时处宏观真空期，对 美国12月降息预期存在波动，但对未来的消费保持乐观，降息预期不改，再通胀尚未体现。 策略 单边：谨慎偏多。 套利：跨期正套。 现货升贴水持续偏强运行 重要数据 现货方面：LME锌现货升水为140.20美元/吨。SMM上海锌现货价较前一交易日变化20元/吨至22400元/吨，SMM 上海锌现货升贴水40元/吨；SMM广东锌现货价较前一交易日30元/吨至22350元/吨，广东锌现货升贴水-20元/吨； 天津锌现货价较前一交易日10元/吨至22350元/吨，天津锌现货升贴水-10元/吨。 期货方面：2025-11-25沪锌主力合约开于22335元/吨，收于22360元/吨，较前一交易日10元/吨，全天交易日成交84904 手，全天交易日持仓99591手，日内 ...

Group 1: Report Overview - Report Title: Five Minerals Futures Morning Report | Non-ferrous Metals [1][31][78] - Date: November 26, 2025 Group 2: Industry Investment Rating - Not provided in the content Group 3: Core Views - Copper prices are expected to fluctuate and strengthen due to dovish Fed statements, reduced geopolitical risks, tight raw material supply, and strong downstream demand [5] - Aluminum prices are likely to strengthen after adjustment as global visible inventory is low and supply disruptions are expected, despite the approaching off - season [8] - Lead prices are expected to be weak in the short term due to increased supply, stable domestic demand, and rising inventory [10] - Zinc prices are predicted to be weak in the short term as the zinc industry is in an over - supply cycle, and recent financial assets are performing weakly [12] - Tin prices are expected to be in a tight - balance state in the short term and may fluctuate, with support from emerging demand and potential supply increases [14] - Nickel prices are likely to be under pressure in the short term due to supply increases and weak demand [18] - Lithium carbonate prices have significant market differences, and it is recommended to wait and see, focusing on first - quarter cell production and equity market sentiment [21] - Alumina prices are suggested to be observed in the short term as the industry has over - capacity and potential supply - side changes [24] - Stainless steel prices are expected to fluctuate as the market has a mixed situation of price increases and weak demand [27] - Cast aluminum alloy prices are likely to be volatile in the short term with strong cost support and average demand [30] Group 4: Summary by Metal Copper - **行情资讯**: Offshore RMB strengthened, oil prices were pressured, and copper prices rose and then fell. LME copper inventory increased, and domestic warehouse receipts decreased. Spot premiums declined, and import losses widened [4] - **策略观点**: With a high probability of Fed rate cut in December and eased geopolitical risks, copper prices are expected to fluctuate and strengthen. The reference range for SHFE copper is 85,800 - 87,000 yuan/ton, and for LME copper 3M is 10,700 - 10,900 dollars/ton [5] Aluminum - **行情资讯**: Aluminum prices fluctuated and declined. LME aluminum inventory decreased, and domestic futures positions and warehouse receipts decreased. Spot premiums declined, and market activity decreased [7] - **策略观点**: Global visible inventory is low, and supply disruptions are expected. Aluminum prices may strengthen after adjustment. The reference range for SHFE aluminum is 21,300 - 21,600 yuan/ton, and for LME aluminum 3M is 2,780 - 2,830 dollars/ton [8] Lead - **行情资讯**: Lead prices declined. Domestic and overseas inventories changed, and the basis and spreads showed certain trends [9] - **策略观点**: Supply is increasing, domestic demand is stable, and inventory is rising. Lead prices are expected to be weak in the short term [10] Zinc - **行情资讯**: Zinc prices declined slightly. Zinc ore supply is tight due to winter stockpiling, and zinc ingot inventory decreased slightly [11] - **策略观点**: The zinc industry is in an over - supply cycle. Zinc prices are expected to be weak in the short term [12] Tin - **行情资讯**: Tin prices rose. Supply is affected by raw material shortages, and demand from emerging fields provides support. Inventory increased slightly, and there are geopolitical risks in Congo (Kinshasa) [13] - **策略观点**: Tin supply and demand are in a tight - balance state. Tin prices are expected to fluctuate. The reference range for domestic SHFE tin is 280,000 - 300,000 yuan/ton, and for LME tin is 36,000 - 38,000 dollars/ton [14] Nickel - **行情资讯**: Nickel prices rebounded slightly. Spot premiums were stable, nickel ore prices were stable, and nickel iron prices declined [16] - **策略观点**: Nickel supply is increasing, demand is weak, and prices are expected to be under pressure in the short term. The reference range for SHFE nickel is 113,000 - 118,000 yuan/ton, and for LME nickel 3M is 13,500 - 15,500 dollars/ton [18] Lithium Carbonate - **行情资讯**: Lithium carbonate prices rose. The spot index and futures prices increased [20] - **策略观点**: There are differences in the market regarding short - term demand and future supply - demand improvement. It is recommended to wait and see. The reference range for the Guangzhou Futures Exchange's LC2605 contract is 92,200 - 100,600 yuan/ton [21] Alumina - **行情资讯**: Alumina prices declined slightly. The basis, overseas prices, and inventory showed certain trends [23] - **策略观点**: Overseas ore supply is expected to increase, and the industry has over - capacity. It is recommended to wait and see in the short term. The reference range for the domestic AO2601 contract is 2,600 - 2,900 yuan/ton [24] Stainless Steel - **行情资讯**: Stainless steel prices rose slightly. Spot prices increased, and inventory decreased slightly [26] - **策略观点**: Spot prices increased, but demand is weak due to the real - estate market. Stainless steel prices are expected to fluctuate [27] Cast Aluminum Alloy - **行情资讯**: Cast aluminum alloy prices rebounded slightly. The contract price, inventory, and basis changed [29] - **策略观点**: Cost support is strong, and supply is affected by policies. Prices are expected to be volatile in the short term [30]

每经AI快讯，11月26日，罗平锌电涨停走出2连板，2天累计涨幅达20.9%。 （文章来源：每日经济新闻） ...

投资咨询业务资格：证监许可【2012】669号 中信期货研究（有⾊每⽇报告） 2025-11-26 ⻛险提⽰：供应扰动；国内政策刺激超预期；美联储鸽派不及预期； 国内需求复苏不及预期；经济衰退。 乐观情绪有所升温，基本金属止跌回升 有⾊观点：乐观情绪有所升温，基本⾦属⽌跌回升 交易逻辑：上周末前威廉姆斯表态偏鸽派重新提振市场信心，12月美联储 降息预期升温；新华社称11月24日晚间中美领导人通话，投资者对宏观面 的乐观预期有所升温。原料端延续偏紧局面，并逐步往冶炼端传导。终端 略偏弱，11月初汽车销售增速放缓，11-12月空调排产降幅扩大，基本金 属现实供需略偏弱，但预期偏紧。整体来看，中短期，供应扰动继续支撑 基本金属价格，宏观面转向正面推动基本金属价格止跌回升，可继续关注 铜铝锡低吸做多机会；长期，国内潜在增量刺激政策预期仍在，并且铜铝 锡供应扰动问题仍在，供需仍有趋紧预期，看好铜铝锡价格走势。 铜观点：美联储降息预期反复，铜价⾼位盘整 氧化铝观点：过剩状态未有明显改善，氧化铝价继续承压 铝观点：宏观情绪反复，铝价⾼位震荡 铝合⾦观点：仓单延续回升，盘⾯⾼位震荡 锌观点：出⼝窗⼝打开，锌价⾼位震荡 铅观点 ...

格隆汇11月25日丨云铝股份(000807.SZ)公布，为进一步做优主业，提高公司电解铝权益产能，提升归 母净利润，公司拟通过非公开协议方式收购云南冶金持有的云铝涌鑫28.7425%股权、云铝润鑫 27.3137%股权及云铝泓鑫30%股权。本次股权收购完成后，公司将持有云铝涌鑫96.0766%股权、云铝润 鑫97.4560%股权、云铝泓鑫100%股权。云南冶金将不再持有前述三家公司的股权。根据中联资产评估 集团有限公司（以下简称"中联资产"或"评估机构"）出具的评估报告，扣减云铝涌鑫和云铝润鑫已实施 的2024年度利润分配中支付给云南冶金的分红款后，云铝股份需支付交易对价合计为人民币226,656.37 万元，其中：云铝涌鑫股权交易对价为人民币145,081.95万元，云铝润鑫股权交易对价为人民币 78,756.64万元，云铝泓鑫股权交易对价为人民币2,817.78万元。本次收购的标的正在履行国资备案程 序，公司最终收购价格将按照经国资备案的评估价值确定。 ...

投资咨询业务资格：证监许可【2011】1778 号 期货研究报告 邮箱：longaoming@bcqhgs.com 作者声明 本人具有中国期货业协会授 予的期货从业资格证书，期货投 资咨询资格证书，本人承诺以勤 勉的职业态度，独立、客观地出 具本报告。本报告清晰准确地反 映了本人的研究观点。本人不会 因本报告中的具体推荐意见或观 点而直接或间接接收到任何形式 的报酬。 有色金属 姓名：龙奥明 宝城期货投资咨询部 从业资格证号：F3035632 投资咨询证号：Z0014648 电话：0571-87006873 有色金属 | 日报 2025 年 11 月 25 日 有色日报 专业研究·创造价值 铜增仓上行 核心观点 沪铜 今日沪铜增仓上行明显，主力期价站上 8.65 万。宏观层面，上周 五纽约联储主席威廉姆斯发表了被市场解读为"鸽派"的讲话，昨 日美联储理事沃勒的讲话也偏鸽，市场降息预期持续升温，12 月降 息概率上升至 80%以上，利好铜价。产业上，内外电解铜库存分化， 海外边际累库，国内边际去库。短期铜价增仓上行，预计维持强 势。 沪铝 今日沪铝早盘增仓上行，随后高位整理，持仓量持续下降。宏观 层面，美联储降 ...