格隆汇1月8日｜2025年铜价上涨令交易员喜悦，但2026年铜或将极易受到股市上涨的影响。彭博经济研 究指出，飙升的股价是财富效应的组成部分，支撑通胀和债券收益率，这可能代表了2026年工业金属的 双输情景。如果铜和股市持续上涨，通胀和债券收益率或将反弹，与特朗普政府的公开政策目标背道而 驰。2025年初，铜价约为4美元/磅，两度突破5.25美元后又跌破4.50美元，最后在年底收于5.7美元左 右。2026年铜价能否站稳6美元上方？如果股市保持韧性，彭博倾向于认为可以，但正常回调风险指向 4.50美元。 ...

在全球去美元化趋势不断深化的背景下，黄金的战略地位持续上升。自2022年俄乌冲突爆发以来，美 元"武器化"促使各国加快减少对单一货币依赖的步伐，黄金由此进入重新定价阶段。此后三年，金价单 边上行，接连突破3000、4000美元整数关口，屡创历史新高。 目前，美元信用弱化周期仍在延续，全球央行增持黄金的需求依旧强劲，加之地缘政治紧张局势持续、 美债规模不断扩大，黄金的货币与避险属性共同支撑价格中枢稳步上移。分析认为，在多重结构性利好 推动下，黄金期货的长期上涨趋势难以根本改变。 从市场节奏看，2025年四季度金价波动较过去三年明显收窄，显示高位市场趋于理性。尽管多数机构对 2026年金价目标仍持乐观态度，甚至有预期指向5000美元，但从当前价格中枢测算，潜在涨幅已有所缩 小。 今日周四(1月8日)亚盘时段，COMEX 黄金期货最新报价 4424.80美元 / 盎司，较前一交易日下跌42.30 美元，跌幅 0.94%，成功站稳 4400美元 / 盎司关口。当日开盘价 4467.10美元 / 盎司，最高价 4475.20美 元 / 盎司，最低价 4423.60美元 / 盎司。 打开APP，查看更多高清行情>> 【要 ...

朋友们，今天全球大宗商品市场的表现，可以说是给近期火热的气氛泼了一盆"冷水"。原油、铜、白银 等主要品种价格全线下行，尤其是伦铜从纪录高位明显回落，白银一度大跌6%。我是帮主郑重。这突 如其来的"集体冷静"，是行情趋势的拐点，还是狂奔之后一次必要的技术性喘息？我们得好好拆解一 下。 这对于我们投资者有何启示？策略上需要更加细腻。 对于原油，我们需要重新评估地缘事件的持续性影响。如果"美国销售委油"成为现实，那么供应过剩的 基本面将重新主导定价，油价短期可能面临压力。交易逻辑从"事件驱动"回摆至"供需驱动"。 对于以铜为代表的工业金属，今天的回调未必是坏事。它为看好长期"绿色需求"和"全球复苏"逻辑的投 资者，提供了一个更好的观察窗口和潜在的再次入场机会。关键在于，回调的幅度和时长，是否能将不 坚定的筹码清洗出去。 对于普通投资者而言，当前市场的波动率在显著提升，这意味着短期操作的难度加大。更稳妥的策略或 许是：对于明确看好的长线逻辑（如铜的电动化需求），可以利用这种回调进行分批、耐心的布局，而 不是追涨杀跌；对于受复杂事件驱动的品种（如原油），则需要保持更多警惕，等待局势明朗。 先看领跌的两位。原油价格跌至每 ...

1月7日晚间，美股开盘后有所走弱。贵金属集体跳水，国际白银暴跌。 截至发稿，道琼斯指数跳水下跌，标普500指数亦转为下跌；纳斯达克综合指数涨幅回落。 | 道琼斯工业平均 | | | DJIA | 纳斯达克 | | | IXIC | 标普500 | | | SPX | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 49231.92 | | | -230.16 | 23592.95 | | | 45.78 | | | | -7.27 | | | | | -0.47% | | | | 0.19% | 6937.55 | | | -0.10% | | 49703.27 | | | 0.49% | 23585.96 | | | 0.33% | 6957.40 | | | 0.18% | | 49582.67 | | | 0.24% | | | | 0.16% | 6951.11 / | | | 0.09% | | 49462.08 | | | 0.00% | 23547.17 | | | 0.00% | 6944. ...

Financial Data and Key Metrics Changes - Net sales increased by 2.1% to $348.6 million, driven by $18.4 million in inorganic sales from the acquisition of UW Solutions and favorable product mix, partially offset by lower volume, primarily in metals [10] - Adjusted EBITDA margin decreased slightly to 13.2%, primarily due to lower volume and price, as well as higher aluminum and health insurance costs [10] - Adjusted diluted EPS was $1.02, down year-over-year, primarily due to higher amortization and interest expense from the UW Solutions acquisition [11] Business Line Data and Key Metrics Changes - Metals segment net sales declined due to lower volume, but adjusted EBITDA margin improved to 13.5% driven by increased productivity and cost savings from Fortify Phase 2 [11] - Services segment achieved its seventh consecutive quarter of year-over-year net sales growth, with adjusted EBITDA margin increasing to 9.7% due to lower incentive compensation expense [11] - Glass segment net sales increased slightly to approximately $71 million, driven by increased volume and favorable mix, but adjusted EBITDA margin moderated due to lower price and higher material costs [12] Market Data and Key Metrics Changes - Average aluminum prices rose approximately 13% compared to the second quarter and over 50% compared to the third quarter of last year, impacting volume and margin compression in the Metals segment [15] - Backlog for services ended the quarter at $775 million, down slightly from Q2 but up over 4% compared to Q3 of last year [11] Company Strategy and Development Direction - The company remains focused on becoming the economic leader in target markets, managing its portfolio, and pursuing accretive M&A opportunities, with no change in strategic direction [19] - The UW Solutions acquisition is expected to contribute to market and geographical expansion, with fiscal 2026 expectations of $100 million in net sales and approximately 20% adjusted EBITDA margin [7] - The company aims to strengthen its core by driving more efficient operations and enabling sustained profitable growth [8] Management's Comments on Operating Environment and Future Outlook - Management acknowledges challenging macroeconomic factors but believes the company is well-positioned due to operational excellence and a strong balance sheet [8] - The company anticipates continued pressure on pricing and volume in both Metals and Glass segments, with expectations of cost headwinds from normalization of incentive compensation and higher health insurance costs [15] - Management is taking proactive measures, including expanding Project Fortify Phase 2, to manage near-term headwinds and position for growth opportunities [16] Other Important Information - The company reported net cash provided by operating activities of $29.3 million for Q3, down from $31 million in the prior year [12] - The balance sheet remains strong with a consolidated leverage ratio of 1.4x and significant capital available for future deployment [13] Q&A Session Summary Question: What is the board looking for in new leadership? - The company is looking for someone with deep growth and operational excellence experience, particularly in M&A integration [20] Question: Is the updated outlook primarily impacted by aluminum inflation? - Yes, both Metals and Glass segments are experiencing pressure from rising aluminum prices, impacting margins [27] Question: What is the focus on M&A activity going forward? - The company has a robust M&A pipeline and is actively pursuing opportunities, with the UW Solutions acquisition being a successful example [36] Question: How is the company managing pricing discipline in a competitive market? - The company is focused on maximizing EBITDA dollar contribution while protecting premium margins, despite challenges in volume and price [44] Question: What are the near-term priorities for growth? - The company is focused on delivering results, expanding Project Fortify Phase 2, and leveraging the Apogee Management System for cost structure improvements [64][66]

Apogee Enterprises (NasdaqGS:APOG) Q3 2026 Earnings Call January 07, 2026 09:00 AM ET Company ParticipantsJeremy Steffan - VP of Investor Relations and Corporate CommunicationsMark Augdahl - Interim CFODon Nolan - CEOConference Call ParticipantsGowshihan Sriharan - Senior Research AnalystJulio Romero - Equity Research AnalystBrent Thielman - Managing Director and Senior Research AnalystJon Braatz - Senior Equity AnalystOperatorGood day, and thank you for standing by. Welcome to Apogee Enterprises' third qua ...

Financial Data and Key Metrics Changes - Net sales increased by 2.1% to $348.6 million, driven by $18.4 million in inorganic sales from the acquisition of UW Solutions and favorable product mix, partially offset by lower volume primarily in metals [10] - Adjusted EBITDA margin decreased slightly to 13.2%, impacted by lower volume and price, as well as higher aluminum and health insurance costs [10] - Adjusted diluted EPS was $1.02, down year-over-year due to higher amortization and interest expense from the UW Solutions acquisition [11] Business Line Data and Key Metrics Changes - Metals segment net sales declined due to lower volume, but adjusted EBITDA margin improved to 13.5% driven by increased productivity and cost savings from Fortify Phase Two [11] - Services segment achieved its seventh consecutive quarter of year-over-year net sales growth, with adjusted EBITDA margin increasing to 9.7% due to lower incentive compensation expense [11] - Glass segment net sales increased slightly to approximately $71 million, driven by increased volume and favorable mix, though adjusted EBITDA margin moderated due to lower price and higher material costs [12] Market Data and Key Metrics Changes - Average aluminum prices rose approximately 13% from Q2 to Q3 and are up over 50% compared to the same quarter last year, impacting volume and margin [14] - Backlog for services ended the quarter at $775 million, down slightly from Q2 but up over 4% compared to Q3 of last year [11] Company Strategy and Development Direction - The company aims to become the economic leader in target markets with differentiated offerings and competitive cost structures, while also managing its portfolio through creative M&A opportunities [8] - The acquisition of UW Solutions is expected to contribute to market and geographical expansion, with fiscal 2026 expectations of $100 million in net sales and approximately 20% adjusted EBITDA margin [6] - The company is focused on operational excellence through the Apogee Management System (AMS) to drive productivity improvements and cost savings [7] Management's Comments on Operating Environment and Future Outlook - Management acknowledges challenging macroeconomic factors but believes the company is well-positioned due to operational excellence, cost-out execution, and a strong balance sheet [7] - The outlook for fiscal 2026 has been updated to expect net sales of approximately $1.39 billion and adjusted diluted EPS in the range of $3.40-$3.50, factoring in tariff impacts and cost headwinds [13] - Management anticipates continued margin pressure in the Metals and Glass segments due to competitive market dynamics and rising aluminum prices [14] Other Important Information - The company is expanding the scope of Project Fortify Phase Two to include further restructuring actions, primarily in Metals and corporate, to manage near-term headwinds [15] - The balance sheet remains strong with a consolidated leverage ratio of 1.4 times and no near-term debt maturities [13] Q&A Session Summary Question: What is the board looking for in new leadership? - The company is seeking someone with deep growth and operational excellence experience, particularly in M&A integration, with no change in strategic direction [18][19] Question: How is the updated outlook impacted by aluminum prices? - The primary issue is the continued increase in aluminum prices, which has led to margin pressures in both Metals and Glass segments [20][25] Question: What is the company's stance on M&A activity? - The M&A pipeline is robust, with successful integration of UW Solutions and ongoing efforts to identify new opportunities for growth [32][34] Question: How does the company view pricing discipline in the current market? - The company is focused on maximizing EBITDA dollar contribution while managing costs and maintaining pricing discipline in a competitive environment [40][41] Question: What are the near-term priorities for the company? - Key priorities include delivering results for the current year, expanding Project Fortify, and leveraging AMS for cost structure improvements [59][60]

上期所1月7日发布关于做好市场风险控制工作的通知。通知称，近期国际形势复杂多变，金属品种波动 较大，请各有关单位采取相应措施，提示投资者做好风险防范工作，理性投资，共同维护市场平稳运 行。 ...

| 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 000426 | 兴业银锡 | 42.14 | 4.59% | 98.70万 | 41.94亿 | | 002988 | 豪美新材 | 39.08 | 2.84% | 5.27万 | 2.05亿 | | 600219 | 南山铝业 | 5.83 | 2.82% | 458.06万 | 26.54亿 | | 300337 | 银邦股份 | 17.90 | 2.58% | 167.96万 | 28.83亿 | | 603115 | 海星股份 | 21.23 | 2.26% | 9.29万 | 1.96Z | | 002379 | 宏创控股 | 27.80 | 1.79% | 28.25万 | 7.86亿 | | 600961 | 株冶集团 | 17.45 | 1.75% | 29.08万 | 5.08亿 | | 002532 | 天山铝业 | 18.53 | 1.70% | 89.82万 | 16.47亿 | | 920634 | 新威凌 | 26.3 ...

（原标题：2025年铜价创下2009年以来最佳年度表现） 《赞比亚每日国家》报1月3日报道，2025年铜价创下十多年来最强劲的年 度表现。在伦敦金属交易所(LME)，铜价一年内上涨了42%，成为该交易所交 易的工业金属中表现最佳的金属。铜价于12月创下每吨1.3万美元的历史新高， 最后一个交易日收盘于每吨1.26万美元。 ...