Group 1 - Jinpan Technology reported a net profit of 486 million yuan for the first three quarters, a year-on-year increase of 20.27%, with total revenue of 5.194 billion yuan, up 8.25% [1] - Saisir announced the maximum price for its H-share issuance at 131.5 HKD per share, with the public offering starting on the same day and expected to end on October 31 [1] - Jinghua Laser plans to invest approximately 200 million yuan in a new project to produce 20,000 tons of UV laser platinum embossed anti-counterfeiting materials [2] Group 2 - Zhenyu Technology intends to invest 2.11 billion yuan in a project for robots and precision structural components, to be developed in three phases from 2025 to 2030 [3] - Qianyuan Power reported a net profit of 493 million yuan for the first three quarters, a year-on-year increase of 85.74%, with total revenue of 2.169 billion yuan, up 47.99% [4] - Haohua Energy's net profit decreased by 50.5% to 554 million yuan, with total revenue of 6.307 billion yuan, down 7.85% [7] Group 3 - Kangtai Biological's net profit fell by 86% to 49.16 million yuan, with total revenue of 2.063 billion yuan, up 2.24% [8] - Huafeng Aluminum reported a net profit of 896 million yuan for the first three quarters, a year-on-year increase of 3.24%, with total revenue of 9.109 billion yuan, up 18.63% [10] - Beiyuan Group's net profit decreased by 10.88% to 214 million yuan, with total revenue of 6.762 billion yuan, down 9.91% [12] Group 4 - Noying Co. reported a net profit of 450 million yuan for the first three quarters, a year-on-year decrease of 22.95%, with total revenue of 31.562 billion yuan, up 2.01% [14] - Chuanhua Zhili's net profit increased by 168.36% to 637 million yuan, despite a revenue decline of 2.74% to 18.84 billion yuan [16] - Jiangsu Sop's net profit decreased by 39.21% to 126 million yuan, with total revenue of 4.661 billion yuan, down 5.74% [18] Group 5 - Yiling Pharmaceutical's net profit increased by 80.33% to 1 billion yuan, with total revenue of 5.868 billion yuan, down 7.82% [20] - Hengwei Technology's net profit decreased by 50.16% to 39.01 million yuan, with total revenue of 739 million yuan, up 16.14% [22] - Gaode Infrared reported a net profit increase of 1058.95% to 582 million yuan, with total revenue of 3.068 billion yuan, up 69.27% [24] Group 6 - Sanxia Water reported a net profit decrease of 8.53% to 351 million yuan, with total revenue of 7.611 billion yuan, down 6.06% [26] - Junda Co. reported a net loss of 419 million yuan for the first three quarters, with total revenue of 5.682 billion yuan, down 30.72% [28] - Shanghai Energy's net profit decreased by 59.22% to 255 million yuan, with total revenue of 5.64 billion yuan, down 22.03% [30] Group 7 - Haizheng Biomaterials reported a net profit decrease of 85.34% to 490,570 yuan, with total revenue of 621 million yuan, down 5.74% [32] - Huisheng Lithium reported a net loss of 103 million yuan, with total revenue of 539 million yuan, up 62.29% [34] - Weicet Technology's net profit increased by 226.41% to 202 million yuan, with total revenue of 1.083 billion yuan, up 46.22% [36] Group 8 - Mengjie Co. reported a net profit increase of 28.69% to 26.52 million yuan, with total revenue of 1.099 billion yuan, down 7.97% [38] - Qingdao Beer terminated its acquisition of 100% equity in Jimo Yellow Wine due to unmet conditions [40] - Sifang Precision plans to issue H-shares and list on the Hong Kong Stock Exchange [42]

每经头条（nbdtoutiao）——独家丨民营船王入主杉杉集团横生枝节 重整联合体浮现神秘组局人 （记者 王晓波） 截至发稿，华峰铝业市值为171亿元。 每经AI快讯，华峰铝业（SH 601702，收盘价：17.15元）10月27日晚间发布三季度业绩公告称，2025年 前三季度营收约91.09亿元，同比增加18.63%；归属于上市公司股东的净利润约8.96亿元，同比增加 3.24%；基本每股收益0.9元，同比增加3.45%。 ...

期到 日报 投资咨询业务资格:证监许可 【2011】1292 2025年10月27日 星期一 70015979 | 价格及基差 | | | | | | | --- | --- | --- | --- | --- | --- | | | 现值 | 前值 | 日涨跌 | 日涨跌幅 | 单位 | | SMM 1#电解铜 | 86420 | 85490 | +930.00 | 1.09% | 元/肥 | | SMM 1#电解铜升贴水 | 10 | 10 | 0.00 | - | 元/肥 | | SMM 广东1#电解铜 | 86445 | 85440 | +1005.00 | 1.18% | 元/吨 | | SMM 广东1#电解铜升贴水 | 30 | 65 | -35.00 | - | 元/吨 | | SMM湿法铜 | 86345 | 85425 | +920.00 | 1.08% | 元/吨 | | SMM湿法铜升贴水 | -65 | -55 | -10.00 | - | 元/吨 | | 精废价差 | 3798 | 3366 | +431.70 | 12.83% | 元/吨 | | LME 0-3 | -25.97 ...

有色金属：对有色要有信心，景气向好 20251026 摘要 市场对有色金属，包括铜、铝和黄金，仍然充满信心。然而，存在两方面的担 忧：一是金价近期出现较大回调，部分机构客户担心如果金价继续下跌，会否 拖累其他金属价格；二是美国 9 月份经济数据公布后，市场担心基本金属的供 需基本面情况，尤其是电解铝供给是否会出现超预期变动。总体来看，有色行 业景气度仍然持续向好。 黄金价格预计在 3,900 至 4,000 美元间形成强支撑，调整周期或为 2 至 4 周，盘整或持续至明年年初，通胀抬头或是再次启动动力。即使金价 维持高位震荡，矿产金产量增长的公司仍具配置价值，26-29 年产量年 均复合增速可达十几个百分点，部分高达 20%，PEG 估值合理。 铜价走势更多取决于供需基本面，而非与黄金同步。预计 2026 年全球 流动性宽松，铜价有望突破 11,000 美元甚至超过 12,000 美元。2025 年多家矿山调降 2026 年产量指引，或致明年铜元素供应短缺约两个百 分点，建议把握回调机会，配置低估值高成长个股。 电解铝板块近期表现超预期，国内产量达峰值，海外无明显增量，下游 铝合金和铝棒产量持续改善，库存去化 ...

Core Points - The U.S. President Trump announced an additional 10% import tariff on Canadian goods, citing a misleading advertisement funded by the Ontario government that criticized U.S. tariff policies [1][2] - The advertisement, which quoted former President Reagan, claimed tariffs harm American workers and consumers, leading to a trade war [1] - Following the announcement, Canadian officials expressed dissatisfaction, and Ontario's Premier Doug Ford decided to suspend the advertisement to facilitate constructive dialogue with the U.S. [2][3] Group 1 - The additional tariff is a response to a specific advertisement that Trump claims distorts facts and aims to interfere with U.S. court decisions regarding tariffs [1][2] - The advertisement continued to air during a major baseball event, which further angered Trump, prompting his decision to raise tariffs [2] - Canadian officials, including Trade Minister Dominic LeBlanc, expressed a desire for constructive discussions despite the escalating tensions [3] Group 2 - The Canadian economy is facing challenges, with a reported unemployment rate at a nine-year high, partly due to high tariffs imposed by the U.S. on key Canadian exports [3] - The Canadian Chamber of Commerce highlighted that any level of tariffs would primarily burden the U.S. before affecting North American competitiveness [3] - There has been a significant decline in cross-border travel and U.S. exports to Canada, with a 31% drop in road travel and an 85% decrease in U.S. liquor exports to Canada in the second quarter [3]

Investment Rating - Maintain "Buy" rating for the sector [5] Core Views - The report indicates that the precious metals market is expected to maintain a bullish trend in the medium to long term due to inflationary pressures and global liquidity easing, despite recent price corrections [1][34] - For industrial metals, copper prices are supported by tight supply conditions and liquidity easing, while aluminum prices are expected to show strong fluctuations due to overseas production cuts and geopolitical tensions [2][3] - Energy metals, particularly lithium, are projected to see strong price performance driven by positive demand expectations, while cobalt prices are also on an upward trend despite cautious purchasing strategies from downstream buyers [3][25] Summary by Sections Precious Metals - U.S. September CPI recorded at 3%, lower than the expected 3.1%, indicating a potential for interest rate cuts by the Federal Reserve [1][34] - The consumer confidence index in the U.S. has declined to 53.6, reflecting weak economic fundamentals [1][34] - The report suggests that the recent pullback in gold prices is considered sufficient, and long-term bullish trends remain intact [1][34] Industrial Metals - Copper prices are supported by tight supply due to disruptions in mining and easing liquidity conditions [2] - Global copper inventory increased by 19,400 tons, with Chinese inventory rising by 17,100 tons [2] - The report highlights that the aluminum industry in China is maintaining production levels, while overseas production cuts are expected to support aluminum prices [2] - Nickel demand remains strong, particularly in the battery sector, with prices expected to rise [2] Energy Metals - Lithium prices are showing strong performance, with battery-grade lithium carbonate prices rising by 5.4% to 80,000 yuan/ton [3][25] - Cobalt prices are also on the rise, supported by strong demand from the ternary material sector, although purchasing strategies are becoming more cautious [3][25] Key Stocks - Recommended stocks include: - Zijin Mining, Shandong Gold, and Chifeng Jilong Gold for precious metals [1] - Luoyang Molybdenum, Nanshan Aluminum, and China Hongqiao for industrial metals [2][8] - Ganfeng Lithium and Tianqi Lithium for energy metals [3][8]

证券研究报告 明泰铝业 (601677 CH) 公司三季度毛利率环比改善明显 2025 年 10 月 26 日│中国内地 其他金属非金属新材料及加工 明泰铝业发布三季报：Q3 实现营收 88.74 亿元（yoy+6.39%，qoq-0.01%）， 归母净利 4.64 亿元（yoy+35.94%，qoq-7.29%）。2025 年 Q1-Q3 实现营 收 258.74 亿元（yoy+9.38%），归母净利 14.04 亿元（yoy-0.49%），扣 非净利 11.78 亿元（yoy+1.42%）。考虑公司再生铝占比较高，成本优势较 大，维持买入评级。 25Q3 公司毛利率环比明显改善 根据三季报，公司 25Q3 销售毛利率 8.13%，同比-1.26pct，环比+2.48pct， 公司产品高端化持续推进叠加 24 年取消出口退税政策逐步消化，公司毛利 率呈现明显修复。费用方面，公司三季度合计期间费用率 2.33%，同比 -4.44pct，环比+0.80pct，环比增长主要受财务费用三季度由负转正至 1026.18 万元影响。 前三季度公司铝箔带板产销同增 8.6%/8.1%，支持公司业绩稳定 根据公司公告披露， ...

长期以来，加拿大的经济深受美国市场的影响，而特朗普政府的保护主义政策暴露了这种依赖的风险。 如今，特朗普宣布终止美加贸易谈判，进一步加剧了加拿大的经济困境。事实上，早在今年9月，卡尼 就已在纽约与中国高层进行了接触，双方达成了保持"最高层接触"的共识。到了10月中旬，加拿大外交 部长阿南德还专程访华，和中国外长王毅讨论了多边合作与贸易关系。 卡尼此行显然希望通过加强与中国的联系来缓解当前困境，但问题在于，加拿大能为中国提供什么样的 合作诚意呢？此前，加拿大在贸易中曾跟随美国对中国采取了一些限制措施，例如对中国电动汽车征收 了100%的关税，并对钢铁和铝加征了25%的关税。中国随后对加拿大的农产品如油菜籽进行了反制措 施。 目前，加拿大政府虽然在审查是否继续对中国电动汽车征收关税，但能否最终撤销这一政策还不明确。 尽管如此，加拿大当前的合作意愿更多的是为了应对美国的压力，甚至可能希望通过与中国的合作为未 来与美国的谈判增加筹码。 中加关系的改善从来不是单方面的施恩，而是基于平等互利的合作。中国并不只是单方面地"帮扶"加拿 大，而是希望双方能通过合作实现互利共赢。卡尼想要打开中国市场的大门，但如果加拿大仍不愿改变 ...

Group 1 - The importance of distinguishing between controllable and uncontrollable factors in trade policy is emphasized, particularly regarding the United States' tariffs against trading partners [1][2] - The U.S. trade policy has fundamentally shifted from the 1980s and 1990s, now imposing varying degrees of tariffs on all trading partners, which has led to ongoing negotiations in specific sectors like steel, aluminum, and energy [2][3] - Progress has been made in negotiations, and there is readiness to continue discussions that would benefit workers and families in both the U.S. and Canada [3] Group 2 - The focus of Canada's Budget 2025 is on generational investment and building domestic capabilities, which is a controllable factor for the country [4] - Developing new partnerships and opportunities, particularly with major Asian economies, is highlighted as a strategic focus during this trip [4]

明泰铝业(601677.SH)披露2025年第三季度报告，公司前三季度实现营收258.74亿元，同比增长9.38%;归 母净利润14.04亿元，同比下降0.49%;扣非净利润11.78亿元，同比增长1.42%;基本每股收益1.12元。 ...