铁合金期货周报 宁 夏 结 算 电 价 下 调 ， 合 金 急 跌 后 反 弹 广发期货APP 微信公众号 作者：徐艺丹 联系方式：020-88818017 从业资格证：F03125507 投资咨询：Z0020017 本报告中所有观点仅供参考，请务必阅读此报告倒数第二页的免责声明。 品种观点 | | | 基本面来看，硅铁日产环比小幅回升，经过前期减产供应压力有所缓解，厂库延续降库，但整体库存仍处于中高 水平。需求端，铁水产量维持高位，钢厂利润修复，成材社库累库及表需冲高回落，关注后续出口边际变化。非 钢需求方面，金属镁节前厂家去库支撑价格，但下游需求采购谨慎，同时海外报价走高但询盘减少，买家对高价 接受力度有限。成本端，兰炭价格持稳，低库存叠加供应缩减，供需矛盾有限。电价方面，5月宁夏不再是电力现 货市场结算，电价或有回升可能，短期电价扰动告一段落。展望后市，短期硅铁供需矛盾有所缓解，成本端电价 变化仍需跟踪，兰炭暂时企稳，短期价格缺乏明显驱动，预计价格震荡运行。 区间震荡，区间参考5300- 5650 区间震荡，短期参考 5500-5900 本周海外矿山锰矿远期报价继续下调，伴随进口亏损利润加深，锰矿贸易商 ...

国内市场综述 弱势整理 缩量回调 周五（5 月 9 日）大盘弱势整理，震荡回调。截至收 盘，上证综指收于 3342 点，下跌 0.3%；深成指收于 10126.83 点，下跌 0.69%；科创 50 下跌 1.96%；创业 板指下跌 0.87%，万得全 A 成交额共 12224 亿元，较 前一日有所下降。 行业方面，30 个中信一级行业有 5 个行业收涨，其中 银行、纺织服装及家电涨幅居前，而综合金融、国防 军工及计算机则跌幅较大。概念方面，央企银行、火 电及饲料精选等指数表现活跃。 海外市场综述 美国三大股指多数收跌，特斯拉大涨 4.72% 周五（5 月 9 日），美国三大股指多数收跌，道指跌 0.29%，标普 500 指数跌 0.07%，纳指持平。安进、默 克跌超 2%，领跌道指。万得美国科技七巨头指数涨 0.16%，特斯拉大涨 4.72%，苹果涨 0.53%。中概股涨 跌不一，理想汽车跌 2.2%。 新闻精要 1. 中美经贸高层会谈在瑞士日内瓦举行 2. 证监会印发《推动公募基金高质量发展行动方案》 3. 4 月我国 CPI 环比由上月下降 0.4%转为上涨 0.1% 4. 王毅分别同印巴双方通电话 风 ...

重要提示：本报告非期货交易咨询业务项下服务，其中的观点和信息仅作参考之用，不构成对任何人的投 资建议。 我司不会因为关注、收到或阅读本报告内容而视相关人员为客户；市场有风险，投资需谨慎。 每周观点 本周观点： 交易咨询业务资格：证监许可【2012】1091号 锰硅周报5.6-5.9 大越期货投资咨询部 胡毓秀 从业资格证号：F03105325 投资咨询证号：Z0021337 联系方式：0575-85226759 原料端，锰矿市场成交冷清，现货价格持续偏弱运行。供应端，目前硅锰厂减停产计划仍存，盘面偏强震荡，硅锰现 货价格止跌企稳。需求端，下游钢厂多等待主流钢招进场，市场散单成交冷清，市场多持观望态度。 下周行情预测： 硅锰市场供需双弱，现货价格偏弱运行，预计下周锰硅价格偏弱为主。 2 -2000元/吨 0元/吨 2000元/吨 4000元/吨 6000元/吨 8000元/吨 10000元/吨 12000元/吨 14000元/吨 2020-01-01 2020-08-01 2021-03-01 2021-10-01 2022-05-01 2022-12-01 2023-07-01 2024-02-01 2024 ...

Group 1 - The event on May 10 marked the ninth "China Brand Day," organized by the Foshan Market Supervision Administration, aimed at enhancing the quality and brand leadership of Foshan's manufacturing industry [1] - Four brand lists were released, including the "Bay Area Certification" brand list, "Top 50 Craftsmanship Quality Brand Enterprises in Foshan," "Top 10 Intellectual Property Innovation Brand Enterprises in Foshan," and "Top 10 Brand Figures in Foshan," with 99 enterprises and 10 outstanding entrepreneurs recognized [1] - Foshan has cultivated 684 "Leading Enterprises Standards," ranking first in the country for five consecutive years, promoting quality upgrades and brand efficiency through standard enhancements [1] Group 2 - In 2024, Foshan evaluated 98 enterprises across various sectors, establishing 138 Foshan standards and approving 434 Foshan standard products, indicating a growing standard brand matrix [2] - The mayor of Foshan emphasized the need to strengthen the "Have a Home, Have Foshan Manufacturing" brand, aligning with the goal of creating a "New Foshan" [2] - Foshan aims to enhance product quality through advanced quality management tools and the implementation of a Chief Quality Officer system, encouraging the transformation of new technologies into advanced standards [2] Group 3 - The Deputy Director of the Guangdong Market Supervision Administration expressed hopes for collaboration among government, industry associations, and enterprises to empower quality and brand development [3] - Foshan is encouraged to continue implementing the quality strong country strategy and support enterprises in innovation to enhance product variety and quality [3] - The focus is on creating a favorable environment for brand development, promoting high-quality growth, and achieving modernization in China [3]

Core Insights - Wanze Co., Ltd. has been recognized for its outstanding performance in the fields of micro-ecological medicine and high-temperature alloys, winning two significant awards at the 2025 China Listed Company Brand Value List Conference [1] - The company's dual business strategy of "medical + high-end manufacturing" has proven successful, showcasing its ability to innovate and develop across high-barrier industries [1][4] Company Development - Wanze Co., Ltd. has evolved from a single business focus in real estate at its inception in 1992 to a dual-driven model, fully divesting from real estate in 2019 to concentrate on its core areas [1] - The company has made strategic decisions aligned with national policies, particularly in the context of domestic substitution and the Healthy China initiative [4] Financial Performance - In 2024, Wanze's subsidiary, Wanze Shuangqi Pharmaceutical, achieved revenues of 794 million yuan, a year-on-year increase of 13.43%, with net profits reaching 330 million yuan, up 39.8% [4] - The company has significantly increased its R&D investment, reaching 209 million yuan in 2024, a growth of 27.48%, and has accumulated 228 patents [5] Market Opportunities - The domestic aviation engine market is rapidly growing, with less than 30% self-sufficiency in high-end materials, positioning Wanze to capitalize on domestic substitution opportunities [7] - The global micro-ecological drug market exceeds one trillion dollars, with core products like "Jin Shuangqi" and "Ding Junsheng" expanding into new indications to unlock further growth [7] Strategic Initiatives - Wanze Co., Ltd. is actively integrating resources in the aviation engine and micro-ecological sectors through acquisition funds, enhancing technical collaboration and market influence [7] - The company aims to transition from a traditional micro-ecological product supplier to a comprehensive "microbial medical solution provider" through a forward-looking "three-dimensional innovation strategy" [7]

铸造铝合金产业链周报 国泰君安期货研究所 有色及贵金属 莫骁雄 投资咨询从业资格号：Z0019413 日期：2025年5月11日 Guotai Junan Futures all rights reserved, please do not reprint Special report on Guotai Junan Futures 铸造铝合金：承压运行，相较于A00继续偏弱 强弱分析：偏弱 废料价格相对坚挺 1000 1200 1400 1600 1800 2000 2200 2400 2600 2800 3000 15000 16000 17000 18000 19000 20000 21000 22000 元/吨 佛山破碎生铝精废价差（右轴） 元/吨 佛山破碎生铝含税价 佛山A00 ADC12-A00有望延续下滑趋势 -1500 -1000 -500 0 500 1000 1500 2000 2500 3000 01-02 01-14 01-26 02-07 02-19 03-03 03-15 03-27 04-09 04-21 05-06 05-18 05-30 06-11 06-23 07-05 0 ...

二 〇 二 五 年 度 2025 年 5 月 11 日 锰硅：矿端报价扰动，锰硅宽幅震荡 硅铁：电费成本扰动，硅铁偏弱震荡 | 李亚飞 | 投资咨询从业资格号：Z0021184 | liyafei2@gtht.com | | --- | --- | --- | | 金园园（联系人） | 期货从业资格号：F03134630 | jinyuanyuan2@gtht.com | 报告导读： 总体来看，锰硅近期供需格局边际收紧，市价较低，现货成交较弱，期货仓单提货明显；硅铁成本 重心下移，后续应继续关注合金厂的生产节奏变动和钢厂生产节奏的博弈，跟踪需求端高炉铁水产量的 节奏变动对双硅的需求支撑。 请务必阅读正文之后的免责条款部分 1 期货研究 【走势回顾】本周硅铁 2506 合约走势震荡偏弱，收于 5,482 元/吨，周环比变化-108 元/吨，成交 440,882 手，持仓 82,029 手，持仓环比变化-39,724 手。本周锰硅 2509 合约价格走势震荡，收于 5,758 元/吨，周环比变化 6 元/吨，成交 21326 手，持仓 42605 手，持仓环比变化-14,562 手。 【供应】硅铁本周产量为 10 ...

Monetary Policy - The People's Bank of China announced a 0.5 percentage point reduction in the reserve requirement ratio for financial institutions, effective from May 15 [2] - The reserve requirement ratio for auto finance companies and financial leasing companies will be reduced by 5 percentage points [2] Industry Events - The 20th "China Optics Valley" International Optoelectronic Exposition will be held from May 15 to 17, focusing on optoelectronic technology and emerging fields such as AI and smart manufacturing [3] - Multiple industry events, including the 2025 World Digital Education Conference and the 17th China International Battery Technology Exchange Conference, will take place next week [3] E-commerce Promotions - Major e-commerce platforms like Tmall and Suning will kick off their 618 pre-sale activities on May 13, with JD.com also launching its promotional season [4] Stock Market Updates - The Hang Seng Index Company will announce the results of its first-quarter index review on May 16, with changes effective from June 9 [5] - Over 180 billion yuan worth of restricted shares will be unlocked next week, with a peak on May 12 when 15 companies will have a total unlock value of 144.69 billion yuan [7] Earnings Reports - Major internet companies including Alibaba, Tencent, JD.com, and NetEase will release their earnings reports next week, with JD.com reporting on May 13 and Alibaba on May 15 [6] New Stock Listing - Tian Gong Co., Ltd. will be listed on the Beijing Stock Exchange on May 13, focusing on the research, production, and sales of titanium and titanium alloy materials [10]

Core Viewpoint - Wanze Co., Ltd. has been recognized with two prestigious awards, "Annual Private Leading Brand" and "Classic Brand Case," at the 2025 Ninth China Listed Company Brand Value List Conference, highlighting its brand strength, innovation, and industry influence [1][2]. Group 1: Company Overview - Wanze Co., Ltd. is a leading player in the pharmaceutical micro-ecology field and one of the few private enterprises in China capable of full-process research and development from high-temperature alloy materials to component manufacturing [1][2]. - The company’s subsidiary, Inner Mongolia Shuangqi, is the only national high-tech enterprise focused on digestive and gynecological micro-ecological systems, with its core products "Jin Shuangqi®" and "Ding Junsheng®" leading their respective markets [2]. Group 2: Financial Performance - In 2024, Wanze Co., Ltd. achieved a revenue of 1.079 billion yuan, a year-on-year increase of 9.93%, and a net profit attributable to shareholders of 193 million yuan, up 9.17% [3]. - For Q1 2025, the company reported a revenue of 335 million yuan and a net profit of approximately 72.69 million yuan, reflecting year-on-year growth rates of 15.34% and 10.52%, respectively [3]. Group 3: Research and Development - In 2024, Wanze Co., Ltd. invested 209 million yuan in R&D for high-temperature alloys, marking a significant increase of 27.48% year-on-year [5]. - The company has established a research team with a high proportion of master's and doctoral graduates, enhancing its capabilities in aerospace engine material research [5]. Group 4: Future Strategy - The company aims to enhance its R&D, production, and market expansion efforts, focusing on micro-ecology and high-temperature alloys to create greater shareholder value and contribute to industry development [6].

General Provisions - The company is established to protect the legal rights of the company, shareholders, employees, and creditors, and to regulate its organization and behavior according to relevant laws [1][2] - The company was founded on April 16, 2010, and registered in Wenzhou, with its registered capital amounting to RMB 437,282,217 [1][2] Company Structure - The company is a permanent joint-stock company, with the board of directors acting as the legal representative [2] - The legal representative is responsible for civil activities conducted in the company's name, and the company bears the legal consequences of these activities [2][3] Management and Political Organization - The company establishes a party organization to play a political core role and provide political guidance in its development [2][3] - The articles of association are legally binding for the company, shareholders, directors, and senior management, allowing for legal actions among these parties [2][3] Business Objectives and Scope - The company's business objective is to develop based on practical realities and to innovate [3][4] - The business scope includes the production, processing, and sales of precious metal alloy materials and electrical components, as well as import and export activities [3][4] Shares and Capital - The company issues ordinary shares, with all shares having equal rights [5][6] - The total number of shares issued is 437,282,217, all of which are ordinary shares [5][6] Shareholder Rights and Responsibilities - Shareholders have rights to dividends, voting, and supervision of the company's operations, among others [11][12] - Shareholders must comply with laws and the articles of association, and they are liable for their subscribed shares [15][16] Shareholder Meetings - The company holds annual and temporary shareholder meetings, with specific procedures for calling and conducting these meetings [20][21] - Shareholder proposals must be submitted in advance, and the company must provide adequate notice of meetings [26][27] Legal Compliance and Governance - The company must comply with legal requirements for transactions, including asset purchases and external guarantees, which require shareholder approval under certain conditions [48][49] - The board of directors is responsible for ensuring the legality of shareholder meetings and decisions [22][23]