投资咨询业务资格：证监许可【2012】31号 【黑色金属周报】 国贸期货 黑色金属研究中心 2025-11-03 张宝慧 从业资格证号：F0286636 投资咨询证号：Z0010820 董子勖 从业资格证号：F03094002 投资咨询证号：Z0020036 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供参考，不构成任何投资建议；期市有风险，投资需谨慎 薛夏泽 从业资格证号：F03117750 投资咨询证号：Z0022680 目录 | 01 | 02 | | --- | --- | | 钢材 | 焦煤焦炭 | | 情 绪 交 易 暂 告 段 落 ， 重 回 对 产 业 供 应 端 的 关 注 | 第 三 轮 提 涨 延 迟 落 地 ， 宏 观 利 好 兑 现 | 02 焦煤焦炭 03 铁矿石 暂 无 新 驱 动 打 破 区 间 价 格 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供参考，不构成任何投资建议，期市有风险，投资需谨慎 01 PART ONE 钢材 钢材：情绪交易暂告段落，重回对产业供应端的关注 影响因素 驱动 主要逻辑 供给 中性 因唐山有环保限产，铁水产量周度降幅加速，当周铁水产 ...

资料显示，河南神火煤电股份有限公司位于河南省永城市东城区东环路北段369号，成立日期1998年8月 31日，上市日期1999年8月31日，公司主营业务涉及铝产品、煤炭的生产、加工和销售及发供电。主营 业务收入构成为：电解铝69.40%，煤炭14.11%，铝箔6.41%，铝箔坯料4.44%，贸易3.82%，其他业务 1.73%，运输0.05%，阳极炭块0.03%，型焦0.03%。 从基金十大重仓股角度 数据显示，国泰海通资管旗下1只基金重仓神火股份。国泰海通远见价值混合发起A（017935）三季度 持有股数31.93万股，占基金净值比例为5.07%，位居第四大重仓股。根据测算，今日浮盈赚取约40.55 万元。 11月3日，神火股份涨5.14%，截至发稿，报26.00元/股，成交14.47亿元，换手率2.55%，总市值584.83 亿元。 国泰海通远见价值混合发起A（017935）基金经理为朱晨曦。 截至发稿，朱晨曦累计任职时间2年249天，现任基金资产总规模1.77亿元，任职期间最佳基金回报 32.29%， 任职期间最差基金回报1.68%。 风险提示：市场有风险，投资需谨慎。本文为AI大模型自动发布，任何在本文 ...

Group 1 - The core point of the news is that Shenhuo Co., Ltd. experienced a stock price increase of 5.14%, reaching 26.00 CNY per share, with a trading volume of 1.445 billion CNY and a turnover rate of 2.55%, resulting in a total market capitalization of 58.483 billion CNY [1] - Shenhuo Co., Ltd. is primarily engaged in the production, processing, and sales of aluminum products and coal, with its main business revenue composition being: electrolytic aluminum 69.40%, coal 14.11%, aluminum foil 6.41%, aluminum foil raw materials 4.44%, trading 3.82%, other businesses 1.73%, transportation 0.05%, anode carbon blocks 0.03%, and type coke 0.03% [1] Group 2 - From the perspective of fund holdings, one fund under Galaxy Fund has a significant position in Shenhuo Co., Ltd. The Galaxy Value Growth Mixed A Fund (016340) increased its holdings by 17,000 shares in the third quarter, bringing the total to 119,100 shares, which accounts for 4.39% of the fund's net value, ranking it as the tenth largest holding [2] - The Galaxy Value Growth Mixed A Fund (016340) has achieved a year-to-date return of 59.5%, ranking 530 out of 8,223 in its category, and a one-year return of 53.67%, ranking 737 out of 8,115 [2]

沪指翻红。 A股市场今天（11月3日）上午整体低位震荡，临近上午收盘，上证指数成功翻红。 概念板块方面，煤炭股今天上午大幅上涨，成为A股市场和港股市场主要亮点之一，其中港股飞尚无烟煤领涨，盘中涨幅一度超过180%。此 外，核能核电概念表现强势，多股开盘即涨停，消息面上，我国核能科技领域取得新突破。 沪指翻红 A股市场今天上午整体低位震荡，盘中一度近3000只个股下跌。上证指数盘中一度跌近0.5%，但临近上午收盘成功翻红；创业板指盘中一度 跌超2%，截至午间收盘，跌幅收窄至1.37%。 主要行业板块和赛道方面，若按照申万一级行业划分，煤炭板块领涨，板块盘中涨幅一度超过3%。安泰集团（600408）涨停，晋控煤业 （601001）、中煤能源（601898）、潞安环能（601699）、陕西煤业（601225）、陕西黑猫（601015）、云煤能源（600792）等跟涨。 | 代码 | 名称 | 现价 | 涨跌 | 涨跌幅 ▼ | | --- | --- | --- | --- | --- | | 600408 | 安泰集团 | 3.42 | 0.31 | 9.97% | | 601898 | 中煤能源 | 14.27 ...

钢材产业期现日报 周敏波 Z0010559 | 钢材价格及价差 | | | | | | | --- | --- | --- | --- | --- | --- | | 品种 | 现值 | 前值 | 涨跌 | 某差 | 单位 | | 螺纹钢现货(华东) | 3230 | 3230 | O | 124 | | | 螺纹钢现货(华北) | 3190 | 3200 | -10 | 84 | | | 螺纹钢现货(华南) | 3320 | 3340 | -20 | 214 | | | 螺纹钢05合约 | 3166 | 3170 | -4 | ୧4 | | | 螺纹钢10合约 | 3189 | 3199 | -10 | 41 | | | 螺纹钢01合约 | 3106 | 3106 | O | 124 | 元/吨 | | 热卷现货(华东) | 3330 | 3330 | O | 22 | | | 热卷现货(华北) | 3250 | 3260 | -10 | -58 | | | 热卷现货(华南) | 3320 | 3340 | -20 | -22 | | | 热卷05合约 | 3318 | 3327 | -g | 22 | | ...

Core Insights - The China Securities A500 Dividend Low Volatility Index (932422) has shown a positive performance with a 0.68% increase as of November 3, 2025, with notable gains from constituent stocks such as Tebian Electric Apparatus (600089) and Huanlan Environment (600323) [1] - The China Securities A500 Dividend Low Volatility ETF (561680) has also increased by 0.50%, with a latest price of 1.01 yuan, and has demonstrated a cumulative increase of 0.90% over the past two weeks [1] - The ETF has a management fee of 0.50% and a custody fee of 0.10%, with the highest tracking accuracy among comparable funds at 0.102% year-to-date [2] Performance Metrics - The ETF has recorded a maximum monthly return of 3.37% since inception, with an average monthly return of 3.37% and a profit probability of 68.42% [1] - The maximum drawdown since inception is 3.42%, with a relative benchmark drawdown of 0.23%, and a recovery period of 30 days [1] - The top ten weighted stocks in the index account for 31.82% of the total, with Agricultural Bank of China (601288) and China Shenhua Energy (601088) being the most significant contributors [2] Stock Performance - The top ten stocks by weight in the index include Agricultural Bank of China (0.75% increase), China Shenhua Energy (2.35% increase), and Industrial and Commercial Bank of China (1.67% increase) [4] - Other notable stocks include China Bank (1.25% increase) and Jiangsu Bank (1.58% increase), while Gree Electric Appliances saw a decline of 1.11% [4]

11月3日，和讯投顾乔利芳表示，我们看到今天的市场也是围绕3950上下做震荡，临近收盘大家看到大 盘还出现了翻红，那今天市场要从技术方面来讲的话，由于60分钟级别上随机值呈现了超卖，所以技术 方面，大盘要迎来短期的超跌反弹，所以我们提到大家不要在这个位置持续的杀跌，有的品种大家等一 等，接下来它的一个反抽，那今天上午一号线和二号线交叉了之后，我们看到今天最后一个小时也算是 插好秧了，但是这个插好秧没有出现中阳线，是吧？我们说这个插好秧如果没有一个中到大阳线的话， 但是短期也是要稳一稳的，没有中到大阳线，那就说明市场在这儿还会有反复的这种预期，但是给了这 个缩量的一个小的一个次阳结构，短期最起码要在这儿稳一稳止跌企稳，有止跌企稳的动能了。包括大 家问到的证券它的走势，你看它今天最后一个小时基本上是这样的一个运行，那上午能够带动大盘企稳 的，其实就是还是这些前期的高位的同性，一号线二号线交叉之后也是给了一个次要。上午有很多的朋 友都提到这个通信，就是提到他们的一个调整，但这个调整你看一号线二线交叉之后都给了一个粉柱 体，我们提到上午就给大家讲到已经是超跌了，超跌之后就会迎来技术方面的一个反抽，反抽如果放量 了，反 ...

晨报 煤焦 煤焦：市场情绪偏暖 价格震荡偏强 投资咨询业务资格： 负责人：赵 毅 从业资格号：F3059924 投资咨询号：Z0002978 电话：010-62688526 逻辑：上周煤焦期价震荡偏强运行，波动较为剧烈。现货市场总体稳 中偏强，焦价第二轮提涨落地，多地焦企开始第三轮提涨，本周存在落地 可能。 证监许可【2011】1452 号 宏观面，上周美联储如期降息，叠加中美贸易谈判进展顺利，摩擦有 所缓和；国内十五五规划超市场预期发布，增强市场风险偏好，支撑市场 情绪回暖。 成 材：武秋婷 从基本面来看，国内端上周山西主产地煤矿国庆期间停减产煤矿基本 恢复正常，产量快速恢复，焦精煤产量回升至 77.9 万吨，环比前一周增 加 2.7 万吨。进口端高频数据显示，上周蒙煤甘其毛都口岸日均通关量回 升至 16.43 万吨，较前一周增加 5.6 万吨，回到偏高水平。 原材料：程 鹏 需求端，钢厂利润延续收缩趋势，盈利率降至 45%左右，但从过往情 况来看，当前盈利率暂不会导致钢厂大规模减产。上周铁水产量下降主要 在于河北部分地区有环保压力，钢厂有减产动作，日均铁水产量降至 236.36，较前一周下降 3.55 万 ...

期 货 眼 ·日 迹 每日早盘观察 银河期货研究所 2025 年 11 月 3 日 0 / 48 研究所 期货眼·日迹 | | | | 豆粕：利多因素带动 | 盘面偏强运行 5 | | --- | --- | | 白糖：外糖价格反弹修复 | 郑糖价格短期略强 6 | | 油脂板块：短期缺乏利多驱动，油脂震荡偏弱运行 7 | | | 玉米/玉米淀粉：现货稳定，盘面底部震荡 8 | | | 生猪：供应压力继续体现 | 价格延续回落 9 | | 花生：花生现货企稳反弹，花生短期底部震荡 9 | | | 鸡蛋：淘鸡有所增加 | 蛋价有所企稳 10 | | 苹果：新季果质量较差 | 客商采购积极 11 | | 棉花-棉纱：收购进入高峰 | 棉价震荡略偏强 12 | | 钢材：宏观影响消退，钢价冲高回落 14 | | --- | | 双焦：高位震荡 等待回调后做多的机会 14 | | 铁矿：高位偏空为主 15 | | 铁合金：库存持续攀升，继续作为空头配置 16 | | 贵金属：政策风向转变，短期承压延续调整 17 | | --- | | 铜：价格短期回踩，长期趋势不变 18 | | 氧化铝：供应端减产仍未落地 氧化铝偏 ...

1. Report Industry Investment Rating - No relevant information provided in the report. 2. Core Viewpoints of the Report - This week, domestic thermal coal prices remained stable. As of October 31, the quotation for 5500K coal at Qinhuangdao Port was 768 yuan/ton, unchanged from the previous week. The coal market atmosphere was still optimistic, with good purchasing enthusiasm among traders and many coal mines raising prices. The market expected a supply contraction at the end of the year, which supported the coal price. Although the demand in southern coastal cities declined in the off - season after the October cooling, the low coal inventory in coastal power plants meant there was still restocking demand. The La Nina phenomenon that emerged in September 2025 might last until December 2025 - February 2026, but its impact on winter temperatures was uncertain. As of October 31, the total coal inventory at 9 ports in the Bohai Rim was 23.169 million tons, a week - on - week decrease of 800,000 tons and 2.729 million tons lower than the same period last year, which supported the port coal price. After the China - US summit, some tariffs were lowered and suspended for one year. Overall, some positive factors were mostly realized in October. As coal prices rose, market competition intensified, and it was expected that the upward trend of coal prices would slow down and remain in a high - level volatile state [3][28]. 3. Summary by Relevant Catalogs 3.1 News and Market Trends - In the first three quarters, the installed capacity of coal - fired power was 1.23 billion kilowatts, a year - on - year increase of 4.6%. The total social electricity consumption in the country was 7.77 trillion kilowatt - hours, a year - on - year increase of 4.6%. It was expected that the electricity consumption growth rate in the fourth quarter would be higher than that in the third quarter, and the annual social electricity consumption would increase by about 5% year - on - year. From January to September, the coal mining and washing industry achieved a profit of 22.464 billion yuan, a decrease of 51.1%. The autumn maintenance of the Datong - Qinhuangdao Railway was completed one day ahead of schedule, and the daily freight volume was expected to quickly rebound to over 1.2 million tons [5][7][8][10]. 3.2 Market Data Tracking - On October 29, the Bohai Rim Thermal Coal Price Index was 685 yuan/ton, a week - on - week increase of 1 yuan/ton. As of October 30, the FOB price of 5500 - calorie thermal coal produced in Shanxi at Qinhuangdao Port was 768 yuan/ton, an increase of 2 yuan/ton compared to October 23. Shipping freight rates were adjusted downward this week. As of October 30, the China Coastal Coal Freight Composite Index was 943.06 points, a decrease of 6.35 points from October 23; the BDI freight index also declined. As of October 30, the spot prices of Q5800, Q5500, Q5000, and Q4500 thermal coal at Qinhuangdao Port were 823.11, 768.00, 672.00, and 587.00 yuan/ton respectively. The main contract of Zhengzhou Coal was 33.4 yuan/ton higher than the 5500 - calorie thermal coal quotation at Qinhuangdao Port. As of October 30, the Q5500 Indonesian coal ex - warehouse price at Guangzhou Port was 768.62 yuan/ton, 0.62 yuan/ton higher than the domestic Qinhuangdao Port thermal coal quotation. As of October 24, the Newcastle thermal coal spot price was 103.74 US dollars/ton. As of October 28, the coal inventory at Qinhuangdao Port was 5.64 million tons, a week - on - week increase of 40,000 tons, and the number of ships at anchor was 17 [13][15][23][24][26]. 3.3 Future Outlook - The market expected a supply contraction at the end of the year, which supported the coal price. The low coal inventory in coastal power plants meant there was still restocking demand. The La Nina phenomenon might last until December 2025 - February 2026, but its impact on winter temperatures was uncertain. The low inventory at ports supported the coal price. After the China - US summit, some tariffs were lowered and suspended for one year. Overall, it was expected that the upward trend of coal prices would slow down and remain in a high - level volatile state [3][28].