登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：000758 证券简称：中色股份公告编号：2025-083 中国有色金属建设股份有限公司 关于部分限制性股票回购注销完成的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误导性陈述或者重大 遗漏。 特别提示： 1. 本次限制性股票回购注销共涉及1名激励对象，回购注销的股票数量为112,600股，占回购前公司总股 本1,990,552,530股的0.0057%。本次注销完成后，公司股份总数为1,990,439,930股。 2. 本次限制性股票的回购价格：因调动、免职等组织安排不在公司任职的，公司按照2024年度权益分派 方案实施后调整的授予价格2.463973元/股加上银行同期定期存款利息之和进行回购注销。 3. 截至2025年12月19日，公司已在中国证券登记结算有限责任公司深圳分公司完成上述限制性股票的回 购注销事宜。 一、激励计划已履行的决策程序和信息披露情况 （一）2022年12月9日，公司召开第九届董事会第50次会议，审议通过了《关于公司〈2022年限制性股 票激励计划（草案）〉及其摘要的议案》《关于公司〈202 ...

| | 业期现日报 | | | | | | --- | --- | --- | --- | --- | --- | | 投资咨询 务 【2011】1292号 2025年12月19日 | | | | 纪元菲 | Z0013180 | | 现货价格及主力合约基差 | | | | | | | 品种 | 12月17日 | 12月16日 | 涨跌 | 涨跌幅 | 单位 | | 华东通氧SI5530工业硅 | 9200 | 9200 | O | 0.00% | | | 墓差 (通室S15530章准) | 730 | 835 | -105 | -12.57% | | | 华东SI4210工业硅 | 9650 | 9650 | O | 0.00% | | | 基差 (SI4210基准) | 380 | 485 | -105 | -21.65% | 元/吨 | | 新疆99硅 | 8750 | 8750 | 0 | 0.00% | | | 基差(新疆) | 1080 | 1185 | -105 | -8.86% | | | 月间价差 | | | | | | | 合钩 | 12月17日 | 12月16日 | 涨跌 | 涨跌幅 | ...

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core View The reduction in both domestic and international copper inventories provides support for copper prices [1]. 3. Summary by Relevant Catalogs 3.1 Fundamental Tracking - **Futures Data**: The closing price of the Shanghai copper main contract was 92,600, with a daily decline of 0.24%, and the night - session closing price was 92,870, with a night - session increase of 0.29%. The price of the LME copper 3M electronic disk was 11,727, with a decline of 0.13%. The trading volume of the Shanghai copper index was 288,527, a decrease of 1,237 from the previous day, and the open interest was 622,036, an increase of 5,683. The trading volume of the LME copper 3M electronic disk was 31,364, an increase of 14,534, and the open interest was 345,000, an increase of 611 [1]. - **Inventory Data**: The Shanghai copper inventory was 44,650, a decrease of 227, and the LME copper inventory was 164,275, a decrease of 2,650. The LME copper cancellation warrant ratio was 37.47%, a decrease of 1.14% [1]. - **Spread Data**: The LME copper premium or discount was - 9.8, a decrease of 0.28 from the previous day. The spot - to - futures near - month spread was - 140, an increase of 10. The near - month contract to the consecutive - first contract spread was - 150, a decrease of 50. The cost of the inter - period arbitrage of buying the near - month and selling the consecutive - first contract was 317 [1]. 3.2 Macro and Industry News - **Macro News**: US inflation slowed more than expected, with the core CPI in November rising 2.6% year - on - year, the lowest since 2021. The ECB kept interest rates unchanged for the fourth consecutive time and did not give a clear easing signal [1][3]. - **Industry News**: Korea Zinc plans to invest $7.4 billion in the US to build a smelter. Peru's copper production in October increased by 4.8% year - on - year to 248,192 tons. Glencore acquired the Quechua copper project in Peru. Peru's Congress approved a one - year extension of the temporary licenses for small - scale miners until the end of 2026 [1][3]. 3.3 Trend Intensity The copper trend intensity is 0, indicating a neutral trend [3].

Group 1: Report Industry Investment Rating - No relevant content provided Group 2: Core Viewpoints of the Report - The overall sentiment is not pessimistic due to the Fed's restart of Treasury purchases and the positive tone of the domestic Central Economic Work Conference. Short - term copper prices are expected to fluctuate at a high level, and the surplus pressure of refined copper is not significant [3]. - Cast aluminum alloy prices are likely to maintain range - bound fluctuations due to strong cost support and supply disruptions, as well as demand fluctuations and delivery pressure [6][27]. - Lead prices are expected to operate weakly in a wide range in the short term due to factors such as flat lead ore inventory, changing lead production rates, and low social inventory [9]. - Zinc prices may give back some gains after the ebb of the non - ferrous metal sentiment, although there are factors such as zinc ore de - stocking and production cuts by smelting enterprises [11]. - Tin prices are expected to fluctuate with market risk appetite in the short term, and it is recommended to wait and see [13]. - Nickel has a large surplus pressure, and it is recommended to wait and see in the short term [16]. - Lithium carbonate prices have an uncertain short - term outlook with de - stocking narrowing at the end of the peak season, and it is recommended to wait and see [18]. - Alumina prices are recommended to be observed in the short term due to factors such as expected decline in ore prices, over - capacity in the smelting end, and approaching cost lines [21]. - Stainless steel prices are in a tight - balance pattern and lack a clear short - term direction, so it is recommended to wait and see [24]. Group 3: Summary by Related Catalogs Copper - **Market Information**: US inflation data in November was lower than expected, the dollar index was stable, and copper prices fluctuated. LME copper inventories decreased, domestic electrolytic copper social and bonded area inventories increased slightly, and the spot market had weak trading. The refined - scrap price difference narrowed [2]. - **Strategy Viewpoint**: Short - term copper prices are expected to fluctuate at a high level, with the Shanghai copper main contract operating in the range of 91,800 - 93,800 yuan/ton and the LME copper 3M contract in the range of 11,600 - 11,850 dollars/ton [3]. Aluminum (Cast Aluminum Alloy) - **Market Information**: The cast aluminum alloy main contract rose, with changes in positions, trading volume, and warehouse receipts. The price difference between contracts narrowed, and domestic and imported ADC12 prices increased. Domestic mainstream market aluminum alloy ingot inventories decreased, while factory inventories increased [5][26]. - **Strategy Viewpoint**: Cast aluminum alloy prices are likely to maintain range - bound fluctuations [6][27]. Lead - **Market Information**: The Shanghai lead index rose, and the LME lead price also increased. There were data on lead ingot prices, refined - scrap price differences, inventories, and basis [8]. - **Strategy Viewpoint**: Lead prices are expected to operate weakly in a wide range in the short term [9]. Zinc - **Market Information**: The Shanghai zinc index rose, and the LME zinc price increased. There were data on zinc ingot prices, basis, inventories, and import and export conditions [10]. - **Strategy Viewpoint**: Zinc prices may give back some gains after the ebb of the non - ferrous metal sentiment [11]. Tin - **Market Information**: The Shanghai tin main contract rose. The smelting enterprises in Yunnan and Jiangxi had different production situations, and the demand was affected by high prices, resulting in weak trading [12]. - **Strategy Viewpoint**: Tin prices are expected to fluctuate with market risk appetite in the short term, and it is recommended to wait and see. The domestic main contract is expected to operate in the range of 300,000 - 350,000 yuan/ton, and the overseas LME tin in the range of 39,000 - 43,000 dollars/ton [13]. Nickel - **Market Information**: Nickel prices fluctuated narrowly, and the spot market had stable premium and discount. Nickel ore prices were stable, while nickel iron prices weakened [15]. - **Strategy Viewpoint**: Nickel has a large surplus pressure, and it is recommended to wait and see in the short term. The short - term Shanghai nickel price is expected to operate in the range of 110,000 - 118,000 yuan/ton, and the LME nickel 3M contract in the range of 13,000 - 15,500 dollars/ton [16]. Lithium Carbonate - **Market Information**: The spot index of lithium carbonate increased, while the futures contract price decreased. Production increased slightly, and social inventories decreased [18]. - **Strategy Viewpoint**: Lithium carbonate prices have an uncertain short - term outlook, and it is recommended to wait and see. The Guangzhou Futures Exchange lithium carbonate 2605 contract is expected to operate in the range of 103,000 - 109,600 yuan/ton [18]. Alumina - **Market Information**: The alumina index was flat, with changes in positions. The spot price in Shandong decreased, and the import profit and loss was negative. Futures warehouse receipts decreased, and ore prices were stable [20]. - **Strategy Viewpoint**: Alumina prices are recommended to be observed in the short term, with the domestic main contract AO2601 expected to operate in the range of 2,400 - 2,700 yuan/ton [21]. Stainless Steel - **Market Information**: The stainless steel main contract rose, with changes in positions. Spot prices in different markets had different trends, and raw material prices also changed. Futures inventories decreased, and social inventories decreased slightly [23]. - **Strategy Viewpoint**: Stainless steel prices are in a tight - balance pattern and lack a clear short - term direction, so it is recommended to wait and see [24].

Group 1 - The company has a comprehensive production capacity of over 1,000 tons per year for precious metals including gold, silver, cadmium, and antimony [1] - The completion of the Hulunbuir Chihong precious metal comprehensive recovery and smelting project will add 380 tons per year of silver ingots and 230 kilograms per year of gold ingots, along with by-products such as antimony and bismuth [1] - The company's high-purity products currently include high-purity zinc and high-purity cadmium [1]

Group 1 - Ganfeng Lithium announced that Mr. Li Liangbin and his concerted actors have pledged approximately 107 million shares, accounting for 26.29% of their holdings and 5.1% of the company's total share capital [1] - For the first half of 2025, Ganfeng Lithium's revenue composition is as follows: non-ferrous metal smelting and rolling industry accounts for 56.78%, lithium batteries and cells and their direct materials account for 35.52%, and others account for 7.7% [1] - As of the report date, Ganfeng Lithium's market capitalization is 131 billion yuan [1]

（文章来源：证券日报） 证券日报网讯 12月17日晚间，创新新材发布公告称，公司2025年第四次临时股东大会审议通过《关于 公司及子公司2026年度向银行等金融机构申请综合授信额度及提供担保额度预计的议案》等多项议案。 ...

有色商品日报 有色商品日报（2025 年 12 月 18 日） 一、研究观点 | 品 种 | 点评 | | --- | --- | | | 隔夜内外铜价冲高回落，国内精炼铜现货进口维系亏损。宏观方面，1 美联储理事沃勒 | | | 表示，随着就业市场趋弱且通胀受控，美联储仍有 50 至 100 个基点的降息空间，但无需 | | | 急于行动，将以稳步、渐进方式把利率引向中性。国内来看，中央财办有关负责人表示， | | 铜 | 扩大内需是明年排在首位的重点任务，明年继续实施适度宽松的货币政策。库存方面， | | | LME 铜库存增加 325 吨至 166925 吨；COMEX 铜仓单增加 2130 吨至 414575 吨；SHFE | | | 铜仓单下降 907 吨至 44877 吨；BC 铜下降 797 吨至 6180 吨。日央行会议召开在即，宏 | | | 观存在一定扰动，海外金融市场波动或抑制风险情绪，短线谨慎为上。 | | | 隔夜氧化铝震荡偏强，隔夜 AO2601 收于 2573 元/吨，涨幅 0.9%，持仓减仓 4202 手至 | | | 17.6 万手。沪铝震荡偏强，隔夜 AL2602 收于 2 ...

1. Report Industry Investment Rating No relevant information provided. 2. Core View of the Report The non - ferrous metals sector is strong but with increasing volatility. After the digestion of macro negative factors, along with the recovery of technology stocks and the support of fundamentals, most non - ferrous metals have shown a rebound. However, due to different fundamental support, there are still differences in strength within the non - ferrous metals sector. Attention should be paid to whether Japan's interest rate hike is realized, and if it is in line with expectations, the impact may be limited. This week, important data and central bank decisions from various countries need to be focused on [11][12]. 3. Summary by Directory 3.1 First Part: Non - ferrous Metals Operation Logic and Investment Recommendations - **Macro Logic**: The non - ferrous metals sector is strong but volatile. The market has a certain willingness to take profits. After the digestion of negative factors, the buying at dips for fundamentally strong varieties and positive news for some varieties have led to a rebound in non - ferrous metals. There are also various economic data and events in China, the United States, and Japan, as well as new regulations from the LME [11]. - **Investment Recommendations for Each Variety**: - **Copper**: The price is expected to rise, with a support range of 90,000 - 91,000 yuan/ton and a pressure range of 94,500 - 95,000 yuan/ton. It is recommended to buy at dips [13]. - **Zinc**: It is in a corrective adjustment, with support at 22,800 - 23,000 and pressure at 23,500 - 23,800. It is recommended to wait and see [15]. - **Aluminum Industry Chain**: Aluminum is in an oscillatory adjustment, alumina is oscillating at the bottom, and cast aluminum alloy is oscillating and adjusting. Different trading strategies are recommended according to different varieties [15]. - **Tin**: It is in an oscillatory arrangement, with support at 290,000 - 300,000 and pressure at 335,000 - 340,000. It is recommended to wait and see temporarily [15]. - **Lead**: It is oscillating weakly, with support at 16,500 - 16,600 and pressure at 17,200 - 17,300. A double - selling strategy is recommended [16]. - **Nickel**: It shows a rebound, with support at 110,000 - 112,000 and pressure at 120,000 - 122,000. It is recommended for a short - term rebound [16]. - **Stainless Steel**: It fluctuates at a low level, with support at 12,200 - 12,300 and pressure at 12,700 - 12,800. It is recommended to wait and see temporarily [16]. 3.2 Second Part: Non - ferrous Metals Market Review The closing prices and price changes of various non - ferrous metal futures are provided, such as copper closing at 92,820 with a 0.98% increase, and zinc closing at 22,970 with a 0.26% decrease [17]. 3.3 Third Part: Non - ferrous Metals Position Analysis The latest position analysis of the non - ferrous metals sector is presented, including the price change, the strength comparison of net long and short positions, the difference in net long and short positions, and the influencing factors of each variety [21]. 3.4 Fourth Part: Non - ferrous Metals Spot Market The spot prices and price changes of various non - ferrous metals are provided, such as the Yangtze River non - ferrous copper spot price at 92,340 yuan/ton with a 0.34% increase, and the Yangtze River non - ferrous 0 zinc spot price at 23,020 yuan/ton with a 0.65% decrease [22]. 3.5 Fifth Part: Non - ferrous Metals Industry Chain Graphs related to the industry chain of various non - ferrous metals are presented, such as the exchange copper inventory change, zinc inventory change, and aluminum inventory and price comparison [26][29][32]. 3.6 Sixth Part: Non - ferrous Metals Arbitrage Graphs related to the arbitrage of various non - ferrous metals are presented, such as the copper Shanghai - London ratio change and the zinc Shanghai - London ratio change [59][60]. 3.7 Seventh Part: Non - ferrous Metals Options Graphs related to the options of various non - ferrous metals are presented, such as the copper option historical volatility and the zinc option weighted implied volatility [78][80].

1. Report Industry Investment Rating No relevant content provided. 2. Core Views of the Report Copper - The Fed's resumption of Treasury bond purchases has led to a marginal easing of liquidity expectations, and the tone of China's Central Economic Work Conference is positive. The short - term risk of a continuous decline in copper prices is small, and it is expected to fluctuate at a high level [5]. Aluminum - Global aluminum inventories continue to decline, and are at relatively low levels compared to the same period in previous years. With overseas supply disruptions and loose macro - policies, aluminum prices are strongly supported. If inventories continue to decline, aluminum prices are expected to rise further after an oscillatory adjustment [8]. Lead - Lead ore inventories are basically flat, the operating rate of primary lead is declining, while the operating rate of recycled lead is rising. With the ebb of the sentiment in the non - ferrous metals market, it is expected that lead prices will operate weakly in a wide range in the short term [10]. Zinc - Zinc ore inventories are decreasing, domestic zinc ingot inventories are decreasing, and LME zinc ingot inventories are slowly increasing. After the ebb of the non - ferrous metals sentiment, Shanghai zinc may give back some of its gains [12]. Tin - Although the current tin market demand is weak and supply is expected to improve, with low downstream inventories, the bargaining power is limited. Short - term prices are expected to fluctuate with market sentiment. It is recommended to wait and see [14]. Nickel - The surplus pressure of nickel is still large. It is necessary to wait for ferronickel to further decline in price before testing the cash cost of the pyrometallurgical production line. It is recommended to wait and see in the short term [17]. Lithium Carbonate - The cancellation of 27 expired mining rights in Yichun has no real impact on supply, but the expectation of supply - demand pattern repair cannot be falsified. Due to the large intraday price fluctuations, it is recommended to wait and see and pay attention to fundamental dynamics and changes in positions [21]. Alumina - After the rainy season, the shipping from Guinea is gradually recovering, and the AXIS mine is resuming production. The alumina smelting capacity surplus pattern is difficult to change in the short term. It is recommended to wait and see in the short term [24]. Stainless Steel - The stainless - steel market has entered the traditional off - season, and the supply pressure is expected to ease. The market is currently in a tight - balance pattern, and prices are oscillating widely. It is recommended to wait and see [27]. Cast Aluminum Alloy - The cost of cast aluminum alloy is relatively firm, and there are continuous supply disruptions. The demand is relatively volatile, and there is delivery pressure. Short - term prices are expected to fluctuate within a range [30]. 3. Summary According to Relevant Catalogs Copper Market Information - The price of silver hit a new high, and copper prices rose. LME copper inventories increased by 325 to 166,925 tons. Domestic SHFE daily warehouse receipts decreased by 0.1 to 45,000 tons. The domestic spot copper import loss was about 1,000 yuan/ton, and the refined - scrap copper price difference widened [4]. Strategy Viewpoint - The short - term risk of a continuous decline in copper prices is small, and it is expected to fluctuate at a high level. The operating range of the Shanghai copper main contract is 91,600 - 94,000 yuan/ton, and that of LME copper 3M is 11,600 - 11,900 US dollars/ton [5]. Aluminum Market Information - The LME aluminum cancelled warrants continued to increase, and aluminum prices rose. The SHFE aluminum weighted contract positions decreased slightly, and futures warehouse receipts decreased. Domestic aluminum ingot and aluminum bar inventories decreased [7]. Strategy Viewpoint - Aluminum prices are strongly supported. If inventories continue to decline, aluminum prices are expected to rise further after an oscillatory adjustment. The operating range of the Shanghai aluminum main contract is 21,900 - 22,300 yuan/ton, and that of LME aluminum 3M is 2,870 - 2,940 US dollars/ton [8]. Lead Market Information - On Wednesday, the Shanghai lead index closed down 0.59% to 16,741 yuan/ton. LME lead 3S fell 1 to 1,943 US dollars/ton. Domestic social inventories increased slightly [9]. Strategy Viewpoint - It is expected that lead prices will operate weakly in a wide range in the short term [10]. Zinc Market Information - On Wednesday, the Shanghai zinc index closed down 0.30% to 22,976 yuan/ton. LME zinc 3S fell 4.5 to 3,058.5 US dollars/ton. Domestic zinc ingot social inventories decreased [11]. Strategy Viewpoint - After the ebb of the non - ferrous metals sentiment, Shanghai zinc may give back some of its gains [12]. Tin Market Information - On December 17, 2025, the Shanghai tin main contract closed at 328,600 yuan/ton, up 1.72%. The operating rate of tin smelting enterprises in Yunnan and Jiangxi is stable at a high level but lacks upward momentum. The demand for tin ingots has declined, and inventories have increased [13]. Strategy Viewpoint - Short - term prices are expected to fluctuate with market sentiment. It is recommended to wait and see. The domestic main contract operating range is 300,000 - 335,000 yuan/ton, and the overseas LME tin operating range is 39,000 - 43,000 US dollars/ton [14]. Nickel Market Information - On Wednesday, nickel prices rebounded after hitting a low. The spot premiums of various brands were stable, and the price of ferronickel weakened [16]. Strategy Viewpoint - The surplus pressure of nickel is still large. It is recommended to wait and see in the short term. The short - term operating range of Shanghai nickel is 110,000 - 118,000 yuan/ton, and that of LME nickel 3M is 13,000 - 15,500 US dollars/ton [17]. Lithium Carbonate Market Information - The MMLC spot index of lithium carbonate rose 4.45%. The LC2605 contract closed up 7.97% [20]. Strategy Viewpoint - Due to large intraday price fluctuations, it is recommended to wait and see and pay attention to fundamental dynamics and changes in positions. The operating range of the Guangzhou Futures Exchange lithium carbonate 2605 contract is 104,800 - 112,300 yuan/ton [21]. Alumina Market Information - On December 17, 2025, the alumina index rose 0.5% to 2,619 yuan/ton. The spot price in Shandong decreased, and overseas prices also decreased. Futures warehouse receipts decreased [23]. Strategy Viewpoint - It is recommended to wait and see in the short term. The operating range of the domestic main contract AO2601 is 2,400 - 2,700 yuan/ton. Attention should be paid to supply - side policies, Guinea's ore policies, and the Fed's monetary policy [24]. Stainless Steel Market Information - On Wednesday, the stainless - steel main contract closed at 12,380 yuan/ton, up 0.49%. Spot prices in some markets increased, and raw material prices were stable. Social inventories decreased [26]. Strategy Viewpoint - The market is currently in a tight - balance pattern, and prices are oscillating widely. It is recommended to wait and see [27]. Cast Aluminum Alloy Market Information - The cast aluminum alloy rebounded, the weighted contract positions decreased, and the volume shrank. The inventory of domestic three - place aluminum alloy ingots decreased [29]. Strategy Viewpoint - Short - term prices are expected to fluctuate within a range [30].