"当前我国铜产业链呈现'原料进口紧缺、冶炼内卷严重、加工生存困难'的窘境。" 今年以来，铜价呈现"过山车"行情，其中沪铜期货主力合约创出阶段性新高后陡坡下行，有所反弹后维 持震荡行情。 国信期货首席分析师顾冯达分析称，未来一个月，铜价预计将在7.5万至8.3万元/吨区间波动，铜价高位 偏强震荡为主，整体抗跌性强，中长期来看铜价重心异涨难跌，关注全球政治经贸及供应链调整等潜在 风险。 从铜产业链的情况来看，顾冯达认为，当前我国铜产业链呈现"原料进口紧缺、冶炼内卷严重、加工生 存困难"的窘境。2025年中国铜企转型的核心特征可概括为产业转型升级、风险管理常态化。 金田股份（601609.SH）高级副总裁郑敦对第一财经记者称，该公司近几年两条腿走路，一方面在传统 赛道中，不断提高技术，推动产业往高端方向发展，另一方面在国家支持和鼓励的战略新兴赛道加大布 局力度，这部分的业务占比大幅上升。同时，为降低铜价带来的风险，根据订单和生产需求进行套期保 值。 季先飞也称，现在整个铜产业链从冶炼到终端消费，都处于压低利润的状态，冶炼方面若按照加工费来 计算，已经处于亏损状态，铜材加工企业的利润也较低，终端企业也不断往前端压价格 ...

数据显示，6月9日上海0#锌锭现货价格报价22590.00元/吨，相较于期货主力价格（21910.00元/吨）升 水680.00元/吨。 （6月9日）今日全国锌价格一览 表 | 规格 | 报价 | 报价类 | 交货地 | 交易商 | | --- | --- | --- | --- | --- | | | | 型 | | | | 品名:0#锌锭 ;牌号:Zn99.995 ; | 22640元/ | 市场价 | 上海 | 上海华通有色金属现货市场 | | | 吨 | | | | | 火炬 0#锌 | 22850元/ | 市场价 | 浙江省/金华 | 上海贝洲金属材料有限公司 | | | 吨 | | 市 | | | 红鹭 0#锌 | 22700元/ | 市场价 | 浙江省/温州 | 上海贝洲金属材料有限公司 | | | 吨 | | 市 | | | 飞龙 0#锌 | 22700元/ | 市场价 | 浙江省/台州 | 上海贝洲金属材料有限公司 | | | 吨 | | 市 | | | 品名:0#锌锭 ;牌号:Zn99.995 ; | 22600元/ | 市场价 | 上海 | 上海物贸中心有色金属交易市 | | | 吨 | ...

编号：2025-08 投 资 者 关 系 活 动类别 ■特定对象调研 □分析师会议 □媒体采访 □业绩说明会 □新闻发布会 □路演活动 □现场参观 □其他 参 与 单 位 名 称 及人员姓名 国泰海通 宁紫微；华安证券 黄玺 洪慧 罗鑫； 西安清善 欧阳昕 郭亚辉。 时间 2025 年 6 月 9 日 地点 公司会议室 上 市 公 司 接 待 人员姓名 宝武镁业董秘吴剑飞 宝武镁业证代 杜丽蓉 投 资 者 关 系 活 动 主 要 内 容 介 绍 问：请介绍一下宝武镁业？ 答：宝武镁业科技股份有限公司前身为南京云海特种金属股 份有限公司，成立于 1993 年，2007 年在深交所上市，公司经过 三十多年的发展，成为了集矿业开采、有色金属冶炼和回收加工 为一体的高新技术企业，主营业务为镁、铝合金材料的生产及深 加工、销售业务，主要产品包括镁合金、镁合金压铸件、铝合金、 铝挤压微空调扁管、铝挤压汽车结构件、中间合金以及金属锶等。 产品主要应用于汽车、电动自行车轻量化、消费电子及建筑等领 域。公司拥有"白云石开采-原镁冶炼-镁合金熔炼-镁合金精密铸 造、变形加工-镁合金再生回收"完整产业链，全产业链优化公司 产品成本 ...

| 产业期现日报 | | | | | | | --- | --- | --- | --- | --- | --- | | 投资咨询业务资格:证监许可 【2011】1292号 2025年6月9日 | | | | 林嘉施 | Z0020770 | | 价格及基差 | | | | | | | | 现值 | 前值 | 日涨跌 | 日涨跌幅 | 单位 | | SMM 1#电解镍 | 123400 | 123100 | 300 | 0.24% | 7C/HT | | 1#多川镇 | 124500 | 124200 | 300 | 0.24% | 元/吨 | | 1#金川镍升贴水 | 2450 | 2450 | 0 | 0.00% | 元/吨 | | 1#进口镇 | 122300 | 122100 | 200 | 0.16% | 元/吨 | | 1#进口镇升贴水 | 250 | 350 | -100 | -- | 元/肥 | | LME 0-3 | -182 | -189 | 7 | -3.68% | 美元/吨 | | 期货进口盈亏 | -3595 | -3563 | -32 | 0.90% | 元/吨 | | 沪伦比值 ...

中辉有色观点 | 品种 | 核心观点 | 主要逻辑及价格区间 | | --- | --- | --- | | 黄金 | | 美国数据喜忧参半，中国央行连续 7 个月增持黄金，市场关注中美谈判、俄罗 | | | 高位震荡 | 斯报复以及本周美国通胀数据。短期不确定性仍然较多，关注风险事件是否再 | | | | 次集中爆发。长期全球尚在秩序重塑途中，黄金战略配置价值高。【765-790】 | | 白银 | 强势震荡 | 因为白银弹性大，黄金高位调整情况之下，资金关注白银的补涨行情，白银冲 破此前震荡区间，冲击历史新高，风险偏好上升，白银继续上冲需要多方力量 | | | | 配合，背靠区间上沿等待做多。【8700-9000】 | | 铜 | 高位盘整 | 美国非农数据超预期，美元指数反弹，前期宏观利好已经兑现，短期铜多单止盈兑 | | | | 现，警惕铜高位回落风险，卖出套保把握逢高布局机会，中长期依旧看好铜。沪铜 | | | | 关注区间【77900，79200】 | | 锌 | 区间震荡 | 国内宏观政策窗口期，锌供应产能高位释放，需求淡季来临和钢材拖累，锌低 | | | | 位震荡，长期看，锌供增需弱，把握逢 ...

有色早报 研究中心有色团队 2025/06/09 铜 ： 日期 沪铜现货 升贴水 废精铜 价差 上期所 库存 沪铜 仓单 现货进口 盈利 三月进口 盈利 保税库 premium 提单 premium 伦铜 C-3M LME 库存 LME 注销仓单 2025/05/30 175 665 105791 34128 -778.22 155.91 86.0 100.0 50.08 149875 74850 2025/06/03 215 1019 105791 31404 -652.82 409.92 85.0 100.0 52.31 143850 74375 2025/06/04 130 945 105791 31933 -863.51 389.51 81.0 98.0 48.48 141350 75025 2025/06/05 80 805 105791 31687 -1366.56 279.74 79.0 98.0 93.15 138000 83300 2025/06/06 75 974 105791 32278 -1323.74 19.48 41.0 65.0 69.84 132400 77800 变化 -5 ...

Core Insights - The article highlights the performance of the CSI 500 Quality Growth Index, which has shown a positive trend with a 0.35% increase as of June 9, 2025, and mentions specific stocks that have performed well within this index [1] - It emphasizes the outperformance of small-cap stocks this year, driven by improved risk appetite among individual investors, with a focus on identifying high-quality potential "new blue chips" [1] - The report indicates that the quality factor has gained prominence, with the CSI 500 Quality Index outperforming for two consecutive years, while dividend strategies have narrowed, leaving banks as the sole standout [1] Performance Summary - As of May 30, 2025, the top ten weighted stocks in the CSI 500 Quality Growth Index include Chifeng Jilong Gold Mining (600988), Ninebot (689009), and Shenghong Technology (300476), collectively accounting for 23.79% of the index [2] - The performance of individual stocks within the index varies, with notable movements such as Chifeng Jilong Gold Mining decreasing by 2.49% and Ninebot increasing by 1.01% [4] Investment Strategy - The report suggests that investors should focus on stocks with high SIRR (Sustainable Internal Rate of Return) and improving performance in semi-annual reports, particularly within the small-cap segment [1] - It also notes that as economic stability improves, high SIRR stocks in the CSI 300 Quality Growth Index are expected to gradually rise [1]

Core CPI and Economic Policy - The core CPI shows a steady upward trend, reflecting the effectiveness of macroeconomic policies and the increasing impact of domestic demand on prices [1][5] - In May, the core CPI excluding food and energy prices rose by 0.6% year-on-year, an increase of 0.1 percentage points from the previous month [2][4] CPI and PPI Trends - In May, the CPI decreased by 0.2% month-on-month and 0.1% year-on-year, while the PPI fell by 0.4% month-on-month and 3.3% year-on-year, with the year-on-year decline widening by 0.6 percentage points [2][7] - Energy prices dropped by 6.1% year-on-year, contributing approximately 0.47 percentage points to the CPI decline [4] Food Prices and Consumer Demand - Food prices decreased by 0.4% year-on-year, with pork prices rising by 3.1% but showing a decline in growth rate compared to the previous month [4] - The analysis indicates that consumer demand is in a critical recovery phase, with expectations of gradual improvement in consumption as counter-cyclical policies take effect [4][5] Sector-Specific Price Movements - Certain sectors are experiencing marginal price improvements, with some consumer goods seeing price stabilization or increases [8] - High-tech product demand is expanding, leading to price increases in sectors such as integrated circuits and aircraft manufacturing [8] Future Price Outlook - Short-term inflation may face dual pressures, with expectations of continued negative growth in CPI and PPI in the second and third quarters [9] - Recent financial policies may signal the start of a new round of incremental policies aimed at stabilizing employment, businesses, and market expectations [9]

Group 1: CPI Analysis - In May, the Consumer Price Index (CPI) decreased by 0.2% month-on-month and by 0.1% year-on-year, while the core CPI, excluding food and energy, increased by 0.6%, with the growth rate expanding by 0.1 percentage points compared to the previous month [1][2][3] - The month-on-month decline in CPI was primarily driven by a 1.7% decrease in energy prices, which accounted for approximately 70% of the total decline in CPI [2] - Food prices fell by 0.2%, with seasonal vegetables seeing a 5.9% price drop, while prices for eggs, pork, and poultry slightly decreased by 0.3% to 1.0% [2][3] Group 2: PPI Analysis - The Producer Price Index (PPI) decreased by 0.4% month-on-month and by 3.3% year-on-year, with the year-on-year decline expanding by 0.6 percentage points compared to the previous month [1][4][5] - The month-on-month PPI decline was influenced by international factors, including a 5.6% drop in oil and gas extraction prices and a 3.5% decrease in refined oil product manufacturing prices [4] - Some sectors showed marginal price improvements, with consumer demand policies positively impacting prices in certain industries, such as a 12.8% increase in the price of arts and crafts and a 0.8% rise in footwear manufacturing [5]

Group 1 - The main reason for the month-on-month decline in PPI is the impact of international input factors leading to price decreases in related domestic industries [1] - The decline in international crude oil prices has resulted in a 5.6% decrease in the prices of the oil and gas extraction industry, a 3.5% decrease in refined petroleum product manufacturing prices, and a 1.2% decrease in the prices of chemical raw materials and chemical products manufacturing [1] - These three industries collectively contributed to a month-on-month decline in PPI of approximately 0.23 percentage points, accounting for over 50% of the total decline [1] Group 2 - Domestic energy and raw material prices have also experienced a phase of decline, with coal mining and washing prices decreasing by 3.0% due to seasonal demand factors [1] - The prices of coal processing have decreased by 1.1%, while the black metal smelting and rolling industry and non-metallic mineral products industry have both seen a 1.0% price decline [1] - The combined effect of these four industries contributed to a month-on-month decline in PPI of approximately 0.18 percentage points [1]