A股能源金属板块再度拉升，盛新锂能涨停，远航精密、永杉锂业、赣锋锂业、融捷股份、腾远钴业等 纷纷走高。 ...

[Table_Main] 证券研究报告 | 行业周报 有色金属 优于大市（维持） 证券分析师 翟堃 资格编号：s0120523050002 邮箱：zhaikun＠tebon.com.cn 高嘉麒 资格编号：S0120523070003 邮箱：gaojq＠tebon.com.cn 研究助理 市场表现 -29% -22% -15% -7% 0% 7% 15% 22% 2024-05 2024-09 2025-01 有色金属 沪深300 资料来源：德邦研究所，聚源数据 请务必阅读正文之后的信息披露和法律声明 相关研究 1.《盛达资源：金银上行，扩产在即》， 2025.4.30 2.《锡业股份：原料自给上行，行业 持续景气》，2025.4.30 3.《有色金属周报：黄金剧震，持续 看好》，2025.4.27 4.《天山铝业：利润高企，成长性明 显》，2025.4.20 5.《有色金属周报：特朗普连续喊话 美 联 储 ， 关 注 贵 金 属 表 现 》 ， 2025.4.20 有色金属周报：地缘冲突升级， 坚守贵金属投资 [Table_Summary] 投资要点： 有色金属 2025 年 06 月 16 日 贵金属：金 ...

丨证券研究报告丨 行业研究丨行业周报丨金属、非金属与采矿 [Table_Title] 产业与宏观共振，资源品全面开花 报告要点 [Table_Summary] 本周是关键节点，美元下破"箱体"+地缘冲突升级共振，金价重回上升通道，权益恢复弹性， 重视突破新高前的配置际遇。本周核心两点触发黄金重回上升通道：1）美元指数破过去 2 年 震荡箱体进一步走弱。对应周三公布 5 月 CPI 低预期，联储担忧滞胀并未到来，降息概率回 升。美国经济在"滞胀"和"衰退"或走向后者。传统框架/衰退路径是今年驱动金价进一步新 高的重要因子。我们依旧维持金价延续上涨至第二轮第一次降息落地；2）以伊地缘冲突再起， 催生避险情绪进一步助力金价向上弹性；同时我们欣喜看到黄金股摆脱过去 1 个月对金价弱化 的弹性，在周五出现显著修复。我们认为第二波贵金属股行情或启动。 分析师及联系人 [Table_Author] SFC：BQT626 SFC：BUT918 王鹤涛 肖勇 叶如祯 王筱茜 肖百桓 SAC：S0490512070002 SAC：S0490516080003 SAC：S0490517070008 SAC：S04905190800 ...

[Table_Date] 2025 年 6 月 15 日 本周沪锡价格环比上涨，海外供给偏紧预期对 锡价或有支撑 [Table_Title2] 有色-能源金属行业周报 [Table_Summary] 报告摘要: ►本周沪镍价格环比下跌，纯镍供给仍旧过剩 截止到 6 月 13 日，LME 镍现货结算价报收 14,970.00 美 元/吨，较 6 月 6 日下跌 1.67%，LME 镍总库存为 197,538.00 吨，较 6 月 6 日减少 1.28%；沪镍报收 12.01 万元/吨，较 6 月 6 日下跌 2.13%，沪镍库存为 25,693.00 吨，较 6 月 6 日增加 0.30%；截止到 6 月 13 日，硫酸镍报收 28,500.00 元/吨，较 6 月 6 日价格持平。根据 SMM，从供给端来看，国内方面，菲 律宾的镍矿发运量继续增加，冶炼厂的原料库存较为充足。然 而，因成品价格下跌，部分国内冶炼厂可能会选择降低生产负 荷，这可能导致国内金属供应量趋弱。印尼方面，内贸火法镍 矿的升水依然坚挺，冶炼厂面临较大的成本压力。从需求端来 看，本周不锈钢市场出现大幅波动，主要头部企业采取不限价 不限量的政策 ...

Investment Rating - The report maintains a "Buy" rating for several companies in the non-ferrous metals sector, including Zijin Mining, Luoyang Molybdenum, and China Nonferrous Mining [4]. Core Views - The report highlights that geopolitical tensions are driving up precious metal prices, with gold increasing by 3.65% and silver by 0.66% during the week [1]. - Industrial metals are expected to perform well due to ongoing export demand and significant production cuts from mines, particularly in copper [2]. - The lithium market is stabilizing, with prices expected to hold steady in the short term, while cobalt prices may see upward movement due to inventory depletion [3]. - The report emphasizes the importance of central bank gold purchases and the weakening of the US dollar as key factors supporting gold prices in the medium to long term [4]. Summary by Sections 1. Industry and Stock Performance - The SW Nonferrous Index rose by 3.35% during the week, while the Shanghai Composite Index and CSI 300 both fell by 0.25% [1]. 2. Base Metals 2.1 Price and Stock Correlation - The report notes fluctuations in base metal prices, with aluminum prices increasing by 2.10% and copper decreasing by 0.24% [1][12]. 2.2 Industrial Metals - Copper supply remains tight, with the SMM import copper concentrate index down by $44.75 per dry ton, a decrease of $1.46 [2]. - Domestic aluminum social inventory decreased by 44,000 tons, indicating a strong demand despite a seasonal slowdown [2]. 3. Precious Metals and Minor Metals 3.1 Precious Metals - Gold prices are expected to continue rising due to geopolitical tensions and central bank purchases, with a focus on companies like Zijin Mining and Shandong Gold [4]. - Silver prices are supported by industrial demand and are expected to perform well alongside gold [4]. 3.2 Energy Metals - Lithium prices are stabilizing, with production increasing due to prior market rebounds, while cobalt prices are anticipated to rise as inventory levels decrease [3]. - Nickel prices are under pressure due to weak downstream demand and increased production capacity, with expectations of further price declines [3][56].

Core Insights - The A-share market indices collectively rose on Wednesday, with the Shanghai Composite Index increasing by 0.52%, the Shenzhen Component Index by 0.83%, and the ChiNext Index by 1.21%. The total market turnover was 12,866 billion, a decrease of 1,646 billion from the previous day, with over 3,400 stocks rising across the market. The sectors with the highest gains included rare earth permanent magnets, energy metals, and automotive parts, while the CRO concept sector saw declines [3][7]. Important News - The first meeting of the China-U.S. economic and trade consultation mechanism took place on June 9-10, 2025, in London. The Chinese lead, Vice Premier He Lifeng, and the U.S. lead, Treasury Secretary Yellen, along with other officials, engaged in candid and in-depth discussions on economic and trade issues of mutual concern. They reached a principled consensus on the framework for implementing the important consensus from the June 5 call between the two heads of state and made progress in addressing each other's economic and trade concerns [4][8].

Market Performance - A-shares experienced an increase due to positive stimuli, with the Shanghai Composite Index rising by 0.52% to 3402.32 points, and the Shenzhen Composite Index increasing by 0.71% [1] - The total trading volume for A-shares was 12,867 billion, a decrease from 14,514 billion the previous day [1] - Most sectors saw gains, particularly rare earths, gaming, energy metals, insurance, automotive parts, securities, trade, non-metallic materials, jewelry, and colored metals [1] Trade Negotiations - The rise in A-shares was primarily linked to progress in US-China trade negotiations, with officials concluding a two-day meeting in London [1] - Chinese and US representatives reported professional and candid discussions, reaching a framework to implement agreements from previous high-level talks [1] - Further details regarding US-China trade negotiations are expected in the coming days, with a likelihood of positive developments [1] External Market Influences - US stock markets continued their recent upward trend, with all three major indices showing slight increases [2] - The offshore RMB exchange rate was stable around 7.188, while the US dollar remained in a consolidation phase due to various offsetting factors [2] - Market expectations for US Federal Reserve interest rate cuts have diminished, now anticipating only one cut for the year [2] Future Market Focus - The A-share market's performance is expected to be influenced by ongoing US-China trade discussions, with reduced uncertainties likely leading to diminished trade-related volatility [2] - Attention may shift towards domestic economic data and potential easing policies, especially following disappointing May import/export and price data [2]

Core Viewpoint - The A-share market opened strong with significant gains across major indices, indicating a positive market sentiment and potential recovery in the A-share landscape [1] Market Performance - The Shanghai Composite Index surpassed the 3400-point mark, while the Shenzhen Component Index rose nearly 1% and the ChiNext Index increased by approximately 1.4% [1] - Nearly 4000 stocks in the two markets experienced an increase, showcasing broad market participation [1] Sector Highlights - The automotive parts sector showed collective strength, and the energy metals sector also saw a rise, with the IP economy concept becoming active again [1] - The ChiNext-listed companies performed strongly, with related funds experiencing significant gains [1] Fund Performance - The ChiNext ETF by Guotai Junan (159371) demonstrated strong leadership, with an intraday increase of over 2% [1] - Other related ETFs, such as the ChiNext ETF (159971) and the ChiNext Enhanced ETF (159676), saw intraday increases of 1.91% and 1.67%, respectively, and closed up 1.42% and 1.11% [1] Market Trends - The market achieved a "good start" in June, with the ChiNext Index showing impressive gains, particularly in the communication, electronics, and non-ferrous metals sectors, indicating a return to growth style that is boosting market sentiment [1] - Various sectors, including computing power, digital currency, rare earths, sports, and 6G, exhibited varying degrees of performance [1] Investment Opportunities - The ChiNext Index, composed of the 100 most representative ChiNext-listed companies, reflects the operational status of the ChiNext market, characterized by a high proportion of emerging industries and high-tech enterprises [1] - As one of the most representative growth stock indices in A-shares, the ChiNext Index is seen as a "leader" during upward phases, suggesting that investors may consider forward-looking investments through the ChiNext ETF (159971) and its linked funds (Class A 161022/Class C 013277) to capitalize on the A-share recovery opportunities [1]

A股午评：沪指收涨0.54% 再度站上3400点 创新药板块回调 金十数据6月11日讯，A股三大股指早盘震荡上升，截至午盘，沪指涨0.54%再度站上3400点，深成指涨 0.89%，创业板指涨1.29%，沪深两市半日成交额7906亿，较上个交易日放量19亿。盘面上，稀土永 磁、能源金属、汽车零部件板块涨幅居前；CRO概念、创新药板块跌幅居前。汽车零部件概念爆发， 泉峰汽车、迪生力、金麒麟、西上海等多股涨停，稀土永磁板块延续强势，北矿科技三连板，中科磁 业、华阳新材、宁波韵升涨停；CRO概念震荡走低，联化科技多次触及跌停。 ...

Group 1 - The A-share energy metal sector experienced an initial surge, with significant gains observed in various companies [1] - Boqian New Materials reached the daily limit up, indicating strong investor interest and confidence [1] - Other companies such as Tengyuan Cobalt, Huayou Cobalt, Hanrui Cobalt, Ganfeng Lithium, and Shengxin Lithium Energy also saw increases in their stock prices, reflecting a broader positive trend in the sector [1]