有色早报 研究中心有色团队 2025/12/16 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 2025/12/09 110 4266 115035 29531 -838.94 -8.32 40.0 46.0 0.00 165675 63100 2025/12/10 35 4271 115035 28931 -1168.76 -70.55 41.0 48.0 11.69 164975 65400 2025/12/11 5 4282 115035 31461 -1540.94 -17.07 41.0 48.0 24.76 165850 66650 2025/12/12 -15 4927 115035 32563 -1469.82 -364.76 41.0 47.0 20.69 165900 66000 2025/12/15 30 4637 115035 42226 -1177.97 -249.44 42.0 48.0 -4.39 165875 65400 变化 ...

投资咨询业务资格：证监许可【2012】669号 中信期货研究（有⾊每⽇报告） 2025-12-16 美联储降息预期出现反复，基本金属或 转为震荡整固 有⾊观点：美联储降息预期出现反复，基本⾦属或转为震荡整固 交易逻辑：12月美联储利率决议符合预期，美联储调降明年降息次数，但 将购买国债，实际动作较为积极，并且鲍威尔排除了明年加息的可能性； 12月10-11日中央经济工作会议召开，定调较为积极，继续"国补"，国 内消费预期有望改善，整体上看，宏观面预期偏正面，但上周末前美联储 官员回怼特朗普政府，投资者对美联储降息预期出现反复。原料端延续偏 紧局面，并逐步往冶炼端传导，供应端收缩风险仍然存在。终端略偏弱， 12月初汽车销售延续放缓，12月空调排产降幅扩大，2026年1-2月排产预 计改善，基本金属现实供需改善放缓，但预期偏紧。整体来看，中短期， 供应扰动担忧继续支撑价格，中央经济工作会议定调积极，需求预期改善 有望提振基本金属，但高价对消费抑制及美联储降息预期反复对价格进一 步涨势构成约束，可继续关注铜铝锡低吸做多机会；长期，国内潜在增量 刺激政策预期仍在，并且铜铝锡供应扰动问题仍在，供需仍有趋紧预期， 看好铜 ...

张世骄 从业资格号：F03120988 0755-23375122 zhangsj3@wkqh.cn 有色金属日报 2025-12-16 五矿期货早报 | 有色金属 铜 【行情资讯】 吴坤金 从业资格号：F3036210 交易咨询号：Z0015924 0755-23375135 wukj1@wkqh.cn 曾宇轲 从业资格号：F03121027 0755-23375139 zengyuke@wkqh.cn 王梓铧 从业资格号：F03130785 0755-23375132 wangzh7@wkqh.cn 刘显杰 从业资格号：F03130746 0755-23375125 liuxianjie@wkqh.cn 陈逸 从业资格号：F03137504 0755-23375125 cheny40@wkqh.cn 贵金属走强带动情绪面回暖，铜价冲高，昨日伦铜 3M 合约收涨 1.16%至 11686 美元/吨，沪铜主力合 约收至 92480 元/吨。LME 铜库存减少 25 至 165875 吨，注销仓单比例下滑，Cash/3M 升贴水下滑。 国内电解铜社会库存小幅增加，保税区库存较上周四小幅减少，上期所日度仓单增加 ...

【华宝期货】有色金属周报 华宝期货 2025.12.15 以上内容谨代表个人观点，投资者据此做出的任何投资决策与华宝期货有限公司和作者无关，据此入市交易，风险自负！投资有风险，入市需谨慎！ 目录 01 有色周度行情回顾 02 本周有色行情预判 03 品种数据（铝、锌、锡、碳酸锂） 以上内容谨代表个人观点，投资者据此做出的任何投资决策与华宝期货有限公司和作者无关，据此入市交易，风险自负！投资有风险，入市需谨慎！ 周度行情回顾 | 品种 | | | 期货主力合约收盘价格 | | | 现货价格 | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | 2025. 12. 12 2025. 12. 5 | 周变动 | 周涨跌幅 | | | 2025. 12. 12 2025. 12. 5 | 周变动 | 周涨跌幅 | | 铜 | CU2601 | 94080 | 92780 | 1300 | 1. 40% | 中国:平均价:铜:上海物贸 | 93830 | 91400 | 2430 | 2. 66% | ...

Core Viewpoint - The company Zhongmin Resources has successfully completed the construction and trial operation of the first phase of its pyrometallurgical smelting process for the multi-metal comprehensive recycling project at the Tsumeb smelter in Namibia, which is expected to enhance its operational capacity in the recycling sector [1] Group 1 - The pyrometallurgical smelting process has a treatment capacity of 80,000 tons per year for germanium zinc slag [1] - The first phase of the project will produce semi-finished products containing germanium zinc oxide fume [1]

Core Viewpoint - The company, Zhongmin Resources, has successfully completed the construction and trial operation of the first phase of its Tsumeb smelting plant's multi-metal comprehensive recycling project in Namibia, marking a significant milestone in its operational capabilities [1] Group 1: Project Development - The first phase of the pyrometallurgical process engineering has been completed and successfully ignited for trial production [1] - The treatment capacity for germanium zinc slag is set at 80,000 tons per year [1] - The first phase will produce semi-finished products containing germanium zinc oxide fume [1] Group 2: Future Plans - The company plans to advance the production operation of the first phase in 2026 [1] - Concurrently, the company will push forward with the construction of the second phase of the pyrometallurgical process engineering and the hydrometallurgical process engineering [1]

（文章来源：证券时报网） 证券时报·数据宝统计，截至发稿，神火股份最新股价为25.30元，下跌2.35%，本期筹码集中以来股价 累计上涨3.18%。具体到各交易日，6次上涨，5次下跌。 公司发布的三季报数据显示，前三季公司共实现营业收入310.05亿元，同比增长9.50%，实现净利润 34.90亿元，同比下降1.38%，基本每股收益为1.5750元，加权平均净资产收益率15.34%。（数据宝） 神火股份12月15日披露，截至12月10日公司股东户数为65300户，较上期（11月30日）减少4000户，环 比降幅为5.77%。这已是该公司股东户数连续第2期下降。 ...

电解铝 ：年底资金流动扩大价格波动 短期谨慎追涨 研究员：陈婧 期货从业证号：F03107034 投资咨询从业证号：Z0018401 铝策略展望 GALAXY FUTURES 1 宏观：（1）本周美联储议息会议如期宣布降息25基点，表态相对温和，且将买短债400亿美元，提振市场情绪。（2）12月关注国内重要会议对明年经济情况 的预期。 产业供应：近期无超预期变动，供给端刚性预期明显。全球海外方面，世纪铝业旗下冰岛电解铝厂维持事故停产状态，预计2026年年底复产；力勤印尼电解铝 项目开始投产，预计年底前投产8万余吨，明年10月满产50万吨；安哥拉及越南项目投产预期不变，印尼泰景项目一期基本达产。国内方面，新疆新投净增24 万吨的项目11月底开始投产，初步投产6万吨、年底前累计投产12万吨，剩余部分预计明年二季度继续投产。内蒙新投项目维持年底投产预期不变。 产业需求：铝棒相关需求韧性明显，加工费坚挺，交通运输、建筑地产等板块年底赶工对铝需求拉动显著，铝杆及铝箔需求亦有恢复，且前期出口利润增加后出 口订单较好，铝需求整体维持同比增加趋势。此外，目前市场对明后年储能快速增加带动的用铝需求存有期待。 库存：本周铝锭及铝 ...

Group 1 - The company held its 11th temporary board meeting of the 10th session on December 12, 2025, with all 10 directors present and voting [2][5] - The board approved the proposal to supplement one non-independent director, recommending Mr. Chen Qijun as a candidate [3][4] - The board also approved the proposal for conducting hedging and forward foreign exchange business for the year 2026 [6][7] Group 2 - The company plans to conduct hedging for aluminum oxide and aluminum, with a maximum purchase of 36,000 tons of aluminum oxide and 10,000 tons of aluminum, and a maximum sale of 240,000 tons of aluminum oxide and 18,000 tons of aluminum [41] - The company will utilize its own funds and bank credit for hedging activities, with a maximum margin requirement estimated at 1.805 billion yuan [42][43] - The company aims to mitigate risks associated with price fluctuations in raw materials and product sales through these hedging activities [39][62] Group 3 - The company will also engage in forward foreign exchange transactions to manage currency risks related to its international business, with an expected maximum contract value of 70 million USD and 20 million EUR for 2026 [57] - The forward foreign exchange business will be conducted with qualified financial institutions only, ensuring compliance with regulatory requirements [59][60] - The company has established a comprehensive risk control framework for both hedging and foreign exchange transactions to prevent speculative trading [51][62]

Group 1 - The company, Luoping Zinc Electric, announced a total external guarantee amount of approximately 181 million yuan, with an actual guarantee balance of about 139 million yuan, accounting for 14.72% of the company's latest audited net assets [1] - For the first half of 2025, the revenue composition of Luoping Zinc Electric is as follows: metallurgy accounts for 96.38%, self-generated electricity accounts for 3.02%, and edible oil and by-products account for 0.6% [1] - As of the report date, Luoping Zinc Electric has a market capitalization of 2.6 billion yuan [1]