有色金属日报 2025-6-5 五矿期货早报 | 有色金属 铜 从业资格号：F03121027 0755-23375139 zengyuke@wkqh.cn 张世骄 从业资格号：F03120988 0755-23375122 zhangsj3@wkqh.cn 王梓铧 从业资格号：F03130785 0755-23375132 wangzh7@wkqh.cn 刘显杰 有色金属小组 吴坤金 从业资格号：F3036210 交易咨询号：Z0015924 0755-23375135 wukj1@wkqh.cn 曾宇轲 铝 国内商品氛围改善，铝价回升，昨日伦铝收涨 0.67%至 2487 美元/吨，沪铝主力合约收至 20110 元/ 吨。昨日沪铝加权合约持仓量 52.9 万手，环比增加 0.6 万手，期货仓单减少 0.2 至 4.9 万吨，维持 偏低水平。根据 SMM 统计，昨天铝锭三地库存录得 39.1 万吨，环比减少 1.1 万吨，铝价下跌后库存 再次去化，两地铝棒库存录得 8.0 万吨，环比增加 0.1 万吨，昨日铝棒加工费回调。现货方面，昨 日华东现货升水期货 100 元/吨，环比下调 10 元/吨，刚需消费尚可 ...

文字早评 2025/06/05 星期四 宏观金融类 股指 前一交易日沪指+0.42%，创指+1.11%，科创 50+0.45%，北证 50+1.10%，上证 50+0.13%，沪深 300+0.43%， 中证 500+0.78%，中证 1000+0.88%，中证 2000+1.06%，万得微盘+1.27%。两市合计成交 11530 亿，较上 一日+116 亿。 宏观消息面： 1、降准和重启购债？中证报头版：央行精准调控，年中时点流动性料合理充裕。 2、特朗普称鲍威尔现在必须降息；美国联邦住房金融局局长同样呼吁鲍威尔降息。 3、美国 5 月 ADP 就业人数仅增 3.7 万人，增幅创 2023 年 3 月以来新低。 资金面：融资额+34.69 亿；隔夜 Shibor 利率-0.20bp 至 1.4080%，流动性较为宽松；3 年期企业债 AA- 级别利率-1.58bp 至 3.0103%，十年期国债利率-0.81bp 至 1.6696%，信用利差-0.77bp 至 134bp；美国 10 年期利率+0.00bp 至 4.46%，中美利差-0.81bp 至-279bp。 市盈率：沪深 300:12.54，中证 5 ...

2025 年 6 月 5 日星期四 广发早知道-汇总版 投资咨询业务资格： 广发期货研究所 电 话：020-88830760 E-Mail：zhaoliang@gf.com.cn 目录： 有色金属： 铜、锌、镍、不锈钢、锡、碳酸锂 黑色金属： 钢材、铁矿石、焦煤、焦炭、铁合金 农产品： 油脂、粕类、玉米、生猪、白糖、棉花、鸡蛋、花生、红枣、苹果 能源化工： 原油、PTA、乙二醇、苯乙烯、短纤、尿素、瓶片、烧碱、PVC、LLDPE、 金融衍生品： 金融期货： 股指期货、国债期货 贵金属： 黄金、白银 集运指数 商品期货： PP 特殊商品： 橡胶、玻璃纯碱、工业硅、多晶硅 证监许可【2011】1292 号 组长联系信息： 张晓珍（投资咨询资格：Z0003135） 电话：020- 88818009 邮箱：zhangxiaozhen@gf.com.cn 刘珂（投资咨询资格：Z0016336） 电话：020-88818026 邮箱：qhliuke@gf.com.cn 叶倩宁（投资咨询资格：Z0016628） 电话：020- 88818017 邮箱：yeqianning@gf.com.cn 周敏波（投资咨询资格：Z001 ...

有色金属日报 基本金属 ◆ 铜： 截至 6 月 4 日收盘，沪铜主力 07 合约上涨 0.53%至 78200 元/吨。节 日期间美关税影响再起，金融市场再现动荡，短期将对铜价增添不利的 情绪影响。上游进口铜精矿市场整体交投氛围清淡，现货市场 TC 价格持 稳-43 左右，冶炼厂对加工费的接受度已达极限，后续继续下行阻力较 大。卡库拉矿山地震虽未影响近期发运，但节后若持续停产减少发运或 带来供应冲击。下游节前备货需求较为一般，新增订单有限，但炼厂发 货较少，节前库存再度表现下降，但去库幅度较小。节后，考虑节假期 间市场到货量预计有所增加，下游消费逐渐由旺转淡，近月高 BACK 月 差结构以及关税不利情绪影响再起，铜价上行空间将受到限制。但基于 目前库存仍维持低位，供应端扰动仍存，下跌空间同样有限。沪铜近期 或仍维持震荡格局。关注近月合约持仓状况。 ◆ 铝： 截至 6 月 4 日收盘，沪铝主力 07 合约上涨 0.68%至 20075 元/吨。几 内亚 AXIS 矿区被划入战略储备区域、禁止开采，后续关注是否有复产 可能。几内亚矿端扰动尚未对当下铝土矿供应宽松的局面造成直接冲击， 其影响要等到 7 月份才能体现 ...

有色金属是现代工业体系的基石，广泛应用于发电、建筑、交通及制造业，为传统产业与基建提供支 撑。其中，阴极铜作为核心有色金属，是电力领域电线电缆、电子信息领域集成电路、建筑管道与装饰 的关键材料。随着全球经济复苏及新能源汽车、5G等新兴产业发展，其需求持续增长，市场规模稳步 扩大。 在此背景下，云南金浔资源股份有限公司（简称：金浔股份）于6月1日向港交所主板递交上市申请，华 泰国际为独家保荐人。金浔股份计划将此次上市募集资金用于拓展核心业务，包括扩大刚果（金）铜冶 炼二期项目的产能，以及提升赞比亚铜冶炼厂的产能，进一步巩固其在有色金属领域的市场地位。 刚果（金）第五大中国阴极铜生产商 智通财经APP了解到，金浔股份的历史可追溯至2010年，在业务发展初期，主要从事有色金属贸易。公 司分别于2017年及2023年开始在赞比亚及刚果（金）开展本地化铜加工及/或冶炼业务。目前，金浔股 份已发展形成集矿物加工、冶炼和有色金属贸易于一身的业务模式。 金浔股份的铜矿石加工及冶炼主要由公司分别位于赞比亚及刚果(金)的当地生产设施进行。截至最后实 际可行日期（2025年5月25日），除位于中国的在建钴加工厂外，公司有四处生产设 ...

1. Report Industry Investment Ratings - Nickel - Rolling short selling [1] - Stainless steel - Hold [1] - Zinc - Bearish outlook [3] 2. Core Views Nickel and Stainless Steel - The Fed's "Beige Book" shows a pessimistic economic outlook, with increased policy uncertainty and price pressures. Nickel remains in a range - bound pattern. Nickel ore prices are seasonally weak, and the overall supply of nickel is in surplus. Demand is weak, with the main operating range between 118,000 - 133,000 yuan, and the core operating range between 120,000 - 127,000 yuan [1][2] Zinc - From January to April, the revenue and profit of large - scale non - ferrous metal industrial enterprises increased. Zinc supply is generally loose, while demand has some resilience but is expected to be weak in the short term. Overall, it is bearish [3][4] 3. Summary by Directory Macro & Industry News - For nickel and stainless steel, the Fed's "Beige Book" on June 4 shows that US economic activity has declined slightly, with increased policy uncertainty and price pressures. Some regions' enterprises increased procurement due to tariffs, and the residential real estate market was basically flat [1] - For zinc, from January to April, 11,945 large - scale non - ferrous metal industrial enterprises had a revenue of 3.08779 trillion yuan, a year - on - year increase of 18.0%. The revenue profit margin was 4.15%, 0.39 percentage points higher than the same period last year [3] Supply - **Nickel**: Philippine nickel ore shipments and domestic arrivals have increased, and nickel ore prices have weakened seasonally. Domestic nickel - iron production has slightly decreased, while Indonesian nickel - iron production has increased rapidly (year - on - year increase over 30%, month - on - month increase over 10%). Domestic nickel - iron imports and total supply are high, remaining in surplus. Electrolytic nickel production has a small month - on - month decrease but a year - on - year increase of over 45% [1] - **Zinc**: During the narrow - range fluctuation of zinc prices, the profit per ton of mining enterprises is about 4,000 yuan/ton. The processing fees in the north and south have returned to 3,500 yuan/ton. Both integrated and smelting enterprises will maintain high production, and the supply of zinc ingots is generally loose [3] Demand - **Nickel**: In the process of producing nickel sulfate from nickel beans, the cost of nickel is about 127,000 yuan. The demand support for downstream nickel sulfate is about 126,700 yuan/ton, and the profit threshold for external procurement manufacturers has dropped to 133,000 yuan/ton. Nickel - iron and stainless - steel integrated manufacturers previously had high stainless - steel production, but nickel - iron profits have shrunk since May, which may affect stainless - steel production. Overall, demand is weak [2] - **Zinc**: Galvanized production capacity has expanded, but utilization and output are low, and manufacturers' production enthusiasm is low. Zinc oxide's upward trend is due to seasonal demand, with limited upside. Die - casting alloy production has increased, but there is an expectation of a decline in downstream operating rates. Overall, short - term zinc demand is difficult to improve significantly, but there is still resilience [4] Conclusion - **Nickel and stainless steel**: The main operating range is between 118,000 - 133,000 yuan, and the core operating range is between 120,000 - 127,000 yuan. It is recommended to take partial profits on previous short positions and roll short after rebounds [2] - **Zinc**: The impact of tariffs has temporarily subsided. Short - term supply is stable with a slight increase, and the demand peak season has passed. Manufacturers are pessimistic about the terminal, so it is bearish overall. It is recommended to short with a light position [4][5]

投资咨询业务资格：证监许可【2011】1778 号 有色金属 姓名：何彬 宝城期货投资咨询部 从业资格证号：F03090813 投资咨询证号：Z0019840 电话：0571-87006873 邮箱：hebin@bcqhgs.com 作者声明 本人具有中国期货业协会授 予的期货从业资格证书，期货投 资咨询资格证书，本人承诺以勤 勉的职业态度，独立、客观地出 具本报告。本报告清晰准确地反 映了本人的研究观点。本人不会 因本报告中的具体推荐意见或观 点而直接或间接接收到任何形式 的报酬。 日内有色普涨 核心观点 沪铜 今日铜价围绕 7.82 万一线窄幅震荡，持仓量有所上升。国内宏观 氛围回暖，有色普涨。5 月 30 日特朗普对外宣称提升钢铝关税后， 铜价并未有明显上涨，我们认为在经历过 3 月行情后，市场可能对此 敏感性会有所下降。产业层面，节后电解铜社库小幅上升，给予期 价一定压力，月差也随之收窄。展望 6 月，宏观整体利好铜价，主要 关注产业需求，虽然旺季过后需求预期下降，但我们认为可能整体 内需在宏观政策传导以及中美贸易缓和 90 天的背景下将表现超预 期。预计铜价偏强运行，短期关注 5 月高点压力。 沪铝 ...

Core Viewpoint - Huatai United Securities has issued a verification opinion on the detailed equity change report of Yunnan Luoping Zinc & Electricity Co., Ltd, confirming the authenticity, accuracy, and completeness of the disclosed information regarding the equity transfer [2][7][8]. Summary by Sections Equity Change Overview - The equity change involves the transfer of 72,427,600 shares from Luoping Zinc & Electricity Co., Ltd to Qujing Development Investment Group Co., Ltd, representing 22.3960% of the total shares of the listed company [6][17]. Purpose of the Equity Change - The purpose of the equity change is for Qujing Development Investment Group to gain control of the listed company and improve its operational status by leveraging its advantages in industrial planning and investment management [8][9]. Financial Status of the Acquirer - Qujing Development Investment Group has total assets of approximately 4.26 billion yuan, total liabilities of about 1.73 billion yuan, and net profit of 11.07 million yuan for the most recent fiscal year [11][12]. Funding Sources - The funding for the acquisition will come from the acquirer's own and self-raised funds, with plans to apply for acquisition loans from banks [12][14]. Regulatory Compliance - The equity transfer has received necessary approvals from relevant regulatory bodies, including the State-owned Assets Supervision and Administration Commission and the Shenzhen Stock Exchange [18][28]. Impact on Company Control - Following the equity change, the controlling shareholder will shift from Luoping Zinc & Electricity Co., Ltd to Qujing Development Investment Group, with the actual controller being the Qujing State-owned Assets Supervision and Administration Commission [17][18]. Future Plans - The acquirer has no immediate plans to change the main business operations of the listed company or to make significant adjustments to its management structure within the next 12 months [19][20]. Commitments to Independence - The acquirer has committed to maintaining the independence of the listed company in terms of personnel, assets, finance, and operations, ensuring no conflicts of interest arise [22][23]. Agreement Details - The share transfer agreement stipulates that the acquirer will pay a total of approximately 468.68 million yuan for the shares, with a payment structure involving an initial deposit and subsequent payments upon meeting certain conditions [26][27].

锡 ： | 日期 | 现货进口收益 | 现货出口收益 | 锡持仓 | LME C-3M | LME库存 | LME注销仓单 | | --- | --- | --- | --- | --- | --- | --- | | 2025/05/27 | -10819.50 | -24919.57 | 48480 | -111 | 2660 | 375 | | 2025/05/28 | -3334.52 | -31350.77 | 52484 | -55 | 2680 | 545 | | 2025/05/29 | -5734.59 | -28569.64 | 52130 | -72 | 2680 | 555 | | 2025/05/30 | -7455.23 | -26155.01 | 58096 | -78 | 2680 | 555 | | 2025/06/03 | -15695.14 | -19012.96 | 60730 | -79 | 2605 | 480 | | 变化 | -8239.91 | 7142.05 | 2634 | -1 | -75 | -75 | 有色早报 研究中心有色团队 2025/06/04 ...

2025 年 6 月 4 日星期三 广发早知道-汇总版 投资咨询业务资格： 广发期货研究所 电 话：020-88830760 E-Mail：zhaoliang@gf.com.cn 目录： 金融衍生品： 金融期货： 股指期货、国债期货 贵金属： 黄金、白银 铜、锌、镍、不锈钢、锡、碳酸锂 黑色金属： 钢材、铁矿石、焦煤、焦炭、铁合金 农产品： 油脂、粕类、玉米、生猪、白糖、棉花、鸡蛋、花生、红枣、苹果 能源化工： 原油、PTA、乙二醇、苯乙烯、短纤、尿素、瓶片、烧碱、PVC、LLDPE、 集运指数 商品期货： 有色金属： PP 特殊商品： 橡胶、玻璃纯碱、工业硅、多晶硅 证监许可【2011】1292 号 组长联系信息： 张晓珍（投资咨询资格：Z0003135） 电话：020- 88818009 邮箱：zhangxiaozhen@gf.com.cn 刘珂（投资咨询资格：Z0016336） 电话：020-88818026 邮箱：qhliuke@gf.com.cn 叶倩宁（投资咨询资格：Z0016628） 电话：020- 88818017 邮箱：yeqianning@gf.com.cn 周敏波（投资咨询资格：Z001 ...