报告期间，德福科技公司毛利率为6.47%，同比上升9.57个百分点，环比上升3.21个百分点；净利率为 1.25%，较上年同期上升12.65个百分点，较上一季度上升3.75个百分点。 2025年一季度，德福科技公司期间费用为1.64亿元，较上年同期增加4580.40万元；期间费用率为 6.56%，较上年同期下降3.37个百分点。其中，销售费用同比增长39.53%，管理费用同比增长11.13%， 研发费用同比增长43.53%，财务费用同比增长55.34%。 据东方财富网数据，德福科技总经理罗佳2024年所获薪酬为286.6万元，高过董事长马科267万元的薪 酬，相较2023年领薪226万元涨薪26.81%。 瑞财经 钟鸣辰近日，德福科技(SZ301511)发布2025年一季报。 | | 本报告期 | 上年同期 | | 178 | | --- | --- | --- | --- | --- | | | | | 1000 | | | 营业收入(元) | 2.500. 567. 347. 01 | 1. 190. 527, 167. 06 | | 110. 04% | | 归属于上市公司股东的净利 润(元) | 18 ...

宏 观 研 究 "反内卷"系列 2025 年 07 月 10 日 "反内卷"，被低估的决心 ——"反内卷"系列之三 中央财经委会议提出 "依法依规治理企业低价无序竞争…推动落后产能有序退出"为"反内卷" 指明方向。相比过往，本轮"内卷"症结何在，如何破解"内卷"困境？系统分析，供参考。 一、本轮"反内卷"，有何不同？站位更高，覆盖面更广，协同性更强 中央财经委员会第六次会议召开，以纵深推进全国统一大市场建设为主题，为"综合整治内卷 式竞争"政策部署指明方向。会议提出"五统一、一开放"要求，同时强调"依法依规治理企 业低价无序竞争…推动落后产能有序退出"等，进一步明确行后续"反内卷"政策路径。 本轮"反内卷"站位更高，覆盖面更广，协同性更强。本轮"反内卷"，地方政府（招商引资）、 企业（过度投资、降价）、居民（日均工作时间增加）可能都在讨论的范畴中。且"内卷"领 域民营经济占比较高下，本轮"反内卷"协同性或更强，更突出政策与市场机制配合。同时， 本轮"反内卷"更强调区域治理，明确将推动全国统一大市场建设列为核心任务。 见微知著，部分企业"内卷"症结或部分缘于营收增速大幅回落与固定费用刚性的矛盾，使得 其不得不采 ...

中辉有色观点 | 表 | 1：产业高频数据 | | | --- | --- | --- | | 品种 | 核心观点 | 主要逻辑及价格区间 | | | | 美联储议息会议纪要变化不大，特朗普再次关税第二波国家高额征税，黄金市 | | 黄金 | 高位震荡 | 场继续短区间调整。中长期看，多国财政继续扩大，多国央行继续购买黄金， | | | | 未来不确定性仍然较多，长期全球秩序尚在重塑，黄金战略配置。【765-785】 | | | | 双宽松政策对白银需求有支撑。另外高额对部分商品加征关税，也会增加部分 | | 白银 | 强势震荡 | 品种的摩擦成本，白银盘面 8700 附近支撑较强，受基本金属和黄金价格情绪影 | | | | 响较大，高位区间思路操作，做好仓位控制。【8800-9075】 | | | | 特朗普铜进口关税担忧下，COMEX 铜创出新高后高位震荡，LME 铜受前期跨市套 | | 铜 | 承压 | 利反向平仓和需求担忧回落，沪铜回调测试 78000 关口支撑，短期多空博弈激烈， | | | | 建议充分回调后轻仓试多，中长期依旧看好铜，沪铜关注区间【77800，79800】 | | | | 特朗普 ...

Group 1 - The company will hold its third extraordinary general meeting of shareholders on July 23, 2025, at 14:30 in the company's conference room [1] - Voting will be conducted both on-site and online, with specific time slots for each method [1] - The meeting will be presided over by the company's chairman, Mr. Zhao Jingang [1] Group 2 - The agenda includes the announcement of the meeting's commencement, the nomination of vote counters, and the review of proposals [1] - One of the key proposals is to abolish the supervisory board and amend the company's articles of association and related rules [2] - The supervisory board's powers will be transferred to the audit committee of the board of directors [2] Group 3 - The proposed amendments to the articles of association aim to enhance corporate governance and compliance with the new Company Law effective from July 1, 2024 [2] - The company will no longer maintain a supervisory board, and related rules will be abolished [2] - The specific content of the amendments includes changes to the governance structure and the roles of various committees [3][4]

Group 1 - The "anti-involution" policy aligns closely with sustainable development goals, as it aims to govern low-price and disorderly competition in enterprises, enhance product quality, and facilitate the orderly exit of backward production capacity, marking a systemic action against "involution" competition [6] - The policy will assist high-energy-consuming industries in their low-carbon transition by eliminating backward production capacity and optimizing the energy structure, which is crucial for achieving sustainable development [6] - High-energy-consuming industries, including steel, cement, and aluminum smelting, account for 33% of national carbon emissions, with steel at 15%, cement at 13%, and aluminum at 5% [6] Group 2 - The "anti-involution" policy will also support the sustainable development of the renewable energy sector by regulating market order and curbing unhealthy competition, which threatens the industry's sustainability [6] - The renewable energy sector is vital for China's "dual carbon" strategy, as it can significantly reduce greenhouse gas emissions and improve energy structure [6] - From 2017 to 2023, the greenhouse gas emissions of renewable energy producers and photovoltaic equipment were 0.08 million tons and 0.28 million tons, respectively, which are significantly lower than emissions from steel and aluminum industries [6]

（文章来源：每日经济新闻） 没有股票账户的投资者可关注国泰中证有色金属ETF发起联接A（013218），国泰中证有色金属ETF发 起联接C（013219）。 注：如提及个股仅供参考，不代表投资建议。指数/基金短期涨跌幅及历史表现仅供分析参考，不预示 未来表现。市场观点随市场环境变化而变动，不构成任何投资建议或承诺。文中提及指数仅供参考，不 构成任何投资建议，也不构成对基金业绩的预测和保证。如需购买相关基金产品，请选择与风险等级相 匹配的产品。基金有风险，投资需谨慎。 相关机构表示，当地8日特朗普宣布对铜加征50%关税，落地时间大超预期。受此影响COMEX铜与 LME铜价差迅速拉大，溢价达到约25%。我们认为，这一价差不及关税的主要原因，是美国已经通 过"抢进口"囤积了大量的铜库存，未来可能大幅减少铜进口。在美国市场与全球市场"割裂"后，这一价 差也就不再具备吸引力。但我们认为，LME铜与沪铜的回调或许能够带来机会，因为铜在长期仍有供 需错配带来的支撑，下半年有望看到主要经济体的刺激政策，从而进一步推高铜需求。 有色60ETF跟踪的是中证有色指数，该指数由中证指数有限公司编制，从A股市场中选取涉及有色金属 采选 ...

Group 1 - The core viewpoint of the news highlights the ongoing digital transformation and AI implementation in the aluminum industry, with a focus on enhancing industrial intelligence and efficiency in production [1] - The report indicates that the demand for tin is expected to increase due to the driving forces of AI and the new energy industry, while global tin resource reserves are limited to only 14.8 years, exacerbated by the production halt in Myanmar [1] - The non-ferrous metal industry is showing resilience driven by new demand from sectors like new energy vehicles and low-altitude economy, while black metals are under pressure due to a sluggish real estate market [1] Group 2 - The mining ETF tracks the non-ferrous mining index, which reflects the overall performance of listed companies involved in non-ferrous metal mining and processing in the A-share market [2] - This index is characterized by strong cyclicality and sensitivity to commodity prices, effectively representing market trends in the non-ferrous metal industry [2]

证券研究报告：有色金属 | 公司点评报告 发布时间：2025-07-10 股票投资评级 资料来源：聚源，中邮证券研究所 公司基本情况 | 最新收盘价（元） | 11.49 | | --- | --- | | 总股本/流通股本（亿股）10.73 | / 7.52 | | 总市值/流通市值（亿元）123 | / 86 | | 52 周内最高/最低价 | 11.49 / 6.79 | | 资产负债率(%) | 50.8% | | 市盈率 | 17.41 | | 第一大股东 | 湖南水口山有色金属集 | | 团有限公司 | | 研究所 分析师:李帅华 SAC 登记编号:S1340522060001 Email:lishuaihua@cnpsec.com 研究助理:杨丰源 SAC 登记编号:S1340124050015 Email:yangfengyuan@cnpsec.com 株冶集团(600961) 25 年中报预增：冶炼端与矿山端向上共振 l 25Q2 归母净利润中枢为 3.28 亿元 公司发布 2025 年中报预增：经初步测算，公司预计 2025 年半年 度实现归属于母公司所有者的净利润 5.6 亿元到 6.5 ...

有色早报 研究中心有色团队 2025/07/10 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 2025/07/03 110 1459 81550 24103 -1000.59 26.46 30.0 49.0 87.61 94325 31900 2025/07/04 105 1223 84589 22307 -974.44 138.45 30.0 52.0 95.35 95275 33950 2025/07/07 100 1001 84589 21682 -1002.36 174.64 29.0 63.0 79.80 97400 36875 2025/07/08 80 1048 84589 19109 -844.96 44.77 29.0 63.0 51.31 102500 37100 2025/07/09 60 502 84589 21336 -437.33 412.81 40.0 65.0 22.37 107125 38250 变化 -20 -546 0 ...

Core Viewpoint - The article discusses the challenges faced by Western buyers, particularly in the U.S., in acquiring critical minerals from China due to export controls, leading to increased trade through third countries like Thailand and Mexico [1][3]. Group 1: Export Controls and Trade Dynamics - China has implemented export controls on critical minerals such as antimony, gallium, and germanium, which are essential for telecommunications, semiconductors, and military technologies [1]. - Since the ban on antimony exports to the U.S. in 2022, significant quantities of antimony have been rerouted from Thailand and Mexico to the U.S., with imports from these countries reaching 3,834 tons of antimony oxide between December 2023 and April 2024, surpassing the total from the previous three years [3][4]. - Thailand and Mexico have emerged as the top three export markets for Chinese antimony in 2024, despite not being in the top ten in 2023 [3]. Group 2: Industry Responses and Market Implications - U.S. companies are reportedly using third-party countries to circumvent Chinese export controls, with some executives confirming they have received restricted minerals from China [3][4]. - The price of gallium, germanium, and antimony has reached historical highs due to supply constraints in overseas markets, prompting companies to take risks for potential profits [6]. - The U.S. legal framework does not prohibit the procurement of these minerals from China, provided that export licenses are obtained [4]. Group 3: Enforcement and Regulatory Actions - The Chinese government is facing challenges in enforcing export controls effectively, with reports of smuggling and illegal activities aimed at bypassing these regulations [6][7]. - In response, the Chinese authorities have initiated a crackdown on smuggling and illegal export activities, focusing on enhancing enforcement measures and cross-departmental investigations [7].