证券研究报告 有色金属 | 工业金属 非金融|公司点评报告 hyzqdatemark 2025 年 08 月 25 日 证券分析师 田源 SAC：S1350524030001 tianyuan@huayuanstock.com 张明磊 SAC：S1350525010001 zhangminglei@huayuanstock.com 田庆争 SAC：S1350524050001 tianqingzheng@huayuanstock.com 陈婉妤 SAC：S1350524110006 chenwanyu@huayuanstock.com 陈轩 chenxuan01@huayuanstock.com | 基本数据 | 2025 | | | 年 | 月 | 22 | 日 | 08 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 收盘价（元） | | | | | | 11.11 | | | | 一 年 内 最 / 低 | | 高 | 最 | | 11.36/5.91 | | | | | （元） | | | | | | | | | | 总市值（百万 ...

（文章来源：每日经济新闻） 每经AI快讯，万顺新材8月25日披露的半年报显示，公司上半年实现营业收入26.92亿元，同比下降 10.11%；归属于上市公司股东的净利润亏损5306.38万元，上年同期亏损932.59万元。 ...

来源：新浪证券-红岸工作室 8月25日，洛阳钼业涨8.73%，成交额47.49亿元，换手率2.30%，总市值2584.43亿元。 洛阳钼业目前在新浪财经客户端A股市场人气排名第41名。 异动分析 (免责声明：分析内容来源于互联网，不构成投资建议，请投资者根据不同行情独立判断) 资金分析 金属铜+黄金概念+金属镍+小金属概念+磷化工 1、本公司属于有色金属采矿业，主要从事铜、钼、钨、钴、铌、磷等矿业的采选、冶炼、深加工等业 务，拥有较为完整的一体化产业链条，是全球前五大钼生产商及最大钨生产商、全球第二大钴、铌生产 商和全球领先的铜生产商，同时也是巴西境内第二大磷肥生产商。 2、2023年10月23日互动易：公司位于澳洲的NPM铜金矿生产黄金，公司拥有80%权益，2022年黄金权 益产量为1.6万盎司，2023年黄金权益产量指引为2.5至2.7万盎司，同比增长56%至69%。 3、印尼华越6万吨镍金属湿法冶炼项目公司参股30%，该项目去年12月已经投产，正在产能爬坡，运转 良好。 4、公司主营业务为钼、钨及黄金等稀贵金属的采选、冶炼，随着公司近年来大力发展贵金属业务，金 银产品的收入和利润贡献比重逐年上升。 5、 ...

牛市来了还没上车？上天天基金APP搜索777注册即可领500元券包，优选基金10元起投！限量发放！先到先得！ 影响后市投资大事件 证监会：持续健全证券公司分类监管体系 证监会8月22日消息，证监会修改《证券公司分类监管规定》，将标题由《证券公司分类监管规定》调整为《证券公司分类评价规定》。新 规突出促进证券公司功能发挥的导向；适当整合、优化业务发展指标，引导行业机构聚焦高质量发展，支持中小机构差异化发展、特色化经 营。证监会表示，下一步将持续健全行业分类监管体系，推进建设一流投资银行和投资机构，更好服务实体经济和资本市场高质量发展。 着力"投资于人" 财政加码支持民生领域 从近日财政部和各地发布的前7月财政收支情况看，今年以来，央地拿出真金白银"投资于人"，民生领域支出保障有力。专家建议，优化财 政支出结构，强化基本民生财力保障，继续加大教育、医疗、养老、育儿等领域的财政支持力度。 鲍威尔暗示美联储可能降息 上周A股延续上涨态势，三大股指创阶段新高。从市场风格上看，通信、电子等科技成长板块本周涨幅居前，一些行业龙头股股价创出历史 新高。 展望后市，业内机构研判，盈利改善预期的兑现是下个阶段市场行情的主要驱动因 ...

Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints - The strategy based on industry and theme ETFs constructed by Hengtai Securities Research Institute has achieved certain results. From August 18 - 22, 2025, the strategy's cumulative net return was about 6.08%, and the excess return relative to the CSI 300 ETF was about 1.79%. From October 14, 2024, to the present, the out - of - sample cumulative return of the strategy was about 15.90%, and the cumulative excess relative to the CSI 300 ETF was about 0.76% [3]. - For the week of August 25 - 29, 2025, the model recommends allocating sectors such as communication equipment, industrial metals, and batteries. The strategy will newly hold products like Battery ETF, Science and Technology Innovation Semiconductor ETF, and Industrial Mother Machine ETF, and continue to hold products such as Communication Equipment ETF, Industrial Non - ferrous Metals ETF, and Satellite ETF [12]. 3. Summary by Related Catalogs 3.1 Strategy Portfolio Construction - Hengtai Securities Research Institute constructed a strategy portfolio based on industry and theme ETFs according to the strategy reports "Strategy Portfolio Report under Industry Rotation: Quantitative Analysis from the Perspective of Industry Style Continuity and Switching" (20241007) and "Research on the Overview and Allocation Methods of the Stock - type ETF Market: Taking the ETF Portfolio Based on the Industry Rotation Strategy as an Example" (20241013) [2]. 3.2 ETF Portfolio Information | Fund Code | ETF Name | ETF Market Value (billion yuan) | Holding Status | Heavy - held Shenwan Industry and Weight | Weekly Timing Signal | Daily Timing Signal | | --- | --- | --- | --- | --- | --- | --- | | 159583 | Communication Equipment ETF | 2.68 | Continue to hold | Communication equipment (73.61%) | 1 | 1 | | 560860 | Industrial Non - ferrous Metals ETF | 18.08 | Continue to hold | Industrial metals (54.97%) | 1 | 1 | | 159755 | Battery ETF | 48.90 | Add to portfolio | Battery (60.37%) | 1 | 1 | | 588170 | Science and Technology Innovation Semiconductor ETF | 4.09 | Add to portfolio | Semiconductor (87.1%) | 1 | 1 | | 159667 | Industrial Mother Machine ETF | 6.53 | Add to portfolio | Automation equipment (45.3%) | - 1 | 1 | | 159206 | Satellite ETF | 2.05 | Continue to hold | Military electronics (34.22%) | 1 | 1 | | 516150 | Rare Earth ETF Harvest | 58.89 | Add to portfolio | Minor metals (34.67%) | 1 | 1 | | 560170 | Central State - owned Enterprises Science and Technology ETF | 14.17 | Add to portfolio | Aviation equipment (22.35%) | 1 | 1 | | 588830 | Science and Technology Innovation New Energy ETF | 5.73 | Add to portfolio | Photovoltaic equipment (47.93%) | 1 | 1 | | 159698 | Grain ETF | 2.06 | Add to portfolio | Planting industry (48.33%) | 1 | 1 | [3] 3.3 Performance Tracking - From August 18 - 22, 2025, the strategy's cumulative net return was about 6.08%, and the excess return relative to the CSI 300 ETF was about 1.79%. From October 14, 2024, to the present, the out - of - sample cumulative return of the strategy was about 15.90%, and the cumulative excess relative to the CSI 300 ETF was about 0.76% [3]. 3.4 Portfolio Adjustment - In the week of August 25, 2025, products such as Battery ETF, Science and Technology Innovation Semiconductor ETF, and Industrial Mother Machine ETF will be newly held, while products like Gold Stock ETF, Game ETF, and Innovation Drug ETF will be removed from the portfolio [3][12].

证券研究报告 | 半年报点评 gszqdatemark 2025 08 25 年 月 日 价格：二季度 LME 铜均价 9471 美元/吨，环比+0.5%，MB 钴均价 15.23 美元/磅，环比+37%。 经营成果：二季度铜板块实现营收 133 亿元，环比+7.1%，毛利 69 亿元， 环比+1.2%，毛利占比 72%；钴板块实现营收 19.5 亿元，环比-48.4%， 毛利 12 亿元，环比-47.4%，毛利占比 12.6%。 洛阳钼业（603993.SH） 上半年产量超预期，金矿多元化布局发力 事件：公司发布 2025 年半年度报告。上半年实现营收 947.7 亿元，同比 -7.8%，归母净利润 86.7 亿元，同比+60.1%，扣非归母净利润 87.2 亿 元，同比+55.1%，Q2 单季度实现营业收入 487.7 亿元，环比+6.0%，归 母净利润 47.3 亿元，环比+19.8%；扣非归母净利润 48.0 亿元，环比 +22.1%。 上半年多数产品产量完成目标指引 50%以上，公司生产运营超预期。公 司上半年实现铜产量 35.36 万吨，同比+12.7%，完成度 56%（（照年年度 指引中值计算， ...

Investment Rating - The report maintains an "Outperform" rating for the non-ferrous metals industry [2]. Core Viewpoints - The report expresses optimism for precious metals due to the dovish stance of the Federal Reserve, which is expected to lower interest rates as early as September. This is seen as a strong signal for gold prices to rise, supported by a weakening dollar and increasing gold-silver ratios [4][5]. - Industrial metal prices show mixed performance, with copper, aluminum, lead, zinc, tin, and nickel experiencing slight declines. However, significant infrastructure projects in Tibet are anticipated to boost overall demand and metal prices [5]. - The report highlights a positive outlook for small metals, particularly rare earths and tungsten, driven by a recovery in manufacturing demand [5]. - Energy metals, particularly lithium, are also noted for price increases, with a focus on future demand growth [5]. Summary by Sections 1. Industry Data Review 1.1 Precious Metals - The report indicates a favorable outlook for precious metals, particularly gold, in light of the Federal Reserve's potential interest rate cuts [4]. 1.2 Industrial Metals - Prices for industrial metals have varied, with copper at 78,690 CNY/ton (-0.3%), aluminum at 20,630 CNY/ton (-0.4%), and nickel at 119,610 CNY/ton (-1.3%). The report notes a general decline in prices but anticipates demand recovery from infrastructure projects [27][28]. 1.3 Small Metals - Prices for rare earths, particularly praseodymium-neodymium oxides, have increased significantly, with a weekly rise of 15.6% [29]. Tungsten prices are also on the rise, reflecting increased demand in manufacturing [32]. 1.4 Energy Metals - Lithium prices have increased, with lithium concentrate priced at 7,155 CNY/ton. The report emphasizes the importance of monitoring future demand for energy metals [35]. 2. Market Data - The report notes that the non-ferrous metals sector has seen a 1.33% increase, with specific segments like small metals rising by 10.53% [36]. 3. Key Events Review - The report highlights a significant dovish signal from Federal Reserve Chairman Powell, indicating potential interest rate cuts, which could positively impact precious metals [42].

有色金属 2025 年 08 月 25 日 行 业 研 究 有色金属 20250825 周报：9 月美联储降息概率升超 9 成， 黄金有望迎来新一轮上涨周期 投资要点： 行 业 定 期 报 告 贵金属：9月美联储降息概率升超9成，黄金有望迎来新一轮上涨周期。 当地时间8月22日，美联储主席鲍威尔在杰克逊霍尔全球央行年会上表示， 当前形势暗示就业增长面临下行风险，风险平衡点的变化可能要求调整政 策。鲍威尔称，美联储对降息持开放态度。根据CME FedWatch工具，市场 目前预期美联储9月维持利率不变的概率为8.9%，降息25个基点的概率从 75%提升至91.1%。从短期而言，鲍威尔超预期的鸽派发言打破了市场对美 联储降息路径不确定性和独立性缺乏的担忧，同时9月美联储降息将打开黄 金向上的突破空间，黄金即将迎来新一轮上涨周期。个股：白马关注招金 黄金、山金H、紫金、赤峰、山金国际、中金及招金；黑马关注西金、晓程 及万国等。白银及铂金加速补涨，关注浩通。 工业金属：降息预期提振及季节性旺季将临，关注社库去库节奏。铜， 美联储降息预期提振，金九银十旺季有望使得铜价迎来新的一轮上涨；中 长期，随美联储降息加深提振投资 ...

一、行情 8月25日，稀土磁材板块再度大涨，金力永磁、大地熊等涨幅均超10%，北方稀土大涨超8%。 此外，有色金属板块章源钨业、北方铜业、湖南白银等涨停，洛阳钼业涨超7%，再创历史新高。 | 股票名称 | | 最新价 = | 涨跌幅 ◆ | 涨停时间◆ | 换手率 ◆ | 流通市值 | | --- | --- | --- | --- | --- | --- | --- | | 章源钨业 002378.SZ | 2天2板 | 13.38 | +10.03% | 09:32:12 | 4.13% | 159.90亿 | | 五矿发展 600058.SS | 2天2板 | 10.14 | +9.98% | 09:48:13 | 3.99% | 108.69亿 | | 北方铜业 000737.SZ | | 12.50 | +10.04% | 09:40:18 | 5.10% | 238.07亿 | | 湖南白银 002716.SZ | | 5.39 | +10.00% | 09:40:45 | 8.43% | 119.14亿 | | 惠城环保 | 219.18 | +10.83% | | 2.82% | 345.49 ...

民生证券近日发布有色金属周报：本周（08/18-08/22）上证综指上涨3.49%，沪深300指 数上涨4.18%，SW有色指数上涨1.33%，贵金属COMEX黄金+1.05%，COMEX白银 +2.26%。工业金属LME铝、铜、锌、铅、镍、锡价格分别变动+0.73%、+0.50%、+0.32%、 +0.56%、-1.45%、+0.70%，工业金属库存LME铝、铜、锌、铅、镍、锡分别变动-0.17%、 +0.11%、-10.81%、+4.58%、-0.90%、+7.85%。 以下为研究报告摘要： 本周（08/18-08/22）上证综指上涨3.49%，沪深300指数上涨4.18%，SW有色指数上涨 1.33%，贵金属COMEX黄金+1.05%，COMEX白银+2.26%。工业金属LME铝、铜、锌、 铅、镍、锡价格分别变动+0.73%、+0.50%、+0.32%、+0.56%、-1.45%、+0.70%，工业金属 库存LME铝、铜、锌、铅、镍、锡分别变动-0.17%、+0.11%、-10.81%、+4.58%、-0.90%、 +7.85%。 工业金属：美联储降息预期上升，叠加旺季需求预期改善，工业金属价格有望上行 ...