综合晨报 gtaxinstitute@essence.com.cn 2025年09月30日 (原油) 隔夜国际油价大跌，布伦特12合约跌2.98%。供应端处于伊拉克库尔德复运、OPEC+进一步增产带 来的即期增量与地缘风险并存的多空交织状态，但总体石油的累库进程依然明确，三季度累积幅度 2.4%包括原油累库0.5%、成品油累库5.5%，且随着炼厂开工率的季节性回落，上周累库结构已向上 游原油集中。油价上行至震荡区间高位后进一步走强的空间有限，但十一前后外围市场围绕俄乌、 伊朗的地缘犹动仍在，继续持有期货空头与看涨期权相结合的保护性策略。 【责金属】 隔夜贵金属延续强势表现。本周关注美国政府停摆的解决进展以及非农在内的一系列关键数据。美 国劳工统计局发布政府停摆应急计划，将在政府停摆期间暂停所有运营，不发布经济数据。贵金属 中期偏强趋势未改但国庆期间波动风险较高,建议离场观望。 【铜】 隔夜内外铜价扩大涨势，贵金属提振交易情绪，节中市场关注政府关门风险,一旦僵局可能担追非 农就业等数据公布。铜市继续消化Grasberg基本铁席两个季度供应对平衡表的影响。国内观铜上调 到82210元，上海贴水5元，节前SMM社库 ...

从基金十大重仓股角度 数据显示，中邮基金旗下1只基金重仓株冶集团。中邮核心优势灵活配置混合A（590003）二季度持有 股数309.8万股，占基金净值比例为2.87%，位居第六大重仓股。根据测算，今日浮盈赚取约241.64万 元。 中邮核心优势灵活配置混合A（590003）成立日期2009年10月28日，最新规模10.84亿。今年以来收益 34.35%，同类排名2723/8167；近一年收益23.88%，同类排名4628/8010；成立以来收益381.53%。 中邮核心优势灵活配置混合A（590003）基金经理为江刘玮、张屹岩。 9月30日，株冶集团涨5.02%，截至发稿，报16.33元/股，成交2.55亿元，换手率2.12%，总市值175.20亿 元。 资料显示，株洲冶炼集团股份有限公司位于湖南省株洲市天元区衡山东路12号，成立日期1993年12月20 日，上市日期2004年8月30日，公司主营业务涉及锌及锌合金、工业硫酸的生产和销售。主营业务收入 构成为：锌及锌合金38.48%，其他28.17%，金锭13.94%，银锭10.71%，铅及铅合金7.85%，铟锭 0.51%，硫酸0.20%，有色金属贸易0.1 ...

每经AI快讯，电投能源（SZ 002128，收盘价：22.46元）9月29日晚间发布公告称，公司2025年第九次 董事会临时会议于2025年9月28日以现场加视频方式召开。会议审议了《关于投资建设国家电投兴安盟 突泉县6.39万千瓦风电项目的议案》等文件。 2025年1至6月份，电投能源的营业收入构成为：有色金属冶炼占比55.85%，煤炭行业占比31.02%，新 能源发电行业占比7.58%，煤电电热力行业占比5.54%。 截至发稿，电投能源市值为503亿元。 每经头条（nbdtoutiao）——农夫大战怡宝，抢到更多蛋糕的却是宗馥莉！农夫绿瓶上市后，怡宝上 演"滑铁卢"：市占率大跌近5个百分点 （记者 张明双） ...

Group 1 - The core point of the article is that Yuguang Jinlan (SH 600531) held its 22nd meeting of the 9th Board of Directors on September 29, 2025, to discuss increasing the margin amount for commodity futures trading in 2025 [1] - For the year 2024, Yuguang Jinlan's revenue composition is as follows: non-ferrous metals account for 49.24%, precious metals for 46.1%, other industries for 2.45%, chemicals for 2.02%, and other businesses for 0.19% [1] - As of the report date, Yuguang Jinlan has a market capitalization of 13.2 billion yuan [1] Group 2 - The article mentions a competitive situation in the beverage industry, where Nongfu Spring's green bottle launch has led to a significant decline in market share for Yibao, dropping nearly 5 percentage points [1]

Report Summary 1. Report Industry Investment Rating No relevant information provided. 2. Core Viewpoints - On September 29, the silicon iron 2511 contract was reported at 5610, down 1.23%. The Ningxia silicon iron spot was reported at 5360, down 90 yuan/ton. With the eight - department issuance of the non - ferrous metals industry growth - stabilization plan, the non - ferrous metals industry is expected to have an average annual added - value growth of about 5% from 2025 - 2026. In terms of supply and demand, production has rebounded rapidly after the previous profit improvement, with neutral inventory levels and short - term cost support. The market should be treated as a volatile operation [2]. - On September 29, the manganese silicon 2601 contract was reported at 5820, down 0.78%. The Inner Mongolia manganese silicon spot was reported at 5600, down 100 yuan/ton. The adjustment of the automobile trade - in policy in Jiangsu Province has taken place. Fundamentally, production has been on an upward trend since mid - May, with a significant increase in inventory this period. The market should also be treated as a volatile operation [2]. 3. Summary by Directory 3.1 Futures Market - SM main contract closing price was 5820 yuan/ton, down 28 yuan; SF main contract closing price was 5610 yuan/ton, down 50 yuan [2]. - SM futures contract holdings were 490,681 hands, down 10,402 hands; SF futures contract holdings were 323,191 hands, down 15,815 hands [2]. - The net position of the top 20 in manganese silicon was - 63,659 hands, up 4371 hands; the net position of the top 20 in silicon iron was - 29,445 hands, up 4077 hands [2]. - The SM 5 - 1 month contract spread was 32 yuan/ton, down 14 yuan; the SF 5 - 1 month contract spread was 96 yuan/ton, down 28 yuan [2]. - SM warehouse receipts were 55,212, down 901; SF warehouse receipts were 17,031, down 342 [2]. 3.2 Spot Market - Inner Mongolia manganese silicon FeMn68Si18 was 5600 yuan/ton, down 100 yuan; Inner Mongolia silicon iron FeSi75 - B was 5430 yuan/ton, down 80 yuan [2]. - Guizhou manganese silicon FeMn68Si18 was 5680 yuan/ton, down 20 yuan; Qinghai silicon iron FeSi75 - B was 5260 yuan/ton, down 40 yuan [2]. - Yunnan manganese silicon FeMn68Si18 was 5740 yuan/ton, down 20 yuan; Ningxia silicon iron FeSi75 - B was 5360 yuan/ton, down 90 yuan [2]. - The manganese silicon index average was 5694 yuan/ton, down 23 yuan; the SF main contract basis was - 250 yuan/ton, down 40 yuan [2]. - The SM main contract basis was - 220 yuan/ton, down 72 yuan [2]. 3.3 Upstream Situation - South African ore: Mn38 block at Tianjin Port was 24 yuan/ton degree, unchanged; silica (98% in the northwest) was 210 yuan/ton, unchanged [2]. - Inner Mongolia Wuhai secondary metallurgical coke was 1100 yuan/ton, unchanged; semi - coke (medium material in Shenmu) was 760 yuan/ton, unchanged [2]. - Manganese ore port inventory was 447.80 million tons, up 20.60 million tons [2]. 3.4 Industry Situation - Manganese silicon enterprise operating rate was 44.18%, down 1.50%; silicon iron enterprise operating rate was 35.33%, up 0.49% [2]. - Manganese silicon supply was 206,430 tons, down 2345 tons; silicon iron supply was 114,500 tons, up 1400 tons [2]. - Manganese silicon manufacturer inventory was 233,800 tons, up 34,900 tons; silicon iron manufacturer inventory was 61,460 tons, down 1930 tons [2]. - Manganese silicon inventory days of national steel mills was 14.98 days, up 0.74 days; silicon iron inventory days of national steel mills was 14.67 days, up 0.42 days [2]. - Manganese silicon demand of the five major steel types was 122,484 tons, up 1058 tons; silicon iron demand of the five major steel types was 19,865.90 tons, up 277.30 tons [2]. 3.5 Downstream Situation - The blast furnace operating rate of 247 steel mills was 84.47%, up 0.47%; the blast furnace capacity utilization rate of 247 steel mills was 90.88%, up 0.50% [2]. - Crude steel production was 77.3686 million tons, down 2.2896 million tons [2]. 3.6 Industry News - In July, affected by US tariff policies, the global economic and trade friction index reached 110, at a high level. The US, the EU, and Brazil ranked in the top three, with the US having the largest amount of global economic and trade friction measures for 13 consecutive months [2]. - The eight - department issued the "Work Plan for Stabilizing Growth in the Non - Ferrous Metals Industry (2025 - 2026)", aiming for an average annual growth of about 5% in added - value and about 1.5% in the production of ten non - ferrous metals from 2025 - 2026 [2]. - The draft resolution proposed by Russia and China to extend the sanctions exemption for Iran was not adopted by the Security Council. The UK representative said the UN would re - impose sanctions on Iran on Saturday, and Iran warned that the West should bear the consequences [2]. - The Jiangsu Provincial Department of Commerce adjusted the automobile trade - in policy, suspending the automobile replacement subsidy policy at 24:00 on September 28, 2025 [2].

银华创业板两年定期开放混合（161838）成立日期2020年8月7日，最新规模2.66亿。今年以来收益 23.3%，同类排名3965/8244；近一年收益64.22%，同类排名1468/8080；成立以来亏损20.14%。 银华创业板两年定期开放混合（161838）基金经理为刘辉、王利刚。 截至发稿，刘辉累计任职时间8年201天，现任基金资产总规模31.59亿元，任职期间最佳基金回报 123.69%， 任职期间最差基金回报-20.14%。 王利刚累计任职时间5年275天，现任基金资产总规模32.81亿元，任职期间最佳基金回报27.62%， 任职 期间最差基金回报-20.14%。 风险提示：市场有风险，投资需谨慎。本文为AI大模型自动发布，任何在本文出现的信息（包括但不 限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，不构成个人投资建 议。 9月29日，腾远钴业涨5.14%，截至发稿，报72.23元/股，成交4.66亿元，换手率2.29%，总市值212.87亿 元。 资料显示，赣州腾远钴业新材料股份有限公司位于江西省赣州市赣县区赣州高新技术产业开发区稀金大 道9号，成立日期2004年3月 ...

Core Viewpoint - The "Nonferrous Metals Industry Stabilization and Growth Work Plan (2025-2026)" aims to address challenges in the nonferrous metals sector, focusing on resource security, supply optimization, transformation promotion, consumption expansion, and enhanced cooperation to ensure sustainable growth and high-quality development [1][2]. Group 1: Industry Growth and Economic Performance - The nonferrous metals industry is projected to achieve an average annual value-added growth of around 5% from 2025 to 2026, with the output of ten major nonferrous metals expected to grow by approximately 1.5% annually [2]. - In 2024, the output of ten commonly used nonferrous metals is forecasted to reach 79.19 million tons, reflecting a year-on-year increase of 4.3% [7]. Group 2: Resource Utilization and Supply Chain - The plan emphasizes efficient resource utilization and improving resource security, including a new round of mineral exploration strategies focusing on copper, aluminum, lithium, nickel, cobalt, and tin [2]. - The initiative aims to enhance the recycling of waste nonferrous metals and promote the comprehensive utilization of emerging solid waste, such as used batteries and photovoltaic components [2]. Group 3: Technological Innovation and Industry Transformation - The plan calls for strengthening technological innovation in the industry, focusing on high-purity metals, copper alloy materials, and advanced rare earth materials [5]. - It encourages the establishment of platforms for new materials and low-carbon smelting processes to facilitate product quality improvement and innovation [6]. Group 4: Market Demand and Consumption Expansion - The plan aims to stimulate market consumption potential by promoting the upgrade of bulk metal consumption and expanding applications for high-end aluminum, copper, and magnesium alloys [6]. - It supports long-term procurement agreements between upstream and downstream enterprises to establish stable cooperative relationships [6]. Group 5: Policy Support and Implementation - The Ministry of Industry and Information Technology plans to utilize existing funding channels and policies to support the implementation of the work plan, including tax reductions and state reserves for key products [7].

9月28日，工信部等八部门印发的《有色金属行业稳增长工作方案（2025—2026年）》指出， 实施新一轮找矿突破战略行动，加强 铜、铝、锂、镍、钴、锡等资源调查与勘探，形成一批找矿新成果。支持有条件的地区建立再生资源回收基地，强化废铜、废铝等废 有色金属综合利用，以及废旧动力电池、废旧光伏组件等新兴固废综合利用。推进氧化铝、电解铝、铜冶炼、铅冶炼、锌冶炼等行业 节能减污降碳改造。规范开展赤泥、锂渣、高铝粉煤灰等大宗固废的安全处置及资源化利用。 以下为原文 工业和信息化部等八部门关于印发《有色金属行业稳增长工作方案（2 025—2026年）》的通知 各省、自治区、直辖市及计划单列市、新疆生产建设兵团工业和信息化、自然资源、商务、国资主管部门、粮食和物资储备局，中国人 民银行上海总部，各省、自治区、直辖市、计划单列市分行，海关总署广东分署、各直属海关，中国证监会各监管局： 现将《有色金属行业稳增长工作方案（2025—2026年》印发给你们，请结合实际认真抓好落实。 工业和信息化部 自然资源部 商务部 中国人民银行 国务院国资委 海关总署 中国证监会 国家粮食和储备局 20 25年8月28日 有色金属行业稳增长工作 ...

铝&氧化铝产业链周度报告 国泰君安期货研究所·王蓉（首席分析师/所长助理） 投资咨询从业资格号：Z0002529 日期：2025年09月28日 Guotai Junan Futures all rights reserved, please do not reprint 铝：小幅反弹后再回调，依然在磨盘，节前可轻仓 Special report on Guotai Junan Futures 资料来源：国泰君安期货研究 2 ◆ 本周沪铝在铜价因印尼矿端事件引发的大涨行情带领下，略有反弹，但随后伴随铜价休整回落，铝价亦再度回调。短期 整体趋势仍在磨盘，节前可轻仓，长假期间建议关注美国非农、海外多国制造业PMI数据等对国际市场的冲击。中期趋势 性上看，我们在铝的单边价格、波动率方向、冶炼利润上，继续保持看多方向。 ◆ 当前周频跟踪的基本面微观指标来看，整体依然不差。SMM华东现货贴水转平水，不过华南现货贴水有所扩大。截至9月 25日，铝锭社会库存较前周去库2.2万吨至61.4万吨，周四出现去库，在国庆累库过后可观察是否已形成去库拐点的确认。 下游方面，截至9月26日铝板带箔周度总产量已经连续第6周环比增加，年初迄 ...

新能源及有色金属周报 | 2025-09-28 海外库存矛盾难解 重要数据 2025-09-26沪锌主力合约收盘于21980元/吨，波动0.07%，LME价格收盘于2886.5美元/吨，波动-0.01%。华东地区 现货价格21950元/吨，对主力合约升贴水-60元/吨，环比变化-5元/吨，广东地区现货价格21990元/吨，对主力合约 升贴水-60元/吨，环比变化+10元/吨，天津地区现货价格21950元/吨，对主力合约升贴水-60元/吨，环比变化-5元/ 吨。LME（0-3）升贴水53.93美元/吨，环比变化-5.71美元/吨。 供应：2025-09-26SMM国产锌精矿周度加工费3650元/金属吨，周度环比波动-200 元/吨，进口锌精矿周度加工费指 数115.90美元/干吨，周度环比波动4.65美元/干吨，锌精矿进口盈亏-2123.98元/吨。 消费：镀锌企业开工率55.82%，环比变化-2.23%，压铸锌合金开工率49.73%较上周变化-4.05%，氧化锌企业开工 率58.45%较上周变化+0.34%。 库存：根据SMM统计，截至2025-09-25，SMM七地锌锭库存总量为15.04万吨，较上周同期变 ...