● 本报记者杨洁 战略配售投资者突破10名 北交所网站显示，天工股份IPO于2023年12月29日受理，经历过两轮审核问询，分别在2024年8月和11 月经历过两度上会，最终通过上市委审议并于2025年3月31日成功获得注册批文。公司本次上市拟募集 资金3.6亿元，主要用于建设年产3000吨高端钛及钛合金棒、丝材生产线建设项目，通过这一项目的实 施，进一步推进钛材深加工战略，对市场需求旺盛的高端钛及钛合金线材进行扩产，从而提升高端产品 生产能力，提高市场份额。 天工股份的申购代码是920068，发行价为3.94元/股，发行市盈率为14.98倍。根据其披露的发行结果， 42.54万户参与打新，最终11.75万户获配，申购倍数2416.69倍，中签率为0.04%。 战略配售结果同时出炉。天工股份此次公开发行股份数量为6000万股，战略配售股份数量为1800万股， 占发行规模的30%，共计引入12家战略投资者，分别为华泰天工股份家园1号北交所员工持股集合资产 管理计划、一典资本、晨鸣13号私募证券投资基金、瑞哲恒嘉、煜诚六分仪私募证券投资基金、山东国 泰平安投资管理有限公司、云竺贝寅北交所致远1号私募证券投资基金、 ...

近日，根据Wind ESG评级报告，华光新材(688379.SH)在2025年5月的ESG评级从BBB稳步上升至AA，较前几个月有显著提升。在其他金属与采矿行业中， 华光新材的综合得分行业排名为3/186，处于行业前三。 4月2日，华光新材发布了其2024年度环境、社会及治理（ESG）报告，全面展示了公司在技术创新、绿色发展、社会责任履行等方面的卓越成就。 作为国内中温硬钎料行业的领军企业，华光新材始终秉持"提升工业连接水平，实现产业链价值共赢"的使命，紧跟全球制造业智能化、绿色化转型趋势，积 极推动产品技术升级与应用拓展。 在可持续发展方面，华光新材积极投身"双碳"战略，全力支持碳达峰、碳中和的"3060"目标，以"源头减量、绿色低碳"为指引，将绿色设计、绿色制造和低 碳环保的理念深度融入企业运营及产品全生命周期的各个环节，为守护绿水青山贡献坚实力量。 Wind ESG评级体系将获得AA评级的公司定义为"企业管理水平高，ESG风险低，可持续发展能力强"。此次ESG评分的显著提升，得益于公司在争议事件管 理（得分2.93）及管理实践（得分5.18）方面所采取的一系列有效措施。 未来，华光新材将始终坚持"可靠性 ...

Investment Rating - The report maintains a "Recommended" rating for Baowu Magnesium Industry [5][11]. Core Views - The company achieved a revenue of 8.983 billion yuan in 2024, a year-on-year increase of 17.39%, but the net profit attributable to shareholders decreased by 47.91% to 160 million yuan due to low magnesium prices and increased operating expenses [2][10]. - The production and sales of magnesium-aluminum alloy products continue to grow, with production increasing by 27.81% to 460,000 tons and sales up by 23.54% to 450,000 tons in 2024 [3]. - The company is increasing its research and development investment, which rose from 309 million yuan in 2021 to 455 million yuan in 2024, accounting for 5.1% of revenue [4]. Summary by Sections Financial Performance - In 2024, the company reported a revenue of 8.983 billion yuan, with a net profit of 160 million yuan, and basic earnings per share of 0.16 yuan, reflecting a decrease of 50.93% year-on-year [2]. - For Q1 2025, the company achieved a revenue of 2.033 billion yuan, a 9.08% increase year-on-year, but the net profit decreased by 53.58% to 28 million yuan [2]. Production and Sales - The production of magnesium-aluminum alloy and deep-processed products saw a dual increase in 2024, with production up by 27.81% and sales up by 23.54% [3]. - The company has a current magnesium alloy capacity of 200,000 tons and aluminum alloy capacity of 150,000 tons, with plans to increase magnesium alloy capacity by 150% to 500,000 tons [3]. R&D and Market Development - The company is focusing on R&D to enhance the application of magnesium alloys in various sectors, including automotive lightweighting and robotics [4]. - A significant breakthrough was achieved in collaboration with Seres, leading to the development of the world's largest integrated die-casting magnesium alloy rear body for mass production [4]. Future Projections - The company is projected to achieve revenues of 10.916 billion yuan, 14.398 billion yuan, and 15.864 billion yuan for 2025, 2026, and 2027 respectively, with net profits expected to reach 452 million yuan, 785 million yuan, and 905 million yuan [11][12].

元/吨；贵州5650（-80）元/吨。 【期货】 4月28日，锰硅09合约对昨收+0.14%（+8），收于5804元/吨，主力合约持仓+10187手。 【现货】 现货方面，主产区价格变动：6517锰硅内蒙5680（-20）元/吨；广西5700（-50）元/吨；宁夏5550（-） 库存方面，截至4月25日，中国主要港口锰矿库存405.5万吨，环比+32.8万吨；其中天津港319.9万吨， 环比+35.2万吨，钦州港85.1吨，环比-2.4万吨。 【供给】 Mysteel统计全国187家独立硅锰企业样本开工率41.59%，较上周减2.63%；日均产量26580吨，减365 吨。周产量186060吨，环比上周减1.35%。 【成本】 内蒙成本5750（-16）元/吨，广西生产成本6417（-）元/吨，内蒙生产利润-70（-3.8）元/吨。 【锰矿】 港口锰矿活跃度恢复，受下游厂家节前补库影响，市场成交尚可。天津港（600717）半碳酸成交围绕 32.5-33元/吨度左右，南非高铁30.5-31元/吨度，澳块报价38元/吨度左右，加蓬成交围绕37元/吨度左 右。钦州港半碳酸价格34-34.5元/吨度，澳籽37.5-3 ...

Report Industry Investment Rating - Not provided in the report Core Viewpoints - Last week, copper prices remained volatile. The IMF lowered the global economic growth forecast from 3.3% to 2.8%, and the Fed may cut interest rates if the job market deteriorates. The US significantly reduced tariffs on China, but the two sides have not entered the formal negotiation stage, causing market concerns. Domestically, industrial enterprise profits turned positive, and the central bank conducted net MLF injections. The domestic economic cycle is accelerating. Fundamentally, the spot TC negative value dropped to -$40, the domestic trade spot premium was high, and the B structure of the futures market narrowed. Overall, copper prices are expected to remain volatile, pending further clarity on the Sino-US trade situation [2][3][8]. Summary by Directory 1. Market Data - **Price Changes**: From April 18th to April 25th, LME copper rose from $9,254/ton to $9,360/ton, a 1.15% increase; COMEX copper rose from 470.5 cents/pound to 490.05 cents/pound, a 4.16% increase; SHFE copper rose from 76,140 yuan/ton to 77,440 yuan/ton, a 1.71% increase; international copper rose from 67,750 yuan/ton to 68,990 yuan/ton, a 1.83% increase. The Shanghai-London ratio rose from 8.23 to 8.27 [4]. - **Inventory Changes**: As of April 25th, the total inventory of LME, COMEX, SHFE, and Shanghai bonded areas decreased to 563,461 tons, a 9.44% decrease from April 18th. Among them, LME copper inventory decreased by 9,950 tons, SHFE inventory decreased by 54,858 tons, and Shanghai bonded area inventory decreased by 2,800 tons, while COMEX inventory increased by 8,849 short tons [7]. 2. Market Analysis and Outlook - **Macro Factors**: The IMF lowered the 2025 global economic growth forecast from 3.3% to 2.8%. The US may adjust tariffs on Chinese goods, and the Fed may cut interest rates if the job market worsens. Domestically, in Q1, the profits of industrial enterprises above designated size increased by 0.8% year-on-year, and in March, they increased by 2.6% year-on-year [9]. - **Supply and Demand**: The spot weekly TC once widened to -$40. The global mine supply is expected to remain tight in the medium term. Domestic smelters maintain high operating rates, but imports decreased in March. In terms of demand, the bidding progress of power grid investment projects is slow, but the start-up rate of cable enterprises in March rebounded to 73.6%. The new energy industry has stable copper demand growth [10]. - **Inventory**: As of April 25th, the total global copper inventory decreased to 563,000 tons. LME copper inventory decreased by 10,000 tons, and the LME0 - 3 structure turned to C. The cancellation warrant ratio dropped to 37.9%. SHFE inventory decreased by 55,000 tons, and the bonded area inventory decreased by 2,800 tons. The COMEX copper inventory increased to 132,000 tons [8]. 3. Industry News - Peru's Antamina copper mine had a mining accident, and production is expected to be significantly affected. In February 2025, the global refined copper market had a surplus of 61,000 tons. In Q1, MMG's copper concentrate production reached 120,000 tons, and the production of its African mine increased. The processing fee of 8mm T1 cable wire rods in East China increased slightly, and the start-up of refined copper rod enterprises is expected to slowly recover in early May [12][13][14]. 4. Related Charts - The report provides multiple charts, including the price trends of SHFE copper and LME copper, inventory changes in various regions, copper spot premium trends, and the net long - position ratio of COMEX copper non - commercial traders, etc., to visually display the market situation [15][16][19]

4月28日，江苏天工科技股份有限公司（简称"天工股份"）在北京证券交易所（简称"北交所"）开启新 股申购。 公司本次募集资金投资项目围绕公司主营业务开展，着眼于提高公司产品产量的同时，提升公司产品性 能与质量，减少关联交易，向钛及钛合金高附加值应用领域延伸。"年产3000吨高端钛及钛合金棒、丝 材生产线建设项目"拟通过在公司现有土地新建生产车间，凭借公司拥有的产品专利技术、技术研发储 备与现有生产设施，新增生产及其他辅助设备，实现年产3000吨高端钛及钛合金棒、丝材的能力。 本次发行战略配售发行数量为1800万股，占超额配售选择权行使前本次发行数量的30%。战略投资者包 括中信证券、国泰海通证券、中国国际金融股份有限公司、第一创业证券、山东国泰平安投资管理有限 公司、上海贝寅私募基金管理有限公司等。 华源证券北交所研究团队指出，战略配售机构由中信、国泰海通、中金三家顶级券商领衔，外加一众私 募，锁定期达到18个月，足见机构对其认可度较高，充分体现长期价值投资者对公司发展前景充满信 心。 公开资料显示，天工股份的申购代码是920068，发行价为3.94元/股，发行市盈率为14.98倍，参考行业 市盈率为17.4 ...

SHMET 网讯：4月25日（周五），一大宗商品研究机构发布报告称，伦敦金属交易所（LME）三个月期铜在4月初大幅下跌，前两周跌幅11%，抵消了 今年迄今的所有涨幅。4月9日，由于投资者情绪被美国宣布的对等关税扰乱，价格跌至8,613美元/吨的13个月低点。此举再次引发了人们对全球贸易局势的 担忧，并加剧市场对更广泛经济放缓的担忧。 然而，铜价在随后几周反弹，受一系列因素支持：美国政府对某些进口电子产品给予关税豁免以及美元大幅下跌。 2月份，美国精炼铜进口量同比增长43%，至58,326吨，其中来自智利的货物增长53%。这一大幅增加可能反映出买家在美国潜在关税下领先一步的努力。 消费 初步估计显示，在主要消费国需求复苏的带动下，2月份全球精炼铜消费量同比增长9%。 4月1日公布的3月财新中国制造业采购经理指数（PMI）录得51.2，较2月上升0.4个百分点，创2024年12月来新高，显示制造业生产经营活动继续加快扩张。 上期所铜库存在2月底达到268,337吨的峰值，但远低于去年336,994吨的高点，此后一直在迅速下降。 产量 出口 全球最大的铜出口国智利在2025年前两个月向美国发运93,909吨铜，同比 ...

铜周报：关税风险缓和，基本面支撑铜价 2025-4-28 长江期货股份有限公司交易咨询业务资格：鄂证监期货字[2014]1号 张 桓 执业编号：F03138663 咨询电话：027-65777106 汪国栋 执业编号：F03101701 投资咨询号: Z0021167 01 主要观点策略 02 宏观及产业资讯 03 期现市场及持仓情况 目 录 04 基本面数据 01 主要观点策略 01 主要观点策略 供给端：铜精矿现货市场延续低迷态势，TC持续探底跌破-40美元，虽受益于副产品价格高位，精铜产出依然保持韧性，但炼厂压 力在增大。3月精炼铜产量为124.8万吨，同比增加8.6%，4月电解铜产量同比预计仍有增长。 需求端：3月需求旺季带动了铜材产量如期增长。3月中国铜材产量达212.5万吨，创近几年同期新高。银四最后一周小幅下周面临 五一小长假，下游假期备货需求预计增加。 库存：截至4月24日，SMM全国主流地区铜库存较4月21日下降1.48万吨至18.17万吨，较4月17日下降5.17万吨，实现连续8周周 度去库，目前较年内高位回落了19.53万吨，较去年同期的40.47万吨低22.30万吨。临近五一假期前将有 ...