截至2025年11月17日 14:29，中证细分有色金属产业主题指数(000811)下跌0.58%。成分股方面涨跌互现，盛新锂能(002240)领涨10.01%，中矿资源(002738) 上涨10.00%，雅化集团(002497)上涨10.00%；中孚实业(600595)领跌7.88%，中国铝业(601600)下跌4.55%，云铝股份(000807)下跌4.47%。有色 50ETF(159652)下跌0.39%，最新报价1.53元。拉长时间看，截至2025年11月14日，有色50ETF近1周累计上涨1.59%。 流动性方面，有色50ETF盘中换手5.7%，成交1.61亿元。拉长时间看，截至11月14日，有色50ETF近1月日均成交1.67亿元。 值得一提的是，有色50ETF(159652)盘中获资金逆市加仓，截至目前，该基金盘中已获净申购6200万份，按盘中成交均价估算，净申购金额已超9400元。 | | 有色50ETF 159652 | ਐ | | --- | --- | --- | | | | 十〇 | | 实时申购赎回信息 | 申购 | 赎回 | | 筆数 | 54 | 4 | | 金额 | 0 | 0 ...

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 上周行情回顾 铜周报：宏观仍不明朗，铜价高位震荡 2025-11-17 p 上周沪铜高位震荡。截至上周五收至86900元/吨，周涨幅1.11%。美国政府停摆结束提振市场信心，但美联储官员在利率问题上存 在明显分歧，使得市场情绪偏向谨慎。基本面上，铜精矿TC仍处于历史负值低位，铜矿紧缺下铜价中枢中长期有支撑。国内铜冶炼反 内卷预期叠加阳极铜供给影响，国内电解铜产量或保持低位。铜价下跌终端需求受到提振，基本面支撑较强，铜价或延续高位震荡运 行。 60000 65000 70000 75000 80000 85000 90000 95000 25-11-14 25-11-10 25-11-04 25-10-29 25-10-23 25-10-17 25-10-13 25-09-29 25-09-23 25-09-17 25-09-11 25-09-05 25-09-01 25-08-26 25-08-20 25-08-14 25-08-08 25-08-04 25-07-29 25-07-23 2 ...

Report Summary 1) Report Industry Investment Rating - No information provided on the industry investment rating. 2) Report Core View - The reduction in LME copper inventory supports copper prices [1]. 3) Summary by Relevant Catalogs **Fundamental Tracking** - **Futures Data**: The closing price of the Shanghai Copper main - contract was 86,900 with a daily decline of 0.74%, and the night - session closing price was 86,680 with a decline of 0.25%. The LME 3M copper electronic - trading price was 10,846 with a decline of 0.12%. The trading volume of the Shanghai Copper index was 238,872 (a decrease of 297 from the previous day), and the open interest was 553,083 (a decrease of 8,572). The trading volume of the LME 3M copper electronic - trading was 40,992 (an increase of 21,594), and the open interest was 326,000 (an increase of 5,006). The Shanghai Copper inventory was 49,830 (an increase of 5,873), and the LME copper inventory was 135,725 (a decrease of 450) [1]. - **Spot Data**: The LME copper premium, Shanghai 1 bright copper price, and bonded - area bill of lading premium remained unchanged. The spot - to - near - month futures spread increased by 5, the near - month to consecutive - first - month contract spread decreased by 50, and the cross - period arbitrage cost of buying the near - month and selling the consecutive - first - month contract was 202. The Shanghai copper spot - to - LME cash spread decreased by 135, the Shanghai Copper consecutive - third - month contract to LME 3M spread decreased by 15, the Shanghai copper spot - to - Shanghai 1 recycled copper spread decreased by 235, and the recycled copper import profit and loss increased by 446 [1]. **Macro and Industry News** - **Macro News**: Li Qiang chaired an executive meeting of the State Council to deploy policies and measures to enhance the adaptability of consumer goods supply and demand and further promote consumption. The hawkish faction of the Federal Reserve is prominent and opposes a December interest - rate cut, while Milan calls for a rate cut again [1]. - **Industry News**: The United States officially announced a new list of critical minerals, including copper for the first time. Tanzania has reopened its border with Zambia, resuming the flow of goods on this important trade corridor between the two major African copper - exporting countries. Freeport Indonesia completed the investigation of the mudslide incident at its Grasberg copper - gold mine. Peru's copper production in September increased by 3.7% year - on - year to 240,995 tons, and the production in the first nine months of 2025 was about 2.048 million tons, a year - on - year increase of 2.7%. Marimaca Copper's copper oxide mine project in Chile's Antofagasta Region obtained environmental approval [1][3]. **Trend Intensity** - The copper trend intensity is 0, indicating a neutral outlook [3].

品种 开盘价 最高价 最低价 收盘价 LME铜 10881.5 10922.0 10755.0 10846.0 -0.12% 【铜市场消息速递】 11月14日，电解铜现货沪伦比值为7.99，进口盈亏：-809.1元/吨，上一交易日进口盈亏：-826.78元/吨。 11月14日，伦敦金属交易所（LME）：铜注册仓单126075吨，注销仓单9650吨，减少475吨。铜库存 135725吨，减少450吨。 截至2025年11月14日，Mysteel统计中国16港进口铜精矿当周库存74.0万吨，较上周增4.8万吨。（原口 径：中国7个主流港口进口铜精矿当周库存为53.0万吨，较上周环比增3.2万吨。） 北京时间11月17日，伦敦金属交易所(LME)铜期货价格区间震荡，今日开盘报10830美元/吨，现报 10834美元/吨，跌幅0.17%，盘中最高触及10850.5美元/吨，最低下探10800美元/吨。 LME铜期货行情回顾： 11月14日伦敦金属交易所(LME)铜期货行情 ...

格隆汇11月14日丨铜陵有色(000630.SZ)公布2025年半年度权益分派实施公告,本公司2025年半年度权益 分派方案为：以公司现有总股本剔除已回购股份0股后的134.09亿股为基数，向全体股东每股派0.05元人 民币现金（含税；扣税后，通过深股通持有股份的香港市场投资者、境外机构（含QFII、RQFII）以及 持有首发前限售股的个人和证券投资基金每股派0.045元。拟派发现金红利为6.70亿元（含税）。 本次权益分派股权登记日为：2025年11月21日，除权除息日为：2025年11月24日。 ...

Group 1: Industrial Metals - The price of copper is expected to remain elevated due to the suspension of operations at the Grasberg mine, with a projected global copper shortage of approximately 1% in 2026 and 0.5% in 2027, primarily due to the anticipated resumption of production at Grasberg and Panama mines [2][3] - Aluminum profitability is expected to increase further, with China's electrolytic aluminum capacity utilization reaching 98%, leading to potential shortages if supply decreases or demand increases [2][3] Group 2: Precious Metals - The long-term outlook for gold remains positive, driven by multiple factors including weakening U.S. non-farm data, manageable inflation, and dovish signals from the Federal Reserve, which is expected to lower interest rates [3] - Central banks globally are increasing their gold reserves, with the People's Bank of China having added gold for 12 consecutive months [3] Group 3: Energy Metals - The introduction of a quota system in the Democratic Republic of Congo (DRC) is expected to lead to a long-term increase in cobalt prices, with export quotas significantly lower than market expectations [4][5] - The global lithium industry is anticipated to enter a new cycle of prosperity, driven by strong demand from the rapidly growing electric vehicle and energy storage sectors [6] Group 4: Minor Metals - China's dominance in rare earth resources is solidified, with the country controlling approximately 50% of global reserves and 90% of oxide production, leading to a potential increase in prices [7] - Tungsten prices may rise due to recovering overseas demand and the easing of export controls, while antimony prices are rebounding following recent export control relaxations [8][9] Group 5: Uranium - The demand for natural uranium is expected to rise in line with increasing nuclear power generation, with projections indicating that China's nuclear power capacity could become the largest in the world by 2030 [10] Group 6: Recommended Stocks - A selection of companies is recommended for investment across various metals, including copper, aluminum, precious metals, energy metals, and minor metals [11]

Report Summary Investment Rating No investment rating for the industry is provided in the report. Core View The copper price is expected to maintain a volatile pattern, with the support from mine - end interference at the lower end, but the demand side lacks a strong performance. The price is likely to fluctuate between 85,000 yuan/ton and 89,000 yuan/ton. Entities can arrange buy or sell hedging based on this range. Arbitrage should be postponed, and the option strategy is short put [7]. Summary by Directory Market News and Key Data - **Futures Quotes**: On November 13, 2025, the Shanghai copper main contract opened at 87,100 yuan/ton and closed at 87,550 yuan/ton, up 0.82% from the previous trading day's close. The night - session opened at 87,650 yuan/ton and closed at 87,400 yuan/ton, down 0.17% from the afternoon close [1]. - **Spot Situation**: The SMM 1 electrolytic copper spot was quoted at 87,040 - 87,380 yuan/ton, with an average premium of 50 yuan/ton over the current - month contract, down 5 yuan from the previous day. The copper price increase curbed downstream procurement. It is expected that the spot discount will not widen further near the delivery, and today's trading will center around par [2]. - **Important Information**: The US October CPI report was not released as scheduled. The 9 - month employment report may show only new employment data. Some Fed officials are cautious about further rate cuts due to inflation above the 2% target [3]. Mine End Hudbay Minerals maintained its 2025 copper and gold production guidance. It expects copper production to be near the lower limit of 117,000 - 149,000 pounds and gold production near the lower limit of 247,500 - 308,000 ounces. The company lowered the full - year comprehensive cash cost guidance for copper [4]. Smelting and Import Taseko Mines' third - quarter revenue was 174 million Canadian dollars. The core Gibraltar mine increased copper production, with improved grade and recovery rate, and reduced C1 cost. The Arizona Florence Copper project is about to produce the first batch of cathode copper [5]. Consumption In October, China's non - ferrous metal industry prosperity index was 31.8, up 1.4 points from the previous month, remaining in the lower - middle of the "normal" range. The leading index and the coincident index also increased [5]. Inventory and Warehouse Receipts LME warehouse receipts remained at 136,175 tons, SHFE warehouse receipts decreased by 131 tons to 43,957 tons. On November 10, the domestic electrolytic copper spot inventory was 201,100 tons, up 5,200 tons from the previous week [6]. Price Table Data The report provides data on copper prices, basis, inventory, warehouse receipts, arbitrage, import profit, and Shanghai - London ratio for different time points from October 15, 2025, to November 14, 2025 [25][26][27][28].

Core Viewpoint - Yunnan Copper Industry Co., Ltd. announced a capital increase in its subsidiary, China Copper International Trade Group Co., Ltd. (referred to as China Copper International), to enhance its capital strength and optimize its asset-liability structure [1] Group 1: Capital Increase Details - Yunnan Copper and China Copper each plan to increase their investment in China Copper International by 320 million yuan, totaling 640 million yuan [1] - The entire capital increase will be included in the registered capital, raising the registered capital of China Copper International from 600 million yuan to 1.24 billion yuan [1] - The shareholding ratio of both shareholders will remain unchanged after the capital increase [1]

云南铜业（000878）(000878.SZ)发布公告，中铜国际贸易集团有限公司(简称中铜国贸)为公司控制并合 并报表子公司，公司和中国铜业有限公司(简称中国铜业)分别持有中铜国贸50%股权。为增强中铜国贸 的资本实力，优化资产负债结构，促进其业务发展，提升中铜国贸综合竞争力及抗风险能力，云南铜业 与中国铜业拟对中铜国贸以现金方式同比例分别增资3.2亿元，合计增资6.4亿元，增资额全部计入注册 资本。增资完成后，中铜国贸注册资本由6亿元增至12.4亿元，股东双方出资比例保持不变。 ...

每经AI快讯，云南铜业（SZ 000878，收盘价：17.98元）11月13日晚间发布公告称，因工作调整，孙萍 女士不再担任公司证券事务代表，但仍在公司担任其他职务。董事会聘任刘八妹女士为公司证券事务代 表，协助董事会秘书履行相关职责，任期自本次董事会会议审议通过之日起至第十届董事会任期届满之 日止。 每经头条（nbdtoutiao）——"银行直供房，不计成本卖！"有的半价出售，众多刚需还不知道！银行用 过的房很抢手，有人加价100万元抢拍 （记者 王晓波） 2025年1至6月份，云南铜业的营业收入构成为：工业及非贸易收入占比75.44%，贸易收入占比 24.56%。 截至发稿，云南铜业市值为360亿元。 ...