相关产品方面，天弘中证工业有色金属主题指数(A类：017192；C类：017193)紧密跟踪中证工业有色 金属主题指数，中证工业有色金属主题指数选取市值较大的30只业务涉及铜、铝、铅锌、稀土金属等行 业的上市公司证券作为指数样本，以反映工业有色金属主题上市公司证券的整体表现。 感兴趣的伙伴，上支付宝APP搜索：天弘中证工业有色金属主题指数(A类：017192；C类：017193)即可 了解详情。 风险提示：观点仅供参考，不构成投资建议，市场有风险，投资需谨慎。投资者在购买基金前应仔细阅 读基金招募说明书与基金合同，请根据自身投资目的、投资期限、投资经验等因素充分考虑自身的风险 承受能力，在了解产品情况及销售适当性意见的基础上，理性判断并谨慎做出投资决策。指数基金存在 跟踪误差。以上仅为对指数成分股列示，非个股推荐。指数历史表现不构成对基金产品未来收益的预测 及保证。 以上内容与数据，与有连云立场无关，不构成投资建议。据此操作，风险自担。 2025年12月26日，有色板块震荡走强，铜、贵金属方向领涨。沪铜期货价格强势攀升，一举突破98000 元/吨大关，再创历史新高。截至13:06，中证工业有色金属主题指数强势 ...

Market Overview - On December 26, the A-share market experienced a pullback after an initial rise, with the Shanghai Composite Index dropping by 0.19% to 3952.09 points, while the Shenzhen Component Index rose by 0.17% to 13554.07 points [2][3] - The trading volume reached 1.47 trillion yuan, with a predicted total turnover of 2.33 trillion yuan, an increase of 381.3 billion yuan [3] Sector Performance - The lithium battery supply chain, precious metals, and basic metals sectors showed strong performance, while sectors such as photolithography machines, electronic components, and communication equipment faced declines [5] - The non-ferrous metals sector saw significant gains, with companies like Hainan Mining, Guocheng Mining, and Shenzhen New Star hitting the daily limit, while others like Luoyang Molybdenum, China Aluminum, and Zijin Mining also experienced increases [5][6] Commercial Aerospace Sector - The commercial aerospace sector continued to rise, with stocks like Guanglian Aviation increasing by over 10%, and Tongyu Communication and Aerospace Development reaching their daily limit [8][9] - The market sentiment is bolstered by the expectation of a global boom in the commercial aerospace industry over the next two years, driven by accelerated technological iterations and increasing demand for launch services and satellite networking [10]

对氧化铝、铜冶炼等强资源约束型产业，关键在于强化管理、优化布局。"十五五"时期，要坚持全国一 盘棋，立足各地区产业基础、资源禀赋、环境承载力的客观差异，构建因地制宜、突出特色的生产力空 间布局。完善重大项目论证机制，推动地方论证前主动对接国家产业调控要求，防止盲目投资和无序建 设。鼓励大型骨干企业实施兼并重组，提升规模化、集团化水平，提高产业竞争力。加力支持骨干企业 技术攻研，提升全产业链技术优势。推进新一轮找矿突破战略行动，优化海外矿产资源勘查开发合作。 完善回收利用体系，分品类推动废弃物循环利用。 对轻工、纺织等量大面广的产业，关键在于降本扩量、提质增效。"十五五"时期，要加快产品创新，丰 富产品品类和供给特色，实现增品种、提品质、创品牌。支持企业开展设备更新和技术改造，加快应用 先进适用技术，推动数字化转型和绿色化升级，持续降本增效。开展重点消费品质量提升行动，提升强 制性产品能效标准和安全标准，保障强制性国家标准"红底线"作用发挥，强化质量支撑和标准引领。推 进品牌建设，高质量办好中国品牌日活动，持续开展品牌创建和宣传引导，提升中国品牌知名度和影响 力。完善产业在国内梯度有序转移的协作机制，引导轻工、 ...

Core Viewpoint - The article emphasizes the importance of optimizing and enhancing traditional industries, particularly resource-intensive sectors like alumina and copper smelting, through improved management and strategic layout [1] Group 1: Industry Management and Optimization - The focus is on strengthening management and optimizing the layout of resource-intensive industries, which are foundational to the national economy and play a crucial role in various sectors including economic and national defense [1] - There is a strong willingness among localities to develop industries such as alumina and copper smelting, indicating a significant interest in these sectors [1] Group 2: Strategic Planning and Implementation - During the 14th Five-Year Plan period, a unified national strategy will be adopted, taking into account regional industrial foundations, resource endowments, and environmental carrying capacities to create tailored production layouts [1] - The article calls for improvements in the major project evaluation mechanism, encouraging localities to align with national industrial regulation requirements to prevent blind investments and disorderly construction [1] Group 3: Encouragement of Mergers and Technological Advancements - Large backbone enterprises are encouraged to engage in mergers and acquisitions to enhance scale and competitiveness within the industry [1] - There is a push for supporting key enterprises in technological research and development to improve the technological advantages across the entire industry chain [1] Group 4: Resource Exploration and Recycling - The article advocates for a new round of strategic actions aimed at breakthrough mineral exploration and optimizing overseas mineral resource exploration and development cooperation [1] - It also highlights the need to improve recycling systems and promote the circular economy by categorizing and utilizing waste materials [1]

Core Insights - The article emphasizes the importance of optimizing and upgrading traditional industries while fostering innovation and maintaining order in emerging sectors like new energy vehicles, lithium batteries, and photovoltaics [2][4][11] Group 1: Traditional Industry Development - The traditional industries are crucial for the national economy, encompassing essential raw materials and consumer goods [4][11] - Significant achievements were made during the 14th Five-Year Plan, with a focus on enhancing core competitiveness and international competitiveness [5][11] - The manufacturing value added is projected to reach 33.6 trillion yuan in 2024, with traditional industries accounting for approximately 80% [11] Group 2: Technological and Digital Transformation - There is a strong push for digital transformation and intelligent upgrades in traditional industries, with over 30,000 basic intelligent factories established [6] - The average product development cycle in top-tier intelligent factories has been reduced by 28.4%, and production efficiency has improved by 22.3% [6] Group 3: Green Development - The green transformation of industries is being prioritized, with significant advancements in energy efficiency and carbon reduction [7] - By the end of 2024, China's new energy vehicle sales are expected to reach 12.866 million units, an increase of over eight times since 2020 [7] Group 4: International Competitiveness - The international competitiveness of traditional industries is being strengthened, with industrial product exports exceeding 20 trillion yuan for four consecutive years [9][14] - Exports of new energy vehicles, lithium batteries, and photovoltaic products are projected to increase by 2.6 times compared to 2020 [9] Group 5: Policy and Regulatory Framework - The government is focusing on balancing supply and demand in raw material industries, emphasizing structural optimization and high-end capacity supply [15] - There is a need to regulate market competition and enhance the innovation capacity of industries to maintain a fair competitive environment [2][16]

Group 1 - Huangshi City has been focusing on industrial strength and modernizing its industrial system, achieving an average annual growth of 14.4% in industrial output value since the 14th Five-Year Plan [1] - The intelligent factory of Zhongse Daye Hongsheng Copper Industry features over 130,000 smart sensing points and has improved labor efficiency by 60% compared to the industry average [1] - Huangshi has invested nearly 100 billion yuan in industrial technological transformation to shift traditional industries from "scale expansion" to "quality and efficiency improvement" [1] Group 2 - Huangshi is focusing on strategic emerging industries such as new materials and optoelectronic information, promoting a shift from "single-point breakthroughs" to "cluster rise" [1] - The city has established the world's first large-scale automated production line for fiber laser devices and has broken foreign monopolies in high-end wafer regeneration technology [1] - By 2029, Huangshi aims for the future industry output value to reach 10 billion yuan, creating new growth opportunities for high-quality urban development [2]

经济日报武汉12月23日讯 近年来，湖北省黄石市坚持工业强市，加快构建现代化产业体系。黄石市委 书记郄英才介绍，通过"数""智"引领，黄石已形成传统产业焕新、新兴产业勃发、未来产业领航的良好 发展态势。"十四五"以来，黄石市规上工业总产值年均增长14.4%。 走进中色大冶弘盛铜业智能工厂，超13万个智能感知点昼夜采集数据，剥片机器人以0.01毫米的精度剥 离阴极铜板。"作为国内首个整体规划、全新建设的铜冶炼全流程智能工厂，我们的劳动效率较行业平 均水平提高60%。"弘盛铜业有限公司党委书记、董事长骆祎说。 "十四五"期间，黄石以近千亿元工业技改资金点燃转型引擎，推动钢铁、铜冶炼等传统产业从"规模扩 张"向"质效提升"转型。黄石还聚焦新材料、光电子信息等战略性新兴产业，以链式思维延链补链强 链，推动新兴产业从"单点突破"向"集群崛起"跨越。 锐科光纤激光技术股份有限公司建成全球首条规模化光纤激光器自动化生产线，晶芯半导体（黄石）有 限公司打破国外企业在高端晶圆再生领域的技术垄断……未来5年，黄石将继续延伸光电子信息全产业 链。 布局未来，黄石已做足准备。东贝集团的机器人关节电机进入测试阶段，产品通过工业互联网实 ...

海关总署在线查询数据显示，中国11月精炼铜出口量为142991吨，同比增加逾11倍，环比大增逾1倍。 精炼铜出口窗口继续打开，国内需求受高铜价抑制较为有限，冶炼厂出口动力仍强，精炼铜出口量大 增。 数据来源：海关总署 （文华综合） ...

Copper - Copper prices have shown a volatile upward trend, with domestic refined copper imports maintaining losses [3][12] - The US GDP grew by 4.3% in Q3, the fastest rate in two years, driven by strong consumer spending, while the PCE price index rose to 2.9%, affecting future Fed rate cut expectations [3][12] - Domestic efforts are focused on stabilizing the real estate market, as indicated by a national construction meeting [3][12] - LME copper inventory increased by 825 tons to 158,575 tons, while Comex inventory rose by 3,879 tons to 427,435 tons [3][12] - Demand remains cautious, with downstream enterprises primarily purchasing based on immediate needs, despite a generally warm macroeconomic environment [3][12] - A strategy of buying on dips is recommended, but excessive chasing of high prices is discouraged [3][12] Nickel & Stainless Steel - LME nickel prices fell by 0.1% to $15,115 per ton, while SHFE nickel dropped by 0.14% to 121,180 yuan per ton [4][13] - LME nickel inventory increased by 216 tons to 254,604 tons, while SHFE warehouse receipts decreased by 301 tons to 38,621 tons [4][13] - The Indonesian Nickel Mining Association reported a significant decrease in nickel ore production targets for 2026 [4][13] - Domestic social inventory of primary nickel has slightly increased, while LME inventory has decreased [4][14] - Caution is advised regarding price movements, as current prices have returned to previous levels [4][14] Aluminum & Aluminum Alloys - Alumina prices showed a slight increase, with AO2601 closing at 2,541 yuan per ton, up 0.83% [6][15] - SHFE aluminum prices also increased slightly, with AL2602 closing at 22,160 yuan per ton, up 0.16% [6][15] - Aluminum ingot prices are under pressure due to increased shipments and a return to production by major mining companies [6][15] - The market is facing potential inventory accumulation pressures as macroeconomic sentiment stabilizes [6][15] Industrial Silicon & Polysilicon - Industrial silicon prices increased, with the main contract closing at 8,780 yuan per ton, up 1.68% [7][16] - Polysilicon prices showed a slight decline, with the main contract closing at 59,225 yuan per ton, down 0.91% [7][16] - Expectations of further environmental production cuts in the northwest may support industrial silicon prices in the short term [7][16] Lithium Carbonate - Lithium carbonate futures rose by 5.31% to 120,160 yuan per ton, with significant increases in both battery-grade and industrial-grade lithium carbonate prices [8][17] - Weekly production of lithium increased, while demand for ternary materials and lithium iron phosphate saw a decrease [8][17] - Market sentiment is influenced by expectations of weaker short-term mining operations, leading to rapid price increases in futures [8][17]

投资咨询业务资格：证监许可【2012】669号 中信期货研究（有⾊每⽇报告） 2025-12-24 弱美元继续发酵，沪铜再度带动基本金 属突破上行 有⾊观点：弱美元继续发酵，沪铜再度带动基本⾦属突破上⾏ 交易逻辑：11月美国CPI低于市场预期提振降息预期，美联储新一任候选 人还处于遴选中，不过这并不影响美联储独立性受损及弱美元发酵；12月 10-11日中央经济工作会议召开，定调较为积极，继续"国补"，国内消 费预期有望改善，整体上看，宏观面偏正面。原料端延续偏紧局面，并逐 步往冶炼端传导，供应端收缩风险仍然存在。终端略偏弱，12月初汽车销 售延续放缓，12月空调排产降幅扩大，2026年1-2月排产预计改善，基本 金属现实供需偏宽松，但预期偏紧。整体来看，中短期，弱美元和供应忧 虑的影响再度占据主导，连现实供需偏弱但供应有收缩预期的镍也被大幅 推高，弱消费及供需偏松的现实影响成为次要因素，沪铜再度带动基本金 属突破上行，可继续关注铜铝锡偏多机会；长期，国内潜在增量刺激政策 预期仍在，并且铜铝锡供应扰动问题仍在，供需仍有趋紧预期，看好铜铝 锡价格走势。 研究员： 郑非凡 从业资格号F03088415 投资咨询号Z ...