5月22日（周四），伦敦金属交易所（LME）铜价创下三周新低，其他基本金属价格也有所回落，因全 球经济形势和需求增长的不确定性持续存在。 伦敦时间5月22日17:00(北京时间5月23日00:00)，LME三个月期铜收跌33.00美元或0.35%，收报每吨 9,500.50美元。盘初，该合约触及5月1日以来的最低点每吨9,223.20美元。 | | | 5月22日LE基本金属收盘报价(美元/吨) | | | | --- | --- | --- | --- | --- | | 我屋 | 收盘价 | | 涨跌 | 涨跌幅 | | 三个月期铜 | 9,500.50 | → | -33.00 | J -0.35% | | 三个月期铝 | 2.456.00 | 1 | -15.50 | 1 -0.63% | | 三个月期锌 | 2,697.50 | 1 | +4.50 | 1+0.17% | | 三个月期铅 | 1.970.00 | ﺑــ | -4.00 | 1 -0.20% | | 三个月期镍 | 15,494.00 | ب | | -108.00 J -0.69% | | 三个月期锡 | 32,378.00 | ...

Core Viewpoint - The company, Shandong Hongchuang Aluminum Industry Holdings Co., Ltd., is planning to acquire 100% equity of Shandong Hongtuo Industrial Co., Ltd. through a share issuance, which will significantly enhance its operational scale and market position in the aluminum industry [12][15]. Group 1: Transaction Overview - The transaction involves the acquisition of Shandong Hongtuo Industrial Co., Ltd. by issuing shares to nine counterparties, including Shandong Weiqiao Aluminum & Electricity Co., Ltd. and others [10][12]. - The total transaction price for the 100% equity of Hongtuo Industrial is approximately 6,351,793.54 million RMB [10][11]. - The transaction is expected to transform the company from a single aluminum deep processing business to a comprehensive entity covering the entire aluminum industry chain, including electrolytic aluminum and alumina [12][15]. Group 2: Financial Impact - Post-transaction, the company's total assets and revenue are projected to exceed 1 trillion RMB, positioning it among the world's leading aluminum manufacturers [15]. - Key financial metrics will see substantial growth, with total assets increasing from 312,712.93 million RMB to 10,802,625.86 million RMB, representing a growth rate of 3354.49% [16]. - The company's net profit is expected to rise from a loss of 6,898.18 million RMB to a profit of 1,808,205.55 million RMB, marking a significant turnaround [16]. Group 3: Shareholding Structure - Before the transaction, Shandong Hongqiao was the controlling shareholder, holding 22.98% of shares. After the transaction, Weiqiao Aluminum will become the controlling shareholder with 86.98% [13]. - The shareholding structure will change significantly, with the total number of shares increasing from 113,637.38 million to 1,303,111.82 million [13]. Group 4: Regulatory and Approval Process - The transaction is subject to various regulatory approvals, including a resolution from the shareholders' meeting, which must be passed by more than two-thirds of non-related shareholders [17]. - The company has committed to strict compliance with disclosure obligations and fair pricing practices throughout the transaction process [17].

证券代码：688388 证券简称：嘉元科技 公告编号：2025-060 一、2024 年限制性股票激励计划已履行的决策程序和信息披露情况 了《关于公司<2024年限制性股票激励计划（草案）>及其摘要的议案》《关于公 司<2024年限制性股票激励计划实施考核管理办法>的议案》以及《关于提请公司 股东大会授权董事会办理2024年限制性股票激励计划相关事宜的议案》等议案。 董事会薪酬与考核委员会对相关事项发表了同意的意见，并同意将上述议案提交 公司董事会审议。 转债代码：118000 转债简称：嘉元转债 广东嘉元科技股份有限公司 关于调整 2024 年限制性股票激励计划相关事项的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或 者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 广东嘉元科技股份有限公司（以下简称"公司"或"嘉元科技"）于2025 年5月22日召开第五届董事会第四十六次会议、第五届监事会第二十八次会议， 审议通过了《关于调整2024年限制性股票激励计划相关事项的议案》。现将有关 事项说明如下： 同日，公司召开第五届监事会第十五次会议，审议通过了《关于公司<20 ...

证券代码：688388 证券简称：嘉元科技 公告编号：2025-059 转债代码：118000 转债简称：嘉元转债 广东嘉元科技股份有限公司 第五届监事会第二十八次会议决议公告 本公司监事会及全体监事保证本公告内容不存在虚假记载、误导性陈述或 者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 一、监事会会议召开情况 广东嘉元科技股份有限公司（以下简称"公司"）第五届监事会第二十八次 会议（以下简称"会议"）于 2025 年 5 月 22 日以通讯表决方式召开，本次会议 通知于 2025 年 5 月 17 日以电子邮件方式送达全体监事，与会的各位监事已知悉 所议事项相关的必要信息。会议应出席监事 3 名，实际出席监事 3 名，出席会议 人数符合《中华人民共和国公司法》和《广东嘉元科技股份有限公司章程》（以 下简称"《公司章程》"）规定。会议的召集和召开程序符合有关法律、行政法规、 部门规章、规范性文件和《公司章程》的规定，会议决议合法、有效。 二、监事会会议审议情况 本次会议以记名投票表决方式审议通过以下议案: （一）审议通过《关于调整 2024 年限制性股票激励计划相关事项的议案》 （5）具体 ...

一、研究观点 | 品 种 | 点评 | | --- | --- | | | 隔夜 LME 铜震荡走弱，下跌 0.71%至 9481 美元/吨；SHFE 铜主力下跌 0.41%至 77770 | | | 元/吨；国内现货进口持续亏损。宏观方面，美债拍卖情况不佳，再次引起市场警 | | | 觉，美股债汇同时下跌，风险偏好受到抑制，欧央行警告美国资产遭到投资者前所未 | | | 有的质疑，全球金融系统面临连锁风险。库存方面，LME 铜库存下降 1925 吨至 | | 铜 | 168825 吨；comex 铜库存增加 1271 吨至 156965 吨；SHFE 铜仓单下降 4520 吨至 | | | 41218 吨；BC 铜仓单维持 2737 吨。需求方面，高铜价高升水制约下游采购节奏。昨 | | | 晚美元大幅回落，但市场偏好抑制下，也未能进一步推动铜价。另外，市场关注国内 | | | 某仓位大量持有铜多头情况，市场或担心挤仓风险，且铜结构也不利于空头布局，从 | | | SHFE 仓单来看依然维系大量流出情形，表明部分投资者仍在做正套扩大交易，这也 | | | 有利于维护当前铜价，暂时仍以震荡偏强看待。 | | ...

有色金属日报 基本金属 ◆ 铜： 截至 5 月 21 日收盘，沪铜主力 06 合约上涨 0.31%至 78100 元/吨。中 美关税冲突缓和，叠加国内密集出台"稳增长"政策组合拳，同时美国 通胀降温，美联储降息概率加大，整个宏观面上交易情绪回暖，对铜价 有所提振。基本面，铜精矿现货 TC 继续回落，创历史新低，但下跌速 度放缓，短期对炼厂产量影响不大。随着铜价上行，持货商挺价出货与 下游畏高保守采购形成博弈，下游订单新增相对有限，消费提升空间不 大，5 月部分铜材加工率环比有所下滑，虽好于去年同期，但需求已有 走弱迹象。旺季转淡，库存低位累库，对铜价的支撑作用减弱，现货升 水或将承压。整体来看，宏观偏好，而基本面有所转弱，沪铜近期或仍 维持震荡格局。 ◆ 铝： 截至 5 月 21 日收盘，沪铝主力 07 合约上涨 0.65%至 20190 元/吨。近 日几内亚政府撤销部分矿山采矿许可证问题有进一步升级，AXIS 矿区被 划入战略储备区域，禁止开采，推动氧化铝大涨，后续关注是否有复产 回旋余地。氧化铝运行产能周度环比增加 10 万吨至 8685 万吨，全国氧 化铝库存 324.6 万吨，周度环比减少 4.2 万 ...

投资咨询业务资格：证监许可【2011】1778 号 运筹帷幄 决胜千里 宝城期货品种套利数据日报（2025 年 5 月 22 日） 一、动力煤 | 商品 | | | 动力煤（元/吨） | | | --- | --- | --- | --- | --- | | 日期 | 基差 | 5月-1月 | 9月-1月 | 9月-5月 | | 2025/05/21 | -190.4 | 0.0 | 0.0 | 0.0 | | 2025/05/20 | -190.4 | 0.0 | 0.0 | 0.0 | | 2025/05/19 | -189.4 | 0.0 | 0.0 | 0.0 | | 2025/05/16 | -187.4 | 0.0 | 0.0 | 0.0 | | 2025/05/15 | -187.4 | 0.0 | 0.0 | 0.0 | -250 -200 -150 -100 -50 0 50 100 150 450 500 550 600 650 700 750 800 850 900 950 动力煤基差 基差（右） 动力煤现货价:秦皇岛 期货结算价(活跃合约) :动力煤 www.bcqhgs.com 1 ...

| 镇产业期现日报 | | | | | | | --- | --- | --- | --- | --- | --- | | 投资咨询业务资格:证监许可 【2011】1292号 2025年5月22日 | | | | 林嘉施 | Z0020770 | | 价格及基差 | | | | | | | | 现值 | 前值 | 日 涨跌 | 日涨跌幅 | 单位 | | SMM 1#电解键 | 124525 | 124575 | -20 | -0.04% | 元/肥 | | 1#金川嶺 | 125475 | 125525 | -50 | -0.04% | 元/肥 | | 1#金川镍升贴水 | 2100 | 2150 | -50 | -2.33% | 元/吨 | | 1#进口娱 | 123575 | 123575 | 0 | 0.00% | 元/吨 | | 1#进口镍升贴水 | 200 | 200 | 0 | | 元/吨 | | LME 0-3 | -204 | -202 | -3 | 1.27% | 美元/吨 | | 期货进口盈亏 | -2587 | -2726 | 138 | -5.10% | 元/吨 | | 沪伦比值 | ...

1. Report Industry Investment Rating No relevant content provided. 2. Core Views of the Report - For copper, the inventory drawdown slope may continue to slow down, and attention should be paid to the consumption inflection point. For the monthly spread, the subsequent upward momentum requires substantial shortages or a decline in absolute prices [1]. - For aluminum, with the positive progress in Sino - US trade negotiations and the alleviation of global trade tensions, the aluminum price rebounds with inventory drawdown. The monthly spread long - short arbitrage can be held if the absolute price drops [2]. - For zinc, attention should be paid to the inflection point from inventory drawdown to accumulation. It is recommended to short at high prices, and the domestic - foreign long - short arbitrage can be continued [5]. - For nickel, opportunities for the contraction of the nickel - stainless steel price ratio can continue to be monitored [6]. - For stainless steel, in the short term, with long and short factors intertwined, the reverse arbitrage can be rolled over and held [7]. - For lead, it is expected to oscillate in the range of 16,800 - 17,000 next week, and the supply is expected to decrease in May [8]. - For tin, it is recommended to wait and see in the short term and pay attention to short - selling opportunities in the medium - long term [9]. - For industrial silicon, in the medium - long term, the price trend is expected to be mainly bottom - oscillating, anchored to the cash - flow cost of leading large enterprises [11]. - For lithium carbonate, in the medium - long cycle, if the operating rate of leading mining - smelting integrated enterprises does not significantly decline, the price will still oscillate weakly [13]. 3. Summary by Metals Copper - **Market Data**: From May 15 - 21, the spot premium decreased by 125, the waste - refined copper price difference decreased by 221, and the LME inventory decreased by 1,925 [1]. - **Supply and Demand**: Domestic inventory showed an inflection point this week. The smelting plants were eager to sell under high monthly spreads, and downstream orders slowed down. The demand has strong current reality but weak future expectations [1]. Aluminum - **Market Data**: From May 15 - 21, the Shanghai aluminum ingot price increased by 100, and the domestic alumina price increased by 42 [1]. - **Supply and Demand**: Supply increased slightly, and the demand in May did not decline significantly. The inventory is expected to be drawn down gently from May to July [2]. Zinc - **Market Data**: From May 15 - 21, the Shanghai zinc ingot price increased by 150, and the LME inventory decreased by 1,150 [5]. - **Supply and Demand**: The domestic TC remained unchanged this week, and the import TC increased slightly. The demand at home has general elasticity, and overseas demand has slightly recovered. The inventory accumulation inflection point is expected to appear at the end of May or early June [5]. Nickel - **Market Data**: From May 15 - 21, the沪镍现货 price decreased by 150, and the LME inventory decreased by 312 [6]. - **Supply and Demand**: The pure nickel production remained at a high level, and the overall demand was weak. The overseas nickel beans inventory decreased slightly, and the domestic inventory remained stable [6]. Stainless Steel - **Market Data**: From May 15 - 21, the prices of 304 cold - rolled, 304 hot - rolled, 201 cold - rolled, 430 cold - rolled, and scrap stainless steel remained unchanged [6]. - **Supply and Demand**: The production increased seasonally in April, and steel mills may cut production passively in May. The demand is mainly for rigid needs [7]. Lead - **Market Data**: From May 15 - 21, the lead spot premium increased by 10, and the LME inventory decreased by 36,375 [8]. - **Supply and Demand**: The supply side has tight raw materials, and the demand side has limited overall demand. The price is expected to oscillate between 16,800 - 17,000 next week [8]. Tin - **Market Data**: From May 15 - 21, the spot import gain increased by 5,126.89, and the LME inventory increased by 15 [9]. - **Supply and Demand**: The supply side has some alleviation of long - term ore shortages, but there are still domestic supply disturbances. The demand side has limited elasticity, and the downstream lacks consumption power [9]. Industrial Silicon - **Market Data**: From May 15 - 21, the 553 East China basis decreased by 55, and the warehouse receipt quantity decreased by 596 [11]. - **Supply and Demand**: In the short term, there is a pattern of double - reduction in supply and demand. In the medium - long term, the price is expected to oscillate at the bottom [11]. Lithium Carbonate - **Market Data**: From May 15 - 21, the SMM electric carbon price decreased by 200, and the warehouse receipt quantity decreased by 152 [13]. - **Supply and Demand**: The overall production increased this week, and the inventory accumulation speed slowed down. In the medium - long term, the price may oscillate weakly [13].

日度报告——综合晨报 美国财政赤字隐忧持续，G7 财长会议召开 [T报ab告le_日R期an：k] 2025-05-22 宏观策略（美国股指期货） 众议院议长约翰逊：达成 4 万美元州和地方税抵扣上限协议 美国 C3 库存累库 美国 C3 累库持续，美湾-远东套利窗口关闭下远东进口意愿被部 分压制。 美国政府财政赤字难以降低，美债需求疲弱，长短美债收益率 快速上行，压制美股表现，三大股指均跌超 1%。 农产品（豆粕） USDA 周度出口销售报告前瞻 综 阿根廷降水影响大豆收获、并可能损害最终产量，美豆产区降 雨令种植进度放慢，CBOT 大豆收盘上涨。国内进口大豆成本有 所上涨，沿海豆粕现货报价亦小幅上调。 合 有色金属（镍） 晨 5 月 21 日 LME 镍库存较上一日减少 312 吨 报 镍价区间震荡，关注波段机会 能源化工（液化石油气） | 吴梦吟 | 资深分析师 | （宏观策略） | | --- | --- | --- | | 从业资格号： [Table_Analyser] | F03089475 | | | 投资咨询号： | Z0016707 | | | Tel： | 63325888-3904 | ...