01 周度评估 张世骄（联系人） 0755-23375122 zhangsj3@wkqh.cn 交易咨询号：Z0015924 情绪退潮， 回归产业弱现实 锌周报 从业资格号：F03120988 吴坤金（有色金属组） 从业资格号：F3036210 2025/08/02 CONTENTS 目录 02 宏观分析 05 供需库存 03 供给分析 06 价格展望 04 需求分析 01 周度评估 周度评估 ◆ 价格回顾：周五沪锌指数收跌0.15%至22320元/吨，单边交易总持仓21.46万手。截至周五下午15：00，伦锌3S较前日同期跌19.5 至2749美元/吨，总持仓18.99万手。SMM0#锌锭均价22300元/吨，上海基差平水，天津基差-30元/吨，广东基差-55元/吨，沪粤 价差55元/吨。 ◆ 国内结构：据上海有色数据，国内社会库存略有去库至10.32万吨。上期所锌锭期货库存录得1.5万吨，内盘上海地区基差平水， 连续合约-连一合约价差-30元/吨。海外结构：LME锌锭库存录得10.48万吨，LME锌锭注销仓单录得4.77万吨。外盘cash-3S合约 基差-6.56美元/吨，3-15价差-13.26美元/吨 ...

Core Viewpoint - The article discusses the increasing trend of local state-owned enterprises (SOEs) engaging in mergers and acquisitions (M&A) of listed companies, driven by diverse motivations beyond mere financial metrics, such as enhancing industry advantages and attracting investment [1][6]. M&A Logic - In May 2025, Luoping Zinc Electric announced the sale of 22.396% of its shares to Qujing Development Investment Group, marking a shift in control from Luoping County's state-owned assets to Qujing City's state-owned assets [2][3]. - Local SOEs often target companies with a market value below 5 billion yuan to manage financial pressure during acquisitions [2][3]. Financial Performance - Luoping Zinc Electric reported negative net profits for three consecutive years, with figures of -236 million yuan in 2022, -209 million yuan in 2023, -79 million yuan in 2024, and -45 million yuan in Q1 2025, while its market value stood at 2.332 billion yuan as of July 31 [3]. Policy Environment - The regulatory environment has become more supportive of M&A activities, with the China Securities Regulatory Commission issuing guidelines to promote M&A and local governments formulating policies to encourage state-owned enterprises to invest in listed companies [4][5]. Investment Attraction - Attracting investment has emerged as a primary goal for many local SOEs, with initiatives to enhance collaboration with central enterprises, private firms, and foreign companies to optimize local investment environments [5][6]. Transformation of Investment Strategies - Local investment companies are shifting their focus from land finance to industrial strategies, as seen in the acquisition of Guangyang Co. by Huangshan Construction Investment Group, which aims to enhance competitiveness and optimize industry structure [7][8]. Economic Impact - The acquisition of Guangyang Co. is expected to create a manufacturing base for high-end automotive components, with an investment of 1 billion yuan and the establishment of a 1 billion yuan industrial fund, contributing significantly to local economic development [8][9].

点评 工业硅日报 工业硅&多晶硅日报（2025 年 8 月 1 日） 一、研究观点 工业硅日报 二、日度数据监测 | | 分 项 | | 2025/7/30 | 2025/7/31 | 涨 跌 | | --- | --- | --- | --- | --- | --- | | | | | 工业硅 | | | | | 期货结算价（元/吨） | 主力 | 9345 | 8860 | -485 | | | | 近月 | 9325 | 8920 | -405 | | | | 不通氧553#硅(华东) | 9750 | 9550 | -200 | | | | 不通氧553#硅(黄埔港) | 9800 | 9600 | -200 | | | 不通氧553#现货价格 | 不通氧553#硅(天津港) | 9650 | 9450 | -200 | | | （元/吨） | 不通氧553#硅(昆明) | 9650 | 9650 | 0 | | | | 不通氧553#硅(四川) | 9250 | 9150 | -100 | | | | 不通氧553#硅(上海) | 10250 | 10050 | -200 | | | | 通氧553 ...

Group 1 - The core revenue composition of Electric Power Investment Energy for the year 2024 is as follows: Non-ferrous metal smelting accounts for 53.22%, coal industry for 35.45%, coal power and thermal power for 5.8%, and renewable energy generation for 5.53% [1] Group 2 - On July 31, 2025, the Shenzhen Stock Exchange issued a regulatory letter to Inner Mongolia Electric Power Investment Energy Co., Ltd. (SZ 002128, closing price: 20.13 yuan) regarding violations identified in their 2023 semi-annual report [3] - The company failed to disclose the use of funds raised from a non-public stock issuance through a related party, State Power Investment Group Finance Co., Ltd., in the manner required by the disclosure standards [3] - The company did not report the related party fund transactions with State Power Investment Group Finance Co., Ltd. in the 2023 and 2024 semi-annual non-operating fund occupation and other related fund transactions summary tables [3]

Market Overview - The A-share market indices all rose last week (July 23 - July 29), with the STAR 50 showing the largest increase of 5.33%, while the Shanghai 50 had the smallest rise of 0.59% [2] - The Shanghai Composite Index increased by 0.78%, the Shenzhen Component rose by 1.71%, the ChiNext Index went up by 4.14%, the CSI 300 gained 0.80%, and the CSI 500 increased by 2.30% [2] - As of July 29, the margin trading balance in the two markets reached 1,976.307 billion yuan, an increase of 49.208 billion yuan from the previous week [2] - The financing balance was 1,962.087 billion yuan, up by 48.647 billion yuan, while the securities lending balance was 14.220 billion yuan, increasing by 0.056 billion yuan [2] - The average number of investors participating in margin trading daily was 470,483, which is a 10.97% increase from the previous week [2] Industry Insights - The pharmaceutical, non-ferrous metals, and electronics industries had the highest net financing inflows last week, while the oil, agriculture, and comprehensive industries had the lowest [3] - The industries with a higher proportion of financing buy-in relative to transaction volume were non-bank financials, telecommunications, and non-ferrous metals, whereas textiles, light manufacturing, and social services had lower proportions [3] - In terms of securities lending, the non-bank financial, electric equipment, and pharmaceutical industries had the highest net selling amounts, while basic chemicals, food and beverage, and oil and petrochemicals had the lowest [3] Specific Securities - As of July 29, the market ETF financing balance was 98.208 billion yuan, an increase of 0.283 billion yuan, while the securities lending balance was 6.370 billion yuan, up by 0.454 billion yuan [3] - The top five ETFs by net financing inflow were: - Fuguo Zhongzhai 7-10 Year Policy Financial Bond ETF - E Fund CSI Hong Kong Securities Investment Theme ETF - Hang Seng Technology ETF - Huaxia Hang Seng Technology ETF (QDII) - GF CSI Hong Kong Stock Connect Non-Bank ETF [3] - The top five individual stocks by net financing inflow were: - Xinyi Sheng (300502) - China Power Construction (601669) - Cambricon Technologies (688256) - Northern Rare Earth (600111) - Minsheng Bank (600016) [3] - The top five individual stocks by net securities lending outflow were: - China Ping An (601318) - BYD (002594) - Hengrui Medicine (600276) - Dongfang Electric (600875) - WuXi AppTec (603259) [3]

河南豫光金铅股份有限公司 会议文件 河南豫光金铅股份有限公司 河南豫光金铅股份有限公司 2025 年第四次临时股东会会议文件 河南豫光金铅股份有限公司 一、 投票方式：本次股东会采取现场投票和网络投票相结合的方式 二、 现场会议召开的日期、时间和地点 （五）现场参会股东及股东代表对议案进行投票表决； （六）宣布本次股东会现场投票和网络投票合并后的表决结果； 会议地点：公司510会议室（河南省济源市荆梁南街1号） 三、网络投票的系统、起止日期和投票时间 股权登记日登记在册的公司股东可通过上海证券交易所股东会网络投票系 统行使表决权。通过交易系统投票平台的投票时间为2025年8月12日的交易时间 段，即9:15-9:25，9:30-11:30，13:00-15:00；通过互联网投票平台的投票时间为 四、会议主持人：公司董事长赵金刚先生 五、议程： （一）宣布会议开始，介绍参会股东、股东代表人数和代表股份数； （二）提名并通过本次股东会计票人、监票人名单； 召开的日期时间：2025年8月12日 14点30分 议案一 关于为关联方提供担保的议案 各位股东及股东代表： 公司拟为控股股东河南豫光金铅集团有限责任公司（以下 ...

Group 1: Capital Market News - The Political Bureau meeting on July 30, 2025, emphasized the need for sustained macroeconomic policy efforts and timely enhancements, recognizing both strong economic vitality and existing risks[6] - The National Development and Reform Commission (NDRC) plans to focus national-level funds on modern industrial upgrades, key technology breakthroughs, and major cross-regional projects[8] Group 2: Industry News - The National Healthcare Security Administration held a meeting to support the high-quality development of innovative drugs and medical devices, indicating strong market confidence in China's innovative pharmaceutical sector[10] - Anhui Province aims to optimize its non-ferrous metal industry, targeting revenue exceeding 500 billion yuan by 2027, with a focus on high-end, intelligent, and green development[11] Group 3: Market Performance - On July 30, 2025, the Beijiao Stock Exchange 50 Index fell by 1.75%, while the ChiNext Index decreased by 1.62%[14] - The average market capitalization of the 268 constituent stocks in the Beijiao Stock Exchange is 3.152 billion yuan, with a trading volume of 27.011 billion yuan, an increase of 589 million yuan from the previous trading day[14]

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1. Report Industry Investment Ratings - **Macro Finance**: Defensive wait-and-see for stock indices, take profit for treasury bonds [1][6] - **Black Building Materials**: Temporarily wait-and-see for rebar, oscillate for iron ore and coking coal and coke [1][6] - **Non-ferrous Metals**: Range trading or wait-and-see for copper, wait-and-see for aluminum, suggest wait-and-see or short on rallies for nickel, range trading for tin, gold, and silver [1][11] - **Energy and Chemicals**: Oscillate for PVC, caustic soda, styrene, rubber, urea, and methanol; wide-range oscillation for polyolefins; short lightly for soda ash [1][21] - **Cotton Textile Industry Chain**: Oscillate and adjust for cotton and cotton yarn, oscillate strongly for apples and jujubes [1][36] - **Agriculture and Animal Husbandry**: Short on rallies for pigs and eggs; wide-range oscillation for corn; oscillate strongly for soybean meal and oils [1][38] 2. Core Views of the Report - The report provides investment ratings and trading suggestions for various futures varieties based on current market conditions, including macro events, supply and demand fundamentals, and policy expectations [1][6] - It emphasizes the importance of paying attention to key events such as the Sino-US economic and trade talks, the Politburo meeting, and the Fed's interest rate decision, as well as the impact of these events on the market [6][11] - For each variety, it analyzes the supply and demand situation, cost factors, and market sentiment to predict the future price trend and provides corresponding investment strategies [6][8] 3. Summaries According to Relevant Catalogs Macro Finance - **Stock Indices**: Due to the Sino-US economic and trade talks and the Politburo meeting, combined with the high margin trading and the decline in fund holding ratio, the stock indices may oscillate, especially with potential small fluctuations during the intensive disclosure period of mid-year reports in late August [6] - **Treasury Bonds**: Although the bond market rebounded on Monday and the central bank's capital injection improved market sentiment, the market is still in the paradigm of "trading bonds based on commodities" and "trading bonds based on stocks." Attention should be paid to whether the important meeting will bring incremental demand-side policies. If demand improves, the bond market may not be overly optimistic [6] Black Building Materials - **Rebar**: On Tuesday, the rebar futures price rose significantly. The market is trading on the expectation of the Politburo meeting. Fundamentally, supply and demand are relatively balanced. In the short term, it is expected to enter an oscillating pattern, and investors can wait and see or conduct short-term trading [8] - **Iron Ore**: On Tuesday, the iron ore futures price oscillated strongly. Affected by the macro sentiment, the impact on iron ore is relatively small. The supply is expected to increase in the long term, but the current high profit of steel products and the expectation of the meeting support the price. It is expected to oscillate at a high level [8] - **Coking Coal and Coke**: The supply of coking coal is tight locally, and the import is improving. The demand for coke is strong, and the supply and demand structure is tight. The price of coking coal is expected to oscillate, and the price of coke may continue to rise [9] Non-ferrous Metals - **Copper**: Affected by the US copper import tariff policy and the change in domestic demand, the copper price is expected to oscillate in a range. It is recommended to conduct range trading or wait and see [11] - **Aluminum**: The price of bauxite is supported, but the supply of imported ore may increase in the third quarter. The production capacity of alumina and electrolytic aluminum is increasing, while the downstream demand is weak. It is recommended to wait and see for aluminum and short on rallies for alumina [12][13] - **Nickel**: The supply of nickel is in excess in the medium and long term, and the consumption growth is limited. It is recommended to short on rallies, with the main contract reference range of 118,000 - 124,000 yuan/ton; for stainless steel, it is recommended to conduct range trading, with the main contract reference range of 12,500 - 13,200 yuan/ton [14][15] - **Tin**: The production of refined tin is stable, and the consumption of the semiconductor industry is expected to recover. The supply and demand gap of tin ore is improving. It is recommended to conduct range trading, with the reference range of the SHFE tin 09 contract being 245,000 - 270,000 yuan/ton [16] - **Gold and Silver**: Affected by the Sino-US trade talks and the Fed's interest rate decision, the market's risk aversion sentiment has decreased, but there are still concerns about the US fiscal situation and geopolitical situation. It is recommended to conduct range trading carefully, with the reference range of the SHFE gold 10 contract being 757 - 805 and the SHFE silver 10 contract being 8,700 - 9,500 [18][19] Energy and Chemicals - **PVC**: The cost is low, the supply is high, and the demand is weak. The inventory is slightly lower than last year, and the sustainability of exports is uncertain. It is expected to oscillate in the short term, and the 09 contract can focus on the range of 5,150 - 5,350 [21][22] - **Caustic Soda**: The supply is abundant, and the demand has rigid support but the growth rate slows down. The spot price is stable and weak, and the near-month contract is under pressure. It is expected to oscillate, and the 09 contract can focus on the range of 2,500 - 2,700 [24] - **Styrene**: The cost is under pressure, the supply is expected to increase, and the demand may weaken. The macro environment is favorable, and the price is expected to oscillate, with the focus on the range of 7,200 - 7,600 [26] - **Rubber**: The raw material price is high, providing cost support. The downstream demand is general, and the price is expected to oscillate strongly, with the focus on the pressure level of 15,000 [28] - **Urea**: The supply decreases slightly, the demand from compound fertilizer enterprises increases, and the industrial demand is stable. The inventory pattern is neutral, and the price is expected to be weak first and then strong, with the support level of 1,700 - 1,730 and the pressure level of 1,820 - 1,850 [31] - **Methanol**: The supply increases slightly, the demand from the methanol-to-olefins industry is stable, and the traditional demand is weak. The inventory decreases, and the price may face a certain correction [32][33] - **Polyolefins**: Affected by the macro sentiment and cost factors, the price is expected to oscillate weakly in the short term. The L2509 contract can focus on the range of 7,200 - 7,500, and the PP2509 contract can focus on the range of 6,900 - 7,200 [34] - **Soda Ash**: After the market sentiment cools down, the futures price of soda ash has fallen back. The supply is expected to increase in August, and the price is overestimated. It is recommended to short lightly [34] Cotton Textile Industry Chain - **Cotton and Cotton Yarn**: According to the USDA report, the global cotton production and consumption in the 2025/26 season are expected to increase, and the ending inventory will also increase. The Xinjiang cotton production is expected to be good, and the downstream consumption is light. The futures price is expected to oscillate and adjust [36] - **Apples**: The spot market is stable, the inventory of old-season apples is low, and the early-maturing apples are in stable demand. The price is expected to oscillate strongly in the high range [36] - **Jujubes**: The jujube trees in the main producing areas are in the growth period, and the second and third crops of flowers have a good fruit set. The supply in the sales area is low, and the price of high-quality products is strong. It is expected that the spot price will be stable and strong in the short term [37] Agriculture and Animal Husbandry - **Pigs**: The supply is strong and the demand is weak, and the pig price is under pressure. However, the resistance from the breeding side and the entry of secondary fattening limit the decline. In the medium and long term, the supply will gradually increase. It is recommended to short on rallies for the near-month contracts, and consider the arbitrage strategy of long 05 and short 03 [38][39] - **Eggs**: The short-term supply pressure is weakened by the decline in egg production rate, and the demand is expected to increase seasonally. However, the large supply in the medium and long term restricts the increase. It is recommended to short on rallies for the 09 contract and wait to go long on dips for the 12 and 01 contracts [40][41] - **Corn**: The short-term supply and demand game intensifies, and the spot price has limited upward and downward space. The medium and long-term supply and demand are tightened, but the supply from substitutes limits the increase. It is recommended to be cautious about going long unilaterally in the short term, with the range of 2,250 - 2,350, and consider the 9 - 1 reverse arbitrage opportunity [42][43] - **Soybean Meal**: In the short term, the good weather in the US soybean producing areas and the abundant supply in China suppress the price. In the long term, there is a potential supply gap, and the price is expected to be strong. It is recommended to cautiously go long on the M2509 contract and go long on dips for the M2511 and M2601 contracts [44][45] - **Oils**: The short-term market sentiment is bearish, but the supply and demand of Indonesian palm oil are balanced, and the demand from China and India still exists. The short-term price is expected to oscillate, and it is recommended to go long on dips. The 09 contracts of soybean oil, palm oil, and rapeseed oil can focus on the ranges of 8,000 - 8,200, 8,900 - 9,200, and 9,300 - 9,600 respectively [45][51]

韩国与美国讨论建设有色金属冶炼厂。 ...