11月23日晚间中金岭南（000060）发布公告，为进一步提高对中金铜业及中金荣晟的管理决策效率，上 市公司将以现金方式收购少数股东持有的中金铜业6.7784%股权，收购少数股东持有的中金荣晟 10.3333%股权。待交易完成后，中金岭南将穿透持有中金铜业100%股权。 为履行对东营方圆有色金属有限公司等20家公司破产重整计划和有关协议安排，中金岭南此次将再以现 金方式分别收购少数股东持有的中金铜业6.7784%股权和中金荣晟10.3333%股权。 9月28日，中金岭南与中国信达签订《中金岭南荣晟(东营)投资有限公司之股权转让协议》、《山东中 金岭南铜业有限责任公司之股权转让协议》，中国信达转让中金铜业4.2095%股权，对价为2.42亿元； 中国信达转让中金荣晟10.3333%股权，对价为3.65亿元。11月20日，中金岭南又与中国信达签订《山东 中金岭南铜业有限责任公司之股权转让协议》，中国信达转让中金铜业2.5689%股权，对价为1.35亿 元。 其中，中金岭南出资18.9亿元，财务投资人合计出资11.1亿元，通过该平台控股破产重整投资主体山东 中金岭南铜业有限责任公司(下称"中金铜业")。其他债转股股 ...

沪锌多头离场， 短期价格承压 锌周报 2025/11/22 张世骄（有色金属组） 0755-23375122 zhangsj3@wkqh.cn 从业资格号：F03120988 交易咨询号：Z0023261 01 周度评估 04 需求分析 02 宏观分析 05 供需库存 CONTENTS 目录 03 供给分析 06 价格展望 01 周度评估 周度评估 ◆ 价格回顾：周五沪锌指数收涨0.03%至22395元/吨，单边交易总持仓19.52万手。截至周五下午15：00，伦锌3S较前日同期跌0.5至 2989.5美元/吨，总持仓22.08万手。SMM0#锌锭均价22440元/吨，上海基差25元/吨，天津基差-15元/吨，广东基差-35元/吨，沪 粤价差60元/吨。 ◆ 国内结构：据上海有色数据，国内社会库存小幅去库至15.27万吨。上期所锌锭期货库存录得7.29万吨，内盘上海地区基差25元/ 吨，连续合约-连一合约价差5元/吨。海外结构：LME锌锭库存录得4.61万吨，LME锌锭注销仓单录得0.36万吨。外盘cash-3S合约 基差134.75美元/吨，3-15价差26美元/吨。跨市结构：剔汇后盘面沪伦比价录得1.05 ...

数据来源：海关总署 海关总署在线查询数据显示，中国10月精炼铜出口量为65945吨，同比增加逾五倍，环比大增近1.5倍。 9月底出口窗口就有所打开，国内冶炼厂积极布局出口计划，10月份铜价继续上探，国内需求受到抑 制，国内精炼铜出口量大增。 （文华综合） ...

据云锡集团相关负责人介绍，云锡所属单位申报产品最终斩获荣誉，既是行业对锡业产品质量管理和品 牌战略的认可，更彰显了"云锡牌"产品品质和品牌在有色金属行业的广泛影响力。 近年来，云锡始终将产品质量作为企业生存和发展的基础，建立并不断完善质量管理体系，将质量控制 贯穿于生产经营的每一个环节，持续提高技术创新能力和质量管理水平。依托智能制造与数字化平台， 实现生产过程精准管控，确保锡锭产品出厂合格率始终保持100%；通过实施"数字+制造"战略，实现阴 极铜A级品率月最优水平达99%，产品关键指标均处于行业领先水平；依托复杂多金属铁锌矿绿色高效 炼锌新技术，构建起"质量管理体系——原材料把控——生产流程监管——成品全检"的全链条质量闭 环，实现锌锭纯度高达99.9968%，出厂合格率100%，稳居行业领先水平。 上述负责人表示，未来，云锡将持续深化质量管理和品牌战略，不断提升产品质量与服务水平，以卓越 产品赋能高质量发展。（朱秋静） 编辑：穆皓 近日，在2025年全国有色金属行业质量和标准大会上，首届全国有色金属产品质量品牌培育评价活动评 选结果正式公布。云南锡业集团（控股）有限责任公司（以下简称"云锡"）所属单位申 ...

Group 1 - The company Zinc Industry Co., Ltd. (SZ 000751) announced the convening of its 17th meeting of the 11th Board of Directors on November 21, 2025, to discuss the proposal for the second extraordinary shareholders' meeting of 2025 [1] - For the first half of 2025, the company's revenue composition was 96.97% from non-ferrous metal smelting and 3.03% from non-ferrous metal trading [1] - As of the report date, the market capitalization of Zinc Industry Co., Ltd. was 6.1 billion yuan [1]

数据来源：海关总署 据中国海关数据统计，2025年10月中国镍湿法中间品进口量15.13万吨，环比减少3.93万吨，降幅 20.62%；同比增加3.17万吨，增幅26.52%。其中自印度尼西亚进口量为13.38万吨，环比减少17.01%， 占本月进口量的88.45%。2025年1-10月镍湿法冶炼中间品进口总量153.04万吨，同比增加29.14%。10月 中国镍湿法中间品进口量明显下降，但仍处于高位。 ...

Core Insights - Since 2025, the global tin market has exhibited characteristics of "high volatility and long-term improvement" due to supply disruptions, demand differentiation, and macro policy adjustments [1] - Tin's strategic value continues to be highlighted as a key material in high-end manufacturing sectors such as semiconductor packaging and new energy [1] Supply Side - The global tin supply is characterized by "marginal easing but overall tightness," with the main increase coming from the resumption of tin mining in Myanmar [4] - After implementing a resumption plan, imports of tin from Myanmar to China have remained stable, alleviating some raw material shortages for smelters [4] - Domestic refined tin production is expected to see a month-on-month increase due to the recovery of large smelting plants in Yunnan, although overall production improvement may be limited due to tight supply conditions [4] Demand Side - There is a clear differentiation in demand, with "traditional weakness and emerging strength" [6] - Traditional consumption areas are under pressure, with domestic mobile phone shipments declining slightly from January to August, leading to low inventory replenishment intentions among soldering material companies [6] - However, robust demand from new energy vehicles and lithium batteries is expected to maintain positive growth in overall tin demand, gradually offsetting the decline in traditional consumption [6] - Low inventory levels further strengthen price support, with global visible tin inventory at a relatively low median level [6] Macro Environment - The macro environment provides significant support for the tin market, with the Federal Reserve having cut interest rates twice this year, and market attention on potential further cuts in December [6] - The consensus reached in China-US trade negotiations has alleviated uncertainties arising from global trade friction [6] - A joint plan from eight departments in China has identified tin as a key strategic resource for support, with ongoing policy benefits being released [6] Market Outlook - The current tin market is in a phase of "supply tightness improvement, demand structure upgrade, and favorable macro environment" [6] - In the short term, the supply tightness from Myanmar's resumption and traditional demand weakness will create a tug-of-war, with tin prices expected to fluctuate between 270,000 to 310,000 yuan per ton [6] - Key factors to monitor include the progress of Myanmar's resumption, actual downstream consumption, and changes in domestic and international macro policies [6]

天眼查App显示，近日，红河汇锐铂途矿业有限公司成立，法定代表人为李华荣，注册资本300万人民 币，经营范围为一般项目：金属矿石销售；非金属矿及制品销售；选矿；非金属废料和碎屑加工处理； 金属链条及其他金属制品销售；有色金属合金销售；有色金属压延加工；有色金属合金制造；常用有色 金属冶炼；金属切削加工服务；稀有稀土金属冶炼；有色金属铸造；贵金属冶炼；高性能有色金属及合 金材料销售；金属废料和碎屑加工处理；矿物洗选加工。（除依法须经批准的项目外，凭营业执照依法 自主开展经营活动）许可项目：非煤矿山矿产资源开采；煤炭开采。（依法须经批准的项目，经相关部 门批准后方可开展经营活动，具体经营项目以相关部门批准文件或许可证件为准）。 ...

Report Industry Investment Rating No relevant information provided. Core Viewpoints of the Report - The performance of NVIDIA is expected to drive a rebound in technology stocks, and the market may rebound due to the influence of US stocks and brokerage mergers [18][23]. - The risk appetite in the bond market has recovered, and the bond market remains weakly stable, but caution is needed regarding potential short - term trading opportunities [24][25]. - For various commodities, different trends are presented. For example, protein meal prices are gradually falling due to supply pressure, while sugar prices are expected to be range - bound both internationally and domestically [28][35]. Summary by Related Catalogs Financial Derivatives - **Stock Index Futures**: NVIDIA's strong performance may drive a rebound in technology stocks. The market showed support on Wednesday, with significant sector differentiation. The strategy is to go long on dips in the short - term, conduct IM/IC 2512 long + ETF short cash - and - carry arbitrage, and use bull spreads on dips [18][21][23]. - **Treasury Futures**: The risk appetite has recovered, and the bond market is weakly stable. The strategy is to stay on the sidelines for single - side trading, take profit on previous (TL - 3T) positions, and try to go long on the T - contract current - quarter to next - quarter inter - delivery spread [24][25][27]. Agricultural Products - **Protein Meal**: Supply pressure is evident, and the price is gradually falling. In the US, soybean export sales are expected to be within a certain range, and Brazil's soybean production is expected to be high. The domestic supply pressure is large, and the price is expected to be supported, while rapeseed meal is expected to fluctuate [28][29][30]. - **Sugar**: International sugar prices are oscillating lower, and domestic sugar prices are oscillating. Globally, there will be a supply surplus in the 2025/26 season. In the short - term, international sugar prices may oscillate slightly stronger, and domestic sugar prices are expected to be range - bound. The strategy is to go long on dips for single - side trading, stay on the sidelines for arbitrage, and sell out - of - the - money put options [31][34][35]. - **Oilseeds and Oils**: The oscillating market continues. External factors have led to short - term price fluctuations, and different oils have different supply - demand situations. The strategy is to go long on dips or conduct high - selling and low - buying band operations for single - side trading, and stay on the sidelines for arbitrage and options [36][37][39]. - **Corn/Corn Starch**: Spot prices are starting to correct, and the futures price is falling. The US corn futures are expected to be strongly oscillating in the short - term, while domestic corn prices in the Northeast are falling, and those in the North China are relatively strong. The strategy is to go long on dips for the outer - market December corn, short on rallies for the January corn, wait for corrections for the May and July corn, and conduct spread - narrowing operations for the January corn - starch spread [40][41][43]. - **Hogs**: The slaughter pressure persists, and the spot price is oscillating. The overall supply pressure remains, and the strategy is to stay on the sidelines for single - side trading, arbitrage, and sell wide - straddle strategies for options [44][45][46]. - **Peanuts**: The spot price is weak, and peanuts are oscillating at the bottom in the short - term. The price is affected by factors such as supply, demand, and quality. The strategy is to short on rallies for the January peanuts, go long on dips for the May peanuts with a stop - loss at 7800, conduct 1 - 5 peanut reverse spreads, and sell pk601 - P - 7600 options [46][47][48]. - **Eggs**: Demand is average, and egg prices are stable with a slight decline. The supply pressure is gradually easing, but the upside space is limited. The strategy is to stay on the sidelines for single - side trading, arbitrage, and options [49][50][52]. - **Apples**: Demand is average, and fruit prices are mainly stable. The cold - storage inventory is lower than last year, and the fundamentals are relatively strong, but it is recommended to stay on the sidelines due to recent large fluctuations [53][54][55]. - **Cotton - Cotton Yarn**: The fundamental contradictions are not significant, and cotton prices are mainly oscillating. External factors and supply - demand situations at home and abroad affect the price. The strategy is to expect range - bound oscillations for US cotton and short - term oscillations for Zhengzhou cotton, and stay on the sidelines for arbitrage and options [56][57][59]. Ferrous Metals - **Steel**: Steel prices are oscillating within a range, and there is still room to reduce hot - metal production. The industry is affected by policies, costs, and demand. The strategy is to expect a weakly oscillating downward trend for single - side trading, go long on the coil - to - rebar spread on dips, and stay on the sidelines for options [62][63][64]. - **Coking Coal and Coke**: Spot prices are correcting from high levels, and the futures market is weakly operating. After short - term replenishment, the market sentiment has changed. The strategy is to expect a weakly oscillating short - term trend without chasing short positions, consider going long on dips near previous lows in the medium - term, continue to hold the coking coal 1/5 reverse spread, and stay on the sidelines for options [64][65][66]. - **Iron Ore**: A bearish approach is recommended. The supply is increasing, and the domestic demand is weakening. The strategy is to expect a high - level bearish trend for single - side trading, enter a 1/5 inter - delivery high - level reverse spread, and stay on the sidelines for options [67][68][69]. - **Ferroalloys**: Supply and demand are both weak, and prices are oscillating within a cost - supported range. Different ferroalloys have different supply - demand and cost situations. The strategy is to expect bottom - oscillating trends for single - side trading, stay on the sidelines for arbitrage, and sell out - of - the - money straddle option combinations [69][70][71]. Non - ferrous Metals - **Precious Metals**: NVIDIA boosts market sentiment, but the hawkish stance of the Federal Reserve suppresses gold and silver prices. The price is expected to oscillate at a high level in the short - term. The strategy is to hold long positions cautiously near the support level of the 18th, and stay on the sidelines for arbitrage and options [72][74][76]. - **Copper**: Short - term attention should be paid to the lower support. Supply and demand and macro - factors affect the price. The strategy is to go long on dips, pay attention to the 85000 yuan/ton support level, and stay on the sidelines for arbitrage and options [76][77][80]. - **Alumina**: Substantial production cuts have not been realized, and the price is weakly operating. The market is affected by factors such as production, supply, and long - term contracts. The strategy is to expect a short - term weak trend until the warehouse receipts are circulated, and stay on the sidelines for arbitrage and options [80][81][83]. - **Electrolytic Aluminum**: Overseas economic data are unexpectedly absent, and Shanghai aluminum moves with the sector. The macro - environment and supply - demand fundamentals affect the price. The strategy is to stay on the sidelines in the short - term, pay attention to the narrowing of the spread between East China and Central China in the spot market, and go long on Shanghai aluminum and short on LME aluminum to narrow the spread, and stay on the sidelines for options [83][84]. - **Cast Aluminum Alloy**: Aluminum alloy moves with the aluminum price. The macro - environment and supply - demand fundamentals affect the price. The strategy is to stay on the sidelines in the short - term, wait for the market sentiment to digest, and stay on the sidelines for arbitrage and options [85][86][87]. - **Zinc**: It shows a wide - range oscillation. Supply and demand and macro - factors affect the price. The strategy is to continue to hold profitable long positions, and stay on the sidelines for arbitrage and options [87][88][90]. - **Lead**: It oscillates within a range. Supply and demand and macro - factors affect the price. The strategy is to close profitable short positions and stay on the sidelines, and stay on the sidelines for arbitrage and options [90][91][94]. - **Nickel**: The cost is loosening, and the nickel price is oscillating downward. The oversupply of deliverable products and the macro - environment affect the price. The strategy is to short on rallies, stay on the sidelines for arbitrage, and sell out - of - the - money call options [94][95][96]. - **Stainless Steel**: Supply and demand are both weak, and raw materials are under pressure. The industry is affected by factors such as investment plans and carbon taxes. The strategy is to short on rallies and stay on the sidelines for arbitrage [96][97][98]. - **Industrial Silicon**: Short - term partial profits can be realized, and new strategies can involve going long on dips near the support level. The price is affected by production capacity and market demand. [98]

有色金属日报 2025-11-20 五矿期货早报 | 有色金属 铜 【行情资讯】 有色金属小组 吴坤金 从业资格号：F3036210 交易咨询号：Z0015924 0755-23375135 wukj1@wkqh.cn 曾宇轲 从业资格号：F03121027 交易咨询号：Z0023147 0755-23375139 zengyuke@wkqh.cn 张世骄 刘显杰 从业资格号：F03130746 0755-23375125 liuxianjie@wkqh.cn 陈逸 从业资格号：F03137504 0755-23375125 cheny40@wkqh.cn 隔夜美股企稳，铜价回升，昨日伦铜 3M 合约收涨 0.98%至 10802 美元/吨，沪铜主力合约收至 86190 元/吨。LME 铜库存增加 17375 至 157875 吨，增量主要来自亚洲仓库，注销仓单比例反弹，Cash/3M 维持贴水。国内上期所仓单减少 0.3 至 5.8 万吨，上海地区现货升水期货上调至 85 元/吨，市场成 交情绪延续较好。广东地区库存环比减少，现货升水期货 35 元/吨，持货商挺价意愿强。国内铜现 货进口亏损缩至 300 元 ...