以下是第一财经对一些重要公告的汇总，供投资者参考。 【品大事】 鼎胜新材： 拟通过出售三门峡铝业0.57%股权 持有焦作万方股份 中国中铁：尖扎黄河特大桥施工事故原因正在调查中 中国中铁(601390)公告，8月22日3时10分左右，公司全资子公司中铁大桥局集团有限公司施工的川青铁 路青海段尖扎黄河特大桥，辅助钢梁架设的吊索塔架前端扣索突然崩断，截至目前造成12人遇难、4人 失联。目前，现场应急和搜救等相关工作正有序开展，事故原因正在调查之中。公司对此次事故不幸遇 难者表示沉痛哀悼，并对遇难者家属表达歉意。公司将深刻汲取教训，落实好企业主体责任，妥善处理 相关后续工作。尖扎黄河特大桥全长1596.2米，合同额约4.36亿元。此次事故不会对公司生产经营及业 绩产生重大影响。 格林美：拟发行H股并在香港联交所主板挂牌上市 格林美(002340)公告，公司拟发行H股股票并在香港联交所主板挂牌上市。 景旺电子：拟50亿元投建珠海金湾基地扩产项目 聚焦AI算力等高增长领域 景旺电子(603228)公告，公司拟投资建设珠海金湾基地扩产项目，预计总投资50亿元。经初步测算，此 次扩产投资项目税后投资回收期约为7.5年（含建 ...

有色金属 2025 年 8 月 24 日 有色金属周报 美联储 9 月降息预期抬升，金价上涨驱动显现 强于大市（维持） 行情走势图 告 行 -10% 0% 10% 20% 30% 40% 50% 24/08 24/11 25/02 25/05 25/08 沪深300 有色金属 证券分析师 核心观点： 贵金属-黄金：美联储 9 月降息预期抬升，金价上涨驱动显现。截至 8.22，COMEX 金主力合约环比上涨 1.03%至 3,417.20 美元/盎司。 SPDR 黄金 ETF 环比减少 0.9%为 956.77 吨。8 月 22 日，美联储主 席鲍威尔表示，风险平衡的转变可能需要调整政策。美联储面临"严 峻形势"，仅凭就业可能超过其最大可持续水平的不确定估算， 并不 一定需要收紧政策。鲍威尔讲话后市场对美联储 9 月降息概率由 75% 上升至 90%。我们认为降息预期或为金价当前锚定的核心驱动，预期 抬升有望推动黄金偏强运行。长期看，海外宏观不确定性持续，黄金 避险属性仍处于放大阶段，金价中枢预计仍将持续抬升。 工业金属：下游消费旺季渐进，基本面支撑渐强 行 业 深 度 报 行 业 深 度 报 行 业 周 报 ...

证券研究报告 2025年08月24日 有色金属 铝行业周报：美联储降息预期强化，下游需求继续回升 最近一年走势 相关报告 -11% 2% 16% 30% 43% 57% 2024/08 2024/11 2025/02 2025/05 2025/08 有色金属 沪深300 《铝行业周报：下游铝加工开工率回升，静待库存拐点（推荐）*有色金属*王 璇，陈晨》——2025-08-17 《铝行业周报：美联储降息预期提升，淡季累库趋势延续（推荐）*有色金属* 王璇，陈晨》——2025-08-11 《铝行业周报：美国非农就业低于预期，国内淡季累库趋势延续（推荐）*有 色金属*王璇，陈晨》——2025-08-04 沪深300表现 评级：推荐(维持) 陈晨(证券分析师) 王璇(证券分析师) S0350522110007 S0350523080001 chenc09@ghzq.com.cn wangx15@ghzq.com.cn | 表现 | 1M | 3M | 12M | | --- | --- | --- | --- | | 有色金属 | 8.2% | 25.0% | 51.3% | | 沪深300 | 6.3% | 11. ...

在过去的半年多里，加拿大在国际舞台上展现了强硬的姿态，尤其是在与美国的贸易冲突中毫不退让。美国与加拿大的关税战持续升温，尤其是加拿大自8 月初起被美国加征了35%的关税。虽然"硬刚"这种态度令人敬佩，但它所付出的代价也十分沉重。对比之下，欧盟在8月21日选择放松对美国工业品的关 税，而将大部分关税降低至15%，显示出他们的妥协态度。这种"服软"策略似乎带来了好处，使得加拿大也开始重新考虑自己的立场。 至此，全球十大经济体中，仅剩下中国、印度和巴西三个国家依然坚持不与美国妥协。中国作为全球第二大经济体，无论在经济、军事实力，还是科技创新 方面，都具备与美国一较高下的能力。自特朗普在2024年4月2日对中国发动关税战以来，中国毫不退让，选择了以牙还牙的反击策略。面对中国的坚决反 制，美国很快意识到两国经济深度交织，短期内无法脱钩，因此在4月11日深夜，特朗普就宣布对部分中国商品的关税豁免，涉及金额超过千亿美元。然 而，中国没有因此改变立场，继续坚定地坚持自己的底线。随着谈判的深入，双方最终达成了10%的对等关税协议，尽管对中国商品额外征收了芬太尼关 税。这个妥协的结果也彰显了中国在对抗美国的关税战中取得了显著的成 ...

Group 1 - The U.S. is conducting a significant tariff investigation on imported furniture, with potential tariffs to be determined within 50 days [1] - Following the announcement, stock prices of several U.S. furniture retailers dropped significantly, with Wayfair down 10%, RH down 9.9%, and Williams-Sonoma down 6.7%, while La-Z-Boy, which primarily produces furniture in North America, saw a 3% increase [2] - The investigation is part of a broader inquiry under Section 232 of the Trade Expansion Act, which allows tariffs on goods deemed critical to national security, with results expected within 270 days from the start date of March 10 [5] Group 2 - The Trump administration has also initiated a national security investigation into wind energy imports, reflecting ongoing scrutiny of various industries including steel, aluminum, copper, and automobiles [6]

Investment Rating - The industry rating is "Recommended" [4] Core Views - The dovish remarks from Powell have increased expectations for a rate cut in September, benefiting the prices of precious and base metals [3][41] - The market is beginning to price in the likelihood of a rate cut, with a significant increase in the probability of a September cut to 91.1% following Powell's comments [3][41] - Long-term concerns regarding global monetary policy and debt are expected to support gold prices, with the passage of the "Big and Beautiful" act projected to increase the US fiscal deficit by $3.4 trillion [3][15] Summary by Sections Precious Metals - Gold prices increased by 1.05% to $3,417.20 per ounce, while silver rose by 2.26% to $38.88 per ounce [1][24] - SPDR Gold ETF holdings decreased by 276,237.73 troy ounces, while SLV Silver ETF holdings increased by 6,992,897.80 ounces [24] - The gold-silver ratio fell by 1.19% to 87.89, indicating a potential recovery in silver prices due to increased industrial demand [1][43] Base Metals - Copper prices rose by 0.37% to $9,796.50 per ton on the LME, while aluminum increased by 0.73% to $2,622.00 per ton [6][48] - Supply disruptions from overseas mines continue to tighten raw material availability, with Peru's copper production increasing by 7.1% year-on-year [7][68] - The market anticipates a cautious improvement in consumption as the traditional peak season approaches [7][70] Small Metals - Magnesium prices remain stable at 18,920 yuan per ton, with tight inventory levels among producers [81] - Molybdenum prices have shown positive trends, with molybdenum iron prices rising by 3.60% to 287,500 yuan per ton [14][82] - The demand for molybdenum is expected to remain strong, supported by tight supply conditions [14][82]

Group 1: General Information - The report is a daily report on the precious metals and non - ferrous metals industry dated August 22, 2025 [2] Group 2: Precious Metals (Gold and Silver) Investment Rating - Not provided Core View - Fed's September rate - cut expectation and central bank gold purchases support gold prices, but geopolitical situation easing weakens safe - haven demand, and dollar fluctuations limit the upside of gold prices. The market awaits Powell's speech at the global central bank conference. Gold ETFs and long - term structural buying remain the pillars of demand [3] Details - SHFE gold and silver futures prices and related indicators such as COMEX gold prices and gold - silver ratios are presented in graphs [4] - Gold and silver long - term fund holdings and inventories in SHFE and COMEX are shown [12][14][15] Group 3: Copper Investment Rating - Not provided Core View - In the short term, copper prices may continue to fluctuate. The previous support level of 77,000 yuan per ton can be raised to 78,000 yuan per ton. The Fed's meeting minutes next week and Powell's speech may have limited impact on copper prices. The strong support of the dollar index puts pressure on the overall valuation of non - ferrous metals [16] Details - Copper futures and spot data, including prices, price changes, and spreads, are provided. For example, the latest price of Shanghai copper main contract is 78,690 yuan/ton with a daily increase of 0.19% [17][20] - Copper import profit and loss, concentrate processing fees, and warehouse receipts data are also presented [27][31][33] Group 4: Aluminum Investment Rating - Not provided Core View - For aluminum, the US tariff expansion has a certain impact on China's exports, but the impact is weaker than before. Aluminum prices are likely to correct rather than reverse considering the September peak - season expectation and rate - cut expectation. For alumina, the fundamentals are weak, with supply in excess, and the price is expected to fluctuate weakly in the short term. Cast aluminum alloy has good fundamentals, and its futures price generally follows the Shanghai aluminum price [35][36] Details - Aluminum, alumina, and aluminum alloy futures and spot prices, spreads, and inventory data are given. For instance, the latest price of Shanghai aluminum main contract is 20,630 yuan/ton with a daily increase of 0.19% [37][49][55] Group 5: Zinc Investment Rating - Not provided Core View - On the supply side, smelting profit has recovered, and the supply is gradually changing from tight to excessive. The mine supply is loose. On the demand side, the traditional off - season is weak. LME inventory is decreasing with a certain squeeze - out risk. In the short term, zinc prices are expected to fluctuate based on macro - observation [62] Details - Zinc futures and spot prices, spreads, and inventory data are shown. The latest price of Shanghai zinc main contract is 22,275 yuan/ton with a daily increase of 0.16% [63][71][75] Group 6: Nickel Investment Rating - Not provided Core View - Nickel ore is relatively stable, with high domestic arrival inventory. Nickel iron is still relatively firm in the short term. Stainless steel prices are weak, and sulfuric acid nickel prices are stable. Future trends depend on macro - level guidance [78] Details - Nickel and stainless - steel futures prices, trading volume, positions, and inventory data are presented. The latest price of Shanghai nickel main contract is 119,610 yuan/ton [79] Group 7: Tin Investment Rating - Not provided Core View - Macro data from the US is in line with expectations. The repeated delay of Myanmar's tin mine full - resumption of production supports tin prices. In the short term, tin prices may fluctuate [92] Details - Tin futures and spot prices, inventory data, and related indicators such as LME tin spreads are provided. The latest price of Shanghai tin main contract is 265,930 yuan/ton [93][98][102] Group 8: Lithium Carbonate Investment Rating - Not provided Core View - The market's sensitivity to news is decreasing. In the short term, prices may rebound due to supply - side disturbances and enter a wide - range oscillation [107] Details - Lithium carbonate futures and spot prices, spreads, and inventory data are given. The latest price of lithium carbonate futures main contract is 78,960 yuan/ton [108][111][115] Group 9: Silicon Investment Rating - Not provided Core View - The increase in polysilicon production schedules boosts the demand for industrial silicon. In the medium term, the downside space of industrial silicon is limited, and it is expected to fluctuate strongly in the future [117] Details - Industrial silicon futures and spot prices, spreads, and production and inventory data are presented. The latest price of industrial silicon main contract is 8,745 yuan/ton with a daily increase of 1.27% [117][118][132]

大宗商品研究所 有色研发报告 有色金属日报 2025 年 8 月 21 日星期四 研究所副所长、有色及贵 金属板块负责人：车红云 期货从业证号：F03088215 投资咨询从业证号：Z0017510 研究员：王伟 期货从业证号：F03143400 投资咨询从业证号：Z0022141 研究员：陈婧 FRM 期货从业证号：F03107034 投资咨询从业证号：Z0018401 研究员：陈寒松 期货从业证号：F03129697 投资咨询从业证号：Z0020351 联系方式： 上海：021-65789219 北京：010-68569781 1.期货：今日沪铜 2509 合约收于 78540 元/吨，跌幅 0.05%，沪铜指数减仓 732 手至 46.06 万 手。 2.现货：因进口与国产货源集中到货，日内持货商积极出货领跌升水，上海报升水 160 元/ 吨，较上一交易日下跌 30 元/吨。广东库存 3 连降，但终端企业补货积极性不高，报升水 60 元/吨，持平上一交易日。华北受物流管控，持货商挺价信心较强，报贴水 50 元/吨，上 涨 10 元/吨。 【重要资讯】 1. 海关总署在线査询数据显示，中国 7 月废铜进口 ...

关税风云下的铜铝 五矿证券研究所 有色金属行业 分析师：王小芃 登记编码：S0950523050002 邮箱：wangxiaopeng@wkzq.com.cn 联系电话：021-61102510 证券研究报告|行业跟踪 2025/08/21 | 有色金属行业 | | | --- | --- | | 投资评级 | 看好 | 分析师：于柏寒 登记编码：S0950523120002 邮箱：yubaihan@wkzq.com.cn 联系电话：021-61102510 Contents 目录 01 铜铝价格走势复盘 03 供应端偏紧的铝市场 04 铜铝价格展望总结 02 关税风云下"割裂"的铜市 场 今年铜铝在交易什么？ 复盘：关税预期扰动今年铜价 图表1：2025年初至今的铜价走势复盘：关税、冶炼厂减产成为主线 8000 8500 9000 9500 10000 10500 11000 11500 12000 12500 13000 2025-01-08 2025-01-10 2025-01-12 2025-01-14 2025-01-16 2025-01-18 2025-01-20 2025-01-22 2025- ...

央视网消息：特朗普政府悄然扩大了50%钢铁和铝关税的覆盖范围，给企业和美国贸易伙伴带来了广泛的不确定性。美国关税政策反复无 常、伤人害己、得不偿失。 哥伦比亚 《时代报》：冲击供应链与消费市场 文章指出，美国对巴西等贸易伙伴提高关税的做法给世界贸易带来了不确定性，对全球经济造成冲击。特朗普极有可能在一夜之间出尔反 尔、改变规则，这也导致很多国家和地区纷纷寻求其他贸易伙伴，寻找新的出口地，尽快取代北美市场。美国制定各种各样的关税政策，就是 在搬起石头砸自己的脚，导致自身被孤立。 美国《国会山报》：是经济自残 也是地缘政治败笔 在特朗普的支持者看来，美国同英国、日本以及欧盟谈判达成的一边倒的贸易"协议"可谓连番胜利。而事实上，这些协议在经济上属于自 残，对美国盟友也有害无益。美国设置新的关税壁垒，同时以更高关税相要挟，迫使盟友让步。由于关税实际上会由美国人买单，美国经济和 消费者沦为头号输家。而这些协议的地缘政治后果更加严重，必然形成政治反弹，令盟友与美国在共同利益问题上合作的可能性大大降低。 美国广播公司：负面影响逐渐显现 报道称，尽管特朗普上任后通胀有所缓解，但这种放松状态可能在数月内结束。分析人士指出，关税 ...