风险提示：期市有风险，投资需谨慎！ | | | | 铅锌日评20250613：沪铅下方支撑较强；沪锌反弹空间有限 | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 2025/6/13 | | 指标 单位 | 今值 | | 变动 近期趋势 | | | | | | | SMM1#铅锭平均价格 元/吨 16,700.00 | | | 0.45% | | | | | | | 沪铅期现价格 期货主力合约收盘价 元/吨 16,890.00 | | | 0.27% | | | | | | | 沪铅基差 元/吨 -190.00 升贴水-上海 元/吨 -25.00 | | | 30.00 - | | | | | | | 升贴水-LME 0-3 美元/吨 -27.67 | | | 0.98 | | | | | | 价差 | 升贴水-LME 3-15 美元/吨 -66.30 | | | -0.20 | | | | | | | 沪铅近月-沪铅连一 元/吨 -10.00 | | | 15.00 | | | | | 铅 | | 沪铅连一-沪铅连二 ...

6月9日，沪锌期货盘面表现偏弱，截至发稿主力合约报21905.00元/吨，小幅下跌1.82%。 申银万国期货：周末夜盘锌价收低。近期精矿加工费持续回升。由国家统计局数据来看，国内汽车产销 正增长，基建稳定增长，家电产量增速趋缓，地产持续疲弱。市场预期今年精矿供应明显改善，冶炼供 应可能恢复。短期锌价可能宽幅波动，关注美国关税进展，以及美元、锌冶炼和家电产量等因素变化。 广州期货：美国经济数据疲软，特朗普呼吁美联储降息，但美联储官员发言依旧表示降息态度趋于谨 慎，地缘政治冲突不断，市场交投避险情绪仍存。海内外锌精矿TC价格趋于上涨，锌矿报价走低，周 内新增两家企业复产，贸易市场到货量增加，国内社会库存小幅累增，海内外交易所库存保持低位去 库，下游消费进入淡季，镀锌开工小幅走弱，持货商为出货调低升水，实际成交清淡。锌市库存低位， 供需两弱，短期价格上下有限，保持区间震荡运行，参考震荡区间22000-23500元/吨。 【消息面汇总】 机构观点 6月6日，伦敦金属交易所（LME）：锌注册仓单75100吨，注销仓单61875吨，减少175吨；锌库存 136975吨，减少175吨。 国内外锌矿进口量上升，锌矿加工费持续 ...

祁玉蓉（F03100031, Z0021060），联系电话：010-8229 5006 2025/6/9 单位 今值 变动 近期趋势 SMM1#铅锭平均价格 元/吨 0.00% 16,500.00 期货主力合约收盘价 元/吨 16,780.00 0.51% 沪铅基差 元/吨 -280.00 -85.00 升贴水-上海 元/吨 - -15.00 升贴水-LME 0-3 美元/吨 -26.98 -3.90 升贴水-LME 3-15 美元/吨 -64.60 -2.20 沪铅近月-沪铅连一 元/吨 -45.00 -30.00 沪铅连一-沪铅连二 元/吨 5.00 5.00 沪铅连二-沪铅连三 元/吨 10.00 -10.00 期货活跃合约成交量 手 30,853.00 -0.20% 期货活跃合约持仓量 手 49,975.00 -1.01% 成交持仓比 / 0.62 0.82% LME库存 吨 0.00% 281,275.00 沪铅仓单库存 吨 41,799.00 0.24% LME3个月铅期货收盘价（电子盘） 美元/吨 1,974.00 -0.35% 沪伦铅价比值 / 8.50 0.87% SMM1#锌锭平均价格 元 ...

铅锌产业链周度报告 范玲 期货从业资格号：F0272984 投资咨询资格号：Z0011970 中航期货 2025-6-6 | 目 | 录 | | | | | --- | --- | --- | --- | --- | | 0 0 1 1 | 报 报 | 告 告 | 摘 摘 | 要 要 | | 0 0 2 2 | 多 多 | 空 空 | 焦 焦 | 点 点 | | 0 0 3 3 | 数 数 | 据 据 | 分 分 | 析 析 | | 4 4 0 0 | 后 后 | 市 市 | 研 研 | 判 判 | | 告 | 摘 | 报 | 要 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- ...

0755-23375135 wukj1@wkqh.cn 张世骄（联系人） 有色研究员 从业资格号：F03120988 0755-23375122 zhangsj3@wkqh.cn 专题报告 2025-06-06 锌：锌价下方还有空间吗？ 报告要点： 预计下半年锌市将继续维持供应过剩+需求疲软的基本格局。 在特朗普关税政策下美国经济衰 退风险升温，锌矿端的过剩或将从 6 月起逐步传导至锌锭端，供应过剩与需求低迷形成共振。 2025 年下半年沪锌指数或将出现大幅下行，若海外金融市场出现宏观风险，锌价或将跌至锌矿 90%成本线附近。 吴坤金 有色研究员 从业资格号：F3036210 交易咨询号：Z0015924 有色金属研究 | 锌 锌：锌价下方还有空间吗？ 上半年锌价运行状况回顾 2025 年上半年锌价持续下滑，自 1 月 2 日至 5 月 30 日，沪锌收跌 12.31%至 22120 元/吨，总 持仓减少 5.99 万手至 22.67 万手。伦锌 3M 合约收跌 12.12%至 2629.5 元/吨，总持仓微降至 21.37 万手。综合来看，上半年的锌市行情大致可以分为 4 个阶段： 1 月 2 日-2 月 ...

Core Viewpoint - The company has completed the construction of a resource comprehensive utilization project that enhances its green and low-carbon transformation while achieving comprehensive recovery of valuable metals such as silver, indium, lead, and zinc [1][2]. Group 1: Project Overview - The resource comprehensive utilization project utilizes a "hot acid leaching - low pollution iron removal - three-stage antimony salt purification" wet zinc smelting process, with an annual production capacity of 210,000 tons of zinc products and 400,000 tons of sulfuric acid [1]. - The project generates approximately 225,000 tons of leaching residue (wet basis) annually, which necessitated the establishment of a harmless treatment system for leaching residue to comply with industry standards [1]. Group 2: Environmental and Economic Impact - The project significantly reduces industrial hazardous waste emissions, reflecting the company's commitment to accelerating its green transformation [2]. - The company's total investment in energy conservation and environmental protection is projected to increase from 88 million to 541 million yuan from 2022 to 2024, indicating a strong focus on high-quality environmental initiatives [2]. Group 3: Compliance and Sustainability Efforts - In response to increasingly stringent environmental policies, the company is enhancing its environmental management system, promoting green mining, and ensuring compliance with pollution discharge standards [2]. - The company has seen a significant reduction in greenhouse gas emissions over the past three years, with total emissions of 778,100 tons, 745,300 tons, and 722,600 tons of CO2 equivalent, respectively, demonstrating a substantial downward trend [2]. Group 4: Corporate Responsibility - The company is committed to fulfilling its ESG responsibilities by balancing economic growth with environmental sustainability, focusing on efficient resource utilization and ecosystem restoration [3].

证券代码：002114 证券简称：罗平锌电 公告编号：2025-024 云南罗平锌电股份有限公司 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 （以下简称"曲靖发投"）签署了《股份转让协议》，约定锌电公司向曲靖发投 转让其持有的公司 7242.7600 万股无限售流通股份（占上市公司股份总数的 靖发投将持有公司 7242.7600 万股无限售流通股份（占上市公司股份总数的 股份总数的 5.0001%）。上述交易事项的具体内容，详见同日刊载于公司指定信 息披露媒体上的《关于控股股东协议转让公司股份暨权益变动的提示性公告》 告编号：2025-025）。 特别提示： 月 4 日（星期三）上午开市起复牌交易。 （1）取得有权国资监管部门审批同意； （2）通过深交所合规性审查并取得深交所出具的合规性确认文件； （3）本次交易所涉及的经营者集中事宜已自反垄断主管机构取得全部必要 的备案、登记、批准、豁免或不予进一步审查决定（如适用）； （4）中国证券登记结算有限责任公司深圳分公司办理股份过户登记手续。 公司将根据进展情况对本次交易涉及的后续事宜及时履行信息披露义务。敬 ...

5月27日晚间，A股市场两家上市公司——罗平锌电（002114）和*ST东晶（002199）相继发布公告称，因控股股东筹划控制权变更 事项，公司股票自5月28日起停牌。 从县级到市级国资的"升级" 罗平锌电公告显示，控股股东罗平县锌电公司拟向曲靖市发展投资集团有限公司（简称"曲靖发投"）协议转让7242.76万股（占总股 本22.396%）。 若交易完成，实际控制人将由罗平县国资委变更为曲靖市国资委。值得关注的是，此次转让需经国资监管部门批准，且涉及股份为 控股股东当前持股的81.74%，交易完成后罗平县锌电公司持股比例将降至5%，彻底退出控股地位。 曲靖发投作为市级国资平台，业务涵盖基建投资、产业基金运营及国有资产管理，其入主或为罗平锌电带来资源整合机遇。公司近 年业绩承压明显，2024年营收12.6亿元同比降18%，净利润亏损7885万元；2025年一季度营收再降53.55%，亏损扩大至4500万元。 分析认为，市级国资的介入可能通过资金支持、债务重组或资源注入帮助公司改善经营，尤其在锌价波动、自给率不足的行业背景 下，提升产业链稳定性至关重要。 截至5月27日收盘，罗平锌电股价报收于7.19元/股，总市 ...

检修扰动后锌价冲高回落 重要数据 现货方面：LME锌现货升水为-21.55 美元/吨。SMM上海锌现货价较前一交易日上涨160元/吨至22730元/吨，SMM 上海锌现货升贴水较前一交易日上涨55元/吨至445元/吨，SMM广东锌现货价较前一交易日上涨140元/吨至22690 元/吨。SMM广东锌现货升贴水较前一交易日上涨35元/吨至405元/吨，SMM天津锌现货价较前一交易日上涨160元 /吨至22730元/吨。SMM天津锌现货升贴水较前一交易日上涨55元/吨至445元/吨。 期货方面：2025-05-27沪锌主力合约开于22185元/吨，收于22330元/吨，较前一交易日上涨135元/吨，全天交易日 成交343177手，较前一交易日增加200438手，全天交易日持仓121568手，较前一交易日增加3048手，日内价格震 荡，最高点达到22695元/吨，最低点达到22175元/吨。 新能源及有色金属日报 | 2025-05-28 库存方面：截至2025-05-26，SMM七地锌锭库存总量为7.88万吨，较上周同期减少-0.5万吨。截止2025-05-27，LME 锌库存为151150吨，较上一交易日减少23 ...

Group 1 - China Merchants Industry announced the termination of the restructuring and spin-off of its subsidiaries, China Merchants Jinling and China Merchants Roll-on Roll-off, due to a lack of consensus on transaction terms and changes in market conditions [2] - Sichuan Road and Bridge is planning a related party transaction to acquire 100% equity and debt rights of Chengdu New Road and Bridge Machinery Co., which is expected to be a related party transaction but not a major asset restructuring [2] - Guotai Junan Securities plans to increase its capital by 1.5 billion yuan to Guotai Junan Futures Co., Ltd. to supplement its net capital [5] Group 2 - Innovation New Materials intends to register and issue short-term financing bonds not exceeding 500 million yuan and medium-term notes not exceeding 1.5 billion yuan to enhance liquidity management [3] - Gree Electric's wholly-owned subsidiary plans to sell 5.9088% equity of Winshang Technology for 62.6333 million yuan, which will improve asset liquidity and cash flow [4] - Yapu Co. plans to purchase approximately 54.5% of Winshang Technology for about 578 million yuan to accelerate its strategic development in key automotive components [6] Group 3 - Deep Highway announced that Yunshan Capital increased its holdings in the company's H-shares by 10.81 million shares, bringing its total shareholding to 254 million shares, accounting for 10% of the total share capital [7] - Aichuang Data plans to procure servers worth up to 4 billion yuan to provide computing power leasing services [8] - Luoping Zinc Electric is transferring 22.4% of its shares to Qujing Development Investment Group, with trading suspension starting from May 28 due to control change planning [9] Group 4 - Zhongke Haixun signed a contract for an information processing subsystem procurement project worth 163 million yuan [10] - Enhua Pharmaceutical's associate company Jiangsu Haoxin Qing plans to go public overseas to expand financing channels and is establishing a red-chip structure [11] - Yunnan Energy Investment has been awarded the development rights for three wind farm projects, including the Fuyuan Nanchong Wind Farm [13]