Group 1 - The core viewpoint of the news is that Yuguang Gold Lead Co., Ltd. experienced a stock price increase of 5.87%, reaching 11.37 CNY per share, with a trading volume of 824 million CNY and a turnover rate of 6.80%, resulting in a total market capitalization of 12.396 billion CNY [1] - Yuguang Gold Lead, established on January 6, 2000, and listed on July 30, 2002, is primarily engaged in non-ferrous metal smelting and sales, chemical raw material sales, precious metal smelting, and gold and silver product sales [1] - The company's main business revenue composition includes silver products (25.90%), copper products (25.75%), lead products (21.74%), gold products (21.38%), antimony products (1.66%), zinc products (1.65%), other products (1.27%), and sulfuric acid (0.66%) [1] Group 2 - Southern Fund's Southern CSI 1000 ETF (512100) is among the top ten circulating shareholders of Yuguang Gold Lead, having increased its holdings by 1.3461 million shares in the second quarter, totaling 7.0522 million shares, which represents 0.65% of the circulating shares [2] - The Southern CSI 1000 ETF has a current scale of 64.953 billion CNY, with a year-to-date return of 26.2% and a one-year return of 67.63% [2] - The fund manager of Southern CSI 1000 ETF is Cui Lei, who has been in the position for 6 years and 321 days, with a total fund asset scale of 94.976 billion CNY [3]

Report Industry Investment Rating - Not provided in the content Core Viewpoints - Not provided in the content Summary by Category 1. Power Coal - Recorded the daily basis and spread data of power coal from September 15 - 19, 2025, with the basis gradually increasing from -115.4 yuan/ton to -97.4 yuan/ton, and the spreads of 5 - 1, 9 - 1, and 9 - 5 remaining at 0.0 [1][2] 2. Energy and Chemicals (1) Energy Commodities - Presented the basis data of fuel oil, INE crude oil, and the ratio of crude oil to asphalt from September 15 - 19, 2025, including the basis of fuel oil and INE crude oil, and the ratio of crude oil to asphalt [7] (2) Chemical Commodities - Showed the basis, inter - period spreads, and inter - commodity spreads of chemical products. The basis data of rubber, methanol, PTA, LLDPE, V, and PP from September 15 - 19, 2025 were given, as well as the inter - period spreads of 5 - 1, 9 - 1, and 9 - 5 for multiple chemicals and the inter - commodity spreads such as LLDPE - PVC, LLDPE - PP, etc. [9][11] 3. Black Metals - Displayed the inter - period spreads and inter - commodity spreads of black metals. The inter - period spreads of 5 - 1, 9(10) - 1, and 9(10) - 5 for rebar, iron ore, coke, and coking coal were provided, along with the inter - commodity spreads like the ratio of rebar to iron ore, rebar to coke, etc. from September 15 - 19, 2025 [20] 4. Non - ferrous Metals (1) Domestic Market - Recorded the basis data of copper, aluminum, zinc, lead, nickel, and tin in the domestic market from September 15 - 19, 2025 [28] (2) London Market - Presented the LME spreads, Shanghai - London ratios, CIF prices, domestic spot prices, and import profit and loss of LME non - ferrous metals on September 19, 2025 [34] 5. Agricultural Products - Provided the basis, inter - period spreads, and inter - commodity spreads of agricultural products. The basis data of soybeans, soybean meal, soybean oil, etc. from September 15 - 19, 2025 were shown, as well as the inter - period spreads of 5 - 1, 9 - 1, and 9 - 5 for various agricultural products and the inter - commodity spreads such as the ratio of soybeans to corn, soybean oil to soybean meal, etc. [40] 6. Stock Index Futures - Recorded the basis and inter - period spreads of stock index futures. The basis data of CSI 300, SSE 50, CSI 500, and CSI 1000 from September 15 - 19, 2025 were presented, along with the inter - period spreads of the next month - current month and next quarter - current quarter for different stock indices [51]

文字早评 2025/09/22 星期一 宏观金融类 股指 【行情资讯】 1、9 月 19 日晚，国家主席习近平同美国总统特朗普通电话，就当前中美关系和共同关心的问题坦诚深 入交换意见，就下阶段中美关系稳定发展作出战略指引。 2、央行、金融监管总局、证监会、外汇局负责人将于 9 月 22 日下午 3 点召开新闻发布会，介绍"十四 五"时期金融业发展成就; 3、据报道，OpenAI 算力告急，计划五年内斥资 1000 亿美元租赁备用服务器； 4、苹果已通知两家供应商，将 iPhone 17 的日产量至少提升 30%。 期指基差比例： IF 当月/下月/当季/隔季：0.18%/-0.33%/-0.83%/-1.37%； IC 当月/下月/当季/隔季：0.16%/-0.91%/-2.60%/-4.86%； IM 当月/下月/当季/隔季：0.13%/-1.27%/-3.33%/-6.17%； IH 当月/下月/当季/隔季：0.30%/0.12%/0.13%/0.19%。 【策略观点】 经过前期持续上涨后，AI 等高位热点板块近期出现分歧，资金高低切换，快速轮动，市场风险偏好有所 降低。叠加市场成交量的萎缩，短期指数面临 ...

Group 1 - The "China Top 500 Enterprises" list was released, with 13 companies from the region making the list, including three from Jiyuan: Yuguang Gold Lead (ranked 283), Jinli Gold Lead (ranked 420), and Wanyang Smelting (ranked 497) [2] - The local government emphasizes a collaborative approach between enterprises and government, referred to as "internal and external coordination" [2][3] - The "Ten-Hundred-Thousand" initiative aims to upgrade companies based on their annual revenue, targeting over 80 companies with revenues exceeding 10 million by 2030, and one company exceeding 1 billion [3] Group 2 - The initiative involves direct support from 27 local leaders to eliminate external barriers for companies, with a focus on nurturing over 100 billion revenue companies [4] - Yuguang Gold Lead is pursuing a goal of achieving 1 billion in annual revenue, while Henan Hengtong Chemical Group aims to recreate its success by 2030 [4] - Jiyuan's industrial foundation is strong, with over 70% industrialization, but there is a sense of urgency to keep pace with rapidly growing enterprises in neighboring regions [3] Group 3 - Yuguang Gold Lead is producing high-end lithium battery copper foil, recognized as a core material for electronic devices, and has developed a comprehensive new materials industry chain [6] - The company has achieved industry-leading standards in high-purity metals and has expanded its product range significantly, generating 210 million in revenue from minor metals in the first half of the year [6] - Jiyuan's comprehensive technological innovation index ranks fifth in the province, indicating a strong focus on innovation and development [6][7]

每经头条（nbdtoutiao）——鲍威尔"大战"特朗普，11:1赢得一场独立性之战！特朗普的"沉默48小时"： 揭秘美联储降息背后…… 每经AI快讯，湖南白银（SZ 002716，收盘价：6.14元）9月21日晚间发布公告称，截至本公告披露日， 母公司实际对外担保总额为人民币9800万元，子公司对子公司担保总额为人民币2亿元，子公司对母公 司担保总额为人民币3.6亿元，母公司对子公司担保总额为人民币6500万元。 截至发稿，湖南白银市值为173亿元。 （记者 曾健辉） 2025年1至6月份，湖南白银的营业收入构成为：有色金属冶炼占比100.0%。 ...

来源：市场资讯 （来源：富宝有色） 下周预测 【镍】本周镍价高位盘整，现货镍均价为123450元/吨，较上期上涨1220元/吨，涨幅为1.00%。消息面 上美联储降息符合预期，镍价回归理性上涨动力不足。供需端上，过剩局面不改，期镍库存增加引发担 忧，市场预估，下周镍价低位盘整概率较大。具体数据看，电解镍区间暂看118000-122000元/吨。 【铝】本周国内现货铝价冲高回落。均价20918，涨0.86%。国内继续推进"反内卷"；美联储降息25个基 点，但鲍威尔发言偏鹰，美指跌后修复，铝价回落。社库去库不畅，下游板带箔领域恢复良好，铝棒、 型材需求亦有好转。后市降息落地后宏观面驱动减弱，商品观望增浓。需求关注长假前下游及终端备货 情况，铝锭或阶段性去库。综合预计下周铝价震荡偏强，均价或窄幅下跌，周均价或在20900元/吨附近 【铅】本周铅价震荡小涨，价格重心小升。本周市场预计国庆节前有备库需求释放，叠加美联储降息预 期升温提振，多头力量表现偏强，铅价突破阻挡偏强运行，期货铅价也站上17000元/吨关口。下周铅价 预计呈现震荡格局，整体趋势或先涨后跌。随着节前备库逐步进入尾声，市场再度回归供需双弱的格 局，铅价 ...

国内库存反复，外强内弱 铝周报 2025/09/20 0755-23375135 wukjl@wkqh.cn 从业资格号：F3036210 交易咨询号：Z0015924 吴坤金（有色金属组） CONTENTS 目录 01 周度评估及策略推荐 05 供给端 02 期现市场 06 需求端 03 利润库存 07 进出口 04 成本端 01 周度评估及策略推荐 周度评估及策略推荐 ◆ 供应端：根据SMM调研数据，截止8月底，国内电解铝运行产能约4400万吨，部分电解铝置换项目投产使得运行产能小幅提升，产量373.3万 吨，同比增长1.22%。进入9月，电解铝运行产能预计延续小幅提升。 ◆ 库存&现货：国内铝锭社会库存录得63.6万吨，较上周增加1.8万吨，库存反复；保税区库存录得9.1万吨，较上周下降0.2吨；铝棒库存录得 14.4万吨，周环比上升0.3万吨。LME铝库存录得51.4万吨，环比上升，处于往年同期低位。国内华东铝锭现货贴水于期货20元/吨，LME市场 Cash/3M升水5.4美元/吨。 ◆ 进出口：2025年8月国内未锻轧铝及铝材出口53.4万吨，环比-1%，维持年内偏高水平。本周铝锭现货进口亏损环比扩 ...

中国有色矿业(01258)午后涨近6%，截至发稿，涨5.85%，报13.02港元，成交额1.95亿港元。 针对媒体的指控，声称一百余名民众向法院提起请愿要求设立环境修复托管账户并存入800亿美元，公 司认为该索赔缺乏依据，已聘请当地专业律师团队应对。公司评估认为，该事件未对集团的经营或财务 状况造成重大影响，不构成内幕消息。公司提醒股东及投资者，任何非公司发布的信息未必反映公司实 际情况，投资决策应以公司在联交所网站发布的公告为准。 消息面上，中国有色矿业发布公告，针对近期媒体关于公司附属公司赞比亚谦比希湿法冶炼有限公司尾 矿坝溃坝事件的指控进行了澄清。对于尾矿坝事件，谦比希湿法已经依据政府指令全面履行修复和治理 义务，并已按照赞比亚政府出具的损害赔偿报告完成了对个体农户的赔偿工作。未来，公司将继续与赞 比亚政府紧密协作，全力推进环境影响评估和修复治理工作。 ...

Report Title - Zinc: Significant Cross - Market Contradictions, Zinc Prices Weakly Trending [1][6][11][19] Report Core View - On the early morning of September 18, the Fed cut interest rates by 25BP as expected, but the monetary policy statement was less dovish than the market expected, putting short - term pressure on precious metals and non - ferrous metals. Although the long - term outlook for LME zinc has weakened, the current low inventory situation of LME zinc shows a strong Back structure, providing some support for the near - term. In the domestic market, as smelting enterprises are approaching winter stockpiling, zinc concentrate processing fees are showing a divergence. The import zinc concentrate processing fee (TC) continues to rise, while the average domestic zinc concentrate TC has slightly declined. As the zinc ore import window closes, the increase in overseas zinc ore TC is expected to slow down, and the degree of zinc ore surplus will ease. Additionally, the SHFE - LME ratio has reached a relatively low level. If the ratio further declines and the zinc ingot export window opens, the liquidation of long - SHFE and short - LME arbitrage funds will also provide some support for SHFE zinc. Overall, the SHFE - LME ratio is expected to continue to trend weakly, but the decline rate may slow down, and domestic zinc prices will maintain a weakly oscillating trend [2][3][19] Summary by Related Catalogs 2022 Zinc Ingot Export Window Opening Review - In late 2021, rising domestic thermal coal prices increased domestic zinc smelting costs, and rising natural gas prices increased overseas zinc smelting costs in Europe and other regions, leading to a decline in smelting output and a joint increase in the prices of high - energy - consuming products such as aluminum and zinc. After the National Development and Reform Commission organized a symposium on coal in October 2021 to study measures to intervene in coal prices, domestic energy prices quickly fell, significantly reducing the smelting costs of domestic aluminum and zinc smelters. Due to high overseas energy prices, the supply of LME zinc smelting remained tight, and LME zinc continued to rise while SHFE zinc's follow - up increase was relatively limited. From mid - October 2021, the SHFE - LME ratio began to decline, reaching a minimum of 0.97 in April 2022 after excluding exchange rates. From January to May 2022, the cumulative zinc ingot exports were 5.35 tons, a significant increase compared to 0.27 tons in the same period of 2021. From January to May 2022, the cumulative zinc ore imports were 1.519 million physical tons, a 7.5% decrease compared to 1.642 million physical tons in the same period of 2021 [6] Review of the Current Round of SHFE - LME Contradictions in Zinc Ingots - At the beginning of 2025, due to a lower Benchmark for overseas zinc smelters compared to previous years, there was a high expectation of overseas zinc smelting production cuts. In contrast, the domestic zinc industry was in an oversupply cycle, with TC continuously rising and zinc smelting profits recovering quickly, causing the SHFE - LME ratio to decline slowly. Since mid - April 2025, the LME zinc ingot market has been continuously de - stocking, the LME zinc Cash - 3S structure and the 3 - 15 month spread structure have oscillated upwards, LME zinc has shown strength, and the decline rate of the SHFE - LME ratio has accelerated. Since late June 2025, domestic zinc ingot social inventories have continued to accumulate, the SHFE zinc monthly spread has returned to the Contango structure, and SHFE zinc has struggled to rise. The structural contradictions in the overseas LME zinc market have intensified, the LME zinc monthly structure has changed to the Back structure. Coupled with the market's trading of the Fed's interest - rate cut expectation in August, the SHFE - LME ratio has declined at an accelerated pace [11] Future Price and Ratio Outlook - On the early morning of September 18, the Fed cut interest rates by 25BP as expected, but the monetary policy statement was less dovish than the market expected, putting short - term pressure on precious metals and non - ferrous metals. Although the long - term outlook for LME zinc has weakened, the current low inventory situation of LME zinc shows a strong Back structure, providing some support for the near - term. In the domestic market, as smelting enterprises are approaching winter stockpiling, zinc concentrate processing fees are showing a divergence. The import zinc concentrate processing fee (TC) continues to rise, while the average domestic zinc concentrate TC has slightly declined. As the zinc ore import window closes, the increase in overseas zinc ore TC is expected to slow down, and the degree of zinc ore surplus will ease. Additionally, the SHFE - LME ratio has reached a relatively low level. If the ratio further declines and the zinc ingot export window opens, the liquidation of long - SHFE and short - LME arbitrage funds will also provide some support for SHFE zinc. Overall, the SHFE - LME ratio is expected to continue to trend weakly, but the decline rate may slow down, and domestic zinc prices will maintain a weakly oscillating trend [2][3][19]

Report Overview - The report is the Shenwan Futures Non - ferrous Metals Basis Daily Report dated September 19, 2025 [1] Industry Investment Rating - Not provided Core Views - Copper prices may experience short - term range - bound fluctuations due to a mix of bullish and bearish factors. Zinc prices may have short - term wide - range and weakly downward fluctuations as short - term supply - demand may tilt towards surplus [2] Summary by Variety Copper - Night - session copper prices rose 0.1%. Concentrate supply remains tight, squeezing smelting profits, but smelting output continues high growth. Power industry shows positive growth, PV rush - installation increased year - on - year but future growth may slow. Auto production and sales are growing, home appliance output growth is slowing, and the real estate sector is weak. Copper prices may range - bound, and factors like the US dollar, smelting output, and downstream demand should be monitored [2] Zinc - Night - session zinc prices rose 0.09%. Zinc concentrate processing fees have generally recovered, turning smelting profits positive, and smelting output is expected to continue rising. Galvanized sheet inventory increased weekly. Infrastructure investment cumulative growth is slightly positive, auto production and sales are growing, home appliance output growth is slowing, and the real estate sector is weak. Short - term supply - demand may lean towards surplus, and zinc prices may have range - bound and weakly downward fluctuations. Attention should be paid to the US dollar, smelting output, and downstream demand [2] Market Data Domestic Futures and Basis | Variety | Domestic Previous Futures Closing Price (yuan/ton) | Domestic Basis (yuan/ton) | | ---- | ---- | ---- | | Copper | 79,620 | 30 | | Aluminum | 20,775 | - 20 | | Zinc | 22,035 | - 65 | | Nickel | 120,940 | - 1,630 | | Lead | 17,145 | - 120 | | Tin | 269,100 | 3,060 | [2] LME Data | Variety | LME 3 - month Previous Closing Price (US dollars/ton) | LME Spot Premium (CASH - 3M, US dollars/ton) | LME Inventory (tons) | LME Inventory Daily Change (tons) | | ---- | ---- | ---- | ---- | ---- | | Copper | 9,946 | - 71.09 | 149,775 | - 1,175 | | Aluminum | 2,705 | 4.89 | 483,775 | 0 | | Zinc | 2,913 | 24.27 | 48,975 | 0 | | Nickel | 15,335 | - 177.83 | 228,468 | 2,034 | | Lead | 2,004 | - 44.05 | 225,350 | - 2,500 | | Tin | 33,750 | - 155.00 | 2,645 | 0 | [2]