Group 1 - The 9th China-South Asia Expo and the 29th China Kunming Import and Export Commodities Fair opened on June 19, with a theme of "Unity and Cooperation for Development" [1] - The event spans from June 19 to June 24, featuring 16 exhibition halls and covering an area of 160,000 square meters, attracting participation from 73 countries, regions, and international organizations, with over 2,500 enterprises showcasing products [1] - Exhibits include green energy, advanced manufacturing, modern agriculture, and biomedicine, providing a platform for economic cooperation and cultural exchange [1] Group 2 - Yunnan Radio Company (Yunwu Company) made its debut at the expo, focusing on public safety business in areas such as personnel-intensive locations and emergency response, leveraging AI and information technology [3] - The company aims to integrate into the low-altitude economy development industry chain and showcase its technological innovation capabilities in public safety, emergency response, and health monitoring [3] - Kunming is strategically planning for future industries such as low-altitude economy, intelligent computing power, life sciences, and new energy storage, enhancing policy guidance to drive breakthroughs for high-quality development [3]

日度报告——综合晨报 特朗普将在两周内决定是否打击伊朗，A 股出 现单边回调 [T报ab告le_日R期an：k] 2025-06-20 宏观策略（外汇期货(美元指数)） 特朗普将在两周内决定是否打击伊朗 特朗普两周之内做出是否打击伊朗的决定，这意味着事态没有 进一步升级，进入到焦灼状态，市场短期维持震荡。 宏观策略（国债期货） 央行开展了 2035 亿元 7 天期逆回购操作 后续宽货币等利多难被证伪，因此多头情绪难以趋势性退潮， 债牛尚未结束，多头可继续持有。 综 宏观策略（股指期货） 合 A 股单边回调 晨 报 A 股单边下跌，既有政策不及预期的原因，又有自身结构脆弱估 值偏高的压力。总体而言，宣泄成为纾解高估的方式之一，为 下一轮上行提供便宜的筹码。 农产品（玉米淀粉） 淀粉糖产品原料消耗量增加 淀粉糖产品原料消耗量增加 黑色金属（螺纹钢/热轧卷板） Mysteel 五大品种库存周环比下降 15.67 万吨 本周五大品种库存去化有所加速，现货基本面依然相对坚挺。 螺纹表需环比回落不大，同比仍在-7%左右。由于淡季累库尚未 出现，钢价延续震荡小幅反弹，但走弱预期仍难证伪。 能源化工（PTA） 江浙终端开工率 ...

Report Summary 1. Investment Rating No investment rating for the industry is provided in the report. 2. Core Views - **Copper**: The price of Shanghai copper declined in the afternoon. The rebound of the US dollar index and the slight increase in the social inventory of electrolytic copper on Thursday put pressure on the copper price. The short - term price dropped, and attention should be paid to the technical support at the previous price center of 78,000 [5]. - **Aluminum**: The aluminum price showed a weak shock in the afternoon, and the monthly spread continued to decline. The good domestic macro - atmosphere and the strong performance of the black sector provided support. The continuous destocking of electrolytic aluminum and good domestic demand also supported the price. The price may continue to rise strongly, and attention can be paid to the support of the 5 - day moving average [6]. - **Nickel**: The nickel price fluctuated below 119,000, with little change in the position. It has been weak in the non - ferrous sector since last week due to industrial and news factors. The price shows signs of stabilizing in the short term, and attention should be paid to the technical pressure at 120,000 [7]. 3. Industry Dynamics - **Copper**: From January to May 2025, China's cumulative copper product output was 9.537 million tons, a year - on - year increase of 6.2%. The top three provinces in terms of output were Jiangxi, Zhejiang, and Jiangsu. Chile's Potrerillos copper smelter is expected to resume operation at the end of July [9]. - **Aluminum**: In May 2025, China's alumina output was 748,800 tons, a year - on - year increase of 5.0%; the cumulative output from January to May was 3.7401 million tons, a year - on - year increase of 9.5%. The electrolytic aluminum output in May was 382,800 tons, a year - on - year increase of 5.0%; the cumulative output from January to May was 1.859 million tons, a year - on - year increase of 4.0% [10]. - **Nickel**: On June 19, the mainstream reference contract for refined nickel in the Shanghai market was the Shanghai nickel 2507 contract. The prices of different types of nickel were provided, such as the price of Jinchuan electrolytic nickel was 121,480 yuan/ton [10]. 4. Related Charts - **Copper**: The report includes charts of copper basis, electrolytic copper domestic explicit inventory, LME copper注销仓单比例, copper monthly spread, overseas copper exchange inventory, and SHFE warehouse receipt inventory [11][13][14]. - **Aluminum**: There are charts of aluminum basis, aluminum monthly spread, electrolytic aluminum domestic social inventory, electrolytic aluminum overseas exchange inventory, alumina trend, and alumina inventory [23][25][27]. - **Nickel**: Charts of nickel basis, nickel monthly spread, LME nickel inventory, SHFE nickel inventory, LME nickel trend, and nickel ore port inventory are provided [36][38][40].

1. Report Industry Investment Rating - Unilateral: Cautiously bearish [4] - Arbitrage: Neutral [4] 2. Core View of the Report - Downstream buyers are reluctant to buy at high prices, mainly consuming inventory, leading to poor spot market transactions and a further decline in spot premiums [3] - The TC of domestic zinc ore remains stable, the import window for zinc ore is closed, domestic ore has an advantage over imported ore, and the TC of imported ore in the third - quarter overseas continues to rise [3] - Smelters' raw material inventory is still sufficient, and the upward trend of the ore end remains unchanged [3] - Smelting profits remain stable, and the long - term high - growth supply expectation remains unchanged [3] - Consumption performance is unexpectedly strong, the zinc alloy operating rate is still increasing, and the social inventory of zinc ingots has not shown a trend of accumulation, possibly due to the zinc alloy reservoir effect [3] - In the short term, be vigilant about energy disturbances caused by the Middle East crisis [3] 3. Summary According to Related Catalogs Important Data - **Spot**: The LME zinc spot premium is -$30.04/ton. SMM Shanghai zinc spot price rose by 190 yuan/ton to 22,200 yuan/ton, and the spot premium fell by 25 yuan/ton to 155 yuan/ton. SMM Guangdong zinc spot price rose by 170 yuan/ton to 22,190 yuan/ton, and the spot premium fell by 45 yuan/ton to 145 yuan/ton. SMM Tianjin zinc spot price rose by 180 yuan/ton to 22,210 yuan/ton, and the spot premium fell by 35 yuan/ton to 165 yuan/ton [1] - **Futures**: On June 18, 2025, the main SHFE zinc contract opened at 21,885 yuan/ton and closed at 22,060 yuan/ton, up 185 yuan/ton from the previous trading day. The trading volume was 123,695 lots, a decrease of 694 lots from the previous trading day, and the position was 97,228 lots, a decrease of 8,440 lots from the previous trading day. The highest price was 22,130 yuan/ton, and the lowest was 21,825 yuan/ton [1] - **Inventory**: As of June 16, 2025, the total inventory of zinc ingots in seven regions monitored by SMM was 78,100 tons, a decrease of 3,600 tons compared with the same period last week. As of June 18, 2025, the LME zinc inventory was 128,250 tons, a decrease of 625 tons from the previous trading day [2] Market Analysis - **Spot Market**: Downstream buyers are reluctant to buy at high prices, mainly consuming inventory, resulting in poor spot market transactions and a further decline in spot premiums [3] - **Cost**: The TC of domestic zinc ore remains stable, the import window for zinc ore is closed, domestic ore has an advantage over imported ore, and the TC of imported ore in the third - quarter overseas continues to rise [3] - **Supply**: Smelting profits remain stable, and the long - term high - growth supply expectation remains unchanged [3] - **Consumption**: Consumption performance is unexpectedly strong, the zinc alloy operating rate is still increasing, and the social inventory of zinc ingots has not shown a trend of accumulation, possibly due to the zinc alloy reservoir effect [3] - **Risk**: In the short term, be vigilant about energy disturbances caused by the Middle East crisis [3]

美联储再度维持利率不变 ，陆家嘴金融论坛 预期落空 [T报ab告le_日R期an：k] 2025-06-19 宏观策略（外汇期货(美元指数)） 日度报告——综合晨报 报 市场预计 6 月 30 日 USDA 将把美豆种植面积上调 50 万英亩至 8400 万英亩。昨日国内进口巴西豆成本上升，沿海油厂豆粕现 货报价小幅上涨，下游成交意愿高涨。 有色金属（铜） 统计局：中国 5 月铜材产量同比增长 13.4% 美联储继续按兵不动，市场对鹰派声明有所担忧，美元阶段转 强抑制铜价，预计盘面继续高位震荡可能性更大。 能源化工（液化石油气） 美联储再度维持利率不变 点阵图预示年底前将降息两次 美联储最新利率会议维持利率水平不变，但是远期降息预期次 数减少，美元指数震荡走强。 宏观策略（国债期货） 央行行长潘功胜在 2025 陆家嘴论坛上宣布八项重磅举措 综 陆家嘴金融论坛并未公布宽货币政策，市场预期落空，但国债 期货跌幅极有限，这说明市场做多情绪已经升温。建议尽快布 局多头仓位。 合 农产品（豆粕） 晨 USDA 周度出口销售报告前瞻 美国 C3 库存累库 美国 C3 累库速率降低，镇海外放目前尚未冲击民用气市场。 | ...

2、证监会：从 2025 年 10 月 9 日起允许合格境外投资者参与场内 ETF 期权交易，交易目的限于套期保 值。 3、乘联分会：6 月 1-15 日全国乘用车新能源市场零售 40.2 万辆，同比增长 38%。 资金面：融资额+52.70 亿；隔夜 Shibor 利率-0.30bp 至 1.366%，流动性较为宽松；3 年期企业债 AA- 级别利率-0.48bp 至 2.8887%，十年期国债利率+0.40bp 至 1.6383%，信用利差-0.88bp 至 125bp；美国 10 年期利率+7bp 至 4.39%，中美利差+7.40bp 至-275.17bp。 文字早评 2025/06/19 星期四 宏观金融类 股指 前一交易日沪指+0.04%，创指+0.23%，科创 50+0.53%，北证 50-0.65%，上证 50-0.15%，沪深 300+0.12%， 中证 500-0.09%，中证 1000-0.10%，中证 2000-0.28%，万得微盘-0.62%。两市合计成交 11911 亿，较上 一日-161 亿。 宏观消息面： 1、证监会：重启未盈利企业适用科创板第五套上市标准；对第五套标准上市企业 ...

新能源及有色金属日报 | 2025-06-18 锌现货升水持续回落 重要数据 现货方面：LME锌现货升水为-28.01 美元/吨。SMM上海锌现货价较前一交易日上涨10元/吨至22010元/吨，SMM 上海锌现货升贴水较前一交易日下跌40元/吨至180元/吨，SMM广东锌现货价较前一交易日上涨30元/吨至22020元/ 吨。SMM广东锌现货升贴水较前一交易日下跌20元/吨至190元/吨，SMM天津锌现货价较前一交易日上涨30元/吨 至22030元/吨。SMM天津锌现货升贴水较前一交易日下跌20元/吨至200元/吨。 期货方面：2025-06-17沪锌主力合约开于21955元/吨，收于21905元/吨，较前一交易日上涨105元/吨，全天交易日 成交124389手，较前一交易日减少39573手，全天交易日持仓105668手，较前一交易日减少10596手，日内价格震 荡，最高点达到21985元/吨，最低点达到21760元/吨。 库存方面：截至2025-06-16，SMM七地锌锭库存总量为7.81万吨，较上周同期减少-0.36万吨。截止2025-06-17，LME 锌库存为128875吨，较上一交易日减少1350吨。 ...

瑞财经 钟鸣辰近日，腾远钴业(SZ301219)发布2024年年度报告，归母净利同比大增81%。 | 报告期末母公司在职员工的数量(人) | 1, 207 | | --- | --- | | 报告期末主要子公司在职员工的数量（人） | 1, 282 | | 报告期末在职员工的数量合计(人) Comments of the many of the comments of the comments of the comments of the control of the contribution of the controlled ST LEWILL . | 2, 489 | | | 2024 年 | 2023 年 | 本年比上年增减 | 2022年 | | --- | --- | --- | --- | --- | | 营业收入(元) | 6. 542. 489. 420. 75 | 5.543.417.839.54 | 18.02% | 4. 800. 846. 632. 27 | | 归属于上市公司股东的 净利润(元) | 685, 229, 298, 53 | 378,075,083.21 | 81.2 ...

Group 1 - The article highlights the implementation of water resource tax incentives aimed at promoting water conservation among industries in China, effective from December 1, 2024, where companies achieving advanced water efficiency will receive a 20% tax reduction [1][3] - Henan Yuguang Zinc Industry Co., Ltd. reported receiving over 58,000 yuan in water resource tax benefits in the first quarter, reinforcing their commitment to increasing water-saving investments [1][2] - The list of taxpayers achieving advanced water efficiency in Henan province includes Henan Yuguang Zinc Industry Co., Ltd., Henan Jinli Jin Zinc Co., Ltd., and Henan Jinma Energy Co., Ltd., marking them as pioneers in water efficiency [1] Group 2 - The Jiyuan tax department has established a "one-on-one" service mechanism for key enterprises, providing tailored support to help them understand and apply for tax benefits related to water conservation [2] - Jiyuan tax authorities collaborate with water resources and finance departments to monitor and analyze enterprise water usage data, ensuring effective implementation of tax incentives [2] - Henan Jinma Energy Co., Ltd. has invested 200 million yuan in wastewater treatment and recycling projects, achieving significant water savings of over 2 million cubic meters annually [3] Group 3 - Henan Yuguang Zinc Industry Co., Ltd. has adopted innovative water-saving practices, reducing water usage to 8.42 m³/t of zinc ingot, significantly below national standards [3] - Henan Jinli Jin Zinc Co., Ltd. has implemented smart water-saving devices for real-time monitoring and precise control of production water usage [3] - The Jiyuan tax department emphasizes that water resource tax incentives are crucial for promoting green development among enterprises, aiming to enhance their water efficiency and contribute to sustainable economic growth [3]

Report Summary 1. Industry Investment Rating No industry investment rating is provided in the report. 2. Core Viewpoint The macro - environment is unstable due to uncertainties in Trump's tariff policy and the Fed's policy inclination. Fundamentally, due to less aluminum ingot casting, limited arrivals, low social and exchange warehouse inventories, and approaching delivery, the near - month futures is strong, which is expected to drive the far - month futures to be strong and deepen the B structure. After delivery, the tight market situation is expected to improve, and aluminum prices need to return to rationality [3][8]. 3. Summary by Directory Transaction Data - LME 3 - month aluminum price rose from 2451.5 yuan/ton to 2503 yuan/ton, an increase of 51.5 yuan/ton; SHFE aluminum continuous third contract rose from 19915 dollars/ton to 20060 dollars/ton, an increase of 145 dollars/ton; the Shanghai - London aluminum ratio decreased from 8.1 to 8.0; LME spot premium increased from - 4.91 dollars/ton to - 0.42 dollars/ton, an increase of 4.5 dollars/ton; LME aluminum inventory decreased from 363850 tons to 353225 tons; SHFE aluminum warehouse receipt inventory decreased from 47792 tons to 46193 tons; spot Yangtze River average price rose from 20217.5 yuan/ton to 20422 yuan/ton, an increase of 204.5 yuan/ton; spot premium decreased from 80 yuan/ton to - 230 yuan/ton, a decrease of 310 yuan/ton; South Reserve spot average price rose from 20080 yuan/ton to 20262 yuan/ton, an increase of 182 yuan/ton; Shanghai - Guangdong aluminum price difference increased from 137.5 yuan/ton to 160 yuan/ton, an increase of 22.5 yuan/ton; aluminum ingot social inventory decreased from 50.4 tons to 46 tons, a decrease of 4.4 tons; electrolytic aluminum theoretical average cost decreased from 16980.03 yuan/ton to 16965.29 yuan/ton, a decrease of 14.7 yuan/ton; electrolytic aluminum weekly average profit increased from 3237.47 yuan/ton to 3456.71 yuan/ton, an increase of 219.2 yuan/ton [4]. Market Review - Macro: US May CPI and PPI data were lower than expected, strengthening the expectation of cooling inflation pressure, and the market increased bets on the Fed's interest rate cut in September, causing the US dollar index to fall rapidly. Sino - US trade negotiations made progress, easing trade tensions and boosting market risk appetite. China's May CPI and PPI data showed different trends. The total value of China's goods trade imports and exports in the first five months increased by 2.5% year - on - year. - Consumption: The weekly aluminum downstream processing start - up rate decreased by 0.4% to 60.9%. During the off - peak season transition, the start - up rates of some sectors declined, with aluminum cables and industrial profiles performing well, and the aluminum plate, strip and foil sector entering the off - peak season more obviously. It is expected that the weekly start - up rate of downstream aluminum processing may decrease slightly by 0.1 percentage points next week. - Inventory: As of June 12, electrolytic aluminum ingot inventory decreased to 460,000 tons, a decrease of 17,000 tons compared with Monday; the inventory of aluminum rods in major domestic consumption areas decreased to 127,500 tons, a decrease of 2,000 tons compared with Monday [5][6][7]. Market Outlook The macro - environment is unstable. Fundamentally, due to less aluminum ingot casting, limited arrivals, low social and exchange warehouse inventories, and approaching delivery, the near - month futures is strong, which is expected to drive the far - month futures to be strong and deepen the B structure. After delivery, the tight market situation is expected to improve, and aluminum prices need to return to rationality [3][8]. Industry News - Kazakhstan's Prime Minister discussed the project prospect of building a vertically integrated industrial park in Kazakhstan with the founder of Orient Hope Group. The first - phase project plans to build an alumina plant with an annual output of 2 million tons and an electrolytic aluminum plant with an annual output of 1 million tons. - The 2025 industrial energy - saving supervision tasks for 2797 enterprises were determined, including energy - efficiency special supervision for key industries such as electrolytic aluminum. - In May 2025, China's exports of unwrought aluminum and aluminum products reached 547,000 tons, a month - on - month increase of 5.60% and a year - on - year decrease of 3.19%. From January to May, the cumulative exports were 2.431 million tons, a year - on - year decrease of 5.1% [9]. Related Charts The report provides 10 related charts, including price trends, ratios, premiums, spreads, and inventory seasonal changes of LME aluminum and SHFE aluminum [10][11][16].