Report Industry Investment Ratings - Copper: ★☆☆ [1] - Aluminum: ☆☆☆ [1] - Alumina: ☆☆☆ [1] - Zinc: ★☆☆ [1] - Nickel and Stainless Steel: ★☆☆ [1] - Tin: ★☆★ [1] - Lithium Carbonate: ★☆☆ [1] - Industrial Silicon: ★☆☆ [1] - Polysilicon: ★☆☆ [1] Core Views - The report analyzes the market conditions of various non - ferrous metals, including price trends, supply - demand relationships, and influencing factors such as inventory changes and macro - economic data [1][2][3] - Different metals are expected to have different price trends in the short - term, including oscillations, testing resistance levels, and waiting for clear directions [1][2][3] Summary by Metals Copper - Thursday, Shanghai copper oscillated above 80,000 and closed with a positive line. The spot copper price was 80,175 yuan, the Shanghai copper premium widened to 85 yuan, and the refined waste price difference rose to 1,820 yuan. The Steel Union's inventory increased by 900 tons to 149,000 tons [1] - The market is concerned about domestic consumption and the impact of price increases on economic indicators. It is expected to oscillate between 79,500 - 80,500 yuan this week [1] Aluminum, Alumina, and Aluminum Alloy - Shanghai aluminum oscillated strongly. The downstream start - up seasonally recovered, and the weekly output of aluminum rods increased. The aluminum ingot inventory is likely to be low this year. The aluminum ingot social inventory decreased by 6,000 tons compared to Monday [2] - Shanghai aluminum is expected to oscillate in the short - term and test the resistance at 21,000 yuan. Cast aluminum alloy follows Shanghai aluminum. The scrap aluminum supply is tight, and the spot - Shanghai aluminum cross - variety price difference may narrow further [2] - The operating capacity of alumina exceeds 96 million tons, at a historical high. The industry inventory is rising, supply exceeds demand, and spot prices are falling. The disk support is around 2,830 yuan [2] Zinc - The decline in US PPI data strengthens the Fed's September interest - rate cut expectation. The low LME zinc inventory and the decline in domestic import ore TC support the price. The CZSPT's guidance for the average import zinc concentrate TC is 120 - 140 dollars/ton [3] - The short - term Shanghai zinc is supported at 22,000 yuan/ton. The supply - demand situation is "supply increases, demand is weak", and it is expected to oscillate narrowly above 22,000 yuan [3] Nickel and Stainless Steel - Shanghai nickel oscillated with dull trading. The Jinchuan premium was 2,150 yuan, the imported nickel premium was 300 yuan, and the electrowinning nickel premium was 50 yuan. The high - nickel iron price rebounded slightly [6] - The pure nickel inventory increased by 500 tons to 40,000 tons, the nickel iron inventory decreased by 4,000 tons to 29,200 tons, and the stainless - steel inventory decreased by 10,000 tons to 919,000 tons. Technically, it is expected to oscillate at a low level [6] Tin - Shanghai tin oscillated in a narrow positive line. The spot tin price was 271,100 yuan, with a premium of 850 yuan over the delivery month. Technically, LME tin stopped falling at 34,000 dollars, and the LME position was relatively concentrated [7] - This month's domestic tin ingot production is low, supporting the price. The market is cautious about domestic tin consumption. A small number of low - position long positions can be held based on the MA60 daily line [7] Lithium Carbonate - The lithium price oscillated at a low level with active trading. The overall market inventory decreased by 1,000 tons to 140,000 tons, the smelter inventory decreased by 3,900 tons to 39,000 tons, the downstream inventory increased by 2,400 tons to 55,000 tons, and the trader inventory increased by 2,000 tons to 45,000 tons [8] - The Australian ore price was 850 dollars. Technically, the lithium price oscillates and awaits a clear direction [8] Industrial Silicon - The main industrial silicon contract closed higher above 8,700 yuan/ton after reducing positions. The expected elimination of high - power - consumption and low - efficiency production capacity needs to be observed [9] - In September, the supply is expected to increase by 5%, the production of downstream polysilicon and silicone may decline, and the inventory change shows that the downstream demand reduction is limited. It is expected to maintain an oscillating pattern in the short - term [9] Polysilicon - The main polysilicon contract closed slightly higher at 53,700 yuan/ton after reducing positions. The trading heat decreased. The market is in a re - balancing stage dominated by capital games [10] - The spot polysilicon price was stable, the battery and component prices increased, but the actual component delivery price needs to be verified. There is a lack of incremental policy guidance. The short - term market faces significant upward pressure and will maintain an oscillating pattern [10]

Group 1 - The stock of Baiyin Nonferrous (601212) hit the daily limit down, with a turnover rate of 1.23% and a total transaction amount of 349 million yuan [1][2] - The stock was listed on the Shanghai Stock Exchange due to a daily decline deviation of -11.56%, with a net selling amount of 51.847 million yuan from brokerage seats [2] - The top five brokerage seats accounted for a total transaction of 89.6008 million yuan, with buying amounting to 18.8769 million yuan and selling amounting to 70.7239 million yuan, resulting in a net selling of 51.847 million yuan [2][3] Group 2 - The main funds for Baiyin Nonferrous experienced a net outflow of 155 million yuan today, with a significant single net outflow of 125 million yuan and a large single fund net outflow of 29.9688 million yuan [2] - Over the past five days, the main funds have seen a net outflow of 240 million yuan [2] - As of September 10, the latest margin trading balance for the stock was 561 million yuan, with a financing balance of 553 million yuan and a securities lending balance of 8.0937 million yuan [2] Group 3 - The company's semi-annual report released on August 27 indicated that it achieved an operating income of 44.559 billion yuan in the first half of the year, a year-on-year decrease of 15.28%, and a net profit of -217 million yuan [3]

Group 1 - The stock price of Baiyin Nonferrous Metals opened at a limit down of 3.82 CNY per share, with a single-day decline of 9.91%, resulting in a total market capitalization of approximately 28.286 billion CNY [1] - Baiyin Nonferrous Metals received a notice from the China Securities Regulatory Commission (CSRC) regarding a case of suspected information disclosure violations, leading to an official investigation [2] - The company reported a year-on-year decline in both revenue and net profit for the first half of 2025, and is currently in a loss position [2] Group 2 - The company attributed the performance decline to a legal dispute involving its subsidiary, Shanghai Honglu International Trade Co., Ltd., which has been transferred to criminal investigation due to a civil ruling [2] - The company plans to make provisions for related expected liabilities based on the latest developments in the legal case, which will impact its half-year performance [2] - Legal experts suggest that investors who purchased Baiyin Nonferrous Metals shares before September 10, 2025, and sold or held them after September 11, 2025, may have grounds for compensation claims [3]

登录新浪财经APP 搜索【信披】查看更多考评等级 白银有色（维权）(601212.SH)一字跌停，报3.82元，封单145万手。白银有色昨日晚间公告，公司近日收到中国证监会下发的《立案告知书》，因公司涉嫌 信息披露违法违规，中国证监会决定对公司立案。目前公司各项经营活动和业务均正常开展，将积极配合中国证监会的相关调查工作，并严格履行信息披露 义务。(格隆汇) ...

中国经济网北京9月11日讯 白银有色（601212.SH）今日一字跌停，截至发稿时报3.82元，跌幅 9.91%。 白银有色昨晚发布关于收到中国证券监督管理委员会立案告知书的公告。白银有色近日收到中国证 券监督管理委员会（以下简称"中国证监会"）下发的《立案告知书》（编号：证监立案字 0332025004 号），因公司涉嫌信息披露违法违规，根据《中华人民共和国证券法》《中华人民共和国行政处罚法》 等法律法规，中国证监会决定对公司立案。 白银有色近5年仅有招商证券一家券商发布研报。招商证券股份有限公司研究员刘文平、刘伟洁、 赖如川2021年12月9日发布研报《白银有色(601212)：合作建设高档电解铜箔项目 计划年产能20万 吨》。 （责任编辑：徐自立） ...

Group 1: Report Industry Investment Rating - No relevant content found Group 2: Core Views of the Report - Copper prices are expected to continue a moderate recovery. The market has digested concerns about the US recession and shifted to expectations of Fed rate - cuts. Domestic CPI performance also spurs expectations of domestic growth - stabilizing policies, and the expected improvement in fundamentals during the "Golden September and Silver October" period will support copper prices [1]. - Aluminum prices are generally strong. Alumina,沪铝, and aluminum alloy are all showing a bullish trend. Although there is an oversupply situation in alumina, the overall aluminum market is in a macro - micro resonance mode, and the end of tax rebates for recycled aluminum restricts supply, making aluminum alloy relatively more resilient [1][2]. - Nickel prices may continue to be strong. With marginal improvements in nickel - iron and the new energy sectors, there are opportunities for long - positions at low prices. The cost support for stainless steel is strengthening, and the new energy raw material prices may remain strong due to tight supply [2]. Group 3: Summary by Relevant Catalogs 1. Research Views Copper - Macro: US August PPI inflation unexpectedly declined, providing grounds for Fed rate - cuts. In China, the CPI turned negative year - on - year in August, and the PPI decline narrowed. The finance minister emphasized strengthening the domestic market and implementing more proactive macro - policies [1]. - Inventory: LME copper inventory decreased by 225 tons to 155,050 tons; Comex copper inventory increased by 916 tons to 280,056 tons; SHFE copper warehouse receipts increased by 45 tons to 19,126 tons; BC copper remained at 4,418 tons [1]. - Demand: As the peak season approaches, high copper prices have led to weak downstream procurement [1]. Aluminum - Price: Alumina,沪铝, and aluminum alloy all showed a bullish trend. AO2601 closed at 2,944 yuan/ton, up 0.75%; AL2510 closed at 20,830 yuan/ton, up 0.22%; AD2511 closed at 20,390 yuan/ton, up 0.2% [1]. - Inventory: The overall situation is complex, with changes in different varieties and trading venues [1][2]. - Market: Environmental protection restrictions in some areas have affected downstream start - up, and the inventory inflection point for aluminum ingots has been postponed [2]. Nickel - Price: LME nickel rose 0.43% to 15,170 US dollars/ton, and沪镍 rose 0.24% to 120,780 yuan/ton [2]. - Inventory: LME nickel inventory increased by 3,024 tons to 221,094 tons; domestic SHFE warehouse receipts decreased by 295 tons to 22,304 tons [2]. - Market: Nickel - iron and new energy sectors are showing marginal improvements, and stainless steel cost support is strengthening [2]. 2. Daily Data Monitoring Copper - Price: The price of flat - water copper increased by 40 yuan/ton to 79,840 yuan/ton; the premium of flat - water copper decreased by 20 yuan/ton [3]. - Inventory: LME registered + cancelled inventory decreased by 550 tons; SHFE warehouse receipts increased by 155 tons; COMEX inventory increased by 1,739 tons; social inventory increased by 0.7 million tons [3]. Aluminum - Price: Wuxi and Nanhai aluminum prices increased; the price of Shandong alumina decreased by 30 yuan/ton; the price of ADC12 aluminum alloy in South China increased by 100 yuan/ton [5]. - Inventory: LME registered + cancelled inventory remained unchanged; SHFE warehouse receipts decreased by 74 tons; total inventory decreased by 1,518 tons; alumina social inventory increased by 2.1 million tons [5]. Nickel - Price: The price of Jinchuan nickel decreased by 600 yuan/ton; the price of nickel - iron remained stable; the price of some stainless steel products increased [5]. - Inventory: LME registered + cancelled inventory increased by 456 tons; SHFE nickel warehouse receipts decreased by 173 tons; nickel social inventory increased by 460 tons [5]. Zinc - Price: The main settlement price decreased by 0.2%; SMM 0 and 1 spot prices increased by 50 yuan/ton; the prices of zinc alloy and zinc oxide also changed to varying degrees [7]. - Inventory: SHFE inventory increased by 793 tons; LME inventory remained unchanged; social inventory increased by 0.14 million tons [7]. Tin - Price: The main settlement price decreased by 0.5%; LME S3 price decreased by 2.1%; SMM spot price increased by 900 yuan/ton [7]. - Inventory: SHFE inventory increased by 207 tons; LME inventory remained unchanged [7]. 3. Chart Analysis - **Spot Premium**: Charts show the spot premium trends of copper, aluminum, nickel, zinc, lead, and tin from 2019 - 2025 [9][11][12]. - **SHFE Near - Far Month Spread**: Charts display the near - far month spread trends of copper, aluminum, nickel, zinc, lead, and tin from 2020 - 2025 [16][21]. - **LME Inventory**: Charts present the LME inventory trends of copper, aluminum, nickel, zinc, lead, and tin from 2019 - 2025 [25][27][29]. - **SHFE Inventory**: Charts show the SHFE inventory trends of copper, aluminum, nickel, zinc, lead, and tin from 2019 - 2025 [32][34][36]. - **Social Inventory**: Charts display the social inventory trends of copper, aluminum, nickel, zinc, stainless steel, and 300 - series stainless steel from 2019 - 2025 [38][40][42]. - **Smelting Profit**: Charts show the trends of copper concentrate index, rough copper processing fee, aluminum smelting profit, nickel - iron smelting cost, zinc smelting profit, and stainless steel 304 smelting profit margin from 2019 - 2025 [45][47][49]. 4. Non - ferrous Metals Team Introduction - Zhan Dapeng, a master of science, is the director of non - ferrous research at Everbright Futures Research Institute, with extensive experience in commodity research and many awards [52]. - Wang Heng, a master of finance from the University of Adelaide, Australia, is a non - ferrous researcher at Everbright Futures, focusing on aluminum and silicon research [52]. - Zhu Xi, a master of science from the University of Warwick, UK, is a non - ferrous researcher at Everbright Futures, focusing on lithium and nickel research [53].

1. Report Industry Investment Rating - The report does not provide an overall industry investment rating 2. Core Viewpoints - This week, copper prices fluctuated widely around 80,000. Domestic copper consumption is expected to be boosted in the peak season, and attention should be paid to the price support at 78,500 - 79,500 for Shanghai copper [1] - For aluminum, the short - term fundamentals are acceptable. Pay attention to demand, hold on dips under the low - inventory pattern, and pay attention to far - month spreads and domestic - overseas reverse arbitrage [1] - Zinc prices fluctuated narrowly this week. The current pattern of strong overseas and weak domestic may further diverge. Short - term is supported by interest - rate cut expectations, and medium - long - term is for short - position allocation. Hold domestic - overseas positive arbitrage and pay attention to the 10 - 12 positive arbitrage opportunity [2] - The short - term fundamentals of nickel are weak, and the geopolitical risk in Indonesia has eased. Continued attention is needed [3][4] - The fundamentals of stainless steel remain weak, and the short - term macro follows the anti - involution expectations [5] - Lead prices oscillated this week. It is expected that next week's lead prices will remain in a low - level oscillation in the range of 16,800 - 16,900 [6] - Tin prices fluctuated narrowly this week. The domestic fundamentals are in a short - term supply - demand double - weak state. Short - term, it is recommended to wait and see; medium - long - term, hold on dips near the cost line [6] - The short - and medium - term supply - demand of industrial silicon is in a tight balance, and the medium - long - term outlook is for bottom - range oscillation [6] - The spot supply of lithium carbonate is sufficient, and the price is supported during the peak season. Before the supply - side disturbance materializes, the price has strong downward support [8] 3. Summary by Metal Copper - **Price and Market**: This week, copper prices fluctuated widely around 80,000, and the domestic stock market volatility increased. Overseas, the interest - rate cut expectation in the US supported commodity prices [1] - **Fundamentals**: The spread between scrap and refined copper slightly rebounded. The downstream is expected to enter the peak season in September, with a slight increase in the start - up rate. The supply side has some maintenance and production cuts [1] - **Recommendation**: Pay attention to the price support at 78,500 - 79,500 for Shanghai copper [1] Aluminum - **Supply and Demand**: Supply increased slightly, with aluminum ingot imports providing an increment from January to July. Downstream start - up improved, but overseas demand declined significantly [1] - **Inventory**: Inventory is expected to decline in September [1] - **Recommendation**: The short - term fundamentals are acceptable. Pay attention to demand, hold on dips under the low - inventory pattern, and pay attention to far - month spreads and domestic - overseas reverse arbitrage [1] Zinc - **Supply**: Domestic TC decreased slightly, and imported TC increased. September has concentrated maintenance, with a slight decline in smelting output. Overseas quarterly mine supply increased more than expected, and zinc ore imports in July exceeded 500,000 tons [2] - **Demand**: Domestic demand is seasonally weak but has some resilience; overseas, European demand is average, and some smelters face production resistance due to processing fees [2] - **Inventory**: Domestic social inventory oscillated upwards, and overseas LME inventory decreased rapidly [2] - **Strategy**: Short - term is supported by interest - rate cut expectations, and medium - long - term is for short - position allocation. Hold domestic - overseas positive arbitrage and pay attention to the 10 - 12 positive arbitrage opportunity [2] Nickel - **Supply**: Pure nickel production remained at a high level [4] - **Demand**: Overall demand was weak, and the premium was stable recently [4] - **Inventory**: Domestic inventory increased slightly, and overseas inventory increased due to warehouse receipts [4] - **Situation**: The short - term fundamentals are weak, the geopolitical risk in Indonesia has eased, and continued attention is needed [3][4] Stainless Steel - **Supply**: Steel mills in the north are expected to resume production gradually due to the military parade [5] - **Demand**: Demand is mainly for rigid needs [5] - **Cost**: Nickel - iron prices remained stable, and chrome - iron prices increased slightly [5] - **Inventory**: Inventories in Xijiao and Foshan remained stable, and warehouse receipts decreased slightly [5] - **Situation**: The fundamentals remain weak, and the short - term macro follows the anti - involution expectations [5] Lead - **Supply**: Scrap volume was weak year - on - year. Due to the expansion of recycling plants, waste batteries were in short supply. Refined ore production increased from April to August, but there was a supply shortage due to smelting profits [6] - **Demand**: Battery finished - product inventory was high. The battery start - up rate increased this week, but the market was not in a peak - season state [6] - **Inventory**: The exchange inventory reached a historical high of nearly 70,000 tons. The supply is expected to be flat in September [6] - **Price Forecast**: It is expected that next week's lead prices will remain in a low - level oscillation in the range of 16,800 - 16,900 [6] Tin - **Supply**: The processing fee at the mine end was at a low level. Some domestic smelters cut production, and Yunnan smelters started regular maintenance this weekend. Overseas, there are signals of复产 in Wa State, but large - scale exports are difficult before October [6] - **Demand**: Solder demand has limited elasticity. There is an expectation of a peak season for terminal electronic consumption, but the growth rate of photovoltaics is expected to decline. Domestic inventory decreased slightly, and overseas consumption was strong with low LME inventory [6] - **Situation**: The domestic fundamentals are in a short - term supply - demand double - weak state. Pay attention to the possible supply - demand mismatch from September to October and the impact of interest - rate cut expectations on non - ferrous metals [6] - **Recommendation**: Short - term, it is recommended to wait and see; medium - long - term, hold on dips near the cost line [6] Industrial Silicon - **Supply**: The resumption of production of Xinjiang's leading enterprises was slow. Sichuan and Yunnan had stable production, and some Xinjiang silicon plants had plans to increase production later [6] - **Situation**: The short - and medium - term supply - demand is in a tight balance, and the medium - long - term outlook is for bottom - range oscillation [6] Lithium Carbonate - **Price**: The futures price oscillated this week, and the basis started to strengthen slightly [8] - **Supply and Demand**: The current spot supply is sufficient, and downstream restocking during the peak season is good. The core contradiction is the supply - side compliance disturbance in the context of over - capacity [8] - **Inventory**: The monthly balance has turned to continuous inventory reduction, but the reduction amplitude is small compared to the existing inventory [8] - **Price Outlook**: Before the supply - side disturbance materializes, the price has strong downward support during the peak season [8]

北京商报讯（记者 马换换 实习记者 李佳雪）9月10日晚间，白银有色（601212）披露公告称，公司近 日收到证监会下发的《立案告知书》，因公司涉嫌信息披露违法违规，证监会决定对公司立案。 交易行情显示，9月10日，白银有色收跌2.75%，收于4.24元/股，总市值314亿元。 白银有色表示，目前公司各项经营活动和业务均正常开展，在立案调查期间，公司将积极配合证监会的 相关调查工作，并严格按照有关法律法规及监管要求履行信息披露义务。 ...

| 有色及贵金属日度数据简报 | 2025/9/10 | 王蒙 | 李先飞 | 刘雨萱 | Z0012691 | Z0020476 | Z0002529 | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 国泰君安期货研究所有 | jixianfei@gtht.com | wangrong2@gtht.com | liuyuxuan@gtht.com | 色及贵金属组 | 王宗源(联系人) | 张再宇 | F03142619 | Z0021479 | | | | | | | | | zhangzaiyu@gtht.com | wangzongyuan@gtht.com | 黄金 (AU) | 今天 | 前一交易日 | 上周 | 上月 | | | | | | | | | | | 指标名称 | 2025/9/9 | 2025/9/3 | 2025/8/13 | 2025/9/10 | 沪金主力收盘价(元/克) | 833. 42 | ...

白银有色（601212）(601212.SH)发布公告，公司近日收到中国证券监督管理委员会(简称"中国证监会") 下发的《立案告知书》(编号：证监立案字0332025004号)，因公司涉嫌信息披露违法违规，根据《中华 人民共和国证券法》《中华人民共和国行政处罚法》等法律法规，中国证监会决定对公司立案。 ...