Core Viewpoint - The announcement from Yuguang Gold Lead indicates a significant change in shareholding structure due to the transfer of shares from Jiyuan Investment Group to Henan Yugong Group, which will affect the control dynamics within the company [2] Shareholding Changes - Jiyuan Investment Group holds 75,152,132 shares of Yuguang Gold Lead, representing 6.76% of the total share capital [2] - A total of 54,512,132 shares will be transferred without compensation to Henan Yugong Group, resulting in Jiyuan Investment Group retaining 20,640,000 shares, which is 1.86% of the total [2] - After the transfer, Henan Yugong Group will directly hold 54,512,132 shares (4.90%) and indirectly control an additional 20,640,000 shares through Jiyuan Investment Group, maintaining a combined control of 6.76% [2] Control Dynamics - The transfer of shares will not change the controlling shareholder or the actual controller of Yuguang Gold Lead [2]

隔夜国际油价反弹，布伦特01合约涨1.25%。WTI在美国页岩油边际开采成本50美元/桶之上对地缘 犹动相对敏感，随着美国对俄两油制裁生效日11月21日的临近,主要印度买家已表示暂停购买俄罗 斯12月交付的原油，特朗普亦表示共和党正在起草对俄罗斯、伊朗贸易往来国的制裁立法。但是我 们认为供给端收缩引发的油价周期性拐点尚未见到,上周美国API库存超预期增加44.8万桶,油价 反弹空间依然受限。 (责金属) 隔夜贵金属震荡。美国官方数据缺失阶段，ADP发布最新数据显示截至11月1日的四周内，美国企业 平均每周减少约2500个就业岗位。近期美联储多位官员发言偏鹰压制降息预期,市场继续权衡经济 和货币政策前景。贵金属高位震荡，耐心等待新驱动以及技术面的方向性指引。 【铜】 隔夜伦铜盘中反复震荡，收跌在MA40日均线。美国滞后经济数据逐步公布，就业与通胀压力提升12 月降息概率预期的波动性。自由港认为26年其印尼分公司金铜产出量持平于2025年，基本符合且略 高于笔者预期。跟踪需求强弱。短线关注沪铜MA40日均线表现，空单背靠点位下调到8.7万。 【铝】 隔夜沪铝窄幅波动。周初铝锭铝棒社库较上周四分别增加2.5万吨和0 ...

有色金属日报 2025-11-19 五矿期货早报 | 有色金属 铜 有色金属小组 【行情资讯】 从业资格号：F03120988 交易咨询号：Z0023261 0755-23375122 zhangsj3@wkqh.cn 王梓铧 从业资格号：F03130785 0755-23375132 wangzh7@wkqh.cn 刘显杰 从业资格号：F03130746 0755-23375125 liuxianjie@wkqh.cn 吴坤金 从业资格号：F3036210 交易咨询号：Z0015924 0755-23375135 wukj1@wkqh.cn 曾宇轲 从业资格号：F03121027 交易咨询号：Z0023147 0755-23375139 zengyuke@wkqh.cn 张世骄 陈逸 从业资格号：F03137504 0755-23375125 cheny40@wkqh.cn 权益市场延续弱势，市场风险偏好不佳，铜价震荡回调，昨日伦铜 3M 合约收跌 0.64%至 10698 美元/ 吨，沪铜主力合约收至 85900 元/吨。LME 铜库存增加 4450 至 140500 吨，增量主要来自亚洲仓库， 注销仓单 ...

科技日报记者 夏天一 通讯员 甘欣鑫 记者近日从中铝国际昆明有色冶金设计研究院（以下简称"昆明院"）获悉，由该院牵头完成的"刚果 （金）低品位复杂铜钴伴生矿绿色高效冶炼关键技术及应用"项目通过中国有色金属工业协会组织的科 技成果评价，整体技术达到国际领先水平，标志着我国在复杂矿产资源绿色冶炼领域取得重要突破。 昆明院副总经理张春生介绍，低品位、高复杂性氧化铜钴矿的高效利用一直是行业难题。项目团队创新 研发并集成了"原矿吸酸—强化还原浸出—多段逆流浸出—高效萃取—节能电积—智能检测—多金属回 收"全流程关键技术及专用装备体系，成功攻克了有价元素综合回收率低、能耗高、环境友好性差等瓶 颈，实现了铜、钴等战略金属的绿色高效提取。 据悉，目前该技术已在刚果（金）成功实现产业化应用，建成年产4万吨及2.5万吨阴极铜的生产线各一 条，并实现长期稳定运行。项目累计创造经济效益数亿元，展现出优越的技术适应性和推广前景。 ...

Core Viewpoint - The company, Electric Power Investment Energy, announced a temporary board meeting on November 18, 2025, to discuss the appointment of an auditing firm for the 2025 financial year [1] Company Summary - For the first half of 2025, the revenue composition of Electric Power Investment Energy is as follows: Non-ferrous metal smelting accounts for 55.85%, coal industry for 31.02%, new energy generation for 7.58%, and coal-fired electricity and heat for 5.54% [1] - As of the report date, the market capitalization of Electric Power Investment Energy is 59.6 billion yuan [1]

Core Insights - China's refined copper (electrolytic copper) production in October 2025 reached 1.204 million tons, marking an 8.9% year-on-year increase. Cumulative production from January to October was 12.295 million tons, reflecting a 9.7% year-on-year growth [1][2]. Group 1: Metal Production Data - Alumina production in October was 7.865 million tons, with a year-on-year increase of 5.8% and a cumulative increase of 8.0% for the year [2]. - Non-ferrous metals production totaled 6.954 million tons in October, showing a 2.9% year-on-year increase and a cumulative increase of 3.1% [2]. - Zinc production in October was 0.665 million tons, with a significant year-on-year increase of 15.7% and a cumulative increase of 8.5% [2]. - Aluminum production in October was 0.645 million tons, reflecting a year-on-year decrease of 2.4%, while cumulative production showed a slight increase of 0.3% [2]. - Copper products production was 2.004 million tons in October, down 3.3% year-on-year, but cumulative production increased by 5.9% [2]. - Aluminum alloy production reached 1.682 million tons in October, with a notable year-on-year increase of 17.2% and a cumulative increase of 15.7% [2].

Group 1 - The article highlights the significance of direct current smelting technology in promoting industry technological advancement under the national "dual carbon" goals [1] - A seminar titled "2025 Mineral Thermal Furnace Energy-saving Power Supply (Direct Current) Technology Seminar" is scheduled to take place from December 4 to 6, 2025, in Hohhot, Inner Mongolia [1][2] - The seminar aims to facilitate in-depth exchanges within the industry and promote collaborative development [1] Group 2 - The seminar's theme is "Practicing Energy Saving and Low Carbon, Promoting Green Development" [2] - The event is organized by the China Nonferrous Metals Industry Association Silicon Industry Branch and Beijing Antai Technology Information Co., Ltd., with support from various local government and industry entities [2] - The preliminary agenda includes registration, opening ceremony, technical reports, discussions, and site visits to relevant companies [2] Group 3 - Participation in the seminar is free of charge, covering meals, while accommodation costs are to be borne by attendees [3] - Contact information for the event organizers is provided for further inquiries [4]

Core Insights - Guangxi has achieved significant technological innovations, including the world's first "island-style" manufacturing assembly plant and the first large-power intelligent hybrid hydrogen fuel engine system, contributing to high-quality industrial development [1][7] - By the end of 2024, Guangxi has implemented 220 major projects in seven key areas, resulting in over 50% contribution of new industries and products to industrial growth [2][7] - The number of high-tech enterprises in Guangxi surpassed 4,000 in 2024, indicating a robust growth in technological capabilities [2][10] Technological Innovations - The "AI Smelting Brain" project in the non-ferrous metal industry has successfully transitioned from concept to reality, enhancing energy efficiency and product output [4] - The world's first electric unmanned mining loader developed by LiuGong Machinery Co., Ltd. showcases advancements in autonomous machinery, capable of operating in challenging conditions [6][7] - Guangxi's first large-scale civil aviation tire production line and the first domestic injection-grade sucrose production line are among the notable innovations supporting industrial growth [7] AI and Data Integration - The "AI Zhuanggui" platform integrates data from 41,700 businesses, significantly improving tourist experiences in Guangxi [3] - Guangxi is focusing on AI development through the "Artificial Intelligence+" action plan, targeting key industries such as power equipment and non-ferrous metals [3][4] - The establishment of the China-ASEAN Large Model Application Laboratory aims to foster international cooperation in AI applications across various sectors [4] Industry Support and Collaboration - The introduction of technology special commissioners has facilitated the integration of research and production, exemplified by the development of gradient-controlled fermentation technology for the production of sour bamboo shoots [8][9] - Guangxi's enterprises are increasingly taking the lead in technology innovation, with R&D expenditure reaching 18.21 billion yuan in 2023, marking a significant growth in research capabilities [10] - Policies have been implemented to enhance the role of enterprises in technology innovation, with a focus on aligning with national needs and regional capabilities [10]

广发早知道-汇总版 广发期货研究所 电 话：020-88818009 E-Mail：zhangxiaozhen@gf.com.cn 目录： 金融衍生品： 金融期货： 股指期货、国债期货 贵金属： 黄金、白银 集运欧线 商品期货： 有色金属： 铜、氧化铝、铝、铝合金、锌、锡、镍、不锈钢、碳酸锂、工业硅、多 晶硅 黑色金属： 钢材、铁矿石、焦煤、焦炭 农产品： 油脂、粕类、玉米、生猪、白糖、棉花、鸡蛋、红枣、苹果 能源化工： PTA、乙二醇、苯乙烯、纯苯、短纤、瓶片、烧碱、PVC、LLDPE、PP、 甲醇、合成橡胶、橡胶、玻璃纯碱 2025 年 11 月 18 日星期二 投资咨询业务资格： 证监许可【2011】1292 号 组长联系信息： 张晓珍（投资咨询资格：Z0003135） 电话：020- 88818009 邮箱：zhangxiaozhen@gf.com.cn 周敏波（投资咨询资格：Z0010559） 电话：020-81868743 邮箱：zhoumingbo@gf.com.cn 朱迪（投资咨询资格：Z0015979） 电话：020-88818008 邮箱：zhudi@gf.com.cn 陈尚宇（投资咨询资 ...

（来源：紫金天风期货研究所） 来源：紫金天风期货研究所 【20251117】锌：结构≠方向 本周观点 基本面来看，年内国内冶炼厂减量有限，过剩预期不改。需求季节性下滑表征显著，下游企业开工低于 历史表现，整体呈现被动累库。供应端，国内冶炼厂高产情况下，矿端出现短缺。由于明年矿端增量主 要在国内某矿，海外矿端增量有限，因此冬储+内外比价低位背景下，矿贸商捂货挺价，内外加工费加 速下行，倒逼国内炼厂减产，明年一季度大幅减产可能性上升。 另外LME低库存挤仓问题仍未彻底解决。本周lme库存开始加速累库，但海外炼厂缺乏复产条件，结构 维持大Back，内外比价延续低位。 宏观面：海外方面，上周初美国停摆结束，市场获得流动性注入，但随后联储官员连续放鹰，12月降息 预期回落，加上关键美股财报出炉带来AI泡沫担忧，市场再度risk off；国内方面，10月经济数据欠佳且 年内政策加码难度较大，基本面仍处分化磨底阶段。本周9月非农报告、英伟达财报，宏观带来的波动 或加大。 结构方面，我们认为内外比价最坏的时刻已经过去，但反套最佳时点或在明年1-2月。年内国内炼厂减 量有限，或导致TC维持在低位，但明年一季度或有超季节性减量， ...