力勤资源公布2025年中期业绩，收入约181.466亿元，同比增长66.8%;母公司拥有人应占利润为约14.26 亿元，同比增加143.0%。每股盈利0.92元。公告称，公司营收利润双增长，主要由于报告期内，湿法冶 炼产品氢氧化镍钴及火法冶炼产品镍铁产量较去年同期大幅增长，主要系ONC项目满产运营，KPS项目 投产后产量释放。此外，于报告期内公司优化产品结构，精细化成本控制管理，进行技术改进优化生产 流程，进一步提升盈利能力。 智通财经APP获悉，香港联交所最新资料显示，9月24日，力勤资源(02245)股东将股票由中国民生银行 转入香港上海汇丰银行，转仓市值8.68亿港元，占比8.46%。 ...

证券日报网讯恒邦股份（002237）9月24日在互动平台回答投资者提问时表示，截至2025年9月19日，公 司的股东人数为56229户。 ...

9月23日豫光金铅公告称，公司间接控股股东济源资本运营集团有限公司，将持有的公 司控股股东河南豫光金铅集团有限责任公司100%股权，无偿划转至实际控制人济源产 城融合示范区国有资产监督管理局，同时控股股东河南豫光金铅集团有限责任公司更名 为"河南豫光集团有限公司"。 公告显示，本次无偿划转系根据《济源示范区区管国企深化改革和产业化转型总体方案》 规定实施， 划转完成后，公司控股股东仍为豫光集团，实际控制人仍为济源国资局， 不 涉及要约收购。 豫光金铅称，本次划转不会导致控股股东和实际控制人变更，对公司财务状况、资产价值 及持续经营能力无影响，亦不损害中小股东利益。后续事项包括权益变动报告书披露及持 续信息披露义务。 本次划转前，资本运营集团通过豫光集团间接持有豫光金铅3 2 2 7 9 9 7 3 7股股份，占公司股 份总数的29 . 6 1%；划转后，资本运营集团不再直接或间接持有公司股份。 End 欢迎分享给你的朋友！ 出品 | 中国能源报（c n e n e rg y） 编辑丨闫志强 中国企业联合会、中国企业家协会近日发布的"中国企业500强"榜单显示， 河南豫光金铅 集团有限责任公司 以9 0 2亿元 ...

1. Report Industry Investment Ratings No relevant content provided. 2. Core Views of the Report - Overall, the report analyzes various financial and commodity markets, including macro - strategy, black metals, non - ferrous metals, and energy chemicals. It provides insights into market trends, influencing factors, and offers corresponding investment suggestions for each sector [1][2][3]. 3. Summary by Related Catalogs 3.1 Financial News and Comments 3.1.1 Macro Strategy (Gold) - Trump plans to impose strong tariffs on Russia, and Powell emphasizes employment and inflation risks. Gold prices are driven up by Fed's potential rate - cut expectations and Trump's tariff sanctions, but there is a risk of correction before the National Day holiday in China [13][14]. - Investment advice: Pay attention to the risk of price correction in the short term [15]. 3.1.2 Macro Strategy (Foreign Exchange Futures - US Dollar Index) - Three Fed officials think setting an inflation target range is more beneficial. Trump believes Ukraine can retake all its territory, and Powell says US stocks are "valued quite high". The US dollar index is expected to be weak in the short term [16][17][18]. - Investment advice: The US dollar index is expected to weaken in the short term [19]. 3.1.3 Macro Strategy (Stock Index Futures) - Wang Yi meets with US congressmen, and China's education reaches the average level of high - income countries. The A - share market shows a V - shaped reversal with increased trading volume, and the technology sector remains resilient. Short - term attention should be paid to trading volume changes [20][21]. - Investment advice: Consider moderate profit - taking [22]. 3.1.4 Macro Strategy (US Stock Index Futures) - Fed officials have different views on interest rate cuts. US September Markit manufacturing and services PMI decline. Powell mentions that the stock market is over - valued, and there may be short - term fluctuations, but the overall outlook is still positive [23][24][27]. - Investment advice: Although valuation concerns may cause short - term disturbances, maintain a bullish view overall [28]. 3.1.5 Macro Strategy (Treasury Bond Futures) - The central bank conducts 276.1 billion yuan of 7 - day reverse repurchase operations, with a net withdrawal of 1.09 billion yuan on the day. The bond market is in a weak sentiment, and short - term trading should follow a range - bound strategy [29]. - Investment advice: Adopt a range - bound trading strategy in the short term and avoid chasing up [31]. 3.2 Commodity News and Comments 3.2.1 Agricultural Products (Soybean Meal) - Domestic soybean mills' operating rates and soybean crushing volumes during the National Day holiday are reported, and some mills in Guangdong stop production due to a typhoon. Argentina suspends export taxes on grains and oilseed meals, affecting the market [32][33]. - Investment advice: Wait and see for now, and pay attention to whether M2601 can be effectively supported at 2900 [34]. 3.2.2 Agricultural Products (Soybean Oil/Rapeseed Oil/Palm Oil) - Malaysia's palm oil production from September 1 - 20 decreases. Argentina's tax - exemption policy impacts the global oil market, but short - term oversold rebound opportunities can be considered [35][36][37]. - Investment advice: Consider short - term oversold rebound opportunities in the P2601 contract, but control positions [37]. 3.2.3 Agricultural Products (Pigs) - Muyuan Co., Ltd. establishes an overseas business team. The pig market is in a negative feedback stage, with the short - term trend following the spot market and a medium - long - term view of shorting on rebounds [38]. - Investment advice: Short on rebounds unilaterally and continuously monitor reverse spreads [39]. 3.2.4 Agricultural Products (Corn) - Northeast corn spot prices continue to decline. With the approaching of the new corn season, the market expects a bumper harvest and normal listing, and the mid - term view is bearish [40]. - Investment advice: Hold existing short positions [40]. 3.2.5 Black Metals (Rebar/Hot - Rolled Coil) - The total new contracts signed by five major construction central enterprises in the first eight months exceed 4.7 trillion yuan, and the average construction machinery operating rate in August is 43.42%. Steel prices are range - bound with limited upward and downward space [41][42]. - Investment advice: Expect a range - bound rebound before the holiday, but the space is limited [43]. 3.2.6 Agricultural Products (Corn Starch) - China's corn starch exports in August decline. The price of raw corn stops falling, and the export demand is not expected to have a significant positive impact on the fundamentals [44]. - Investment advice: The long - term supply - demand situation of starch is bearish for the corn - starch price spread, but pay attention to potential changes in the regional price spread after the large - scale listing of Northeast corn [44]. 3.2.7 Agricultural Products (Red Dates) - Red dates in Xinjiang are growing normally, and the futures price of the main contract CJ601 shows a small increase. The price is expected to be range - bound, and attention should be paid to the development of jujube fruits in the production area and the purchasing situation in the sales area [45][46]. - Investment advice: The futures price is expected to be range - bound, and pay attention to the development of jujube fruits and purchasing situation [46]. 3.2.8 Non - Ferrous Metals (Alumina) - An electrolytic aluminum project in Indonesia is expected to start in stages by the end of 2025. The alumina market has an oversupply problem, and the import pressure is increasing [47][48]. - Investment advice: Short on rallies [49]. 3.2.9 Non - Ferrous Metals (Polysilicon) - A photovoltaic component tender sets a price limit. Polysilicon prices are expected to be range - bound, and the spot price is not expected to fall in October. The component price is expected to be range - bound, and the terminal demand may decline [50][51][52]. - Investment advice: The polysilicon price is expected to be range - bound between 50,000 - 57,000 yuan/ton in the short term, and consider going long at the current level [53]. 3.2.10 Non - Ferrous Metals (Industrial Silicon) - China's silicon wafer exports in August increase. The market is expected to accumulate inventory in September - October and reduce inventory in November - December. The strategy of going long on dips has a higher probability of success [54][55]. - Investment advice: Go long on dips, but be cautious when chasing up [55]. 3.2.11 Non - Ferrous Metals (Nickel) - High US tariffs disrupt the stainless - steel market. The nickel market has potential supply - side disturbances, and the low - valued nickel has long - term investment value. Consider positive spreads [56]. - Investment advice: The global nickel inventory is high, but low - valued nickel has long - term investment value. Consider positive spreads [56]. 3.2.12 Non - Ferrous Metals (Copper) - India initiates an anti - dumping investigation on Chinese copper cables. The macro - support for copper prices weakens, but the inventory accumulation pressure eases. Copper prices are expected to continue to be range - bound at a high level [57][61]. - Investment advice: Adopt a wait - and - see strategy for single - sided trading, and be cautious during the holiday. Also, wait and see for arbitrage [61]. 3.2.13 Non - Ferrous Metals (Lithium Carbonate) - A company plans to issue bonds for debt refinancing, and a lithium carbonate project is put into production. The market is in a de - stocking stage, and the price may fall after the demand peak [62][63][64]. - Investment advice: Adopt a bearish strategy, be cautious when shorting in the short term, and consider shorting on rebounds in the medium term [64]. 3.2.14 Non - Ferrous Metals (Lead) - The LME lead shows a deep contango. The domestic lead market has improved demand, and the social inventory has reached an inflection point. The price is expected to be range - bound and bullish [65]. - Investment advice: Try to go long on dips for single - sided trading and consider positive spreads for arbitrage [65]. 3.2.15 Non - Ferrous Metals (Zinc) - The LME zinc shows a backwardation, and some zinc alloy enterprises in Guangdong stop production due to a typhoon. The market has a potential soft - squeeze risk, and the domestic zinc price is affected. Consider positive spreads [66][67]. - Investment advice: Adopt a wait - and - see strategy for single - sided trading, consider positive spreads for arbitrage, and maintain a positive - spread strategy for domestic - foreign trading [67]. 3.2.16 Energy Chemicals (Crude Oil) - US API crude oil inventory decreases, and Russia discusses the possibility of a diesel export ban. Oil prices are range - bound [68][69]. - Investment advice: Wait for new market drivers as oil prices are range - bound [70]. 3.2.17 Energy Chemicals (Carbon Emissions) - The closing price of CEA on September 23 increases, but the market volume does not expand significantly. The price is expected to be range - bound and bearish [70][71]. - Investment advice: Expect a further decline in the short term [71]. 3.2.18 Energy Chemicals (Caustic Soda) - The price of caustic soda in Shandong varies. The supply is stable, and the demand is weak. The price is expected to be stable in the short term [72][73][74]. - Investment advice: The spot price is falling, but the downward space of the futures price may be limited [74]. 3.2.19 Energy Chemicals (Pulp) - The price of imported wood pulp is basically stable. The market is expected to be range - bound and bearish [75][76]. - Investment advice: The market is expected to be range - bound and bearish [76]. 3.2.20 Energy Chemicals (PVC) - The price of PVC powder in China decreases. The market is weak, but the low valuation makes it difficult for the price to fall further. Pay attention to domestic policy support [77]. - Investment advice: The PVC fundamentals are weak, but the low price limits further decline. Pay attention to domestic policy support [77]. 3.2.21 Energy Chemicals (Styrene) - China's pure benzene import data in August is reported. The pure benzene and styrene markets are range - bound and bearish. The supply of styrene is affected by maintenance, and the demand has short - term resilience [78][79]. - Investment advice: Pay attention to how to solve the inventory contradiction after the peak season, and the industrial chain profit may be further compressed [80]. 3.2.22 Energy Chemicals (Bottle Chips) - The export price of bottle chips decreases, and the market trading volume is acceptable. The demand may be over - drawn in the short term, and the long - term demand is weak. Pay attention to production cuts and new capacity [81][82][83]. - Investment advice: The demand may be over - drawn in the short term, and pay attention to production cuts and new capacity [83]. 3.2.23 Energy Chemicals (PX) - The PX price continues to fall. The supply may increase in Q4, and the demand is weak. The price is expected to be range - bound and bearish [84][85]. - Investment advice: The price is expected to be range - bound and bearish in the short term [86]. 3.2.24 Energy Chemicals (Urea) - Urea import and export data in August is reported. The supply pressure exists, and the demand is weak. The inventory is increasing. Pay attention to policy support [87][88][89]. - Investment advice: The urea futures price is expected to be under pressure, and it is recommended that strategic reserve buyers make dispersed purchases [89]. 3.2.25 Energy Chemicals (PTA) - The PTA spot price decreases, and the market trading is normal. The demand is weak, and the inventory accumulation is postponed. The price is expected to be range - bound and bearish [90][91]. - Investment advice: The price is expected to be range - bound and bearish in the short term [92]. 3.2.26 Energy Chemicals (Soda Ash) - The soda ash market in Shahe is normal, and the futures price falls. The supply is high, and the demand is stable. The price is expected to be shorted on rallies [93]. - Investment advice: Adopt a short - on - rallies strategy and pay attention to supply - side disturbances [94]. 3.2.27 Energy Chemicals (Float Glass) - The price of float glass in Shahe is stable. The market is weak, and the 01 contract has a high premium over the spot price. Consider a long - glass 2601 and short - soda ash 2601 arbitrage strategy [95][96]. - Investment advice: Consider a long - glass 2601 and short - soda ash 2601 arbitrage strategy [96]. 3.2.28 Shipping Index (Container Freight Rate) - The world's first China - Europe Arctic container express route is launched. The spot container freight rate is falling, and the 10 - month contract price may decline slightly. Consider short - term arbitrage opportunities [97][98]. - Investment advice: Consider taking profit on the 10 - month contract on dips, pay attention to low - long opportunities for the 12 - month contract after a significant decline, and consider short - term positive spreads for the 12 - 02 contract [98].

证券日报网讯9月23日晚间，豫光金铅（600531）发布公告称，公司无逾期对外担保情况。 ...

海关总署在线查询数据显示，中国氧化铝8月出口量为18.05万吨，环比下降21.32%，同比增加25.99%。 出口主要流向仍为俄罗斯、印度尼西亚等。2025年1-8月中国氧化铝累计出口175.32万吨，同比增长 59.29%。 数据来源：海关总署 ...

海关总署在线查询数据显示，中国8月精炼铜出口量为36792吨，环比减少68.93%，同比增加19.40%。 由于美国对进口铜征税范围远不及市场预期，COMEX铜坠落，进口比价好转，8月份出口窗口打开时 间缩减，国内冶炼厂出口积极性减弱。 数据来源：海关总署 ...

Group 1 - The core product of the company in the electrolytic aluminum processing sector is aluminum foil for new energy batteries, positioning it as a leading manufacturer in this field [1] - The company collaborates with manufacturers of lithium-ion batteries, sodium-ion batteries, and solid-state batteries, indicating a diversified customer base [1]

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]