1. Report Industry Investment Rating - No relevant content provided 2. Core Views - **Copper**: Today, the main contract price of Shanghai copper fluctuated narrowly around 78,500 yuan. This week, the market digested news about the Middle - East situation, risk appetite rebounded, and the gold price continued to fall. On the industrial level, on June 16th, the weekly inventory of electrolytic copper in social warehouses slightly decreased, and the spread between July and August contracts rebounded. With a warming macro - atmosphere and strong industrial support, the copper price may continue to rise [5]. - **Aluminum**: Today, the aluminum price increased in volume and open interest, and the main contract price approached the 20,500 - yuan mark. This week, the market digested news about the Middle - East situation, and risk appetite rebounded. On the industrial level, domestic demand was good, and the inventory of electrolytic aluminum continued to decline. As the futures price rises, downstream demand may be affected, and the spread between July and August contracts has declined. It is expected that the futures price will remain strong, and attention can be paid to the support of the 5 - day moving average [6]. - **Nickel**: Today, the nickel price decreased in volume and open interest, breaking below the 119,000 - yuan mark. Since last week, nickel has shown weakness in the non - ferrous metals sector, mainly due to its industrial weakness and news - related impacts. Since last Wednesday, the market has expected that the Philippines may cancel the ban on ore export policies, and the support previously provided to the futures price by the strong nickel ore market has weakened. Technically, this week, the futures price broke below the 120,000 - yuan mark, with strong downward momentum [7]. 3. Summary by Relevant Catalogs 3.1 Industry Dynamics - **Aluminum**: On June 16th, data from the National Bureau of Statistics showed that in May 2025, the added value of the non - ferrous metal smelting and rolling processing industry increased by 8.1% year - on - year, and the cumulative added value from January to May increased by 7.1% year - on - year. The output of ten non - ferrous metals in May was 6.83 million tons, a year - on - year increase of 2.9%; the cumulative output from January to May was 33.4 million tons, a cumulative year - on - year increase of 2.8%. Among them, the output of electrolytic aluminum in May was 3.83 million tons, a year - on - year increase of 5.0%; the output of electrolytic aluminum from January to May was 18.59 million tons, a cumulative year - on - year increase of 4.0% [9]. - **Nickel**: On June 17th, the main reference contract for refined nickel in the Shanghai market was the SHFE nickel 2507 contract. The mainstream premium for Jinchuan electrolytic nickel was +2,500 yuan/ton, with a price of 120,990 yuan/ton; the mainstream premium for Russian nickel was +600 yuan/ton, with a price of 119,090 yuan/ton; the mainstream premium for Norwegian nickel was +2,750 yuan/ton, with a price of 121,240 yuan/ton; the mainstream premium for nickel beans was - 900 yuan/ton, with a price of 117,590 yuan/ton [10]. 3.2 Relevant Charts - **Copper**: Charts include copper basis, copper monthly spread, domestic visible inventory of electrolytic copper (social warehouses + bonded area inventory), overseas copper exchange inventory, LME copper cancelled warrant ratio, and SHFE copper warrant inventory [11][13][14] - **Aluminum**: Charts include aluminum basis, electrolytic aluminum domestic social inventory, electrolytic aluminum overseas exchange inventory (LME + COMEX), alumina trend, and alumina inventory [23][25][27] - **Nickel**: Charts include nickel basis, nickel monthly spread, LME nickel inventory, LME nickel price trend, SHFE nickel inventory, and nickel ore port inventory [34][36][38]

Core Viewpoint - Yihau New Materials (301176.SZ) reported a revenue increase of 12.55% for 2024, but continued to face net losses, indicating ongoing financial challenges despite revenue growth [1][2]. Financial Performance Summary - For 2024, the company achieved a revenue of 1.437 billion yuan, up from 1.277 billion yuan in 2023, marking a growth of 12.55% [2]. - The net profit attributable to shareholders was -38.86 million yuan, a decline of 17.92% compared to -32.96 million yuan in the previous year [2]. - The net profit after deducting non-recurring gains and losses was -40.51 million yuan, worsening by 12.71% from -35.94 million yuan in 2023 [2]. - The net cash flow from operating activities was -183.27 million yuan, a significant decline of 497.86% from -30.66 million yuan in the previous year [2]. Q1 2025 Performance - In the first quarter of 2025, the company reported a revenue of 360.16 million yuan, reflecting a year-on-year increase of 17.10% from 307.55 million yuan [3]. - The net profit attributable to shareholders for Q1 2025 was -1.54 million yuan, an improvement of 15.49% compared to -1.82 million yuan in the same period last year [3]. - The net profit after deducting non-recurring gains and losses was -2.01 million yuan, showing an 11.54% improvement from -2.28 million yuan in Q1 2024 [3]. - The net cash flow from operating activities for Q1 2025 was -57.19 million yuan, a decline of 24.20% from -46.05 million yuan in the previous year [3]. Company Background - Yihau New Materials was listed on the Shenzhen Stock Exchange's Growth Enterprise Market on September 28, 2022, with an initial public offering of 42.27 million shares at a price of 23.88 yuan per share [4]. - The total amount raised from the IPO was 1.009 billion yuan, with a net amount of 903.45 million yuan after deducting issuance costs [4]. - The actual fundraising exceeded the planned amount by 157.30 million yuan, which was intended for projects including the production of high-precision electrolytic copper foil and a research and development center [4].

上市首日，德福科技盘中最高报56.00元，为该股上市以来最高价。该股目前处于破发状态。 德福科技首次公开发行股票募集资金总额189,084.61万元，扣除发行费用后募集资金净额176,440.75万 元。德福科技最终募集资金净额比原计划多56,440.75万元。德福科技于2023年8月10日披露的招股说明 书显示，该公司拟募集资金120,000.00万元，用于28,000吨/年高档电解铜箔建设项目、高性能电解铜箔 研发项目、补充流动资金。 德福科技首次公开发行股票的发行费用总额为12,643.86万元，其中保荐及承销费用10,173.00万元。 德福科技2023年年度权益分派方案为：以公司现有总股本450,230,000股为基数，向全体股东每10股派 0.55元人民币现金(含税)。同时，以资本公积金向全体股东每10股转增4股。股权登记日为2024年5月17 日，除权除息日为2024年5月20日。 中国经济网北京6月11日讯德福科技（301511）(301511.SZ)近日披露的2025年第一季度报告显示，报告 期内，该公司实现营业收入25.01亿元，同比增长110.04%；实现归属于上市公司股东的净利润182 ...

Group 1 - Jiangnan New Materials (603124) closed at 45.98 yuan on June 11, 2025, with a 10.0% increase and a turnover rate of 17.01% [1] - The company reported a total revenue of 2.265 billion yuan for Q1 2025, a year-on-year increase of 25.52%, and a net profit attributable to shareholders of 36.54 million yuan, up 10.85% year-on-year [1] - The company's liquidity ratios are strong, with a current ratio of 1.806 and a quick ratio of 1.504, while the debt-to-asset ratio stands at 55.51% [1] Group 2 - Jiangnan New Materials has made investments in 3 companies and participated in 47 bidding projects [2] - The company holds 10 trademark registrations and 97 patents, along with 27 administrative licenses [2]

Group 1 - Jinchuan Nickel Cobalt has completed its IPO counseling with CITIC Securities and CICC as advisors, but has not disclosed financial data or the total fundraising amount yet [2] - The company, established in 2013, is the largest producer in China's nickel-cobalt industry, with a post-investment valuation close to 70 billion yuan after a recent capital increase [5] - In 2024, Jinchuan Nickel Cobalt reported revenues of 37.479 billion yuan and a net profit of 5.849 billion yuan, with a significant year-on-year decline in both revenue and profit [5][6] Group 2 - The revenue from nickel products for Jinchuan Group showed a decline from 32.673 billion yuan in 2022 to 6.456 billion yuan in Q1 2025, while cobalt product revenues also decreased significantly [6] - The overall nickel market is facing oversupply and slowing demand growth, leading to fluctuating nickel prices, although there is potential for recovery due to emerging industries [7] - The cobalt market is experiencing severe supply-demand imbalances, with significant price drops, and non-listed companies face greater performance pressures without capital market support [8]

编号：2025-08 投 资 者 关 系 活 动类别 ■特定对象调研 □分析师会议 □媒体采访 □业绩说明会 □新闻发布会 □路演活动 □现场参观 □其他 参 与 单 位 名 称 及人员姓名 国泰海通 宁紫微；华安证券 黄玺 洪慧 罗鑫； 西安清善 欧阳昕 郭亚辉。 时间 2025 年 6 月 9 日 地点 公司会议室 上 市 公 司 接 待 人员姓名 宝武镁业董秘吴剑飞 宝武镁业证代 杜丽蓉 投 资 者 关 系 活 动 主 要 内 容 介 绍 问：请介绍一下宝武镁业？ 答：宝武镁业科技股份有限公司前身为南京云海特种金属股 份有限公司，成立于 1993 年，2007 年在深交所上市，公司经过 三十多年的发展，成为了集矿业开采、有色金属冶炼和回收加工 为一体的高新技术企业，主营业务为镁、铝合金材料的生产及深 加工、销售业务，主要产品包括镁合金、镁合金压铸件、铝合金、 铝挤压微空调扁管、铝挤压汽车结构件、中间合金以及金属锶等。 产品主要应用于汽车、电动自行车轻量化、消费电子及建筑等领 域。公司拥有"白云石开采-原镁冶炼-镁合金熔炼-镁合金精密铸 造、变形加工-镁合金再生回收"完整产业链，全产业链优化公司 产品成本 ...

马鞍山奥特佳机电有限公司，成立于2014年，位于马鞍山市，是一家以从事有色金属冶炼和压延加工业 为主的企业。企业注册资本3000万人民币。通过天眼查大数据分析，马鞍山奥特佳机电有限公司参与招 投标项目16次，专利信息66条，此外企业还拥有行政许可20个。 专利摘要显示，本发明公开了一种汽车空调活塞变排量压缩机，包括离合器、前盖、缸体、后盖，前盖 与缸体之间具有斜盘腔，缸体内设有与离合器连接的主轴，主轴中心设有沿主轴轴向延伸的冷冻油通 道，主轴壁面上设有连通冷冻油通道和斜盘腔的横孔，冷冻油通道内靠近离合器的一端内设有开关阀， 开关阀包括弹簧和阀芯，阀芯的周向与冷冻油通道壁面滑动密封配合，弹簧的一端固定在冷冻油通道靠 近离合器的一端、另一端与阀芯连接，横孔内固定有挡止件，挡止件包括从横孔延伸至冷冻油通道内的 挡片，挡片边缘与冷冻油通道之间具有空隙，挡片与阀芯挡止配合。 天眼查资料显示，马鞍山奥特佳科技有限公司，成立于2017年，位于马鞍山市，是一家以从事汽车制造 业为主的企业。企业注册资本9000万人民币。通过天眼查大数据分析，马鞍山奥特佳科技有限公司参与 招投标项目7次，专利信息55条，此外企业还拥有行政许可7 ...

期货研究报告 商品研究 [Table_ReportType] 镍不锈钢早报 走势评级： 镍——滚动做空 不锈钢——观望 楼家豪 从业资格证号：F3080463 投资咨询证号：Z0018424 联系电话：0571-28132615 邮箱：loujiahao@cindasc.com 信达期货有限公司 CINDAFUTURESCO.LTD 杭州市萧山区钱江世纪城天人大厦19-20楼 邮编：311200 镍铁利润回正 或影响不锈钢产量 报告内容摘要: [Table_ReportDate] 报告日期： 2025 年 6 月 4 日 [Table_S 宏观&行业消息： ummary] 【美国政府：将于非农日更正 4 月就业报告的许多数据】 美国劳工统计局周二在官网表示，将于 6 月 6 日（本周五）发布 5 月就业 报告时，更正 4 月就业报告的许多数据。劳工统计局指出，修正的原因是 因采用重新设计的人口现况调查样本而引入的权重存在轻微错误，并强调 此次修正不会影响失业率等关键指标。劳工统计局解释称，2025 年 4 月， CPS 开始逐步启用基于 2020 年人口普查信息重新设计的样本。在该新样本 启用过程中，用于加权 ...

Core Points - The company, Henan Mingtai Aluminum Industrial Co., Ltd., was established as a joint-stock company from a limited liability company, registered in Gongyi City, Henan Province, with a registered capital of RMB 1,243,704,027 [2][3] - The company was approved by the China Securities Regulatory Commission for its initial public offering of 60,000,000 shares, which were listed on the Shanghai Stock Exchange on September 19, 2011 [2][3] - The company's business scope includes manufacturing various aluminum products and conducting import and export activities, excluding those subject to national prohibition or administrative approval [5] Company Structure - The company's total assets are divided into equal shares, with each share having a par value of RMB 1, totaling 1,243,704,027 shares issued [3][19] - The company is designed for perpetual existence as a joint-stock company, with the chairman or manager serving as the legal representative [3][4] - The company has established a Communist Party organization to conduct activities in accordance with the Party's regulations [4] Share Issuance and Ownership - The issuance of shares follows principles of fairness and justice, ensuring equal rights for all shareholders of the same class [5][10] - The company has a detailed record of its shareholders, including their subscribed shares, holding ratios, and contribution methods, with the largest shareholder being Ma Tingyi, holding 33.62% of the shares [6][8] - The company allows for the transfer of shares in accordance with legal regulations, with specific restrictions on the transfer of shares held by founders and senior management [13][14] Corporate Governance - The company’s articles of association serve as a legally binding document governing the relationships and rights among the company, shareholders, and management [4][17] - Shareholders have the right to request information, attend meetings, and participate in decision-making processes, ensuring transparency and accountability [15][16] - The company is required to disclose significant events and maintain the independence of its operations, assets, and finances [20]

5月27日，国家统计局公布的数据显示，今年1~4月，全国规模以上工业企业实现利润总额21170.2亿 元，同比增长1.4%。 《每日经济新闻》记者梳理发现，自去年下半年以来，我国规模以上工业企业利润同比增速呈现出明显 的V型走势。今年1~4月1.4%的同比增速，创下近8个月以来累计同比增速的新高。其中，4月规模以上 工业企业利润同比增长3.0%。 对于前4月规模以上工业企业营收创历史同期最高纪录，盘和林表示，这表明中国制造业表现出较强劲 的复苏势头，主要受益于两方面：海外出口方面，中国制造通过转型升级提高了出口韧性，顶住了加征 关税的压力，中国商品实现了出口高增长，从而为制造业带来营收增长；国内需求方面，中国通过"两 新""两重"（国家重大战略实施和重点领域安全能力建设）等政策提振内需，使得工业企业的国内市场 表现得以有效改善。 利润同比增速呈V型走势 两方面共同作用下，中国工业企业有望进入新一轮繁荣周期，随着中国制造业的韧性不断增强，预期该 周期未来还会延续。 自去年下半年以来，我国规模以上工业企业利润同比增速呈现出一个明显的V型走势；今年以来，反弹 趋势更为明显。1~3月，规模以上工业企业利润同比增速达到 ...