从业资格号：F3036210 交易咨询号：Z0015924 0755-23375135 wukj1@wkqh.cn 曾宇轲 有色金属日报 2025-5-13 五矿期货早报 | 有色金属 铜 有色金属小组 吴坤金 从业资格号：F03121027 0755-23375139 zengyuke@wkqh.cn 张世骄 从业资格号：F03120988 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 陈逸 从业资格号：F03137504 0755-23375125 cheny40@wkqh.cn 中美贸易谈判取得进展，关税大幅降低，权益市场走强，贵金属走弱，铜价冲高后有所回落，昨日伦 铜收涨 0.67%至 9502 美元/吨，沪铜主力合约收至 77820 元/吨。产业层面，昨日 LME 库存减少 10253 至 190750 吨，注销仓单比例下滑至 43.1%，Cash/3M 升水 23.9 美元/吨。 ...

有色、钢铁行业 行业研究 | 行业周报 铁矿价格出现明显松动，继续关注钢铁板 块的投资机会 ——有色钢铁行业周观点（2025 年第 19 周） 核心观点 投资建议与投资标的 风险提示 国内宏观经济增速放缓；美国通胀增速放缓；原材料价格波动 国家/地区 中国 行业 有色、钢铁行业 报告发布日期 2025 年 05 月 11 日 看好（维持） 刘洋 021-63325888*6084 liuyang3@orientsec.com.cn 执业证书编号：S0860520010002 香港证监会牌照：BTB487 | 铁矿价格出现明显松动，积极关注钢铁板 | 2025-04-27 | | --- | --- | | 块的投资机会：——有色钢铁行业周观点 | | | （2025 年第 17 周） | | | 持续关注钢铁板块的投资机会：——有色 | 2025-04-20 | | 钢铁行业周观点（2025 年第 16 周） | | | 金价再创新高，积极关注黄金板块投资机 | 2025-03-30 | | 会：——有色钢铁行业周观点（2025 年第 | | | 13 周） | | 有关分析师的申明，见本报告最后部分。其他重 ...

投资咨询业务资格：证监许可【2011】1778 号 有色金属 姓名：何彬 宝城期货投资咨询部 从业资格证号：F03090813 投资咨询证号：Z0019840 电话：0571-87006873 邮箱：hebin@bcqhgs.com 作者声明 本人具有中国期货业协会授 予的期货从业资格证书，期货投 资咨询资格证书，本人承诺以勤 勉的职业态度，独立、客观地出 具本报告。本报告清晰准确地反 映了本人的研究观点。本人不会 因本报告中的具体推荐意见或观 点而直接或间接接收到任何形式 的报酬。 有色金属 | 日报 2025 年 5 月 9 日 有色日报 专业研究·创造价值 低库存给予铜铝支撑 核心观点 沪铜 沪铜主力期价昨日夜盘冲高，站上 7.8 万关口，今日早盘跳水， 日内震荡运行。美联储 5 月议息会议落地，整体偏鹰派，利空铜价。 短期铜价在 7.8 万一线仍有较强的技术压力。短期可持续关注 7.8 万 关口多空博弈，也可关注月间正套。消息面上，关注中美在瑞会 议，若中美贸易摩擦趋于缓和，将在宏观氛围和终端需求上利好铜 价。 （仅供参考，不构成任何投资建议） 专业研究·创造价值 1 / 6 请务必阅读文末免责条款 ...

有色金属日报 2025-4-25 五矿期货早报 | 有色金属 铜 有色金属小组 吴坤金 从业资格号：F3036210 刘显杰 从业资格号：F03130746 0755-23375125 liuxianjie@wkqh.cn 陈逸 交易咨询号：Z0015924 0755-23375135 wukj1@wkqh.cn 曾宇轲 从业资格号：F03121027 0755-23375139 zengyuke@wkqh.cn 张世骄 从业资格号：F03120988 0755-23375122 zhangsj3@wkqh.cn 王梓铧 从业资格号：F03130785 0755-23375132 wangzh7@wkqh.cn 从业资格号：F03137504 0755-23375125 cheny40@wkqh.cn 黄金价格暂稳，隔夜美股上涨，铜价震荡上升，昨日伦铜收涨 0.92%至 9455 美元/吨，沪铜主力合约 收至 77770 元/吨。产业层面，昨日 LME 库存减少 1825 至 203425 吨，注销仓单比例下滑至 37.4%， Cash/3M 由贴水转为小幅升水。国内方面，上期所仓单环比减少 0.2 至 4. ...

有色金属小组 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 0755-23375139 zengyuke@wkqh.cn 张世骄 从业资格号：F03120988 0755-23375122 zhangsj3@wkqh.cn 王梓铧 有色金属日报 2025-4-18 五矿期货早报 | 有色金属 铜 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 陈逸 从业资格号：F03137504 0755-23375125 cheny40@wkqh.cn 原油价格走强，贵金属价格下探回升，铜价震荡上涨，昨日伦铜收涨 0.71%至 9254 美元/吨，沪铜主 力合约收至 76070 元/吨。产业层面，昨日 LME 库存转为减少 2850 至 213400 吨，注销仓单比例下滑 至 41.3%，Cash/3M 贴水 32.2 美元/吨。国内方面，社会库存较周一减少逾 ...

Core Insights - Western Mining achieved a remarkable performance in 2024 with a revenue exceeding 50 billion yuan for the first time, marking a year-on-year growth of 17.02% [1][2] - The total profit reached 5.992 billion yuan, reflecting a year-on-year increase of 27%, while the dividend payout ratio reached 81%, exceeding market expectations [1][2] - The company has improved its ESG ratings to AA level, demonstrating its commitment to sustainable development and social responsibility [1][4] Financial Performance - In 2024, Western Mining reported a total revenue of 50.026 billion yuan, a 17.02% increase year-on-year, and a total profit of 5.992 billion yuan, up 27% [2] - The net profit for the year was 5.294 billion yuan, with a year-on-year growth of 25%, while the attributable net profit was 2.932 billion yuan, reflecting a 5% increase [2] - The company’s advance payments at the end of 2024 reached 612 million yuan, a significant increase of 170.40% compared to the previous year [2] Production and Sales Growth - The growth in performance was driven by a significant increase in copper and molybdenum production, with copper output reaching 177,500 tons, a 35% increase year-on-year [2] - The Yulong Copper Mine contributed 159,100 tons of copper, marking a 39.10% increase, while molybdenum production reached 4,009 tons, up 18% [2] - Iron concentrate production also increased to 1.3769 million tons, a 15% rise, and silver concentrate production reached 130.83 tons, a 6% increase [2] ESG Initiatives - Western Mining has been publishing ESG reports for 14 consecutive years, highlighting its commitment to sustainable development and governance [4] - The company’s ESG ratings have improved, achieving AA and A levels in various ESG rating systems, placing it among the leaders in the industrial metals sector [4] - In 2024, the company invested 650 million yuan in environmental protection, establishing new green mines and factories, and planting over 458,100 trees [4] Environmental Performance - The company reduced its greenhouse gas emissions by 4.21% in 2024 and decreased energy consumption intensity by 28.22% [5] - Water consumption intensity was reduced by 6.45%, with 100% of wastewater from smelting units being recycled [5] Social Responsibility - Western Mining increased its safety training sessions by 228.46% in 2024 and eliminated over 14,000 safety hazards [6] - The workforce grew by 11.4%, and employee training hours increased significantly, reflecting the company’s commitment to employee development [6] - The company invested 6.07 million yuan in rural revitalization, benefiting over 10,200 people [6] Governance Structure - The board of directors has a diverse composition, with three independent directors, ensuring independent decision-making [7] - The company has established compliance committees across its subsidiaries to enhance governance and compliance management [7] - In 2024, the company engaged in 122 institutional research sessions, maintaining a 100% response rate to investor inquiries [7]