Market Overview - The market experienced a mixed performance with the Shanghai Composite Index reaching a new high for the period, closing up by 0.17% [1] - The Shenzhen Component Index increased by 0.24%, while the ChiNext Index fell by 0.52% [1] Stock Performance - Over 3,000 stocks in the market declined, indicating a broad-based sell-off [2] - Notable sectors included: - The non-ferrous metals sector saw significant gains, with stocks like Northern Copper and Shengda Resources hitting the daily limit [3] - Chip sector stocks were active, with Chipone Technology also reaching the daily limit [3] - The real estate sector showed a rebound, with Rongsheng Development hitting the daily limit [3] - In contrast, the battery sector experienced mixed results, highlighted by a sharp decline in the stock of Xiandai Intelligent [4] Trading Volume - The total trading volume in the Shanghai and Shenzhen markets reached 1.63 trillion yuan, an increase of 150.3 billion yuan compared to the previous trading day [5] Individual Stock Highlights - Luxshare Precision led in trading volume with over 16 billion yuan, followed by Cambrian Technology, Shenghong Technology, and Industrial Fulian [6]

Group 1 - 株冶集团's stock increased by 5.15% to 15.53 CNY per share, with a trading volume of 431 million CNY and a turnover rate of 3.78%, resulting in a total market capitalization of 16.662 billion CNY [1] - 株冶集团, established on December 20, 1993, and listed on August 30, 2004, is primarily engaged in the production and sales of zinc and zinc alloys, as well as industrial sulfuric acid [1] - The revenue composition of 株冶集团 includes: zinc and zinc alloys (38.48%), others (28.17%), gold ingots (13.94%), silver ingots (10.71%), lead and lead alloys (7.85%), indium ingots (0.51%), sulfuric acid (0.20%), and non-ferrous metal trading (0.14%) [1] Group 2 - 前海开源金银珠宝混合A (001302) reduced its holdings in 株冶集团 by 521,800 shares, now holding 14.06 million shares, which accounts for 1.87% of the circulating shares [2] - The fund has achieved a year-to-date return of 66.59%, ranking 331 out of 8174 in its category, and a one-year return of 69.07%, ranking 1536 out of 7981 [2] - The fund manager, 吴国清, has a tenure of nearly 10 years, with the fund's total asset size at 5.333 billion CNY and a best return of 374.15% during his management [3] Group 3 - 株冶集团 is the seventh largest holding in 前海开源金银珠宝混合A (001302), representing 8.15% of the fund's net value [4] - The fund's floating profit from 株冶集团 is approximately 10.6856 million CNY [4]

Core Viewpoint - A new company named Huludao City Nanpiao District Sha Township New Materials Factory has been established, focusing on various manufacturing and sales activities related to non-metallic and metallic materials [1] Company Summary - The company is a sole proprietorship with a registered capital of 50,000 RMB [1] - The legal representative of the company is Leng Jiaxuan [1] Business Scope - The business activities include the smelting of common non-ferrous metals, sales of non-metallic minerals and products, manufacturing of non-metallic mineral products, and sales of petroleum products (excluding hazardous chemicals) [1] - Additional activities encompass the production and sales of casting molding materials, sales of metal-based and ceramic-based composite materials, wood processing and sales, manufacturing and sales of graphite and carbon products, and sales of refractory materials [1] - The company also engages in the sales of coal and related products, construction materials, and retail of five metal products [1]

Core Insights - The U.S. non-farm payroll data has been significantly revised downwards, with a reduction of 910,000 jobs, marking the largest downward revision since 2000, which increases pressure on the Federal Reserve to consider interest rate cuts [1] Economic Indicators - As of August, the consumer price index (CPI) remained stable month-on-month, with a year-on-year decrease of 0.4%, while the core CPI rose by 0.9%, marking a four-month consecutive increase [1] - The Producer Price Index (PPI) showed a month-on-month stabilization after a decline, with a year-on-year decrease of 2.9%, narrowing the decline by 0.7 percentage points [1] Nickel Market Dynamics - Indonesia's PNBP policy is restricting the issuance of nickel resources, increasing supply costs, while domestic trade maintains stable premiums [1] - The Philippines has seen a recovery in nickel ore supply, but domestic nickel ore port inventories are declining, leading to tighter raw material availability [1] - On the smelting side, major companies maintained stable production in July, with some smelters increasing output and new capacity being introduced, resulting in a slight increase in refined nickel production [1] Demand and Pricing Trends - The profitability of stainless steel mills has improved, leading to increased production, while the production and sales of new energy vehicles are rising, although demand for ternary batteries remains limited [1] - Recent nickel prices have declined, prompting downstream purchasing at lower prices, with stable spot premiums and increases in both domestic and overseas LME inventories [1] Technical Analysis - There is a significant divergence in positions with increased holdings and price adjustments, indicating a wide range of fluctuations in the market [1] - It is suggested to maintain a wait-and-see approach while monitoring the support level at 12.0 [1]

Core Viewpoint - Hongda Co., Ltd. announced a joint investment with its affiliate Sichuan Hongda Group to accelerate the mineral exploration and development of its subsidiary Tibet Hongda Duolong Mining Co., Ltd. with a total investment of RMB 36,990.50 million [2] Group 1: Investment Details - Hongda Co. will contribute RMB 15,853.00 million, while Hongda Group will invest RMB 19,147.00 million [2] - After this investment, Hongda Co.'s ownership in Duolong Mining remains unchanged at 30% [2] - Duolong Mining currently holds exploration rights for Duolong Copper Mine and Duobuzaxi Copper Mine, with the Duolong Copper Mine having entered the "exploration to production" phase [2] Group 2: Company Overview - Hongda Co. was established on June 30, 1994, with a registered capital of RMB 203,200 million [2] - The company is primarily engaged in the smelting and sales of non-ferrous metals, particularly zinc, as well as the production and sales of phosphate chemical products [2] - The current chairman is Qiao Shengjun, and the company employs 2,551 people [2] Group 3: Financial Performance - Projected revenues for 2024 and Q2 2025 are RMB 3.409 billion, RMB 822 million, and RMB 1.811 billion, reflecting year-on-year growth of 12.68%, 15.04%, and 2.80% respectively [3] - The net profit attributable to the parent company is projected to be RMB 36.11 million, -RMB 35.93 million, and -RMB 74.99 million, with year-on-year growth rates of 137.68%, -556.33%, and -228.54% respectively [3] - The company's asset-liability ratios are 82.87%, 83.30%, and 40.03% for the same periods [3]

Report Industry Investment Rating - Not provided Core Viewpoints - The lead market has no obvious contradictions with both supply and demand being weak. Tight raw materials and peak - season expectations support the lead price. With the increasing expectation of the Fed's interest - rate cut in September and positive domestic sentiment, the lead price remains range - bound [1] - The zinc market has an increase in both zinc ore and zinc ingot supply, while demand is in the off - season and inventory continues to accumulate. However, the extremely low LME zinc inventory overseas, the continuous back structure of LME 0 - 3, and high capital concentration lead to the upward oscillation of LME zinc, which boosts SHFE zinc. It is expected that SHFE zinc will be range - bound in the short term under the influence of the external market [1] Summary by Relevant Catalogs Lead Price and Spread - The average price of SMM1 lead ingot was 16,700 yuan/ton, down 0.45%. The closing price of the lead futures main contract was 16,795 yuan/ton, down 0.80%. The lead basis was - 95 yuan/ton, up 60 yuan [1] - The spread between the near - month and the first - continuous contract of SHFE lead was - 35 yuan/ton, up 25 yuan; the spread between the first - continuous and the second - continuous contract was - 25 yuan/ton, down 20 yuan; the spread between the second - continuous and the third - continuous contract was - 15 yuan/ton, down 15 yuan [1] Trading Volume and Open Interest - The trading volume of the active lead futures contract was 45,315 lots, up 48.69%. The open interest was 50,467 lots, up 1.54%. The trading - to - open - interest ratio was 0.90, up 46.43% [1] Inventory - LME lead inventory was 237,000 tons, with no change. SHFE lead warrant inventory was 53,689 tons, down 0.24% [1] Fundamental Information - There is no expected increase in lead concentrate imports, and processing fees are likely to rise but difficult to fall, not yet affecting smelter operations. Some smelters have maintenance plans, and the operation rate of primary lead has slightly declined. In the secondary lead sector, due to the stable lead price, raw materials and losses have reduced smelter enthusiasm, expanding the scope of production cuts and reducing the demand for waste batteries [1] Zinc Price and Spread - The average price of SMM1 zinc ingot was 22,020 yuan/ton, down 0.45%. The closing price of the zinc futures main contract was 22,215 yuan/ton, up 0.41%. The zinc basis was - 195 yuan/ton, down 190 yuan [1] - The spread between the near - month and the first - continuous contract of SHFE zinc was - 75 yuan/ton, down 10 yuan; the spread between the first - continuous and the second - continuous contract was 5 yuan/ton, up 20 yuan; the spread between the second - continuous and the third - continuous contract was 5 yuan/ton, up 25 yuan [1] Trading Volume and Open Interest - The trading volume of the active zinc futures contract was 83,724 lots, down 16.66%. The open interest was 103,054 lots, down 4.76%. The trading - to - open - interest ratio was 0.81, down 12.50% [1] Inventory - LME zinc inventory was 50,825 tons, with no change. SHFE zinc warrant inventory was 44,329 tons, up 3.86% [1] Fundamental Information - Smelters have sufficient raw material stocks, and zinc ore processing fees are rising. The domestic zinc concentrate processing fee decreased by 50 yuan/metal ton to 3,850 yuan/metal ton last week, while the imported zinc ore processing fee index increased to 96.25 dollars/dry ton. The demand for zinc ingots is weak, and downstream buyers mainly fix prices at low points [1] News and Other Information - Jinchuan Group Copper and Precious Metals Co., Ltd. plans to build a 20kt/a anode slime pretreatment production line with a total investment of 255.8785 million yuan and environmental protection investment of 24.45 million yuan, accounting for 9.56% of the total investment [1] - On September 9, the CZSPT held a meeting and announced the expected reference range for imported zinc concentrate processing fees before the end of Q4 2025 [1] - On September 9, the [LME0 - 3 lead] was at a discount of 48.13 dollars/ton, with an open interest of 156,391 lots, down 1,110 lots; the [LME0 - 3 zinc] was at a premium of 17.62 dollars/ton, with an open interest of 199,723 lots, down 989 lots [1] Investment Strategies - For lead, the trading strategy is range - bound operation [1] - For zinc, the short - term strategy is to wait and see, and the medium - to - long - term strategy is to short at high prices [1]

金融期货早评 宏观：核心 CPI 增幅回升 【市场资讯】1）发改委郑栅洁：努力完成全年经济社会发展目标任务，下半年不断释放内 需潜力，进一步推动科技创新和产业创新深度融合。2）财政部长蓝佛安：把做强国内大循 环摆到更加突出的位置，持续发力、适时加力实施更加积极有为的宏观政策，全力支持稳 就业稳外贸。3）中国 8 月 CPI 同比转降 0.4%、核心 CPI 增幅回升至 0.9%，PPI 同比降幅收 窄至 2.9%。4）美国通胀意外下跌，8 月 PPI 环比-0.1%，四个月来首次转负，同比增速 2.6% 低于预期。PPI 公布后，特朗普：没有通胀，鲍威尔必须立即大幅降息。5）美联储理事库 克或将参与美联储下周决议投票，法官阻止特朗普罢免，美司法部迅速上诉。米兰出任美 联储理事的提名获得参议院委员会投票通过。 【核心逻辑】国内方面，国新办就《关于释放体育消费潜力进一步推进体育产业高质量发 展的意见》相关政策措施展开解读。我们判断，此举或标志着促进服务消费系列政策的启 动，后续预计将有更多政策逐步落地，需重点跟踪相关举措的实施进展。此类服务消费刺 激政策，将与"以旧换新"等商品消费提振措施形成协同效应，共同支撑社 ...

NO.3白银有色：因涉嫌信披违法违规被中国证监会立案 NO.2天合光能：子公司斩获首个海外GWh级别构网型项目 9月10日，天合光能公告称，公司控股子公司江苏天合储能有限公司(简称天合储能)近日与3家客户签订 了合计2.48GWh的储能产品销售合同。其中拟交付的海外1GWh订单将采用构网型系统，这是天合储能 在海外市场斩获的首个GWh级别构网型项目，具有重要的里程碑意义。 点评：天合光能控股子公司天合储能近期签订了大额储能产品销售合同，标志着公司在储能领域的市场 拓展取得显著成果。特别是海外市场的GWh级别构网型项目，不仅展示了公司的技术实力，也为其未 来在国际市场的发展奠定了坚实基础。 丨 2025年9月11日星期四丨 NO.1天际股份：控股股东及一致行动人持股比例降至16.83% 9月10日，天际股份（002759）公告称，公司近日收到控股股东汕头市天际有限公司(简称汕头天际)出 具的《告知函》，汕头天际于2025年9月5日、9月8日通过集中竞价减持公司160万股，通过大宗交易减 持公司78.35万股，汕头天际及一致行动人的持股占公司总股本的比例由17.31%降至16.83%。 点评：天际股份控股股东汕头 ...

Group 1 - Tianji Co., Ltd. announced that its controlling shareholder, Shantou Tianji Co., Ltd., reduced its shareholding from 17.31% to 16.83% through market transactions [1] - The reduction in shareholding may impact market confidence in the company's future development, but it is considered a normal market behavior by shareholders [1] Group 2 - Trina Solar's subsidiary, Jiangsu Trina Energy Co., Ltd., signed sales contracts for a total of 2.48 GWh of energy storage products, including a 1 GWh overseas order using a grid-connected system [2] - This marks Trina Energy's first GWh-level grid-connected project in the overseas market, representing a significant milestone for the company [2] Group 3 - Baiyin Nonferrous Metals received a notice from the China Securities Regulatory Commission regarding an investigation into suspected violations of information disclosure [3] - The company stated that its business operations are normal and it will cooperate with the regulatory investigation while fulfilling its disclosure obligations [3]

Group 1 - A new company, Shijiazhuang Mine Chain Technology Service Co., Ltd., has been established with a registered capital of 500,000 RMB [1] - The legal representative of the company is Zhao Congming [1] - The company's business scope includes technology services, development, consulting, and various sales related to mining and recycling [1] Group 2 - The company is involved in the installation of ordinary machinery and equipment, as well as the sale of mining machinery [1] - It also engages in the smelting of common non-ferrous metals and precious metals [1] - The company provides technical consulting for resource recycling and the development of energy-efficient technologies in the mining industry [1]