Group 1: Precious Metals Market Overview - The precious metals sector, represented by gold and silver, has shown strong performance in the A-share and Hong Kong markets, with silver prices reaching historical highs and a year-to-date increase exceeding 100% [2][6] - The expectation of a Federal Reserve interest rate cut in December has contributed to the bullish sentiment in the precious metals market, with silver leading the gains [6][7] - Structural supply shortages in the silver market are anticipated to continue, with a projected supply gap of approximately 95 million ounces in 2025, marking the fifth consecutive year of supply-demand imbalance [6][7] Group 2: Industrial Metals Market Dynamics - The industrial metals sector, particularly copper, has experienced significant price resilience, with LME copper prices reaching historical highs due to supply constraints and macroeconomic optimism [3][4] - Analysts predict a potential super cycle for copper driven by supply disruptions from major mines and increasing demand from sectors such as AI and renewable energy [3][4][5] - The global refined copper supply is expected to face shortages starting in 2024, with projected shortfalls of 270,000 tons, 460,000 tons, and 580,000 tons from 2025 to 2027, respectively [4] Group 3: Aluminum Market Outlook - The aluminum market is also expected to enter a bullish phase, with supply constraints becoming more pronounced as domestic production reaches capacity limits [5] - The global average annual supply growth for electrolytic aluminum is projected at 1.4%, while demand growth is expected to be 1.8%, leading to an expanding supply-demand gap [5] Group 4: Long-term Trends in Gold Prices - The long-term bullish trend for gold prices remains intact, supported by ongoing monetary easing and central bank gold purchases, which are expected to provide a strong safety net for gold prices [7][8] - The urgency for physical gold demand is anticipated to increase due to significant liquidity in the market, potentially leading to unpredictable price movements [8]

Core Viewpoint - The industry is expected to stabilize in 2024, with a recovery in macro expectations following the potential Geneva Agreement between China and the U.S. in 2025, leading to an upward cycle in non-ferrous metal prices and industry performance [1] Non-Ferrous Metals - The price and performance of non-ferrous metals are anticipated to rise due to supply chain disruptions and liquidity easing, establishing a new upward cycle [1] - Copper supply constraints continue, with limited new projects and effective production disruptions, while demand from traditional sectors eases and new sectors like renewable energy and data centers emerge [1] - The price of copper is expected to rise as liquidity improves with the Federal Reserve's interest rate cuts [1] Precious Metals - A bullish trend for gold is likely to continue, driven by the Federal Reserve's potential interest rate cuts and balance sheet expansion, which will increase global gold ETF purchases [1] - The growing U.S. debt and concerns over credit issues are expected to lead to increased gold purchases by central banks and private investors, supporting mid-term price increases [1] Energy Metals - The price of cobalt is expected to rise due to supply constraints from Congo's export quota management and limited new supply from Indonesia, alongside increasing demand from electric vehicles and consumer electronics [1] - The supply-demand gap for cobalt is projected to widen from 2025 to 2026, indicating a clear upward trend in prices [1] Rare Metals - The strategic value of rare earth metals is increasing, with a favorable supply-demand balance due to stable traditional demand and emerging new demands [2] - Domestic supply controls are strengthening, enhancing industry concentration and monopolistic positions, which is likely to push prices upward and improve profitability for magnetic material companies [2] Investment Strategy - Focus on three areas: 1) Continued interest rate cuts by the Federal Reserve will drive global gold ETF purchases, benefiting gold prices [3] 2) Ongoing copper supply shortages and new demand from AI data centers will support copper price increases [3] 3) Cobalt prices are expected to rise due to supply restrictions from Congo and depleting domestic inventories [3]

更多精彩内容请关注格林大华期货官方微信 格林大华期货研究院 证监许可【2011】1288 号 2025 年 12 月 2 日 星期二 研究员： 于军礼 从业资格： F0247894 交易咨询资格：Z0000112 联系方式：yujunli@greendh.com 早盘提示 | 板块 | 品种 | 多（空） | | | --- | --- | --- | --- | | | | | 【重要资讯】 | | | | | 1、白银价格创下新高。中国白银库存降至 715.8 吨的七年新低。这一行情不仅反 | | | | 映 | 10 月份中国创纪录出口 660 吨白银引发的供需失衡，更印证供应驱动型涨价正 | | | | | 从贵金属向工业金属蔓延，成为大宗商品的普遍趋势。 | | | | | 2、半夏投资创始人李蓓表示，富人面临财富无处安放的资产荒。股市赚钱效应将 | | | | | 引发居民储蓄搬家、国内机构资产配置重构，更会触发全球资金重新配置、海外资 | | | | | 本回流中国市场的浪潮。这一轮行情非常可能会泡沫化，达到相当的高度。 | | | | | 3、马斯克表示，未来 SpaceX、特斯拉和 xAI ...

登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：002824 证券简称：和胜股份 公告编号：2025-078 广东和胜工业铝材股份有限公司 2025年股票期权与限制性股票激励计划之 限制性股票首次授予登记完成的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整、没有虚假记载、误导性陈述或重大遗 漏。 3、限制性股票首次授予登记的上市日：2025年12月5日； 4、限制性股票首次授予价格：11.32元/股； 5、限制性股票来源：公司定向增发A股普通股。 经深圳证券交易所、中国证券登记结算有限责任公司深圳分公司审核确认，广东和胜工业铝材股份有限 公司（以下简称"公司"）已完成2025年股票期权与限制性股票激励计划（以下简称"本激励计划"）之限 制性股票首次授予登记工作，现将有关情况公告如下： 一、本激励计划简述以及已履行的审议程序 重要内容提示： 1、限制性股票首次授予登记数量：121.96万股； 2、限制性股票首次授予登记人数：207人； （一）本激励计划的简述 1、激励方式：本激励计划包括股票期权激励计划和限制性股票激励计划两个部分。 2、股票来源：本激励计划的股票来源为公司定向增发A ...

需求预期上修与交易动量维持高位，我们维持对工业商品的战术性超配观点。 以铜为代表的工业金属或阶段性处于供需不平衡的情况。建筑、电网与电动车 是当下的主 要需求驱动， AI 算力扩张与电网现代化亦带来新增结构性需求，而铜的开发成本与复杂性显著提高，投资意愿减弱，或阶段性推高铜价。工业商 品相较于其他主要大类资产的风险回报比较高 。 美国货币政策修正与经济收敛使美元承压，我们维持对美元的战术性低配观点 。 美联储修正货币政策指引方向与美国经济边际收敛使得美元相较于其他货币 的配置价值有所下降。但去美元化交易阶段性放缓，弱美元亦并非持续下行。美元相较于其他主要大类资产的风险回报比较低 。 风险提示：分析维度存在局限性，模型设计存在主观性，历史与预期数据存在偏差，市场一致预期调整，量化模型局限性。 报告导读： 我们维持此前的战术性大类资产配置观点。我们建议战术性超配 A/H 股与工 业金属，战术性标配国债，战术性低配美元。 多重因素支持中国权益表现，我们维持对 A/H 股的战术性超配观点。 全球风险偏好大幅承压导致的资产波动叠加恐慌抛售使得微观交易风险大幅释放。随着 十五五开年经济增速的重要性，政策窗口期临近，市场后 ...

2025.12.01 本文字数：539，阅读时长大约1分钟 作者 |一财阿驴 09:27天风证券低开近9%，公司因涉嫌信息披露违法违规、违法提供融资被证监会立案。 | | 4.40 -0.43 -8.90% | | | 天风证券 1 立即 601162 交易 | | | | --- | --- | --- | --- | --- | --- | --- | | | SSE CNY 9:25:01 交易中 查看L2全景 | | | # 0 , 精 圆 遮脂喷出 | | | | 委比 | 92.91% 委差 | 130084 | Wind ESG评级 A | | | 详情 | | 卖五 | 4.45 | 2074 | 之生 | -1.79% 120日 | | 10.55% | | 定四 | 4.44 | 528 | 5日 | -8.90% 250日 | | -12.70% | | | 4.43 | 2043 | | | | 6.12 | | 美美美 | 4.42 | 296 | 20日 60日 | -16.03% 52周高 -24.66% 52周低 | | 3.57 | | | 4.41 | 21 | | 202 ...

Core Viewpoint - The article highlights the rising prices of silver and copper driven by global supply constraints and expectations of monetary policy easing, marking a significant shift in the commodities market [1][4]. Supply and Demand Dynamics - The strong momentum in silver and copper prices reflects a general optimism in the precious metals market and specific supply-demand imbalances for these metals [2]. - On December 1, 2023, spot silver prices surpassed $57 per ounce for the first time in history, with silver futures reaching $57.81 per ounce [3]. - China's silver inventory has dropped to a seven-year low, directly linked to record export volumes in October, indicating a significant consumption of inventory due to cross-border tariff arbitrage activities [5][11]. Price Trends and Market Reactions - Copper prices also surged, with the London Metal Exchange (LME) reaching a historical high of $11,210.5 per ton, and Comex copper prices rising to $532.55 per pound [5][7]. - Since the end of August, LME copper prices have increased by approximately 13%, driven by supply tightness and traders moving inventory to the U.S. to lock in premiums [7]. Market Sentiment and Future Outlook - The current situation is characterized by a supply shortage that is becoming a core driver of prices, as indicated by the movement of large inventories to the U.S. market [9][10]. - Analysts suggest that the supply tightness is evident in commercial negotiations, with Chilean copper producer Codelco seeking to significantly increase its annual contract premiums [12]. Monetary Policy Influence - Expectations of monetary easing by the Federal Reserve are providing solid support for silver and the broader precious metals market, enhancing the appeal of non-yielding assets like silver [14]. - Recent dovish comments from Federal Reserve officials have reinforced market expectations for a potential rate cut in December, further boosting confidence in a low-interest-rate environment [14].

证券之星消息，12月1日工业金属板块较上一交易日上涨4.18%，亚太科技领涨。当日上证指数报收于 3914.01，上涨0.65%。深证成指报收于13146.72，上涨1.25%。工业金属板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 000688 | 国城矿业 | 24.72 | -3.13% | 40.93万 | 10.36亿 | | 601020 | 未释形成,不 | 29.71 | -1.62% | 41.96万 | 12.71亿 | | 002203 | 海亮股份 | 12.31 | -1.20% | 26.03万 | 3.23亿 | | 002988 | 豪美新材 | 38.41 | -0.80% | 2.37万 | 9169.69万 | | 601702 | 华隆铝业 | 17.99 | -0.77% | 7.60万 | 1.37亿 | | 603937 | 丽岛新材 | 12.62 | -0.71% | 3.69万 | 4710.51万 | | 002295 ...

文 | 张阳阳 12月1日，A股三大指数集体上涨，截至收盘，上证指数涨0.65%，深证成指涨1.25%，创业板指涨 1.31%；北证50涨1.52%。沪深两市成交额约18739.38亿元，较前一个交易日放量约2881.42亿元。全市 场3398只股票上涨、1872只股票下跌，其中76只涨停、7只跌停。 国内商品期货涨多跌少。沪银涨近6%，再创收盘新高；铂、多晶硅等涨超3%，沪铜、国际铜等涨超 2%，沪金、硅铁等涨超1%，PP、棕榈油等小幅上涨；鸡蛋跌逾2%，玻璃、氧化铝等跌超1%，NR、纯 碱等小幅下跌。 地域板块方面，山西板块12月1日整体表现稳健，上涨0.78%，成交额达105.17亿元，相较11月28日的成 交额79.17亿元，显示板块内市场活跃度较高。 从个股涨跌情况来看，山西板块七成多个股均飘红，但9家下跌股票依旧显示部分个股承压，需关注行 业分化。 上涨个股中，北方铜业为领涨股，最终涨幅达到4.56%，对应行业板块同样涨幅明显，其中工业金属涨 2.76%、铜涨3.76%。此外，涨幅在2%以上的个股有5只，分别为科新发展、晋控煤业、太钢不锈、华阳 股份和大禹生物，涨幅分别达到3.45%、2.96%、 ...

Core Points - A-shares experienced a collective rise today, with the Shanghai Composite Index closing at 3914.01 points, up 0.65%, and a total trading volume of 785.66 billion yuan [1] - The Shenzhen Component Index rose by 1.25% to 13146.72 points, with a trading volume of 1088.28 billion yuan [1] - The ChiNext Index increased by 1.31% to 3092.50 points, with a trading volume of 518.30 billion yuan [1] Sector Performance - The consumer electronics sector led the gains with a rise of 3.37%, total trading volume of 305.63 million hands, and a net inflow of 74.31 billion yuan [2] - The industrial metals sector increased by 2.76%, with a trading volume of 472.68 million hands and a net inflow of 10.51 billion yuan [2] - The electronic chemicals sector saw a rise of 2.28%, with a trading volume of 93.19 million hands and a net inflow of 1.69 billion yuan [2] - Conversely, the internet e-commerce sector declined by 1.43%, with a trading volume of 25.94 million hands and a net outflow of 0.54 billion yuan [2] - The other power equipment sector fell by 0.92%, with a trading volume of 58.79 million hands and a net outflow of 1.54 billion yuan [2]