1月6日，A股三大股指早盘继续走高，沪指刷新2015年7月底以来的新高，创业板一度站上3300点，脑机接口、半导 体设备等板块继续活跃。港股同样上涨，恒指、恒科指双双涨超1%，科网股悉数拉升，京东健康涨超7%。债市方 面，国债期货全线下跌。商品方面，国内商品期货涨跌不一，金属期货继续走高，其中铂金、钯金、沪银、沪铜悉 数拉升，焦煤、焦炭下跌。核心市场走势： | 代码 | 名称 | 两日图 | 现价 | 涨跌 | 涨跌幅 | | --- | --- | --- | --- | --- | --- | | 000001 | 上证指数 | | 4058.69 | 35.27 | 0.88% | | 399001 | 深证成指 | | 13903.77 | 75.14 | 0.54% | | 399006 | 创业板指 | 14.1 | 3284.35 | -10.21 | -0.31% | | 000300 | 沪深300 | | 4759.76 | 42.01 | 0.89% | | 000016 | FiFFSO | | 3146.57 | 46.82 | 1.51% | | 000680 | 科创综 | | ...

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国投金城冶金有限责任公司数智中心。 在豫陕晋三省交界的国投金城冶金有限责任公司（以下简称"国投金城冶金"）厂区内，现代化冶炼设备正在 高速运转，经过科技赋能的金银铜精矿原料被"吃干榨净"，转化为黄金、白银、阴极铜、铂钯等贵金属产 品，同时也催生出砷基新材料等未来产业增长点。带领这家企业从传统冶炼转型跃升的，正是中央企业劳动 模范，河南省高成长性科技型青年领军企业家，国投金城冶金党委书记、总经理刘辉。 "自主创新是企业的生命，关键核心技术必须牢牢掌握在自己手中。"刘辉常将这句话挂在嘴边。作为兼具科 学素养和企业家精神的领军者，他聚焦有色金属冶炼传统产业突破性创新，带领企业做强黄金冶炼主业，打 造砷基新材料产业高地。 从"国投集团先进工作者"到"中央企业劳动模范"，从"三门峡市领军企业家"到"中国有色金属工业优质工程优 秀管理者"，一系列荣誉背后，是他以实绩践行"做创新发展的探索者、组织者、引领者"使命的坚定足迹，更 是他以科创攻坚拓新局的生动实践。国投金城冶金在发展新质生产力上勇争先、善作为，他牵头研发的"铜冶 炼砷危废大掺量返料利用与源头减量技术"，获有色金属工业科学技术奖一等奖，为企业稳健发展筑牢了坚实 的 ...

最近，有个朋友买了个200元的钛保温杯，得意地拿出来给我看，还稍微怀疑地问：这不应该是造飞机的材料吗？现在怎么价格这么便宜，难道是假货？我 告诉他，这个杯子绝对不假，而且以后它的价格可能会更便宜。因为背后是中国强大的工业生产能力，把钛的价格打下来了。 这件事其实挺有趣的。回到 几十年前，如果你手里拿着一块纯钛，那可了不得。冷战时期，钛是美苏两大超级大国争夺的宝贵资源。美国为了制造钛合金的侦察机，甚至不惜设立皮包 公司，骗苏联购买钛。而现在，情况完全不同了。如今，中国已经是全球最大的海绵钛生产国，全球超过60%的海绵钛都是中国生产的。每当世界上生产三 吨钛时，其中有两吨来自中国。依靠四川攀枝花的矿藏和陕西宝鸡的加工能力，我们把这个曾经属于高端科技领域的金属，从天价变成了现在的白菜价。以 前，钛只能用于制造侦察机或者深海潜艇，现在它已经出现在直播间里做炒菜锅，眼镜店里做镜架，甚至大爷大妈散步时使用的水壶也成了钛制的。这正是 工业化的力量——将曾经的战略物资变成了普罗大众的日常用品。正是这种能力，才让中国成为了工业大国。 要理解钛的特殊性，首先得知道它为何如此 神。在金属界，钛有个外号——全能王。它比铝稍重，但强度 ...

Investment Rating - The report assigns a rating of "5.7" to the company, suggesting it is worth attention [12]. Core Insights - The company is a high-quality cathode copper manufacturer, ranking fifth among Chinese producers and is the only Chinese company in the top five in both the Democratic Republic of Congo (DRC) and Zambia [1]. - The company has experienced rapid sales growth, with total sales increasing from 7,056.7 tons in 2022 to 19,868.9 tons in 2024, representing a compound annual growth rate (CAGR) of +67.8% [2]. - The global cathode copper market is expected to see a supply shortage of approximately 5.8 million tons by 2029, which is likely to drive up copper prices [3]. - The company benefits from a strong business presence in resource-rich regions of Africa, particularly in DRC and Zambia, and has a strategic capacity layout that aligns with China's "going out" strategy [4]. Company Overview - The company produced approximately 16,000 tons of cathode copper in DRC and 5,000 tons in Zambia in 2024, with a market share of 0.9% in DRC and ranking first in Zambia [1]. - The company’s revenue for 2022, 2023, and 2024 was approximately RMB 637.3 million, RMB 675.7 million, and RMB 1,769.8 million, respectively, with a CAGR of +66.7% [2]. - The company has four production facilities, including two copper smelters in Zambia and one in DRC, and is constructing a cobalt processing plant in China [12]. Industry Status and Outlook - The downstream applications for cathode copper include deep processing enterprises, trading companies, and sectors such as new energy and electronics manufacturing [3]. - Global cathode copper production is projected to grow from 21.9 million tons in 2025 to 24.7 million tons by 2029, with a CAGR of 3.0% [3]. - The average copper price in China is expected to rise from RMB 749,000 in 2024 to RMB 775,000 in 2025 [3]. Use of Proceeds - Approximately 80% of the funds raised (or HKD 834.1 million) will be used to expand core business operations, including enhancing the wet metallurgy capacity of the DRC copper smelter and increasing cobalt hydroxide production lines [6]. Cornerstone Investors - Key cornerstone investors include Glencore, Stoneylake Global, North Rock, and others, with total subscriptions amounting to USD 60.255 million, representing 42.50% of the shares offered [7].

Core Viewpoint - The company announced maintenance and equipment upgrades for its Shifang non-ferrous metal and phosphate chemical subsidiaries, which will temporarily halt production for specific periods to enhance operational safety, product quality, and efficiency [1]. Group 1: Shifang Non-Ferrous Metal Subsidiary - The Shifang non-ferrous metal subsidiary has a zinc smelting production capacity of 100,000 tons per year and a zinc alloy production capacity of 100,000 tons per year [1]. - The zinc smelting facility will undergo maintenance and upgrades starting January 2026, with a planned downtime of 5 months, aiming to resume production in early June 2026 [1]. - The maintenance is necessary due to aging equipment and aims to ensure safe, stable, and efficient operations [1]. Group 2: Shifang Phosphate Chemical Subsidiary - The Shifang phosphate chemical subsidiary has a phosphate production capacity of 420,000 tons per year and a compound fertilizer production capacity of 300,000 tons per year [1]. - The phosphate production facility will also undergo maintenance starting January 2026, with a planned downtime of 1 month, expected to resume production in early February 2026 [1]. - This maintenance aligns with the cyclical nature of the chemical industry and aims to improve safety, product quality, and reduce production costs [1]. Group 3: Production Continuity and Strategy - During the downtime of the zinc smelting facility, the zinc alloy production will continue, with the company sourcing zinc ingots externally to ensure raw material supply [2]. - The compound fertilizer production will remain operational while the phosphate facility is under maintenance [2]. - The company plans to coordinate production schedules with maintenance progress to ensure timely and high-quality completion of the upgrades [2].

有色贵金属与新能源团队 | 作者： | 杨莉娜 | | --- | --- | | 从业资格证号： | F0230456 | | 投资咨询证号： | Z0002618 | | 联系方式： | 010-68573781 | | 作者： | 胡彬 | | 从业资格证号： | F0289497 | | 投资咨询证号： | Z0011019 | | 联系方式： | 010-68576697 | | 作者： | 梁海宽 | | 从业资格证号： | F3064313 | | 投资咨询证号： | Z0015305 | | 联系方式： | 010-68518650 | 投资咨询业务资格：京证监许可【2012】75号 成文时间：2026年01月04日星期日 更多精彩内容请关注方正中期官方微信 期货研究院 有色金属日度策略 Metal Futures Daily Strategy 摘要 铜： 假期外盘铜价冲高回落，铜价近期波动加剧，但中长期上行趋势未 改。一方面受美元流动性改善驱动，另一方面铜的全球库存结构性 矛盾以及自身估值修复对行情起到了推波助澜的作用。宏观层面， 美国三季度GDP和通胀均高于预期，美元指数重回下降通道。假期 ...

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - Copper prices have entered a high - volatility and high - uncertainty stage dominated by sentiment in the short term. Although there is medium - to - long - term support from the supply side, current prices may be overvalued, and there is a risk of price correction. However, due to geopolitical impacts, copper prices may maintain a high - level wide - range oscillation pattern, with the Shanghai copper main contract fluctuating between 95,000 - 103,000 yuan/ton [3]. - Aluminum prices are mainly driven by fundamental expectations and capital behavior. In the short term, they may still be strong, but the upward pressure is large, and the upward space should be viewed with caution. Alumina is recommended to be observed, and aluminum alloy may be relatively weaker than aluminum prices [3][4]. - Zinc prices are expected to maintain an oscillatory trend. Supply is slightly stronger, but demand at the end of the year is weak, and the fundamental support is limited [3]. - Lead prices are expected to maintain a wide - range oscillation, and high - selling and low - buying operations within the range of 17,000 - 17,900 yuan/ton are recommended [3]. - Nickel prices have rebounded strongly, but the nickel industry remains in a state of over - supply, which suppresses the upward space of nickel prices. Both nickel and stainless steel are recommended to be observed [4]. - Tin prices are expected to continue a relatively strong oscillation. It is recommended to build positions at low prices and pay attention to the resumption of supply and the recovery of downstream demand [4]. - The price of industrial silicon has rebounded after breaking through the lower limit. Alumina's weak reality of over - supply will continue, and it is recommended to observe. The price of polysilicon has adjusted after breaking through the upper limit. The price of lithium carbonate is expected to continue to oscillate [4]. 3. Summary by Related Catalogs 3.1 Macroeconomic Data - **China**: In December 2025, China's five - year and one - year loan market prime rates (LPR) remained unchanged at 3.5% and 3%, respectively. From January to November, the profits of large - scale industrial enterprises increased by 0.1% year - on - year, and the profits of high - tech manufacturing increased by 10.0% year - on - year [13][15][16]. - **US**: In the third quarter of 2025, the US real GDP annualized quarterly growth rate was 4.3%, and the core personal consumption expenditure (PCE) price index annualized quarterly growth rate was 2.9%. As of December 6, 2025, the average weekly new employment in the US private sector was 11,500 [13][19][20]. 3.2 Geopolitical Events - On January 3, 2026, the US launched an air strike on Venezuela, captured Venezuelan President Maduro and his wife, and stated that it would "manage" Venezuela until a "safe" transition. The situation in Venezuela may have an impact on the global market, especially on gold and crude oil prices [24][25][27]. 3.3 Metal Market Analysis 3.3.1 Copper - **Price Trend**: The Shanghai copper main contract reached a historical high of over 100,000 yuan/ton before the holiday, then fell back. It is expected to maintain a high - level wide - range oscillation pattern [3]. - **Supply and Demand**: The supply of copper concentrates is in a tight situation, and there is an expected increase in demand from AI infrastructure and power grid upgrades in the long term. However, at present, downstream demand is weak, and social inventories have increased significantly [3]. 3.3.2 Aluminum - **Price Trend**: The Shanghai aluminum main contract shows an overall upward trend in oscillation. In the short term, it may still be strong, but the upward space is limited [3][54]. - **Supply and Demand**: Alumina is in a state of over - supply, and the destocking of aluminum ingots and aluminum rods is difficult. New domestic production capacity is still being put into operation, while demand from photovoltaic installations and the automotive industry has decreased [3][4]. 3.3.3 Zinc - **Price Trend**: Zinc prices oscillated in the previous week and are expected to maintain an oscillatory trend. The price range is expected to be between 22,800 - 23,500 yuan/ton [3]. - **Supply and Demand**: The processing fee of zinc concentrates has been declining, squeezing the profits of smelters. Demand has weakened due to environmental protection warnings in the north, and downstream enterprises maintain just - in - time procurement [3]. 3.3.4 Lead - **Price Trend**: The Shanghai lead main contract showed an oscillatory rebound trend, and it is expected to maintain a wide - range oscillation between 17,000 - 17,900 yuan/ton [3]. - **Supply and Demand**: LME and COMEX lead inventories decreased, while SHFE lead inventories increased slightly. The overall lead price is stable, and the replacement consumption is supported by the "trade - in" policy [3]. 3.3.5 Nickel - **Price Trend**: Nickel prices rebounded strongly. The prices of nickel ore, nickel iron, and stainless steel all showed an upward trend [4]. - **Supply and Demand**: The Indonesian nickel mining quota is expected to be reduced, and the rainy season may affect nickel ore shipments. The refined nickel market is in a state of over - supply, while the demand for nickel iron from stainless steel mills has increased [4]. 3.3.6 Tin - **Price Trend**: Tin prices showed an oscillatory decline, but the upward trend in the long term remains unchanged. It is expected to continue a relatively strong oscillation [4]. - **Supply and Demand**: The supply of tin concentrates is tight, and the downstream semiconductor industry is expected to recover. However, the demand from consumer electronics and photovoltaic industries is weak [4]. 3.3.7 Industrial Silicon, Alumina, Stainless Steel, and Lithium Carbonate - **Industrial Silicon**: The price has rebounded after breaking through the lower limit [4]. - **Alumina**: The weak reality of over - supply will continue, and it is recommended to observe [3][4]. - **Stainless Steel**: The price has rebounded strongly, but it is expected to maintain an oscillation after the macro - sentiment fades [4]. - **Lithium Carbonate**: The price is expected to continue to oscillate. Supply and demand are both changing, and attention should be paid to the impact of mining permits in Yichun [4].

1月4日晚间，株洲冶炼集团股份有限公司（以下简称"株冶集团（600961）"）在官方微信公众号发布消 息：2025年，公司在生产经营、技术创新、降本增效等领域取得积极进展，全年主要产品产量、成本管 控均完成年度目标，以实打实的业绩书写高质量发展崭新篇章。 产品产量是株冶集团全年工作的核心抓手。2025年，株冶集团生产技术部统筹推进长周期稳定运行，创 新推行标准化清单管控模式，制定《系统稳定运行负面清单》《高温季节管控清单》等制度，层层压实 责任。株冶集团全年析出锌及锌产品产量均完成年度目标，创投产以来最高水平；株冶集团旗下主要基 地均超额完成年度任务；综合回收领域多点突破，产品产量稳步提升，彰显"吃干榨尽"的资源利用理 念。 他进一步表示："2026年是'十五五'开局关键节点，公司持续锚定'绿色智能高效的锌冶炼行业标杆'定 位，深化产能提升、技术创新、成本优化三大主线。2026年，将向着产量更高、产品品质更优的目标迈 进，持续攻关混合焙砂可溶锌率等重点指标，推进电力系统升级、工艺优化改造等关键项目。" 湖南大学经济与贸易学院副院长曹二保教授向《证券日报》记者表示："株冶集团2025年交出的这份亮 眼成绩单，是 ...

近日，经自治区市场监管局批准，自治区卫生健康委发布了《不锈钢生产企业职业病危害预防控制 规范》《铅锌、铜冶炼行业职业病危害预防控制规范》《互联网+护理服务规范》《医用直升机急救转 运规范》4项广西卫生健康地方标准。这4项标准将于2026年3月30日起正式实施。 航空医疗救援是紧急医学救援体系建设的重要内容。《医用直升机急救转运规范》规定了医用直升 机急救转运各环节工作具体要求，是广西首个航空医疗救援领域地方标准，对促进广西医用直升机应急 救援规模化发展、完善医疗救援体系建设具有重要意义。（关海芳） 据悉，广西有色金属矿产资源优势突出，是我国10个重点有色金属产区之一。由自治区职业病防治 研究院牵头编制的《铅锌、铜冶炼行业职业病危害预防控制规范》《不锈钢生产企业职业病危害预防控 制规范》从工程防护、个体防护等方面提出针对性的预防控制措施，对保障相关领域从业者的职业健康 具有积极作用。 "互联网+护理服务"主要是指医疗机构利用在本机构注册的护士，依托互联网等信息技术，以"线上 申请、线下服务"的模式为主，为出院患者或罹患疾病且行动不便的特殊人群提供的护理服务。即将正 式实施的《互联网+护理服务规范》规定了护理服务 ...