每经头条（nbdtoutiao）——四次登上央视，知名大佬"消失"5年，我们在水果仓库找到了他！从月薪 5000到千亿市值公司联席总裁，他45岁再创业 （记者 曾健辉） 2024年1至12月份，华友钴业的营业收入构成为：锂电新材料占比47.17%，有色金属行业占比33.35%， 贸易及其他占比17.4%，其他业务占比2.08%。 截至发稿，华友钴业市值为1192亿元。 每经AI快讯，华友钴业（SH 603799，收盘价：62.75元）10月23日晚间发布公告称，截至本公告日，浙 江华友钴业股份有限公司实际控制人陈雪华先生持有公司股份约8251万股，占公司总股本的4.34%；其 中已累计质押2227万股，占其所持公司股份总数的26.99%，占公司总股本的1.17%。截至本公告日，陈 雪华先生及其一致行动人公司控股股东华友控股集团有限公司共计持有公司股份约3.91亿股，占公司总 股本的20.6%；其中已累计质押约2.04亿股，占其所持公司股份总数的52.25%，占公司总股本的 10.76%。 ...

Core Insights - In September, the total electricity consumption reached 888.6 billion kWh, marking a year-on-year increase of 4.5% [2] - The secondary industry's electricity consumption was 570.5 billion kWh, with a year-on-year growth of 5.7%, indicating a significant rebound [2] - The third industry's electricity consumption in September was 176.5 billion kWh, showing a year-on-year increase of 6.3% [3] Group 1: Electricity Consumption Trends - The total electricity consumption for the third quarter increased by 5.1% year-on-year, with the secondary industry contributing 51.0% to this growth [2] - Industrial electricity consumption grew by 5.4% year-on-year in the third quarter, an increase of 2.3 percentage points from the second quarter [2] - Manufacturing electricity consumption rose by 5.2% year-on-year in the third quarter, up by 3.2 percentage points from the previous quarter [2] Group 2: Sector-Specific Growth - The rapid development of new energy vehicles and charging infrastructure has significantly boosted electricity consumption in the information transmission/software and IT services sectors, which grew by 18.3% and 11.7% respectively in the third quarter [3] - The internet and related services sector saw a remarkable year-on-year growth of 33.8% in electricity consumption during the third quarter [3] - The electric vehicle charging services sector experienced a staggering year-on-year increase of 49.6% in electricity consumption [3]

Core Viewpoint - Hanrui Cobalt Industry announced the convening of its fifth board meeting on October 22, 2025, to review the proposal for the third quarter report of 2025 [1] Company Summary - For the year 2024, Hanrui Cobalt's revenue composition is as follows: 96.19% from the non-ferrous metal industry, 2.73% from new energy battery materials, and 1.07% from other businesses [1] - As of the report, Hanrui Cobalt's market capitalization stands at 14.7 billion yuan [1]

Group 1 - The implementation of a package of incremental policies since September 26 last year has led to a steady recovery in both invoice sales and tax revenue, indicating a positive trend in the economy [1] - The capital market-related tax revenue has shown a high growth rate, with a year-on-year increase of 56.8% in capital market services tax, and a significant 110.5% increase in securities transaction stamp duty [2] - The manufacturing sector's tax revenue has increased by 5.4% year-on-year, contributing 31% to total tax revenue, with high-end manufacturing sectors like railway and aerospace showing a notable growth of 31.5% [2] Group 2 - The real estate sector has seen a narrowing decline in tax revenue, with a year-on-year decrease of 9.8%, reflecting the effectiveness of policies aimed at stabilizing the real estate market [3] - There has been a significant increase in the procurement of machinery and equipment by enterprises, with a 9.7% year-on-year growth, and high-tech manufacturing showing an 11.8% increase [3] - The steady growth in invoice data reflects an improving economic operation, gradual enhancement in corporate profitability, and sustained consumer vitality, supported by active capital market transactions [3]

Group 1: Report Industry Investment Rating - No relevant content found Group 2: Report's Core View - Overall, the prices of various non - ferrous metals are affected by factors such as trade situations, supply - demand relationships, and macro - economic policies. Different metals have different price trends and investment strategies [3][6][9][11][14][17][20][23][26][29] Group 3: Summary by Metal Copper - **Market Information**: Overnight, copper prices showed a trend of rising first and then falling. LME copper 3M contract closed down 0.21% to $10,576/ton, and SHFE copper main contract closed at 85,160 yuan/ton. LME copper inventory decreased by 450 to 138,350 tons, and the proportion of cancelled warrants declined. In the domestic market, SHFE copper warehouse receipts increased slightly, and spot premiums and trading volumes varied by region [2] - **Strategy View**: Trump's threat to significantly increase tariffs on China is uncertain. Fundamentally, overseas copper mine production cuts are expected to tighten copper supply in the next two years, and combined with a decrease in domestic refined copper production, the supply - demand relationship strongly supports prices. Short - term copper price decline may be limited. The reference operating range for SHFE copper main contract is 84,400 - 86,500 yuan/ton, and for LME copper 3M is $10,450 - $10,750/ton [3] Aluminum - **Market Information**: Aluminum prices oscillated and rebounded. LME aluminum 3M contract rose slightly by 0.18% to $2,744/ton, and SHFE aluminum main contract closed at 20,885 yuan/ton. SHFE aluminum weighted contract positions decreased slightly, and warehouse receipts increased. Domestic and overseas aluminum inventories changed, and market sentiment was still cautious [5] - **Strategy View**: The Sino - US trade situation is still uncertain. From an industrial perspective, with the increase in the domestic aluminum - water ratio, seasonal recovery of consumption, and strong exports, the pressure on aluminum ingot inventory accumulation is not large, and the downside space for aluminum prices is expected to be limited. The reference operating range for SHFE aluminum main contract is 20,740 - 21,050 yuan/ton, and for LME aluminum 3M is $2,720 - $2,770/ton [6] Lead - **Market Information**: On Wednesday, the SHFE lead index closed up 0.41% to 17,124 yuan/ton. There were changes in LME and SHFE lead inventories, and various price spreads and basis values were reported [8] - **Strategy View**: The visible inventory of lead ore has increased slightly, and the smelting start - up of primary lead has remained at a high level. The inventory of scrap lead has declined, and although the smelting start - up of recycled lead has increased, it remains at a low level, and lead ingot factory inventory has accumulated. Downstream battery enterprises' holiday time is less than in previous years, and industry data has improved marginally. On October 10, a large number of LME lead inventories were cancelled, increasing the structural risk of LME lead. It is expected that SHFE lead will run strongly in the short term [9] Zinc - **Market Information**: On Wednesday, the SHFE zinc index closed down 0.94% to 22,035 yuan/ton. There were changes in LME and SHFE zinc inventories, and various price spreads and basis values were reported. Domestic social inventory increased slightly [10] - **Strategy View**: During the holiday, domestic zinc smelting enterprises continued normal production, and most downstream zinc enterprises maintained normal production. LME zinc registered warrants are still at an absolute low level, and there is still a structural risk. After the zinc ingot export window opened, short - positions on the domestic market were closed, providing short - term support for SHFE zinc. It is expected that SHFE zinc will oscillate at a low level with increased risk fluctuations [11] Tin - **Market Information**: On October 15, 2025, the SHFE tin main contract closed at 281,710 yuan/ton, up 0.46% from the previous day. The supply of tin ore is tight due to slow resumption of production in Myanmar and crackdown on illegal mining in Indonesia. The smelting start - up rate of refined tin has decreased. Downstream demand is mixed, with some sectors booming and others dragging down demand. Although the traditional peak season has led to marginal improvement in consumption, high tin prices still restrain downstream consumption [13] - **Strategy View**: In the short term, Sino - US trade frictions may drive down market risk appetite, but the short - term tin supply - demand is in a tight balance state, and combined with the recovery of peak - season demand, tin prices may remain oscillating at a high level. It is recommended to wait and see. The reference operating range for the domestic main contract is 270,000 - 290,000 yuan/ton, and for overseas LME tin is $34,000 - $36,000/ton [14] Nickel - **Market Information**: On Wednesday, nickel prices oscillated. The SHFE nickel main contract closed at 121,180 yuan/ton, up 0.29% from the previous day. Spot market transactions were average, and the prices of nickel ore, nickel iron, and intermediate products were stable or slightly changed [15] - **Strategy View**: In the short term, Sino - US trade frictions may drive down market risk appetite, but since the previous increase in nickel prices was limited, the impact is relatively small. Recently, nickel iron prices have weakened, and refined nickel inventory pressure is still significant, which may drag down nickel prices. In the long term, US easing expectations, domestic anti - involution policies, and RKAB approval are expected to support nickel prices. It is recommended to wait and see in the short term, and consider buying on dips if the price drops enough. The reference operating range for SHFE nickel main contract is 115,000 - 128,000 yuan/ton, and for LME nickel 3M is $14,500 - $16,500/ton [17] Lithium Carbonate - **Market Information**: The Five - Mineral Steel Union lithium carbonate spot index (MMLC) closed down 0.12% to 72,927 yuan. The LC2601 contract closed at 72,940 yuan, up 0.25% from the previous day [19] - **Strategy View**: On Wednesday, the Guangzhou Futures Exchange lithium carbonate warehouse receipts decreased again, and inventory has been continuously reduced. If consumption remains strong and resonates with the macro - environment, it is expected to open up upward space for lithium prices. The short - term probability of strong oscillation is high. The reference operating range for the LC2601 contract is 71,880 - 75,280 yuan/ton [20] Alumina - **Market Information**: On October 15, 2025, the alumina index fell 0.25% to 2,805 yuan/ton. There were changes in positions, basis, overseas prices, and inventory [22] - **Strategy View**: Ore prices are supported in the short term but may be under pressure after the rainy season. The over - capacity pattern in the alumina smelting end is difficult to change in the short term, and the inventory accumulation trend continues. The opening of the import window may exacerbate the over - supply situation. However, the increasing expectation of the Fed's interest rate cut may drive the non - ferrous metal sector to run strongly. It is recommended to wait and see in the short term and wait for the resonance of macro - sentiment. The reference operating range for the domestic main contract AO2601 is 2,600 - 3,000 yuan/ton, and attention should be paid to supply - side policies, Guinea's ore policies, and the Fed's monetary policy [23] Stainless Steel - **Market Information**: On Wednesday, the stainless steel main contract closed at 12,560 yuan/ton, down 0.04%. Spot prices of different products changed slightly, and raw material prices were stable. Futures inventory decreased, and social inventory increased [25] - **Strategy View**: After the holiday, social inventory has significantly accumulated, but terminal consumption is flat, and the market does not show the characteristics of the traditional "Golden September and Silver October" peak season, which may be related to the pre - consumption caused by the concentrated delivery of previous orders. In the spot market, Qingshan - series products led the decline, driving other varieties to follow suit. Affected by pessimistic expectations, downstream risk - aversion sentiment is strong, and market trading is light. It is expected that the market trend will be weak [26] Cast Aluminum Alloy - **Market Information**: On Wednesday, the AD2511 contract rose 0.2% to 20,365 yuan/ton. There were changes in positions, trading volume, and warehouse receipts. The price of domestic mainstream ADC12 was stable, and the market trading atmosphere was average [28] - **Strategy View**: Market sentiment is fluctuating, and the delivery pressure on the near - month contract of cast aluminum alloy is still large, putting pressure on the price upside [29]

Core Insights - The high-quality development of the manufacturing sector is crucial for the overall high-quality economic development in China [1] - Tax reduction and fee exemption policies have significantly alleviated the financial burden on manufacturing enterprises, providing strong support for their development [3] Tax Policies and Financial Impact - From January to August this year, tax reduction and fee exemption policies, along with tax refunds, amounted to 1.2925 trillion yuan, directly benefiting the manufacturing sector [1] - Key policies include R&D expense deductions and a reduced corporate income tax rate of 15% for high-tech enterprises, which provided a total benefit of 485.7 billion yuan [1] - The advanced manufacturing, integrated circuit, and industrial mother machine sectors received a VAT offset benefit of 112 billion yuan, while other supportive policies contributed 694.8 billion yuan [1] Manufacturing Sector Performance - The manufacturing sector showed a positive growth trend in the first three quarters, with sales revenue increasing by 4.7% year-on-year, accounting for 29.8% of total sales revenue across all enterprises [1] - The equipment manufacturing sector experienced a sales revenue growth of 9%, with significant increases in specific areas such as computer communication equipment (13.5%) and industrial mother machines (11.8%) [2] - High-end manufacturing sectors, including new energy vehicles and aerospace, saw substantial tax revenue growth, with increases of 49.7% and 12% respectively [2] Transformation Trends - The intelligent transformation of the manufacturing sector is evident, with a 10.6% year-on-year increase in digital technology procurement, leading to a 23.6% growth in smart equipment manufacturing [2] - The green transformation is progressing, with high-energy-consuming manufacturing's revenue share decreasing by 1.4 percentage points year-on-year, and a 34% increase in procurement of energy-saving and environmental protection services [2]

Group 1: CPI Analysis - In September, CPI increased by 0.1% month-on-month, with a year-on-year decline narrowing from 0.4% to 0.3%[1] - Food prices rose by 0.7% month-on-month, while year-on-year they decreased by 4.4%, contributing approximately 0.83 percentage points to the CPI decline[1] - Core CPI remained flat month-on-month and increased by 1.0% year-on-year, marking the fifth consecutive month of growth[1] Group 2: PPI Analysis - In September, PPI remained flat month-on-month and the year-on-year decline narrowed to -2.3% from -2.9%[2] - Production demand improved, supporting price increases in some energy and raw material sectors[2] - The coal processing price rose by 3.8% month-on-month, while the prices for coal mining and washing increased by 2.5%[2] Group 3: Market Outlook - The improvement in CPI may continue into October due to tailwind factors, with a focus on the progress of pig production capacity reduction[2] - The real estate market remains weak, with property sales area and sales value down 4.7% and 7.3% year-on-year, respectively[2] - M1 growth has been rising, which is expected to support PPI improvement, although the overall PPI is unlikely to turn positive this year[2]

有色金属日报 2025-10-15 五矿期货早报 | 有色金属 铜 【行情资讯】 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 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 【策略观点】 中美贸易局势仍具有不确定性。产业上看国内铝水比例提升、消费季节性回暖和出口维持韧性的背景 下，铝锭累库压力不大，铝价下方空间预计不大。沪铝主力运行区间参考：20700-20980 元/吨；伦 铝 3M 运行区间参考：2700-2780 美元/吨。 有色金属小组 从业资格号：F03137504 0755-23375125 cheny40@wkqh.cn 中美贸易局势较为反复，有色金属冲高 ...

Report Summary 1. Industry Investment Rating No information provided. 2. Core View The report provides cross - market, cross - period, spot - futures, and cross - variety arbitrage tracking data for non - ferrous metals including copper, zinc, aluminum, lead, nickel, and tin on October 14, 2025, to help investors find potential arbitrage opportunities. 3. Summary by Directory Cross - Market Arbitrage Tracking - **Copper**: Domestic spot price is 85010, three - month price is 85120, LME three - month price is 10599, and the ratio is 8.02 [1]. - **Zinc**: Domestic spot price is 22200, three - month price is 22290, LME three - month price is 3014, and the ratio is 5.69 [1]. - **Aluminum**: Domestic spot price is 20800, three - month price is 20890, LME three - month price is 2755, and the ratio is 7.57 [1]. - **Nickel**: Domestic spot price is 123600, and the profit of spot import is - 1256.48 [1]. - **Lead**: Domestic spot price is 16925, three - month price is 17110, LME three - month price is 2007, and the ratio is 11.09 [3]. Cross - Period Arbitrage Tracking - **Copper**: The spreads between different months and the spot month are 120, 120, 80, 90 respectively, while the theoretical spreads are 527, 952, 1386, 1820 [4]. - **Zinc**: The spreads are 50, 85, 115, 135 respectively, and the theoretical spreads are 214, 334, 454, 574 [4]. - **Aluminum**: The spreads are 20, 25, 25, 30 respectively, and the theoretical spreads are 215, 332, 448, 564 [4]. - **Lead**: The spreads are - 5, 10, 5, 25 respectively, and the theoretical spreads are 211, 317, 424, 530 [4]. - **Nickel**: The spreads are 260, 430, 700, 880 respectively [4]. - **Tin**: The 5 - 1 spread is 80, and the theoretical spread is 5841 [4]. Spot - Futures Arbitrage Tracking - **Copper**: The spreads of the current - month and next - month contracts minus the spot are - 10 and 110 respectively, and the theoretical spreads are 98 and 585 [4]. - **Zinc**: The spreads are 5 and 55 respectively, and the theoretical spreads are 82 and 211 [4]. - **Lead**: The spreads are 175 and 170 respectively, and the theoretical spreads are 105 and 218 [5]. Cross - Variety Arbitrage Tracking - The ratios of copper/zinc, copper/aluminum, copper/lead, aluminum/zinc, aluminum/lead, and lead/zinc in Shanghai (three - continuous contracts) are 3.82, 4.07, 4.97, 0.94, 1.22, 0.77 respectively [5].

Company Summary - Xiyeg股份 announced on October 10 that as of September 30, 2025, it has repurchased a total of 370,000 shares through a dedicated securities account via centralized bidding, accounting for 0.0225% of the company's total share capital [1] - The highest transaction price for the repurchased shares was 19.96 CNY per share, while the lowest was 17.74 CNY per share, with a total transaction amount of approximately 7.01 million CNY [1] - For the first half of 2025, Xiyeg股份 reported that 99.68% of its revenue came from the non-ferrous metal industry, with other businesses contributing 0.32% [1] - As of the report date, the market capitalization of Xiyeg股份 is 41.6 billion CNY [1] Industry Overview - The non-ferrous metal industry remains a significant revenue driver for Xiyeg股份, indicating a strong focus on this sector [1]