投资咨询业务资格：证监许可【2012】31号 【有色金属周报】 美元指数回落，有色板块反弹 国贸期货 有色金属研究中心 2025-8-11 分析师：方富强 从业资格证号：F3043701 投资咨询证号：Z0015300 分析师：谢灵 从业资格证号：F3040017 投资咨询证号：Z0015788 助理分析师：陈宇森 从业资格证号：F03123927 助理分析师：林静妍 从业资格证号：F03131200 本报告非期货交易咨询业务项下服务，其中的观点和信息仅供参考，不构成任何投资建议；期市有风险，投资需谨慎 目录 01 有色金属价格监测 02 铜（CU） 03 锌（ZN） 04 镍（NI） 不锈钢（SS) 01 PART ONE 有色金属价格监测 有色金属价格监测 有色金属收盘价格监控 | 有色金属价格监测 | | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | | | 有色金属收盘价格监控 | | | | | | | 品 种 | 单 位 | 现 值 | ...

Report Industry Investment Rating No relevant content provided. Core Viewpoints - The overall view on copper prices is bullish, and attention can be paid to the opportunity of long domestic and short overseas positions in the remaining time of the third quarter [1]. - For aluminum, in the short - term, hold at low prices under the low - inventory pattern, and pay attention to far - month inter - month and long domestic and short overseas positions; in the long - term, the domestic supply elasticity decreases, and the overseas supply is the main variable, so pay attention to the actual demand [2]. - For zinc, in the short - term, it shows a pattern of strong overseas and weak domestic, so it is recommended to wait and see and focus on the sustainability of commodity sentiment; the long overseas and short domestic positions can continue to be held, and attention can be paid to the opportunity of inter - month long positions [5]. - For nickel, continue to pay attention to the opportunity of narrowing the nickel - stainless steel price ratio [8]. - For stainless steel, the fundamentals are generally weak, and in the short - term, it follows the anti - involution expectation, so pay attention to the later policy direction [11]. - For lead, it is expected that battery factories will replenish stocks next week, and the center of lead prices will rise [12]. - For tin, it is recommended to short lightly at high prices in the short - term [13]. - For industrial silicon, in the short - term, the supply and demand in August have turned to a balanced state, and in the long - term, it is expected to fluctuate at the cycle bottom [16]. - For lithium carbonate, in the short - term, the price has a large upward elasticity, and in the long - term, if the resource - end disturbance risk is resolved, the price will still fluctuate at the low - level bottom [18]. Summary by Metal Copper - In the first half of the week, copper prices were supported around 78,000 yuan, and downstream pricing and stockpiling improved. In the second half of the week, with the decline of the US dollar index and the increase of overseas interest - rate cut expectations, copper prices were strong, trying to break through 79,000 yuan on Friday night [1]. - The downstream start - up and demand have support, the scrap - refined substitution effect works, the copper inventory accumulation trend is not strong, and there is no substantial negative in the overseas macro - level [1]. Aluminum - Supply increased slightly from January to May due to aluminum ingot imports. In August, demand is in the seasonal off - season, with weak aluminum product exports, a decline in the photovoltaic sector, and some downstream production cuts. Overseas demand has declined significantly [2]. - In August, inventory is expected to continue to increase slightly. Supply increase is limited, demand is acceptable, and aluminum ingot inventory accumulation is small. Pay attention to the relaxation of the trade war [2]. Zinc - This week, zinc prices fluctuated widely. On the supply side, the domestic TC has difficulty rising, and some scattered orders have decreased, while the imported TC is rising slowly. In August, the smelting increment is further realized [5]. - On the demand side, domestic demand is seasonally weak, and most spot markets except Shanghai have turned to discounts. Overseas, European demand is average, and some smelters face production resistance due to processing fees, with a slight increase in the spot premium [5]. - Domestic social inventory is rising, and overseas LME inventory is declining rapidly, approaching the lowest level in nearly two years [5]. Nickel - On the supply side, the output of pure nickel remains at a high level. On the demand side, it is generally weak, and the premium has been stable recently. On the inventory side, the nickel plate inventory in both domestic and overseas markets remains stable [8]. - The short - term fundamentals are average, and the macro - level is mainly about the game of anti - involution policies [8]. Stainless Steel - On the supply side, some steel mills have passively reduced production, and some in the north are affected by the military parade. On the demand side, it is mainly for rigid demand, and some inventory replenishment has increased due to the macro - environment [11]. - The prices of nickel iron and chrome iron remain stable. The inventory in Xijiao and Foshan has decreased slightly, and the exchange warehouse receipts remain stable [11]. Lead - This week, lead prices fell. On the supply side, the scrap volume is weak year - on - year, the waste batteries are in short supply due to the expansion of recycling plants, and the recycled lead maintains low - level operation. The concentrate supply has tightened, and the TC quotation is falling [12]. - On the demand side, the battery finished - product inventory is high, the battery start - up rate has increased slightly, and the market's expectation of the peak season has declined. The terminal consumption inventory reduction and lead ingot procurement are weak [12]. - The exchange inventory has reached a high of 70,000 tons, the recycled lead is holding prices, the refined - scrap price difference is +25, and the lead ingot spot is at a discount of 20, mainly for long - term contract supply [12]. Tin - This week, tin prices fluctuated widely. On the supply side, the processing fee of tin ore is at a low level, some domestic smelters have reduced production and are about to enter the maintenance period. Overseas, there are signals of复产 in Wa State, but the recruitment is difficult, and the specific quantity depends on the August arrival [13]. - On the demand side, the demand for solder is inelastic, and the growth of terminal electronics and photovoltaic is expected to decline. Domestic inventory is rising, and overseas LME inventory is at a low level with the risk of a short squeeze [13]. - The supply of small - brand tin ingots is tight, and the exchange inventory is mainly high - priced Yun - brand tin, with low downstream提货 willingness [13]. Industrial Silicon - In the short - term, the resumption of production in Southwest China and Hesheng is stable, and the supply and demand in August have turned to a balanced state. If either reaches full production, the balance will quickly turn to surplus [16]. - In the long - term, the industrial silicon production capacity is still in serious surplus, the operating rate is low, and the price is expected to fluctuate at the cycle bottom [16]. Lithium Carbonate - Currently, the core contradiction of lithium carbonate is the long - term over - capacity and the short - term resource - end compliance disturbance [18]. - With the approaching of the downstream peak season, the monthly balance has turned to continuous inventory reduction after the production reduction of the smelter corresponding to CATL's mine, and the mine shutdown indicates strong policy strength, so the short - term price has large upward elasticity [18]. - In the long - term, if the resource - end risk is resolved, the over - capacity pattern remains, and the price will continue to fluctuate at the low - level bottom [18].

Inflation Data Summary - July CPI year-on-year growth is 0%, exceeding the expected -0.1% and matching the previous month's 0.1%[1] - July CPI month-on-month growth is 0.4%, up from -0.1% in the previous month and down from 0.5% year-on-year[1] - Core CPI year-on-year growth is 0.8%, slightly above the previous value of 0.7%[1] PPI Analysis - July PPI year-on-year decline is -3.6%, worse than the expected -3.4% and unchanged from the previous month[1] - PPI month-on-month change is -0.2%, an improvement from -0.4% in the previous month[1] - The decline in PPI is primarily driven by weak demand, with upstream industry price declines narrowing more significantly[2] Sector Contributions - Service and industrial consumer goods support CPI growth, contributing over 60% to the total CPI increase[2] - Food prices decreased by 0.2%, underperforming compared to the seasonal average decline of 0.7%[2] - Upstream industries like coal mining and black metal smelting show reduced price declines, indicating some recovery in these sectors[3] Future Outlook - To achieve a positive year-on-year PPI by year-end, the average month-on-month growth over the next five months needs to reach at least 0.42%[3] - The "anti-involution" policy effects are beginning to show, but full transmission may take time[3] - The current inflation data suggests a moderate environment, supporting a loose monetary policy stance[3]

Core Viewpoint - The company is announcing the expiration of its employee stock ownership plan, which is set to end on February 10, 2026, and is providing details regarding the plan's implementation and future arrangements [2][4]. Summary by Sections Employee Stock Ownership Plan Overview - The employee stock ownership plan was approved during board meetings on August 18, 2021, and September 8, 2021, allowing the company to implement the 2021 employee stock ownership plan [1]. - The plan has resulted in the purchase of 5.0761 million shares at an average price of 11.40 yuan per share, totaling approximately 57.84 million yuan, which represents 0.44% of the company's total share capital [2]. Arrangements Before Expiration - Upon expiration of the employee stock ownership plan, all shares must be sold within 12 months, unless extended by a meeting of holders and the board's approval [2]. - Specific regulations govern the sale of shares, including restrictions during certain periods such as 30 days before regular reports and 10 days before performance forecasts [3]. Plan Duration, Changes, and Termination - The plan has a duration of 48 months from the date the shares are registered under the plan [3]. - The plan can be extended with the approval of the holders and the board [3]. - If the plan's assets are entirely in cash at the end of the lock-up period, it may be terminated early upon agreement by the holders [4]. - Any changes to the plan require a two-thirds majority approval from the holders and board review [4]. Additional Information - The company will continue to monitor the implementation of the employee stock ownership plan and fulfill its disclosure obligations as required by law [4].

Core Viewpoint - Baiyin Nonferrous (601212.SH) announced that its subsidiaries were subject to a tax audit by the Gansu Provincial Taxation Bureau, resulting in a total tax and late fee payment of 8.9848 million yuan, which will impact the company's 2025 profit [1] Group 1: Tax Audit and Financial Impact - The tax audit was conducted on Baiyin Nonferrous's subsidiaries, including Baiyin Nonferrous Northwest Copper Processing Co., Ltd., Baiyin Nonferrous Changtong Wire and Cable Co., Ltd., and Baiyin Nonferrous Honglu Resource Comprehensive Utilization Technology Co., Ltd. [1] - The total amount paid includes 6.2258 million yuan in taxes and 2.759 million yuan in late fees [1] - The payment of taxes and late fees will reduce the company's total profit for 2025 by approximately 8.4 million yuan, with the final impact to be confirmed in the audited financial statements for that year [1]

专题：专题|2024年度A股CFO数据报告：美的集团钟铮年薪946万，比亚迪周亚琳896万 炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 作为上市公司核心管理层关键成员，财务总监CFO的地位与作用至关重要。新浪财经《2024年度A股 CFO数据报告》显示，2024年A股上市公司财务总监（CFO）群体薪酬规模合计达42.70亿元，平均年薪 为81.48万元。 在葫芦岛锌业股份的财务室，60岁的张俊廷正演绎着传统工业最沉默的坚守。2024年，这位最高龄梯队 的大专学历财务总监年薪定格在62.04万元，与A股CFO平均薪酬（81.48万元）相差24%。更引人注目的 是，2021-2024连续4年薪酬62万元保持不变的罕见记录——当公司归母净利暴跌76%，这位有色行业老 将以日薪2481.6元（时薪310元）的代价，为156亿营收筑起财务防线。 | 截止日期 | | 2020-12-31 | 2021-12-31 | 2022-12-31 | 2023-12-31 | 2024-12-31 | | --- | --- | --- | --- | --- | --- | --- | | 报告 ...

| 华东电力与漆包线用精铜杆日度加工费较上周升高，使中国精铜杯（再生铜杆）产能开工率较上周升高（升高），精钢杯企业原料（成品）库存量 | | | --- | --- | | 较上周增加〈增加〉，再生铜桥企业原料〈成品〉库存量较上周城少〈增加〉，中国铜电线电缆产能升工率较上周下降，中国铜电线电缆企业原料 | | | （成品）库存量较上周减少〈增加〉；中国铜液包线接单量〈产能开工卒〉较上周增加（升高〉，中国漆包线企业原料(成品)库存天数较上周减 | | | 少〈減少〉；中国铜板带产能汗工率《生产量》较上周升高〈增加〉，中国铜板带企业境科〈成品〕库存天数较上周减少〈减少〉；中国铜管产能 | | | 开工率较上周下降，中国铜管企业原料（成品）库存天数较上周持平（增加）;中国黄铜棒产能开工率较上周下降,中国黄铜棒企业历料(成品) | | | 库存天数较上周减少〈減少〉；中美互征关税缓和和传统消费淡季交织，或使国内8月铜材企业产能开工率〈生产量、进口量，出口量〉环比下降 | | | 投资策略 | 〈増加、减少、减少〉，具体而言:电解铜制杯、铜板带（新能源汽车及电力和高端电子需求向好，但家电与光伏需求疲软）、铜箔〈动力与储 ...

Group 1: Report Industry Investment Rating - No information provided Group 2: Core Viewpoints of the Report - The non - ferrous metals industry is influenced by macro - economic factors such as global GDP growth, China's economic trends, and the Fed's monetary policy. The industry shows strong cyclicality, and there are opportunities and challenges in different segments like gold and copper [14][24][30] - The industry is experiencing several development trends, including digital transformation, globalization of resource allocation, and safety upgrades [65][70][75] - The performance of benchmark non - ferrous metal enterprises has generally improved, with growth in revenue, profit, and efficiency indicators [84][88] Group 3: Summaries by Relevant Catalogs 3.1 Macro - economic Analysis - Global GDP growth was about 3.9% in 2024, with the top ten countries accounting for 45% and a weighted growth rate of 4%. In 2025Q1, China's economy maintained rapid growth, and the full - year outlook is positive, providing a core driving force for industrial demand [11] - In 2025, the global GDP is expected to continue growing, but the growth rate may slow down. China's local governments are confident in economic growth, with most provincial GDP targets set above 5% [14] - China's CPI showed a mild decline in June 2025, but there are positive signals. The PPI of non - ferrous metal mining and smelting industries maintained positive year - on - year growth [18] - In 2025, China's manufacturing and infrastructure investment maintained growth, while real estate investment declined. High - tech manufacturing and infrastructure investment in areas like water conservancy and transportation are strong [21] - The Fed's expected interest rate cuts in the second half of 2024 led to a rise in non - ferrous metal prices, especially gold, which had a significant annual increase [24] 3.2 Industry Competition Pattern - Non - ferrous metals are basic materials for the national economy, and China has a wide variety of non - ferrous metal mineral resources. The industry is at the upstream of the manufacturing chain and is highly cyclical [25][27] - In 2024, the non - ferrous metal industry in China had good development, with total revenue of 9.0 trillion yuan and a profit of 423.9 billion yuan, both increasing by 14% year - on - year [32] - The production of ten non - ferrous metals in China reached 7,919 tons in 2024, a record high, and is expected to reach 100 million tons in 2026, with aluminum accounting for 56% [38] - The concentration of the non - ferrous metal industry is increasing, with the CR5 of listed companies' revenue and net profit rising to 45% and 49% respectively [42] 3.3 Development Trend Prediction - The digital transformation of the non - ferrous metal industry is promoted by policies, aiming to cultivate more than 15 digital transformation benchmark factories by 2026 [65] - Chinese non - ferrous metal enterprises are accelerating the "going - out" strategy, extending the industrial chain overseas from "mining" to "smelting" [70] - With the rise in metal prices, the industry's production capacity is being released. However, deep - mining safety risks are increasing, and new regulations are promoting enterprise safety standardization [75] 3.4 Industry Organization Efficiency Analysis - The "Five - Efficiency" analysis model is used to analyze the organizational efficiency of non - ferrous metal enterprises from five dimensions: human efficiency, yuan efficiency, cost efficiency, asset efficiency, and market efficiency [82] - The performance of benchmark enterprises has generally improved, with revenue and net profit increasing by 25% and 52% respectively in 2024 [84] - In terms of human efficiency, per - capita revenue and per - capita net profit increased by 23% and 46% respectively year - on - year, and the 3 - year CAGR was 12% and 25% respectively [88] - In terms of yuan efficiency, the labor cost efficiency of benchmark enterprises continued to improve, and there was a gradient differentiation pattern among enterprises [95] - In terms of cost efficiency, the gross profit margin and net profit margin of benchmark enterprises increased by 30% and 27% respectively year - on - year [101]

关注后期政策走向。 铅 ： 日期 现货升贴水 上海河南价差 上海广东价差 1#再生铅价差 社会库存 上期所库存 2025/07/31 -145 0 -75 -25 7 63254 2025/08/01 -150 0 -75 -50 - 63283 2025/08/04 -150 25 -25 -25 7 63283 2025/08/05 -155 25 -75 0 - 63283 2025/08/06 -160 -25 -50 -25 - 63283 变化 -5 -50 25 -25 - 0 日期 现货进口收益 期货进口收益 保税库premium LME C-3M LME库存 LME注销仓单 2025/07/31 -525.73 -630.66 105 -41 276500 72350 2025/08/01 -549.50 -540.50 105 -41 275325 73900 2025/08/04 -367.60 -557.42 105 -48 274225 72525 2025/08/05 -486.97 -513.99 105 -42 272975 71275 2025/08/06 -567.51 - ...

证券代码：002996 证券简称：顺博合金 公告编号：2025-057 债券代码：127068 债券简称：顺博转债 重庆顺博铝合金股份有限公司 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。 重庆顺博铝合金股份有限公司（以下简称"公司"）于2025年8月 募集资金进行现金管理的议案》，具体情况如下： 一、募集资金基本情况 经中国证券监督管理委员会《关于核准重庆顺博铝合金股份有限 公司公开发行可转换公司债券的批复》(证监许可〔2022〕1467号)的 核准，本公司向社会公开发行面值总额83,000万元可转换公司债券， 每张面值为人民币100元，发行数量为830万张，期限6年。扣除各项发 行费用11,049,122.64元后，实际募集资金净额为818,950,877.36元。 上述募集资金经众华会计师事务所（特殊普通合伙）验证，并于2022 年08月19日出具了众会字〔2022〕第07698号《验资报告》。公司已对 募集资金实行了专户存储，并与开户行、国海证券股份有限公司签订 了募集资金三方监管协议。 二、募集资金投资项目基本情况 根据可转债募集资金使用计划的安排 ...