格隆汇10月17日丨锌业股份(000751.SZ)公布，公司拟将部分资产租赁给公司关联方葫芦岛合申科技有 限公司，双方签署了《土地厂房租赁合同》，租赁期限自2025年10月1日至2030年9月30日，共计5年， 租金为200万元/年。 ...

格隆汇10月17日丨锌业股份(000751.SZ)公布，公司拟将部分资产租赁给公司关联方葫芦岛合申科技有 限公司，双方签署了《土地厂房租赁合同》，租赁期限自2025年10月1日至2030年9月30日，共计5年， 租金为200万元/年。 ...

Core Viewpoint - The Hong Kong stock market is expected to experience a "first decline, then rise" trend in the fourth quarter, with short-term fluctuations due to a lack of incremental positive factors, but potential upward support from easing tariff issues, new economic policies, and expectations of U.S. Federal Reserve interest rate cuts [1][2] Group 1: Market Outlook - Short-term fluctuations in the Hong Kong stock market are anticipated due to a lack of new positive factors [1] - Marginal positive factors expected to accumulate include: 1) Continuous innovation breakthroughs in China's technology sector; 2) Low probability of high tariffs being implemented, leading to potential easing of China-U.S. tariff issues; 3) Discussions on the "15th Five-Year Plan" at the Fourth Plenary Session, boosting risk appetite; 4) Ongoing strengthening of expectations for U.S. Federal Reserve interest rate cuts [1] - In the medium to long term, a "dual easing" policy from China and the U.S. is expected to drive continuous capital inflow, improving fundamentals and profit expectations, leading to a slow bull trend in the Hong Kong stock market [1] Group 2: Investment Focus - The "four offensive" sectors include: 1) Non-ferrous metals driven by U.S. dollar depreciation, low interest rates, and liquidity; 2) Technology stocks benefiting from rapid advancements in AI and high demand in new industries; 3) Power sector focusing on themes like controllable nuclear fusion and equipment exports; 4) Insurance sector with improved equity investment returns due to rising stock markets [2] - The "two bottom warehouse" strategy is suitable for long-term investment and risk aversion, focusing on: 1) "Dilemma reversal" strategy in essential consumption sectors showing initial supply-demand turning points; 2) High dividend strategy with a stable dividend yield of 6.29% in the Hang Seng High Dividend Yield Index, driven by increasing demand for "fixed income+" products [2]

季度策略报告 2025 年 10 月 17 日 多空并存，锌价区间整理 报告摘要： 逻辑分析： 分析师：祁玉蓉 | 从业资格证号：F03100031 | | --- | | 投资咨询证号：Z0021060 | | 研究所 | | 金属期货（期权）研究室 | | TEL： 010-8229 5006 | | Email： qiyurong@swhysc.com | 相关图表 相关报告： 《宏源期货有色金属年报_锌：矿端供给 偏紧，锌价重心或上移 20231215》 《宏源锌季报：原料偏紧支撑锌价，关注 上方宏观扰动 20240329》 《宏源期货有色金属半年报_锌：原料偏 紧难有较大改善，锌价下方支撑较强 20240625》 《宏源期货有色金属季报_锌：短期原料 支撑依旧，关注宏观方向变动》 《宏源期货有色金属年报_锌：原料偏紧 或将改善》 《宏源期货有色金属季报_锌：宏微观背 离，锌价重心下移 20250401》 《宏源期货有色金属半年报_锌：偏弱预 期不改，重心或下移 20250630》 期货（期权）研究报告 行情回顾： 国内现货：截至 9 月 30 日， SMM1#锌锭平均价 21,760 元/吨， 较 ...

Domestic Market Overview - The domestic market experienced a contraction in trading volume with mixed performance on October 16, 2025. The Shanghai Composite Index closed at 3916.23 points, up 0.1%, while the Shenzhen Component Index closed at 13086.41 points, down 0.25%. The STAR Market 50 Index fell by 0.94%, and the ChiNext Index rose by 0.38%. The total trading volume of the A-share market was 1.9487 trillion yuan, continuing to decline from the previous day [1][8][4]. - Among the 30 first-level industries classified by CITIC, 8 industries saw an increase, with coal, banking, and food and beverage sectors leading the gains. Conversely, the steel, non-ferrous metals, and comprehensive sectors experienced significant declines [1][8]. Overseas Market Overview - On the same day, the three major U.S. stock indices all closed lower, with the Dow Jones falling by 0.65%, the S&P 500 down by 0.63%, and the Nasdaq decreasing by 0.47%. Major tech stocks also saw declines, with VISA dropping over 3% and Tesla falling more than 1% [2][4]. Key News Highlights - The 2025 World Intelligent Connected Vehicle Conference opened today, focusing on new trends and developments in the global intelligent connected vehicle industry [12]. - A report indicated that China's ice and snow industry is expected to exceed 1 trillion yuan, reaching 1005.3 billion yuan by 2025, driven by upcoming large-scale winter sports events [15]. - The "Linglong No. 1" global first modular small reactor successfully completed its cold test, laying a solid foundation for future operations [17].

1. Report Industry Investment Rating No information provided. 2. Core View of the Report - Short - term copper prices may remain strong around 85,000. The core drivers are supply contraction and macro - hedging demand. Supply - side production cuts in multiple mines intensify long - term shortage expectations, but demand - side declines in the refined copper rod operating rate and concerns about AI demand suppress price elasticity. Macroscopically, the increasing expectation of the Fed's interest rate cut may support prices through a weaker dollar, but market caution about the economic outlook persists [3]. 3. Summary by Relevant Catalogs 3.1 Daily Market Summary 3.1.1 Copper Futures Market Data Change Analysis - **Main Contract and Basis**: On October 16, the SHFE copper price closed at 84,980 yuan/ton, down 0.46% from the previous day and 390 yuan lower than on October 10. The spot premium and discount weakened overall. The discount of premium copper narrowed to 100 yuan/ton, the discount of flat - copper dropped to 40 yuan/ton, and the discount of wet - process copper widened to - 35 yuan/ton, indicating weak spot demand. The LME 0 - 3 month premium fell from 54.87 dollars/ton to 27.94 dollars/ton, showing a contraction in overseas spot premiums [1]. - **Position and Trading Volume**: The LME copper position decreased by 2,953 lots to 320,194 lots on October 15, and market trading activity cooled. Domestic SHFE inventories declined for two consecutive weeks, with a 900 - ton decrease on October 16 to 137,000 tons, but COMEX inventories increased slightly by 955 short tons to 343,000 short tons [1]. 3.1.2 Analysis of Industrial Chain Supply - Demand and Inventory Changes - **Supply Side**: Mine - end disturbances intensified. In August, the output of the El Teniente copper mine under Chile's Codelco decreased by 25% year - on - year to 93,400 tons, and the output of the Collahuasi mine decreased by 27%. Teck Resources lowered the 2025 output forecast of the Quebrada Blanca mine to 170,000 - 190,000 tons. Freeport's Grasberg copper mine declared force majeure due to a mudslide, and the 2026 output may be cut by 35%. Although BHP plans to restart four copper mines in the US, short - term new production capacity is limited, and the tailings re - processing cycle is long [2]. - **Demand Side**: Downstream demand is under significant pressure. The expected operating rate of refined copper rod enterprises in October will drop by 6.95 percentage points to 63.35% compared to the previous month, mainly due to high copper prices suppressing提货意愿 and post - holiday finished product inventory backlogs. Demand in traditional fields such as power and construction is flat, and concerns about the slowdown of AI - related demand are rising, further suppressing market sentiment [2]. - **Inventory Side**: Global visible inventories are differentiated. LME inventories decreased by 125 tons on October 16 to 44,400 tons but are still at a high level this year. SHFE inventories have been destocked for two consecutive weeks to 137,000 tons, while COMEX inventories have slightly accumulated, reflecting weak overseas demand [2]. 3.2 Industrial Chain Price Monitoring | Data Index | 2025 - 10 - 16 | 2025 - 10 - 15 | 2025 - 10 - 10 | Change | Change Rate | Unit | | --- | --- | --- | --- | --- | --- | --- | | SMM:1 Copper | 85,450 | 85,590 | 86,070 | - 140 | - 0.16% | yuan/ton | | Premium Copper (Spot Premium/Discount) | 100 | 130 | 100 | - 30 | - 23.08% | yuan/ton | | Flat - Copper (Spot Premium/Discount) | 40 | 70 | 20 | - 30 | - 42.86% | yuan/ton | | Wet - Process Copper (Spot Premium/Discount) | - 35 | 0 | - 45 | - 35 | - | yuan/ton | | LME (0 - 3) | - | 28 | 55 | - | - | dollars/ton | | SHFE Price | 84,980 | 85,370 | 85,320 | - 390 | - 0.46% | yuan/ton | | LME Price | - | 10,576 | 10,585 | - | - | dollars/ton | | LME Inventory | 44,406 | 44,531 | 36,295 | - 125 | - 0.28% | tons | | SHFE Inventory | 137,450 | 138,350 | 138,800 | - 900 | - 0.65% | tons | | COMEX Inventory | - | 343,235 | 342,280 | - | - | short tons | [5] 3.3 Industry Dynamics and Interpretations - On October 16, BHP is considering reopening four long - closed copper mines in Arizona, USA. The potential restart plan will focus on the Globe–Miami area, and BHP also plans to re - process tailings from closed operations there [6]. - On October 16, Yukon Metals detected multiple stacked skarn zones containing copper - gold mineralization in the first drill hole of its Birch copper - gold project [6]. - On October 16, Japan, Spain, and South Korea jointly stated that the processing fees (TC/RC) for copper concentrates are continuously falling, seriously eroding the profitability of smelters [6]. - On October 16, the output of the Collahuasi mine, a joint venture between Anglo American and Glencore, also decreased by 27%. Both companies lowered their 2025 - 2026 production targets. Meanwhile, Teck Resources lowered its 2025 output forecast for the Quebrada Blanca mine to 170,000 - 190,000 tons, far lower than the previous guidance [6]. - On October 16, after a fatal accident at the El Teniente copper mine, the largest underground copper mine of state - owned miner Codelco in Chile, the output in August decreased by 25% year - on - year, falling to the lowest level in 20 years at 93,400 tons [6]. 3.4 Industrial Chain Data Charts The report includes charts such as China PMI, US PMI, US employment situation, US interest rate and LME copper price correlation, dollar index and LME copper price correlation, TC processing fees, CFTC copper position situation, LME copper various net long position analysis, Shanghai copper warrant volume, LME copper inventory change, COMEX copper inventory change, and SMM social inventory [7][11][12][14][16][19][21][25][26][29].

Core Viewpoint - The A-share market experienced a decline today, with the Shanghai Composite Index dropping by 1.39% and trading volume decreasing by 4.76% compared to the previous trading day [1] Industry Performance Summary - **Coal**: Slight increase of 0.12% with a transaction amount of 165.48 billion yuan, led by Antai Group which rose by 10.00% [1] - **Banking**: Minor decrease of 0.04% with a transaction amount of 302.99 billion yuan, led by Shanghai Bank which fell by 0.83% [1] - **Steel**: Decrease of 0.09% with a transaction amount of 133.07 billion yuan, led by Wujin Stainless Steel which dropped by 7.73% [1] - **Transportation**: Decrease of 0.11% with a transaction amount of 258.60 billion yuan, led by Pulutong which fell by 3.36% [1] - **Textiles and Apparel**: Decrease of 0.25% with a transaction amount of 119.79 billion yuan, led by Yingfeng Shares which dropped by 9.99% [1] - **Oil and Petrochemicals**: Decrease of 0.29% with a transaction amount of 83.04 billion yuan, led by Compton which fell by 3.19% [1] - **Agriculture, Forestry, Animal Husbandry, and Fishery**: Decrease of 0.45% with a transaction amount of 139.82 billion yuan, led by Aonong Biological which dropped by 4.66% [1] - **Real Estate**: Decrease of 0.52% with a transaction amount of 213.60 billion yuan, led by Wolong New Energy which fell by 7.80% [1] - **Utilities**: Decrease of 0.52% with a transaction amount of 302.04 billion yuan, led by *ST Lingda which dropped by 13.20% [1] - **Construction and Decoration**: Decrease of 0.75% with a transaction amount of 278.81 billion yuan, led by Kexin Development which fell by 8.15% [1] - **Home Appliances**: Decrease of 0.79% with a transaction amount of 217.37 billion yuan, led by Greer which dropped by 6.72% [1] - **Food and Beverage**: Decrease of 0.86% with a transaction amount of 194.67 billion yuan, led by Huaiqi Mountain which fell by 6.44% [1] - **Environmental Protection**: Decrease of 0.92% with a transaction amount of 140.79 billion yuan, led by Science which dropped by 6.68% [1] - **Retail**: Decrease of 0.97% with a transaction amount of 173.43 billion yuan, led by Ruoyu Chen which fell by 9.98% [1] - **Social Services**: Decrease of 1.07% with a transaction amount of 89.87 billion yuan, led by Chuangye Heima which dropped by 5.28% [1] - **Light Industry Manufacturing**: Decrease of 1.12% with a transaction amount of 135.66 billion yuan, led by Songyang Resources which fell by 10.02% [1] - **Pharmaceuticals and Biology**: Decrease of 1.16% with a transaction amount of 845.22 billion yuan, led by Warner Pharmaceuticals which dropped by 7.67% [1] - **Basic Chemicals**: Decrease of 1.21% with a transaction amount of 618.91 billion yuan, led by Xinong Shares which fell by 8.88% [1] - **Non-ferrous Metals**: Decrease of 1.24% with a transaction amount of 1149.11 billion yuan, led by Galaxy Magnetics which dropped by 7.14% [1] - **Telecommunications**: Decrease of 1.28% with a transaction amount of 806.90 billion yuan, led by Shijia Photon which fell by 17.59% [1] - **Non-bank Financials**: Decrease of 1.39% with a transaction amount of 491.74 billion yuan, led by Hainan Huatie which dropped by 6.17% [1] - **Building Materials**: Decrease of 1.66% with a transaction amount of 94.02 billion yuan, led by Yaopi Glass which fell by 7.82% [1] - **Media**: Decrease of 1.68% with a transaction amount of 263.96 billion yuan, led by Vision China which dropped by 9.93% [1] - **Beauty and Personal Care**: Decrease of 1.76% with a transaction amount of 33.94 billion yuan, led by Baiya Shares which fell by 4.98% [1] - **Computers**: Decrease of 2.38% with a transaction amount of 1005.18 billion yuan, led by Kaipu Cloud which dropped by 11.94% [1] - **Comprehensive**: Decrease of 2.42% with a transaction amount of 27.84 billion yuan, led by Dongyangguang which fell by 4.70% [1] - **Defense and Military Industry**: Decrease of 2.55% with a transaction amount of 387.73 billion yuan, led by Hangyu Technology which dropped by 8.38% [1] - **Machinery and Equipment**: Decrease of 2.68% with a transaction amount of 940.87 billion yuan, led by Yingweike which fell by 10.00% [1] - **Automobiles**: Decrease of 2.69% with a transaction amount of 775.95 billion yuan, led by Tianpu Shares which dropped by 10.00% [1] - **Electronics**: Decrease of 3.19% with a transaction amount of 2631.19 billion yuan, led by Nanya New Materials which fell by 16.26% [1] - **Electric Power Equipment**: Decrease of 3.79% with a transaction amount of 1881.52 billion yuan, led by Shenghong Shares which dropped by 11.80% [1]

FICC日报 | 2025-10-17 权重托底，上证50反弹 市场分析 关注中美关系。中美关系上，商务部召开例行新闻发布会，回应多个热点问题。就中美近期是否举行新一轮经贸 会谈，中方对于相互尊重基础上的平等磋商持开放态度。对于中国的稀土出口管制措施，中方将在实施过程中不 断优化许可流程，有效促进合规贸易。同时，商务部将适时推出新的稳外贸政策。美国财长表示，如果中国停止 实施严格的稀土出口管制计划，美国或许将延长对华加征关税的三个月豁免期限，并表示美国总统特朗普准备在 不久的将来与中国领导人会晤。 指数收红。现货市场，A股三大指数震荡收红，沪指涨0.10%收于3916.23点，创业板指涨0.38%。行业方面，板块 指数跌多涨少，煤炭、银行、食品饮料行业领涨，钢铁、有色金属、建筑材料、基础化工行业收跌。当日沪深两 市成交金额跌破2万亿至1.93万亿元。海外方面，美国三大股指全线收跌，道指跌0.65%报45952.24点。 IH增仓。期货市场，基差方面，今日当月合约交割，基差趋于收敛。成交持仓方面，IH的成交量和持仓量同步上 升。 策略 中美关系当前仍处于博弈阶段，关注月底领导人会谈。市场层面，资金积极托底权重股 ...

国 泰 君 安 期 货 研 究 所 2025年10月17日 国泰君安期货商品研究晨报-绿色金融与新能源 观点与策略 | 镍：宏观情绪转承压，镍价低位震荡 | 2 | | --- | --- | | 不锈钢：宏观与现实共振施压，下方成本限制弹性 | 2 | | 碳酸锂：库存去化加速叠加仓单持续减少，偏强震荡 | 4 | | 工业硅：区间震荡格局 | 6 | | 多晶硅：推荐回调继续买入 | 6 | 请务必阅读正文之后的免责条款部分 1 期货研究 商 品 研 究 2025 年 10 月 17 日 镍：宏观情绪转承压，镍价低位震荡 不锈钢：宏观与现实共振施压，下方成本限制弹性 张再宇 投资咨询从业资格号：Z0021479 zhangzaiyu@gtht.com 【基本面跟踪】 镍基本面数据 | | | 指标名称 | T | T-1 | T-5 | T-10 | T-22 | T-66 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | 沪镍主力（收盘价） | 121,270 | 90 | -3,210 | 370 | -710 | 170 ...

Group 1 - A new company, China Aluminum (Dalian) Aluminum Industry Co., Ltd., has been established with a registered capital of 3.17 billion yuan [1] - The legal representative of the new company is Cheng Tao, indicating a structured leadership [1] - The business scope includes non-ferrous metal rolling processing, common non-ferrous metal smelting, and new material technology research and development [1] Group 2 - The company is wholly owned by China Aluminum Corporation (stock code: 601600), reflecting a strategic expansion in the aluminum industry [1]