Group 1 - The Chain Expo showcased over 110 renowned companies in advanced manufacturing, including China CRRC, China Aluminum Group, Siemens, Honeywell, Corning, and Sumitomo Electric, highlighting the latest practices in rail transportation, aerospace, low-altitude economy, and industrial automation [1] - The theme event "Leading New Quality Productivity Development with Technological Innovation" emphasized that modern manufacturing is essential for a better life, and international cooperation is crucial for accelerating advanced manufacturing development [1] - Airbus's COO in China highlighted the importance of a global supply chain in the aviation industry, showcasing the relationship between Chinese manufacturing and the A320 aircraft, with components produced in China [1] Group 2 - Intelligent manufacturing is becoming the main focus for upgrading the manufacturing industry, with Siemens developing 18 digital and intelligent products, 16 of which were completed in just 9 months in China [2] - Honeywell is empowering small and medium-sized enterprises for digital transformation, emphasizing the unique demands of the Chinese market and collaborating with local associations, universities, suppliers, and customers [2] - China Aluminum Group is embracing digitalization by establishing the first "dark factory" in the non-ferrous metal industry, aiming for automation to improve efficiency and safety while reducing costs [2]

结合 2025 年 1-5 月工业企业利润数据，有色金属矿采选业、铁路、船舶、航空航天和其他运输设备制 造业、计算机、通信和其他电子设备制造业、电气机械和器材制造业、通用设备制造业和农副食品加工业 2025H1 业绩有望高增。 上游资源品行业中，有色金属矿采选业利润同比增长达 41.7% ，受益于金、 铜、锌、银等有色金属价格上涨及产销量回升；工业制造板块中，铁路、船舶、航空航天和其他运输设备 制造业利润同比增长 56% ，主要受益于全球航运景气度回升，中国承接大量 LNG 船、集装箱船订单， 大飞机产业链放量以及一带一路铁路基建输出。此外，计算机、通信和其他电子设备制造业、电气机械和 器材制造业和通用设备制造业利润保持双位数增长，主要受益于 AI 硬件、智能终端、电网设备、工控设 备需求高增；消费制造板块中，农副食品加工业利润增速高达 38.2% ，主要受益于预制菜、健康食品等 高附加值产品需求高景气。 从全 A 已披露 2025H1 业绩预告的公司来看， 2025Q2 单季度扣非归母净利润实现盈利，且同环比增速 均在 30% 以上的公司共有 272 家，主要集中在基础化工、电力设备及新能源、机械、电子、汽 ...

Group 1 - The rare earth sector has shown strong upward momentum since July, with significant stock price increases for companies like Northern Rare Earth and China Rare Earth, and related ETFs also rising [1][3] - As of July 17, the Rare Metal ETF (561800) has increased by 1.17% on that day, over 8% in the past month, and more than 14% year-to-date, with Northern Rare Earth rising over 20% in the same month [1][3] - Northern Rare Earth's half-year performance forecast indicates a net profit growth of 1883% year-on-year, expected to reach 2.015 billion [3] Group 2 - The recent price increases in lithium carbonate and rare earth sectors are driven by multiple factors, including Northern Rare Earth's performance and a price adjustment announcement by Baotou Steel and Northern Rare Earth [3] - The U.S. company MP Materials announced a multi-billion dollar deal with the U.S. Department of Defense to expand rare earth production, which positively impacted the Rare Metal ETF, causing a single-day increase of over 3% [3] - The ETF manager noted that both lithium carbonate and rare earths benefit from accelerated adjustments in the fundamental market and strategic resource controls, leading to price increases [3][4] Group 3 - The outlook for the rare earth sector remains optimistic, with expectations of rising prices and sustained industry fundamentals [4] - The Rare Metal ETF (561800) closely tracks the CSI Rare Metal Theme Index, which includes up to 50 companies involved in rare metal mining, smelting, and processing, showing an annualized return of over 27% in the past year [4] - The dividend payout ratio for the CSI Rare Metal Theme Index in 2024 is projected to be as high as 52.30%, with 39 companies providing dividends, indicating attractive stable cash flow [4] Group 4 - The top ten holdings in the Rare Metal ETF include Northern Rare Earth, Salt Lake Co., Luoyang Molybdenum, and others, collectively accounting for 54.29% of the fund [4][6] - Northern Rare Earth leads in light rare earth quotas, with a significant profit increase due to rising rare earth concentrate prices, while Western Superconducting benefits from military material demand [6]

免责声明 本报告中的信息均来源于公开可获得资料，瑞达期货股份有限公司力求准确可靠，但对这些信息的准确性及完整性不做任何保证，据此投资，责任自负。本报告不构成个人投资建 议，客户应考虑本报告中的任何意见或建议是否符合其特定状况。本报告版权仅为我公司所有，未经书面许可，任何机构和个人不得以任何形式翻版、复制和发布。如引用、刊发， 需注明出处为瑞 达研究瑞达期货股份有限公司研究院，且不得对本报告进行有悖原意的引用、删节和修改。 沪铜产业日报 2025/7/17 | 项目类别 | 数据指标 | 最新 | 环比 数据指标 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | | 期货主力合约收盘价:沪铜(日,元/吨) | 77,840.00 | -140.00↓ LME3个月铜(日,美元/吨) | 9,599.50 | -35.50↓ | | 期货市场 | 主力合约隔月价差(日,元/吨) | 20.00 | -10.00↓ 主力合约持仓量:沪铜(日,手) | 153,791.00 | -6666.00↓ | | | 期货前20名持仓:沪铜(日,手) | -4,039.0 ...

上市公司控制权变更频现 *ST金比（002762.SZ）披露控制权变更未满两月便宣告终止，拟受让方因信披违规收到监管函。 今年6月初，*ST金比披露了公司控制权变更事项，至今未满两月便宣告终止。 7月16日晚间，*ST金比发布公告称，该公司收到深圳证券交易所上市公司管理一部下发的《关于对上 海元一成物科技有限公司及陈珂如的监管函》。 公开信息显示，*ST金比成立于1996年，专注于母婴消费品行业，主要从事中高端母婴消费品的设计、 研发、生产及销售，核心业务是对"拉比(LABI BABY)""下一代(I LOVE BABY)"及"贝比拉比(BABY LABI)"三大自有品牌的运营管理。 根据此前公告，*ST金比控股股东、实际控制人林浩亮、林若文原本拟将公司控制权转让给上海元一成 物科技有限公司（下称"元一成物"），陈珂如为元一成物实控人。不过，此次控制权变更披露未满两 月，便因受让方实控人涉及家族财产清算纠纷而终止。 深交所监管函显示，元一成物及陈珂如存在违规信息披露违规情形，在此前通过*ST金比披露《详式权 益变动报告书》时，未完整、及时披露元一成物的最终控制主体浩然春晖已被法院裁定强制清算的情 况。 今年以 ...

投资要点 ➢ ➢ ➢ c 0 100 200 300 400 500 600 700 0 500 1000 1500 2000 2500 3000 3500 4000 4500 2023-03 2024-03 2025-03 成交额(亿元) 收盘价 请阅读最后评级说明和重要声明 | 一、上半年证券市场回顾 4 | | | --- | --- | | 1.国内主要指数温和上涨，小盘成长风格占优 | 4 | | 2.申万一级行业表现分化，有色金属、银行、国防军工行业涨幅居前 | 4 | | 3.国际市场主要指数涨幅不一，欧洲与新兴市场表现突出 | 5 | | 二、国内外宏观经济展望 6 | | | 1.国内宏观经济：经济持续复苏，内需接力外需 | 6 | | 2.国内宏观政策：财政政策和货币政策协调发力，一揽子政策出炉提振经济 | 10 | | 3.海外宏观经济：美联储降息路径不改，特朗普关税政策扰动全球经济 | 13 | | 三、A 股流动性展望 17 | | | 1.两市成交量激增，新增开户数量显著提升 | 17 | | 2.投资者风险偏好改善，融资融券余额有望持续增加 | 17 | | 3.人民币汇率稳步走 ...

持续高分红股表现值得期待。 近年来政策持续引导上市公司提升回报投资者意识、加大现金分红力度。2023年底，中国证监会修订上 市公司现金分红的监管指引，明确鼓励上市公司增加现金分红频次，提高分红水平，重回报声浪越来越 响。2024年4月，资本市场新"国九条"明确提出增强分红稳定性、持续性和可预期性，推动一年多次分 红、春节前分红。 在此背景下，上市公司愈加积极回报股东。数据显示，2024年，A股上市公司累计现金分红总额超2.3万 亿元，创下历史新高。2022年至2024年，A股上市公司年度分红总额已连续3年突破2万亿元大关。 部分公司成为高分红标杆。据证券时报·数据宝统计，2022年至2024年连续3年分红率均超70%且3年累 计分红占比（分红占净利润比例，下同）超300%的个股，合计有13只股票获得1家以上机构评级。这意 味着13只个股过去3年利润全部分给股东。其中，3年累计分红占比最高的个股是宇通客车，高达 396.98%。公司过去3年累计净利接近67亿元，分红超88亿元。 在如此积极回报股东的背景下，部分公司也得到了社会和市场的认可。6月13日，"第16届中国上市公司 投资者关系天马奖"颁奖典礼上，金徽股 ...

投资咨询业务资格：证监许可【2011】1778 号 从业资格证号：F3035632 投资咨询证号：Z0014648 电话：0571-87006873 邮箱：longaoming@bcqhgs.com 作者声明 本人具有中国期货业协会授 予的期货从业资格证书，期货投 资咨询资格证书，本人承诺以勤 勉的职业态度，独立、客观地出 具本报告。本报告清晰准确地反 映了本人的研究观点。本人不会 因本报告中的具体推荐意见或观 点而直接或间接接收到任何形式 的报酬。 有色金属 姓名：龙奥明 宝城期货投资咨询部 有色金属 | 日报 2025 年 7 月 17 日 有色日报 专业研究·创造价值 有色持续震荡 核心观点 沪铜 今日铜主力期价在 7.8 万下方窄幅震荡，持仓量小幅下降。从资 金角度看，在关税冲击下，铜的不确定性上升，铜价冲高回落，资 金对铜的关注度快速下降，所以铜的短期投机属性下降，也就意味 着波动可能会持续下降。此外，美元指数持续反弹，使铜价承压。 基差月差持续走弱，这反映了产业淡季现货趋于宽松。铜价下挫 后，下游产业补库意愿较强，给予期价支撑。持续关注 7.8 万一线多 空博弈。 沪铝 今日沪铝主力期价围绕 2. ...

7月17日，A股市场整体上涨。 沪深300今日主力资金净流入50.83亿元，创业板净流入19.64亿元。 截至收盘，上证指数收报3516.83点，上涨0.37%；深证成指收报10873.62点，上涨1.43%；创业板指收报2269.33点，上涨 1.75%。两市合计成交15393.69亿元，较上一交易日增加973.31亿元。 1.两市主力资金净流入近70亿元 | | | 各板块最近五个交易日主力资金净流入数据(亿元) | | | --- | --- | --- | --- | | 日期 | 沪深300 | 创业板 | 科创板 | | 2025-7-17 | 50. 83 | 19. 64 | -13.88 | | 2025-7-16 | -47. 30 | -92. 72 | 1.69 | | 2025-7-15 | -3.77 | -106. 31 | -6. 48 | | 2025-7-14 | -63.66 | -121. 12 | -0. 09 | | 2025-7-11 | -18. 31 | -32. 61 | -13.56 | | | | 尾盘资金净流入数据(亿元) | | | 2025-7-1 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative price increase of over 20% compared to the benchmark index within six months [9][14]. Core Views - The company is projected to achieve a net profit of approximately 232 billion yuan for the first half of 2025, representing a year-on-year increase of about 54% from 151 billion yuan in the same period last year [3][4]. - The increase in copper and gold prices, along with higher production volumes, is expected to support significant growth in the company's performance [4][9]. - The planned spin-off of the subsidiary, Zijin Gold International, for a listing on the Hong Kong Stock Exchange is anticipated to enhance the company's valuation [5][9]. - The acquisition of the RG Gold Mine project for 1.2 billion USD is expected to further strengthen the company's global presence and asset scale [6][9]. Company Overview - The latest closing price of the company's stock is 19.14 yuan, with a total market capitalization of 508.7 billion yuan [2]. - The company has a total share capital of 26.578 billion shares, with 20.588 billion shares in circulation [2]. - The company’s debt-to-asset ratio stands at 55.2%, and its price-to-earnings ratio is 15.82 [2]. Financial Projections - For the years 2025 to 2027, the company is expected to see net profits of 452 billion yuan, 505 billion yuan, and 568 billion yuan respectively, with year-on-year growth rates of 41%, 12%, and 12% [9][11]. - The projected earnings per share (EPS) for 2025 is 1.70 yuan, with a price-to-earnings ratio (P/E) of 11.24 [11][13].