1. Overall Investment Rating The report does not provide an overall investment rating for the non - ferrous metals industry. 2. Core Views - The overall sentiment in the non - ferrous metals market is complex, with macro - factors and industry fundamentals jointly influencing metal prices. Each metal has its own supply - demand characteristics and price trends. - Copper prices may consolidate and await further macro - driven factors. Aluminum prices may experience a short - term oscillatory correction. Cast aluminum alloy prices face upward resistance. Lead prices are expected to be weak. Zinc prices have a large downward risk. Tin prices are expected to oscillate. Nickel prices have callback pressure. Lithium carbonate prices have uncertainties. Alumina prices are in an over - capacity situation. Stainless steel prices will continue to consolidate in the short term. 3. Summary by Metal Copper - **Price Performance**: Last week, LME copper slightly declined by 0.08% to $9760/ton, and SHFE copper's main contract closed at 79080 yuan/ton [1]. - **Inventory Changes**: The total inventory of the three major exchanges increased by 0.7 tons. SHFE inventory increased by 0.4 to 8.6 tons, LME inventory slightly increased to 15.6 tons, and COMEX inventory increased by 0.3 to 24.2 tons. Shanghai bonded area inventory increased by 0.5 tons [1]. - **Market Outlook**: Copper prices may consolidate and wait for further macro - driven factors. This week, the reference range for SHFE copper's main contract is 77800 - 80200 yuan/ton, and for LME copper 3M is 9500 - 9950 dollars/ton [1]. Aluminum - **Price Performance**: SHFE aluminum's main contract rose 0.41% last week, while LME aluminum fell 0.46% to $2603/ton [3]. - **Inventory Changes**: Domestic aluminum ingot inventory increased by 2.4 tons to 58.8 tons, bonded area inventory decreased by 0.7 to 10.5 tons, and aluminum rod social inventory decreased by 0.4 to 13.9 tons. LME aluminum inventory increased by 1.0 to 48.0 tons [3]. - **Market Outlook**: Aluminum prices may experience a short - term oscillatory correction. This week, the reference range for the domestic main contract is 20200 - 20900 yuan/ton, and for LME aluminum 3M is 2520 - 2640 dollars/ton [3]. Cast Aluminum Alloy - **Price Performance**: The futures price of cast aluminum alloy oscillated upward, with the AD2511 contract rising 0.27% to 20165 yuan/ton [5]. - **Inventory Changes**: Domestic recycled aluminum alloy ingot social inventory increased by 0.1 to 4.9 tons, and the total of social and factory inventory slightly increased [5]. - **Market Outlook**: Cast aluminum alloy prices face upward resistance due to the large difference between futures and spot prices, despite strong cost support [5]. Lead - **Price Performance**: SHFE lead index rose 0.43% to 16849 yuan/ton, and LME lead 3S rose $4 to $1987.5/ton [7]. - **Inventory Changes**: Domestic social inventory slightly increased to 6.68 tons, SHFE lead ingot futures inventory was 6.18 tons, and LME lead ingot inventory was 26.17 tons [7]. - **Market Outlook**: Lead prices are expected to be weak due to the weak supply - demand situation in the industry [7]. Zinc - **Price Performance**: SHFE zinc index rose 0.15% to 22521 yuan/ton, and LME zinc 3S rose $18.5 to $2835.5/ton [8]. - **Inventory Changes**: Domestic social inventory continued to increase to 12.92 tons, SHFE zinc ingot futures inventory was 2 tons, and LME zinc ingot inventory was 7.75 tons [9]. - **Market Outlook**: Zinc prices have a large downward risk due to the continued over - supply situation in the medium - term industry [9]. Tin - **Price Performance**: On August 15, 2025, SHFE tin's main contract closed at 266820 yuan/ton, down 0.22% [10]. - **Inventory Changes**: SHFE registered warehouse receipts increased by 4 tons to 7426 tons, and LME inventory decreased by 175 tons to 1655 tons. As of August 15, the national main market tin ingot social inventory was 10392 tons, an increase of 114 tons from the previous Friday [10]. - **Market Outlook**: Tin prices are expected to oscillate. The short - term reference range for domestic tin prices is 250000 - 275000 yuan/ton, and for LME tin prices is 31000 - 34000 dollars/ton [10]. Nickel - **Price Performance**: On Friday, SHFE nickel's main contract closed at 120600 yuan/ton, down 0.50% [11]. - **Market Outlook**: Nickel prices have callback pressure. The reference range for SHFE nickel's main contract is 115000 - 128000 yuan/ton, and for LME nickel 3M is 14500 - 16500 dollars/ton [12]. Lithium Carbonate - **Price Performance**: On August 15, the MMLC spot index of lithium carbonate was 82832 yuan, up 18.62% for the week. The LC2511 contract closed at 86900 yuan, up 1.88% from the previous day and 12.92% for the week [14]. - **Market Outlook**: Lithium carbonate prices have uncertainties. The reference range for the main contract on the GZEE is 84300 - 90000 yuan/ton [14]. Alumina - **Price Performance**: On August 15, the alumina index fell 0.84% to 3195 yuan/ton [16]. - **Inventory Changes**: Futures warehouse receipts increased by 1.41 tons to 6.58 tons [16]. - **Market Outlook**: Alumina prices are in an over - capacity situation. It is recommended to short at high prices. The reference range for the domestic main contract AO2509 is 3000 - 3400 yuan/ton [16]. Stainless Steel - **Price Performance**: Stainless steel futures prices faced resistance in rising, and some product prices slightly declined [18]. - **Inventory Changes**: Social inventory decreased to 107.89 tons, a 2.48% decrease from the previous period, and 300 - series inventory decreased by 1.99% to 64.45 tons [18]. - **Market Outlook**: The stainless steel market may continue to consolidate in the short term [18].

登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：000630 证券简称：铜陵有色 公告编号：2025－056 债券代码：124024 债券简称：铜陵定02 一、重要提示 本半年度报告摘要来自半年度报告全文，为全面了解本公司的经营成果、财务状况及未来发展规划，投 资者应当到证监会指定媒体仔细阅读半年度报告全文。 所有董事均已出席了审议本报告的董事会会议。 非标准审计意见提示 □适用 √不适用 董事会审议的报告期利润分配预案或公积金转增股本预案 □适用 √不适用 公司计划不派发现金红利，不送红股，不以公积金转增股本。 董事会决议通过的本报告期优先股利润分配预案 □适用 √不适用 二、公司基本情况 1、公司简介 ■ 2、主要会计数据和财务指标 公司是否需追溯调整或重述以前年度会计数据 □是 √否 ■ 3、公司股东数量及持股情况 单位：股 ■ 持股5%以上股东、前10名股东及前10名无限售流通股股东参与转融通业务出借股份情况 □适用 √不适用 前10名股东及前10名无限售流通股股东因转融通出借/归还原因导致较上期发生变化 □适用 √不适用 4、控股股东或实际控制人变更情况 控股股东报告期内变更 □适用 √ ...

Investment Rating - The report does not explicitly state an investment rating for the industry Core Insights - The non-ferrous metals industry maintains a strong operational trend due to macroeconomic sentiment and supply disruptions [1][2][3] - The U.S. and China have agreed to pause tariff increases for 90 days, which may positively impact trade relations [1] - Recent U.S. CPI data has increased expectations for a potential interest rate cut by the Federal Reserve, although PPI data suggests inflation may rise in the coming months [2][3] - The U.S. has expanded the range of steel and aluminum import tariffs, affecting hundreds of products [3] - Zambia's copper production has declined, raising concerns about meeting the government's annual production target of 1 million tons [5][19] Summary by Sections 1. Weekly Market Review - The non-ferrous metals sector saw a weekly increase of 3.62%, outperforming the Shanghai Composite Index by 1.92 percentage points [9] - Key stocks that performed well include Bowei Alloy (+39.60%) and Jintian Co. (+34.32%) [9] 2. Key Focus & Metal Prices & Inventory Changes 2.1 Industrial Metals - Copper prices on LME were $9,760/ton, down 0.08% week-on-week, while SHFE prices were ¥79,060/ton, up 0.73% [21][23] - Aluminum prices on LME were $2,603/ton, down 0.46%, and SHFE prices were ¥20,770/ton, up 0.41% [21][23] 2.2 Precious Metals - COMEX gold prices were $3,381.70/oz, down 2.21%, while SHFE gold prices were ¥775.80/g, down 1.52% [35][36] 2.3 Energy Metals - Battery-grade lithium carbonate prices rose to ¥82,000/ton, up 14.69% week-on-week [40][41] 2.4 Strategic Metals - Prices for praseodymium oxide reached ¥568,100/kg, up 5.46% week-on-week [44] 3. Core View Updates and Key Stock Tracking - For industrial metals, companies like Zijin Mining and Western Mining are recommended due to supply constraints and strong price support [54][56] - In precious metals, companies such as Chifeng Jilong Gold and Shandong Gold are favored due to ongoing U.S. tariff policies and debt issues [54] - Strategic metals like tungsten and antimony are expected to see valuation reconstruction opportunities, with recommendations for companies like Bowei Alloy [55]

锡周报 国泰君安期货研究所 有色及贵金属 刘雨萱投资咨询从业资格号：Z0020476 日期：2025年8月17日 Guotai Junan Futures all rights reserved, please do not reprint Special report on Guotai Junan Futures 锡：海外premium出现回落 强弱分析：偏弱 价格区间：260000-268000元/吨 0 5000 10000 15000 20000 25000 01-03 01-14 01-26 02-10 02-24 03-07 03-18 03-29 04-11 04-22 05-06 05-17 05-28 06-10 06-21 07-04 07-15 07-26 08-06 08-18 09-01 09-15 09-25 10-14 10-25 11-05 11-17 11-27 12-09 12-20 12-31 吨 SMM社会库存 2020 2021 2022 2023 2024 2025 0 500 1000 1500 2000 2500 3000 3500 4000 4500 202 ...

铜陵有色金属集团股份有限公司监事会 关于公司编制的 2025 年半年度报告书面审核意见 根据《证券法》及《深圳证券交易所上市公司自律监管指引第 1 号——主板上市 公司规范运作》相关法律法规的要求，作为铜陵有色金属集团股份有限公司(以下简 称"公司")的监事会成员，本着实事求是的原则，对公司 2025 年半年度报告进行了 认真负责的核查，我们认为：经审核，董事会编制和审议公司 2025 年半年度报告的 程序符合法律、行政法规、中国证监会及深圳证券交易所的规定，报告内容真实、准 确、完整地反映了上市公司的实际情况，不存在任何虚假记载、误导性陈述或者重大 遗漏。 铜陵有色金属集团股份有限公司监事会 ...

Group 1 - The company held its 14th meeting of the 10th Supervisory Board on August 14, 2025, in Tongling City, Anhui Province, with 6 supervisors eligible to attend and 5 present in person [1] - The meeting approved the full and summary report for the first half of 2025, with a unanimous vote of 6 in favor and no opposition or abstentions [1] - The meeting also approved a risk assessment report for Tongling Nonferrous Metals Group Finance Co., Ltd., with the same voting results [1] Group 2 - The company ensures that the disclosed information is true, accurate, and complete, with no false records or misleading statements [1]

铜陵有色(000630.SZ)公告称，公司2025年半年度实现营业收入760.79亿元，同比增长6.39%；归属于上市公司股东的净利润14.41亿元，同比下降 33.94%；公司计划不派发现金红利，不送红股，不以公积金转增股本。 以上内容为证券之星据公开信息整理，由AI算法生成（网信算备310104345710301240019号），不构成投资建议。 ...

格隆汇8月17日｜铜陵有色(000630.SZ)公告称，公司2025年半年度实现营业收入760.79亿元，同比增长 6.39%；归属于上市公司股东的净利润14.41亿元，同比下降33.94%；公司计划不派发现金红利，不送红 股，不以公积金转增股本。 ...

证券代码：000630 证券简称：铜陵有色 公告编号：2025－053 债券代码：124024 债券简称：铜陵定 02 铜陵有色金属集团股份有限公司 十届二十三次董事会会议决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确和完整， 没有虚假记载、误导性陈述或重大遗漏。 一、董事会会议召开情况 铜陵有色金属集团股份有限公司（以下简称"公司"）十届 二十三次董 事会会议于2025年8月14日在安徽省铜陵市长江西路铜陵有色展示馆二楼会 议室召开，会议以现场结合通讯表决方式召开。会前公司董事会秘书室于2025 年8月4日以电子邮件及专人送达的方式通知了全体董事。应出席会议董事 8 人，出席现场会议董事4人，4名独立董事以通讯方式表决。公司监事会成员 及高管人员列席了会议，公司董事长龚华东主持会议。会议符合《公司法》 和《公司章程》的有关规定，形成的决议合法、有效。 二、董事会会议审议情况 经与会董事认真审议，会议通过了以下事项： （一）审议通过了《公司 2025 年半年度报告全文及摘要》。 详细内容见公司同日披露在巨潮资讯网上的《2025 年半年度报告》和 《2025 年半年度报告摘要》。公司 2025 年 ...

Group 1 - The core viewpoint of the article highlights the growth potential of the aluminum alloy industry in China, with significant production increases projected for the coming years [1][3] - According to data from the National Bureau of Statistics, China's aluminum alloy production is expected to reach 1.67 million tons by June 2025, representing a year-on-year growth of 18.8% [1] - In the first half of 2025, the cumulative production of aluminum alloys in China is reported to be 9.097 million tons, reflecting a cumulative growth of 14.6% [1] Group 2 - The article lists several publicly listed companies in the aluminum industry, including China Aluminum (601600), Nanshan Aluminum (600219), and others, indicating a diverse market landscape [1] - The report referenced is the "2025-2031 China Aluminum Alloy Industry Market Operation Pattern and Prospect Strategic Analysis Report" published by Zhiyan Consulting, which provides insights into market trends and forecasts [1][3] - Zhiyan Consulting is recognized as a leading industry consulting firm in China, specializing in in-depth industry research and providing comprehensive solutions for investment decisions [3]