Core Viewpoint - The company is undergoing a strategic restructuring to optimize its resource allocation in line with national policies and directives from the State-owned Assets Supervision and Administration Commission (SASAC) [1] Group 1 - The company's controlling shareholder, Daye Nonferrous Metals Group Holdings Co., Ltd., has signed a letter of intent with its subsidiary, China Fifteenth Metallurgical Construction Group Co., Ltd., to transfer 100% equity of its non-wholly owned subsidiary, Daye Nonferrous Design Research Institute Co., Ltd. [1] - The total asset value involved in the potential sale is approximately RMB 130 million as of July 31, 2025 [1] - The final price for the transaction will be determined through fair negotiations between the company and China Fifteenth Metallurgical, to be formalized in a legally binding agreement [1] Group 2 - As of the date of the announcement, the controlling shareholder holds approximately 66.85% of the company's issued share capital, while China Nonferrous Mining Group, the parent company, holds about 57.99% of the shares in the controlling shareholder [1]

证券代码：600531 证券简称：豫光金铅 债券代码：110096 债券简称：豫光转债 河南豫光金铅股份有限公司 关于前次募集资金使用情况的专项报告 根据中国证监会发布的《上市公司监管指引第 2 号——上市公司募集资金管 理和使用的监管要求》和上海证券交易所发布的《上海证券交易所上市公司自律 监管指引第 1 号——规范运作》等有关规定，河南豫光金铅股份有限公司（以下 简称"公司"或"本公司"）董事会编制了截至 2025 年 6 月 30 日止的《河南豫 光金铅股份有限公司关于前次募集资金使用情况的专项报告》。 一、前次募集资金基本情况 （一）前次募集资金情况 经中国证券监督管理委员会《关于同意河南豫光金铅股份有限公司向不特定 对象发行可转换公司债券注册的批复》（证监许可〔2024〕887 号）核准，公司 于 2024 年 8 月 12 日向不特定对象发行面值总额 71,000 万元可转换公司债券， 期限 6 年，每张面值为人民币 100 元，发行数量 710.00 万张，募集资金总额为 人民币 710,000,000.00 元。扣除发行费用人民币 13,677,575.47 元（不含税）后， 募集资金净额为人 ...

投资咨询业务资格：证监许可【2011】1778 号 有色金属 姓名：龙奥明 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 | 日报 2025 年 8 月 13 日 有色日报 专业研究·创造价值 铜价维持强势 核心观点 沪铜 宝城期货投资咨询部 今日铜价偏强震荡，持仓量小幅上升。宏观层面，美国 7 月 CPI 低于预期，核心 CPI 略高于预期，降息预期升温，美元指数弱势运 行，利好铜价；中美贸易关系持续改善，国内市场氛围较好。内外 宏观向好，铜价或维持强势运行，关注 8 万关口压力。 沪铝 今日沪铝震荡运行，持仓量持续上升。宏观层面，中美贸易改 善，美联储降息预期升温，内外宏观向好，利好铝价。产业层面，下 游淡季，中下游持续累库，利空铝价。宏观推动 ...

Group 1 - The core viewpoint of the news is that the non-ferrous metal sector experienced a significant rally, with stocks rising over 5% on average, driven by expectations of interest rate cuts by the Federal Reserve [1][3]. - The U.S. Labor Department reported a 0.2% increase in the Consumer Price Index (CPI) for July, which was in line with expectations and showed a slowdown from the previous month [2][3]. - Market speculation suggests a 90% probability of a 25 basis point rate cut in September, influenced by President Trump's push for rate reductions and potential legal actions against the Federal Reserve Chairman [2][3]. Group 2 - Citic Securities noted that poor U.S. economic and employment data, along with the nomination of Stephen Moore to the Federal Reserve Board, has strengthened market expectations for a rate cut in September, contributing to the rally in the non-ferrous sector [3]. - The ongoing domestic policy of "anti-involution" aims to optimize production factors and improve profitability across various segments, which is expected to positively impact metal prices [3]. - The valuation of industrial metals is currently considered low, indicating potential for upward correction, suggesting the initiation of a bullish market for non-ferrous metals driven by both earnings per share (EPS) and price-to-earnings (PE) ratio improvements [3].

有色早报 研究中心有色团队 2025/08/13 铜 ： 日期 沪铜现货 升贴水 废精铜 价差 上期所 库存 沪铜 仓单 现货进口 盈利 三月进口 盈利 保税库 premium 提单 premium 伦铜 C-3M LME 库存 LME 注销仓单 2025/08/06 105 108 72543 20346 -79.58 430.61 46.0 57.0 -62.62 156125 10925 2025/08/07 105 156 72543 20145 -79.96 359.16 46.0 57.0 -65.63 156000 11125 2025/08/08 115 216 81933 21272 -15.62 225.75 46.0 57.0 -69.55 155850 11075 2025/08/11 150 495 81933 23275 -117.15 335.57 45.0 55.0 -83.25 155700 11975 2025/08/12 205 515 81933 26296 84.82 412.33 47.0 54.0 -87.14 155000 11600 变化 55 20 0 30 ...

1. Report Industry Investment Ratings No relevant information provided. 2. Core Views of the Reports Copper - Copper pricing has returned to macro trading. With the US economy weakening, copper prices face pressure on the upside under weak economic expectations. However, based on the Sam Rule, the market has not entered a recession narrative, and the downside space is also difficult to open. In the medium - to - long - term, supply - demand contradictions provide bottom support. In the short term, copper prices are expected to fluctuate within a range, with the main contract referring to 78,000 - 80,000 yuan/ton. Pay attention to the US economic fundamentals data in August [1]. Aluminum - For alumina, short - term supply disturbances and long - term overcapacity will continue to compete. It is expected that the main contract price will fluctuate widely between 3,000 - 3,400 yuan/ton this week, and it is recommended to short at high prices in the medium term. - For aluminum, under the pressure of inventory accumulation expectations, weak demand, and macro disturbances, the short - term price is expected to remain under pressure at high levels. The main contract price this week is expected to be between 20,000 - 21,000 yuan/ton. Follow up on inventory changes and marginal demand changes [4]. Aluminum Alloy - The aluminum - aluminum alloy price difference strategy is the main approach. The market is expected to fluctuate widely, with the main contract running between 19,200 - 20,200 yuan/ton. Focus on upstream scrap aluminum supply and import changes [6][7]. Zinc - The basic situation of loose supply and weak demand provides insufficient support for continuous upward movement of zinc prices, but low inventory levels provide price support. In the short term, zinc prices are expected to fluctuate, with the main contract referring to 22,000 - 23,000 yuan/ton [11]. Tin - The US inflation slowdown and stronger interest - rate cut expectations drive tin prices to be relatively strong. If the supply recovers smoothly, a short - at - high strategy is recommended; if the supply recovery is less than expected, tin prices are expected to continue to oscillate at high levels [14]. Nickel - The mid - term supply is expected to remain loose, restricting the upside space for prices. In the short term, the market is expected to adjust within a range, with the main contract referring to 120,000 - 126,000 yuan/ton. Pay attention to changes in macro expectations [16]. Stainless Steel - The sentiment has improved, and cost support has strengthened, but the fundamentals are still restricted by weak spot demand. In the short term, the market is expected to oscillate strongly, with the main contract running between 13,000 - 13,500 yuan/ton. Follow up on policy trends and supply - demand rhythms [18]. Lithium Carbonate - Lithium carbonate prices are expected to fluctuate widely in a relatively strong range, with the main contract referring to 80,000 - 90,000 yuan/ton. One can appropriately pay attention to the positive spread opportunities between near - and far - term contracts [21]. 3. Summary by Relevant Catalogs Copper Price and Basis - SMM 1 electrolytic copper price remained at 79,150 yuan/ton, SMM Guangdong 1 electrolytic copper price decreased by 0.02% to 78,935 yuan/ton, and SMM wet - process copper price decreased by 0.03% to 78,975 yuan/ton. - The import profit and loss was - 75 yuan/ton, an increase of 24.95 yuan/ton compared to the previous value [1]. Fundamental Data - In July, electrolytic copper production was 113.49 million tons, an increase of 3.94 million tons compared to the previous month; electrolytic copper imports were 25.31 million tons, an increase of 4.74 million tons compared to the previous month. - The domestic mainstream port copper concentrate inventory increased by 9.80 million tons to 61.96 million tons [1]. Aluminum Price and Spread - SMM A00 aluminum price increased by 0.05% to 20,640 yuan/ton, and the Yangtze River A00 aluminum price increased by 0.10% to 20,650 yuan/ton. - The import profit and loss was - 1,363 yuan/ton, an increase of 182.9 yuan/ton compared to the previous value [4]. Fundamental Data - In July, alumina production was 765.02 million tons, a 5.40% increase compared to the previous month; electrolytic aluminum production was 372.14 million tons, a 3.11% increase compared to the previous month [4]. Aluminum Alloy Price and Spread - SMM aluminum alloy ADC12 prices in various regions remained unchanged. - The 2511 - 2512 monthly spread decreased by 5 yuan/ton to 10 yuan/ton [6]. Fundamental Data - In June, the production of recycled aluminum alloy ingots was 62.50 million tons, a 1.63% increase compared to the previous month; the production of primary aluminum alloy ingots was 25.50 million tons, a 2.30% decrease compared to the previous month [6]. Zinc Price and Spread - SMM 0 zinc ingot price decreased by 0.13% to 22,500 yuan/ton. - The import profit and loss was - 1,807 yuan/ton, an increase of 117.55 yuan/ton compared to the previous value [11]. Fundamental Data - In July, refined zinc production was 60.28 million tons, a 3.03% increase compared to the previous month; in June, refined zinc imports were 3.61 million tons, a 34.97% increase compared to the previous month [11]. Tin Spot Price and Basis - SMM 1 tin price increased by 0.97% to 270,600 yuan/ton, and the LME 0 - 3 premium increased by 31.44% to - 47.99 US dollars/ton. - The import profit and loss was - 15,720.30 yuan/ton, a 5.17% increase compared to the previous value [14]. Fundamental Data - In June, tin ore imports were 11,911 tons, an 11.44% decrease compared to the previous month; SMM refined tin production was 13,810 tons, a 6.94% decrease compared to the previous month [14]. Nickel Price and Basis - SMM 1 electrolytic nickel price increased by 0.53% to 123,500 yuan/ton, and the 1 Jinchuan nickel price increased by 0.48% to 124,550 yuan/ton. - The futures import profit and loss was - 1,538 yuan/ton, a 2.29% decrease compared to the previous value [16]. Supply, Demand, and Inventory - China's refined nickel production was 31,800 tons, a 10.04% decrease compared to the previous month; refined nickel imports were 19,157 tons, a 116.90% increase compared to the previous month [16]. Stainless Steel Price and Basis - The price of 304/2B (Wuxi Hongwang 2.0 coil) increased by 0.38% to 13,250 yuan/ton. - The 2509 - 2510 monthly spread increased by 5 yuan/ton to - 75 yuan/ton [18]. Fundamental Data - China's 300 - series stainless - steel crude - steel production (43 companies) was 171.33 million tons, a 3.83% decrease compared to the previous month; stainless - steel imports were 10.95 million tons, a 12.48% decrease compared to the previous month [18]. Lithium Carbonate Price and Basis - SMM battery - grade lithium carbonate average price increased by 4.70% to 78,000 yuan/ton, and SMM industrial - grade lithium carbonate average price increased by 4.84% to 75,800 yuan/ton. - The 2509 - 2511 monthly spread decreased by 120 yuan/ton to - 440 yuan/ton [21]. Fundamental Data - In July, lithium carbonate production was 81,530 tons, a 4.41% increase compared to the previous month; lithium carbonate demand was 96,275 tons, a 2.62% increase compared to the previous month [21].

1. Report Industry Investment Rating The report does not explicitly mention the overall industry investment rating. However, for each metal, the following outlooks are provided: - Copper: Oscillating [6] - Alumina: High - volatility and wide - range oscillation in the short term [8] - Aluminum: Range - bound oscillation in the short term [10] - Aluminum Alloy: Range - bound oscillation in the short term, with potential for spread recovery later [12] - Zinc: Oscillating in the short term, with a potential decline in the medium - to - long term [14] - Lead: Oscillating [16] - Nickel: Wide - range oscillation in the short term, hold short positions in the medium - to - long term [21] - Stainless Steel: Range - bound oscillation in the short term [23] - Tin: Oscillating, with potential for increased volatility in August [25] 2. Core Viewpoints of the Report The weak US dollar continues to support non - ferrous metals, but the weakening demand also needs attention. In the short - to - medium term, the weak US dollar supports prices, but the supply - demand situation is gradually loosening, and the risk of weakening demand is increasing, which exerts negative pressure on base metal prices. In the long term, the expectation of potential incremental stimulus policies in China and the supply disturbances of copper, aluminum, and tin still support base metal prices. It is recommended to short copper and zinc on rallies [1]. 3. Summary by Relevant Catalogs 3.1行情观点 - **Copper**: Sino - US tariff suspension is extended, and copper prices are oscillating at a high level. The supply constraint remains, but the demand is marginally weakening. The follow - up focus is on the tariff implementation [6][7]. - **Alumina**: Shanxi Province adjusts the registration authority of some mineral species, and the alumina futures price rises significantly. In the short term, the futures price is dominated by anti - involution sentiment and warehouse receipt issues, with high volatility. The fundamental situation is relatively weak [8]. - **Aluminum**: Attention should be paid to the consumption quality, and aluminum prices continue to rise. The short - term supply is stable, the demand is in the off - season, and the inventory is accumulating. The short - term price is expected to oscillate [10]. - **Aluminum Alloy**: The cost support is strong, and the futures price is oscillating at a high level. The short - term supply - demand situation is weak, and the price is expected to oscillate within a range [12]. - **Zinc**: The price of the black series rebounds again, and zinc prices are oscillating at a high level. The short - term supply is loosening, the demand is in the off - season, and the price is expected to oscillate in the short term and decline in the medium - to - long term [14]. - **Lead**: The cost still provides support, and lead prices are oscillating. The supply is expected to increase slightly this week, and the demand is slightly affected by the off - season. The price is expected to oscillate [16]. - **Nickel**: The market sentiment is fluctuating, and nickel prices are oscillating widely. The market sentiment dominates the futures price, and the fundamental situation is marginally weakening. It is recommended to hold short positions in the medium - to - long term [21]. - **Stainless Steel**: The price of nickel iron continues to rise, and the stainless - steel futures price goes up. The cost has increased recently, and the follow - up focus is on the demand during the peak season and inventory changes [23]. - **Tin**: The raw material supply is still tight, and tin prices are oscillating at a high level. The supply is tight, but the demand is marginally weakening in the second half of the year. The price is expected to oscillate, with potential for increased volatility in August [24][25]. 3.2行情监测 The report only lists the names of various metals in this section, such as copper, alumina, aluminum, etc., but does not provide specific monitoring content.

（文章来源：证券日报） 证券日报网讯 8月12日晚间，株冶集团发布公告称，公司拟改聘天职国际会计师事务所（特殊普通合 伙）担任2025年度财务审计和内部控制审计机构。 ...

2024年1至12月份，赣锋锂业的营业收入构成为：有色金属冶炼及压延加工业占比63.56%，锂电池和电 芯及其直接材料占比31.19%，其他占比5.25%。 （文章来源：每日经济新闻） 赣锋锂业（SZ 002460，收盘价：39.45元）8月12日晚间发布公告称，公司第六届第四次董事会会议于 2025年8月12日以现场和通讯表决相结合的方式召开。会议审议了《关于公司与LAR共同整合合资公司 并为LAR提供财务资助的议案》等文件。 ...

Report Summary 1. Investment Rating No investment rating is provided in the report. 2. Core Views - **Copper**: Today, copper prices fluctuated slightly upwards, with open interest also rising slightly. The main contract price exceeded the 79,000 yuan mark. Favorable macro - conditions both at home and abroad are conducive to copper price increases. Despite the industry being in the off - season with a slight increase in inventory and a continuous weakening of the September - October spread, copper prices may maintain a strong performance [4]. - **Aluminum**: Today, Shanghai aluminum prices fluctuated upwards, with open interest rising slightly. The main contract price exceeded the 20,700 yuan mark. The domestic macro - environment has warmed up, which is beneficial to aluminum prices. However, it is the off - season for downstream demand, and electrolytic aluminum inventories are continuously accumulating. With macro - level positives and industry - level negatives, aluminum prices may oscillate strongly [5]. - **Nickel**: Today, nickel prices fluctuated, with open interest decreasing slightly. The main contract price fluctuated above 122,000 yuan. The domestic macro - environment has warmed up, which is beneficial to nickel prices. However, the port inventories of upstream nickel ore and mid - stream nickel inventories are continuously rising, which is negative for nickel prices. It is expected that nickel prices will oscillate strongly in a favorable macro - environment [6]. 3. Industry Dynamics Copper - In July, according to LME data, there was a large - scale inflow of Chinese - origin copper and Indian - origin aluminum into the available inventories of LME registered warehouses, reducing the proportion of Russian - origin copper and aluminum. Chinese smelters delivered copper to LME warehouses in July to relieve the tension in the LME system caused by potential US import tariffs. Starting from August 1st, the US will impose a 50% tariff on imported copper semi - finished products and high - copper derivatives, while major products such as copper ores, concentrates, and cathode copper are not subject to the tariff [8]. - From January to June this year, in Guixi City, 6 new large - scale copper enterprises were added, bringing the total to 150. These large - scale copper enterprises completed an industrial gross output value of 145.863 billion yuan, a year - on - year increase of 12.97%, and achieved an operating income of 162.548 billion yuan, a year - on - year increase of 8.99% [8]. Aluminum - On August 12th, according to SMM statistics, the combined inventory of aluminum rods in Guangdong (57,000 tons) and Wuxi (36,500 tons) was 93,500 tons, a decrease of 500 tons compared to the previous period [9]. Nickel - On August 12th, for the refined nickel Shanghai market's mainstream reference contract, the main contract was SHFE Nickel 2509. The mainstream premium for Jinchuan electrolytic nickel was +2,150 yuan/ton, with a price of 124,810 yuan/ton; for Russian nickel, it was +500 yuan/ton, with a price of 123,160 yuan/ton; for Norwegian nickel, it was +3,200 yuan/ton, with a price of 125,860 yuan/ton; and for nickel beans, it was +2,550 yuan/ton, with a price of 125,210 yuan/ton [10]. 4. Related Charts Copper - Charts include copper basis, domestic visible inventory of electrolytic copper (social inventory + bonded area inventory), LME copper cancelled warrant ratio, overseas copper exchange inventory, SHFE warrant inventory, and SHFE copper month - spread [11][13][14] Aluminum - Charts include aluminum basis, domestic social inventory of electrolytic aluminum, alumina price trend, aluminum month - spread, overseas exchange inventory of electrolytic aluminum (LME + COMEX), and alumina inventory [25][26][28] Nickel - Charts include nickel basis, LME inventory, LME nickel price trend, SHFE nickel month - spread, SHFE inventory, and nickel ore port inventory [37][39][41]