据了解，K438合金是一种镍基沉淀强化型高温合金，具有优异的高温强度、抗热腐蚀及抗氧化性能，广泛应用于900℃以 上工作环境中的航空发动机涡轮叶片、导向叶片及燃气轮机热端部件。其合金粉末可用于激光选区熔化、电子束熔化等增 材制造工艺，能够一体化制备复杂结构零件，相较传统铸造工艺具有更高的精度和材料利用率。 近日，金川集团股份有限公司研发中心镍钴金属材料研究所攻克稀土元素易烧损、偏析与无缩孔浇注成型关键技术难题， 成功制备出高性能K438高温合金粉末，并完成产品交付。 近日，金川集团股份有限公司研发中心镍钴金属材料研究所攻克稀土元素易烧损、偏析与无缩孔浇注成型关键技术难题， 成功制备出高性能K438高温合金粉末，并完成产品交付。 接到客户专项订单后，镍钴金属材料研究所迅速组建科研攻关团队，针对合金成分优化、气体含量控制、粉末粒度分布、 流动性及松装密度等关键指标开展系统研究与工艺优化，采用等离子旋转电极制粉技术制得高球形度、低杂质、高致密度 的高温合金粉末。 经专业检测，该产品平均粒径43μm~45μm，松装密度4.9g/cm³，粉末表面光洁，没有卫星粉、空心粉，整体性能达到行业 先进水平。 目前，镍钴金属材料 ...

| 有色及贵金属日度数据简报 | 2026/1/5 | 王蒙 | 李先飞 | 刘雨萱 | Z0012691 | Z0020476 | Z0002529 | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 国泰君安期货研究所有 | jixianfei@gtht.com | wangrong2@gtht.com | liuyuxuan@gtht.com | 色及贵金属组 | 张再宇 | 王宗源(联系人) | F03142619 | Z0021479 | | | | | | | | | zhangzaiyu@gtht.com | wangzongyuan@gtht.com | 黄金 (AU) | 今天 | 上月 | 前一交易日 | 上周 | | | | | | | | | | | 指标名称 | 2025/12/4 | 2025/12/31 | 2025/12/25 | 2026/1/5 | 沪金主力收盘价(元/克) | 995.00 ...

晨会速递 分析师点评 市场数据 总量研究 【宏观】财政发力，社融回稳——2025 年 11 月金融数据点评 得益于财政加力，11 月金融数据有所回稳，具体表现为地方债供给提速减少了对社 融增速的拖累，以及财政支出加快转化为一般存款从而支撑货币供应表现。但信贷结 构短期化更多反映了银行调节指标的需求，以及内生性增长动能不足的顽疾。此次金 融数据的亮点则在于，流动性环境友好，企业债融资大幅增长对社融构成积极贡献。 风险提示：财政刺激政策落地不及预期；流动性投放有缺口导致资金面出现波动。 【策略】新一轮政策部署护航，A 股跨年行情可期——策略周专题（2025 年 12 月第 2 期） 2025 年 12 月 15 日 | | 商品市场 | | | --- | --- | --- | | | 收盘 | 涨跌% | | SHFESHFE 黄金 | 970.66 | 1.33 | | SHFESHFE 燃油 | 2368 | -0.59 | | SHFESHFE 铜 | 94080 | 2.03 | | SHFESHFE 锌 | 23605 | 2.65 | | SHFESHFE 铝 | 22170 | 0.91 | | ...

天眼查App显示，近日，华睿新材料（青海）有限公司成立，法定代表人为郑周玲，注册资本5万人民 币，经营范围为一般项目有色金属合金销售；钢、铁冶炼；常用有色金属冶炼；稀有稀土金属冶炼；金 属材料销售；金属制品销售；新型金属功能材料销售；高性能有色金属及合金材料销售；冶金专用设备 销售；机械设备销售；化工产品销售（不含许可类化工产品）；五金产品零售；五金产品批发；货物进 出口；技术进出口；进出口代理；商务代理代办服务；信息咨询服务（不含许可类信息咨询服务）；供 应链管理服务（除依法须经批准的项目外，凭营业执照依法自主开展经营活动）。 ...

天眼查App显示，近日，江西小铪新材有限公司成立，法定代表人为晁增印，注册资本100万人民币， 经营范围为一般项目：稀有稀土金属冶炼，常用有色金属冶炼，电子专用材料制造，有色金属合金制 造，磁性材料生产，特种陶瓷制品制造，电子专用材料销售，高性能有色金属及合金材料销售，稀土功 能材料销售，磁性材料销售，新型陶瓷材料销售，特种陶瓷制品销售，金属基复合材料和陶瓷基复合材 料销售，合成材料销售，有色金属合金销售，互联网销售（除销售需要许可的商品），工程和技术研究 和试验发展，新材料技术推广服务（除依法须经批准的项目外，凭营业执照依法自主开展经营活动）。 ...

Group 1: Fixed Income Market Outlook - The macroeconomic policy for 2026 emphasizes high-quality development, with a focus on structural adjustments rather than solely relying on total stimulus [6][10] - The central bank is expected to lower interest rates by 10-20 basis points and may implement one reserve requirement ratio cut, maintaining a cautious approach [6][9] - Investment and consumption are projected to recover moderately, with inflation being a significant uncertainty for the bond market; PPI is expected to decline at a slower rate, while CPI may rise by approximately 0.4% [6][10] Group 2: Mergers and Acquisitions in the Securities Industry - The securities industry has experienced several waves of mergers and acquisitions, with the current wave driven by regulatory policies and market dynamics [16][17] - The concentration of the securities industry is increasing, with major firms enhancing their market competitiveness through strategic acquisitions [17][18] - Despite a slowdown in new mergers since 2025, the trend of supply-side reform in the industry is expected to continue, with potential for further restructuring [18] Group 3: Real Estate Industry Investment Strategy - The real estate market is undergoing a rebalancing phase, with a focus on high-quality development and structural opportunities [19][21] - Sales volume and price dynamics are expected to diverge, with new housing prices increasing while second-hand housing prices may decline [20][21] - Investment recommendations include focusing on quality developers and sectors such as commercial real estate, with specific companies highlighted for their potential [19][21] Group 4: Semiconductor Industry - Chip Design Services - The company Chip Origin (688521.SH) is positioned as a leader in semiconductor IP, with projected revenues of 32.67 billion, 46.61 billion, and 58.71 billion for 2025, 2026, and 2027 respectively [24][25] - The acquisition of Chip Intelligence is expected to enhance the company's capabilities in CPU IP, supporting growth in both IP licensing and custom chip design [24][25] - The demand for AI-related chips is anticipated to drive significant growth, with the company securing new orders worth 15.93 billion in Q3 2025, reflecting a year-on-year increase of 145.80% [26]

Macro Analysis - The land market remains sluggish, dragging down local government fund revenues, which are significantly lagging behind previous years [2] - The acceleration of fund activation post-special bond issuance is reflected in a substantial year-on-year decrease in fiscal deposits, aiding in improving narrow liquidity and stabilizing infrastructure investment growth for the year [2] - The combined effect of policy financial tools and the use of local debt limits amounts to 1 trillion yuan, positively impacting credit expansion and investment [2] Strategy Insights - The market is likely still in a bull phase, although it may enter a wide fluctuation stage in the short term, with the current maximum drawdown being 4.01%, which is within historical levels [4] - Short-term focus should be on defensive and consumer sectors, while mid-term attention should shift to TMT and advanced manufacturing [4] Bond Market Overview - The issuance of credit bonds increased significantly, with 379 bonds issued totaling 433.33 billion yuan, a 206.54% increase compared to the previous period [5] - The secondary market for REITs saw a notable decline, with the weighted REITs index closing at 181.3, reflecting a weekly return of -1.42% [4][5] Real Estate Sector - In September, the transaction area of commercial residential properties in 30 core cities was 10.8 million square meters, down 1.2% year-on-year but up 22.2% month-on-month, with an average transaction price of 24,133 yuan per square meter, up 1.9% year-on-year and 1.5% month-on-month [9] - The second-hand housing market in 15 core cities saw a transaction area of 12.23 million square meters, up 15.5% year-on-year and 2.6% month-on-month [9] Electric New Energy Sector - The electric new energy sector is experiencing increased volatility due to fluctuating tariff policies, with the storage and lithium battery segments remaining the most promising [10] - High-tech developments, such as the 800VDC distribution architecture by Nvidia, are expected to influence the sector's future trends [10] Non-Ferrous Metals Sector - Global copper inventories reached a near five-year high, with supply constraints expected to keep prices elevated despite potential short-term volatility due to trade tensions [11] - Recommendations include companies like Zijin Mining and Luoyang Molybdenum, with a focus on the recovery of demand in Q4 [11] Chemical Industry - The supply-demand dynamics for lithium hexafluorophosphate are improving, with prices expected to rise, suggesting a focus on leading companies in this segment [13] - The oil and gas sector shows resilience in pricing, particularly for the "three barrels of oil," with expectations for natural gas consumption to recover in the upcoming winter [12] Company Research - Jianfa Property reported a sales figure of 95.6 billion yuan for the first nine months, a year-on-year increase of 12.1%, with a strong outlook for project deliveries [14] - China Jiemao's sales reached 80.7 billion yuan, up 27% year-on-year, indicating robust performance and growth potential in property management projects [15] - Huayou Cobalt achieved a net profit of 4.22 billion yuan in the first three quarters, a 39.6% increase year-on-year, with strong future profit projections [16] - Zijin Mining's net profit for the first three quarters was 37.86 billion yuan, reflecting a 55.5% year-on-year growth, with positive forecasts for the coming years [17]

Report Industry Investment Rating - Not provided in the given content Core Views - The Fed's probability of cutting interest rates remains high due to the U.S. economic data not exceeding expectations, and the risk in the domestic equity market has been released. The overall sentiment in the non - ferrous metals sector is positive [2][6][7][10]. - Different non - ferrous metals have different supply - demand situations and price trends. Some are supported by supply shortages or expected demand increases, while others face over - supply problems [2][6][7][8]. Summary by Metal Copper - The LME copper price fell 0.83% to $9891/ton, and the SHFE copper main contract closed at 79650 yuan/ton. LME copper inventory decreased by 200 to 158375 tons, and the domestic electrolytic copper social inventory increased by 0.85 million tons (SMM caliber). The price is supported by tight raw material supply and approaching peak season [2]. - The reference range for the SHFE copper main contract today is 79200 - 80500 yuan/ton, and for LME copper 3M is 9800 - 10000 dollars/ton [2]. Aluminum - The LME aluminum price fell 0.92% to $2590/ton, and the SHFE aluminum main contract closed at 20625 yuan/ton. Domestic aluminum ingot inventory increased, and the price is expected to be range - bound in the short term due to mixed factors [4]. - The reference range for the domestic main contract is 20560 - 20820 yuan/ton, and for LME aluminum 3M is 2570 - 2620 dollars/ton [4]. Lead - The SHFE lead index fell 0.03% to 16861 yuan/ton. The lead market shows a weak supply - demand pattern, but with the high Fed rate - cut expectation, the lead price is expected to be strong [6]. Zinc - The SHFE zinc index fell 0.73% to 22121 yuan/ton. The zinc market has an over - supply situation in the industry, but due to the high Fed rate - cut expectation, it is expected to show a low - level oscillation pattern [7]. Tin - Tin prices continued to trade in a narrow range. Supply is expected to decline significantly in September, and demand is in the off - season. Tin prices are expected to be range - bound in the short term [8]. Nickel - Nickel prices oscillated. The short - term macro environment is positive, and the nickel price is expected to be supported. It is recommended to buy on dips. The reference range for the SHFE nickel main contract this week is 115000 - 128000 yuan/ton, and for LME nickel 3M is 14500 - 16500 dollars/ton [10]. Lithium Carbonate - The MMLC spot index was flat, and the LC2511 contract rose 2.14%. The supply - demand pattern is improving, and the reference range for the GZCE lithium carbonate 2511 contract today is 71200 - 75400 yuan/ton [12]. Alumina - The alumina index fell 0.4% to 2978 yuan/ton. After a sharp decline, the downside space is limited, and it is recommended to wait and see in the short term. The reference range for the domestic main contract AO2601 is 2900 - 3300 yuan/ton [14]. Stainless Steel - The stainless steel main contract fell 0.46% to 12855 yuan/ton. The market has entered a consolidation phase due to factors such as the decline in nickel prices and weak downstream demand [16]. Cast Aluminum Alloy - The AD2511 contract fell 0.35% to 20215 yuan/ton. The price is expected to remain high in the short term due to the approaching peak season, supply disruptions, and increased market activity [18].

Overview - The report provides insights into the performance of various companies across different industries, highlighting key financial metrics and growth prospects for the first half of 2025 [1][2]. Key Insights - The coal industry shows signs of recovery with companies like 潞安环能 and 山煤国际 reporting improved performance in Q2 2025, driven by increased production and cost optimization [34][40]. - The electric equipment sector is witnessing stability in pricing due to the phosphoric iron lithium development initiative, which aims to support sustainable growth in the industry [5]. - The construction and decoration industry, represented by companies like 中国建筑 and 矩阵股份, is experiencing accelerated growth in Q2 2025, with improved cash flow and profitability [10][14]. - The agricultural sector, particularly 温氏股份, is seeing a rebound in chicken prices, which is expected to enhance profitability in the latter half of 2025 [12]. - The media and entertainment industry, with companies like 风语筑 and 荣信文化, is leveraging AI and digital transformation to enhance revenue streams and improve financial performance [18][27]. Company Summaries Coal Industry - 潞安环能 reported a Q2 2025 revenue of 71.01 billion yuan, a decrease of 21.05% year-on-year, but with a significant improvement in production and cost management [34]. - 山煤国际's Q2 2025 revenue was 51.58 billion yuan, down 33.03% year-on-year, but the company is optimistic about recovery due to rising coal prices in the second half of the year [40]. Electric Equipment - The phosphoric iron lithium initiative aims to stabilize prices and improve profitability for companies in the sector, with a focus on sustainable development [5]. Construction and Decoration - 中国建筑 achieved a Q2 2025 net profit of 466 billion yuan, reflecting a 1% increase year-on-year, supported by improved cash flow and reduced impairment losses [10]. - 矩阵股份 reported a significant increase in net profit, with a 103% growth in non-recurring profit, driven by enhanced asset quality and cash flow [14]. Agriculture - 温氏股份 sold 1,793.19 million pigs in H1 2025, a 25% increase year-on-year, with a notable drop in costs leading to improved profitability [12]. Media and Entertainment - 风语筑's H1 2025 revenue grew by 33.97% to 7.75 billion yuan, marking a turnaround to profitability, while 荣信文化 is focusing on AI-driven marketing strategies to enhance growth [18][27]. Financial Projections - The report includes projections for various companies, indicating expected growth in net profits for 2025-2027 across multiple sectors, with specific figures provided for companies like 海尔智家 and 龙净环保 [28][30].

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 overseas and short domestic positions in the remaining time of the third quarter [1]. - For aluminum, short - term fundamentals are acceptable. Hold at low prices under the low - inventory pattern, and pay attention to far - month inter - month and long overseas and short domestic positions; in the long term, pay attention to actual demand as overseas supply is the main variable [2]. - For zinc, in the short term, it shows a pattern of strong overseas and weak domestic. It is recommended to wait and see and focus on the sustainability of commodity sentiment. Long overseas and short domestic positions can be continued to hold, and attention can be paid to the opportunity of inter - month long positions [3]. - For nickel, the short - term real - world fundamentals are average. The opportunity for the contraction of the nickel - stainless steel price ratio can continue to be monitored [8]. - For stainless steel, the fundamentals remain weak overall. In the short term, the macro - level follows the anti - involution expectations, and attention should be paid to the later policy direction [12]. - For lead, it is expected that battery manufacturers will replenish their stocks next week, and the center of lead prices will rise [13]. - For tin, in the short term, it is recommended to lightly short at high prices as there are both raw material supply disturbances and consumption decline expectations [14]. - For industrial silicon, in the short term, the supply - demand balance has been achieved in August, and it may turn to surplus if one of the southwest region or Hesheng reaches full production. In the long - term, it will oscillate at the bottom of the cycle [17]. - For lithium carbonate, in the short term, the price has a large upward elasticity. In the long - term, if the resource - end disturbance risk is resolved, it will still oscillate at a low level [19]. Summary by Metal Copper - In the first half of the week, copper prices were supported around 78,000 yuan, and downstream purchasing improved. In the second half of the week, with the decline of the US dollar index and low domestic refined - scrap spreads, copper prices were strong, attempting to break through 79,000 yuan on Friday night [1]. Aluminum - Supply increased slightly, with aluminum ingot imports providing an increment from January to May. August is a seasonal off - peak for demand, with weak aluminum product exports, a decline in the photovoltaic sector, and some downstream production cuts. Overseas demand declined significantly. In August, inventory is expected to continue to accumulate slightly [2]. Zinc - This week, zinc prices fluctuated widely. On the supply side, domestic TC has difficulty rising, while imported TC is rising slowly. In August, the increase in smelting production was further realized. On the demand side, domestic demand weakened seasonally, and most spot prices outside Shanghai turned to discounts. Overseas, European demand is average, but some smelters face production resistance due to processing fees. Domestic social inventory is rising, while overseas LME inventory is decreasing rapidly [3]. Nickel - On the supply side, pure nickel production remains at a high level. On the demand side, it is generally weak, and the premium has been stable recently. In terms of inventory, both domestic and overseas nickel plate inventories remain unchanged [8]. Stainless Steel - On the supply side, some steel mills have cut production passively, and some in the north are affected by the parade. On the demand side, it is mainly driven by rigid demand, and some restocking has increased due to the macro - environment. In terms of cost, the prices of nickel - iron and chrome - iron remain stable. In terms of inventory, inventories in Xijiao and Foshan have decreased slightly, and exchange warehouse receipts remain unchanged [12]. Lead - This week, lead prices declined. On the supply side, the scrap volume is weak year - on - year, and the supply of waste batteries is tight. The recycling rate of recycled lead remains low. On the demand side, the inventory of finished batteries is high, and the market's expectation of the peak season has fallen short of reality. The domestic social inventory is rising, and LME registered warehouse receipts have decreased [13]. Tin - This week, tin prices fluctuated widely. On the supply side, the processing fees at the mine end are low, and some domestic smelters are reducing production and entering the maintenance period. Overseas, there are signals of复产 in Wa State, but the recruitment is difficult. On the demand side, the elasticity of solder is limited, and the terminal electronics and photovoltaic sectors are expected to slow down. Domestic inventory is rising, while overseas LME inventory is at a low level, with a risk of short - squeezing [14]. Industrial Silicon - In the short term, the supply - demand balance has been achieved in August, and it may turn to surplus if one of the southwest region or Hesheng reaches full production. In the long - term, the over - capacity situation is still serious, and it will oscillate at the bottom of the cycle [17]. Lithium Carbonate - In the short term, due to resource - end compliance disturbances and the approaching downstream peak season, the price has a large upward elasticity. In the long - term, if the resource - end risk is resolved, it will still oscillate at a low level [19].