从基本面来看，行业整体盈利能力的提升为板块上行奠定了坚实基础。Wind数据显示，2025年前三季 度，有色金属行业归母净利润同比增长41.43%，其中，第三季度同比增幅进一步扩大至50.81%。矿业 ETF（159690）跟踪的中证有色金属矿业指数弹性优势更大，前三季度、单季度归母净利润分别为 49.48%、55.62%。 | 指数 | 润增长率(%) | 第三季度归母净利 前三季度归母净利 平均ROE（％） 润增长率(%) | | | --- | --- | --- | --- | | 有色矿业 | 55.62 | 49.48 | 12.14 | | 有色金属(申万) | 50.81 | 41.43 | 10.61 | | 沪深300 | 10.43 | 5.22 | 8.01 | | SSH黄金股票 | 48.61 | 38.66 | 12.91 | 来源：Wind，截至2025.11.14 中证有色金属矿业指数覆盖工业金属、贵金属、能源金属、小金属等细分行业，一篮子配置特性能够有 效分散单一品种的价格波动风险。此外，招商基金表示，在能源转型（电动车、光伏）、AI算力建 设、全球宽松政策的共同推动下，资源 ...

11月25日，A股有色金属板块走强，华锡有色涨停，股价再创新高，中金黄金、锡业股份、东方锆业、 兴业银锡、洛阳钼业涨超4%，紫金矿业、山东黄金、江西铜业、赣锋锂业涨超2%。矿业ETF （159690）涨2.74%。 来源：Wind，截至2025.11.14 中证有色金属矿业指数覆盖工业金属、贵金属、能源金属、小金属等细分行业，一篮子配置特性能够有 效分散单一品种的价格波动风险。此外，在能源转型（电动车、光伏）、AI算力建设、全球宽松政策 的共同推动下，资源需求具备长期支撑，或有助于帮助投资者便捷布局"资源新周期"。 中原证券认为，供需矛盾下，铜价格中枢或将上移。供应端方面，全球铜矿品位下降、资本开支长期不 足带来的新增矿山项目有限以及矿端扰动加剧共同制约供应增长，导致铜精矿市场持续偏紧。需求端来 看，受益于全球宽松货币周期与绿色转型趋势，电力投资、新能源汽车及数据中心建设等领域对铜的需 求形成有力支撑。 贵金属方面，东莞证券指出，黄金与美元指数呈显著负相关，当前美元信用体系遭遇考验，推动黄金货 币属性重估复归。同时，美联储需要在控通胀与稳经济中寻求平衡，货币政策路径不确定性升温，进一 步推升黄金避险溢价。尽管 ...

（文章来源：每日经济新闻） 华鑫证券指出，美联储12月降息分歧较大，贵金属价格支撑仍在，黄金将维持上涨走势。锑价在下跌半 年后反弹，贸易商库存较低，冶炼厂限量销售模式支撑涨价预期。 矿业ETF（561330）跟踪的是有色矿业指数（931892），该指数从市场中选取涉及铜、铝、铅锌、稀有 金属等矿产资源开采与加工业务的上市公司证券作为指数样本，以反映有色金属矿业相关上市公司证券 的整体表现。该指数具有较强的周期性特征，其走势与全球经济环境变化密切相关。 ...

根据股份购买协议，完成条件的最终期限为2025年11月18日(最终截止日)。各方现已同意将最终截止日 延至2026年6月30日。公司将继续与英美资源集团及欧盟委员会合作，协助欧盟委员会进行审查。 五矿资源(01208)公布，就有关收购英美资源镍业务，公司与英美资源完成收购事项的义务须待若干先 决条件(条件)已获满足或豁免后方可生效，包括：于多个司法管辖区取得合并管制批准;获中华人民共和 国国家发展和改革委员会(发改委)接纳与收购事项有关的申报;以及获中华人民共和国商务部(商务部)接 纳与收购事项有关的申报。鉴于所有其他条件均已满足，欧盟委员会已将审查延长至第二阶段审查。目 前尚未确定欧盟委员会完成审查所需时间。 ...

Core Viewpoint - *ST Zhengping's stock has experienced a significant increase of 221.93% from September 1, 2025, to November 18, 2025, with 26 trading days of price limits, indicating a serious deviation from its fundamentals compared to the Shanghai Composite Index and the construction industry [1][3]. Group 1: Stock Trading and Market Behavior - The company will conduct an investigation into the stock trading situation to protect investor interests, leading to a suspension of trading starting November 19, 2025, for a period not exceeding 10 trading days [3]. - The stock has shown abnormal volatility, with multiple trading suspensions and investigations conducted in October and November 2025, resulting in consecutive price limits in the days following the resumption of trading [3]. - The company warns that the stock price may be subject to irrational speculation and could face significant declines after a substantial short-term increase [3]. Group 2: Company Operations and Financial Performance - *ST Zhengping is engaged in infrastructure construction, cultural tourism, and non-ferrous metal mining, and is actively expanding into new business areas such as renewable energy and intelligent computing services [4]. - The company faces a risk of delisting due to an audit report with a disclaimer of opinion for the 2024 annual report, alongside other risk warnings related to internal controls and significant uncertainties regarding its ability to continue operations [4]. - The company reported a revenue of 1.362 billion yuan and a net loss of 484 million yuan for 2024, with a revenue of 652 million yuan and a net loss of 99 million yuan for the first three quarters of 2025 [4]. Group 3: Mining Operations and Financial Constraints - The company has insufficient mining capacity and requires significant investment for future resource development, facing uncertainties regarding the ability to generate revenue from mining operations [5]. - As of September 30, 2025, the company had cash resources of 72.3767 million yuan, with a significant portion restricted due to various factors, leading to a high asset-liability ratio of 92.49% [5].

Core Viewpoint - *ST Zhengping's stock has experienced a significant increase of 221.93% from September 1, 2025, to November 18, 2025, with 26 trading days of price limits, indicating a serious deviation from its fundamentals and the overall market [1][3]. Group 1: Stock Trading and Market Behavior - The company will conduct a stock trading review to protect investor interests, leading to a suspension of trading starting November 19, 2025, for a period not exceeding 10 trading days [3]. - The stock has shown abnormal volatility, with five consecutive trading days of price limits after the last resumption of trading on November 12, 2025, indicating potential irrational market speculation [3][4]. Group 2: Company Operations and Financial Performance - *ST Zhengping is engaged in infrastructure construction, cultural tourism, and non-ferrous metal mining, and is actively expanding into new areas such as renewable energy and intelligent computing services [4]. - The company reported a revenue of 1.362 billion yuan and a net loss of 484 million yuan for 2024, with a revenue of 652 million yuan and a net loss of 99 million yuan for the first three quarters of 2025 [4][5]. Group 3: Risks and Challenges - The company faces a risk of delisting due to an audit report with a disclaimer of opinion for 2024, and ongoing issues with internal controls and significant uncertainties regarding its ability to continue as a going concern [4]. - There are concerns regarding the company's mining capabilities, with insufficient resources for future development and a high debt ratio of 92.49%, indicating financial instability [5].

【导读】大涨222%！*ST正平宣布停牌核查 "大妖股"*ST正平宣布停牌核查。 11月18日，*ST正平发布公告称，公司股票短期内涨幅较大，自11月19日（星期三）开市起停牌核查。 | 证券代码 | 证券简称 | 停复牌类型 | 停牌起始日 | 停牌 期间 | 停牌终止日 | 复牌日 | | --- | --- | --- | --- | --- | --- | --- | | 603843 | *ST 正平 | A 股 停牌 | 2025/11/19 | | | | *ST正平此前曾两度停牌核查，复牌后股价继续疯涨。9月份以来，*ST正平频繁发布股票交易的风险提示公告，但并未影响市场的炒作热情。 *ST正平停牌核查 11月18日晚间，*ST正平发布公告称，公司股票自2025年9月1日至11月18日累计涨幅达221.93%，股价短期涨幅与同期上证指数、建筑行业存在严重偏 离，已严重脱离基本面。公司股票自11月19日（星期三）开市起停牌核查，自披露核查公告后复牌，预计停牌时间不超过10个交易日。 *ST正平表示，经自查，未发现其他可能对股价产生较大影响的重大事件和敏感信息。公司股价可能存在市场情绪过热，非理性 ...

Core Viewpoint - The non-ferrous metals industry has become a market focus since 2025, showing outstanding performance with a cumulative increase of 77.71% year-to-date, leading among 31 first-level industries in the Shenwan classification [1] Group 1: Industry Performance - The overall profitability of the non-ferrous metals sector has improved, with a year-on-year growth of 41.43% in net profit attributable to shareholders for the first three quarters of 2025, and a further increase to 50.81% in the third quarter [2][3] - The CSI Non-Ferrous Metals Mining Index has shown even greater elasticity, with net profit growth rates of 49.48% for the first three quarters and 55.62% for the third quarter [3] - The valuation of the CSI Non-Ferrous Metals Mining Index is currently at 24.16 times PE-TTM, positioned at the 39% historical percentile [3] Group 2: Sector Breakdown - All segments of the non-ferrous metals industry, except for energy metals and new metal materials, have achieved net profit growth in the first three quarters, with industrial metals, precious metals, and minor metals showing increases of 34.27%, 57.31%, and 45.49% respectively [3] - Institutional investors have increased their holdings in the non-ferrous metals sector, with public funds' holding ratio rising to 5.69% in Q3 2025, marking a 1.43% increase from the previous quarter and the highest level since 2021 [5] Group 3: Future Outlook - The industry is expected to benefit from a new cycle in global resources, with a positive outlook on copper, aluminum, and precious metals. Copper and aluminum prices have increased by 5.90% and 5.64% year-on-year in Q3 2025 [8] - Gold prices have surged by 39.88% year-on-year in Q3 2025, with central banks globally purchasing over 1,045 tons of gold in 2024, continuing a trend of high demand [8] - The lithium industry is seeing an improved supply-demand balance, while cobalt prices are expected to rise due to supply constraints from the Democratic Republic of Congo [10]

Core Viewpoint - *ST Zhengping's stock has experienced a significant increase of 206.69% from September 1 to November 17, 2025, raising concerns about a disconnect from its fundamental performance and potential market speculation [1][5][8]. Stock Performance - Since its resumption of trading on November 12, 2025, *ST Zhengping has recorded four consecutive daily limit-up sessions [3]. - The stock has achieved a total of 25 limit-up sessions from September 1 to November 17, 2025, excluding periods of suspension [5]. Financial Performance - For the first three quarters of 2025, *ST Zhengping reported total revenue of 6.52 billion CNY, a year-on-year decrease of 20.92% [8]. - The company incurred a net loss attributable to shareholders of 997.57 million CNY, compared to a loss of 859.99 million CNY in the same period last year [8]. - The net cash flow from operating activities was -699.64 million CNY, worsening from -877.37 million CNY year-on-year [8]. Risks and Warnings - The company faces multiple risks, including the potential for delisting due to an inability to provide a standard audit opinion for its 2024 annual report [5][7]. - There are concerns regarding non-operational fund occupation and ongoing litigation, with 252 new lawsuits filed in 2025, amounting to 497.65 million CNY, which is 177.73% of the company's net assets as of the third quarter [11]

兴业期货表示，黄金方面，美国亚特兰大联储主席博斯蒂克突然宣布将于明年2预定底退休，其降息主 张偏中性。美联储换届在即，白宫施加影响的概率正在上升。黄金金融属性与货币属性强化的中长期逻 辑未变，维持黄金多头思路。策略上，沪金02合约前多继续持有，新单仍可逢回调加仓。白银方面，中 美两国将白银列入战略金属，储备需求增加。国内上海黄金交易所和上期所白银库存降至历史低位。白 银商品属性得到强化。此外，美联储与白宫关于降息的博弈继续，白银金融、货币属性强化的中长期逻 辑也未发生变化。维持白银多头思路不变。 分析指出，矿业板块的持续走强主要受益于两大核心因素。供给端，全球主要有色金属品种面临矿山品 位下降、资本开支不足等长期约束，而地缘政治因素进一步加剧了供应不确定性。需求端，新能源产业 快速发展带动锂、钴等战略金属需求增长，同时制造业复苏推动小金属需求回升。政策面上，国家对战 略性矿产资源的重视程度不断提升，为行业发展创造了有利环境。 11月13日，有色矿业板块盘初放量冲高。截至9时39分，表征板块的矿业ETF(159690)放量涨2.17%，今 年以来累计涨85.01%；成分股兴业银锡、白银有色领涨。 矿业ETF(1 ...