有色金属 2026 年 1 月 25 日 有色金属周报 避险情绪发酵，贵金属价格冲高 强于大市（维持） 行情走势图 -50% 0% 50% 100% 150% 25/01 25/04 25/07 25/10 26/01 沪深300 有色金属 证券分析师 核心观点： 贵金属-黄金：避险情绪发酵，贵金属价格冲高。截至 1.23，COMEX 金主力合约达 4983.1 美元/盎司，环比上涨 8.3%。SPDR 黄金 ETF 环比增加 0.1%为 1087 吨。美国宣布向反对美国得到格陵兰岛的欧洲 国家加征关税。此外，欧洲方面还在考虑抛售美债。美元信用削弱趋 势短期加速抬升，避险情绪发酵下，黄金等贵金属价格上涨。长期来 看美国债务问题未解，美元信用走弱的主线逻辑持续，央行购金以及 黄金投资需求增长，贵金属价格重心或仍将继续抬升。 工业金属：看好工业金属上涨行情。 行 业 深 度 报 行 业 深 度 报 行 业 周 报 证 券 研 究 报 告 告 行 业 报 告 告 行 业 报 告 陈潇榕 投资咨询资格编号 S1060523110001 chenxiaorong186@pingan.com.cn 马书蕾 投资咨询资格编 ...

证券研究报告 田源 SAC：S1350524030001 tianyuan@huayuanstock.com 张明磊 SAC：S1350525010001 zhangminglei@huayuanstock.com 田庆争 SAC：S1350524050001 tianqingzheng@huayuanstock.com 陈婉妤 SAC：S1350524110006 chenwanyu@huayuanstock.com 陈轩 SAC：S1350525120001 chenxuan01@huayuanstock.com 板块表现： 库存累积，铜铝价格高位震荡 投资评级： 看好（维持） ——有色金属 大宗金属周报（2026/1/19-2026/1/23） 有色金属 行业定期报告 hyzqdatemark 2026 年 01 月 25 日 请务必仔细阅读正文之后的评级说明和重要声明 证券分析师 铜：库存累积，铜价高位震荡。本周伦铜/沪铜/美铜涨跌幅分别为+0.43%/+0.57%/+1.51%。 本周铜价高位震荡调整，在金价持续创新高背景下，铜金融属性有望支撑铜价，预计铜价短 期回调空间或有限。库存端，本周铜库存累 ...

冲击日线5连阳！今日（1月23日）有色金属板块延续猛烈攻势，板块热门ETF——有色ETF华宝 （159876）场内涨幅盘中上探3.55%，现涨3.29%，续创历史新高！实时成交额1.07亿元，当前成交额已 超昨天全天。 ETF放量突破上市高点，或为资金买点信号！截至发稿，有色ETF华宝（159876）获资金实时净申购 5220万份，拉长时间来看，近20日狂揽8.44亿元！ | 序号 | 名称 | 涨跌幅 ▼ | 两日照 | 申万一级行业 | 申万二级行业 | 申万三级行业 | 总市值 | 成交额 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 1 | 白银有色 | 9.97% | 14 | 有色含屈 | 工业会展 | रीवे | 768亿 | 30.294Z | | 2 | 铜陵有色 | 9.94% | mannel w | 有色金属 | 工业合属 | 铜 | 9201Z | 48.89 Z | | ਤੇ | 湖南白银 | 9.60% | Freeholder, or other of the continues of | 有色含肥 | ...

有色早报 研究中心有色团队 2026/01/22 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 2026/01/15 -75 6157 180543 162717 -1800.78 -144.30 38.0 41.0 37.60 141125 50100 2026/01/16 -355 6005 213515 160417 -1695.41 -130.54 32.0 36.0 61.52 143575 49575 2026/01/19 -340 5424 213515 152655 -1653.61 29.24 28.0 27.0 67.55 147425 48550 2026/01/20 -365 5109 213515 148193 -1773.40 -160.48 26.0 25.0 101.84 156300 47800 2026/01/21 -350 5002 213515 145581 -1047.36 -10.15 22.0 22.0 -29.1 ...

Report Industry Investment Ratings No information about industry investment ratings is provided in the reports. Core Views Tin - Short - term tin prices are highly volatile due to market sentiment, so cautious participation is advised. In the medium - to - long - term, the supply side is gradually recovering, but considering the low elasticity of the supply side and the long - term narrative of the AI arms race, a low - buying strategy for tin prices is recommended [2]. Industrial Silicon - The spot price of industrial silicon is stable, and the futures price fluctuates, rising after a decline. The production in January and February is expected to decrease. The demand side is likely to decline slightly in January. The price of industrial silicon is expected to fluctuate, with the main price range between 8200 - 9200 yuan/ton. Attention should be paid to the changes in production on the demand side [3]. Polysilicon - The average spot price of polysilicon and the price of silicon wafers have declined. The demand expectation has improved, and component production may increase slightly, which is conducive to inventory digestion. However, polysilicon and silicon wafer prices are under pressure due to high inventory. The monthly average production in the first quarter is expected to drop to about 80,000 tons. The price may be supported at the 48,000 yuan/ton level, and even at 45,000 yuan/ton considering full - cost support [4]. Copper - Market speculative sentiment has eased, and copper prices fluctuated. Geopolitical factors affect market expectations of copper tariffs. The global visible inventory has reached a high level in recent years, and the return of COMEX copper inventory may ease the supply pressure in non - US regions. In the short term, copper prices may return to fundamental pricing, and in the long term, the price bottom center is expected to gradually rise. Attention should be paid to the CL premium and LME inventory changes, with support at 97500 - 98500 [5]. Zinc - Market speculative sentiment has eased, and zinc prices adjusted. The shortage of zinc ore supports prices, and the import window for zinc ore has opened. The supply pressure of refined zinc has been relieved. High zinc prices have suppressed demand, and the downstream operating rate has weakened. Zinc prices are expected to fluctuate in the short term, with support around 23,800. Attention should be paid to zinc ore TC and refined zinc inventory changes [9]. Aluminum - The alumina market showed a weak and volatile trend, with an oversupply situation. Alumina prices are expected to fluctuate widely around the industry's cash - cost line, with the main contract reference range of 2600 - 2900 yuan/ton. The aluminum market is in a high - level volatile pattern. Although macro and policy expectations are positive, the fundamentals are under pressure, with supply increasing and demand being suppressed. Aluminum prices are expected to remain volatile at a high level in the short term, with the main contract reference range of 23000 - 25000 yuan/ton [12]. Nickel - The nickel futures market was volatile. Macro factors and the situation of Indonesian nickel ore quotas affect the market. The overall spot transaction of refined nickel is average. The prices of nickel ore and nickel iron have increased. The demand for stainless steel in the off - season is weak, and the market cost is relatively limited. The inventory pressure has increased. The nickel price is expected to fluctuate widely, with the main contract reference range of 138000 - 148000 [13]. Aluminum Alloy - Cast aluminum alloy prices fluctuated at a high level, with cost being the main driving factor. The supply of scrap aluminum is still tight, and the fundamentals show a situation of weak supply and demand in the off - season. The social inventory has decreased slightly. The ADC12 price is expected to continue the high - level volatile pattern in the short term, with the main contract reference range of 22000 - 23500 yuan/ton [15]. Stainless Steel - Stainless steel prices showed a narrow - range fluctuation and then a late - session rally. Macro factors and raw material supply expectations affect the market. The raw material prices are expected to rise, the supply is relatively loose, and the demand is weak. The social inventory is decreasing, but the demand in the off - season is still insufficient. Stainless steel prices are expected to be strongly volatile in the short term, with the main contract reference range of 14200 - 15000 [16]. Lithium Carbonate - Lithium carbonate futures prices rose sharply. News about lithium concentrate auctions and mine supply fluctuations affected the market sentiment. The production is slightly increasing, and the supply is expected to decline during the pre - holiday maintenance period. The downstream demand shows certain resilience. Social inventory decreased last week. Lithium carbonate prices are expected to be strongly volatile in the short term, but chasing the rise requires attention to volatility and liquidity risks [20]. Summary by Directory Tin - **Spot Price and Basis**: SMM 1 tin rose 0.22% to 395,750 yuan/ton, and the LME 0 - 3 premium increased 14.82% to - 92.00 dollars/ton. The import loss was - 7117.93 yuan/ton, a decrease of 1.99% [2]. - **Monthly Fundamental Data**: In December, tin ore imports increased 16.81% to 17,637 tons, SMM refined tin production decreased 0.06% to 15,950 tons, and refined tin exports increased 41.84% to 2763 tons [2]. - **Inventory Changes**: SHEF inventory increased 37.69% to 9549.0 tons, and social inventory increased 36.07% to 10,175.0 tons [2]. Industrial Silicon - **Spot Price and Basis of Main Contracts**: The price of East China oxygen - passing SI5530 industrial silicon remained unchanged at 9250 yuan/ton, and the basis decreased 6.93% [3]. - **Monthly Fundamental Data**: National industrial silicon production decreased 1.15% to 39.71 million tons, and Xinjiang's production increased 6.46% to 25.29 million tons. The national operating rate decreased 0.35% to 64.59% [3]. - **Inventory Changes**: Xinjiang's factory - warehouse inventory increased 2.91% to 14.83 million tons, and social inventory increased 0.54% to 55.50 million tons [3]. Polysilicon - **Spot Price and Basis**: The average price of N - type granular silicon decreased 7.34% to 50,500 yuan/ton, and the N - type material basis increased 5.49% [4]. - **Monthly Fundamental Data**: Polysilicon production increased 0.79% to 11.55 million tons, and silicon wafer production decreased 19.26% to 43.90 million tons [4]. - **Inventory Changes**: Silicon wafer inventory decreased 5.53% to 24.78 million tons, and polysilicon warehouse receipts increased 1.54% to 4620.00 [4]. Copper - **Price and Basis**: SMM 1 electrolytic copper decreased 0.66% to 100,060 yuan/ton, and the LME 0 - 3 increased to 101.84 dollars/ton [5]. - **Fundamental Data**: In December, electrolytic copper production increased 6.80% to 117.81 million tons, and imports decreased 4.02% to 26.02 million tons. The domestic mainstream port copper concentrate inventory increased 7.81% to 69.04 million tons [5]. - **Inventory Changes**: Domestic social inventory increased 12.27% to 32.94 million tons, and SHFE inventory increased 18.26% to 21.35 million tons [5]. Zinc - **Price and Basis**: SMM 0 zinc ingot decreased 0.53% to 24,210 yuan/ton, and the import loss decreased to - 1851 yuan/ton [9]. - **Fundamental Data**: In December, refined zinc production decreased 7.24% to 55.21 million tons, and imports decreased 51.94% to 0.88 million tons [9]. - **Inventory Changes**: China's seven - region zinc ingot social inventory increased 3.13% to 12.20 million tons, and LME inventory decreased 0.40% to 11.2 million tons [9]. Aluminum - **Price and Spread**: SMM A00 aluminum increased 0.13% to 23,710 yuan/ton, and the alumina (Shandong) average price decreased 0.19% to 2560 yuan/ton [12]. - **Fundamental Data**: In December, alumina production decreased 1.08% to 743.94 million tons, and domestic electrolytic aluminum production decreased 3.97% to 363.66 million tons [12]. - **Inventory Changes**: China's electrolytic aluminum social inventory increased 2.60% to 74.90 million tons, and LME inventory increased 5.01% to 50.7 million tons [12]. Nickel - **Price and Basis**: SMM 1 electrolytic nickel decreased 0.99% to 144,900 yuan/ton, and the LME 0 - 3 decreased 2.15% to - 200 dollars/ton [13]. - **Cost and New - Energy Material Prices**: The cost of integrated MHP to produce electrowon nickel increased 1.09% to 112,237 yuan/ton, and the average price of battery - grade nickel sulfate decreased 0.22% to 33,375 yuan/ton [13]. - **Supply - Demand and Inventory**: China's refined nickel production increased 26.10% to 31,400 tons, and SHFE inventory increased 3.28% to 48,180 tons [13]. Aluminum Alloy - **Price and Spread**: The price of SMM aluminum alloy ADC12 remained unchanged at 23,850 yuan/ton, and the Foshan crushed primary aluminum scrap price difference increased 0.80% to 2509 yuan/ton [15]. - **Fundamental Data**: In December, the production of recycled aluminum alloy ingots decreased 6.16% to 64.00 million tons, and the production of primary aluminum alloy ingots increased 0.46% to 30.41 million tons [15]. - **Inventory Changes**: The weekly social inventory of recycled aluminum alloy ingots decreased 1.41% to 4.89 million tons [15]. Stainless Steel - **Price and Basis**: The price of 304/2B (Wuxi Hongwang 2.0 coil) increased 1.40% to 14,500 yuan/ton, and the price of Philippine laterite nickel ore 1.5% (CIF) increased 0.89% to 51 dollars/wet ton [16]. - **Fundamental Data**: China's 300 - series stainless steel crude steel production increased 0.92% to 176.32 million tons, and stainless steel imports increased 29.32% to 14.50 million tons [16]. - **Inventory Changes**: The 300 - series social inventory (Wuxi + Foshan) decreased 1.47% to 45.07 million tons [16]. Lithium Carbonate - **Price and Basis**: The average price of SMM battery - grade lithium carbonate increased 3.93% to 158,500 yuan/ton, and the average price of lithium spodumene concentrate CIF increased 2.52% to 2035 dollars/ton [20]. - **Fundamental Data**: In December, lithium carbonate production increased 4.04% to 99,200 tons, and demand decreased 2.50% to 130,118 tons [20]. - **Inventory Changes**: In December, lithium carbonate total inventory decreased 12.23% to 56,664 tons, and downstream inventory decreased 7.21% to 38,998 tons [20].

2026年01月22日 国泰君安期货商品研究晨报 所 观点与策略 | 黄金：再创新高 | 3 | | --- | --- | | 白银：关税预期波动 | 3 | | 铜：风险情绪稍有回升，支撑价格 | 5 | | 锌：下方有支撑 | 7 | | 铅：LME库存减少，支撑价格 | 9 | | 锡：关注缅甸复产 | 10 | | 铝：24000一线震荡 | 11 | | 氧化铝：反弹沽空 | 11 | | 铸造铝合金：跟随电解铝 | 11 | | 铂：高位震荡 | 13 | | 钯：金银回调，上方承压 | 13 | | 镍：印尼言论反复扰动情绪，镍价宽幅震荡运行 | 15 | | 不锈钢：盘面锚定矿端矛盾，镍铁跟涨支撑重心 | 15 | | 碳酸锂：拍卖价格支撑叠加供给减量预期，偏强震荡延续 | 17 | | 工业硅：上游减产，区间震荡态势 | 19 | | 多晶硅：关注后续现货成交价 | 19 | | 铁矿石：价格走弱，关注下游补库节奏 | 21 | | 螺纹钢：原料市场扰动，宽幅震荡 | 22 | | 热轧卷板：原料市场扰动，宽幅震荡 | 22 | | 硅铁：成本预期抬升，宽幅震荡 | 24 | | 锰硅：原 ...

在今日券商晨会上，中信建投认为，铜价上涨走势未定；开源证券认为，重视硅光和CPO链投资机会； 中信证券认为，医保新政出台，医疗器械迎来行业性投资机遇。 市场冲高回落，沪指午后一度翻绿。沪深两市成交额2.6万亿，较上一个交易日缩量1771亿。盘面上， 市场热点快速轮动，全市场超3000只个股上涨。从板块来看，贵金属概念全天领涨，四川黄金、招金黄 金涨停。芯片产业链爆发，华天科技、龙芯中科、至正股份等十余股涨停。锂矿概念震荡反弹，盛新锂 能、大中矿业、国城矿业涨停。油气概念表现活跃，惠博普、洲际油气涨停。下跌方面，大消费板块集 体走弱，白酒方向领跌。银行板块震荡下跌，农业银行跌近3%。截至收盘，沪指涨0.08%，深成指涨 0.7%，创业板指涨0.54%。 中信建投：铜价上涨走势未定 今年铜价大涨，由供应扰动、需求增长及贸易流向变化推动，后续走势存不确定性。供应端，去年印 尼、智利矿山事故及智利铜矿罢工致供应中断，南美铜矿产量占比下滑，新项目审批滞后、加工费低迷 进一步收紧供应。需求端，新能源转型、AI基建带动铜消费，电动汽车、数据中心需求突出。贸易 端，美国拟加征关税，促使交易商向美出口，推高其他地区供应紧张。 ...

Report Industry Investment Ratings - Bullish: Palm oil, soybean oil [1] - Bearish: Industrial silicon [1] - Neutral: Most other industries are rated as "oscillating" [1] Core Views of the Report - Policy aims to achieve a "slow bull" in the stock market, with short - term oscillations in the stock index and long - term opportunities for long - position layout. Asset shortage and weak economy benefit bond futures, but short - term interest rate risks are signaled by the central bank [1]. - Different metals and commodities have various trends. For example, copper prices are in high - level oscillations, aluminum prices are falling from high levels, and nickel prices are in high - level oscillations with supply concerns and inventory constraints [1]. - Precious metals are supported by geopolitical and trade tensions, but the suspension of key - mineral tariff hikes by the US may cause price fluctuations. Platinum and palladium are expected to have wide - range oscillations in the short term, and a long - term strategy of buying platinum and shorting palladium can be considered [1]. - In the agricultural and energy - chemical sectors, different products are affected by factors such as supply - demand relationships, policies, and international situations, resulting in different price trends and investment strategies [1]. Summary by Related Catalogs Macro Finance - Stock index: Policy cools market speculation, with short - term oscillations and long - term opportunities for long - position layout [1] - Bond futures: Asset shortage and weak economy are beneficial, but short - term interest rate risks are signaled by the central bank, and the Japanese central bank's interest - rate decision should be monitored [1] Non - ferrous Metals - Copper: Downstream demand is under pressure, and with the suspension of key - mineral tariffs by the US, short - term copper - hoarding concerns are alleviated, and prices are in high - level oscillations [1] - Aluminum: Limited industrial drivers and weakening macro sentiment lead to aluminum prices falling from high levels [1] - Alumina: Supply exceeds demand in the domestic market, and prices are under pressure, but they are near the cost line and expected to oscillate [1] - Zinc: The cost center is stable, but inventory pressure is evident, and prices fluctuate within a range due to repeated macro sentiment [1] - Nickel: The 2026 RKAB target of Indonesian nickel ore is about 260 million wet tons, but the supply is still tight. Global nickel inventory accumulation may restrict price increases, and short - term prices are in high - level oscillations. Short - term long - position trading on dips is recommended, but over - chasing highs should be avoided [1] - Stainless steel: The price of raw - material nickel iron is rising, social inventory is slightly decreasing, and steel - mill production in January is increasing. Futures prices are in high - level oscillations, and short - term long - position trading on dips is recommended [1] - Tin: Short - term macro sentiment is repeated, and prices have corrected. However, due to the fragile supply of tin ore, there is still upward momentum, and low - buying opportunities should be monitored [1] Precious Metals and New Energy - Gold and silver: Geopolitical and trade tensions boost prices, and they are expected to be strong in the short term, but price fluctuations may be intense due to the suspension of key - mineral tariff hikes by the US [1] - Platinum and palladium: Geopolitical and trade tensions support prices, but the suspension of key - mineral tariff hikes by the US may suppress price drivers. Short - term wide - range oscillations are expected, and a long - term strategy of buying platinum and shorting palladium can be considered [1] Industrial and Building Materials - Industrial silicon: Production increases in the northwest and decreases in the southwest, and the planned production of polysilicon and organic silicon in December decreases [1] - Polysilicon: It is in the off - season for new energy vehicles, but energy - storage demand is strong, and there is a battery export rush with a large increase in price [1] - Lithium carbonate: Expectations are strong, but the spot market is weak, and the upward momentum is insufficient [1] - Rebar and hot - rolled coil: High production and inventory suppress price increases, and the transmission of futures price increases to the spot market is not smooth. Unilateral long positions should be closed, and cash - and - carry arbitrage can be considered [1] - Iron ore: There is obvious upward pressure, and chasing highs is not recommended [1] - Coke and coking coal: If the "capacity reduction" expectation continues to ferment, there may be room for price increases, but the actual increase is difficult to judge, and large fluctuations after a significant increase require caution [1] - Glass: Short - term market sentiment is warming, and supply - demand provides support, but medium - term supply exceeds demand, and prices are under pressure [1] - Soda ash: It follows glass prices, and medium - term supply - demand is looser, with prices under pressure [1] Agricultural Products - Palm oil: The purchasing rhythm of major consuming countries is starting, production areas are expected to reduce production and inventory, and with the possibility of biodiesel themes fermenting, prices are expected to oscillate strongly [1] - Soybean oil: It has a strong fundamental situation, and long - position allocation in oils is recommended, and a strategy of buying soybean oil and shorting other oils can be considered [1] - Rapeseed oil: Tariff - adjustment expectations for Canadian rapeseed and customs - clearance expectations for Australian rapeseed are bearish, but it is difficult to decline smoothly, and it is recommended to wait and see due to large recent price fluctuations [1] - Cotton: There is strong domestic new - crop production expectation, but the purchase price of seed cotton supports the cost of lint. Downstream operation rates are low, but yarn - mill inventory is not high, and there is rigid restocking demand. Future factors such as the central government's No.1 Document in the first quarter of next year, planting - area intentions, weather during the planting period, and peak - season demand should be monitored [1] - Sugar: There is a global surplus and an increase in domestic new - crop supply, and there is a consensus among short - sellers. If prices continue to fall, there is strong cost support, but there is a lack of continuous short - term fundamental drivers, and changes in the capital side should be monitored [1] - Corn: The grain - selling progress in Northeast China is fast, port inventory is low, and there is restocking demand before the festival. Short - term spot prices are firm, and futures prices are expected to oscillate within a range [1] - Soybeans: As the Brazilian harvest progresses, the CNF premium reflects the selling pressure of a bumper harvest. Dry weather in Argentina should be monitored, and short - term prices are expected to oscillate weakly [1] - Pulp: Affected by the decline in the commodity macro - environment, prices have fallen but remain within the oscillation range. Due to large short - term commodity - sentiment fluctuations, it is recommended to wait and see cautiously [1] - Logs: Spot prices have shown signs of bottom - rebounding, and the further decline in futures prices is limited. However, the January overseas offer has slightly decreased, and there is a lack of upward - driving factors, with prices expected to oscillate between 760 - 790 yuan/m³ [1] - Hogs: Spot prices are gradually stabilizing, demand provides support, and production capacity still needs to be further released [1] Energy and Chemicals - Crude oil: OPEC+ has suspended production increases until the end of 2026, the uncertainty of the Russia - Ukraine peace agreement, and US sanctions on Venezuelan oil exports affect prices [1] - Fuel oil: Short - term supply - demand contradictions are not prominent and follow crude - oil prices. The "14th Five - Year Plan" rush - work demand is likely to be falsified, and the supply of Marey crude oil is sufficient, with high asphalt profits [1] - Shanghai rubber: Raw - material cost support is strong, the futures - spot price difference has rebounded significantly, and mid - stream inventory has increased significantly [1] - BR rubber: There is a phased correction, high - price spot transactions are blocked, the cost of butadiene has strong bottom - support, overseas cracking - unit production capacity is cleared, and the domestic market is expected to benefit in the long term. The market will return to fundamental - driven in the short term [1] - PTA: The PX market has risen rapidly, and the market is expected to tighten in 2026. Domestic PTA maintains high - level operation, and the high gasoline spread supports aromatics [1] - Ethylene glycol: Two sets of MEG plants in Taiwan, China, plan to shut down next month. Prices have rebounded rapidly due to supply - side news, and downstream polyester operation rates are above 90% [1] - Short - fiber: Prices continue to closely follow cost fluctuations [1] - Styrene: The supply - demand fundamentals have improved, futures prices have rebounded rapidly, the Asian market has stabilized, and the price difference between styrene and benzene has widened, with inventory being depleted [1] - Urea: Export sentiment has eased, there is limited upward space due to insufficient domestic demand, and there is support from anti - involution and cost [1] - PVC: Global production is expected to be low in 2026, but the current fundamentals are poor. The cancellation of export tax - rebates may lead to a rush to export, and differential electricity prices in the northwest may force out inefficient production capacity [1] - LPG: The February CP is expected to rise, the cost of imported gas is strongly supported, the geopolitical conflict in the Middle East has cooled, inventory is being depleted, domestic PDH maintains high - level operation but is in deep loss, and the heating market is expected to start [1] Others - Container shipping on the European route: It is expected to peak in mid - January, pre - festival restocking demand still exists, and airlines are still cautious in their trial re - flights [1]

来源：中国能源网 华鑫证券近日发布有色金属行业周报：数据方面，美国12月CPI同比2.7%，前值2.7%，预期美国11月零 售销售环比0.6%，前值-0.1%，预期11月PPI同比3%，前值2.7%，预期2.7%。美国1月10首次申请失业救 济人数19.8万人，前值20.8万人，预期万人。 以下为研究报告摘要： 投资要点 贵金属：1 上行动力较足 价格方面，周内伦敦黄金价格为4611.05美元/盎司，环比9日+117.20美元/盎司，涨幅为 90.80美元/盎司，环比1月9日+12.66 铜、铝：铜铝高位盘整，下游需求有所修复 国内宏观：中国12月进口同比(按美元计)前值月出口同比(按美元计)前值5.9%。 铜：价格方面，本周LME铜收盘价12925美元/吨，环比日-65美元/吨，跌幅为-0.50%。SHFE铜收盘价 100590环比1月9日-620元/吨，跌幅为-0.61%。库存方面，LME为143575吨（环比1月9日+4600吨，同 比-116675COMEX库存为542914吨（环比1月9日+24915+447415吨）；SHFE库存为213515吨（环比1月9 吨）。2026年1月15日，SMM统计 ...

截至9月30日，铜陵有色股东户数26.92万，较上期减少6.59%；人均流通股41386股，较上期增加 13.31%。2025年1月-9月，铜陵有色实现营业收入1218.93亿元，同比增长14.66%；归母净利润17.71亿 元，同比减少35.14%。 分红方面，铜陵有色A股上市后累计派现78.05亿元。近三年，累计派现34.87亿元。 机构持仓方面，截止2025年9月30日，铜陵有色十大流通股东中，香港中央结算有限公司位居第二大流 通股东，持股2.70亿股，相比上期增加4503.31万股。华泰柏瑞沪深300ETF（510300）位居第三大流通 股东，持股1.31亿股，相比上期减少634.64万股。易方达沪深300ETF（510310）位居第五大流通股东， 持股9447.53万股，相比上期减少302.15万股。黄金股ETF（517520）位居第六大流通股东，持股 7699.95万股，相比上期增加3466.00万股。华夏沪深300ETF（510330）位居第八大流通股东，持股 7050.15万股，相比上期减少98.56万股。嘉实沪深300ETF（159919）退出十大流通股东之列。 责任编辑：小浪快报 资金流向 ...