其实周五那天的市场特别有戏剧性，本来美国赶上"黑色星期五"，大家都忙着购物，期货市场的交易量 就比平时清淡，结果芝商所的交易平台还出了几个小时的故障，直接把全球大宗商品的波动给放大了， 连到期的汽油、柴油期货合约都跟着乱了阵脚。就在这种乱糟糟的行情里，原油和金属硬是走出了两条 完全相反的路。 先说说原油，这波四连跌可是2023年以来最长的一次，周五最后收在58美元多一桶。核心原因其实就两 点，一是大家担心市场供应过剩，二是地缘政治的风险溢价在下降。听说特朗普上周跟委内瑞拉的马杜 罗通了电话，还聊到了潜在会面的事，这两国关系一缓和，石油市场的紧张情绪自然就松了不少。另外 大家也在等周日OPEC+的线上会议，目前看他们大概率会维持到2026年初暂停增产的计划，短期也没 法缓解供应压力，油价自然扛不住。还有俄乌那边，普京也说特朗普的停火方案能当谈判基础，虽然关 键分歧还在，但局势缓和的预期已经影响了市场。 各位朋友，我是帮主郑重，做了20年财经记者、专盯中长线投资的老炮儿！最近大宗商品市场真是 把"反差感"拉满了，一边是原油跌跌不休连着四个月走低，另一边白银、铜价直接飙到历史新高，是不 是好多朋友看懵了，想知道这背 ...

在过去的近一个月的时间里，全球的宏观运行呈现以下一些特征： 第一， 美元流动性出现了明显的反复，虽然美联储降息和缩表不断落地，但美联储尝 试释放中性信号而避免释放过于鸽派的信息，其对于美债收益率曲线和美元汇 率稳定的诉求较为强烈，这引发了美元资产的回落并把紧张向非美地区传导； 第二，进入到 10 月份之后，伴随美元流动性的反复而出现的宏观现象是经贸 和地缘局势的扰动，在经贸问题上，特朗普的 TACO 交易再现，中美领导人的 APEC 会议上的会晤还是平稳落地了，但特朗普访华时间延后。虽然中东的局 势没有进一步恶化，但是在俄乌仍然焦灼的背景下，地缘风险又有向亚洲蔓延 的特征；第三，面对外部的不确定性，在美联储降息之际，国内的经济政策亦 有一些动作，比如央行宣布恢复国债的购买，但整体来看经济政策的变动不大。 商业银行准备金的大幅回落，从而引发了流动性的压力 升，这倒逼了美联储停止缩表以及美国政府结束停摆 相应大类资产运行则呈现出以下几个方面的特征： 第一，在此前"复苏" 交易和"衰退"交易并存在定价体系下，进入到 10 月份之后随着美元流动性 的压力再现，大类资产的定价整体朝着避险甚至"滞胀"交易进行了回摆，商 ...

证券研究报告 2025 年 11 月 28 日 湘财证券研究所 相关研究： | 《中期行业盈利增长明显，贵金属及小金属 | | --- | | 板块表现优异》 20250930 | 行业评级：增持（维持） 近十二个月行业表现 % 1 个月 3 个月 12 个月 相对收益 1 15 43 绝对收益 -2 16 61 注：相对收益与沪深 300 相比 分析师：王攀 证书编号：S0500520120001 Tel：(8621) 50293524 Email：wangpan2@xcsc.com 地址：上海市浦东新区银城路88号 中国人寿金融中心10楼 行业研究 有色金属行业深度 三季度有色板块盈利延续提升，能源金属业绩大幅改善 ——有色金属行业 2025 年三季报总结 核心要点： ❑ 2025 年至今有色金属行业涨幅大幅超越基准，钴、稀土及钨板块表现 并驾齐驱 据 Wind 数据，2025 年至今（截至 2025 年 11 月 21 日，下同）有色金属 指数（申万）累计上涨 65.71%，涨幅超过沪深 300 指数 52.53pct。2025 年前三季度有色金属行业涨幅在申万一级行业中排名第二，2025Q3 行业 加 ...

. 贵金属有色金属产业日报 2025/11/26 咨询业务资格：沪证监许可【2012】1515号 研报作者：许亮 Z0002220 审核：唐韵 Z0002422 【免责声明 】 本报告基于本公司认为可靠的、已公开的信息编制，但本公司对该等信息的准确性及完整性不作任何保证。本报告所载的意见、结论及预测仅反映报告发布时的观点、结论和建议。 在不同时期，本公司可能会发出与本报告所载意见、评估及预测不一致的研究报告。本公司不保证本报告所含信息保持在最新状态。本公司对本报告所含信息可在不发出通知的情形下做出修 改， 交易者（您）应当自行关注相应的更新或修改。本公司力求报告内容客观、公正，但本报告所载的观点、结论和建议仅供参考，交易者（您）并不能依靠本报告以取代行使独立判断。对交 易者（您）依据或者使用本报告所造成的一切后果，本公司及作者均不承担任何法律责任。本报告版权仅为本公司所有。未经本公司书面许可，任何机构或个人不得以翻版、复制、发表、引用 或再次分发他人等任何形式侵犯本公司版权。如征得本公司同意进行引用、刊发的，需在允许的范围内使用，并注明出处为"东亚期货"，且不得对本报告进行任何有悖原意的引用、删节和修改。 本 ...

资料显示，安徽楚江科技新材料股份有限公司位于安徽省芜湖市鸠江区龙腾路88号，成立日期2005年12 月21日，上市日期2007年9月21日，公司主营业务涉及有色金属(铜金属)材料的研发、加工、销售,新材 料热工装备业务,高性能碳纤维复合材料预制件生产业务。主营业务收入构成为：铜基材料96.79%，高 端装备、碳纤维复合材料2.09%，钢基材料1.12%。 楚江新材所属申万行业为：有色金属-工业金属-铜。所属概念板块包括：新型工业化、无人机、机器人 概念、低空经济、第三代半导体等。 11月28日，楚江新材盘中上涨2.03%，截至14:13，报11.58元/股，成交4.15亿元，换手率2.25%，总市值 187.94亿元。 资金流向方面，主力资金净流出1058.59万元，特大单买入2211.28万元，占比5.33%，卖出2863.05万 元，占比6.90%；大单买入8251.66万元，占比19.88%，卖出8658.48万元，占比20.86%。 楚江新材今年以来股价涨41.22%，近5个交易日涨7.32%，近20日跌13.13%，近60日涨17.09%。 今年以来楚江新材已经1次登上龙虎榜，最近一次登上龙虎榜为1 ...

研究员：张平 021-60635734 zhangping@ccb.ccbfutures.com 期货从业资格号：F3015713 021-60635729 yufeifei@ccb.ccbfutures.com 期货从业资格号：F3025190 行业 铜期货日报 日期 2025 年 11 月 28 日 021-60635740 pengjinglin@ccb.ccbfutures.com 期货从业资格号：F3075681 有色金属研究团队 研究员：余菲菲 研究员：彭婧霖 每日报告 一、 行情回顾与操作建议 图1：沪铜走势及盘面价差 图2：伦铜走势及价差 数据来源：Wind，建信期货研究发展部 数据来源：Wind，建信期货研究发展部 请阅读正文后的声明 ＃summary＃ 沪铜小幅上涨，主力收盘报 86990，隔夜外盘继续交易美联储 12 月降息预期带动 铜价上涨，日内现货涨 430 至 87085，现货升水涨 25 至 105，销售情绪大幅下降 令现货升水走强，本周社库减少 0.7 万吨，较上周四减少 2.1 万吨，国内社库去 库加速。现货进口亏损近千元，主因比价下降以及 LME0-3 转 back 结构， ...

Group 1: International News - The U.S. delegation will visit Moscow next week, and President Putin reiterated that Russia generally agrees to use the U.S. list for resolving the Ukraine issue as a basis for future negotiations. He stated that if Ukrainian armed forces withdraw from currently controlled areas, Russia will cease military actions; otherwise, military means will be employed to achieve objectives [1][6]. Group 2: Domestic News - The State Council, led by Premier Li Qiang, held a meeting to discuss promoting high-quality development and reviewed the provincial-level coordination of basic medical insurance. The meeting emphasized the need to enhance grassroots medical service capabilities [7]. Group 3: Industry News - The National Development and Reform Commission (NDRC) is promoting the expansion of infrastructure REITs to include urban renewal facilities, hotels, sports venues, and commercial office facilities. The NDRC also highlighted the need to balance speed and bubble risks in the development of embodied intelligence industries, particularly humanoid robots [8]. Group 4: Financial Market Overview - The U.S. stock indices rose, with the previous trading day seeing a high followed by a pullback. The light industry manufacturing sector led the gains, while the comprehensive sector lagged. The market turnover was 1.72 trillion yuan, and the financing balance increased by 5.977 billion yuan to 24,522.65 billion yuan [2][11]. Group 5: Commodity Insights - In the coal market, the double焦 (coking coal and coke) futures showed weak performance, with total positions remaining stable. Steel production slightly increased, but overall inventory continued to decline, primarily driven by rebar. The profitability of steel mills is under pressure, leading to expectations of reduced iron production [2][21]. Group 6: Oil Market Analysis - The SC night market for crude oil rose by 1.46%. There are mixed sentiments regarding the potential restart of peace talks in Ukraine. The International Energy Agency reported that the daily oil supply from nine OPEC countries was 23.77 million barrels in October, a decrease of 180,000 barrels from September [3][14].

份额方面，有色50ETF近1周份额增长9400.00万份，实现显著增长。（数据来源：Wind） 截至2025年11月27日 09:46，中证细分有色金属产业主题指数(000811)强势上涨1.33%，成分股锡业股份(000960)上涨3.60%，中孚实业(600595)上涨2.99%， 天山铝业(002532)上涨2.99%，兴业银锡(000426)，神火股份(000933)等个股跟涨。有色50ETF(159652)上涨1.37%，最新价报1.48元。拉长时间看，截至2025 年11月26日，有色50ETF近3月累计上涨19.69%。（以上所列股票仅为指数成份股，无特定推荐之意） 流动性方面，有色50ETF盘中换手0.58%，成交1707.62万元。拉长时间看，截至11月26日，有色50ETF近1周日均成交1.62亿元。 值得一提的是，有色50ETF(159652)盘中再获资金净申购。 规模方面，有色50ETF近3月规模增长20.85亿元，实现显著增长。（数据来源：Wind） 资金流入方面，有色50ETF最新资金净流入879.11万元。拉长时间看，近5个交易日内，合计"吸金"8122.74万元，近10日净流入 ...

1. Report Industry Investment Ratings No relevant content provided. 2. Core Views of the Reports Industrial Silicon - The price of industrial silicon is expected to remain in a low - level oscillation. In November, the supply and demand of the industrial silicon market will both decline, with a larger decline in supply. However, due to the large supply base and the replenishment of the spot market by cancelled warehouse receipts, there is still expected to be inventory accumulation pressure. The main price fluctuation range is expected to be between 8,500 - 9,500 yuan/ton [1]. Polysilicon - It is expected to maintain a high - level range oscillation. The market is in a situation of both supply and demand decline, with inventory accumulation expected in each link, but strong spot support. The backwardation market structure will remain. For trading strategies, try to go long at around 50,000 for futures; hold or take profit on sell put options for options, and consider buying straddles if volatility decreases [2]. Tin - With strong fundamentals, a bullish view on tin prices is maintained. Hold previous long positions and pay attention to macro - end changes and the recovery of supply in Myanmar [4]. Aluminum - Alumina is expected to maintain a bottom - level oscillation, with the main contract operating in the range of 2,700 - 2,850 yuan/ton. Whether the market can rebound depends on the actual production cut scale of existing enterprises and the inventory inflection point. Electrolytic aluminum is expected to maintain a high - level oscillation, with the Shanghai aluminum main contract operating in the range of 21,100 - 21,700 yuan/ton. Focus on overseas monetary policy trends and domestic inventory destocking rhythm [6]. Zinc - Zinc prices are expected to oscillate. The supply - side pressure has gradually eased, and the demand side has shown a structural improvement. However, the terminal demand has remained stable, and there is limited upward momentum. The main reference range is 22,200 - 22,800 yuan/ton [7]. Copper - In the medium - to - long - term, the supply - demand contradiction supports the upward movement of the bottom center of copper prices. Pay attention to macro - drivers such as overseas interest - rate cut expectations. The main reference range is 85,500 - 87,500 yuan/ton [8]. Nickel - The macro - situation is temporarily stable, and the fundamentals remain weak. However, due to upstream production cuts and low valuations, the market may oscillate and repair. In the medium term, the abundant supply will still restrict the upward space of prices. The main reference range is 116,000 - 120,000 yuan/ton [9]. Aluminum Alloy - The price of ADC12 is expected to maintain an oscillating pattern in the short term, with the main contract operating in the range of 20,300 - 20,900 yuan/ton. Pay attention to the improvement of scrap aluminum supply and the change in downstream procurement rhythm [11]. Stainless Steel - The policy - driven effect is difficult to be directly transmitted in the short term, cost support is weakening, and the fundamental structure has not improved significantly. There is still pressure on the supply - side steel mill production schedule and social inventory, and the demand is weak in the off - season. It is expected to oscillate, with the main operating range of 12,300 - 12,700 yuan/ton [13]. Lithium Carbonate - The market is expected to oscillate and adjust in the short term, with the main reference range of 90,000 - 95,000 yuan. Although the market has a bullish sentiment, there is limited substantial new driving force [15]. 3. Summaries According to Relevant Catalogs Spot Prices and Basis - **Industrial Silicon**: The spot prices of various grades of industrial silicon remained stable on November 25, 2025, while the basis of some varieties decreased. For example, the basis of East China oxygen - containing S15530 industrial silicon decreased by 20 yuan to 540 yuan, with a decline of 3.57% [1]. - **Polysilicon**: The spot price of polysilicon remained stable, while the price of battery cells decreased. The main contract of polysilicon futures closed at 54,730 yuan/ton, up 1,415 yuan/ton [2]. - **Tin**: The spot prices of SMM 1 tin and Yangtze River 1 tin increased by 1,700 yuan/ton on November 26, 2025, with a rise of 0.58%. The LME 0 - 3 spread increased by 18.32 US dollars/ton, with a rise of 19.15% [4]. - **Aluminum**: The price of SMM A00 aluminum increased by 80 yuan/ton on November 26, 2025, with a rise of 0.37%. The price of alumina in various regions remained stable [6]. - **Zinc**: The price of SMM 0 zinc ingot increased by 20 yuan/ton on November 26, 2025, with a rise of 0.09%. The import loss was - 4,312 yuan/ton, a decrease of 32.69 yuan/ton [7]. - **Copper**: The price of SMM 1 electrolytic copper increased by 375 yuan/ton on November 26, 2025, with a rise of 0.43%. The refined - scrap price difference increased by 378.62 yuan/ton, with a rise of 13.42% [8]. - **Nickel**: The price of SMM 1 electrolytic nickel increased by 800 yuan/ton on November 26, 2025, with a rise of 0.68%. The price of 8 - 12% high - nickel pig iron decreased by 2 yuan/ton, with a decline of 0.22% [9]. - **Aluminum Alloy**: The price of SMM aluminum alloy ADC12 remained stable on November 26, 2025. The refined - scrap price difference of some regions changed, such as the refined - scrap price difference of Foshan crushed primary aluminum increased by 80 yuan/ton, with a rise of 4.57% [11]. - **Stainless Steel**: The price of 304/2B (Wuxi Hongwang 2.0 coil) remained stable at 12,700 yuan/ton on November 26, 2025, while the price of 304/2B (Foshan Hongwang 2.0 coil) increased by 100 yuan/ton, with a rise of 0.79% [13]. - **Lithium Carbonate**: The prices of SMM battery - grade lithium carbonate, industrial - grade lithium carbonate, etc. decreased slightly on November 26, 2025. For example, the price of SMM battery - grade lithium carbonate decreased by 100 yuan/ton, with a decline of 0.11% [15]. Monthly Spreads - Different contracts of various metals showed different changes in monthly spreads. For example, in industrial silicon, the spreads of contracts such as 2512 - 2601 remained unchanged; in tin, the spread of 2601 - 2602 increased by 450 yuan/ton, with a rise of 107.14% [1][4]. Fundamental Data Production - **Industrial Silicon**: In November, the national industrial silicon production is expected to decline to around 400,000 tons. In October, the national industrial silicon production was 452,200 tons, a month - on - month increase of 7.46%. The production in Xinjiang increased by 15.94%, while that in Yunnan and Sichuan decreased [1]. - **Polysilicon**: The monthly production in October was 134,000 tons, a month - on - month increase of 3.08%. The weekly production was 27,100 tons, a week - on - week increase of 1.12% [2]. - **Tin**: In October, SMM refined tin production was 16,090 tons, a month - on - month increase of 53.09%. The average operating rate was 66.81%, a month - on - month increase of 53.23% [4]. - **Aluminum**: In October, alumina production was 778,530 tons, a month - on - month increase of 2.39%; electrolytic aluminum production was 374,210 tons, a month - on - month increase of 3.52% [6]. - **Zinc**: In October, refined zinc production was 617,200 tons, a month - on - month increase of 2.85% [7]. - **Copper**: In October, electrolytic copper production was 1,091,600 tons, a month - on - month decrease of 2.62% [8]. - **Nickel**: In October, China's refined nickel production was 35,600 tons, a month - on - month increase of 0.84% [9]. - **Aluminum Alloy**: In October, the production of recycled aluminum alloy ingots was 645,000 tons, a month - on - month decrease of 2.42%; the production of primary aluminum alloy ingots was 286,000 tons, a month - on - month increase of 1.06% [11]. - **Stainless Steel**: In October, the production of Chinese 300 - series stainless steel crude steel (43 enterprises) was 1,787,000 tons, a month - on - month decrease of 0.72% [13]. - **Lithium Carbonate**: In October, lithium carbonate production was 92,260 tons, a month - on - month increase of 5.73% [15]. Import and Export - Different metals have different import and export trends. For example, the import of refined tin in October decreased by 58.55% month - on - month, and the export decreased by 15.33% month - on - month; the import of electrolytic aluminum in October increased by 0.61% month - on - month, and the export decreased by 15.18% month - on - month [4][6]. Operating Rate - The operating rates of different industries also vary. For example, the national operating rate of industrial silicon in October was 68.12%, a month - on - month increase of 9.98%; the operating rate of aluminum profiles was 52.10%, a week - on - week decrease of 0.95% [1][6]. Inventory Changes - Different metals have different inventory trends. For example, the social inventory of industrial silicon increased by 0.37% week - on - week; the SHEF inventory of tin decreased by 0.46% week - on - week [1][4].

请介绍一下中锡有色公司的背景和主要资产布局。 中锡有色（原广晟有色）是中国稀土集团旗下的重要上市平台之一。公司最早 通过借壳兴业聚酯于 2009 年上市，并于 2010 年更名为广晟有色。2023 年 再再再推【稀土磁材】：中稀有色诞生，板块行情启动 20251125 摘要 广晟有色划转至中国稀土集团，标志着稀土领域国企整合深化，公司更 名中锡有色，反映其业务范围涵盖稀土、钨、铜等多种资源，预计未来 一两个季度内市场情绪将受催化，推动板块行情启动。 中锡有色作为中国稀土集团旗下上市平台，拥有稀土（华启公司、新城 区工贸）、钨（石人嶂、红岭钨矿）、铜（大宝山铜矿）三大板块资产， 形成从开采到冶炼的完整产业链布局，具备内生增长潜力。 中锡有色通过扩张开采和冶炼产能实现增长，左贡矿投产后稀土总产能 接近翻倍，富远公司冶炼厂亦有增长预期，若剔除磁材业务压力，预计 今年业绩可达 3 亿多元，估值低于同行。 市场认可中国稀土集团因其作为唯一上市平台，具备整合和资产注入空 间，稀土标的二级市场市盈率高，一级市场注入时 PE 较低，二级股东 可受益于低价买入资产。 中锡有色与中国系统在矿产量和冶炼产量上接近，但市值差距显著， ...