炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 12月1日，银邦股份收涨1.86%，收盘价为10.94元，发生4笔大宗交易，合计成交量96万股，成交金额 907.2万元。 第4笔成交价格为9.45元，成交22.00万股，成交金额207.90万元，溢价率为-13.62%，买方营业部为东吴 证券股份有限公司苏州吴中区木渎镇证券营业部，卖方营业部为国联民生证券股份有限公司无锡中山路 证券营业部。 进一步统计，近3个月内该股累计发生46笔大宗交易，合计成交金额为1.42亿元。该股近5个交易日累计 上涨9.29%，主力资金合计净流入2231.57万元。 责任编辑：小浪快报 第2笔成交价格为9.45元，成交22.00万股，成交金额207.90万元，溢价率为-13.62%，买方营业部为国信 证券股份有限公司深圳泰然九路证券营业部，卖方营业部为国联民生证券股份有限公司无锡中山路证券 营业部。 第3笔成交价格为9.45元，成交22.00万股，成交金额207.90万元，溢价率为-13.62%，买方营业部为中泰 证券股份有限公司北京中关村大街证券营业部，卖方营业部为国联民生证券股份有限公司无锡中山路证 券 ...

本周铜价调整后继续上行，LME铜上涨3.69%。10月以来，由于铜价前上涨速度过快，以及中美顺利会 谈后出现一定的多头兑现，叠加淡季出现一定程度的累库导致价格开始高位震荡。但综合来看，由于自 由港和泰克资源26年产量预期的下调，26年预计铜会出现供需紧张的局面，同时美政府开门对其26年的 财政支出存在进一步强化的预期，该行认为调整即为买点，建议逢低做多。 智通财经APP获悉，中邮证券发布研报称，贵金属本周价格迎来上行，由于铜价前上涨速度过快，以及 中美顺利会谈后出现一定的多头兑现，叠加淡季出现一定程度的累库导致价格开始高位震荡。氧化铝价 格持续疲软，电解铝企业的盈利能力有望继续提升。刚果金Bisie锡矿因地缘冲突面临运输中断风险， 短期或引发市场逼空。锂价小幅上涨，建议逢低做多。 中邮证券主要观点如下： 贵金属：白银突破上行，继续看好贵金属表现 贵金属本周价格迎来上行，comex黄金上涨4.77%，comex白银上涨14.95%。本周由于CME暂时停摆造 成全球主要有色品种受到了一定的流动性扰动，从而造就一定程度的逼仓行情。长期来看，去美元化的 进程不会转向，低位筹码建议无惧波动，坚定持有。 铜：供给扰动有望 ...

截至9月30日，明泰铝业股东户数5.72万，较上期增加2.37%；人均流通股21309股，较上期减少2.32%。 2025年1月-9月，明泰铝业实现营业收入258.74亿元，同比增长9.38%；归母净利润14.04亿元，同比减少 0.49%。 12月1日，明泰铝业盘中上涨2.01%，截至10:04，报14.23元/股，成交1.38亿元，换手率0.80%，总市值 176.95亿元。 资金流向方面，主力资金净流入773.15万元，特大单买入1043.63万元，占比7.58%，卖出1354.29万元， 占比9.83%；大单买入3846.73万元，占比27.93%，卖出2762.91万元，占比20.06%。 明泰铝业今年以来股价涨20.99%，近5个交易日涨1.43%，近20日跌6.69%，近60日涨6.51%。 资料显示，河南明泰铝业股份有限公司位于河南省巩义市回郭镇开发区，成立日期1997年4月18日，上 市日期2011年9月19日，公司主营业务涉及铝板带及铝型材相关产品的研发、生产与销售业务。主营业 务收入构成为：河南明泰分部64.61%，明泰科技分部37.46%，明晟新材料分部36.97%，泰鸿新材料分 部2 ...

氧化铝周报 2025 年 12 月 1 日 基本面未见改善 氧化铝延续弱势 核心观点及策略 投资咨询业务资格 沪证监许可【2015】84 号 李婷 从业资格号：F0297587 投资咨询号：Z0011509 黄蕾 从业资格号：F0307990 投资咨询号：Z0011692 高慧 从业资格号：F03099478 投资咨询号：Z0017785 王工建 从业资格号：F3084165 投资咨询号：Z0016301 赵凯熙 从业资格号：F031122984 投资咨询号：Z00210404 何天 从业资格号：F03120615 投资咨询号：Z0022965 敬请参阅最后一页免责声明 1 / 7 ⚫ 矿端，近期国内外矿端消息平静，保持国内供应偏 紧，几内亚进口矿宽松格局，港口矿石库存约2950 万吨左右，供应充裕。企业采购进口矿石按需采 购，国内外矿价持稳。供应端上周氧化铝开工产能 环比上升40万吨至9630万吨，主要是山东前期检 修的1台焙烧产能恢复，以及山西前期检修产能恢 复满产。同时进口氧化铝继续流入，供应增加。消 费端电解铝行业开工产能略有增加，不过幅度有 限，大部分企业长单执行为主，消费刚性。仓单库 存周内增加7 ...

"美元转弱+白银新高"，金属板块投资策略再梳理 20251130 摘要 降息初期黄金主导市场，白银跟随；降息中后期，通胀预期抬头，白银 追赶黄金，标志降息交易进入第二阶段，经济预期改善，基本面推进， 有色板块或将迎来全面开花格局。 美元走弱预期下，有色金属市场迎来第二波趋势性行情，白银将表现突 出，并逐步传导至铜、铝等顺周期金属，白银股类似于过去一年的黄金 股，将在估值盈利共振状态下表现强劲。 A 股白银行业标的包括盛达资源（毛利占比约 50%，业绩拐点显著）、 兴业矿业（中国 40%白银储量，全球第二大资源禀赋）和山金国际（金 银共振特性，增量放量背景下具备预期差），建议半年维度上重视配置。 黄金价格预计维持在 4,000 美元左右高位震荡，股票端存在估值修复空 间，黄金股估值已回落至年初水平（约 15 倍 PE、远端约 10 倍 PE）， 建议维持增配策略，关注中金黄金、山金国际、赤峰黄金，以及山东黄 金和招金矿业。 Q&A 贵金属市场近期的表现如何，特别是白银和黄金的走势？ 近期贵金属市场表现显著，其中白银在低库存和逼仓行情下涨幅尤为迅猛。黄 金则进入震荡偏弱阶段，而白银加速上涨。这种现象背后的原因主要 ...

Investment Rating - The investment rating for the non-ferrous metals industry is "Positive" (maintained) [4] Core Views - The copper smelting profit cycle is expected to bottom out, and copper prices may break upward. Recent price changes for copper are +2.66% (LME), +2.07% (SHFE), and +5.64% (COMEX). The domestic copper inventory has significantly decreased, with LME copper inventory at 159,425 tons (+2.84%), SHFE copper inventory at 97,930 tons (-11.46%), and COMEX copper inventory at 41,900 short tons (+3.93%) [5][25] - The aluminum market is experiencing inventory depletion, leading to rising aluminum prices. The current price of aluminum is 21,510 CNY/ton, with a weekly increase of 0.21%. The operating rate of the domestic aluminum processing industry has increased to 62.3% [5][33] - The lithium market is seeing a reversal in supply and demand, with lithium prices entering a new cycle. The price of lithium carbonate has risen by 1.57% to 93,750 CNY/ton, and spodumene prices have increased by 5.60% to 1,150 USD/ton [5][72] - The cobalt market remains tight, with cobalt prices expected to continue rising. The price of MB cobalt has increased by 0.31% to 23.90 USD/pound, and domestic cobalt prices have risen by 0.25% to 406,000 CNY/ton [5][80] Summary by Sections 1. Industry Overview - The non-ferrous metals sector has outperformed the Shanghai Composite Index, with a weekly increase of 3.37% compared to the index's 1.40% [12][13] - The PE_TTM valuation for the non-ferrous metals sector is 24.90, while the PB_LF valuation is 3.08, indicating a premium over the overall market [21][22] 2. Copper - Copper prices have increased, with LME copper up 2.66% and SHFE copper up 2.07%. The copper smelting profit margin remains negative at -1,816 CNY/ton, but losses are narrowing [25][33] 3. Aluminum - The aluminum market shows signs of recovery with rising prices and decreasing inventories. The operating rate for aluminum processing has increased, indicating stronger demand [33][41] 4. Lithium - Lithium prices are on the rise, with significant increases in both lithium carbonate and spodumene prices. The supply-demand dynamics are shifting positively for lithium producers [72][80] 5. Cobalt - Cobalt prices are expected to rise due to tight supply conditions. The recent increase in cobalt prices reflects ongoing demand pressures [80][81]

Report Title - The report is titled "Macro Strategy, Asset Allocation, and Commodity Investment Opportunities - November Issue: Internal Market Exchange Meeting Strategy Sharing" by the Research Institute of Guotou Futures [1] Industry Investment Rating - No industry investment rating is provided in the report Core Viewpoints - The report focuses on the current state of global macro - liquidity, geopolitical and economic - trade situations, and their impacts on financial products and commodities. It suggests that the market is in a state of transition, with a shift from "recovery" and "recession" trading to "safe - haven" or "stagflation" trading. Attention should be paid to the linkage between geopolitical situations and Fed policies, the movement of the Japanese yen, and domestic economic policies [2][5][7] Summary by Related Catalogs 1. Previous Market Review and Outlook - **Macro - running features**: In the past month, there has been a recurrence of dollar liquidity, along with geopolitical and economic - trade disturbances. The Fed's pursuit of a stable and strong dollar has brought a de - leveraging effect on global credit expansion. Domestic economic policies have shown limited changes [3][5] - **Asset - running features**: Asset pricing has shifted towards "safe - haven" or "stagflation" trading. Precious metals have squeezed out other risk assets, and the stock market has re - balanced between technology and value sectors [5] 2. Future Outlook (1 - 2 months) - **Key factors to watch**: Geopolitical situation and Fed policy linkage, Japanese yen movement, and domestic policy orientation. Different scenarios of geopolitical cooling or intensification will have different impacts on dollar liquidity and risk assets [7][8][10] 3. Outlook for Financial Products - **Equity indices**: After September, the market has shifted to wide - range oscillations. It is recommended to wait for policy turns on a defensive configuration basis [11] - **Treasury bonds**: The central bank is expected to smooth fluctuations through various means. The yield curve may flatten slightly, but policy and institutional behavior are key variables that may cause adjustments [11][28] 4. Outlook for Commodities - **General situation**: The precious - metal - led market is in a transition to a re - inflation market, but is affected by dollar liquidity. Attention should be paid to geopolitical situations and domestic policy signals [18][19] - **Specific commodities** - **Energy**: Crude oil is expected to be weak in the medium - term due to supply - demand dynamics. Asphalt is under long - term negative pressure, and fuel oil has different supply - demand situations for high - sulfur and low - sulfur types. The far - month of the European shipping line is weak [23][30][31] - **Chemicals**: The salt - chemical sector is in a weak situation. Different strategies are recommended for glass, soda ash, caustic soda, PVC, methanol, and urea [24][34][35] - **Non - ferrous metals and precious metals**: At the end of the year, the market shows a strategy of high - low switching. Copper is in high - level oscillations, and precious metals are in a stage of adjustment. The market for lithium carbonate is affected by pre - Spring Festival production arrangements [39][40][41] - **Black commodities**: Steel is likely to continue oscillating at the bottom, iron ore may face increasing downward pressure, coke is expected to be weak, and coking coal is in an oscillating pattern. Ferroalloys are under downward pressure [43][44] - **Agricultural products**: The supply of rapeseed is uncertain, the pig industry is in a capacity - reduction process, and the egg industry's supply pressure is expected to ease [46][47][48] - **Soft commodities**: Different situations exist for rubber, sugar, apples, and logs, with corresponding investment suggestions [49][50]

. 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 ...

Core Viewpoint - Shenhua Co., Ltd. has shown a significant stock price increase of 49.97% year-to-date, with a recent trading performance indicating mixed trends in the short term [1][2]. Financial Performance - For the period from January to September 2025, Shenhua Co., Ltd. achieved a revenue of 31.005 billion yuan, representing a year-on-year growth of 9.50%. However, the net profit attributable to shareholders decreased by 1.38% to 3.49 billion yuan [2]. - Cumulatively, since its A-share listing, the company has distributed a total of 9.422 billion yuan in dividends, with 5.843 billion yuan distributed over the past three years [3]. Shareholder Information - As of November 20, 2025, the number of shareholders for Shenhua Co., Ltd. reached 71,700, an increase of 5.29% from the previous period. The average number of circulating shares per shareholder decreased by 5.02% to 31,346 shares [2]. - Among the top ten circulating shareholders, Hong Kong Central Clearing Limited is the fourth largest, holding 77.6616 million shares, which is an increase of 38.6067 million shares from the previous period [3]. Market Activity - On November 28, 2025, Shenhua Co., Ltd.'s stock price rose by 2.07% to 24.60 yuan per share, with a trading volume of 303 million yuan and a turnover rate of 0.55%. The total market capitalization reached 55.326 billion yuan [1]. - The net outflow of main funds was 2.2425 million yuan, with large orders showing a buy of 61.0525 million yuan and a sell of 52.6108 million yuan [1].

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 ...