A股三大指数集体上涨，截至午间收盘，沪指涨0.29%报4095.54点，深成指涨0.35%，创业板指涨0.41% 续创2022年1月5日以来盘中新高，北证50指数涨0.91%。沪深京三市半日成交额18536亿元，较上日放 量575亿元，全市场超2500只个股上涨。盘面上，存储芯片股持续强势，兆易创新、普冉股份等多股创 历史新高；消息称中方正研究收紧对日稀土出口许可审查，刺激稀土永磁板块上涨；有色金属、可控核 聚变板块涨幅居前。国际油价大跌，拖累油气股表现。 ...

A股三大指数早盘涨跌不一，截至午间收盘，沪指涨1.14%报4069.38点，再度刷新阶段高点，创2015年 7月以来新高；深成指涨0.81%，创业板指跌0.04%，北证50指数涨0.86%。沪深京三市半日成交额17961 亿元，较上日放量1472亿元，全市场超3600只个股上涨。盘面上，脑机接口概念再度爆发，三博脑科、 南京熊猫等近20股涨停；保险股延续前日涨势，新华保险、中国太保续刷新高，中国平安创逾5年新 高；有色金属板块全线走强，洛阳钼业、紫金矿业、江西铜业等纷纷创新高。 ...

铁矿资源方面，廷杜夫省Gara Djebilet铁矿项目进入产业化阶段，矿区储量约35亿吨， 2022—2023年已完成25万吨试采，首条年产400万吨的初级处理生产线计划于2026年4月 投产，配套Béchar—Tindouf铁路预计于2026年1月投入运营。 （原标题：阿尔及利亚在新油气法框架下推进重点能源和矿业项目布局） 据阿尔及利亚媒体El Watan 12月29日报道，2025年阿尔及利亚能源与矿业领域在新《油 气法》（19-13号法）和新《矿业法》框架下取得重要进展。通过国际招标"Algeria Bid Round 2024"，阿方向 TotalEnergies、Eni、Sinopec等企业授予5个油气勘探与开采许 可，带动外资参与度回升。同时，政府将矿业发展纳入经济多元化优先领域，加快推 进结构性矿业与能源项目实施。 磷矿及化肥产业方面，特贝萨省Bled El Hedba综合磷矿项目正在推进，规划年产能约 600万吨化肥产品。铁路配套工程进展顺利，建成后每年可运输逾1,000万吨磷矿石，用 于国内加工和出口，年创汇预计达20亿美元，并将提升东部矿业运输能力。 有色金属及新能源方面，贝贾亚省Oue ...

ccmn沪镍走势：今日午盘后沪期镍上涨，沪期镍主力月2601合约开盘报116600元/吨，盘中最高报 121360元/吨，最低价报116580元/吨，收盘报121260元/吨，上涨5280元/吨，涨幅为4.55%，沪镍主力月 2601主力合约成交量196376手。 据长江有色属网统计：12月22日ccmn长江综合1#镍价118850元/吨-125050元/吨，均价报121950元/吨， 较前一日价格上涨1500元，长江现货1#镍报118850元/吨-125050元/吨，均价报121950元/吨，较前一日 价格上涨1500元，广东现货镍报125250元/吨-125650元/吨，均价报125450元/吨，较前一日价格上涨 1300元。 ccmn镍市分析：当前宏观环境正呈现内外双轮驱动格局，内外利好形成共振，共同为大宗商品市场注 入上行动能。国际方面，美联储降息与扩表政策余波持续，美元指数维持低位运行，降低了大宗商品的 持有成本，推动内外盘镍价联动走强，同时铜、锡等工业金属的普涨氛围也进一步提振市场情绪。国内 层面，稳增长政策加速落地，特高压、数据中心等基础设施项目建设提速，带动工业需求回暖；出口政 策调整预期也刺 ...

今日走势预测 期货市场：资金轮动激活纳指引擎美股齐涨，隔夜伦锡收涨1.53%；最新收盘报42920美元/吨，上涨645 美元，涨幅为1.53%，成交量为801手，持仓量25165万手较前一交易量增加335手；国内方面，夜盘沪 期锡高位运行，窄幅收涨，沪锡主力合约2601最新收报338950元/吨，涨3950元/吨，涨幅为1.18%；伦 敦金属交易所（LME）12月18日伦锡库存量报4425吨，较前一交易日库存量增加235吨。长江锡业网 讯：今日沪锡期货市场全线高开，主力月2601合约开盘报337000涨2000元，9：20分沪锡主力2601合约 报338540涨3540元；沪期锡开盘高开高走，盘面维持高位运行；宏观面，当前全球宏观图景呈现"三重 叙事"的复杂交织：地缘冲突的避险情绪（俄乌升级、中东谈判）、主要经济体的政策分化（国内扩内 需定调、美国"数据依赖式"降息预期升温），以及科技产业周期的自我实现（AI与芯片景气驱动美 股）。这三股力量正共同塑造市场的风险偏好与资金流向，进而为大宗商品市场设定新的交易逻辑与价 格中枢。本交易日锡价或延续上涨态势。 当前锡市场的核心矛盾在于日益凸显的长期资源稀缺性与结构性 ...

12月18日，沪锡期货主力合约大幅上涨2.88%，盘中强势突破前段时间的高点，一度达33.9万元/吨，创 出最近三年新高。 中金公司（601995）认为，1)锡是目前最稀缺的有色金属之一，根据USGS及ITA数据，2024年锡的全球 静态储采比仅为16年。全球主要锡资源聚集地开发程度相对较高，且主要锡矿供应地2024年锡静态储采 比大多低于2022年；2)AI+传统需求齐发力，逆全球化背景下"安全库存"需求日渐迫切；3)全球三大主 产地资源紧张且扰动频发，再生锡供给弹性有限；4)供需维持紧平衡且供应脆弱性强，潜在项目的激励 价格抬升，锡价中枢有望上移。 国信证券认为，2025年全球精锡明显短缺，缅甸全面复产后或保持紧平衡状态。预计2025年全球精锡供 需约有1.6万吨左右的缺口，2026年及以后随着缅甸的逐步复产和各个新项目投产，供需缺口或缩小； 由于全球性的品位下降和资本开支相对较低，锡资源稀缺程度大概率还要加深。在资源紧缺和开采成本 抬升的作用下，锡价有望进一步上行。 ...

Group 1: Report Industry Investment Rating - No relevant content found Group 2: Core View of the Report - The report provides cross - market, cross - period, spot - futures, and cross - variety arbitrage tracking information for non - ferrous metals including copper, zinc, aluminum, nickel, and lead on December 18, 2025 [1][4][5] Group 3: Cross - Market Arbitrage Tracking - **Copper**: Domestic spot price is 92,200, March price is 92,890, LME March price is 11,734, and the ratio is 7.87 [1] - **Zinc**: Domestic spot price is 23,020, March price is 22,980, LME March price is 3,059, and the ratio is 5.49 [1] - **Aluminum**: Domestic spot price is 21,750, March price is 21,960, LME March price is 2,884, and the ratio is 7.60 [1] - **Nickel**: Domestic spot price is 114,650, and the spot import profit is - 1,660.24 [1] - **Lead**: Domestic spot price is 16,700, March price is 16,750, LME March price is 1,943, and the ratio is 11.80 [3] Group 4: Cross - Period Arbitrage Tracking - **Copper**: The spreads between different months and the spot month are 980, 1050, 1030, 960 respectively, while the theoretical spreads are 561, 1020, 1489, 1957 [4] - **Zinc**: The spreads are - 55, - 50, - 40, - 25 respectively, and the theoretical spreads are 218, 342, 466, 591 [4] - **Aluminum**: The spreads are 135, 180, 220, 255 respectively, and the theoretical spreads are 220, 341, 462, 583 [4] - **Lead**: The spreads are - 85, - 75, - 85, - 50 respectively, and the theoretical spreads are 209, 314, 419, 525 [4] - **Nickel**: The spreads are 1710, 1920, 2210, 2500 respectively [4] - **Tin**: The 5 - 1 spread is 1490, and the theoretical spread is 6762 [4] Group 5: Spot - Futures Arbitrage Tracking - **Copper**: The spreads of the current - month and next - month contracts minus the spot are - 275 and 705 respectively, and the theoretical spreads are 492 and 1145 [4] - **Zinc**: The spreads are 10 and - 45 respectively, and the theoretical spreads are 184 and 318 [4][5] - **Lead**: The spreads are 125 and 40 respectively, and the theoretical spreads are 195 and 306 [5] Group 6: Cross - Variety Arbitrage Tracking - The ratios of copper/zinc, copper/aluminum, copper/lead, aluminum/zinc, aluminum/lead, and lead/zinc in Shanghai (three - continuous contracts) are 4.04, 4.23, 5.55, 0.96, 1.31, 0.73 respectively [5]

国家统计局数据显示，2025年11月中国氧化铝产量813.8万吨，同比增长7.6%；1-11月累计产量8465.7万 吨，同比增长8.4%。 11月铝材产量593.1万吨，同比下降0.4%；1-11月累计产量6151.1 万吨，同比下降0.1%。 资讯编辑：冯诗奇 021-26093556 资讯监督：乐卫扬 021-26093827 资讯投诉：陈跃进 021-26093100 免责声明：Mysteel发布的原创及转载内容，仅供客户参考，不作为决策建议。原创内容版权归Mysteel所有，转载需取得Mysteel书面授 权，且Mysteel保留对任何侵权行为和有悖原创内容原意的引用行为进行追究的权利。转载内容来源于网络，目的在于传递更多信息，方 便学习与交流，并不代表Mysteel赞同其观点及对其真实性、完整性负责。 11月电解铝产量379.2万吨，同比增长2.5%；1-11月累计产量4116.5万吨，同比增长2.5%。 11月铝合金产量173.9万吨，同比增长17.0%；1-11月累计产量1745.6万吨，同比增长15.8%。 ...

Market Performance - The three major A-share indices collectively rose, with the Shanghai Composite Index increasing by 0.17% to 3831.43 points [1] - The Shenzhen Component Index rose by 0.83%, and the ChiNext Index increased by 1.21% [1] - The North Stock 50 index declined by 0.83% [1] Trading Volume - The total market turnover reached 10,402 billion yuan, which is a decrease of 993 million yuan compared to the previous day [1] - Over 3,700 stocks experienced declines during the trading session [1] Sector Performance - The lithium mining, battery, and non-ferrous metal sectors showed significant gains [1] - The tourism sector also performed well, contributing to the overall market rise [1] - Conversely, the Hainan, power grid equipment, and military equipment sectors saw declines [1]

Report Summary 1. Industry Investment Rating - No industry investment rating information is provided in the report 2. Core View - The report presents cross - market, cross - period, and spot - futures arbitrage tracking data for various non - ferrous metals including copper, zinc, aluminum, nickel, lead, and tin on December 16, 2025, to help investors find potential arbitrage opportunities 3. Summary by Directory Cross - Market Arbitrage Tracking - **Copper**: Spot price is 92,270 (domestic) and 11,680 (LME) with a ratio of 8.05; March price is 92,490 (domestic) and 11,685 (LME) with a ratio of 7.91. Spot import equilibrium ratio is 8.01 with a profit of - 1,177.97, and spot export profit is 635.68 [1] - **Zinc**: Spot price is 23,460 (domestic) and 3,122 (LME) with a ratio of 7.51; March price is 23,470 (domestic) and 3,154 (LME) with a ratio of 5.40. Spot import equilibrium ratio is 8.43 with a profit of - 2,851.84 [1] - **Aluminum**: Spot price is 21,710 (domestic) and 2,838 (LME) with a ratio of 7.65; March price is 21,920 (domestic) and 2,883 (LME) with a ratio of 7.58. Spot import equilibrium ratio is 8.32 with a profit of - 1,913.48 [1] - **Nickel**: Spot price is 117,850 (domestic) and 14,395 (LME) with a ratio of 8.19. Spot import equilibrium ratio is 8.10 with a profit of - 1,653.85 [1] - **Lead**: Spot price is 16,975 (domestic) and 1,919 (LME) with a ratio of 8.84; March price is 17,030 (domestic) and 1,971 (LME) with a ratio of 11.87. Spot import equilibrium ratio is 8.66 with a profit of 349.88 [3] Cross - Period Arbitrage Tracking - **Copper**: The spreads between different months and the spot month are - 1,620, - 1,530, - 1,470, - 1,510, while the theoretical spreads are 572, 1,042, 1,521, 2,000 respectively [4] - **Zinc**: The spreads between different months and the spot month are - 155, - 115, - 120, - 95, while the theoretical spreads are 221, 348, 475, 602 respectively [4] - **Aluminum**: The spreads between different months and the spot month are - 200, - 155, - 115, - 80, while the theoretical spreads are 221, 344, 466, 589 respectively [4] - **Lead**: The spreads between different months and the spot month are - 40, - 20, - 15, 25, while the theoretical spreads are 210, 317, 423, 529 respectively [4] - **Nickel**: The spreads between different months and the spot month are - 860, - 650, - 400, - 160 [4] - **Tin**: The 5 - 1 spread is 1,170 with a theoretical spread of 6,738 [4] Spot - Futures Arbitrage Tracking - **Copper**: The spreads of the current - month and next - month contracts to the spot are 1,775 and 155, while the theoretical spreads are 834 and 1,108 respectively [4] - **Zinc**: The spreads of the current - month and next - month contracts to the spot are 125 and - 30, while the theoretical spreads are 198 and 334 respectively [4] Cross - Market Ratio Comparison - The cross - market ratios of copper, zinc, aluminum, lead, and nickel are presented, and the import and export profits are calculated based on the equilibrium ratios [1][3] Cross - Period Spread Comparison - The actual spreads and theoretical spreads between different months and the spot month for copper, zinc, aluminum, lead, nickel, and tin are compared [4] Spot - Futures Spread Comparison - The actual spreads and theoretical spreads between the current - month and next - month contracts and the spot for copper and zinc are compared [4] Cross - Market and Cross - Exchange Ratio Comparison - The cross - market ratios of copper, zinc, aluminum, lead, and nickel in domestic and LME markets are compared, and the import and export profits are calculated [1][3] Cross - Period and Spot - Futures Arbitrage Opportunities - By comparing the actual spreads and theoretical spreads in cross - period and spot - futures arbitrage, potential arbitrage opportunities are analyzed [4]