Market Overview - As of June 27, 2025, A-shares showed mixed performance with the Shanghai Composite Index down by 0.70% at 3424.23 points, while the Shenzhen Component Index rose by 0.34% to 10378.55 points, and the ChiNext Index increased by 0.47% to 2124.34 points [1] - The total trading volume across both markets reached 1.54 trillion yuan, with northbound capital trading balanced for the day [1] Sector Performance - Industrial metals, other electronics, and communication equipment were the top gainers, with increases of 3.49%, 3.10%, and 2.56% respectively [1] - Conversely, rural commercial banks, large state-owned banks, and city commercial banks were the biggest losers, declining by 3.40%, 3.06%, and 2.90% respectively [1] ETF Performance - A total of 571 non-currency ETFs rose, accounting for 49% of the market [1] - The China Securities Communication Equipment Theme Index increased by 2.36%, while the Communication Equipment ETF rose by 2.62% [1] - The China Securities Industrial Nonferrous Metals Theme Index saw a rise of 2.22%, with the Industrial Nonferrous ETF increasing by 2.89% [1] Specific ETF Details - The Asia Pacific Select ETF (159687.SZ) has a latest share size of 325 million, closely tracking the FTSE Asia Pacific Low Carbon Select Index, which emphasizes low carbon companies [4] - The Industrial Nonferrous ETF (560860.SH) has a share size of 455 million and tracks the China Securities Industrial Nonferrous Metals Theme Index, with a current P/E ratio of 14.62, below the historical average [4] - The Nonferrous 50 ETF (159652.SZ) has a share size of 256 million and tracks the China Securities Sub-Industry Nonferrous Metals Theme Index, with a current P/E ratio of 17.83, also below the historical average [5] Declining ETFs - A total of 520 non-currency ETFs declined, representing 45% of the market [5] - The China Securities 800 Bank Index and the China Securities Bank Index were among the largest decliners, down by 2.95% and 2.94% respectively [5] Premium Rates - The S&P 500 Consumer Select Index had a premium rate of 25.79%, while the S&P 500 Index had a premium of 12.87% [8] - The top three ETFs by premium rate included the S&P Consumer ETF (25.79%), S&P 500 ETF (12.87%), and Saudi ETF (4.77%) [9]

转自：新华财经 新华财经昆明5月11日电（记者王小璐 张新新 卫韦华）一季度以来，在锡价上涨的提振下，锡上市公司 的净利润增长显著。 反观锡价上涨的驱动因素，背后反映的是供需格局的变化。一季度，在刚果（金）Bisie锡矿的停产、 缅甸地震等突发消息扰动下，沪锡主力合约一度冲高至299800元／吨。尽管近期锡价有所回落，但市场 人士认为，供应端扰动仍然存在，锡价或将维持震荡上行态势。 一季度锡上市企业净利润增长显著 从上市公司披露的一季度报告来看，主营冶炼和全产业链发展的企业利润增长显著。 锡业股份一季度报告显示，该公司2025年第一季度实现营业收入97.29亿元，同比增长15.82%；归属于 上市公司股东的净利润为4.99亿元，同比增长53.08%。 华锡有色一季度实现营业总收入12.45亿元，同比增长20.16%，归母净利润为1.53亿，实现5年连续上 涨，同比增长12.07%。 兴业银锡一季度营业收入为11.49亿元，同比上升50.37%；归母净利润为3.74亿元，同比上升63.22%。 供应端矛盾持续深化 矿产扰动主导市场情绪 而政策层面的扰动进一步加剧供应焦虑。印尼财政部发布的《关于调整能源和矿产资源 ...

镍周报 2025 年 4 月 28 日 关注矿端与政策扰动风险 镍价震荡 核心观点及策略 一、 投资咨询业务资格 沪证监许可【2015】84 号 李婷 021-68555105 li.t@jyqh.com.cn 从业资格号：F0297587 投资咨询号：Z0011509 黄蕾 huang.lei@jyqh.com.cn 从业资格号：F0307990 投资咨询号：Z0011692 高慧 gao.h@jyqh.com.cn 从业资格号：F03099478 王工建 wang.gj@jyqh.com.cn 从业资格号：F3084165 投资咨询号：Z0016301 赵凯熙 zhao.kx@jygh.com. cn 从业资格号：F03112296 投资咨询号：20021040 敬请参阅最后一页免责声明 1 / 8 投资咨询号：Z0017785 ⚫ 宏观面，特朗普释放关税调整信号，中美关税争端迎 来曙光，市场风险偏好降温。美国经济观察报告重申 关税对经济的扰动，美联储官员表示，在获得更多经 济数据支撑后，美联储或在6月开启降息。 ⚫ 基本面：虽然印尼官方下调4月（二期）镍矿内贸基 准价格，但印尼红土镍矿的FOB价格依然偏 ...