Group 1: Report Overview - Report Title: Copper Futures Daily Report [1] - Date: December 25, 2025 [2] - Researcher: Zhang Ping, Yu Feifei, Peng Jinglin [3][4] Group 2: Market Review and Operation Suggestions - Market Performance: Shanghai copper increased in volume and rose sharply at the end of the session. The 01 - 02 spread widened to 240. Spot copper rose 1220 to 94690, and the spot discount widened 95 to 310. The spot import loss widened to over 1700, the Shanghai - London ratio dropped to 7.82, and the LME0 - 3 back structure widened to 13, opening the export window [11]. - Market Outlook: Despite strong US economic growth data, the market's view of the US dollar remains unchanged due to expectations of Fed rate cuts next year. The US dollar index continues to decline, and the macro - positive factors will continue to drive copper prices up [11]. Group 3: Industry News - World Bank Forecast: In the short term, the possibility of a significant correction in metal prices is low. From 2026 to 2027, most base metal prices are expected to strengthen further due to moderate demand growth and a tightening supply pattern. The base metal price index is expected to rise nearly 2% cumulatively. Copper and tin prices are expected to reach new nominal US - dollar - denominated highs, and supply - side pressure in the aluminum, copper, and tin markets will be the core driving force for price increases [11]. - Company News: Jintian Co., Ltd. stated on the interactive platform that its air - conditioner inner - threaded aluminum tube products can meet customer needs and have achieved small - batch supply. Its electromagnetic aluminum flat wire and aluminum automotive 3D bent bars are in the certification and mass - supply stages [11]

证券日报网讯12月24日，金田股份（601609）在互动平台回答投资者提问时表示，公司密切关注铝管空 调相关进展，其中空调内螺纹铝管产品性能已能满足客户需求，并实现小批量供货，公司正加快新建家 用空调铝管生产线，并将根据下游客户需求情况进行供货。目前家用空调内螺纹铝管较传统铝管性能更 佳，可更好地替代内螺纹铜管，产品毛利率较高，市场空间较大。公司在铝材业务领域有较好的客户基 础及技术储备，并持续关注和跟进"铝代铜"领域市场需求，目前公司电磁铝扁线、铝制车用3D折弯排 等铝材产品已处于认证、量产供货阶段。 ...

格隆汇12月24日丨金田股份(601609.SH)在投资者互动平台表示，公司密切关注铝管空调相关进展，其 中空调内螺纹铝管产品性能已能满足客户需求，并实现小批量供货，公司正加快新建家用空调铝管生产 线，并将根据下游客户需求情况进行供货。目前家用空调内螺纹铝管较传统铝管性能更佳，可更好地替 代内螺纹铜管，产品毛利率较高，市场空间较大。公司在铝材业务领域有较好的客户基础及技术储备， 并持续关注和跟进"铝代铜"领域市场需求，目前公司电磁铝扁线、铝制车用3D折弯排等铝材产品已处 于认证、量产供货阶段。 ...

人民财讯12月24日电，金田股份（601609）在互动平台表示，公司密切关注铝管空调相关进展，其中空 调内螺纹铝管产品性能已能满足客户需求，并实现小批量供货，公司正加快新建家用空调铝管生产线， 并将根据下游客户需求情况进行供货。目前家用空调内螺纹铝管较传统铝管性能更佳，可更好地替代内 螺纹铜管，产品毛利率较高，市场空间较大。公司在铝材业务领域有较好的客户基础及技术储备，并持 续关注和跟进"铝代铜"领域市场需求，目前公司电磁铝扁线、铝制车用3D折弯排等铝材产品已处于认 证、量产供货阶段。 ...

格隆汇12月24日丨金田股份(601609.SH)在投资者互动平台表示，公司密切关注铝管空调相关进展，其 中空调内螺纹铝管产品性能已能满足客户需求，并实现小批量供货，公司正加快新建家用空调铝管生产 线，并将根据下游客户需求情况进行供货。目前家用空调内螺纹铝管较传统铝管性能更佳，可更好地替 代内螺纹铜管，产品毛利率较高，市场空间较大。公司在铝材业务领域有较好的客户基础及技术储备， 并持续关注和跟进"铝代铜"领域市场需求，目前公司电磁铝扁线、铝制车用3D折弯排等铝材产品已处 于认证、量产供货阶段。 ...