铜作为新时代的"黄金"，在中美贸易摩擦的背景下，其战略价值日益凸显。供应端方面，全球铜矿品位 下降、资本开支长期不足带来的新增矿山项目有限以及矿端扰动加剧共同制约供应增长，导致铜精矿市 场持续偏紧。需求端来看，受益于全球宽松货币周期与绿色转型趋势，电力投资、新能源汽车及数据中 心建设等领域对铜的需求形成有力支撑。在铜精矿供应紧张与绿色需求爆发的背景下，铜价中枢有望保 持上行态势。基于资源稀缺性与产业链地位，建议重点关注资源储量丰富、产能规划明确的头部企业紫 金矿业(601899.SH)与洛阳钼业(603993.SH)。 铝：电解铝供需偏紧，行业维持高景气度 智通财经APP获悉，中原证券发布研报称，在铜精矿供应紧张与绿色需求爆发的背景下，铜价中枢有望 保持上行态势。该行预计2026年电解铝平均价格水平在2.2万元/吨左右。同时随着电解铝企业盈利能力 不断增强，公司纷纷提高分红比例，股息率在不断提升，板块具有红利属性。受到美联储进入降息周 期、国内一系列利好政策施放显效、经济保持向好态势，海内外对有色金属需求增加，该行维持有色金 属及新材料行业评级为"强于大市"，建议关注铜、铝、黄金和超硬材料板块。 在美联储货币 ...

Core Insights - The "Yujian Greater Bay Area" youth entrepreneur exchange event took place in Zhengzhou from November 16 to 19, showcasing the economic and trade potential of the region [1] - A delegation of young entrepreneurs from the Guangdong-Hong Kong-Macao Greater Bay Area visited Zhengzhou to explore various industries and engage in discussions [1] Industry Overview - The delegation explored key industrial sectors in Zhengzhou, including advanced materials, modern food production, and aerospace industries, highlighting the city's robust industrial foundation and vibrant growth prospects [1] - Companies such as Hanwei Technology, Sanquan Foods, and Zhengzhou Nissan were part of the tour, demonstrating the diverse industrial landscape [1] Entrepreneurial Exchange - A roundtable dialogue was held where local business representatives promoted Zhengzhou's industrial layout, business environment, and preferential policies, laying a solid foundation for future cooperation [1] - Entrepreneurs shared insights and experiences, fostering collaboration and knowledge exchange between the two regions [1] Cultural Engagement - The delegation also visited the Henan Drama Fantasy City, enhancing emotional connections through immersive cultural experiences that showcased the rich cultural heritage of the Central Plains [1]

深度对话交流，凝聚合作发展共识 活动期间，还专门举行了青年企业家圆桌对话交流活动，促成双方 围绕具体项目与合作意向进行了深入磋商。市商务局贸促会秘书长张体伟就我市产业布局、营商环境和 优惠政策进行了重点推介，为后续合作奠定坚实基础。两地企业家代表畅所欲言，分享创业心得与发展 经验。青年企业家们一致认为，粤港澳大湾区的资本、技术、管理优势与河南的产业基础、市场空间、 区位交通优势具有高度的互补性，合作潜力巨大。此外，考察团还参观了"只有河南·戏剧幻城"，在沉 浸式的文化体验中，领略了厚重的中原文化魅力，增强了情感联结。 搭建青春桥梁，服务经济发展大局 此次活动不仅是一次经贸考察，更是一次思想的交融和青春的联 动。下一步，团郑州市委将继续发挥组织优势，积极搭建各类交流平台，扎实推进青年发展友好型标杆 城市建设，深化人才资源引聚，吸引更多优秀项目汇聚郑州、落地郑州，为促进区域经济协作注入青春 动能，为推动郑州高质量发展贡献青春力量。 聚焦产业前沿，感知郑州发展脉动 考察团一行深入郑州核心产业板块，全方位了解产业发展态势。从 汉威科技的多维传感器，到郑州三磨所的超硬材料研发；从三全食品的现代化生产线，到蜜雪冰城的全 ...

11月18日，沃尔德跌5.9%，截至发稿，报64.00元/股，成交4.90亿元，换手率4.88%，总市值96.61亿 元。 资料显示，北京沃尔德金刚石工具股份有限公司位于河北省廊坊市大厂潮白河工业园区工业二路东侧， 成立日期2006年8月31日，上市日期2019年7月22日，公司主营业务涉及从事超高精密和高精密超硬刀具 及超硬材料制品的研发、生产和销售业务。主营业务收入构成为：超硬刀具78.59%，硬质合金刀具 14.31%，超硬材料5.72%，其他1.38%。 从基金十大重仓股角度 风险提示：市场有风险，投资需谨慎。本文为AI大模型自动发布，任何在本文出现的信息（包括但不 限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，不构成个人投资建 议。 责任编辑：小浪快报 汇添富中证2000ETF（159536）成立日期2023年9月13日，最新规模5380.93万。今年以来收益37.31%， 同类排名1106/4212；近一年收益38.73%，同类排名825/3956；成立以来收益41.74%。 汇添富中证2000ETF（159536）基金经理为孙浩。 截至发稿，孙浩累计任职时间2年83天， ...

Summary of Military Industry and New Materials Weekly Research Report Industry Overview - The military industry in China is experiencing a fluctuating upward trend in 2025, with a year-to-date increase of 14.63% from January to October, although it underperformed compared to the Shanghai Composite Index by 4.64 percentage points [1][3] - Public fund holdings in the military sector have significantly increased, indicating growing institutional interest [1][3] Financial Performance - From Q2 2025 onwards, revenue and net profit have shown a clear year-on-year recovery, with overall revenue growth of 16.99% and net profit up by 14.01% [1][4] - Various sub-sectors are showing signs of bottom recovery, with notable growth in defense information technology (73.6%), aviation (26%), aerospace (21%), shipbuilding (26.14%), and commercial aerospace (14.84%) [1][4] - Profit growth is evident in several sub-sectors, including ground weaponry (110%), aerospace (106%), and defense information technology (3.98%) [1][4] Industry Dynamics - The midstream sector saw a slight increase of 6%, with subsystem revenue growing by 73.77% and downstream machinery increasing by 25.7% [5] - Downstream machinery and midstream subsystems experienced significant net profit growth of 48.92% and 89.71%, respectively [5] - The upstream electronic components and chips saw a reduction in profit decline from -40% to -1.75% [5] Geopolitical Context - The long-term strategic situation between China and the U.S. remains unchanged, with the U.S. defense budget reaching a record high of $1.01 trillion for FY 2026, a 13% increase [6] - The European Union's defense spending is also on the rise, reaching €800 billion [6] - Geopolitical uncertainties are increasing, and China is expected to maintain a high defense budget during the 15th Five-Year Plan, outpacing overall GDP growth [6] Strategic Directions - The core direction of domestic military construction is "building a system," transitioning from platform-to-platform to system-to-system, emphasizing cross-domain collaboration to create asymmetric advantages [1][7] - The 93rd National Day parade showcased advanced weapon systems, including hypersonic weapons, nuclear strike capabilities, air defense systems, and AI-enabled unmanned systems [1][7] Military Trade and Global Market - The military trade market in China is poised for growth, particularly after the 2025 India-Pakistan conflict, which validated China's weaponry capabilities [2][11] - China has developed comprehensive military product research and development capabilities, with an increasing share in the global military trade market, expected to rise post-2025 [2][12] Civilian Applications of Military Technology - The "military-civilian integration" strategy is crucial for expanding enterprise scale, with emerging industries such as commercial aerospace, low-altitude economy, and deep-sea technology expected to create trillion-level market opportunities [2][13] - Military new materials are rapidly gaining traction in the consumer electronics sector, with significant demand growth noted [2][15] Emerging Material Trends - Superhard materials, particularly diamond, are gaining attention for their thermal conductivity and potential applications in military observation windows and nuclear fusion [16] - Ceramic matrix composites are becoming essential in aerospace engines, gradually replacing some high-temperature alloys due to their superior heat resistance [18] Future Development Landscape - The military industry is transitioning from a single domestic demand model to a three-pronged growth strategy: domestic demand foundation, expanding military trade, and civilian technology spillover [19][20] - This new structure is reshaping the military industry landscape and significantly enhancing growth potential [19][20]

超硬材料作为方城的主导产业，此次联合研发基金的落地意义重大。一方面，基金将精准对接产业发展 需求，推动产业链上下游企业、科研院所协同创新，集中攻克一批"卡脖子"技术难题，加速科技成果从 实验室走向生产线，助力打造高质量项目群；另一方面，基金的注入将进一步优化产业创新生态，促进 创新链、产业链、资金链深度融合，培育壮大一批具有核心竞争力的龙头企业和创新型中小企业，提升 产业整体附加值与安全可靠性。此外，还将引导社会资本参与科技创新，形成政府引导、企业主导、多 方投入的创新发展新机制，有效培育壮大税源主体，为地方经济发展提供持续动力。 近日，经过多轮筛选与严格审核，河南省南阳市方城县顺利通过评审，成功申报超硬材料产业联合基 金，并与河南省财政厅、科技厅正式签署合作协议。这一成果将为方城县超硬材料产业发展注入强劲资 金动力，助力产业能级跃升与市域副中心城市建设。 下一步，方城县将按照合作协议要求，建立健全工作机制，规范基金管理与使用，切实发挥基金对产业 发展的带动作用，全力将超硬材料产业打造成为方城经济的新增长点，为加快建设市域副中心城市添翼 赋能。(刘运德) 此次获批的超硬材料产业研发联合基金实施周期为三年，资金 ...

Core Viewpoint - The company Sifangda (300179) has noted increased market attention on cultivated diamonds and superhard materials, and it has disclosed its business situation and associated risks in these areas in its periodic report [1] Company Situation - The company has stated that its current operating conditions and the internal and external business environment have not experienced or are not expected to experience significant changes [1] - There are no undisclosed significant matters related to the company by the company, its controlling shareholder, or actual controller, nor are there any significant matters in the planning stage [1]

Core Viewpoint - The company has experienced a significant stock price fluctuation, with a cumulative increase of 30% over three trading days, which is classified as abnormal trading activity [1] Company Information - The company confirmed that there are no corrections or supplements needed for previously disclosed information [1] - No undisclosed significant information that could impact the stock price has been identified recently [1] - The company's operational situation and external environment have not undergone any major changes, nor are any expected [1] - The company, its controlling shareholders, and actual controllers have not engaged in any stock trading during the period of abnormal price fluctuation [1] Market Context - The company has noted increased market interest in cultivated diamonds and superhard materials, and has disclosed relevant business information and risks in its periodic reports [1] - The company advises investors to make rational decisions and invest cautiously [1]

Group 1 - The price of coke has increased, with wet coke rising by 50 yuan per ton and dry coke by 55 yuan per ton, effective from November 10, marking the fourth round of price hikes [1] - The Ministry of Finance has announced support for stabilizing employment and foreign trade, encouraging enterprises to stabilize orders and expand domestic sales, which is a positive signal for the economy and consumption [1] - The National Energy Administration has released plans to accelerate the development of photovoltaic and wind power industries in mining areas, indicating a favorable outlook for clean energy sectors [1] Group 2 - The State Council emphasized the promotion of application standards for unmanned systems in land and sea, and the strengthening of key technologies in artificial intelligence, which could create short-term opportunities in the tech sector [2] - Two departments have issued a significant announcement regarding export controls on superhard materials, rare earths, and lithium batteries, which may impact these industries [2] - The central bank has increased its gold reserves for the twelfth consecutive month, which is a positive for the gold sector, although previous speculation may limit high expectations [2]

Core Points - The Ministry of Commerce announced the suspension of the implementation of Announcement No. 46 of 2024 regarding export controls on dual-use items to the United States, effective immediately until November 27, 2026 [1] Group 1: Export Control Measures - The original Announcement No. 46 of 2024 aimed to strengthen export controls on dual-use items to the United States, citing national security and international obligations [2] - The announcement included a ban on the export of dual-use items to U.S. military users or for military purposes [2] - It also stated that exports of gallium, germanium, antimony, and related dual-use items to the U.S. would generally not be permitted, with stricter end-user and end-use reviews for graphite dual-use items [2] Group 2: Legal Implications - Organizations and individuals that violate these regulations by transferring or providing relevant dual-use items originating from China to U.S. entities will face legal consequences [2]