| 集团概况 | | --- | | 董事长致辞 | | 集团简介 | | 发展历程 | | 发展规划 | | 组织架构 | | 子公司名单 | | 领导关怀 | | 联系我们 | 剑 您的位置:首页 >> 集团概况 >> 正文 白银有色集团股份有限公司简介 白银有色集团股份有限公司(以下简称"白银有色")的前身是白银有色金属公司,成立于1954年，是国家"一五"时期 156个重点建设项目之一，新中国重要的有色金属基地。70年来，为中国有色工业和地方经济发展做出了重要贡献。2008年，白 银有色引进中信战略投资实施股份制改造。2017年2月15日，白银有色在上交所成功实现首发整体上市 ，〈股票名称：白银有 色,股票代码:601212)。 齐鲁晚报·齐鲁壹点记者从信用中国获悉，白银有色（601212）集团股份有限公司铜业公司因生产安全事故，被白银市应急管理局罚款50万元。处罚日期 为2026年1月28日。 违法事实：2025年10月20日，白银有色集团股份有限公司铜业公司发生物体打击一般事故，造成1人死亡。白银有色集团股份有限公司铜业公司对此起事 故负有责任。 白银有色（601212.SH）官网显示，白银有色集 ...

新能源及有色金属日报 | 2026-02-12 下游逐步放假 铅价维持震荡格局 市场要闻与重要数据 现货方面：2026-02-11，LME铅现货升水为-50.95美元/吨。SMM1#铅锭现货价较前一交易日变化50元/吨至16575 元/吨，SMM上海铅现货升贴水较前一交易日变化 0元/吨至0.00元/吨，SMM广东铅现货较前一交易日变化50元/吨 至16625元/吨，SMM河南铅现货较前一交易日变化25元/吨至16575元/吨，SMM天津铅现货升贴水较前一交易日变 化50元/吨至16650元/吨。铅精废价差较前一交易日变化0元/吨至-25元/吨，废电动车电池较前一交易日变化0元/吨 至9875元/吨，废白壳较前一交易日变化0元/吨至9975元/吨，废黑壳较前一交易日变化0元/吨至10200元/吨。 期货方面：2026-02-11，沪铅主力合约开于16660元/吨，收于16740元/吨，较前一交易日变化75元/吨，全天交易日 成交29976手，较前一交易日变化-28124手，全天交易日持仓38060手，手较前一交易日变化-4235手，日内价格震 荡，最高点达到16770元/吨，最低点达到16635元/吨。夜盘方 ...

新能源及有色金属日报 | 2026-02-11 市场成交仍明显偏淡 铅价反弹或难持续 现货方面：2026-02-10，LME铅现货升水为-49.30美元/吨。SMM1#铅锭现货价较前一交易日变化100元/吨至16525 元/吨，SMM上海铅现货升贴水较前一交易日变化 -25元/吨至0.00元/吨，SMM广东铅现货较前一交易日变化100元 /吨至16575元/吨，SMM河南铅现货较前一交易日变化150元/吨至16550元/吨，SMM天津铅现货升贴水较前一交易 日变化125元/吨至16600元/吨。铅精废价差较前一交易日变化0元/吨至-25元/吨，废电动车电池较前一交易日变化-25 元/吨至9875元/吨，废白壳较前一交易日变化0元/吨至9975元/吨，废黑壳较前一交易日变化0元/吨至10200元/吨。 期货方面：2026-02-10，沪铅主力合约开于16665元/吨，收于16665元/吨，较前一交易日变化80元/吨，全天交易日 成交58100手，较前一交易日变化8455手，全天交易日持仓42295手，手较前一交易日变化-8010手，日内价格震荡， 最高点达到16805元/吨，最低点达到16560元/吨。夜盘方面 ...

Report Industry Investment Rating - The investment rating is cautiously bearish [3] Core View of the Report - Before the Spring Festival, the supply and demand of the lead market both decline. Logistics stops operating and enterprises go on holiday, resulting in light trading. Inventory is transferred to social warehouses, and it is expected that inventory will accumulate significantly after the festival, leading to a weak and volatile lead price. Selling hedging operations can be carried out when the price returns above 16,900 yuan/ton, but positions should not be too heavy approaching the Spring Festival [3] Summary of Relevant Catalog Market News and Important Data Spot - On February 9, 2026, the LME lead spot premium was -$50.67/ton. The SMM 1 lead ingot spot price increased by 25 yuan/ton to 16,425 yuan/ton compared to the previous trading day. The SMM Shanghai lead spot premium changed by -25 yuan/ton to 0.00 yuan/ton. SMM Guangdong lead spot remained unchanged at 16,475 yuan/ton. SMM Henan lead spot increased by 25 yuan/ton to 16,400 yuan/ton. SMM Tianjin lead spot premium increased by 25 yuan/ton to 16,475 yuan/ton. The lead refined-scrap price difference remained unchanged at 0 yuan/ton. The price of waste electric vehicle batteries decreased by 25 yuan/ton to 9,900 yuan/ton. The price of waste white shells decreased by 25 yuan/ton to 9,975 yuan/ton. The price of waste black shells decreased by 25 yuan/ton to 10,200 yuan/ton [1] Futures - On February 9, 2026, the main SHFE lead contract opened at 16,525 yuan/ton and closed at 16,585 yuan/ton, up 75 yuan/ton from the previous trading day. The trading volume for the whole trading day was 49,645 lots, a decrease of 775 lots from the previous trading day. The open interest for the whole trading day was 50,305 lots, a decrease of 1,722 lots from the previous trading day. The intraday price fluctuated, reaching a high of 16,665 yuan/ton and a low of 16,485 yuan/ton. In the night session, the main SHFE lead contract opened at 16,610 yuan/ton and closed at 16,690 yuan/ton, up 0.51% from the afternoon close of the previous day [2] Inventory - On February 9, 2026, the total SMM lead ingot inventory was 50,000 tons, a change of 9,500 tons from the previous week. As of February 9, the LME lead inventory was 232,750 tons, a decrease of 100 tons from the previous trading day [2] Strategy - The strategy is to be cautiously bearish. Before the Spring Festival, the supply and demand of the lead market both decline, with light trading due to logistics suspension and enterprise holidays. Inventory is transferred to social warehouses, and it is expected that inventory will accumulate significantly after the festival, leading to a weak and volatile lead price. Selling hedging operations can be carried out when the price returns above 16,900 yuan/ton, but positions should not be too heavy approaching the Spring Festival [3]

有色情绪退潮， 产业现状偏弱 铅月报 2026/02/06 张世骄（有色金属组） 0755-23375122 zhangsj3@wkqh.cn 从业资格号：F03120988 交易咨询号：Z0023261 CONTENTS 目录 01 月度评估 04 需求分析 02 原生供给 05 供需库存 03 再生供给 06 价格展望 01 月度评估 月度评估 ◆ 价格回顾：1月铅价表现显著弱于板块走势，1月5日至2月3日期间，铅价上探后大幅下跌，沪铅加权累计下跌4.00%。SMM1#铅锭均价 16400元/吨，再生精铅均价16425元/吨，精废价差-25元/吨，废电动车电池均价9925元/吨。 ◆ 国内结构：上期所铅锭期货库存录得3.38万吨，内盘原生基差-140元/吨，连续合约-连一合约价差-55元/吨。据钢联数据，2月5日全 国主要市场铅锭社会库存为4.59万吨，较2月2日增加0.69万吨。海外结构：LME铅锭库存录得23.29万吨，LME铅锭注销仓单录得1.58 万吨。外盘cash-3S合约基差-51.45美元/吨，3-15价差-142.1美元/吨。跨市结构：剔汇后盘面沪伦比价录得1.222，铅锭进口盈亏为 26 ...

新能源及有色金属日报 | 2026-02-05 企业逢低备货积极性仍差 铅价难有强劲表现 市场要闻与重要数据 现货方面：2026-02-04，LME铅现货升水为-51.98美元/吨。SMM1#铅锭现货价较前一交易日变化-25元/吨至16425 元/吨，SMM上海铅现货升贴水较前一交易日变化 -25元/吨至25.00元/吨，SMM广东铅现货较前一交易日变化-25 元/吨至16500元/吨，SMM河南铅现货较前一交易日变化0元/吨至16400元/吨，SMM天津铅现货升贴水较前一交易 日变化-25元/吨至16475元/吨。铅精废价差较前一交易日变化0元/吨至0元/吨，废电动车电池较前一交易日变化-25 元/吨至9950元/吨，废白壳较前一交易日变化-25元/吨至10050元/吨，废黑壳较前一交易日变化-25元/吨至10225元/ 吨。 期货方面：2026-02-04，沪铅主力合约开于16640元/吨，收于16590元/吨，较前一交易日变化-50元/吨，全天交易日 成交50833手，较前一交易日变化-21462手，全天交易日持仓58276手，手较前一交易日变化3527手，日内价格震荡， 最高点达到16670元/吨，最 ...

新能源及有色金属日报 | 2026-02-03 市场成交低迷 铅价低位震荡 市场要闻与重要数据 现货方面：2026-02-02，LME铅现货升水为-45.87美元/吨。SMM1#铅锭现货价较前一交易日变化-100元/吨至16575 元/吨，SMM上海铅现货升贴水较前一交易日变化 -75元/吨至50.00元/吨，SMM广东铅现货较前一交易日变化-100 元/吨至16650元/吨，SMM河南铅现货较前一交易日变化-100元/吨至16575元/吨，SMM天津铅现货升贴水较前一交 易日变化-100元/吨至16650元/吨。铅精废价差较前一交易日变化0元/吨至-50元/吨，废电动车电池较前一交易日变 化-75元/吨至9975元/吨，废白壳较前一交易日变化-50元/吨至10075元/吨，废黑壳较前一交易日变化-75元/吨至 10250元/吨。 期货方面：2026-02-02，沪铅主力合约开于16915元/吨，收于16680元/吨，较前一交易日变化-185元/吨，全天交易 日成交101052手，较前一交易日变化-21807手，全天交易日持仓57029手，手较前一交易日变化549手，日内价格震 荡，最高点达到16990元/吨 ...

1. Report Industry Investment Rating - Not provided in the document 2. Core View of the Report - The current situation of the lead industry is weak, with both smelting finished - product inventory and social inventory rising. The expectation of the nomination of the Federal Reserve Chairman on January 30th triggered a retreat in market sentiment, and the prices of the non - ferrous metal sector are currently highly volatile. Attention should be paid to the impact of the ISM manufacturing PMI data on February 2nd on the sector's sentiment [11]. 3. Summary by Directory 3.1. Weekly Assessment - **Price Review**: On Friday, the Shanghai Lead Index closed down 1.69% to 16,918 yuan/ton, with a total unilateral trading position of 102,900 lots. As of 15:00 on Friday afternoon, LME Lead 3S fell 42 to 2,004 dollars/ton compared to the same period of the previous day, with a total position of 167,900 lots. The average price of SMM 1 lead ingots was 16,675 yuan/ton, the average price of recycled refined lead was 16,625 yuan/ton, the refined - scrap price difference was 50 yuan/ton, and the average price of waste electric vehicle batteries was 10,050 yuan/ton [11]. - **Domestic Structure**: The SHFE lead ingot futures inventory was 29,400 tons. According to Steel Union data, the social inventory of lead ingots in major domestic markets on January 29th was 38,400 tons, an increase of 3,500 tons from January 26th. The domestic primary basis was - 180 yuan/ton, and the spread between the continuous contract and the first - month contract was 275 yuan/ton. - **Overseas Structure**: The LME lead ingot inventory was 207,700 tons, and the LME lead ingot cancelled warrants were 20,700 tons. The overseas cash - 3S contract basis was - 47.72 dollars/ton, and the 3 - 15 spread was - 130.1 dollars/ton. - **Cross - market Structure**: After excluding exchange rates, the on - screen Shanghai - London price ratio was 1.218, and the import profit and loss of lead ingots was 549.49 yuan/ton [11]. - **Industry Data**: At the primary end, the lead concentrate port inventory was 63,000 tons, the factory inventory was 493,000 tons, equivalent to 33.95 days. The lead concentrate import TC was - 150 dollars/dry ton, and the domestic lead concentrate TC was 250 yuan/metal ton. The primary smelting start - up rate was 66.4%, and the primary ingot factory inventory was 32,100 tons. At the recycled end, the lead waste inventory was 117,000 tons, the recycled smelting start - up rate was 51%, and the recycled ingot factory inventory was 28,400 tons. At the demand end, the lead - acid battery start - up rate was 69.0% [11]. 3.2. Primary Supply - **Import and Production**: In December 2025, the net import of lead concentrate was 149,200 physical tons, a year - on - year change of 24.63% and a month - on - month change of 35.87%. From January to December, the cumulative net import of lead concentrate was 1,425,300 physical tons, a cumulative year - on - year change of 15.11%. In December 2025, the net import of silver concentrate was 239,300 physical tons, a year - on - year change of 89.27% and a month - on - month change of 31.21%. From January to December, the cumulative net import of silver concentrate was 1,931,000 physical tons, a cumulative year - on - year change of 13.6%. In December 2025, the domestic lead concentrate production was 126,300 metal tons, a year - on - year change of 4.04% and a month - on - month change of - 7.54%. From January to December, the total lead concentrate production was 1,658,200 metal tons, a cumulative year - on - year change of 9.89%. In December 2025, the net import of lead - containing ores was 185,200 metal tons, a year - on - year change of 51.34% and a month - on - month change of 33.42%. From January to December, the cumulative net import of lead - containing ores was 1,627,700 metal tons, a cumulative year - on - year change of 14.39% [15][17]. - **Total Supply and Overseas Production**: In December 2025, the total supply of lead concentrate in China was 311,500 metal tons, a year - on - year change of 27.78% and a month - on - month change of 13.11%. From January to December, the cumulative supply of lead concentrate was 3,285,900 metal tons, a cumulative year - on - year change of 12.07%. In November 2025, the overseas lead ore production was 264,000 tons, a year - on - year change of 6.49% and a month - on - month change of 1.85%. From January to November, the total overseas lead ore production was 2,674,900 tons, a cumulative year - on - year change of - 1.42% [19]. - **Inventory and Processing Fees**: The lead concentrate port inventory was 63,000 tons, the factory inventory was 493,000 tons, equivalent to 33.95 days. The lead concentrate import TC was - 150 dollars/dry ton, and the domestic lead concentrate TC was 250 yuan/metal ton [21][23]. - **Smelting Start - up Rate and Output**: The primary smelting start - up rate was 66.4%, and the primary ingot factory inventory was 32,100 tons. In December 2025, China's primary lead output was 332,700 tons, a year - on - year change of 1.56% and a month - on - month change of 1.56%. From January to December, the total primary lead ingot production was 3,847,200 tons, a cumulative year - on - year change of 6.32% [26]. 3.3. Recycled Supply - **Raw Materials and Weekly Output**: At the recycled end, the lead waste inventory was 117,000 tons. The recycled smelting start - up rate was 51%, and the recycled ingot factory inventory was 28,400 tons. In December 2025, China's recycled lead output was 354,500 tons, a year - on - year change of 10.3% and a month - on - month change of - 5.04%. From January to December, the total recycled lead ingot production was 3,962,900 tons, a cumulative year - on - year change of 4.52% [31][33]. - **Net Export and Total Supply**: In December 2025, the net export of lead ingots was - 28,600 tons, a year - on - year change of 111.23% and a month - on - month change of 25.65%. From January to December, the cumulative net export of lead ingots was - 146,700 tons, a cumulative year - on - year change of - 22.13%. In December 2025, the total domestic supply of lead ingots was 715,800 tons, a year - on - year change of 8.04% and a month - on - month change of - 1.09%. From January to December, the cumulative domestic supply of lead ingots was 7,956,800 tons, a cumulative year - on - year change of 4.72% [35]. 3.4. Demand Analysis - **Battery Start - up Rate and Apparent Demand**: At the demand end, the lead - acid battery start - up rate was 69.0%. In December 2025, the domestic apparent demand for lead ingots was 719,800 tons, a year - on - year change of 5.09% and a month - on - month change of - 0.44%. From January to December, the cumulative domestic apparent demand for lead ingots was 7,969,100 tons, a cumulative year - on - year change of 4.27% [38]. - **Battery Export**: In December 2025, the net export volume of batteries containing lead was 1,664,900 units, a year - on - year change of - 35.22% and a month - on - month change of 8.81%. From January to December, the total net export of batteries was 213 million units, a cumulative net export year - on - year change of - 13.06% [41]. - **Inventory Days**: In December 2025, the finished - product inventory days of lead - acid batteries in factories increased from 20.9 days to 21.5 days, and the inventory days of lead - acid batteries in dealers increased from 40.7 days to 43.6 days [43]. - **Terminal Demand**: In the two - wheeled vehicle segment, the decline in electric bicycle production directly dragged down the new installation demand, but the continuous growth of delivery scenarios such as express delivery and takeaway drove the improvement of the new installation consumption of electric two - and three - wheeled vehicles. In the automotive sector, the contribution of lead demand is expected to maintain stable growth. Although new energy vehicles are gradually replacing lead - acid batteries with lithium - iron phosphate batteries, the high stock of existing vehicles still provides support for lead consumption due to replacement demand. In the base station segment, the rapid development of communication technology has led to an increase in the number of communication and 5G base stations, driving a steady increase in the demand for lead - acid batteries [48][50][53]. 3.5. Supply - Demand and Inventory - **Domestic Supply - Demand Gap**: In December 2025, the domestic supply - demand gap of lead ingots was a shortage of 4,000 tons. From January to December, the cumulative domestic supply - demand gap of lead ingots was a shortage of 12,400 tons [62]. - **Overseas Supply - Demand Gap**: In November 2025, the overseas refined lead supply - demand gap was a surplus of 30,200 tons. From January to November, the cumulative overseas refined lead supply - demand gap was a surplus of 171,400 tons [65]. 3.6. Price Outlook - **Domestic and Overseas Structure**: The SHFE lead ingot futures inventory was 29,400 tons, and the social inventory of lead ingots in major domestic markets on January 29th was 38,400 tons, an increase of 3,500 tons from January 26th. The domestic primary basis was - 180 yuan/ton, and the spread between the continuous contract and the first - month contract was 275 yuan/ton. The LME lead ingot inventory was 207,700 tons, and the LME lead ingot cancelled warrants were 20,700 tons. The overseas cash - 3S contract basis was - 47.72 dollars/ton, and the 3 - 15 spread was - 130.1 dollars/ton. After excluding exchange rates, the on - screen Shanghai - London price ratio was 1.218, and the import profit and loss of lead ingots was 549.49 yuan/ton [70][72][75]. - **Position Analysis**: The top 20 net positions of Shanghai Lead turned net short, the net long positions of LME lead investment funds decreased, and the net short positions of commercial enterprises decreased. From the perspective of positions, it is short - term bearish [78].

登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：600531 证券简称：豫光金铅 公告编号：临2026-015 河南豫光金铅股份有限公司 股票交易风险提示公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容 的真实性、准确性和完整性承担个别及连带责任。 重要内容提示： ● 河南豫光金铅股份有限公司（以下简称"公司"）股票价格短期涨幅较大，2026年1月21日至1月29日连 续七个交易日公司股票价格涨幅累计达到75.44%，公司已于2026年1月27日、1月29日发布了两次《河 南豫光金铅股份有限公司股票交易异常波动公告》，于2026年1月28日发布了《河南豫光金铅股份有限 公司股票交易风险提示公告》。敬请投资者注意投资风险。 ● 公司所处行业为有色金属冶炼和压延加工业，主要业务为铅锭、阴极铜、黄金、白银等有色金属及贵 金属产品的冶炼和销售，主要产品为铅锭、阴极铜、白银、黄金等。根据公司《2025年半年度报告》， 2025年上半年，公司实现营业收入224.41亿元，实现归属于上市公司股东的净利润4.85亿元。公司主要 产品销售收入为212.64亿元，占营业 ...

现货成交偏淡 铅价维持震荡格局 市场要闻与重要数据 现货方面：2026-01-28，LME铅现货升水为-47.43美元/吨。SMM1#铅锭现货价较前一交易日变化-75元/吨至16775 元/吨，SMM上海铅现货升贴水较前一交易日变化 25元/吨至25.00元/吨，SMM广东铅现货较前一交易日变化-50元 /吨至16825元/吨，SMM河南铅现货较前一交易日变化-75元/吨至16750元/吨，SMM天津铅现货升贴水较前一交易 日变化-50元/吨至16825元/吨。铅精废价差较前一交易日变化0元/吨至-100元/吨，废电动车电池较前一交易日变化 25元/吨至10050元/吨，废白壳较前一交易日变化0元/吨至10125元/吨，废黑壳较前一交易日变化25元/吨至10325元 /吨。 期货方面：2026-01-28，沪铅主力合约开于17000元/吨，收于16995元/吨，较前一交易日变化-5元/吨，全天交易日 成交53913手，较前一交易日变化-8210手，全天交易日持仓59512手，手较前一交易日变化-1288手，日内价格震荡， 最高点达到17080元/吨，最低点达到16915元/吨。夜盘方面，沪铅主力合约开于173 ...