炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 五矿发展12月29日晚间公告，公司收到实际控制人中国五矿《关于筹划重大资产重组事项的通知》，拟 通过资产置换、发行股份及支付现金方式购买控股股东五矿股份持有的五矿矿业、鲁中矿业的股权，并 募集配套资金。同时，公司拟置出原有业务相关的主要资产及负债（除保留资产、负债外）。本次交易 预计构成重大资产重组及关联交易。 五矿矿业成立于2010年11月3日，法定代表人为高永学，注册资本约为56.1亿元。经营范围包括：投资 管理；资产管理；国内外工程承包；进出口业务；铁矿石、黑色金属矿石、铬矿石、锰矿石、镍矿石、 宝石、玉石、水晶石、土砂石、化学矿石、石棉、石墨的销售；技术检测；固体矿产地质勘查等。 鲁中矿业成立于1994年4月20日，法定代表人为袁忠林，注册资本约为24.58亿元。经营范围包括：非煤 矿山矿产资源开采；建设工程施工；自来水生产与供应；道路危险货物运输；道路货物运输（不含危险 货物）；公共铁路运输；住宿服务；餐饮服务；劳务派遣服务；电气安装服务；烟草制品零售；食品销 售；污水处理及其再生利用等。 截至公告披露日，本次交易尚处于筹划阶 ...

公司股票自12月30日开市起停牌，预计停牌时间不超过10个交易日。 Wind数据显示，12月29日，五矿发展股价收报11.52元/股，市值为123亿元。 图片来源：Wind 五矿发展12月29日晚间公告，公司收到实际控制人中国五矿《关于筹划重大资产重组事项的通知》，拟通过资产置换、发行股份及支付现金方式购买控股 股东五矿股份持有的五矿矿业、鲁中矿业的股权，并募集配套资金。同时，公司拟置出原有业务相关的主要资产及负债（除保留资产、负债外）。本次交 易预计构成重大资产重组及关联交易。 依据五矿发展2025年半年报，公司业务范围覆盖钢铁流通领域全产业链。原材料端涵盖铁矿石、锰矿、铬矿、煤炭、焦炭、废钢等产品，铁矿石、锰矿、 铬矿、煤炭等与矿山企业直接签订采购长协，长期稳定的货源和保供能力能充分满足钢铁和铁合金生产企业一站式采购需求。钢材端依靠分销网络、仓储 管理、加工配送和套期保值等综合服务能力，构建了以建筑央企和大型国企为核心客户的全国性终端资源配送体系。商品流通及商务支持环节通过多式联 运、仓储加工、口岸代理、招标代理、保险经纪等服务贯通产业链上下游，打造高质量运行的钢铁现代供应链。 鲁中矿业成立于1994年4 ...

五矿发展12月29日晚间公告，公司收到实际控制人中国五矿《关于筹划重大资产重组事项的通知》，拟 通过资产置换、发行股份及支付现金方式购买控股股东五矿股份持有的五矿矿业、鲁中矿业的股权，并 募集配套资金。同时，公司拟置出原有业务相关的主要资产及负债（除保留资产、负债外）。本次交易 预计构成重大资产重组及关联交易。 公司股票自12月30日开市起停牌，预计停牌时间不超过10个交易日。 Wind数据显示，12月29日，五矿发展股价收报11.52元/股，市值为123亿元。 交易方式初步确定为资产置换等 公告显示，本次交易的交易方式初步确定为资产置换、发行股份及支付现金购买资产，并募集配套资 金。 五矿矿业成立于2010年11月3日，法定代表人为高永学，注册资本约为56.1亿元。经营范围包括：投资 管理；资产管理；国内外工程承包；进出口业务；铁矿石、黑色金属矿石、铬矿石、锰矿石、镍矿石、 宝石、玉石、水晶石、土砂石、化学矿石、石棉、石墨的销售；技术检测；固体矿产地质勘查等。 鲁中矿业成立于1994年4月20日，法定代表人为袁忠林，注册资本约为24.58亿元。经营范围包括：非煤 矿山矿产资源开采；建设工程施工；自来水生产与 ...

智通财经APP获悉，12月23日，中国钢铁工业协会不锈钢分会发布2025年11月及1-11月中国不锈钢及主 要原料进出口海关数据。2025年11月，中国不锈钢材进口量为11.21万吨，环比下降1.20万吨，降幅 10%；同比减少1.81万吨，降幅14%。2025年1-11月，中国不锈钢进口总量为137.42万吨，同比减少 36.53万吨，降幅21%。 2025年11月，国内镍矿进口量333.95吨，环比减少28.69%，同比增加2.92%。其中，从菲律宾进口镍矿 302.13万吨，环比减少30.49%，同比增加4.66%。 2025年1-11月，国内镍矿进口总量4027.04万吨，同比增加10.1%。其中，自菲律宾进口镍矿量3655.54万 吨，同比增加9.66%。 3、1-11月份中国镍铁进口总量1015.33万吨，同比增幅27.2% 1、1-11月份中国不锈钢进口量累计137.42万吨、出口量累计454.62万吨 2025年11月，中国不锈钢材进口量为11.21万吨，环比下降1.20万吨，降幅10%；同比减少1.81万吨，降 幅14%。其中，自印度尼西亚进口量为8.73万吨，环比减少16%，同比减少17% ...

镍作为空配品种延续下行 研究员：陈婧 FRM 期货从业证号：F03107034 投资咨询资格证号：Z0018401 目录 第一章 价差追踪与库存 4 第二章 基本面分析 8 GALAXY FUTURES 1 期权：卖出阻力位虚值看涨期权。 GALAXY FUTURES 2 宏观方面：美联储鹰派降息如期落地，中央经济工作会议也已结束，更积极的财政政策和适度宽松的货币 政策等表述，并未给市场带来强刺激，市场反应平平。 产业方面：11月国内产量锐减1万吨，供需基本匹配，LME库存也因此未出现增长。12月产量略有回升， 需求端进入淡季，电镀及合金消费环比下降，不锈钢和三元正极排产也环比走弱。库存预计小幅增长。供 需双弱格局缺乏向上驱动。商务部、海关总署公告对部分钢铁产品实施出口许可证管理，对不锈钢和镍利 空。 期货层面：沪镍11.8万附近阻力较强，资金减仓后上周四返回，价格再度下行，若市场整体风险偏好下降， 可能增仓下破前低。 不锈钢交易逻辑及策略 综合分析 镍交易逻辑及策略 综合分析 交易逻辑及策略 单边：测试前低。 交易逻辑及策略 | 单边：低位震荡。 | | --- | 套利：暂时观望。 GALAXY FUT ...

1. Report Industry Investment Rating No relevant information provided. 2. Core View of the Report - The fundamentals of nickel and stainless steel are weak, and both are continuing to find their bottoms. The nickel market is in a situation of "tightening in the long - term, but loose in the short - term" due to the new Indonesian policy, and stainless steel is affected by factors such as real - estate downturn and slowdown in home appliance exports [1][3]. - It is expected that nickel prices will remain in a low - level oscillation, but attention should be paid to the impact of extreme weather in the Philippines on nickel ore supply, which may cause a rebound in nickel prices. Stainless steel prices are also expected to maintain a low - level oscillation due to low demand, inventory accumulation, and a downward shift in cost centers [3][4]. 3. Summary by Related Catalogs Nickel Variety Market Analysis - **Futures**: On November 12, 2025, the main contract of Shanghai nickel 2512 opened at 119,300 yuan/ton and closed at 118,710 yuan/ton, a change of - 0.62% from the previous trading day. The trading volume was 98,248 (+28,336) lots, and the open interest was 116,829 (1,929) lots. The contract showed a weak oscillation pattern. The new Indonesian policy on nickel smelter investment restrictions may tighten capacity expansion in the long - term, but the short - term production capacity of wet - process intermediate products is still being released. The weak stainless - steel consumption on the demand side leads to insufficient rebound power in the Shanghai nickel market [1]. - **Nickel Ore**: The trading atmosphere in the nickel ore market is calm, and prices are stable. In the Philippines, the Surigao mining area is affected by typhoons, and the shipping efficiency is delayed. The price of downstream nickel - iron is falling, and iron plants have a lower psychological price for nickel ore. In Indonesia, the second - phase domestic trade benchmark price in November is expected to be lowered by 0.12 - 0.2 dollars/wet ton, and the current mainstream premium is +26, with the premium range mostly between +25 - 27 [1]. - **Spot**: The sales price of Jinchuan Group in the Shanghai market is 122,600 yuan/ton, a decrease of 700 yuan/ton from the previous trading day. After the Shanghai nickel price fell below 120,000 yuan, the spot market is more watchful, and trading is light. The spot premiums of various brands have not changed. The previous trading day's Shanghai nickel warehouse receipt volume was 31,824 (-468) tons, and the LME nickel inventory was 252,114 (-1,194) tons [2]. Strategy - It is expected that nickel prices will remain in a low - level oscillation. The strategy is mainly range - bound operation. There are no strategies for inter - period, cross - variety, spot - futures, and options trading. Attention should be paid to the impact of extreme weather in the Philippines on nickel ore supply, which may cause a rebound in nickel prices [3]. Stainless Steel Variety Market Analysis - **Futures**: On November 12, 2025, the main contract of stainless steel 2601 opened at 12,520 yuan/ton and closed at 12,485 yuan/ton. The trading volume was 85,852 (-22,462) lots, and the open interest was 137,838 (-4,171) lots. Affected by the decline in Shanghai nickel prices, the contract continued its weak oscillation. Although domestic steel mills' losses are increasing, the inertia of capacity release remains, and the demand side is still sluggish due to factors such as the real - estate downturn and slowdown in home appliance exports. Overall, stainless steel is still in a bottom - grinding state [3]. - **Spot**: The market sentiment is pessimistic, and spot trading is sluggish. Many traders are selling at low prices to recover funds, and the daily quotes continue to decline slightly. The stainless - steel price in the Wuxi market is 12,825 (-25) yuan/ton, and in the Foshan market, it is 12,850 (+0) yuan/ton. The premium of 304/2B is 335 to 685 yuan/ton. According to SMM data, the ex - factory tax - included average price of high - nickel pig iron changed by - 3.00 yuan/nickel point to 909.0 yuan/nickel point [3][4]. Strategy - It is expected that stainless - steel prices will remain in a low - level oscillation. The strategy is neutral. There are no strategies for inter - period, cross - variety, spot - futures, and options trading [4].

Core Insights - The eighth China International Import Expo (CIIE) is witnessing significant procurement activities, with the Shanghai trading group actively engaging in large-scale purchases [1] - Major retail procurement alliance members, including Bailian Group and Bright Food Group, have signed contracts with suppliers from various regions, covering multiple sectors such as food, home goods, beauty, and medical devices [1] - China Baowu Steel Group has also made substantial procurement agreements with 13 global suppliers, focusing on advanced low-carbon metallurgical equipment and high-quality raw materials [1][2] Group 1 - The Shanghai trading group has achieved procurement intentions for 54 projects, with 25 projects signed on-site during the expo [1] - The procurement products represent advanced manufacturing levels in the global low-carbon metallurgy sector, aimed at upgrading processes and optimizing product structures for Baowu's steel production [2] - The procurement includes a range of resources such as iron ore, chromium ore, manganese, nickel, coal, and various metal materials [1][2] Group 2 - Multiple districts in Shanghai are also signing key industrial and benchmark projects during the expo [3]

Core Insights - The eighth China International Import Expo (CIIE) has facilitated significant procurement agreements among major retail purchasing alliances in Shanghai, highlighting the event's role in enhancing international trade relationships [1] Group 1: Procurement Agreements - The Shanghai Purchasing Alliance, led by Bailian Group, has signed procurement agreements with suppliers and brand representatives from the Americas, Europe, Oceania, and Asia, covering various sectors including food, home goods, beauty, personal care, and medical devices [1] - A total of 54 procurement projects have been initiated by the Shanghai Purchasing Alliance members since the start of the eighth CIIE, with 25 projects signed on-site during the event [1] Group 2: Steel Industry Participation - China Baowu Steel Group, the world's largest steel company, has also engaged in procurement activities at the CIIE, signing new cooperation agreements with 13 global suppliers [1] - The procurement scope for Baowu includes advanced low-carbon metallurgical equipment, high-quality raw materials such as iron ore, chromium ore, manganese ore, ferronickel, coal, and various metal materials [1]

Core Insights - China Baowu Steel Group has signed procurement agreements with over 10 global suppliers at the 8th China International Import Expo, focusing on high-quality raw materials and metallurgical equipment for upgrading its steel production lines [1][2] Group 1: Procurement Agreements - The procurement agreements include partnerships with renowned companies such as Primetals Technologies, Voestalpine DMS, GFM, and others, covering a range of resources including iron ore, chrome ore, manganese ore, and nickel iron [1] - These agreements aim to enhance the quality and efficiency of Baowu's steel production, contributing to the company's goal of providing high-end, green products to global customers [1] Group 2: Strategic Goals - Baowu aims to become a world-class enterprise by focusing on green and intelligent steel production, emphasizing open collaboration and value sharing with global partners [2] - The company is committed to optimizing its international layout and enhancing its global resource allocation capabilities, thereby creating new opportunities for products, technologies, and services [2] Group 3: Exhibition Participation - As one of the first 14 key purchasers, Baowu participated in the "Central Enterprise Purchasing Group" exhibition, showcasing its comprehensive global supply chain and diverse procurement needs [2] - The company presented its "1+3+2" industrial system, which includes steel manufacturing, green resources, smart services, advanced materials, industrial real estate, and financial services [2]

Core Viewpoint - The high carbon ferrochrome market is currently influenced by both "weak reality" and "weak expectations," leading to a lack of market confidence, although short-term attention is needed on raw material adjustments, downstream stainless steel market changes, and effective demand release [1] Group 1: Market Performance - The current market price for high carbon ferrochrome is around 8100-8300 CNY per 50 base tons, reflecting a weak and cautious market outlook [2] - Terminal demand remains sluggish, with the stainless steel market continuing to operate weakly, which has intensified negative sentiment towards ferrochrome [2] - Recent trading activity in the high carbon ferrochrome market has been lackluster, with strong price-cutting sentiment towards chrome ore, although a decline in chrome ore prices has created some bargaining pressure in the ferrochrome market [2] Group 2: Chrome Ore Market - The latest price for South African chrome concentrate (40-42% grade) at Tianjin Port is reported at 282 USD per ton, remaining stable compared to previous periods [4] - A detailed price table for chrome ore indicates various grades and their corresponding prices, with South African block ore (36%-38% grade) priced at 52-54 CNY per ton and South African concentrate (42%-44% grade) priced at 300-310 USD per ton [5]