在国内61家铜杆企业中，有19家选择国庆期间不停工。与这些忙碌车间形成鲜明对比的是， 2025年国庆期间，国内精铜杆企业平均放假4.05天，较2023年的3.95天进一步延长。部分企 业因库存积压、提货缓慢，因而安排了5天以上的检修。 产业链的"冷热分化"背后，是铜价波动与政策扰动的双重博弈。 国庆前夕，受印尼Grasberg铜矿事故停产及供应中断影响，全球铜价大幅上涨。不仅如此，以9月25日 为例，A股市场上，整个有色板块也呈现强势状态，多个铜企股价触及涨停。 往更早回溯，2025年以来，铜价平均值已高于2024年水平，但终端订单仍未恢复至旺季水平。 江西鹰潭一家铜杆企业的生产车间里，机械轰鸣声贯穿了整个国庆假期。 这家企业的主要业务是将电解铜（阴极铜）加工成铜杆。其连铸连轧生产线以每分钟1250米的速度将电 解铜转化为直径8毫米的光亮铜杆，工人们三班轮流值守，确保设备24小时不间断运转。 该企业负责生产的主管张汉中说："我们必须满负荷生产才能跟上订单需求。"他的声音在机器的轰鸣中 时断时续，"假期前我们备了1000多吨再生铜原料，但部分规格的铜杆还是供不应求。" 这种忙碌并非个例。 据Mysteel调研， ...

在国内61家铜杆企业中，有19家选择国庆期间不停工。与这 些忙碌车间形成鲜明对比的是，2025年国庆期间，国内精铜 杆企业平均放假4.05天，较2023年的3.95天进一步延长。部 分企业因库存积压、提货缓慢，因而安排了5天以上的检修。 作者： 王雅洁 封图：图虫创意 江西鹰潭一家铜杆企业的生产车间里，机械轰鸣声贯穿了整个国庆假期。 这家企业的主要业务是将电解铜（阴极铜）加工成铜杆。其连铸连轧生产线以每分钟1250米的速 度将电解铜转化为直径8毫米的光亮铜杆，工人们三班轮流值守，确保设备24小时不间断运转。 该企业负责生产的主管张汉中说："我们必须满负荷生产才能跟上订单需求。"他的声音在机器的轰 鸣中时断时续，"假期前我们备了1000多吨再生铜原料，但部分规格的铜杆还是供不应求。" 这种忙碌并非个例。 据Mysteel调研， 在国内61家铜杆企业中，有19家选择国庆期间不停工 ，其中包括16家再生铜杆 企业和3家精铜杆（将电解铜加工成精铜杆）企业，这些企业合计产能达279.5万吨。 另一家江西再生铜杆企业（原材料是废铜，通过回收、预处理和冶炼加工将废铜转化为再生铜，再 加工成再生铜杆）的人士透露："手中待交订 ...

Core Viewpoint - The copper industry is experiencing a dichotomy in production and demand, with some companies maintaining high production levels while others face significant slowdowns due to high copper prices and reduced downstream orders [4][28][34]. Group 1: Production Dynamics - A copper rod company in Jiangxi has been operating at full capacity to meet order demands, producing over 1,000 tons of recycled copper raw materials before the National Day holiday [2][5]. - According to Mysteel's survey, 19 out of 61 surveyed copper rod companies chose to continue production during the holiday, indicating strong demand in certain segments [2][4]. - In contrast, some companies, particularly in the refined copper rod sector, have extended their holiday breaks due to high inventory levels and slow order pickups, with an average holiday duration of 4.05 days in 2025 compared to 3.95 days in 2023 [3][4]. Group 2: Market Conditions - The copper price surged due to supply disruptions from the Grasberg copper mine incident, leading to a cautious approach among downstream buyers [4][34]. - The average copper price in 2025 has been higher than in 2024, yet end-user orders have not returned to peak levels, reflecting a cautious market sentiment [4][34]. - High copper prices have resulted in increased production costs for refined copper rod companies, with some reporting a 30% decrease in orders compared to the previous year [28][33]. Group 3: Inventory Management - Companies are adopting varied inventory strategies, with 30% of firms maintaining current stock levels while another 30% are delaying production due to unclear policies and weak demand [7][28]. - The need for careful inventory management is emphasized, as companies must balance production with financial pressures and market uncertainties [7][34]. - Some companies are facing significant financial strain due to high inventory levels, with one firm reporting a stock of over 2,000 tons, double the normal level, leading to increased financial costs [26][33]. Group 4: Demand for Lithium Battery Copper Foil - The demand for lithium battery copper foil has surged, with one company reporting a 40% increase in urgent orders compared to the previous year [14][20]. - During the National Day holiday, many copper foil companies maintained over 80% operating rates, significantly higher than the typical 50% [22]. - The growth in the lithium battery sector is driving production decisions, with companies adjusting their output to meet urgent customer demands [16][20]. Group 5: Future Outlook - The copper market is expected to face a supply surplus in 2025, transitioning to a shortage in 2026, primarily due to tightening supply conditions [37][40]. - The Chinese government has set clear growth targets for the recycled metals sector, which may influence production strategies in the coming years [40][41]. - Analysts predict that while short-term price fluctuations may occur, the long-term outlook for copper prices remains positive due to structural demand growth in sectors like renewable energy and electric vehicles [34][41].

大成中证360互联网+指数A（002236）基金经理为夏高。 资料显示，广东嘉元科技股份有限公司位于广东省梅州市梅县区雁洋镇文社村，成立日期2001年9月29 日，上市日期2019年7月22日，公司主营业务涉及各类高性能电解铜箔的研究、生产和销售。主营业务 收入构成为：锂电铜箔83.77%，其他收入12.64%，标准铜箔3.58%。 从基金十大重仓股角度 数据显示，大成基金旗下1只基金重仓嘉元科技。大成中证360互联网+指数A（002236）二季度持有股 数86.95万股，占基金净值比例为1.07%，位居第四大重仓股。根据测算，今日浮亏损失约165.2万元。 大成中证360互联网+指数A（002236）成立日期2016年2月3日，最新规模6.98亿。今年以来收益 34.54%，同类排名1681/4220；近一年收益52.93%，同类排名683/3852；成立以来收益217.31%。 10月10日，嘉元科技跌5.19%，截至发稿，报34.70元/股，成交7.79亿元，换手率5.12%，总市值147.91 亿元。 截至发稿，夏高累计任职时间10年312天，现任基金资产总规模22.6亿元，任职期间最佳基金回报 21 ...

华宝量化选股混合发起式A（017715）成立日期2023年2月20日，最新规模2147.06万。今年以来收益 26.82%，同类排名4017/8166；近一年收益30.53%，同类排名3243/8014；成立以来收益35.15%。 华宝量化选股混合发起式A（017715）基金经理为徐林明、喻银尤。 截至发稿，徐林明累计任职时间16年16天，现任基金资产总规模16.18亿元，任职期间最佳基金回报 102.38%， 任职期间最差基金回报-43.03%。 喻银尤累计任职时间3年99天，现任基金资产总规模4.91亿元，任职期间最佳基金回报33.97%， 任职期 间最差基金回报0.42%。 10月10日，嘉元科技跌5.19%，截至发稿，报34.70元/股，成交7.79亿元，换手率5.12%，总市值147.91 亿元。 资料显示，广东嘉元科技股份有限公司位于广东省梅州市梅县区雁洋镇文社村，成立日期2001年9月29 日，上市日期2019年7月22日，公司主营业务涉及各类高性能电解铜箔的研究、生产和销售。主营业务 收入构成为：锂电铜箔83.77%，其他收入12.64%，标准铜箔3.58%。 从基金十大重仓股角度 数据显示， ...

1. Report Industry Investment Rating No relevant content provided. 2. Core Views of the Report - The market characteristics of technology and non - ferrous metals in overseas markets during the National Day holiday are expected to continue in the A - share market after the holiday. In October, during the disclosure period of the third - quarter reports, attention should be paid to convertible bond opportunities in sub - sectors with performance realization, including optical modules, storage, lithium - battery, and non - ferrous metals sectors [1][10][15]. - In October, the convertible bond market's 100 - yuan premium rate is expected to fluctuate in the range of 30% - 37%. On one hand, it is difficult for the valuation to break through the end - of - August high; on the other hand, the convertible bond valuation has support due to the upward - trending A - share market [2][16]. 3. Summary According to the Table of Contents 3.1 10 - month Convertible Bond Outlook: Valuation Range Fluctuation, Optimistic about Technology & Non - ferrous Metals - During the National Day holiday, there were continuous catalysts in the overseas AI chain. South Korea's two memory chip giants reached a preliminary supply agreement with OpenAI's Star Gate project, and AMD signed a chip supply agreement with OpenAI, which is expected to increase the company's annual revenue by tens of billions of dollars. Meanwhile, the "shutdown" of the US government pushed up the gold price, and COMEX gold broke through the $4000 mark [1][10]. - In October, attention should be paid to convertible bond opportunities in sub - sectors with performance realization, such as optical modules, storage, lithium - battery, and non - ferrous metals sectors. Specific individual bonds are recommended, including Jiayuan Convertible Bonds in the optical module sector, Tianci, Yiwei, Dianhua, and Guanyu Convertible Bonds in the lithium - battery sector, and Bo 23 Convertible Bonds in the non - ferrous metals sector [1][15]. - In October, the convertible bond market's 100 - yuan premium rate is expected to fluctuate in the range of 30% - 37%. The end - of - August convertible bond valuation was relatively high, and it is difficult to break through this high in October, but there is support for the valuation due to the upward - trending A - share market [2][16]. 3.2 September Market Review 3.2.1 Equity Market - In September, the A - share market fluctuated upward, with the Shanghai Composite Index once challenging the 3900 - point mark. The market trading was active, with an average daily trading volume of 2.42 trillion yuan, an increase of 109.38 billion yuan compared to August. The growth and cyclical styles were dominant, while the financial and consumer styles performed poorly [20]. - The lithium - battery sector led the rise, and the non - ferrous metals sector also performed well. The military and large - financial sectors performed poorly [25]. 3.2.2 Convertible Bond Market - In September, the convertible bond market showed a fluctuating trend. The monthly increase of the CSI Convertible Bond Index was +2.0%, underperforming the Wanquan A Index. The trading volume of the convertible bond market decreased compared to August, with an average daily trading volume of 79.76 billion yuan, a decrease of 12.52 billion yuan [28]. - In terms of industry performance, the convertible bonds of the electronics, non - ferrous metals, and automobile sectors led the rise. Individual bonds such as Jize, Guanzhong, and Huicheng Convertible Bonds led the increase, while Borei, Tianlu, and Tongguang Convertible Bonds led the decline [33]. 3.3 Convertible Bond Valuation - In September, the convertible bond valuation showed a range - fluctuating characteristic. The end - of - September 100 - yuan premium rate of the convertible bond market was 33.9%, an increase of 1.71 percentage points compared to the end of August, and was at a high percentile level since 2018 and 2021 [36]. - Different par values had corresponding conversion premium rates, which also increased compared to the end of August and were at high percentile levels [36]. 3.4 Convertible Bond Supply and Demand 3.4.1 Convertible Bond Supply - In September 2025, the issuance scale of convertible bonds increased both year - on - year and month - on - month. Two new convertible bonds were issued, with a total scale of 3.5 billion yuan [49]. - As of September 30, two convertible bonds waiting to be issued obtained regulatory approval, with a total scale of 5.479 billion yuan. Five public convertible bond board plans were added, with a total scale of 4.199 billion yuan [53][55]. 3.4.2 Convertible Bond Demand - The share of the Convertible Bond ETF decreased in September. As of September 30, the share decreased by 342 million units to 4.484 billion units, and the circulation scale decreased by 3.426 billion yuan to 60.573 billion yuan [57]. 3.5 Clause Tracking 3.5.1 Redemption - As of September 30, 16 convertible bonds were confirmed for forced redemption, 11 were not to be redeemed, and 10 might trigger forced redemption [61]. 3.5.2 Downward Revision - As of September 30, six convertible bonds were confirmed for downward revision, 20 announced no downward revision for the time being, five proposed downward revision (three of which had completed the downward revision), and 10 might trigger downward revision [62].

资金流向方面，主力资金净流出6743.21万元，特大单买入1.13亿元，占比14.38%，卖出2.23亿元，占比 28.34%；大单买入2.52亿元，占比32.11%，卖出2.10亿元，占比26.73%。 嘉元科技今年以来股价涨149.49%，近5个交易日涨7.30%，近20日涨19.67%，近60日涨67.73%。 今年以来嘉元科技已经1次登上龙虎榜，最近一次登上龙虎榜为9月10日，当日龙虎榜净买入1.73亿元； 买入总计4.60亿元 ，占总成交额比16.73%；卖出总计2.87亿元 ，占总成交额比10.45%。 资料显示，广东嘉元科技股份有限公司位于广东省梅州市梅县区雁洋镇文社村，成立日期2001年9月29 日，上市日期2019年7月22日，公司主营业务涉及各类高性能电解铜箔的研究、生产和销售。主营业务 收入构成为：锂电铜箔83.77%，其他收入12.64%，标准铜箔3.58%。 嘉元科技所属申万行业为：电力设备-电池-锂电池。所属概念板块包括：铜箔、锂电池、固态电池、宁 德时代概念、MSCI中国等。 10月9日，嘉元科技盘中下跌2.05%，截至13:06，报36.75元/股，成交7.86亿元，换手率4. ...

Group 1 - The core viewpoint of the news is that 嘉元科技 (Jia Yuan Technology) has seen a stock price increase of 5.15%, reaching 38.16 yuan per share, with a total market capitalization of 16.265 billion yuan as of September 30 [1] - 嘉元科技 specializes in the research, production, and sales of high-performance electrolytic copper foil, with its main business revenue composition being 83.77% from lithium battery copper foil, 12.64% from other revenues, and 3.58% from standard copper foil [1] Group 2 - 华宝基金 (Huabao Fund) has a significant holding in 嘉元科技, with its 华宝量化选股混合发起式A (017715) fund holding 19,000 shares, accounting for 1.2% of the fund's net value, ranking as the seventh largest holding [2] - The 华宝量化选股混合发起式A fund has achieved a year-to-date return of 25.49% and a one-year return of 39.93%, ranking 3877 out of 8167 and 2911 out of 8010 respectively [2] Group 3 - The fund manager of 华宝量化选股混合发起式A is 徐林明 (Xu Linming), who has a tenure of 16 years and has achieved a best fund return of 98.82% during his management period [3] - The other fund manager, 喻银尤 (Yu Yinyou), has a tenure of 3 years and has achieved a best fund return of 32.22% during his management period [3]

9月26日，中一科技跌5.07%，截至发稿，报37.80元/股，成交3.71亿元，换手率8.19%，总市值88.16亿 元。中一科技股价已经连续3天下跌，区间累计跌幅8.88%。 资料显示，湖北中一科技股份有限公司位于湖北省云梦县经济开发区梦泽大道南47号，成立日期2007年 9月13日，上市日期2022年4月21日，公司主营业务涉及各类单、双面光高性能电解铜箔系列产品的研 发、生产与销售,下辖云梦、安陆两大电解铜箔生产基地。主营业务收入构成为：锂电铜箔78.92%，电 子电路铜箔20.67%，其他0.41%。 从基金十大重仓股角度 数据显示，博时基金旗下1只基金重仓中一科技。博时湖北新旧动能转换ETF（159743）二季度持有股 数11.1万股，占基金净值比例为1.49%，位居第八大重仓股。根据测算，今日浮亏损失约22.42万元。连 续3天下跌期间浮亏损失43.07万元。 博时湖北新旧动能转换ETF（159743）成立日期2021年12月29日，最新规模1.59亿。今年以来收益 29.11%，同类排名1865/4220；近一年收益71.9%，同类排名1111/3824；成立以来收益13.64%。 博时湖北新 ...

9月25日，中一科技跌3.16%，成交额4.12亿元。两融数据显示，当日中一科技获融资买入额3029.62万 元，融资偿还2892.44万元，融资净买入137.17万元。截至9月25日，中一科技融资融券余额合计2.34亿 元。 责任编辑：小浪快报 资料显示，湖北中一科技股份有限公司位于湖北省云梦县经济开发区梦泽大道南47号，成立日期2007年 9月13日，上市日期2022年4月21日，公司主营业务涉及各类单、双面光高性能电解铜箔系列产品的研 发、生产与销售,下辖云梦、安陆两大电解铜箔生产基地。主营业务收入构成为：锂电铜箔78.92%，电 子电路铜箔20.67%，其他0.41%。 截至9月19日，中一科技股东户数2.98万，较上期增加30.67%；人均流通股3953股，较上期减少 23.47%。2025年1月-6月，中一科技实现营业收入26.77亿元，同比增长21.04%；归母净利润1531.31万 元，同比增长129.23%。 分红方面，中一科技A股上市后累计派现2.78亿元。近三年，累计派现1.44亿元。 机构持仓方面，截止2025年6月30日，中一科技十大流通股东中，农银新能源混合A（002190）退出十 ...