（编辑 袁冠琳） 证券日报网讯 中金岭南11月21日发布公告，在公司回答调研者提问时表示，公司主要产品有铅锭、锌 锭及锌合金、阴极铜、白银、黄金、粗铜、电镓、锗精矿、工业硫酸、硫磺等产品。铅金属主要用于铅 酸蓄电池、铅材和铅合金，其他用途还包括氧化铅、铅盐、电缆等其他铅产品。锌金属主要用于镀锌、 压铸合金、氧化锌、黄铜、电池等领域。 ...

Core Viewpoint - The company Zhongjin Lingnan announced its main products, which include lead ingots, zinc ingots, zinc alloys, cathode copper, silver, gold, crude copper, gallium, germanium concentrate, industrial sulfuric acid, and sulfur [1] Product Overview - Lead metal is primarily used in lead-acid batteries, lead materials, and lead alloys, with additional applications in lead oxide, lead salts, and cables [1] - Zinc metal is mainly utilized in galvanizing, die-casting alloys, zinc oxide, brass, and batteries [1]

锌合金是以锌为基础，并加入铝、铜、镁、镉、铅、钛等元素组成的合金。常 温下呈蓝白色，有光泽，质地硬脆。锌合金的熔点约为 380 摄氏度，浇筑温度 在 440~460 摄氏度之间。其优点包括熔点低、流动性好、易于焊接和塑形加 工，在大气中耐腐蚀，废料便于回收和重炉。然而，其蠕变强度低，易发生自 然时效引起尺寸变化。 2 号锌合金具有较高的强度和硬度，主要用于高强度操 作的工业配件及重力铸造。3 号锌合金满足一般物理和机械性能要求，是应用 最广泛的一种，占市场消费量超过 80%，适用于玩具、灯具、装饰品等对机械 强度要求不高的铸件。4 号锌合金主要应用于浴室配件、厨具和成衣拉链。5 号锌合金加入了约 1%的铜，提高了硬度和强度，但延展性较低，适用于汽车 配件、机电配件等对机械强度有一定要求的铸件。8 号锌合金普遍应用于高压 聚氯化铝市场方面，受成本、供应与需求多重因素影响，2025 年价格 整体呈现高位回落并区间整理趋势。短期内电厂停产消息带来看涨情绪， 但长期来看，供需失衡问题未解决，市场仍面临挑战。 2025 年硫酸铝市场下游需求平淡，以刚需为主，对传统行业支撑有限。 年底价格预计保持稳中微涨态势，上涨幅度约 ...

大家好，我是阿凯瞰天下。 俄乌这仗打了四年，早就不是俄军单方面"推塔"的局面了。 乌克兰现在是一边硬扛前线进攻，一边反手盯着俄罗斯的软肋打，再加上国际社会的实打实支援，俄罗斯是能源赚钱的路被堵，国内的日子也不好过，战局 的风向其实已经悄悄变了。 屋漏偏逢连夜雨，近期西伯利亚还发生了重大天然气管道爆炸，火光冲天几百米高，周边的工厂全被迫停了产。 一、精准打击戳软肋，俄能源经济扛不住 你发现没，乌克兰现在的反击真是"打蛇打七寸"，专挑俄罗斯最疼的地方下手。 以前还只是在前线对峙，现在倒好，每天夜里都有乌军的无人机、导弹往俄罗斯本土飞，不管是炼油厂、发电厂这种显眼的大目标，还是藏在偏远地方的变 电站，能打就绝不放过。 这些打击看着零散，实则直接掐断了俄罗斯的"钱袋子"——能源出口。有数据摆在这，10月份俄罗斯化石燃料出口额跌到了全面入侵以来的最低点，日均才 6.09亿美元，比9月份还少了4%。 更惨的是油价，俄罗斯的乌拉尔原油现在每桶才卖36美元，比国际基准价低了足足23.51美元，说白了，这价格连开采和运出去的成本都不够，纯属亏本买 卖。 为啥会这么惨？一方面是乌克兰的打击让能源设施老出问题，另一方面是美国的制裁 ...

Core Viewpoint - The stock of Luoping Zinc & Electricity has experienced fluctuations, with a recent decline of 2.03% and a year-to-date increase of 45.39%, indicating volatility in the market performance of the company [1][2]. Financial Performance - For the period from January to September 2025, Luoping Zinc & Electricity reported a revenue of 966 million yuan, representing a year-on-year decrease of 1.71%. The net profit attributable to shareholders was -96.29 million yuan, a decline of 36.75% compared to the previous year [2]. - The company has cumulatively distributed 35.74 million yuan in dividends since its A-share listing, with no dividends distributed in the past three years [3]. Stock Market Activity - As of November 19, the stock price was 8.20 yuan per share, with a trading volume of 50.48 million yuan and a turnover rate of 1.87%. The total market capitalization stood at 2.652 billion yuan [1]. - The stock has seen a net outflow of 2.39 million yuan in principal funds, with large orders accounting for 11.02% of purchases and 15.76% of sales [1]. Business Overview - Luoping Zinc & Electricity, established on December 21, 2000, and listed on February 15, 2007, is primarily engaged in hydropower generation, lead-zinc mining, and the smelting of lead and zinc metals. The main revenue sources include zinc ingots (82.42%), germanium concentrate (8.29%), and electricity (3.02%) [1]. - The company operates within the non-ferrous metals industry, specifically in the industrial metals sector focusing on lead and zinc [1].

Core Viewpoint - Chihong Zn & Ge Co., Ltd. has transformed from a small mining operation into a leading enterprise in the global lead-zinc smelting and comprehensive recycling industry, focusing on resource security and technological innovation to drive sustainable growth [2][3][4]. Group 1: Resource Management - The company emphasizes the importance of resource management, stating that resource security is a strategic priority, with a resource reserve system established across multiple provinces in China [3][4]. - Chihong Zn & Ge aims to ensure sustainable resource accumulation by integrating resource consolidation and technological upgrades, while also exploring external high-quality resources [3][4]. Group 2: Technological Innovation - The company is committed to technological innovation, focusing on four key areas: technological advancement, resource security, green low-carbon practices, and high-end transformation [4][5]. - Chihong Zn & Ge has implemented intelligent mining technologies, reducing the need for manual labor and enhancing operational efficiency through remote control and automation [5][6]. Group 3: Environmental Sustainability - The company is dedicated to breaking the traditional perception of mining as environmentally damaging, promoting a "green development" philosophy through innovative technologies that create a low-carbon, circular production system [7][8]. - Chihong Zn & Ge has established seven green mines and six green factories, achieving a 100% green mine completion rate, and its products have been recognized for their energy efficiency [7][8]. Group 4: Industry Leadership - The company has developed a new flotation process that significantly improves zinc recovery rates to 96.37%, setting a benchmark in the industry for efficiency and sustainability [8]. - Chihong Zn & Ge is on a path to becoming a world-class lead-zinc-germanium enterprise, driven by its commitment to green innovation and ecological protection [8].

Core Viewpoint - Chihong Zn & Ge Co., Ltd. has demonstrated significant growth in its financial performance for the third quarter of 2025, with a notable increase in revenue and cash flow, indicating a strong operational foundation for future development [1][2]. Financial Performance - In Q3 2025, Chihong Zn & Ge achieved an operating revenue of 6.597 billion yuan, a substantial increase of 36.73% compared to the same period last year [1]. - For the first three quarters, the cumulative operating revenue reached 17.178 billion yuan, reflecting a year-on-year growth of 17.24% [1]. - The net cash flow from operating activities in Q3 was 1.249 billion yuan, marking a year-on-year increase of 27.46% [1]. - The cumulative net cash flow for the first three quarters grew by 31.96% year-on-year [1]. Operational Efficiency - The significant improvement in cash flow indicates enhanced operational efficiency, particularly in cost control, accounts receivable management, and overall operational system optimization [1]. - This financial strength provides a solid foundation for the company to navigate market fluctuations and support future growth [1]. Product Structure Optimization - Chihong Zn & Ge is actively optimizing its product structure, with high-value-added product output showing rapid growth [2]. - In the first three quarters, the production of lead and zinc smelting products increased by 1.06%, while zinc alloy production rose by 18.48% year-on-year [2]. - Silver product output, a key pillar for diversified profitability, grew by 29.62% year-on-year, enhancing the company's revenue sources and risk resilience [2]. Innovation and R&D Investment - The company invested 98.6284 million yuan in R&D during the reporting period, representing a year-on-year increase of 21.54% [2]. - This investment reflects a strong commitment to technological innovation, process upgrades, and new product development, reinforcing the company's long-term competitive advantage [2].

Core Viewpoint - Zhuzhou Smelter Group Co., Ltd. reported strong financial performance for the first three quarters of 2025, driven by market benefits, industry chain integration, and technological innovation [1] Financial Performance - The company achieved an operating income of approximately 16 billion yuan, a year-on-year increase of 11.54% [1] - The net profit attributable to shareholders, excluding non-recurring gains and losses, was about 946 million yuan, reflecting a significant year-on-year growth of 82.27% [1] Key Growth Drivers - Rising prices of non-ferrous metals, particularly zinc, have been a major contributor to the company's performance, with a continuous global supply gap for zinc concentrate leading to increased international zinc prices [1] - The precious metals business has also performed well, benefiting from resource integration and advanced separation technologies, contributing positively to profits [1] - The price increase of sulfuric acid, a byproduct of lead-zinc smelting, has further enhanced profitability [1] Cost Control and Efficiency - The company has seen improvements in cost control through vertical integration, with increased self-sufficiency in ore supply following the acquisition of Shuikoushan Nonferrous Metals Co., effectively mitigating processing fee volatility [1] - Internal cost reduction initiatives have led to a decrease in unit production costs and reduced consumption of fuel and auxiliary materials [2] High-End Product Development - The company is transitioning towards high-end products, with significant growth in sales of zinc-based alloy products for the new energy vehicle supply chain, which have a higher profit margin compared to traditional products [2] Future Outlook - The company has additional lead-zinc ore reserves and potential asset injections that are expected to support sustained growth [2] - The overall industry outlook is positive, with emerging demands from new energy vehicles and energy storage batteries likely to bolster zinc consumption [2]

Core Viewpoint - The stock of Luoping Zinc & Electricity has shown a significant increase of 39.89% year-to-date, despite recent fluctuations in trading performance and a notable decline in revenue and profit for the first half of 2025 [1][2]. Group 1: Stock Performance - As of October 23, Luoping Zinc & Electricity's stock price rose by 2.07% to 7.89 CNY per share, with a trading volume of 80.92 million CNY and a turnover rate of 3.23%, resulting in a total market capitalization of 2.55 billion CNY [1]. - Year-to-date, the stock has increased by 39.89%, with a slight rise of 0.77% over the last five trading days, a decline of 1.13% over the last 20 days, and an increase of 6.91% over the last 60 days [1]. Group 2: Financial Performance - For the first half of 2025, Luoping Zinc & Electricity reported an operating revenue of 521 million CNY, representing a year-on-year decrease of 25.97%. The net profit attributable to shareholders was -92.19 million CNY, a significant decline of 3964% compared to the previous year [2]. - The company has not distributed any dividends in the last three years, with a total payout of 35.74 million CNY since its A-share listing [3]. Group 3: Company Overview - Luoping Zinc & Electricity, established on December 21, 2000, and listed on February 15, 2007, is located in Luoping County, Yunnan Province. Its main business activities include hydropower generation, lead-zinc mining, ore dressing, and the smelting of lead and zinc metals [1]. - The revenue composition of the company is as follows: zinc ingots and zinc alloys account for 82.42%, germanium concentrate 8.29%, electricity 3.02%, sulfuric acid 2.57%, lead slag 1.63%, silver concentrate 0.84%, edible oil and by-products 0.60%, and other minor products [1].

1. Report Industry Investment Rating No relevant content provided. 2. Core Views of the Report - Copper: Overnight LME copper prices fluctuated higher, while domestic prices rose slightly, with a continued loss in domestic refined copper spot imports. Due to the US government shutdown, uncertainties in Sino - US trade, and potential risks in overseas financial markets, the copper market is cautious. Copper prices are likely to remain range - bound in the short term, and attention should be paid to macro - economic developments and the market's reaction to Fed rate cuts [1]. - Aluminum: Alumina oscillated weakly, while electrolytic aluminum and aluminum alloy showed a strong trend. Alumina has weak support at the bottom and is recommended to short on rallies. Electrolytic aluminum is driven by both macro and micro factors, with strong overall momentum, and can be bought on dips. Scrap aluminum remains tight, and aluminum alloy is relatively more resilient than electrolytic aluminum [1][2]. - Nickel: LME nickel fell, while SHFE nickel rose slightly. The pressure on primary nickel inventory is increasing, and nickel prices are expected to fluctuate widely. Attention should be paid to inventory changes and macro - economic disturbances [2]. 3. Summary According to Relevant Catalogs 3.1 Research Views - **Copper**: Overnight LME copper prices rose, and domestic prices increased slightly. The US government shutdown, uncertainties in Sino - US trade, and potential risks in overseas financial markets make the copper market cautious. Copper prices will likely oscillate within the current range in the short term. LME inventory decreased by 300 tons to 136,850 tons, Comex inventory increased by 521 tons to 314,341 tons, SHFE copper warrants decreased by 1,125 tons to 36,553 tons, and BC copper remained at 12,965 tons [1]. - **Aluminum**: Alumina oscillated weakly, with AO2601 closing at 2,814 yuan/ton, a 0.32% decline. Electrolytic aluminum and aluminum alloy showed a strong trend. Alumina's supply is in surplus, and it is recommended to short on rallies. Electrolytic aluminum has strong driving forces and can be bought on dips. Scrap aluminum is in short supply, and aluminum alloy is relatively more resilient [1][2]. - **Nickel**: LME nickel fell 0.46% to 15,140 US dollars/ton, and SHFE nickel rose 0.03% to 121,190 yuan/ton. LME inventory increased by 402 tons to 250,878 tons, and domestic SHFE warrants decreased by 73 tons to 26,953 tons. The nickel - iron stainless - steel industry chain is stable, and the new energy industry chain has a tight raw material supply. Primary nickel inventory pressure is increasing, and nickel prices will fluctuate widely [2]. 3.2 Daily Data Monitoring - **Copper**: The price of flat - water copper decreased by 770 yuan/ton to 84,935 yuan/ton, and the premium decreased by 15 yuan/ton. SHFE copper warrants decreased by 1,125 tons to 36,553 tons, and social inventory (domestic + bonded area) increased by 1.3 million tons to 27.5 million tons [3]. - **Lead**: The average price of 1 lead remained unchanged at 17,080 yuan/ton. SHFE lead warrants decreased by 3,156 tons to 24,977 tons, and weekly inventory increased by 1,785 tons to 41,701 tons [3]. - **Aluminum**: The price of aluminum in Wuxi decreased by 10 yuan/ton to 20,960 yuan/ton, and the price in Nanhai increased by 20 yuan/ton to 20,890 yuan/ton. SHFE aluminum warrants decreased by 2,127 tons to 67,270 tons, and social inventory of electrolytic aluminum decreased by 0.2 million tons to 62.5 million tons [4]. - **Nickel**: The price of Jinchuan nickel decreased by 400 yuan/ton to 123,350 yuan/ton. SHFE nickel warrants decreased by 73 tons to 26,953 tons, and social inventory increased by 4,014 tons to 47,708 tons [4]. - **Zinc**: The main settlement price increased by 0.1% to 21,990 yuan/ton. SHFE zinc inventory increased by 793 tons to 6,268 tons, and social inventory increased by 0.73 million tons to 16.29 million tons [6]. - **Tin**: The main settlement price increased by 0.1% to 280,940 yuan/ton. SHFE tin inventory decreased by 188 tons to 5,691 tons [6]. 3.3 Chart Analysis - **Spot Premium**: The report provides historical data charts of spot premiums for copper, aluminum, nickel, zinc, lead, and tin from 2019 - 2025 [8][10][11]. - **SHFE Near - Far Month Spread**: It shows historical data charts of the spread between the first and second - month contracts for copper, aluminum, nickel, zinc, lead, and tin from 2020 - 2025 [15][20][21]. - **LME Inventory**: Presents historical data charts of LME inventories for copper, aluminum, nickel, zinc, lead, and tin from 2019 - 2025 [23][25][27]. - **SHFE Inventory**: Displays historical data charts of SHFE inventories for copper, aluminum, nickel, zinc, lead, and tin from 2019 - 2025 [29][31][33]. - **Social Inventory**: Provides historical data charts of social inventories for copper, aluminum, nickel, zinc, stainless steel, and 300 - series stainless steel from 2019 - 2025 [35][37][39]. - **Smelting Profit**: Includes historical data charts of copper concentrate index, rough copper processing fee, aluminum smelting profit, nickel - iron smelting cost, zinc smelting profit, and stainless steel 304 smelting profit margin from 2019 - 2025 [42][44][47]. 3.4 Team Introduction - The research team consists of Zhan Dapeng, Wang Heng, and Zhu Xi. Zhan Dapeng is the director of non - ferrous research at Everbright Futures Research Institute, with extensive experience in commodity research. Wang Heng focuses on aluminum - silicon research, and Zhu Xi focuses on lithium - nickel research [50][51].