短期承压，但下方空间较为有限 2025年11月24日 研究所 祁玉蓉 从业资格号：F03100031 投资咨询从业证书号：Z0021060 TEL：010-8229 5006 摘要 | | 主要逻辑 | 本周观点 | 上周观点 | | --- | --- | --- | --- | |  | 宏观：降息预期降温加之美国就业数据疲软，市场避险情 | | | | | 绪增强，有色整体承压。 | | | |  | 原料端：趋紧。国内TC持续下滑，随着沪伦比值修复，进 | | | | | 口矿亏损情况好转，国内炼厂对进口锌精矿接货意愿有所 | | | | | 提升，近期进口矿成交增多，但矿紧格局暂无改善，预计 | | | | | 矿端偏紧格局或将延续至明年一季度。据Polymetals | 宏观情绪偏弱，LME库存逐步修 | | | | Resources披露，Endeavor银锌矿其矿石提升和研磨作业于 | 复，加之国内需求端处于消费淡 | | | | 11月15日启动，继10月份首次成功发运锌精矿后，其精矿 | 季，锌价承压，短期或维持偏弱 整理；考虑TC持续下滑，原料 | | | | 的运输持续进行，为12 ...

锌周报 2025 年 11 月 24 日 降息博弈加剧 锌价震荡为主 核心观点及策略 上周沪锌主力期价先抑后扬。宏观面，美国 9 月非农数据喜 忧参半，且 11 月非农数据延后公布。因缺乏经济指标指引， 美联储内部分歧较大，12 月降息博弈加剧。美元站稳 100 关 口，风险资产承压。 投资咨询业务资格 沪证监许可【2015】84 号 李婷 从业资格号：F0297587 投资咨询号：Z0011509 黄蕾 从业资格号：F0307990 投资咨询号：Z0011692 高慧 从业资格号：F03099478 投资咨询号：Z0017785 王工建 从业资格号：F3084165 投资咨询号：Z0016301 赵凯熙 从业资格号：F03112296 投资咨询号：Z0021040 何天 敬请参阅最后一页免责声明 1/ 8 从业资格号：F03120615 投资咨询号：Z0022965 焦鹏飞 从业资格号：F03122184 投资咨询号：Z0023260 基本面看，内外锌矿加工费延续回落，沪伦比价修复，进口 矿需求改善。世纪矿最新招标报价降至 50 美金/吨，加工费 预计仍有下行空间。受原料采购库存及利润下滑，炼厂检修 增多， ...

祁玉蓉（F03100031, Z0021060），联系电话：010-8229 5006 | 铅锌日评20251124：沪铅上方承压；沪锌震荡偏弱 | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 2025/11/24 | | 指标 | 单位 | 今值 | | 变动 | 近期趋势 | | 元/吨 | | SMM1#铅锭平均价格 | | 17,075.00 | | -0.29% | | | 沪铅期现价格 | | 期货主力合约收盘价 | 元/吨 | 17,165.00 | | -0.32% | | | 元/吨 | | 沪铅基差 | | -90.00 | | 5.00 | | | 元/吨 | | 升贴水-上海 | | 25.00 | | - | | | 美元/吨 | | 升贴水-LME 0-3 升贴水-LME 3-15 | 美元/吨 | -22.41 -85.30 | | 6.50 - | | | 价差 | | 沪铅近月-沪铅连一 | 元/吨 | -5.00 | | 15.00 | | | 元/吨 | | 沪铅连一-沪铅连二 | | ...

指标体系 沪锌: 1、基本面：世界金属统计局（WBMS）公布的最新报告显示，2025年8月，全 球锌板产量为115.07万吨，消费量为117.17万吨，供应短缺2.1万吨。2025 年1-8月，全球锌板产量为908.85万吨，消费量为936.98万吨，供应短缺 28.13万吨。2025年8月，全球锌矿产量为106.96万吨。2025年1-8月，全球 锌矿产量为844.57万吨；偏多。 交易咨询业务资格：证监许可【2012】1091号 沪锌期货早报-2025年11月24日 大越期货投资咨询部 祝森林 从业资格证号：F3023048 投资咨询证号： Z0013626 联系方式：0575-85225791 重要提示：本报告非期货交易咨询业务项下服务，其中的观点和信息仅作参考之用，不构成对任何人的投 资建议。 我司不会因为关注、收到或阅读本报告内容而视相关人员为客户；市场有风险，投资需谨慎。 2、基差：现货22530，基差+140；偏多。 3、库存：11月21日LME锌库存较上日增加1250吨至47325吨，11月21日上期 所锌库存仓单较上日减少771至72897吨；中性。 4、盘面：昨日沪锌震荡下跌走势，收20日 ...

国家统计局：11月中旬生猪(外三元)价格环比下降1.7% | 序号 | 监测产品 | 规格型号 | 说明 | | --- | --- | --- | --- | | | 一、黑色金属 | | | | 1 | 螺纹钢 | Φ20mm, HRB400E | 屈服强度≥400MPa | | 2 | 线材 | Ф8-10mm. HPB300 | 屈服强度≥300MPa | | 3 | 普通中板 | 20mm. Q235 | 屈服强度≥235MPa | | 4 | 热轧普通板卷 | 4.75-11.5mm. Q235 | 屈服强度≥235MPa,宽度1500mm | | 5 | 无缝钢管 | 219*6, 20# | 20#钢材,屈服强度≥245MPa | | 6 | 角钢 | 5# | 屈服强度≥235MPa | | | 二、有色金属 | | | | 7 | 电解铜 | 1 # | 铜与银质量分数≥99.95% | | 8 | 铝锌 | A00 | 铝质量分数≥99.7% | | 9 | 绍锭 | 1 # | 铅质量分数≥99.994% | | 10 | 锌锌 | 0# | 锌质量分数≥99.995% | | | 三 ...

盛屯矿业 20251120 摘要 盛屯矿业核心资产集中于刚果金，包括卡隆威铜钴矿及新收购的高品位 露天金矿，以及印尼高冰镍生产基地，实施"上控资源，下拓材料"的 全球化战略，优化营收结构，铜业务贡献主要毛利。 卡隆威铜钴矿已全面投产并达满产，2023 年产量超 6 万吨，周边勘探 区显示巨大增储潜力，与西部前沿矿区重叠，勘探面积超 300 平方公里， 未来可采储量潜力巨大。 公司在刚果金布局三个冶炼厂，预计 2026 年达满产 18 万吨，上市公 司权益产能约 11.5 万吨，香港科力新项目盈利显著，2024 年上半年已 达 5.42 亿元。 公司计划以 13.5 亿元收购加拿大上市公司股份，获得刚果金金矿 84.68%权益，资源量 123.6 吨，平均品位近 3 克/吨，露天开采，预计 年产黄金 6-7 吨，成本 300-350 美元/盎司。 尽管刚果金存在地缘政治风险，但公司项目远离冲突区，附近巴里克金 矿稳定运营超 10 年，运输问题通过陆运和空运结合解决，整体经营风 险可控。 Q&A 盛屯矿业的资源层面有哪些关键点？ 盛屯矿业在资源层面上有几个关键点。首先，公司在刚果金拥有一个重要的铜 矿探矿权，紧邻 ...

中国统计信息服务中心 卓创资讯 据对全国流通领域9大类50种重要生产资料市场价格的监测显示，2025年11月中旬与11月上旬相比，30 种产品价格上涨，17种下降，3种持平。 2025年11月中旬流通领域重要生产资料市场价格变动情况 3.监测范围 监测范围涵盖全国31个省（区、市）300多个交易市场的近2000家批发商、代理商、经销商等经营企 业。 4.监测方法 价格监测方法包括信息员现场采价，电话、即时通讯工具和电子邮件询价等。 | 产品名称 | | 本期价格 | 比上期 | 涨跌幅 | | --- | --- | --- | --- | --- | | | 单位 | （元） | 价格涨跌 | (%) | | | | | （元） | | | 一、黑色金属 | | | | | | 螺纹钢（Φ20mm，HRB400E） | 吨 | 3139.0 | 20.5 | 0.7 | | 线材（Φ8—10mm，HPB300） | 吨 | 3282.6 | 10.9 | 0.3 | | 普通中板（20mm，Q235） | 吨 | 3393.7 | -18.1 | -0.5 | | 热轧普通板卷（4.75—11.5mm，Q2 ...

（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]

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoints - For lead, the lead price is under pressure above. The supply shortage has improved due to better refinery operations, and the support from the raw material side may weaken. It is recommended to hold previous short positions [1]. - For zinc, the short - term zinc price may be under pressure due to weak fundamentals. In the medium - term, the tightening of the ore end in the fourth quarter will support the zinc price to some extent. It is recommended to hold previous short positions and conduct range operations, while being vigilant about the recurrence of overseas risks [1]. 3. Summary by Relevant Catalogs Lead - **Price and Market Data**: On November 21, 2025, the average price of SMM1 lead ingots increased by 0.15% to 17,125 yuan/ton, and the closing price of the Shanghai lead futures main contract decreased by 0.17% to 17,220 yuan/ton. The trading volume of the active futures contract decreased by 19.43% to 37,231 lots, and the open interest decreased by 5.65% to 60,285 lots. The LME inventory remained unchanged at 264,650 tons, and the Shanghai lead warehouse receipt inventory decreased by 2.08% to 30,556 tons. The Shanghai - London lead price ratio decreased by 0.17% to 8.55 [1]. - **Industry News**: In October 2025, China's lead - acid battery imports were 469,800 units, a month - on - month increase of 7.55 percentage points and a year - on - year decrease of 9.5 percentage points; from January to October 2025, the cumulative imports were 4.4253 million units, a year - on - year decrease of 8.27 percentage points. In October 2025, the export volume was 16.615 million units, a month - on - month decrease of 2.75 percentage points and a year - on - year decrease of 14.23 percentage points; from January to October 2025, the cumulative export volume was 186 million units, a year - on - year decrease of 9.29 percentage points. On November 19, [LME0 - 3 lead] was at a discount of $27.39/ton, and the open interest decreased by 8,802 lots to 161,114 lots [1]. - **Fundamentals**: There is no expected increase in lead concentrate imports, and processing fees are likely to rise. Some refineries have maintenance plans, with the operation of primary lead fluctuating slightly. In secondary lead, the operation in Anhui increased after restart, while that in Henan decreased due to environmental protection. The demand side improved, and the operation of lead - battery enterprises was okay [1]. Zinc - **Price and Market Data**: On November 21, 2025, the average price of SMM1 zinc ingots increased by 0.04% to 22,360 yuan/ton, and the closing price of the Shanghai zinc futures main contract decreased by 0.18% to 22,380 yuan/ton. The trading volume of the active futures contract decreased by 40.03% to 54,719 lots, and the open interest decreased by 8.43% to 61,797 lots. The LME inventory remained unchanged at 46,075 tons, and the Shanghai zinc warehouse receipt inventory decreased by 2.19% to 73,668 tons. The Shanghai - London zinc price ratio decreased by 0.18% to 7.48 [1]. - **Industry News**: As of November 20, the total inventory of SMM seven - region zinc ingots was 152,700 tons, a decrease of 5,200 tons compared to November 13 and a decrease of 3,900 tons compared to November 17. On November 19, [LME0 - 3 zinc] was at a premium of $152.14/ton, and the open interest decreased by 2,315 lots to 218,416 lots [1]. - **Fundamentals**: Refineries are actively purchasing domestic zinc ores, and the domestic ore shortage persists with processing fees expected to decline. The production of zinc ingots is not affected, and the demand is weak as outdoor construction in the north stops due to cold weather [1].