证 券 研 究 报 告 有色金属行业周报（20250623-20250627） 推荐（维持） 降息预期升温，金属价格上行 基本面上，本周五，上期所阴极铜库存 8.16万吨，环比上周减少 19264吨， COMEX库存 209281吨，环比上周增加 8084吨；LME铜库存 9.13万吨，环 比上周减少 7925吨；本周四，全球社会显性库存 43.1万吨，环比上周四减少 18587吨。重点推荐贵金属板块的赤峰黄金、中金黄金、山金国际、山东黄金， 建议关注招金矿业；白银推荐兴业银锡，建议关注盛达资源、白银有色、湖南 白银；建议关注铜板块紫金矿业、金诚信、西部矿业，铝板块建议关注中国宏 桥、宏创控股、天山铝业、神火铝业、云铝股份、中孚实业、南山铝业、南山 铝业国际。 华创证券研究所 证券分析师：马金龙 邮箱：majinlong@hcyjs.com 执业编号：S0360522120003 证券分析师：刘岗 邮箱：liugang@hcyjs.com 执业编号：S0360522120002 证券分析师：李梦娇 邮箱：limengjiao@hcyjs.com 执业编号：S0360525040002 行业基本数据 行业研究 ...

Core Viewpoint - The company Zhongmin Resources (002738) announced a comprehensive technological upgrade and transformation of its subsidiary Zhongmin Lithium's lithium salt production line, with a total investment of 121 million yuan [1] Group 1: Project Details - The project aims to upgrade the existing lithium salt production line with an annual capacity of 25,000 tons to a new high-purity lithium salt project with an annual capacity of 30,000 tons [1] - The funding for the project will come from Zhongmin Lithium's own funds or self-raised funds [1] - The expected duration for the shutdown and technical upgrade is approximately 6 months [1] Group 2: Environmental and Technical Standards - The production process technology level, energy consumption, and raw material consumption will meet the advanced standards of similar domestic facilities [1] - The pollutant emissions from the project will comply with national relevant standards [1] Group 3: Capacity and Competitive Advantage - Upon completion, the company will have a total annual production capacity of 71,000 tons of battery-grade lithium salt [1] - The comprehensive competitiveness of the company's lithium salt business will be further enhanced [1]