2020-2025年中国精炼铜(电解铜)产量统计图 数据来源：国家统计局，智研咨询整理 上市企业：江西铜业（600362）,云南铜业（000878）,紫金矿业（601899）,铜陵有色（000630）,西部矿 业（601168）,白银有色（601212）,楚江新材（002171）,海亮股份（002203）,鑫科材料（600255）,锡 业股份（000960） 相关报告：智研咨询发布的《2026-2032年中国电解铜箔行业市场现状分析及投资前景评估报告》 根据国家统计局数据显示：2025年12月中国精炼铜(电解铜)产量为133万吨，同比增长9.1%；2025年1- 12月中国精炼铜(电解铜)累计产量为1472万吨，累计增长10.4%。 知前沿，问智研。智研咨询是中国一流产业咨询机构，十数年持续深耕产业研究领域，提供深度产业研 究报告、商业计划书、可行性研究报告及定制服务等一站式产业咨询服务。专业的角度、品质化的服 务、敏锐的市场洞察力，专注于提供完善的产业解决方案，为您的投资决策赋能。 ...

Core Viewpoint - The article highlights the trend of A-share listed companies implementing cash dividends ahead of the Spring Festival, indicating a shift towards a "return-focused" market environment driven by regulatory policies and improved corporate governance [2][6]. Group 1: Cash Dividends Overview - As of February 11, 57 A-share listed companies have implemented cash dividends totaling 409.11 billion yuan since February [2]. - Notable companies such as Changjiang Electric Power and Darentang have announced significant cash dividends, with Changjiang Electric Power distributing over 51 billion yuan [3][4]. - From December 1, 2025, to February 11, 2026, 289 A-share companies have distributed cash dividends amounting to 3,896.83 billion yuan, reflecting a year-on-year growth of approximately 13% [4]. Group 2: Industry Insights - The financial and consumer sectors continue to dominate cash dividends, with banks accounting for 8 out of the top 10 companies by total dividend amount [4]. - The total cash dividends from 19 listed banks reached 2,627.34 billion yuan, representing 67% of the total dividends during the specified period [4]. - In the food and beverage sector, 23 listed companies have distributed cash dividends totaling 494.84 billion yuan, with leading firms like Kweichow Moutai and Wuliangye contributing significantly [5]. Group 3: Regulatory Influence - Recent policies, including the new "National Nine Articles," have emphasized the importance of cash dividends, encouraging companies to enhance dividend stability and predictability [6][7]. - The China Securities Regulatory Commission has advocated for multiple dividends per year and pre-dividend announcements to improve investor returns [6]. - The Shanghai and Shenzhen Stock Exchanges are promoting initiatives to enhance cash dividend policies and increase the frequency of cash distributions [7].

经济观察网西部矿业公布2025年前三季度利润分配预案，拟向全体股东每10股派发现金股利0.4元(含 税)，合计分配9532万元，占2025年前三季度归母净利润的3%。该方案已于2026年1月28日临时股东大 会审议通过，预计在春节前实施。 股东回报与市场信心 本次分红延续了公司高股息传统，直接提升股东现金收益，增强投资获得感。结合监管鼓励"一年多次 分红"政策，此举有助于稳定市场情绪，吸引长期价值投资者。但分红总额仅占净利润的3%，显著低于 历史水平，可能反映公司更注重保留资金用于扩张项目，对短期股息收益的提振有限。 以上内容基于公开资料整理，不构成投资建议。 分红金额较小，相较于公司强劲的经营性现金流和货币资金余额，不会对日常运营或长期发展产生重大 影响。母公司可供分配利润达47.96亿元，为未来分红留有余地。公司当前重心在于玉龙铜矿三期扩 建、茶亭铜矿资源整合等资本开支项目，低分红比例利于保障项目资金需求，支持中长期增长。 股价与资金表现 以最新股价33.29元计算，本次每股分红0.04元对应股息率约0.12%，低于行业平均。但若叠加2024年分 红，近12个月累计股息率约3.12%，仍具一定吸引力。20 ...

Group 1 - The China Minmetals Import and Export Chamber announced a conference on March 25, 2026, to discuss export policies and market conditions for rare earth and rare metals, in response to stricter export controls imposed on dual-use items for Japan and other rare metals [1] - The conference aims to help member companies understand the new policies and export considerations, with officials from the Ministry of Commerce and the General Administration of Customs expected to provide insights [1] - The meeting will also facilitate communication between government departments and enterprises regarding export challenges [1] Group 2 - As of February 12, 2026, the CSI Industrial Nonferrous Metals Theme Index (H11059) rose by 1.72%, with notable increases in stocks such as Shenghe Resources (up 7.33%) and Zhongtung High-tech (up 5.88%) [2] - The Penghua Industrial Nonferrous ETF (159162) also saw a rise of 1.93%, marking its fifth consecutive increase [2] - The CSI Industrial Nonferrous Metals Theme Index includes 30 large-cap companies involved in copper, aluminum, lead, zinc, and rare metals, reflecting the overall performance of the sector [2] - As of January 30, 2026, the top ten weighted stocks in the index accounted for 55.71% of the total index weight, including companies like Luoyang Molybdenum, Northern Rare Earth, and China Aluminum [2]

Group 1 - LME metal futures closed higher, with LME copper rising by $58 to $13,166 per ton, LME aluminum up by $10 to $3,103 per ton, LME zinc increasing by $12 to $3,406 per ton, LME lead gaining $18 to $1,993 per ton, LME nickel up by $390 to $17,880 per ton, and LME tin rising by $352 to $49,635 per ton [1] - Ping An Securities analysis indicates that the domestic aluminum ingot long-term market in 2026 will exhibit characteristics of "stable prices with adjustments, declining signing willingness, and a tight supply-demand pattern," with a positive long-term outlook for aluminum prices supported by macro sentiment recovery and fundamental strengthening [1] - As of February 12, 2026, the CSI Industrial Nonferrous Metals Theme Index (H11059) surged by 1.18%, with component stocks such as Tungsten High-tech up by 6.70%, Dongyangguang up by 3.97%, and Huayou Cobalt up by 3.75%, while other stocks like Western Mining and Tongling Nonferrous also saw gains [1] Group 2 - As of January 30, 2026, the top ten weighted stocks in the CSI Industrial Nonferrous Metals Theme Index (H11059) include Luoyang Molybdenum, Northern Rare Earth, China Aluminum, Xinyi Silver Tin, Yun Aluminum, Tongling Nonferrous, Jiangxi Copper, Xiamen Tungsten, Zhongjin Gold, and Western Mining, collectively accounting for 55.71% of the index [2]

证券日报网讯 2月11日，西部矿业在互动平台回答投资者提问时表示，截至2026年2月10日，公司股东 总户数为13.10万户。 （文章来源：证券日报） ...

有色金属概念股走强，北方稀土涨超5%，洛阳钼业、西部矿业涨超2%。 （文章来源：每日经济新闻） 受盘面影响，工业有色相关ETF涨超2%。 | 代码 | 名称 | 现价 | 涨跌 涨跌幅 ▼ | | --- | --- | --- | --- | | 560860 | 工业有色ETF万家 | 1.912 | 0.053 2.85% | | 159162 | 工业有色ETE鹏华 | 0.984 | 0.027 2.82% | | 159157 | 有色金属ETF天弘 | 0.997 | 0.026 2.68% | 有券商表示，工业有色等周期资源类品种尽管面临短期市场波动，但长期收益前景依然可观，受益于工业结构优化 和持续的需求增长。此外，基于业绩趋势模型分析，工业有色板块当前估值合理，未来有望迎来反弹机会，建议重 点关注其在产业链中的潜在表现，把握超跌带来的投资窗口。 ...

Investment Rating - The report maintains an "Overweight" rating for the copper industry [6] Core Views - Short-term copper prices are expected to fluctuate, but there is optimism for an upward trend in copper prices in 2026 due to ongoing supply-demand tightness [1][4] - The TC spot price continues to hit historical lows, indicating tight procurement of copper concentrate [1][3] - The report recommends specific companies for investment: Zijin Mining, Luoyang Molybdenum, Jincheng Mining, and Western Mining, while also suggesting to pay attention to Tongling Nonferrous Metals [4] Supply and Demand Summary - **Supply**: - As of February 6, 2026, domestic copper concentrate inventory at major ports is 638,000 tons, down 5.2% from the previous week [2][46] - The TC spot price is at -51.23 USD/ton, a decrease of 0.9 USD/ton from January 30, 2026, marking a low since September 2007 [3][57] - **Demand**: - Cable manufacturing utilization rate increased by 0.7 percentage points to 60.15% as of February 5, 2026 [4][70] - Air conditioning production is projected to decline by 31.6% in February, 6.5% in March, and increase by 4.0% in April 2026 [4][87] Inventory Summary - Domestic copper social inventory increased by 4.0% week-on-week, while LME copper inventory rose by 4.9% [2][24] - Global inventory across major exchanges reached 1,021,000 tons, up 3.6% from January 30, 2026 [2][24] Price Trends - As of February 6, 2026, SHFE copper closed at 100,100 CNY/ton, down 3.45% from January 30, 2026, while LME copper closed at 13,060 USD/ton, down 0.08% [1][17]

有色金属周报 20260208 情绪趋稳，商品价格筑底 glmszqdatemark 重点公司盈利预测、估值与评级 | 代码 | 简称 | 股价（元） | | EPS（元） | | | PE（X） | | 评级 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | 2024A | 2025E | 2026E | 2024A | 2025E | 2026E | | | 601899.SH | 紫金矿业 | 37.19 | 1.21 | 2.00 | 2.71 | 31 | 19 | 14 | 推荐 | | 603993.SH | 洛阳钼业 | 21.99 | 0.63 | 0.88 | 1.29 | 35 | 25 | 17 | 推荐 | | 000807.SZ | 云铝股份 | 31.70 | 1.27 | 1.94 | 2.31 | 25 | 16 | 14 | 推荐 | | 603799.SH | 华友钴业 | 70.45 | 2.50 | 3.15 | 4.17 | 28 | 22 | 17 | 推荐 | | 00 ...

有色金属周报 20260208 情绪趋稳，商品价格筑底 glmszqdatemark 重点公司盈利预测、估值与评级 | 代码 | 简称 | 股价（元） | | EPS（元） | | | PE（X） | | 评级 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | 2024A | 2025E | 2026E | 2024A | 2025E | 2026E | | | 601899.SH | 紫金矿业 | 37.19 | 1.21 | 2.00 | 2.71 | 31 | 19 | 14 | 推荐 | | 603993.SH | 洛阳钼业 | 21.99 | 0.63 | 0.88 | 1.29 | 35 | 25 | 17 | 推荐 | | 000807.SZ | 云铝股份 | 31.70 | 1.27 | 1.94 | 2.31 | 25 | 16 | 14 | 推荐 | | 603799.SH | 华友钴业 | 70.45 | 2.50 | 3.15 | 4.17 | 28 | 22 | 17 | 推荐 | | 00 ...