新材料 分析师：石临源 登记编码：S0730525020001 shily@ccnew.com 0371-65585629 几内亚考虑收紧铝土矿供应，具身智能领域首 个行业标准正式发布 ——新材料行业月报 证券研究报告-行业月报 强于大市（维持） 新材料相对沪深 300 指数表现 《新材料行业月报：津巴布韦限制锂矿出口， 河南发布 2026 年汽车以旧换新补贴细则》 2026-02-27 《新材料行业月报：基本金属价格普涨，2025 年 全 国 累 计 发 电 装 机 容 量 同 增 16% 》 2026-01-29 《新材料行业月报：人形机器人标委会在北京 成立，功能金刚石迎来首个团体标准聚焦热沉 应用》 2025-12-30 联系人：李智 投资要点： 风险提示：技术进展不及预期；上游原材料价格大幅波动；下游需求 不及预期；地缘政治因素影响。 本报告版权属于中原证券股份有限公司 www.ccnew.com 请阅读最后一页各项声明 第1页 / 共21页 发布日期：2026 年 03 月 30 日 -50% -40% -30% -20% -10% 0% 10% 20% 30% 40% 50% 2023-03-3 ...

新材料 分析师：石临源 登记编码：S0730525020001 shily@ccnew.com 0371-65585629 几内亚考虑收紧铝土矿供应，具身智能领域首 个行业标准正式发布 ——新材料行业月报 证券研究报告-行业月报 强于大市（维持） 新材料相对沪深 300 指数表现 《新材料行业月报：津巴布韦限制锂矿出口， 河南发布 2026 年汽车以旧换新补贴细则》 2026-02-27 《新材料行业月报：基本金属价格普涨，2025 年 全 国 累 计 发 电 装 机 容 量 同 增 16% 》 2026-01-29 《新材料行业月报：人形机器人标委会在北京 成立，功能金刚石迎来首个团体标准聚焦热沉 应用》 2025-12-30 联系人：李智 投资要点： 风险提示：技术进展不及预期；上游原材料价格大幅波动；下游需求 不及预期；地缘政治因素影响。 本报告版权属于中原证券股份有限公司 www.ccnew.com 请阅读最后一页各项声明 第1页 / 共21页 发布日期：2026 年 03 月 30 日 -50% -40% -30% -20% -10% 0% 10% 20% 30% 40% 50% 2023-03-3 ...

Investment Rating - The industry rating is "Recommended" [4] Core Views - The report highlights that high oil prices driven by Middle Eastern conflicts are expected to strengthen the demand for lithium as an energy alternative, indicating a potential upside for lithium prices [2] - Nickel prices are supported by supply uncertainties due to delays in the approval process for nickel mining quotas in Indonesia, which may lead to a tight supply situation [2][17] - Cobalt prices are anticipated to rise due to ongoing supply uncertainties from the Democratic Republic of Congo, with expectations of structural tightness in cobalt supply [3][18] - The report notes a significant increase in carbonated lithium prices, driven by supply disruptions and rising demand expectations, particularly in the context of the electric vehicle market [21] - The tungsten market is expected to see continued price increases due to long-term supply tightness and strategic importance in global supply chains [24] Summary by Sections Nickel and Cobalt Industry - As of March 27, LME nickel spot price was $17,010 per ton, up 1.43% from March 20, with total LME nickel inventory at 281,574 tons, down 0.68% [2] - Cobalt prices are under pressure but are expected to rise due to supply constraints from the DRC, with the current electrolytic cobalt price at 430,500 CNY per ton [3][18] Lithium Industry - Domestic carbonate lithium futures closed at 168,400 CNY per ton, up 17.09% from March 20, indicating strong demand and supply constraints [21] - The report emphasizes the impact of geopolitical tensions on lithium demand, particularly in the context of energy security [21] Tungsten Industry - The report indicates that tungsten prices are expected to continue rising due to supply constraints and strategic importance, with white tungsten concentrate prices at 1,001,000 CNY per ton [24] Antimony Industry - Antimony prices have seen a slight decline, but supply constraints are expected to provide support for future prices, with average antimony ingot prices at 165,500 CNY per ton [7][19] Uranium Industry - The report notes that uranium supply is expected to remain tight, supporting prices, with the global uranium market price at $71.3 per pound [15][25]

Investment Rating - The report indicates a cautious approach towards investment opportunities in the non-ferrous metals sector due to ongoing geopolitical conflicts and fluctuating expectations regarding interest rate cuts by the Federal Reserve [5]. Core Insights - The non-ferrous metals industry index has decreased by 15.08% over the past two weeks, ranking last among 31 primary industries in the Shenwan index, reflecting significant market concerns regarding supply and demand dynamics [2][12]. - Precious metals have experienced a notable decline, with COMEX gold prices falling by 13.30% and COMEX silver prices dropping by 19.94% in the same period, influenced by inflation fears and a strong dollar [20]. - The tungsten market shows strong upward momentum, with black tungsten concentrate prices increasing by 11.44% over the past two weeks, driven by geopolitical tensions and domestic policy constraints [36]. Summary by Sections Market Review - The non-ferrous metals industry index fell by 15.08% from March 9 to March 20, 2026, with all sub-sectors, including small metals (-18.50%), precious metals (-12.52%), and industrial metals (-16.07%), showing declines [2][12]. Precious Metals - As of March 20, COMEX gold closed at $4,492.00 per ounce, down 13.30% over two weeks, while COMEX silver closed at $67.81 per ounce, down 19.94% [20]. - The report highlights the impact of geopolitical tensions and regulatory tightening on market liquidity, which has pressured precious metal prices [20]. Industrial Metals - LME copper prices were $12,021.50 per ton, down 6.14% over two weeks, while domestic copper prices averaged ¥95,470 per ton, down 5.60% [30]. - The report suggests that copper prices may seek a weak balance between macroeconomic pressures and cost support [30]. Small Metals - Black tungsten concentrate prices rose to ¥1,023,000 per ton, up 11.44% over two weeks, with a year-to-date increase of 123.85% [36]. - The report notes that the demand for high-end gallium products continues to rise, contributing to a 5.19% price increase for gallium [36]. Rare Earths - The China Rare Earth Price Index fell to 255.31, down 13.58% over two weeks, while praseodymium-neodymium oxide prices decreased by 17.35% [45]. - The report indicates that the rare earth sector is facing significant valuation pressure due to slowing demand growth [45]. Energy Metals - As of March 20, the average price of electrolytic cobalt was ¥431,000 per ton, down 0.12% over two weeks, while lithium carbonate prices averaged ¥149,000 per ton, down 4.03% [54]. - The report highlights the cautious market sentiment regarding the electric vehicle sector's growth [54]. Major Events - The report discusses the tightening of gold trading policies by several banks in response to market volatility, which may impact trading dynamics in the precious metals market [69]. - It also notes the recent government policies aimed at resource security and green transformation, which are expected to support the non-ferrous metals industry [70].

Investment Rating - The industry rating is "Recommended" [3] Core Insights - The report highlights that the rising oil prices and ongoing market panic are suppressing non-ferrous metals, but there is optimism for a comprehensive market for key metals in the future [27] - Nickel prices are expected to find support due to supply uncertainties from Indonesia, particularly with the slow approval process for nickel mining quotas [1] - Cobalt prices are anticipated to continue rising due to tight supply expectations stemming from export approval delays in the Democratic Republic of Congo [2] - The report indicates that antimony prices are expected to remain strong due to supply constraints [6] - Lithium prices are projected to maintain a strong performance supported by demand amid high oil prices [7] - The rare earth sector is facing tightening supply expectations, with stable demand from downstream industries [9] - Tin prices are supported by uncertainties in overseas supply chains [11] - Tungsten prices are expected to rise further due to tightening domestic supply [13] - Uranium prices are supported by ongoing supply tightness and geopolitical factors [15] Summary by Sections Nickel and Cobalt - As of March 20, LME nickel spot price was $16,770 per ton, down 3.29% from March 13, with total LME nickel inventory at 283,512 tons, a decrease of 0.40% [1] - The Indonesian nickel mining association has set the 2026 production quota at 260-270 million tons, significantly reduced from the previous year's quota [16] - Cobalt prices are expected to rise due to ongoing supply tightness, with the Democratic Republic of Congo's export processes still facing delays [2][17] Antimony - Antimony prices have remained stable, with average prices for antimony ingots at 167,500 RMB per ton as of March 19 [6] - Supply constraints are expected to provide a bottom support for antimony prices [19] Lithium - Domestic lithium carbonate futures closed at 143,900 RMB per ton as of March 20, down 5.41% from March 13 [7] - The report notes that the Zimbabwean government has suspended all raw material and lithium concentrate exports, impacting supply [20] - Demand for lithium is expected to be supported by adjustments in export tax policies for battery products [20] Rare Earths - The average price of praseodymium oxide was 785 RMB per kilogram as of March 20, down 9.77% from March 13 [9] - Supply constraints are expected to persist due to regulatory measures and stable demand from the magnetic materials sector [21] Tin - The LME tin spot price was $43,700 per ton as of March 20, down 8.86% from March 13 [11] - Supply uncertainties from Myanmar and the Democratic Republic of Congo are expected to support tin prices [12][22] Tungsten - Domestic tungsten prices are under pressure due to tightening supply, with white tungsten concentrate prices at 1,021,000 RMB per ton as of March 20 [13] - The report anticipates further price increases due to ongoing supply constraints [23] Uranium - Global uranium prices remain high, with the market price at $69.71 per pound as of January [15] - Supply tightness is expected to continue due to geopolitical factors and production delays [24]

证券代码：600392 证券简称：盛和资源 公告编号：2026-005 盛和资源控股股份有限公司 关于为控股子公司提供担保的进展公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或 者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 担保对象及基本情况 | 被担保人名称 | 本次担保金额 | 实际为其提供的担 | 是否在前期 | 本次担保是 | | --- | --- | --- | --- | --- | | | | 保余额（含本次） | 预计额度内 | 否有反担保 | | 乐山盛和稀土有 | 5,000 万元 | 70,000 万元 | 是 | 是 | | 限公司 | | | | | 累计担保情况 | 对外担保逾期的累计金额（万元） | | 0.00 | | --- | --- | --- | | 截至 | 2 月 28 日上市公司及其控股子 | 203,250.00 | | 公司对外担保总额（万元） | | | | 对外担保总额占上市公司最近一期 经审计净资产的比例（%） | | 21.06 | | 特别风险提示（如有请勾选） | | □担保金额（含本次） ...

Investment Rating - The industry rating is "Recommended" [3] Core Insights - The report highlights that tungsten prices continue to reach historical highs, with expectations for a strong overall market for key metals [1][23] - Nickel prices are supported by tightening supply expectations due to Indonesia's reduced production quotas for 2026, which are set between 260 million to 270 million tons, significantly lower than the previous year's quota of 42 million wet tons [1][29] - Cobalt supply is expected to tighten further due to slow export progress from the Democratic Republic of Congo, with a forecasted increase in cobalt prices [2][5] - Antimony prices are anticipated to remain strong due to supply constraints, with a significant drop in production reported [6][18] - Lithium supply disruptions are expected to continue, with potential for lithium prices to reach new highs amid increasing demand [8][19] - The rare earth sector is facing supply shortages, particularly for praseodymium and neodymium, which may support prices [9][20] - Tin prices are supported by ongoing supply concerns from Myanmar and the Democratic Republic of Congo, with a notable decrease in tin imports [11][21] - Uranium supply is expected to remain tight, supporting high prices due to geopolitical factors and production delays [14][24] Summary by Sections Nickel and Cobalt Industry Insights - Indonesia's nickel production quota for 2026 is set to significantly reduce, impacting supply and supporting prices [1][29] - Cobalt exports from the Democratic Republic of Congo are hindered by complex local processes and logistical challenges, leading to tighter supply [2][5] Antimony Industry Insights - Antimony production has seen a sharp decline, which is expected to support prices in the near term [6][18] Lithium Industry Insights - Lithium prices are under pressure due to supply disruptions, but demand remains strong, potentially leading to price increases [8][19] Rare Earth Industry Insights - Supply shortages for praseodymium and neodymium are anticipated, which may bolster prices in the market [9][20] Tin Industry Insights - Ongoing supply issues from Myanmar and the Democratic Republic of Congo are expected to support tin prices [11][21] Uranium Industry Insights - The uranium market is facing supply constraints, which are likely to keep prices elevated due to geopolitical tensions and production delays [14][24]

证券代码：600392 证券简称：盛和资源 公告编号：2026-004 盛和资源控股股份有限公司 股东减持股份计划公告 本公司董事会、全体董事及相关股东保证本公告内容不存在任何虚假记载、 误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 大股东持股的基本情况 截至本公告披露日，盛和资源控股股份有限公司（以下简称"公司"）股东 王全根先生持有公司股份 117,289,498 股，占公司总股本的 6.69%。 减持计划的主要内容 自减持计划公告披露之日起 15 个交易日后的 3 个月内，王全根先生计划通 过上海证券交易所集中竞价交易方式，减持公司股份不超过 17,528,265 股，不 超过公司总股本的 1%；减持价格根据市场情况确定。 在减持计划实施期间，公司如发生派发红利、送红股、转增股本、增发新股 或配股等股本除权、除息事项的，将根据股本变动对减持计划进行相应调整。 注：其他方式取得，是指公司实施 2015 年半年度权益分派方案，以资本公 1 积金向全体股东每 10 股转增 15 股和 2017 年年度权益分派方案，以资本公积金 向全体股东每 10 股转增 3 股。 ...

Investment Rating - The industry rating is "Recommended" [3] Core Views - The report highlights that the supply disruptions in Indonesia are raising expectations for tighter market conditions, which may support nickel prices. As of February 27, the LME nickel spot price was $17,685 per ton, up 3.09% from February 20, with total LME nickel inventory at 287,976 tons, an increase of 0.09% [1] - The cobalt raw material supply remains tight, with expectations for continued price increases. As of February 27, electrolytic cobalt was priced at 440,000 yuan per ton, up 2.92% from February 13 [2] - The report indicates that the overall supply of antimony is slightly contracting, which may support antimony prices. The average price of domestic antimony ingots was 167,500 yuan per ton as of February 26, up 1.82% from February 12 [6] - The report notes that the supply of lithium carbonate is expected to remain tight, with prices rising to 176,000 yuan per ton as of February 27, an increase of 17.82% from February 13 [8] - The report emphasizes that the supply of praseodymium and neodymium is likely to remain short, which may support prices in the rare earth magnetic materials sector. As of February 27, the average price of praseodymium oxide was 955 yuan per kilogram, up 6.70% from February 14 [9] - The report discusses the ongoing tensions in northern Myanmar, which are raising concerns about the supply chain for tin, with the LME tin spot price reaching $57,425 per ton, up 26.21% from February 20 [11] - The report indicates that the supply shortage of tungsten is worsening, with white tungsten concentrate priced at 796,000 yuan per ton as of February 28, up 14.86% from February 13 [13] - The report highlights that expectations for tight uranium supply are continuing to develop, with the global uranium market price at $69.71 per pound as of January, remaining high despite some fluctuations [14] Summary by Sections Nickel and Cobalt Industry - Nickel prices are expected to find support due to supply constraints from Indonesia, with a significant reduction in approved mining quotas [1][16] - Cobalt supply is projected to remain structurally tight, with potential for further price increases benefiting cobalt resource companies [2][17] Antimony Industry - Antimony supply is tightening, with domestic prices expected to rise as export controls and supply chain issues persist [6][19] Lithium Industry - Lithium carbonate prices are expected to remain strong due to supply constraints and increased demand from battery manufacturers [8][20] Rare Earth Industry - The supply of praseodymium and neodymium is expected to remain tight, with price support anticipated due to regulatory changes and supply chain disruptions [9][21] Tin Industry - Ongoing geopolitical tensions in Myanmar and supply chain uncertainties are expected to support tin prices [11][22] Tungsten Industry - The tungsten market is facing supply shortages, with prices expected to rise further due to production constraints and regulatory measures [13][23] Uranium Industry - The uranium market is experiencing tight supply conditions, with prices remaining elevated due to geopolitical factors and production delays [14][24]

Group 1 - Baotou Steel Co., Ltd. reached the daily limit increase in stock price [1] - Other companies such as Zhong Rare Earth, Dadi Xiong, Shenghe Resources, Northern Rare Earth, Galaxy Magnetic Materials, and Tianhe Magnetic Materials also experienced stock price increases [1]