Core Viewpoint - The precious metals industry, including gold, silver, and platinum group metals, is essential for various industrial applications and is experiencing significant growth, particularly in China, which is becoming a key driver in the global precious metals market [2]. Industry Overview - Precious metals are considered one of the most widely used materials in the industrial system, providing thousands of material varieties essential for modern industry [2]. - The industry serves multiple sectors, including aerospace, electronics, energy, chemicals, petroleum, automotive, biomedicine, and environmental protection [2]. - Precious metal catalytic materials are extensively used in petroleum chemistry, pharmaceutical synthesis, fine chemicals, ammonium nitrate fertilizers, and automotive pollution control [2]. - Precious metal chemical materials are crucial for producing high-purity materials, industrial catalytic materials, environmental remediation materials, and surface functional materials [2]. - Special functional materials made from precious metals, such as electrical contact materials and precision alloy materials, find applications in electronics, chemical construction, and metallurgy [2]. - The demand for precious metals is increasing due to advancements in high-tech industries, making them key materials for sustainable development [2]. - The growth rate of China's precious metals industry is generally higher than the global average, positioning China as an important driver of the global precious metals market [2].

证券日报网讯1月12日，贵研铂业（600459）在互动平台回答投资者提问时表示，公司2025年年度报告 预约披露日为2026年4月22日，是否涉及业绩预告将严格按照《上海证券交易所股票上市规则》执行。 ...

Group 1 - The core viewpoint of the article is that Guiyan Platinum Industry (600459) has clarified its inventory cost accounting method, which is based on real-time weighted prices reflecting market fair value [1] - The company stated that materials for processing are not included in its inventory [1]

证券日报网讯 1月12日，贵研铂业在互动平台回答投资者提问时表示，公司目前的铂族金属年产能规模 约10吨，正在进行产业化项目升级提产扩能建设，提产扩能完成后，铂族金属的产能规模有望达到20- 30吨。目前公司的白银产能规模1600吨左右。 （文章来源：证券日报） ...

Core Viewpoint - The company, Guoyan Platinum Industry (600459), is implementing a production and sales model based on demand to mitigate the impact of precious metal price fluctuations on its operations [1] Group 1 - The company primarily adopts a sales-driven production and procurement model for its product processing and sales business [1] - To reduce the risks associated with precious metal price volatility, the company employs hedging measures, maintaining only a small risk exposure to meet daily operational needs [1]

Core Viewpoint - The company focuses on the precious metals industry, engaging primarily in three core business segments: new materials manufacturing, precious metal resource recycling, and supply services [1] Company Overview - The company provides products and services to various industries, including aerospace, electronics, energy, chemicals, petroleum, automotive, biomedicine, and environmental protection [1] - Precious metal catalytic materials are widely used in petroleum chemistry, pharmaceutical synthesis, fine chemicals, ammonium nitrate fertilizers, and automotive pollution control [1] - Precious metal chemical materials serve as important precursors for high-purity materials, industrial catalytic materials, environmental remediation materials, and surface functional materials [1] - Special functional materials made from precious metals are extensively applied in electronics, construction materials, and metallurgy [1] - Information functional materials from precious metals are commonly used in chip electronic components, thick-film integrated circuits, crystalline silicon solar cells, membrane switches, and flat panel displays [1] Industry Insights - The development of high-tech industries has continuously opened new application spaces and fields for precious metals [1] - The demand for precious metal materials in relevant fields is increasing, positioning them as key materials for sustainable development in human society [1] - The growth rate of China's precious metals industry generally exceeds the global average, making China a significant driving force in the global precious metals industry [1]

Core Viewpoint - The company's gross margin for precious metal products is significantly influenced by the characteristics of the precious metal industry, with fluctuations in precious metal prices having a major impact on profitability [2] Group 1: Company Performance - The company is focused on enhancing profitability through management innovation, new product development, and optimization of processes and technologies [2] - The company adheres to the principle of sharing development results with investors and considers the scientific and continuous nature of dividends when formulating reasonable investor return plans [2] Group 2: Industry Characteristics - The gross margin of the company's precious metal products reflects common characteristics of enterprises in the precious metal industry, indicating a strong correlation with the prices of precious metal raw materials [2]

格隆汇1月12日丨贵研铂业(600459.SH)在投资者互动平台表示，公司的孙公司贵研生物材料公司在用于 脑机接口领域的贵金属新材料加工和产品市场方面有一定的布局，部分用于脑机接口的贵金属新材料目 前尚处于实验室阶段，部分样品已提供下游客户进行放大验证，但产生的收入和利润在公司总体收入和 利润中的占比极小。 ...

Group 1 - The small metals sector increased by 4.31% on January 6, with Haotong Technology leading the gains [1] - The Shanghai Composite Index closed at 4083.67, up 1.5%, while the Shenzhen Component Index closed at 14022.55, up 1.4% [1] - Key stocks in the small metals sector showed significant price increases, with Haotong Technology rising by 12.03% to a closing price of 32.50 [1] Group 2 - The main capital inflow in the small metals sector was 2.499 billion yuan, while retail investors experienced a net outflow of 1.745 billion yuan [1] - The trading volume for Haotong Technology was 208,800 shares, with a transaction value of 6.66 billion yuan [1] - Other notable stocks included Xiyang Co., which rose by 10.01% with a trading volume of 672,400 shares and a transaction value of 2.043 billion yuan [1]

Market Overview - The Shanghai Composite Index experienced a rare 13 consecutive days of gains, breaking the previous high from November 14, 2025, and reaching a new high since July 2015, closing up by 1.50% [1] - The market saw over 4,100 stocks in the green, with significant contributions from financial sectors such as brokerage, insurance, and internet finance [1] Seasonal Trends - According to Zheshang Securities, the first quarter typically sees a "spring rally," where small and mid-cap growth indices perform best, setting the stage for February's market performance [1] Key Sectors Financial Sector - Major financial stocks like Dazhihui and Hualin Securities hit the daily limit, while China Ping An reached a new five-year high [1] Brain-Computer Interface - The brain-computer interface sector saw a surge, with nearly 20 stocks hitting the daily limit, driven by breakthroughs in clinical trials for a new fully implanted device [3] - The industry is expected to enter a critical phase of large-scale application, supported by policy backing and ongoing technological advancements [3] Non-Ferrous Metals - The non-ferrous metals sector strengthened, with companies like Luoyang Molybdenum and Zijin Mining reaching historical highs, influenced by rising global metal prices [4] - The London Metal Exchange reported significant price increases for tin and copper, indicating strong demand and supply dynamics [4] Solid-State Batteries - The solid-state battery sector experienced a rally, with several stocks hitting the daily limit, following the announcement of a commercially viable solid-state battery by Donut Lab [5] - The sector is expected to progress towards industrialization, supported by policy focus and active participation from industry players [5] Semiconductor Sector - The semiconductor sector remained active, with storage chips and semiconductor equipment leading the gains, as companies like Beifang Huachuang reached historical highs [6] - Price increases for DRAM chips were reported, with significant hikes expected in Q1 2026 [7] Institutional Insights - Guotai Junan Securities highlighted the internal trend of a "transformation bull market" in China, driven by economic shifts and capital market reforms [8] - Debon Securities expressed optimism for a slow bull market following the New Year, with expectations for continued upward movement in the A-share market [8] - Dongfang Securities noted that the market's upward trend is supported by strong investor confidence and the commercialization of new industries like brain-computer interfaces and AI [9]