每经AI快讯，1月5日，华友钴业（603799）(603799.SH)公告称，华友钴业预计2025年度归属于上市公 司股东的净利润为58.50亿元~64.50亿元，同比增长40.80%至55.24%。扣除非经常性损益后的净利润预 计为56.00亿元~63.00亿元，同比增长47.56%至66.00%。报告期内，公司产业一体化优势持续释放，印 尼华飞、华越项目稳定生产，MHP原料自给率提升，下游材料业务恢复增长，叠加钴、碳酸锂价格回 升及管理变革、降本增效推进，盈利显著增长。 ...

"十四五"时期，我国新能源汽车站上世界舞台的中央。比亚迪成长为全球最大的新能源汽车企业，年销量实现了十倍的跨越发展。 进入"十五五"，我国新能源汽车将进入技术迭代、智电融合和全球化发展的新阶段。站在新的起点，比亚迪在技术上，将继续保持大量研发和 资金投入，巩固电动化、推进智能化，用技术带来新的增长曲线；在产业协作上，将站在全球产业链的肩膀上，整合全球资源合作创新；在全 球化上，抢抓中国品牌出海机遇乘势而上，加快推进全球化产业布局，打造世界级中国品牌。 新岁已至，未来可期。面向"十五五"，比亚迪将牢记上市公司主体责任，持续发展壮大新质生产力，为汽车强国梦贡献更大力量！新的一年， 祝朋友们心想事成、幸福相伴！ 东方财富信息有限公司董事长其实：做金融变革浪潮中的"扬帆者" 新元肇启、万象更新，我谨代表东方财富向所有投资者、合作伙伴及社会各界朋友致以诚挚的问候和美好的祝愿。 上市公司掌门人筹谋"十五五"。 比亚迪董事长兼总裁王传福：打造世界级中国品牌 新年伊始，我谨代表比亚迪公司，向大家致以诚挚的新年祝福！起航"十五五"，比亚迪满怀希望、充满期待，将与所有上市公司一起，永葆创 新创业的激情和艰苦奋斗的精神，共同谱写新 ...

Core Viewpoint - The article emphasizes the strategic plans and aspirations of various companies as they embark on the "15th Five-Year Plan" period, highlighting their commitment to innovation, technology, and global competitiveness. Group 1: BYD - BYD aims to maintain significant R&D and financial investment to solidify its position in electrification and promote smart technology, leveraging global resources for innovation [4] - The company has achieved a tenfold increase in annual sales during the "14th Five-Year Plan" and seeks to capitalize on the global expansion of Chinese brands [4] Group 2: Oriental Fortune - Oriental Fortune expresses confidence in the resilience of the Chinese economy and emphasizes the importance of financial technology in connecting wealth management with real economy financing [6] - The company aims to serve diverse stakeholders and enhance its role in the financial transformation landscape [6] Group 3: Moore Threads - Moore Threads focuses on accelerating the application of domestic GPUs across various industries, contributing to the digital transformation [8] - The company has established a comprehensive technology stack and aims to maintain high R&D investment to strengthen its competitive edge [8] Group 4: Muyuan Foods - Muyuan Foods is committed to producing safe and healthy pork products, responding to consumer demand while advancing the pig farming industry towards high-quality development [10] - The company plans to leverage technology to address industry challenges and enhance overall quality [10] Group 5: Zhongwei Company - Zhongwei Company aims to achieve 50% to 60% market coverage in high-end semiconductor equipment through organic growth and expansion over the next five to ten years [12] - The company emphasizes collaboration within the industry to enhance global competitiveness [12] Group 6: AVIC Shenyang Aircraft - AVIC Shenyang Aircraft is focused on achieving significant milestones in the "15th Five-Year Plan" by enhancing core functions and competitiveness [14] - The company aims to contribute to the construction of a strong aviation nation through strategic initiatives [14] Group 7: Huayou Cobalt - Huayou Cobalt plans to align its strategy with national planning during the "15th Five-Year Plan," focusing on creating customer value and leading industry development [16] - The company aims to become a leading technology enterprise in energy materials [16] Group 8: Aier Eye Hospital - Aier Eye Hospital integrates its development with national strategies, focusing on innovation in eye health services and technology [18] - The company aims to enhance its service network and collaborate with partners to improve public health outcomes [18] Group 9: Tinci Materials - Tinci Materials is committed to sustainable development through innovation in lithium-ion battery materials and specialty chemicals [21] - The company anticipates a new growth cycle in the lithium and energy storage industries over the next five years [21] Group 10: JinkoSolar - JinkoSolar emphasizes technology innovation as a core driver for its development, focusing on high-efficiency solar cell technologies [23] - The company aims to integrate advanced technologies with traditional manufacturing to foster new productive capabilities [23] Group 11: Jishi Media - Jishi Media aims to integrate cultural and technological advancements, focusing on becoming a leading cultural technology enterprise [25] - The company plans to leverage AI and digital transformation to enhance its service offerings [25] Group 12: China National Machinery Industry Corporation - China National Machinery Industry Corporation is focused on deepening its role in China's modernization efforts while enhancing its international competitiveness [27] - The company aims to foster new productive capabilities in emerging sectors such as green engineering and digital infrastructure [27]

启航"十五五"，华友钴业将推动公司战略与国家规划深度对接。"十五五"时期，华友钴业将坚持以"创 造客户价值，引领产业发展"为使命，以"成为全球能源材料领先的科技企业"为愿景，全面落实"科技华 友、绿色华友、开放华友、责任华友、奋进华友"五大战略举措，矢志创建"产品卓越、品牌卓著、创新 领先、治理现代"的世界一流企业。 新征程上，全体华友人将奋力开创"十五五"高质量发展新局面，为我国新能源产业贡献更大力量。新的 一年，祝大家心想事成，马到成功！ 日月其迈、岁律更新。新年来临，我谨代表华友钴业（603799），向大家致以诚挚的新年祝福！ 过去的五年，华友钴业依托科技创新及全球布局，实现了"十四五"圆满收官，成为了推动全球新能源产 业高质量发展的重要力量。 ...

Investment Rating - Industry rating: Recommended [3] Core Views - The report anticipates a strong fluctuation in lithium prices in the short term, supported by a backdrop of price reassessment across key metals [1] - The Indonesian government plans to reduce nickel and coal production in 2026, which, combined with Vale's suspension of nickel mining, is expected to tighten supply and support nickel prices [1] - The cobalt market is expected to remain structurally tight, with prices likely to rise further due to ongoing supply constraints [2][5] - The antimony market is showing signs of recovery in exports, which may lead to domestic prices converging with higher international prices [6][18] - The lithium market is experiencing a continuous destocking trend, with prices expected to remain strong due to stable demand from the electric vehicle and energy storage sectors [8][19] - The rare earth market is tightening due to new export restrictions from Vietnam, which may further support prices [20] - The tin market faces uncertainties in supply due to ongoing issues in the Democratic Republic of Congo and Indonesia's export controls [21] Summary by Sections Nickel and Cobalt Industry Update - Indonesia's government plans to cut nickel production by approximately 34% in 2026, reducing the target to 250 million tons from 379 million tons in 2025 [1] - Vale's Indonesian operations have halted nickel mining, contributing to supply tightness [1] - The cobalt market is expected to face structural supply constraints, with prices projected to rise due to a decrease in available export quotas from the Democratic Republic of Congo [2][5] Antimony Industry Update - Domestic antimony prices are expected to rise as supply remains tight, particularly with winter mining activities slowing down [6][18] - The Chinese government has implemented export controls that may further tighten supply and support higher domestic prices [6][18] Lithium Industry Update - The average price of battery-grade lithium carbonate has increased to 118,600 CNY/ton, reflecting a 16.76% rise [8] - Continuous destocking in the lithium market is expected to support prices, with demand from the electric vehicle sector remaining robust [8][19] Rare Earth Industry Update - New export restrictions from Vietnam are expected to tighten global rare earth supply, supporting prices [20] - China continues to dominate the rare earth supply chain, with significant production capacity compared to other countries [20] Tin Industry Update - The tin market is facing uncertainties due to supply issues in the Democratic Republic of Congo and Indonesia's export controls [21] - Recent increases in tin imports from Myanmar may help alleviate some supply concerns, but overall uncertainty remains [21]

迎接繁荣的起点，1 月如何布局？20251231 西部证券策略团队对 2026 年的 A 股市场有哪些预期？ 摘要 美联储降息及潜在 QE 将推动跨境资本回流中国，修复实体部门现金流 量表和资产负债表，为中国经济带来繁荣机遇。关注有色金属、新消费 和高端制造等受益行业。 西部证券策略团队预计 2026 年 A 股市场将创新高，波动性放大，有色 金属、新消费、高端制造等顺周期板块将表现突出，紫金矿业、华峰铝 业等公司具备投资机会。 坚定看好未来两到三年铜和铝市场，供给端紧张，需求稳定即可推动价 格上涨。工业金属是首选，其中铜和铝最被看好。 紫金矿业作为全球第三大铜矿公司，受益于铜价上涨和产量增长，预计 2026 年营收可达 800 亿，市值有望达到 1.6 万亿。 华峰铝业质地优良，产能扩张谨慎，具备 20%-25%的 ROE 及 15%以 上复合增速，目前估值较低，是穿越周期、具备绝对收益潜力的投资标 的。 华友钴业主要利润来源是镍，预计三年内利润翻倍，若镍价上涨，则可 能两年内实现。镍市场供给集中，受青山公司主导，印尼政策变化将推 动镍价上涨。 国泰海通整合效应将在 2026 年全面释放，客户数量行业领先， ...

Group 1 - The sodium-ion battery concept sector declined by 0.86%, ranking among the top declines in concept sectors, with Evergrande High-tech hitting the limit down [1] - Major stocks in the sodium-ion battery sector that saw significant declines include HaiKe New Energy, ZhengTong Electronics, and XinTe Electric, while stocks like KeXiang Co., Quzhou Dongfeng, and Xiamen Tungsten New Energy experienced gains [1] - The top gainers in the concept sector included KeXiang Co. with a rise of 5.99%, Quzhou Dongfeng with 3.86%, and Xiamen Tungsten New Energy with 2.94% [1] Group 2 - The sodium-ion battery sector experienced a net outflow of 2.348 billion yuan, with 95 stocks seeing net outflows, and 8 stocks with outflows exceeding 100 million yuan [1] - The stock with the highest net outflow was Yiwei Lithium Energy, with a net outflow of 544 million yuan, followed by BYD and Huayou Cobalt with outflows of 443 million yuan and 224 million yuan respectively [1] - Stocks with the highest net inflows included Tianqi Materials, Tianji Co., and KeXiang Co., with inflows of 705 million yuan, 215 million yuan, and 80 million yuan respectively [1] Group 3 - The top decliners in the sodium-ion battery sector included Yiwei Lithium Energy at -2.87%, BYD at -2.04%, and Huayou Cobalt at 0.34% [2] - Other notable decliners included XINWANDA at -3.82%, Penghui Energy at -3.76%, and Ningde Times at -0.53% [2] - The overall trading activity in the sector showed a significant turnover rate, with stocks like Evergrande High-tech reaching a turnover rate of 18.98% [1][2]

Group 1 - The core viewpoint of the news highlights a significant increase in the rare metals sector, with the CS Rare Metals Index rising by 1.14% and individual stocks like Western Materials and Shengxin Lithium Industry seeing gains of over 5% and 4% respectively [1] - The Rare Metals ETF (562800) has shown a year-to-date increase of over 92%, indicating strong investor interest and performance in this sector [1] - A wave of production cuts and maintenance in the lithium iron phosphate industry is anticipated as companies prepare for a surge in downstream demand by 2026, with Longpan Technology announcing a planned reduction in production starting January 1, 2026 [1] Group 2 - According to a report from CITIC Securities, the profitability of the lithium iron phosphate industry is expected to reach a cyclical turning point, with current profitability at a low point and potential for recovery as supply-demand dynamics improve [1] - The report emphasizes that the trend towards high-end products and international expansion is likely to yield excess profits for leading companies in the lithium iron phosphate sector [1] - The Rare Metals ETF (562800) tracks the CSI Rare Metals Theme Index, with its top ten weighted stocks including Luoyang Molybdenum, Northern Rare Earth, and Huayou Cobalt, collectively accounting for approximately 60% of the fund [2]

Group 1 - The core viewpoint of the news highlights the performance of the non-ferrous metal industry, with the National Index for Non-Ferrous Metals (399395) rising by 0.72% and specific stocks like Guocheng Mining (000688) and Huayou Cobalt (603799) showing significant gains [1] - The COMEX gold futures increased by 0.2% to $4,352.3 per ounce, while spot gold rose by 0.17% to $4,338.83 per ounce, indicating a strong momentum in precious metals [1] - The article mentions a policy from the National Development and Reform Commission encouraging mergers and reorganizations in resource-constrained industries like alumina, which has led to a significant rise in alumina prices [1] Group 2 - The Non-Ferrous Metals ETF (159880) closely tracks the National Index for Non-Ferrous Metals, which includes 50 securities that reflect the overall performance of listed companies in the non-ferrous metal sector [2] - As of November 28, 2025, the top ten weighted stocks in the National Index for Non-Ferrous Metals account for 52.34% of the index, with companies like Zijin Mining (601899) and Luoyang Molybdenum (603993) being prominent [2]

证券研究报告·行业跟踪周报·有色金属 有色金属行业跟踪周报 市场缺乏进一步指引，贵金属动量趋势强劲 价格再创新高 增持（维持） [Table_Tag] [Table_Summary] 投资要点 ◼ 回顾本周行情（12 月 22 日-12 月 26 日），有色板块本周上涨 6.43%，在全部一级 行业中排名靠前。二级行业方面，周内申万有色金属类二级行业中工业金属板块上 涨 7.07%，能源金属板块上涨 6.66%，小金属板块上涨 6.16%，金属新材料板块上 涨 4.93%，贵金属板块上涨 4.06%。工业金属方面，本周海外受到圣诞假期影响流 动性低迷，数据层面好坏参半，市场缺乏进一步有效指引，本周市场交易更多跟随 惯性动量，受美元继续下行支撑，本周工业金属价格维持上行驱动。贵金属方面， 本周贵金属价格维持上行驱动。基于上述流动性低迷的现状，以及 LME 白银租赁 利率的持续高企，沪银同时出现了期现溢价以及内外盘溢价，投资者需警惕随着海 外流动性回归，以及 26 年 1 月 8 日至 1 月 15 日彭博 BCOM 商品指数调仓引发的 潜在回调风险。 ◼ 周观点： 铜：TC 价格落地沪铜维持惯性上涨突破 10 ...