袁理 东吴证券分析师: 各位投资者大家晚上好，我是东吴证券原理。那今天晚上，我们节后第一天复工，给大家 讲一讲我们节前发布的这个矿业双碳系列的深度报告，关于来的这个部分。那我们这个报 告的标题，讲的是来自资源卡位和技术提取，其实已经充分地说明，就是来这种稀有金属 它这两个核心的看点，一方面是资源的瓶颈，一方面是提取技术的一个突破。那大家众所 周知，都知道我们一直推荐的这个赛恩斯，其实它的核心要点之一就来自于二股东紫金矿 业合作下，通过这个紫金矿业的铜钼矿的这个资源去提取这个伴生伴生来的。 然后比如说航，商业航天领域中间的发动机和卫星的轨控的这个设施，就基本上用到高温 合金的部分，来是一个必须的添加量。再比如说燃燃气轮机等等，就是我们是可以看到来 的应用中间，几个主要的下游，都处在一个非常快速的成长的一个阶段。所以我们有个结 论是，到 2030 年我们去估算的话，整个全球的来消费量将将会达到 191 吨，这个数据是 比前十年的这个来的消费量，截止 2019 年的 75 吨有一个翻倍以上的增长的，非常快速 的一个增长。那同时在这个全球需求中间，中国的需求增长有非常的亮点。 比如说 2020 年中国的需求可能是 8 ...

准。此次开工的明月湖项目聚焦上游6N级超高纯无氧铜与高纯钴锭，旨在解决半导体靶材核心原材料 的"卡脖子"问题，投产后将彻底消除供应链安全隐患并大幅增厚利润垫。预计随着2026Q4该基地投 产，其将具备从高纯原料到成品靶材的整线交付能力，半导体业务将从"送样验证期"转入"业绩释放 期"，成为驱动公司成长的第二曲线。 全球半导体产业链关键材料溅射靶材价格于2026年第一季度普遍上调20%-30%，涉及铝、铜及高端钽 靶、钛靶等品类。 赛恩斯布局钼加工及铼回收业务，其铼资源综合回收技术在多宝山铜业、黑龙江紫金、吉林紫金、洛阳 钼业成功实现了工业化应用，紫金矿业持股赛恩斯21.11%。据东吴证券，2025年以来高铼酸铵涨幅 139%（截至2026/1/28），同期铼涨幅96%，该机构称，赛恩斯掌握核心铼回收资源有望充分收益铼价 上涨利润弹性。 2月至今（2月1日-2月18日），科创板涨幅排名靠前的公司有哪些？ 据《科创板日报》梳理，截至发稿，禾信仪器以49.59%的涨幅居首，欧莱新材、炬光科技紧随其后， 涨幅均超40%。涨幅榜Top 10中，多家公司在细分产业链上卡住关键身位，如跟随CPO浪潮的炬光科技 和杰普特、受 ...

Investment Rating - The report maintains an "Accumulate" rating for the environmental protection industry [1]. Core Insights - The report highlights the critical role of rhenium as a strategic metal in aerospace, emphasizing its increasing demand driven by advancements in aircraft and commercial space engines, while also noting the supply constraints due to its scarcity [8][9]. - By 2030, global rhenium demand is projected to rise from 75 tons in 2019 to 191 tons, with China's demand increasing from 8 tons to 56 tons, primarily fueled by the aerospace sector [17][18]. - The report underscores the high dependency of both the US and China on imported rhenium, with the US relying on imports for 82% of its consumption [9][10]. Summary by Sections 1. Rhenium: A Strategic Metal for Aerospace - Rhenium is essential in high-temperature alloys used in aircraft engines and rocket engines, with its unique properties allowing for higher performance under extreme conditions [8]. - The global rhenium consumption in 2019 was approximately 75 tons, with the US being the largest consumer [9][10]. - The report forecasts that by 2030, rhenium demand in the aerospace sector will significantly increase due to advancements in engine technology and the growth of commercial space ventures [17][18]. 2. Supply Constraints - Global rhenium supply is limited, with only about 2,600 tons of proven reserves, primarily concentrated in Chile, the US, and Russia [34][35]. - Rhenium is mainly recovered as a byproduct of copper and molybdenum refining, which adds to the supply rigidity [35][36]. - The report notes that China's rhenium production is heavily reliant on imports, with a significant portion of its supply coming from copper and molybdenum smelting processes [34][36]. 3. Demand and Price Dynamics - If domestic rhenium supply does not improve, China could face a supply gap of 51 tons by the long term, indicating a potential price increase for rhenium [17][18]. - The report reviews historical price trends, indicating that rhenium is currently in a new price increase cycle, with ammonium perrhenate prices rising significantly [17][18]. - Profitability analysis shows that if rhenium prices rise to 120 million yuan per ton, net profits could reach 45 million yuan per ton [17][18]. 4. Company Insights: Sains - Sains is positioned as a key player in rhenium extraction, with strategic partnerships and technological advantages in rhenium recovery [17][18]. - The company has initiated a production line for ammonium perrhenate and is expected to expand its rhenium production capacity through partnerships with major mining companies [17][18].

Investment Rating - The report maintains an "Accumulate" rating for the environmental protection industry [1] Core Insights - The mining industry is entering a new investment cycle driven by rising metal prices and increasing capital expenditures (CAPEX), with a projected 50% growth in global mining CAPEX by 2030 [6][12] - The report highlights two main themes: 1) Green energy and equipment consumables, and 2) Resources and recycling [6] Summary by Sections Main Line 1: Green Energy and Equipment Consumables - **Longjing Environmental Protection**: Driven by rising metal prices, mining CAPEX is expected to increase, leading to a surge in demand for green electricity and new energy equipment in mining [6][14] - **Sains**: With Zijin Mining's support, there is significant potential in mining pollution prevention and chemical agents, as the company expands its offerings in customized solutions for heavy metal pollution [21][24] - **Jingjin Equipment**: As a leader in solid-liquid separation equipment, the company has a market share of over 40%. The report indicates a recovery in demand and highlights the company's high dividend yield as a safety margin [33][34] - **Yutong Heavy Industry**: The company is experiencing a doubling in sales of new energy mining vehicles, benefiting from the electrification trend. The mining equipment segment saw revenue of 641 million yuan in the first half of 2025, a year-on-year increase of 111% [6][14] Main Line 2: Resources and Recycling - **High Energy Environment**: The company is seeing significant growth in metal resource recycling, with a strategic move into mining. The performance of recycling projects is expected to improve with rising metal prices [6][19] - **Sains**: The price of rhenium, a strategic aerospace metal, continues to rise, and the company is positioned to benefit from this trend through its collaboration with Zijin Mining [6][23] - **Weiming Environmental Protection**: The tightening supply of nickel is driving price increases, and the company is focusing on overseas solid waste management opportunities, particularly in Indonesia [6][19]

赛恩斯涨11.83%，报92.0元/股，股价再创新高，总市值突破87.70亿元，成交额达2.47亿元。（AI生 成） ...

Group 1 - The core viewpoint of the news is that Sains (sh688480) reached its daily limit with a price of 98.72 yuan, marking a 20% increase and a total market capitalization of 9.411 billion yuan [1] Group 2 - The reasons for Sains' stock surge include its strategic focus on "mining and metallurgy + new materials," particularly in the processing and recycling of rare rhenium resources, which enhances its long-term competitiveness [2] - The collaboration with Zijin Mining has deepened, with related transaction scale expanding to 550 million yuan, indicating business synergy and boosting market confidence in Sains' growth [2] - The company plans to issue 565 million yuan in convertible bonds to support capacity expansion projects, providing financial backing for further business development [2] - The environmental protection industry has gained attention due to recent policies, benefiting companies involved in heavy metal pollution prevention, which aligns with Sains' operations [2] - Technical indicators such as MACD forming a golden cross and BOLL channel breakthroughs may have attracted technical investors, contributing to the stock's limit-up [2] - There was a potential inflow of institutional funds into Sains on the day of the surge, further driving the stock price increase [2]

证券日报网2月10日讯 ，赛恩斯在接受调研者提问时表示，由于金属铼储量稀少、独立矿床极少的特 性，使得铼市场区别于铜、铝等大宗商品市场，是一个供需高度集中且呈现供给刚性的战略性小市场， 公司在铼资源回收上的优势表现在如下三个方面：一是深厚的技术积累和强大的研发创新能力，公司在 2015年就已于研发污酸资源化技术过程中获得有关铼综合回收的专利技术，同时公司保持与中南大学、 中国矿业大学等专业院所进行产学研合作，积极攻关铼酸铵至金属铼的高价值化加工技术，力争在未来 实现更高附加值的产品布局；二是长期良好的合作关系，矿业企业作为公司的重要客户，也是铼产业链 的上游企业，多年合作积累有利于公司稳定原料供应；三是优质的项目管理经验，公司铼资源综合回收 技术在多地成功实现了工业化应用，与吉林紫金、黑龙江紫金等企业合作的铼回收项目已经实现铼资源 的连续稳定生产。公司现有的工业化生产管理经验和技术积累，为公司进行铼资源回收奠定了坚实的基 础。 （文章来源：证券日报） ...

（文章来源：证券日报） 证券日报网2月10日讯 ，赛恩斯在接受调研者提问时表示，在铼深加工的实际生产过程中，铼和铼酸铵 的价差受到产品纯度、市场供需、生产成本、原材料来源等多种因素的共同影响。公司长期与矿业公司 保持良好合作关系，未来就铼资源回收方向也期待与更多的企业进行交流合作。 ...

（文章来源：证券日报） 证券日报网2月10日讯 ，赛恩斯在接受调研者提问时表示，在铜、钼矿的加工中，主要的采、选、冶成 本由主产品铜和钼承担。铼作为价值较高的伴生元素，仅需从既有流程（如烟尘或溶液）中进行分离提 纯，其回收的边际成本较低。因此，矿石的铼品位越高，综合回收的经济效益就越好，越有助于降低单 位生产成本。 ...

（文章来源：证券日报） 证券日报网2月10日讯，赛恩斯在接受调研者提问时表示，目前，公司铼资源综合回收技术在多宝山、 黑龙江紫金、吉林紫金、洛阳钼业成功实现了工业化应用，与吉林紫金、黑龙江紫金等企业合作的铼回 收项目已实现连续稳定生产。 ...