1. Report Summary - Report focuses on the institutional research of Shengda Resources in the non - ferrous metals industry on January 26, 2026 [1][2][16] 2. Core Information 2.1 Research Basic Situation - Research object: Shengda Resources [16] - Industry: Non - ferrous metals [16] - Reception time: 2026 - 01 - 26 [16] - Company reception staff: Board Secretary Wang Wei, Securities Affairs Representative Sun Mengying, Investor Relations Manager Cong Peng [16] 2.2 Detailed Research Institutions | Reception Object | Reception Object Type | Institution - related Personnel | | --- | --- | --- | | GF Securities | Securities company | Chen Kaili | | CITIC Securities | Securities company | Gao Mingyang | | Sino - British Life Insurance | Life insurance company | Li Yuanfeng | | Northeast Securities Proprietary | Securities company | Wang Jiahui | | Fuyan Capital | Others | Liu Xianglong, Zhuang Qiyuan | [17] 2.3 Main Content 2.3.1 Company Introduction - Investor Relations Manager Cong Peng introduced the company's basic situation [21] 2.3.2 Q&A - **Copper production of Yichun Jinshi Mining's 460 Highland copper - molybdenum mine**: Currently handling the exploration - to - mining rights transfer. Specific production will be based on post - commissioning data [21] - **Impact of cold weather on Yichun Jinshi Mining**: Located in a cold climate area, expected to have short - term shutdowns due to Spring Festival and extreme climate. Annual effective working days are expected to be over 330 [21] - **Company's future capital expenditure**: For the development and construction of Deyun Mining's Bayan Baolege silver - polymetallic ore project, Yichun Jinshi Mining's 460 Highland copper - molybdenum mine project, and Guangxi Jinshi Mining's Miaohuang copper - lead - zinc - silver ore project; fine - production and management of existing mines, exploration for reserve increase; mergers and acquisitions of high - quality primary metal mineral resources projects [21] - **Completion time and silver production of Dongsheng Mining**: Striving to complete construction in 2026. The production scale of the Bayanwula silver - polymetallic ore is 250,000 tons/year, with an average silver grade of 284.90 g/t. Specific production will be based on post - commissioning data [23] - **Cost of Honglin Mining**: In the trial - production stage, costs are affected by multiple factors. Although safety investment is high, the ore is easy to process, so costs can be well - controlled [23] - **Commissioning time of two newly acquired mines**: Yichun Jinshi Mining focuses on the exploration - to - mining rights transfer of the 460 Highland copper - molybdenum mine in 2026, aiming for construction to start in 2027. Guangxi Jinshi Mining is in the NDRC approval stage for the Miaohuang copper - lead - zinc - silver ore mine construction [23][24] - **Production of Guangxi Jinshi Mining**: The Miaohuang copper - lead - zinc - silver ore has a production scale of 660,000 tons/year, with an average copper grade of 1.68% in sulfide copper industrial ore, an average lead grade of 2.66%, an average zinc grade of 2.40%, and an average silver grade of 83.75 g/t in sulfide lead - zinc - silver industrial ore. Specific production will be based on post - commissioning data [24][25]

白银还能涨多久？ 白银供需缺口，主要源于三大产业需求的持续攀升： 第一是光伏产业（太阳能电池板）；在太阳能电池板的制造中，银奖是关键材料（白银的电导率、热效率和光反射率都很高），用于印制导电线路，将光能 转化为电能，平均每块太阳能电池板含银约20克。2024年，光伏行业的白银需求量约6147万吨；2025年，世界白银协会官方预测达到6086 吨。BMO Capital Markets 乐观预测：7560吨（基于光伏装机超预期增长）。有研究预计，到2030年，太阳能电池板生产将消耗2.73亿盎司（约8491.26吨）白银。 第二是新能源汽车。由于白银的导电性和耐腐蚀性，电动汽车的电机、电池连接器和充电桩等，都需要使用白银。每辆电动车使用25—50克银，用银量是燃 油汽车的1.5—2倍。2024年，汽车行业对白银的需求是2234吨，2025年，为2566吨（世界白银协会预测），同比增14.9%。有研究报告称，随着传统汽车和 卡车向电动汽车的转变加速，汽车行业对白银的需求将在5年内升至8800万盎司（约2737万吨）。 要清楚这个问题，首先要明白，白银为何会暴涨。 过去，人们习惯把"金银"放在一起，统称为贵金属，都 ...

证券日报网讯 1月26日，盛达资源在互动平台回答投资者提问时表示，根据中国证券登记结算有限责任 公司提供的数据，截至2026年1月20日，盛达资源股东人数为51242户。 （文章来源：证券日报） ...

南财智讯1月26日电，盛达资源在投资者关系活动中表示，东晟矿业正加快推进矿山建设，力争2026年 完成建设并投产；该矿已取得巴彦乌拉银多金属矿《采矿许可证》，核定生产规模25万吨/年，银金属 平均品位284.90克/吨，投产后将委托子公司银都矿业代加工。 ...

证券代码：000603 证券简称：盛达资源 盛达金属资源股份有限公司投资者关系活动记录表 东晟矿业目前正在进行矿山建设工作，力争 2026 年完成建设， 争取做到早投资、早收益。东晟矿业不需要建设选矿厂和尾矿库， 矿区建成后将通过与公司子公司银都矿业签订委托加工协议，拟由 银都矿业代加工后进行销售。东晟矿业已取得的巴彦乌拉银多金属 矿《采矿许可证》生产规模为 25 万吨/年，银金属平均品位 284.90 克/吨，具体产量以投产后数据为准。 问：鸿林矿业成本预计？ 鸿林矿业目前还在试生产阶段，暂时无法准确测算生产成本。 鸿林矿业的生产成本受多重因素影响，矿山安全生产是第一要务， 木里县政府对防火安全、雨季安全、生产安全的要求也很高，矿山 每年对安全生产的投入较高，但鸿林矿业菜园子铜金矿的矿石属于 易选矿石，没有冶炼环节，选矿工艺简单，砷含量很少，因此成本 可得到较好控制。 问：公司近期新收购的两个矿山项目的投产节点预期？ 伊春金石矿业的核心资产为 460 高地岩金矿探矿权，该探矿权 矿区内Ⅰ号铜钼矿带的Ⅰ-1号主矿体和18条从属矿体的资源量估算 | | 结果已通过评审备案。Ⅰ号铜钼矿带的探矿权拟转为采矿权，Ⅱ、 ...

Industry Investment Rating - The industry investment rating is maintained at "Outperform the Market" [1] Core Views - The report highlights that geopolitical events are accelerating the de-dollarization process, leading to a broad increase in commodity prices [4] - Precious metals are recommended for strong holding due to rising demand driven by political events and net selling pressure on U.S. Treasury bonds, with gold and silver prices increasing by 8.30% and 14.80% respectively [4] - Copper prices have risen by 1.09% due to a temporary easing of European risks, but there are signs of weak demand from downstream sectors [5] - Aluminum prices are expected to rise as supply continues to grow while demand shows signs of stabilization [5] - Tin prices have rebounded significantly due to macroeconomic factors and uncertainties in supply from conflict regions [6] - Lithium prices are on the rise due to low inventory levels and strong demand expectations, indicating a potential upward trend [6] Summary by Sections Industry Overview - The closing index for the industry is at 9972.0, with a weekly high of 9972.0 and a low of 4295.55 [1] Price Movements - Basic metals saw price changes: copper up 1.09%, aluminum up 0.25%, zinc up 1.08%, lead down 1.43%, and tin up 13.57% [19] - Precious metals experienced significant increases: gold up 8.30% and silver up 14.80% [19] - Lithium carbonate prices surged by 13.25% due to supply constraints [19] Inventory Levels - Global visible inventory changes: copper increased by 38,104 tons, aluminum by 21,952 tons, zinc by 2,662 tons, lead by 12,077 tons, tin by 16 tons, and nickel decreased by 1,711 tons [33][35]

【导读】压单又来了！ 中国基金报记者泰勒 大家好，今天在一系列"降温"措施之下，市场震荡下跌，一起看看发生了什么事情。 | ■伦敦银(现货白银) | | | | +4.33% | | | --- | --- | --- | --- | --- | --- | | XAG | | | | | 107.68 | | ■ 伦敦金(现货黄金) | | | | +2.05% | | | XAU | | | | | 5088.25 | | 1445 | 白树 | | · | 工程11 | | | 300139 | 晓程科技 | R | 20.01 | 52.90 | | | 002155 | 湖南黄金 | R | 10.01 | 25.27 | | | 000506 | 招金黄金 | | 10.01 | 21.43 | | | 600489 | 中金黄金 | R | 10.00 | 33.00 | | | 002237 | 恒邦股份 | R | 10.00 | 18.92 | | | 000603 | 盛达资源 | R | 10.00 | 56.65 | | | 601069 | 西部黄金 | R | 9.99 | 37 ...

人民财讯1月26日电，沪指全天震荡整理，深证成指、创业板指高开低走。截至收盘，沪指跌0.09%， 深证成指跌0.85%，创业板指跌0.91%。盘面上，黄金概念持续走强，湖南黄金、盛达资源、四川黄 金、中国黄金等十余股涨停；石油、煤炭、燃气等资源板块活跃，和顺石油、洲际油气涨停；病毒防治 概念冲高，迈克生物、凯普生物、之江生物、华兰疫苗等涨停。此外，采掘、小金属、有色金属、保 险、化肥、证券、钛白粉概念等板块涨幅居前；电机、汽车零部件、半导体、通信设备、卫星互联网、 机器人执行器、商业航天概念等板块跌幅居前。全市场超1600只个股上涨，今日成交3.28万亿元。 人民财讯1月26日电，沪指全天震荡整理，深证成指、创业板指高开低走。截至收盘，沪指跌0.09%， 深证成指跌0.85%，创业板指跌0.91%。盘面上，黄金概念持续走强，湖南黄金、盛达资源、四川黄 金、中国黄金等十余股涨停；石油、煤炭、燃气等资源板块活跃，和顺石油、洲际油气涨停；病毒防治 概念冲高，迈克生物、凯普生物、之江生物、华兰疫苗等涨停。此外，采掘、小金属、有色金属、保 险、化肥、证券、钛白粉概念等板块涨幅居前；电机、汽车零部件、半导体、通信设备、卫 ...

2026年1月26日早盘，A股三大指数盘中震荡，涨跌互现。有色板块高开高走，持续领涨市场，受国际 金价突破新高提振，贵金属概念全线大涨，中金黄金、四川黄金、中国黄金、湖南黄金白银有色等10余 股涨停。同时，盛达资源、铜陵有色、国城矿业、豫光金铅盘中创新高。 2026年以来，有色金属板块无疑是资本市场中最耀眼的"明星"。数据显示，该板块不仅在涨幅上碾压群 雄，更在资金层面展现出极强的吸引魔力，正成为公募基金与各路投资者的共同压舱石。 从"涨势如虹"到"业绩兑现"，有色板块尽显龙头本色。 资金与机构"重兵集结"，千亿规模见证市场狂热。 在赚钱效应的驱动下，市场资金正以前所未有的力度涌入有色赛道。ETF作为资金风向标，其规模变化 尤为惊人。据统计，截至1月22日，全市场有色金属主题ETF（剔除黄金）净流入额已超360亿元，总规 模成功突破千亿元大关，达1004.95亿元；全市场10只相关ETF年内合计净流入亦达242.93亿元。 近期，全球地缘政治风险急剧升温。市场避险情绪迅速升温，美元资产遭抛售，美债收益率跳升，美元 信用面临挑战，直接推动：黄金突破5000美元/盎司，刷新历史新高；白银飙升突破100美元/盎司， ...

【导读】上午A股三大指数高开低走，贵金属概念逆市大涨，商业航天、白酒等板块下挫 新的一周A股交易日开启，早盘市场走势一波三折。 三大股指高开后走出"W"形震荡行情，截至午间收盘，沪指报4141.01点，微涨0.12%；深证成指走弱，跌0.74%；创业板指同步下探，跌0.86%。 个股跌多涨少，全市场共有3756只个股下跌，1606只个股上涨，50只个股涨停。成交额方面，沪深两市半日成交额达2.24万亿元，较上个交易日放量3478 亿元。 盘面上，贵金属、石油天然气、大金融等板块涨幅居前；航天航空、计算机设备、电子化学品等板块跌幅居前。 贵金属板块大幅高开高走 上午，贵金属概念板块大幅高开，相关个股纷纷涨停。 个股方面，湖南黄金（002155）一字涨停，金徽股份（603132）、招金黄金（000506）、盛达资源（000603）、恒邦股份（002237）、四川黄金 （001337）均实现10cm涨停，晓程科技（300139）涨超16%，湖南白银（002716）、中金黄金（600489）、西部黄金（601069）、华锡有色（600301） 等纷纷上涨。 | 湖南貢金 | | | | | --- | --- | - ...