Investment Rating - The report provides a "Buy" rating for several companies in the non-ferrous metals sector, including Shandong Gold, Zijin Mining, and China Hongqiao [9]. Core Views - The macroeconomic sentiment has cooled, leading to a general decline in metal prices, particularly in precious metals where silver and gold experienced significant drops [1]. - The report highlights the ongoing supply constraints in the copper market, with major mining companies reducing their production forecasts due to capacity limitations [2]. - The aluminum market is expected to experience short-term fluctuations due to geopolitical tensions and macroeconomic policies, with demand anticipated to recover as the peak season approaches [3]. - Nickel prices have shown volatility, influenced by macroeconomic sentiment and supply-side cost pressures, with expectations of limited downside due to rising production costs [4]. - Tin prices are supported by macroeconomic factors and supply chain bottlenecks, although demand remains weak ahead of the Chinese New Year [5]. - Lithium prices have retreated from highs due to regulatory impacts and market liquidity tightening, but there is expected support from supply-side maintenance and pre-holiday stocking [6]. Summary by Sections Precious Metals - Significant declines in silver and gold prices were noted, with silver dropping 36% and gold falling over 12% in a single day [1]. - Companies to watch include Xinyi Silver, Shengda Resources, and Zijin Mining [1]. Industrial Metals - Copper inventories increased globally, with a notable rise in U.S. stocks, while Chinese inventories decreased [2]. - The report suggests monitoring companies like Zijin Mining and Luoyang Molybdenum [2]. - Aluminum production is stable, but demand is fluctuating due to seasonal factors and geopolitical issues [3]. - Nickel prices fell by 5.4% due to macroeconomic sentiment, with supply-side cost pressures expected to limit further declines [4]. Energy Metals - Lithium prices have decreased, with battery-grade lithium carbonate dropping 5.6% to 160,000 CNY/ton [5]. - The report indicates that companies like Ganfeng Lithium and Tianqi Lithium should be monitored [5]. Cobalt - Cobalt prices have stabilized, with a slight increase in electrolytic cobalt prices [8]. - Companies to focus on include Huayou Cobalt and Liyuan Resources [8]. Company Announcements - Zijin Mining announced a significant acquisition of a gold mining company, which could enhance its resource base [36]. - Huayou Cobalt signed a cooperation agreement for an integrated battery supply chain project in Indonesia [36]. - Tianqi Lithium reported progress on its lithium production expansion project [36].

Investment Rating - The report indicates a positive outlook for the small metals sector, with expectations of price increases and performance improvements in the coming months [58]. Core Insights - The small metals index rose by 7.49% during the reporting period, outperforming the Shanghai Composite Index by 8.03% [12]. - The report highlights significant price movements in various metals, with rare earth elements showing strong price increases, particularly praseodymium and neodymium oxide, which rose by 11.03% to 748,700 CNY/ton [2][13]. - The report emphasizes the ongoing supply-side reforms and the increasing demand for rare earths, particularly in the context of global inventory replenishment needs [15][17]. Summary by Sections Stock Market and Commodity Price Performance - The small metals index closed at 38,048.84 points, reflecting a 7.49% increase, which is 2.11 percentage points lower than the non-ferrous metals index [12]. - Key commodity prices showed varied trends, with praseodymium oxide increasing by 11.03%, dysprosium oxide decreasing by 10.74%, and tungsten concentrate rising by 19.24% [13]. Main Product Fundamentals and Views Rare Earths - The price of praseodymium and neodymium oxide reached 748,700 CNY/ton, driven by supply-side reforms and increased processing fees [2][15]. - The report suggests that the rare earth sector will continue to see valuation and performance improvements, with 2026 being a critical year for resolving competitive issues within the industry [17]. Tin - Tin ingot prices increased by 2.17% to 423,600 CNY/ton, with expectations of continued upward trends due to supply constraints from Indonesia and Myanmar [3][24]. - The demand for tin is anticipated to benefit from the recovery in semiconductors and automotive electronics [24]. Tungsten - Tungsten concentrate prices rose by 19.24% to 600,700 CNY/ton, supported by increased strategic reserves in the U.S. and domestic demand [3][33]. - The report highlights the potential for sustained price increases due to military and civilian demand [33]. Antimony - Antimony ingot prices increased by 1.26% to 164,100 CNY/ton, with expectations of price recovery driven by export improvements [4][40]. - The report notes a significant drop in antimony exports, indicating potential for future price increases as demand stabilizes [40]. Molybdenum - Molybdenum concentrate prices remained stable at 4,010 CNY/ton, with molybdenum iron prices rising by 0.79% to 256,000 CNY/ton [5][43]. - The report suggests that low inventory levels and increased defense spending may support future price increases [43].

Investment Rating - The report maintains a positive investment rating for the non-ferrous metals and new materials industry, indicating a high cost-performance investment stage with potential for sustained growth [1][5]. Core Insights - The non-ferrous metals sector has shown a significant increase, with the Shenwan Non-Ferrous Metals Index rising by 94.73% in 2025, outperforming the CSI 300 Index by 77.07 percentage points [1][13]. - Geopolitical tensions, particularly between major powers like the US and China, are expected to continue impacting the stability of the metal supply chain, leading to increased raw material costs and upward price pressures on strategic metals [2][30]. - The demand outlook for non-ferrous metals remains strong, driven by emerging industries such as electric vehicles, renewable energy, and artificial intelligence, which require high-performance materials [4][34]. Summary by Sections Industry Overview - The non-ferrous metals industry is experiencing a transformation due to supply constraints and changing demand dynamics, with certain metals reaching new price highs [1][2]. - The industry is positioned for growth, supported by favorable policies and a robust demand from new technologies [24][25]. Investment Opportunities - Investment opportunities are particularly favorable in precious metals, copper, and strategic metals, with recommendations to focus on leading companies in high-growth sectors [3][5]. - Key companies to watch include Zijin Mining, Luoyang Molybdenum, Jiangxi Copper, and Northern Rare Earth [5]. Emerging Trends - The rapid expansion of new industries is creating a strategic demand for upstream materials, which are now subject to stricter performance and purity standards [4][34]. - The shift towards electric vehicles and renewable energy is expected to sustain high demand for metals like lithium, copper, and rare earth elements [36][42]. Market Dynamics - The report highlights the tightening supply of strategic metals due to increased global regulatory controls, which is expected to lead to a supply-demand imbalance [31][32]. - The copper market is particularly noted for its supply constraints and increasing demand, with a significant reliance on imports to meet domestic needs [46][47]. Future Outlook - The profitability outlook for the non-ferrous metals sector is expected to improve, with potential for continued price increases in copper, aluminum, and gold, driven by strong industrial demand and macroeconomic conditions [15][30].

Market Overview - The small metals sector experienced a decline of 6.82% on January 30, with Haotong Technology leading the drop [1] - The Shanghai Composite Index closed at 4117.95, down 0.96%, while the Shenzhen Component Index closed at 14205.89, down 0.66% [1] Individual Stock Performance - Notable performers included: - Xibu Materials (002149) closed at 49.23, up 2.01% with a trading volume of 859,400 shares and a transaction value of 4.216 billion [1] - Haotong Technology (301026) closed at 33.65, down 11.21% with a trading volume of 213,300 shares and a transaction value of 714 million [2] - Other significant declines included: - Guoyan Platinum (600459) down 10.01% to 23.55 [2] - Jin Aluminum (601958) down 10.00% to 20.52 [2] Capital Flow Analysis - The small metals sector saw a net outflow of 5.927 billion from institutional investors, while retail investors contributed a net inflow of 4.688 billion [2] - The capital flow for individual stocks showed: - Xibu Materials had a net inflow of 18.4 million from institutional investors [3] - Haotong Technology experienced a net outflow of 64.2749 million from institutional investors [3]

Core Insights - The report indicates that the non-ferrous metals and new materials industry is currently in a high cost-performance investment phase, with expectations for continued growth [1] - As of December 31, 2025, the Shenwan Non-Ferrous Metals Index has seen a cumulative increase of 94.73% for the year, ranking first among 31 Shenwan primary industries, significantly outperforming the CSI 300 Index by 77.07 percentage points [1][13] - The industry is influenced by international dynamics and changes in supply patterns, with some metal prices reaching new highs [1] Supply and Demand Dynamics - The ongoing strategic competition between major powers like the US and China has made upstream metal resources a critical area of contention, leading to significant impacts on the stability of the metal supply chain [2] - Supply disruptions are expected to increase raw material costs, while tighter controls on strategic metals by various countries will further exacerbate price pressures [2] - The demand outlook for non-ferrous metals is clear, supported by long-term fundamentals [2] Investment Opportunities - The report highlights investment opportunities in precious metals, copper, and strategic metals, noting that gold has evolved into a strategic asset for managing systemic risks, with central banks likely to increase gold reserves [3] - The mining of copper is becoming increasingly challenging, with supply constraints supporting a long-term upward price trend [3] - The geopolitical competition is expected to lead to enhanced resource controls, creating structural investment opportunities in related sectors [3] Emerging Industries and Material Demand - Rapidly expanding sectors such as artificial intelligence, electric vehicles, renewable energy, and high-end semiconductors are driving unprecedented demand for upstream materials, which are now classified as "key strategic materials" or "high-tech value-added new materials" [4] - The performance, purity, form, and functionality of materials are subject to increasingly stringent standards, indicating a fundamental shift in investment logic [4] Recommendations - The report recommends focusing on sectors such as copper, gold, and strategic metals, particularly in 2026, with an emphasis on leading companies that operate in high-growth areas with strong technological monopolies [5] - Specific companies to watch include Zijin Mining, Luoyang Molybdenum, Jiangxi Copper, Tongling Nonferrous Metals, China Rare Earth, Northern Rare Earth, Shenghe Resources, Xiamen Tungsten, Zhongtung High-tech, and Zhangyuan Tungsten [5]

钨是数控刀具核心原材料，2025年以来，钨精矿价格持续走高，对刀具公司的影响有明显分化，头部企 业凭借调价、库存等优势实现业绩增长，而中小公司则面临成本压力甚至减产停工。头部企业资金实力 更雄厚，提前储备了原材料库存，钨价上涨带来的顺价存在时滞性，这些低价库存让企业在成本端形成 明显优势，其利润空间会随着产品提价进一步扩大。 智通财经APP获悉，招商证券发布研报称，2025年以来，钨精矿价格持续走高，中小公司则面临成本压 力甚至减产停工，日韩企业普遍缺乏钨资源供应保障，而国产头部企业凭借调价、库存等优势实现业绩 增长，后续需求或将集中转向仍有强大接单和供货能力的国内头部企业。刀具行业过去格局分散，价格 竞争激烈，在钨价影响下，正迎来格局重塑的历史性机遇，重点推荐关注。 招商证券主要观点如下： 刀具是机加工耗材，随着制造业发展，需求端平稳增长 QY Research数据显示，2024年全球切削刀具市场销售额达到了286.5亿美元，预计2027年市场规模将为 338.5亿美元。根据观研天下整理的数据，我国刀具行业市场规模从2019年的393亿元增长至2023年的 538亿元。 钨价持续上涨，提前备库+顺价形成利润 ...

Group 1 - The non-ferrous metal sector experienced a significant decline, with notable drops in stock prices for several companies [1] - Zhongtung High-tech fell over 8%, while Xiamen Tungsten dropped more than 7% [1] - Other companies such as Xiyang Co. and Xingye Silver Tin also saw their stock prices decline [1]

1月29日，中钨高新跌5.01%，截至发稿，报49.66元/股，成交28.75亿元，换手率3.85%，总市值1131.55 亿元。 广发科创主题灵活配置混合(LOF)（501078）基金经理为贾乃鑫。 截至发稿，贾乃鑫累计任职时间1年97天，现任基金资产总规模5.76亿元，任职期间最佳基金回报 32.62%， 任职期间最差基金回报32.62%。 声明：市场有风险，投资需谨慎。 本文基于第三方数据库自动发布，不代表新浪财经观点，任何在本 文出现的信息均只作为参考，不构成个人投资建议。如有出入请以实际公告为准。如有疑问，请联系 biz@staff.sina.com.cn。 责任编辑：小浪快报 资料显示，中钨高新材料股份有限公司位于湖南省株洲市荷塘区钻石路288号钻石大厦10-12楼，成立日 期1993年3月18日，上市日期1996年12月5日，公司主营业务涉及硬质合金和钨、钼、钽、铌等稀有金属 及其深加工产品的研制、开发、生产、销售及贸易业务。主营业务收入构成为：精矿及粉末产品 34.74%，其他硬质合金23.13%，切削刀具及工具21.68%，难熔金属16.23%，贸易及装备等4.22%。 从基金十大重仓股角度 ...

（编辑 丛可心） 证券日报网讯 1月28日，中钨高新在互动平台回答投资者提问时表示，目前公司海外业务收入整体占比 约为20%-30%。公司严格遵守相关法律法规和政策要求，确保相关产品出口符合国家规定。公司2025年 度具体出口情况请后续参考公司在官方渠道披露的定期报告。 ...

进一步统计，近3个月内该股累计发生7笔大宗交易，合计成交金额为4088.99万元。该股近5个交易日累 计上涨25.43%，主力资金合计净流出5.72亿元。 责任编辑：小浪快报 1月28日，中钨高新收涨3.55%，收盘价为52.28元，发生1笔大宗交易，合计成交量19万股，成交金额 863.55万元。 第1笔成交价格为45.45元，成交19.00万股，成交金额863.55万元，溢价率为-13.06%，买方营业部为中 国中金财富证券有限公司长沙解放西路证券营业部，卖方营业部为东方证券股份有限公司北京安立路证 券营业部。 ...