1月19日提示《光刻胶+半导体+OLED+电子化学品+国产替代！公司实控人将变为上海市国资委》，江 化微(603078)1月20日一字板涨停； 第一财经资讯2026-01-25 22:37:04 【臻选回顾】 【今日速览】 ①商业航天+人形机器人+PCB概念+高端装备！公司部分产品已在头部商业航天公司实现小批量应用； ②机器人概念+存储芯片+算力+专精特新！公司控股子公司签订13.11亿元半导体测试设备销售合同； ③存储芯片+数据中心+阿里巴巴概念！公司已取得SK海力士、MTK的代理权以及AMD的经销商资质， 2025年净利同比预增82%-135%。 点击解锁付费内容，捕捉每天公告中的"黄金机会"！ 1月20日提示《稀有金属+航空航天+新能源+半导体+高端制造！公司子公司增储9.17万吨钨金属量等资 源》，中钨高新(000657)21日低开高走封死涨停直至收盘，22日再度拉升，早盘一度涨逾6%，最终收涨 2%； 1月21日提示《光通信+CPO+光刻机+量子科技+国产替代！公司签订1280万美元光通信领域高端光器件 销售订单》，腾景科技(688195)22日高开高走，尾盘封死涨停； 1月22日提示《商业航天+通 ...

Group 1: Copper - The LME copper price increased by 0.25% to $12,840.0 per ton, while the Shanghai copper price rose by 0.57% to ¥101,300 per ton [1] - Copper concentrate processing fees fell to -$49.79 per ton, and national copper inventory increased by 2.9% week-on-week, with a year-on-year increase of 203,000 tons [1][13] - The operating rate of copper cable enterprises increased by 2.72 percentage points to 58.71%, with a year-on-year increase of 15.87% [1][13] Group 2: Aluminum - The LME aluminum price rose by 0.29% to $3,137.5 per ton, and the Shanghai aluminum price increased by 1.53% to ¥24,300 per ton [2][14] - The operating rate of domestic aluminum processing enterprises fell by 6.3 percentage points to 51.1% due to the upcoming Spring Festival [2][14] - Electrolytic aluminum ingot inventory decreased by 6,000 tons to 743,000 tons [2][14] Group 3: Gold - COMEX gold price increased by 6.88% to $4,938.4 per ounce, with SPDR gold holdings rising by 4.86 tons to 1,079.66 tons [3][15] - Geopolitical risks have led to a strong fluctuation in the gold market [3][15] - The 10-year TIPS yield decreased by 0.07 percentage points to 1.95% [3][15] Group 4: Rare Earths - The price of praseodymium and neodymium oxide decreased by 0.25% to ¥672,700 per ton [4][36] - December exports of rare earth permanent magnets increased by 7% year-on-year, indicating a recovery in exports [4][36] - The rare earth sector is expected to see upward price momentum due to supply constraints and favorable export conditions [4][36] Group 5: Tungsten - Tungsten prices increased by 5.54% this week, supported by tight supply conditions [4][38] - The establishment of a $2.5 billion "strategic resilience reserve" in the U.S. may elevate tungsten's priority [4][38] - The price of ammonium paratungstate rose by 6.06% to ¥790,500 per ton [4][38] Group 6: Tin - Tin prices increased by 2.19% to ¥423,700 per ton, with inventory rising by 1.79% to 9,720 tons [4][38] - Supply from Indonesia and Myanmar remains below expectations, supporting an upward price trend [4][38] - The demand outlook is positive due to recovery in semiconductor and photovoltaic sectors [4][38] Group 7: Lithium - The average price of lithium carbonate rose by 0.8% to ¥159,500 per ton, while lithium hydroxide increased by 2.0% to ¥156,900 per ton [4][63] - Lithium production decreased slightly, with total output at 22,200 tons, down by 40 tons [4][63] - The market is experiencing strong demand, with signs of pre-holiday stocking [4][63] Group 8: Cobalt - Cobalt prices decreased by 3.7% to ¥437,000 per ton, while cobalt intermediate prices increased by 1.5% to $25.75 per pound [5][65] - Supply tightness is expected to persist, with domestic prices showing upward momentum [5][65] - The market structure remains tight due to limited liquidity and long transportation cycles [5][65]

Investment Rating - The investment rating for the small metals industry is "Positive" (maintained) [5] Core Views - The supply-demand tension continues, with tungsten and tin prices breaking historical highs [4] - Rare earth elements are experiencing a supply tightness, leading to increased prices, particularly for praseodymium and neodymium oxide, which rose by 7.69% to 672,500 CNY/ton [12] - Molybdenum prices are expected to stabilize due to cost support and improved supply-demand dynamics, despite a recent decline [23] - Tungsten prices are at historical highs due to supply contraction and price increases in long-term contracts [30] - Tin prices are strong due to macroeconomic factors and ongoing supply disruptions, with SHFE tin rising by 21.85% to 429,600 CNY/ton [33] - Antimony prices are fluctuating, awaiting signals for export recovery, with recent increases noted [42] Summary by Sections Rare Earths - Praseodymium and neodymium oxide prices increased by 7.69% to 672,500 CNY/ton, while dysprosium decreased by 1.39% to 1,420,000 CNY/ton [12][4] - The supply side remains tight due to policy and supply constraints, while demand from downstream magnetic material companies has shifted from just-in-time purchasing to stockpiling [4] Molybdenum - Molybdenum concentrate prices fell by 1.94% to 4,035 CNY/ton, and molybdenum iron prices decreased by 1.90% to 258,500 CNY/ton [23] - The market sentiment is supported by a stabilization in international molybdenum oxide prices and reduced mine shipments [23] Tungsten - Black tungsten concentrate prices rose by 11.43% to 536,000 CNY/ton, and ammonium paratungstate prices increased by 12.06% to 790,000 CNY/ton [30] - Supply is tightening due to reduced mining quotas and slower production rates, while domestic demand remains stable [30] Tin - SHFE tin prices increased by 21.85% to 429,600 CNY/ton, and LME tin prices rose by 21.73% to 54,200 USD/ton [33] - Supply disruptions from key mining regions and strong demand from traditional and emerging sectors are driving price increases [33] Antimony - Antimony ingot prices rose by 1.26% to 160,500 CNY/ton, and antimony concentrate prices increased by 1.42% to 142,500 CNY/ton [42] - The supply remains tight, and demand is expected to decline as the market approaches the Lunar New Year [42]

| | | 12月15日重要公告精选 | | --- | --- | --- | | 类型 | 公司 | 主要内容 | | 热点 | 康斯特 | SpaceX在2016年-2024年各年度采购的校准测试产品订单金额较小 | | | 法尔胜 | 不涉及"可控核聚变"、"超导"、"商业航天"等相关业务 | | 签约项目 | 龙旗科技 | 拟15亿元投建龙旗南昌高新区 AI+智能终端数字标杆工厂项目 | | 合同中标 | 蜀道裝备 | 中标6486万美元尼日利亚Rumuji天然气液化设施项目 | | 股权转让 | TCL科技 | 控股子公司拟60.45亿元购买深圳华星半导体10.7656%股权 | | 回购 | 一品红 | 拟1亿元-2亿元回购股份 | | 增减持 | 实丰文化 | 蔡俊权及其一致行动人蔡俊淞拟减持不超过3%股份 | | 其他 | 随升科技 | 拟向海南进升定增募资不超过4.7亿元 | | | 太力科技 | 与暨南大学签署战略合作框架协议 島 希隆汇 | 法尔胜(000890.SZ)：不涉及"可控核聚变"、"超导"、"商业航天"等相关业务 康斯特(300445.SZ)：SpaceX在2016年-20 ...

Core Insights - The report highlights a bullish outlook for the metals sector, driven by macroeconomic factors such as the Federal Reserve's interest rate cuts and a recovering global economy, particularly in China [3][44] - Key investment themes for 2026 include expanding demand for precious metals like gold and silver, improving fundamentals for aluminum and copper, strategic opportunities in rare earths, and supply-side disruptions due to overcapacity in certain sectors [3][4] Group 1: Precious Metals - The report suggests a long-term bullish view on gold, with expectations of price increases driven by anticipated interest rate cuts and geopolitical tensions, which enhance gold's appeal as a safe-haven asset [3][44] - Silver is also highlighted as a key investment opportunity due to its high price ratio to gold, indicating potential for significant price appreciation [3] - Specific companies to watch include Shandong Gold (600547.SH) and Zijin Mining (601899.SH), which are expected to benefit from increased production and operational efficiencies [4] Group 2: Industrial Metals - The report notes that aluminum and copper are set to see improved profitability due to lower production costs and increased demand, particularly in the context of infrastructure investments [3][4] - Companies such as Zhongfu Industrial (600595.SH) and Zijin Mining (601899.SH) are identified as having strong positions in the copper market, with expected profit growth [4] - The report emphasizes the importance of monitoring supply chain dynamics, particularly in copper, where inventory levels are shifting significantly [18][58] Group 3: Rare Earths and Strategic Metals - The report identifies rare earth elements as a critical area for investment, particularly in light of geopolitical tensions between the US and China, which may create opportunities for companies involved in rare earth mining and processing [3][4] - Companies like Northern Rare Earth (600111.SH) and China Rare Earth (000831.SZ) are highlighted for their potential to benefit from price increases in rare earth materials [4] Group 4: Energy Metals - The report discusses the rebound in lithium and nickel prices, driven by strong demand from the battery sector, with specific mention of companies like Tianqi Lithium (002466.SZ) and Ganfeng Lithium (002460.SZ) [4][27] - The expected growth in energy storage solutions is also noted as a significant driver for demand in these metals [4] Group 5: Overall Market Performance - The overall performance of the non-ferrous metals sector is noted to have outperformed the broader market, with a cumulative increase of 96.46% in 2025 compared to a 21.65% increase in the Shanghai Composite Index [33][35] - The report indicates that while the sector has seen significant gains, valuations are currently at historical averages, suggesting potential for further growth [35]

| 交易日期 | 证券代码 | 证券简称 | 成交价格 | 成交量 | 成交金额 买方营业部 | 卖方营业部 | | --- | --- | --- | --- | --- | --- | --- | | | | | (元) | (万股/万份) | (万元) | | | 2026-01-23 | 000657 | 中钨高新 | 38.26 | 10.00 | 382.60 中国中金财富证券 | 东方证券股份有限 | | | | | | | 有限公司长沙解放 | 公司北京安立路证 | | | | | | | 西路证券营业部 | 劳营业部 | | 2026-01-23 | 000657 | 中钨高新 | 38.26 | 10.00 | 382.60 东方证券股份有限 | 东方证券股份有限 | | | | | | | 公司北京安立路证 | 公司北京安立路证 | | | | | | | 券营业部 | 券营业部 | 1月23日，中钨高新大宗交易成交20万股，成交额765.2万元，占当日总成交额的0.15%，成交价38.26 元，较市场收盘价44.97元折价14.92%。 ...

两融数据显示，该股最新（1月22日）两融余额为22.40亿元，其中，融资余额为22.25亿元，近10日增加 3.66亿元，环比增长19.68%。 中钨高新股价再创历史新高，该股近期呈不断突破新高之势，近一个月累计有13个交易日股价刷新历史 纪录。截至13:59，该股目前上涨4.63%，股价报44.48元，成交9958.83万股，成交金额42.02亿元，换手 率6.85%，该股最新A股总市值达1013.52亿元，该股A股流通市值646.26亿元。 证券时报·数据宝统计显示，中钨高新所属的有色金属行业，目前整体涨幅为3.10%，行业内，目前股价 上涨的有127只，涨停的有锌业股份、豫光金铅等7只。股价下跌的有13只，跌幅居前的有铂科新材、图 南股份、龙磁科技等，跌幅分别为3.73%、3.12%、2.64%。 公司发布的三季报数据显示，前三季度公司共实现营业收入127.55亿元，同比增长13.39%，实现净利润 8.46亿元，同比增长18.26%，基本每股收益为0.3821元，加权平均净资产收益率9.51%。（数据宝） （文章来源：证券时报网） ...

1月23日，中钨高新涨5.06%，截至发稿，报44.66元/股，成交38.80亿元，换手率6.35%，总市值1017.62 亿元。 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 数据显示，中国施罗德基金旗下1只基金重仓中钨高新。施罗德中国动力股票A（020236）四季度持有 股数49.17万股，占基金净值比例为3.57%，位居第六大重仓股。根据测算，今日浮盈赚取约105.72万 元。 施罗德中国动力股票A（020236）成立日期2024年4月26日，最新规模2.47亿。今年以来收益13.25%， 同类排名588/5546；近一年收益66.24%，同类排名547/4261；成立以来收益79.31%。 施罗德中国动力股票A（020236 ...

金属行业 2026 年度策略系列报告之小金属&新材料篇 地锁金戈，云生万象 glmszqdatemark 重点公司盈利预测、估值与评级 | 代码 | 简称 | 股价 | | EPS（元） | | | PE（X） | | 评级 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | （元） | 2025E | 2026E | 2027E | 2025E | 2026E | 2027E | | | 600301.SH | 华锡有色 | 52.60 | 1.21 | 2.45 | 3.02 | 43 | 21 | 17 | 推荐 | | 000960.SZ | 锡业股份 | 40.97 | 1.48 | 2.82 | 2.88 | 28 | 15 | 14 | 推荐 | | 605376.SH | 博迁新材 | 73.99 | 0.87 | 2.09 | 4.08 | 85 | 35 | 18 | 推荐 | | 300811.SZ | 铂科新材 | 82.19 | 1.54 | 2.09 | 2.66 | 53 | 39 | 31 ...

Group 1 - The report emphasizes the strategic importance of key metals, highlighting that supply control and application demand in critical fields like technology and military are crucial for pricing [16][20][21] - The report identifies significant supply disruptions in tin due to slow recovery in Myanmar and regulatory changes in Indonesia, leading to a persistent tight supply situation [26][35][40] - The report notes that tungsten is a backbone of high-end manufacturing, with supply tightening driving significant price increases, supported by steady demand from sectors like photovoltaics and military applications [9][16][21] Group 2 - The report discusses the impact of AI technology on the development of electronic new materials, indicating that advancements in AI will drive demand for upgraded materials to meet higher performance requirements [9][10][12] - The report recommends investing in domestic strategic resource sectors and electronic new materials benefiting from AI technology, highlighting specific companies such as Huaxi Nonferrous, Xiyegongsi, and others [13][21] - The report outlines the tightening supply of antimony and the potential for price convergence due to the relaxation of export controls, which may benefit domestic demand [9][10][12]