Investment Rating - The industry rating is "Recommended" [3] Core Views - Short-term raw material supply tightness is expected to support nickel prices, with LME nickel spot price reaching $18,630 per ton, up 5.70% from January 16 [1] - The cobalt market is anticipated to see continued price increases due to structural supply tightness, with electrolytic cobalt priced at 438,000 yuan per ton, down 3.74% from January 16 [2][5] - Domestic antimony supply remains tight, providing price support, with antimony ingot prices at 160,500 yuan per ton [6] - Lithium carbonate prices are expected to continue rising, with a market average of 171,100 yuan per ton, up 8.36% from January 16 [8][19] - Supply uncertainties in the rare earth market are expected to support prices, with significant global supply concentration in China [10][20] - Tin prices are supported by overseas supply uncertainties, with LME tin prices at $54,200 per ton, up 9.66% from January 16 [11][21] - Tungsten market supply-demand imbalance is notable, with white tungsten concentrate prices at 535,500 yuan per ton, up 5.93% from January 16 [13][22] - Uranium supply tightness is expected to persist, with global uranium prices at $63.51 per pound [14][15] Summary by Sections Nickel and Cobalt Industry Update - Nickel prices are supported by supply constraints, with Indonesia's nickel mining production quota expected to be reduced to 250-260 million tons [1][16] - Cobalt supply is projected to tighten further, with Congo's export quotas confirmed to extend into 2026 [2][17] Antimony Industry Update - Antimony supply remains tight, with domestic prices expected to rise due to export restrictions and seasonal supply issues [6][18] Lithium Industry Update - Lithium carbonate prices are expected to remain strong due to demand support and supply uncertainties, particularly regarding the recovery of key lithium mines [8][19] Rare Earth Industry Update - The rare earth market is facing supply tightening due to export bans and geopolitical factors, with China maintaining a dominant position [10][20] Tin Industry Update - Tin prices are supported by uncertainties in overseas supply, particularly from Myanmar and Congo [11][21] Tungsten Industry Update - The tungsten market is experiencing a supply-demand imbalance, with prices expected to rise due to limited new supply [13][22] Uranium Industry Update - Uranium prices are supported by ongoing supply tightness and geopolitical factors affecting production [14][15]

证券日报网讯 1月23日，国城矿业发布2025年度业绩预告称，公司预计2025年度归属于上市公司股东的 净利润为100000万元–112000万元。 （文章来源：证券日报） ...

新京报贝壳财经讯1月23日，国城矿业（000688）公告，预计2025年度归母净利润为10亿元–11.2亿元。 公司完成国城实业60%股权的收购，相关数据纳入公司合并报表。国城实业2025年度预计实现净利润 11-12亿元。公司完成对赤峰宇邦矿业有限公司65%股权的出售并确认相应的投资收益，影响归属于上 市公司股东的净利润约6.58亿元。 ...

本报讯 （记者冯雨瑶） 1月23日晚间，国城矿业股份有限公司（以下简称"国城矿业"）发布2025年度业绩预告，预计归属于上市公司股东的净利 润为10.00亿元至11.20亿元，上年同期（重组后）盈利4.53亿元。 （编辑 何帆） 国城矿业表示，业绩变动原因系公司完成内蒙古国城实业有限公司60%股权的收购，根据《企业会计准则》的相关规定， 相关数据纳入公司合并报表。国城实业2025年度预计实现净利润11亿元至12亿元。公司完成对赤峰宇邦矿业有限公司65%股权 的出售并确认相应的投资收益，影响归属于上市公司股东的净利润约6.58亿元。此外，公司全资子公司内蒙古国城钛业有限公 司所处钛白粉行业产品销售价格处于低位，对公司净利润产生较大影响。 ...

每经AI快讯，1月23日，国城矿业（000688）(000688.SZ)发布2025年度业绩预告，预计归属于上市公司 股东的净利润为10.00亿元~11.20亿元，上年同期(重组后)盈利4.53亿元。业绩变动原因系公司完成国城 实业60%股权收购并将其纳入合并报表，同时出售赤峰宇邦矿业65%股权确认投资收益约6.58亿元。 ...

（记者 曾健辉） 每经头条（nbdtoutiao）——地方国资开始"抄底"法拍房！单价六七千元"扫货"广州南沙区超60套房 源，同小区二手房挂牌均价逾2万元 每经AI快讯，国城矿业1月23日晚间发布业绩预告，预计2025年归属于上市公司股东的净利润10亿元 ~11.2亿元，基本每股收益0.8438元~0.9451元。业绩变动主要原因是，公司完成国城实业60%股权的收 购，相关数据纳入公司合并报表。国城实业2025年度预计实现净利润11亿元-12亿元。公司完成对赤峰 宇邦矿业有限公司65%股权的出售并确认相应的投资收益，影响归属于上市公司股东的净利润约6.58亿 元。公司全资子公司内蒙古国城钛业有限公司所处钛白粉行业产品销售价格处于低位，对公司净利润产 生较大影响。 ...

国城矿业公告称，2025年预计归属于上市公司股东的净利润为10-11.2亿元，上年同期（重组后）盈利 4.53亿元，上年同期（重组前）亏损1.13亿元，实现扭亏为盈。业绩变动主要因完成国城实业60%股权 收购，其预计实现净利润11-12亿元；出售赤峰宇邦矿业65%股权确认投资收益约6.58亿元。不过，全资 子公司国城钛业所处行业产品售价低，影响公司净利润。扣非后预计亏损2.3-2.9亿元。 ...

证券代码：000688 证券简称：国城矿业 公告编号：2026-004 国城矿业股份有限公司 关于股东部分股份解押的公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假记载、误 导性陈述或重大遗漏。 特别提示： 公司控股股东国城集团及其一致行动人建新集团质押股份数量占其所持公 司股份数量比例已超过80%，敬请投资者注意相关风险。 国城矿业股份有限公司（以下简称"公司"）于今日接到控股股东国城控股 集团有限公司（以下简称"国城集团"）一致行动人甘肃建新实业集团有限公司 （以下简称"建新集团"）《关于股票解押情况的通知》（以下简称"《通知》"）， 获悉建新集团将所持有本公司部分股份办理了解除质押，根据《通知》内容，现 将有关情况公告如下： | 股东 名称 | 是否为控股股东 或第一大股东及 | | 本次解除质 押数量(股) | 占其所持股份 比例 | 占公司总 股本比例 | 质押起始日 | 解除质押日 | 质权人 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 其一致行动人 | | | | | | | | | 建新 | ...

国城矿业股份有限公司 2025年度业绩预告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误 导性陈述或重大遗漏。 证券代码：000688 证券简称：国城矿业 公告编号：2026-005 1、公司完成国城实业 60%股权的收购，根据《企业会计准则》的相关规定， 相关数据纳入公司合并报表。国城实业 2025 年度预计实现净利润 11-12 亿元。 一、本期业绩预计情况 1、业绩预告期间：2025年1月1日至2025年12月31日 2、业绩预告情况：预计净利润为正值且属于扭亏为盈的情形 | 项 | 目 | 本报告期 | 上年同期（重组后） | 上年同期（重组前） | | --- | --- | --- | --- | --- | | 归属于上市公司 股东的净利润 | | 盈利：100,000万元–112,000万元 | 盈利：45,279.73万元 | 亏损：11,257.93万元 | | 扣除非经常性损 益后的净利润 | | 亏损：23,000万元–29,000万元 | 亏损：9,018.41万元 | 亏损：9,018.41万元 | | 基本每股收益 | | 盈利：0.8438元/股– ...

Core Viewpoint - The AI Fund Huashang New Energy Vehicle Mixed A (013886) reported a profit of 28.387 million yuan for Q4 2025, with a weighted average profit per fund share of 0.0407 yuan. The fund's net value growth rate was 6.86%, and its total size reached 448 million yuan by the end of Q4 2025 [2][15]. Fund Performance - As of January 22, the unit net value of the fund was 0.659 yuan. The fund manager, Chen Xiaoqiong, oversees three funds, all of which have shown positive returns over the past year. The highest growth rate among these funds was 105.95% for Huashang High-end Equipment Manufacturing Stock A, while the lowest was 56.95% for Huashang New Energy Vehicle Mixed A [2][3]. Market Overview - In Q4 2025, the A-share market experienced fluctuations, with the Shanghai Composite Index oscillating between 3,800 and 4,030 points, briefly surpassing the 4,000-point mark in October. The Shanghai Composite Index, CSI 300, ChiNext Index, and STAR Market Index saw respective changes of 2.22%, -0.23%, -1.08%, and 10.1% [3]. Investment Strategy - The fund's investment strategy focuses on two main themes: growth and quality. Growth investments are centered around sectors such as lithium batteries, energy storage, solid-state batteries, and AIDC power equipment, with an emphasis on tracking industry developments and selective stock picking. The quality investments are directed towards assets with strong competitive advantages and sustainable profitability [3]. Fund Rankings - As of January 22, the fund's performance over various time frames ranked as follows among comparable funds: 20.14% growth over the last three months (40/621), 51.01% over the last six months (54/621), 56.95% over the last year (141/613), and -24.00% over the last three years (524/535) [3]. Risk Metrics - The fund's Sharpe ratio over the last three years was 0.0231, ranking 495 out of 526 comparable funds. The maximum drawdown during this period was 60.46%, with the largest single-quarter drawdown occurring in Q1 2024 at 32.7% [9][11]. Portfolio Composition - The average stock position of the fund over the last three years was 87.3%, slightly above the comparable average of 85.83%. The fund reached its highest stock position of 92.85% at the end of Q3 2025 and its lowest of 74.26% at the end of H1 2024 [14]. Top Holdings - As of the end of Q4 2025, the fund's top ten holdings included Ningde Times, Sunshine Power, Tianci Materials, Duofluor, Huasheng Lithium, Huayou Cobalt, Guocheng Mining, Xian Dao Intelligent, Penghui Energy, and Nord Shares [18].