证券研究报告 | 2026年03月27日 热点追踪周报 由创新高个股看市场投资热点（第 236 期） 乘势而起：市场新高趋势追踪：截至 2026 年 3 月 27 日，上证指数、深证 成指、沪深 300、中证 500、中证 1000、中证 2000、创业板指、科创 50 指数 250 日新高距离分别为 6.43%、5.13%、6.01%、10.64%、9.51%、9.52%、 2.73%、16.40%。中信一级行业指数中电力及公用事业、电力设备及新 能源、煤炭、通信、石油石化行业指数距离 250 日新高较近，食品饮料、 商贸零售、综合金融、非银行金融、房地产行业指数距离 250 日新高较 远。概念指数中，锂矿、钠离子电池、电力公用事业、储能、光伏逆变 器、电气部件与设备、锂电池等概念指数距离 250 日新高较近。 见微知著：利用创新高个股进行市场监测：截至 2026 年 3 月 27 日，共 961 只股票在过去 20 个交易日间创出 250 日新高。其中创新高个股数量最多的 是电力设备及新能源、基础化工、机械行业，创新高个股数量占比最高的是 石油石化、煤炭、电力及公用事业行业。按照板块分布来看，本周周期、科 ...

3月27日，稀有金属ETF华富（561800）开盘跌2.40%，报1.017元。稀有金属ETF华富（561800）重仓股 方面，洛阳钼业开盘跌1.54%，北方稀土跌2.06%，华友钴业跌1.60%，盐湖股份跌1.41%，赣锋锂业跌 1.30%，天齐锂业跌1.09%，中矿资源涨0.62%，厦门钨业跌2.97%，中国稀土跌1.57%，西部超导跌 2.24%。 责任编辑：小浪快报 稀有金属ETF华富（561800）业绩比较基准为中证稀有金属主题指数收益率，管理人为华富基金管理有 限公司，基金经理为李孝华，成立（2021-08-11）以来回报为4.11%，近一个月回报为-15.23%。 3月27日，稀有金属ETF华富（561800）开盘跌2.40%，报1.017元。稀有金属ETF华富（561800）重仓股 方面，洛阳钼业开盘跌1.54%，北方稀土跌2.06%，华友钴业跌1.60%，盐湖股份跌1.41%，赣锋锂业跌 1.30%，天齐锂业跌1.09%，中矿资源涨0.62%，厦门钨业跌2.97%，中国稀土跌1.57%，西部超导跌 2.24%。 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， ...

3月26日，材料ETF广发（159944）开盘跌0.46%，报1.525元。材料ETF广发（159944）重仓股方面，紫 金矿业开盘跌0.42%，洛阳钼业涨0.06%，万华化学跌0.57%，北方稀土跌0.98%，华友钴业跌0.41%，中 国铝业跌0.52%，盐湖股份跌0.44%，赣锋锂业跌0.37%，山东黄金跌0.20%，云铝股份跌0.07%。 3月26日，材料ETF广发（159944）开盘跌0.46%，报1.525元。材料ETF广发（159944）重仓股方面，紫 金矿业开盘跌0.42%，洛阳钼业涨0.06%，万华化学跌0.57%，北方稀土跌0.98%，华友钴业跌0.41%，中 国铝业跌0.52%，盐湖股份跌0.44%，赣锋锂业跌0.37%，山东黄金跌0.20%，云铝股份跌0.07%。 材料ETF广发（159944）业绩比较基准为中证全指原材料指数，管理人为广发基金管理有限公司，基金 经理为姚曦，成立（2015-06-25）以来回报为53.25%，近一个月回报为-14.05%。 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 ...

证券研究报告|行业研究周报 ►印尼 RKAB 审批进度不及预期，供应不确定性对镍矿 价格或有支撑 截止到 3 月 20 日，LME 镍现货结算价报收 16770 美元/ 吨，较 3 月 13 日下跌 3.29%，LME 镍总库存为 283512 吨， 较 3 月 13 日减少 0.40%；沪镍报收 13.33 万元/吨，较 3 月 13 日价格下跌 2.73%，沪镍库存为 63661 吨，较 3 月 13 日增加 0.02%；截止到 3 月 20 日，硫酸镍报收 3.36 万元/吨，较 3 月 13 日价格上涨 2.13%。根据 SMM，目前，ESDM 截至 3 月中 旬已批准镍矿配额约 1 亿吨的 RKAB 配额，剩余的 1.6 亿至 1.7 亿吨预计将在 3 月底前完成审批。然而，受 3 月 18 日至 24 日开斋节假期影响，审批进度或将出现滞后，导致短期内 供应紧张局面难以缓解。此外，根据金十数据 3 月 9 日消息， 在上月一处工厂废弃物区域发生致命山体滑坡后，印尼四家镍 厂已暂时停产。据知情人士透露，位于印尼苏拉威西岛莫罗瓦 利工业园(印尼大型镍生产中心)运营的四座高压酸浸(HPAL)工 厂已停产 ...

本文约稿作者 | 哥吉拉 数据支持 | 勾股 大数 据（www.gogudata.com） 经历了长达三年的漫长调整期，盐湖股份正重新回资本市场的视线中心。 自2025年12月中旬农业化工板块行情启动以来，到2025年3月中上旬，盐湖股份的股价涨幅已接近60%。 这种波动在公司股价历史中并不罕见。 2021年三季度，伴随钾肥和锂盐价格的双重爆发，公司股价单季飙升238.57%。随后供需力量转换价格暴跌，公司也陷入沉寂。 随着一季度股价涨近25%，公司市值又回到了2021年高点的同一区间。 卷土重来的盐湖股份，还是那个"暴发户"？ 01 归来仍是"暴发户"？ 根据公告，2025年公司预计实现归母净利润82.9亿至88.9亿元，同比实现了77.78%至90.65%的增长，这大大超出了机构们预测的平均值。 扣非后的净利润增长更加显著，其最高预增幅度超过100%。 实现大幅增长的直接原因，是产品价格的回暖。去年下半年，钾肥和锂盐价格都走出了低谷，四季度加速上涨。 2025Q4国内氯化钾均价回升至3250元/吨。碳酸锂均价稳定在9.05万元/吨。这种环境为公司贡献了单季约40亿元的利润。 在下游供需缺口的叙事里，量增价 ...

代码不同，命也不同。 作者 | 破浪 编辑 | 小白 今年以来大家对化工ETF的热情极高，只要名字里带"化工"二字的产品，份额都出现了不同程度的增 长。 事实上，这里面的门道多得很，差之毫厘，收益可能就谬以千里。 涨幅断层式领先背后的真相 要说近期化工类产品的"显眼包"，莫过于建信基金旗下的能源化工ETF建信（159981.SZ）。 在多数化工类ETF还在跟随权益市场震荡寻底时，这款产品却走出了断层式的领先涨幅。 （来源： 市值风云APP ） 它能领先的关键在于它跟踪的指数——易盛能化A。 但有趣的是，代码不同，命也不同。表现最好的今年收益快接近35%了，而其它均不到5%。 | 序号 | 证券代码 | 证券名称 | > | 区间净申购额估算值(区间 ... 今年以来回报 [記始交易日期]2026-01-01 交易日期 20... [截止交易日期]2026-03-19 [是否年化]非... | | | 基金规模合并值 [交易日期]202 ... 跟踪指数名称 [单位]亿元 | | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | [单位]亿元 | ...

Group 1: Precious Metals - The financial attributes of precious metals, particularly gold, are expected to continue to shine, driven by ongoing central bank purchases and a shift in global credit dynamics, with gold prices projected to rise significantly [4][13][36] - Central banks' gold purchases are anticipated to increase from 5% to 21% of global gold demand from 2020 to 2024, with a peak of 23% in 2022, indicating a strong demand for gold as a safe asset [13][19] - Gold prices are projected to exceed $6,000 per ounce by 2026, supported by central bank buying and a decline in real interest rates [33][36][46] Group 2: Industrial Metals - The demand for industrial metals, particularly aluminum and copper, is expected to remain robust, with aluminum nearing production capacity limits domestically and limited supply growth internationally [4][54] - The copper market is facing significant supply disruptions, with major mines experiencing production cuts due to various operational challenges, leading to a tight supply outlook [53][54] - The overall copper production is projected to grow modestly, with a year-on-year increase of 2.5% in 2024 and 1.2% in 2025, but supply constraints may limit growth potential [54][72] Group 3: Minor Metals - Strategic minor metals such as lithium, cobalt, and tungsten are experiencing a revaluation due to increasing demand from energy storage and electric vehicle sectors [5][48] - The lithium industry is expected to see a reversal in its cycle earlier than anticipated, driven by high demand for energy storage solutions [5] - Cobalt supply is tightening significantly, leading to a notable price increase, while nickel prices are supported by clear cost structures and increasing supply disruptions [5][48]

盐湖股份 20260313 摘要 相较于老的 4 万吨锂盐装置，新建的 4 万吨装置在工艺、成本和投资方面有哪 些具体的改进和优化？ 公司的股东结构在 2025 年发生了重大变化，由原来的青海省省属国有企业转 变为由青海省与中国五矿共同成立的中国盐湖集团控股，实际控制人为中国五 矿。这一变化为公司在管理、体制及资源赋能方面带来了新的发展。 业务布局 上，公司目前拥有两大盐湖资源：察尔汗盐湖和一里坪盐湖。察尔汗盐湖是中 国最大、全球第四大的盐湖，富含钾、镁、锂资源。钾肥方面，察尔汗盐湖产 能为 500 万吨。锂盐方面，原有 4 万吨产能，并于 2025 年 9 月新增投产了 4 万吨，使得察尔汗片区的锂盐总产能达到 8 万吨。2025 年底，公司并入了一 里坪盐湖，这是一个以锂为主的盐湖，开发已有十余年。一里坪盐湖拥有 1.8 万吨的锂盐产能，具体包括 1.5 万吨碳酸锂、2000 吨氯化锂和 1,000 吨氢氧 化锂。合并计算后，公司钾肥总产能约为 530 万吨，锂盐总产能达到 9.8 万吨。 关于 2026 年的生产经营展望，锂盐产能的释放将是主要增长点。2025 年公 司碳酸锂总产量为 7.6 万吨，其中 ...

Investment Rating - Maintain "Buy" rating for the sector [5] Core Views - The geopolitical situation in the Middle East continues to disrupt bullish sentiment, but there is sustained optimism for precious metals during the stagflation cycle [1] - Copper demand remains resilient despite short-term geopolitical disturbances, with a positive long-term outlook [2] - Aluminum prices are experiencing significant volatility due to ongoing overseas conflicts, while domestic demand is gradually transitioning towards a consumption peak [3] - Nickel prices are under pressure from geopolitical disturbances, but supply constraints provide some support [4] - Tin prices are fluctuating due to a tug-of-war between supply and demand factors, with a lack of strong driving forces [8] - The lithium market is seeing increases in both supply and demand, maintaining a trend of inventory reduction [9] - Cobalt prices are experiencing fluctuations due to weak downstream purchasing [10] Summary by Sections Precious Metals - The ongoing geopolitical crisis in the Middle East has led to sustained high oil prices, impacting investor sentiment towards precious metals. However, concerns are seen as short-term, with a bullish outlook for the medium term [1][41] Industrial Metals - **Copper**: Demand remains strong with a recovery in market transactions as production resumes. Recent expectations for downstream production have improved, indicating a healthy demand base [2] - **Aluminum**: Supply has slightly increased, but high prices are suppressing some demand. The market is transitioning towards a consumption peak, with ongoing geopolitical factors influencing prices [3] - **Nickel**: Prices have decreased due to geopolitical tensions, but supply constraints from Indonesia are providing support [4] - **Tin**: Supply is stable, but demand is weak, leading to a lack of strong price movements [8] Energy Metals - **Lithium**: Both supply and demand are increasing, with a focus on inventory reduction. The market is expected to remain active due to rising demand from the electric vehicle sector [9] - **Cobalt**: Prices are fluctuating with weak demand from downstream sectors, leading to a cautious purchasing environment [10]

Summary of China Basic Materials Monitor - March 2026 Industry Overview - The report focuses on the **China Basic Materials** industry, highlighting changes post-Chinese New Year (CNY) amid elevated commodity prices and geopolitical tensions in the Middle East [1] Key Points Demand Trends - **Mixed Demand Post-CNY**: Demand is strong for energy-related items such as power grid cables, ESS batteries, and export solar modules, but weaker than expected in construction, appliances, automotive, and traditional hardware [1] - **Demand Destruction**: Elevated metal prices have led to a **15-20% demand destruction** pre-CNY, although this has been accepted by the end market for now [1] - **Export Orders Impact**: Producers expect a **5-15% impact on export orders** from the Middle East, particularly in steel, electric vehicles (EV), and energy storage systems (ESS) [1] - **High Energy Prices**: The outlook for high energy prices has made copper traders cautious, leading to increased prices for seaborne and domestic coal [1] Supply Dynamics - **Cement Production Cuts**: Top cement producers are closing **5-15% of their capacity** due to depressed demand [1] - **Carbon Trading Impact**: The inclusion of steel in the national carbon trading platform imposes limited discipline on steel production in 2026 [1] Demand Metrics - **High-Frequency Data**: In the first week of March, Chinese demand was reported to be **50-60% lower year-on-year (YoY)** for cement and construction steel, and **2-8% lower YoY** for aluminum, copper, and flat steel [1] - **Margin and Pricing Trends**: Margins/pricing for coal, aluminum, and lithium improved, while steel and cement prices softened, with copper prices remaining stable [1] Producer Feedback - **Order Book Trends**: A proprietary survey indicated that **95% of respondents** reported a month-on-month (MoM) pickup in March for downstream sectors, and **86% for commodities** [2] Additional Insights - **Cautious Outlook**: The overall cautious sentiment in the market is reflected in the mixed demand and the adjustments in production capacities across various sectors [1][2] Conclusion - The China Basic Materials industry is currently navigating a complex landscape characterized by mixed demand, elevated prices, and strategic adjustments in production. The ongoing geopolitical tensions and energy price fluctuations are critical factors influencing market dynamics.