Important Matters - Pritchard has achieved a significant breakthrough in LCP film technology, being the only company in China to do so, and is collaborating with overseas clients for applications in brain-computer interfaces [1] - Zhongtian Rocket's small guided rocket products primarily serve military trade, with product gross margins fluctuating between 35% and 40% [1] - CIMC's subsidiary is providing liquid oxygen storage tanks and other equipment in the commercial aerospace sector, with expected revenue and orders exceeding 100 million yuan by 2025 [1] - Gaode Infrared is supplying infrared detector cores for commercial aerospace and satellite applications [1] - Zhongfu Shenying's M55J-grade carbon fiber is undergoing application verification in satellite structural components [1] Investment and Operations - Dazhong Mining plans to invest 3.688 billion yuan in a 20 million tons per year lithium mining and selection project [1] - Zhongkuang Resources has commenced trial production for a high-purity lithium salt project with an annual output of 30,000 tons [1] - Cuiwei Co., Ltd. has indirectly invested 150 million yuan in Super Fusion through its subsidiary fund [1] - Huagong Technology has launched a self-developed silicon photonic chip for 1.6T optical modules [1] - Gaomei Co., Ltd. has formed small batch orders for composite tungsten wire tendon ropes [1] - Xinlitai's innovative drug SAL0145 injection has had its clinical trial application accepted [1] - Hengrui Medicine's innovative drug Rilaforpu α injection has been approved for market launch, with no similar products approved domestically or internationally [1] - Yifan Pharmaceutical's wholly-owned subsidiary has received a registration acceptance notice for Yihuang Decoction granules, with no similar products from the same prescription available domestically [1] Partnerships and Collaborations - Taisheng Wind Power has formed strategic partnerships with multiple arrow manufacturers [2] - Guangqi Technology's subsidiary has signed batch production contracts totaling 264 million yuan for metamaterials with four clients [2] - Lingyi Intelligent Manufacturing has reached a strategic cooperation agreement with Qiangnao Technology [2] Performance - Zhongke Lanyun expects a net profit increase of 367%-377% year-on-year in 2025, driven by significant fair value changes from investments in Moer Thread and Muxi Co., Ltd. [2] - Kangchen Pharmaceutical anticipates a net profit increase of 243%-315% year-on-year in 2025 [2] - Chuanjinno expects a net profit increase of 144%-173% year-on-year in 2025 [2] - Beifang Navigation forecasts a net profit increase of 86.32%-137.14% year-on-year in 2025 [2]

1. Report Industry Investment Ratings - **Macro Strategy (Foreign Exchange Futures - US Dollar Index)**: Maintain a volatile outlook [15] - **Macro Strategy (Gold)**: Short - term, beware of continued correction risks, consider going long on the gold - silver ratio [20] - **Macro Strategy (US Stock Index Futures)**: Expected to run strongly with a volatile trend, maintain a bullish view [25] - **Macro Strategy (Stock Index Futures)**: Continue to hold long - term strategies [27] - **Macro Strategy (Treasury Bond Futures)**: Market is weak, not recommended to bet on oversold rebounds; if there is a rebound, consider short - selling opportunities [30] - **Black Metal (Rebar/Hot - Rolled Coil)**: Short - term sentiment dominates, steel prices may rebound further, but still need to beware of risks [34] - **Black Metal (Coking Coal/Coke)**: Short - term trends are less related to fundamental changes, focus on capital sentiment and policy news [37] - **Black Metal (Steam Coal)**: Prices expected to remain stable in January [40] - **Black Metal (Iron Ore)**: Prices expected to remain strong in the next two weeks [41] - **Agricultural Products (Cotton)**: Be cautious of the risk of price drops due to capital withdrawal [46] - **Agricultural Products (Soybean Meal)**: Futures prices have rebounded from lows, pay attention to state - reserve sales and customs policies; the May contract lacks a basis for continuous sharp increases under a bumper South American harvest [47] - **Agricultural Products (Hogs)**: Unilateral: Go short on near - term contracts on significant rebounds; Arbitrage: Maintain a reverse arbitrage strategy [51] - **Agricultural Products (Soybean Oil/Rapeseed Oil/Palm Oil)**: If the MPOB report is not overly bearish and high - frequency data shows continued production cuts and increased exports, consider long positions on the May contract; for rapeseed oil, be cautious due to policy uncertainties [54] - **Non - ferrous Metals (Industrial Silicon)**: Consider avoiding short positions for the time being. When the price rises above 9000 RMB/ton, consider short positions based on industry hedging conditions [58] - **Non - ferrous Metals (Lead)**: Both unilateral and arbitrage strategies suggest a wait - and - see approach [62] - **Non - ferrous Metals (Zinc)**: Unilateral: Be cautious about chasing up prices, and take profits on previous long positions in batches; Arbitrage: Wait and see for both monthly spreads and internal - external spreads [65] - **Non - ferrous Metals (Polysilicon)**: The industry pattern may change significantly. Consider buying put options to participate in the market [69] - **Non - ferrous Metals (Copper)**: Unilateral: Wait patiently for opportunities to buy on dips; Arbitrage: Wait and see [73] - **Non - ferrous Metals (Lithium Carbonate)**: The market is sensitive to positive information, prices are expected to remain strong, but be cautious about chasing up [76] - **Non - ferrous Metals (Nickel)**: Closely observe short - term capital intentions, and set acceptable stop - losses when going long [77] - **Non - ferrous Metals (Tin)**: Pay attention to supply recovery and demand improvement, beware of price drops when the capital enthusiasm fades [81] - **Energy and Chemicals (Crude Oil)**: Market concerns about oversupply continue to suppress oil prices [83] - **Energy and Chemicals (Asphalt)**: Prices expected to be volatile [85] - **Energy and Chemicals (Styrene)**: Temporarily treat the market as volatile in the short term [89] - **Energy and Chemicals (PTA)**: Short - term volatile adjustment, consider going long on dips [92] - **Energy and Chemicals (Soda Ash)**: In the capacity expansion cycle, maintain a bearish view in the medium term, recommend short - selling on the far - month contracts [94] - **Energy and Chemicals (Float Glass)**: The FG contract is expected to fluctuate between 900 - 1250 RMB/ton in 2026, recommend short - selling on rallies. Pay attention to potential supply - side changes [97] 2. Core Views - The US ADP employment showed moderate growth, indicating a mild downward trend in the labor market, and the US dollar index fluctuated [14] - Gold prices fluctuated and declined, the precious metals sector corrected, and funds shifted between commodity sectors [18] - The Shanghai Composite Index recorded 14 consecutive positive days. A - shares continued to rise with increasing trading volume. Despite market concerns about regulatory cooling, the market still has strong momentum due to abundant domestic liquidity and a bullish pattern [27] - International steam coal prices were stable with a slight upward trend. Although there were news of capacity reduction in Yulin, overall supply was expected to remain stable in 2026 due to new mine production and weak demand, and coal prices were expected to be stable in January [40] - The BMI predicted that the merger and acquisition boom in the mineral metals industry would continue in 2026. Macro factors supporting copper prices may weaken, and short - term fundamentals may suppress copper price increases, with copper prices likely to shift to a volatile pattern [73] - US EIA commercial crude oil inventories decreased, but gasoline and refined oil inventories increased significantly, and oil prices fluctuated weakly [82] 3. Summaries by Directory 3.1 Financial News and Comments 3.1.1 Macro Strategy (Foreign Exchange Futures - US Dollar Index) - Trump plans to ban Wall Street from investing in single - family homes, aiming to reduce housing prices, which may impact private equity owners and homebuilder stocks [12] - US ADP private - sector employment increased by 41,000 in December, mainly driven by the service industry, indicating a mild recovery in the labor market. The US dollar index is expected to remain volatile [13][14][15] 3.1.2 Macro Strategy (Gold) - US ADP employment in December was 41,000, slightly lower than expected. The ISM non - manufacturing PMI in December was 54.4, higher than expected [16][17] - China's official gold reserves increased by 300,000 ounces in December 2025. Gold prices fluctuated and declined, the precious metals sector corrected, and short - term precious metals still face downward risks [18][19] 3.1.3 Macro Strategy (US Stock Index Futures) - The US Energy Secretary will "indefinitely" control Venezuelan oil sales. The US 12 - month ISM services PMI reached a new high in more than a year, but the employment market demand continued to cool down. The US stock market is expected to be volatile and strong [21][22][24][25] 3.1.4 Macro Strategy (Stock Index Futures) - The Shanghai Composite Index recorded 14 consecutive positive days. A - shares were in a bullish sentiment with increasing trading volume. The market has strong momentum due to abundant liquidity [26][27] 3.1.5 Macro Strategy (Treasury Bond Futures) - The central bank will conduct a 1.1 - trillion - yuan repurchase operation. The bond market is affected by commodity price increases. The overall bond market logic is bearish, and short - selling on rebounds is recommended [28][29][30] 3.2 Commodity News and Comments 3.2.1 Black Metal (Rebar/Hot - Rolled Coil) - In December, the retail sales of passenger cars decreased by 13% year - on - year, and the wholesale sales decreased by 10% year - on - year. Steel prices rebounded due to the strong performance of metal prices. Short - term steel prices may continue to rise due to market sentiment, but the actual supply - demand situation is difficult to improve significantly [31][32][33][34] 3.2.2 Black Metal (Coking Coal/Coke) - The price of coking coal in the Linfen market remained stable. The recent sharp increase in coking coal futures was mainly driven by macro capital rotation and news sentiment, with limited connection to fundamentals. The short - term trend is mainly affected by capital and sentiment [35][36][37] 3.2.3 Black Metal (Steam Coal) - International steam coal prices were stable with a slight upward trend on January 7. Although there were capacity reduction news in Yulin, overall supply was expected to remain stable in 2026, and coal prices were expected to be stable in January [38][40] 3.2.4 Black Metal (Iron Ore) - The third - stage expansion of the Tonkolili iron ore project in Sierra Leone is advancing. Iron ore prices are expected to remain strong in the next two weeks due to the expected increase in iron - making water production and the low inventory of steel mills [41] 3.2.5 Agricultural Products (Cotton) - The US cotton planting area in 2026 may slightly decrease. The new cotton import quota policy has stimulated the domestic import cotton market, but the large inflow of imported cotton and yarn may impact the domestic market. Zhengzhou cotton futures may face a risk of price drops due to capital withdrawal [42][43][45][46] 3.2.6 Agricultural Products (Soybean Meal) - Brazil exported 3.383 million tons of soybeans in December. China is still purchasing US soybeans. The price of domestic soybean meal futures has rebounded from lows, but the May contract lacks a basis for continuous sharp increases under a bumper South American harvest [47] 3.2.7 Agricultural Products (Hogs) - The sales volume of hogs of some companies increased in December. The hog futures market has a short - term high - level shock, but the medium - term fundamentals are weak, and short - selling on rebounds is recommended [48][50][51] 3.2.8 Agricultural Products (Soybean Oil/Rapeseed Oil/Palm Oil) - Malaysia's palm oil production decreased by 4.64% in December. Indonesia may confiscate 5 - million - hectare palm plantations in 2026. The short - term trend of the oil market depends on MPOB data and high - frequency data [52][53][54] 3.2.9 Non - ferrous Metals (Industrial Silicon) - An organic silicon industry meeting may discuss measures to boost market confidence. The price of industrial silicon followed the increase of coking coal. In the long term, the oversupply pattern of industrial silicon is difficult to change [55][56][57][58] 3.2.10 Non - ferrous Metals (Lead) - The LME lead price had a high - level correction, and the domestic waste battery supply was tight. The lead price is expected to be volatile and strong in the short term [59][60][61][62] 3.2.11 Non - ferrous Metals (Zinc) - The LME zinc price fluctuated and corrected. The short - term zinc price may follow macro fluctuations, and the medium - term price is likely to be easy to rise and difficult to fall [63][64][65] 3.2.12 Non - ferrous Metals (Polysilicon) - There are rumors of production cuts by leading polysilicon companies, and the market is concerned about antitrust issues. The polysilicon industry pattern may change significantly, and buying put options is recommended [66][67][68][69] 3.2.13 Non - ferrous Metals (Copper) - The BMI predicted that the merger and acquisition boom in the mineral metals industry would continue in 2026. The short - term copper price is likely to shift to a volatile pattern, and waiting for opportunities to buy on dips is recommended [70][73] 3.2.14 Non - ferrous Metals (Lithium Carbonate) - A company plans to invest 3.688 billion yuan in a lithium ore project. The lithium carbonate market is sensitive to positive information, and prices are expected to remain strong, but be cautious about chasing up [74][75][76] 3.2.15 Non - ferrous Metals (Nickel) - LME nickel inventory increased significantly. The nickel price has been strong due to supply reduction expectations, but be cautious when going long and set stop - losses [76][77] 3.2.16 Non - ferrous Metals (Tin) - The supply of tin ore remains tight, and the demand is weak. Pay attention to supply recovery and demand improvement, and beware of price drops when the capital enthusiasm fades [78][79][80][81] 3.2.17 Energy and Chemicals (Crude Oil) - US EIA commercial crude oil inventories decreased, but gasoline and refined oil inventories increased significantly, and oil prices fluctuated weakly [82][83] 3.2.18 Energy and Chemicals (Asphalt) - The capacity utilization rate of domestic asphalt refineries decreased. The asphalt price is expected to be volatile [84][85] 3.2.19 Energy and Chemicals (Styrene) - The inventory of styrene in the East China main port decreased. The market is concerned about the impact of the new naphtha consumption tax policy on the cost of olefins and aromatics. The short - term market is expected to be volatile [86][87][88][89] 3.2.20 Energy and Chemicals (PTA) - The PTA spot basis was strong. The short - term PTA market is in a volatile adjustment stage, and going long on dips is recommended [90][91][92] 3.2.21 Energy and Chemicals (Soda Ash) - The price of soda ash in the Shahe area was stable. The soda ash futures price increased due to macro sentiment. In the capacity expansion cycle, the medium - term trend of soda ash is bearish [93][94] 3.2.22 Energy and Chemicals (Float Glass) - The price of float glass in the Hubei market was stable. The glass futures price increased due to market sentiment. The supply - side changes in 2026 may affect the glass market, and short - selling on rallies is recommended [95][96][97]

Core Viewpoint - The company has approved the construction of a lithium mining project in Hunan Province, which is expected to enhance its profitability and competitive edge in the lithium market [1][2]. Group 1: Project Details - The company’s board has approved the implementation of a lithium mining project at the Tongtianmiao section of the Jijiashan mining area, with an annual capacity of 20 million tons [1]. - The total investment for the lithium mining project is estimated at 3.688 billion yuan [1]. - The project includes an open-pit mining scale of 20 million tons per year and a matching processing plant with the same capacity [1]. Group 2: Financial Aspects - The company previously approved an investment of 1.762 billion yuan for a multi-metal resource recovery project, which is part of the current lithium mining project [1]. - An additional investment of 1.925 billion yuan will be sourced from the company's own funds or self-raised funds [1]. Group 3: Strategic Implications - The development of the Hunan lithium mining project is expected to further increase the company's profit contributions from lithium mining, following the profit contribution from the Sichuan Jiada lithium mine project [2]. - This project is anticipated to enhance the company's competitiveness and overall profitability in the lithium sector [2].

Core Viewpoint - The company has approved the construction of a lithium mining project in Hunan Province, which is expected to enhance its profitability and competitive edge in the lithium market [1][2]. Group 1: Project Details - The company’s board has approved the implementation of a lithium mining project with an annual capacity of 2 million tons in the Jijiashan mining area, with an estimated investment of 3.688 billion yuan [1]. - The project includes a previously approved multi-metal resource recovery project, with an additional investment of 1.925 billion yuan on top of the previously approved 1.762 billion yuan [1]. - The mining project will feature an open-pit mining scale of 2 million tons per year and a matching processing plant with the same capacity, along with a tailings storage facility designed to hold 94.52 million cubic meters [1]. Group 2: Financial Impact - Following the profit contribution from the Sichuan Jiada lithium mine project in September 2025, the development of the Hunan Jijiashan lithium project is expected to further increase the company's lithium profit contributions [2]. - The project is anticipated to enhance the company's competitiveness and overall profitability in the lithium sector [2].

（文章来源：证券日报） 证券日报网讯 1月7日，大中矿业发布公告称，公司第六届董事会第二十一次会议审议通过《关于下属 全资公司实施鸡脚山矿区通天庙矿段2，000万吨/年锂矿采选尾一体化项目的议案》。 ...

湖南鸡脚山锂矿经自然资源部评审备案的锂矿资源量达48,987.2万吨，折合碳酸锂当量约324.43万吨； 经自然资源部评审的露天开采规模为2,000万吨/年；湖南省发改委批复的项目采选规模为2,000万吨/ 年；已备案的尾矿库服务期为15.6年。根据行业经验及公司试验，每年2,000万吨原矿开采可生产8万吨 碳酸锂。整体来看，该项目规模优势突出，盈利能力较强。当前碳酸锂市场行业景气度较高，下游新能 源产业对碳酸锂需求持续增长。在此背景下，公司审议通过"鸡脚山矿区通天庙矿段2,000万吨/年锂矿采 选尾一体化项目"的投资建设，标志着公司湖南鸡脚山锂矿采选尾项目正式进入全面开发阶段，符合公 司锂资源战略布局规划，是"铁+锂"双主业协同发展的核心举措。继2025年9月公司四川加达锂矿项目贡 献利润后，湖南鸡脚山2,000万吨/年锂矿采选尾一体化项目的开发，将有助于进一步扩大锂矿利润贡 献，提升公司竞争力与综合盈利能力。 格隆汇1月7日丨大中矿业(001203.SZ)公布，第六届董事会第二十一次会议以7票同意，0票反对，0票弃 权审议通过了《关于下属全资公司实施鸡脚山矿区通天庙矿段2,000万吨/年锂矿采选尾一体化项 ...

Core Viewpoint - Dazhong Mining Co., Ltd. has officially entered the comprehensive development phase of its 20 million tons/year lithium mining project at the Jijia Mountain mining area, marking a significant milestone in the company's dual business strategy of iron and lithium [1] Group 1: Project Approval and Compliance - The project has achieved a breakthrough in the approval process, obtaining three key licenses: mining permit from the Ministry of Natural Resources in October 2025, tailings storage project record in December 2025, and project approval from Hunan Provincial Development and Reform Commission in January 2026 [2] - The successful acquisition of these licenses reflects the project's resource endowment and technical feasibility, as well as the policy benefits associated with lithium as a strategic mineral resource [2] - The project aligns with the latest national policy on solid waste management, emphasizing integrated mining and selection, which showcases the company's forward-looking compliance and strategic alignment with national requirements [2] Group 2: Capacity and Profitability - The project includes three core components: open-pit mining, a processing plant, and a tailings storage facility, with a planned annual open-pit mining capacity of 20 million tons and a tailings storage capacity of 94.52 million cubic meters [3] - The lithium resource at Jijia Mountain is estimated at 489 million tons, equivalent to approximately 3.2443 million tons of lithium carbonate, with an expected annual production of 80,000 tons of lithium carbonate [3] - The project's after-tax internal rate of return is projected to be 26.73%, positioning it as a core profit driver for the company amid a recovering lithium carbonate market and strong demand from the electric vehicle and energy storage sectors [3] Group 3: Strategic Transition and Future Outlook - The launch of the Jijia Mountain lithium project represents a critical transition for Dazhong Mining towards the new energy sector and signifies the upgrade from an iron mining leader to a dual leader in iron and lithium [4] - The company aims to accelerate project construction to achieve production targets while continuing to develop the Sichuan Jiada lithium project, creating a synergistic dual lithium mining base [4] - Dazhong Mining is positioned to contribute to the security of strategic mineral resources and the high-quality development of the new energy industry, driven by its strategic layout, quality resource reserves, and solid execution capabilities [4]

Group 1 - The company, Dazhong Mining, announced the convening of its 21st meeting of the 6th board of directors on January 6, 2026, which was held both in-person and via communication methods [1] - The meeting reviewed a proposal regarding the implementation of a lithium mining project at the Jijiao Mountain mining area, with an annual capacity of 20 million tons [1]

人民财讯1月7日电，大中矿业（001203）1月7日公告，下属全资公司拟实施鸡脚山矿区通天庙矿段2000 万吨/年锂矿采选尾一体化项目，项目建设投资为36.88亿元。目前，本项目已取得湖南省发改委出具的 项目批复及临武县发展和改革局出具的备案证明，后续实施尚需办理节能评估、环评审批等相关手续。 当前碳酸锂市场行业景气度较高，下游新能源产业对碳酸锂需求持续增长。在此背景下，公司审议通 过"鸡脚山矿区通天庙矿段2000万吨/年锂矿采选尾一体化项目"的投资建设，标志着公司湖南鸡脚山锂 矿采选尾项目正式进入全面开发阶段，符合公司锂资源战略布局规划，是"铁+锂"双主业协同发展的核 心举措。 ...

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：001203 | 证券简称：大中矿业 | 公告编号：2026-003 | | --- | --- | --- | | 债券代码：127070 | 债券简称：大中转债 | | 大中矿业股份有限公司 关于下属全资公司拟实施鸡脚山矿区通天庙矿段 2,000 万吨/年锂矿采选尾一体化项目的公告 一、项目投资概述 2026 年 1 月 6 日，大中矿业股份有限公司（以下简称"公司"）第六届董 事会第二十一次会议以 7 票同意，0 票反对，0 票弃权审议通过了《关于下属全 资公司实施鸡脚山矿区通天庙矿段 2,000 万吨/年锂矿采选尾一体化项目的议 案》。本次交易不构成关联交易，不构成《上市公司重大资产重组管理办法》规 定的重大资产重组，不构成重组上市。 本次拟实施的湖南省临武县鸡脚山矿区通天庙矿段 2,000 万吨/年锂矿采选 尾一体化项目（以下简称"本项目"）建设投资预计为 368,762.98 万元。公司 于 2025 年 4 月 2 日召开 2025 年第一次临时股东大会，审议通过了《关于部分募 投项目 ...