声明：市场有风险，投资需谨慎。本文为AI基于第三方数据生成，仅供参考，不构成个人投资建议。 财经频道更多独家策划、专家专栏，免费查阅>>责任编辑：栎树 有投资者在互动平台向大中矿业提问："今年以来，贵公司新能源重卡更换频繁，数量之多，请问在日 常经营中新能源装备的占比是多少？每年能节省多少费用。" 针对上述提问，大中矿业回应称："尊敬的投资者，您好。公司积极响应国家'双碳'战略，持续推进运 输环节绿色低碳转型，公司公务用车全部替换为新能源汽车，生产用车逐步替换、改造为新能源电车， 以减少碳排放。同时积极推广新能源重卡在运输车队中的应用，在实现环保效益的同时，也有效降低了 车辆能耗和维护成本。新能源装备在日常经营中的占比，会根据各矿区的运营条件与车辆更新计划动态 调整。感谢您的关注，谢谢。" ...

（记者 胡玲） 每经AI快讯，大中矿业（001203.SZ）12月16日在投资者互动平台表示，公司湖南鸡脚山锂矿已于10月 正式获得由自然资源部核发的《采矿许可证》，并拟在临武县配套建设碳酸锂冶炼厂。公司正积极探索 下游产业链延伸，未来将审慎选择优质合作伙伴，共同推进电池端等下游应用领域的布局与发展。我们 将坚持合规经营、科学规划，积极响应国家新能源产业发展战略。 ...

Investment Rating - The industry rating is "Recommended" [3] Core Views - Short-term lithium prices are expected to remain volatile, with a positive outlook on antimony, cobalt, tungsten, and tin due to a reassessment of strategic metal values [1][2][7] - Supply concerns in the nickel market are supported by the lack of new approvals from Indonesia's RKAB, which may lead to price stabilization [1][28] - The cobalt market is expected to see continued price increases due to structural supply tightness, with Congo's export regulations impacting availability [2][5][16] - Antimony prices are anticipated to converge towards higher overseas prices due to export controls and tight domestic supply [6][17] - The lithium market is experiencing a strong demand backdrop, with expectations of continued inventory depletion supporting prices [7][17] - The rare earth market is tightening due to Vietnam's export ban, which is expected to support prices [9][18] - Tin prices are supported by ongoing supply concerns from overseas sources, particularly from Myanmar and Congo [11][20] - Tungsten prices are expected to remain supported due to supply constraints and regulatory controls [12][21] - The uranium market is facing supply tightness, which is likely to support prices amid geopolitical uncertainties [14][22] Summary by Sections Nickel and Cobalt Industry Update - Nickel prices are under pressure due to stable demand but cautious purchasing from smelters, with LME nickel closing at $14,420 per ton, down 2.04% [1][28] - Cobalt prices are expected to rise further, with Congo's export regulations causing supply constraints [2][5][16] Antimony Industry Update - Domestic antimony prices are lower compared to international prices, but supply tightness is expected to support future price increases [6][17] Lithium Industry Update - Lithium carbonate prices have increased, with a strong demand outlook from the electric vehicle sector [7][17] Rare Earth Industry Update - Vietnam's recent export ban on rare earths is expected to tighten global supply and support prices [9][18] Tin Industry Update - Tin prices are supported by supply concerns from Myanmar and Congo, with LME tin prices rising to $41,905 per ton [11][20] Tungsten Industry Update - Tungsten prices are expected to remain high due to supply constraints and regulatory measures [12][21] Uranium Industry Update - The uranium market is facing supply tightness, with prices supported by geopolitical factors and production delays [14][22]

Investment Rating - The report maintains a "Buy" rating for several steel companies, including Hualing Steel, Baosteel, Nanjing Steel, and others, indicating a positive outlook for these stocks [3]. Core Viewpoints - The report emphasizes the need for deep reforms to address "involution" competition in the steel industry, with the central government advocating for a unified national market and stricter export management [2]. - The introduction of export licenses for certain steel products is expected to limit the export of low-value-added products, encouraging steel companies to upgrade to higher-end products [2]. - In the short term, low-value-added products may face adjustments, while the long-term trend will see an increase in the export proportion of high-end products, benefiting leading companies in the industry [2]. Summary by Sections Domestic Steel Market - As of December 12, 2025, steel prices have decreased, with HRB400 rebar priced at 3,250 CNY/ton, down 20 CNY from the previous week [7][16]. - The report notes a decline in production and inventory levels, with total steel production at 8.06 million tons, a decrease of 227,300 tons week-on-week [7][16]. International Steel Market - The report highlights stable price increases in the U.S. and European steel markets, with U.S. hot-rolled coil prices at 985 USD/ton, up 10 USD from the previous week [28][30]. Raw Materials and Shipping Market - Domestic iron ore prices have shown a mixed trend, with some prices remaining stable while others have decreased slightly [33]. - The report indicates a decline in scrap steel prices, with the current price at 2,080 CNY/ton, down 10 CNY from the previous week [33]. Company Valuations and Stock Performance - The report provides earnings per share (EPS) forecasts and price-to-earnings (PE) ratios for key companies, with Hualing Steel projected to have an EPS of 0.29 CNY in 2024 and a PE ratio of 18 [3].

证券之星消息，12月12日冶钢原料板块较上一交易日下跌0.46%，大中矿业领跌。当日上证指数报收于 3889.35，上涨0.41%。深证成指报收于13258.33，上涨0.84%。冶钢原料板块个股涨跌见下表： 以上内容为证券之星据公开信息整理，由AI算法生成（网信算备310104345710301240019号），不构成投资建议。 从资金流向上来看，当日冶钢原料板块主力资金净流出2196.07万元，游资资金净流出9207.47万元，散 户资金净流入1.14亿元。冶钢原料板块个股资金流向见下表： ...

Core Insights - The steel industry is experiencing a dual decline in supply and demand, with structural optimization and marginal profit improvement. Supply side: total contraction and structural differentiation, with capital expenditure continuing to show weak growth. The steel industry's capital expenditure has been slowing for four consecutive years, entering negative growth in 2025 due to multiple factors including "anti-involution" policies, a downturn in the real estate sector, and limited infrastructure support [2][10] - The domestic crude steel consumption has decreased significantly, with a 6.4% year-on-year decline in demand from January to October 2025, amounting to 710 million tons. The demand in traditional steel usage areas remains weak, particularly in real estate and infrastructure [2][32] - Exports have become a crucial support for the steel industry, with steel exports reaching 97.74 million tons from January to October 2025, a 6.4% increase year-on-year. The total annual export volume is expected to exceed 110 million tons, effectively offsetting the pressure from declining domestic demand [2][48] Group 1: Marginal Improvement in the Steel Industry - The average steel price has continued to decline, with the comprehensive price index for ordinary steel dropping to 3,447 yuan/ton as of November 24, 2025, down approximately 200 yuan from the year's peak [10][60] - The profit margin of the steel industry has shown significant improvement, with the gross profit margin reaching 6.4% in Q3 2025, marking a recovery from the low levels seen since 2022 [13][15] - The proportion of loss-making enterprises in the steel industry has slightly decreased but remains high at 37.18%, indicating ongoing challenges within the industry [17] Group 2: PPI Turnaround Expectations - The Producer Price Index (PPI) for the steel industry is expected to turn positive by Q2 2026, driven by improvements in supply structure and demand dynamics [53][60] - Historical data shows that the steel industry plays a significant role in PPI fluctuations, with past PPI turnarounds in 2016 and 2021 coinciding with significant steel industry performance [54][60] - The steel industry accounts for approximately 5.9% of the PPI, making its price movements critical for overall industrial price trends [53][54] Group 3: Investment Recommendations - The report suggests focusing on high-efficiency, low-emission regional leading enterprises such as Hualing Steel, Shougang, and Shandong Steel, as well as companies with strong growth potential like Baosteel and Nanjing Steel [4][60] - The steel sector is viewed as having strong "anti-involution" attributes and significant profit recovery potential, making it a strategic investment opportunity for the medium to long term [4][60] - The report emphasizes the importance of monitoring the performance of small and medium-sized steel companies, particularly those with strong earnings growth and valuation appeal [4][60]

（文章来源：证券日报） 证券日报网讯 12月11日，大中矿业在互动平台回答投资者提问时表示，公司高度重视人才引进和人才 发展，每年通过招聘引进应届毕业生，不断扩充公司人才队伍，并通过持续完善人才培养、人才晋升等 机制，强化人才梯队建设。 ...

证券日报网讯 12月11日，大中矿业在互动平台回答投资者提问时表示，目前，公司暂无确定的码头新 建项目。公司所有参与项目和进展请以公司公告为准。 （文章来源：证券日报） ...

（文章来源：证券日报） 证券日报网讯 12月11日，大中矿业在互动平台回答投资者提问时表示，公司湖南锂矿项目采用全流程 自营的采选冶一体化运营模式，从采矿、选矿到冶炼加工，核心生产环节均由公司专业团队自主运营管 理。现规划在选矿及冶炼生产环节，将有价有素进行收集，并根据市场需求，进一步加工成副产品销 售，实现额外收益。特别在冶炼环节，项目采用公司自主研发的硫酸法提锂新工艺，在提高锂回收率的 同时，实现对副产物的有价回收，构建"一矿多产、综合利用"的生产模式，从而降低整体生产成本。 ...

（文章来源：证券日报） 证券日报网讯 12月11日，大中矿业在互动平台回答投资者提问时表示，公司全资子公司湖南大中赫锂 矿有限责任公司与广东省科学院资源利用与稀土开发研究所建立的科研合作，依托双方在资源勘查、绿 色开发及综合利用等领域的技术优势，共同推动矿产资源的清洁、高效开发利用。此项合作将有助于提 升公司在伴生资源回收、工艺优化及新材料研发等方面的技术能力，为未来产业链延伸与产品附加值提 升提供技术支撑。 ...