Group 1 - As of January 5, the margin trading balance in A-shares reached 25,606.48 billion yuan, an increase of 199.66 billion yuan from the previous trading day, accounting for 2.55% of the A-share circulating market value [1] - The trading volume of margin transactions on the same day was 2,915.25 billion yuan, which is an increase of 730.7 billion yuan from the previous trading day, representing 11.34% of the total A-share trading volume [1] - Among the 31 primary industries in the Shenwan index, 27 industries experienced net financing inflows, with the electronics industry leading at a net inflow of 3.35 billion yuan [1] Group 2 - A total of 63 individual stocks had net financing inflows exceeding 100 million yuan, with Shenghong Technology leading at a net inflow of 694 million yuan [1] - Other notable stocks with significant net financing inflows include Lioo Co., Zhongwei Company, Salt Lake Co., Aerospace Power, Xinwei Communication, Shannon Chip, Keda Xunfei, Western Materials, and Bolite [1][2] - Current reports suggest that the market is in an earnings window period, with certain stocks benefiting from high growth in overseas AI computing power expected to see performance forecasts catalyzed in January [2] - The upcoming CES 2026 exhibition is anticipated to drive a spring market rally, particularly in innovative sectors such as AI smartphones, AI glasses, and foldable screens [2]

证券代码：002149 证券简称：西部材料 公告编号：2026-002 西部金属材料股份有限公司 关于2026年度日常关联交易预计额度的公告 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。 一、日常关联交易基本情况 （一）日常关联交易概述 为保证西部金属材料股份有限公司（以下简称"公司"）2026 年度生产经营计划的 有序开展，公司 2026 年预计与控股股东西北有色金属研究院及其控制的其他公司、西 安西部新锆科技股份有限公司等关联方发生关联交易，涉及向关联人销售材料等、采购 材料等、提供检测加工等、接受检测加工等以及租赁办公楼、厂房等关联交易。公司 2026 年度日常关联交易预计总金额为 91,600 万元。公司 2025 年度日常关联交易预计总额为 60,420 万元，截至 2025 年 11 月 30 日，公司已发生关联交易 27,179.32 万元（未经审计）。 公司于 2026 年 1 月 4 日召开的第八届董事会第二十二次会议审议通过了《关于 2026 年度日常关联交易预计额度的议案》，关联董事李建峰、郑树军回避了表决，上述议案 经参会的非关联董事 ...

证券代码：002149 证券简称：西部材料 公告编号：2026-003 西部金属材料股份有限公司 关于召开 2026 年第一次临时股东会的通知 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。 重要提示： 一、召开会议的基本情况 1、股东会届次：2026 年第一次临时股东会 2、股东会的召集人：董事会 3、本次会议的召集、召开符合《中华人民共和国公司法》《深圳证券交易所股票上 市规则》《深圳证券交易所上市公司自律监管指引第 1 号——主板上市公司规范运作》等 法律、行政法规、部门规章、规范性文件及《公司章程》的有关规定。 4、会议时间： （1）现场会议时间：2026 年 1 月 21 日 14:30 （2）网络投票时间：通过深圳证券交易所系统进行网络投票的具体时间为 2026 年 1 月 21 日 9:15-9:25，9:30-11:30，13:00-15:00；通过深圳证券交易所互联网投票系统投票的 具体时间为 2026 年 1 月 21 日 9:15 至 15:00 的任意时间。 5、会议的召开方式：现场表决与网络投票相结合。 6、会议的股权登记日：2026 ...

证券代码：002149 证券简称：西部材料 公告编号：2026-001 西部金属材料股份有限公司（以下简称"公司"）第八届董事会第二十二次会议的会 议通知于 2025 年 12 月 30 日以电子邮件等形式送达公司全体董事，会议于 2026 年 1 月 4 日以通讯表决方式召开，应参加董事 9 人，实际参加董事 9 人。会议的召开符合《公 司法》等法律法规和《公司章程》的规定。会议审议通过了以下议案： 一、审议通过《关于 2026 年度日常关联交易预计额度的议案》。 详见《关于 2026 年度日常关联交易预计额度的公告》（公告编号：2026-002）， 刊载于《证券时报》《证券日报》《中国证券报》和巨潮资讯网 www.cninfo.com.cn。 因该议案涉及公司与控股股东西北有色金属研究院的关联交易，关联董事李建峰、 郑树军回避了表决。 该议案已经公司第八届董事会第九次独立董事专门会议审议通过。 表决结果：7 票同意，0 票反对，0 票弃权。 该议案须提交 2026 年第一次临时股东会审议。 西部金属材料股份有限公司 第八届董事会第二十二次会议决议公告 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 ...

证券研究报告 | 行业简评报告 2026 年 1 月 4 日 可控核聚变行业简评报告 大国能源必争之地，静待产业进展 中游制造/机械 本篇报告回顾了可控核聚变板块 2025 年以来的行情，梳理了相关事件催化，并 对 2026 年的行情做出了展望。整体来看，核聚变已成为我国重要战略发展方向， 目前，我国各聚变装置建设正稳步推进中。我们认为，2027 年我国 BEST 装置 点火、2028 年美国 Helion 装置接入电网交付微软、2030 年代谷歌与 CFS 的 200 兆瓦购电协议等事件有望重振板块关注度，产业链相关公司仍值得重视。 ❑ 风险提示：产业进展不及预期、政策不及预期。 推荐（维持） 行业规模 | | | 占比% | | --- | --- | --- | | 股票家数（只） | 476 | 9.2 | | 总市值（十亿元） | 5003.4 | 4.6 | | 流通市值（十亿元） | 4322.6 | 4.4 | fangjiamin@cmschina.com.cn 行业指数 敬请阅读末页的重要说明 % 1m 6m 12m 绝对表现 8.0 29.1 45.2 相对表现 4.9 11.1 28. ...

Group 1 - The A-share market saw a significant rise in non-ferrous metal stocks, particularly copper, with Jiangxi Copper leading the gains at nearly 9% [1] - The London Metal Exchange (LME) copper price increased by 2.7% to $12,550 per ton, reaching a historical high of $12,960 [1] - The annual cumulative increase in copper prices is approximately 43%, potentially marking the largest annual gain since 2009 [1] Group 2 - Jiangxi Copper's market capitalization is 189.4 billion, with a year-to-date increase of 175.86% [2] - Silver Bond's stock rose by 6.58%, with a market cap of 12.8 billion and a year-to-date increase of 39.88% [2] - Yunnan Copper's stock increased by 4.94%, with a market cap of 40.9 billion and a year-to-date increase of 70.80% [2]

Group 1 - The A-share market saw a significant rise in non-ferrous metal stocks, particularly in copper, with Jiangxi Copper rising nearly 9% and Yunnan Copper increasing by almost 5% [1] - International copper prices are expected to experience a strong increase by 2025, with LME copper rising 2.7% to $12,550 per ton, previously reaching a historical high of $12,960 [1] - The annual cumulative increase in copper prices is approximately 43%, potentially marking the largest annual increase since 2009, which saw a rise of over 140% [1] Group 2 - Jiangxi Copper's market capitalization is 189.4 billion, with a year-to-date increase of 175.86% [2] - Silver Bond's market capitalization is 12.8 billion, with a year-to-date increase of 39.88% [2] - Western Materials has a market capitalization of 22.2 billion, with a year-to-date increase of 161.40% [2] - Yunnan Copper's market capitalization is 40.9 billion, with a year-to-date increase of 70.80% [2] - Tongling Nonferrous's market capitalization is 80.6 billion, with a year-to-date increase of 93.98% [2]

Core Viewpoint - The small metals sector experienced a slight decline of 0.2% on December 30, with Haotong Technology leading the losses, while the Shanghai Composite Index remained stable with a negligible change of 0.0% [1]. Group 1: Market Performance - The Shanghai Composite Index closed at 3965.12, showing no change, while the Shenzhen Component Index rose by 0.49% to 13604.07 [1]. - The small metals sector's individual stock performance varied, with notable gainers including Zhongkuang Resources, which increased by 2.66% to a closing price of 79.24, and Huaxi Nonferrous, which rose by 0.95% to 38.30 [1]. Group 2: Trading Volume and Value - Zhongkuang Resources had a trading volume of 248,800 shares, resulting in a transaction value of 1.946 billion yuan [1]. - The overall trading volume and value for the small metals sector indicated significant activity, with various stocks contributing to the total market dynamics [1]. Group 3: Capital Flow - The small metals sector saw a net outflow of 1.937 billion yuan from major funds, while retail investors contributed a net inflow of 2.457 billion yuan [2]. - The capital flow data highlighted that while major and speculative funds withdrew, retail investors were actively buying into the sector [2][3].

证券之星消息，12月29日小金属板块较上一交易日下跌1.2%，西部材料领跌。当日上证指数报收于 3965.28，上涨0.04%。深证成指报收于13537.1，下跌0.49%。小金属板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | | 成交额(元) | | --- | --- | --- | --- | --- | --- | --- | | 600259 | 广晟有色 | 56.97 | 3.77% | | 24.43万 | 14.21亿 | | 000962 | 东方银V | 31.79 | 3.48% | | 32.64万 | 10.36亿 | | 002842 | 翔鹭钨业 | 14.87 | 1.92% | | 61.18万 | 9.15 亿 | | 600456 | 宝钛股份 | 38.40 | 1.35% | | - 38.65万 | 15.05亿 | | 002428 | 云南错业 | 31.20 | 1.07% | | 53.04万 | 16.64亿 | | 002978 | 安宁股份 | 32.98 | 0.73% | | 7.80万 | 2.58亿 | ...

Core Viewpoint - Western Materials has experienced significant stock price fluctuations and trading activity, with a notable increase in share price throughout the year, despite recent net outflows of capital [1][2]. Group 1: Stock Performance - As of December 29, Western Materials' stock price decreased by 3.44% to 45.17 CNY per share, with a trading volume of 694 million CNY and a turnover rate of 3.16%, resulting in a total market capitalization of 22.053 billion CNY [1]. - The stock has risen by 159.60% year-to-date, with a 21.10% increase over the last five trading days, 148.60% over the last 20 days, and 163.38% over the last 60 days [1]. - The company has appeared on the trading leaderboard 10 times this year, with the most recent appearance on December 25, where it recorded a net purchase of 28.3455 million CNY [1]. Group 2: Company Overview - Western Materials, established on December 28, 2000, and listed on August 10, 2007, is located in Xi'an Economic and Technological Development Zone, specializing in the development, production, and sales of metal composite materials, metal fibers, refractory metal materials, and precious metal materials [2]. - The company's main business revenue composition includes titanium products (69.83%), other metal products (24.49%), and other income (5.68%) [2]. - The company operates within the non-ferrous metal processing industry and is associated with various concept sectors, including superconductors, large aircraft, military-civil integration, commercial aerospace, and aerospace military industry [2]. Group 3: Financial Performance - For the period from January to September 2025, Western Materials reported an operating income of 2.283 billion CNY, reflecting a year-on-year growth of 2.82%, while the net profit attributable to shareholders decreased by 49.76% to 69.2544 million CNY [2]. - The company has distributed a total of 673 million CNY in dividends since its A-share listing, with 366 million CNY distributed over the past three years [3]. Group 4: Shareholder Structure - As of September 30, 2025, the number of shareholders for Western Materials was 60,200, a decrease of 0.88% from the previous period, with an average of 8,114 circulating shares per person, an increase of 0.88% [2]. - Notable changes in institutional holdings include a decrease in shares held by Guotai CSI Military Industry ETF and new entries from Southern CSI 1000 ETF, among others [3].