[Table_Main] 行业研究|材料|材料Ⅱ 证券研究报告 [Table_Summary] 报告要点： 行情回顾：近 2 周申万有色金属指数下降 15.08% 近 2 周（2026.3.9-2026.3.20），有色金属行业指数下跌 15.08%，落 后沪深 300 指数，在 31 个申万一级行业中排名第 31。从细分领域看， 小金属（-18.50%）、贵金属（-12.52%）、金属新材料（-13.33%）、 工业金属（-16.07%）、能源金属（-9.55%）均下降。 金属价格：贵金属冲高回落，工业金属震荡分化 截至 3 月 20 日，COMEX 黄金收盘价为 4,492.00 美元/盎司，近 2 周 下跌 13.30%；沪金收盘价为 1,039.22 元/克，近 2 周下跌 8.90%； COMEX 白银收盘价为 67.81 美元/盎司，近 2 周下跌 19.94%；沪银 收盘价为 17,625.00 元/千克，近 2 周下跌 18.15%；LME 铜现货结算 价为 12,021.50 美元/吨，近 2 周下跌 6.14%；国内铜均价为 95,470 元/吨，近 2 周下跌 5.60%； LME 铝现 ...

一、以 6 票赞成、0 票反对、0 票弃权审议通过了《关于对控股子公司增资 的议案》。 为满足控股子公司湖南省中南锑钨工业贸易有限公司（以下简称中南锑钨） 的经营发展需要，同意公司使用自有资金向中南锑钨增资 18,403.26 万元人民币。 证券代码：002155 证券简称：湖南黄金 公告编号：临 2026-19 湖南黄金股份有限公司 第七届董事会第十七次会议决议公告 本公司董事会及全体董事、高级管理人员保证公告内容的真实、 准确和完整，对公告的虚假记载、误导性陈述或者重大遗漏负连带责 任。 湖南黄金股份有限公司（以下简称公司）第七届董事会第十七次会议于 2026 年 3 月 23 日以通讯表决方式召开。本次会议的通知已于 2026 年 3 月 19 日通过 电子邮件方式送达给所有董事和高管。会议应参与表决董事 6 人，实际表决董事 6 人。本次会议的召集、召开符合《公司法》和《公司章程》的规定，会议合法 有效。经与会董事认真审议，会议以传真表决方式通过了以下议案： 具体内容详见巨潮资讯网（http://www.cninfo.com.cn）上的《湖南黄金股份 有限公司关于对控股子公司增资的公告》（公告编号：临 ...

证券代码：002155 证券简称：湖南黄金 公告编号：临 2026-20 湖南黄金股份有限公司 关于对控股子公司增资的公告 本公司董事会及全体董事、高级管理人员保证公告内容的真实、 准确和完整，对公告的虚假记载、误导性陈述或者重大遗漏负连带责 任。 湖南黄金股份有限公司（以下简称公司）于 2026 年 3 月 23 日召开第七届董 事会第十七次会议，审议通过了《关于对控股子公司增资的议案》。现将具体情 况公告如下： 一、本次增资情况概述 2.统一社会信用代码：914300007558100793 3.成立日期：2003 年 11 月 07 日 4.注册资本：10,000 万元人民币 1.为满足控股子公司湖南省中南锑钨工业贸易有限公司（以下简称中南锑钨） 的经营发展需要，公司拟使用自有资金向中南锑钨增资 18,403.26 万元人民币； 中南锑钨少数股东益阳市华昌锑业有限公司保持原持股比例同步增资 1,094.19 万元人民币、桃江久通锑业有限责任公司保持原持股比例同步增资 502.55 万元 人民币，增资后中南锑钨注册资本为 30,000 万元人民币。 2.2026 年 3 月 23 日，公司召开第七届董事会 ...

铜：本周 LME 铜价-7.07%到 11834.5 美元/吨，沪铜-5.55%到 9.47 万元/吨。供应端，据 SMM，进口铜精矿加工费周度 指数跌至-67.32 美元/吨；截至本周四，全国主流地区铜库存环比上周四下降 8.85%，总库存同比去年同期增加 17.67 万吨，各地区均有所去库。冶炼端，因精废价差收窄，废产阳极板企业开工率下降，主要为交付长单进行生产，本周 废产阳极板企业开工率为 58.31%，环比下降 0.50 个百分点，随铜价大跌，预计下周企业开工率将下降至 54.65%。消 费端，据 SMM，本周铜价大幅走低，线缆企业订单虽有增加，但增幅相对有限，开工率环比仅增 3.93 个百分点至 70.52%。 主因部分终端客户存在畏跌情绪，不过企业前期在手订单较为充裕，为排产提供一定支撑，此外，铜价回落带动线缆 企业原料补库，但在价格持续走弱背景下，企业采购情绪亦逐渐转向谨慎；本周漆包线行业机台开机率环比回升 3.8 个百分点至 88.93%；新增订单大幅回暖，环比提升 24.97 个百分点，核心驱动力为铜价下行带动下游需求集中释放。 铝：本周 LME 铝价-7.18%到 3192.0 美元/吨， ...

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 ...

记者丨林健民 曾静娇 编辑丨叶映橙 与此同时，据新华社3月19日消息，美国联邦储备委员会18日结束为期两天的货币政策会议， 宣布将联邦基金利率目标区间维持在3.5%至3.75%之间不变。这一决定符合市场预期，是今年 以来美联储连续第二次维持利率不变。 同日，A股、港股黄金珠宝板块持续下挫。截至发稿，港股万国黄金集团跌近18%，紫金黄金 国际跌超8%，老铺黄金跌超5%；A股方面，紫金矿业、中金黄金跌近7%，山东黄金、招金黄 金、湖南黄金等纷纷下挫，均跌超5%。 | 代码 | 名称 | 现价 | 涨跌 | 涨跌幅 ▲ | | --- | --- | --- | --- | --- | | 3939 | 万国黄金集团 | 11.900 | -2.580 | -17.82% | | 2259 | 紫金黄金国际 | 168.400 | -15.600 | -8.48% | | 1712 | 龙资源 | 9.230 | -0.790 | -7.88% | | 8299 | 大唐黄金 | 0.600 | -0.050 | -7.69% | | 0340 | 潼关黄金 | 3.220 | -0.220 | -6.40% | ...

Group 1: Copper - LME copper price decreased by 3.21% to $12,869.0 per ton, while Shanghai copper fell by 2.76% to ¥101,100 per ton [1] - Domestic copper inventory increased by 8.56% week-on-week, with a year-on-year increase of 20,920 tons [1] - Major cable enterprises' operating rate rose by 33.17 percentage points to 60.90%, indicating a recovery in production [1] Group 2: Aluminum - LME aluminum price increased by 9.22% to $3,431.0 per ton, and Shanghai aluminum rose by 3.69% to ¥24,700 per ton [2] - Domestic aluminum rod inventory was reported at 398,000 tons, showing a trend of first increasing and then decreasing [2] - The operating rate of downstream aluminum processing enterprises increased by 2.5 percentage points to 59.5% [2] Group 3: Precious Metals - COMEX gold price decreased by 2.90% to $5,181.3 per ounce, with SPDR gold holdings dropping by 28.01 tons to 1,073.32 tons [3] - Geopolitical risks influenced the gold market, leading to a strong fluctuation pattern [3] - The 10-year TIPS rose by 0.04 percentage points to 1.80% [3] Group 4: Rare Earths - The price of praseodymium and neodymium oxide decreased by 4.54% this week [4] - The price center has been rising since the beginning of the year, likely related to upcoming supply-side documents for 2024-2025 [4] - The rare earth sector is expected to see a resonance in supply and demand due to ongoing supply reforms and more relaxed export expectations [4] Group 5: Tungsten - Tungsten price increased by 16.72% this week, indicating a strong demand outlook [4] - Recent actions against illegal mining in Ganzhou may support tungsten prices [4] - The priority of tungsten is expected to be high due to increased strategic stockpiling overseas [4] Group 6: Lithium - The average price of lithium carbonate decreased by 3.0% to ¥159,800 per ton, while lithium hydroxide fell by 0.6% to ¥161,000 per ton [4] - Total lithium carbonate production increased to 22,600 tons, reflecting a slight rise [4] - The market is experiencing a strong purchasing intention from downstream material manufacturers despite price declines [4] Group 7: Cobalt - Cobalt price decreased by 1.7% to ¥431,500 per ton, while cobalt intermediate prices saw a slight increase [4] - The supply side remains tight due to slow export progress from the Democratic Republic of Congo [4] - The market is currently in a phase of inventory digestion, with potential upward price movement expected as demand clarifies [4] Group 8: Nickel - LME nickel price decreased by 1.4% to $17,500 per ton, while Shanghai nickel fell by 2.9% to ¥136,300 per ton [4] - Nickel inventory at LME decreased by 0.04 million tons to 287,600 tons [4] - The market is currently constrained by weak demand and high inventory levels, but strong bottom support is noted [4]

Investment Rating - The industry rating is "Recommended" [3] Core Insights - The report highlights that tungsten prices continue to reach historical highs, with expectations for a strong overall market for key metals [1][23] - Nickel prices are supported by tightening supply expectations due to Indonesia's reduced production quotas for 2026, which are set between 260 million to 270 million tons, significantly lower than the previous year's quota of 42 million wet tons [1][29] - Cobalt supply is expected to tighten further due to slow export progress from the Democratic Republic of Congo, with a forecasted increase in cobalt prices [2][5] - Antimony prices are anticipated to remain strong due to supply constraints, with a significant drop in production reported [6][18] - Lithium supply disruptions are expected to continue, with potential for lithium prices to reach new highs amid increasing demand [8][19] - The rare earth sector is facing supply shortages, particularly for praseodymium and neodymium, which may support prices [9][20] - Tin prices are supported by ongoing supply concerns from Myanmar and the Democratic Republic of Congo, with a notable decrease in tin imports [11][21] - Uranium supply is expected to remain tight, supporting high prices due to geopolitical factors and production delays [14][24] Summary by Sections Nickel and Cobalt Industry Insights - Indonesia's nickel production quota for 2026 is set to significantly reduce, impacting supply and supporting prices [1][29] - Cobalt exports from the Democratic Republic of Congo are hindered by complex local processes and logistical challenges, leading to tighter supply [2][5] Antimony Industry Insights - Antimony production has seen a sharp decline, which is expected to support prices in the near term [6][18] Lithium Industry Insights - Lithium prices are under pressure due to supply disruptions, but demand remains strong, potentially leading to price increases [8][19] Rare Earth Industry Insights - Supply shortages for praseodymium and neodymium are anticipated, which may bolster prices in the market [9][20] Tin Industry Insights - Ongoing supply issues from Myanmar and the Democratic Republic of Congo are expected to support tin prices [11][21] Uranium Industry Insights - The uranium market is facing supply constraints, which are likely to keep prices elevated due to geopolitical tensions and production delays [14][24]

Core Viewpoint - The A-share gold and jewelry index experienced a significant decline, with major companies like Mankalon and Western Gold seeing drops of over 10% and 6% respectively, reversing the strong performance of previous trading days [1][2]. Market Performance - As of March 4, the gold and jewelry index was at 2928.49, down 3.03% [2]. - Mankalon (300945.SZ) was priced at 19.61, down 10.42%, while Western Gold (601069.SH) was at 38.35, down 6.35% [2]. - Other companies such as Sichuan Gold (001337.SZ) and Zhao Jin Gold (000506.SZ) also saw declines of over 4% [2][3]. Price Fluctuations - On March 3, gold prices saw a sharp drop, with COMEX gold futures falling over 5% and spot gold dropping more than 6%, breaking below the critical $5000 per ounce mark [3]. - By March 4, there was a recovery, with spot gold rising over 1% to $5159.19 per ounce [4]. Market Analysis - The recent volatility in gold and silver prices is attributed to profit-taking after a surge in response to geopolitical tensions, alongside expectations of potential changes in monetary policy due to rising oil prices [4][5]. - Analysts suggest that if oil prices continue to rise, it could push U.S. inflation above 3%, leading to a tightening of monetary policy by the Federal Reserve, which would negatively impact gold and silver prices [4][5]. Geopolitical Factors - The situation in the Middle East, particularly regarding Iran's control over the Strait of Hormuz, is causing concerns about oil supply disruptions, which could further influence inflation expectations and monetary policy [5][6]. - The uncertainty surrounding U.S. military involvement in Iran and its implications for global oil prices is a critical factor for the gold market [7][8]. Long-term Outlook - Despite short-term pressures, the long-term outlook for gold remains positive due to ongoing geopolitical uncertainties and the potential for continued central bank demand for gold [8]. - Analysts caution that while gold prices may experience high volatility in the short term, the fundamental drivers for gold's value, such as geopolitical risks and monetary policy shifts, remain intact [8].

证券代码：002155 证券简称：湖南黄金 公告编号：临 2026-18 湖南黄金股份有限公司 针对公司股票交易异常波动，经公司自查，并向公司控股股东及实际控制人 就相关事项进行了核实，现就有关情况说明如下： 1.公司前期披露的信息不存在需要更正、补充之处。 2.未发现近期公共传媒报道了可能或已经对公司股票交易价格产生较大影 响的未公开重大信息。 3.公司近期经营情况正常，内外部经营环境未发生重大变化。 4.公司于 2026 年 1 月 26 日披露了《湖南黄金股份有限公司发行股份购买资 产并募集配套资金暨关联交易预案》等相关公告，公司拟通过发行股份方式购买 交易对方湖南黄金集团有限责任公司、湖南天岳投资集团有限公司持有的湖南黄 金天岳矿业有限公司合计 100%股权，及湖南黄金集团有限责任公司持有的湖南 中南黄金冶炼有限公司 100%股权，并向不超过 35 名符合中国证监会规定条件的 特定投资者发行股份募集配套资金。截至本公告披露日，本次交易相关的审计、 评估工作尚未完成，公司会同有关各方正在积极推进本次交易的相关工作。 关于股票交易异常波动的公告 本公司董事会及全体董事、高级管理人员保证公告内容的真实、 准 ...