Investment Rating - The industry rating is "Recommended" [4] Core Views - The report highlights that high oil prices driven by Middle Eastern conflicts are expected to strengthen the demand for lithium as an energy alternative, indicating a potential upside for lithium prices [2] - Nickel prices are supported by supply uncertainties due to delays in the approval process for nickel mining quotas in Indonesia, which may lead to a tight supply situation [2][17] - Cobalt prices are anticipated to rise due to ongoing supply uncertainties from the Democratic Republic of Congo, with expectations of structural tightness in cobalt supply [3][18] - The report notes a significant increase in carbonated lithium prices, driven by supply disruptions and rising demand expectations, particularly in the context of the electric vehicle market [21] - The tungsten market is expected to see continued price increases due to long-term supply tightness and strategic importance in global supply chains [24] Summary by Sections Nickel and Cobalt Industry - As of March 27, LME nickel spot price was $17,010 per ton, up 1.43% from March 20, with total LME nickel inventory at 281,574 tons, down 0.68% [2] - Cobalt prices are under pressure but are expected to rise due to supply constraints from the DRC, with the current electrolytic cobalt price at 430,500 CNY per ton [3][18] Lithium Industry - Domestic carbonate lithium futures closed at 168,400 CNY per ton, up 17.09% from March 20, indicating strong demand and supply constraints [21] - The report emphasizes the impact of geopolitical tensions on lithium demand, particularly in the context of energy security [21] Tungsten Industry - The report indicates that tungsten prices are expected to continue rising due to supply constraints and strategic importance, with white tungsten concentrate prices at 1,001,000 CNY per ton [24] Antimony Industry - Antimony prices have seen a slight decline, but supply constraints are expected to provide support for future prices, with average antimony ingot prices at 165,500 CNY per ton [7][19] Uranium Industry - The report notes that uranium supply is expected to remain tight, supporting prices, with the global uranium market price at $71.3 per pound [15][25]

Market Overview - The A-share market opened lower but closed higher, with the Shenzhen Component Index rising over 1% [1] - The total trading volume in the Shanghai and Shenzhen markets was 1.85 trillion, a decrease of 903 billion compared to the previous trading day [1][5] - More than 4,300 stocks in the market experienced gains, indicating a broad-based rally [1] Sector Performance - The lithium battery industry chain saw significant gains, with multiple stocks hitting the daily limit, including Rongjie Co., Ltd. with four consecutive limit-ups and Shida Shenghua with two consecutive limit-ups [1] - The pharmaceutical sector also performed well, with Keta Bio hitting the daily limit and several other stocks showing strong upward momentum [1] - The chemical sector was active, with stocks like Suli Co., Ltd. and Luban Chemical hitting the daily limit [1] Declines - In contrast, several stocks in the green energy sector experienced declines, with Liaoning Energy hitting the limit down and other companies like Jieneng Wind Power and Hunan Development also facing significant drops [2] Closing Statistics - At the close, the Shanghai Composite Index rose by 0.63%, the Shenzhen Component Index increased by 1.13%, and the ChiNext Index gained 0.71% [3][4]

Core Viewpoint - The A-share lithium mining stocks experienced a collective surge, with several companies seeing significant increases in their stock prices, indicating strong market interest and potential growth in the lithium sector [1]. Group 1: Stock Performance - Tianhua Xinneng saw a rise of 14.77%, with a total market capitalization of 54 billion and a year-to-date increase of 65.02% [2]. - Xinxunda increased by 12.37%, with a market cap of 4.168 billion and a year-to-date rise of 20.90% [2]. - Jiangte Electric experienced a 10.05% increase, with a market cap of 17.6 billion and a year-to-date rise of 10.29% [2]. - Chuaneng Power rose by 10.01%, with a market cap of 29.8 billion and a year-to-date increase of 16.16% [2]. - Shengxin Lithium Energy increased by 10%, with a market cap of 38.7 billion and a year-to-date rise of 42.23% [2]. - Rongjie Co. also saw a 10% increase, with a market cap of 20.3 billion and a year-to-date rise of 78.00% [2]. - Yongxing Materials rose by 10%, with a market cap of 43.8 billion and a year-to-date increase of 81.21% [2]. - Ganfeng Lithium increased by 10%, with a market cap of 167 billion and a year-to-date rise of 79.67% [2]. - Other notable increases include Xizang Zhuofeng (9.25%), Guocheng Mining (8.99%), and Xizang City Investment (8.11%) [1][2]. Group 2: Market Trends - The overall trend in the lithium sector suggests a strong investor sentiment, as multiple companies reached their daily limit increases, indicating robust demand for lithium-related stocks [1]. - The year-to-date performance of these stocks reflects a significant recovery and growth potential in the lithium market, driven by increasing demand for electric vehicles and energy storage solutions [2].

Market Overview - The A-share market opened lower but rebounded, with all three major indices turning positive. The half-day trading volume in the Shanghai and Shenzhen markets was 1.14 trillion, a decrease of 84.3 billion compared to the previous trading day [1]. Stock Performance - Over 3,700 stocks in the market rose, indicating a broad-based rally [2]. Sector Highlights - The lithium mining sector saw significant gains, with Rongjie Co. achieving a four-day consecutive rise, while Jiangte Electric, Jinyuan Co., and Shengxin Lithium Energy hit the daily limit [3]. - The pharmaceutical sector also performed strongly, with Keta Bio reaching the daily limit, Meinuohua achieving five gains in six days, and Wanbangde recording three gains in four days. Lianhuan Pharmaceutical and Shuanglu Pharmaceutical also hit the daily limit [3]. - The chemical sector was active, with Sully Co., Lubai Chemical, and Jinzheng all reaching the daily limit [3]. Declines - In contrast, several stocks in the green energy sector experienced declines, with Liaoning Energy hitting the daily limit down, and both Jieneng Wind Power and Haili Wind Power seeing significant drops [4]. Closing Summary - By the end of the trading session, the Shanghai Composite Index rose by 0.26%, the Shenzhen Component Index increased by 0.93%, and the ChiNext Index was up by 0.83% [5].

Core Viewpoint - Lithium mining concept stocks experienced a significant surge on March 27, with multiple stocks hitting the daily limit up, indicating strong market interest and potential investment opportunities in the lithium sector [1]. Group 1: Stock Performance - Tianhua New Energy saw a price increase of 10.01%, reaching 62.32 [2] - Jiangte Electric rose by 10.05%, with a current price of 10.29 [2] - Shengxin Lithium Energy increased by 10.00%, now priced at 42.23 [2] - Rongjie Co., Ltd. also rose by 10.00%, reaching 78.00 [2] - Yongxing Materials experienced a 10.00% increase, with a price of 81.21 [2] - Jinyuan Co. saw a rise of 9.98%, priced at 6.61 [2] - Tibet Cheng Investment increased by 7.95%, now at 19.69 [2] - Dazhong Mining rose by 7.79%, with a current price of 43.98 [2] - Guocheng Mining increased by 7.60%, priced at 42.48 [2] - Yongshan Lithium Industry rose by 7.42%, now at 11.44 [2] - Zhongkuang Resources increased by 7.01%, priced at 73.00 [2] - Ganfeng Lithium saw a rise of 6.79%, with a current price of 77.35 [2]

证券代码：002176 证券简称：江特电机 公告编号：2026-016 江西特种电机股份有限公司 关于为子公司提供担保的进展公告 1 特此公告。 江西特种电机股份有限公司 江西特种电机股份有限公司（以下简称"公司"）于 2025 年 3 月 10 日召开 了第十届董事会第二十次会议，会议审议通过了《关于公司及子公司 2025 年度 担保额度预计的议案》，同意公司为下属子公司的日常经营事项提供合计不超过 人民币 280,000 万元的担保额度，期限自股东会审议通过之日起一年。上述事项 于 2025 年 4 月 2 日经 2025 年第一次临时股东会审议通过。具体内容详见公司 2025 年 3 月 11 日刊载于《证券时报》和巨潮资讯网（www.cninfo.com.cn） 的 《关于公司及子公司 2025 年度担保额度预计的公告》（公告编号：2025-005）。 二、担保进展情况 | 担保方 | 被担保方 | 债权人 | 担保金额 | | 主合同期限 | 担保责任 | 保证期间 | | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | | | | ...

Investment Rating - The industry rating is "Recommended" [3] Core Insights - The report highlights that the rising oil prices and ongoing market panic are suppressing non-ferrous metals, but there is optimism for a comprehensive market for key metals in the future [27] - Nickel prices are expected to find support due to supply uncertainties from Indonesia, particularly with the slow approval process for nickel mining quotas [1] - Cobalt prices are anticipated to continue rising due to tight supply expectations stemming from export approval delays in the Democratic Republic of Congo [2] - The report indicates that antimony prices are expected to remain strong due to supply constraints [6] - Lithium prices are projected to maintain a strong performance supported by demand amid high oil prices [7] - The rare earth sector is facing tightening supply expectations, with stable demand from downstream industries [9] - Tin prices are supported by uncertainties in overseas supply chains [11] - Tungsten prices are expected to rise further due to tightening domestic supply [13] - Uranium prices are supported by ongoing supply tightness and geopolitical factors [15] Summary by Sections Nickel and Cobalt - As of March 20, LME nickel spot price was $16,770 per ton, down 3.29% from March 13, with total LME nickel inventory at 283,512 tons, a decrease of 0.40% [1] - The Indonesian nickel mining association has set the 2026 production quota at 260-270 million tons, significantly reduced from the previous year's quota [16] - Cobalt prices are expected to rise due to ongoing supply tightness, with the Democratic Republic of Congo's export processes still facing delays [2][17] Antimony - Antimony prices have remained stable, with average prices for antimony ingots at 167,500 RMB per ton as of March 19 [6] - Supply constraints are expected to provide a bottom support for antimony prices [19] Lithium - Domestic lithium carbonate futures closed at 143,900 RMB per ton as of March 20, down 5.41% from March 13 [7] - The report notes that the Zimbabwean government has suspended all raw material and lithium concentrate exports, impacting supply [20] - Demand for lithium is expected to be supported by adjustments in export tax policies for battery products [20] Rare Earths - The average price of praseodymium oxide was 785 RMB per kilogram as of March 20, down 9.77% from March 13 [9] - Supply constraints are expected to persist due to regulatory measures and stable demand from the magnetic materials sector [21] Tin - The LME tin spot price was $43,700 per ton as of March 20, down 8.86% from March 13 [11] - Supply uncertainties from Myanmar and the Democratic Republic of Congo are expected to support tin prices [12][22] Tungsten - Domestic tungsten prices are under pressure due to tightening supply, with white tungsten concentrate prices at 1,021,000 RMB per ton as of March 20 [13] - The report anticipates further price increases due to ongoing supply constraints [23] Uranium - Global uranium prices remain high, with the market price at $69.71 per pound as of January [15] - Supply tightness is expected to continue due to geopolitical factors and production delays [24]

证券代码：002176 证券简称：江特电机 公告编号：2026-012 江西特种电机股份有限公司 关于公司及子公司 2026 年度担保额度预计的公告 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。 特别提示： 公司及子公司 2026 年度拟担保金额合计占公司最近一期经审计净资产的比 例为 72.76%，担保对象为公司合并范围内子公司，财务风险处于可控制范围内， 且均具有实际债务偿还能力；本次担保不会损害公司利益，有利于公司下属公司 筹措资金，开展业务，符合公司的整体发展利益。请投资者注意相关风险。 江西特种电机股份有限公司（以下简称"公司"）于 2026 年 3 月 17 日召开 了第十一届董事会第三次会议，会议审议通过了《关于公司及子公司 2026 年度 担保额度预计的议案》，本事项尚需提交公司股东会审议。现将有关情况公告如 下： 一、担保情况概述 为便于公司子公司开展融资活动，提高公司决策效率，公司拟为下属子公司 的日常经营事项提供合计不超过人民币 255,000 万元的担保额度（包括但不限于 融资业务【用于非流动资金贷款、流动资金贷款、开立银行承兑汇票、 ...

证券代码：002176 证券简称：江特电机 公告编号：2026-013 江西特种电机股份有限公司 关于开展远期结售汇业务及可行性分析的公告 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。 江西特种电机股份有限公司（以下简称"公司"）于 2026 年 3 月 17 日召开 了第十一届董事会第三次会议，会议审议通过了《关于开展远期结售汇业务及可 行性分析的议案》，董事会同意公司开展额度不超过等值 5 亿元人民币额度的远 期结售汇业务，期限自股东会审议通过之日起一年，在上述额度内可循环滚动使 用，同时提请股东会授权公司经营管理层在额度范围内具体实施远期结售汇业务。 本事项尚需提交公司股东会审议。现将相关事项公告如下： 一、开展远期结售汇业务的目的 1 4、交易对手 因公司存在部分境外业务，主要以美元结算。当汇率出现较大波动时，汇兑 损益对公司的经营业绩会造成影响，为规避和防范汇率波动风险，公司计划开展 远期结售汇业务。 二、拟开展远期结汇业务的基本情况 1、拟开展的期限 自公司股东会审议通过之日起一年内有效，上述额度在期限内可循环滚动使 用，但期限内任一时点的累计金 ...

证券代码：002176 证券简称：江特电机 公告编号：2026-014 江西特种电机股份有限公司 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。 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 4 月 2 日 14:45 （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 4 月 2 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 4 月 2 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 年 3 月 2 ...