Core Viewpoint - The release of a significant policy in Shanghai has led to a strong rally in the non-ferrous metals sector, particularly the Huabao Non-Ferrous ETF (159876), which saw a price increase of over 2.1% during the day and is approaching its previous listing high [1][11]. Fund Performance - As of the latest update, the Huabao Non-Ferrous ETF (159876) has received a net subscription of 21.6 million units, accumulating a total of 635 million yuan over the past 10 days [1][11]. - The latest scale of the Huabao Non-Ferrous ETF reached 1.665 billion yuan, setting a new historical high, making it the largest ETF tracking the CSI Non-Ferrous Metals Index in the market [6][13]. Stock Performance - Key stocks in the sector, including Baiyin Nonferrous, Hunan Nonferrous, and Shengxin Lithium Energy, have hit the daily limit, with Baiyin Nonferrous rising by 10.01% and Hunan Nonferrous by 10% [3][14]. - Other notable performers include Guocheng Mining, which increased by over 8%, and Zhongkuang Resources, which rose by more than 7% [3][14]. Market Dynamics - The Shanghai government has issued a plan to enhance the competitiveness of non-ferrous metal commodities, aiming to improve resource allocation and global pricing influence [4][12]. - A favorable supply-demand balance, characterized by limited supply growth and improving demand, is expected to support the long-term strength of the non-ferrous sector [5][13]. Investment Outlook - The Huabao Non-Ferrous ETF covers a wide range of metals, including copper, aluminum, gold, rare earths, and lithium, allowing investors to capture various market cycles [8][16]. - Analysts suggest that geopolitical tensions may reshape global metal supply chains, potentially increasing the demand and value of strategic metals such as copper, tungsten, molybdenum, cobalt, and rare earth materials [5][13].

南方财经1月21日电，金属锂板块持续拉升，盛新锂能涨停，永兴材料、融捷股份、天齐锂业、赣锋锂 业、西藏矿业跟涨。此前广期所碳酸锂主力合约大涨6%。 ...

早盘 锂矿概念震荡反弹， 盛新锂能涨停， 大中矿业、 天华新能、 永兴材料、 中矿资源、 融捷股份涨 幅靠前。消息面上，广期所碳酸锂主力合约日内涨超5%，一度突破16.4万元/吨。 ...

Core Viewpoint - The energy metals sector experienced a slight increase of 0.44% on January 20, with significant contributions from companies like BQX New Materials, while the overall market indices showed minor declines [1]. Group 1: Market Performance - The Shanghai Composite Index closed at 4113.65, down 0.01%, and the Shenzhen Component Index closed at 14155.63, down 0.97% [1]. - BQX New Materials led the energy metals sector with a closing price of 73.99, reflecting a rise of 6.77% [1]. - Other notable performers included Zangge Mining, which rose by 1.61% to 91.45, and Tianqi Lithium, which increased by 1.50% to 59.49 [1]. Group 2: Trading Volume and Value - BQX New Materials had a trading volume of 283,400 shares, resulting in a transaction value of 2.103 billion yuan [1]. - Tianqi Lithium recorded a trading volume of 485,000 shares with a transaction value of 2.862 billion yuan [1]. - The total trading volume and values for other companies in the sector varied, with Shengton Mining and Ganfeng Lithium also showing significant transaction values of 2.556 billion yuan and 3.803 billion yuan, respectively [1]. Group 3: Capital Flow - The energy metals sector saw a net outflow of 521 million yuan from institutional investors, while retail investors contributed a net inflow of 193 million yuan [2]. - The sector's capital flow indicated that speculative funds had a net inflow of 328 million yuan [2]. - Specific companies like Shengxin Lithium and Tianqi Lithium experienced varied capital flows, with Shengxin Lithium seeing a net inflow of 14 million yuan from institutional investors [3].

Core Viewpoint - Shengxin Lithium Energy (002240) has confirmed a Li2O resource of 989,600 tons with an average grade of 1.62%, making it one of the highest-grade lithium mines in Sichuan [1] Group 1: Company Developments - The company is focused on the development and construction of the Muzhong lithium mine to significantly increase lithium resource supply [1] - The production scale of the Muzhong lithium mine is set at 3 million tons per year [1]

Investment Rating - The report maintains a "Buy" rating for several companies in the non-ferrous metals sector, including 山金国际, 赤峰黄金, 洛阳钼业, 中国宏桥, and 中钨高新 [10]. Core Insights - The non-ferrous metals sector is experiencing a general upward trend, with significant price increases across various metals, driven by macroeconomic factors and supply chain dynamics [11][19]. - The report highlights the impact of U.S. tariffs and trade policies on the supply and demand dynamics of key metals, particularly copper and aluminum [2][3]. - The report emphasizes the importance of monitoring inventory levels and production capacities, as these factors are critical in determining future price movements [26][35]. Summary by Sections Precious Metals - Concerns over tariffs have led to a temporary pullback in silver prices, but the long-term outlook remains positive [1]. - The report suggests monitoring companies such as 兴业银锡 and 盛达资源 for potential investment opportunities [1]. Industrial Metals - Copper inventories are rising, particularly in the U.S., raising concerns about supply tightness in non-U.S. regions [2]. - The report notes that while high copper prices are suppressing end-user demand, the long-term consumption outlook remains strong due to infrastructure investments [2]. Aluminum - The aluminum market is expected to experience price fluctuations due to geopolitical tensions and macroeconomic policies [3]. - The report indicates that production cuts in aluminum processing are occurring, particularly in regions like Guizhou and Henan [3]. Nickel - Nickel prices are on an upward trend, supported by supply tightening expectations from Indonesia [4]. - The report highlights the importance of monitoring companies like 华友钴业 and 力勤资源 for investment opportunities [4]. Tin - Supply chain bottlenecks and macroeconomic factors are providing short-term support for tin prices [5]. - The report suggests that companies like 华锡有色 and 兴业银锡 may benefit from these market conditions [5]. Lithium - Lithium prices are experiencing wide fluctuations due to export policy expectations and demand uncertainties [6]. - The report recommends关注 companies such as 赣锋锂业 and 天齐锂业 for potential investment [6]. Cobalt - Progress in cobalt shipments from the Democratic Republic of Congo is expected to support high cobalt prices in the short term [9]. - The report suggests monitoring companies like 华友钴业 and 腾远钴业 for investment opportunities [9].

Investment Rating - The industry investment rating is "Positive (Maintain)" [6] Core Viewpoints - Short-term lithium salt prices are under pressure for a phase adjustment, particularly due to limited acceptance of high prices by downstream sectors, while the long-term price center for lithium has significantly shifted upward [4] - Cobalt prices remain relatively stable due to tight supply of intermediate products and support from smelting costs, despite weak terminal demand [4] - The lithium and cobalt sectors are seen as having clear investment value, with recommendations for active positioning [9] Summary by Sections 1. Cycle Assessment: Emotional Catalysts for Price Fluctuations - Lithium carbonate prices experienced a peak and subsequent decline, with lithium concentrate prices rising to $1980 per ton, up $100 from the previous week [14] - The market for cobalt salts is subdued, with production pressures evident and smelting plant prices increasing [14] 2. Core Data on New Energy Materials: Mixed Production Changes and Price Increases - December lithium carbonate production increased by 4% month-on-month and 42% year-on-year, while hydroxide production rose by 2% month-on-month and 30% year-on-year [25][24] - Cobalt intermediate products saw a 21.20% decrease in inventory in December, while cobalt metal inventories showed no significant reduction [62][68] 3. Lithium Salt Import and Export Data - In November, lithium carbonate exports surged by 209% month-on-month and 249% year-on-year, while imports fell by 8% month-on-month but rose by 15% year-on-year [40][41] 4. Weekly Data on Lithium Salts: Slight Production Increase and Inventory Decrease - Weekly production of lithium carbonate rose by 0.31%, and inventory decreased by 0.24% [52][53] 5. Downstream Material Inventory: Decrease in Phosphate Iron Lithium and Ternary Material Inventory - Phosphate iron lithium inventory decreased by 0.21%, and ternary material inventory decreased by 0.95% [59][60] 6. Price Trends of New Energy Metal Materials: Most Prices Increased - The average price of battery-grade lithium carbonate rose by 20.11%, while industrial-grade lithium carbonate increased by 20.42% [71][72]

Group 1 - The core point of the news is that Shengxin Lithium Energy's stock price dropped by 5.02% to 33.32 CNY per share, with a trading volume of 1.086 billion CNY and a turnover rate of 3.46%, resulting in a total market capitalization of 30.498 billion CNY [1] - Shengxin Lithium Energy, established on December 29, 2001, and listed on May 23, 2008, is located in Shenzhen, Guangdong Province. The company primarily engages in the production and sales of medium-density fiberboard, timber, rare earth products, lithium chloride, battery-grade monohydrate lithium hydroxide, and battery-grade lithium carbonate, focusing entirely on the new energy and new materials sectors [1] - The company's main business revenue composition is 100% from new energy [1] Group 2 - From the perspective of major fund holdings, Chang'an Fund has one fund heavily invested in Shengxin Lithium Energy. The Chang'an Xinxin Mixed A Fund (005477) reduced its holdings by 690,000 shares in the third quarter, now holding 662,900 shares, which accounts for 4.81% of the fund's net value, making it the third-largest holding [2] - The Chang'an Xinxin Mixed A Fund (005477) was established on February 7, 2018, with a latest scale of 64.3917 million CNY. Year-to-date, it has a return of 4.16%, ranking 4421 out of 8847 in its category; over the past year, it has achieved a return of 26.21%, ranking 4760 out of 8094; since inception, it has incurred a loss of 53.15% [2]

（文章来源：证券日报） 证券日报网讯 1月15日，盛新锂能发布公告称，公司2026年第一次（临时）股东会审议通过《关于签署 锂盐产品合作框架协议暨关联交易的议案》《关于全资子公司收购启成矿业股权暨增加与关联方共同投 资的议案》。 ...

证券代码：002240 证券简称：盛新锂能 公告编号：2026-003 盛新锂能集团股份有限公司 2026年第一次（临时）股东会决议公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚 假记载、误导性陈述或重大遗漏。 重要提示： 1、本次股东会未出现否决提案的情形。 2、本次股东会不涉及变更以往股东会已通过决议的情形。 一、会议召开的情况 （一）会议召集人：公司第八届董事会 （二）会议召开时间： 1、现场会议时间：2026 年 1 月 15 日（周四）下午 14:30 开始 2、网络投票时间：2026 年 1 月 15 日（周四） 其中，通过深圳证券交易所交易系统进行网络投票的具体时间为：2026年1 月15日上午9:15－9:25，9:30－11:30，下午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15日上午9:15至下午15:00期间的 任意时间。 （五）会议主持人：董事长周祎先生 （六）会议的召集、召开与表决程序符合《中华人民共和国公司法》及《公 司章程》等有关规定。 二、会议出席的情况 （一）出席的总体情况 参加本次股东会的股东及股东代 ...