与会领导及嘉宾共同点亮灯柱，宣布广州优美正式投产，并参观展厅及产线。 锂想再生，绿创未来。面向未来，广汽集团将持续支持优湃能源深耕循环经济领域，以技术创新为引 擎，加快关键核心技术攻关，不断提升资源综合利用效率与智能化生产水平，着力构建可持续的能源生 态体系，为新能源事业高质量发展提供有力支撑，持续助力国家"双碳"目标实现。 3月25日，由优湃能源与格林美集团旗下武汉动力再生联合投资的广州优美再生技术有限公司（下称"广 州优美"）投产仪式在广州圆满举行。广州优美的顺利投产，标志着广汽集团能源生态板块补齐最后一 块核心拼图，也是优湃能源成立三周年系列活动的重要组成部分。 3月25日，由优湃能源与格林美集团旗下武汉动力再生联合投资的广州优美再生技术有限公司（下称"广 州优美"）投产仪式在广州圆满举行。广州优美的顺利投产，标志着广汽集团能源生态板块补齐最后一 块核心拼图，也是优湃能源成立三周年系列活动的重要组成部分。 广州市工信局市管一级调研员史春风，广汽集团常务副总经理、优湃能源董事长高锐，格林美集团副总 经理、武汉动力再生董事长张宇平，广州市及白云区各级政府部门，各合作伙伴、兄弟企业及新闻媒体 齐聚现场，共同见 ...

[Table_Title] 研究报告 Research Report 26 Mar 2026 新能源 Energy and Utilities 印尼 RKAB 政策与硫磺供应冲击下的镍市短期展望 Near-term Outlook for the Nickel Market Amid Indonesia RKAB Policy and Sulfur Supply Shocks 侯若雪 Rosy Hou 徐柏乔 Baiqiao Xu rx.hou@htisec.com bq.xu@htisec.com [Table_yemei1] 热点速评 Flash Analysis (Please see [Table_summary] APPENDIX 1 for English summary) 要点 全球镍行业目前正经历供需格局的深度调整。2026 年，我们预计全球镍供需量约 400 万吨，供应端印尼产量将占 65% 左右（260-270 万吨），其余国家合计约 130-140 万吨。从结构上看，2025 年表现为约 20-30 万吨供应过剩，2026 年全 年预计供需大致平衡或供给小幅过剩，但因后续印尼供应政策存在 ...

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 ...

证券代码：002340 证券简称：格林美 公告编号：2026-023 格林美股份有限公司（以下简称"公司"）于 2026 年 3 月 6 日召开 2026 年 第一次临时股东会，审议通过了《关于修订<公司章程>及相关议事规则的议案》， 鉴于公司已于 2025 年 11 月 7 日在中国证券登记结算有限责任公司深圳分公司 （以下简称"中登深圳分公司"）办理完成 542 名激励对象已获授但因公司层面 业绩考核指标未达到 2022 年限制性股票激励计划第三个解除限售期解除限售业 绩考核目标而未解除限售的第三个解除限售期对应的 875.0450 万股限制性股票 的注销手续，公司总股本由 5,124,299,057 股变更为 5,115,548,607 股，注册资本 由 5,124,299,057 元变更为 5,115,548,607 元；同时，鉴于公司已于 2026 年 1 月 20 日在中登深圳分公司办理完成 12,215,100 股回购股份的注销手续，公司总股 本由 5,115,548,607 股变更为 5,103,333,507 股，注册资本由 5,115,548,607 元变更 为 5,103,333,507 ...

Group 1: Precious Metals - The financial attributes of precious metals, particularly gold, are expected to continue to shine, driven by ongoing central bank purchases and a shift in global credit dynamics, with gold prices projected to rise significantly [4][13][36] - Central banks' gold purchases are anticipated to increase from 5% to 21% of global gold demand from 2020 to 2024, with a peak of 23% in 2022, indicating a strong demand for gold as a safe asset [13][19] - Gold prices are projected to exceed $6,000 per ounce by 2026, supported by central bank buying and a decline in real interest rates [33][36][46] Group 2: Industrial Metals - The demand for industrial metals, particularly aluminum and copper, is expected to remain robust, with aluminum nearing production capacity limits domestically and limited supply growth internationally [4][54] - The copper market is facing significant supply disruptions, with major mines experiencing production cuts due to various operational challenges, leading to a tight supply outlook [53][54] - The overall copper production is projected to grow modestly, with a year-on-year increase of 2.5% in 2024 and 1.2% in 2025, but supply constraints may limit growth potential [54][72] Group 3: Minor Metals - Strategic minor metals such as lithium, cobalt, and tungsten are experiencing a revaluation due to increasing demand from energy storage and electric vehicle sectors [5][48] - The lithium industry is expected to see a reversal in its cycle earlier than anticipated, driven by high demand for energy storage solutions [5] - Cobalt supply is tightening significantly, leading to a notable price increase, while nickel prices are supported by clear cost structures and increasing supply disruptions [5][48]

Core Insights - The article discusses the recent policy direction for hydrogen energy, emphasizing the goal of large-scale application in urban areas by 2030, with hydrogen prices expected to drop below 25 yuan per kilogram, and a target of doubling the number of fuel cell vehicles to 100,000 units [4]. Group 1: Latest Policy Direction - On March 16, three ministries released a notice on hydrogen energy comprehensive application pilot projects, aiming for significant advancements in technology innovation and industry chain upgrades to support green transformation [4]. Group 2: Key Materials and Components - Upstream key materials include catalysts from companies like 贵研铂业 and 中自科技, proton exchange membranes from 泛亚微透 and 百利科技, and membrane electrodes from 雄韬股份 and 威孚高科 [8]. - Upstream core components consist of air compressors from 汉钟精机 and 吴志机电, hydrogen circulation pumps from 德尔股份 and 腾龙股份, and thermal management systems from 银轮股份 and 腾龙股份 [8]. - Midstream system integration and testing involve fuel cell system integration by 亿华通 and 潍柴动力, along with testing equipment and technical services from 科威尔 and 中国汽研 [8].

Investment Rating - The report maintains a "Recommended" rating for the new energy vehicle industry [2][3]. Core Insights - The supply-demand structure is continuously optimizing, with many product prices on the rise. In February, China's new energy vehicle production and sales reached 694,000 and 765,000 units, respectively, down 21.8% and 14.2% year-on-year. Cumulatively, from January to February, production and sales totaled 1.735 million and 1.71 million units, down 8.8% and 6.9% year-on-year. New energy vehicles accounted for 41.2% of total new car sales. The supply side is seeing new products from battery and main engine manufacturers, with positive feedback from demand, leading to a continuous optimization of the supply-demand structure. Prices are stabilizing and rising, particularly for lithium carbonate and lithium iron phosphate, with strong demand and tight supply [3][4][5]. Summary by Sections 1. Market Tracking - The new energy vehicle index, lithium battery index, fuel cell index, charging pile index, and energy storage index had weekly changes of +0.91%, +5.37%, -0.79%, -2.15%, and +5.55%, respectively. Notable performers included Foshan Technology, Hunan Youneng, and Penghui Energy, with increases of 29.9%, 22.6%, and 22.0% [4][24]. 2. Lithium Battery Industry Chain Price Tracking - Since the beginning of the year, lithium carbonate prices have increased by 33.1%, driving up lithium iron phosphate by 27.3%. This week, lithium carbonate was priced at 159,100 CNY/ton, up 2.5% from last week. Other materials like nickel and cobalt also saw slight increases [29][30][32]. 3. Production and Sales Data Tracking - In February, the production and sales of new energy vehicles were 694,000 and 765,000 units, respectively, with year-on-year declines of 21.8% and 14.2%. Cumulatively, from January to February, production and sales reached 1.735 million and 1.71 million units, with new energy vehicles making up 41.2% of total new car sales [45][49]. 4. Industry Dynamics - The U.S. has decided not to impose tariffs on battery materials imported from China, which is expected to positively impact the industry. Additionally, significant developments in the new energy sector were highlighted, including NIO's record quarterly profit and Li Auto's substantial revenue growth [71][68][69]. 5. Key Company Announcements - Companies like Shenling Environment and Jiebang Technology have made significant announcements regarding investments and shareholder changes, indicating active engagement in the market [73][74][75]. 6. Industry Rating and Investment Strategy - The report suggests focusing on high-potential areas such as data center liquid cooling, solid-state batteries, battery materials, robotics, and autonomous driving, while maintaining a positive outlook on the new energy vehicle industry [3][4].

Investment Rating - Maintain "Buy" rating for the sector [5] Core Views - The geopolitical situation in the Middle East continues to disrupt bullish sentiment, but there is sustained optimism for precious metals during the stagflation cycle [1] - Copper demand remains resilient despite short-term geopolitical disturbances, with a positive long-term outlook [2] - Aluminum prices are experiencing significant volatility due to ongoing overseas conflicts, while domestic demand is gradually transitioning towards a consumption peak [3] - Nickel prices are under pressure from geopolitical disturbances, but supply constraints provide some support [4] - Tin prices are fluctuating due to a tug-of-war between supply and demand factors, with a lack of strong driving forces [8] - The lithium market is seeing increases in both supply and demand, maintaining a trend of inventory reduction [9] - Cobalt prices are experiencing fluctuations due to weak downstream purchasing [10] Summary by Sections Precious Metals - The ongoing geopolitical crisis in the Middle East has led to sustained high oil prices, impacting investor sentiment towards precious metals. However, concerns are seen as short-term, with a bullish outlook for the medium term [1][41] Industrial Metals - **Copper**: Demand remains strong with a recovery in market transactions as production resumes. Recent expectations for downstream production have improved, indicating a healthy demand base [2] - **Aluminum**: Supply has slightly increased, but high prices are suppressing some demand. The market is transitioning towards a consumption peak, with ongoing geopolitical factors influencing prices [3] - **Nickel**: Prices have decreased due to geopolitical tensions, but supply constraints from Indonesia are providing support [4] - **Tin**: Supply is stable, but demand is weak, leading to a lack of strong price movements [8] Energy Metals - **Lithium**: Both supply and demand are increasing, with a focus on inventory reduction. The market is expected to remain active due to rising demand from the electric vehicle sector [9] - **Cobalt**: Prices are fluctuating with weak demand from downstream sectors, leading to a cautious purchasing environment [10]

Investment Rating - The report maintains a "Recommended" rating for the new energy vehicle industry [2][3]. Core Insights - The supply-demand structure is continuously optimizing, with many product prices on the rise. In February, China's new energy vehicle production and sales reached 694,000 and 765,000 units, respectively, down 21.8% and 14.2% year-on-year. Cumulatively, from January to February, production and sales totaled 1.735 million and 1.71 million units, down 8.8% and 6.9% year-on-year. New energy vehicles accounted for 41.2% of total new car sales. The supply side is seeing new products from battery and main engine manufacturers, with positive feedback on demand, leading to a continuous optimization of the supply-demand structure. Prices are stabilizing and rising, particularly for lithium carbonate and lithium iron phosphate, with strong demand and tight supply [3][4][5]. Summary by Sections 1. Market Tracking - The new energy vehicle index, lithium battery index, fuel cell index, charging pile index, and energy storage index had weekly changes of +0.91%, +5.37%, -0.79%, -2.15%, and +5.55%, respectively [4][21]. 2. Lithium Battery Industry Chain Price Tracking - Since the beginning of the year, lithium carbonate prices have increased by 33.1%, driving up lithium iron phosphate by 27.3%. The price of lithium hexafluorophosphate has decreased by 38.3%. This week, lithium carbonate was priced at 159,100 CNY/ton, up 2.5% from last week [29][30][32]. 3. Production and Sales Data Tracking - In February, China's new energy vehicle production and sales were 694,000 and 765,000 units, respectively, with year-on-year declines of 21.8% and 14.2%. Cumulatively, from January to February, production and sales reached 1.735 million and 1.71 million units, with new energy vehicles making up 41.2% of total new car sales [45][49]. 4. Industry Dynamics - The U.S. has decided not to impose tariffs on certain battery materials imported from China, which is expected to positively impact the industry [5][71].

债券代码：148517.SZ 债券简称：23 格林 G1 债券受托管理人 国联民生证券承销保荐有限公司 （住所：中国(上海)自由贸易试验区浦明路 8 号） 二〇二六年三月 声 明 本报告依据《公司债券发行与交易管理办法》《公司债券受托管理 人执业行为准则》《格林美股份有限公司 2023 年面向专业投资者公开 发行绿色公司债券(第一期)募集说明书》《格林美股份有限公司 2022 年面向专业投资者公开发行公司债券受托管理协议》等相关规定以及 格林美股份有限公司（以下简称"公司"或"发行人"）提供的相关资 料等，由本次公司债券受托管理人国联民生证券承销保荐有限公司（以 下简称"国联民生承销保荐"）编制。 本报告不构成对投资者进行或不进行某项行为的推荐意见，投资 者应对相关事宜作出独立判断，而不应将本报告中的任何内容据以作 为国联民生承销保荐所做的承诺或声明。在任何情况下，投资者依据 本报告所进行的任何作为或不作为，国联民生承销保荐不承担任何责 任。 2 国联民生证券承销保荐有限公司 关于格林美股份有限公司注销部分回购股份暨 变更注册资本的临时受托管理事务报告 | 债券名称 | 格林美股份有限公司 2023 发行绿色 ...