2月3日，有色板块持续回暖，湖南黄金冲击涨停，盛和资源、云南锗业、北方稀土、中国稀土等涨超 4%，有色矿业ETF招商（159690）涨超2%。 上周，贵金属出现历史性行情，受交易拥挤、新任美联储主席和美股科技股下跌压制，贵金属整体出现 暴跌，尤其是前期涨幅过高的白银，单日最大跌幅超过30%，黄金最大跌幅超过10%。今日盘中，金银 现货价格反弹，截至发稿，伦敦银现涨超5%，伦敦金现涨超3%。 中邮证券指出，短期来看，由于获利盘出清导致价格可能会出现剧烈震荡，不排除进一步下跌可能性， 但伦敦金可以在4800-4900盎司之间寻找低位筹码。长期来看，去美元化的进程不会转向，此次调整不 是贵金属行情的结束，耐心等待价格转向的时点。 有色矿业ETF招商（159690）所跟踪的有色矿业指数是一只高度聚焦于有色金属产业链最上游——矿产 资源开采环节的指数，当有色金属价格（如铜价、金价、锂价）上涨时，上游矿产公司的利润会直接、 快速地提升，因此有色矿业指数表现出更强的价格弹性，贝塔值更高，在商品牛市或通胀环境中进攻性 十足。 数据来源:Wind_截至2026.1.30。 了 指数介绍 主流有色主题指数历史行情 388%- 3 ...

（文章来源：证券日报） 证券日报网讯 2月2日，云南锗业在互动平台回答投资者提问时表示，公司2025年生产经营情况将在 2025年年度报告中公开披露。 ...

Group 1 - The company, Yunnan Zhenye, is committed to continuously monitoring relevant policies and industry dynamics [1] - The company aims to seize development opportunities in the industry while optimizing and strengthening its main business operations [1]

Core Viewpoint - The company expects a significant decline in net profit for the year 2025, projecting a decrease of over 50% compared to the previous year, despite positive sales growth in various product segments [1][2]. Group 1: Performance Forecast - The performance forecast period is from January 1, 2025, to December 31, 2025, with an anticipated positive net profit that will decline by more than 50% [1]. - The forecast has not been audited by an accounting firm, but preliminary discussions indicate no major disagreements regarding the performance outlook [1]. Group 2: Reasons for Performance Changes - Increased demand for photovoltaic-grade germanium products due to the advancement of low-orbit communication satellite networks has led to a significant rise in sales volume [1]. - The company has seen an increase in sales of compound semiconductor materials and optical-grade germanium products, contributing to overall revenue growth [1]. - Despite increased sales, the average selling prices and unit costs of various germanium products have risen due to higher raw material prices, with unit cost growth outpacing sales price increases, resulting in a decline in overall gross margin [1]. Group 3: Financial Impacts - R&D expenses have increased year-on-year as projects are progressing as planned [2]. - Financial costs have risen due to unrecognized financing expenses related to minority shareholders of a subsidiary, amounting to 25.64 million yuan [2]. - The expected impact of non-recurring gains and losses on net profit attributable to shareholders is estimated to be between 23 million and 28 million yuan [2].

Group 1: Earnings Forecasts - Han's Laser expects a net profit of 1.85 billion to 2.15 billion yuan for 2025, marking a turnaround from losses in the previous year [9] - Zhongji Xuchuang anticipates a net profit increase of 89.50% to 128.17% for 2025, projecting profits between 9.8 billion to 11.8 billion yuan [2] - Perfect World forecasts a net profit of 720 million to 760 million yuan for 2025, also reversing previous losses [25] - Yihua Lifestyle expects a net profit of 8 billion to 10 billion yuan for 2025, compared to a loss of 1.696 billion yuan in the previous year [21] - Guizhou Mingzhu anticipates a staggering net profit increase of 2908.49% to 3577.04% for 2025, projecting profits between 166 million to 203 million yuan [25] - Kexing Pharmaceutical expects a net profit increase of 328.83% to 455.89% for 2025, projecting profits between 135 million to 175 million yuan [28] Group 2: Capital Raising and Investments - Newray plans to raise no more than 1.316 billion yuan through a private placement for high-performance CNC blade industrial park projects [3] - Liyang Chip intends to raise up to 970 million yuan for integrated circuit testing projects and other initiatives [4] - Kid King plans to invest 3.3 million yuan to establish a joint venture focused on online business model innovation for family consumption [6] Group 3: Industry Developments - Tianqi Lithium's subsidiary has produced its first batch of chemical-grade lithium concentrate as part of its expansion project [5] - Yihua Lithium's subsidiary has signed a framework agreement with Indonesian state-owned enterprises to collaborate on the entire supply chain for electric vehicle batteries [7] - Longyuan Power expects a net profit increase of 51% to 73% for 2025, driven by improved profitability in its core thermal power business and expansion in renewable energy [18]

Core Viewpoint - Yunnan Germanium (002428.SZ) expects a significant decline in net profit for 2025, projecting a range of 15 million to 22 million yuan, which represents a year-on-year decrease of 71.75% to 58.57% [1] Group 1: Financial Performance - The company anticipates a net profit attributable to shareholders of 15 million to 22 million yuan for 2025, a substantial decline compared to the previous year [1] - The net profit after excluding non-recurring gains and losses is projected to be between -13.5 million and -6.8 million yuan [1] Group 2: Market Demand and Sales - There has been a significant increase in the demand for photovoltaic-grade germanium products due to the advancement of domestic low-orbit communication satellite networks, leading to a substantial year-on-year increase in sales volume [1] - The optical communication market has shown improved conditions, resulting in increased sales of indium phosphide semiconductor materials [1] - Orders for fiber-grade germanium products and infrared-grade germanium products (lenses, optical systems) have also increased, contributing to higher sales volume compared to the previous year [1] Group 3: Pricing and Cost Dynamics - The average market price of raw materials has risen, leading to an increase in the sales prices and unit costs of material-grade germanium products, fiber-grade germanium products, photovoltaic-grade germanium products, and infrared-grade germanium products (both raw and coated lenses) [1] - However, the increase in unit costs has outpaced the growth in sales prices, resulting in a decrease in overall gross margin despite an increase in operating revenue [1]

Core Viewpoint - Yunnan Zhenye (002428.SZ) expects a significant decline in net profit for 2025, projecting between 15 million to 22 million yuan, which represents a year-on-year decrease of 58.57% to 71.75% [2] Group 1: Financial Performance - The company anticipates a decrease in net profit due to rising average prices of raw materials impacting the sales prices and unit costs of various products, including material-grade germanium, optical fiber-grade germanium, photovoltaic-grade germanium, infrared-grade germanium products (both blanks and coated lenses), and compound semiconductor materials [2] - Despite an increase in operating revenue, the comprehensive gross margin has declined due to the unit cost growth outpacing the sales price growth [2]

Financial Performance - The company expects a net profit of between 1,500 and 2,200 million yuan for the year 2025, representing a decline of 58.57% to 71.75% compared to the previous year[5]. - The net profit attributable to shareholders after deducting non-recurring gains and losses is projected to be between -1,350 and -680 million yuan, compared to 2,616.03 million yuan in the previous year[5]. - The basic earnings per share is estimated to be between 0.02 and 0.03 yuan, down from 0.08 yuan in the previous year[5]. - The company anticipates non-recurring gains and losses will impact net profit attributable to shareholders by approximately 23 to 28 million yuan[6]. - The financial data presented is preliminary and has not been audited by an accounting firm, with final figures to be disclosed in the 2025 annual report[7]. Sales and Product Performance - The increase in sales volume of photovoltaic-grade germanium products is attributed to the advancement of domestic low-orbit communication satellite networking[5]. - The average selling prices and unit costs of various products, including compound semiconductor materials, have increased compared to the previous year, with unit cost growth outpacing sales price growth[6]. Expenses and Financial Management - R&D expenses have increased year-on-year as projects are progressing as planned[6]. - Financial expenses have risen due to unrecognized financing costs related to minority shareholders of a subsidiary, amounting to 25.64 million yuan[6]. - The company has seen an increase in accounts receivable due to significant sales revenue from photovoltaic-grade germanium products, leading to higher credit impairment losses[6].

Investment Rating - The report maintains an "Overweight" rating for the commercial aerospace industry, indicating a positive outlook for the sector in the coming months [1]. Core Insights - The commercial aerospace industry is expected to undergo a significant transformation by 2026, driven by advancements in launch capabilities and the successful deployment of domestic rockets, which will remove previous constraints on industry growth [8][9]. - The competition in commercial aerospace is fundamentally a "land grab" for space sovereignty and resource allocation, emphasizing the need for increased launch frequency to secure China's position in low Earth orbit [10]. - The report highlights the strategic importance of commercial aerospace in national defense and resource acquisition, particularly in the context of lunar resources like Helium-3, which could reshape global energy dynamics [12]. - Key catalysts for the industry include domestic policy support and capital market developments, with significant IPOs expected from leading aerospace companies in 2026 [13][15]. Summary by Sections 1. Why has the domestic commercial aerospace industry reached a qualitative change? - The industry has transitioned from a limited payload capacity to a robust launch capability, marked by the successful launch of the Zhuque-3 rocket, which signifies a shift from speculative themes to a narrative driven by operational capacity [8]. 2. How to understand the importance of commercial aerospace? - The scarcity of low Earth orbit resources has made the commercial aerospace race a critical national strategy, with the need to enhance launch frequency to secure space assets and maintain competitive advantages [10][11]. 3. What subsequent catalysts are worth paying attention to in commercial aerospace? 3.1. Domestic: Accelerated release of policy and capital dividends - The report anticipates significant policy support and capital market activity, with major aerospace companies expected to enter the IPO market in 2026, reflecting the strategic importance of the sector [13]. 3.2. International: Clear policy framework and tight planning timeline - The U.S. has shifted from a public to a private ownership model for space resources, establishing a legal framework that encourages commercial investment in space resource development [15][16]. 4. Investment Recommendations 4.1. SpaceX Concept - Companies that could potentially enter the SpaceX supply chain are highlighted, indicating a strong future in commercial aerospace [17]. 4.2. Rocket Sector: "Many Stars, Few Rockets" Expected to Breakthrough - The report suggests that advancements in large-capacity reusable rocket technology will lead to significant changes and valuation adjustments in the sector [19]. 4.3. Satellite Sector: Certainty in Implementation - The urgency to secure low Earth orbit resources is driving domestic satellite constellations from planning to large-scale deployment [20]. 4.4. Space Computing and Space Photovoltaics: Next-Generation Core Tracks - The report identifies space computing and space photovoltaics as critical future sectors, emphasizing their role in supporting lunar economies and global intelligence ecosystems [22].

云南临沧鑫圆锗业股份有限公司 2026 年第一次临时股东会的 法律意见书 植德京（会）字[2026]0008 号 二〇二六年一月 北京市东城区东直门南大街 1 号来福士中心办公楼 12 层 邮编：100007 12th Floor, Raffles City Beijing Offices Tower, No.1 Dongzhimen South Street,Dongcheng District, Beijing 100007 P.R.C. 电话（Tel）: 010-56500900 传真（Fax）: 010-56500999 www.meritsandtree.com 北京植德律师事务所 北京植德律师事务所 关于 2026 年第一次临时股东会的法律意见书 植德京（会）字[2026]0008 号 致：云南临沧鑫圆锗业股份有限公司（贵公司） 北京植德律师事务所（以下简称"本所"）接受贵公司的委托，指派律师 出席并见证贵公司 2026 年第一次临时股东会（以下简称"本次会议"）。 本所律师参加本次会议进行见证，并根据《中华人民共和国公司法》（以 下简称"《公司法》"）、《中华人民共和国证券法》（以下简称"《证券 ...