证券之星消息，1月28日能源金属板块较上一交易日上涨1.82%，博迁新材领涨。当日上证指数报收于 4151.24，上涨0.27%。深证成指报收于14342.9，上涨0.09%。能源金属板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | | --- | --- | --- | --- | --- | --- | --- | | 605376 | 博迁新材 | 89.54 | 7.23% | 16.80万 | | 14.53亿 | | 300618 | 塞锐钻业 | 54.03 | 6.95% | 34.64万 | | 18.30亿 | | 301219 | 腾远钻业 | 79.19 | 4.68% | 16.62万 | | 12.97亿 | | 6633209 | 永杉锂业 | 12.25 | 4.61% | 31.84万 | | 3.82亿 | | 600711 | 盛电矿业 | 18.26 | 4.52% | 200.27万 | | 35.95 Z | | 603799 | 华友钻业 | 80.76 | 3.34% | 81.20万 | | 64.6 ...

Group 1 - The core viewpoint of the news highlights a significant surge in the non-ferrous metal sector driven by rising risk aversion and expectations of interest rate cuts, with the Penghua Non-Ferrous ETF (159880) rising over 7.3% and 14 constituent stocks hitting the daily limit up [1] - Southwest Securities indicates that both precious metals and industrial copper sectors are showing positive expansion, with resource-advantaged companies continuously increasing reserves and production, and upcoming production from marine gold mining projects [1] - As of January 28, 2026, the Guozheng Non-Ferrous Metal Industry Index (399395) has surged by 6.31%, with significant gains in constituent stocks such as Silver Non-Ferrous (up 10.04%), China Aluminum (up 10.02%), and Yunnan Copper (up 10.02%) [1] Group 2 - As of December 31, 2025, the top ten weighted stocks in the Guozheng Non-Ferrous Metal Industry Index (399395) include Zijin Mining, Luoyang Molybdenum, Northern Rare Earth, and others, collectively accounting for 51.65% of the index [2] - The Penghua Non-Ferrous ETF (159880) closely tracks the Guozheng Non-Ferrous Metal Industry Index, which selects 50 securities from the non-ferrous metal industry based on size and liquidity, reflecting the overall performance of listed companies in this sector [1][2]

Summary of Key Points from the Conference Call on China Battery Materials Industry Overview - The focus is on the battery materials industry, particularly related to lithium iron phosphate (LFP) batteries and the broader electric vehicle (EV) market - The analysis includes the impact of rising costs on battery manufacturers and the implications for downstream demand, especially in energy storage systems (ESS) [1][2][9] Core Insights and Arguments - **Price Trends**: LFP battery cell prices have increased by 8%, while battery costs have surged by 30%, leading to a squeeze in battery margins [1] - **Cost Inflation**: Lithium prices have risen by 46% year-to-date, contributing to an estimated cost inflation of Rmb32/kWh for batteries. The total LFP battery cost has increased by Rmb80/kWh, which may test demand in the coming months [2][11] - **Demand Forecasts**: Battery production guidance from major manufacturers like CATL suggests a growth of 50-70% by 2026, which has raised expectations for raw material demand [3][21] - **Market Dynamics**: The recent surge in costs has shifted the market from a demand-pull to a cost-push scenario, with concerns about EV sales weakness impacting performance [1][9] - **Cost Pass-Through Mechanisms**: Battery manufacturers have mechanisms to pass on metal-linked cost increases to downstream customers, but non-metal cost increases may not be fully passed through [20] Important but Overlooked Aspects - **Investment in Upstream**: Companies like CATL and Gotion are investing in upstream lithium resources to mitigate the impact of rising raw material costs. CATL's self-sufficiency ratio for lithium is expected to be 18% by 2025 [17][18] - **Profit Distribution**: The profit distribution along the battery supply chain is shifting, with downstream manufacturers currently capturing more profit. However, this may change as the market matures and supply chain efficiencies improve [35] - **Policy Impacts**: Changes in Chinese government policy, including export controls and a focus on price recovery, may influence the battery market dynamics and cost structures in 2026 [36] Financial Metrics and Projections - **Battery Demand Growth**: The forecast for total battery demand is projected to grow significantly, with EV battery demand expected to reach 2,096 GWh by 2026, reflecting a 30% year-over-year growth [23] - **ESS Demand**: ESS battery demand is also expected to grow, with projections of 894.5 GWh by 2026, indicating a robust market for energy storage solutions [26] Conclusion - The battery materials industry is facing significant challenges due to rising costs and potential demand weaknesses. However, strategic investments in upstream resources and favorable production guidance from major manufacturers present opportunities for growth. The evolving landscape of profit distribution and policy impacts will be critical to monitor as the market develops.

Group 1 - The small metal sector saw a rise on January 28, 2026, with the China Rare Metals Theme Index increasing by 0.23%, and notable stock performances included Dongfang Tantalum Industry up by 8.41%, Zhuhai Group up by 5.25%, and others [1] - Tungsten concentrate prices approached 550,000 RMB per ton, ammonium paratungstate prices exceeded 800,000 RMB, and tungsten powder prices surpassed 1,300,000 RMB [1] - Industrial-grade lithium carbonate prices reached 168,000 RMB per ton with a weekly increase of 9.80%, while lithium iron phosphate prices rose by 4.43% compared to January 4 [1] Group 2 - Longcheng Securities estimated that the static cost share of lithium carbonate, rare earths, and antimony in downstream applications is nearing historical highs, with a demand growth rate of over 10% expected in sensitive sectors like wind power in 2026 [1] - The auction price for lithium spodumene concentrate from Wodgina reached 16,852 RMB per dry ton, indicating a significant premium for overseas lithium resources [1] - The Congolese government submitted a shortlist of state-owned mineral assets to the U.S., highlighting ongoing geopolitical supply disruptions that reinforce the scarcity of strategic metals [1] Group 3 - As of December 31, 2025, the top ten weighted stocks in the China Rare Metals Theme Index included Luoyang Molybdenum, Northern Rare Earth, and others, accounting for 59.54% of the total index [2] - The Rare Metals ETF (562800) tracks the China Rare Metals Theme Index, providing a convenient tool for investing in the rare metals sector [3] - Investors can also explore investment opportunities in the rare metals sector through the Rare Metals ETF linked fund (014111) [4]

近期，宜春八矿中已有两矿更新进度，处于换证进程中。 自然资源部采矿许可信息查验系统显示，宜春国轩矿业有限责任公司的水南矿开采主矿种已变更为"锂 矿"，说明已经进入换证阶段。同样，宁德时代枧下窝锂矿的开采主矿种也变更为"锂矿"。此前，枧下 窝锂矿已于2025年12月18日进入第一次环评公示阶段，公示期为10个工作日。 关于换证停产问题，国轩高科回应记者称，目前也在了解情况，以公司公开信息为准。 按照有关法规，换证期间矿山应处于停产状态。《矿产资源开采登记管理办法》规定，变更主要开采矿 种的，采矿权人应当在采矿许可证有效期内，向登记管理机关申请变更登记。任何单位和个人未领取采 矿许可证擅自采矿的，由登记管理机关依照有关法律、行政法规的规定予以处罚。 新的采矿许可证下达或仍需等待较长周期。一位业内知情人士告诉记者，矿山企业申请变更开采主矿 种，是矿业权管理中的重大变更登记事项之一，其办理周期长、流程复杂、不确定性高。通常，一个完 整的变更流程至少需要1.5年至3年甚至更长时间，具体周期受项目基础、地区政策、审批层级等因素影 响巨大。其中，如涉及重做或重大变更，环评报告需重新报批，整个过程包括编制、公示、评审、批 复 ...

Summary of Key Points from the Conference Call Industry Overview - **Industry Focus**: Greater China Materials, specifically alumina and related sectors [1] - **Market Sentiment**: The industry view is considered attractive by Morgan Stanley [6] Core Insights - **Alumina Production Cuts**: An alumina plant in Guizhou is planning production cuts in January and February, indicating a potential shift in supply dynamics [8] - **Government Actions**: China has issued its first batch of ultra-long special treasury bonds amounting to Rmb93.6 billion for equipment upgrading, which may impact the materials sector positively [8] - **Safety Inspections**: There is a potential nationwide safety inspection in the iron and steel industry due to a recent explosion, which could affect production and operational costs [8] Price and Inventory Movements - **Base Metals**: - Shanghai copper prices decreased by 0.8% WoW, with inventories increasing by 25.1% [2] - Shanghai aluminum prices increased by 0.4% WoW, while inventories rose by 37.0% [2] - **Steel Prices**: - Shanghai HRC and CRC prices both fell by 0.6% WoW, while rebar prices dipped by 0.2% [3] - Tangshan billet prices declined by 1.3% WoW [3] - **Cement Prices**: Remained stable at Rmb340/t as of January 23 [3] - **Coal Prices**: QHD5500 price decreased by 0.3% WoW to Rmb686/t, with inventory rising by 5.8% to 5.82 million tons [3] - **Glass Prices**: - Glass fiber prices remained flat at Rmb3,883/t [4] - Float glass prices unchanged at Rmb1,198/t [4] Battery Metals - **Price Increases**: - Domestic industrial-grade and battery-grade hydroxide prices rose by 3.5% and 4.0% WoW, respectively [2] - Industrial- and battery-grade lithium carbonate prices both increased by 3.5% WoW [2] Gold Market - **Price Surge**: Gold prices increased by 6.9% WoW to US$4,936/oz, indicating strong demand [2] Additional Observations - **Inventory Trends**: - Long steel inventories at traders increased by 2.0% WoW, while flat steel inventories decreased by 0.9% WoW [3] - **Market Dynamics**: The increase in inventories for copper and aluminum suggests a potential oversupply situation, which could impact future pricing [2][3] This summary encapsulates the key points from the conference call, highlighting the current state of the Greater China materials sector, particularly focusing on alumina and related industries.

Core Viewpoint - The energy metals sector experienced a 0.63% increase on January 26, with Shengtu Mining leading the gains, while the Shanghai Composite Index fell by 0.09% and the Shenzhen Component Index decreased by 0.85% [1]. Group 1: Market Performance - The energy metals sector's individual stock performance showed significant variations, with Jidian Mining closing at 18.18, up by 5.09%, and Ganfeng Lithium down by 0.31% at 73.64 [1]. - The trading volume for Jidian Mining reached 2.0884 million shares, with a transaction value of 3.744 billion [1]. - The overall market saw the Shanghai Composite Index close at 4132.61 and the Shenzhen Component Index at 14316.64 [1]. Group 2: Capital Flow - The energy metals sector saw a net inflow of 98.6035 million in main funds, while retail funds experienced a net outflow of 34.3477 million [2]. - The main funds' net inflow for Huayou Cobalt was 26.8 million, while it faced a net outflow of 78.5894 million from speculative funds [3]. - The capital flow data indicates that the sector is attracting institutional investment despite some outflows from retail investors [2][3].

"天齐锂业"牌被正式纳入广州期货交易所碳酸锂期货注册品牌，标志着其产品从"可交割"升级为"品牌 交割品"，是企业核心竞争力在金融市场的权威认证，构成多维度战略利好。 1月22日，广期所发布公告称，新增天齐锂业股份有限公司"天齐锂业"牌为碳酸锂期货注册品牌，新增 的注册品牌自2026年2月2日起启用。 据悉，此前天齐锂业已成为碳酸锂期货指定交割库，成为注册品牌后，天齐锂业可实现"交割厂库+注 册品牌"双布局，成为全国唯一同时拥有碳酸锂期货交割厂库资质与注册品牌的锂企。 资讯编辑：周小燕 021-26096760 资讯监督：乐卫扬 021-26093827 资讯投诉：陈跃进 021-26093100 免责声明：Mysteel发布的原创及转载内容，仅供客户参考，不作为决策建议。原创内容版权归Mysteel所有，转载需取得Mysteel书面授 权，且Mysteel保留对任何侵权行为和有悖原创内容原意的引用行为进行追究的权利。转载内容来源于网络，目的在于传递更多信息，方 便学习与交流，并不代表Mysteel赞同其观点及对其真实性、完整性负责。 据悉，为更好发挥碳酸锂期货功能，广期所于2025年5月15日发布了征集碳酸锂 ...

Report Summary 1. Report Industry Investment Rating No relevant information provided. 2. Core View of the Report - The lithium carbonate market has experienced a sharp rise and then a fall, with intensified games between policy disturbances and demand realities. The market is currently in a high - level wide - range oscillation stage, and the core contradiction lies in the game between the expected supply contraction caused by policy disturbances on the supply side and the weak demand reality of new - energy vehicles downstream. It is expected that the lithium carbonate price will enter a high - level oscillation and consolidation stage in the next 1 - 2 weeks [2]. 3. Summary by Related Catalogs Lithium Salt Market Introduction - **Price Changes**: The battery - grade lithium carbonate spot price increased by 12.33% to 156,250 yuan/ton this week. The futures price of lithium carbonate rose 1.94% to 146,200 yuan/ton. The spot prices of lithium hydroxide also had significant increases, with the price of electric - carbon (coarse particles) rising 14.02% to 150,500 yuan/ton, electric - carbon (fine powder) rising 13.48% to 155,700 yuan/ton, and industrial - carbon rising 14.60% to 145,200 yuan/ton [2][4]. - **Premium Changes**: The premium of different raw materials and enterprises has changed to varying degrees. For example, the premium of spodumene raw materials increased by 100 yuan, and the premium of Ganfeng Lithium Co., Ltd. increased by 200 yuan [7]. Lithium Salt Fundamentals - **Supply**: The domestic lithium carbonate capacity utilization rate remained at a high level of 87.14% with no week - on - week change. The supply side is mainly affected by news such as overseas mining rights policies and domestic environmental protection actions, and there is an expected long - term supply contraction. The production of lithium carbonate and lithium hydroxide in China and their production in different regions and from different raw materials are also involved in the report, but specific data are not detailed here [2]. - **Demand**: Downstream demand is differentiated. The production start - up rate of energy - storage cells has increased, but the new - energy vehicle sales data in early January decreased significantly year - on - year. The production schedule of cathode material factories in January is expected to decline month - on - month, and procurement is mainly for rigid demand [2]. - **Import and Export**: The salable inventory of port lithium ore traders decreased by 4.83% to 13.8 tons week - on - week, indicating a tight supply of imported raw materials. The freight cost of some routes increased slightly, such as the Nigeria route, which increased by 6.67% week - on - week [2][27]. - **Inventory**: The exchange warehouse receipt inventory increased by 8.27% to 27,458 lots, with significant increases in warehouses such as Jiangsu Benniu Port and Shanghai Xiangyu Sichuan Warehouse, indicating that spot goods are flowing into the futures market and inventory pressure has increased [2][40]. - **Cost and Profit**: The production cost of externally purchased lithium concentrate increased by 3.1% to 158,106 yuan/ton, higher than the futures closing price. The production profit decreased by 86.98% to - 1,856 yuan/ton, showing the effect of cost support [2]. Lithium - Battery Fundamentals - **Market and Supply of Cathode Materials**: The report involves the market and supply of cathode materials, including production volume and price, but specific data are not detailed [44][46]. - **Supply of Electrolytes**: The price and production volume of electrolytes are also mentioned, but specific data are not detailed [48]. - **Demand for Cathode Materials**: The consumption of cathode materials is involved, but specific data are not detailed [50]. - **Import and Export of Lithium - Battery Materials and Batteries**: The import and export of lithium - battery materials and batteries are mentioned, but specific data are not detailed [52][54]. - **Cost and Profit of Ternary Materials**: The cost and profit of ternary materials are involved, but specific data are not detailed [56]. - **Lithium - Battery Recycling**: Lithium - battery recycling is mentioned, but specific data are not detailed [58]. - **New - Energy Vehicle Production and Sales**: The production and sales of new - energy vehicles and other important data are involved, but specific data are not detailed [60][62].

Core Viewpoint - The report highlights the performance and strategic adjustments of the Jiashi New Energy Materials Stock A Fund, indicating a positive growth trajectory and a focus on resource-oriented upstream assets in the new energy sector [2][3]. Fund Performance - The fund reported a profit of 58.44 million yuan in Q4 2025, with a weighted average profit per fund share of 0.0539 yuan [2]. - The net asset value (NAV) growth rate for the fund was 2.04% during the reporting period, with a total fund size of 2.855 billion yuan as of the end of Q4 [2][15]. - As of January 22, the fund's one-year compounded NAV growth rate reached 71.59%, ranking 4th among comparable funds [3]. Comparative Performance - Over the past three months, the fund's compounded NAV growth rate was 15.47%, ranking 11th out of 39 comparable funds [3]. - The fund's six-month compounded NAV growth rate was 57.48%, placing it 3rd among its peers [3]. - The fund's three-year Sharpe ratio was 0.5367, ranking 12th out of 32 comparable funds [8]. Risk and Exposure - The fund's maximum drawdown over the past three years was 55.48%, ranking 28th out of 32 comparable funds, with the largest quarterly drawdown occurring in Q3 2022 at 24.88% [9]. - The average stock position over the past three years was 91.63%, higher than the industry average of 87.73%, with a peak position of 94.62% at the end of 2023 [12]. Holdings and Strategy - The fund has a high concentration of holdings, with stable stock targets. As of Q4 2025, the top ten holdings included companies like CATL, Salt Lake Potash, and Huayou Cobalt [19]. - The fund management indicated a strategic shift towards increasing exposure to upstream assets related to lithium carbonate, cobalt, and nickel, in response to macroeconomic and market conditions [2].