财务脆弱，警钟长鸣。 熬过了商誉爆雷与业绩阵痛，得益于稀土景气度回归，华宏科技（002645.SZ）在2025年交出了一份 亮眼的翻身业绩。 然而，翻开财报，控股股东拉满的质押率和依旧吃紧的现金流，却在提醒我们事情并没有那么简单。 今天，风云君就带大家用数据拨开迷雾，重新审视这家公司的基本面。 作者 | 白猫 编辑 | 小白 资本市场从来不缺跨界玩家，但能连续踩中周期并在不同赛道反复横跳的，华宏科技绝对算一个。 风云君发现，这家老牌废钢设备制造商，上市十多年来，一路从电梯零部件买到汽车拆解，再豪赌稀 土回收，硬生生把自己买成了一家稀土概念股。 最新业绩大反转，稀土与磁材挑大梁 2025年，华宏科技归属于上市公司股东的净利润预计为1.9至2.6亿元，成功实现年度经营业绩大幅扭 亏为盈。 | 项目 | | 本报告期 | | 上年同期 ම | | --- | --- | --- | --- | --- | | 归属于上市公司股东的净利润 | 19,000 | N | 26,000 | -35,555.61 | | 扣除非经常性损益后的净利润 | 16,000 | N | 23,000 | -45,159.67 | ...

证券代码：002645 证券简称：华宏科技 公告编号：2026-003 江苏华宏科技股份有限公司 关于为子公司提供担保的进展公告 本公司及董事会全体成员保证信息披露的内容真实、准确和完整，没有虚 假记载、误导性陈述或重大遗漏。 一、担保情况概述 （一）担保审议情况 江苏华宏科技股份有限公司（以下简称"公司"或"华宏科技"）于 2025 年 4 月 23 日召开第七届董事会第二十六次会议，并于 2025 年 5 月 23 日召开 2024 年度股东会，审议通过了《关于公司及子公司 2025 年度对外担保额度预计的议 案》，同意公司为子公司提供担保额度总计不超过 20 亿元人民币，并授权公司 董事长全权代表公司签署上述担保额度内的各项法律文件，授权期限自公司 2024 年度股东会批准之日起至 2025 年度股东会召开之日止。具体内容详见刊登 于《证券时报》《上海证券报》及巨潮资讯网（www.cninfo.com.cn）的《关于 公司及子公司 2025 年度对外担保额度预计的公告》。 （一）《最高额保证合同》（鑫泰科技） 1 保证人：江苏华宏科技股份有限公司 债权人：九江银行股份有限公司吉安支行 债务人：吉安鑫泰科 ...

Investment Rating - The report assigns an "Overweight" rating for the industry [2] Core Insights - The Ecological Environment Code, as the second codified legislation following the Civil Code, marks a new phase in China's ecological environment governance. It was passed on March 12, 2026, and will take effect on August 15, 2026. The code consists of 5 parts and 1242 articles, replacing 10 existing laws [4][5][7]. - The code aims to consolidate various existing regulations into a unified framework, reducing implementation costs and enhancing the predictability of law enforcement and governance capabilities. It emphasizes "moderate codification" to integrate existing environmental laws and improve rule consistency and enforcement coordination [7]. - Key changes include the establishment of a comprehensive framework covering general principles, pollution prevention, ecological protection, green low-carbon development, and legal responsibilities. The code highlights the importance of green transformation and climate change response [7]. Summary by Sections Legislative Framework - The Ecological Environment Code integrates existing environmental regulations, aiming to reduce fragmentation and improve governance efficiency [7]. - The code's structure includes provisions for planning, monitoring standards, environmental assessments, information disclosure, and emergency responses, facilitating standardized and data-driven regulation [7]. Industry Impact - Short-term adjustments will focus on compliance standards and institutional transitions, while medium-term implications include increased penalties for environmental damages and enhanced accountability mechanisms [7]. - The importance of compliance in environmental operations for enterprises is expected to rise significantly [7]. Investment Recommendations - The report suggests investment opportunities in various sectors: - Environmental Monitoring: Recommended companies include Xuedilong, with others like ZhuanGuang Technology and XianHe Environmental [7]. - Solid Waste Management: Recommended companies include Hanlan Environment, Guangda Environment, and others [7]. - Water and Water Environment: Recommended companies include Yuehai Investment and Beikong Water Group [7]. - Air Quality: Recommended companies include Longjing Environmental and Zhongzi Technology [7]. - Renewable Resources: Recommended companies include Gaon Environment and Huahong Technology [7]. - Hydrogen and Green Fuels: Recommended companies include China Tianying and Zhuoyue New Energy [7].

Group 1: Copper - LME copper price decreased by 3.21% to $12,869.0 per ton, while Shanghai copper fell by 2.76% to ¥101,100 per ton [1] - Domestic copper inventory increased by 8.56% week-on-week, with a year-on-year increase of 20,920 tons [1] - Major cable enterprises' operating rate rose by 33.17 percentage points to 60.90%, indicating a recovery in production [1] Group 2: Aluminum - LME aluminum price increased by 9.22% to $3,431.0 per ton, and Shanghai aluminum rose by 3.69% to ¥24,700 per ton [2] - Domestic aluminum rod inventory was reported at 398,000 tons, showing a trend of first increasing and then decreasing [2] - The operating rate of downstream aluminum processing enterprises increased by 2.5 percentage points to 59.5% [2] Group 3: Precious Metals - COMEX gold price decreased by 2.90% to $5,181.3 per ounce, with SPDR gold holdings dropping by 28.01 tons to 1,073.32 tons [3] - Geopolitical risks influenced the gold market, leading to a strong fluctuation pattern [3] - The 10-year TIPS rose by 0.04 percentage points to 1.80% [3] Group 4: Rare Earths - The price of praseodymium and neodymium oxide decreased by 4.54% this week [4] - The price center has been rising since the beginning of the year, likely related to upcoming supply-side documents for 2024-2025 [4] - The rare earth sector is expected to see a resonance in supply and demand due to ongoing supply reforms and more relaxed export expectations [4] Group 5: Tungsten - Tungsten price increased by 16.72% this week, indicating a strong demand outlook [4] - Recent actions against illegal mining in Ganzhou may support tungsten prices [4] - The priority of tungsten is expected to be high due to increased strategic stockpiling overseas [4] Group 6: Lithium - The average price of lithium carbonate decreased by 3.0% to ¥159,800 per ton, while lithium hydroxide fell by 0.6% to ¥161,000 per ton [4] - Total lithium carbonate production increased to 22,600 tons, reflecting a slight rise [4] - The market is experiencing a strong purchasing intention from downstream material manufacturers despite price declines [4] Group 7: Cobalt - Cobalt price decreased by 1.7% to ¥431,500 per ton, while cobalt intermediate prices saw a slight increase [4] - The supply side remains tight due to slow export progress from the Democratic Republic of Congo [4] - The market is currently in a phase of inventory digestion, with potential upward price movement expected as demand clarifies [4] Group 8: Nickel - LME nickel price decreased by 1.4% to $17,500 per ton, while Shanghai nickel fell by 2.9% to ¥136,300 per ton [4] - Nickel inventory at LME decreased by 0.04 million tons to 287,600 tons [4] - The market is currently constrained by weak demand and high inventory levels, but strong bottom support is noted [4]

Investment Rating - The report assigns an "Overweight" rating for the industry [1] Core Insights - The government work report for 2026 emphasizes a comprehensive green transition, focusing on the dual control of carbon emissions and intensity, alongside the expansion of carbon markets [3] - The report highlights a target of reducing carbon emissions per unit of GDP by approximately 3.8% this year, indicating a shift from single-point governance to a collaborative governance model under the dual carbon framework [6] - Key areas of focus include air quality improvement, water environment management, and solid waste governance, which are expected to benefit companies with regional delivery and operational capabilities [6] - The establishment of a national low-carbon transition fund is proposed to foster new growth points in hydrogen energy and green fuels, benefiting leading companies in these sectors [6] Summary by Sections Environmental Policy and Governance - The report outlines a comprehensive approach to environmental governance, including continuous air quality improvement plans and the management of new pollutants [6] - It emphasizes the need for a closed-loop system in solid waste management, which will favor compliant solid waste leaders [6] Investment Recommendations - The report suggests specific companies to invest in across various segments: - Solid Waste: Hanlan Environment, China Everbright Environment, Sanfeng Environment, Weiming Environmental, Wangneng Environment, Zhongke Environmental, Green Power [6] - Air Quality: Longjing Environmental, Zhongzi Technology [6] - Environmental Monitoring: Xuedilong, with related companies including Guangguang Technology, Xianhe Environmental, and Lihua Technology [6] - Water Services: Yuehai Investment, Beikong Water Group [6] - Hydrogen and Green Fuels: China Tianying, Zhuoyue New Energy, with related companies like Shangaohuan Energy and Langkun Technology [6] - Renewable Resources: Gaoneng Environment, Huahong Technology [6] Financial Projections - The report provides earnings per share (EPS) and price-to-earnings (PE) ratios for various companies, indicating a positive outlook for the sector with multiple companies rated as "Overweight" [7]

公司董事、高级管理人员胡品龙先生保证向本公司提供的信息内容真实、准 确、完整，没有虚假记载、误导性陈述或重大遗漏。 本公司及董事会全体成员保证公告内容与信息披露义务人提供的信息一致。 江苏华宏科技股份有限公司（以下简称"公司"）于 2025 年 11 月 8 日披露 了《关于董事、高级管理人员减持股份预披露公告》，公司董事、副总裁胡品龙 先生计划自 2025 年 12 月 1 日起的 3 个月内以集中竞价或大宗交易方式合计减持 本公司股份不超过 2,100,000 股，占公司总股本的 0.33%。 公司于近日收到胡品龙先生出具的《关于股份减持计划实施完成的告知函》， 获悉其于 2026 年 1 月 22 日至 2026 年 2 月 27 日期间通过深圳证券交易所集中竞 价方式合计减持公司股份 2,100,000 股，其股份减持计划实施完成。 根据《中华人民共和国证券法》《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》《深圳证券交易所上市公司自律监管指引第 18 号—股东及董事、监事、高级管理人员减持股份》等有关规定，现将有关情况公 告如下： 一、股东减持股份的基本情况 证券代码：0026 ...

Investment Ratings - The report indicates a positive outlook for copper, aluminum, and precious metals, suggesting a high level of market activity and potential for growth in these sectors [12][32][59]. Core Insights - The copper market is experiencing a recovery with LME copper prices increasing by 1.99% to $13,259.0 per ton, and domestic copper prices rising by 3.53% to 103,900 CNY per ton, driven by a gradual recovery in production and consumption [13][14]. - Aluminum prices have also seen an upward trend, with LME aluminum prices up by 1.16% to $3,141.5 per ton, supported by a recovery in downstream processing activities [14]. - The gold market remains strong, with COMEX gold prices increasing by 0.92% to $5,296.4 per ounce, influenced by geopolitical risks and increased demand for safe-haven assets [15]. Summary by Sections Copper - LME copper price increased by 1.99% to $13,259.0 per ton, while domestic prices rose by 3.53% to 103,900 CNY per ton [13]. - Copper inventory in major regions increased by 4.56% week-on-week, with a year-on-year increase of 15,560 tons [13]. - The operating rate of copper cable enterprises is expected to rise significantly in the coming weeks as production resumes [13]. Aluminum - LME aluminum price rose by 1.16% to $3,141.5 per ton, and domestic prices increased by 2.76% to 23,800 CNY per ton [14]. - Domestic aluminum rod inventory increased by 1.95 million tons, while the operating rate of aluminum processing industries improved to 57% [14]. - The cost of prebaked anodes is showing positive trends, supporting the overall aluminum production costs [14]. Precious Metals - COMEX gold price increased by 0.92% to $5,296.4 per ounce, with SPDR gold holdings rising by 14.86 tons to 1,101.33 tons [15]. - Geopolitical tensions, particularly involving Pakistan and Iran, are contributing to the volatility and strength in the gold market [15]. - The market is witnessing a strong upward trend in demand for gold as a safe-haven asset amid global uncertainties [15]. Rare Earths - The price of praseodymium and neodymium oxide increased by 4.80%, indicating a bullish outlook for the rare earth sector [33]. - The ongoing supply-side reforms and expectations of more relaxed export policies are expected to enhance demand in the rare earth market [33]. - Companies such as China Rare Earth, Northern Rare Earth, and others are highlighted as potential investment opportunities due to their strong market positions [33]. Lithium - The average price of lithium carbonate increased by 18.35% to 165,000 CNY per ton, driven by supply constraints and increased demand [60]. - The total lithium production for the week rose to 21,800 tons, indicating a slight recovery in output [60]. - The market is reacting to policy changes in Zimbabwe that have halted lithium exports, further tightening global supply [60].

Core Viewpoint - The rare earth permanent magnet sector has seen a significant surge, with multiple companies reaching their historical highs, driven by rising prices of rare earth products [1] Group 1: Market Performance - Shenghe Resources has hit the daily limit and continues to set historical highs, while other companies like Northern Rare Earth, China Rare Earth Holdings, and Baotou Steel have also reached their daily limits [1] - The prices of various rare earth products have increased post-holiday, with notable rises in prices for praseodymium-neodymium oxide, metallic praseodymium-neodymium, metallic neodymium, dysprosium oxide, and terbium oxide [1] Group 2: Price Changes - As of February 24, the average prices for rare earth products are as follows: - Praseodymium-neodymium oxide: 882,000 CNY/ton, up by 41,600 CNY/ton - Metallic praseodymium-neodymium: 1,036,700 CNY/ton, up by 31,700 CNY/ton - Metallic neodymium: 1,120,000 CNY/ton, up by 80,000 CNY/ton - Dysprosium oxide: 1,622,900 CNY/ton, up by 170,000 CNY/ton - Terbium oxide: 6,438,000 CNY/ton, up by 118,000 CNY/ton [1]

每经AI快讯，2月25日，稀土指数盘中涨2%，成分股普遍上扬。其中，北方稀土涨3.28%，盛和资源涨 2.92%，中稀有色涨1.87%，中国稀土涨1.78%，华宏科技涨1.59%。 （文章来源：每日经济新闻） ...

Core Insights - The core viewpoint of the article emphasizes the growth potential of the rare earth recycling market in China, driven by policy support and increasing downstream demand in sectors like new energy and military applications. The market size is projected to reach 4.549 billion yuan in 2024 [1][12][13]. Group 1: Overview of Rare Earth Recycling Industry - Rare earth elements include 17 types, such as Lanthanum (La), Cerium (Ce), and Neodymium (Nd). Rare earth recycling involves the efficient and environmentally friendly reuse of waste rare earth resources through processes like smelting, separation, and purification [2][3]. - The recycling process is categorized into three types: industrial production waste recovery, end-of-life product recovery (e.g., electronic waste), and social circulation waste recovery [2][3]. Group 2: Recycling Rate and Purity - The main recycling technologies are hydrometallurgical and pyrometallurgical processes. China's hydrometallurgical methods achieve a recycling rate of over 95%, although they face challenges like low value of by-products and high costs for some techniques [4]. - Pyrometallurgical methods are environmentally friendly and efficient but have lower overall recycling rates and higher costs for large-scale application [4]. Group 3: Policy Background - China's policies focus on enhancing resource recycling and industrial safety. The State Council's "Rare Earth Management Regulations" encourages comprehensive utilization of secondary rare earth resources and promotes high-end, intelligent, and green development [6][7]. - Local policies, such as those from Jiangxi and Guizhou provinces, aim to improve the comprehensive utilization of rare earth resources and address solid waste treatment technologies [6][7]. Group 4: Industry Chain - The upstream of the rare earth recycling industry includes mining, smelting, and waste materials from consumer electronics and electric motors. The midstream involves the production and processing of rare earth permanent materials, generating about 30% waste during production [8][9]. - The downstream market is divided into traditional applications (consumer electronics and basic industries) and emerging fields (new energy and environmental protection), showcasing the broad application value of rare earth materials [8][9]. Group 5: Current Development Status - China's rare earth recycling supply is expanding due to policies promoting resource recycling, increased waste generation from industrial production, and rising demand for end-of-life product recovery [10][11]. - In 2024, the total rare earth recycling volume is expected to reach 46,900 tons, with production waste recovery being the main contributor [10][11]. Group 6: Competitive Landscape - The rare earth recycling industry in China is still developing, with major companies concentrated in Jiangxi province. There are over 30 companies, but only a few have significant production capacity [14]. - Major players include Xintai Technology, Zhongxi Tianma, and Yinhai New Materials, with Jiangxi province accounting for 67% of the recycling output [14]. Group 7: Development Trends - The industry is moving towards waste-free, low-energy, and high-selectivity technologies, replacing traditional methods. New extraction technologies are enhancing recycling rates and reducing wastewater discharge [17]. - The trend includes the direct regeneration of waste permanent magnets into high-performance magnets, supported by AI sorting, blockchain traceability, and digital twin technologies to create a centralized and traceable recycling network [17].