Major Announcements - BYD's cumulative sales of new energy vehicles reached 4.6 million units in 2025, representing a year-on-year growth of 7.73% [15][16] - Longpan Technology plans to invest no more than 2 billion yuan to construct a high-performance lithium battery cathode material project [4] - Ningde Times has repurchased 15.99 million shares, with a total transaction amount of 4.386 billion yuan [10] Company Collaborations - Dream Network Technology signed a cooperation agreement worth 60 million yuan with Shenzhou Liuhe to jointly develop and produce heavy-lift drone products [1] - Jincai Huilian intends to acquire 51% of Wuxi Sanli Robot Technology Co., Ltd. for 63.43 million yuan, making it a subsidiary [2] Project Developments - Longpan Technology's project for high-performance lithium battery cathode materials will have a total investment of no more than 2 billion yuan, with a planned capacity of 120,000 tons per year [4] - Shengyi Technology signed an investment intention agreement for a 4.5 billion yuan high-performance copper-clad laminate project [6] - Zhongmin Resources' annual production of 30,000 tons of high-purity lithium salt project has commenced trial production [8] Financial Performance - BYD's total sales of new energy vehicles in 2025 were 4.602 million units, with a significant increase in commercial vehicle sales by 161.83% [16] - Bailong Oriental expects a net profit increase of 46.34% to 70.73% for 2025, driven by strong orders and increased production capacity [17] - Longjian Co. reported a net profit of 405 million yuan for 2025, a decrease of 2.05% year-on-year [18] Share Buybacks - Ningde Times has repurchased a total of 15.99 million shares, accounting for 0.3628% of its total A-share capital [10] - Century Huatong plans to repurchase shares worth between 300 million and 600 million yuan for employee stock ownership plans [11] - Guizhou Moutai has repurchased shares worth 120 million yuan, representing 0.007% of its total share capital [12]

Core Viewpoint - The company Zhongkuang Resources has successfully completed the construction of a 30,000-ton high-purity lithium salt technical upgrade project, which is set to begin trial production on January 2, 2026, following a six-month suspension for upgrades [1][2]. Group 1: Project Details - The total investment for the 30,000-ton high-purity lithium salt project is 121 million yuan, funded by the company's own or self-raised funds [1]. - The project aims to enhance lithium recovery rates and reduce production costs, with main products being battery-grade lithium carbonate and lithium hydroxide, while by-products include sodium sulfate [2]. Group 2: Financial Performance - In the first half of 2025, the company's revenue reached 3.267 billion yuan, marking a year-on-year increase of 34.89%, while net profit attributable to shareholders fell by 81.16% to 89.1289 million yuan [2]. - The company's non-recurring net profit dropped by 98.31% to 7.5034 million yuan during the same period [2]. Group 3: Market Context - The lithium carbonate market experienced significant changes in the second half of 2025, with supply-demand dynamics improving due to unexpected growth in the energy storage market, leading to a substantial price increase [3]. - As of December 31, 2025, the price of lithium carbonate futures closed at 121,600 yuan per ton, with battery-grade lithium carbonate priced between 115,000 and 122,000 yuan per ton, averaging 118,500 yuan per ton [3]. - Following the completion of the technical upgrade project, the company will have a total annual production capacity of 71,000 tons of battery-grade lithium salts, enhancing its competitive edge in the industry [3].

Group 1 - Zhongmin Resources has completed the construction of a 30,000-ton high-purity lithium salt project, which began trial production on January 2, 2026, with a total investment of 121 million yuan [2] - Shaoyang Hydraulic's acquisition of 100% of Chongqing Xincheng Hangrui Technology has been accepted by the Shenzhen Stock Exchange [3] - Xingqi Eye Medicine received approval for the supplementary application of atropine sulfate eye drops, aimed at delaying myopia progression in children aged 6 to 12 [4] Group 2 - Bailong Oriental expects a net profit of 600 million to 700 million yuan for 2025, representing a year-on-year increase of 46.34% to 70.73% [5] - Magmite's application for a private placement has been approved by the China Securities Regulatory Commission [6] - *ST Aowei's stock may face delisting risk due to a market capitalization below 500 million yuan [7] Group 3 - Changyuan Power plans to invest 572 million yuan in a wind power project in Hubei Province, with a planned capacity of 100 MW [8] - Haizheng Pharmaceutical's shareholder intends to transfer 6.06% of the company's shares [9] - Fusheng Technology has received approval for a share issuance to acquire assets and raise matching funds [10] Group 4 - Tenglong Co. plans to establish a joint venture for a liquid cooling company with an investment of 30 million yuan [11] - *ST Tianshan reported sales of live livestock amounting to 24.6 million yuan in December 2025, with significant year-on-year growth [12] - Hengxin Oriental's controlling shareholder has released a pledge of 0.91% of shares [13] Group 5 - Peking University Pharmaceutical plans to distribute a cash dividend of 1.68 yuan per 10 shares, totaling 100 million yuan [14] - Tianlong Co. intends to acquire a 54.87% stake in Suzhou Haomi Bo for 232 million yuan [15] - Jinggong Technology's first carbon fiber production line has successfully commenced trial production [16] Group 6 - Shanfeng Cement has terminated its investment and asset acquisition plans due to disagreements on asset valuation [17] - Shengyang Co. plans to acquire 51% of Shenzhen Daren High-tech for approximately 74.47 million yuan [18] - Xinxiang Chemical has resumed production of biomass cellulose filament after equipment upgrades [19] Group 7 - Jiuding New Materials plans to invest 246 million yuan in a wind turbine blade production line project [20] - Hunan Baiyin's shareholder has reduced its stake to below 5% [21] - Century Huatong intends to repurchase shares worth 300 million to 600 million yuan [22] Group 8 - Jincai Hulin plans to acquire 51% of Wuxi Sanli for 63.43 million yuan [23] - Jiamei Packaging's stock has experienced abnormal trading fluctuations, but no significant undisclosed information has been found [25] - Guoguang Electric's general manager has resumed duties after the lifting of restrictions [26] Group 9 - Shengxing Co. is planning a private placement for 2025, with no significant changes in its operational situation [27] - *ST Meigu has applied to lift the delisting risk warning after completing its restructuring plan [28] - CATL has repurchased 15.99 million A-shares for a total of 4.386 billion yuan [29] Group 10 - Phoenix Shipping's actual controller has been released from mandatory measures [30] - Guoxin Technology's new neural network processor has successfully passed internal testing [31] - Yanjing Co. plans to acquire control of Ningbo Yongqiang Technology, leading to a stock suspension [32]

Core Viewpoint - Zhongmin Resources (002738.SZ) has completed the construction of a high-purity lithium salt technical transformation project with an annual production capacity of 30,000 tons, which commenced trial production on January 2, 2026, enhancing the company's competitive edge in the lithium salt business [1] Group 1 - The project was developed by Zhongmin Resources' wholly-owned subsidiary, Zhongmin Lithium Industry (Jiangxi) Co., Ltd [1] - After the project is put into operation, the total annual production capacity of battery-grade lithium salt will reach 71,000 tons [1] - The enhancement in production capacity will enable the company to better respond to industry changes and market challenges [1]

中矿资源集团股份有限公司 证券代码：002738 证券简称：中矿资源 公告编号：2026-001 号 中矿资源集团股份有限公司 2025 年 12 月 31 日，本项目技改工作已经完毕并已取得试生产备案。2026 年 1 月 2 日，项目开始点火投料试生产运营。 公司年产 3 万吨高纯锂盐项目位于江西省新余市，由公司下属全资公司中矿 锂业于 2025 年 6 月 27 日起进行停产检修及技改工作，本技改项目将进一步提高 锂回收率，有效降低锂盐生产成本，项目主产品为电池级碳酸锂、电池级氢氧化 锂，两种主产品产能可根据市场需求灵活调节，副产品为元明粉。 1 中矿资源集团股份有限公司 本技改项目投产后，公司将合计拥有年产 7.1 万吨电池级锂盐产能，公司锂 盐业务的综合竞争力进一步增强，能够更好地应对行业变革与市场挑战。 关于年产 3 万吨高纯锂盐技改项目点火试运行暨 投 资进展的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 中矿资源集团股份有限公司（以下简称"公司"或"本公司"）下属全资公 司中矿资源（江西）锂业有限公司（以下简称"中矿锂业"）投资建设年产 ...

Group 1 - The report indicates that geopolitical tensions, particularly the U.S. actions in Venezuela, are expected to boost oil and gold prices, while the impact on equity assets is manageable. Attention should be paid to the Federal Reserve chair nomination, liquidity, and the CES conference, with U.S. stocks showing signs of recovery. [4][12][13] - Domestic PMI for December showed a significant rebound, driven by new subsidies, major projects, and proactive real estate policies. The report anticipates a positive start for A-shares, supported by policy initiatives, increased capital inflow, and technological catalysts. [4][18][19] - The report emphasizes a focus on technology and cyclical industries, particularly in sectors like commercial aerospace, robotics, AI, and semiconductors, as well as lithium batteries, non-ferrous metals, and chemicals. [4][20] Group 2 - The report lists the top ten stocks for January, including companies from various sectors such as electronics, automotive, and healthcare, with no specific ranking provided. [5][10] - Semiconductor company SMIC (688981.SH) is highlighted as a leader in integrated circuit manufacturing, with a projected revenue growth from 574.77 billion to 742.45 billion from 2024 to 2026, reflecting its critical role in the industry. [21][22] - Tianfu Communication (300394.SZ) is noted for its strong revenue growth driven by high-speed optical module demand, with a forecasted revenue increase from 57.33 billion to 106.87 billion from 2025 to 2027. [23][26] - New energy company Haopeng Technology (001283.SZ) is focusing on AI applications and has begun mass production of AI-related products, with projected net profits increasing from 2.47 billion to 5.50 billion from 2025 to 2027. [44][46] - Zhongmin Resources (002738.SZ) is expanding its lithium salt production capacity and has significant projects underway, with revenue expectations of 56.91 billion to 97.27 billion from 2024 to 2026. [48][52] - China Aluminum (601600.SH) reported a revenue increase of 13.95% in Q1 2025, with a focus on improving cash flow and reducing debt levels, indicating a strong operational performance. [54][56]

（文章来源：证券日报） 证券日报网讯 12月30日，中矿资源在互动平台回答投资者提问时表示，公司拥有专业的地质勘查技术 和管理团队，深耕海外地质勘查业务二十余年，在矿山资源评估、勘查技术服务等方面积累了丰富经 验。根据公司第六届董事会第九次会议决议，公司正在开展自有矿山的地质勘查相关工作，相关工作均 按既定安排稳步推进。根据信息披露相关法律法规要求，若后续涉及达到披露标准的资源量/储量变 动，公司将及时履行信息披露义务。 ...

Core Viewpoint - Zhongmin Resources highlighted the extensive applications of cesium products across various industries, emphasizing their irreplaceability and superior performance, which have been recognized and adopted at scale in relevant fields [1] Group 1: Traditional Applications - In traditional sectors, cesium products are primarily used in catalysts, chemical reagents, biotechnology, and pharmaceuticals [1] Group 2: Emerging Applications - In emerging fields, cesium products find applications in atomic clocks, aerospace (ion propulsion engines), renewable energy (magnetohydrodynamic generators), thermionic power generation, solar cells, optoelectronic detectors, specialty glass, and the information industry [1]

Core Viewpoint - The small metals sector experienced a slight decline of 0.2% on December 30, with Haotong Technology leading the losses, while the Shanghai Composite Index remained stable with a negligible change of 0.0% [1]. Group 1: Market Performance - The Shanghai Composite Index closed at 3965.12, showing no change, while the Shenzhen Component Index rose by 0.49% to 13604.07 [1]. - The small metals sector's individual stock performance varied, with notable gainers including Zhongkuang Resources, which increased by 2.66% to a closing price of 79.24, and Huaxi Nonferrous, which rose by 0.95% to 38.30 [1]. Group 2: Trading Volume and Value - Zhongkuang Resources had a trading volume of 248,800 shares, resulting in a transaction value of 1.946 billion yuan [1]. - The overall trading volume and value for the small metals sector indicated significant activity, with various stocks contributing to the total market dynamics [1]. Group 3: Capital Flow - The small metals sector saw a net outflow of 1.937 billion yuan from major funds, while retail investors contributed a net inflow of 2.457 billion yuan [2]. - The capital flow data highlighted that while major and speculative funds withdrew, retail investors were actively buying into the sector [2][3].

Core Insights - The chromium salt industry in China is characterized by a tightly integrated and differentiated supply chain, with chromium ore costs accounting for approximately 30% of total production costs, while domestic reserves are scarce, leading to over 95% reliance on imports [1][5][7] - China is the largest producer and consumer of chromium salts globally, with a production share of around 45%, and the market size is expected to reach 9.41 billion yuan in 2024, projected to exceed 15 billion yuan by 2030 [1][9] - The industry is transitioning towards green transformation, demand upgrades, and supply chain integration, focusing on clean processes and high-end products as the core of growth [1][12] Industry Overview - Chromium salts are inorganic chemical products primarily made from chromium ore through various chemical processes, essential in multiple sectors such as metallurgy, electroplating, leather tanning, pigments, pharmaceuticals, and environmental protection [2][3] - The classification of chromium salts is based on valence state and application, with trivalent and hexavalent chromium salts serving different industrial purposes [3][4] Supply Chain Dynamics - The upstream segment relies heavily on chromium ore, with domestic production only reaching 100,000 to 200,000 tons annually, leading to a high dependency on imports from five countries, including South Africa [5][7] - The midstream sector is focused on processing chromium ore into intermediate products, with a shift towards cleaner production methods, while downstream demand is rapidly expanding into high-end manufacturing sectors such as aerospace and renewable energy [5][8] Market Demand Trends - The global demand for chromium salts is shifting from traditional low-growth sectors to high-growth areas like metallic chromium and high-end electroplating additives, with emerging applications in aerospace and renewable energy driving significant growth [8][9] - In China, the downstream demand is characterized by a dual structure, with traditional sectors stabilizing and new sectors like electric vehicle batteries and aerospace rapidly emerging as key growth drivers [8][9] Competitive Landscape - The chromium salt industry in China is dominated by a few key players, with Zhihua Co., Galaxy Chemical, and Citic Jinzhou Metal collectively holding over 80% market share [10][11] - Leading companies are focusing on advanced production techniques and expanding into high-end applications, while smaller firms are targeting niche markets [10][11] Future Development Trends - The industry is expected to evolve around three main directions: green transformation, demand upgrades, and supply chain integration, with a strong emphasis on clean production technologies and high-value products [12][13] - The competitive focus will shift towards resource control, compliance capabilities, and technological innovation, with leading firms enhancing their market positions through strategic resource acquisitions and integrated operations [12][14]