证券研究报告|行业研究周报 [Table_Date] 2025 年 7 月 13 日 DoD 入股 MP 以加速美国稀土磁体独立，但 短期全球稀土永磁体生产仍高度集中于中国 [Table_Title2] 有色-能源金属行业周报 [Table_Summary] 报告摘要: ►本周沪镍价格环比下跌，国内 NPI 冶炼厂成本倒挂依 然严重 截止到 7 月 11 日，LME 镍现货结算价报收 14955 美元/ 吨，较 7 月 4 日下跌 1.09%，LME 镍总库存为 206178 吨，较 7 月 4 日增加 1.83%；沪镍报收 12.14 万元/吨，较 7 月 4 日下 跌 0.83%，沪镍库存为 25,047.00 吨，较 7 月 4 日增加 0.50%；截止到 7 月 11 日，硫酸镍报收 27,900.00 元/吨，较 7 月 4 日价格下跌 2.11%。根据 SMM，从供给端来看，菲律宾 主产区矿区降雨影响较小。进入 7 月，预计整体三季度发运量 都将维持较高水平，矿到港量将继续增加，供应充足。截止到 7 月 11 日，中国镍矿港口库存增加至 720 万湿吨。前期发运 船只陆续到港，库存增加。受于超长雨 ...

证券研究报告·行业研究·电力设备与新能源行业 稳健增长低估值，聚焦锂电龙头和固态新技术 --电动车2025年中期策略 首席证券分析师 ：曾朵红 执业证书编号：S0600516080001 联系邮箱：zengdh@dwzq.com.cn 联系电话：021-60199798 2025年7月13日 1 摘要： 2 ◆ 国内电动化率稳步向上，欧洲销量强势恢复，25年全球销量预计21%增长，26年有望维持15%+增长。25年国内汽车消 费政策持续+购置税退坡前抢装+汽车价格战，同时出口强势高增，前5月国内销561万辆，同比增44%，全年预期25%增 长。欧洲补贴退坡消化完毕，25年前5月销量强势恢复至142万辆，同比增25%，2H新车型陆续上市，预计全年27%增长。 美国不确定性增加，9月补贴完全退出，25-26年销量预期停滞。其他地区1-5月销量44万辆，同比增31%，全年预计维持 35%增长。因此25年我们预计全球销量可达2070万辆，增21%，26年仍维持16%增长。 ◆ 储能政策不确定下需求依旧强劲，25年锂电需求上修至30%+增长，26年近20%增长。25年全球储能预计42%增长至 452gwh，国内强制配储 ...

证券代码：002756 证券简称：永兴材料 公告编号：2025-031 号 永兴特种材料科技股份有限公司 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。 永兴特种材料科技股份有限公司（以下简称"公司"）于 2025 年 5 月 14 日召开 公司第六届董事会第十六次临时会议、第六届监事会第十一次临时会议，于 2025 年 5 月 30 日召开 2025 年第一次临时股东大会，分别审议通过了《2025 年员工持股计划（草 案）》及其摘要的议案等相关议案，同意公司实施 2025 年员工持股计划（以下简称"本 员工持股计划"）。具体内容详见公司 2025 年 5 月 15 日、2025 年 6 月 3 日在巨潮资 讯网（http://www.cninfo.com.cn）披露的相关公告。 根据《关于上市公司实施员工持股计划试点的指导意见》《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》的相关规定，现将公司 2025 年 员工持股计划实施进展情况公告如下： 一、本员工持股计划的股票来源及数量 根据《永兴特种材料科技股份有限公司 2025 年员工 ...

一、关于设立公司 2025 年员工持股计划管理委员会的议案 为保证公司 2025 年员工持股计划（以下简称"本员工持股计划"）的顺利进行， 保障全体持有人的合法权益，根据公司《2025 年员工持股计划》《2025 年员工持股计 划管理办法》等相关规定，设立 2025 年员工持股计划管理委员会，作为本员工持股计 划的日常监督管理机构，对本员工持股计划进行日常管理、权益处置等具体工作，并 代表本员工持股计划持有人行使股东权利。 管理委员会由 5 名委员组成，设管理委员会主任 1 名。管理委员会委员的任期为 本员工持股计划的存续期，管理委员会委员发生变动时，由持有人会议重新选举。 表决结果：同意 3,416.91 万份，占出席持有人会议的持有人所持份额总数的 100%； 反对 0 份，占出席持有人会议的持有人所持份额总数的 0%；弃权 0 份，占出席持有人 会议的持有人所持份额总数的 0%。 二、关于选举公司 2025 年员工持股计划管理委员会委员的议案 根据公司《2025 年员工持股计划》 《2025 年员工持股计划管理办法》等相关规定， 证券代码：002756 证券简称：永兴材料 公告编号：2025-032 号 ...

东兴证券指出，2025年一季度产业链终端需求仍维持较高增长态势，电池等环节在盈利向上同时收入端 亦显现回暖，锂电板块整体景气度有所回升，同时固态电池等产业链新技术自2024年下半年出现多次催 化推动行情逐步产生升力，2025—2026年伴随着新技术商业化进程的持续推动，板块有望迎来利润端的 修复与估值的提升，当前时点板块业绩稳健且兼具弹性，具备一定的配置价值。2025年下半年板块格局 趋稳有望迎来基本面重回上升的机遇，同时固态电池等新技术商业化进程的提速以及低空、机器人等新 应用领域增量需求有望形成持续催化。 国盛证券指出，当前产业对需求端中长期增长维持乐观态度，消耗前期现金储备以待行业好转；同时低 成本盐湖及中资一体化企业入场后，供给端抗价格波动能力增强，"囚徒困境"下行业拐点或有后移。但 若锂价维持低位中枢，可期待供给侧加速出清，权益端或有提前反应。资源低成本保供+非锂业务多元 化经营是当前行业稀缺竞争优势，具备前述特征的企业可凭借优质资源+冶炼一体化生产构筑成本缓冲 垫，非锂业务平滑业绩并支撑企业估值，企业有望平稳度过行业低谷，待格局向好后赚取行业出清收 益。推荐标的：中矿资源（002738）。相关标的 ...

证券研究报告 | 行业点评 gszqdatemark 2025 07 06 年 月 日 有色金属 锂：资源端加速出清，关注锂板块底部布局机会 价格：供需利好信号不断，锂价连续上涨。碳酸锂主连自 6 月 23 日触及 5.9 万元/吨（含税）价格底部后连续上涨，截至 7 月 4 日涨至 6.4 万元/ 吨（含税），涨幅 8.1%。成本端，锂辉石自 6 月 23 日上涨 6%至 7 月 4 日 653 美元/吨，成本支撑 6.5 万元/吨（含税），锂云母自 6 月 23 日上涨 12%至 7 月 4 日 1327.5 元/吨（含税），成本支撑 7.2 万元/吨（含税）。本 轮价格上涨，主因澳矿缩量信号不断，需求端下游电车整治"内卷式"竞 争，宏观情绪较强，期现价格均有上涨。 供给：澳矿密集释放缩量信号，产能出清进入中后阶段。历经两年半的磨 底期，我们认为锂板块已处于产能出清的中后阶段，作为市场出清的风向 标——澳矿密集释放缩量信号。（1）当前价格已降至澳洲成本敏感区间， Cattlin、Finniss、Bald Hill、Pilbara（（部））已处于产产护状态，，部） 产矿山下调产量指引。2025Q1 样本澳矿 ...

Investment Rating - The investment rating for the non-ferrous metals industry is "Positive" (maintained) [4][106]. Core Views - The report highlights that copper prices are experiencing fluctuations due to the interplay of the 232 investigation and interest rate cut expectations, with recent price changes showing a mixed trend [5]. - The report emphasizes the importance of low inventory levels in supporting copper prices, while also noting the potential impact of the 232 copper import investigation and upcoming interest rate decisions by the Federal Reserve [5]. - The report suggests monitoring companies such as Zijin Mining, Luoyang Molybdenum, Jincheng Mining, and Western Mining for investment opportunities [5]. Summary by Sections 1. Industry Overview - The report provides insights into macroeconomic indicators, including U.S. employment data, which may influence market conditions [9]. - The non-ferrous metals sector's performance is analyzed, with the sector underperforming compared to the Shanghai Composite Index [11]. 2. Industrial Metals 2.1 Copper - Recent price movements show LME copper up by 0.25%, while SHFE copper is down by 0.24% [25]. - Inventory levels for copper have increased, indicating a potential shift in market dynamics [25]. 2.2 Aluminum - LME aluminum prices increased by 0.41%, with inventory levels also rising [35]. - The report notes a decrease in aluminum smelting profits, attributed to rising costs [35]. 2.3 Lead and Zinc - Lead prices have seen a slight increase, while zinc prices have decreased [48]. - Inventory levels for both metals are discussed, highlighting market supply conditions [48]. 2.4 Tin and Nickel - Tin prices have decreased slightly, while nickel prices have shown an upward trend [62]. - The report discusses profitability metrics for nickel producers in both domestic and international markets [62]. 3. Energy Metals 3.1 Lithium - Lithium prices have shown a slight rebound, with specific price changes noted for lithium carbonate and lithium spodumene [74]. - The report indicates that supply-side adjustments are anticipated, which may affect future pricing [74]. 3.2 Cobalt - Cobalt prices have increased domestically due to export bans from the Democratic Republic of Congo, which may create supply constraints [86]. - The report highlights the profitability of domestic cobalt refining operations [86].

Group 1 - The core viewpoint of the article emphasizes the significance of the supply-side reform 2.0, which aims to eliminate backward production capacity and effectively address chaotic competition in the industry [1] - The supply-side reform initiated in 2015 led to substantial price increases in commodities, with rebar futures soaring from 843 yuan/ton to 3147 yuan/ton, a 273% increase, and coking coal prices rising from 203 yuan to 719 yuan, a 3.5-fold increase [1] - The recent performance of the steel industry, particularly the China Steel Index, has mirrored past trends, with a notable increase of over 3.5% in a single day, indicating a potential revival similar to the previous supply-side reform [1][4] Group 2 - The current supply-side reform is characterized by unprecedented policy strength, focusing on eliminating low-price competition and orderly phasing out of backward production capacity, suggesting a potential for significant market recovery [6] - The valuation of steel stocks should consider the cyclical nature of the industry, with many steel companies currently valued below their replacement cost by 0.35 times, indicating a sufficient margin of safety [6] - The comparison between the China Steel Index and the National Steel Industry Index shows a high degree of overlap, with both indices focusing on the steel industry, although the China Steel Index includes some coal companies [7] Group 3 - The performance of funds tracking the China Steel Index and the National Steel Industry Index has been similar, with differences in returns being minimal, generally within 0.1% [12] - Specific funds, such as the Guolian National Steel A and Penghua National Steel Industry A, have shown significant returns of 8.10% and 7.66% respectively, outperforming the CSI 300 index [14] - The article suggests that as the economy develops, steel consumption will stabilize, with a shift from rebar consumption in construction to sheet metal consumption in manufacturing, indicating a potential improvement in profitability for the steel sector [14]

Core Viewpoint - The special steel sector has shown a significant increase, with a rise of 3.25%, ranking third among concept sectors, driven by strong performances from several stocks [1][2]. Group 1: Sector Performance - As of July 2, the special steel concept saw 31 stocks increase in value, with notable gains from Chongqing Steel, Shengde Xintai, and Sansteel Minguang, which rose by 10.16%, 17.00%, and 8.12% respectively [1][2]. - The sector experienced a net inflow of 684 million yuan from main funds, with 28 stocks receiving net inflows, and six stocks exceeding 50 million yuan in net inflows [2][3]. Group 2: Key Stocks - Huazhong Steel led the net inflow with 151 million yuan, followed by Baogang Co. and Sansteel Minguang with net inflows of 117 million yuan and 71 million yuan respectively [2][3]. - The top three stocks by net inflow ratio were Sansteel Minguang at 20.47%, Huazhong Steel at 15.30%, and Zhongnan Steel at 13.25% [3][4]. Group 3: Declining Stocks - The stocks with the largest declines included Guanda Special Materials, Tunan Co., and Steel Research High-tech, which fell by 2.81%, 1.60%, and 1.20% respectively [1][5].

Group 1 - The company, Yongxing Materials, stated on July 2 that it currently has no projects related to solid-state batteries [1]