的可行性分析报告 一、开展远期结售汇的情况概述 1、开展远期结售汇的目的 永兴特种材料科技股份有限公司 关于开展以套期保值为目的的远期结售汇业务 公司及控股子公司外贸业务主要采用美元和欧元进行结算，当汇率出现持续 波动时，不仅会影响公司外贸业务的正常进行，且汇兑损益对公司经营业绩也会 产生影响。为降低汇率波动对公司业绩的影响，更好地防范外汇汇率波动风险， 增强公司财务稳健性，公司及控股子公司拟开展以套期保值为目的的远期结汇、 售汇业务，以加强外汇风险管理。 2、交易金额 公司及控股子公司预计开展远期结售汇业务的交易总规模为累计金额不超 过 5,000 万美元（或等值外币）。 3、交易方式及品种 公司及控股子公司通过与银行签订远期结售汇合同，约定将来办理结汇或售 汇的外汇币种、金额、汇率和期限，在合同约定期限内按照该远期结售汇合同约 定的币种、金额、汇率办理结汇或售汇的业务。公司及控股子公司开展远期结售 汇业务的品种为外贸业务所使用的美元和欧元等。 4、交易期限及具体实施 公司及控股子公司将根据外贸业务需求及汇率变动趋势择机开展，自公司董 事会审议通过之日起十二个月内有效。公司董事会授权经营管理层负责远期结售 ...

一、关于使用闲置自有资金进行现金管理的议案 表决结果：同意：9 票；反对：0 票；弃权：0 票 董事会同意公司及控股子公司在不影响公司正常生产经营的前提下，使用额度不 超过人民币 50 亿元的自有资金进行现金管理。期限为自董事会审议通过之日起 12 个 月（前次审批额度自本次审批额度生效时终止）。在上述额度内，资金可以滚动使用。 董事会授权公司管理层负责本次使用闲置自有资金进行现金管理的具体实施。 《关于使用闲置自有资金进行现金管理的公告》与本决议公告同日刊登于《证券 时报》《上海证券报》和巨潮资讯网（http://www.cninfo.com.cn），供投资者查阅。 证券代码：002756 证券简称：永兴材料 公告编号：2026-003 号 永兴特种材料科技股份有限公司 第七届董事会第二次临时会议决议公告 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。 永兴特种材料科技股份有限公司（以下简称"公司"）于 2026 年 3 月 11 日以书 面送达及电子邮件等方式向公司全体董事、高级管理人员发出了召开公司第七届董事 会第二次临时会议的通知。会议于 2026 年 ...

Investment Rating - The report maintains an "Overweight" rating for the steel industry [4]. Core Insights - Demand is expected to gradually stabilize, and supply-side adjustments are anticipated to continue, leading to a potential recovery in the steel industry's fundamentals [2]. - The report highlights that approximately 60% of steel companies are currently operating at a loss, indicating a market-driven supply clearance is beginning to occur [4]. - The report emphasizes the importance of balancing supply and demand, optimizing product structure, and the necessity for structural reforms in the steel industry during the "14th Five-Year Plan" period [4]. Summary by Sections Demand and Supply - Demand is projected to stabilize, with a decrease in the real estate sector's contribution to steel demand becoming less impactful. Growth in steel demand from infrastructure and manufacturing is expected to be steady [4]. - The total social inventory of major steel products reached 14.23 million tons, an increase of 200,000 tons week-on-week. Steel mill inventories also rose to 5.52 million tons, up by 30,000 tons [9][29]. Profitability - The report notes a rebound in production profits for rebar and hot-rolled steel, with average gross margins for hot-rolled steel increasing by 2 CNY/ton to 46 CNY/ton, and for rebar, the average gross margin rose by 34 CNY/ton to 182 CNY/ton [33][39]. Price Trends - Steel prices have shown a week-on-week increase, with Shanghai rebar prices rising by 60 CNY/ton to 3,260 CNY/ton, and hot-rolled coil prices increasing by 60 CNY/ton to 3,310 CNY/ton [7][39]. - International steel prices have decreased, with U.S. rebar prices dropping by 19 USD/ton to 1,026 USD/ton, and European prices falling by 58 USD/ton to 715 USD/ton [36]. Raw Material Prices - Iron ore spot prices have rebounded, with the price at Rizhao Port increasing by 20 CNY/ton to 799 CNY/ton, while futures prices rose by 21.5 CNY/ton to 772 CNY/ton [39][46]. - The report indicates an increase in iron ore port inventories, which rose by 700,000 tons to 17.182 million tons [46]. Recommendations - The report recommends focusing on leading companies with technological and product structure advantages, such as Baosteel, Hualing Steel, and Shougang, as well as low-cost and flexible steel companies like Fangda Special Steel and New Steel [4].

Investment Rating - The report maintains a "Buy" rating for all key companies listed, including Zijin Mining, Luoyang Molybdenum, and Huayou Cobalt [3]. Core Insights - The ongoing geopolitical tensions in the Middle East, particularly the US-Iran conflict, are exerting downward pressure on metal prices due to inflationary concerns and a shift towards stagflation trading [1][9]. - The report highlights a strong expectation for aluminum prices to remain robust due to supply tightening from geopolitical risks, despite a cautious demand outlook [9]. - The copper market is experiencing fluctuations due to macroeconomic uncertainties and geopolitical tensions, with expectations for prices to remain within a defined range [9][44]. - The report emphasizes the importance of monitoring the recovery of downstream demand and the impact of geopolitical events on supply chains across various metals [9][66]. Summary by Sections 1. Industry and Stock Performance - The report provides a detailed analysis of stock performance for key companies in the non-ferrous metals sector, indicating a general upward trend in stock prices despite recent market volatility [12]. 2. Base Metals - **Aluminum**: Prices are expected to remain high due to geopolitical tensions affecting supply, with LME prices projected to range between $3,400 and $3,600 per ton [25][26]. - **Copper**: The market is characterized by short-term fluctuations influenced by geopolitical events and macroeconomic indicators, with prices expected to oscillate between $12,800 and $13,200 per ton [44][45]. - **Zinc**: Prices are under pressure due to increasing domestic inventories and geopolitical uncertainties, with LME prices recorded at $3,293.5 per ton [52][53]. 3. Precious and Minor Metals - **Gold**: The report maintains a bullish outlook on gold prices in the medium to long term, driven by central bank purchases and weakening US dollar credit [9]. - **Silver**: Industrial demand for silver may face challenges due to the impact of lower photovoltaic material costs, which could suppress prices [9]. - **Nickel**: Prices are expected to fluctuate due to supply constraints from Indonesia and geopolitical risks, with a projected range of 135,000 to 145,000 yuan per ton [66]. 4. Rare Earths - The report does not provide specific insights on rare earths in this section, focusing instead on the broader trends in base and precious metals [9].

Summary of China Basic Materials Monitor - March 2026 Industry Overview - The report focuses on the **China Basic Materials** industry, highlighting changes post-Chinese New Year (CNY) amid elevated commodity prices and geopolitical tensions in the Middle East [1] Key Points Demand Trends - **Mixed Demand Post-CNY**: Demand is strong for energy-related items such as power grid cables, ESS batteries, and export solar modules, but weaker than expected in construction, appliances, automotive, and traditional hardware [1] - **Demand Destruction**: Elevated metal prices have led to a **15-20% demand destruction** pre-CNY, although this has been accepted by the end market for now [1] - **Export Orders Impact**: Producers expect a **5-15% impact on export orders** from the Middle East, particularly in steel, electric vehicles (EV), and energy storage systems (ESS) [1] - **High Energy Prices**: The outlook for high energy prices has made copper traders cautious, leading to increased prices for seaborne and domestic coal [1] Supply Dynamics - **Cement Production Cuts**: Top cement producers are closing **5-15% of their capacity** due to depressed demand [1] - **Carbon Trading Impact**: The inclusion of steel in the national carbon trading platform imposes limited discipline on steel production in 2026 [1] Demand Metrics - **High-Frequency Data**: In the first week of March, Chinese demand was reported to be **50-60% lower year-on-year (YoY)** for cement and construction steel, and **2-8% lower YoY** for aluminum, copper, and flat steel [1] - **Margin and Pricing Trends**: Margins/pricing for coal, aluminum, and lithium improved, while steel and cement prices softened, with copper prices remaining stable [1] Producer Feedback - **Order Book Trends**: A proprietary survey indicated that **95% of respondents** reported a month-on-month (MoM) pickup in March for downstream sectors, and **86% for commodities** [2] Additional Insights - **Cautious Outlook**: The overall cautious sentiment in the market is reflected in the mixed demand and the adjustments in production capacities across various sectors [1][2] Conclusion - The China Basic Materials industry is currently navigating a complex landscape characterized by mixed demand, elevated prices, and strategic adjustments in production. The ongoing geopolitical tensions and energy price fluctuations are critical factors influencing market dynamics.

证券代码：002756 证券简称：永兴材料 公告编号：2026-002 号 1、股东减持股份情况 注：减持比例计算中总股本为剔除公司回购专用证券账户股份后总股本，下同。 邹伟民先生本次通过集中竞价减持的股份，股份来源为员工持股计划、限制性股 票激励计划，减持的价格区间为 54.20 元/股-69.17 元/股。 高亦斌先生本次通过集中竞价减持的股份，股份来源为员工持股计划、限制性股 票激励计划，减持的价格区间为 54.10 元/股-69.72 元/股。 永兴特种材料科技股份有限公司 关于董事、高级管理人员股份减持计划实施完毕的公告 公司董事邹伟民先生、高级管理人员高亦斌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。 永兴特种材料科技股份有限公司（以下简称"公司"）于 2025 年 12 月 4 日在巨 潮资讯网（www.cninfo.com.cn）披露了《关于董事、高级管理人员减持股份的预披 露公告》（公告编号：2025-049 号），公司董事邹伟民先生、高级管理人员高亦斌先 生计划在前述公告披露之日 ...

Investment Rating - The industry rating is "Recommended" [3] Core Insights - The report highlights that tungsten prices continue to reach historical highs, with expectations for a strong overall market for key metals [1][23] - Nickel prices are supported by tightening supply expectations due to Indonesia's reduced production quotas for 2026, which are set between 260 million to 270 million tons, significantly lower than the previous year's quota of 42 million wet tons [1][29] - Cobalt supply is expected to tighten further due to slow export progress from the Democratic Republic of Congo, with a forecasted increase in cobalt prices [2][5] - Antimony prices are anticipated to remain strong due to supply constraints, with a significant drop in production reported [6][18] - Lithium supply disruptions are expected to continue, with potential for lithium prices to reach new highs amid increasing demand [8][19] - The rare earth sector is facing supply shortages, particularly for praseodymium and neodymium, which may support prices [9][20] - Tin prices are supported by ongoing supply concerns from Myanmar and the Democratic Republic of Congo, with a notable decrease in tin imports [11][21] - Uranium supply is expected to remain tight, supporting high prices due to geopolitical factors and production delays [14][24] Summary by Sections Nickel and Cobalt Industry Insights - Indonesia's nickel production quota for 2026 is set to significantly reduce, impacting supply and supporting prices [1][29] - Cobalt exports from the Democratic Republic of Congo are hindered by complex local processes and logistical challenges, leading to tighter supply [2][5] Antimony Industry Insights - Antimony production has seen a sharp decline, which is expected to support prices in the near term [6][18] Lithium Industry Insights - Lithium prices are under pressure due to supply disruptions, but demand remains strong, potentially leading to price increases [8][19] Rare Earth Industry Insights - Supply shortages for praseodymium and neodymium are anticipated, which may bolster prices in the market [9][20] Tin Industry Insights - Ongoing supply issues from Myanmar and the Democratic Republic of Congo are expected to support tin prices [11][21] Uranium Industry Insights - The uranium market is facing supply constraints, which are likely to keep prices elevated due to geopolitical tensions and production delays [14][24]

Investment Rating - The report maintains a "Buy" rating for all key companies listed, including Zijin Mining, Luoyang Molybdenum, and Huayou Cobalt [2][4]. Core Views - The ongoing geopolitical tensions in the Middle East are impacting global commodity markets, particularly in the non-ferrous metals sector, leading to increased prices for key resources [8][28]. - The report highlights a strong expectation for aluminum prices to rise due to supply constraints caused by geopolitical risks, particularly in the Middle East [28]. - Demand recovery is noted in the aluminum sector as downstream industries resume operations post-holiday, with significant increases in aluminum water ratios [28]. - The lithium and cobalt markets are experiencing upward price pressures due to supply concerns from Zimbabwe and the Democratic Republic of Congo, respectively [28]. - Precious metals are expected to benefit from heightened risk aversion due to geopolitical tensions, with a bullish outlook on gold prices in the medium to long term [28]. Summary by Sections Industry and Stock Performance - The report provides a detailed performance analysis of key stocks in the non-ferrous metals sector, indicating a general upward trend in stock prices despite recent market volatility [11][13]. Base Metals - Aluminum prices have increased by 9.22% week-on-week, with expectations for continued strength due to supply disruptions from geopolitical tensions [15][28]. - Copper prices have shown volatility, with a recent decline attributed to rising geopolitical risks and a strong dollar, impacting market sentiment [48][49]. - Zinc prices have fluctuated due to supply and demand dynamics, with recent increases in domestic inventories affecting price stability [60][61]. Precious Metals and Minor Metals - Gold prices have risen by 3.71% recently, driven by increased demand for safe-haven assets amid geopolitical uncertainties [16][28]. - The report notes that silver prices have also increased significantly, reflecting strong industrial demand and investment interest [16][28]. - Cobalt and nickel markets are under pressure from supply constraints and geopolitical factors, with expectations for price increases in the near term [28][73]. Rare Earths - The report does not provide specific insights into rare earths in this section, focusing instead on the broader non-ferrous metals market dynamics [28].

Investment Rating - The industry rating is "Recommended" [3] Core Views - The report highlights that the supply disruptions in Indonesia are raising expectations for tighter market conditions, which may support nickel prices. As of February 27, the LME nickel spot price was $17,685 per ton, up 3.09% from February 20, with total LME nickel inventory at 287,976 tons, an increase of 0.09% [1] - The cobalt raw material supply remains tight, with expectations for continued price increases. As of February 27, electrolytic cobalt was priced at 440,000 yuan per ton, up 2.92% from February 13 [2] - The report indicates that the overall supply of antimony is slightly contracting, which may support antimony prices. The average price of domestic antimony ingots was 167,500 yuan per ton as of February 26, up 1.82% from February 12 [6] - The report notes that the supply of lithium carbonate is expected to remain tight, with prices rising to 176,000 yuan per ton as of February 27, an increase of 17.82% from February 13 [8] - The report emphasizes that the supply of praseodymium and neodymium is likely to remain short, which may support prices in the rare earth magnetic materials sector. As of February 27, the average price of praseodymium oxide was 955 yuan per kilogram, up 6.70% from February 14 [9] - The report discusses the ongoing tensions in northern Myanmar, which are raising concerns about the supply chain for tin, with the LME tin spot price reaching $57,425 per ton, up 26.21% from February 20 [11] - The report indicates that the supply shortage of tungsten is worsening, with white tungsten concentrate priced at 796,000 yuan per ton as of February 28, up 14.86% from February 13 [13] - The report highlights that expectations for tight uranium supply are continuing to develop, with the global uranium market price at $69.71 per pound as of January, remaining high despite some fluctuations [14] Summary by Sections Nickel and Cobalt Industry - Nickel prices are expected to find support due to supply constraints from Indonesia, with a significant reduction in approved mining quotas [1][16] - Cobalt supply is projected to remain structurally tight, with potential for further price increases benefiting cobalt resource companies [2][17] Antimony Industry - Antimony supply is tightening, with domestic prices expected to rise as export controls and supply chain issues persist [6][19] Lithium Industry - Lithium carbonate prices are expected to remain strong due to supply constraints and increased demand from battery manufacturers [8][20] Rare Earth Industry - The supply of praseodymium and neodymium is expected to remain tight, with price support anticipated due to regulatory changes and supply chain disruptions [9][21] Tin Industry - Ongoing geopolitical tensions in Myanmar and supply chain uncertainties are expected to support tin prices [11][22] Tungsten Industry - The tungsten market is facing supply shortages, with prices expected to rise further due to production constraints and regulatory measures [13][23] Uranium Industry - The uranium market is experiencing tight supply conditions, with prices remaining elevated due to geopolitical factors and production delays [14][24]

Investment Rating - The report maintains a "Buy" rating for the sector, with specific recommendations for various companies in the precious and base metals sectors [2][4]. Core Views - The military conflict between the US and Iran has heightened geopolitical tensions, leading to increased demand for precious metals as safe-haven assets. The report anticipates a significant rise in gold prices driven by central bank purchases and a weakening dollar [2][4]. - Industrial metal prices are expected to experience short-term fluctuations due to the ongoing geopolitical situation and domestic recovery post-holiday. The report highlights a steady recovery in production and demand for aluminum and copper, while also noting potential supply constraints for lithium and cobalt [2][4]. Summary by Sections 1. Industry and Stock Performance - The SW Nonferrous Index increased by 9.77% during the reporting period, indicating strong performance in the nonferrous metals sector [8]. - Key companies such as Zijin Mining, China Molybdenum, and Huayou Cobalt are highlighted for their strong earnings forecasts and favorable valuations [2][4]. 2. Base Metals - Aluminum prices are projected to stabilize post-holiday, with expected trading ranges between 22,800 and 24,000 CNY/ton. The report notes a slight decrease in production due to the holiday but anticipates a recovery as downstream processing resumes [29][30]. - Copper prices are expected to fluctuate between 12,800 and 13,500 USD/ton, influenced by macroeconomic factors and domestic inventory levels. The report indicates a cautious market sentiment with weak demand impacting prices [49][50]. 3. Precious Metals - Gold prices are forecasted to rise significantly due to increased safe-haven demand amid geopolitical tensions. The report emphasizes the role of central bank purchases in supporting gold prices [2][4]. - Silver's industrial demand may face challenges due to the impact of cheaper materials in photovoltaic applications, potentially affecting its price trajectory [2][4]. 4. Energy Metals - The report highlights supply constraints for lithium and cobalt, with Zimbabwe's policy changes affecting lithium prices and ongoing delays in cobalt shipments from the Democratic Republic of Congo [2][4]. - Nickel prices are expected to rise due to tightening supply from Indonesia, with the report noting a significant reduction in export quotas [2][4]. 5. Key Company Recommendations - The report recommends several companies for investment, including Zijin Mining, China Gold International, and Western Mining, based on their strong earnings potential and market positioning [2][4].