镁行业深度（Ⅲ）：镁合金行业需求弹性 或进入加速释放新周期 2026 年 3 月 17 日 看好/维持 有色金属 行业报告 | 分析师 | 张天丰 电话：021-25102914 邮箱：zhang_tf@dxzq.net.cn | 执业证书编号：S1480520100001 | | --- | --- | --- | | 研究助理 | 闵泓朴 电话：021-65462553 邮箱：minhp-yjs@dxzq.net.cn | 执业证书编号：S1480124060003 | 投资摘要： 2025 年中国原镁产能及产量分别占全球 82%及 89%，中国镁行业进入供给结构性升级新阶段。中国拥有完整的镁行业配套产业链，根据国 务院发展研究中心统计，中国拥有全球 90%金属镁产能、75%氧化镁产能及 65%下游耐火材料产量。从原镁产能状态观察，中国原镁行业 显现产能优化迹象。环保政策持续收紧（碳排放双控）、生产成本增加（双废治理）、落后产能淘汰（产业整合及电炉升级）清退小规模及环 保不达标的落后产能，令 2025 年中国原镁产能-1.3%至 146.82 万吨但原镁产能利用率+5.5%至 74.5%。另一方面，根据中 ...

二、补助的类型及其对公司的影响 证券代码：300328 证券简称：宜安科技 公告编号：2026-016 号 东莞宜安科技股份有限公司 关于公司获得政府补助的公告 （一）补助的类型 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 一、获取补助的基本情况 2026年3月16日，东莞宜安科技股份有限公司（以下简称"公司"）获得东莞 市博士后资助项目政府补助118万元（与收益相关），占公司最近一期经审计归属 于母公司股东的净利润的117.36%。 （四）风险提示和其他说明 以上数据未经审计，具体的会计处理以审计机构年度审计确认后的结果为准。 敬请广大投资者注意投资风险。 三、备查文件 根据《企业会计准则第16号—政府补助》的规定，与资产相关的政府补助是指 企业取得的、用于购建或其他方式形成长期资产的政府补助；与收益相关的政府补 助是指除与资产相关的政府补助之外的政府补助。 上述政府补助属于与收益相关的政府补助。 （二）补助的确认和计量 根据《企业会计准则第16号-政府补助》的规定，与资产相关的政府补助，应 当冲减相关资产的账面价值或确认为递延收益；与收益相关的政府补助 ...

证券代码：300328 证券简称：宜安科技 公告编号：2026-015 号 东莞宜安科技股份有限公司 关于公司及子公司向金融机构申请授信额度 暨对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内容的真实、准确和完整，没有虚假记 载、误导性陈述或重大遗漏。 2025 年 4 月 18 日，东莞宜安科技股份有限公司（以下简称"宜安科技"或"公 司"）召开第五届董事会第十六次及第五届监事会第十二次会议，审议通过了《关 于公司及子公司向金融机构申请授信额度暨对子公司提供担保的议案》，同意巢湖 宜安云海科技有限公司（以下简称"宜安云海"）拟向相关金融机构申请不超过人 民币 30,000 万元授信额度，公司按照 60%的出资比例提供担保，有效期自公司股东 大会审议通过之日起 12 个月内有效。2025 年 5 月 12 日，公司召开 2024 年年度股 东大会，审议通过了上述议案。上述详情见公司于 2025 年 4 月 22 日、5 月 12 日在 巨潮资讯网上披露的相关公告。 宜安云海与交通银行股份有限公司巢湖分行（以下简称"交通银行巢湖分行"） 已签署《流动资金借款合同》，公司与交通银行巢湖分行已签署《 ...

证券代码：300328 证券简称：宜安科技 公告编号：2026-013 号 东莞宜安科技股份有限公司 第五届董事会第二十七次会议决议公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假记载、 误导性陈述或重大遗漏。 2026 年 3 月 3 日，东莞宜安科技股份有限公司（以下称"宜安科技"或 "公司"） 第五届董事会第二十七次会议在公司会议室以现场和通讯方式召开，会议通知于 2026 年 2 月 25 日以电子邮件方式送达。本次会议应参与表决董事 8 人，实际参与表决董 事 8 人，本次董事会会议由公司董事长刘守军先生主持，会议的召集、召开及表决程 序符合《中华人民共和国公司法》及《公司章程》的规定。经与会董事认真审议，本 次会议审议了以下议案： 一、审议通过《关于放弃控股子公司巢湖宜安云海科技有限公司部分股权转让优先购 买权的议案》 巢湖宜安云海科技有限公司（以下简称"宜安云海"）注册资本为人民币 37,000 万元,股东为宜安科技（持股比例为 60%）和宝武镁业科技股份有限公司（以下简称"宝 武镁业"）（持股比例为 40%）。 宝武镁业于 2025 年 11 月 26 日通过上海联合产 ...

证券代码：300328 证券简称：宜安科技 公告编号：2026-014 号 东莞宜安科技股份有限公司 关于放弃控股子公司巢湖宜安云海科技有限公司 部分股权转让优先购买权的公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假记载、误 导性陈述或重大遗漏。 一、本次放弃优先购买权概述 （一）基本情况 巢湖宜安云海科技有限公司（以下简称"宜安云海"）注册资本为人民币 37,000 万 元,股东为东莞宜安科技股份有限公司（以下简称"宜安科技"或"公司"）（持股比例 为 60%）和宝武镁业科技股份有限公司（以下简称"宝武镁业"）（持股比例为 40%）。 宝武镁业于 2025 年 11 月 26 日通过上海联合产权交易所（以下简称"联交所"）公 开挂牌转让其持有的宜安云海 40.00%股权，挂牌价格不低于 11,639.0005 万元。2025 年 12 月 19 日，公司召开第五届董事会第二十五次会议，审议通过《关于放弃控股子公司巢 湖宜安云海科技有限公司部分股权转让优先购买权的议案》，详情见公司于 2025 年 12 月 19 日在巨潮资讯网披露的公告。 因未征集到符合条件的意向受让方，宝武镁业再 ...

Investment Rating - The report maintains a "Positive" investment rating for the industry [9] Core Insights - The report highlights that the recent escalation of tensions in the Middle East has led to a resurgence of risk aversion, pushing gold prices above $5200 per ounce. The geopolitical situation, particularly the military actions between Israel and Iran, has disrupted market stability and triggered a "flight to safety" in precious metals [2][5] - The report emphasizes the resilience of the precious metals sector, driven by three key factors: escalating geopolitical risks, ongoing trade conflicts, and potential interest rate cuts. It suggests that March will be a critical period for negotiations between the U.S. and its major trading partners, which could significantly impact gold and silver prices [5] - The report also notes that industrial metals like copper and aluminum are experiencing price increases due to domestic stimulus policies and international risks, particularly from Iran. It indicates that the short-term outlook for these metals is positive, with expectations of price increases driven by geopolitical tensions and economic recovery [6] - The report identifies lithium and strategic metals as areas of significant investment potential, particularly due to supply disruptions and increasing demand. It highlights the importance of strategic metals like rare earths and tungsten, which are expected to see a revaluation in light of geopolitical tensions and supply chain concerns [7] Summary by Sections Precious Metals - The report indicates a shift in the short-term logic for precious metals from "policy games" to "war premiums," emphasizing the need to focus on the elasticity of gold stocks. The report maintains a positive outlook for gold and silver, driven by factors such as inflation, interest rate cuts, and geopolitical risks [5] - Specific stock recommendations include companies like Zhaojin Mining, Chifeng Jilong Gold Mining, and Shandong Gold Mining, which are expected to benefit from the current market dynamics [5] Industrial Metals - The report notes that industrial metals are benefiting from domestic stimulus measures and rising geopolitical risks, with copper prices increasing by 2.6% and aluminum by 1.3% on the LME. It highlights the seasonal accumulation of copper and aluminum inventories, with significant year-on-year increases [6] - The report suggests that the long-term outlook for copper and aluminum remains positive, driven by global economic recovery and supply chain adjustments due to geopolitical factors [6] Energy and Strategic Metals - The report emphasizes the importance of lithium and other strategic metals, noting supply disruptions from Zimbabwe and the potential for price increases due to strong demand and geopolitical uncertainties. It highlights the strategic value of rare earths and tungsten, which are expected to see significant price appreciation [7] - Specific stock recommendations for lithium include Tianhua New Energy and Ganfeng Lithium, while for rare earths, companies like China Rare Earth and Northern Rare Earth are highlighted as potential beneficiaries [7]

Group 1 - The core viewpoint of the news highlights the trading performance and financial metrics of Yian Technology, indicating a slight increase in stock price and notable trading volume on February 25 [1] - On February 25, Yian Technology's financing buy amounted to 197 million yuan, while financing repayment was 208 million yuan, resulting in a net financing outflow of 11.67 million yuan [1] - As of February 25, the total margin balance for Yian Technology was 895 million yuan, representing 6.95% of its circulating market value, which is above the 60th percentile of the past year [1] Group 2 - As of September 30, the number of shareholders for Yian Technology reached 57,200, an increase of 33.81% compared to the previous period, while the average circulating shares per person decreased by 25.19% [2] - For the period from January to September 2025, Yian Technology reported operating revenue of 1.164 billion yuan, a year-on-year decrease of 1.75%, and a net profit attributable to shareholders of 343,000 yuan, down 86.02% year-on-year [2] - Yian Technology has distributed a total of 158 million yuan in dividends since its A-share listing, with cumulative distributions of 2.0713 million yuan over the past three years [2]

Group 1 - The company, Yian Technology (300328.SZ), has stated that it is not currently involved in any brain-computer interface related products [1]

Group 1 - The core point of the article is that Yian Technology is currently working on improving supplementary materials for its first magnesium bone fixation screw in response to review requirements [2]

Group 1 - The core viewpoint of the article is that Yian Technology has confirmed the advantageous properties of zirconium-based amorphous alloys, particularly their toughness at low temperatures, which actually increases slightly [2] - The company is currently mass-producing products that are primarily used under conventional environmental conditions [2]