Investment Rating - The industry rating is "Recommended" [4] Core Views - The report highlights that high oil prices driven by Middle Eastern conflicts are expected to strengthen the demand for lithium as an energy alternative, indicating a potential upside for lithium prices [2] - Nickel prices are supported by supply uncertainties due to delays in the approval process for nickel mining quotas in Indonesia, which may lead to a tight supply situation [2][17] - Cobalt prices are anticipated to rise due to ongoing supply uncertainties from the Democratic Republic of Congo, with expectations of structural tightness in cobalt supply [3][18] - The report notes a significant increase in carbonated lithium prices, driven by supply disruptions and rising demand expectations, particularly in the context of the electric vehicle market [21] - The tungsten market is expected to see continued price increases due to long-term supply tightness and strategic importance in global supply chains [24] Summary by Sections Nickel and Cobalt Industry - As of March 27, LME nickel spot price was $17,010 per ton, up 1.43% from March 20, with total LME nickel inventory at 281,574 tons, down 0.68% [2] - Cobalt prices are under pressure but are expected to rise due to supply constraints from the DRC, with the current electrolytic cobalt price at 430,500 CNY per ton [3][18] Lithium Industry - Domestic carbonate lithium futures closed at 168,400 CNY per ton, up 17.09% from March 20, indicating strong demand and supply constraints [21] - The report emphasizes the impact of geopolitical tensions on lithium demand, particularly in the context of energy security [21] Tungsten Industry - The report indicates that tungsten prices are expected to continue rising due to supply constraints and strategic importance, with white tungsten concentrate prices at 1,001,000 CNY per ton [24] Antimony Industry - Antimony prices have seen a slight decline, but supply constraints are expected to provide support for future prices, with average antimony ingot prices at 165,500 CNY per ton [7][19] Uranium Industry - The report notes that uranium supply is expected to remain tight, supporting prices, with the global uranium market price at $71.3 per pound [15][25]

记者丨毕凤至 王学权 编辑丨叶映橙 本周，沪指累计跌1.09%，深证成指累计跌0.76%，创业板指累计跌1.68%。2220只个股周内 实现上涨，245股周涨超10%，91股跌超10%。 最牛股大涨5 1%，电力股、电池股霸屏 剔除年内上市的个股，周内18只个股涨超30%。在涨幅前20的牛股中，电力股、电池股最多， 分别有4只、2只。 最牛股海科新源（301292.SZ）一周大涨61.16%， 该股为锂电池概念股。 值得注意的是， 该 股 近半年 （ 近120个交易日 ）已 累计涨超420%。 浙商证券指出，锂电池行业呈现"供需反转，格局改善，量价齐升"的核心趋势。随着上游材料 产能出清，竞争环境逐步改善，行业从"以价换量"转向"量价齐升"。材料环节有望修复利润， 实现业绩反转。预计2026~2028年全球锂电池出货量将持续增长。 | 海科新源(3012... | 301292.SZ | | | 加自选 | | --- | --- | --- | --- | --- | | 96.29 | | | | 盘后 03-27 16:59:51 | | +16.05 +20.00% | | | | | | 今 开 8 ...

| 代码 | 名称 | | 涨幅% ↓ | 总市值 | 年初至今涨幅% | 最新 | | --- | --- | --- | --- | --- | --- | --- | | 300390 | 天华新能 | | 14.77 | 540亿 | 19.06 | 65.02 | | 300518 | 新迅达 | 1 | 12.37 | 41.68亿 | 19.43 | 20.90 | | 002176 | 江特电机 | 4 | 10.05 | 176亿 | 5.65 | 10.29 | | 000155 | 川能动力 | 1 | 10.01 | 298亿 | 38.71 | 16.16 | | 002240 | 盛新锂能 | -06 | 10.00 | 387亿 | 22.65 | 42.23 | | 002192 | 融围股份 | 1 | 10.00 | 203亿 | 50.72 | 78.00 | | 002756 | 永兴材料 | 1 | 10.00 | 438亿 | 49.70 | 81.21 | | 002460 | 赣锋锂业 | 1 | 10.00 | 1670亿 | 26.68 | 79.67 | ...

Core Viewpoint - Lithium mining concept stocks experienced a significant surge on March 27, with multiple stocks hitting the daily limit up, indicating strong market interest and potential investment opportunities in the lithium sector [1]. Group 1: Stock Performance - Tianhua New Energy saw a price increase of 10.01%, reaching 62.32 [2] - Jiangte Electric rose by 10.05%, with a current price of 10.29 [2] - Shengxin Lithium Energy increased by 10.00%, now priced at 42.23 [2] - Rongjie Co., Ltd. also rose by 10.00%, reaching 78.00 [2] - Yongxing Materials experienced a 10.00% increase, with a price of 81.21 [2] - Jinyuan Co. saw a rise of 9.98%, priced at 6.61 [2] - Tibet Cheng Investment increased by 7.95%, now at 19.69 [2] - Dazhong Mining rose by 7.79%, with a current price of 43.98 [2] - Guocheng Mining increased by 7.60%, priced at 42.48 [2] - Yongshan Lithium Industry rose by 7.42%, now at 11.44 [2] - Zhongkuang Resources increased by 7.01%, priced at 73.00 [2] - Ganfeng Lithium saw a rise of 6.79%, with a current price of 77.35 [2]

Core Viewpoint - The lithium battery industry is experiencing a recovery in material prices, leading to improved financial performance for several companies in the sector [2][3]. Group 1: Industry Events - The 2026 (Second) Starting Point Lithium Battery Cylindrical Cell Technology Forum and the release of the Top 20 Cylindrical Battery Rankings will take place on April 10, 2026, in Shenzhen [2]. - The event is organized by Starting Point Lithium Battery and Starting Point Research Institute SPIR, with participation from numerous companies in the lithium battery materials sector [2]. Group 2: Financial Performance of Companies - Many companies in the anode and cathode materials sector have reported significant profits, with some achieving net profits in the billions [3]. - WanHua Chemical reported a revenue of 203.235 billion yuan, with a growth rate of 11.62%, but a net profit decrease of 3.88% to 12.527 billion yuan [5]. - Tianhua New Energy's revenue reached 75.49 billion yuan, growing by 14.23%, but its net profit fell by 51.77% to 402 million yuan [5]. - The performance of companies like RuiTaiLai and BeiDaiRui shows strong growth in the anode materials segment, with RuiTaiLai achieving a net profit increase of 98% [5][6]. Group 3: Market Trends - The global shipment of lithium battery cathode materials is projected to reach 4.798 million tons in 2025, a year-on-year increase of 48.5%, driven by the growth in electric vehicles and energy storage markets [11]. - The demand for lithium iron phosphate (LFP) is expected to surge, particularly in large-capacity battery cells [11][12]. - The anode materials segment is also expected to see significant growth, with shipments projected at 2.723 million tons, a 48% increase, primarily driven by artificial graphite [12]. Group 4: Company Strategies - WanHua Chemical is transitioning towards battery materials, aiming for a new business target of 100 billion yuan, having established a closed-loop system from upstream resources to downstream applications [7]. - Tianhua New Energy is focusing on lithium hydroxide and lithium carbonate for battery production, while also exploring next-generation battery technologies [8]. - Cangge Mining has reported a significant revenue increase in Q4, attributed to the recovery in lithium carbonate prices and strong performance in potassium chloride and copper mining [9].

证券代码：300390 证券简称：天华新能 公告编号：2026-027 苏州天华新能源科技股份有限公司 关于公司高级管理人员辞职的公告 2026 年 3 月 23 日 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。 苏州天华新能源科技股份有限公司（以下简称"公司"）董事会于近日收到公 司首席财务官罗聪女士提交的书面辞职报告。罗聪女士因个人原因申请辞去公司 首席财务官职务，其原定高管任期至 2028 年 12 月 25 日暨公司第七届董事会任 期届满之日止。根据《公司法》《深圳证券交易所上市公司自律监管指引第 2 号 ——创业板上市公司规范运作》及《公司章程》等相关规定，罗聪女士的辞职报 告自送达公司董事会之日起生效。 截至本公告披露之日，罗聪女士未持有公司股份，不存在应当履行而未履行 的承诺事项。 罗聪女士将按照公司《董事及高级管理人员离职管理制度》的规定完成交接， 其辞职后将不再担任公司及控股子公司任何职务，其辞职不会对公司生产经营带 来影响。 公司及董事会对罗聪女士在公司任职期间所做出的贡献表示衷心的感谢！ 特此公告。 苏州天华新能源科技股份有限公司董事会 ...

Investment Rating - The industry rating is "Recommended" [3] Core Insights - The report highlights that the rising oil prices and ongoing market panic are suppressing non-ferrous metals, but there is optimism for a comprehensive market for key metals in the future [27] - Nickel prices are expected to find support due to supply uncertainties from Indonesia, particularly with the slow approval process for nickel mining quotas [1] - Cobalt prices are anticipated to continue rising due to tight supply expectations stemming from export approval delays in the Democratic Republic of Congo [2] - The report indicates that antimony prices are expected to remain strong due to supply constraints [6] - Lithium prices are projected to maintain a strong performance supported by demand amid high oil prices [7] - The rare earth sector is facing tightening supply expectations, with stable demand from downstream industries [9] - Tin prices are supported by uncertainties in overseas supply chains [11] - Tungsten prices are expected to rise further due to tightening domestic supply [13] - Uranium prices are supported by ongoing supply tightness and geopolitical factors [15] Summary by Sections Nickel and Cobalt - As of March 20, LME nickel spot price was $16,770 per ton, down 3.29% from March 13, with total LME nickel inventory at 283,512 tons, a decrease of 0.40% [1] - The Indonesian nickel mining association has set the 2026 production quota at 260-270 million tons, significantly reduced from the previous year's quota [16] - Cobalt prices are expected to rise due to ongoing supply tightness, with the Democratic Republic of Congo's export processes still facing delays [2][17] Antimony - Antimony prices have remained stable, with average prices for antimony ingots at 167,500 RMB per ton as of March 19 [6] - Supply constraints are expected to provide a bottom support for antimony prices [19] Lithium - Domestic lithium carbonate futures closed at 143,900 RMB per ton as of March 20, down 5.41% from March 13 [7] - The report notes that the Zimbabwean government has suspended all raw material and lithium concentrate exports, impacting supply [20] - Demand for lithium is expected to be supported by adjustments in export tax policies for battery products [20] Rare Earths - The average price of praseodymium oxide was 785 RMB per kilogram as of March 20, down 9.77% from March 13 [9] - Supply constraints are expected to persist due to regulatory measures and stable demand from the magnetic materials sector [21] Tin - The LME tin spot price was $43,700 per ton as of March 20, down 8.86% from March 13 [11] - Supply uncertainties from Myanmar and the Democratic Republic of Congo are expected to support tin prices [12][22] Tungsten - Domestic tungsten prices are under pressure due to tightening supply, with white tungsten concentrate prices at 1,021,000 RMB per ton as of March 20 [13] - The report anticipates further price increases due to ongoing supply constraints [23] Uranium - Global uranium prices remain high, with the market price at $69.71 per pound as of January [15] - Supply tightness is expected to continue due to geopolitical factors and production delays [24]

Core Viewpoint - The article discusses the recent adjustments in stock holdings by social security funds and institutional investors, highlighting the sectors and companies that have seen increased or decreased investments due to changing market dynamics and demand for AI-related technologies. Group 1: Institutional Investment Trends - Social security funds have recently increased their holdings in companies benefiting from rising demand for AI computing power, such as Nanya New Materials and Jiemai Technology [2][5] - A total of 13 new stocks have been added to the top ten shareholders by social security funds, with significant investments in Kelong Pharmaceutical, Puxin Technology, and Tianhua New Energy, each exceeding 300 million yuan in market value [2][8] - The funds have also shown a mixed approach, with some stocks like New Industry in the medical device sector being reduced, while others like Jiemai Technology have seen increased holdings [7][9] Group 2: Specific Stock Movements - Nanya New Materials, a key player in the PCB industry, has seen social security funds become its ninth-largest shareholder with 1.93 million shares [5] - Jiemai Technology, involved in MLCC packaging materials, has been increased by social security funds to 4.77 million shares, reflecting a 30% increase in stock price recently [5] - Southeast Network Framework and Qingniao Fire Protection have also attracted new investments from social security funds, indicating a broader interest in sectors like construction and safety [6] Group 3: Sector Performance and Adjustments - The medical device sector, represented by New Industry, has experienced a reduction in holdings by social security funds, continuing a trend from the previous quarter [7] - The consumer electronics sector, particularly Electric Connection Technology, has also seen a slight reduction in holdings, attributed to anticipated profit declines due to external pressures [7] - The article notes that social security funds have diversified their investments across various sectors, including cyclical resources, chemicals, pharmaceuticals, and real estate, with a total of 23 stocks involved in these adjustments [8][9]

证券代码：300390 证券简称：天华新能 公告编号：2026-024 苏州天华新能源科技股份有限公司 关于作废已授予尚未归属的限制性股票的公告 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。 苏州天华新能源科技股份有限公司（以下简称"公司"）于 2026 年 3 月 19 日召开的第七届董事会第三次会议审议通过了《关于作废已授予尚未归属的限制 性股票的议案》，现将相关事项公告如下： 一、公司 2022 年限制性股票激励计划已履行的相关审批程序 1、2022 年 2 月 8 日，公司召开第五届董事会第二十二次会议，会议审议通 过了《关于公司<2022 年限制性股票激励计划（草案）>及其摘要的议案》《关 于公司<2022 年限制性股票激励计划实施考核管理办法>的议案》《关于提请股 东大会授权董事会办理股权激励计划相关事宜的议案》等议案，公司独立董事就 本次股权激励计划是否有利于公司的持续发展及是否存在损害公司及全体股东 利益的情形发表了独立意见。 2、2022 年 2 月 8 日，公司召开第五届监事会第十八次会议，会议审议通过 了《关于公司<2022 年限制性股 ...

审 计 报 告 容诚会计师事务所（特殊普通合伙） 总所：北京市西城区阜成门外大街 22 号 1 幢 10 层 1001-1 至 1001-26 (100037) TEL:010-6600 1391 FAX:010-6600 1392 E-mail:bj@rsmchina.com.cn https://www.rsm.global/china/ 容诚审字[2026]230Z0605 号 苏州天华新能源科技股份有限公司全体股东： 审计报告 苏州天华新能源科技股份有限公司 容诚审字[2026]230Z0605 号 容诚会计师事务所(特殊普通合伙) 中国·北京 目 录 | 序号 | 内 容 | 页码 | | --- | --- | --- | | 1 | 审计报告 | 1-6 | | 2 | 合并资产负债表 | 1 | | 3 | 合并利润表 | 2 | | 4 | 合并现金流量表 | 3 | | 5 | 合并所有者权益变动表 | 4-5 | | 6 | 母公司资产负债表 | 6 | | 7 | 母公司利润表 | 7 | | 8 | 母公司现金流量表 | 8 | | 9 | 母公司所有者权益变动表 | 9-10 | ...