Investment Rating - The report maintains an "Overweight" rating for the non-ferrous metals sector [1] Core Views - The non-ferrous metals sector saw a weekly increase of 2.78%, ranking first among all primary industries, with energy metals up 13.38% and industrial metals up 1.37% [14][1] - The precious metals market has fully priced in the Federal Reserve's interest rate hike expectations, with the Turkish central bank's gold sales exacerbating market volatility [4][48] - Industrial metals prices rebounded as signals of US-Iran negotiations emerged, alleviating previous panic [28][27] Summary by Sections Market Review - The Shanghai Composite Index fell by 1.09%, while the non-ferrous metals sector rose by 2.78%, outperforming the index by 3.87 percentage points [14] - Among the sub-sectors, energy metals and small metals performed well, while precious metals faced declines [14] Industrial Metals - **Copper**: Prices increased with LME copper at $12,141 per ton (up 2.59%) and SHFE copper at ¥95,930 per ton (up 1.26%). Domestic smelting plant repairs led to a rapid decline in social inventory, down 14.86% to 519,500 tons [32][2] - **Aluminum**: LME aluminum rose to $3,285 per ton (up 2.90%), while SHFE aluminum fell to ¥23,935 per ton (down 0.35%). Supply risks increased due to attacks on facilities in Bahrain and the UAE [38][39] - **Zinc**: Prices rose with LME zinc at $3,107 per ton (up 1.65%) and SHFE zinc at ¥23,380 per ton (up 1.94%). Both LME and SHFE inventories decreased [41] - **Tin**: LME tin prices increased to $46,000 per ton (up 7.38%) and SHFE tin to ¥362,460 per ton (up 5.83%) due to improved downstream demand [45] Precious Metals - Gold prices fell slightly, with COMEX gold at $4,489.70 per ounce (down 0.05%) and SHFE gold at ¥998.66 per gram (down 3.90%). The market has fully priced in the Fed's interest rate hike expectations [48][4] - The Turkish central bank sold 58.4 tons of gold, impacting market stability [48] - Recent geopolitical tensions have led to a simultaneous rise in gold and oil prices, indicating a return of gold's inflation-hedging and safe-haven attributes [49]

印尼寒锐镍业有限公司年产2万吨镍金属量富氧连续吹炼高冰镍项目 可行性研究报告 印尼寒锐镍业有限公司 年产2万吨镍金属量富氧连续 吹炼高冰镍项目 | | | 可行性研究报告 河南省冶金规划设计研究院有限责任公司 二○二六年三月 1 | | | 印尼寒锐镍业有限公司年产2万吨镍金属量富氧连续吹炼高冰镍项目 可行性研究报告 第一章 总论 1 项目概况 1.1 项目名称及主体情况 项目名称：年产 2 万吨镍金属量富氧连续吹炼高冰镍项目 1）完善产业链，提高市场竞争力 经过一系列的科学论证和市场分析后，决定在印度尼西亚苏拉威西岛印尼中苏拉 威西省 Morowali 县振石印尼华宝工业园投建高冰镍冶炼项目。公司关联方拥有印尼中 苏拉威西省镍矿资源，该项目的建设有利于实现产业与资源的对接，通过镍产品冶炼 加工促使镍矿资源达到最适宜的开采成本效率并集中资源，以提高冶炼产品的附加值。 2）响应印尼政府号召、利用丰富的镍矿和煤炭资源、有力推进金属原矿冶炼加工， 印尼政府于 2009 年 1 月立法，并于 2014 年 1 月正式实施禁止原矿出口政策，同时以有 力的政策推进在印尼国内投资建设金属原矿冶炼加工厂。在印尼利用红土镍矿冶 ...

南京寒锐钴业股份有限公司（以下简称"公司"）第五届董事会第十九次会 议（以下简称"会议"）于 2026 年 3 月 22 日以电话、专人送达、电子邮件的方 式通知全体董事，会议于 2026 年 3 月 27 日（星期五）上午 9：00 在公司会议室 以现场方式召开，会议由董事长梁杰先生召集并主持。会议应出席董事 6 名，实 际出席董事 6 名。公司全体高级管理人员列席了本次会议。本次会议的召集、召 开和表决程序符合《中华人民共和国公司法》等有关法律、法规及《公司章程》 的有关规定，会议合法有效。 证券代码:300618 证券简称:寒锐钴业 公告编号:2026-005 二、董事会会议审议情况 1、审议通过《关于使用自有及自筹资金增加募投项目投资总额并调整内部投 资结构的议案》 南京寒锐钴业股份有限公司 第五届董事会第十九次会议决议公告 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。 一、董事会会议召开情况 表决结果：同意 6 票、反对 0 票、弃权 0 票。 三、备查文件 1、《南京寒锐钴业股份有限公司第五届董事会第十九次会议决议》； 2、 《南京寒锐钴业股份有 ...

一、募集资金的基本情况 证券代码:300618 证券简称:寒锐钴业 公告编号:2026-004 南京寒锐钴业股份有限公司 关于使用自有及自筹资金增加募投项目投资总额 并调整内部投资结构的公告 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。 南京寒锐钴业股份有限公司（以下简称"公司"）于 2026 年 3 月 27 日召开 第五届董事会第十九次会议，审议通过了《关于使用自有及自筹资金增加募投项 目投资总额并调整内部投资结构的议案》，同意公司在募投项目实施主体、实施 地点、募集资金投资金额和募集资金用途不发生变更的情况下，以自有及自筹资 金增加募投项目"年产 2 万吨镍金属量富氧连续吹炼高冰镍项目"的投资总额并 调整项目内部投资结构。上述项目投资总额由 24,320.69 万美元调整为 35,109.74 万美元，增加部分 10,789.05 万美元拟全部以自有及自筹资金投入。公司已聘请第 三方研究院对公司调整投资总额后的募投项目出具了可行性研究报告。该事项在 公司董事会审议权限范围内，无需提交股东会审议。具体情况如下： 经中国证券监督管理委员会《关于核准南京寒锐 ...

Market Overview - On March 27, all four major indices closed higher, with the Shanghai Composite Index rising by 0.63% to 3913.72, the Shenzhen Component Index increasing by 1.13% to 13760.37, the ChiNext Index up by 0.71% to 3295.88, and the STAR Market Index gaining 1.54% to 1662.72 [3][4]. Sector Performance - The lithium battery sector experienced a significant surge, with energy metals, chemical pharmaceuticals, and innovative drug sectors leading the gains. Conversely, the electricity, insurance, and banking sectors saw declines [4]. - Notable gainers in the lithium sector included companies like Yongshan Liye (+10.05% to 11.72), Shengxin Lithium Energy (+10.00% to 42.23), and Rongjie Co. (+10.00% to 78.00) [5]. - The electricity sector faced adjustments, with companies such as Guangdong Power A (-7.34% to 6.94) and Hunan Development (-7.22% to 16.96) experiencing significant losses [6]. Capital Flow - There was a net inflow of capital into sectors such as non-ferrous metals, electronics, and biomedicine, while public utilities, banking, and transportation sectors saw net outflows [7]. - Specific stocks with notable net inflows included Ganfeng Lithium (15.32 billion), Shenjian Co. (8.36 billion), and Dongfang New Energy (8.02 billion) [7]. Institutional Insights - According to Caixin Securities, the market may exhibit a structural differentiation in thematic sectors in the near term [9]. - CITIC Securities forecasts that oil transportation companies are expected to achieve record profits in 2026 [10]. - Huatai Securities anticipates that the global supply-demand balance for lithium carbonate will remain tight [11].

寒锐钴业 20260326 摘要 印尼 2 万吨高冰镍项目预计 4 月初投料试产，为 2026 年最大增量，保 底产量 1 万金属吨，单吨盈利空间约 2000 美元。 刚果金铜业务 2026 年目标 7 万吨满产，并拟新投 5 万吨产能；通过自 有矿比例提升至 60%及堆浸工艺降低原料成本。 受电力短缺及辅料涨价影响，刚果金铜冶炼成本从 1,500 美元/吨升至 1,800-1,900 美元/吨，单吨净利缩减至七八百美元。 钴业务受配额执行缓慢影响未设增量目标，通过与当地公司协议获约 3,000 吨权益量，覆盖氢氧化钴产能约 45%。 公司通过"光伏+储能"微电网覆盖 40%用电，光伏成本<0.1 元/度 vs 柴油发电 0.35 美元/度，计划提升配储比例。 未来资本开支聚焦印尼镍二期（8-9 亿美元）与刚果金铜项目（1.5-2 亿美元），拟通过境外融资与项目现金流支撑。 Q&A 请介绍一下公司当前在非洲、印尼和国内的业务板块运营现状、产能情况以及 今年的主要规划？ 公司在非洲拥有 1 万吨钴和 7 万吨电解铜的产能。钴业务受配额影响，目前正 通过与刚果国家矿业公司合作以及争取电解钴出口豁免来推进，目前每月 ...

Investment Rating - The report maintains an "Overweight" rating for the non-ferrous metals sector [1] Core Views - The non-ferrous metals sector experienced a significant decline of 11.82% from March 16 to March 20, ranking last among all primary industries. The industrial metals segment saw a notable price correction due to the market pricing in the long-term high energy prices and potential interest rate hikes [1][14] - Precious metals prices have also significantly corrected, influenced by the market's anticipation of sustained high energy prices and the possibility of interest rate increases, which could open up upward space for gold in the long term [1][4] Summary by Sections Market Review - The Shanghai Composite Index fell by 3.38%, with the non-ferrous metals sector down 11.82%, underperforming the index by 8.44 percentage points. All sub-sectors within non-ferrous metals declined, with industrial metals down 13.30% and precious metals down 10.73% [14][1] Industrial Metals - **Copper**: LME copper prices fell to $11,835 per ton, down 7.07% week-on-week. Domestic smelting plants face increased export pressure, and the market anticipates a continued inventory build-up [2][32] - **Aluminum**: LME aluminum prices decreased to $3,192 per ton, down 7.18% week-on-week. Despite high domestic inventory levels, overseas supply risks are increasing, which may support future price increases [3][37] - **Zinc**: LME zinc prices fell to $3,056 per ton, down 7.21% week-on-week, with inventories rising significantly [39] - **Tin**: LME tin prices dropped to $42,840 per ton, down 11.27% week-on-week, driven by macroeconomic pressures and slight demand growth [41] Precious Metals - **Gold**: COMEX gold closed at $4,492 per ounce, down 10.57% week-on-week. The market is pricing in long-term inflation risks and potential interest rate hikes, which have pressured gold prices [4][44] - **Silver**: COMEX silver prices fell to $67.85 per ounce, down 15.94% week-on-week, reflecting similar pressures as gold [46]

Group 1: Precious Metals - The financial attributes of precious metals, particularly gold, are expected to continue to shine, driven by ongoing central bank purchases and a shift in global credit dynamics, with gold prices projected to rise significantly [4][13][36] - Central banks' gold purchases are anticipated to increase from 5% to 21% of global gold demand from 2020 to 2024, with a peak of 23% in 2022, indicating a strong demand for gold as a safe asset [13][19] - Gold prices are projected to exceed $6,000 per ounce by 2026, supported by central bank buying and a decline in real interest rates [33][36][46] Group 2: Industrial Metals - The demand for industrial metals, particularly aluminum and copper, is expected to remain robust, with aluminum nearing production capacity limits domestically and limited supply growth internationally [4][54] - The copper market is facing significant supply disruptions, with major mines experiencing production cuts due to various operational challenges, leading to a tight supply outlook [53][54] - The overall copper production is projected to grow modestly, with a year-on-year increase of 2.5% in 2024 and 1.2% in 2025, but supply constraints may limit growth potential [54][72] Group 3: Minor Metals - Strategic minor metals such as lithium, cobalt, and tungsten are experiencing a revaluation due to increasing demand from energy storage and electric vehicle sectors [5][48] - The lithium industry is expected to see a reversal in its cycle earlier than anticipated, driven by high demand for energy storage solutions [5] - Cobalt supply is tightening significantly, leading to a notable price increase, while nickel prices are supported by clear cost structures and increasing supply disruptions [5][48]

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 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]