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国投期货国投期货期市晨报-20250805
Guo Tou Qi Huo· 2025-08-05 10:09
期市有风险,投资需谨慎 此报告版权属于国投期货有限公司 0 各项声明请参见报告尾页 | | | --- | | 1 、铂钯品种概况 | 2 | | --- | --- | | | 1.1 铂钯的自然属性 2 | | | 1.2 铂族资源的分布与分类 3 | | 2 、铂族金属产业链 6 | | | | 2.1 上游矿山资源集中度高 7 | | | 2.2 铂族材料供应与回收 11 | | | 2.3 终端应用 13 | | | 2.4 投资渠道 16 | | 3 、全球铂金供需格局 18 | | | | 3.1 全球铂金供应集中度高、弹性差 18 | | | 3.2 铂金全球平衡 19 | | 4 、全球钯金供需格局 21 | | | | 4.1 钯金供应集中度高、弹性差 21 | | | 4.2 钯金全球平衡 22 | | 5 、中国铂族资源格局 24 | | | | 5.1 我国铂族资源极度匮乏、分布集中 24 | | | 5.2 我国铂族资源对外进口依赖度高 24 | | | 5.3 我国铂族金属需求 27 | | | 5.4 铂钯进出口及税费 29 | | 6 、铂钯价格回顾 | 32 | | 7 、 ...
浩通科技(301026) - (2025-034)提前终止减持计划暨减持结果的公告
2025-07-24 12:22
证券代码:301026 证券简称:浩通科技 公告编号:2025-034 徐州浩通新材料科技股份有限公司 提前终止减持计划暨减持结果的公告 董事刘碧波、副总经理朱丰、特定股东徐州博通企业管理合伙企业(有限合 伙)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。 (二)减持前后持股情况 二、其他相关说明 上述股东减持符合《证券法》《上市公司股东减持股份管理暂行办法》《深圳证 券交易所上市公司自律监管指引第18号——股东及董事、监事、高级管理人员减持股 份》《深圳证券交易所创业板股票上市规则》等法律法规、部门规章和规范性文件的 相关规定。 公司近日收到刘碧波先生、徐州博通、朱丰女士出具的《提前终止股份减持计划 告知函》。截至本公告日,刘碧波先生、徐州博通、朱丰女士决定提前终止本次减持 计划,未减持完的股份在计划减持期限内不再减持。据《上市公司股东减持股份管理 暂行办法》《深圳证券交易所上市公司自律监管指引第18号——股东及董事、监事、 高级管理人员减持股份》有关规定,现将相关情况公告如下: 一、股份减持情况 (一) ...
基金新建仓股票曝光 14股获高比例持有
Summary of Key Points Core Viewpoint - The latest fund repositioning reveals that 637 stocks have been newly added to fund holdings, with 14 stocks having a new holding ratio exceeding 3% [1] Group 1: Fund Repositioning Data - A total of 2950 stocks appeared in the fund's heavy holdings list, with 637 stocks newly entering the list, 1139 stocks being increased, 1148 stocks being reduced, and 26 stocks remaining unchanged from the previous quarter [1] - Among the newly added stocks, 351 are from the Shanghai and Shenzhen main boards, 194 from the ChiNext, 64 from the Sci-Tech Innovation Board, and 26 from the Beijing Stock Exchange [1] - The industry distribution shows a concentration in basic chemicals, machinery equipment, and electronics, with 74, 63, and 56 stocks respectively being newly added to fund holdings [1] Group 2: High Proportion New Holdings - The stocks with the highest new holding ratios include Guangxin Materials, which was newly included in 11 fund heavy holdings with a total holding of 11.90 million shares, accounting for 8.27% of circulating shares [2] - Youfang Technology was included in 21 funds with a total holding of 6.97 million shares, representing 7.59% of circulating shares [2] - Other notable stocks with high new holding ratios include Ketaobiology, Shutaishen, and Haotong Technology, with holding ratios of 7.52%, 6.99%, and 5.67% respectively [2] Group 3: Market Performance of Newly Added Stocks - The average increase of high proportion newly added stocks since the second quarter is 87.07%, with 13 stocks showing an increase [2] - The top performers include Shutaishen, with a rise of 597.35%, followed by Sifang Precision and Huicheng Shares, with increases of 166.84% and 111.92% respectively [2] - Only one stock, Haitong Development, showed a decline, with a decrease of 1.89% [2] Group 4: Performance Statistics - Among the high proportion held stocks, only one has reported semi-annual results, with Haitong Development showing a net profit decline of 64.14% year-on-year [2]
小金属概念股集体活跃 八大概念股盘点(名单)
Zheng Quan Zhi Xing· 2025-07-18 07:36
Group 1 - The small metal sector has shown significant activity, with a collective increase of over 3% in stock prices, particularly for companies like Dongfang Zirconium and Haotong Technology, which saw gains exceeding 5% [1] - Supply constraints are evident due to domestic export quota management for antimony, bismuth, germanium, and tungsten, alongside transportation disruptions in Myanmar, leading to a global supply gap exceeding 30% [1] - Demand for small metals is rising, driven by applications in new energy vehicles, energy storage, military high-temperature alloys, and semiconductor packaging materials, with a notable increase in consumption of cobalt and nickel sulfate [1] Group 2 - Small metals have been classified as "strategic resources" by authorities, with export controls on gallium and germanium in 2024 and additional controls on tungsten, bismuth, and antimony in 2025, leading to increased scarcity premiums [1] - Leading companies are expected to report substantial profit growth, with Northern Rare Earth projected to see a more than 18-fold increase in net profit attributable to shareholders in the first half of 2025 [1] - Securities firms express optimism, highlighting that the relaxation of export controls could lead to a convergence of domestic and international prices, benefiting the sector through both valuation and profit increases [2][3] Group 3 - Dongfang Zirconium specializes in the research, production, and sales of zirconium series products, including zirconium silicate and zirconium oxide [2] - Haotong Technology focuses on precious metal recovery and related products, with key offerings including platinum, palladium, and rhodium [2] - Shenghe Resources produces rare earth concentrates and various rare earth products, contributing to the small metal supply chain [3] Group 4 - Guiyan Platinum's product range includes various precious metal compounds such as platinum, palladium, and rhodium [3] - Xianglu Tungsten's main products consist of tungsten oxide, tungsten powder, and tungsten carbide [3] - Tin Industry Co. engages in the exploration, mining, and processing of tin, zinc, copper, and indium, offering a wide array of products [3] Group 5 - Dongfang Tantalum is involved in the research, production, and sales of rare metals like tantalum and niobium [4] - Baotai Co. is recognized as China's largest specialized producer of titanium-based rare metal materials, holding over 40% market share [4]
贵金属系列专题:供给收缩及情绪轮动下铂的配置价值凸显
Huaan Securities· 2025-07-18 06:44
1. Report Industry Investment Rating No relevant content provided. 2. Core Views of the Report - The platinum market faces a structural shortage, with supply contraction in South Africa, stable demand from automotive exhaust catalysts, and incremental demand from the hydrogen energy industry and jewelry sector. The global platinum market's core contradiction lies in the high dependence on South Africa for supply (accounting for over 70% of production in 2024), but reduced capital expenditure and low recycling have led to a continuous supply contraction (CAGR of -1% from 2015 - 2025). On the demand side, automotive exhaust catalysts (accounting for 43% in 2024) provide a rigid foundation, and the rapid growth of plug - in hybrid vehicles still requires PGM catalysts. The hydrogen energy industry and gold substitution (high gold prices driving platinum jewelry consumption) offer elastic growth [3]. - The influx of risk - averse funds and continuous supply disruptions have led to a continuous increase in platinum prices. Geopolitical conflicts have strengthened the financial attribute of platinum, attracting risk - averse funds. Supply disruptions have also played a catalytic role. In Q1 2025, platinum mine supply decreased by 13% year - on - year (-117,000 ounces) due to factors such as heavy rainfall and floods in South African mining areas, low smelting capacity utilization in South Africa and Zimbabwe, and mine restructuring in North America. The high gold - platinum ratio in history indicates an undervaluation of platinum's value, which may attract value investment. However, the recent continuous rise in platinum prices still depends on market consensus. If the consensus is strengthened, the value center has room for continuous upward movement, and platinum's value fluctuations largely depend on market sentiment [3]. - Investment advice: On the supply side, short - term production cuts in South Africa cause supply fluctuations, and inventory is currently at a low level. In the long - term, low capital expenditure leads to supply contraction, and high supply concentration poses certain risks. On the demand side, traditional industrial demand is relatively stable, and the rapid growth of plug - in hybrid vehicles still requires PGM catalysts. High gold prices promote platinum substitution in the jewelry field. It is recommended to focus on the "resources + technology" line and pay attention to relevant companies [3]. 3. Summary According to the Table of Contents 3.1 Platinum Metal Properties and Industrial Chain Structure - Platinum group metals include platinum, palladium, rhodium, etc., with high melting points, high strength, excellent thermoelectric stability, high - temperature oxidation resistance, and corrosion resistance. Platinum and palladium have strong gas adsorption capacity and excellent catalytic properties, and are widely used in automotive exhaust catalysts, jewelry, electronic components, and chemical catalysts [8]. 3.2 Supply - Demand Contradictions Are Prominent, and Structural Shortage Intensifies Supply - Platinum ore supply is relatively concentrated, with South Africa accounting for about 70% of production. In 2024, global platinum ore production was 170 tons, with South Africa producing 120 tons, accounting for 70.6% of the global total. In terms of reserves, South Africa accounted for 88.73% of the global platinum - group metal reserves in 2023. Due to reduced capital expenditure in platinum ore projects and low recycling enthusiasm in the past decade, the total platinum supply is expected to fall below 7 million ounces in 2025, with a CAGR of -1% from 2015 - 2025 [13]. Demand - Platinum has obvious industrial attributes, and automotive exhaust purification demand accounts for about 40%. In 2024, the demand for platinum in automotive exhaust purification accounted for 43%. The hydrogen energy industry may become a future trend, and the growth of hybrid vehicle demand will also bring benefits. Although the demand for platinum in the automotive field is expected to remain high in the long - term, economic prospects are still uncertain [19]. - Jewelry demand has a small base but considerable elastic space. High gold prices have affected gold jewelry demand, and platinum jewelry is expected to fill the gap. The gold - platinum ratio exceeded 3 in February 2025 and回调 to about 2.46 as of July 1. According to WPIC, the year - end inventory is expected to drop sharply, leading to a tightening of market supply, and platinum may become a hedging product [24]. 3.3 Influx of Risk - Averse Funds + Continuous Supply Disruptions, Platinum Prices Rise Continuously - Platinum prices have shown a strong upward trend recently, with an increase of about 34% in the past two months, reaching a high level in the past 10 years. Future price trends still need to pay attention to the impact of economic data on precious metal prices [28]. - Supply disruptions and the gold substitution effect have led to the recent rise in platinum prices. On the supply side, South Africa, which supplies about 70% of platinum production, has been affected by bad weather, restricting mining and refining operations, and recycling metal supply is also at a low level. On the demand side, in addition to the basic demand for platinum as an automotive exhaust catalyst, the substitution effect of platinum jewelry for gold jewelry is obvious, and investment demand and the hedging attribute of platinum have attracted investors. The hydrogen energy concept also gives platinum a certain bullish attribute [31]. - The gold - platinum ratio is at a historical high, and the future price center still depends on market consensus. Gold and platinum prices diverged about a decade ago, with gold's financial attribute becoming prominent while platinum focused on industrial attributes. Around 2013, platinum prices recovered due to supply contraction, increased industrial and investment demand, and a shift in market sentiment. Currently, the gold - platinum ratio is at a historical high, and platinum is undervalued. Whether it can attract value investment depends on market consensus, and platinum's value fluctuations largely depend on market sentiment [38]. 3.4 Core Targets: Guiyan Platinum Industry, Haotong Technology, Huayang New Materials Guiyan Platinum Industry - The company focuses on the manufacturing of precious metal new materials and has established a complete industrial chain system. It has built a precious metal resource recycling industry, carried out full - life - cycle management of precious metals, and established a precious metal supply service platform. It has formed a closed - loop industrial chain from precious metal supply, product processing to waste recycling [48]. - The company has strong R & D capabilities and independent innovation. Relying on the research and development foundation of the State Key Laboratory of New Technologies for Comprehensive Utilization of Rare and Precious Metals and the Kunming Institute of Precious Metals, it has continuously made breakthroughs in high - end materials such as precious metal precursor materials, catalytic materials, and electronic pastes. In 2024, the production of precious metal precursor products increased by more than 20% year - on - year, and the profit of precious metal electronic pastes increased by more than 30% year - on - year [48]. Haotong Technology - The company's three major business segments develop synergistically, and its full - chain service has created core competitiveness. It focuses on the precious metal recycling field, and its business includes precious metal recycling, new materials mainly composed of precious metals, and trade. It has formed a closed - loop from raw material supply to new material manufacturing and recycling, meeting customers' cyclical needs [51]. - The company has leading core technologies. Its independently developed platinum dissolution solution enrichment technology and other technologies are at the international leading level, and its sponge platinum products have a high reputation in the industry. It has advantages in environmental protection, safety, and cost, providing customers with more competitive prices [51]. Huayang New Materials - The company is supported by state - owned enterprise resources and has a full - industrial - chain layout. As a provincial - level state - owned enterprise in Shanxi, it has natural advantages in order acquisition, policy support, and resource approval. Its subsidiary, Huashengfeng Company, is the first domestic precious metal recycling and processing enterprise for producing platinum catalytic nets for nitric acid production. The company also has an industrial chain advantage in "PBAT - modified materials - products" [57]. - As of July 17, 2025, the PE - TTM of Guiyan Platinum Industry, Huayang New Materials, and Haotong Technology were 20, - 62, and 35 times respectively, and the PB were 1.66, 23.88, and 2.81 times respectively. With the rise in platinum prices, relevant companies are expected to improve their performance and digest valuations. According to institutional consensus forecasts, Guiyan Platinum Industry's net profit attributable to the parent company in 2025, 2026, and 2027 will be 696 million yuan, 826 million yuan, and 955 million yuan respectively, corresponding to PE of 16.9, 14.2, and 12.3 times at the current stock price [58].
金属回收板块短线拉升 南矿集团、华宏科技涨停
news flash· 2025-07-18 02:11
Group 1 - The metal recycling sector has experienced a short-term surge, with companies such as Nanmin Group (001360) and Huahong Technology (002645) reaching the daily limit increase [1] - Jinyuan Co., Ltd. (000546) previously hit the limit, while other companies like Huaxin Environmental Protection (301265), Huayang New Materials (600281), Haotong Technology (301026), Kaili New Materials, and Hunan Silver (002716) also saw price increases [1] - There is a notable influx of dark pool funds into these stocks, indicating increased investor interest [1]
A股小金属板块震荡上升,东方锆业封板涨停,中矿资源、浩通科技、锡业股份、永杉锂业、贵研铂业、西部材料等跟涨。
news flash· 2025-07-18 01:50
Group 1 - The A-share small metal sector is experiencing a volatile rise, with Dongfang Zirconium hitting the daily limit and closing at a maximum increase [1] - Other companies such as Zhongmin Resources, Haotong Technology, Xiyu Co., Yongshan Lithium, Guiyan Platinum, and Western Materials are also seeing gains [1]
黄金狂飙后,铂金也在逆袭
36氪· 2025-07-07 11:02
Core Viewpoint - The article discusses the significant price increase of platinum in 2025, which has risen by 45.28% year-to-date, surpassing the performance of gold during the same period [4][3]. Group 1: Platinum Market Dynamics - Platinum prices have surged, with the Shanghai Gold Exchange reporting a price of 324.09 yuan per gram as of June 30, 2025, reflecting a substantial increase compared to the beginning of the year [5]. - The rise in platinum prices has led some jewelry brands to shift focus from gold to platinum, as consumer interest in gold jewelry has waned due to high inventory costs and reduced demand [8]. - The World Platinum Investment Council noted that over 10 new independent platinum jewelry showrooms have opened in Shenzhen's Shui Bei area, indicating a tripling in number [9]. Group 2: Demand and Consumption Patterns - Despite the rising prices, jewelry accounts for only 18% of platinum's total demand, and there are significant consumer challenges associated with platinum jewelry, such as difficulty in purity identification and limited recycling options [13][14]. - The cultural significance of gold in wedding ceremonies remains strong, with gold accounting for 58% of consumption in this context, while platinum lacks a comparable cultural foothold [15]. - Global platinum jewelry demand is projected to decline slightly, with estimates of 135 million ounces in 2024 and further down to 132.5 million ounces in 2025 [16]. Group 3: Supply and Industrial Demand - The volatility in platinum prices reflects a severe imbalance in supply and demand, influenced by factors such as South African supply uncertainties and the growth of the hydrogen industry [18][21]. - Historically, platinum prices peaked between 2000 and 2008 due to industrial demand, particularly from the automotive sector, but have since faced declines due to changes in production and market dynamics [19][20]. Group 4: Investment Opportunities - Companies involved in platinum recycling, such as Haotong Technology, have seen significant revenue growth, with a 129.46% year-on-year increase in Q1 2025 [23]. - The price increase has widened the profit margins for recycling and processing companies, suggesting potential for further profit growth as demand for platinum rises [25]. - The A-share market has reacted positively to these developments, with stocks of companies in the platinum industry, such as Guoyan Platinum and Haotong Technology, reaching near two-year highs [26]. Group 5: Risks for Retailers - Jewelry retailers face both opportunities and risks, as platinum jewelry typically offers higher margins compared to gold [28]. - However, there is a risk of overstocking if retailers misjudge market demand, which could lead to significant inventory devaluation if prices decline [28].
浩通科技夏军:以“提前半步”战略领跑贵金属回收赛道
Group 1 - The company, Haotong Technology, is the first in the domestic precious metal recycling sector to go public, indicating its leading position in the industry [1] - The company reported a significant increase in revenue for Q1 2025, with operating income reaching 715 million yuan, a year-on-year increase of 129.5%, and a net profit attributable to shareholders of 24.75 million yuan, up 10.4% year-on-year [1] - The company emphasizes a solid internal structure, which has led to natural extensions in strategic choices such as mergers and acquisitions [1] Group 2 - Established in 2005, Haotong Technology focuses on precious metal recycling and has developed a business model that includes recycling, new materials, and trade [2] - The company has been recognized as a high-tech enterprise and has received various honors, including being a pilot unit for circular economy in Jiangsu Province [2] - Haotong Technology has achieved significant breakthroughs in its core technologies, such as the platinum dissolution liquid enrichment technology, which is now at a leading level domestically [2] Group 3 - The company has developed a comprehensive service model that addresses the entire lifecycle of customer needs, from raw material supply to new material manufacturing and recycling [3] - Haotong Technology has invested significantly in R&D and has established various quality management systems and standards [3] - The company has a competitive edge in waste disposal capabilities, cost control, and efficiency in business processes [3] Group 4 - Haotong Technology has invested millions in the automation and information technology of production and management processes, enhancing operational efficiency [4] - The company has implemented a series of technological innovations, including a fully enclosed production line and automated control systems, which have led to cost reductions and efficiency improvements [4] - Future plans include strengthening R&D, upgrading automation levels, and expanding market coverage in petrochemical and fine chemical sectors [4]
A股小金属板块盘初走高,浩通科技、兴业银锡涨超6%,贵研铂业、翔鹭钨业、广晟有色、宜安科技、章源钨业跟涨。
news flash· 2025-06-06 01:35
Group 1 - The A-share small metal sector experienced an initial rise, with Haotong Technology and Xingye Silver Tin both increasing by over 6% [1] - Other companies such as Guiyan Platinum Industry, Xianglu Tungsten Industry, Guangsheng Nonferrous, Yian Technology, and Zhangyuan Tungsten Industry also saw gains [1]