Core Viewpoint - The Chinese ruthenium industry is at a critical development juncture characterized by severe supply-demand imbalance, with significant risks and opportunities arising from increasing demand in data centers, hydrogen fuel cells, and quantum computing by 2025, while facing supply instability from major producers like South Africa and Russia due to geopolitical risks and logistical challenges [1][9]. Industry Overview - Ruthenium (Ru) is a rare transition metal with a high melting point (approximately 2334°C) and boiling point (approximately 4150°C), primarily extracted from platinum or nickel refining by-products, with global resources concentrated in South Africa and Russia [2][4]. Industry Chain - The upstream of the ruthenium industry involves extraction from associated minerals like platinum, nickel, and copper sulfide ores, with no large independent deposits. Ruthenium can also be recovered from electronic waste and industrial catalysts [4][6]. Current Industry Status - Ruthenium, once an obscure metal, is rapidly becoming a strategic material driving the global digital economy and green transition, with a projected global demand of approximately 1197 megajoules in 2024, reflecting a year-on-year increase of 10.73% [8][9]. Key Enterprises - The competitive landscape of the Chinese ruthenium industry is marked by a heavy reliance on imports and a focus on circular economy practices. Major players include Jinchuan Group, which leverages its resources for strategic metal development, and Guizhou Platinum Group, which leads in precious metal recycling and processing [10][11]. Industry Development Trends 1. **Strategic Demand Restructuring**: The growth logic of the ruthenium industry is shifting, with explosive growth expected from the renewable energy and semiconductor sectors, particularly in hydrogen energy applications where ruthenium is becoming a key material [14]. 2. **Industry Paradigm Shift**: The development of a circular economy and efficient recovery from urban mining is essential for ensuring supply chain security in China, with a focus on improving recovery technology and product purity [14]. 3. **Optimized Development Environment**: The healthy development of the industry relies on comprehensive top-level design and policy support, including the establishment of a national recycling network and financial tools to stabilize the market [15].

内容概况：再生银是指从含银废杂物料中回收并重新提炼的银。这些废旧材料可能来自照像业、首饰 业、电子电器工业及医疗业等等。经过分类、清洗、熔炼等多个环节，银被提取并重新加工，成为可以 再次使用的材料。再生银是白银产业链中重要一环。全球白银供给呈现"矿山为主、回收为辅"的格局， 白银独立原生矿少，全球超80%矿山白银储量伴随金、铜、铅锌等矿产存在，这也导致白银供应高度依 赖主金属开采节奏，新增产能周期长。在原料紧张背景下，再生银成为重要补充来源，已成为白银供应 体系中的重要组成部分。整体来看，随着回收技术的进步、回收体系的完善，全球再生银产量由2016年 的4861吨增长至2025年的6009吨，占白银总供应量比重也由14.8%提升至18.7%。2024年全球再生银行 业产量前五国家分别为美国、中国、印度、德国、俄罗斯，产量分别为1572吨、1233吨、533吨、377 吨、332吨。中美两国拥有庞大的工业体系，既是白银消费主要国，也是白银回收大国，不仅产量位居 全球前列，回收技术也处于行业先进水平。印度作为银饰大国，再生银产量位居第三。全球再生银主要 来源于感光材料、电子产品、催化剂和银饰品回收等，其中工业为主 ...

Group 1 - The company plans to sell up to 981,700 shares of repurchased stock, accounting for 0.62% of total share capital, with the sale period from January 22, 2026, to July 21, 2026 [2] - Proceeds from the share sale will be used to supplement working capital, and the plan is currently in the implementation stage [2] - The company intends to increase the maximum holding balance for hedging business from 150 million yuan to 300 million yuan, pending approval from a temporary shareholders' meeting on January 15, 2026 [2] Group 2 - Recent stock price fluctuations include a notable increase of 9.54% on February 11, 2026, indicating volatility influenced by market sentiment and industry factors [3] - The changes in stock price and capital flow reflect the impact of the company's recent events and the overall performance of the precious metals sector [3]

Group 1: Market Overview - The A-share market showed mixed performance on February 11, with the ChiNext Index falling over 1% and total trading volume in the Shanghai and Shenzhen markets reaching 2 trillion yuan, a decrease of 123.7 billion yuan from the previous trading day [1] - Over 3,200 stocks in the market experienced declines, indicating a broad-based sell-off [1] Group 2: Chemical Industry Insights - UBS recently released a report raising expectations for the Chinese chemical industry, predicting a new upward cycle from 2026 to 2028 due to multiple positive factors, with expectations for profit recovery and valuation increases [1] - The chemical sector has shown resilience, with companies like Jihua Group and Taihe New Materials experiencing significant stock price increases [1] Group 3: Fiberglass Sector Performance - The fiberglass manufacturing sector saw a collective surge, with nearly all stocks hitting the daily limit, a rare occurrence in the market [1] - Notable stocks included International Composite Materials, which hit a 20% limit up shortly after market open, and others like Changhai Co., Honghe Technology, and China Jushi also saw significant gains [1][2] - The fiberglass sector's revaluation is linked to price increases and demand driven by AI, with major manufacturers indicating price hikes and low inventory levels [3] Group 4: Lithium Battery and Precious Metals - Lithium battery stocks were active, with Zhongcai Technology hitting the limit up and reaching a historical high [4] - The domestic commodity futures market saw most prices rise, with lithium carbonate increasing over 9% [4] - Precious metals also experienced volatility, with silver futures rising over 4% and gold prices recovering above $5,050 per ounce [5]

Core Viewpoint - Haotong Technology (301026) demonstrates strong comprehensive service and competitive capabilities through excellent craftsmanship, robust R&D capabilities, large-scale production capacity, strict quality control, and efficient management systems [1] Group 1: Company Strengths - The company has established strong comprehensive service and competitive capabilities by leveraging its superior craftsmanship and strong R&D capabilities [1] - Haotong Technology has a large-scale production capacity and implements strict quality control measures [1] - The company has an efficient management system that enhances its operational effectiveness [1] Group 2: Industry Engagement - Haotong Technology collaborates with upstream and downstream resources to serve multiple well-known domestic and international enterprises in various industries [1] - The company has led the formulation of over ten standards in the petrochemical field and participated in the development of more than twenty additional standards [1]

Core Viewpoint - Haotong Technology (301026) has established a strong capability in the recovery of precious metals from spent catalysts in the petrochemical and fine chemical industries, ensuring high purity and meeting the demands of high-end industrial applications [1] Group 1: Company Capabilities - The company has accumulated years of technical expertise and brand recognition in the field of precious metal recovery [1] - It is capable of producing high-purity platinum, palladium, and silver, with product purity and technical specifications meeting high-end industrial application requirements [1] Group 2: Market Focus - The company's products are primarily sold to catalyst manufacturers in the petroleum and chemical sectors, with end-use applications determined by customer needs [1] - The company is aware of the potential demand for high-performance precious metal materials in emerging fields and will continue to monitor technological developments and market opportunities in related industries [1]

Core Viewpoint - Haotong Technology (301026) is adhering to the annual performance forecast regulations as stipulated by the Shenzhen Stock Exchange's Growth Enterprise Market listing rules [1] Group 1 - The company responded to investor inquiries on its interactive platform [1] - The company emphasizes compliance with regulatory requirements regarding annual performance forecasts [1]

Market Overview - The small metals sector experienced a decline of 6.82% on January 30, with Haotong Technology leading the drop [1] - The Shanghai Composite Index closed at 4117.95, down 0.96%, while the Shenzhen Component Index closed at 14205.89, down 0.66% [1] Individual Stock Performance - Notable performers included: - Xibu Materials (002149) closed at 49.23, up 2.01% with a trading volume of 859,400 shares and a transaction value of 4.216 billion [1] - Haotong Technology (301026) closed at 33.65, down 11.21% with a trading volume of 213,300 shares and a transaction value of 714 million [2] - Other significant declines included: - Guoyan Platinum (600459) down 10.01% to 23.55 [2] - Jin Aluminum (601958) down 10.00% to 20.52 [2] Capital Flow Analysis - The small metals sector saw a net outflow of 5.927 billion from institutional investors, while retail investors contributed a net inflow of 4.688 billion [2] - The capital flow for individual stocks showed: - Xibu Materials had a net inflow of 18.4 million from institutional investors [3] - Haotong Technology experienced a net outflow of 64.2749 million from institutional investors [3]

Core Insights - Haotong Technology experienced a 3.81% decline in stock price on January 29, with a trading volume of 1.107 billion yuan [1] - The company reported a financing net purchase of 53.23 million yuan on the same day, with a total financing balance of 284 million yuan, representing 4.73% of its market capitalization [1] - The company’s main business segments include precious metal recovery (29.12% of revenue), new materials (1.36%), and trade (69.27%) [1] Financing and Margin Trading - On January 29, Haotong Technology had a financing buy-in of 152 million yuan, with a financing balance that exceeds the 90th percentile of the past year [1] - The company had no shares repaid in margin trading on January 29, with 1,800 shares sold short, amounting to 68,200 yuan [1] - The margin trading balance of 462,400 yuan also exceeds the 90th percentile of the past year [1] Financial Performance - As of September 30, Haotong Technology had 13,400 shareholders, an increase of 6.50% from the previous period [2] - For the period from January to September 2025, the company achieved a revenue of 2.385 billion yuan, a year-on-year growth of 0.36%, and a net profit attributable to shareholders of 117 million yuan, up 18.31% [2] Dividend and Shareholder Information - Haotong Technology has distributed a total of 169 million yuan in dividends since its A-share listing, with 124 million yuan distributed over the past three years [3] - The top ten circulating shareholders include notable funds, with changes in holdings indicating a mix of reductions and new entries among institutional investors [3]

Group 1 - The small metals sector increased by 4.34% on January 28, with Haotong Technology leading the gains [1] - The Shanghai Composite Index closed at 4151.24, up 0.27%, while the Shenzhen Component Index closed at 14342.9, up 0.09% [1] - Key stocks in the small metals sector showed significant price increases, with Haotong Technology rising by 16.02% to a closing price of 39.40 [1] Group 2 - The net inflow of main funds in the small metals sector was 2.147 billion yuan, while retail funds experienced a net outflow of 1.033 billion yuan [1] - The table of fund flows indicates that Northern Rare Earth had a main fund net inflow of 1.773 billion yuan, but retail funds saw a net outflow of 965 million yuan [2] - Guoyan Platinum Industry had a main fund net inflow of 211 million yuan, with retail funds experiencing a net outflow of 180 million yuan [2]