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].

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]

罗洁、谢福标、吴阳红均为公司的发起人股东，现合计持有公司 111,675,034 股股份，占公司股份总数的 37.89%，其中，罗洁直接持有公司 66,093,066 股股 份，占公司股份总数的 22.43%，现任公司董事长；谢福标直接持有公司 30,546,602 股股份，占公司股份总数的 10.36%，现任公司董事；吴阳红直接持有公司 15,035,366 股股份，占公司股份总数的 5.10%，现任公司副董事长。罗洁、谢福 标、吴阳红为公司的共同实际控制人。 证券代码：301219 证券简称：腾远钴业 公告编号：2026-006 2017 年 3 月，为了持续稳定共同控制关系、在法律上进一步明确各方权利 义务和责任，罗洁、谢福标和吴阳红签署了《共同控制协议》，主要内容包括： 任一方向股东会提案，均应事先与其他方协商一致。各方应在股东会召开前，就 审议事项进行协商并达成一致意见。如对重大事项不能协商一致，则均以罗洁的 意见为准。各方在股东会或董事会或以其他方式行使表决权、选举权、利润分配 权及其他股东权利时，均保持一致行动。协议各方一致同意，在发行人首次公开 发行股票并上市之日起 36 个月内，协议各方对发 ...

Investment Rating - Maintain "Buy" rating for the sector [5] Core Views - The geopolitical situation in the Middle East continues to disrupt bullish sentiment, but there is sustained optimism for precious metals during the stagflation cycle [1] - Copper demand remains resilient despite short-term geopolitical disturbances, with a positive long-term outlook [2] - Aluminum prices are experiencing significant volatility due to ongoing overseas conflicts, while domestic demand is gradually transitioning towards a consumption peak [3] - Nickel prices are under pressure from geopolitical disturbances, but supply constraints provide some support [4] - Tin prices are fluctuating due to a tug-of-war between supply and demand factors, with a lack of strong driving forces [8] - The lithium market is seeing increases in both supply and demand, maintaining a trend of inventory reduction [9] - Cobalt prices are experiencing fluctuations due to weak downstream purchasing [10] Summary by Sections Precious Metals - The ongoing geopolitical crisis in the Middle East has led to sustained high oil prices, impacting investor sentiment towards precious metals. However, concerns are seen as short-term, with a bullish outlook for the medium term [1][41] Industrial Metals - **Copper**: Demand remains strong with a recovery in market transactions as production resumes. Recent expectations for downstream production have improved, indicating a healthy demand base [2] - **Aluminum**: Supply has slightly increased, but high prices are suppressing some demand. The market is transitioning towards a consumption peak, with ongoing geopolitical factors influencing prices [3] - **Nickel**: Prices have decreased due to geopolitical tensions, but supply constraints from Indonesia are providing support [4] - **Tin**: Supply is stable, but demand is weak, leading to a lack of strong price movements [8] Energy Metals - **Lithium**: Both supply and demand are increasing, with a focus on inventory reduction. The market is expected to remain active due to rising demand from the electric vehicle sector [9] - **Cobalt**: Prices are fluctuating with weak demand from downstream sectors, leading to a cautious purchasing environment [10]

Core Viewpoint - On March 13, China Eastern Airlines announced plans for share buybacks, while ten A-share listed companies disclosed plans for share reductions, indicating a mixed sentiment in the market regarding stock ownership [1][3]. Group 1: Share Buyback - China Eastern Airlines disclosed intentions to increase its shareholding [1][3]. Group 2: Share Reduction - Huaxiao Precision plans to reduce shares by no more than 0.03% by its directors and executives [5]. - Nanda Optoelectronics' shareholder Shen Jie intends to reduce shares by no more than 1% [5]. - Daotong Technology's director Yin Hui plans to reduce shares by no more than 0.0082% [5]. - Suobao Protein's shareholder Shanghai Bangji intends to reduce shares by no more than 0.75% [5]. - Chenxin Pharmaceutical's shareholder Jiangsu Chenxing plans to reduce shares by no more than 1% [5]. - Daqian Ecology's shareholder Xinhua Publishing Group intends to reduce shares by no more than 3% [5]. - Hongbai New Materials' deputy general manager Li Mingzai plans to reduce shares by no more than 0.02% [5]. - Guo New Energy's shareholder Hongzhan Real Estate intends to reduce shares by no more than 2.07% [5]. - Tengyuan Cobalt's shareholder Changjiang Chendao plans to reduce shares by no more than 2% [5]. - Shentong Technology's shareholder Biheng Investment intends to reduce shares by no more than 3% [5].

证券代码：301219 证券简称：腾远钴业 公告编号：2026-005 赣州腾远钴业新材料股份有限公司 关于股东股份减持计划的预披露公告 股东宁波梅山保税港区晨道投资合伙企业(有限合伙)-长江晨道（湖北）新能源产业投 资合伙企业（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。 特别提示： 近日，赣州腾远钴业新材料股份有限公司（以下简称"公司"）收到公司股 东宁波梅山保税港区晨道投资合伙企业(有限合伙)-长江晨道（湖北）新能源产 业投资合伙企业（有限合伙）（以下简称"长江晨道"）的《股份减持计划告知 函》，其拟减持公司股份。 2、股份来源：首次公开发行股票前持有及实施权益分派取得的股份。 3、减持数量及比例：不超过 5,874,276 股，不超过公司当前总股本的 2% （其中连续 90 日内通过深圳证券交易所集中竞价交易减持股份的总数不超过公 司股份总数的 1%；连续 90 日内通过深圳证券交易所大宗交易减持股份的总数不 超过公司股份总数的 2%）。若公司在拟减持期间有送股、资本公积金转增股本 等股 ...

Investment Rating - The report maintains a "Buy" rating for the industry [7] Core Views - The geopolitical situation has intensified, leading to opportunities in precious metals during a stagflation cycle. The report emphasizes the importance of positioning in precious metals due to supply disruption risks and low employment data indicating potential economic stagnation [1] - For copper, demand remains resilient despite short-term geopolitical disturbances, with expectations of improved production in downstream markets. The report suggests a cautious outlook on inventory levels and pricing trends [2] - Aluminum prices have reached historical highs amid political unrest, with stable supply and increasing demand as production resumes post-holiday [3] - Nickel prices have declined due to geopolitical disturbances, but supply constraints provide some support. The report notes a sluggish demand recovery in stainless steel and a cautious outlook for battery-grade nickel [4] - Tin prices are expected to experience strong fluctuations due to supply tightness and cautious purchasing behavior from downstream enterprises [5] - Lithium prices have seen a downward trend due to geopolitical and import disturbances, but demand is expected to improve as production resumes in the battery sector [6] Summary by Sections Precious Metals - The report highlights the potential for precious metals as a hedge against geopolitical risks and economic stagnation, recommending companies such as Xinyi Silver and Zijin Mining [1] Industrial Metals - **Copper**: Demand is expected to recover as production ramps up, with a focus on companies like Zijin Mining and Western Mining [2] - **Aluminum**: The report notes stable supply and increasing demand, recommending companies such as China Hongqiao and Nanshan Aluminum [3] - **Nickel**: Supply constraints are noted, with a focus on companies like Huayou Cobalt and Greenmech [4] - **Tin**: The report suggests monitoring supply and demand dynamics, recommending companies like Yunnan Tin and Xinyi Silver [5] Energy Metals - **Lithium**: The report indicates a downward price trend but anticipates a recovery in demand, recommending companies such as Ganfeng Lithium and Tianqi Lithium [6] - **Cobalt**: The report notes stable supply and demand, with a focus on companies like Huayou Cobalt and Tianqi Lithium [10]

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]

Group 1 - The core point of the article is that Tengyuan Cobalt Industry reported its shareholder count as of February 13, 2026, which stands at 28,115 households [2]