[Table_Title] 必和必拓 2025Q4 铜产量环比减少 4%至 49.05 万 吨，2026 财年铜产量指引为 190-200 万吨 [Table_Title2] 有色金属-海外季报 [Table_Summary] 季报重点内容: 证券研究报告|行业研究报告 ► 2025Q4 分业务表现 1）铜 2025Q4，铜总产量为 49.05 万吨，同比减少 4%，环比减少 1%。 [Table_Date] 2026 年 1 月 23 日 2025Q4，铁矿石总产量为 6970 万吨，同比增加 5%，环比增加 9%。 2025Q4，铁矿石成交均价为 85.33 美元/湿吨，同比上涨 4%， 环比上涨 2%。 3）焦煤 2025Q4，必和必拓三菱联盟公司（BMA）产量为 860 万吨 （100%基础），同比减少 3%，环比减少 12%。 2025Q4，焦煤成交均价为 196.72 美元/吨，同比下跌 1%，环 比上涨 9%。 4）动力煤 2025Q4，动力煤产量为 460 万吨，同比增加 25%，环比增加 31%。 2025Q4，动力煤成交均价为 96.24 美元/吨，同比下跌 23%， 环比上涨 1%。 2 ...

证券研究报告|行业研究报告 [Table_Title] 泰克资源 2025Q4 铜产量同比增加 9.9%至 13.41 万 吨，2026 年铜产量指引维持 41.5-46.5 万吨 [Table_Title2] 有色金属-海外季报 [Table_Date] 2026 年 1 月 23 日 [Table_Summary] 季报重点内容: ► 生产经营情况 2025 年铜产量 45.35 万吨，同比增加 1.7%，符合先前披露的 指导目标，这得益于第四季度所有资产的强劲运营表现。 Quebrada Blanca 矿区第四季度表现突出，铜产量达 55,400 吨，期间公司持续推进尾矿库建设，并始终专注于运营稳定性 及向稳态运营的过渡。2025 年第四季度铜销量低于产量，主要 因十二月天气及海况导致 QB 短期库存积压，致使部分发货延 至 2026 年初。2025Q4 铜产量 13.41 万吨，同比增加 9.9%，环 比增加 28.9%。 2025 年精矿锌产量 56.5 万吨，同比减少 8.3%，处于此前披露 指导区间的高位。第四季度精矿锌销量为 15.72 万吨，Red Dog 矿区所有发货均于季度初完成，符合常 ...

2025Q4，公司稀土氧化物(REO)产量为 2,382 吨，环比减 少 40%，同比减少 9%。 2025Q4，公司稀土氧化物(REO)销量为 2,359 吨，环比减 少 36%，同比减少 18%。 证券研究报告|行业研究报告 [Table_Date] 2026 年 1 月 23 日 [Table_Title] Lynas 2025Q4 REO 产量环比减少 40%至 2,382 吨，NdPr 产量环比减少 30%至 1,404 吨，镝铽产 量为 26 吨 [Table_Title2] 有色金属-海外季报 [Table_Summary] 季报重点内容: ►公司 2025Q4 生产经营情况 1）Mt Weld（稀土氧化物 REO） 2025Q4，稀土氧化物(REO)平均实现价格为 85.6 澳元/公 斤，环比上涨 58%，同比上涨 74%。平均售价的上涨反映了基 准价格的提高以及独立于市场指数定价的销售份额的增加。四 季度的积极市场情绪延续至 2026 年 1 月。 Mt Weld 混合可再生能源发电站的 4 台风力涡轮机自 11 月以来全部投入运行。这显著提升了发电效率，12 月份该发电 站 92%的电力来 ...

Investment Rating - Industry rating: Recommended [5] Core Insights - Recent appreciation of the RMB is expected to continue, enhancing domestic asset attractiveness and improving the competitiveness of export products [1] - Historical analysis shows that during previous RMB appreciation periods, the food and beverage sector outperformed the CSI 300 index by 18% and 12% respectively, indicating strong performance potential in the current cycle [2] - The current RMB appreciation is anticipated to create a triple resonance effect in the sector, leading to cost reduction, increased demand, and valuation recovery [2] Summary by Sections Cost Side - RMB appreciation reduces the import cost of raw materials, leading to lower manufacturing costs and improved profitability. Key raw materials affected include soybeans, palm oil, oats, barley, and tree nuts [2] Demand Side - Domestic demand recovery is a fundamental support for the strengthening RMB. The appreciation will lower inventory replenishment costs for companies, shifting the industry from passive destocking to active replenishment, thus reinforcing domestic demand resilience [2] Capital Side - The liquidity remains ample during the RMB appreciation cycle, increasing foreign capital inflow into A-shares. The food and beverage sector, with a high proportion of foreign holdings, is expected to benefit from valuation recovery driven by increased foreign allocation [2] Investment Recommendations - Focus on three main lines of investment: 1. Cost benefits: Recommended companies include Ximai Food, Lihigh Food, Miaokelando, Qiaqia Food, and H&H [3] 2. Demand recovery: Recommended companies include Anjijia Food, Qianwei Central Kitchen, Youran Livestock, Modern Dairy, New Dairy, and Wancheng Group [3] 3. Valuation recovery: Recommended companies include Yili, Mengniu Dairy, Xianle Health, Weilong Delicious, and Yanjinpuzi [3] Earnings Forecast and Valuation - Key companies and their respective ratings, earnings per share (EPS) forecasts, and price-to-earnings (P/E) ratios for the years 2024 to 2027 are provided, indicating a positive outlook for several companies in the sector [7]

证券研究报告|公司点评报告 [Table_Date] 2026 年 01 月 22 日 [Table_Title] 发布 2026 年股权激励草案，促进机器人业务发展 [Table_Title2] 安联锐视(301042)事件点评 | [Table_DataInfo] 评级： | 买入 | 股票代码： | 301042 | | --- | --- | --- | --- | | 上次评级： | 买入 | 52 周最高价/最低价： | 97.19/28.31 | | 目标价格： | | 总市值(亿) | 56.36 | | 最新收盘价： | 80.84 | 自由流通市值(亿) | 53.37 | | | | 自由流通股数(百万) | 66.02 | [Table_Summary] 事件概述 公司发布 2026 年限制性股票激励计划（草案），此次激励计划拟向激励对象授予权益 220 万股，占公告时公司 总股本 3.16%。激励对象为 7 名核心骨干人员，授予价格为 40.14 元/股，业绩考核条件为 2026-2028 年，以 2025 年为基数，营业收入增长率或净利润增长率分别>=10%、20%、30%，预计 ...

[Table_Title2] 安联锐视(301042)事件点评 证券研究报告|公司点评报告 [Table_Date] 2026 年 01 月 22 日 [Table_Title] 发布 2026 年股权激励草案，促进机器人业务发展 | [Table_DataInfo] 评级： | 买入 | 股票代码： | 301042 | | --- | --- | --- | --- | | 上次评级： | 买入 | 52 周最高价/最低价： | 97.19/28.31 | | 目标价格： | | 总市值(亿) | 56.36 | | 最新收盘价： | 80.84 | 自由流通市值(亿) | 53.37 | | | | 自由流通股数(百万) | 66.02 | [Table_Summary] 事件概述 公司发布 2026 年限制性股票激励计划（草案），此次激励计划拟向激励对象授予权益 220 万股，占公告时公司 总股本 3.16%。激励对象为 7 名核心骨干人员，授予价格为 40.14 元/股，业绩考核条件为 2026-2028 年，以 2025 年为基数，营业收入增长率或净利润增长率分别>=10%、20%、30%，预计 ...

证券研究报告|港股公司点评报告 [Table_Date] 2026 年 01 月 21 日 [Table_Title] 与索尼达成战略合作，助力全球竞争力增强 [Table_Title2] TCL 电子(1070.HK) | [Table_DataInfo] 评级： | 增持 | 股票代码： | 1070 | | --- | --- | --- | --- | | 上次评级： | 增持 | 52 周最高价/最低价(港元)： | 12.5/6.54 | | 目标价格(港元)： | | 总市值(亿港元) | 315.12 | | 最新收盘价(港元)： | 12.5 | 自由流通市值(亿港元) | 315.12 | | | | 自由流通股数(百万) | 2,520.94 | [Table_Summary] 事件概述 根据公司 1 月 20 日公告， TCL 电子已与索尼达成意向备忘录，拟与索尼成立一家合资公司，其中 TCL 电子持 股 51%，索尼持股 49%，合资公司主要承接索尼家庭娱乐业务，并在全球范围内开展包括电视、家庭音响等产品 在内的从产品研发、设计、制造、销售到物流与客户服务的一体化业务运营，同时，合资 ...

Group 1 - The report highlights a calm surface in the stock and bond markets, while underlying capital flows are active, with the A-share index rising by 0.57% and trading volume decreasing by 180.5 billion yuan compared to the previous day [1] - The report notes a significant increase in trading volume for broad-based ETFs, with the Shanghai Composite 50 ETF reaching its highest trading volume since 2016, indicating a potential shift towards a "slow bull" market [2] - The semiconductor sector saw a notable rebound, with the Wind Semiconductor Index increasing by 3.46%, driven by CPU price increases and demand from AI applications [3] Group 2 - In the bond market, the 10-year government bond yield stabilized at 1.83%, with a cautious sentiment prevailing in the morning session, but later improved as demand for 7-year bonds exceeded expectations [4] - The report discusses two key themes: unexpected tax period easing and a sudden activation of trading in long-term bonds, with the 30-year government bond yield dropping by 4.5 basis points over two days [5][6] - The report indicates that the supply of government bonds in January was lower than expected, leading to a temporary improvement in the supply-demand relationship in the bond market [6] Group 3 - The commodity market continues to show a mixed pattern, with precious metals and lithium carbonate leading gains, while industrial metals have rebounded [7][8] - The report notes a significant inflow of funds into gold, with over 11.6 billion yuan entering the market, reflecting heightened risk aversion among investors [8][9] - The report warns of potential volatility in lithium carbonate prices due to reliance on market sentiment and the possibility of regulatory changes affecting trading dynamics [10]

Investment Rating - The investment rating for Anta Sports is "Buy" with a target price not specified [1] Core Views - The report indicates that Anta's main brand experienced a slight decline in revenue in Q4 2025, while FILA and other brands showed varying growth rates [2][3] - The company plans to open a total of 7,000-7,100 Anta stores, 2,600-2,700 Anta Children stores, and 2,100-2,200 FILA stores by the end of 2025 [4] - The report maintains revenue and net profit forecasts for 2025, 2026, and 2027, with expected revenues of 770 billion, 859 billion, and 960 billion respectively, and net profits of 138.74 billion, 159.07 billion, and 178.76 billion [4] Summary by Sections Event Overview - In Q4 2025, Anta's main brand and FILA experienced low single-digit negative growth, while other brands saw mid-single-digit positive growth [2] Analysis and Judgment - Anta's brand saw a decline in Q4 2025 due to delayed Spring Festival affecting children's sales, while FILA's revenue showed mid-single-digit growth [3] - Other brands like Descente, KOLON, and MAIA experienced growth rates of 35-40%, which is a slowdown compared to previous quarters [3] Investment Recommendations - Short-term outlook suggests pressure on Anta's children's segment and e-commerce, but a potential recovery in 2026 for the main brand [4] - Mid-term growth is expected for KOLON and DESCENTE due to favorable outdoor market conditions [4] - Long-term growth drivers include brands like Jack Wolfski, MUSINS, and MAYA ACTIVE [4] Financial Forecasts and Valuation - Revenue projections for 2025, 2026, and 2027 are 770.45 billion, 859.48 billion, and 959.63 billion respectively, with net profit forecasts of 138.74 billion, 159.07 billion, and 178.76 billion [6][9] - The report maintains EPS forecasts of 4.94, 5.67, and 6.37 for the respective years [6][9]

Group 1: Gold Price Trends - Gold prices have surged significantly from 2023 to 2025, with a total increase of approximately 64.56% in 2025, reaching around $4,300 per ounce[37] - The expected gold price increase for 2026 is projected to be between 10% and 35%, influenced by factors such as interest rate cuts and geopolitical uncertainties[6] - Historical data indicates that gold prices typically rise in anticipation of interest rate cuts, with an average increase of about 13.7% in the 180 days following such announcements[11] Group 2: Interest Rate Expectations - The Federal Reserve is expected to remain in a rate-cutting cycle in 2026, with market predictions of two rate cuts totaling approximately 45 basis points, bringing rates down to around 3.2%[2] - The latest dot plot from the Federal Reserve indicates only one rate cut of 25 basis points is anticipated, reflecting internal disagreements on economic outlook among committee members[2] - Changes in Federal Reserve leadership may significantly impact interest rate expectations, with a tendency towards more dovish candidates likely to support further rate cuts[48] Group 3: Dollar Credit Concerns - The long-term credit stability of the US dollar is under threat, with a potential continued decline in the dollar index expected in 2026, following a 9% drop in 2025[52] - Concerns over the independence of the Federal Reserve and rising fiscal deficits are contributing to fears regarding the sustainability of US debt and the dollar's creditworthiness[3] - Central banks globally are increasing their gold reserves, with gold becoming the largest reserve asset for many, surpassing US Treasury bonds for the first time in nearly 30 years[3]