Investment Rating - The report provides a recommendation for the industry [5] Core Insights - Core company currently holds approximately 5,000 tons of lithium concentrate and 75,000 tons of lithium powder in inventory, which are available for sale. The company aims to capitalize on potential commercial opportunities to monetize this inventory as market conditions improve [3][6] - The Finniss lithium project, including the Grants deposit, has undergone significant operational planning improvements, leading to a reduction in pre-production capital costs by an estimated AUD 35 million to AUD 45 million. The updated mining plan indicates a 33% increase in total ore reserves and a 44% increase in metal content [6][8] - The company has successfully resolved all purchase agreements, contingent liabilities, and adverse contracts related to the Finniss project, ensuring that future production is not restricted [18] Financial Status and Capital Management - As of the end of the quarter, Core's cash balance was AUD 48.7 million, an increase from AUD 35.9 million as of September 30, 2025 [1] - The company generated a one-time cash inflow of AUD 2.5 million from the sale of non-core uranium assets to Elevate Uranium [2] - The company has made strategic decisions to significantly reduce debt and enhance financial strength, improving its balance sheet [2] Exploration Activities - The diamond drilling program at the Blackbeard project is ongoing, aimed at testing geological conditions and lithium mineralization at depth for the fiscal year 2026 [10] - The Shoobridge gold project, strategically located near major infrastructure, is being explored with surface geochemical sampling to assess regional targets, complementing the company's focus on lithium exploration [12] Strategic Financing and Agreements - The company has initiated a financing plan through a two-phase placement and a share purchase plan, raising AUD 50 million at a price of AUD 0.105 per share [4] - Core has entered into a binding settlement agreement with Tesla, formally terminating negotiations regarding a purchase agreement, which resolves all related obligations and ensures unrestricted future production from the Finniss lithium project [18]

Investment Rating - The investment rating for the company is "Buy" [4] Core Insights - The company reported a revenue of 21.21 billion yuan for 2025, representing a year-on-year growth of 37%. The net profit attributable to shareholders reached 3.16 billion yuan, up 54% year-on-year, while the net profit excluding non-recurring items was 2.96 billion yuan, reflecting a 58% increase [1] - The company is expected to benefit from the ongoing expansion and renovation of the U.S. power grid, with a tight supply-demand situation for high-voltage equipment. The delivery cycles for transformers in the U.S. have reached 143 weeks and 128 weeks for booster and power transformers, respectively [1] - Domestic investment in the power grid is increasing, with the State Grid Corporation expected to invest 4 trillion yuan during the 14th Five-Year Plan, a 40% increase from the previous plan. The company has shown strong bidding performance in domestic projects, indicating potential for significant growth in its domestic business [2] Financial Performance Summary - Revenue projections for 2025 and 2026 have been revised upwards to 21.21 billion yuan and 26.83 billion yuan, respectively, with a new forecast for 2027 set at 35 billion yuan. The expected revenue growth rates for 2025-2027 are 37.2%, 26.5%, and 30.5% [3] - The net profit forecasts for 2025 and 2026 have been adjusted to 3.16 billion yuan and 4.24 billion yuan, respectively, with a new forecast for 2027 at 6.02 billion yuan. The expected net profit growth rates for 2025-2027 are 54.3%, 34.2%, and 41.8% [3] - Earnings per share (EPS) are projected to be 4.05 yuan for 2025, 5.43 yuan for 2026, and 7.71 yuan for 2027, with corresponding price-to-earnings (PE) ratios of 47X, 35X, and 25X based on the closing price of 189.26 yuan on January 27, 2026 [3]

[Table_Title2] 有色金属-海外季报 证券研究报告|行业研究报告 [Table_Date] 2026 年 1 月 27 日 [Table_Summary] 季报重点内容: ►公司 2025Q4 生产经营情况 2025Q4，公司铀矿生产了创纪录的 123 万磅 U₃ O₈ ，环 比增长 15%，同比增长 93%。本季度 U₃ O₈ 产量高于预期主 要系本季度破碎机处理量为 121 万吨，平均矿石品位为 524ppm，表明送入选矿厂的矿石品位较高。平均回收率为 91%。 2025Q4，公司售出 143 万磅 U₃ O₈ ，环比增长 168%，同 比增长 186%。 2025Q4，公司平均实现价格为 71.8 美元/磅，环比上涨 7%，同比上涨 7%。 [Table_Title] LHM 项目 2025Q4 U3O8 产销量分别环比增长 15%/168%至 123/143 万磅，平均实现价格环比上 涨 7%至 71.8 美元/磅 2025Q4，公司单位生产成本为 39.7 美元/磅，环比下降 5%，同比下降 6%。 ►采矿 本季度，LHM 的采矿活动持续加速，钻孔、爆破和装卸 运输作业主要集中在 G 和 ...

证券研究报告|宏观点评报告 [Table_Date] 2026 年 01 月 26 日 [Table_Title] 资产配置日报：局部行情 1 月 26 日，股市延续分化行情，上证指数依旧在 4125 点至 4160 点间窄幅震荡，而近期表现较好的双创板块 及中小微盘则迎来集体调整。权益回调的背景下，债市维持积极情绪，长端与超长端收益率多有下行，中短端受 到资金收敛的拖累，呈现窄幅震荡状态。 权益市场放量下跌。万得全 A下跌 0.68%，全天成交额 3.28 万亿元，较上周五（1 月 23 日）放量 1625 亿 元。港股方面，恒生指数上涨 0.06%，恒生科技下跌 1.24%。南向资金净流出 8.26 亿港元，其中腾讯控股、小米 集团分别净流入 10.15 亿港元和 8.22 亿港元，中国移动和紫金矿业则分别净流出 11.77 亿港元和 10.77 亿港元。 市场下跌风险不大，整体仍处于震荡上涨的通道中。今日全市成交额继续处于 3 万亿元以上，同时指数跌幅 不大，意味着在调整压力显现时，资金承接力量不弱。我们在《蓄势待发》中指出，2005 年以来万得全 A 在上涨 趋势中的量顶之后&突破震荡上沿后，基本不是 ...

Group 1: Meituan App Upgrade - Meituan App has launched an AI search feature called "Ask Meituan" to enhance local information service experience[1] - The new version aims to provide accurate and timely decision-making information for users seeking local dining and entertainment options[1] - The upgrade integrates AI capabilities to optimize user experience in various consumption scenarios[1] Group 2: Fliggy Travel Trends - Fliggy reports that inbound travel ticket bookings have increased over 4 times compared to last year during the Spring Festival holiday[2] - University student flight bookings have risen by over 20% year-on-year as schools begin to close for the holiday[2] - The demand for cross-border travel has surged, with outbound service bookings increasing by nearly 40% in the last two weeks[2] Group 3: Investment Recommendations - The report suggests embracing the "AI+" trend to optimize valuations in Hong Kong stocks, focusing on internet, technology, and emerging consumer sectors[4] - Beneficiary stocks include Alibaba, Tencent, Kuaishou, and Meituan, which are actively integrating AI and increasing capital expenditures[4] Group 4: Market Performance - The Shanghai Composite Index closed at 4136.16, up 0.33%[4] - The Shenzhen Component Index rose by 0.79%, closing at 14439.66[4] - The CSI 300 Index fell by 0.45%, closing at 4702.50[4]

Group 1: Meituan App Upgrade - Meituan App has launched an AI search feature called "Ask Meituan," enhancing user experience by providing accurate local information for dining, entertainment, and services [1][9][11] - The upgrade aims to address user pain points in local consumption decisions, ensuring timely and accurate information to avoid discrepancies between online listings and actual conditions [10][12][13] - The AI model integrates various data sources to deliver personalized recommendations, significantly improving the decision-making process for users [11][12][15] Group 2: Fliggy's Travel Market Insights - Fliggy reports a significant increase in inbound travel ticket bookings, with a growth of over 4 times compared to the previous year, driven by the upcoming Spring Festival holiday [2][18] - The demand for cross-border travel has surged, with outbound service bookings increasing by nearly 40% in recent weeks, and student travel contributing to a 20% year-on-year rise in domestic flight bookings [2][18] - Popular destinations for travel during the Spring Festival include major cities like Beijing, Shanghai, and Guangzhou, with a notable increase in high-star hotel bookings and experiential travel services [18][19] Group 3: NetEase Cloud Music and Universal Music Group Partnership - NetEase Cloud Music has renewed a multi-year strategic agreement with Universal Music Group, ensuring continued access to a vast library of licensed music for users [3][21] - The partnership will enhance collaboration in music products, services, and artist promotion, reflecting a commitment to providing quality content to a young audience [21][22] Group 4: Investment Recommendations - The report suggests that the "AI+" trend is catalyzing valuation optimization in Hong Kong stocks, with new industry leaders emerging in the changing consumer landscape [4][6] - Beneficiary stocks include Alibaba, Tencent, Kuaishou, and Meituan in the internet and technology sector, as well as new consumer leaders like Pop Mart and Ctrip [4][6]

证券研究报告|行业研究周报 [Table_Title] ChatGPT 将上线广告，四部影片定档春节 [Table_Title2] 传媒行业周报系列 2026 年第 4 周 [Table_Summary] ►市场行情回顾 2026 年第4周（实际交易日为 2026.1.19-2026.1.23）上证 指数上涨 0.84%，沪深 300 指数下跌 0.62%，创业板指数下 跌 0.34%。恒生指数下跌 0.36%，恒生互联网指数下跌 0.36%，行业领先恒生指数 0pct。SW 传媒指数上涨 1.98%， 领先创业板指数 2.32pct，在申万一级 31 个行业涨跌幅排 名中位列第 18 位。子行业中影视、出版和体育位列前三 位，分别为上涨 6.39%、上涨 4.35%和上涨 2.81%。 ►核心观点&投资建议 ChatGPT 将推出广告位，进一步推动 AI 流量价值重估。据 财联社报道，OpenAI 已通知十余家广告主，计划于 2 月初 在 ChatGPT 中上线按展示次数收费的广告服务，初期试运 行要求每家承诺支出低于一百万美元。广告将独立呈现并 明确标注，例如可能在用户查询菜谱时展示相关食品品牌 广告。公 ...

Investment Rating - The industry rating is "Recommended" [3] Core Insights - The report highlights the strengthening of pork prices as the breeding stock decreases to 35.61 million heads by the end of December, indicating a bullish trend in the market [1][2] - The report emphasizes the importance of the seed industry revitalization action, which has made significant progress in enhancing seed security and promoting domestic seed usage [1][12] - The commercialization of genetically modified crops is expected to accelerate, contributing to higher self-sufficiency rates in key varieties [1][12] Summary by Sections Planting Industry - The Ministry of Agriculture and Rural Affairs has reported progress in the seed industry revitalization action, with a focus on policy support, funding, and institutional guarantees [1][12] - Key companies recommended for investment include Beidahuang and Suqian Agricultural Development, as well as leading seed companies like Dabeinong and Longping High-Tech [1][12] Pig Farming - The average price of live pigs is reported at 12.99 CNY/kg, with a week-on-week increase of 2.27% [2][13] - The breeding stock of sows is at 39.61 million heads, showing a year-on-year decrease of 2.9% [2][13] - Recommended companies in the pig farming sector include Lihua Co., Muyuan Foods, and Shuanghui Development [5][13] Feed and Veterinary - The average price of pig feed is 2.65 CNY/kg, reflecting a week-on-week increase of 0.38% [52] - Companies in the feed sector such as Haida Group and veterinary companies like Jinhai Biological and Zhongmu Co. are expected to benefit [5][13]

证券研究报告|行业研究周报 周四，美国至 1 月 17 日当周初请失业金人数 20 万人，预 期 21 万人，前值由 19.8 万人修正为 19.9 万人。美国第三季度 实际 GDP 年化季率终值 4.4%，预期 4.30%，前值 4.30%。美 国第三季度实际个人消费支出季率终值 3.5%，前值 3.5%。美 国第三季度核心 PCE 物价指数年化季率终值 2.9%，预期 2.9% ，前值 2.90% 。美国 11 月核心 PCE 物价指数月率 0.2%，预期 0.20%。美国 11 月个人支出月率 0.5%，预期 0.50%。 [Table_Summary] 报告摘要: ►贵金属：地缘扰动叠加央行购金，贵金属价格持续 突破历史新高 本周 COMEX 黄金上涨 8.30%至 4,983.10 美元/盎司， COMEX 白银上涨 14.80%至 103.26 美元/盎司。SHFE 黄金上 涨 8.07% 至 1,115.64 元 / 克 ，SHFE 白银上涨 11.04% 至 24,965.00 元/千克。 本周金银比下跌 5.66%至 48.26。本周 SPDR 黄金 ETF 持 仓增加 27,574.43 ...

Investment Rating - Industry rating: Recommended [5] Core Insights - The report highlights the strong sales performance of Pop Mart's new IP series "Star People" and the popularity of the "PUCKY" plush series, indicating a robust demand for collectible toys [1][2] - The average price of gold jewelry has surpassed 1500 RMB per gram, leading to a resurgence in consumer interest and long queues at traditional gold shops [3] - The report suggests focusing on high-growth sectors and service industries that are expected to benefit from policy and technological support, including duty-free shopping, silver-haired tourism, and childcare consumption [4][65] Summary by Sections Industry & Company Dynamics - Pop Mart continues to attract top IP artists, ensuring a steady flow of design inspiration and maintaining a leading position in product development and IP management [2] - The average gold price in Shanghai increased by 4.5% week-on-week, with many gold shops reporting record high prices [3] - The report notes a significant increase in consumer traffic at traditional gold shops during the Spring Festival shopping season, with long queues observed in major cities [3] Investment Recommendations - The report recommends focusing on sectors with high growth potential and those benefiting from new policies, including duty-free shopping and tourism [4][65] - New consumption trends are expected to maintain demand, with industry leaders currently valued at relatively low levels, indicating potential for growth in sectors like collectible toys and fashion jewelry [7][65] - Retail innovation and international expansion are highlighted as key growth areas, with specific companies identified as beneficiaries [7][65]