证券研究报告|行业研究报告 [Table_Date] 2026 年 2 月 24 日 [Table_Title] Covalent Lithium2025H2 锂辉石精矿产量为 19.6 万 吨，奎纳纳氢氧化锂精炼厂产能提升期预计将延 [Table_Title2] 有色金属-海外季报 [Table_Summary] 季报重点内容: ►锂生产运营情况 WesCEF 的业绩包含其在 Covalent Lithium 公司 50%的权 益。WesCEF 的锂辉石精矿产量为 9.8 万吨，销量为 9.6 万 吨，且 2025H2 业绩持续提升。WesCEF 的锂业务贡献了 600 万澳元的收益，这主要得益于矿山和选矿厂的强劲表现以及下 半年价格的上涨。这些业绩包含 WesCEF 在 Covalent Lithium 公司中的企业成本和管理费用。由于矿山和选矿厂持续保持强 劲的运营表现，预计 WesCEF 在 2026 财年的锂辉石精矿产 量将接近此前预期的 16 万吨至 18 万吨区间的上限。选矿厂 目前的重点是全年稳定实现额定产量。为最终投资决策做准备 的工程研究和审批工作正在持续推进，涉及 Mt Holland ...

证券研究报告|行业研究周报 [Table_Date] 2026 年 02 月 24 日 [Table_Title] 春节假期，旅游市场迎来"开门红" [Table_Title2] 社服零售行业周报 [Table_Summary] ► 史上最长春节假期，多地旅游市场迎来"开门红" 北京市文化和旅游局数据显示，春节假期，北京累计接待游 客 1984.3 万人次，实现旅游总花费 331.4 亿元。 上海市文化旅游局数据显示，据上海旅游大数据监测，春节 假期，全市共接待游客 2167.21 万人次，同比增长 8.36%（按 可比口径，下同）；上海地区含吃、住、行、游、购、娱等全 要素旅游消费交易总金额为 256.14 亿元，同比增长 20.90%； 全市宾旅馆平均客房出租率为 50.60%，同比增长 3.10 个百分 点。 重庆市文化旅游委数据显示，春节假期，全市重点监测的 130 家 A 级景区累计接待游客 1260 万人次，同比增长 5.6%；重点 监测的 10 家旅游休闲街区累计接待游客 492.5 万人次，同比 增长 19.3%。 湖南省文旅厅数据显示，根据手机信令大数据建模统计，春 节假期全省累计接待游客 ...

[Table_Title] Nickel Industries 2025Q4 RKEF 项目 NPI 产量环比 增长 1%至 3.16 万吨 证券研究报告|行业研究报告 [Table_Date] 2026 年 2 月 24 日 [Table_Title2] 有色金属-海外季报 [Table_Summary] 季报重点内容: ► RKEF（火法冶炼）项目（公司持有 80% 的间接权益） 2025Q4 镍生铁（NPI）产量总计为 31,561 吨（100%基 础，下同），环比增长 1%，同比减少 4%。 2025Q4 NPI 销量总计 31,429 吨，环比增长 3%，同比减少 2%。 2025Q4 NPI 合同价格为 11,100 美元/吨，环比几乎持平， 同比下跌 7%。 2025Q4 NPI 销售收入为 3.503 亿美元，环比增长 2%，同 比减少 7%。 2025Q4 NPI 单位现金成本为 10,088 美元/吨，环比上涨 2%，同比下跌 5%。 2025Q4 NPI 调整后的 EBITDA 为 3500 万美元，环比减少 13%。 2025Q4 NPI 调整后单位销量的 EBITDA 为 1,114 ...

证券研究报告|固收点评报告 [Table_Date] 2026 年 02 月 23 日 [Table_Title] 节后债市应对指南 （一）2 月利率破位下行，三股推力 2 月以来，债市延续强势行情，10 年国债收益率成功突破 1.80%阻力位，由 1.81%下行至 1.78%。期间交易 型品种表现更为突出，5 年、30 年国债收益率均下行 4bp 至 1.54%、2.25%，5 年、7 年、10 年国开债收益率分 别下行 5bp、6bp、4bp 至 1.74%、1.86%、1.95%，3 年、5 年二级资本债收益率降幅更是达到 5bp、8bp。 长端利率超预期突破箱体的背后，主要有三股推力。首先是配置盘供需错位叙事或仍在延续。尽管 2 月政府 债发行速度较 1 月边际提升，单月净供给规模由 1.18 万亿元提升至 1.38 万亿元，但银行负债或始终处于相对充裕 的状态。2025 年 12 月与 2026 年 1 月，大型银行境内存款增幅分别为 1.59、4.17 万亿元，远超过去五年同期季 节性均值 0.03、2.75 万亿元；中小型银行增幅分别为 1.21、2.44 万亿元，同样位于历史同期高位水平。叠加 ...

[Table_Title2] 流动性跟踪 证券研究报告|宏观跟踪周报 [Table_Date] 2026 年 2 月 23 日 [Table_Title] 税期跨月叠加，资金略承压 [Table_Summary] ►概况：资金平稳跨春节 节前一周（2 月 9-14 日），面对农历新年和 7000 亿+政府债缴款，央行加码呵 护流动性，通过 7 天与 14 天逆回购累计净投放 1.25 万亿元短期跨节资金，同时累 计释放 0.6 万亿元中长期资金。在此背景下，资金利率仅短暂出现波澜，随后快速 平息，隔夜利率 R001 最高升至 1.46%，R007 区间高点始终未突破 1.60%，分别比 OMO 利率高出 6、20bp。相比之下，过去四年同期隔夜利率高点（除 25 年）在 OMO 利率上方 8bp 左右，7 天资金高点在 OMO+40bp 附近，介于 30-54bp 之间。 ►展望：多空交织，资金面或略有承压 展望节后首周资金情况，利空因素在于，一方面税期（24-26 日）与跨月叠 加，或放大月末资金波动。不过 2 月并非缴税大月，同时，季中月跨月压力也不算 大，资金波幅预计可控。另一方面，节后公开市场操作密集 ...

证券研究报告|海外策略周报 [Table_Date] 2026 年 2 月 22 日 [Table_Title] 本周亚太市场震荡较多 全球主要市场表现 | [Table_Market1] 指数 | 收盘价 | 周涨跌 | 周涨跌 | | --- | --- | --- | --- | | | | | 幅(%) | | 韩国综合指数 | 5,808.53 | 301.52 | 5.48 | | 胡志明指数 | 1,824.09 | 68.60 | 3.91 | | 法国 CAC40 | 8,515.49 | 203.75 | 2.45 | | 欧元区 STOXX50(欧元) | 6,131.31 | 146.08 | 2.44 | | 英国富时 100 | 10,686.89 | 240.54 | 2.30 | | 加拿大 S&P/TSX 综合 | 33,817.51 | 743.80 | 2.25 | | 巴西 IBOVESPA 指数 | 190,534.42 | 4,070.12 | 2.18 | | 富时新加坡海峡指数 | 5,017.60 | 79.82 | 1.62 | | 纳斯达克指数 | 22, ...

证券研究报告|宏观专题报告 [Table_Date] 2026 年 02 月 22 日 [Table_Title] 升值、资金宽松，中国资产开门红 [Table_Title2] ——2026 春节经济与市场展望 [Table_Summary] 投资要点: ► 国内：假日经济稳健增长，出行人数、旅游消费保 持扩张，房地产销售改善 2026 年 2 月 2 日(腊月十五)至 2 月 21 日(正月初五)，全社会跨区域 人员流动量 508011.5 万人次，较 2025 年增长约 5.5%。 1）超长假期与全国整体适宜天气双重利好下，旅游出行表现火热。 商务部数据显示假期前三天，重点平台国内游消费增长 4.5%。 2）春节消费保持增长。商务部数据显示，假期前四天，全国重点零 售和餐饮企业日均销售额同比增长 8.6%；假期前三天，重点监测步 行街（商圈）客流量、营业额同比增长 4.5%和 4.8%。 3）商品房销售改善。除夕至初五，30 城商品房成交面积 7.25 万平 方米，较 2025 年回升 54%，已接近 2024 年水平。开年以来，以上海 为首的核心城市二手房成交有回暖迹象，部分刚需开始逐步释放。 ► 海外 ...

Investment Rating - Industry rating: Recommended [5] Core Insights - The recent surge in China's AI models during the "Spring Festival" has shifted the focus from general chat tools to vertical productivity tools and real agent implementations, particularly in industrial video generation and engineering-level programming [1][13] - Major players like ByteDance, Alibaba, and Zhipu AI are leading the market, with competition now centered on efficiency, cost control, and scene adaptation rather than just parameter scale [1][13] - The demand for computing power is expected to boost hardware and computing rental markets, benefiting companies involved in computing leasing and third-party data centers [2][14] Summary by Sections Section 1: AI Model Developments - Multiple flagship models were released during the Spring Festival, enhancing capabilities in video and programming applications, with significant improvements in quality and efficiency [7][13] - ByteDance's Seedance 2.0 model supports multi-modal input and has shown substantial advancements in generating complex interactions and maintaining physical accuracy [8][9] - Alibaba's Qwen3.5-Plus model has achieved breakthroughs in multi-modal capabilities and cost efficiency, making it competitive with leading models globally [10][11] Section 2: Market Outlook - The current market is experiencing liquidity concerns and changing capital expenditure expectations from overseas players like OpenAI, leading to a cautious outlook for the AI sector [3][15] - The AI development phase is seen as a critical acceleration period, with increasing demand for token usage and ongoing expansion of foundational computing infrastructure [3][15] Section 3: Recommended Investment Targets - Key investment opportunities include companies in computing and communication infrastructure, such as China Mobile, China Telecom, and third-party data center firms like Huohuan New Network and Data Port [15][17] - The report highlights the potential of low-orbit satellite components and chip suppliers in the commercial aerospace sector [3][15] - Recommendations also extend to edge computing firms and those involved in satellite internet and low-altitude economy sectors [17][19]

Investment Rating - Industry rating: Recommended [3] Core Insights - During the Spring Festival of 2026, the global technology sector is characterized by AI-driven deepening, accelerated hard technology transformation, and a bipolar leadership between China and the US, with the practical application and commercialization of technology becoming the core theme [1] - The AI and large model fields have become the absolute core, with global capital and technology intensifying. OpenAI secured a financing round exceeding $100 billion, locking in computational power advantages, while Google is pushing large models deeper into research scenarios [1][6] - The humanoid robot industry is undergoing a critical transformation, with international leading companies completing the transition to fully electric drive, while Chinese companies are seizing opportunities in practical scenarios like "human-machine collaboration" [1][8] - The aerospace and low-altitude economy sectors are showing a trend towards scaling, with both US-China competition and China leading. SpaceX is consolidating its Starlink advantages through high reuse launches, while China's commercial space launch success rate remains at 100% [1][11] Summary by Sections AI - OpenAI finalized a new financing round exceeding $100 billion during the Spring Festival, marking the largest single financing in AI history, which will significantly impact the global AI industry's computational power landscape and competitive dynamics [6] - Google upgraded its flagship large model Gemini 3 Deep Think, enhancing its reasoning capabilities for scientific and engineering scenarios, achieving notable performance in various tests [7] Robotics - Boston Dynamics announced a complete switch of its Atlas humanoid robot to fully electric drive, marking a significant shift towards industrialization and scalability [8][9] - The industry consensus indicates that the core bottleneck for humanoid robots is not mobility or balance but the technology of dexterous hands, which remains a challenge [9] Commercial Aerospace - SpaceX completed its 600th Falcon 9 rocket launch, successfully deploying 24 upgraded Starlink V2 Mini satellites, further expanding the Starlink constellation and enhancing polar coverage and direct mobile communication capabilities [11][12] Semiconductor Storage - Samsung achieved mass production of the HBM4 chip, with a significant price increase of 20%-30% compared to the previous generation, highlighting the high demand for high-end storage chips driven by AI [10] Beneficiary Targets - AI Computing and Applications: Companies such as Cambricon, Industrial Fulian, and Inspur Information [2] - Robotics: Companies like Joyson Electronics and New Spring Co [2] - Large Models: Companies including Zhipu AI and iFLYTEK [2] - Semiconductor Storage: Companies like Zhaoyi Innovation and Changjiang Electronics [2] - Commercial Aerospace: Companies such as Western Materials and Reascend Technology [2]

Investment Rating - The report provides a recommendation rating for the industry as "Recommended" [1] Core Insights - In Q4 2025, Cameco's uranium production increased by 36% quarter-on-quarter to 600 million pounds, while the average realized price rose by 5% to $65.53 per pound [1] - The overall revenue for Q4 2025 was CAD 1.201 billion, reflecting a 2% year-on-year increase and a 95% quarter-on-quarter increase [2][13] - The uranium business generated revenue of CAD 1.027 billion in Q4 2025, a 1% decrease year-on-year but a 96% increase quarter-on-quarter [4] - The fuel services segment achieved revenue of CAD 174 million in Q4 2025, marking an 18% year-on-year increase and a 91% quarter-on-quarter increase [5] Summary by Relevant Sections Uranium Business - Q4 2025 uranium production was 600 million pounds (2724 tons), a 2% decrease year-on-year but a 36% increase quarter-on-quarter [1] - The company sourced 630 million pounds (2860 tons) of uranium externally, a 350% quarter-on-quarter increase [1] - Uranium sales volume for Q4 2025 was 1120 million pounds (5085 tons), down 13% year-on-year but up 84% quarter-on-quarter [1] - As of the end of 2025, uranium inventory stood at 970 million pounds, with an average inventory cost of $61.85 per pound [1] - The average realized price for uranium in Q4 2025 was $65.53 per pound, up 12% year-on-year and 5% quarter-on-quarter [1] Fuel Services Business - Q4 2025 production in the fuel services segment was 3800 tons of uranium, a 6% year-on-year increase and a 23% quarter-on-quarter increase [1] - Sales volume for fuel services in Q4 2025 was 4400 tons of uranium, reflecting a 5% year-on-year increase and a 132% quarter-on-quarter increase [1] - The average realized price for fuel services in Q4 2025 was CAD 39.39 per kg of uranium, up 11% year-on-year but down 20% quarter-on-quarter [1] Financial Performance - Gross profit for Q4 2025 was CAD 273 million, a 9% year-on-year increase and a 61% quarter-on-quarter increase [2][13] - The adjusted EBITDA for Q4 2025 was CAD 591 million, up 12.8% year-on-year and 12.8% quarter-on-quarter [13] - Net earnings attributable to equity holders for Q4 2025 were CAD 199 million, compared to CAD 135 million in Q4 2024 [13]