Core Viewpoint - The metal market is currently in a state of tight supply-demand balance, with macroeconomic factors being the key drivers of metal price trends, including monetary policy, macro expectations, geopolitical dynamics, and supply disruptions [1][12]. Precious Metals - Geopolitical disturbances, particularly the US-Iran conflict, have led to a steady increase in precious metal prices, supported by ongoing central bank gold purchases. As of the end of January, China's gold reserves reached 74.19 million ounces, an increase of 40,000 ounces from the previous month, marking 15 consecutive months of reserve expansion [2][13]. - Specific price movements include SHFE gold rising by 3.29% to 1,147.90 CNY per gram, COMEX gold increasing by 4.24% to 5,296.40 USD per ounce, and London gold rising by 3.27% to 5,278.26 USD per ounce. Silver prices also saw significant increases, with SHFE silver up 16.34% to 23,019 CNY per kilogram [2][13]. - Recommended stocks in the precious metals sector include Zhongjin Gold, Chifeng Jilong Gold, Shandong Gold, and Zhaojin Mining [3][14]. Base Metals - The copper sector is characterized by a strong supply-demand dynamic, with prices supported by strategic stockpiling and rigid supply. Recent data shows SHFE copper prices increased by 3.53% to 103,920 CNY per ton, while LME copper rose by 2.93% to 13,343.5 USD per ton [4][15]. - In contrast, the aluminum sector faces a "macro positive, inventory pressure" scenario, with SHFE aluminum prices rising by 2.76% to 23,835 CNY per ton, but facing seasonal supply pressures and increasing inventories [5][16]. - Recommended stocks for copper include Jincheng Resources and Luoyang Molybdenum, while for aluminum, recommended stocks include Yun Aluminum and Tianshan Aluminum [4][5][15][16]. Energy Metals - The energy metals sector is experiencing strong demand and declining inventories, with lithium carbonate continuing to deplete. Recommended stocks include Ganfeng Lithium and Tianqi Lithium [7][19]. - The cobalt sector is facing tight raw material supplies, with companies extending their operations into downstream electric new energy sectors to enhance competitive advantages. Recommended stocks include Huayou Cobalt [7][19]. Rare Earth and Strategic Metals - The rare earth sector has seen price increases post-holiday, with prices for praseodymium-neodymium oxide and dysprosium oxide rising significantly. The report highlights the investment value of rare earths as strategic resources [8][20]. - The tungsten sector is benefiting from supply constraints and strategic pricing models, with recommended stocks including Xiamen Tungsten [8][20]. - The uranium sector has seen long-term price increases due to supply rigidity and nuclear power development, with recommended stocks including China Uranium [9][21].

晨会纪要 证券研究报告 2026 年 03 月 02 日 核心结论 分析师 【电子】2026 年电子年度策略：端云算力同频共振，自主可控步履铿锵 AI 硬件：国产 AI 芯片发展迅速，算力高景气度下，PCB、存储等供不应求。 半导体：全球资本开支重回增长轨道，晶圆扩产驱动设备国产化与先进封装 高景气。 端侧：AI 重塑终端形态，硬件升级与新兴品类开启新一轮创新周期。 【航海装备Ⅱ】船舶行业系列报告之二：船舶：摘取皇冠明珠，国产 LNG 船扬帆起航 LNG 运输船是现代造船工业皇冠上璀璨的明珠，其技术壁垒较高，是中国 造船业一直想要突破的高端船舶产品。2008 年 4 月 3 日，中国首制 14.7 万 立方米系列 LNG 船"大鹏昊"成功交付，打破了西方垄断 LNG 船市场的局 面，成功实现了"国轮国造"。 【计算机】英伟达 LPU 方案印证专用推理芯片的可行性 我们认为：英伟达将 LPU 整合进自身 AI 芯片体系，展现了专用推理芯片 （ASIC/DSA）在生成式 AI 推理计算中的重要性。这或将印证国产 AI 芯片 通过专业推理架构，在 AI 推理侧实现性能突破的可能性。AI 推理芯片的高 速迭代，或将推 ...

Investment Rating - The report maintains a "Buy" rating for several companies in the non-ferrous metals sector, including companies like Zijin Mining, Shandong Gold, and China Hongqiao [11]. Core Views - The geopolitical tensions, particularly between the US and Iran, are expected to boost the safe-haven appeal of precious metals like gold and silver [2]. - Despite inventory accumulation in copper, prices remain strong due to ongoing demand and strategic reserve considerations from both China and the US [3]. - The aluminum market is anticipated to experience price fluctuations as the consumption season approaches, supported by macroeconomic factors [4]. - Nickel prices are on an upward trend due to supply constraints and increased inquiries from steel mills [5]. - Tin prices are expected to remain strong amid renewed concerns over supply disruptions from Myanmar [8]. - Lithium prices are rising due to export bans from Zimbabwe, which may tighten supply in the coming months [9]. - Cobalt prices are showing strength as demand recovers with the resumption of production [10]. Summary by Sections Precious Metals - Geopolitical tensions are driving up demand for gold and silver as safe-haven assets, with specific companies recommended for investment [2]. Industrial Metals - **Copper**: Despite a significant increase in global copper inventories, prices remain resilient due to strategic reserve initiatives and expectations of domestic demand recovery [3]. - **Aluminum**: The market is expected to see price volatility as downstream production resumes post-holiday, with macroeconomic conditions remaining favorable [4]. - **Nickel**: Prices have increased by 4.7% to 141,560 CNY/ton, driven by supply constraints and demand from steel manufacturers [5]. - **Tin**: Prices are expected to experience strong fluctuations due to supply concerns stemming from Myanmar's political situation [8]. Energy Metals - **Lithium**: Prices have surged, with battery-grade lithium carbonate reaching 174,000 CNY/ton, influenced by export restrictions from Zimbabwe [9]. - **Cobalt**: The price of cobalt has risen by 3.4% to 440,000 CNY/ton, supported by recovering demand as production resumes [10]. Key Companies - Recommended companies for investment include Zijin Mining, Shandong Gold, and China Hongqiao, among others, reflecting strong growth potential in the non-ferrous metals sector [11].

Investment Rating - The report maintains a "Buy" rating for several companies in the non-ferrous metals sector, including companies like Zijin Mining, Shandong Gold, and China Hongqiao [11]. Core Insights - The geopolitical tensions, particularly between the US and Iran, are driving increased demand for precious metals as a safe haven, suggesting a strong long-term investment value in this sector [2]. - Despite a significant increase in copper inventories, the price remains strong due to ongoing demand and strategic reserve initiatives from both China and the US [3]. - The aluminum market is expected to experience short-term fluctuations, but overall demand is anticipated to recover as downstream production resumes [4]. - Nickel prices are on an upward trend due to supply constraints and increased inquiries from steel mills, indicating a positive outlook for the nickel market [5]. - Tin prices are expected to remain strong due to ongoing supply concerns from Myanmar and cautious purchasing behavior from downstream enterprises [8]. - Lithium prices are rising sharply due to export bans from Zimbabwe, which may tighten supply in the coming months [9]. - Cobalt prices are also showing strength as demand from precursor companies increases, with expectations of a stable recovery in the market [10]. Summary by Sections Precious Metals - The report highlights the benefits of precious metals in times of geopolitical uncertainty, recommending companies such as Xinyi Silver and Zijin Mining for investment [2]. Industrial Metals - **Copper**: The report notes a 32,200-ton increase in global copper inventories but emphasizes that prices remain resilient due to strategic reserve initiatives and ongoing demand [3]. - **Aluminum**: The aluminum market is experiencing a significant inventory build-up, but demand is expected to recover as production resumes post-holiday [4]. - **Nickel**: Nickel prices have increased by 4.7% to 141,560 CNY/ton, driven by supply constraints and demand from steel mills [5]. - **Tin**: The report indicates that tin prices may experience strong fluctuations due to supply concerns from Myanmar [8]. Energy Metals - **Lithium**: Lithium prices have surged, with battery-grade lithium carbonate reaching 174,000 CNY/ton, driven by supply disruptions from Zimbabwe [9]. - **Cobalt**: Cobalt prices have increased by 3.4% to 440,000 CNY/ton, with demand from precursor companies showing signs of recovery [10].

证券研究报告|行业研究周报 [Table_Date] 2026 年 3 月 1 日 节后多数金属价格继续回暖，后续仍看好关键 金属全面行情 [Table_Title2] 有色-能源金属行业周报 [Table_Summary] 报告摘要： ►印尼供应扰动提升市场供给偏紧预期，对镍矿价格或 有支撑 截止到 2 月 27 日，LME 镍现货结算价报收 17685 美元/ 吨，较 2 月 20 日上涨 3.09%，LME 镍总库存为 287976 吨， 较 2 月 20 日增加 0.09%；沪镍报收 14.15 万元/吨，较 2 月 13 日价格上涨 1.05%，沪镍库存为 60,791 吨，较 2 月 13 日增加 0.03%；截止到 2 月 27 日，硫酸镍报收 33 万元/吨，较 2 月 13 日价格上涨 0.30%。根据 SMM，政策端，市场正密切关注印 尼 ESDM 于 2026 年 2 月 10 日发布 2026 年镍矿 RKAB 配 额，司长 Tri Winarno 确认本年度获批产量仅为 2.6 亿至 2.7 亿 吨。这一紧缩趋势在重点项目中尤为显著：据 Eramet 官方消 息，WBN 收到的最初配 ...

节后多数金属价格继续回暖，后续仍看好关键 金属全面行情 [Table_Title2] 有色-能源金属行业周报 [Table_Summary] 报告摘要： ►印尼供应扰动提升市场供给偏紧预期，对镍矿价格或 有支撑 截止到 2 月 27 日，LME 镍现货结算价报收 17685 美元/ 吨，较 2 月 20 日上涨 3.09%，LME 镍总库存为 287976 吨， 较 2 月 20 日增加 0.09%；沪镍报收 14.15 万元/吨，较 2 月 13 日价格上涨 1.05%，沪镍库存为 60,791 吨，较 2 月 13 日增加 0.03%；截止到 2 月 27 日，硫酸镍报收 33 万元/吨，较 2 月 13 日价格上涨 0.30%。根据 SMM，政策端，市场正密切关注印 尼 ESDM 于 2026 年 2 月 10 日发布 2026 年镍矿 RKAB 配 额，司长 Tri Winarno 确认本年度获批产量仅为 2.6 亿至 2.7 亿 吨。这一紧缩趋势在重点项目中尤为显著：据 Eramet 官方消 息，WBN 收到的最初配额仅为 1200 万湿吨，较去年的 4200 万湿吨大幅缩减。整体市场将维持供需紧平 ...

光伏组件回收迎来"退役潮"，新国标出台助力行业步入"正规化" 【】【】[Table_Industry] 环保周报 [Table_ReportDate] 2026 年 2 月 28 日 15666646523.tcy 证券研究报告 行业研究——周报 [Table_ReportType] 行业周报 [Table_StockAndRank] 环保 投资评级 看好 郭雪环保联席首席分析师 执业编号：S1500525030002 邮箱：guoxue@cindasc.com 吴柏莹环保行业分析师 执业编号：S1500524100001 邮箱：wuboying@cindasc.com 信达证券股份有限公司 CINDASECURITIESCO.，LTD 北京市西城区宣武门西大街甲127号金隅大厦 B座 邮编：100031 [Table_Title] 光伏组件回收迎来"退役潮"，新国标出台助力行业 步入"正规化" 2026 年 2 月 28 日 本期内容提要: 请阅读最后一页免责声明及信息披露 http://www.cindasc.com2 上次评级 看好 [Table_Author] 化工行业： [Table_Summary ...

今日上午，科创芯片ETF（588200）、有色金属ETF（512400）以及电网设备ETF（159326）交投继续保持活跃，半日成交金额均在10亿元以上。跨境ETF 方面，恒生科技ETF（513130）交易金额略有减少，半日成交金额为34.51亿元。 | | | 半日交投活跃行业、主题ETF一览 | | | | --- | --- | --- | --- | --- | | 代码 | 名称 | 现价 | 涨幅 (%) | 总金额(元) | | 588200 | 科创芯片ETF | 2.693 | -1.25 | 18.47亿 | | 512400 | 有色金属ETF | 2.364 | 1.5 | 13.55亿 | | 159326 | 电网设备ETF | 1.945 | –1.67 | 12.80亿 | | 159516 | 半导体设备ETF | 1.893 | -2.77 | 10.06亿 | | 588170 | 科创半导体ETF | 1.852 | -2.73 | 9.51亿 | | 159206 | 卫星ETF | 1.873 | 0.81 | 8.83亿 | | 515880 | 通信ETF | ...

2月27日，三大指数涨跌不一，截至收盘，上证指数涨0.39%，深证成指跌0.06%，创业板指跌1.04%， 科创50涨0.15%。两市超过3100只股票飘红，两市成交额约2.49万亿元。 煤炭板块表现不俗，山西焦化（600740.SH）涨超6%，潞安环能（601699.SH）、陕西黑猫 （601015.SH）、大有能源（600403.SH）、安泰集团（600408.SH）、郑州煤电（600121.SH）上涨。 中金公司认为，钨价短期有望继续偏强运行，并持续创下新高。该机构指出，由于国内因品位下降、规 范化要求趋严等影响，供给侧产量收缩压力加大，同时海外其他主要增量项目的投产进度存在不确定 性，叠加地缘冲突持续不断和海外通胀压力抬升，全球钨供给增量需要更高的激励价格。 跌幅榜上，部分半导体、存储芯片、PCB概念走弱，中微公司（688012.SH）、盛美上海 （688082.SH）、生益科技（600183.SH）、明阳电路（300739.SZ）下挫。造纸板块亦走弱，恒达新材 （301469.SZ）跌超8%，五洲特纸（605007.SH）跌超7%，博汇纸业（600966.SH）、ST晨鸣 （000488.SZ）下挫 ...

稀土ETF（516780）及其联接基金（A类014331、C类014332）的基金管理人华泰柏瑞基金是国内 首批ETF管理人，多年致力为投资者提供投向透明、交易便捷、费率低廉的指数工具产品。旗下两大 ETF产品——沪深300ETF华泰柏瑞（510300）和A500ETF华泰柏瑞（563360）深受市场欢迎，规模位 居同类ETF首位，管理费率0.15%/年、托管费率0.05%/年，均为目前权益指数基金最低一档费率水平。 每日经济新闻 （责任编辑：董萍萍 ） 【免责声明】本文仅代表作者本人观点，与和讯网无关。和讯网站对文中陈述、观点判断保持中立，不对所包含内容 的准确性、可靠性或完整性提供任何明示或暗示的保证。请读者仅作参考，并请自行承担全部责任。邮箱： news_center@staff.hexun.com 受供给格局紧张下游补库影响，稀土价格近段时间持续上涨，推动稀土板块近期走强与稀土ETF （516780）成交放量。包头稀土产品交易所报价显示，氧化镨钕、金属镨钕、金属钕2026年2月26日均 价分别为88.61万元/吨、108.10万元/吨、113.63万元/吨，相较于节前分别上涨了4.57万元/吨、7.6 ...