股票研究 /[Table_Date] 2026.02.02 鹰派扰动，价格巨震 [Table_Industry] 有色金属 | [姓名table_Authors] | 电话 | 邮箱 | 登记编号 | | --- | --- | --- | --- | | 李鹏飞(分析师) | 010-83939783 | lipengfei2@gtht.com | S0880519080003 | | 魏雨迪(分析师) | 021-38674763 | weiyudi@gtht.com | S0880520010002 | | 刘小华(分析师) | 021-38038434 | liuxiaohua@gtht.com | S0880523120003 | | 王宏玉(分析师) | 021-38038343 | wanghongyu@gtht.com | S0880523060005 | | 梁琳(分析师) | 021-23185845 | lianglin@gtht.com | S0880525070014 | | 李阳(分析师) | 021-23185618 | liyang7@gtht.com | S088052504 ...

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2026年1月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 中國宏橋集團有限公司 呈交日期: 2026年2月2日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 (註1) | | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 01378 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 20,000,000,000 | USD | | 0.01 | USD | | 200,000,000 | | 增加 / 減少 (-) | | | | | | | USD | | | | 本月底結存 | | | 20,000,000,000 | USD | | 0.01 | USD | | 200,000,000 | 本月底法定/ ...

证 券 研 究 报 告 【策略月报】 红利内部轮动模型：迈向周期与制造 ——多行业联合红利资产 1 月报 策略研究 策略月报 2026 年 02 月 01 日 华创证券研究所 证券分析师：姚佩 邮箱：yaopei@hcyjs.com 执业编号：S0360522120004 证券分析师：吴一凡 邮箱：wuyifan@hcyjs.com 执业编号：S0360516090002 证券分析师：徐康 电话：021-20572556 邮箱：xukang@hcyjs.com 执业编号：S0360518060005 证券分析师：马野 邮箱：maye@hcyjs.com 执业编号：S0360523040003 相关研究报告 《【华创策略】杠杆&ETF 资金分化趋势逆转—— 流动性&交易拥挤度&投资者温度计周报》 2025-12-01 《【华创策略】自媒体 A 股搜索热度重回高位— —流动性&交易拥挤度&投资者温度计周报》 2025-11-25 《【华创策略】60 日均线的机遇挑战——策略周 聚焦》 2025-11-23 《【华创策略】股票型 ETF 为当前流入主力—— 流动性&交易拥挤度&投资者温度计周报》 2025-11-1 ...

Investment Rating - The report provides a "Buy" rating for several companies in the non-ferrous metals sector, including Shandong Gold, Zijin Mining, and China Hongqiao [9]. Core Views - The macroeconomic sentiment has cooled, leading to a general decline in metal prices, particularly in precious metals where silver and gold experienced significant drops [1]. - The report highlights the ongoing supply constraints in the copper market, with major mining companies reducing their production forecasts due to capacity limitations [2]. - The aluminum market is expected to experience short-term fluctuations due to geopolitical tensions and macroeconomic policies, with demand anticipated to recover as the peak season approaches [3]. - Nickel prices have shown volatility, influenced by macroeconomic sentiment and supply-side cost pressures, with expectations of limited downside due to rising production costs [4]. - Tin prices are supported by macroeconomic factors and supply chain bottlenecks, although demand remains weak ahead of the Chinese New Year [5]. - Lithium prices have retreated from highs due to regulatory impacts and market liquidity tightening, but there is expected support from supply-side maintenance and pre-holiday stocking [6]. Summary by Sections Precious Metals - Significant declines in silver and gold prices were noted, with silver dropping 36% and gold falling over 12% in a single day [1]. - Companies to watch include Xinyi Silver, Shengda Resources, and Zijin Mining [1]. Industrial Metals - Copper inventories increased globally, with a notable rise in U.S. stocks, while Chinese inventories decreased [2]. - The report suggests monitoring companies like Zijin Mining and Luoyang Molybdenum [2]. - Aluminum production is stable, but demand is fluctuating due to seasonal factors and geopolitical issues [3]. - Nickel prices fell by 5.4% due to macroeconomic sentiment, with supply-side cost pressures expected to limit further declines [4]. Energy Metals - Lithium prices have decreased, with battery-grade lithium carbonate dropping 5.6% to 160,000 CNY/ton [5]. - The report indicates that companies like Ganfeng Lithium and Tianqi Lithium should be monitored [5]. Cobalt - Cobalt prices have stabilized, with a slight increase in electrolytic cobalt prices [8]. - Companies to focus on include Huayou Cobalt and Liyuan Resources [8]. Company Announcements - Zijin Mining announced a significant acquisition of a gold mining company, which could enhance its resource base [36]. - Huayou Cobalt signed a cooperation agreement for an integrated battery supply chain project in Indonesia [36]. - Tianqi Lithium reported progress on its lithium production expansion project [36].

（来源：信德海事） 2026年1月17日11时48分，浙江舟山市嵊泗县马迹山港汽笛长鸣，韦立国际集团自有20万吨级散货船"韦立青年"轮（MV WINNING YOUTH）稳稳靠泊于2 号码头。这艘历经46天远洋航程的船舶，成功将西芒杜铁矿项目首批近20万吨高品位铁矿石从几内亚马瑞巴亚港送达中国，标志着这座全球储量最大、品 质最高的绿地铁矿正式融入全球贸易体系，其"矿山—铁路—港口—航运—国内接收"全程供应链一体化通道全面贯通，为全球铁矿石航运及钢铁产业链格 局注入新动能。 图片来源：中国宝武 图片来源：韦力国际 船舶顺利抵港及高效周转，离不开多方协同保障。宝武资源所属嵊泗宝捷充分发挥口岸协调优势，提前与海关、边检、海事等联检单位深度对接，启动联 合登临检查机制，通过海事航道清障巡逻艇全程护航、海关无人机送样优化监管、边检线上通关简化流程等举措，实现船舶到港"零延迟查验""零等待作 业"。货轮稳泊后，红褐色铁矿石经卸船机抓取、传送带输送至堆取料场，首船中2.4万吨铁矿石将由宝武资源自有船舶"宝航16轮"转运至宝钢股份宝山基 地，形成"远洋运输—国内中转—钢厂直供"的闭环运作。 韦立国际集团常务副总裁孙思远强调， ...

报告期内，宏桥控股实施重大资产重组，通过发行股份的方式购买山东宏拓实业有限公司(宏拓实 业)100%股权，于2025年12月31日完成资产交割及股权工商变更等相关工作，宏拓实业纳入宏桥控股合 并报表范围。由于宏桥控股与宏拓实业属于同一最终控制方，该交易构成同一控制下的企业合并，根据 相关企业会计准则的规定，宏桥控股已对上年同期财务数据进行了追溯调整。上述调整后的上年同期数 据未经审计。同一控制下企业合并产生的子公司期初至合并日的当期净损益约人民币180–210亿元，计 入非经常性损益项目。 中国宏桥(01378)发布公告，本公司的间接附属公司山东宏桥铝业控股股份有限公司(宏桥控股 （002379）)(002379.SZ)预计2025年度归属于宏桥控股股东的净利润为人民币170亿-200亿元;扣除非经 常性损益后的净利润为人民币3亿-4.1亿元;基本每股收益人民币1.3046元-1.5348元。 ...

报告期内，宏桥控股实施重大资产重组，通过发行股份的方式购买山东宏拓实业有限公司(宏拓实 业)100%股权，于2025年12月31日完成资产交割及股权工商变更等相关工作，宏拓实业纳入宏桥控股合 并报表范围。由于宏桥控股与宏拓实业属于同一最终控制方，该交易构成同一控制下的企业合并，根据 相关企业会计准则的规定，宏桥控股已对上年同期财务数据进行了追溯调整。上述调整后的上年同期数 据未经审计。同一控制下企业合并产生的子公司期初至合并日的当期净损益约人民币180–210亿元，计 入非经常性损益项目。 智通财经APP讯，中国宏桥(01378)发布公告，本公司的间接附属公司山东宏桥铝业控股股份有限公司 (宏桥控股)(002379.SZ)预计2025年度归属于宏桥控股股东的净利润为人民币170亿-200亿元;扣除非经常 性损益后的净利润为人民币3亿-4.1亿元;基本每股收益人民币1.3046元-1.5348元。 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不負責，對其準確性或完 整性亦不發表任何聲明，並明確表示概不就因本公告全部或任何部份內容而產生或因依賴該等內容 而引致之任何損失承擔任何責任。 本公司的間接附屬公司山東宏橋鋁業控股股份有限公司（「宏橋控股」，前稱山東宏創鋁業控股股份有 限公司，股票代碼：002379.SZ）已於深圳證券交易所刊發其2025年度業績預告（「業績預告」）。 本公司謹此提供以下業績預告的內容節錄： China Hongqiao Group Limited 中國宏橋集團有限公司 （根據開曼群島法例註冊成立的有限公司） （股份代號：1378） 自願公告 本公告乃中國宏橋集團有限公司（「本公司」）自願作出。 就進一步詳情，請參閱宏橋控股於深圳證券交易所網站內披露的業績預告（https://www.szse.cn/ disclosure/listed/bulletinDetail/index.html?b0e8fe6f-b627-495e-b86d-ac0e79eaa655）。 投資者應注意不可過份依賴有關資料，於買賣本公司股份時務請審慎行事。 承董事會命 | 項目 | 本報告 ...

Group 1 - The core viewpoint is that the demand for aluminum is entering a new cycle supported by emerging economies, with a projected CAGR of 2.3% from 2025 to 2030 [1] - Domestic aluminum production capacity has reached its peak, while supply constraints in Europe and the U.S. due to energy shortages are expected to limit recovery, leading to a systematic decline in global supply growth with a CAGR of 1.4% from 2025 to 2030 [1] - The demand side is benefiting from fiscal and monetary easing, with traditional demand expected to be boosted, and new drivers such as energy storage and data centers emerging as new engines for aluminum demand [1] Group 2 - Chinese aluminum companies are accelerating their overseas expansion into regions like Southeast Asia, Africa, and the Middle East due to domestic bauxite shortages and production capacity limits since 2017 [2] - Companies that are first to expand overseas will build a first-mover advantage by securing resources and energy-rich areas [2] Group 3 - The continuous expansion of the supply-demand gap for electrolytic aluminum, combined with global fiscal and monetary policy support, is expected to drive aluminum prices to new highs, with low-cost maintenance leading to increased profit margins per ton of aluminum [3] - Current average valuation for electrolytic aluminum companies is around 10 times, indicating significant upward revaluation potential during price increases, suggesting a favorable environment for the sector [3] Group 4 - Investment recommendations focus on three selection criteria: companies with high capacity and market value that show significant performance elasticity with rising aluminum prices; companies with overseas expansion capabilities and strong growth potential; and prioritizing companies with high self-sufficiency in alumina, especially if alumina prices are at a low point [4] - Recommended stocks include China Hongqiao (01378), Aluminum Corporation of China (601600.SH, 02600), Tianshan Aluminum (002532.SZ), Nanshan Aluminum (600219.SH, 02610), and Huatong Cable (605196.SH) [4]

Group 1: Domestic News - President Xi Jinping met with UK Prime Minister Starmer, emphasizing the need for a long-term stable comprehensive strategic partnership between China and the UK, focusing on mutual trust and win-win economic cooperation in various sectors including education, healthcare, finance, and technology [2] - The Ministry of Civil Affairs plans to explore the establishment of a civil affairs technology innovation fund through investment and financing channels to support the development and application of suitable technology products, aiming for significant advancements by 2030 [3] - The State Council issued a work plan to accelerate the cultivation of new growth points in service consumption, encouraging financial institutions to increase credit support for relevant business entities, which is expected to play a crucial role in driving high-quality economic development during the 14th Five-Year Plan period [4] Group 2: Commodity Market - The World Gold Council reported that China's gold investment and consumption demand is expected to reach a historical high in 2025, with total demand projected at 1,003 tons, a 6% year-on-year increase, and a monetary value of 796 billion yuan (approximately 111 billion USD), marking a 53% surge [5] Group 3: Bond Market - On January 29, the bond market showed a mixed performance, with the 10-year government bond yield slightly decreasing by 0.05 basis points to 1.8155%, while the 10-year policy bank bond yield increased by 0.65 basis points to 1.9575% [11] - The central bank conducted a reverse repurchase operation of 354 billion yuan with a fixed rate of 1.40%, resulting in a net cash injection of 143.8 billion yuan for the day [8] - The convertible bond market experienced a collective decline, with major indices dropping by 0.70% to 0.96%, and a total trading volume of 87 billion yuan, reflecting a significant increase from the previous trading day [15]