Core Viewpoint - Bank of America maintains a strong bullish stance on the metals market in China, particularly for gold, copper, aluminum, and lithium, driven by tighter supply and structural demand from electrification and AI trends [1][2] Group 1: Market Outlook - The copper market is expected to face a supply gap of approximately 500,000 to 600,000 tons by 2026/27, with demand driven by electrification, including power grids, electric vehicles (EVs), energy storage systems (ESS), and AI infrastructure [2] - The aluminum sector in China is projected to have a price target of RMB 23,000 per ton by 2026, with industry profits expected to remain in the historical high range of RMB 6,000 to 7,000 per ton [2] Group 2: Stock Recommendations - Bank of America identifies China Aluminum (Chinalco) and China Hongqiao as top picks in the aluminum sector, raising their 2026 earnings expectations and providing valuation anchors of approximately 10x and 9x 2026E P/E, respectively [3] - The target price for China Hongqiao has been increased to HKD 48 from a previous target of HKD 45, supported by strong aluminum price expectations and the company's vertical integration model, which positions it in the lowest cost quartile globally [3]

福布斯富豪榜近期又更新了。这次前十名单里，多了一个很多人不太熟的名字——魏桥集团郑淑良，80岁，身家327亿美元，排在第八位。在一堆讲 科技、讲创新、讲颠覆的财富故事里，她这条路径显得朴素得有点"过时"。 以下文章来源于金融八卦女频道 ，作者身披铠甲的方方 金融八卦女频道 . 有深度、有温度、有态度，在这里读懂财富。 福布斯富豪榜近期又更新了。 榜单上的大多数名字，大家已经很熟。不过，这次前十名单里，多了一个很多人不太熟的名字——魏桥集团郑淑良，80岁，身家327亿美元，排在第 八位。 | 排名 | 姓名 | 财富来源 | 财富 | | --- | --- | --- | --- | | 1 | 张一鸣 | 字节跳动 | 693 | | 2 | 钟滕滕 | 农夫山泉/万泰生物 | 680 | | 3 | 马化腾 | 腾讯 | 627 | | पो | 曾毓群 | 宁德时代 | 562 | | 5 | 丁磊 | 网易 | 449 | | б | 黄峥 | 拼多多 | 424 | | 7 | 李嘉诚 | 长江实业 | 424 | | 8 | 郑淑良 | 中国宏桥/山东魏桥创业 | 327 | | ਰੇ | 何享健 ...

行业周报 | 有色金属 美伊冲突升级，持续看好贵金属+战略小金属 有色金属行业周报（2026.2.15-2026.3.1） 本周核心关注三：缅北武装冲突再起，引发市场锡矿供应担忧 据 SMM，2026 年 2 月中下旬以来，缅甸掸邦北部局势再度紧张，引发市场 对缅甸锡矿供应链的担忧。此次冲突区域为贵概（Kutkai）地区。由于曼相 矿区深处佤邦腹地，地理位置偏东，与贵概相距较远，暂未受到贵概战火的 直接波及，锡矿跨境发运也暂未面临实质性阻断风险。不过鉴于缅北整体地 缘政治形势复杂多变，市场仍需持续关注边境地区可能引发的连锁反应。 本周核心关注四：美国最高法院裁决判定依据《国际紧急经济权力法》征收 的关税违法，但特朗普警告将采取更高关税措施 2026 年 2 月 20 日，美国最高法院裁定，特朗普政府依据《国际紧急经济权 力法》实施的相关大规模关税措施缺乏明确法律授权。不过，美最高法院的 这项裁决仅限制总统通过《国际紧急经济权力法》实施关税，并未完全剥夺 其征收关税的权力。裁决公布后，特朗普 20 日转而依据《1974 年贸易法》 第 122 条，宣布加征"全球进口关税"，税率 10%，为期 150 天，以取代 ...

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].

（文章来源：每日经济新闻） 每经AI快讯，3月2日，中国宏桥(01378.HK)午后涨超8%，截至发稿涨8.01%，报38.3港元，成交额14.44 亿港元。 ...

证券研究报告·策略报告·策略点评 策略点评 20260302 科技阵痛与地缘阴霾交织，静待"两会"破 局之机——港股周观点 [Table_Summary] ◼ 一、本周回顾（2026/2/23-2/27）：全球主要市场涨跌互现，韩国综指、日 经 225 指数涨幅居前，印度 SENSEX30、恒生科技指数跌幅居前。恒生科 技下跌1.4%，恒指上涨0.8%，恒生国企下跌1.1%。行业上，原材料业（4.8%）、 金融业（2.9%）、地产建筑业（2.8%）领涨；医疗保健业（-5%）、非必需 性消费（-1.8%）领跌。 本周港股表现分化。美股围绕英伟达财报和"HALO"交易，市场对 AI 支 出的担忧持续，谨慎对待轻资产"代码"叙事。在地缘风险持续上升和中东 冲突的背景下，重资产特性的企业和实物资产在近期成为共识的避险选择， 原材料、能源、工业等中上游行业获得资金青睐。 南向资金减速流入。港股通净流入 67 亿元，港股成交额占比降至本周 32%。 净流入：资讯科技业、非必需性消费、地产建筑业；净流出：电讯业、公用 事业。净买入 TOP：美团、小米集团、腾讯。 本周内地投向中国香港市场的 ETF（港股通+QDII）净流入 ...

广发证券研报指出，电解铝需求改善的背景下，供给的强约束将更加突出，铝价上行弹性不可忽视。截 至2025年3月末，中国宏桥具有电解铝产能645.9万吨，产销持稳，成本下降，预计2026年铝价上涨将带 来公司核心的利润弹性。国泰海通则预计公司未来的股息支付能力将有所增强，该行认为该公司在香港 股市仍是一只极具吸引力的高股息股票。 智通财经APP获悉，中国宏桥(01378)午后涨超8%，截至发稿，涨8.01%，报38.3港元，成交额14.44亿港 元。 消息面上，美伊冲突正持续发酵。据中信建投证券，中东六国约700万吨电解铝，特别是伊朗近80万吨 电解铝将面临原料输入和成品输出的双向威胁。该行认为，美伊冲突升级对铝的潜在影响或体现为伊朗 减产到中东六国稳定生产受威胁，主要是海上运输通道若遭封锁，氧化铝进不去，电解铝出不来，势必 会造成全球铝供应的缺失。全球电解铝最新库存为162万吨，抗供应冲击的能力较弱，美伊冲突将对铝 价构成上行驱动。 ...

Investment Rating - The report maintains a "Buy" recommendation for precious metals due to rising geopolitical tensions and increased demand for safe-haven assets [2]. Core Views - The report highlights that the escalation of the Middle East situation, particularly the military actions between the US and Iran, is expected to boost the performance of precious metals as investors seek refuge from market volatility [3]. - It emphasizes that Iran's significant share in global production of certain metals, such as strontium and direct reduced iron (DRI), could lead to price fluctuations in these commodities due to potential supply disruptions [4][6]. - The long-term outlook for precious metals remains positive, with expectations of a super cycle for gold driven by central bank purchases and sustained investment demand [3]. Summary by Sections Industrial Metals - The report notes that Iran's military conflict may impact its production capabilities, particularly in metals where it holds a high global market share, such as strontium (56% of global production) and DRI (24% of global production) [4][5]. - Copper and zinc are identified as critical metals with significant implications for global supply chains, especially in light of potential disruptions in the Middle East [6]. Precious Metals - The report anticipates that geopolitical tensions will enhance the appeal of gold and silver as inflation hedges, with gold prices expected to rise in response to increased demand [3]. - The report also discusses the potential for silver prices to be more volatile due to its dual role as an industrial and financial asset [3]. Aluminum Industry - The report indicates that the ongoing conflict may tighten the global aluminum supply, particularly if Iranian production is affected, which could lead to price increases [11][12]. - It highlights that the aluminum market is currently in a state of tight balance, with potential for price support due to supply constraints [11]. New Energy Metals - The report discusses Zimbabwe's ban on lithium exports, which is expected to tighten the global lithium market and support prices [15][16]. - It suggests that the rise of resource nationalism may lead to increased control over strategic metals, impacting their pricing and availability [15].

公司名稱: 中國宏橋集團有限公司 呈交日期: 2026年3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/註冊股本總額： USD 200,000,000 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2月28日 狀態: 新提交 致：香港交易及結算 ...

地缘政治冲突驱动贵金属和稀有金属价格上涨，避险情绪利好贵金属， 战争消耗品逻辑下，稀土和钨等小金属因海外短缺和国内主导而受益， 尤其关注锑、锗、镓等军用相关品种。 空天作战对重稀土需求旺盛，镝、铽、钇等元素尤为稀缺，中国掌握高 纯工艺，出口管制导致海外氧化钇价格暴涨至国内 80 多倍，加剧美国 战斗机"难产"和日本氧化锆产业链停产风险。 重稀土海外报价仍有显著上行空间，国内价格相对稳定，应关注具备 "深加工顺价"能力的氧化锆瓷块产业链，如爱迪特与国瓷材料，美伊 冲突强化军工消耗预期，可能加剧氧化钇、氧化铽等品种的稀缺性。 轻稀土供需格局因政策变化而显著改变，基本面强劲，上半年供给收缩 确定，氧化钕价格预计仍有较大上涨空间，市场对稀土全产业链的主导 地位与战略属性再认识提升了估值容忍度。 陆地战中钨作为穿甲弹核心材料受益，中国掌控全球 85%的钨供给，国 内矿山品位下滑，制造业刀具需求复苏，钨精矿价格有望突破 120 万元 /吨，关注中钨高新、厦门钨业等。 Q&A 在美伊冲突背景下，资源品板块的核心投资机会如何把握，主要逻辑链条是什 么？ 无论美伊冲突持续时间长短及最终收尾方式，对资源品板块整体均构成"戴维 斯 ...