#宁德时代受冲击较小、单位盈利可维持、继续强推。 宁德电池更多应用高收益率项目和海外市场。 动力端，宁德在高端车型中占比更高，成本敏感性低，因此需求冲击有限，我们仍预期公司今年排产1.1TWh，同 比增50%，出货量900GWh。 盈利端，最新电池报价已调整至接近0.4元/wh，已完全反应成本上涨。 【东吴电新】锂电：3月排产旺季将至，碳酸锂上涨影响可控，继续强推！ 观点重申： #锂价预计阶段性冲高、但上限相对可控。 津巴布韦政府宣布立即暂停所有原矿及锂精矿出口，26日碳酸锂主力期货高开18.8万，收盘17.3万，锂价阶段性冲 高，但我们预计津巴占总锂矿产能10%左右，不具备控盘能力，主要系想加工产能本土化，因为禁止出口为暂时 策略，影响短期运输，后续本土硫酸锂产能投产将稳定供给，且考虑下游储能成本 【东吴电新】锂电：3月排产旺季将至，碳酸锂上涨影响可控，继续强推！ 观点重申： #锂价预计阶段性冲高、但上限相对可控。 津巴布韦政府宣布立即暂停所有原矿及锂精矿出口，26日碳酸锂主力期货高开18.8万，收盘17.3万，锂价阶段性冲 高，但我们预计津巴占总锂矿产能10%左右，不具备控盘能力，主要系想加工产能本土化， ...

来源：@华夏时报微博 中矿资源所属津 巴布韦Bikita矿山200万吨/年锂辉石浮选厂。图源：公司财报 华夏时报记者 胡雅文 北京报道 2月26日，津巴布韦禁止锂精矿出口消息全面发酵，锂矿企业股价普遍承压，在当地有锂矿布局的上市 锂企跌幅更为明显。当日雅化集团（002497.SZ）下跌8.76%、盛新锂能（002240.SZ）下跌6.5%、中矿 资源（002738.SZ）下跌4.75%、华友钴业（603799.SH）下跌0.76%。锂矿股普遍跟跌之际，坐拥低成 本盐湖资源的盐湖股份（000792.SZ）股价逆势上涨7.76%。碳酸锂价格同步大幅上涨，现货和期货价格 一举冲破17万元/吨。而2月27日，锂价上涨预期升温，多数锂矿股实现翻红，上述下跌标的纷纷低开高 走，而盐湖股份股价则是回调微跌。 中矿资源方面告诉《华夏时报》记者，"禁令刚刚实施，公司正在积极沟通跟进。目前来说，该禁令影 响为阶段性，不具长期性。"2月26日，鑫椤资讯高级研究员钱艺告诉记者，"自有矿本是优势，锂精矿 无法运出对相关企业来说当属利空。"在他看来，在美国加速布局关键矿产资源的背景下，非洲、澳洲 和南美供给出现扰动都在预期之内，由于津巴 ...

每经AI快讯，有投资者在投资者互动平台提问：高铝钛高温合金紧固件材料，目标应用于航空航天飞 行器、深海设施等极端环境。是否属实？ 永兴材料（002756.SZ）2月27日在投资者互动平台表示，公司子公司永兴特钢自主研发的"高铝钛沉淀 强化型铁镍基高温紧固件材料"可应用于航空航天、汽车工业、深海设施等高端制造领域，目前在汽车 工业领域已实现批量销售，在航空航天领域实现初步销售，深海设施暂无应用实例。 （文章来源：每日经济新闻） ...

Core Viewpoint - Zimbabwe's sudden ban on all raw mineral and lithium concentrate exports has triggered a significant market reaction, with lithium carbonate futures surging over 11% to exceed 160,000 yuan/ton, indicating a potential new cycle in the lithium market driven by supply disruptions and surging demand from energy storage batteries [1][2][3]. Supply Side - The ban from Zimbabwe is expected to have a short-term impact, with current compliant export capacity limited to 25,000 tons of lithium carbonate equivalent (LCE) in 2026, increasing to 60,000 tons in 2027 [3][5]. - The global lithium supply is projected to be approximately 202,000 tons of LCE in 2026, with demand expected to reach around 201.7 million tons, indicating a tight supply-demand balance [22]. - The recovery of lithium production in Australia is anticipated to take at least a quarter, with many projects still in the planning stages, which limits immediate supply response to rising prices [8][12]. Demand Side - The demand for lithium is increasingly driven by energy storage, with global shipments of storage batteries expected to reach 900 GWh in 2026, translating to a demand for approximately 540,000 tons of LCE, a 50% year-on-year increase [16][18]. - Despite a temporary slowdown in demand for power batteries due to policy changes, the overall demand for lithium is expected to rebound significantly in 2026, with projections of 1.9 million electric vehicles sold in China, a 15.2% increase year-on-year [16][18]. Pricing Dynamics - The current low inventory levels, with social stocks of lithium carbonate dropping to around 10,300 tons, have significantly amplified price elasticity, leading to a market that is trading on "shortage driven by restocking" rather than waiting for supply-demand equilibrium [18][24]. - The pricing logic in the lithium market is shifting from "current period looseness" to "future period tightness," as financial attributes of lithium are becoming more pronounced, with market participants pricing in future scarcity [25][26]. Geopolitical Factors - The emergence of a "Lithium OPEC" in South America, involving Argentina, Bolivia, and Chile, aims to regain pricing power over lithium resources, which could further complicate supply dynamics [6][7]. - Geopolitical and policy variables, such as nationalization efforts in Chile and Mexico's strategic designation of lithium, are expected to layer additional pricing options that could influence market dynamics over time [6][7]. Future Outlook - Analysts predict that lithium carbonate prices could exceed 200,000 yuan/ton in the short term, supported by low inventory, concentrated supply disruptions, and the upcoming demand peak [26]. - The long-term outlook remains uncertain, with differing views on whether prices above 200,000 yuan/ton will be sustainable or if they represent a temporary window before supply increases catch up [26].

智通财经APP获悉，中信建投发布研报称，此前对锂电的担忧主要为淡季排产回调、碳酸锂涨价影响储 能IRR;当前随着旺季来临以及储能114号文明确储能容量电价，锂电板块已经到了右侧布局位置。后续 主要催化来自：①春节后新车上市、储能装机启动下季节性走强;②储能国央企基于114号文的稳定收入 预期下入局具备托底;③供需周期下上游材料有望继续涨价;④锂电企业经历三年的业绩下行后迎来同比 走强，25年和26Q1业绩均有望超预期。 中信建投主要观点如下： 本轮锂电新周期主要系储能推动 复盘上一轮新能源车启动的锂电周期，2021年起涨幅领先行业及指数，整体的涨跌周期提前行业产能变 化6-12个月，提前价格反转3-6个月。本轮周期根本逻辑在于新能源发电渗透率提升和储能系统成本下 降的共振，核心驱动在于136号文推动新能源全面入市，峰谷价差拉大，以及114号文出台明确储能容量 电价，给予储能稳定的收入预期。从收益模式来看，容量电价基于项目稳定的保底收益，结合峰谷套 利，独立储能可获得5%-20%全投资IRR。该行预计储能26年新增装机491GWh，同比+62.6%。 潜在需求超预期来自商用车、欧洲乘用车以及出口抢装等 预计20 ...

Group 1: Rare Earth and Tungsten Industry - The company is one of the six major rare earth groups in the country, having completed the integration of rare earth resources in Fujian Province [2] - The company possesses a complete tungsten industry chain, with significant competitive advantages in tungsten mining, smelting, powder, wire materials, and hard alloy deep processing [2] - The company is the first in China to develop and produce ITER filter tungsten probe components for nuclear fusion devices, capable of precision machining large-sized ITER-grade tungsten materials [2] Group 2: Data Center and AI Computing - The company is planning to acquire a stake in Xiantian Computing and aims to leverage it to acquire control of Zhengzhou Heying, which focuses on third-party large-scale data center operations [3] - The company is collaborating with Alibaba Cloud to jointly invest 15.8 billion yuan in building a cloud computing data center in Zhejiang [3] - The company has established a large data center in Xinjiang Hami, with a total computing power exceeding 80,000 P [3] Group 3: Power and Energy Sector - The company has acquired Honghe Power, a major thermal power plant in southern Yunnan, with a certified installed capacity of 1,300 MW [5] - The company is a leading player in the composite insulator market for high-voltage transmission lines, with a net profit growth of 177.52% year-on-year [5] - The company is expected to achieve a profit of 300 million to 360 million yuan by 2025, marking a turnaround from previous losses [5] Group 4: Semiconductor and AI Technology - The company has developed a low-code platform that integrates AI capabilities and has been applied in various sectors including power, aerospace, and manufacturing [4] - The company is a leading domestic player in crystal oscillators, with products applicable in optical communication and navigation systems [4] - The company has launched a series of AI products and is involved in the construction of AI computing centers across the country [4] Group 5: Renewable Energy and Materials - The company is a leader in the photovoltaic aluminum frame market, with a global market share exceeding 18% [5] - The company is investing 600 million yuan to build a project for producing 10,000 tons of iron phosphate battery precursor materials annually [8] - The company has established a comprehensive lithium battery supply chain, including mining, selection, and processing of lithium carbonate [8]

首席周观点：2026 年第 8 周 2026 年 2 月 26 日 首席观点 周度观点 张天丰 | 东兴证券金属首席分析师 S1480520100001，021-25102914，Zhang_tf@dxzq.net.cn 金属行业：小金属板块估值及收益弹性显现释放 DONGXING SECURITIES 东兴证券研究报告 首席周观点：2026年第8周 P1 金属行业的供需结构明显优化。从供给端观察，金属行业上游已处于弱供给周期，全球矿业 的供给状态在 2028 年前或延续强刚性化特征并且已显现产业链环节的垂直化扩散。从需求 端观察，绿色低碳能源转型、新质生产力发展及算力资本周期的来临或将提振多金属品种需 求曲线右移。 流动性周期的切换有助于金属价格的弹性释放。尽管 2025 年全球货币政策已由紧缩周期转 向宽松周期，但降息缩表的操作方式或将在 2026 年逐渐常态化，全球央行资产负债表的再扩 张或推动本就供需状态紧平衡的小金属品种获得流动性溢价。本文，我们将对稀土、铷铯、 锂、锑、钼和镁等小金属品种的基本面状态进行供需梳理和未来变化趋势的预测。我们认为， 金属行业的供需结构优化及流动性溢价或再次提振小金属板块 ...

历史数据显示，A500指数走势与人民币汇率存在较为显著的正相关关系，人民币升值窗口A500指数往 往表现较好。A500ETF基金（512050）助力投资者一键布局A股核心资产，把握A股估值抬升红利。该 ETF具备费率低（综合费率仅0.2%）、流动性好（近一年日均成交额位居同类第一）、规模大（规模超 350亿元）等核心优势。其跟踪中证A500指数，采取行业均衡配置与龙头优选双策略，中证全部35个细 分行业全覆盖，融合价值与成长属性，无惧风格轮动。相比沪深300，超配AI产业链、医药生物、电力 设备新能源、国防军工等新质生产力行业，具备天然的哑铃投资属性。 （文章来源：每日经济新闻） 2月27日，A股三大指数低开，光伏设备、稀土永磁、有色金属、钢铁、电力板块持续上扬，光通信、 CPO概念算力硬件板块回调。A500ETF基金（512050）午后强势翻红，截至14：55，跌幅达0.24%。持 仓股中，中国天楹、湖南黄金、烽火通信、永兴材料、厦门钨业等多股涨停，新易盛、中际旭创、天孚 通信、北京君正等前期热门股纷纷下挫。 消息面上，春节过后，人民币兑美元汇率迎来连续升值。2月26日，美元兑离岸人民币一度跌破6.83整 ...

走势上看，新华500指数（989001）27日早间低开，随后窄幅震荡，午后指数一度翻红，最终微幅收跌。指数盘中最高触及5362.34点，最低触及5323.45点， 成分股全天总成交额报8572亿元，成交额较上一交易日略有减少。 成分股方面，厦门钨业、永兴材料、环旭电子、包钢股份等成分股涨幅居前；盛美上海、高德红外、中际旭创、思源电气等成分股跌幅靠前。 转自：新华财经 新华500指数由国家金融信息平台•新华财经发布，新华指数（北京）有限公司运营维护，指数度量A股主要大中市值股票价格水平。关于新华500指数的详 细信息，请参见新华财经客户端。 新华财经北京2月27日电（胡晨曦）新华500指数（989001）2月27日收盘跌0.02%，报5355.52点。 编辑：罗浩 ...

2月27日，永兴材料涨5.41%，截至发稿，报62.19元/股，成交8.61亿元，换手率3.69%，总市值335.27亿 元。永兴材料股价已经连续6天上涨，区间累计涨幅23.69%。 资料显示，永兴特种材料科技股份有限公司位于浙江省湖州市霅水桥路618号，成立日期2000年7月19 日，上市日期2015年5月15日，公司主营业务涉及不锈钢及特殊合金材料等特种金属材料棒线材的研 发、生产和销售。主营业务收入构成为：棒材47.71%，线材24.66%，碳酸锂20.10%，其他7.53%。 从基金十大重仓股角度 数据显示，鹏华基金旗下1只基金重仓永兴材料。鹏华国证钢铁行业指数(LOF)A（502023）四季度减持 8.89万股，持有股数67.66万股，占基金净值比例为4.72%，位居第四大重仓股。根据测算，今日浮盈赚 取约215.83万元。连续6天上涨期间浮盈赚取764.52万元。 鹏华国证钢铁行业指数(LOF)A（502023）成立日期2015年8月13日，最新规模3.4亿。今年以来收益 10.8%，同类排名1525/5574；近一年收益33.67%，同类排名1699/4326；成立以来收益47.73%。 责任编 ...