热点栏目 自选股 数据中心 行情中心 资金流向 模拟交易 客户端 卓创资讯分析师 张国梁 [导语] 马年春节过后，纺织服装行业逐步复工，乙二醇作为聚酯产业链的核心原料之一，其市场表现与 下游复工节奏深度绑定。春节前后，受长假下游停工带来的季节性因素影响，乙二醇市场经历了阶段性 明显累库，现货价格承压运行；春节后下游聚酯及终端逐步复工，叠加乙二醇检修规模提升，市场供需 结构呈现边际改善态势，远期预期相对乐观。但值得注意的是，当前终端织造、印染、服装家纺等环节 尚未完全恢复至节前水平，需求回升的持续性仍需进一步验证，短期市场仍处于多空博弈阶段。 春节长假前后，乙二醇市场迎来季节性累库周期，现货市场压力持续攀升。聚酯产业链作为典型的季节 性行业，春节期间终端织造、服装工厂普遍进入停车放假状态，聚酯需求端陷入停滞，此阶段聚酯工厂 出现较为集中的减产、检修，乙二醇需求趋势性下滑。而乙二醇生产企业并未同步大规模减产，同时受 春节期间物流运输受限影响，油制乙二醇工厂存在较为集中的由环氧乙烷切换至乙二醇的操作，带动春 节假期乙二醇开工小幅度提升，供应端保持相对高位。 与此同时，在3月乙二醇检修计划逐步落地后，供应端压力将得到 ...

湖南黄金深度布局锑相关业务，拥有集矿山勘探、开采、选矿、冶炼、精炼、深加工及销售于一体的完 整产业链，公司拥有4万吨/年多品种锑产品生产线，2024年锑原料(锑精矿及其他)产量为46,223吨(金属 量)，同比增长13.1%;锑锭产量为66,534吨，同比增长0.5%;三氧化二锑产量为91,700吨，同比下降 4.8%。 锑产业上市公司汇总 行业主要上市公司：湖南黄金(002155);华锡有色(600301);华钰矿业(601020)等 锑产品产量位居行业第一 锑，英文名称Antimony，元素符号：Sb，外观为质脆有光泽的银白色固体。锑储存量较少，稀有度较 高，属于战略性矿产资源，因常被用作工业生产中的添加剂，也被称作"工业味精"。目前我国锑产业链 企业较多，但上中游，采选及冶炼加工企业较少，湖南黄金作为锑行业龙头企业，锑产品产量、销量以 及业务营收均位居行业第一。 湖南黄金锑业务布局：拥有完整产业链 锑，英文名称Antimony，元素符号：Sb，外观为质脆有光泽的银白色固体。锑储存量较少，稀有度较 高，属于战略性矿产资源，因常被用作工业生产中的添加剂，也被称作"工业味精"。目前，我国锑产业 的上市公司数量 ...

Core Viewpoint - Guangxi Huaxi Nonferrous Metals Co., Ltd. (stock code: 600301) experienced a significant stock price fluctuation, with a cumulative closing price increase exceeding 20% over three consecutive trading days (February 25, 26, and 27, 2026) [2][4]. Group 1: Stock Trading Anomaly - The company's A-share stock price has deviated significantly, indicating an abnormal trading situation as per the Shanghai Stock Exchange regulations [2][4]. - The cumulative closing price increase over the specified three days was over 20%, which qualifies as an abnormal trading fluctuation [4]. Group 2: Company Operations and Major Events - The company reported that there have been no significant changes in its production and operational fundamentals, and the internal production order remains normal [5]. - A thorough self-examination and inquiries to the controlling and indirect controlling shareholders confirmed that there are no undisclosed major events, such as asset restructuring or significant transactions [6]. - No media reports or market rumors that could significantly impact the stock price were identified as of the announcement date [7]. - There were no other sensitive information or events that could affect the stock price, and no insider trading activities were reported during the period of stock price fluctuation [8].

Market Overview - On February 27, 2026, A-shares exhibited extreme divergence, with the Shanghai Composite Index rising by 0.39% to close at 4162 points, while the ChiNext Index fell by 1.04% [1][3] - The market's profit-making effect was concentrated in the metal sector, particularly small metals, rare earths, and non-ferrous metals, which saw a surge in stock prices [3][5] Metal Sector Performance - The small metals sector experienced significant gains, with an overall increase exceeding 7%, and multiple stocks such as Xiamen Tungsten and Zhongtung High-tech hitting the daily limit [5][6] - Tungsten powder prices surpassed 1800 RMB per kilogram, marking a nearly 470% increase compared to early 2025, while ammonium paratungstate reached a historical high of 1.1 million RMB per ton, up over 400% year-on-year [6][9] Supply and Demand Dynamics - The supply constraints in the tungsten market are attributed to reduced mining quotas and stricter environmental checks in China, alongside limited overseas production increases [11][13] - The demand for tungsten is surging in emerging sectors such as photovoltaics and new energy, further tightening the market [11][13] International Political Factors - A report indicated that the Trump administration is planning to use an AI model developed by the Department of Defense to set global reference prices for strategic minerals, including tungsten, which could intensify the competition for resource pricing power [9][13] - China's dominance in the production and processing of key minerals, holding over 70% of heavy rare earth production and 90% of separation processing capacity, positions it as a critical player in this geopolitical landscape [9][13] Capital Flow and Market Sentiment - Despite the strong performance of certain sectors, there was a net outflow of approximately 200 billion RMB from the market, indicating a cautious stance among major investors [11] - The market sentiment remains cautiously optimistic, with a structural shift in capital flow from technology stocks to the rising metal resource sector, driven by commodity price trends and geopolitical factors [13]

小金属与电力板块大涨，多只电力股2025年业绩向好。 今日（2月27日），A股全天震荡分化，三大指数涨跌互现，沪指收盘上涨0.39%，最新报4162.88点； 深证成指跌0.06%，创业板指跌1.04%。市场成交额达25054.8亿元，较昨日缩量511.59亿元。 | 内地股票 △ ◎ | | | | --- | --- | --- | | 行情 | 资金净流入 | 涨跌分布 | | 上证指数 | 深证成指 | 科创综指 | | 4162.88 +16.25 +0.39% | 14495.09 -8.69 -0.06% +6.57 +0.36% | 1849.77 | | 万得全A | 创业板指 | 北证50 | | 6942.40 +28.02 +0.41% | 3310.30 -34.68 -1.04% -7.78 -0.50% | 1537.13 | | 沪深300 | 中证500 | 中证A500 | | 4710.65 -16.23 -0.34% | 8658.45 +101.23 +1.18% +3.84 +0.06% | 5965.35 | | 中证1000 | 深证100 | 中证红利 | | ...

Group 1 - The non-ferrous metal sector continued its strong performance on February 27, with a net inflow of 23.2 billion yuan, ranking second among 31 Shenwan primary industries [1] - Nine stocks, including Hunan Gold, Huaxi Nonferrous, Xiamen Tungsten, and Zhong Rare Metals, reached the daily limit, while the non-ferrous ETF (159876) saw a maximum intraday increase of 3.82%, closing up 3.74% with a total trading volume exceeding 100 million yuan [1] - The upcoming rare earth and rare metal export policy briefing is scheduled for March 25, with prices of rare earths and minor metals continuing to rise due to supply-demand dynamics [1][2] Group 2 - Zimbabwe's mining department announced a ban on lithium ore exports, raising market expectations for price increases, similar to the previous case with cobalt prices due to the Democratic Republic of Congo's export suspension [2] - Citic Securities indicated that after a significant price surge in 2025, the momentum for non-ferrous metals remains strong, supported by supply disruptions, localized high demand, and inventory accumulation [2] - The non-ferrous ETF from Huabao (159876) and its linked funds comprehensively cover various metals, including copper, aluminum, gold, rare earths, and lithium, providing an efficient tool for investors to gain exposure to the non-ferrous metal sector [2]

Core Viewpoint - Huaxi Nonferrous announced that its A-share stock price has deviated significantly, with a cumulative increase of over 20% in closing prices over three consecutive trading days (February 25, 26, and 27, 2026) [1] Summary by Relevant Sections - **Stock Price Movement** The company's stock price experienced an abnormal fluctuation, with a cumulative increase exceeding 20% over three trading days [1] - **Regulatory Compliance** The board of directors confirmed that there are no undisclosed matters or related plans, discussions, intentions, or agreements that should be disclosed according to the Shanghai Stock Exchange regulations [1] - **Information Disclosure** The company stated that there are no corrections or supplements needed for previously disclosed information [1]

Core Viewpoint - The company is advancing multiple mining projects, including the copper pit area tin-zinc resource development project and the deep mining project of the Gaofeng 100+105 ore body, with future metal volume increases dependent on project progress and resource conditions [2] Group 1 - The company is currently promoting the development of tin-zinc mineral resources in the copper pit area [2] - The deep mining project of the Gaofeng 100+105 ore body is also underway [2] - Future increases in metal volume will be influenced by various factors, including project progress and resource availability [2]

Core Viewpoint - The company emphasizes the importance of mining service life, resource reserves, extraction scale, production plans, and exploration results in determining the remaining service life of its mines [1] Group 1: Mining Operations - The remaining exploitable life of the company's own mines ranges from 8 to 32 years according to the 2024 annual report [1] - The company is accelerating the deep mining project of the Gaofeng Company, specifically projects 100 and 105, to enhance overall production capacity [1] - The company is actively promoting the capacity release after the exploration-to-production transition at the Copper Pit mine, which will effectively increase overall capacity [1] Group 2: Future Plans - The company plans to continuously increase investment in exploration and resource reserves [1] - It aims to dynamically optimize production capacity arrangements based on resource development progress and market demand [1] - These strategies are intended to provide resource assurance for long-term stable operations and sustainable development [1]

Core Viewpoint - The company, Huaxi Nonferrous (600301), outlines its future capital expenditure plans focused on high-end, intelligent, and green development of the entire industrial chain for tin, antimony, and indium [1] Group 1: Future Capital Expenditure Focus - The company will concentrate on four key areas: resource security and capacity enhancement [1] - Strengthening, supplementing, and extending the industrial chain will be a priority [1] - Emphasis will be placed on technological innovation and technical breakthroughs [1] - Optimization of industrial layout and modern governance will also be a focus [1] Group 2: Implementation and Reporting - The company plans to implement its strategies in an orderly manner according to its development strategy and investment plans [1] - Specific investment progress and arrangements will be disclosed in regular reports and announcements [1]