有色金属行业 行业研究 | 行业周报 有色周报：地缘溢价抬升，战略金属表现 可期 核心观点 投资建议与投资标的 核心观点：地缘溢价抬升，战略金属表现可期。伊以冲突爆发后，继续升温的不可控风 险仍然较大，避险属性预期对贵金属价格将形成明显支撑。工业金属方面，春节期间铜 铝库存大幅累积，随着下游进入复工复产，旺季需求成色将迎来检验，重点关注节后复 工的去库速度，将决定节后工业品价格强度。 投资标的： 相关标的：山东黄金(600547，未评级)、山金国际(000975，未评级)、中金黄金 (600489，未评级)、赤峰黄金(600988，买入)、紫金矿业(601899，买入)、洛阳钼业 (603993，未评级)、中国铝业(601600，未评级)、西部矿业(601168，未评级)、金诚 信(603979，未评级)。 风险提示 下游需求弱于预期、供给端大量释放、美联储降息进程不及预期等。 国家/地区 中国 行业 有色金属行业 报告发布日期 2026 年 03 月 01 日 看好维持 | 于嘉懿 | 执业证书编号：S0860525110005 | | --- | --- | | | yujiayi1@orientsec. ...

Investment Rating - The industry investment rating is "Outperform the Market" (maintained) [1][56]. Core Viewpoints - Precious Metals - Gold: The geopolitical situation in the Middle East is escalating, leading to an increase in gold prices. As of February 27, the COMEX gold futures contract reached $5,296.4 per ounce, a 3.24% increase month-on-month. The SPDR Gold ETF saw a 2.1% increase to 1,101 tons. The joint military actions by the US and Israel against Iran have heightened market risk aversion, which is expected to drive gold prices higher in the short term. Long-term, unresolved US debt issues and weakening dollar credit are anticipated to support a continued upward trend in gold prices [4]. - Industrial Metals: Industrial metals are expected to open up upward price potential. Copper prices increased by 3.53% to 103,920 yuan per ton as of February 27. Domestic copper social inventory reached 531,700 tons, while LME copper inventory was at 253,700 tons. The global copper resource bottleneck is expected to persist, with AI opening up future demand growth. Short-term macro sentiment is likely to dominate, but copper prices are expected to remain strong [5][6]. - Aluminum: As of February 27, SHFE aluminum futures rose by 2.8% to 23,835 yuan per ton. Domestic aluminum social inventory reached 1,157,000 tons, with a month-on-month increase of 265,000 tons. The closure of 580,000 tons of capacity at the Mozal aluminum plant and high electricity prices in Europe are expected to tighten global aluminum supply. With improving macro sentiment, aluminum prices are expected to trend upward in the medium to long term [6]. - Tin: As of February 27, SHFE tin futures surged by 24% to 453,000 yuan per ton. Domestic social inventory stood at 13,109 tons, while LME tin inventory was at 7,550 tons. The development of AI technology is expected to increase demand for tin, which is seen as a "computing metal," leading to further demand elasticity [6]. Summary by Sections Precious Metals - Gold prices are expected to rise due to geopolitical tensions in the Middle East, with a current price of $5,296.4 per ounce and a 3.24% month-on-month increase. The SPDR Gold ETF holdings increased by 2.1% to 1,101 tons [4]. Industrial Metals - Copper: Prices increased by 3.53% to 103,920 yuan per ton, with domestic social inventory at 531,700 tons and LME inventory at 253,700 tons. The global copper resource bottleneck is expected to continue [6]. - Aluminum: Prices rose by 2.8% to 23,835 yuan per ton, with domestic social inventory at 1,157,000 tons. The closure of capacity and high electricity prices are expected to tighten supply [6]. - Tin: Prices surged by 24% to 453,000 yuan per ton, with domestic social inventory at 13,109 tons. Increased demand from AI technology is anticipated [6]. Investment Recommendations - The report suggests focusing on gold, copper, and aluminum sectors. For gold, the recommendation is to pay attention to Chifeng Jilong Gold Mining. For copper, the focus is on Luoyang Molybdenum. For aluminum, Tianshan Aluminum is highlighted as a potential investment [7][54].

Investment Rating - The report maintains a "Buy" recommendation for the precious metals sector 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 conflict, particularly the military actions between the U.S. 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 accounts for approximately 56% of global strontium production, 24% of DRI production, and has significant copper and zinc reserves, which could be impacted by the ongoing conflict [4][5]. - It suggests that the geopolitical situation may exacerbate supply shortages for copper and other critical metals, urging investors to monitor these developments closely [6]. Aluminum Sector - The report discusses the potential tightening of the global aluminum supply due to the conflict, particularly if Iranian production is affected, which could impact around 600,000 tons of aluminum supply [12][14]. - It indicates that the aluminum market is currently stable, but geopolitical risks could lead to price volatility [11]. New Energy Metals - The report highlights Zimbabwe's ban on lithium exports, which is expected to tighten the global lithium market and support prices, as Zimbabwe is a key supplier [15][16]. - It suggests that the rise of resource nationalism may lead to increased control over strategic metals, impacting pricing dynamics in the market [15]. Stock Recommendations - The report recommends specific stocks in the precious metals sector, including Zhongjin Gold and Chifeng Jilong Gold Mining, as well as companies in the copper and aluminum sectors such as Zijin Mining and China Hongqiao Group [13].

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].

国泰君安期货·能源化工 纸浆周度报告 国泰君安期货研究所·高琳琳 投资咨询从业资格号：Z0002332 日期：2026年3月1日 Guotai Junan Futures all rights reserved, please do not reprint CONTENTS 行业资讯 01 行情数据 02 基本面数据 03 本周观点总结 04 行业资讯 行情走势 基差与月差 现货价格 供给 库存 需求 本周观点总结 Special report on Guotai Junan Futures 2 行业资讯 1 行业资讯 资料来源：中纸网，隆众资讯 4 行情数据 1.【常熟港纸浆库存统计】截至2026年2月26日，中国纸浆常熟港库存68.5万吨，较上周期增涨8.7万吨，环比增涨14.5%。本周常熟港库存呈现累库走势。 2.【青岛港纸浆库存统计】截至2026年2月26日，中国青岛港港内及港外仓库纸浆库存152.0万吨，较上周上涨8.2万吨，环比上涨5.7%。本周期青岛港库存周期内 呈现累库的走势。 3.【高栏港纸浆库存统计】截至2026年2月26日，中国纸浆高栏港库存6.2万吨，较上周上涨3.0万吨，环比上涨93 ...

Investment Rating - The report maintains a "Buy" rating for the sector, with specific recommendations for various companies in the precious and base metals sectors [2][4]. Core Views - The military conflict between the US and Iran has heightened geopolitical tensions, leading to increased demand for precious metals as safe-haven assets. The report anticipates a significant rise in gold prices driven by central bank purchases and a weakening dollar [2][4]. - Industrial metal prices are expected to experience short-term fluctuations due to the ongoing geopolitical situation and domestic recovery post-holiday. The report highlights a steady recovery in production and demand for aluminum and copper, while also noting potential supply constraints for lithium and cobalt [2][4]. Summary by Sections 1. Industry and Stock Performance - The SW Nonferrous Index increased by 9.77% during the reporting period, indicating strong performance in the nonferrous metals sector [8]. - Key companies such as Zijin Mining, China Molybdenum, and Huayou Cobalt are highlighted for their strong earnings forecasts and favorable valuations [2][4]. 2. Base Metals - Aluminum prices are projected to stabilize post-holiday, with expected trading ranges between 22,800 and 24,000 CNY/ton. The report notes a slight decrease in production due to the holiday but anticipates a recovery as downstream processing resumes [29][30]. - Copper prices are expected to fluctuate between 12,800 and 13,500 USD/ton, influenced by macroeconomic factors and domestic inventory levels. The report indicates a cautious market sentiment with weak demand impacting prices [49][50]. 3. Precious Metals - Gold prices are forecasted to rise significantly due to increased safe-haven demand amid geopolitical tensions. The report emphasizes the role of central bank purchases in supporting gold prices [2][4]. - Silver's industrial demand may face challenges due to the impact of cheaper materials in photovoltaic applications, potentially affecting its price trajectory [2][4]. 4. Energy Metals - The report highlights supply constraints for lithium and cobalt, with Zimbabwe's policy changes affecting lithium prices and ongoing delays in cobalt shipments from the Democratic Republic of Congo [2][4]. - Nickel prices are expected to rise due to tightening supply from Indonesia, with the report noting a significant reduction in export quotas [2][4]. 5. Key Company Recommendations - The report recommends several companies for investment, including Zijin Mining, China Gold International, and Western Mining, based on their strong earnings potential and market positioning [2][4].

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的內容概不 負責，對其準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告 全部或任何部份內容而產生或因倚賴該等內容而引致的任何損失承擔任何責 任。 Chifeng Jilong Gold Mining Co., Ltd. 赤峰吉隆黃金礦業股份有限公司 （H股股份代號：6693） （於中華人民共和國註冊成立的股份有限公司） 自願公告 委任副總裁兼總工程師 本公告乃由赤峰吉隆黃金礦業股份有限公司（「本公司」或「公司」）董事（「董 事」）會（「董事會」）自願作出。 根據《中華人民共和國公司法》、《中華人民共和國證券法》、《香港聯合交易所 有限公司證券上市規則》等法律法規和《公司章程》的有關規定，經公司總裁提 名，董事會提名委員會審核和建議，董事會同意聘任馮濤先生為公司副總裁 兼總工程師，上述人員聘任自2026年2月28日起生效，任期與本屆董事會任期 一致。 董事長兼執行董事 王建華 馮濤先生，50歲，中國西北大學地質學碩士，研究生學歷，國際經濟地質學 家學會和澳大拉西亞採礦和冶金學會資深會員，擁有超過20年的地質勘查與 國際礦業技術管理經驗。2001年 ...

有色金属周报 20260301 美伊军事冲突开启，关键战略资源+贵金属价值提升 glmszqdatemark 贵金属：美伊交火，刺激避险情绪驱动贵金属价格有望大涨，中长期来继续看央行购金+ 美元信用弱化主线，继续坚定看好金价上行。2 月 28 日美国和以色列正式对伊朗开火，带 动避险情绪升温，利好金价上行；中长期央行购金+美元信用弱化仍为主线，看好金银价格 中枢上移。白银工业需求可能继续受到光伏浆料贱金属化影响，这轮周期使得光伏需求承 压，银浆成本占比飙升，未来贱金属化成趋势。重点推荐：紫金黄金国际、中国黄金国际、 西部黄金、山东黄金、招金矿业、中金黄金、赤峰黄金、潼关黄金、万国黄金集团，建议 关注灵宝黄金、大唐黄金和集海资源等，白银标的推荐兴业银锡、盛达资源。 风险提示：需求不及预期、供给超预期释放、海外地缘政治风险。 重点公司盈利预测、估值与评级 | 代码 | 简称 | 股价（元） | | EPS（元） | | | PE（X） | | 评级 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | 2024A | 202 ...

证券代码：600988 证券简称：赤峰黄金 公告编号：2026-006 截至本公告披露日，冯涛先生未持有公司股份，与公司董事、高级管理人员、 实际控制人及持股5%以上的股东不存在关联关系，不存在相关法律法规不得担任 公司高级管理人员的情形，任职资格符合担任上市公司高级管理人员的条件，能 够胜任所聘岗位职责的要求。 特此公告。 赤峰吉隆黄金矿业股份有限公司董事会 2026年3月2日 1 赤峰吉隆黄金矿业股份有限公司 关于聘任副总裁兼总工程师的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 赤峰吉隆黄金矿业股份有限公司（以下简称"公司"）于2026年2月28日召开第 九届董事会第三次会议，审议通过了《关于聘任公司副总裁兼总工程师的议案》。 根据《中华人民共和国公司法》《中华人民共和国证券法》、公司股票上市地 （包括上海证券交易所及香港联合交易所有限公司）证券监管规则和《赤峰吉隆 黄金矿业股份有限公司章程》等相关规定，经公司总裁提名、董事会提名委员会 审核及董事会审议通过，同意聘任冯涛先生（简历附后）为公司副总裁兼总工程 师， ...