有色矿业ETF招商（159690）业绩比较基准为中证有色金属矿业主题指数收益率，管理人为招商基金管 理有限公司，基金经理为王宁远，成立（2023-06-21）以来回报为149.70%，近一个月回报为0.93%。 声明：市场有风险，投资需谨慎。本文基于第三方数据库自动发布，不代表新浪财经观点，任何在本文 出现的信息均只作为参考，不构成个人投资建议。如有出入请以实际公告为准。如有疑问，请联系 biz@staff.sina.com.cn。 3月2日，有色矿业ETF招商（159690）开盘涨2.04%，报2.548元。有色矿业ETF招商（159690）重仓股 方面，紫金矿业开盘涨2.15%，洛阳钼业涨1.71%，北方稀土涨1.86%，华友钴业跌0.01%，中国铝业涨 1.17%，赣锋锂业跌0.51%，山东黄金涨3.57%，云铝股份涨1.60%，中金黄金涨6.16%，中矿资源跌 0.02%。 来源：新浪基金∞工作室 ...

股票研究 /[Table_Date] 2026.03.01 避险与通胀，金属迎全面重估 [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 | S08805 ...

声明：市场有风险，投资需谨慎。本文基于第三方数据库自动发布，不代表新浪财经观点，任何在本文 出现的信息均只作为参考，不构成个人投资建议。如有出入请以实际公告为准。如有疑问，请联系 biz@staff.sina.com.cn。 3月2日，材料ETF（159944）开盘涨1.43%，报1.846元。材料ETF（159944）重仓股方面，紫金矿业开 盘涨2.15%，洛阳钼业涨1.71%，万华化学涨0.11%，北方稀土涨1.86%，华友钴业跌0.01%，中国铝业涨 1.17%，盐湖股份涨1.05%，赣锋锂业跌0.51%，山东黄金涨3.57%，云铝股份涨1.60%。 材料ETF（159944）业绩比较基准为中证全指原材料指数，管理人为广发基金管理有限公司，基金经理 为姚曦，成立（2015-06-25）以来回报为82.05%，近一个月回报为3.93%。 来源：新浪基金∞工作室 ...

来源：新浪基金∞工作室 3月2日，有色ETF汇添富（159652）开盘涨2.64%，报2.136元。有色ETF汇添富（159652）重仓股方 面，紫金矿业开盘涨2.15%，洛阳钼业涨1.71%，北方稀土涨1.86%，华友钴业跌0.01%，中国铝业涨 1.17%，赣锋锂业跌0.51%，山东黄金涨3.57%，云铝股份涨1.60%，中金黄金涨6.16%，天齐锂业跌 1.08%。 有色ETF汇添富（159652）业绩比较基准为中证细分有色金属产业主题指数收益率，管理人为汇添富基 金管理股份有限公司，基金经理为董瑾、孙浩，成立（2023-01-16）以来回报为107.95%，近一个月回 报为0.63%。 声明：市场有风险，投资需谨慎。本文基于第三方数据库自动发布，不代表新浪财经观点，任何在本文 出现的信息均只作为参考，不构成个人投资建议。如有出入请以实际公告为准。如有疑问，请联系 biz@staff.sina.com.cn。 ...

证券研究报告·行业跟踪周报·电力设备 电力设备行业跟踪周报 缺电带来电网 Supercycle，户储景气向好 2026 年 03 月 02 日 增持（维持） [Table_Tag] [Table_Summary] 投资要点 证券分析师 曾朵红 执业证书：S0600516080001 021-60199793 zengdh@dwzq.com.cn 证券分析师 阮巧燕 执业证书：S0600517120002 ruanqy@dwzq.com.cn 行业走势 -18% -11% -4% 3% 10% 17% 24% 31% 38% 45% 2025/3/3 2025/7/1 2025/10/29 2026/2/26 电力设备 沪深300 相关研究 《锂电储能旺季可期，人形和 AIDC 加速进化》 2026-02-23 《锂电淡季尾声旺季可期，太空光伏 星辰大海》 2026-02-09 东吴证券研究所 1 / 49 请务必阅读正文之后的免责声明部分 ◼ 电气设备 11053 上涨 1.89%，表现弱于大盘。（本周，2 月 23 日-2 月 27 日，下同），发电设备涨 8.29%， 风电涨 8.24%，核电涨 7.21 ...

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].

Investment Rating - The report maintains an "Accumulate" rating for the non-ferrous metals sector [1] Core Views - The non-ferrous metals sector saw a significant increase of 9.77% in the week from February 23 to February 27, outperforming the overall market [14] - The geopolitical risks in the Middle East have escalated, driving up safe-haven demand for precious metals [4][48] - Industrial metals are expected to see price increases as the traditional peak season approaches in March and April, with macro funds returning to the market [29] Summary by Sections Market Review - The Shanghai Composite Index rose by 1.98%, with the non-ferrous metals sector ranking second among 31 sectors, up 9.77% [14] - The small metals sector surged by 17.72%, while energy metals, new materials, precious metals, and industrial metals also saw increases of 9.32%, 9.26%, 8.32%, and 7.75% respectively [14] Industrial Metals - **Copper**: As of February 27, LME copper closed at $13,296 per ton, up 2.56% week-on-week, while SHFE copper was at ¥103,920 per ton, up 3.53% [33] - **Aluminum**: LME aluminum closed at $3,142 per ton, up 1.26%, and SHFE aluminum at ¥23,835 per ton, up 2.76% [37] - **Zinc**: LME zinc price was $3,308 per ton, down 2.20%, while SHFE zinc was ¥24,710 per ton, up 2.13% [41] - **Tin**: LME tin surged to $58,050 per ton, up 24.68%, and SHFE tin reached ¥453,240 per ton, up 24.04% [44] Precious Metals - **Gold**: COMEX gold closed at $5,296.40 per ounce, up 3.24%, and SHFE gold at ¥1,147.90 per gram, up 1.93% [49] - The geopolitical tensions have led to a spike in gold prices, with a peak of $5,500 per ounce observed in the dark market [4][48] Supply and Demand Dynamics - Copper supply is tightening as domestic smelters are expected to undergo maintenance starting in March, while demand is supported by rigid replenishment needs post-Spring Festival [33] - Aluminum supply is affected by overseas production cuts, with a theoretical operating capacity of 44.32 million tons in China [39] - The overall demand for aluminum is expected to rise as downstream production resumes [39] Economic Indicators - The U.S. January PPI year-on-year was recorded at 2.9%, above the expected 2.6%, indicating rising inflation concerns [4][29] - The Chicago PMI for February was reported at 57.7, exceeding expectations, which may influence future monetary policy [29]

碳酸锂专题：津巴布韦变化如何影响碳酸锂供需 20260226 摘要 2026 年全球锂需求预计达 213 万吨碳酸锂当量，同比增长 33%，主要 由动力电池和储能需求驱动，其中动力电芯增速预计达 25%，储能增速 约 50%，但需结合电芯供应约束评估。 2026 年全球锂资源供给预计为 225-230 万吨碳酸锂当量，同比增长超 30%，中国、阿根廷、智利和澳大利亚为主要增量来源，但国内上游供 给扩张慢于下游，有效产能受利润分配和原料成本压力制约。 国内碳酸锂市场 2026 年预计呈紧平衡，过剩量约 1.5-2 万吨，库销比 不足 5 天，价格趋势偏强，季节性低点可能在 7-8 月，高点在 10-11 月， 海外锂盐企业供应心态变化或限制对华进口量大幅增加。 津巴布韦出口禁令若持续超过两个月，可能导致国内碳酸锂月度供应减 少 1-1.5 万吨，影响比例约 10%-15%，短期内价格将明显冲高，但受 多方面管控，持续性存在不确定性，或加速海外锂资源释放。 津巴布韦禁令旨在加强管控不合规出口，推动资源就地转化，要求企业 在当地建设硫酸锂产线，但目前仅华友具备相关资质，其他项目进展缓 慢，禁令执行时点存在协商空间。 ...

Summary of CATL Conference Call Company Overview - **Company**: Contemporary Amperex Technology Co., Ltd. (CATL) - **Stock Code**: 300750.SZ - **Market Cap**: Rmb1,593,409 million (approximately US$231,956 million) [4] Key Industry Insights - **Lithium Price Dynamics**: The recent ban on lithium exports from Zimbabwe is expected to lead to a cyclical rather than structural increase in lithium prices. The ban primarily affects spodumene, while lithium sulfate exports remain unchanged [2][3] - **Supply Impact**: The export ban may result in a 7-8% monthly supply cut in China starting from April 2026, necessitating close monitoring of the policy's execution [2] - **Demand Risks**: Potential downside risks for lithium prices include weaker demand from electric vehicles (EVs) and the resumption of operations at CATL's JXW lepidolite mine, which could produce 10,000 tons of lithium carbonate equivalent (LCE) per month [2] Financial Performance and Projections - **Net Profit Stability**: CATL's net profit per watt-hour (wh) is projected to remain stable at Rmb0.11 despite rising costs, due to the company's ability to pass on most lithium costs and its comprehensive upstream investments [1][3] - **Investment Income**: In the first nine months of 2025, CATL reported Rmb5.2 billion in investment income, with Rmb2.8 billion expected from its investment in CMOC [3] - **Earnings Boost**: The potential restart of the JXW mine in June could increase CATL's earnings by Rmb1 billion per month based on current lithium prices [1] Investment Recommendations - **Buy Rating**: The recommendation is to "Buy on Dip," as short-term weaknesses in CATL's stock present a buying opportunity for long-term investors [1][6] - **Target Price**: The target price for CATL shares is set at Rmb571, implying a potential upside of 65% from the current price of Rmb346 [4][8] - **Expected Returns**: The expected total return is projected at 67.3%, with a dividend yield of 2.3% [4] Risks and Considerations - **Market Risks**: Risks that could hinder CATL from achieving its target price include lower-than-expected EV demand, increased competition in the EV battery market, and higher raw material costs [8] - **Competitive Landscape**: Tier-2 battery manufacturers may face more pressure due to insufficient supply chain investments compared to CATL [3] Conclusion - CATL is positioned to maintain stable profitability through strategic upstream investments, despite potential challenges from rising lithium costs and market dynamics. The company's strong financial performance and favorable market conditions present a compelling investment opportunity for long-term investors.

ab 24 February 2026 Global Research Lithium Catching up with UBS China Lithium Analyst Sky Han Balance of risks for lithium price outlook tilted to upside from spot We caught up with UBS' China Lithium Analyst Sky Han for a detailed run through of latest views, news and insights into the lithium sector in China post Lunar New Year. Demand: EV demand to recover from early air pocket, while upside risk to ESS The demand outlook is mixed but overall still positive across EV and BESS related demand. For ESS, cu ...