来源：今日有色 自春节假期归来之后，受消息面多方扰动，碳酸锂期货连续三个交易日接连拉涨，2月26日盘中更是跳 空高开，开盘涨幅一度高达11.42%，盘中最高一度攀升至187700元/吨，刷新1月26日以来的新高，但随 后涨幅明显收窄，截至日间收盘，碳酸锂期货主连以3.47%的涨幅报173660元/吨。 现货价格方面，据SMM现货报价显示，春节假期归来之后，电池级碳酸锂现货报价也上涨明显，截至2 月26日，电池级碳酸锂现货报价涨至16.8~17.8万元/吨，均价报17.3万元/吨，较2月13日的14.375万元/吨 上涨29250元/吨，涨幅达20.35%。 | CASTING AND A BALLE 电池级碳酸锂 元/吨 | | | | 订阅短信服务 ■ | | --- | --- | --- | --- | --- | | 168000 ~ 178000 ~ 173000 +11250 / +6.96% | | | | | | 更新日期: 2026-02-26 | | | | | | 规格: | Li2CO3≥99.5% | 含税: | 含增值税 | | | 参考标准: | Li2CO3含量至少99.5%, ...

Summary of Key Points from the Conference Call Industry Overview - **Industry**: Lithium Mining and Export - **Region**: Zimbabwe and China Core Insights - **Export Delays**: Zimbabwe's Minister of Mines announced potential delays in the processing and issuance of export permits for minerals, including lithium, to address malpractices in exports [1] - **Impact on Supply**: In 2025, China imported approximately 1.2 million tonnes of spodumene concentrate from Zimbabwe, contributing to an estimated lithium output of around 140,000 tonnes LCE (Lithium Carbonate Equivalent), which represents about 9% of global supply [2] - **Future Projections**: Expected lithium output from Zimbabwe is projected to increase to approximately 220,000 tonnes LCE (11% of global supply) in 2026 [2] - **Market Tightness**: Potential delays in lithium exports from Zimbabwe may tighten the lithium market further, benefiting companies like Tianqi Lithium and Ganfeng Lithium, which do not have exposure to Zimbabwe [2] Company-Specific Insights - **Tianqi Lithium Industries Inc. (002466.SZ, 9696.HK)**: - Valuation based on a DCF model with a WACC of 11.5% and a terminal growth rate of 2% applied beyond the forecast period of 2025-33 [6][9] - **Ganfeng Lithium Co. Ltd. (002460.SZ, 1772.HK)**: - Valuation derived from H-share price target adjusted for exchange rates and peer comparisons, with a base case 2026 P/B of 2.3x [5] Risks and Opportunities - **Upside Risks**: - Shortages of lithium raw materials could constrain production increases, leading to tighter supply of lithium chemicals in China [8] - Higher-than-expected growth in the electric vehicle (EV) market could drive demand beyond current forecasts [8] - Expansion of A-H share premium could benefit valuations [8] - **Downside Risks**: - EV market demand may fall below expectations, impacting lithium prices and production growth [11] - Faster-than-expected global lithium supply growth could lead to reduced prices and profitability [11] Additional Considerations - **Zimbabwe's Economic Reliance**: Zimbabwe's economy heavily relies on mineral exports, which account for over 60% of its export value, suggesting that any export delays may be temporary [2] - **Market Dynamics**: The ongoing strong demand for lithium is leading to the digestion of existing inventories, which may further influence market conditions [2] This summary encapsulates the critical insights and projections regarding the lithium market, particularly focusing on the implications of Zimbabwe's export policies and the performance outlook for key companies in the sector.

2026年2月27日早盘，截至10:33，中证稀有金属主题指数强势上涨3.40%，成分股东方锆业上涨 10.03%，章源钨业上涨10.00%，宝钛股份上涨10.00%，厦门钨业，中钨高新等个股跟涨。 消息方面，2026年2月25日津巴布韦矿业部宣布立即暂停所有原矿及锂精矿出口（含在途货物），旨在 加强矿产监管与问责；该国2025年对我国锂精矿出口达119万吨，折碳酸锂约14.88万吨，占国内月度碳 酸锂产量约18%，短期供给扰动显著。中金公司指出，若暂停出口持续，或至少影响15万吨LCE/年的有 效供给，叠加春节后电池排产回升与储能需求高景气，碳酸锂库存去化趋势或进一步强化。 中金公司分析认为，津巴布韦暂停锂精矿出口不仅意在规范矿业运营，更体现其推动本土加工升级的战 略意图——2027年起拟全面禁止锂精矿出口，仅允许硫酸锂等高附加值产品出口。当前华友钴业已在津 布局5万吨硫酸锂产能，不受禁令影响；但其余未建加工产能的企业出口受限，短期内至少影响约15万 吨LCE/年有效供给。结合国内江西矿山复产节奏不明、海外盐湖爬坡低于预期等多重扰动，二季度碳 酸锂供给承压压力加大，价格高位运行具备坚实基础。 数据显示，截至 ...

机构观点显示，有色金属行业一季度将延续平稳运行态势，全年工业增加值预计增长5%左右，营业收 入和利润有望保持增长。从价格走势看，近期国际金价持续走高，工业金属价格同步回暖，小金属、能 源金属等子板块表现突出。全球流动性改善预期下，叠加美联储降息周期启动，有色金属作为顺周期板 块，在需求端改善与资金流入推动下，具备持续上行动力，行业配置价值显著提升。 有色金属ETF(512400)紧密跟踪中证申万有色金属指数，中证申万有色金属指数从沪深市场申万有色金 属及非金属材料行业中选取50只上市公司证券作为指数样本，以反映沪深市场有色金属行业上市公司证 券的整体表现。指数前十大权重股分别为紫金矿业、洛阳钼业、北方稀土、中国铝业、华友钴业、中金 黄金、山东黄金、兴业银锡、赣锋锂业、赤峰黄金。 有色金属ETF(512400)，场外联接(A类：004432；C类：004433)。 截至2026年2月27日 10:16，有色金属ETF(512400)一度涨超3%，现涨2.83%，盘中换手2.37%，成交9.44 亿元。跟踪指数中证申万有色金属指数成分股中钨高新上涨9.04%，厦门钨业上涨8.92%，锡业股份上 涨8.53%，中稀 ...

【有色ETF汇添富（159652）标的指数前十大成分股】 | 序号 | 代码 | 名称 | 申万一级行业 | 涨跌幅 | 估算权重 ▼ | | --- | --- | --- | --- | --- | --- | | 1 | 601899 | 紫金矿业 | 有色金属 | 1.52% | 14.47% | | 2 | 603993 | 洛阳镇业 | 有色金属 | 4.43% | 7.55% | | 3 | 600111 | 北方稀土 | 有色金属 | 5.52% | 5.58% | | 4 | 603799 | 华友钻业 | 有色金属 | 2.80% | 4.58% | | ਟ | 601600 | 中国铝业 | 有色金属 | 3.05% | 4.01% | | 6 | 600489 | 中金黄金 | 有色金属 | 2.29% | 3.40% | | 7 | 002460 | 赣锋锂业 | 有色金属 | 0.71% | 3.26% | | 8 | 600547 | 山东黄金 | 有色金属 | 1.82% | 3.24% | | ਰੇ | 000426 | 兴业银锡 | 有色金属 | 2.86% | 2.85% ...

主要指数表现 上证综指：-0.08% 科创 50：+0.12% 上证 50：-0.76% 创业板指：-0.39% 沪深 300：-0.17% 中证 500：+0.40% 市场成交概况 总成交额（人民币万亿元）：1.65 日环比增长：+7.8% 市场走势与板块表现 在连续两日上涨后，A 股早盘出现回调。 春节假期后市场成交 主要指数表现 上证综指：-0.08% 科创 50：+0.12% 上证 50：-0.76% 创业板指：-0.39% 沪深 300：-0.17% 中证 500：+0.40% 市场成交概况 总成交额（人民币万亿元）：1.65 日环比增长：+7.8% 市场走势与板块表现 在连续两日上涨后，A 股早盘出现回调。 宁德时代下挫近 5%，市场部分担忧锂原料成本压力。 另一方面，房地产板块在昨日上海购房政策松绑刺激上涨后今日回调。 此外，算力租赁业务重获市场信心推动 AIDC 板块强势上行。 而消费与保险板块今日表现逊于其他行业。 资金流向 春节假期后市场成交量持续呈上升趋势。 受英伟达业绩超预期提振，人工智能产业链全线走强，核心受益标的普遍录得可观涨幅。 PCB 板块连续第三日上攻，东山精密（002463 ...

Summary of Key Points from Conference Call Industry Overview - A-shares experienced a pullback after two consecutive days of gains, indicating market volatility in the Chinese stock market [1] - The AI industry chain saw significant strength driven by Nvidia's better-than-expected earnings report, leading to notable increases in core stocks [2][3] Key Companies and Performance - **PCB Sector**: - Huadian Co., Ltd. (002463.SZ) hit the daily limit up - Shenghong Technology (300476.SZ) increased by 9.23% [2][3] - **Lithium Mining**: - Ganfeng Lithium (002460.SZ) rose by 2.61% - Tianqi Lithium (002466.SZ) increased by 4.79% - Companies with asset exposure in Zimbabwe, such as Shengxin Lithium Energy (002240.SZ) and Zhongkuang Resources (002738.SZ), faced declines of 5.2% and 3.33% respectively [3] - **Contemporary Amperex Technology Co., Limited (CATL)**: - Experienced a nearly 5% drop due to concerns over lithium raw material cost pressures [3] Sector Performance - The real estate sector saw a pullback following a rise due to relaxed home purchase policies in Shanghai [4] - The artificial intelligence data center sector showed strong performance due to expectations of a recovery in computing power leasing business [5] Investment Recommendations - A preference for selling in the consumer and insurance sectors, while maintaining a buy stance on consumer electronics, electrical equipment, and printed circuit boards [5] - The battery sector presents two viewpoints, but the overall sentiment leans towards buying [6]

在连续两日上涨后，A股早盘出现回调。 春节后成交量保持上升态势。 受英伟达财报超预期推动，AI产业链全线走强，核心标的涨幅显著 交易台 – 高盛中国午盘 上证综指 -0.08% 科创50 0.12% 上证50 -0.76% 创业板指 -0.39% 沪深300 -0.17% 中证500 0.40% 总成交额(万亿元人民币) 1.65 环比昨日+7.8% 在连续两日上涨后，A股早盘出现回调。 交易台 – 高盛中国午盘 上证综指 -0.08% 科创50 0.12% 上证50 -0.76% 创业板指 -0.39% 沪深300 -0.17% 中证500 0.40% 总成交额(万亿元人民币) 1.65 环比昨日+7.8% 液冷，CPO概念股同步走强。 津巴布韦锂矿出口禁令消息引发市场分歧，赣锋锂业(002460.SZ)涨2.61%，天齐锂业(002466.SZ)涨 4.79%，而在当地有资产敞口的公司表现疲软：盛新锂能(002240.SZ)跌5.2%，中矿资源(002738.SZ)跌3.33%。 宁德时代受锂原料成本压力担忧影响下跌近5%。 房地产板块则在昨日上海购房政策放宽带来的上涨后回调。 人工智能数据中心因算力租赁 ...

Group 1: Amer Sports Performance - Amer Sports reported a 27% revenue growth for the fiscal year 2025, reaching $6.566 billion, with an adjusted net profit of $545 million, up from $236 million in 2024 [7][8] - The fourth quarter of 2025 saw a revenue increase of 28% to $2.101 billion, with an adjusted net profit of $176 million, compared to $90 million in Q4 2024 [8] - The management guidance for 2026 indicates a revenue growth of 16-18% at constant exchange rates, with an operating profit margin of 13.1-13.3% [8] Group 2: Silver Economy and Sports Industry - The aging population in China is creating significant opportunities in the silver economy, particularly in the sports industry and products catering to older adults [9][10] - The sports apparel market is projected to reach ¥437.7 billion by 2025, with outdoor trail running shoes expected to grow over 150% [9] - The demand for professional running shoes priced above ¥200 is anticipated to maintain double-digit growth, driven by increased health awareness among the elderly [9] Group 3: Lithium Industry Insights - The lithium market is experiencing tightening supply and low inventory levels, with global lithium demand expected to reach approximately 200,000 tons LCE in 2026 [12][14] - Domestic lithium supply is not yet at large-scale production, with potential disruptions in lithium mica supply and new mining regulations coming into effect in July 2025 [13] - The demand for lithium is being driven by both power and energy storage batteries, with a projected 50% year-on-year growth in energy storage battery shipments [13][14] Group 4: Chemical Industry Policy - Recent tax incentives for marine oil and gas exploration aim to enhance domestic energy security by reducing import costs for essential equipment [15][16] - The policy includes exemptions from import duties for equipment used in oil and gas exploration and a VAT rebate for qualifying imported natural gas [15][16] - These measures are expected to improve project internal rates of return and promote the development of deep-sea oil and gas fields [16] Group 5: Matrix Holdings - Matrix Holdings is positioned as a leading high-end interior design company, with a focus on space design and soft decoration [19] - The company anticipates a significant recovery in revenue and profit starting in 2025, with projected net profit growth of 72%-137% [19][20] - The introduction of an "AI+Design" platform is expected to enhance design efficiency and improve profit margins [20] Group 6: Anfu Technology - Anfu Technology, a leader in the small battery sector, is transitioning towards high-tech fields, including AI and semiconductor manufacturing [21][22] - The company controls 46% of Nanfu Battery, which has shown consistent revenue growth, with plans to acquire the remaining shares [22] - Strategic investments in next-generation optical chips are expected to open new growth avenues for the company [23]

来源：新浪基金∞工作室 2月27日，有色ETF华安（512940）开盘跌0.78%，报1.022元。有色ETF华安（512940）重仓股方面，紫 金矿业开盘跌0.43%，洛阳钼业跌0.35%，北方稀土涨0.05%，华友钴业跌1.14%，中国铝业跌0.82%，中 金黄金跌0.23%，山东黄金涨0.71%，赣锋锂业跌2.00%，兴业银锡跌1.04%，厦门钨业涨0.00%。 有色ETF华安（512940）业绩比较基准为中证有色金属矿业主题指数收益率，管理人为华安基金管理有 限公司，基金经理为许之彦，成立（2026-02-04）以来回报为3.32%。 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。 ...