来源：每日经济新闻 2月3日，耐普矿机（SZ300818，股价49.22元，市值83.07亿元）对一场跨国并购案紧急踩下"刹车"。 公司当晚发布的公告显示，耐普矿机将终止认购瑞士Veritas Resources AG（以下简称维理达资源）股 权，并同步放弃对哥伦比亚Alacran铜金银矿项目的后续投资。 这意味着，该项原计划总投资高达1.46亿美元的重磅出海计划，在筹划近9个月后正式宣告"流产"。 《每日经济新闻》记者注意到，导致这一投资事项终止的原因错综复杂。从哥伦比亚国家环境许可证管 理局（ANLA）迟迟未批复的环评报告，到交易对手方突然提出的条款变更，再到当地地缘政治风险的 上升，多重不确定性因素叠加，最终促使耐普矿机管理层作出"放弃"的决定。 产业链延伸雄心遇挫 2025年5月，耐普矿机发布公告，拟通过全资子公司新加坡耐普环球资源投资有限公司，以现金出资方 式认购维理达资源新发行的股份。 根据当时的《认购协议》，耐普矿机计划出资4500万美元，并附带最高630万美元的或有认购义务，认 购完成后，公司将持有维理达资源22.5%股权。 公司当时发布的公告显示，维理达资源现持有CMH Colombia S ...

1. Report's Industry Investment Rating - Not specified in the provided content 2. Core Viewpoints of the Report - In the short term, there is a high certainty that the liability growth rate of the real - sector will rise in February, and the financial sector (funding situation) is okay. Overall, the macro - liquidity is improving, with a positive view on equities, and the value and growth styles are tending to balance. Convertible bonds still have the advantage of asymmetric gains and losses in a volatile environment, and the demand for convertible bonds, especially convertible bond ETFs, may remain rigid. The valuation of the convertible bond market is expected to stay at a high level [23]. 3. Summary According to Relevant Catalogs Market Performance - Last week, due to the confirmation of the new candidate for the Fed Chairman, market risk appetite declined, and various assets fluctuated. Convertible bond prices followed the decline of the underlying stocks, but the valuation of convertible bonds remained at a historical high, and supported by the valuation, convertible bonds performed better than the underlying stocks. The average daily trading volume of the entire convertible bond market was 77.3 billion yuan, with basically no change compared to the previous week. The 100 - yuan premium rate remained at 34%, and the implied volatility fluctuated around the historical extreme point of 45%. The trading sentiment of convertible bonds continued to cool down slightly, and the trading popularity of traditional speculative bonds returned to a historical low. The trends of each sector were consistent with the underlying stocks, and the valuations changed passively. High - price, large - cap, low - rated, and newly - listed bonds had relatively large adjustment ranges [11]. - In a high - valuation environment, most industries are dominated by equity - like convertible bonds and high - price - high - premium convertible bonds. Industries with high - price - high - premium convertible bonds accounting for over 50% include the automotive and computer industries, where the valuation of convertible bonds deviates significantly. Industries with equity - like convertible bonds accounting for over 50% include the military, non - ferrous metals, non - bank finance, machinery, and chemical industries, where convertible bonds have high elasticity and strong offensiveness [11]. Funding Sentiment - Comparing the share fluctuations of various broad - based indices, bond - type, and major commodity (gold) ETFs, last week, the shares of the Shanghai Stock Exchange 50 and CSI 1000 continued to decline significantly, the CSI 500 was newly added as a major reduction target, and the capital inflow trend of the CSI 2000 stopped. The share of gold ETFs continued to increase significantly, with a growth rate of 12%, the same as the previous week. Convertible bond ETFs have maintained a stable net inflow recently, with the fund shares increasing significantly for four consecutive weeks, and the shares continued to grow by 3.5% last week. The share of interest - rate bonds continued to shrink [21]. Investment Strategy - Short - term investment strategy: Be optimistic about equities, with value and growth styles tending to balance. The valuation of the convertible bond market is expected to stay high, but be aware of the call risk and the risk of double - kill of the underlying stocks and valuation during the earnings disclosure period [23]. - Bond - selection suggestions: Emphasize the performance support of the underlying stocks. Pay attention to Jintian Convertible Bond and Guoli Convertible Bond in the UHV sector; Liugong Convertible Bond 2 and Yunji Convertible Bond in the pro - cyclical and engineering overseas sectors; Lixun Convertible Bond in AI applications; Ruichuang Convertible Bond in the military industry. For newly - listed bonds, recommend paying attention to Weidao Convertible Bond, Yongxi Convertible Bond, Weice Convertible Bond, and Dinglong Convertible Bond in the field of domestic substitution of semiconductors; Ruike Convertible Bond in the field of AI server connectors; Jin 05 Convertible Bond (Jinpan Technology) in power grid equipment; Yingliu Convertible Bond for gas turbines; and Jin 25 Convertible Bond (Jinchangxin) [23].

2月3日，耐普矿机（SZ300818，股价49.22元，市值83.07亿元）对一场跨国并购案紧急踩下"刹车"。 公司当晚发布的公告显示，耐普矿机将终止认购瑞士Veritas Resources AG（以下简称维理达资源）股 权，并同步放弃对哥伦比亚Alacran铜金银矿项目的后续投资。 这意味着，该项原计划总投资高达1.46亿美元的重磅出海计划，在筹划近9个月后正式宣告"流产"。 《每日经济新闻》记者注意到，导致这一投资事项终止的原因错综复杂。从哥伦比亚国家环境许可证管 理局（ANLA）迟迟未批复的环评报告，到交易对手方突然提出的条款变更，再到当地地缘政治风险的 上升，多重不确定性因素叠加，最终促使耐普矿机管理层作出"放弃"的决定。产业链延伸雄心遇挫 维理达资源并非一家普通的"壳公司"，其背后的控股股东是国内知名的矿山服务商金诚信。 耐普矿机公告披露的终止原因，首先指向了矿业开发最核心的合规文件——环境影响评估（EIA）。 值得一提的是，维理达资源的核心资产直指位于哥伦比亚的San Matias项目，特别是其中已完成可行性 研究的Alacran铜金银矿。 公司当时发布的公告显示，维理达资源现持有CMH Col ...

华源证券近日发布有色金属大宗金属周报：锂电需求"淡季不淡"，碳酸锂供需反转，锂价进入上行周 期。本周碳酸锂价格上涨12.86%至15.8万元/吨，锂辉石精矿上涨5.32%至1980美元/吨。本周碳酸锂期货 主力合约2605上涨1.94%至14.62万元/吨。周五碳酸锂期货跌停，或主要系广期所加大监管力度，投机 资金获利了结所致。 钴：钴原料偏紧格局仍未改变，钴价有望延续上行。本周MB钴上涨0.59%至25.68美元/磅，国内电钴价 格下跌1.31%为45.2万元/吨。刚果（金）自10月16日起解除钴出口禁令，改为实施钴出口配额制。供给 端，刚果（金）决定将允许2025年第四季度的钴出口配额延续至2026年3月底，考虑到运输周期，预计 国内原料或将在今年3月后才能陆续到港，钴原料结构性偏紧逻辑不变，钴价有望延续上涨。建议关 注：华友钴业、洛阳钼业、腾远钴业、力勤资源、寒锐钴业。 以下为研究报告摘要： 风险提示：下游复产不及预期风险；国内房地产需求不振风险；新能源汽车增速不及预期风险。（华源 证券 田源,张明磊,田庆争,陈婉妤,陈轩） 投资要点： 铜：库存累积叠加关税预期推迟，铜价短期或迎来高位震荡。本周伦铜/沪 ...

Group 1 - The A-share market saw a strong performance in gold-related stocks, with notable increases in share prices for several companies [1] - Xiaocheng Technology surged over 15%, while Caibai Co. and Hunan Gold hit the daily limit up of 10% [1] - The spot gold price rose to $4,870 per ounce, marking a 4.5% increase during the day [1] Group 2 - Xiaocheng Technology's market capitalization reached 17.4 billion, with a year-to-date increase of 108.83% [2] - Caibai Co. has a market cap of 18.6 billion and a year-to-date increase of 46.18% [2] - Hunan Gold's market capitalization is 57.2 billion, with a year-to-date increase of 73.68% [2] - Other companies like Guocheng Mining and Shanghai Construction also experienced significant gains, with increases of 7.55% and 6.36% respectively [2]

Group 1 - The A-share mining sector experienced a significant upward trend on February 3, with notable gains from companies such as Qianeng Hengxin and Tongyuan Petroleum, both rising over 8% [1] - Other companies in the sector, including Jinchengxin, Tongguan Mining Construction, Guangdong Hongda, Xinjin Power, and Keli Co., also saw increases in their stock prices [1]

华鑫证券近日发布有色金属行业周报：价格方面，周内伦敦黄金价格为4981.85美元/盎司，环比1月23 日+35.60美元/盎司，涨幅为0.72%。周内伦敦白银价格为103.19美元/盎司，环比1月23日+4.19美元/盎 司，涨幅为4.23%。本周LME铜收盘价13440美元/吨，环比1月23日+460美元/吨，涨幅为+3.54%。 以下为研究报告摘要： 投资要点 贵金属：短期贵金属巨震，但是年内仍将降息支撑贵金属价格 价格方面，周内伦敦黄金价格为4981.85美元/盎司，环比1月23日+35.60美元/盎司，涨幅为0.72%。周内 伦敦白银价格为103.19美元/盎司，环比1月23日+4.19美元/盎司，涨幅为4.23%。 数据方面，美国11月耐用品订单环比初值5.3%，前值-2.1%，预期3.8%。美国美联储FOMC利率决策(下 限)3.5%，前值3.5%，预期3.5%。美国美联储FOMC利率决策(上限)3.75%，前值3.75%，预期3.75%。美 国1月24日当周首次申请失业救济人数20.9万人，前值20万人，预期20.5万人。美国12月PPI同比3%，前 值3%，预期2.8%。 本周美联储议息会议维 ...

Group 1 - The core viewpoint of the article highlights the performance of the Infrastructure ETF Huaxia (159635), which rose by 1.24% to 1.140 yuan with a trading volume of 8.1113 million yuan as of the midday close on February 3 [1] - The major holdings of the Infrastructure ETF Huaxia include several companies, with notable increases in stock prices: XCMG Machinery up 2.75%, Zoomlion up 4.40%, and Sany Heavy Industry up 2.20% [1] - The performance benchmark for the Infrastructure ETF Huaxia is the CSI Infrastructure Index return, managed by Huaxia Fund Management Co., Ltd. Since its establishment on June 28, 2022, the fund has achieved a return of 12.52%, with a monthly return of 0.75% [1]

有色金属行业 行业研究 | 行业周报 流动性预期回摆，错杀品修复可期 ——有色及贵金属周报 核心观点 投资建议与投资标的 核心观点：流动性预期回摆，错杀品修复可期。近日特朗普提名沃什为下一任美联储主 席，短期贵金属乐观预期的回摆导致金属价格大幅波动，建议关注错杀品种的修复机 会。 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 国家/地区 中国 行业 有色金属行业 报告发布日期 2026 年 02 月 02 日 看好维持 | 于嘉懿 | 执业证书编号：S0860525110005 | | --- | --- | | | yujiayi1@orientsec.com.cn | | | 021-63326320 | | 兰洋 | 执业证书编号：S0860525120002 | | | lanyang@orientsec.com ...

有色金属行业 行业研究 | 行业周报 流动性预期回摆，错杀品修复可期 ——有色及贵金属周报 核心观点 投资建议与投资标的 核心观点：流动性预期回摆，错杀品修复可期。近日特朗普提名沃什为下一任美联储主 席，短期贵金属乐观预期的回摆导致金属价格大幅波动，建议关注错杀品种的修复机 会。 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 02 月 02 日 看好维持 | 于嘉懿 | 执业证书编号：S0860525110005 | | --- | --- | | | yujiayi1@orientsec.com.cn | | | 021-63326320 | | 兰洋 | 执业证书编号：S0860525120 ...