丨证券研究报告丨 行业研究丨行业周报丨金属、非金属与采矿 [Table_Title] 假期金属价格走强，看好节后配置机遇 报告要点 [Table_Summary] 铜铝节后易涨难跌，重视板块机会。商品端，铜铝节后易涨难跌，中长期经济底部与逆全球化 促进供需结构优化，弹性可期：1）短期，美国对降息及铜关税态度，依然是短期工业金属价格 走势的主导因素，在二者并未发生根本性转变之前，维持铜铝趋势看涨判断，节后国内金三银 四旺季、中美会谈、联储主席换届等均构成催化；2）中期，美联储降息引领全球趋势宽松促进 铜铝周期上行；3）长期，逆全球化加剧各国对资源争夺，铜铝中枢趋势上行。 分析师及联系人 [Table_Author] 王鹤涛 肖勇 叶如祯 王筱茜 肖百桓 SAC：S0490512070002 SAC：S0490516080003 SAC：S0490517070008 SAC：S0490519080004 SAC：S0490522080001 SFC：BQT626 SFC：BUT918 SFC：BWM115 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 丨证券研究报 ...

Investment Rating - The report provides a "Buy" rating for several companies in the non-ferrous metals sector, including Shandong Gold, Zijin Mining, and China Hongqiao [9]. Core Views - The macroeconomic sentiment has cooled, leading to a general decline in metal prices, particularly in precious metals where silver and gold experienced significant drops [1]. - The report highlights the ongoing supply constraints in the copper market, with major mining companies reducing their production forecasts due to capacity limitations [2]. - The aluminum market is expected to experience short-term fluctuations due to geopolitical tensions and macroeconomic policies, with demand anticipated to recover as the peak season approaches [3]. - Nickel prices have shown volatility, influenced by macroeconomic sentiment and supply-side cost pressures, with expectations of limited downside due to rising production costs [4]. - Tin prices are supported by macroeconomic factors and supply chain bottlenecks, although demand remains weak ahead of the Chinese New Year [5]. - Lithium prices have retreated from highs due to regulatory impacts and market liquidity tightening, but there is expected support from supply-side maintenance and pre-holiday stocking [6]. Summary by Sections Precious Metals - Significant declines in silver and gold prices were noted, with silver dropping 36% and gold falling over 12% in a single day [1]. - Companies to watch include Xinyi Silver, Shengda Resources, and Zijin Mining [1]. Industrial Metals - Copper inventories increased globally, with a notable rise in U.S. stocks, while Chinese inventories decreased [2]. - The report suggests monitoring companies like Zijin Mining and Luoyang Molybdenum [2]. - Aluminum production is stable, but demand is fluctuating due to seasonal factors and geopolitical issues [3]. - Nickel prices fell by 5.4% due to macroeconomic sentiment, with supply-side cost pressures expected to limit further declines [4]. Energy Metals - Lithium prices have decreased, with battery-grade lithium carbonate dropping 5.6% to 160,000 CNY/ton [5]. - The report indicates that companies like Ganfeng Lithium and Tianqi Lithium should be monitored [5]. Cobalt - Cobalt prices have stabilized, with a slight increase in electrolytic cobalt prices [8]. - Companies to focus on include Huayou Cobalt and Liyuan Resources [8]. Company Announcements - Zijin Mining announced a significant acquisition of a gold mining company, which could enhance its resource base [36]. - Huayou Cobalt signed a cooperation agreement for an integrated battery supply chain project in Indonesia [36]. - Tianqi Lithium reported progress on its lithium production expansion project [36].

Core Viewpoint - The report from Zhonghang Securities indicates a strong recovery in the sales of new energy vehicles (NEVs) in nine European countries, projecting sales of 2.885 million units in 2025, a year-on-year increase of 32.6%, with a penetration rate of 29.0%, up by 6.7 percentage points [1][2]. Summary by Sections Overall Market Outlook - In 2025, NEV sales in nine European countries are expected to reach 2.885 million units, representing a 32.6% increase year-on-year, with a penetration rate of 29.0%, up 6.7 percentage points [2]. - The sales of Battery Electric Vehicles (BEVs) are projected at 1.892 million units, a year-on-year increase of 30.6%, while Plug-in Hybrid Electric Vehicles (PHEVs) are expected to reach 992,000 units, up 36.6% year-on-year [2]. Country-Specific Insights - **Germany**: The BEV sales are projected at 545,000 units, a 43.2% increase year-on-year, and PHEV sales at 311,000 units, up 62.3%. Germany will restart EV subsidies in January 2026, including Chinese brands [2][3]. - **United Kingdom**: BEV sales are expected to be 473,000 units, a 23.9% increase, and PHEV sales at 225,000 units, up 34.7%. EV subsidies will resume from July 2025 [2][3]. - **France**: BEV sales are projected at 326,000 units, a 12.1% increase, with December sales reaching 42,000 units, up 37.7%. Subsidies will continue into 2026 with increased standards [3]. - **Italy**: BEV sales are expected to be 95,000 units, a 44.2% increase, and PHEV sales at 99,000 units, up 89.4%. EV subsidies will be effective from October 22, 2025 [3]. - **Spain**: BEV sales are projected at 102,000 units, a 77.2% increase, and PHEV sales at 124,000 units, up 111.7%. The MOVES III subsidy plan will drive sales [3]. Investment Recommendations - The report suggests that the EU's proposal to adjust the 2035 emission reduction targets will not hinder the long-term trend of electrification in Europe. Instead, it will promote sales of small electric vehicles [4]. - Investment recommendations include: - **Lithium Batteries**: Recommended companies include CATL, Yiwei Lithium Energy, and Xinwangda [4]. - **Lithium Materials**: Recommended companies include Hunan Youneng and Tianci Materials [4]. - **Lithium Battery Structural Components**: Recommended companies include Minglida and Minth Group [4]. - **Power/Drive Systems**: Recommended companies include Weimaisi and Fute Technology [4]. - **Automotive Safety Components**: Beneficiary companies include Zhongrong Electric and Zhejiang Rongtai [4]. - **Charging Stations and Modules**: Recommended companies include Youyou Green Energy and Tonghe Technology [4].

2026年开年以来，张明从未在周末休息过。作为一家钠电正极材料（钠离子电池的关键组成部分）企业 的技术负责人，他正密切关注着公司中试产线的实时工艺参数，以及广州期货交易所碳酸锂期货合约价 格行情数据。 2026年开年，碳酸锂期货合约价格划出一道陡峭上扬线，接连突破15万、16万、17万元/吨关口，一度 触及17.9万元/吨的高位。这只来自上游的"蝴蝶"正在引发新能源产业的强烈振动。 动辄数十万元/吨的碳酸锂推高了锂离子电池的成本，工作原理相似的钠离子电池"热"了起来。钠资源 全球储量是锂的400倍以上，且分布广泛；关键原料碳酸钠价格长期稳定在数千元/吨区间；在系统层 面，钠电池还具备优异的低温性能和高安全特性。 这股热潮并非凭空而来，产业已初步完成"起跑"。截至2025年，中国钠电产业年度出货量突破 3.7GWh。这个规模虽尚无法与年出货量达数百GWh的锂电池巨头相比，却标志着一个新产业 （300832）的起点已然夯实——它大约能为数十万台电动两轮车或上万户家庭储能系统提供动力，产业 链从实验室正式迈入了商业化导入期。 经济观察报记者 王雅洁 钠电企业想全力抓住这波历史性机遇。 张明关注碳酸锂价格，更关注自己 ...

Core Insights - The surge in nickel prices on the London Metal Exchange (LME) is driven by Indonesia's significant production cut plans, which aim to reduce nickel output by 34% in 2026 [1][5] - Chinese companies are heavily investing in Indonesia's nickel industry, with investments primarily focused on nickel downstream processing, accounting for 44% of total investments in the last five years [1][2] - The competition landscape is evolving from a "factory building race" to a comprehensive competition focusing on cost control, technology choices, and market positioning [2] Group 1: Market Dynamics - Nickel prices reached a high of $18,905 per ton on January 15, 2026, marking a significant increase and reflecting market reactions to Indonesia's production cuts [1] - The Indonesian government aims to boost nickel prices and fiscal revenue while promoting industrial upgrades through production cuts [5] - The competition among companies is intensifying, with established players like Qingshan Holding and newcomers vying for market share [2][6] Group 2: Company Strategies - Qingshan Holding, controlling about 30% of Indonesia's nickel production, is adapting its internal strategies to manage potential supply constraints and optimize resource allocation [3][4] - DeLong Group is facing pressure to transition from traditional nickel production to more advanced methods, such as HPAL technology, to remain competitive [6][7] - Huayou Cobalt is focusing on vertical integration and strategic partnerships to enhance its position in the nickel market, with significant projects underway [8][9] Group 3: Future Outlook - The nickel market is expected to see a shift in focus from quantity to quality and sustainability as new projects come online [10][11] - Companies are exploring the establishment of a complete industrial chain from nickel mining to battery recycling, which is seen as a strategic advantage [11] - The uncertainty surrounding policy changes remains a significant concern for companies, impacting long-term investment decisions [11][12]

Group 1 - The stock price of Shangwei New Materials has significantly increased since July 2025, leading to abnormal trading fluctuations, and the company may apply for a trading suspension if the price continues to rise [1] - CITIC Securities reported a net profit of 30.05 billion yuan for 2025, a year-on-year increase of 38.46%, driven by growth in brokerage, investment banking, and proprietary trading [2] - Huibo Technology's controlling shareholder will change to Tianjin State-owned Assets Supervision and Administration Commission after transferring 341 million shares, representing 25.60% of the total share capital [3] Group 2 - Caixun Co. plans to issue convertible bonds to raise up to 1.46 billion yuan for projects including the construction of an intelligent computing center and AI application development [4] - Jinhaitong expects a net profit of 160 to 210 million yuan for 2025, a year-on-year increase of 103.87% to 167.58%, due to rising demand in the semiconductor packaging sector [5] - Aoyuan Ceiling announced that it may apply for a trading suspension if its stock price continues to rise significantly [6] Group 3 - Yanshan Technology's commercialization of brain-machine interface and brain-like intelligence business is still in the early stages, with no revenue generated yet [7] - Haige Communication expects a net loss for 2025 due to industry client adjustments and increased investment in innovative businesses [9] - Hu Silicon Industry anticipates a net loss of 1.28 to 1.53 billion yuan for 2025, with a significant increase in losses compared to the previous year [10] Group 4 - Guangyun Technology may apply for a trading suspension if its stock price continues to rise abnormally [11] - Wenkang Development plans to swap its main assets and liabilities with 100% equity of Wenkang Mining and Luzhong Mining, facilitating a business transformation [12] - Jinqiao Information clarified that its AI-related judicial business is not its main business and does not significantly impact overall performance [13] Group 5 - Yonghe Co. expects a net profit increase of 110.87% to 150.66% for 2025, while CITIC Bank anticipates a 2.98% increase in net profit to 70.62 billion yuan [14] - Guotou Power's power generation volume decreased by 8.12% year-on-year for 2025, while Jiamei Packaging expects a net profit decrease of 43% to 53% [14] - Shengke Communication anticipates a net loss of 120 to 160 million yuan for 2025 [14]

Group 1 - Zhongwei Co., Ltd. announced that its 41st meeting of the second board of directors was held on January 14, 2026, via communication methods [1] - The meeting reviewed the proposal regarding the change of the company's stock abbreviation [1] Group 2 - Haili Biological's valuation has decreased by 50% over the past eight months despite a ninefold increase in the value of its acquisition [1] - The company's largest client is a company that has not yet been established, raising questions about its business model [1]

Core Viewpoint - The company has decided to change its stock abbreviation from "Zhongwei Co., Ltd." to "Zhongwei New Materials" to better align with its core business and enhance brand recognition in the capital market [1] Group 1: Business Development - The company is experiencing rapid business growth and aims to precisely define its development direction [1] - The new abbreviation reflects the company's main business attributes and conveys its value positioning in the new development phase [1] Group 2: Strategic Goals - The change in stock abbreviation is intended to enhance the company's comprehensive competitiveness and clarify its strategic development blueprint [1] - The application for the abbreviation change has been approved by the Shenzhen Stock Exchange, with the new abbreviation set to take effect on January 15, 2026 [1] Group 3: Stock Information - The company's stock code remains unchanged at "300919" [1] - The stock abbreviation for the company's shares listed on the Hong Kong Stock Exchange will also remain "Zhongwei New Materials" [1]

Group 1 - The company announced that it will change its stock abbreviation from "Zhongwei Shares" to "Zhongwei New Materials" [1]

证券代码：300919 证券简称：中伟股份 公告编号：2026-002 中伟新材料股份有限公司 关于变更公司证券简称的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误 导性陈述或重大遗漏。 中伟新材料股份有限公司（以下简称"公司"）于2026年1月14日召开第二届董事会第 四十一次会议，审议通过了《关于变更公司证券简称的议案》，同意将公司的证券简称由"中 伟股份"变更为"中伟新材"，现将有关情况公告如下： 一、变更证券简称的说明 1 三、其他事项说明 公司将证券简称由"中伟股份"变更为"中伟新材"，公司名称、英文名称、英文简称、 证券代码均保持不变，具体情况如下： | | 变更前 | | 变更后 | | --- | --- | --- | --- | | 公司名称 | 中伟新材料股份有限公司 | | 中伟新材料股份有限公司 | | 英文名称 | CNGR Advanced Material Co., | Ltd. | CNGR Advanced Material Co., Ltd. | | 证券简称 | 中伟股份 | | 中伟新材 | | 英文简称 | CNGR | | CNG ...