白银独立银矿产能占比不足30%，矿山开采成本上行，供给增长乏力。根据美国地质监测局数据，全球 白银储量在2024年达到64万吨，整体增长缓慢。从矿产银供给端来看，2024年墨西哥、中国、秘鲁三国 占据全球产量的50%，全球白银产量以伴生矿为主，70%以上来自铜、铅、锌矿冶炼副产品，独立银矿 产能占比低，且矿产银产量因矿山品位下降、资本开支低迷和环保政策趋严而增长缓慢，而再生银占比 不足20%，未来白银供给端增长乏力。 白银是不可或缺的AI金属，工业属性拉动需求提升。根据世界白银协会，2021年以来全球白银供需缺 口持续存在。光伏、新能源汽车和人工智能为代表的新兴工业需求持续增长，白银是AI领域不可或缺 的金属，白银的高导电率、高导热率、低接触电阻多种属性决定了它在AI时代的战略地位。另外在贵 金属强势的背景下，白银投资需求与价格涨幅正相关，投资需求也是白银需求的增量来源。 风险提示：美联储降息政策波动，宏观经济波动，供给端变化，减银化技术进一步发展。 智通财经APP获悉，国泰海通发布研报称，白银两大属性形成强烈共振：商品属性上，白银工业需求占 比升至近60%，新兴领域成为增长核心；金融属性上，全球流动性宽松环 ...

近期公司无重大新公告发布，最新公告为2026年2月3日的董事会决议及投资设立控股子公司事项。融资 融券活动活跃，截至2026年2月12日，融资余额连续3日增长，达2.84亿元(内部数据库)。公司业务涉及 金刚石线，所属概念板块包括光伏、第三代半导体等，但近7天无新增产业政策或合作事件披露。 财报分析 经济观察网近7天(2026年2月7日至14日)，岱勒新材（300700）股价呈现波动下行态势。根据内部数据 库，截至2026年2月13日收盘，股价报13.77元，近5个交易日累计下跌1.64%。具体每日走势：2月9日上 涨1.71%，2月10日下跌2.04%，2月11日平盘，2月12日下跌0.50%，2月13日下跌0.79%。资金流向方 面，2月13日主力资金净流入24.66万元，但2月10日主力资金净流出368.42万元。融资融券数据显示，2 月9日融资净卖出1137.12万元，近5日融资余额减少0.02亿元(降幅0.66%)，反映市场情绪偏谨慎。 近期事件 公司2025年三季报(截至2025年9月30日)显示，前三季度营业收入3.40亿元，同比增长18.20%；归母净利 润-9634.38万元，同比下降13. ...

Group 1 - The company, Zhongrong Electric (301031.SZ), has indicated that its products are currently widely used in the photovoltaic industry [1] - There have been no customer demands for space photovoltaic applications so far, but the company plans to continuously monitor industry needs and technical standards [1] - The company will update its related products in a timely manner based on its technological accumulation and industry developments [1]

Company Analysis - The company, Langxin Technology, is experiencing a stock price decline, with a drop of 3.58% on February 13, closing at 17.49 yuan. The stock has been fluctuating between 17.47 and 18.22 yuan recently, and the closing price is below both the 5-day and 20-day moving averages, indicating short-term downward pressure [1] - The company is expected to turn a profit in 2025, with a projected net profit of 100 to 150 million yuan. However, the current price-to-earnings ratio is negative due to losses in 2024, and the market remains cautious regarding the realization of these earnings [4] Market Environment - On February 13, the A-share market saw a general decline, with the Shanghai Composite Index falling by 1.26% and the Shenzhen Component Index dropping by 1.28%. The IT services sector, which includes Langxin Technology, decreased by 0.76%, and related sectors such as virtual power plants, charging piles, and photovoltaics experienced declines exceeding 1% [2] Financial Situation - Despite a net inflow of 29.58 million yuan from main funds on February 4, the stock has seen a continuous decline over four days, with a cumulative drop of 8.43%. The trading volume on February 13 was 543 million yuan, indicating a decrease in market activity and suggesting that some investors may be taking profits or seeking to avoid risk [3] Industry and Risk Analysis - The company has made progress in areas such as AI energy models and electricity trading, but its new charging platform is still in the phase of narrowing losses, and its profitability inflection point has not yet been fully confirmed. The energy internet sector is highly competitive, and the company needs to continuously track its path to scalable profitability [5]

近期金博股份股价波动显著，2月9日单日大涨8.63%，但随后几个交易日出现调整。公司所属光伏设备 板块近期的整体表现疲软，2月13日板块跌幅达2.04%，行业环境对股价形成一定压力。此外，公司 2025年年度业绩预亏约14亿元，计提资产减值损失约10.64亿元，这一利空因素可能持续影响市场情 绪。 近期事件 经济观察网2月12日，金博股份股价上涨1.27%，报收28.69元/股，成交额1.22亿元，主力资金净流入 776.95万元，换手率2.10%。近5个交易日股价累计上涨4.43%，但2月13日早盘股价回落至28.30元，当 日跌幅1.36%。资金流向显示，2月12日主力资金呈净流入状态，但2月13日早盘主力资金净流出115.49 万元。 以上内容基于公开资料整理，不构成投资建议。 ...

商 品 研 究 2026 年 02 月 13 日 工业硅：关注下方空间 多晶硅：关注节后现货成交情况 张 航 投资咨询从业资格号：Z0018008 zhanghang2@gtht.com 【基本面跟踪】 工业硅、多晶硅基本面数据 | | | | 指标名称 | T | T-1 | T-5 | T-22 | | --- | --- | --- | --- | --- | --- | --- | --- | | | | | Si2605收盘价（元/吨） Si2605成交量（手） | 8,375 188,888 | -75 -11,212 | -440 -67,353 | -340 -256,687 | | | | | Si2605持仓量（手） | 303,387 | 8,477 | 68,587 | 63,683 | | | | 工业硅、多晶硅期货市场 | PS2605收盘价（元/吨） | 48,950 | -420 | -1,050 | - | | | | | PS2605成交量（手） | 3,991 | -715 | -14,306 | - | | | | | PS2605持仓量（手） | 38,617 | 2 ...

中原期货研究咨询部 晨会纪要 2026 第（30）期 发布日期：2026-02-13 | 中原期货研究咨询部 | | | --- | --- | | 0371-58620081 | 0371-58620083 | | 公司官方微信 | | 公司官方微信 1 中原期货研究咨询部 | 化工 | 主力合约 | 2026/2/13 | 2026/2/12 | 涨跌 | 涨跌幅/% | | --- | --- | --- | --- | --- | --- | | | | 8:00 | 15:00 | | | | | 焦煤 | 1,121.00 | 1,120.00 | 1.0 | 0.089 | | | 焦炭 | 1,665.00 | 1,664.00 | 1.0 | 0.060 | | | 天然橡胶 | 16,485.00 | 16,450.00 | 35.0 | 0.213 | | | 20号胶 | 13,385.00 | 13,370.00 | 15.0 | 0.112 | | | 塑料 | 6,720.00 | 6,734.00 | -14.0 | -0.208 | | | 聚丙烯PP | 6,633.00 ...

Core Viewpoint - The recent share reduction by the controlling shareholder and its concerted parties has led to significant stock price fluctuations for Lokai Co., Ltd. (603829), while the company's involvement in smart grid and energy storage concepts has attracted market attention [1]. Recent Events - On February 9, 2026, the company announced that the controlling shareholder and its concerted parties reduced their holdings by a total of 5.5879 million shares, accounting for 3.00% of the total share capital. After the reduction, their combined holding ratio decreased to 44.03%, which may have a short-term impact on market sentiment [2]. Stock Performance - The stock price has shown significant volatility. On February 9, 2026, the stock hit the daily limit, closing at 26.06 yuan with a 10.00% increase and a trading volume of 116 million yuan. On February 11, it corrected to 24.91 yuan, a decrease of 4.63%. On February 12, it slightly rebounded to 25.00 yuan, with a change of 0.36% and a trading volume of 152 million yuan, resulting in a turnover rate of 3.25%. The price fluctuation range reached 10.05%, indicating active short-term trading. Technically, the stock is currently between the Bollinger line resistance at 26.93 yuan and support at 23.36 yuan, with the MACD indicator recently turning positive, suggesting continued volatility in the short term [3]. Capital Situation - On February 12, there was a net inflow of 2.4749 million yuan from main funds, but there has been a noticeable overall net outflow trend over the past five days, indicating weak control by main funds [4]. Company Status - The company has recently attracted market attention due to its involvement in smart grid, energy storage, and photovoltaic concepts, such as the operation of its self-developed energy storage projects and photovoltaic grid-connected cabinet products. However, the contribution of these related businesses to performance remains to be observed [5].

经营范围含光伏设备及元器件销售；光伏设备及元器件制造；环保咨询服务；碳减排、碳转化、碳捕 捉、碳封存技术研发；节能管理服务；大气污染监测及检测仪器仪表制造；环境保护监测；温室气体排 放控制装备制造；大气污染监测及检测仪器仪表销售；信息咨询服务（不含许可类信息咨询服务）；技 术服务、技术开发、技术咨询、技术交流、技术转让、技术推广；环境监测专用仪器仪表制造；公共资 源交易平台运行技术服务；温室气体排放控制装备销售；大气环境污染防治服务；温室气体排放控制技 术研发；水污染治理；在线能源监测技术研发；新兴能源技术研发；资源再生利用技术研发；信息技术 咨询服务；生态环境监测及检测仪器仪表制造；生态环境监测及检测仪器仪表销售；专用设备制造（不 含许可类专业设备制造）；智能输配电及控制设备销售；工程管理服务；安全技术防范系统设计施工服 务。(除依法须经批准的项目外，凭营业执照依法自主开展经营活动) 天眼查显示，近日，陕西智诚启源科技有限公司成立，法定代表人为马晓，注册资本200万人民币，陕 西智诚新能源有限公司、西安启望计算机系统工程有限责任公司持股。 序号股东名称持股比例1陕西智诚新能源有限公司51%2西安启望计算机系 ...

Investment Strategy - The report indicates that the PPI year-on-year decline continues to narrow, and trading activity is expected to return after the holiday [1][3] - The A-share market is currently experiencing a consolidation phase, with a focus on the upcoming policy expectations as the market approaches the Two Sessions [3][32] Market Review - In the past five trading days (February 6 to February 12), major indices have risen, with the Shanghai Composite Index up 1.43% and the ChiNext Index up 2.08% [4] - The average daily trading volume has decreased to 2.13 trillion yuan, down 399 billion yuan from the previous five trading days [10][21] Inflation Trends - In January, the CPI increased by 0.2% year-on-year and month-on-month, while the PPI decreased by 1.4% year-on-year but increased by 0.4% month-on-month [27][30] - The narrowing of the PPI decline is attributed to improvements in supply-demand structures in key sectors and rising international metal prices [27][30] Monetary Policy - The central bank's fourth-quarter monetary policy report emphasizes the continuation of a moderately loose monetary policy, focusing on stabilizing economic growth and reasonable price recovery [30] - There is an expectation that short-term adjustments in reserve requirements and interest rates are unlikely, with future policies aimed at expanding domestic demand and stabilizing prices [30] Sector Analysis - The report highlights that in the recent trading period, sectors such as comprehensive, non-ferrous metals, and building materials have shown strong performance, while food and beverage, beauty care, and retail sectors have lagged [21][32] - Investment opportunities are identified in the TMT sector and robotics due to ongoing AI capital expansion and domestic computing power replacement [32] - The power equipment industry is also noted for potential investment opportunities driven by overseas photovoltaic expansion plans and significant investments from the State Grid [32]