核心观点 事件：公司发布2025 年度业绩预增公告，预计2025 年度实现归属于上市公司股东的扣除非经常性损益 的净利润为7.50~9.00 亿元，同比增加4.26~5.76亿元，同比增长131.63%~177.95%。 资源化项目产品结构升级、金属涨价等多因素共振促业绩释放：金昌高能二期于2024 年投产，贵金属 尤其是铂族金属（铂、钯、铑、钌、铱）的分离提纯能力大幅提升,已具备年产金2 吨、铂2 吨、钯2 吨、2 吨、铑500 公斤、铱500 公斤、银50 吨的生产能力。靖远高能、江西鑫科通过产品结构优化、技 改升级，金银铜铋镍锡的产能亦大幅提升。珠海项目投产亦为公司带来产能增量，公司亦抓住了稀贵金 属高景气的机遇，推动业绩实现大幅上涨。我们判断，公司各项目产能释放、协同优化仍有较大空间， 业绩持续增长可期。 垃圾焚烧业绩稳健，海外项目落地：公司环保运营板块以垃圾焚烧发电为主，目前在运项目11000 吨/ 日，公司近年通过增加供热等举措，持续推动降本增效，盈利能力稳中有升。公司此前公告，中标泰国 亚穆乡500 吨/日垃圾焚烧项目，总投资约4.27 亿人民币，公司权益80%。公司坚定出海战略，东南亚等 海外 ...

Report Industry Investment Rating No relevant content provided. Core View of the Report - The market sentiment cooled slightly yesterday, with the commodity market weakening significantly and the stock index showing a volatile trend. The trading volume also contracted. After a rapid rise, the stock index has entered a stage of shock consolidation. There are no obvious macro-level negatives at present, and the short-term outlook for the stock index remains bullish. The bond futures are favored by the asset shortage and weak economy, but the central bank has recently warned of interest rate risks. Attention should be paid to the Bank of Japan's interest rate decision. [1] - The prices of various commodities are affected by different factors, such as supply and demand, policy changes, and macro sentiment. The report provides trend judgments and trading suggestions for each commodity, including metals, energy, chemicals, and agricultural products. [1] Summary by Related Catalogs Macro Finance - Stock Index: After a rapid rise, the stock index has entered a stage of shock consolidation. There are no obvious macro-level negatives at present, and the short-term outlook for the stock index remains bullish. Attention should be paid to capital flows and market sentiment changes. [1] - Treasury Bonds: The bond futures are favored by the asset shortage and weak economy, but the central bank has recently warned of interest rate risks. Attention should be paid to the Bank of Japan's interest rate decision. [1] Non-Ferrous Metals - Copper: The copper price has fallen from its recent high, but there are still disruptions in the mining end. The downside space for the copper price is expected to be limited. [1] - Aluminum: There has been an accumulation of domestic electrolytic aluminum stocks recently, and the industrial driving force is limited. The macro anti-involution sentiment has ebbed, and the aluminum price has fallen from its high. [1] - Alumina: The supply side of alumina still has a large release space, and the industrial side exerts downward pressure on the price. However, the current price is basically near the cost line, and the price is expected to fluctuate. [1] - Zinc: The fundamentals of zinc have improved, and the cost center has shifted upward. The recent macro sentiment has been good, and the zinc price has risen. However, considering the still existing pressure on the fundamentals, caution is advised regarding the upside space. [1] - Nickel: The market's concerns about nickel supply have significantly cooled, and the LME nickel inventory has increased significantly recently. The nickel price has corrected from its high. Since Indonesia has not disclosed the specific amount and said that it is still in the process of accounting, there is still uncertainty about the implementation of the subsequent policy. The short-term volatility risk of the nickel price has increased. Attention should be paid to the implementation of Indonesia's policy, changes in macro sentiment, and changes in futures positions, and risk control should be done well. [1] Precious Metals and New Energy - Gold and Silver: The annual weight adjustment of the BCOM index has officially started, and the exchange has introduced multiple risk control measures for silver to suppress speculative enthusiasm. The prices of precious metals have fallen across the board, with a significant decline in silver. In the short term, gold and silver are expected to continue to be weak and volatile. In the medium and long term, attention can be paid to the opportunity to buy on dips after this round of risk release. [1] - Platinum and Palladium: Platinum and palladium have followed the weakening of precious metals. In the short term, they are expected to be in a wide-range volatile pattern. In the medium and long term, with the still existing supply-demand gap for platinum and the tendency of palladium to have a loose supply, platinum can still be bought on dips or a [long platinum, short palladium] arbitrage strategy can be adopted. [1] Industrial Products - Industrial Silicon: There is an increase in production in the northwest and a decrease in production in the southwest. The production schedules for polysilicon and organic silicon in December have decreased. [1] - Polysilicon: It is the traditional peak season for new energy vehicles. The demand for energy storage is strong. The supply side has increased production resumption. There is a short-term rapid increase. [1] - Rebar and Hot Rolled Coil: In the short term, sentiment and capital have a greater influence than industrial contradictions. One can try to follow long positions with a stop-loss; for futures-spot trading, participate in positive spread positions. [1] - Iron Ore: There is sector rotation, but the upside pressure on iron ore is obvious. It is not recommended to chase long positions at this level. [1] - Non-Ferrous Metals: There is a combination of weak reality and strong expectations. The current supply and demand situation remains weak, but in terms of expectations, energy consumption double control and anti-involution may have an impact on supply. [1] - Soda Ash: Soda ash follows the trend of glass. In the medium term, the supply and demand situation will be more relaxed, and the price will be under pressure. [1] - Coking Coal and Coke: If the "capacity reduction" expectation continues to ferment and there is pre-holiday restocking of spot goods, coking coal may still have room to rise. However, since the current market's "capacity reduction" expectation mainly comes from online rumors, it is difficult to judge the actual upside space. After a significant increase, the volatility will intensify, and caution should be exercised. The logic for coke is the same as that for coking coal. [1] Agricultural Products - Palm Oil: The MPOB December data is expected to be bearish for palm oil, but palm oil will reverse under the themes of seasonal production reduction, the B50 policy, and US biodiesel in the future. Short-term rebounds due to macro sentiment should be watched out for. [1] - Soybean Oil: The fundamentals of soybean oil are relatively strong. It is recommended to allocate more in the oil sector and consider a long Y, short P spread. Wait for the January USDA report. [1] - Rapeseed Oil: The trade relationship between China and Canada may improve, and Australian rapeseed will be imported smoothly. After the rapeseed trade flow is opened up, the trading logic of rapeseed oil will gradually shift from the domestic tight supply situation to the global rapeseed production increase expectation. There is still room for the price to fall. Short-term rebounds due to macro sentiment should be watched out for. [1] - Cotton: There is a strong expectation of a good harvest for domestic new crops, and the purchase price of seed cotton supports the cost of lint cotton. The downstream operating rate remains low, but the inventory of yarn mills is not high, and there is a rigid demand for restocking. Considering the growth of spinning capacity, the demand for cotton in the new crop market year is relatively resilient. Currently, the cotton market is in a situation of "having support but no driving force." Future attention should be paid to the tone of the No. 1 Central Document in the first quarter of next year regarding the direct subsidy price and cotton planting area, the intention of cotton planting area next year, the weather during the planting period, and the demand during the "Golden Three and Silver Four" peak season. [1] - Sugar: Currently, there is a global surplus of sugar, and the supply of domestic new crops has increased. The short-selling consensus is relatively strong. If the futures price continues to fall, there will be strong cost support below. However, there is a lack of continuous driving force in the short-term fundamentals. Attention should be paid to changes in the capital side. [1] - Corn: The fundamentals of corn have not changed significantly. The spot price remains firm, and the progress of grain sales at the grassroots level is relatively fast. Most traders have not yet strategically built inventories, and feed enterprises maintain a safe inventory. There is a certain restocking demand before the holiday. The short-term outlook for CO3 is expected to be oscillating and slightly bullish. Attention should be paid to the dynamics of policy grain auctions. [1] - Soybean Meal: The domestic market may restart the auction of imported soybeans; the relationship between China and Canada is expected to ease, and China is expected to suspend the tax on Canadian rapeseed meal; the macro sentiment has cooled, and the domestic market has returned to the fundamentals and shown a significant decline. Recently, it has been greatly affected by policy news. The soybean meal futures price is expected to be mainly oscillating in the short term. Attention should be paid to the adjustment of the January USDA supply and demand report and the trend of the Brazilian premium. [1] - Pulp: Pulp has fallen today due to the decline in the commodity macro market. The overall price has not broken through the oscillating range. The short-term commodity sentiment fluctuates greatly, and it is recommended to observe cautiously. [1] - Logs: The spot price of logs has shown a certain sign of bottoming out and rebounding recently. The further downside space for the futures price is expected to be limited. However, the January overseas quotation has still slightly declined, and the log futures and spot markets lack upward driving factors. It is expected to oscillate in the range of 760 - 790 yuan/m³. [1] - Hogs: Recently, the spot price has gradually stabilized. Supported by demand and with the出栏体重 not yet fully cleared, the production capacity still needs to be further released. [1] Energy and Chemicals - Crude Oil: OPEC+ has suspended production increases until the end of 2026. There is uncertainty about the Russia-Ukraine peace agreement. The United States has imposed sanctions on Venezuela's crude oil exports. [1] - Fuel Oil: In the short term, the supply-demand contradiction is not prominent, and it follows the trend of crude oil. The probability of the 14th Five-Year Plan's rush demand being falsified is high, and the supply of Ma Rui crude oil is not short. The profit of asphalt is relatively high. [1] - BR Rubber: The futures position has declined, and the number of new warehouse receipts has increased. The increase in BR has slowed down temporarily. The spot price has led the rise to repair the basis, and BR continues to focus on the upward momentum above the 12,000 yuan line. The listed prices of BD/BR have been continuously raised, and the processing profit of butadiene rubber has narrowed. The overseas cracking device capacity has been cleared, which is beneficial to the long-term export expectation of domestic butadiene. The tax on naphtha also has a positive impact on the butadiene price. Fundamentally, butadiene rubber maintains high production and high inventory operation, and the trading center is generally average. Styrene-butadiene rubber is relatively better than butadiene rubber. [1] - PX and PTA: The PX market has experienced a rapid rise, but this round of rise is not due to a fundamental change. The fundamentals of PX do have support, and the market is expected to continue to tighten in 2026, driven by the new PTA production capacity in India and the organic growth of demand. Domestic PTA maintains high production. The gasoline spread is still at a high level, which supports aromatics. [1] - Ethylene Glycol: There is news that two sets of MEG plants in Taiwan, China, with a total annual capacity of 720,000 tons, plan to stop production next month due to efficiency reasons. Ethylene glycol has rebounded rapidly during the continuous decline, stimulated by supply-side news. The current operating rate of the polyester downstream remains above 90%, and the demand performance is slightly better than expected. [1] - Short Fiber: The PX market has experienced a rapid rise, but this round of rise is not due to a fundamental change. Domestic PTA maintains high production, and the domestic polyester load has declined. The short fiber price continues to closely follow the cost fluctuations. [1] - Styrene: The Asian styrene market is generally stable. Suppliers are reluctant to lower prices due to continuous losses, while buyers insist on pressing prices due to weak downstream polymer demand and compressed profits. Although the downstream demand is weak, the domestic market has a strong bullish sentiment due to export support. The market is in a weak balance state, and the short-term upward momentum needs to be driven by the overseas market. [1] - Urea: The export sentiment has slightly eased, and there is limited upside space due to insufficient domestic demand. There is support from anti-involution and the cost side below. [1] - PF: Geopolitical conflicts have intensified, and there is a risk of an increase in crude oil prices. There are fewer maintenance activities, the operating load is at a high level, and there are overseas arrivals, so the supply has increased. The downstream demand operating rate has weakened. In 2026, there will be more new production capacity, and the supply-demand surplus will further intensify, and the market expectation is weak. [1] - Propylene: There are fewer maintenance activities, the operating load is relatively high, and the supply pressure is relatively large. The improvement in the downstream is less than expected. The propylene monomer price is at a high level, the crude oil price has risen, and the cost support is strong. Geopolitical conflicts have intensified, and there is a risk of an increase in crude oil prices. [1] - PVC: In 2026, there will be less global new production capacity, and the future expectation is relatively optimistic. Currently, there are fewer maintenance activities, new production capacity is being released, and the supply pressure is increasing. The demand has weakened, and the orders are not good. The differential electricity price in the northwest region is expected to be implemented, which will force the clearance of PVC production capacity. [1] - LPG: The January CP has risen more than expected, and the cost support for imported gas is relatively strong. The geopolitical conflicts between the United States, Venezuela, and the Middle East have escalated, and the short-term risk premium has increased. The trend of inventory accumulation in the EIA weekly C3 inventory has slowed down, and it is expected to gradually turn to inventory reduction. The domestic port inventory has also decreased. Domestic PDH maintains high production and deep losses. There is a rigid demand for global civil combustion, and the demand for MTBE from overseas olefin blending for gasoline has declined temporarily. Since January 1, 2026, naphtha has been re-taxed, and the long-term demand expectation for light cracking raw materials such as LPG has increased, and the performance of downstream olefin products is relatively strong. [1] Shipping - Container Shipping - European Line: It is expected to peak in mid-January. Airlines are still relatively cautious in their trial reflights. The pre-holiday restocking demand still exists. [1]

Report Industry Investment Rating No specific industry investment ratings were provided in the report. Core Viewpoints of the Report - A-share market is expected to continue its upward trend in the short term and may rise further in 2026 compared to 2025, supported by macro policies, inflation, capital market reforms, and the role of Central Huijin [1]. - The bond market is favored by asset shortages and weak economic conditions, but the central bank has recently warned of interest rate risks [1]. - Metal prices are influenced by factors such as supply disruptions, macro sentiment, and cost changes. Some metals are expected to have upward trends, while others may experience volatility or are subject to supply concerns [1]. - Energy and chemical product prices are affected by factors such as geopolitical conflicts, supply and demand, and cost support. Some products are expected to have upward trends, while others may experience volatility [1]. - Agricultural product prices are influenced by factors such as seasonal changes, policy support, and supply and demand. Some products are expected to have upward trends, while others may experience volatility [1]. Summary by Category A-shares - A-share market has continuous trading volume increase. Short-term, the index is expected to remain strong. In 2026, the index may continue to rise on the basis of 2025, supported by macro policies, inflation, capital market reforms, and Central Huijin [1]. Bonds - Asset shortages and weak economic conditions are favorable for bond futures, but the central bank has recently warned of interest rate risks. Attention should be paid to the Bank of Japan's interest rate decision [1]. Metals - Copper: Supply disruptions and improved macro sentiment have led to a rise in copper prices, and the upward trend is expected to continue [1]. - Aluminum: Domestic electrolytic aluminum has accumulated inventory, but macro sentiment is positive, and global aluminum ingot supply is expected to tighten, leading to a strong aluminum price [1]. - Alumina: Supply has significant release potential, putting pressure on prices. However, the current price is close to the cost line, and the price is expected to oscillate [1]. - Zinc: Fundamentals have improved, and the cost center has shifted upward. With positive macro sentiment, zinc prices have risen, but the upside space is limited due to fundamental pressure [1]. - Nickel: Supply concerns have led to a significant increase in nickel prices and an increase in positions. The short-term price may be strongly oscillating, but high risks and volatility are present at high price levels. Attention should be paid to Indonesian policies and macro sentiment [1]. Industrial and Energy Chemicals - Polycrystalline silicon: Northwest production has increased, while southwest production has decreased. December production schedules for polycrystalline silicon and organic silicon have declined [1]. - Carbonate lithium: It is the traditional peak season for new energy vehicles, with strong energy storage demand and increased supply from restarts. Prices have risen rapidly in the short term [1]. - Rebar and hot-rolled coil: Futures-spot arbitrage positions can be rolled for profit-taking. The price valuation is not high, and short-selling is not recommended [1]. - Iron ore: Near-term contracts are restricted by production cuts, but the commodity sentiment is positive, and there is still an upward opportunity for far-term contracts [1]. - Silicone and ferrosilicon: There is a combination of weak reality and strong expectations. In the short term, expectations dominate, and energy consumption control and anti-involution may disrupt supply [1]. - Soda ash: The market sentiment has improved, and the supply and demand are supportive. The price is low and expected to be strong in the short term [1]. - Coking coal and coke: If the "capacity reduction" expectation continues to ferment and there is pre-holiday restocking of spot goods, there may still be room for price increases, but the actual increase is difficult to judge, and volatility increases after a significant rise [1]. Agricultural Products - Palm oil: The December MPOB data is expected to be bearish, but the price is expected to reverse under themes such as seasonal production cuts, the B50 policy, and US biofuels. Short-term rebounds due to macro sentiment should be watched out for [1]. - Soybean oil: The fundamentals are strong, and it is recommended to be overweight in the oil market. Consider the spread between soybean oil and palm oil [1]. - Cotton: There is support but no driving force in the short term. Future attention should be paid to the central government's No. 1 document in the first quarter of next year, planting area intentions, weather during the planting period, and peak season demand [1]. - Sugar: There is a global surplus and increased domestic supply. The short side consensus is strong. If the price continues to fall, there is strong cost support, but there is a lack of continuous driving force in the short term [1]. - Corn: With the release of reserve and imported grains, the supply has increased. The spot price is expected to be firm in the short term, and the futures price will oscillate within a range [1]. - Pulp: The 05 contract is expected to oscillate between 5400 - 5700 yuan/ton due to the tug-of-war between "strong supply" and "weak demand" [1]. - Logs: The spot price has shown signs of bottoming out and rebounding, and the downward space for the futures price is limited. However, the January overseas quotation has slightly declined, and there is a lack of upward driving factors. The price is expected to oscillate between 760 - 790 yuan/m³ [1]. Energy and Chemicals - Crude oil: OPEC+ has suspended production increases until the end of 2026. The uncertainty of the Russia-Ukraine peace agreement and US sanctions on Venezuelan oil exports have an impact [1]. - Fuel oil: Follows the trend of crude oil in the short term, with no prominent supply-demand contradictions [1]. - Asphalt: The "14th Five-Year Plan" rush demand is likely to be disproven, and the supply of Ma Rui crude oil is sufficient. The profit margin is high [1]. - Natural rubber: The raw material cost provides strong support, the futures-spot price difference has rebounded significantly, and the midstream inventory has increased substantially [1]. - BR rubber: The upward momentum has slowed down, the spot price has led the recovery of the basis, and the processing profit has narrowed. There are positive factors for future domestic butadiene exports [1]. - PTA: The PX market has experienced a sharp rise, and the PTA market is expected to remain tight in 2026. Domestic PTA maintains high production, and the gasoline spread provides support for aromatics [1]. - Ethylene glycol: Two MEG plants in Taiwan, China, plan to shut down next month. The price has rebounded rapidly due to supply-side news, and the downstream demand is slightly better than expected [1]. - Styrene: The Asian market is stable, with suppliers reluctant to cut prices due to losses and buyers pressing for lower prices due to weak downstream demand. The market is in a weak balance, and the upward momentum depends on overseas markets [1]. - Urea: The export sentiment has eased, and the upside space is limited due to insufficient domestic demand. There is support from anti-involution and the cost side [1]. - PE: There is a risk of rising crude oil prices due to geopolitical conflicts. The supply pressure is high, and the market expectation is weak due to planned production increases in 2026 [1]. - PP: The supply pressure is high, and the downstream improvement is less than expected. The cost is supported by high propylene monomer and crude oil prices [1]. - PVC: The global production is expected to be low in 2026, but the current supply pressure is rising. The demand is weak, and the implementation of differential electricity prices in the northwest may force the clearance of PVC production capacity [1]. - LPG: The January CP has risen unexpectedly, and the import cost provides strong support. Geopolitical conflicts have increased the risk premium. The inventory accumulation trend has slowed down, and the domestic port inventory is decreasing. The long-term demand for LPG is expected to increase [1]. Aviation - It is expected to peak in mid-January. Airlines are still cautious about trial resumptions [1].

证券日报网讯1月7日，广信材料（300537）在互动平台回答投资者提问时表示，公司龙南基地正按照既 定计划有序推进中，截至目前，公司已完成大部分厂房建设和设备产线布局，并有多个子项目已经开始 生产，其中子项目PCB光刻胶1.6万吨及自制树脂1.2万吨已经实现正式生产，其他子项目预计于2026年 上半年提交试生产申请。随着公司龙南基地产能进一步释放，将进一步丰富公司产品在相关领域的产业 布局，利用集中生产优势和产业链整合优势，提升公司盈利能力，增强公司核心竞争力，支持公司未来 业绩增长，促进公司长期可持续发展。 ...

H RAT 市场情绪偏强叠加供应担忧,锂价开年大涨 中信期货研究所 有色与新材料团队 量新动态及原因 当下碳酸锂需求有边际走弱，但远明需求预明强劲，供应维持高位，市场博缘对价格影响较大。近日几家头部正极材料厂集中检修，将造成一月份需求减弱，带来利空；但另一方面，检修可 能会影响材料厂和下游的订单谈判，可以人侧面检验需求的水平，整体看下来，一月份材料厂检修势必造或需求走弱，累库确定性提升，不过在资金博维偏强及远月乐观的背景下，预计价格整 体仍偏弹言荡。 此外，国务院印发的《固体康物综合治理行动计划》可能会影响产能释放的节奏。目前国内矿山项目大多是采选冶一体化，但在开发视明，会有大量工程时释放，需要借助外部的选矿厂冶 炼。2026年四川矿山开发加快,选矿产能或在短期内成为瓶颈,限制当地产能的释放。 总结及策略 总结来看，碳酸锂基本面虽边际走弱，但远月预期较好，供应忧动频发，在资金情绪较好的背景下，仍以偏强震荡为主，建议关注回调买入机会。 风险提示 风险因素:供应抗动;需求表现超预期;政策变化 研究员: 郑非凡 从业资格号:F03088415 投资咨询号:Z0016667 王雨欣 从业资格号:F03108000 投 ...

1. 最近拟披露财报发布日 洛阳钼业（603993.SH）将于2026年3月28日公布2025年年报。 2. 洛阳钼业全年业绩预期怎么样？ 截至2025年12月29日，根据朝阳永续季度业绩前瞻数据： 预测公司Q4一致预期营业收入1817.34~2641.20亿元，同比变动-14.7%~24.0%； 预测公司Q4一致预期净利润162.60~206.74亿元，同比增长20.2%~52.8%。 关注后续财报数据披露后能否超预期，朝阳永续A股季度业绩前瞻数据将为投资者提供业绩鉴定。 国盛证券认为：洛阳钼业2024年业绩预增显著，归母净利润预计达到128-142亿元，同比增长55.2%-72.1%。公司主营铜钴产量大幅增长，铜产量同比增加 55%，钴产量同比增加106%，推动利润释放。第四季度归母净利润环比增长58.6%-107.6%。公司产能爬坡迅速，TFM和KFM项目产能均超预期，预计未 来产能有进一步增长空间。2025年产量指引显示铜、钴等金属产量将继续增长。公司签订Nzilo_II水电站合作协议，保障电力供应，TFM西区和KFM二期 项目进展顺利。成本控制方面，KFM通过技术创新实现成本下降，洛钼巴西产量创新高 ...

证券日报网讯 12月24日，四川美丰在互动平台回答投资者提问时表示，为积极应对市场波动风险挑 战，公司聚焦成本管控、市场拓展、产能释放、管理优化、技术升级和产业转型等提质增效重点工作， 以增强价值创造能力为核心，努力推动提升企业竞争力。 （编辑 丛可心 王雪儿） ...

格隆汇12月24日｜信达证券研报指出，源飞宠物与潮玩品牌Heyone黑玩达成战略合作。双方合作或以 代工为主，源飞宠物有望发挥供应端优势。公司长期深耕宠物食品及宠物用品领域，已构建成熟的制造 与供应链管理体系，而这类能力并不局限于宠物用品品类，在对品质、安全与细节要求较高的潮玩产品 中，同样具备高度适配性。Heyone黑玩是一家以原创IP为核心的潮玩品牌，已孵化包括"哦 崽"、"MIMI"、"R3NA"等在内的IP矩阵，在年轻消费群体中逐步建立起辨识度。认为公司通过合作有 望促进未来产能充分释放以及新领域探索。公司自主品牌趋势向好，匹卡噗爆款产品销售靓丽。公司持 续推进全球化产能布局，深耕柬埔寨多年，在当地已组建成熟管理团队，已投产的基地基本处于满产状 态，新建产能预计将在2026年正式释放；同时孟加拉生产基地建设工作也在稳步推进中，建成之后有望 进一步增强全球供应链韧性，海外业务发展趋势向好。此外，该行预计关税调整对公司产品利润影响有 限。 ...

据中钨在线12月19日最新监测数据，钨产业链核心产品价格全线飙升，创阶段性新高，其中65%黑钨精 矿价格报43万元/标吨，周环比涨15.3%，较年初涨202.1%;国内APT(仲钨酸铵)价格报65万元/吨，周环 比涨17.1%，较年初涨208.1%;且钨粉价格突破千元大关，报1030元/公斤，周环比涨13.2%，较年初涨 226%。 钨价"狂飙"引领金属牛市，佳鑫国际(03858)凭"弹性之王"本色领涨! 据中钨在线消息，本周钨价延续强势，价格持续飙升，主要钨原材料价格周涨幅在12%-18%左右，年内 累计涨幅突破200%，钨已成为2025年涨价幅度最为"凶猛"的金属品种。 而在这一波汹涌的钨价上涨浪潮中，被市场誉为"钨矿涨价周期弹性之王"的佳鑫国际，无疑成为了最耀 眼的"明星"。在2025年8月28日正式登陆港交所之后，佳鑫国际股价在12月18日强势刷新历史高点，报 收44.38港元/股，相较于10.92港元/股的发行价，累计涨幅已突破306%，充分彰显了市场对其价值的高 度认可。 但若对此轮钨矿涨价的逻辑以及佳鑫国际的基本面有深刻认识，便能知晓佳鑫国际股价或刚行至"山 腰"。展望未来，随着钨矿价格的持续坚 ...

1. Report Industry Investment Rating - Not provided in the text 2. Core Views of the Report - The price of finished products is expected to move in a range-bound consolidation [2] - The price of lithium carbonate is expected to experience intensified range-bound fluctuations, with a focus on capital movements and attention to marginal changes in supply and demand [3] 3. Summary by Relevant Catalogs Finished Products - Yungui region's short - process construction steel producers will halt production during the Spring Festival from mid - January, resuming around the 11th to 16th day of the first lunar month, affecting a total output of 741,000 tons. In Anhui, 1 out of 6 short - process steel mills stopped production on January 5, and most others plan to stop around mid - January, with a daily output impact of about 16,200 tons [1] - From December 30, 2024, to January 5, 2025, the contracted area of newly - built commercial housing in 10 key cities was 2.234 million square meters, a 40.3% MoM decrease and a 43.2% YoY increase [2] - The price of finished products continued to decline in a volatile manner, reaching a new low. In the context of weak supply and demand and pessimistic market sentiment, the price center continued to shift downward. Winter storage this year is sluggish, providing weak price support [2] Lithium Carbonate - The previous trading day, affected by domestic lithium mine production dynamics, the main contract of lithium carbonate closed at 108,600 yuan/ton, up 7.97%. Trading volume increased by 93.9% to 1.1586 million lots, with a slight 0.4% increase in positions. The net short position of the main contract continued. The spot price was 97,050 yuan/ton, with a basis of - 11,570 yuan/ton, indicating a significant premium of futures over spot [1] - The overall trading activity does not match the price increase, mainly supported by the rigid demand of a small number of enterprises [1] - On the supply side, raw material prices rose slightly, with a significant YoY increase, strengthening cost support. The weekly operating rate was 51.29%, a 0.27% MoM increase, and output was 21,998 tons, a 0.33% MoM increase. The spodumene process was the main growth driver [2] - On the demand side, the production of cathode materials slightly declined, and inventory continued to be depleted. The processing fee of some lithium iron phosphate products will be uniformly increased in 2026 [2] - In the terminal market, in November, the production of new - energy vehicles and automotive lithium - ion batteries increased by 17% and 32.7% YoY respectively. As of December 7, new - energy vehicle sales increased significantly YoY, and the penetration rate increased MoM [2] - As of December 11, the weekly inventory continued to be depleted, and the overall inventory remained tight, supporting prices [2] - Macroeconomic policies such as the Fed's potential interest rate cut, Qinghai Salt Lake industry plan, and the Central Economic Work Conference have positive impacts on the long - term supply - demand pattern of lithium carbonate [3] - Due to factors like the tight supply - demand balance, overseas resource/复产 news, and domestic lithium mine production dynamics, capital speculation has intensified. Considering future capacity release and the net short position of the main contract, short - term price fluctuations may widen [3]