在海底，蕴藏着数万亿吨富含锰、铜、钴、镍等关键金属的多金属结核。它们躺在几千米深的海床上， 外观像密密麻麻的土豆。 随着全球对镍、钴、铜等关键金属的需求激增，拾起海底"土豆"正成为各国科技与战略竞争的新领域。 近年来，"奋斗者"号深潜器、深海采矿试验系统等重大装备陆续投入使用，中国已迈入深海作业能力的 第一梯队。找矿，正走向深蓝。 海底宝藏多 如何定义深海采矿？ 看高端装备与智能制造——深海机器人、耐高压材料、精密传感、智能控制系统等技术，将提升我国高 端装备的可靠性与智能化水平； 中国人民大学公共管理学院教授、国家社科基金重大专项首席专家刘大海接受记者专访时表示，深海采 矿活动既包括沿海国在其大陆架上行使主权权利的资源勘探开发，也包括在国际海底区域这一国际公域 内、经由国际海底管理局规范的矿产资源开采。 首先，我国一些金属矿产的对外依存度较高，这是发展深海找矿的重要动因。深海金属矿藏主要分为四 类：多金属结核、富钴结壳、金属硫化物和深海稀土。这些复杂的名称背后，往往蕴含着生产、生活所 必需的金属元素。 "比如多金属结核所含的锰、钴、镍、铜，是新能源产业发展需要的金属元素。"中国海洋大学教授陈旭 光介绍，深海 ...

华泰证券电子行业2026年度展望：持续看好AI链 关注存储周期影响 华泰证券发布电子行业2026年度展望指出，2025年电子行业在AI链引领创新以及下游终端需求整体持 续复苏的带动下持续上行，同时2025年下半年开始存储板块也在大幅供需差下开启涨价周期，展望2026 年，建议关注几个方向：1）继续看好存储周期，涨价在AI数据中心的拉动下或具备一定持续性，国内 存储芯片及配套环节均有望受益；2）看好全球头部CSP厂ASIC加速落地，带动PCB等算力产业链向高 端化持续演进；3）国内代工厂以及存储IDM扩产有望在2026年开始加速，同时技术节点向先进制程以 及3D堆叠等方向迈进，上游国产设备商同步受益；4）消费电子端侧AI产品创新或加速换机周期带动产 业链受益。 本文转载自"智通财经"，智通财经编辑：刘家殷。 中信建投认为，四季度以来，全球宏观经济与地缘政治不确定性加剧，凸显了战略矿产资源在安全保障 与价格弹性方面的投资价值。基于当前供需格局、政策导向及产业趋势，铜、铝、黄金三大品种的中长 期配置逻辑清晰铜受益于矿端供应紧张与绿色经济需求拉动；铝受限于国内产能天花板，并受益于轻量 化及绿电需求；黄金则具备对冲风险 ...

Core Insights - The launch of the Xiaodong Antimony Mine project marks a significant milestone for the company, indicating the commencement of substantial construction and laying a solid foundation for future production [1][3] - The project is a strategic move for the company to expand into the upstream strategic mineral resources sector, enhancing its industrial layout and resource control capabilities [2][3] Company Strategy - The company has successfully established a complete industrial chain from antimony mining to resource recovery through the acquisition of Dahao Mining, addressing raw material supply issues and improving operational efficiency [2] - The project aims to implement a model of "mining, governance, and restoration" to ensure harmonious coexistence between mining activities and the ecological environment, positioning the project as a benchmark for green mining practices [3] Industry Impact - The Xiaodong Antimony Mine project is expected to optimize the domestic antimony resource supply structure and promote collaborative upgrades in related industrial chains, contributing to the security of strategic metal resources in China [4] - The project aligns with national resource security strategies and is anticipated to enhance the country's capacity in critical mineral resources, while also fostering local economic development and job creation [3][4]

Group 1 - Tungsten is a critical industrial metal, often referred to as the "tooth of industry," due to its exceptional hardness, high melting point, and significant density [1][3] - Tungsten alloys are widely used in military applications, including tank armor-piercing projectiles and missile warheads, as well as in aerospace components like rocket engine nozzles and turbine blades [3][5] - China holds over 50% of the world's proven tungsten reserves and accounts for 82% of global production, establishing a dominant position in the tungsten market [7][11] Group 2 - Chinese tungsten companies have shifted from exporting raw materials to producing high-value-added tungsten products, increasing their share in the global high-end market [9][11] - In 2023, tungsten was officially classified as a strategic mineral resource in China, leading to a 15% reduction in annual mining quotas to stabilize production at 140,000 tons [11][15] - The U.S. relies on imports for over 35% of its tungsten resources, with a 100% dependency on foreign sources for high-end tungsten products used in aerospace and military sectors [13][16] Group 3 - The U.S. has faced supply chain disruptions due to a shortage of high-end tungsten alloys, impacting production timelines for military equipment like the F-35 fighter jet and M1A2 tanks [16][18] - Major semiconductor companies, including Intel and TSMC, are experiencing tight supplies of precision tungsten wire, leading to a 40% price increase and production adjustments [18][20] - The U.S. government has initiated a "critical minerals strategy" with a budget of $3.5 billion for exploration and development of tungsten and other essential minerals [20][22] Group 4 - American companies are attempting to circumvent Chinese controls by sourcing tungsten through intermediaries in Vietnam and Mexico, but China's stringent regulatory framework complicates these efforts [24][25] - Data from Vietnamese customs indicates a 67% year-on-year decline in tungsten exports to the U.S. in the first half of 2024, highlighting the effectiveness of China's resource management policies [25][27] - China's strategic management of tungsten resources not only protects its limited resources but also ensures industrial security, presenting a sustainable model for global resource utilization [27]

Core Viewpoint - The recent exploration project in Mao Wan Li manganese mine in Sichuan has discovered a significant manganese resource of 606.7 million tons, marking a breakthrough in the region's mining potential [1][2]. Group 1: Manganese Resource Discovery - The Mao Wan Li manganese mine exploration project has confirmed an inferred resource of 462.8 million tons within the surveyed area and an additional 143.9 million tons in the adjacent unclaimed area, totaling 606.7 million tons [1]. - The project has successfully identified over 600 million tons of manganese resources within just 1 square kilometer, indicating a medium-sized ore body and resolving a long-standing issue in the research of manganese resources in Northwest Sichuan [1][2]. Group 2: Geological Insights - The exploration has revealed that the Cambrian Qiu Jia He formation exhibits a multi-layered and interactive rhythm of manganese ore distribution, challenging previous assumptions about the small scale of "stone dam" type manganese ore bodies [2].