证券研究报告|行业研究报告 [Table_Date] 2026 年 3 月 3 日 [Table_Title] 2025Q4 Nova Andino Litio 锂盐销量同比增长 52 % 至 6.62 万吨，且预计 2026 年销量将同比增长超过 10% [Table_Title2] 有色金属-海外季报 [Table_Summary] 季报重点内容: ►2025Q4 生产经营情况 2）国际部 2025Q4 锂精矿销量为 6.73 万吨（SC6），氢氧化锂销量 为 900 吨 LCE。 2、特种植物营养（SNP） 2025Q4 SNP 销量为 25.32 万吨，同比增长 7%，环比减少 9%。 2025Q4 SNP 平均实现价格为 987 美元/吨，同比上涨 4%，环比上涨 6%。 2025Q4 SNP 单位销售成本为 828 美元/吨，同比上涨 1%，环比上涨 4%。 1、锂盐业务 1）Nova Andino Litio（原智利锂业务部或 SQM Salar） 2025Q4 锂盐销量为 6.62 万吨，同比增长 52%，环比增长 5%。 2025Q4 锂盐平均实现价格为 9986 美元/吨，同比上涨 24% ...

业内分析指出，锌铟等小金属价格上行、镍矿等品种海外供给收缩为有色金属行业提供直接支撑，全球 铝产业合作项目落地与美欧钢铝贸易关系缓和的预期，进一步利好工业金属领域的需求释放，叠加国内 有色金属产量稳步增长夯实行业发展根基，行业整体供需格局持续优化，各细分品种迎来轮动向好的发 展态势。 有色ETF银华（159871）紧密跟踪中证有色金属指数。该指数选取涉及有色金属采选、有色金属冶炼与 加工业务的上市公司，反映有色金属类相关上市公司的整体表现，前十大重仓股包含紫金矿业、洛阳钼 业、北方稀土等龙头企业，权重合计46.48%。 消息面上，2月25日，国内锌铟板块行情走高，24日上海钢联数据显示，国内粗铟中间价报4600元/公 斤、精铟中间价报4700元/公斤，均较节前上涨300元/公斤；印尼莫罗瓦利镍矿中心发生山体滑坡影响 当地镍矿产出，且该国2026年镍矿配额预计2.5-2.6亿吨，较2025年的3.79亿吨降幅超34%，全球镍供给 端收缩态势凸显。2月24日，阿联酋环球铝业与美国铝业、世纪铝业达成合作协议，推进俄克拉荷马州 铝中心建设，当地原铝项目预计于今年年底启动；欧盟官员预计美国将在未来几周降低对含钢铝加工产 ...

2016-2025年有色金属冶炼和压延加工业企业数统计图 数据来源：国家统计局，智研咨询整理 知前沿，问智研。智研咨询是中国一流产业咨询机构，十数年持续深耕产业研究领域，提供深度产业研 究报告、商业计划书、可行性研究报告及定制服务等一站式产业咨询服务。专业的角度、品质化的服 务、敏锐的市场洞察力，专注于提供完善的产业解决方案，为您的投资决策赋能。 上市公司：焦作万方（000612），铜陵有色（000630），合金投资（000633），中钨高新（000657）， 国城矿业（000688），北方铜业（000737），常铝股份（002160），东方锆业（002167），楚江新材 （002171），宝武镁业（002182），融捷股份（002192），海亮股份（002203） 相关报告：智研咨询发布的《2026-2032年中国有色金属行业市场发展现状及竞争格局预测报告》 2025年1-12月，有色金属冶炼和压延加工业企业数（以下数据涉及的企业，均为规模以上工业企业，从 2011年起，规模以上工业企业起点标准由原来的年主营业务收入500万元提高到年主营业务收入2000万 元）为10938个，和上年同期相比，增加了639个 ...

Core Insights - The industrial added value of China's non-ferrous metal enterprises is projected to grow by 6.9% by 2025, with the production of ten types of non-ferrous metals expected to exceed 80 million tons for the first time, reaching 81.75 million tons, an increase of 3.9% compared to the previous year [1] Investment Trends - The fixed asset investment structure in the non-ferrous metal industry has been optimized, with significant growth in the mining sector. Last year, fixed asset investment in the non-ferrous metal industry increased by 4.9%, surpassing the national industrial investment growth rate by 2.3 percentage points [1] - Specifically, fixed asset investment in the non-ferrous metal mining and selection industry saw a remarkable increase of 41.0% compared to the previous year [1] Trade Performance - The total import and export trade volume of non-ferrous metals reached a new high, amounting to $412.24 billion, which represents a growth of 12.4% from the previous year [1]

Core Viewpoint - The article discusses the salary information of 87 central enterprise leaders for 2024, highlighting the differences in compensation between steel and non-ferrous metal mining enterprises, with a general decline in steel enterprise salaries and an increase in non-ferrous metal mining salaries [3][9]. Salary Overview - The pre-tax salary of central enterprise leaders consists of three parts: base salary, social insurance, enterprise annuity, supplementary medical insurance, and housing fund contributions, along with other monetary income [3]. - For 2024, the highest pre-tax salary among the eight steel and mining central enterprises is approximately 1.1 million yuan, including additional contributions [4]. - The highest base salary is for Duan Xiangdong, Chairman of China Aluminum Group, at 947,900 yuan, followed by Hu Wangming, Chairman of China Baowu Steel Group, at 888,600 yuan [5]. Year-on-Year Salary Changes - Compared to 2023, the salaries of steel enterprise leaders generally decreased, while those of non-ferrous metal mining leaders mostly increased [9]. - The lowest salary among the eight enterprises is for the Chairman of Xinxing Jihua Group at 491,000 yuan, which is about half of the highest salary in the non-ferrous sector [9]. Performance Impact on Salaries - The decline in steel enterprise salaries correlates with poor performance, as seen in Xinxing Jihua Group, which reported a loss of 4.228 billion yuan in 2024, a significant drop from a profit of 182 million yuan in 2023 [9]. - An analysis of Ansteel Group shows that its three listed companies experienced a decline in performance, with losses exceeding 100% compared to 2023 [10]. Non-Ferrous Metal Sector Performance - In contrast, the non-ferrous metal sector saw significant profit increases, with China Aluminum Group reporting a net profit of 12.4 billion yuan in 2024, a year-on-year increase of 85.38% [12]. - The overall profit for the non-ferrous metal industry is projected to reach around 420 billion yuan in 2024, reflecting a growth of over 10% [12]. Future Outlook - The steel industry is expected to improve in 2025, with profits projected to reach the best economic performance since 2022, driven by a recovery in production and pricing [10]. - The non-ferrous metal industry continues to thrive, with record profits reported in 2025, indicating a robust growth trajectory [13].

Core Insights - The non-ferrous metals industry in China is showing steady progress with a focus on high-end, intelligent, and green development, leading to improved corporate profitability [1][2] Production and Investment - In the first three quarters, the added value of the non-ferrous metal industry increased by 7.8% year-on-year, outperforming the national industrial growth rate by 1.6 percentage points [1] - The production of ten common non-ferrous metals reached 61.249 million tons, with a year-on-year growth of 3.0% [1] - Fixed asset investment in the non-ferrous metal industry grew by 10.1% compared to the same period last year, with mining investment surging by 49.3% [1] Trade Performance - The total import and export trade of non-ferrous metals amounted to $305.66 billion, reflecting a year-on-year increase of 13.4% [2] - Exports grew significantly by 19.8%, primarily driven by gold products [2] Price Trends - Prices for traditional industrial metals like copper and aluminum have risen, with copper averaging 78,285 yuan/ton (up 4.8%) and aluminum at 20,446 yuan/ton (up 3.7%) [2] - Conversely, prices for new energy metals are under downward pressure, although the rate of decline has slowed [2] Financial Performance - Major non-ferrous metal enterprises reported revenues of 7.398 trillion yuan, a 14.6% increase year-on-year, and total profits of 345.15 billion yuan, up 18.7% [2] - The industry is projected to achieve record revenues close to 10 trillion yuan and profits around 450 billion yuan by the end of the year [3]

Core Viewpoint - The non-ferrous metals industry in China has shown strong resilience in its overall performance during the first half of 2025, despite facing challenges such as resource security and overcapacity [1] Industry Performance - The China Nonferrous Metals Industry Association reported that the industry exhibited robust development in the first half of 2025 [1] - Key enterprises in the non-ferrous metals sector are experiencing a generally positive operational status [1] Challenges Faced - The industry is confronted with several issues, including resource security, overcapacity, and the management of dual-use items in import and export [1] - The association aims to address these challenges by enhancing interaction with central and relevant departments [1] Future Actions - The China Nonferrous Metals Industry Association plans to compile and address urgent issues faced by enterprises to support high-quality development in the industry [1]

Investment Rating - Industry rating: Recommended [5] Core Insights - The report highlights a year-on-year increase in alumina production by 0.4% to 1.27 million tons and a 3.7% growth in electrolytic aluminum production to 309,000 tons in Q2 2025 [1] - The Worsley alumina production for Q2 2025 was 936,000 tons, a 2% increase year-on-year, while the annual production for FY2025 is projected at 3.727 million tons, a 1% decrease from the previous year [1] - Brazilian alumina production remained stable at 334,000 tons in Q2 2025, with an annual production increase of 4% to 1.34 million tons [2] - Brazilian electrolytic aluminum production surged by 36% year-on-year to 38,000 tons in Q2 2025, with an annual production of 138,000 tons, reflecting a 33% increase [3] - Hillside electrolytic aluminum production for Q2 2025 was 181,000 tons, a 1% increase year-on-year, while annual production remained stable at 718,000 tons [4] Production and Sales Summary - Worsley alumina sales in Q2 2025 reached 1 million tons, a 3% increase year-on-year, while annual sales were 3.699 million tons, a 2% decrease [1] - Brazilian alumina sales in Q2 2025 were 335,000 tons, a 6% decrease year-on-year, with annual sales of 1.349 million tons, a 5% increase [2] - Brazilian electrolytic aluminum sales in Q2 2025 were 46,000 tons, a 53% increase year-on-year, with annual sales matching production at 138,000 tons [3] - Hillside electrolytic aluminum sales in Q2 2025 were 194,000 tons, a 5% increase year-on-year, with annual sales of 732,000 tons, a 2% increase [4] - Mozal electrolytic aluminum production in Q2 2025 was 90,000 tons, a 17% increase year-on-year, with annual production of 355,000 tons, a 13% increase [9] Cost and Operational Efficiency - The report indicates that the operating unit costs for FY2025 are expected to align with guidance due to strong operational performance and ongoing cost efficiency measures [16] - Specific cost expectations for various operations include Worsley alumina at $305 per ton and Brazil aluminum at approximately 5% below H1 FY2025 [23] Development Projects Update - The Hermosa project saw an investment of $517 million in growth capital expenditures for FY2025, focusing on the Taylor zinc-lead-silver project and Clark battery-grade manganese exploration [17] - The report notes that the environmental impact report for the Hermosa project is a significant milestone, with the final report expected in the second half of FY2026 [19] - Greenfield exploration investments for FY2025 totaled $35 million, targeting multiple base metal exploration projects [20]

Group 1 - The industrial metals sector is significantly boosted by policy support, with the "Work Plan" expected to expand demand and optimize supply, enhancing industry confidence [1] - The Ministry of Industry and Information Technology aims to promote structural adjustments in key industries, optimize supply, eliminate outdated capacity, and implement high-quality development plans for copper and aluminum industries to stabilize growth and promote transformation [1] - In the strategic metals sector, prices for praseodymium and neodymium oxides have rebounded from a low point, while black tungsten concentrate prices have reached a historical high, indicating potential valuation reconstruction opportunities amid global supply chain autonomy pursuits [1] Group 2 - The Nonferrous 60 ETF (159881) tracks the CSI Nonferrous Metals Index (930708), which is compiled by the China Securities Index Company and includes listed companies involved in the mining, smelting, and processing of precious and industrial metals, reflecting the overall performance of the nonferrous metals industry [1] - The index exhibits significant cyclical characteristics, providing investors with an effective tool to measure the development status of the nonferrous metals industry [1] - Investors without stock accounts can consider the Guotai CSI Nonferrous Metals ETF Initiated Link C (013219) and Guotai CSI Nonferrous Metals ETF Initiated Link A (013218) [1]