证券研究报告 行业研究 2026 年 2 月 27 日 资源国竞相管制矿产出口 助有色行业长期景气 核[心T观ab点le：_Summary] 第一创业证券研究所 2 月 25 日下午，多家国际媒体几乎同时报道锂矿的重磅消息。据 Reuters 报 道，津巴布韦政府宣布立即暂停所有原材料及锂精矿出口，包括正在运输途中 的货物。矿业部长表示，该禁令"即刻生效，直至另行通知"，Bloomberg 几 乎也同步进行了报道。该国原则上计划 2027 年禁止精矿出口；当前在当地拥 有锂盐或硫酸锂生产产能的企业仍可申请锂精矿出口许可证，且硫酸锂目前允 许出口。未来仅持有效采矿权及获批选矿厂的企业具备出口资格，禁止代理及 第三方贸易商出口。申请时需提交省级矿业办关于选矿能力及合规的建议信， 并申报矿物成分。违规者（如续用过期待办）将吊销出口许可乃至采矿权。 表 1、津巴布韦暂停锂矿原矿出口政策进展 | 日期 | 津巴布韦锂矿出口管制进展 | | --- | --- | | 2月17日 | 该国矿业与采矿发展部部长文件通知津巴布韦矿业协会,政府高度关注采矿业在矿产出 | | | 口过程中持续存在的违规行为,决定重新调整所有矿产 ...

Core Viewpoint - The non-ferrous metals industry is expected to continue its excess returns due to multiple advantages, including favorable market conditions and increased trading activity [1] Group 1: Industry Performance - The prices of industrial metals such as copper and aluminum are influenced by global economic cycles and their own supply-demand dynamics, with industry indices typically rising in tandem with commodity prices [1] - The profitability forecast index for the non-ferrous metals industry is relatively strong, and analysts' earnings expectations tend to lead stock prices [1] Group 2: Investment Sentiment - The non-ferrous metals sector is favored by public funds, foreign capital, and margin trading, with the funding structure positively impacting market performance [1] - Future improvements in the non-ferrous metals industry are anticipated as supply-side "de-involution" and policies to expand domestic demand continue to be implemented [1] Group 3: Index Overview - The Non-Ferrous 60 ETF (159881) tracks the CSI Non-Ferrous Index (930708), which selects representative securities from the A-share market involved in the mining, smelting, and processing of non-ferrous metals, covering sectors like copper, aluminum, lithium, and rare earths [1] - This index aims to reflect the overall performance of the non-ferrous metals industry in the Chinese A-share market, characterized by balanced industry distribution and strong cyclical features [1]