数据来源第三方，观点仅供参考。市场有风险，投资需谨慎！ | | | 沪锡产业日报 2026-02-10 | 项目类别 | 数据指标 | 最新 | 环比 数据指标 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | 期货市场 | 期货主力合约收盘价:沪锡(日,元/吨) | 382000 | -2180 3月-4月合约收盘价:沪锡(日,元/吨) | -610 | -770 | | | LME3个月锡(日,美元/吨) | 49815 | 2660 主力合约持仓量:沪锡(日,手) | 32207 | -1418 | | | 期货前20名净持仓:沪锡(日,手) | -5664 | -141 LME锡:总库存(日,吨) | 7030 | -55 | | | 上期所库存:锡(周,吨) | 8750 | -1718 LME锡:注销仓单(日,吨) | 265 | -50 | | | 上期所仓单:锡(日,吨) | 6385 | 48 | | | | 现货市场 | SMM1#锡现货价格(日,元/吨) | 385700 | 12200 长江有色市场1#锡现货价(日,元/吨) | 3 ...

2026 年全球秩序正被主要经济体政策选择重塑，各类风险与机遇交织，信用环境呈现复杂态势。 全球主要经济体政策分化显著。美国特朗普政府将内部矛盾外部化作为政治主线，中期选举压力下调整关税政策，同时干预美联储独立性以推行宽松货币政 策，聚焦核心利益抑制他国追赶。欧洲民粹主义与政治碎片化加剧，法德英陷入 "弱政府" 困境，与美国呈现有限合作与结构性对抗。日本政局多党碎片 化，高市早苗政府面临执政压力，提前大选结果将决定其激进政策走向。 地缘政治冲突成最大风险。美国主导西半球门罗主义，突袭委内瑞拉并觊觎格陵兰岛，推升拉美与北极地区风险；俄乌冲突大概率延续消耗战，长期或走向 妥协；巴以冲突外溢至伊朗，中东风险进入高危区间，南海、朝鲜半岛等地区局势亦存变数。 大宗商品价格走势分化。黄金受美联储降息预期与地缘政治风险驱动，价格有望突破 6000 美元 / 盎司，但涨幅放缓；国际原油供需宽松，价格中枢或进一 步下移至 57 美元 / 桶附近。 科技与 ESG 发展分化。AI 领域持续创新，多智能体系统、人形机器人等成热点，但存投资泡沫风险。ESG 发展制度化推进，欧洲领跑、中国稳步推进、美 国进程放缓，全球整体向可持续发展 ...

Core Viewpoint - Jiangbolong expects a significant increase in net profit for 2025, driven by a recovery in storage prices and strong demand from AI server markets [1][2] Group 1: Financial Performance - Jiangbolong forecasts a net profit attributable to shareholders of 1.25 billion to 1.55 billion yuan for 2025, representing a year-on-year growth of 150.66% to 210.82% [1] - The company's non-GAAP net profit is projected to be between 1.13 billion and 1.35 billion yuan, reflecting a year-on-year increase of 578.51% to 710.60% [1] - The company transitioned from a net loss of 152 million yuan in Q1 2024 to a net profit of 1.67 billion yuan in Q2 and 6.98 billion yuan in Q3, with an expected Q4 profit of 537 million to 837 million yuan [1] Group 2: Market Dynamics - The recovery in storage prices began after a low point in Q1 2024, with significant increases attributed to surging demand for AI servers and a shift in production capacity towards enterprise-level products [1] - According to TrendForce, global DRAM prices are expected to rise by 8% to 13% quarter-on-quarter in Q4 2025, with increases of 13% to 18% when including HBM [1] - The current cycle of rising storage chip prices is anticipated to last until mid-2027, with some high-end products potentially extending to 2028 [1] Group 3: Company Strengths - Jiangbolong is the second-largest independent memory manufacturer globally, offering a comprehensive range of storage solutions, including embedded storage, solid-state drives, mobile storage, and memory modules [2] - The company has established partnerships with several wafer foundries and leading smart terminal manufacturers, enhancing its market position [2] - Jiangbolong's self-developed main control chips have seen deployment exceed 100 million units by the end of Q3 2025, with multiple flagship products achieving mass application [2] Group 4: Research and Development - Jiangbolong has consistently increased its R&D expenditures, reaching 701 million yuan by Q3 2025, following previous investments of 356 million yuan, 594 million yuan, and 910 million yuan in the preceding years [3] - The company announced a fundraising of 3.7 billion yuan in early 2025 to support high-end storage research and development projects, particularly in the AI sector [3]

1. Report Industry Investment Rating - No relevant content provided 2. Core Viewpoints of the Report - China's industrial enterprises above designated size saw a 5.3% year - on - year increase in profits in December 2026 and a 0.6% increase for the whole year, achieving the first growth in four years. The supply of tin ore is expected to increase in the first quarter, with a slight rebound in processing fees, indicating a relief of the supply shortage. The production of refined tin is currently limited but may increase after the Chinese New Year. The import pressure is increasing as Indonesia's tin exports rise. The demand for solder in the AI field is expected to grow significantly. The short - term trend of Shanghai tin is expected to be a wide - range adjustment, with a focus on the 44 - level competition and support at MA10, in the range of 42 - 46 [3] 3. Summary by Relevant Catalogs 3.1 Futures Market - The closing price of the main futures contract of Shanghai tin is 443,800 yuan/ton, a decrease of 7,360 yuan; the closing price of the March - April contract of Shanghai tin is - 490 yuan/ton, an increase of 160 yuan. The LME 3 - month tin price is 54,878 US dollars/ton, an increase of 646 US dollars. The main contract position of Shanghai tin is 52,024 lots, a decrease of 3,047 lots. The net position of the top 20 futures is - 7,628 lots, a decrease of 3,478 lots. The LME tin total inventory is 7,085 tons, an increase of 20 tons. The Shanghai Futures Exchange inventory of tin is 9,720 tons, an increase of 171 tons. The Shanghai Futures Exchange tin warehouse receipt is 8,657 tons, an increase of 104 tons [3] 3.2 Spot Market - The SMM 1 tin spot price is 436,600 yuan/ton, an increase of 8,200 yuan; the Yangtze River Non - ferrous Market 1 tin spot price is 433,700 yuan/ton, an increase of 7,530 yuan. The basis of the main Shanghai tin contract is - 22,760 yuan/ton, a decrease of 32,270 yuan. The LME tin premium (0 - 3) is - 244 US dollars/ton, a decrease of 1 US dollar [3] 3.3 Upstream Situation - The import volume of tin ore and concentrates is 1.76 million tons, an increase of 0.25 million tons. The average price of 40% tin concentrate processing fee is 14,500 yuan/ton, unchanged; the average price of 40% tin concentrate is 414,400 yuan/ton, a decrease of 6,450 yuan; the average price of 60% tin concentrate is 418,400 yuan/ton, a decrease of 6,450 yuan; the average price of 60% tin concentrate processing fee is 10,500 yuan/ton, unchanged [3] 3.4 Industry Situation - The monthly output of refined tin is 1.4 million tons, a decrease of 0.16 million tons. The monthly import volume of refined tin is 2,239.1 tons, an increase of 323.25 tons [3] 3.5 Downstream Situation - The price of 60A solder bar in Gejiu is 275,410 yuan/ton, an increase of 5,340 yuan. The cumulative output of tin - plated sheets (strips) is 152.87 million tons, an increase of 13.87 million tons. The monthly export volume of tin - plated sheets is 14.29 million tons, a decrease of 0.45 million tons [3] 3.6 Industry News - China's industrial enterprises above designated size saw a 5.3% year - on - year increase in profits in December 2026 and a 0.6% increase for the whole year, achieving the first growth in four years. The US government is approaching a shutdown. The Fed is expected to pause rate cuts this week, and there are differences among officials on future rate cuts [3]

Group 1 - The core viewpoint of the article is that Invt (002334.SZ) currently does not have products applicable to space computing, but its temperature control and liquid cooling products can be utilized in data centers and the AI sector [1] Group 2 - The company has clarified its product offerings in response to investor inquiries on its interactive platform [1] - The focus on data centers and AI indicates a strategic alignment with growing sectors in technology [1]

Group 1 - The company, Invt (002334.SZ), has stated that it currently does not have products applicable for space computing [2] - The company's temperature control and liquid cooling products are applicable in data centers and the AI sector [2]

Core Viewpoint - Jiangbolong (301803.SZ) is planning to raise up to 3.7 billion yuan through a private placement, focusing on memory products, main control chips, and high-end packaging and testing, amid concerns over the reasonableness of allocating nearly 1 billion yuan for R&D personnel salaries and the company's financial pressure reflected by two financing plans within a year [1][5][6]. Group 1: Financing Plans - Jiangbolong intends to raise 3.7 billion yuan through a private placement, with 880 million yuan allocated for AI-related high-end memory R&D, 1.22 billion yuan for semiconductor storage main control chip R&D, 500 million yuan for high-end packaging projects, and 1.1 billion yuan for liquidity support [2][4]. - This marks the second financing plan for the company in 2023, following a previous plan to list in Hong Kong aimed at expanding capacity and enhancing R&D [5]. Group 2: Financial Performance - Despite a recovery in the mobile and PC markets, Jiangbolong's revenue growth has significantly slowed compared to the previous year, with net profit growth primarily driven by non-recurring gains [1][9]. - In the first three quarters of 2025, the company achieved revenue of 16.734 billion yuan, a year-on-year increase of 26.12%, while net profit reached 713 million yuan, up 27.95% [9]. - The company's gross profit margin has declined, with a reported margin of 15.29% in the first three quarters of 2025, down 6.25 percentage points year-on-year [10]. Group 3: Inventory and Cash Flow Issues - Jiangbolong's inventory has been increasing significantly, with values of 3.744 billion yuan in 2022, 5.893 billion yuan in 2023, and 7.833 billion yuan in 2024, leading to negative cash flow from operating activities totaling over 4.3 billion yuan [11]. - As of September 30, 2025, inventory reached 8.517 billion yuan, accounting for 64.08% of current assets, while accounts receivable also increased to 2.76 billion yuan, up 68% year-on-year [11]. Group 4: Management and Shareholder Actions - Prior to the announcement of the financing plan, company executives and major shareholders engaged in significant share sell-offs, with the National Integrated Circuit Industry Investment Fund reducing its stake and cashing out approximately 4.72 billion yuan [7][8]. - Employee shareholding platforms also sold shares, realizing around 755 million yuan, coinciding with a period of stock price increases [8].

Group 1 - The article highlights the significant market share of the company in the photovoltaic fine tungsten wire sector, exceeding 80% [1] - The company has invested 2.2 billion yuan to further enhance its presence in the new energy sector, focusing on FPC, CDU, batteries, energy storage, and AI computing centers [1] - The company plans to raise 3.7 billion yuan through a private placement to fund high-end storage projects aimed at the AI field, including main control chips and advanced packaging [1]

Core Insights - Li Auto reported a challenging Q3 financial performance, with significant declines in key metrics, including a 36.2% year-on-year drop in revenue to 27.4 billion RMB and a net loss of 624 million RMB compared to a profit of 3.4 billion RMB in the same period last year [1][3][10] Financial Performance - Vehicle sales revenue decreased by 37.4% year-on-year to 25.9 billion RMB, primarily due to a reduction in vehicle delivery volumes [2][3] - Gross profit fell by 51.6% to 4.5 billion RMB, with a gross margin of 20.4% after accounting for recall costs [2][4] - Operating expenses increased slightly by 2.5%, reflecting ongoing operational costs despite the revenue decline [2] - The company maintained a cash reserve of 98.9 billion RMB, providing a solid foundation for future investments and stability [6][10] Strategic Developments - Li Auto has initiated a recall of 11,411 units of the 2024 Li MEGA model, which has impacted short-term profitability but is seen as a necessary step for user safety and brand integrity [4][6] - The company is shifting focus towards electric vehicles (EVs) with the launch of the Li i8 and i6 models, aiming to establish a dual strategy of "range-extended + pure electric" vehicles [7][8] - The VLA driver model, a self-developed advanced driver-assistance system, has shown high user engagement, with a monthly usage rate of 91% and significant improvements in driving mileage [9][10] Market Position - Despite short-term challenges, Li Auto continues to lead in the new energy vehicle sector, with a total revenue of 83.5 billion RMB over the first three quarters of the year [3][10] - The company's proactive approach to recalls and user safety is expected to enhance brand loyalty and mitigate potential crises in the long run [6][10] - The dual strategy of expanding both range-extended and pure electric offerings aligns with industry trends, positioning Li Auto favorably against competitors [8][10]

Group 1 - The article discusses the recent fluctuations in the stock market, particularly the Shanghai Composite Index reaching new highs before experiencing a downturn, causing panic among investors [3][31]. - The absence of the U.S. CPI data has led to market fears regarding the Federal Reserve's cautious approach, with concerns that interest rates may not be lowered in December [4][6]. - The article highlights that despite the lack of CPI data, the Federal Reserve has other data to consider, and the current economic situation in the U.S. is not as strong as it appears, masked by the tech boom [9][10]. Group 2 - There has been a significant increase in non-bank loans in the U.S., with $550 billion in new loans in the first ten months of the year, marking a 40% growth rate [18][19]. - Non-bank loans have surpassed the total of real estate, industrial, and consumer loans combined, indicating a shift in credit dynamics [19][21]. - The article outlines the main areas where non-bank loans are directed, including commercial real estate, residential mortgages, corporate credit, and consumer finance, driven by tighter bank regulations and the need for flexible financing [22][23]. Group 3 - The article notes a style shift in the market, with a general decline influenced by overseas factors, while certain sectors like finance and small-cap stocks have shown resilience [31][33]. - The Hong Kong stock market is more affected by overseas influences, and there have been recommendations to increase positions in insurance and Hong Kong dividend stocks during corrections [34][39]. - The article emphasizes that despite internal style rotations, the overall index is still on a slow upward trend, with the Shanghai Composite Index reaching new highs [43][44]. Group 4 - Recent economic data shows a decline in M1 and M2 growth rates, with M1 decreasing to 6.2% and M2 to 8.2%, indicating potential challenges in the stock market [53][59]. - Retail sales growth has slowed to 2.93%, suggesting a sluggish recovery in consumer spending, with restaurant revenues showing some improvement [62][66]. - Real estate investment has dropped by 14.7% year-on-year, indicating ongoing challenges in the sector, but the article suggests that funds from the real estate market may flow into the stock market [67][68]. Group 5 - The article mentions a rebound in soybean meal prices, with potential for further increases if supply issues arise towards the end of the year [69]. - It highlights the cyclical nature of the market, emphasizing that returns are not linear and that investors should be prepared for periods of volatility [71][73]. - The article advises against certain mindsets during bull markets, such as chasing highs or being overly sensitive to account fluctuations, suggesting a focus on long-term investment strategies [76][77].