证 券 研 究 报 告 其他小金属：节后钨市偏强节奏运行，现货流通依旧紧张。节后钨产 业链快速回归偏强节奏，矿山复工偏慢，现货流通依旧紧张，持货商报价 坚挺。下游企业陆续复产，刚需补库带动交投回暖，但高价下多以小单谨 慎跟进。光伏钨丝、高端制造等领域需求稳定，成本与低库存形成双重支 撑，全链心态向好，短期行情易涨难跌，后续走势关注节后复工及供需释 放情况。个股：锑建议关注湖南黄金、华锡有色、华钰矿业；钼关注金钼 股份、中金黄金、洛阳钼业；钨关注佳鑫国际资源、中钨高新、厦门钨业、 章源钨业，翔鹭钨业；稀土关注中国稀土、中稀有色、北方稀土、金力永 磁、厦门钨业。 一周市场回顾：本周涨幅前十：菲利华（40.02%）、云南锗业（37.77%）、 章源钨业（32.81%）、沃尔德（32.71%）、锌业股份（26.96%）、华锡 有色（26.73%）、中钨高新（26.35%）、永兴材料（25.51%）、驰宏锌 锗（24.35%）、抚顺特钢（24.25%）。 风险提示 新能源金属：电动车及储能需求不及预期；基本金属：中国消费 修复不及预期；贵金属：美联储降息不及预期。 强于大市（维持评级） 有色金属 2026 年 03 月 ...

Investment Rating - The report maintains an "Overweight" rating for the lithium carbonate industry, indicating a positive outlook for the sector [4]. Core Insights - The ban on lithium concentrate exports from Zimbabwe is expected to significantly disrupt global lithium supply in the short term, leading to a strong price performance for lithium [2]. - The report highlights that the tightening supply and continuous inventory depletion in the lithium carbonate market will contribute to a strong price fluctuation [4]. - Key companies recommended for investment include Zangge Mining, Ganfeng Lithium, Tianqi Lithium, Yongxing Materials, and Yahua Group [4]. Summary by Sections - **Supply Dynamics**: Zimbabwe's Ministry of Mines announced an immediate suspension of all raw and lithium concentrate exports, which is anticipated to tighten the supply side significantly. In 2025, China is expected to import 1.19 million tons of lithium concentrate from Zimbabwe, translating to a lithium carbonate production of 148,800 tons [4]. - **Market Conditions**: The report notes that from late January to February 2026, lithium carbonate inventory has been declining for five consecutive weeks, with an accelerating depletion rate. The demand recovery post-Chinese New Year is expected to maintain this trend, leading to a strong price outlook for lithium carbonate [4]. - **Future Outlook**: The demand for lithium carbonate is projected to grow rapidly in 2026, driven by the energy storage and power battery sectors. The supply side remains constrained due to previous disruptions in key mining areas and changes in overseas supply [4].

Investment Rating - The report maintains a rating of "Outperform" for the industry [6] Core Views - Precious Metals: The core of gold trading remains focused on hedging and stagflation, with long-term allocation value unchanged [1][12] - Industrial Metals: The expectation of interest rate cuts leads to fluctuations in industrial metal prices, with a tight supply-demand balance supporting copper prices [2][14] - New Energy Metals: Lithium carbonate prices have adjusted, and downstream inventory replenishment is sufficient, with potential for price increases if electric vehicle and energy storage sectors maintain high growth [3][19] - Other Minor Metals: The market activity for rare earth products has decreased due to the upcoming Spring Festival, with overall market performance expected to change post-holiday [4][21] Summary by Sections Precious Metals - The U.S. macroeconomic data and hawkish comments from Federal Reserve officials have weakened market expectations for interest rate cuts, pushing the anticipated first cut from June to July [12] - Key stocks to watch include Zijin Mining, Zhongjin Lingnan, and others in both A-shares and H-shares [13] Industrial Metals - Short-term copper prices are supported by a tight supply-demand balance, while long-term expectations are bolstered by potential interest rate cuts and strong demand from the new energy sector [2][18] - Key stocks to monitor include Zijin Mining, Jiangxi Copper, and others [18] New Energy Metals - Lithium prices are expected to rise if the electric vehicle and energy storage sectors continue to grow, despite recent price adjustments [3][19] - Key stocks include Ganfeng Lithium and others in the lithium sector [20] Other Minor Metals - The rare earth market is experiencing lower inquiry activity as the Spring Festival approaches, with price fluctuations expected to increase post-holiday [4][21] - Key stocks to consider include China Rare Earth and others in the rare earth sector [24]

Core Viewpoint - Zhongkuang Resources has shown a significant increase in stock price and trading volume, indicating strong market interest and potential growth in the rare metal sector, particularly in lithium and other light metals [1][2]. Group 1: Stock Performance - On February 9, Zhongkuang Resources' stock rose by 2.05%, reaching 83.79 CNY per share, with a trading volume of 582 million CNY and a turnover rate of 0.99%, resulting in a total market capitalization of 60.454 billion CNY [1]. - Year-to-date, the stock price has increased by 6.67%, with a 3.96% rise over the last five trading days, a 1.42% decline over the last 20 days, and a 29.85% increase over the last 60 days [1]. - The company has appeared on the "Dragon and Tiger List" once this year, with a net buy of -119 million CNY on January 8, totaling 568 million CNY in purchases, which accounted for 15.88% of total trading volume [1]. Group 2: Company Overview - Zhongkuang Resources Group Co., Ltd. was established on June 2, 1999, and listed on December 30, 2014. The company specializes in the development and utilization of rare light metal resources (lithium, cesium, rubidium), geological exploration services, mineral rights investment, international mineral product trade, and international engineering [2]. - The main revenue sources for the company are product sales (71.26%), other income (18.70%), operating leases (9.22%), and service provision (0.82%) [2]. - As of September 30, the company had 58,600 shareholders, a decrease of 11.15%, with an average of 12,139 circulating shares per shareholder, an increase of 12.55% [2]. Group 3: Financial Performance - For the period from January to September 2025, Zhongkuang Resources reported a revenue of 4.818 billion CNY, reflecting a year-on-year growth of 34.99%. However, the net profit attributable to shareholders decreased by 62.58% to 204 million CNY [2]. - The company has distributed a total of 1.728 billion CNY in dividends since its A-share listing, with 1.592 billion CNY distributed over the past three years [3]. Group 4: Shareholder Structure - As of September 30, 2025, the largest circulating shareholder is Hong Kong Central Clearing Limited, holding 17.3965 million shares, an increase of 988,800 shares from the previous period [3]. - The Southern CSI 500 ETF ranks as the fourth largest circulating shareholder with 10.5236 million shares, a decrease of 217,000 shares [3]. - New shareholders include Southern CSI Shenwan Nonferrous Metals ETF, holding 5.8638 million shares [3].

Core Viewpoint - Zhongkuang Resources experienced a decline in stock price, with a drop of 2.14% on February 5, 2025, closing at 81.86 yuan per share, and a total market capitalization of 59.061 billion yuan [1] Financial Performance - For the period from January to September 2025, Zhongkuang Resources reported a revenue of 4.818 billion yuan, representing a year-on-year growth of 34.99%. However, the net profit attributable to shareholders decreased by 62.58% to 204 million yuan [2] - The company has cumulatively distributed dividends of 1.728 billion yuan since its A-share listing, with 1.592 billion yuan distributed over the past three years [3] Stock Market Activity - The stock has seen a year-to-date increase of 4.21%, but has declined by 11.95% over the last five trading days. In the last 20 days, the stock rose by 1.06%, and over the past 60 days, it increased by 38.18% [1] - Zhongkuang Resources has appeared on the "Dragon and Tiger List" once this year, with a net buy of -119 million yuan on January 8, 2025, where total purchases amounted to 568 million yuan, accounting for 15.88% of total trading volume [1] Shareholder Structure - As of September 30, 2025, the number of shareholders decreased by 11.15% to 58,600, with an average of 12,139 circulating shares per shareholder, which is an increase of 12.55% [2] - The second-largest circulating shareholder is Hong Kong Central Clearing Limited, holding 17.3965 million shares, an increase of 988,800 shares from the previous period [3]

Core Viewpoint - Guoyan Platinum Industry's stock price has shown volatility, with a year-to-date increase of 16.23% but a recent decline of 10.55% over the past five trading days [2]. Group 1: Stock Performance - As of February 3, Guoyan Platinum's stock price rose by 2.03% to 21.63 CNY per share, with a trading volume of 9.92 billion CNY and a turnover rate of 6.16%, resulting in a total market capitalization of 164.35 billion CNY [1]. - The stock has experienced a 10.55% decline over the last five trading days, while it has increased by 2.41% over the past 20 days and 26.57% over the past 60 days [2]. Group 2: Financial Performance - For the period from January to September 2025, Guoyan Platinum achieved a revenue of 451.79 billion CNY, representing a year-on-year growth of 22.21%, and a net profit attributable to shareholders of 5.01 billion CNY, which is a 12.43% increase year-on-year [3]. - The company has distributed a total of 10.72 billion CNY in dividends since its A-share listing, with 4.53 billion CNY distributed in the last three years [4]. Group 3: Shareholder Information - As of September 30, 2025, the number of shareholders for Guoyan Platinum increased to 55,700, up by 4.94% from the previous period, while the average number of circulating shares per person decreased by 4.71% to 13,536 shares [3]. - The second-largest circulating shareholder is Hong Kong Central Clearing Limited, holding 11.585 million shares, an increase of 3.8267 million shares from the previous period [4].

Core Viewpoint - Yunnan Tin Company has shown significant stock performance with a year-to-date increase of 39.60%, despite a recent decline of 2.70% over the last five trading days [1] Group 1: Stock Performance and Market Data - As of January 21, Yunnan Tin's stock price reached 38.92 CNY per share, with a market capitalization of 640.55 billion CNY [1] - The company experienced a net inflow of main funds amounting to 34.41 million CNY, with large orders accounting for 25.42% of total purchases [1] - Over the past 60 days, the stock has increased by 60.56% [1] Group 2: Company Overview and Financials - Yunnan Tin Company, established on November 22, 1998, specializes in the exploration, mining, and smelting of metals such as tin, zinc, copper, and indium [1] - The company's revenue composition includes tin ingots (43.61%), supply chain business (20.31%), and copper products (18.04%) [1] - For the period from January to September 2025, Yunnan Tin reported a revenue of 34.42 billion CNY, reflecting a year-on-year growth of 17.81%, and a net profit of 1.75 billion CNY, up 35.99% year-on-year [2] Group 3: Shareholder Information - As of January 9, 2025, the number of shareholders increased by 5.00% to 84,100, with an average of 19,576 circulating shares per shareholder, a decrease of 4.76% [2] - Major shareholders include Hong Kong Central Clearing Limited, which holds 34.75 million shares, and several new institutional investors have entered the top ten shareholders list [3]

Core Viewpoint - Yunnan Tin Company has experienced significant stock price increases, with a year-to-date rise of 49.50% and a 32.87% increase over the past five trading days, indicating strong market performance and investor interest [2]. Group 1: Stock Performance - As of January 15, Yunnan Tin's stock price reached 41.68 yuan per share, with a trading volume of 5.82 billion yuan and a market capitalization of 685.97 billion yuan [1]. - The stock has shown remarkable growth over various time frames: 49.50% year-to-date, 32.87% in the last five trading days, 64.94% in the last 20 days, and 84.18% in the last 60 days [2]. Group 2: Financial Performance - For the period from January to September 2025, Yunnan Tin reported a revenue of 34.417 billion yuan, reflecting a year-on-year growth of 17.81%, and a net profit attributable to shareholders of 1.745 billion yuan, which is a 35.99% increase compared to the previous year [2]. - The company has distributed a total of 2.15 billion yuan in dividends since its A-share listing, with 1.103 billion yuan distributed over the last three years [3]. Group 3: Shareholder Information - As of September 30, 2025, Yunnan Tin had 84,100 shareholders, an increase of 5.00% from the previous period, with an average of 19,576 circulating shares per shareholder, a decrease of 4.76% [2]. - Notable changes in institutional holdings include Hong Kong Central Clearing Limited as the third-largest shareholder, increasing its stake by 6.8983 million shares, and several new entrants among the top ten shareholders [3].

Core Viewpoint - Baowu Magnesium Industry's stock has shown significant growth, with a year-to-date increase of 11.37% and a market capitalization of 16.9 billion yuan as of January 9 [1][2]. Group 1: Stock Performance - As of January 9, Baowu Magnesium's stock price reached 17.04 yuan per share, with a trading volume of 1.05 billion yuan and a turnover rate of 0.72% [1]. - The stock has increased by 11.37% this year, with a 19.75% rise over the past 20 days and a 13.60% increase over the past 60 days [1]. Group 2: Financial Performance - For the period from January to September 2025, Baowu Magnesium reported a revenue of 6.97 billion yuan, reflecting a year-on-year growth of 9.82%, while the net profit attributable to shareholders decreased by 43.13% to 87.44 million yuan [2]. - The company has distributed a total of 738 million yuan in dividends since its A-share listing, with 206 million yuan distributed over the past three years [3]. Group 3: Shareholder Information - As of December 19, 2025, Baowu Magnesium had 56,200 shareholders, a decrease of 0.88% from the previous period, with an average of 15,387 circulating shares per shareholder, an increase of 0.89% [2]. - The top ten circulating shareholders include Hong Kong Central Clearing Limited as the second-largest shareholder, holding 25.77 million shares, an increase of 13.54 million shares from the previous period [3].

Group 1 - The core viewpoint of the news is that Baowu Magnesium Industry has experienced fluctuations in stock price and trading volume, with a recent decline of 2.04% and a total market capitalization of 16.64 billion yuan [1] - As of January 8, Baowu Magnesium's stock price has increased by 9.67% year-to-date, with a 20.29% increase over the past 20 trading days [1] - The company specializes in the production and processing of magnesium and aluminum alloy materials, with its main business revenue composition being aluminum alloy extrusion products (35.90%), magnesium alloy products (26.03%), and other categories [1] Group 2 - Baowu Magnesium operates within the non-ferrous metals sector, specifically in small metals, and is associated with concepts such as hydrogen energy and new materials [2] - For the period from January to September 2025, Baowu Magnesium achieved a revenue of 6.97 billion yuan, reflecting a year-on-year growth of 9.82%, while the net profit attributable to shareholders decreased by 43.13% to 87.44 million yuan [2] - The company has distributed a total of 738 million yuan in dividends since its A-share listing, with 206 million yuan distributed over the past three years [3]