[Table_Title] 策略研究 证券研究报告 2026 年 3 月 4 日 近期宏观经济数据跟踪 ——元瞻经纬总量月报（2026 年 2 月） 报告要点： 本期总量跟踪 工业生产及景气度篇：PPI 降幅持续收窄，价格端边际修复趋势明确。2026 年 1 月 PPI 当月同比降幅收窄至-1.4%，连续 6 个月改善，环比连续 4 个月 正增，显示工业品价格底部修复动能增强。从结构看，国际有色金属价格上行 显著抬升上游采选及冶炼价格；同时，全国统一大市场建设与供给侧结构优化 推动水泥、锂电、光伏设备等行业价格持续回升；叠加 AI 投资扩张带动半导 体材料、电子设备等中游价格改善，工业价格体系呈现由上游向中游扩散的特 征。 制造业景气短期回落，但价格信号释放积极变化。1 月制造业 PMI 回落至 49.3%，主要受季节性淡季及有效需求不足影响，生产、新订单指数同步下行。 但值得关注的是，PMI 价格指数明显回升，主要原材料购进价格指数与出厂 价格指数分别升至 56.1%和 50.6%，出厂价格指数近 20 个月首次重返临界点 以上。 内需篇：尽管内需有所回落，但 CPI 已在温和回升，有望改善内需不振的现 状 ...

Core Insights - The Guangxi Nonferrous Metals Key Metals Industry High-Quality Development Conference and Project Investment Negotiation Meeting was held in Nanning, resulting in the signing of 35 key projects related to nine critical metals and nonferrous metals such as copper, aluminum, lead, zinc, zirconium, and titanium [1][3] Group 1: Industry Overview - Guangxi is recognized as the "hometown of nonferrous metals" in China, holding a leading position in the national reserves of nine critical metals including tin, antimony, indium, gallium, germanium, rare earths, nickel, cobalt, and lithium [1][3] - Hechi City's Nandan County is highlighted as one of the richest areas in Guangxi for nonferrous metal resources, making the nonferrous metal industry a significant pillar and traditional advantage for the region [1] Group 2: Development Initiatives - Guangxi has initiated a series of actions this year to address illegal mining and heavy metal pollution, including a ten-year retrospective investigation and the integration of mining rights [3] - The establishment of the Nandan Key Metals High-Quality Development Comprehensive Experimental Zone, covering an area of 180 square kilometers, aims to promote high-end, intelligent, green, large-scale, and park-based development of the nonferrous metals industry [3] Group 3: Strategic Goals - The official plan includes attracting leading deep processing enterprises and supporting companies, forming a Guangxi Key Metals Industry Development Group, and fostering high-tech and specialized enterprises [3] - The initiative aims to enhance the value chain of critical metals, accelerating the development of three major industrial clusters: new energy materials, next-generation information technology materials, and materials for robotics and major equipment [3][4] Group 4: Collaborative Efforts - Guangxi officials express a desire to collaborate with entrepreneurs and experts to enhance the deep processing capabilities and cluster development of supporting enterprises in the nonferrous metals and critical metals sectors [4] - There is a focus on integrating artificial intelligence with the critical metals industry, promoting technological innovation and the transformation of achievements, as well as advancing green mining construction and resource recycling projects [4]

Group 1 - The core point of the article is that Chihong Zn & Ge Co., Ltd. held its 26th meeting of the 8th board of directors on October 24, 2025, to review the proposal for the company's Q3 2025 report [1] - For the first half of 2025, the revenue composition of Chihong Zn & Ge was as follows: non-ferrous metal mining and smelting accounted for 73.82%, other businesses accounted for 15.0%, and non-ferrous metal product trading accounted for 11.18% [1] - As of the report date, the market capitalization of Chihong Zn & Ge is 34.2 billion yuan [1] Group 2 - The article also mentions that Chinese innovative drugs have generated $80 billion in overseas licensing this year, highlighting a contrast between the hot secondary market in biomedicine and the cooling fundraising in the primary market [1]

Core Viewpoint - The meeting led by Chen Gang emphasized the high-quality development of the non-ferrous metal industry in Guangxi, particularly focusing on the establishment of a comprehensive pilot zone for key metals in Nandan County, aiming to enhance the region's industrial capabilities and sustainability [1][2]. Group 1: Economic Performance - Nandan County's GDP is projected to reach 21.41 billion in 2024, ranking second among the 11 districts in Hechi City and improving its position from 27th to 18th among 70 counties in Guangxi [2]. - In the first half of 2024, Nandan's GDP grew by 12%, leading the growth rate among 111 counties in Guangxi, with the non-ferrous metal industry output increasing by 32.1% [3]. - The total industrial output value in Nandan for 2024 is estimated at 37.786 billion, with the non-ferrous metal sector contributing 31.681 billion, accounting for 83.8% of the total [4]. Group 2: Resource Richness - Nandan County is rich in mineral resources, with over 20 types of non-ferrous metals, including tin, lead, zinc, silver, antimony, indium, and copper, with a total proven reserve of 8.86 million tons [2]. - The county holds the largest tin reserves in China at 1.35 million tons and ranks first globally in indium reserves, while also being the second-largest producer of antimony, zinc, and lead in China [2]. Group 3: Global Context - A global competition for key minerals is intensifying, driven by technological and industrial revolutions, with the EU and the US establishing lists of critical minerals to secure supply chains [5][6]. - The G7 summit highlighted the importance of critical mineral security, launching an action plan to diversify supply and enhance domestic production [6]. - Nandan's key metals, such as tin, zinc, and lead, are included in the critical mineral lists of both the US and China, indicating their strategic importance [8][9]. Group 4: Industry Players - Nandan County is home to significant enterprises, including the Southern Metal Company, which ranks 364th on the "2025 China Top 500 Enterprises" list, with a production capacity of 700,000 tons of copper, 700,000 tons of zinc, and 20,000 tons of lead annually [10].