证券研究报告|行业研究报告 [Table_Date] 2026 年 2 月 5 日 [Table_Title] 2025Q4，公司锆石/金红石/合成金红石合计产量同 比增长 20%至 15.49 万吨，合计销量同比增长 18%至 16.14 万吨 [Table_Title2] 有色金属-海外季报 [Table_Summary] 季报重点内容: ►公司 2025Q4 生产经营情况 1、产量 2025Q4，锆英砂产量 4.78 万吨，环比增长 21%，同比增 长 7%。 2025Q4，锆英石精矿(ZIC) 产量 3.84 万吨，环比增长 200%，同比增长 156%。 2025Q4，金红石产量 2.99 万吨，环比增长 121%，同比增 长 153%。 2025Q4，合成金红石产量 3.88 万吨，环比减少 33%，同 比减少 33%。 2025Q4，Z/R/SR 销量 16.14 万吨，环比增长 151%，同比 增长 18%。 2025Q4，钛铁矿销量 0.03 万吨，环比减少 99%，同比减 少 99%。 3、实现价格 2025Q4，锆石/金红石/合成金红石（Z/R/SR）合计产量 15.49 万吨，环比增长 ...

Group 1 - The core viewpoint is that trade between China and other member countries of the Shanghai Cooperation Organization (SCO) has shown steady growth, with a trade volume of $247.7 billion in the first half of 2025, reflecting a year-on-year increase of 0.8% [1][3] - Over the past five years, trade volume between China and SCO member countries has consistently surpassed $300 billion, $400 billion, and $500 billion, reaching a historical high of $512.4 billion in 2024, which represents a growth of 2.7% compared to the previous year [6][8] Group 2 - China primarily exports electromechanical products, automobiles and parts, clothing, and chemicals to other member countries, while importing oil and gas, agricultural products, coal, and minerals [6] - As of June 2025, China's direct investment stock in other member countries exceeds $40 billion, with investments expanding from traditional sectors like energy and infrastructure to emerging fields such as digital economy and green development [10] - Chinese enterprises are implementing clean energy projects in regional countries, including wind, solar, and hydropower, and are accelerating cooperation in areas like 5G, internet, and smart cities to assist local traditional industries in upgrading [10]

Group 1 - The event highlighted the potential for economic cooperation between Bolivia and China, particularly in the agricultural sector [1][2] - Bolivia is rich in natural resources, including the world's largest lithium reserves, and has fertile agricultural land [1][2] - The bilateral trade volume between China and Bolivia reached $2.733 billion in 2024, with a notable increase in imports from Bolivia [2] Group 2 - Bolivia's geographical indication products, such as high-altitude wines and unique coffee, are expected to enhance trade cooperation [3] - The country aims to expand its exports to China, including chicken, pork, and honey, while promoting technology transfer from China [3]