中信建投：赛恩斯的几点更新 25业绩：有2600万股权激励费用可以还原 中信建投：赛恩斯的几点更新 25业绩：有2600万股权激励费用可以还原 巨龙铼项目：巨龙二期预计26年初投产，届时3万吨钼精矿产能（实物吨）预计对应约6吨金属铼。 钼精矿采购中铼不计价，利润亦不分成，但赛恩斯需承担一定期限内的钼精矿价格下跌风险，钼钨铼保持良好需 求，钼价近期稳步上涨，对公司也是利好。 洛钼铼项目：洛钼公众号宣布其铼回收进入试运行，年产能400 巨龙铼项目：巨龙二期预计26年初投产，届时3万吨钼精矿产能（实物吨）预计对应约6吨金属铼。 钼精矿采购中铼不计价，利润亦不分成，但赛恩斯需承担一定期限内的钼精矿价格下跌风险，钼钨铼保持良好需 求，钼价近期稳步上涨，对公司也是利好。 洛钼铼项目：洛钼公众号宣布其铼回收进入试运行，年产能400kg。 赛恩斯承接epc，后续赛恩斯将拥有优先采购权。 ...

公告称，收益减少乃主要由于金属回收业务的收益减少所致。 中国环境资源(01130)公布截止2025年12月31日止6个月中期业绩，收益2725.1万港元，同比减少8.55%; 公司拥有人应占溢利894.8万港元，同比扭亏为盈;每股盈利2港仙。 ...

格隆汇2月27日丨中国环境资源(01130.HK)公布截至2025年12月31日止六个月之中期业绩。截至2025年 12月31日止六个月，集团的收益减少8.6%至约27,251,000港元(2024年：约29,799,000港元)。收益减少乃 主要由于金属回收业务的收益减少所致。截至2025年12月31日止六个月之溢利增加至约14,269,000港元 (2024年：亏损约16,554,000港元)。截至2025年12月31日止六个月，每股基本及摊薄盈利为2港仙(2024 年：亏损3港仙)。 ...

Market Overview - The trading volume of the Shanghai and Shenzhen stock markets fell below 2 trillion yuan, decreasing by 121.3 billion yuan compared to the previous trading day [1] - Sectors such as glass fiber, small metals, phosphorus chemicals, and fertilizers saw gains, while cultural media, AI corpus, tourism concepts, and cultivated diamonds experienced declines [1] Stock Performance - Notable gainers included: - Zhi Chuan Co., Ltd. (+10.01%, 14.83 yuan, 19.44% turnover) due to TMP price increase and lithium battery developments [2] - ST Zhongdi (+4.96%, 9.52 yuan, 0.13% turnover) driven by semiconductor interest and real estate [2] - ST Xuefa (+4.99%, 5.05 yuan, 0.12% turnover) linked to recovery in cultural tourism [2] - Jinfu Technology (+10.00%, 23.54 yuan, 32.82% turnover) due to acquisitions and performance expectations [2] - Jihua Group (+9.96%, 8.72 yuan, 22.98% turnover) related to control changes and dye price increases [2] Trading Dynamics - The top three net purchases on the daily leaderboard were International Composite Materials (425 million yuan), Green Beauty (411 million yuan), and Ju Jie Microfiber (157 million yuan) [5] - The top three net sales were Chinese Online (501 million yuan), China Film (286 million yuan), and Yue Media (229 million yuan) [6] Sector Insights - International Composite Materials is benefiting from rising glass fiber prices and increased demand for AI chips, with a projected price increase of 25% or more [8] - Green Beauty anticipates significant growth in nickel resource shipments and overall net profit increase of 40-70% [12] - China Film is facing a pullback after a strong performance, with a 16.71% increase over the past five trading days [15] Institutional Activity - Institutions showed significant net buying in stocks like Jie Cheng Co. (+4.73%, 8.85 yuan) and Green Beauty (+9.95%, 9.50 yuan) [7] - Conversely, institutions net sold stocks such as Xie Xin Integration and Giant Power Tools, indicating a shift in investment sentiment [8]

Group 1 - The company, Greeenmei, has achieved an annual nickel metal production capacity of 150,000 tons (including equity interests) and is operating at full capacity [1] - By 2025, the company expects to ship over 110,000 tons of nickel resources in MHP (including equity interests) [1] - The company's annual recycled tungsten resources account for 10% of China's total tungsten mining output, with a projected total recycled tungsten resource exceeding 10,000 tons by 2025 [1] Group 2 - The company's recovery and processing capacity for gold and other precious metals has reached over a ton [1]

格隆汇2月4日丨格林美(002340.SZ)在投资者互动平台表示，格林美镍金属年产能已达到15万吨/年(含参 股)并维持满产运行，2025年镍资源MHP出货超过11万吨(含参股)。公司年循环再生的钨资源占中国原 钨开采量的10%，2025年回收循环再造的钨资源总量突破1万吨。公司回收黄金等其他贵金属的回收处 理能力达到吨级以上。 ...

Core Viewpoint - The company, Feinan Resources, has shown a positive stock performance with a closing price of 20.16 yuan, up 3.12%, indicating strong market interest and trading activity [1]. Group 1: Financial Performance - The company's revenue from cathode copper constitutes 80% of its main revenue, benefiting from a significant increase in international futures prices from 73,000 to 100,000 since early 2025, suggesting a strong profit outlook for 2025 [2]. - The company is focused on high-quality development and aims to enhance shareholder value through better performance, with potential discussions on dividend plans [2]. Group 2: Risk Management - The company maintains normal production operations and employs futures contracts for price risk management of certain metal inventories, indicating a strategic approach to mitigate market volatility [2]. - The company does not hedge all metal inventories but adjusts its hedging scale based on various factors, including market conditions and inventory levels, emphasizing a non-speculative approach to futures trading [2]. Group 3: Market Activity - On February 3, the main funds experienced a net outflow of 69.05 thousand yuan, while retail investors saw a net inflow of 959.27 thousand yuan, reflecting differing investor sentiments [2].

Summary of the Conference Call for Greenme (格林美) Company Overview - **Company**: Greenme (格林美) - **Industry**: Nickel and Cobalt Recycling, Tungsten Recovery, Battery Recycling Key Points and Arguments Nickel Project Performance - The Indonesian MHP project shipped over 110,000 tons in 2025, with the company's equity share around 50%-55% and costs controlled between $8,500 and $9,000 per ton. Nickel price increases have ensured project profitability, with total shipments expected to reach 140,000-150,000 tons by 2026, and the company's equity share projected at 75,000-80,000 tons [2][4][8] Tungsten Recovery Business - The tungsten recovery business is expected to grow significantly, with recovery volume projected to increase to around 10,000 tons by 2025, driven by rising tungsten prices. This segment's revenue is anticipated to improve substantially due to price increases and capacity expansion [2][4][8] Strategic Adjustments - The company is adjusting its precursor strategy by reducing low-margin products and shifting focus to high-nickel and ultra-high-nickel products. The cobalt tetroxide business is expected to grow steadily, with annual shipments of over 20,000 tons and a normal growth rate of 5%-10% anticipated for 2026 [2][4][8] Appliance Recycling and Scrap Vehicle Business - The appliance recycling business is expected to be divested in 2026, with an estimated loss of over 100 million yuan impacting 2025 profits. The scrap vehicle business is reducing losses, projected to decrease from over 150 million yuan in 2023 to below 100 million yuan in 2024, and is expected to synergize with the battery recycling business [5][6] Battery Recycling Business - The battery recycling segment has maintained profitability and is expanding, with a nearly 50% year-on-year increase in recovery volume expected in 2025. The business is projected to continue its strong profitability in 2026 due to rising lithium prices [7][8] Nickel Price Forecast - The company expects nickel prices to stabilize in the range of $18,000-$19,000 per ton in 2026, with a projected increase of about 20% compared to 2025. The Indonesian government is implementing quota controls to stabilize the nickel resource market [3][10][15][16] Financial Costs and Impact - Financial costs are calculated based on investment intensity, working capital needs, and turnover rates. The company faces higher costs in foreign operations due to dollar-denominated expenses [9] Market Dynamics and Government Regulations - The Indonesian government controls approximately 60% of global nickel resources and aims to prevent significant price drops through regulatory measures. This aligns with the government's goal of promoting the development of new energy applications through industrial upgrades [16][17] New Capacity and Project Progress - New projects in collaboration with Vale began construction in 2025, with an expected completion date by the end of 2026. However, potential policy adjustments may delay the timeline [18][19] Recovery Business Details - The company recycles various products, including scrap tools and hard alloys, primarily containing tungsten and cobalt. The annual shipment volume is expected to reach 10,000 tons by 2026, with a gross margin maintained between 15%-20% [20][21] Market Share and Competitive Position - The market share for the company's APP terminal products is estimated to be between 10%-20%, although specific data requires confirmation from business departments [23] Pricing Strategies - The company has established long-term pricing agreements with suppliers, with coverage ratios between 60%-70%. The pricing for long-term contracts has increased compared to the previous year [26] Impact of Competitors - The new projects by Qingshan Company are not expected to significantly impact Greenme, as Qingshan's supply to Greenme is minimal [28] Production Capacity - The company’s maximum production capacity is 150,000 tons, with quarterly production expected to range between 36,000 to 39,000 tons, limiting the potential for significant overproduction [29] Inventory Management - Inventory absorption is expected in the third and fourth quarters, primarily through nickel-cobalt hydroxide rather than raw material sales due to tight raw material supplies [30]

怡球资源（601388）1月27日发布2025年业绩预增公告，预计实现净利润为1.34亿元~1.99亿元，净利润 同比增长620.00%~970.00%。 证券时报·数据宝统计显示，怡球资源今日收于3.61元，下跌2.96%，日换手率为5.41%，成交额为4.29亿 元，近5日上涨7.76%。通过对2025年业绩预增50%以上的个股走势进行统计发现，预告发布后当日股价 上涨的占比60.52%，股价发布当日股价涨停的有12家。预告发布后5日股价上涨的占比60.52%。 资金面上，该股今日主力资金净流出3345.86万元，近5日资金净流出2660.86万元。最新（1月26日）两 融余额1.98亿元，其中，融资余额1.98亿元，环比前一交易日增长5.42%，近5日融资余额累计增长 14.37%。（数据宝） （文章来源：证券时报网） ...

每经AI快讯，怡球资源1月27日晚间发布业绩预告，预计2025年年度实现归属于母公司所有者的净利润 1.34亿元~1.99亿元，与上年同期1854.95万元相比，将增加1.15亿元~1.8亿元，同比增加620%~970%。 业绩变动主要原因是，报告期内，受下游行业需求持续复苏影响，公司主要产品铝合金锭的市场销售价 格实现上涨。与此同时，汇率波动幅度较同期明显收窄，降低了对公司毛利的影响。在"售价提升、成 本优化"的双重驱动下，销售价格涨幅高于原料成本增幅，推动公司主营业务毛利实现同比增长。废料 回收和汽车拆解业务。报告期内，受关税政策影响，美国废钢采购市场竞争格局发生变化，美国当地废 钢出口比例下降，国内原料供给增加，致公司原料采购成本下降。报告期内，在全球大宗商品供需格局 趋紧、市场流动性宽松及地缘政治因素共同作用下，有色金属及贵金属市场价格整体走强，为公司相关 产品销售价格带来有力支撑。综上所述，由于美国关税原因导致美国当地原料供给的增加，降低了美国 公司的原料成本，同时还给铝锭业务增加了更多的原料选择机会，另外美元降息导致全球大宗商品价格 高涨，导致公司产品销售价格上涨，最终导致公司业绩同比大幅上涨。 ...