Investment Rating - The investment rating for the company is "Accumulate" (maintained) [5] Core Views - The company achieved a significant growth in its core business, with a 38% year-on-year increase in net profit attributable to the parent company after excluding non-recurring items for 2025 [6] - The total contract value reached 9.19 billion yuan, with operating revenue of 7.932 billion yuan, reflecting a 4.73% year-on-year growth [6] - The advanced functional materials and devices segment reported a revenue of 3.096 billion yuan, up 10.47% year-on-year, while the high-quality special steel and welding materials segment saw a revenue increase of 12.59% [6] Financial Summary - The company's total market capitalization is approximately 21.66 billion yuan, with a circulating market value of about 21.32 billion yuan [3] - The company has a total share capital of 1,050.52 million shares and a debt-to-asset ratio of 41.99% [3] - The earnings per share (EPS) for 2026 is projected to be 0.37 yuan, with a net profit forecast of 384 million yuan, representing a 5.15% year-on-year growth [9] Revenue and Profit Forecast - Revenue is expected to grow from 7.932 billion yuan in 2025 to 8.329 billion yuan in 2026, with a projected growth rate of 5.01% [9] - The net profit attributable to the parent company is forecasted to increase to 466 million yuan by 2028, with a compound annual growth rate of 14.38% from 2026 to 2028 [9] - The company maintains a high research and development expense ratio, which is expected to support its technological advancement and product iteration [8]

Market Overview - The North Exchange's overall valuation is in a phase of continuous digestion, with sentiment at a historical low and structural opportunities emerging[5] - The North Exchange A-shares are trading at a discount compared to the ChiNext, with a valuation at 0.5 to 0.6 times that of the Sci-Tech Innovation Board, showing significant improvement in price advantage[5] - Market turnover has dropped to around 364.37 billion CNY, with daily average financing and margin balance decreasing by 3.37% to 8.36 billion CNY[21][23] Performance Metrics - As of March 30, 2026, the North Exchange 50 Index fell by 17.98% in March, with 18 stocks rising and 284 stocks declining[15] - Year-to-date, the North Exchange 50 Index has decreased by 12.48%, with a maximum increase of 12.06% during the period[15] - The average PE ratio for the North Exchange 50 Index is 57.59 times, while the ChiNext and Sci-Tech Innovation Board have average PE ratios of 41.19 times and 158.63 times, respectively[20] Investment Recommendations - Focus on three main lines: (1) high-growth new productivity sectors and leading companies with competitive advantages; (2) innovation-driven sectors such as semiconductors, military, AI, and satellite internet; (3) companies in the consumer industry chain that are expected to benefit from policies aimed at boosting domestic demand[5] - The market is expected to shift from a "high before low" to a "low before high" trend as the first quarter report verification window approaches[5] New Stock Dynamics - Eight new stocks were listed on the North Exchange in March, bringing the total to 302 companies as of March 30, 2026[30] - Seven companies were inquiring about their audit status, while one company had its audit status terminated[30] Risk Factors - Risks include the potential for policy implementation to lag behind expectations, which could impact the stability of the North Exchange[33] - There is a risk of irrational investment behavior due to short-term stock price surges, which may lead to overheating market sentiment[33]

Investment Rating - The report maintains an "Overweight" rating for the non-ferrous metals sector [1] Core Views - The non-ferrous metals sector experienced a significant decline of 11.82% from March 16 to March 20, ranking last among all primary industries. The industrial metals segment saw a notable price correction due to the market pricing in the long-term high energy prices and potential interest rate hikes [1][14] - Precious metals prices have also significantly corrected, with the market adjusting to the long-term high energy prices, leading to discussions about interest rate hikes [4][44] Summary by Sections Market Review - The Shanghai Composite Index fell by 3.38%, with the non-ferrous metals sector declining by 11.82%, underperforming the index by 8.44 percentage points [14] - All sub-sectors within non-ferrous metals experienced declines, with industrial metals down 13.30% and precious metals down 10.73% [14] Industrial Metals - **Copper**: LME copper prices fell to $11,835 per ton, down 7.07% week-on-week, while SHFE copper prices dropped to ¥94,740 per ton, down 5.55% [2][32] - **Aluminum**: LME aluminum prices decreased to $3,192 per ton, down 7.18%, and SHFE aluminum prices fell to ¥24,020 per ton, down 3.77% [3][36] - **Zinc**: LME zinc prices fell to $3,056 per ton, down 7.21%, and SHFE zinc prices decreased to ¥22,800 per ton, down 4.62% [39] - **Tin**: LME tin prices dropped to $42,840 per ton, down 11.27%, and SHFE tin prices fell to ¥328,300 per ton, down 12.07% [41] Precious Metals - **Gold**: COMEX gold closed at $4,492 per ounce, down 10.57%, while SHFE gold closed at ¥1,039.22 per gram, down 8.28% [4][46] - The market is pricing in long-term high energy prices and inflation risks, with the Federal Reserve's interest rate hike discussions impacting precious metals valuations [4][44]

Investment Rating - The report maintains a "Buy" rating for the non-ferrous metal sector [5] Core Insights - The report highlights a downward trend in prices for several key materials, including praseodymium and neodymium oxide, which fell by 12.4% this week [1] - Lithium carbonate and lithium hydroxide prices decreased by 6.4% and 6.1% respectively, indicating a potential shift in the market dynamics for new energy vehicle materials [1] - The report suggests a continued positive outlook for the metal new materials sector, particularly for lithium and cobalt, with recommendations to focus on companies with cost advantages and expansion potential [4] Summary by Relevant Sections Military New Materials - Electrolytic cobalt price is reported at 428,000 CNY/ton, down 0.5% week-on-week, with a price ratio of 0.74 for electrolytic cobalt to cobalt powder [1][11] - The price of rhenium remains stable at 47,320 CNY/kg [1] New Energy Vehicle Materials - Praseodymium and neodymium oxide price is 702.82 CNY/kg, down 12.4% week-on-week [1] - Lithium carbonate and lithium hydroxide prices are 149,000 CNY/ton and 141,900 CNY/ton respectively, reflecting a decrease of 6.4% and 6.1% [1][29] Photovoltaic New Materials - The price of photovoltaic-grade polysilicon is 5.55 USD/kg, down 1.8% week-on-week [2] - EVA price is reported at 11,850 CNY/ton, up 2.6% [2] Other Materials - High-purity gallium price increased by 4.9% to 2,130 CNY/kg, while indium prices remained stable [3] - The report notes a decline in iridium prices by 9.3% to 1,940 CNY/g [3] Recommendations - The report recommends focusing on companies in the lithium sector with cost advantages and expansion capabilities, such as Salt Lake Co., Zangge Mining, and Tianqi Lithium [4] - It also suggests monitoring cobalt companies like Huayou Cobalt and tungsten companies such as Zhangyuan Tungsten [4]

Macro Insights - The "14th Five-Year Plan" introduces three new policy ideas: the establishment of the "investment in people" concept to enhance human capital quality, a focus on "first establish then break" in policy formulation to ensure systemic resilience during the transition period, and a dual-driven approach of "innovation-driven" and "institutional openness" to reshape global competitive advantages [5]. Fixed Income - Economic data from January to February 2026 shows that the industrial added value growth rate is within the range of the same period in the past two years. Fixed asset investment growth has significantly increased after a decline since Q2 2025, and retail sales growth has also improved. The government bond yield curve has steepened, and small-cap stocks have outperformed in equity assets. Market sentiment in the bond market is under pressure due to rising inflation expectations and geopolitical tensions [6]. Banking - The newly released "Interim Measures for the Regulatory Rating of Wealth Management Companies" aims to guide the high-quality development of the wealth management industry, emphasizing risk-based and capability-oriented assessments. The market anticipates a shift towards quality improvement over quantity expansion in the wealth management sector, with an estimated annual growth of 2-3 trillion yuan, reflecting a year-on-year decrease [7]. Materials - The price of iridium has increased by 12% this week and has risen by 71% year-to-date. In contrast, prices for beryllium and neodymium oxide have decreased, while uranium prices have risen. The price of silicon for photovoltaic materials has also declined, indicating mixed trends across various new materials [8]. Hydrogen Energy - The Ministry of Industry and Information Technology, the Ministry of Finance, and the National Development and Reform Commission have jointly issued a notice to launch hydrogen energy comprehensive application pilot projects. The policy framework aims to scale down costs and establish a closed-loop ecosystem for hydrogen energy applications, with a focus on expanding application scenarios, particularly in green ammonia and industrial settings [9]. Company Performance - For the year 2025, Jiantao Laminated Board (1888.HK) reported a revenue of 20.4 billion HKD, a year-on-year increase of 10.0%, and a net profit of 2.442 billion HKD, up 83.6%. This growth is attributed to multiple price increases in copper-clad laminate products and a significant recovery in fair value gains [9]. - Qiu Tai Technology (1478.HK) achieved a revenue of 20.877 billion RMB in 2025, a 29.3% increase year-on-year, with a gross margin improvement of 1.7 percentage points to 7.8%. The net profit surged by 435.2%, driven by a focus on mid-to-high-end camera modules and expansion into automotive and IoT sectors [10].

Group 1: Military New Materials - The price of electrolytic cobalt is 430,000 CNY/ton, with a week-on-week increase of 0.2% [4] - The price of carbon fiber remains at 83.8 CNY/kg, with a gross profit of -9.92 CNY/kg [4] - The price of rhenium is 47,320 CNY/kg, reflecting a week-on-week increase of 0.5% [4] Group 2: New Energy Vehicle Materials - The prices of lithium carbonate and lithium hydroxide are 159,100 CNY/ton and 151,100 CNY/ton, with week-on-week changes of +2.5% and -0.0% respectively [5] - The price of sulfuric cobalt is 95,100 CNY/ton, showing a slight decrease of 0.05% [5] - The prices of lithium iron phosphate and 523-type cathode materials are 52,400 CNY/ton and 193,800 CNY/ton, with week-on-week changes of 0% and +1.2% respectively [5] - The price of praseodymium-neodymium oxide is 802.69 CNY/kg, reflecting a week-on-week decrease of 5.6% [5] Group 3: Photovoltaic New Materials - The price of photovoltaic-grade polysilicon is 5.65 USD/kg, with a week-on-week decrease of 2.1% [6] - The price of EVA is 11,550 CNY/ton, showing a week-on-week increase of 9.5%, remaining at a low level since 2013 [6] - The price of 3.2mm photovoltaic glass coating is stable at 24.0 CNY/square meter [6] Group 4: Nuclear Power New Materials - The prices of zirconium oxychloride, sponge zirconium, hafnium oxide, zirconium silicate, and zircon sand are 13,750 CNY/ton, 145 CNY/kg, 9,500 CNY/kg, 14,875 CNY/ton, and 14,012.5 CNY/ton respectively, with no change week-on-week [7] - The uranium price for February 2026 is 71.30 USD/pound, reflecting a week-on-week increase of 2.3% [7] Group 5: Consumer Electronics New Materials - The price of cobalt oxide is 363,000 CNY/ton, remaining unchanged week-on-week [8] - The price of lithium cobalt oxide is 401.0 CNY/kg, with no change [8] - The price of silicon carbide is 5,900.00 CNY/ton, reflecting a week-on-week increase of 1.7% [8] - The prices of high-purity gallium, crude indium, and refined indium are 2,030.00 CNY/kg, 4,850.00 CNY/kg, and 4,950.00 CNY/kg respectively, with changes of +2.5%, 0%, and 0% [9] - The price of germanium dioxide is 8,950 CNY/kg, remaining stable [9] Group 6: Other Materials - The prices of platinum, rhodium, and iridium are 544.00 CNY/g, 2,890.00 CNY/g, and 2,140.00 CNY/g respectively, with changes of -0.6%, -2.7%, and +12.0% [9]

Investment Rating - The report maintains an "Accumulate" rating for the non-ferrous metals sector [5] Core Insights - The report highlights a general decline in prices for various new materials, particularly in the electric vehicle and photovoltaic sectors, while some materials like rhenium and praseodymium-neodymium oxide have seen price increases [1][2][3][4] - The report suggests a positive outlook for the metal new materials sector, driven by upcoming policy changes regarding export tax rebates for battery products, which may stimulate short-term demand [4] Summary by Relevant Sections Military New Materials - Electrolytic cobalt price decreased to 429,000 CNY/ton, down 1.6% week-on-week; cobalt powder price ratio is 0.75, down 1.6% [1][10] - Rhenium price increased to 47,070 CNY/kg, up 1.7% week-on-week [1][19] - Carbon fiber price remains stable at 83.8 CNY/kg, with a gross profit of -6.44 CNY/kg [1][22] New Energy Vehicle Materials - Lithium hydroxide price decreased to 151,100 CNY/ton, down 7.0% week-on-week; lithium carbonate price decreased to 155,100 CNY/ton, down 9.8% [1][35] - Sulfuric cobalt price is 95,200 CNY/ton, down 0.10% [1][45] - Phosphate iron lithium price is stable at 52,400 CNY/ton, with a gross profit of -1,900 CNY/ton [1][49] Photovoltaic New Materials - Photovoltaic-grade polysilicon price decreased to 5.77 USD/kg, down 6.3% week-on-week [2] - EVA price remains at 9,650 CNY/ton, stable at a low level since 2013 [2] Recommendations - The report recommends focusing on companies with cost advantages and resource expansion potential in the lithium mining sector, such as Salt Lake Co., Zangge Mining, and Tianqi Lithium [4] - It also suggests monitoring cobalt companies like Huayou Cobalt and tungsten companies like Zhangyuan Tungsten [4]

Group 1: Military Industry New Materials - The price of electrolytic cobalt has increased to 436,000 CNY/ton, with a week-on-week change of +3.1%. The price ratio of electrolytic cobalt to cobalt powder is 0.76, also up by +3.1% [4] - Carbon fiber price remains stable at 83.8 CNY/kg, with a gross profit of -9.19 CNY/kg [4] Group 2: New Energy Vehicle Materials - The prices of lithium carbonate and lithium hydroxide are 171,900 CNY/ton and 162,600 CNY/ton, reflecting week-on-week increases of +19.6% and +12.4% respectively [5] - Sulfuric cobalt price is stable at 95,300 CNY/ton [5] - The prices of lithium iron phosphate and 523-type cathode materials are 52,400 CNY/ton and 193,800 CNY/ton, with week-on-week changes of +0% and +3.4% respectively [5] - The price of praseodymium-neodymium oxide is 890.57 CNY/kg, up by +4.8% [5] Group 3: Photovoltaic New Materials - The price of photovoltaic-grade polysilicon is 6.16 USD/kg, showing a week-on-week decrease of -0.5% [6] - EVA price remains unchanged at 9,650 CNY/ton, at a low level since 2013 [6] - The price of 3.2mm photovoltaic glass coating is stable at 24.0 CNY/sqm [6] Group 4: Nuclear Power New Materials - Prices for zirconium-related materials such as oxychloride zirconium and sponge zirconium remain stable, while uranium price is 69.71 USD/lb, reflecting a week-on-week increase of +9.8% [7] Group 5: Consumer Electronics New Materials - The price of cobalt oxide is stable at 363,000 CNY/ton, while lithium cobalt oxide is priced at 402.0 CNY/kg [8] - Silicon carbide price remains unchanged at 5,600.00 CNY/ton [8] - The prices for high-purity gallium, crude indium, and refined indium are 1,950.00 CNY/kg, 4,650.00 CNY/kg, and 4,750.00 CNY/kg, with week-on-week increases of +1.6%, +9.4%, and +9.2% respectively [9] Group 6: Other Materials - The prices of platinum, rhodium, and iridium are 609.00 CNY/g, 2,900.00 CNY/g, and 1,855.00 CNY/g, with week-on-week changes of +17.1%, +4.5%, and +0% respectively [10]

Investment Rating - The report maintains a rating of "Buy" for the non-ferrous metals sector [5] Core Insights - The report highlights significant price increases in various materials, including a 36% rise in rhenium prices since January and a 93% year-on-year decline in the production of electrolytic cobalt in January [1] - The report emphasizes the positive outlook for the metal new materials sector, particularly in military and new energy vehicle applications, driven by rising prices and demand [4] Summary by Relevant Sections Military New Materials - The price of electrolytic cobalt has increased to 436,000 CNY/ton, with a week-on-week increase of 3.1% [1] - The price ratio of electrolytic cobalt to cobalt powder is 0.76, reflecting a 3.1% increase [10] - The report notes that cobalt is widely used in batteries and high-temperature alloys, indicating strong demand in the military sector [9] New Energy Vehicle Materials - Lithium hydroxide prices have risen to 162,600 CNY/ton, with a week-on-week increase of 12.4% [1] - The report states that the production of new energy vehicles in January 2026 was 1.0407 million units, a month-on-month decrease of 39.4% but a year-on-year increase of 2.5% [33] Photovoltaic New Materials - The price of photovoltaic-grade polysilicon has decreased to 6.16 USD/kg, with a week-on-week decline of 0.5% [2] - The report indicates that the price of EVA remains stable at 9,650 CNY/ton, which is at a low level since 2013 [2] Other Materials - The report notes an increase in the prices of platinum, rhodium, and iridium, with platinum reaching 609 CNY/gram, a 17.1% increase [3] - The price of beryllium is reported at 8,260,000 CNY/ton, with a week-on-week increase of 1.0% [19] Suggested Stocks - The report recommends focusing on companies with cost advantages and resource expansion in the lithium sector, such as Salt Lake Co., Zangge Mining, and Tianqi Lithium [4] - It also suggests monitoring cobalt companies like Huayou Cobalt and tungsten companies like Zhangyuan Tungsten [4]

Investment Rating - The report maintains an "Accumulate" rating for the non-ferrous metals sector [1] Core Views - The non-ferrous metals sector saw a significant increase of 9.77% in the week from February 23 to February 27, outperforming the overall market [14] - The geopolitical risks in the Middle East have escalated, driving up safe-haven demand for precious metals [4][48] - Industrial metals are expected to see price increases as the traditional peak season approaches in March and April, with macro funds returning to the market [29] Summary by Sections Market Review - The Shanghai Composite Index rose by 1.98%, with the non-ferrous metals sector ranking second among 31 sectors, up 9.77% [14] - The small metals sector surged by 17.72%, while energy metals, new materials, precious metals, and industrial metals also saw increases of 9.32%, 9.26%, 8.32%, and 7.75% respectively [14] Industrial Metals - **Copper**: As of February 27, LME copper closed at $13,296 per ton, up 2.56% week-on-week, while SHFE copper was at ¥103,920 per ton, up 3.53% [33] - **Aluminum**: LME aluminum closed at $3,142 per ton, up 1.26%, and SHFE aluminum at ¥23,835 per ton, up 2.76% [37] - **Zinc**: LME zinc price was $3,308 per ton, down 2.20%, while SHFE zinc was ¥24,710 per ton, up 2.13% [41] - **Tin**: LME tin surged to $58,050 per ton, up 24.68%, and SHFE tin reached ¥453,240 per ton, up 24.04% [44] Precious Metals - **Gold**: COMEX gold closed at $5,296.40 per ounce, up 3.24%, and SHFE gold at ¥1,147.90 per gram, up 1.93% [49] - The geopolitical tensions have led to a spike in gold prices, with a peak of $5,500 per ounce observed in the dark market [4][48] Supply and Demand Dynamics - Copper supply is tightening as domestic smelters are expected to undergo maintenance starting in March, while demand is supported by rigid replenishment needs post-Spring Festival [33] - Aluminum supply is affected by overseas production cuts, with a theoretical operating capacity of 44.32 million tons in China [39] - The overall demand for aluminum is expected to rise as downstream production resumes [39] Economic Indicators - The U.S. January PPI year-on-year was recorded at 2.9%, above the expected 2.6%, indicating rising inflation concerns [4][29] - The Chicago PMI for February was reported at 57.7, exceeding expectations, which may influence future monetary policy [29]