金属行业 2026 年度策略系列报告之小金属&新材料篇 地锁金戈，云生万象 glmszqdatemark 重点公司盈利预测、估值与评级 | 代码 | 简称 | 股价 | | EPS（元） | | | PE（X） | | 评级 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | （元） | 2025E | 2026E | 2027E | 2025E | 2026E | 2027E | | | 600301.SH | 华锡有色 | 52.60 | 1.21 | 2.45 | 3.02 | 43 | 21 | 17 | 推荐 | | 000960.SZ | 锡业股份 | 40.97 | 1.48 | 2.82 | 2.88 | 28 | 15 | 14 | 推荐 | | 605376.SH | 博迁新材 | 73.99 | 0.87 | 2.09 | 4.08 | 85 | 35 | 18 | 推荐 | | 300811.SZ | 铂科新材 | 82.19 | 1.54 | 2.09 | 2.66 | 53 | 39 | 31 ...

Group 1 - The report emphasizes the strategic importance of key metals, highlighting that supply control and application demand in critical fields like technology and military are crucial for pricing [16][20][21] - The report identifies significant supply disruptions in tin due to slow recovery in Myanmar and regulatory changes in Indonesia, leading to a persistent tight supply situation [26][35][40] - The report notes that tungsten is a backbone of high-end manufacturing, with supply tightening driving significant price increases, supported by steady demand from sectors like photovoltaics and military applications [9][16][21] Group 2 - The report discusses the impact of AI technology on the development of electronic new materials, indicating that advancements in AI will drive demand for upgraded materials to meet higher performance requirements [9][10][12] - The report recommends investing in domestic strategic resource sectors and electronic new materials benefiting from AI technology, highlighting specific companies such as Huaxi Nonferrous, Xiyegongsi, and others [13][21] - The report outlines the tightening supply of antimony and the potential for price convergence due to the relaxation of export controls, which may benefit domestic demand [9][10][12]

Group 1 - The core point of the article is that Dongyangguang (600673.SH) announced the completion of the acquisition of Qinhuai Data's China operations for 28 billion yuan, marking a significant step in its efforts to enhance industrial synergy and resource integration [2] - The acquisition is expected to leverage Qinhuai Data's expertise in data center planning, smart operations, and computing power services, allowing Dongyangguang to enhance its capabilities in electronic new materials, green energy, and liquid cooling management solutions [2] - Analysts suggest that this merger will strengthen Dongyangguang's industrial chain collaboration and optimize its business structure, with anticipated synergies in technology and operations gradually emerging as integration progresses [2]

Group 1 - The core point of the article is that Hunan Helios New Energy Co., Ltd. is a wholly-owned subsidiary of ST Hezhong, primarily engaged in the research, development, manufacturing, and sales of electronic new materials [1] Group 2 - ST Hezhong responded to an investor inquiry on an interactive platform regarding the business operations of Hunan Helios New Energy Co., Ltd. [1]

Core Viewpoint - Liu Xin Industrial Co., Ltd. has completed its IPO counseling filing with the Shenzhen Securities Regulatory Bureau, indicating a move towards public listing [1] Group 1: Company Overview - Liu Xin Industrial was established in 2003 with a registered capital of 85.432 million yuan and is a subsidiary of Shenzhen Capital Operation Group Co., Ltd., which holds a 51% stake [1] - The company specializes in the production of PCB cover pads and electronic materials, making it one of the early players in this sector in China [1] Group 2: Leadership - The chairman of Liu Xin Industrial is Xu Laping, born in 1978, who holds a Ph.D. in economics from Jinan University and has held various strategic roles in Shenzhen Yuan Zhi Investment Co., Ltd. [2] - The vice chairman and general manager is Yang Liu, born in 1970, who has a background in technology and has previously founded and managed several companies in the electronics sector [2] Group 3: Historical Context - Liu Xin Industrial was previously listed on the New Third Board but terminated its listing in 2018 [2]

Core Viewpoint - Longhua Technology is a leading enterprise in the new materials and energy-saving environmental protection sector in China, with a focus on electronic new materials, polymer composite materials, and energy-saving environmental protection business [1] Group 1: Business Performance - In Q3 2025, Longhua Technology achieved a revenue of 2.326 billion yuan, ranking 6th among 51 companies in the industry, with the industry leader, Juxing Technology, generating 11.156 billion yuan [2] - The net profit for the same period was 189 million yuan, placing the company 10th in the industry, while the top performer had a net profit of 2.211 billion yuan [2] - The company reported a year-on-year revenue growth of 20.49% and a net profit increase of 16.64% for Q1-Q3 2025 [5] Group 2: Financial Ratios - As of Q3 2025, Longhua Technology's asset-liability ratio was 40.75%, down from 48.14% year-on-year, but still above the industry average of 38.24% [3] - The gross profit margin for Q3 2025 was 23.20%, slightly down from 23.92% year-on-year and below the industry average of 26.36% [3] Group 3: Management Compensation - The chairman, Li Zhanqiang, received a salary of 1.45 million yuan in 2024, an increase of 150,000 yuan from 2023 [4] - The general manager, Liu Yufeng, saw his salary rise to 1.35 million yuan in 2024 from 1.1 million yuan in 2023 [4] Group 4: Shareholder Information - As of September 30, 2025, the number of A-share shareholders increased by 11.74% to 47,000, with an average holding of 20,800 circulating A-shares [5] - Hong Kong Central Clearing Limited became the fifth-largest circulating shareholder, increasing its holdings by 11.09 million shares [5] Group 5: Future Outlook - Zhongyuan Securities raised its earnings forecast for Longhua Technology, projecting revenues of 3.087 billion yuan, 3.411 billion yuan, and 3.786 billion yuan for 2025 to 2027, respectively [6] - The company is actively developing new products and expanding its business in the photovoltaic sector, with significant growth expected from its new materials and water treatment businesses [6]

Core Viewpoint - The construction materials industry showed signs of recovery in H1 2025, with a total revenue of 270.9 billion yuan, a year-on-year decline of 5.9%, but a significant improvement in net profit, which reached 14.3 billion yuan, up 23.9% year-on-year, indicating a potential bottoming out of the real estate market supported by government policies [1][2]. Revenue and Profit Analysis - In H1 2025, the construction materials sector generated total revenue of 270.9 billion yuan, reflecting a year-on-year decrease of 5.9%, with Q2 showing a similar decline compared to Q1 [2]. - The net profit attributable to shareholders in H1 2025 was 14.3 billion yuan, representing a year-on-year increase of 23.9%, with Q2 net profit growing by 30.2% year-on-year, an acceleration from Q1 [1][2]. Subsector Performance - **Cement**: In H1 2025, cement revenue was 118.1 billion yuan, down 7.7% year-on-year, but net profit surged by 1487% to 5.2 billion yuan, benefiting from price and cost improvements. The sector is expected to show a gradual improvement in the second half of the year due to supply-side restrictions and demand from infrastructure projects [3]. - **Consumer Building Materials**: This segment generated revenue of 66.9 billion yuan, down 3.8% year-on-year, with net profit declining by 12.8% to 4.4 billion yuan. The performance varied across subcategories, with paint showing a profit increase while other categories like tiles and pipes faced significant declines [4]. - **Glass Fiber**: The glass fiber sector reported a revenue increase of 20.8% to 5.2 billion yuan and a net profit increase of 127% to 1.1 billion yuan, driven by significant price recovery [5]. Investment Recommendations - The report suggests focusing on companies with strong competitive advantages in the construction materials sector, particularly those in cement and glass fiber, as well as leading firms in consumer building materials like Sanke Tree and Beixin Building Materials, which are expected to benefit from a stabilizing real estate market [4][5].

Group 1 - The core point of the article is that Youyan New Materials (SH 600206) held a temporary board meeting on September 19, 2025, to discuss a proposal regarding equity investment in Rongcheng Rare Earth by Youyan Rare Earth and Zhukou Group [1] - For the fiscal year 2024, Youyan New Materials' revenue composition is as follows: electronic new materials account for 74.79%, rare earth metal smelting accounts for 23.86%, medical device materials account for 0.87%, and other businesses account for 0.47% [1] - As of the report date, Youyan New Materials has a market capitalization of 17.8 billion yuan [1]

Group 1 - The core viewpoint of the articles highlights the rapid development of high-end chemical industries in Changyi, Shandong, with a focus on attracting major projects and enhancing the local economy through strategic investments and partnerships [1][2] - Taihe New Materials Technology Co., Ltd. is set to begin trial production of 1,200 tons/year of electronic new materials and 750 tons/year of pharmaceutical intermediates by early next year, with 95% of its products exported to Japan and Europe [1] - Changyi has transformed its chemical industry from basic salt production to high-end fine chemicals, supported by two provincial chemical industry parks [1] Group 2 - Changyi Economic Development Zone has established four high-end chemical industry chains, including salt and salt chemical, high-end new materials, new pharmaceuticals, and fine chemicals, with a total of 69 chemical enterprises [2] - The local government has implemented a service mechanism for chemical industry investment projects, streamlining the approval process for 56 key projects and enhancing the business environment [2] - New projects in biobased materials, polyester fiber recycling, and environmentally friendly water treatment agents are currently under construction or in the planning stages [2]

Group 1 - In the first half of the year, China's export scale exceeded 13 trillion yuan for the first time, with private enterprises' import and export scale surpassing 12 trillion yuan [1] - The number of international hub ports in China added over 72 new routes in the first half of the year, with trade growth achieved with over 190 countries and regions [4] - Exports of high-tech products from China grew by 9.2% in the first half of the year, maintaining growth for nine consecutive months [7] Group 2 - Private enterprises are becoming the main force in foreign trade exports, with over 80% of specialized and innovative "little giant" enterprises being private [6] - Exports of high-tech products by private enterprises increased by 12.5%, showcasing their innovation capabilities [6] - Trade with Africa reached 1.18 trillion yuan, growing by 14.4%, while trade with Central Asia increased by 13.8% to 357.2 billion yuan [4]