当下全球科技圈正掀起一场隐秘的资源争夺战，争夺的核心并非稀土，而是一种名为磷化铟的小众半导体材料。 各国企业争相抢购，订单排期已排至明年，价格一路飙升。很少有人知道，中国手握全球80%的精铟产能，是妥妥的资源大国，却在高端磷化铟领域处处受 制于人，这背后的差距，藏着中国半导体产业的关键痛点。 磷化铟的突然爆火，并非偶然，而是AI算力革命与高端通信技术迭代的必然结果。 传统硅材料在高频高速场景下的短板日益凸显，而磷化铟的电子迁移率是硅的10倍以上，能轻松支撑100GHz以上超高频信号处理，是高速光模块、卫星通 信、激光雷达的核心材料，更是AI数据中心突破算力瓶颈的关键。 这种材料的稀缺性，既源于自身的制备难度，也源于供需的严重失衡。2025年，全球磷化铟器件需求已飙升至200万片，而全球能稳定供货的产能仅60万 片，缺口高达170万片。 更关键的是，磷化铟的扩产周期长达12至24个月，即便头部企业加急扩产，短期内也难以缓解紧缺态势，这也让其成为全球争抢的"香饽饽"。 美国AXT公司的数据最能体现其热度，2024年第三季度，该公司磷化铟相关业务收入暴涨250%，创下三年新高，截至2025年，其手上积压的订单就达5 ...

登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：000711 证券简称：ST京蓝 公告编号：2026-013 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误导性陈述或重大遗 漏。 一、本期业绩预计情况 京蓝科技股份有限公司 ■ 2025年度业绩预告 二、与会计师事务所沟通情况 京蓝科技股份有限公司（简称"公司"、"上市公司"）已就本业绩预告有关事项与年报审计会计师事务所 进行预沟通，公司与会计师事务所在本报告期的业绩预告方面不存在分歧。 1、业绩预告期间：2025年1月1日至2025年12月31日。 2、业绩预告情况：预计净利润为负值 （1）以区间数进行业绩预告的 单位：万元 三、业绩变动原因说明 自 2024 年初新管理团队履职以来，公司坚定实施战略转型，已全面切换到含锌铟固危废资源化利用这 一高潜力赛道，2025年该业务占公司营收比重已达约95%，产精铟超过200吨（其中自产精铟约 121 吨、加工提纯精铟服务约 75 吨），公司整体营业收入在2024年比2023年已增长超过100%的情况下，预 计2025年再增长 16.45%-34.97%，初步显现了战略转型的成 ...

Group 1: Military Industry New Materials - The price of electrolytic cobalt this week is 435,000 CNY/ton, a decrease of 3.5% compared to the previous week. The price ratio of electrolytic cobalt to cobalt powder is 0.76, down 4.5% [3] - The price of carbon fiber this week is 83.8 CNY/kg, remaining unchanged, with a gross profit of -9.19 CNY/kg [3] Group 2: New Energy Vehicle Materials - The prices of lithium carbonate and lithium hydroxide are 171,100 CNY/ton and 161,100 CNY/ton, respectively, with increases of 8.4% and 8.2% [4] - The price of cobalt sulfate this week is 95,300 CNY/ton, up by 0.21% [4] - The prices of lithium iron phosphate and 523-type cathode materials are 52,400 CNY/ton and 200,200 CNY/ton, with changes of 0% and +4.6%, respectively [4] - The price of praseodymium-neodymium oxide is 672.66 CNY/kg, down by 0.3% [4] Group 3: Photovoltaic New Materials - The price of photovoltaic-grade polysilicon is 7.88 USD/kg, unchanged from the previous week [5] - The price of EVA is 9,650 CNY/ton, an increase of 3.8%, remaining at a low level since 2013 [5] - The price of 3.2mm photovoltaic glass coating is 24.0 CNY/sqm, unchanged [5] Group 4: Nuclear Power New Materials - The prices of zirconium-related materials are stable, with prices for zirconium oxychloride, sponge zirconium, hafnium oxide, zirconium silicate, and zircon sand remaining unchanged [6] - The uranium price for December 2025 is projected to be 63.51 USD/lb, reflecting a 2.0% increase [6] Group 5: Consumer Electronics New Materials - The price of cobalt tetroxide is 363,000 CNY/ton, unchanged, while lithium cobalt oxide is priced at 402.0 CNY/kg, up by 0.5% [7] - The price of silicon carbide is 5,600.00 CNY/ton, with a significant increase of 9.8% [7] - The prices of high-purity gallium, crude indium, and refined indium are 1,840.00 CNY/kg, 3,450.00 CNY/kg, and 3,550.00 CNY/kg, with changes of +1.4%, -4.2%, and -4.1%, respectively [7] - The price of germanium dioxide is 8,950 CNY/kg, unchanged [7] Group 6: Other Materials - The prices of platinum, rhodium, and iridium are 672.50 CNY/g, 2,715.00 CNY/g, and 1,675.00 CNY/g, with increases of 11.5%, 5.0%, and 1.8%, respectively [8]

"吃"进去的是废渣，"吐"出来的是稀贵金属，这样的工业奇迹不久后将在汉中锌业有限责任公司实 现。 1月20日，位于勉县的汉中锌业"6+N"废渣提铟资源综合利用示范项目正在如火如荼建设中。 在项目建设现场，工作人员紧张有序地忙碌着，项目主体即将竣工，一楼部分设备已进场安装。 作为陕西有色金属控股集团的核心成员企业和铅锌冶炼基地，汉中锌业有限责任公司通过前期铟富 集实验，发现公司在处置锌冶炼废渣过程中，铟元素富集在次氧化锌中。高达0.1%至0.2%，成为较好 的铟资源来源。 为了走循环发展之路，实现废渣就地转化，2025年6月30日，汉中锌业"6+N"废渣提铟资源综合利 用示范项目正式开工。项目占地约3亩，在现有三车间氧化锌系统的基础上，实施技术改造，最终形成 年产30吨的精铟生产线。 "作为铅锌冶炼产业链的重要延伸，该项目建成后，经过'铟富集—浸出—萃取—反萃—电解—熔 铸'6道工序，锌冶炼废渣就能变成金属铟，真正实现将废渣'吃干榨净'、变废为宝。"汉中锌业锌冶炼有 限责任公司电锌三车间负责人陈德涛介绍。 铟作为一种稀缺金属，具有绝佳的导电性、抗腐蚀性、延展性，被广泛应用于航空航天、无线电和 电子工业、新能源、 ...

Core Insights - The economic output of Shaoguan has surpassed 1,600 billion yuan during the "14th Five-Year Plan" period, reflecting significant progress in high-quality development and increasing regional influence [1] Group 1: Economic Development - Shaoguan has adopted a strategy focused on industrial development, emphasizing both the transformation of traditional industries and the cultivation of emerging sectors [1] - The city has seen a net increase of 138 high-tech enterprises, representing a growth of 44.8%, and the total number of various technology innovation platforms has doubled [2] Group 2: Industrial Transformation - Shaoguan's steel industry is transitioning towards high-end plate production, with special steel output exceeding 1 million tons [1] - The deep processing of rare metals such as gallium, germanium, and indium has been enhanced, with refined indium production reaching 750 tons, accounting for approximately 50% of the national output [1] Group 3: Green Transition - The city has established 11 national-level green factories and 1 green park, with clean energy installed capacity reaching 58.9% [2] - The cumulative reduction in energy consumption per unit of GDP is projected to be 15.5% over five years, indicating a continuous increase in the "green content" of industrial development [2] Group 4: Reforms and Market Vitality - Shaoguan has implemented 176 national and provincial reform pilot projects, enhancing efficiency in administrative processes and improving service ratings [2] - The number of business entities in the city has increased by 54,000 over the past five years, marking a growth of 28.4% and indicating rising market vitality [2] Group 5: Urban-Rural Coordination - The "Hundred Counties, Thousand Towns, and Ten Thousand Villages High-Quality Development Project" has been actively promoted, with county-level economies growing nearly 30% compared to the end of the "13th Five-Year Plan" [2] - The city has renovated 694 old residential communities and established 23 provincial-level modern agricultural industrial parks, leading to a reduction in the income disparity between urban and rural residents [2]

Core Viewpoint - Zhuzhou Keno New Materials Co., Ltd. has had its IPO review status on the Shanghai Stock Exchange's Sci-Tech Innovation Board changed to "terminated" due to the withdrawal of its listing application by the company and its sponsor [1] Company Overview - The company focuses on the development and industrialization of purification technology for III-V group chemical element materials, primarily engaged in the R&D, production, and sales of high-purity gallium, indium, bismuth, tellurium, and their oxides [1] - Main products include high-purity gallium, high-purity indium, refined indium (4N5-5N), indium oxide, gallium oxide, industrial gallium, bismuth, and bismuth oxide, with applications in compound semiconductors, solar cell P-type silicon wafers, ITO target material synthesis, and high-end product manufacturing in pharmaceuticals and chemicals [1] Market Position - The high-purity gallium and indium produced by the company are critical materials for compound semiconductors and ITO targets, with significant quality impact on their synthesis [2] - The industry is characterized by international competition, with major market shares held by foreign companies such as Indium Corporation, Dowa, Rasa, and 5N Plus, alongside a few domestic players like Zhuzhou Keno [2] - Despite starting late in the high-purity rare metal materials field, the company has leveraged China's position as the largest primary source of rare metals and the rapid rise of domestic downstream manufacturers to enhance its market presence [3] Competitive Advantages - The company has become a major global supplier of high-purity gallium and indium, achieving domestic leadership in product technology and performance [4] - It serves as a primary or sole supplier of high-purity gallium and indium for leading global compound semiconductor manufacturers in China [4] - The company holds a dominant position in the domestic market for ITO and IGZO refined indium, covering major global ITO and IGZO target material manufacturers [4] Financial Performance - The company reported revenues of approximately 679 million RMB, 609 million RMB, and 787 million RMB for the years 2022, 2023, and 2024, respectively, with net profits of 50.82 million RMB, 43.04 million RMB, and 72.07 million RMB during the same periods [5][6]

Group 1: Military Industry New Materials - The price of electrolytic cobalt is 263,000 CNY/ton, unchanged from the previous week, with a cobalt price ratio of 0.86, down 0.5% [4] - Carbon fiber price is 83.8 CNY/kg, unchanged from the previous week, with a gross profit of -8.59 CNY/kg [4] Group 2: New Energy Vehicle Materials - The price of Li2O 5% lithium concentrate at China's port is 726 USD/ton, down 9.81% [5] - The prices of battery-grade lithium hydroxide, industrial-grade lithium hydroxide, and electric carbon are 78,900 CNY/ton, 77,000 CNY/ton, and 76,200 CNY/ton, down 4.2%, 4.35%, and 1.1% respectively [5] - The price of sulfuric cobalt is 53,200 CNY/ton, up 0.19% [5] - The prices of lithium iron phosphate and 523-type cathode materials are 34,300 CNY/ton and 113,300 CNY/ton, unchanged and down 0.4% respectively [5] - The price of neodymium oxide is 579.72 CNY/kg, down 2.9% [5] Group 3: Photovoltaic New Materials - The price of photovoltaic-grade polysilicon is 6.20 USD/kg, unchanged from the previous week [6] - The price of EVA is 10,800 CNY/ton, up 2.9%, remaining at a low level since 2013 [6] - The price of 3.2mm photovoltaic glass coating is 24.0 CNY/sqm, unchanged [6] Group 4: Nuclear Power New Materials - The prices of zirconium-related materials are stable, with prices for zirconium oxychloride, sponge zirconium, hafnium oxide, zirconium silicate, and zircon sand remaining unchanged [7] - The uranium price for June 2025 is 59.58 USD/lb, up 4.0% [7] Group 5: Consumer Electronics New Materials - The price of cobalt tetroxide is 213,000 CNY/ton, up 0.47% [9] - The price of lithium cobalt oxide is 175.0 CNY/kg, unchanged [9] - The prices of silicon carbide, high-purity gallium, crude indium, and refined indium are 5,300.00 CNY/ton, 1,755.00 CNY/kg, 2,445.00 CNY/kg, and 2,545.00 CNY/kg respectively, with high-purity gallium remaining unchanged and crude and refined indium down 1.2% [9] Group 6: Other Materials - The prices of platinum, rhodium, and iridium are 326.00 CNY/g, 1,815.00 CNY/g, and 1,195.00 CNY/g respectively, with rhodium down 1.1% [10]

Group 1: Military Industry New Materials - The price of electrolytic cobalt has increased to 265,000 CNY/ton, a week-on-week increase of 6.9% [3] - The price ratio of electrolytic cobalt to cobalt powder is 0.95, up by 4.5% week-on-week; the price ratio of electrolytic cobalt to cobalt sulfate is 5.15, up by 6.2% [3] - Carbon fiber price remains at 83.8 CNY/kg with a gross profit of -8.24 CNY/kg [3] Group 2: New Energy Vehicle Materials - The CIF price of Li2O 5% lithium concentrate is 677 USD/ton, down by 4.51% week-on-week [4] - Prices for battery-grade lithium hydroxide, industrial-grade lithium carbonate, and battery-grade lithium carbonate are 73,200 CNY/ton, 70,200 CNY/ton, and 65,200 CNY/ton, with week-on-week increases of 7.9%, 6.95%, and 8.2% respectively [4] - The price of cobalt sulfate is 50,800 CNY/ton, up by 2.01% week-on-week [4] - Prices for lithium iron phosphate and 523-type cathode materials are 32,700 CNY/ton and 111,000 CNY/ton, remaining stable with slight increases of 0% and 0.4% respectively [4] - The price of neodymium oxide is 531.15 CNY/kg, up by 3.5% week-on-week [4] Group 3: Photovoltaic New Materials - The price of photovoltaic-grade polysilicon is 4.94 USD/kg, remaining stable [5] - EVA price is 10,100 CNY/ton, down by 0.5%, at a low level since 2013 [5] - The price of 3.2mm photovoltaic glass coating remains at 24.0 CNY/sqm [5] Group 4: Nuclear Power New Materials - Prices for zirconium-related materials are stable, with prices for zirconium oxychloride, sponge zirconium, hafnium oxide, zirconium silicate, and zircon sand at 14,750 CNY/ton, 150 CNY/kg, 9,000 CNY/kg, 13,950 CNY/ton, and 14,012.5 CNY/ton respectively [6] - The uranium price is projected to be 59.58 USD/lb in June 2025, up by 4.0% [6] Group 5: Consumer Electronics New Materials - The price of cobalt tetroxide is 207,500 CNY/ton, up by 2.47% week-on-week [7] - The price of lithium cobalt oxide is stable at 175.0 CNY/kg [7] - The price of silicon carbide remains at 5,400.00 CNY/ton [7] - Prices for high-purity gallium, crude indium, and refined indium are 1,755.00 CNY/kg, 2,575.00 CNY/kg, and 2,675.00 CNY/kg, with changes of -1.7%, 0%, and 0% respectively [7] - The price of germanium dioxide is stable at 9,800 CNY/kg, with 50% used for optical fibers and 15% for electronics and solar devices [7] Group 6: Other Materials - The prices for platinum, rhodium, and iridium are 312.00 CNY/g, 1,865.00 CNY/g, and 1,305.00 CNY/g, with changes of -6.3%, +9.4%, and +5.7% respectively [8]

Core Viewpoint - The necessity for China to master its own materials in order to gain a voice in the global technology order restructuring is emphasized, particularly in high-end manufacturing [1] Group 1: High-Purity Materials Innovation - The company is innovating in high-purity materials, specifically gallium, which can be purified from 4N to 8N, indicating a purity level of 99.999999% [2] - Achieving higher purity levels in materials like gallium and indium leads to exponential improvements in product performance, essential for high-end manufacturing [2][3] - The company has developed its own GDMS detection method for high-purity products, becoming one of the few in the industry with both production and detection capabilities [3] Group 2: Strategic Importance and Market Position - High-purity materials are considered a strategic industry with long certification times, making it a challenging field to enter [4] - The company has achieved the highest domestic market share for high-purity indium and gallium products, indicating strong competitive positioning [5] - The transition from selling raw materials to producing high-purity metals is framed as a move towards "casting national instruments" [5] Group 3: Future Development and Market Strategy - The company plans to accelerate projects for producing 500 tons of semiconductor high-purity materials and diversify its product offerings to include high-purity arsenic, carbon, and aluminum [6] - The expansion is seen as a response to national strategic needs, particularly in emerging fields like 5G and renewable energy [6][7] - The company aims to become a platform-type materials enterprise, focusing on both product development and market leadership [7]

Group 1: Military Industry New Materials - The price of electrolytic cobalt remains stable at 236,000 CNY/ton, with a week-on-week change of +0% [3] - The price of carbon fiber is 83.8 CNY/kg, also unchanged, with a gross profit of -8.56 CNY/kg [3] - Beryllium prices are stable this week [3] Group 2: New Energy Vehicle Materials - The price of Li2O 5% lithium concentrate at the Chinese port is 540 USD/ton, down by -0.92% week-on-week [4] - The prices of battery-grade lithium hydroxide, industrial-grade lithium hydroxide, and electric carbon are 59,800 CNY/ton, 60,600 CNY/ton, and 60,600 CNY/ton respectively, with changes of -0.1%, +1.21%, and -2.3% [4] - The price of cobalt sulfate is 47,700 CNY/ton, unchanged [4] - The prices of lithium iron phosphate and 523-type cathode materials are 30,300 CNY/ton and 104,800 CNY/ton, with changes of +0% and -0.7% respectively [4] - The price of praseodymium-neodymium oxide is 444.11 CNY/kg, up by +0.8% [4] Group 3: Photovoltaic New Materials - The price of photovoltaic-grade polysilicon is 4.25 USD/kg, down by -0.7% [5] - The price of EVA is 10,450 CNY/ton, unchanged, remaining at a high level since 2013 [5] - The price of 3.2mm photovoltaic glass coating is 24.0 CNY/square meter, unchanged [5] Group 4: Nuclear Power New Materials - The prices of zirconium-related materials are as follows: zirconium oxychloride at 14,750 CNY/ton, sponge zircon at 155 CNY/kg, hafnium oxide at 9,000 CNY/kg, zirconium silicate at 14,225 CNY/ton, and zircon sand at 14,012.5 CNY/ton, with various week-on-week changes [6] - The uranium price for May 2025 is 57.31 USD/pound, up by +8.8% [6] Group 5: Consumer Electronics New Materials - The price of cobalt oxide is 186,500 CNY/ton, unchanged, while lithium cobalt oxide is priced at 175.0 CNY/kg, also unchanged [7] - The price of silicon carbide is 5,600.00 CNY/ton, unchanged [7] - The prices of high-purity gallium, crude indium, and refined indium are 1,865.00 CNY/kg, 2,425.00 CNY/kg, and 2,525.00 CNY/kg respectively, with changes of -0.5%, +0%, and +0% [7] - The price of germanium dioxide is 9,900 CNY/kg, unchanged, with 50% used for optical fibers and 15% for electronic and solar devices; high-purity gallium is primarily used in semiconductors [7]