光大期货认为，印尼政策短期托底镍价，情绪共振推动镍价走强，但远期潜在配额补充和高库存对价格 形成压力，短期内可能高位宽幅震荡。国信证券此前指出，公司金属镍产品出货持续增加，整体经营稳 中向好。该行估计公司镍项目爬坡顺利。镍价波动背景下，公司镍项目经营保持微利状态，但受汇率波 动影响、产生一定汇兑损失。展望后续，镍项目产能持续释放，2025年镍自供量有望达到9-10万吨。 智通财经APP获悉，中伟新材(02579)午前涨超4%，截至发稿，涨3.7%，报40.3港元，成交额7585.74万 港元。 消息面上，近日，中伟新材接受机构调研时表示，公司通过投资、参股、长期合作协议、包销等形式锁 定6亿湿吨镍矿资源的供应，随着未来镍矿出口配额收紧，将推动镍矿价格上涨，对公司参与的镍矿资 源盈利能力具有积极影响。此外，公司已建成镍资源冶炼产能19.5万金属吨，打通资源、冶炼、材料的 垂直一体化产业链生态，LME镍价上涨对公司经营利润有积极影响。 中伟新材(02579)午前涨超4%，截至发稿，涨3.7%，报40.3港元，成交额7585.74万港元。 ...

消息面上，近日，中伟新材接受机构调研时表示，公司通过投资、参股、长期合作协议、包销等形式锁 定6亿湿吨镍矿资源的供应，随着未来镍矿出口配额收紧，将推动镍矿价格上涨，对公司参与的镍矿资 源盈利能力具有积极影响。此外，公司已建成镍资源冶炼产能19.5万金属吨，打通资源、冶炼、材料的 垂直一体化产业链生态，LME镍价上涨对公司经营利润有积极影响。 光大期货认为，印尼政策短期托底镍价，情绪共振推动镍价走强，但远期潜在配额补充和高库存对价格 形成压力，短期内可能高位宽幅震荡。国信证券此前指出，公司金属镍产品出货持续增加，整体经营稳 中向好。该行估计公司镍项目爬坡顺利。镍价波动背景下，公司镍项目经营保持微利状态，但受汇率波 动影响、产生一定汇兑损失。展望后续，镍项目产能持续释放，2025年镍自供量有望达到9-10万吨。 中伟新材（300919）(02579)午前涨超4%，截至发稿，涨3.7%，报40.3港元，成交额7585.74万港元。 ...

光大期货认为，印尼政策短期托底镍价，情绪共振推动镍价走强，但远期潜在配额补充和高库存对价格 形成压力，短期内可能高位宽幅震荡。国信证券此前指出，公司金属镍产品出货持续增加，整体经营稳 中向好。该行估计公司镍项目爬坡顺利。镍价波动背景下，公司镍项目经营保持微利状态，但受汇率波 动影响、产生一定汇兑损失。展望后续，镍项目产能持续释放，2025年镍自供量有望达到9-10万吨。 消息面上，近日，中伟新材接受机构调研时表示，公司通过投资、参股、长期合作协议、包销等形式锁 定6亿湿吨镍矿资源的供应，随着未来镍矿出口配额收紧，将推动镍矿价格上涨，对公司参与的镍矿资 源盈利能力具有积极影响。此外，公司已建成镍资源冶炼产能19.5万金属吨，打通资源、冶炼、材料的 垂直一体化产业链生态，LME镍价上涨对公司经营利润有积极影响。 智通财经APP获悉，中伟新材(02579)午前涨超4%，截至发稿，涨3.7%，报40.3港元，成交额7585.74万 港元。 ...

（来源：中国商报） | 上证指数 | 深证成指 | 创业板 | | --- | --- | --- | | 4151.24 | 14342.89 | 3323.56 | | +11.34 +0.27% | +12.98 +0.09% | -19.04 -0.57% | | UVYGGE | | 7 00 LTF S | 转自：中国商报 中国商报（记者 马文博）1月28日，A股三大指数涨跌不一。截至收盘，沪指涨0.27%，深成指涨0.09%，创业板指跌0.57%，北证50指数跌0.16%。沪深京 三市成交额为29923亿元，较上一日增量708亿元，三市超3600只个股飘绿。 在板块题材上，贵金属、有色金属、石油天然气、煤炭、化学化工、大豆、半导体、房地产等板块涨幅居前，光伏设备、生物疫苗、教育、军工装备、美 容护理等板块跌幅居前。 今天，受美元走弱、地缘政治风险影响，贵金属、石油天然气等大宗商品板块大幅拉升。其中，中国黄金4连板，中国海油创历史新高。 1月28日早间，伦敦金现冲破5220美元/盎司，连续8个交易日上涨，继续创历史新高。金价一路狂飙，国内首饰金价也再创新高。1月28日，多家金饰品牌 足金报价突破1 ...

Core Viewpoint - The stock of Zhongwei New Materials (02579) has seen a significant increase, rising nearly 8% and currently trading at 28.7 HKD, with a transaction volume of 70.32 million HKD. This surge is influenced by Indonesia's government plans for nickel production targets, which are set to decrease significantly by 2026 compared to previous years [1] Group 1: Company Developments - Zhongwei Co. has been actively investing in upstream resources such as nickel, phosphorus, and lithium globally since 2022, in line with its integrated industrial strategy [1] - The company has secured strategic mineral resources including Indonesian laterite nickel, Argentinian lithium brine, and Guizhou phosphate [1] Group 2: Industry Insights - Dongwu Securities has indicated that an increase in self-supply ratio for nickel is expected to contribute to profit elasticity for the company [1] - Looking ahead to 2026, it is anticipated that the company will achieve a self-supply of 30,000 tons of metal nickel, with a self-supply ratio exceeding 25%, potentially increasing profits by 200-300 million CNY [1] - A slight increase in metal nickel prices is expected to lead to significant profit elasticity for the company [1]

Core Viewpoint - The stock of Zhongwei New Materials (02579) has seen a significant increase, rising nearly 8% and currently trading at 28.7 HKD, with a transaction volume of 70.32 million HKD. This surge is influenced by Indonesia's government plans for nickel production targets, which are set to decrease significantly by nearly one-third compared to previous goals [1]. Group 1: Company Developments - Zhongwei New Materials has been actively investing in upstream resources such as nickel, phosphorus, and lithium globally since 2022, in line with its integrated industrial strategy [1]. - The company has secured strategic investments in nickel laterite mines in Indonesia, lithium salt lakes in Argentina, and phosphorus mines in Guizhou [1]. Group 2: Industry Insights - According to Dongwu Securities, an increase in the self-supply ratio of nickel is expected to contribute to profit elasticity for the company [1]. - Looking ahead to 2026, it is anticipated that the company will achieve a self-supply of 30,000 tons of metal nickel, with a self-supply ratio exceeding 25%, potentially enhancing profits by 200-300 million HKD [1]. - A slight increase in metal nickel prices is expected to lead to significant profit elasticity for the company [1].

Core Viewpoint - The report highlights significant growth in the environmental protection industry, particularly in the sanitation equipment and lithium battery recycling sectors, driven by increasing demand for new energy vehicles and rising lithium prices [1][3][7]. Industry Overview - Sanitation Equipment: In the first ten months of 2025, sales of new energy sanitation vehicles increased by 61.32%, with a penetration rate rising by 6.33 percentage points to 18.02%. Total sanitation vehicle sales reached 60,675 units, a year-on-year increase of 4.61%, with 10,931 units being new energy vehicles, marking a 63.32% increase [1][7]. - Lithium Battery Recycling: The price of lithium carbonate has risen, improving profitability. As of November 21, 2025, the weekly price of lithium carbonate was 92,400 (up 8.4% week-on-week), with cobalt and nickel prices at 405,000 and 116,700 respectively [1][7]. Investment Recommendations - Key Recommendations: Companies such as Hanlan Environment, High Energy Environment, Green Power Environmental Protection, and others are highlighted as key investment opportunities [2][4][5]. - Suggested Focus: Attention is drawn to companies involved in carbon monitoring and CCER asset appreciation, as well as those engaged in plastic recycling and energy-saving projects [3][4]. Financial Performance - Solid Waste Sector: The sector showed a 12% increase in net profit for the first three quarters of 2025, with a gross margin improvement of 2.7 percentage points. Free cash flow reached 13.3 billion, up 28% year-on-year [5][6]. - Water Sector: The water sector is expected to see a significant improvement in free cash flow, with a projected increase in dividend payout ratios as cash flow stabilizes [6]. Market Trends - Carbon Emission Quotas: The Ministry of Ecology and Environment has implemented a carbon emission quota scheme for the steel, cement, and aluminum industries for 2024 and 2025, which is expected to enhance the demand for carbon monitoring equipment [3][4]. - Price Adjustments: Recent price adjustments in water services in major cities are anticipated to support revenue growth and improve investment returns [6].

Group 1: Fixed Income Strategy - The central bank has restarted bond purchases, indicating potential short-term opportunities in the bond market [7] - In October, most bond yields declined, with significant decreases in credit spreads and default amounts [7] - The report suggests a structural shift in government policy focus from traditional infrastructure to urban renewal and related service industries [7] Group 2: Food and Beverage Industry - The food and beverage sector's fund holding ratio decreased to 4.73% in Q3 2025, indicating a decline in heavy investment [13][14] - The liquor sector remains the most heavily weighted, but the holding ratio for major brands like Moutai and Wuliangye has decreased [16] - The report highlights a general reduction in fund holdings across various sub-sectors, including soft drinks and snacks [15][16] Group 3: Banking Sector - Changshu Bank reported a revenue of 9.05 billion yuan in the first three quarters of 2025, with a year-on-year growth of 8.15% [17] - The bank's non-performing loan ratio remained stable at 0.76%, with a significant reduction in asset impairment losses [17][18] - The report indicates a slight improvement in loan growth, particularly in personal business loans, although overall retail credit demand remains under pressure [18] Group 4: Potash Industry - Yara International's revenue increased by 55.8% year-on-year in the first three quarters of 2025, driven by both volume and price increases in potash [22] - The average selling price of potash rose to 2,507 yuan/ton, reflecting a 27.9% increase year-on-year [22] - The company is expanding its production capacity, with new projects expected to come online soon, contributing to sustained high demand in the potash market [24][25] Group 5: Oilfield Services - CNOOC Services reported a significant increase in net profit, with a year-on-year growth of 32.09% in the first three quarters of 2025 [28] - The utilization rate of drilling platforms has improved, contributing to higher revenue and profit margins [29] - The report emphasizes the company's strategic shift towards high-return projects and the optimization of its business structure [30] Group 6: Chemical Industry - Hualu Hengsheng's revenue in Q3 2025 was 7.79 billion yuan, showing a year-on-year decline of 5.1% [26] - The company experienced a slight decrease in net profit, attributed to market supply and demand changes for its main products [26][27] - The report notes that the company is focusing on cost control and efficiency improvements amid fluctuating raw material prices [27]

Investment Rating - The investment rating for the company is "Outperform the Market" [6][4]. Core Views - The company's ternary precursor shipments have significantly rebounded, with an estimated shipment volume of approximately 55,000 tons in Q3 2025, representing a year-on-year increase of 17% and a quarter-on-quarter increase of nearly 10% [2]. - The company has shown steady development in cobalt and phosphate materials, with the shipment volume of cobalt oxide exceeding 9,000 tons in Q3 2025, a year-on-year increase of over 30% [2]. - The company is actively expanding its new materials and technologies, including collaborations on solid-state battery materials and sodium battery materials [3]. Financial Performance Summary - In Q3 2025, the company achieved a net profit attributable to shareholders of 380 million yuan, a year-on-year decrease of 17% [1]. - For the first three quarters of 2025, the company reported revenue of 33.297 billion yuan, a year-on-year increase of 10%, and a net profit of 1.113 billion yuan, a year-on-year decrease of 16% [1]. - The company's revenue forecast for 2025 is set at 47.157 billion yuan, with a projected net profit of 1.582 billion yuan, reflecting a year-on-year growth of 7.8% [5]. Production and Capacity Outlook - The company anticipates that the precursor shipment volume for 2025 will reach nearly 220,000 tons, with a year-on-year growth of over 10% [2]. - The nickel self-supply volume is expected to reach 90,000 to 100,000 tons in 2025, with ongoing capacity release [3]. Market Position and Strategy - The company maintains a leading position in the ternary precursor market, supported by recovering overseas customer demand [2]. - The company is focusing on developing high-nickel ternary precursors for solid-state batteries and collaborating on layered oxide materials for sodium batteries [3].

Group 1 - The metal nickel concept increased by 3.58%, ranking fourth among concept sectors, with 32 stocks rising, including Zhejiang Fu Holdings, Shengda Resources, and Baiyin Nonferrous Metals hitting the daily limit [1] - Leading gainers in the nickel sector included Hanrui Cobalt, Luoyang Molybdenum, and Xingye Silver Tin, which rose by 10.14%, 9.47%, and 8.25% respectively [1] - The sector saw a net inflow of 860 million yuan from main funds, with 18 stocks receiving net inflows, and five stocks exceeding 100 million yuan in net inflow [2] Group 2 - The top net inflow stock was Huayou Cobalt, with a net inflow of 489 million yuan, followed by Luoyang Molybdenum, Baiyin Nonferrous Metals, and Zhejiang Fu Holdings with net inflows of 164 million yuan, 158 million yuan, and 151 million yuan respectively [2] - In terms of net inflow ratios, Baiyin Nonferrous Metals, Zhejiang Fu Holdings, and Western Mining led with ratios of 20.79%, 12.57%, and 9.22% respectively [3] - The overall performance of the nickel sector was supported by significant trading volumes and turnover rates, with notable stocks like Huayou Cobalt and Luoyang Molybdenum showing strong trading activity [3][4]