（记者 胡玲） 每经AI快讯，有投资者在投资者互动平台提问：请问公司除了铀以外，是否有钍矿开采？ 中国铀业（001280.SZ）12月31日在投资者互动平台表示，目前公司独居石资源综合利用业务会形成氯 化稀土及铀、钍产品。 ...

Summary of Key Points from Conference Call Records Industry Overview - **Copper Market**: Expected price increase to 120,000 CNY/ton due to lower global copper mine production growth compared to demand growth, leading to a persistent supply-demand gap. A weak dollar environment is favorable for copper's financial attributes [1][4][3] - **Aluminum Market**: Benefiting from domestic supply-side reforms and strong demand, with projected consumption growth of 1.5% to 2.3% for electrolytic aluminum by 2028. Raw material prices are relatively weak, but product prices remain strong, leading to substantial profits [1][4][5] - **Precious Metals Market**: Long-term outlook remains positive due to global financial order restructuring, dollar credit issues, and geopolitical factors supporting gold prices. Silver has seen rapid price increases, and attention is drawn to the gold-silver ratio recovery [1][6] - **Minor Metals**: Thorium and tantalum show investment potential, with thorium's supply-demand mismatch due to global energy shortages and nuclear power development. Tantalum prices are expected to recover due to export controls [1][7] - **New Materials**: Fields such as AI chips, inductors, capacitors, and new materials for robotics have significant growth potential, driven by expanding applications of emerging technologies [1][7] Steel Industry Insights - **Challenges and Opportunities**: The steel industry faces a contradiction between the increasing proportion of high-end products and supply surplus. Attention is needed on production restriction policies, new iron ore capacity releases, and cost changes. High-end special steel is expected to see development opportunities [1][13] - **Demand Structure Changes**: The demand for construction steel has significantly declined, with manufacturing becoming the primary growth point, accounting for over 50% of demand. Key sectors include machinery, automotive, and energy [1][21][22] - **Profit Influencing Factors**: Steel industry profits are influenced by cost factors (iron ore and coking coal prices), demand from real estate and manufacturing, and the effectiveness of production restriction policies [1][28] Market Projections - **Iron Ore Market**: Supply is expected to increase significantly in 2026, with new projects contributing substantial increments. Iron ore prices are projected to be under pressure, potentially dropping from approximately 101 USD to around 90 USD [2][26] - **Coking Coal Market**: Expected to remain stable in 2026 after significant fluctuations in 2025, with supply gradually recovering from various regions [2][27] Investment Strategies - **Investment Recommendations**: Investors are advised to focus on high-dividend, high-return leading companies across various sectors. Continuous monitoring of real estate sales and construction starts is crucial, along with the development potential in special steel [1][30]

Core Insights - China holds significant leverage in the global rare earth market, particularly with its control over rare earth refining technology, which is crucial for processing resources from other countries [3][6] - Thorium, previously considered waste, is now recognized as a valuable energy resource, with China controlling 74% of global thorium production [6][8] - The use of thorium in energy generation can drastically reduce electricity costs for consumers, with projections indicating potential future prices as low as 0.05 yuan per kilowatt-hour [12][14] Rare Earth Market - China possesses approximately 38% of the world's rare earth resources, making it a dominant player in the market [3] - Despite the U.S. efforts to establish its own rare earth facilities, the lack of refining technology means that most rare earth materials will still need to be processed in China [3][6] Thorium as an Energy Resource - Thorium can generate electricity equivalent to that produced by 350,000 tons of coal, highlighting its potential as a powerful energy source [5] - China's thorium reserves are abundant, with known reserves in Inner Mongolia sufficient to supply energy for over 200 years for the entire population [8][12] - The country has been utilizing thorium for energy production long before other nations, giving it a technological edge [8][9] Technological Advancements - China is applying advanced thorium technology in significant projects, such as its third aircraft carrier, which is expected to use thorium-based molten salt reactor technology [9] - The operational advantages of thorium reactors include higher safety, efficiency, and lower maintenance costs compared to traditional nuclear power [9][12] Economic Impact - The implementation of thorium energy has already led to a significant reduction in electricity costs in regions like Inner Mongolia, benefiting consumers [12] - Future projections suggest that electricity prices could decrease further, enhancing the economic well-being of households [12][14]

Core Insights - Thorium is emerging as a strategic asset for China, potentially more significant than rare earth elements, due to its high energy density and low extraction costs [1][3]. Resource Potential - Thorium has an energy density so high that 1 ton can produce electricity equivalent to 3.5 million tons of coal [3]. - China's proven thorium reserves of 220,000 tons could sustain energy needs for approximately 14 billion people for thousands of years, while the total national reserves of 1.4 million tons could meet energy demands for nearly 20,000 years [3]. Technological Advancements - China has developed a technological advantage by successfully operating thorium-based molten salt reactors, which could potentially lower electricity prices to 0.05 yuan per kilowatt-hour [5]. - The country is currently the only one capable of stable operation of thorium-based molten salt reactors [5]. Strategic Implications - The U.S. has historically researched thorium but has since fallen behind in both mining and extraction technology, making it difficult for them to catch up [7]. - Thorium reactors can be built in arid regions, are inherently safe, and can also produce green hydrogen for electric vehicles [8]. Geopolitical Context - The U.S. has shifted its rhetoric regarding China, indicating a recognition of the strategic importance of thorium and its implications for energy independence [9]. - China's advancements in thorium technology position it favorably in the global clean energy race, addressing both energy security and green transition [9]. Long-term Strategy - China's focus on developing rare earth and thorium technologies is aimed at strengthening its position on the international stage, rather than undermining others [11]. - The strategy emphasizes that true international influence is built on genuine capabilities rather than mere rhetoric [11].