倍杰特 20260105 摘要 贝杰特公司通过 EP、EPC 和 BOT 三种商业模式运营，2024 年实现净 利润 1.2 亿元，总收入 10 亿元，预计 2025 年净利润将增长至 2.5 亿元 以上，增长率超过 20%。 贝杰特战略收购文岩有色，获得总产能 2000 吨的锑矿资源，包括正常 运行的小锡板锑矿和预计 2026 年 3 月复产的广南纳丹提锑矿，进一步 巩固了其在有色金属领域的地位。 完成对大豪矿业的股权收购后，贝杰特在滇东南地区构建了稳定的资源 布局，成功探明红石岩铅锌铜矿、小洞锑矿、方田萤石钨三个中型及以 上规模的矿场，资源储备丰富。 大豪矿业小洞锑矿已探明 111.5 万吨锑金属量，平均品位 3.13%；方 田萤石钨矿探获 649 万吨，其中三氧化钨资源量 6.2 万吨；红石岩铅锌 铜矿探获 2,497 万吨，锌金属量 48 万吨、铅 19 万吨、铜 5.588 万吨。 贝杰特计划优先开发小洞替换项目，预计 2027 年上半年投产，总资本 开支约 1.5 亿元；红石岩项目计划 2026 年底开工，2027 年底投产； 方田萤石钨项目计划 2026 年底取得采矿许可证，2028 年上半年投 ...

Investment Rating - Industry rating: Recommended [3] Core Views - The report anticipates a strong fluctuation in lithium prices in the short term, supported by a backdrop of price reassessment across key metals [1] - The Indonesian government plans to reduce nickel and coal production in 2026, which, combined with Vale's suspension of nickel mining, is expected to tighten supply and support nickel prices [1] - The cobalt market is expected to remain structurally tight, with prices likely to rise further due to ongoing supply constraints [2][5] - The antimony market is showing signs of recovery in exports, which may lead to domestic prices converging with higher international prices [6][18] - The lithium market is experiencing a continuous destocking trend, with prices expected to remain strong due to stable demand from the electric vehicle and energy storage sectors [8][19] - The rare earth market is tightening due to new export restrictions from Vietnam, which may further support prices [20] - The tin market faces uncertainties in supply due to ongoing issues in the Democratic Republic of Congo and Indonesia's export controls [21] Summary by Sections Nickel and Cobalt Industry Update - Indonesia's government plans to cut nickel production by approximately 34% in 2026, reducing the target to 250 million tons from 379 million tons in 2025 [1] - Vale's Indonesian operations have halted nickel mining, contributing to supply tightness [1] - The cobalt market is expected to face structural supply constraints, with prices projected to rise due to a decrease in available export quotas from the Democratic Republic of Congo [2][5] Antimony Industry Update - Domestic antimony prices are expected to rise as supply remains tight, particularly with winter mining activities slowing down [6][18] - The Chinese government has implemented export controls that may further tighten supply and support higher domestic prices [6][18] Lithium Industry Update - The average price of battery-grade lithium carbonate has increased to 118,600 CNY/ton, reflecting a 16.76% rise [8] - Continuous destocking in the lithium market is expected to support prices, with demand from the electric vehicle sector remaining robust [8][19] Rare Earth Industry Update - New export restrictions from Vietnam are expected to tighten global rare earth supply, supporting prices [20] - China continues to dominate the rare earth supply chain, with significant production capacity compared to other countries [20] Tin Industry Update - The tin market is facing uncertainties due to supply issues in the Democratic Republic of Congo and Indonesia's export controls [21] - Recent increases in tin imports from Myanmar may help alleviate some supply concerns, but overall uncertainty remains [21]

中钨高新（000657.SZ）1月4日在投资者互动平台表示，远景钨业并入后，上市公司保有钨资源储量约 为70万吨左右。对于剩余三家钨矿企业的注入安排，公司将按照承诺，在符合相关监管规则的前提下积 极推进相关工作。 每经AI快讯，有投资者在投资者互动平台提问：请问，远景并入公司后，目前钨矿储量有多少？后期 的三家矿业公司会尽快并购吗？ （文章来源：每日经济新闻） ...

证券研究报告|行业研究周报 [Table_Date] 2025 年 12 月 27 日 短期锂价仍持续看涨，看好价格重估背景下的 关键金属全面行情 [Table_Title2] 有色-能源金属行业周报 [Table_Summary] 报告摘要： ►印尼 26 年镍矿配额或下调叠加对镍矿伴生资源额外 征税税负，对镍矿价格或有支撑 截止到 12 月 24 日，LME 镍现货结算价报收 15435 美元/ 吨，较 12 月 17 日上涨 8.13%，LME 镍总库存为 255696 吨， 较 12 月 17 日增加 0.67%；沪镍报收 12.68 万元/吨，较 12 月 19 日上涨 8.38%，沪镍库存为 45,280 吨，较 12 月 19 日增加 0.02%；截止到 12 月 26 日，硫酸镍报收 26,900 元/吨，较 12 月 19 日价格下跌 2.36%。根据 SMM，印尼原料方面，火法矿 方面，从供应角度来看，印尼主要镍矿产区正处于活跃雨季， 导致部分矿山生产受阻。截止这周，印尼林业部执法行动仍在 延续，受此监管压力，矿山普遍维持惜售/观望态度，出货节 奏趋于保守。需求端来看，NPI 冶炼厂的采购 ...

佳鑫国际资源(03858)早盘涨超6%，高见45.8港元创上市新高。截至发稿，涨6.17%，报45.8港元，成交 额1425.66万港元。 在《钨价年内狂飙220%创历史新高，最具弹性标的佳鑫国际（03858）或有10倍空间？》中指出，佳鑫 国际是扎根于哈萨克斯坦的钨矿公司，专注于开发巴库塔钨矿项目。凭借全球顶级资源禀赋、央企协同 赋能、产能快速释放，以及未来成本优势凸显的等多个亮点，佳鑫国际已成为了资本市场中的"香饽 饽"。若以长期视角来看，佳鑫国际当前的股价仅是对钨矿短期价格预期的反馈，并未充分反映其作为 钨矿涨价大周期下最具弹性投资标的的长期内在价值，而产量、价格、成本这三个数据是勾勒佳鑫国际 长期价值的核心变量，只需做简单测算，便能锚定佳鑫国际的长期真实价值。 消息面上，中钨在线数据显示，截至12月18日，钨精矿、仲钨酸铵、钨粉价格继续上调，其中钨粉 （≥99.7%）报价已经达到101万元/吨，较年初涨219.6%；采集的国产钨粉（≥99.7%）价格，则升至 104.5万元/吨，并且上涨速率较11月提升非常明显。业内人士指出，钨价近期的加速上涨则可能与临近 年末的供给收缩与长单价格上调有关。 ...

华安证券指出，光伏行业在政策支持下景气度大幅提升，国内光伏装机规模持续增长，2023年新增光伏 装机量216GW，同比+147%，2025年前三季度亦有49%的增长。电解铝方面，国内产能接近天花板，产 量增速受限电政策影响，中长期产能上限控制在4550万吨；海外电力供应紧张导致停产事件频出，供应 不确定性扩大。光伏和新能源汽车轻量化需求推动铝消费增长，2025年1-10月国内电解铝需求量同比 +5.72%。氧化铝价格回落利好电解铝利润修复，新产能释放使氧化铝供过于求。钨行业方面，中国收 紧钨矿开采监管，2025年第一批开采总量指标5.8万吨，供给偏紧成为常态，全球新能源和尖端科技领 域需求旺盛。 （文章来源：每日经济新闻） 光伏50ETF（159864）跟踪的是光伏产业指数（931151），该指数从市场中选取涉及硅材料、电池片、 组件等光伏全产业链业务的上市公司证券作为指数样本，以反映太阳能光伏发电领域相关上市公司证券 的整体表现及行业发展趋势。 ...

Investment Rating - The industry rating is "Recommended" [3] Core Views - Short-term lithium prices are expected to remain volatile, with a positive outlook on antimony, cobalt, tungsten, and tin due to a reassessment of strategic metal values [1][2][7] - Supply concerns in the nickel market are supported by the lack of new approvals from Indonesia's RKAB, which may lead to price stabilization [1][28] - The cobalt market is expected to see continued price increases due to structural supply tightness, with Congo's export regulations impacting availability [2][5][16] - Antimony prices are anticipated to converge towards higher overseas prices due to export controls and tight domestic supply [6][17] - The lithium market is experiencing a strong demand backdrop, with expectations of continued inventory depletion supporting prices [7][17] - The rare earth market is tightening due to Vietnam's export ban, which is expected to support prices [9][18] - Tin prices are supported by ongoing supply concerns from overseas sources, particularly from Myanmar and Congo [11][20] - Tungsten prices are expected to remain supported due to supply constraints and regulatory controls [12][21] - The uranium market is facing supply tightness, which is likely to support prices amid geopolitical uncertainties [14][22] Summary by Sections Nickel and Cobalt Industry Update - Nickel prices are under pressure due to stable demand but cautious purchasing from smelters, with LME nickel closing at $14,420 per ton, down 2.04% [1][28] - Cobalt prices are expected to rise further, with Congo's export regulations causing supply constraints [2][5][16] Antimony Industry Update - Domestic antimony prices are lower compared to international prices, but supply tightness is expected to support future price increases [6][17] Lithium Industry Update - Lithium carbonate prices have increased, with a strong demand outlook from the electric vehicle sector [7][17] Rare Earth Industry Update - Vietnam's recent export ban on rare earths is expected to tighten global supply and support prices [9][18] Tin Industry Update - Tin prices are supported by supply concerns from Myanmar and Congo, with LME tin prices rising to $41,905 per ton [11][20] Tungsten Industry Update - Tungsten prices are expected to remain high due to supply constraints and regulatory measures [12][21] Uranium Industry Update - The uranium market is facing supply tightness, with prices supported by geopolitical factors and production delays [14][22]

越南《越南经济时报》11月26日报道，11月24日，越南副总理陈红河签署第2581/QD-TTg号决定， 对《2021—2030年矿产勘探、开发、加工和利用规划（2050年愿景）》中涉及的太原省炮山钨矿、老街 省塔普铜矿以及同奈省寿山和统一铝土矿三处矿产区域的规划内容作出调整，具体如下： 调整太原省炮山（Nui Phao地区及邻近地区）钨矿勘探开发项目清单和角坐标。 调整老街省塔普伊铜矿的勘探开发项目清单与角坐标。 （原标题：越南调整部分钨、铜和铝土矿的利用规划） 修订原属平福省（现划归同奈省）的铝土矿开采与加工项目清单。 该决定明确规定，农业与环境部、工贸部以及老街省、同奈省和太原省人民委员会须对上报信息和 数据的准确性向总理承担全部责任。同时要求农业与环境部会同相关部委和机构，依据本决定所划定的 矿区范围及相关法律规定，及时颁发矿产开采许可证。 ...

Core Viewpoint - The tungsten market in China is showing a strong upward trend as of November 2025, driven by a tight supply-demand balance and various positive factors, leading to significant price increases for tungsten concentrates [1] Company Summary - Jaxin International Resources (03858) has seen its stock price rise over 5%, currently at HKD 34.82, with a trading volume of HKD 16.3983 million [1] - The company, which went public on August 28, has experienced a stock price increase of 29% year-to-date, and a remarkable 359% increase based on its initial offering price, benefiting from its Bakuta tungsten mine in Kazakhstan [1] Industry Summary - The average price of 65% black tungsten concentrate reached CNY 322,100 per ton in November 2025, marking a 15.79% increase from October 2025 and a 124.50% increase year-on-year [1] - The average price of 65% white tungsten concentrate also saw a significant rise, reaching CNY 321,100 per ton, with a 15.85% month-on-month increase and a 125.37% year-on-year increase [1] - Factors contributing to the price increase include export controls, quota reductions, and a strong performance of major listed companies in the tungsten sector, which have outperformed the CSI 300 index [1]

Group 1: Market Insights - Morgan Stanley is optimistic about the Chinese stock market, raising the A-share rating to "overweight" due to multiple positive incremental drivers expected next year, such as broader applications of artificial intelligence and consumer stimulus measures [1] - The National Development and Reform Commission warns against the risk of oversaturation in the humanoid robot market, noting that the industry is growing at over 50% annually and is projected to reach a market size of 100 billion yuan by 2030 [2] - The State Administration for Market Regulation is enhancing anti-monopoly enforcement and promoting fair competition to create a market environment that stimulates the vitality of various business entities [3] Group 2: Company News - Moore Threads reported that online investors abandoned the subscription of 29,302 shares, which were fully underwritten by the sponsor, with a total subscription amount of 334.86 thousand yuan [3][4] - Dongxin Co. announced a strategic cooperation framework agreement with a leading domestic cloud computing service provider, focusing on areas such as domestic cloud desktop systems and digital twin solutions [4] - Huayang Group is indirectly supplying optical communication module components to NVIDIA through international clients [4] - Guofeng New Materials plans to acquire 46.26 million shares of Jinzhan Technology, with the Shenzhen Stock Exchange agreeing to resume the review of this transaction [4] - Hunan Gold's subsidiary obtained a mining license for tungsten, magnetite, and silver, with an annual production capacity of 990,000 tons [5] - Jereh Group signed a sales contract for generator sets for North American data centers, exceeding 100 million USD, marking a significant breakthrough in the high-end power market [7] - Saiwei Electronics experienced abnormal stock trading, with the National Integrated Circuit Fund reducing its holdings by 14.26 million shares, dropping below 5% ownership [8] - Fulei New Materials has completed multiple iterations of its self-developed "electronic skin" product and achieved bulk supply, transitioning from a material supplier to a smart sensing solution provider [9] - Tianpu Co. announced a suspension of trading due to significant stock price fluctuations, with a cumulative increase of 452% since August 22 [10] - FAW Jiefang plans to increase capital in its joint venture with CATL and Telda, totaling 412 million yuan, to enhance competitiveness in the new energy commercial vehicle sector [11] - Heng Rui Medicine received clinical trial approval for five drugs, including the anti-PD-L1 monoclonal antibody, with significant research and development investments [12]