[Table_Main] 行业研究|有色金属 证券研究报告 有色金属及新材料行业策略报告 2026 年 01 月 30 日 [Table_Title] 供给约束叠加需求变化，多种金属价值面临重塑 ——2026 年有色金属及新材料行业投资策略报告 [Table_Summary] 报告要点： 行业估值处于高性价比投资阶段，行业有望持续发力 截至2025 年12月 31 日，申万有色金属指数年内累计涨幅达94.73%， 在 31 个申万一级行业中，排名第 1 位，沪深 300 全年累计涨幅达 17.66%，跑赢沪深 300 指数 77.07pct。整体来看，今年有色金属板块 主要受国际局势及供给格局变化影响，部分金属价格持续新高。 全球格局变化，有色金属行业景气度持续 当前，中美等主要大国间的战略竞争持续深化，上游金属资源已成为 双方博弈的关键领域之一。此背景下，预计未来几年中美在关税、贸 易、金融等领域的摩擦将持续，对金属产业链的稳定性构成显著冲击。 供给端的扰动将推升原材料成本，而各国对战略金属的管控收紧，将 进一步加剧其价格上行压力。综合来看，有色金属的需求前景明朗， 具备明确的长期支撑。 看好贵金属、铜及战 ...

Core Viewpoint - The article emphasizes the importance of efficiently filtering and interpreting key announcements in the investment landscape, providing insights into potential investment opportunities within a short timeframe [1]. Group 1: Selected Highlights - On January 20, a contract worth 328 million yuan for special functional materials for aircraft engines was signed by Huayin Technology (688281), resulting in a stock increase of 7.81% [2]. - Tongfu Microelectronics (002156) announced that its storage production line has entered mass production, leading to a stock price surge and hitting a historical high after a brief initial flat opening [2]. - Zhongtung High-tech (000657) reported an increase in tungsten metal reserves by 91,700 tons, which contributed to its stock reaching a new historical high after a slight initial increase of less than 1.5% [2]. Group 2: Today's Overview - A company signed a sales order for high-end optical devices in the optical communication sector worth 1.28 million USD [3]. - A leading supplier of photomasks has initiated trial production of 40nm process products, indicating advancements in semiconductor technology [3]. - A company has developed a high-voltage frequency converter that has passed inspection by the China National Nuclear Corporation, with projected net profit growth of 386%-628% year-on-year by 2025 [3].

Core Viewpoint - The company has achieved a significant milestone in mineral resource reserves, with new findings in tungsten and other associated minerals, indicating a breakthrough in geological exploration [2][3]. Group 1: Mineral Resource Findings - The company’s subsidiary, Hunan Shizhu Garden Nonferrous Metals Co., Ltd., has reported an increase in mineral resources, including 91,700 tons of tungsten, 24,426,000 tons of associated fluorite, 63,300 tons of bismuth, 133,700 tons of tin, and 13,600 tons of molybdenum [2]. - After the recent assessment, the total reserves for tungsten stand at 678,700 tons, with associated fluorite at 6,676,900 tons, bismuth at 277,300 tons, tin at 238,300 tons, and molybdenum at 113,600 tons [2]. Group 2: Production Capacity and Strategic Implications - The company currently has a tungsten ore processing capacity of 2,354,000 tons per year and is implementing a technical transformation project aimed at increasing this capacity to 3,500,000 tons per year [3]. - The newly added reserves will extend the lifespan of the mining operations and support the sustainable development of strategic mineral resources, although the increase in reserves will not impact current production levels due to government restrictions on tungsten mining [3].

Core Viewpoint - The company, Zhongtung Gaoxin, announced that its wholly-owned subsidiary, Shizhu Garden, has received a mineral resource reserve review response from the Hunan Provincial Department of Natural Resources, confirming significant increases in various mineral reserves [1] Group 1: Mineral Resource Increases - The confirmed increase in tungsten metal reserves amounts to 91,700 tons [1] - The company also reported an increase in associated fluorite mineral reserves of 24,426,000 tons [1] - Additional increases include bismuth metal reserves of 6,330 tons, tin metal reserves of 13,370 tons, and molybdenum metal reserves of 1,360 tons [1] Group 2: Impact on Operations - The increase in reserves will not have a direct impact on the company's current production operations and financial situation [1]

Core Viewpoint - The non-ferrous metals sector is experiencing a strong upward trend, with significant increases in various metal prices and a notable performance of the Huabao ETF (159876) since its low point in April 2023, indicating potential investment opportunities [1][6][8]. Group 1: Market Performance - The Huabao ETF (159876) has seen a cumulative increase of 91.08% since its low on April 8, 2023, with a recent intraday gain of 1.25% [1]. - The ETF has broken through its historical high since its listing, suggesting a potential buying signal, with a net subscription of 3 million units reported [1]. - The non-ferrous metals index has shown varied annual performance, with a notable decline in 2022 and 2023, but a positive outlook for 2024 [3]. Group 2: Key Stocks Performance - Major stocks in the sector include Zhongkuang Resources, which rose by 6.20%, and Xinye Silver Tin, which increased by 5.76% [4]. - Other notable performers include Yongxing Materials and Huayou Cobalt, both rising over 3% [3][4]. - The overall market capitalization and trading volume of these stocks indicate robust investor interest and activity [4]. Group 3: Price Trends and Influencing Factors - Precious metals like gold and silver have reached historical highs, with platinum and copper also hitting significant price milestones [6][7]. - The ongoing global monetary easing and strategic importance of non-ferrous metals are expected to drive prices higher, with forecasts suggesting a bullish trend in the coming years [7][8]. - The Chinese government's policy initiatives aim to stabilize and grow the non-ferrous metals industry, targeting an average annual growth of 5% in industry value added from 2025 to 2026 [7]. Group 4: Future Outlook - Analysts predict that the non-ferrous metals sector is entering a new cycle driven by supply-demand balance, with prices likely to continue rising [8]. - The Huabao ETF is positioned to provide diversified exposure across various metals, making it a suitable option for investors looking to capitalize on the sector's growth [9].