2026年的A股市场，指数在震荡中缓慢上行，但个股行情却冰火两重天。 很多散户朋友每天追逐涨停板、跟风热门题材，结果往往是高位被套、来回亏损。 然而，就在市场喧嚣的背后，一股"聪明钱"正在悄然行动。 以社保、公募、外资为代表的主力资金，正避开人声鼎沸的热门股，默默建仓一批看似低调、 实则内核强大的公司。 这些公司不是靠故事和概念炒作，它们普遍拥有五大特征：身处国家重点支持的高景气赛道、近三年业绩持续增长、当前估值处于 历史低位、拥有难以替代的技术壁垒、并且获得了中长期机构的持续加仓。 它们就像武侠小说里的"扫地僧"，平时不显山露水，却身怀绝技。 本文将为你 揭开这10只被主力悄悄看中的"隐形冠军"面纱，看看它们究竟凭什么能成为穿越市场周期的底气。 厦门钨业是一家拥有钨、稀土、锂电材料三大主业的资源巨头。 市场通常把它看作传统的周期品公司，忽视了其在新材料领域的成长性。 2025年，公司实 现营业收入464.69亿元，同比增长31.37%；归母净利润23.11亿元，同比增长35.08%。 在钨业务上，它是全球APT产能第一的企业，光伏切割用的钨丝全球 市占率超过80%。 在新能源材料领域，它的子公司厦钨新能是宁 ...

碳酸锂日报 请务必阅读正文之后的免责条款部分 EVERBRIGHT FUTURES 1 1. 昨日碳酸锂期货 2605 涨 3.47%至 173660 元/吨。现货价格方面，电池级碳酸锂平均价上涨 11250 元 /吨至 173000 元/吨，工业级碳酸锂平均价上涨 11250 元/吨至 169500 元/吨，电池级氢氧化锂（粗 颗粒）上涨 10000 元/吨至 163000 元/吨。仓单方面，昨日仓单库存减少 74 吨至 38451 吨。 2. 供给端，2 月 12 至 26 日，碳酸锂产量环比增加 1638 吨至 21822 吨，其中锂辉石提锂环比增加 1460 吨至 13484 吨，锂云母提锂环比减少 150 吨至 2812 吨，盐湖提锂环比增加 250 吨至 3290 吨，回收 提锂环比增加 78 吨至 2236 吨；2 月碳酸锂产量预计环比下降 16.3%至 81930 吨，各原料提锂均有下 降。需求端，2 月三元材料排产环比下降 14.6%至 69250 吨，磷酸铁锂环比下降 10.7%至 354000 吨。 库存端，周度碳酸锂社会库存环比减少 2839 吨至 100093 吨，其中下游环比减少 ...

免责声明 本报告中的信息均来源于公开可获得资料，瑞达期货股份有限公司力求准确可靠，但对这些信息的准确性及完整性不做任何保证，据此投资，责任自负。本报告不构成个人投资建 议，客户应考虑本报告中的任何意见或建议是否符合其特定状况。本报告版权仅为我公司所有，未经书面许可，任何机构和个人不得以任何形式翻版、复制和发布。如引用、刊发， 需注明出处为瑞 达研究瑞达期货股份有限公司研究院，且不得对本报告进行有悖原意的引用、删节和修改。 碳酸锂产业日报 2026/2/26 | 项目类别 | 数据指标 最新 | 最新 | 环比 数据指标 | | 环比 | | --- | --- | --- | --- | --- | --- | | | 主力合约收盘价（日，元/吨） | 173,660.00 | +7180.00↑ 前20名净持仓（日，手） | -122,284.00 | -2902.00↓ | | 期货市场 | 主力合约持仓量（日，手） | 375,204.00 | -1833.00↓ 近远月合约价差（日，元/吨） | -3,280.00 | -120.00↓ | | | 广期所仓单（日，手/吨） | 38,451.00 | ...

碳酸锂日报 碳酸锂日报（2026 年 2 月 25 日） 一、研究观点 点 评 请务必阅读正文之后的免责条款部分 EVERBRIGHT FUTURES 1 1. 昨日碳酸锂期货 2605 涨 10.56%至 164120 元/吨。现货价格方面，电池级碳酸锂平均价上涨 8250 元 /吨至 152000 元/吨，工业级碳酸锂平均价上涨 8250 元/吨至 148500 元/吨，电池级氢氧化锂（粗颗 粒）上涨 7000 元/吨至 144500 元/吨。仓单方面，昨日仓单库存增加 96 吨至 38855 吨。 2. 消息面，2026 年 2 月 19 日，受市场回暖推动，PLS 宣布将于今年 7 月重启西澳 Pilgangoora 的 Ngungaju 锂矿工厂(年产能约 20 万吨)，目前已全面启动为期约四个月的复产准备工作；美国媒体报道称美国 政府正考虑以"国家安全"为由，对约六个行业加征新一轮关税，知情人士称，拟议关税可能涵盖大 型电池、铸铁及铁制配件、塑料管道、工业化学品以及电网和电信设备等行业。 3. 供给端，2 月碳酸锂产量预计环比下降 16.3%至 81930 吨，各原料提锂均有下降。需求端，2 月三 ...

以下文章来源于高工产研 ，作者GGII 高工产研 . 高工产业研究院（简称GGII）是一家专注国内新兴产业市场研究与咨询的第三方机构，涉及的新兴产业主要包括锂电池、储能、氢能与氢燃料电池、新 能源汽车、智能汽车、LED照明与显示、机器人、新材料等。 出货量达502.5万吨，同比激增50%。 高工产研锂电研究所（GGII）调研显示，2025年中国锂电正极材料出货量达502.5万吨，同比激增50%，较2023年248万吨实现翻倍；2026年预 计出货量将增长至650万吨以上，行业高景气延续。核心动力在于下游需求持续增长、上游原材料价格回稳及技术迭代突破等多重因素共振。 2023-2026年中国正极材料出货量及预测（万吨） 数据来源：高工产研锂电研究所（GGII），2026年1月 传 统 主力领跑，新型材料爆发 2025年成为锂电正极材料行业的关键跃升年，增速位居锂电产业链各环节前列，细分领域具体表现如下： 磷酸铁锂： 主导地位稳固，出货387万吨（同比58%），占比77.4%。这主要得益于其在动力电池和储能领域的成本与安全性双重优势。2025年 全球新能源汽车市场快速增长，带动动力电池出货量达1.1TWh；同时储 ...

Performance Overview - Company achieved operating revenue of 20.034 billion yuan in 2025, representing a year-on-year increase of 47.84% [2] - Net profit attributable to shareholders reached 755 million yuan, up 41.83% year-on-year [2] - Lithium cobalt oxide sales totaled 65,300 tons, while sales of power battery cathode materials reached 77,400 tons, increasing by 41.31% and 47.83% respectively [2] - Growth in performance is attributed to national replacement subsidy policies and increased demand driven by AI trends in 3C devices [2] - The complete audited financial data is expected to be disclosed in the upcoming annual report [2] Related Transactions - Company held its first extraordinary general meeting of 2026 on January 12, 2026, approving the estimated total amount of daily related transactions for 2026 at 586.3768 million yuan [3] - Related shareholders abstained from voting, and independent directors deemed the transaction pricing fair [3] Financial Condition - Company made a total provision for asset impairment of 205.4708 million yuan in 2025, primarily for inventory depreciation and bad debt losses, which reduced the current consolidated profit [4] - The provision is based on the company's accounting policies to more accurately reflect its financial condition [4] Fund Movements - As of January 29, 2026, the company's financing balance was 330 million yuan, with a securities lending balance of 10.1184 million yuan, and a net outflow of financing of 2.4274 million yuan on that day [5]

瑞达期货研究院 「2026.02.13」 碳酸锂市场周报 长假将至供需双减，锂价或将震荡运行 研究员:陈思嘉 期货从业资格号 F03118799 期货投资咨询 从业证书号 Z0022803 业务咨询 添加客服 关 注 我 们 获 取 更 多 资 讯 目录 1、周度要点小结 2、期现市场 3、产业情况 行情回顾：碳酸锂主力周线震荡走强，涨跌幅为14.84%，振幅15.06%。截止本周主力合约收盘报价152640元/吨。 后市展望：宏观方面，国家统计局公布数据显示，1月份，我国CPI环比上涨0.2%，同比上涨0.2%，核心CPI同比上 涨0.8%；PPI环比上涨0.4%，连续4个月上涨，涨幅比上月扩大0.2个百分点，同比则下降1.4%，降幅比上月收窄0.5 个百分点。基本面原料端，锂矿价格随锂价区间波动，矿商出货意愿较强，但冶炼厂由于备货较为充足，态度偏谨慎 观望。供给端，上游冶炼厂因春节长假来临而生产产能有所减弱，加之物流停运，国内供给量逐步收减。需求端，由 于假期放假原因，加之前期锂价回落时节前采买备货基本已完成，现货市场成交较为零星，逐步清淡。整体来看，碳 酸锂基本面或将处于供需双减的局面，产业库存逐步下降 ...

Report Summary 1. Report Industry Investment Rating No relevant information provided. 2. Core View - The supply of lithium carbonate is a combination of domestic production cuts and overseas pulse shipments. The short - term price is suppressed, but the long - term supply - demand pattern remains unchanged [3]. - The demand shows a structural differentiation and is under pressure during the off - season. The power battery demand declines, while the energy storage demand is a bright spot but cannot fully offset the decline in the power battery segment. The long - term demand for new energy vehicles remains resilient [4]. - The de - stocking of the industrial chain continues, and the low inventory provides bottom support for prices. The cost structure differentiation limits the downward price space, and enterprises generally hold a reluctant - to - sell attitude [5]. 3. Summary by Related Catalogs Ore and Lithium Prices - The report presents charts of lithium mica price changes, lithium carbonate futures main contract price, domestic 99.5% electric lithium carbonate price, lithium hydroxide price, lithium carbonate basis, and lithium hydroxide - lithium carbonate price difference [8]. Cathode & Ternary Materials - It includes charts of manganese - acid lithium price, domestic iron phosphate lithium price, cobalt - acid lithium average price, ternary precursor price, and ternary material price [10][14]. Other Relevant Data of Lithium Carbonate Futures - The report shows charts of the change in the main contract trading volume, the change in the main contract open interest, and the registered warehouse receipt volume of lithium carbonate [16][17].

Group 1: Report Overview - The report is a daily report on lithium carbonate dated February 12, 2026 [3] Group 2: Market Analysis Futures Market - The closing price of the main contract LC2605.GFE was 149,420 yuan/ton, down 840 yuan/ton from the previous day, showing a volatile trend in the past 10 trading days [4] Spot Market - The spot price of lithium carbonate was 142,590 yuan/ton, up 3.24% from the previous day, showing a downward trend in the past 10 trading days [4] Basis Analysis - The current basis was -6,750 points, with a negative basis (spot discount), weakening 730 points from the previous day, showing a weakening trend in the past 10 trading days [4] Warehouse Receipts - The registered warehouse receipts for lithium carbonate were 37,282 lots, an increase of 1,755 lots (+4.94%) from the previous day, showing an overall increase in the past 10 trading days [4] Supply - Demand Relationship - The export policy of power batteries and the tendering of energy storage projects maintained resilience [4] Group 3: Industry Dynamics Price Comparison | Indicator | Unit | Latest Price | Change vs. Previous Day | Change vs. Previous Week | | --- | --- | --- | --- | --- | | Main contract closing price (futures) | yuan/ton | 149,420 | -840 | 16,640 | | Main contract settlement price | yuan/ton | 149,340 | 5,200 | 12,620 | | Australian CIF6 China lithium spodumene concentrate | US dollars/ton | 1,840 - 1,910 | 0 | -60 - -120 | | Brazilian CIF6 China lithium spodumene concentrate | US dollars/ton | 1,830 - 1,900 | 0 | -60 - -120 | | Zimbabwean CIF6 China lithium spodumene concentrate | US dollars/ton | 1,830 - 1,890 | 0 | -50 - -120 | | Malian CIF6 China lithium spodumene concentrate | US dollars/ton | 1,770 - 1,890 | 0 | -330 - -310 | | South African CIF China lithium spodumene ore | US dollars/ton | 280 - 340 | 0 | -50 | | Lithium carbonate (99.5% electric, domestic) | yuan/ton | 142,590 | 4,470 | -1,290 | | Lithium hydroxide (56.5%, domestic) | yuan/ton | 136,620 | 2,000 | -3,290 | | Lithium hydroxide (LiOH56.5%, single - water, Xinjiang) | yuan/ton | 136,530 | 1,910 | -3,440 | | Lithium hydroxide (56.5%, battery - grade) | yuan/ton | / | / | / | | Lithium hydroxide (56.5% - 56.5%, domestic) - Lithium carbonate (99.5%, domestic) | yuan/ton | -5,970 | -2,470 | -2,000 | | Ternary precursor (523) | 10,000 yuan/ton | 11.05 | 0 | 0 | | Ternary precursor (622) | 10,000 yuan/ton | 11.1 | 0 | 0 | | Ternary precursor (111) | 10,000 yuan/ton | 12.9 | 0 | 0 | | Ternary material (111, power, domestic) | 10,000 yuan/ton | 18.7 | 0 | 0 | | Ternary material 5 - series (523, power, domestic) | 10,000 yuan/ton | 18.55 | 0 | 0 | | Ternary material 5 - series (523, digital, domestic) | 10,000 yuan/ton | / | / | / | | Electrolyte (lithium manganate) | 10,000 yuan/ton | 5.4 | 0 | 0 | | Lithium iron phosphate (domestic) | 10,000 yuan/ton | / | / | / | | Cobalt acid lithium (≥60%, domestic) | yuan/ton | 400,500 | 0 | 0 | | Lithium hexafluorophosphate | 10,000 yuan/ton | 13 | 0 | 0 | [6] Group 4: Related Charts Ore and Lithium Prices - Included charts of lithium mica price changes, lithium carbonate futures main price, domestic lithium carbonate price, lithium hydroxide price, lithium carbonate basis, and lithium hydroxide - lithium carbonate price difference [8] Cathode and Ternary Materials - Included charts of manganese acid lithium price, domestic lithium iron phosphate price, cobalt acid lithium average price, ternary precursor price, and ternary material price [10][12] Other Related Data of Lithium Carbonate Futures - Included charts of lithium carbonate main contract trading volume change, main contract holding volume change, and registered warehouse receipts volume [15][16]

Group 1 - The non-ferrous metal industry index decreased by 5.42% over the past two weeks, underperforming the CSI 300 index and ranking 28th among 31 Shenwan first-level industries [1] - Precious metals, energy metals, minor metals, industrial metals, and new metal materials all experienced varying degrees of decline, with energy metals dropping the most at 11.47% [1] Group 2 - As of February 6, COMEX gold closed at $4,988.60 per ounce, showing a slight increase of 0.11% over the past two weeks, while COMEX silver fell by 24.92% to $77.53 per ounce [2] - LME copper settled at $12,840.00 per ton, down 0.62%, and domestic copper averaged 99,560 yuan per ton, down 1.68% [2] - The price of black tungsten concentrate increased by 25.09% to 673,000 yuan per ton, while lithium carbonate dropped by 21.35% to 134,500 yuan per ton [2] Group 3 - The Shanghai Futures Exchange is seeking public opinion on the revision of lead futures contract rules, proposing to include recycled lead ingots as alternative delivery products, aligning with the green and low-carbon transition of the non-ferrous metal industry [3] - The new national standard for recycled lead will be implemented on March 1, 2026, enhancing risk management capabilities and promoting the development of a circular economy in the industry [3]