据悉，卡尼将先抵达孟买，与两国的商业领袖、金融家和创业者交谈，随后赴新德里会见印度总理莫 迪，评估和深化两国在贸易与投资、能源、技术、关键矿产、农业、人才交流等领域的伙伴关系。 刘江韵分析称，扩大对印出口是卡尼印度之行的首要任务，核心产品是传统能源和关键矿产。预计卡尼 将重点推动与印度的液化天然气长期合同谈判，签订原油供应与下游合作的框架协议，正式签署为期十 年的铀供应协议等。同时，卡尼可能将与莫迪联合宣布全面经济伙伴关系协定（CEPA）的谈判框架协 议或路线图，同时就关键矿产、农业食品等签订一系列行业谅解备忘录。为了实现上述经贸目标，卡尼 以政治和安全议题作为政策杠杆。 专家称，此行是卡尼在达沃斯发表"中等强国宣言"之后的首次亚太实践。 加拿大总理卡尼将于当地时间27日抵达印度，开始其长达10天的"亚太环游记"，随后前往澳大利亚和日 本。 加拿大总理办公室表示，此行旨在为加拿大工人和企业在贸易、能源、技术和国防领域开辟新机 遇。"在一个更加不确定的世界里，加拿大专注于我们能控制的事物。"卡尼称。 "此行可谓其在达沃斯发表'中等强国宣言'之后的首次亚太实践。"广东外语外贸大学加拿大研究中心兼 职研究员刘江韵对 ...

有色金属 2026 年 2 月 26 日 氧化镨钕价格已至 85 万元/吨，近一个月涨 26%、近三个月涨 56% ——金属新材料高频数据周报（20260209-20260215） 要点 军工新材料：电解钴价格上涨。（1）本周电解钴价格 42.30 万元/吨，环比 +0.7%。本周电解钴和钴粉价格比值 0.74 ，环比+0.7%；电解钴和硫酸钴价 格比值为 4.31 ，环比+0.7%。（2）碳纤维本周价格 83.8 元/千克，环比 +0%。毛利-9.19 元/千克。 新能源车新材料：氢氧化锂价格上涨。（1）本周碳酸锂和氢氧化锂价格分别 为 14.38 、13.76 万元/吨，环比+6.9%、+3.9%。（2）本周硫酸钴价格 9.53 万元/吨，环比+0%。（3）本周磷酸铁锂、523 型正极材料价格分别为 5.24 、18.73 万元/吨，环比+0%、+4.1%。（4）本周氧化镨钕价格 849.82 元/公斤，环比+12.2%。 光伏新材料：价格持平。（1）本周光伏级多晶硅价格 6.19 美元/千克，环比 +0%。（2）本周 EVA 价格 9,650 元/吨，环比+0%，处于 2013 年来较低位 置。（3）本 ...

Group 1: Non-ferrous Metals - The report emphasizes the importance of the supply-demand balance in the non-ferrous metals sector, highlighting that macroeconomic factors such as monetary policy, geopolitical tensions, and supply disruptions will significantly influence metal prices [2][3] - In the precious metals segment, a decline in risk appetite has led to price adjustments, with the U.S. Treasury Secretary's comments on a strong dollar and expectations of a reduction in the Fed's balance sheet contributing to this trend [2] - For copper, while macro pressures persist, the establishment of a strategic reserve for copper concentrate by the domestic non-ferrous industry association is expected to provide support against overseas supply disruptions [3] Group 2: Energy Metals - The lithium carbonate market has seen strong demand, with a continuous reduction in inventory over the past four weeks, although there are concerns regarding the resumption of production at key mines in Jiangxi [4] - The cobalt sector is facing high prices due to tight raw material supplies, while companies are extending their reach into the electric vehicle supply chain to enhance competitive advantages [4] Group 3: Rare Earths and Strategic Metals - The price of praseodymium and neodymium oxide continues to rise due to a tight supply-demand balance, with pre-holiday stocking needs supporting price increases [5] - Tungsten prices are experiencing upward pressure driven by supply-demand dynamics, with leading companies raising long-term contract prices significantly [5] Group 4: Automotive Industry - The heavy truck market in January showed strong performance, with a year-on-year increase of 46% in domestic heavy truck sales, driven by the successful implementation of the "old-for-new" policy [14][16] - The report forecasts that heavy truck sales in 2026 will reach 760,000 units, with a slight year-on-year decline of 5.3%, while wholesale sales are expected to grow by 1.5% [15] Group 5: Pharmaceutical Industry - The demand for anticoagulant drugs is expanding, with the global market size reaching $52.9 billion in 2023 and projected to exceed $110 billion by 2033, driven by aging populations and increasing cardiovascular disease prevalence [11][12] - The report highlights the emergence of next-generation anticoagulants targeting Factor XI (FXI) as a promising area for development, with several candidates entering clinical trials [12][13] Group 6: Company-Specific Insights - The report on China Giant Glass indicates that the recent price increases in traditional electronic fabrics are expected to significantly enhance the company's profit margins, with a target price adjustment reflecting this trend [27][30] - 聚杰微纤 is positioned to benefit from its transition to high-end industrial applications, with projections indicating substantial revenue growth driven by technological advancements in the ultra-fine fiber sector [31][32]

（原标题：非洲采矿业推动就业增长） 据"非洲简报"2月24日报道，全球对关键矿产的需求攀升，推动开采、加工及产业链投资增加，非洲采 矿业的就业引擎地位持续巩固，行业发展前景向好。 全球对非洲钴、锂等关键矿产的地缘政治竞争日趋激烈，同时融资渠道不足仍制约非洲矿业扩张，尤其 影响本土企业和中小运营商，凸显非洲与全球金融机构加强合作的重要性。 非洲矿业的竞争优势，在于围绕矿产构建产业生态。通过聚焦产业增值、劳动力培育和投资合作，采矿 业有望成为非洲包容性经济增长的基石，借助全球战略矿产需求增长的契机，将资源优势转化为持续的 就业岗位、工业扩张和整体经济转型动力。 非洲金融公司报告显示，非洲大陆坐拥约29.5万亿美元矿产财富，占全球储量20%，其中8.6万亿美元尚 未开发。采矿业是非洲重要收入来源，更是创造就业、实现经济多元化的关键途径。未来非洲矿业将摆 脱对原材料出口的依赖，聚焦铝、电池材料等下游产业本地加工，将资源优势转化为可持续工业就业。 目前非洲多国正推进矿业新项目：纳米比亚计划恢复铀矿生产并拓展稀土、锂等矿种，南非拟五年内投 入1252亿美元完善关键矿产价值链，赞比亚2025年矿业已提供7.3万个岗位，铜矿 ...

中核国际(02302)再涨超5%，截至发稿，涨4.81%，报8.49港元，成交额2559.75万港元。 消息面上，中核国际近期公布公告称，预期2025年度收入将不少于24.6亿港元，毛利将不少于2.6亿港 元，较2024年同期实现稳步提升。公司收入增长的核心动力明确来自铀贸易业务交易量的提升。 公告指出，若剔除2024年出售附属公司权益及联营公司业绩等因素，公司2024年主要归属于铀交易业务 的净利润约为1.4亿港元。而2025年，该部分业务的预计净利润将不少于1.9亿港元，这意味着其核心业 务的净利润同比增幅将不低于0.5亿港元，同比增超35%。 ...

智通财经APP获悉，中核国际(02302)再涨超5%，截至发稿，涨4.81%，报8.49港元，成交额2559.75万港 元。 消息面上，中核国际近期公布公告称，预期2025年度收入将不少于24.6亿港元，毛利将不少于2.6亿港 元，较2024年同期实现稳步提升。公司收入增长的核心动力明确来自铀贸易业务交易量的提升。 公告指出，若剔除2024年出售附属公司权益及联营公司业绩等因素，公司2024年主要归属于铀交易业务 的净利润约为1.4亿港元。而2025年，该部分业务的预计净利润将不少于1.9亿港元，这意味着其核心业 务的净利润同比增幅将不低于0.5亿港元，同比增超35%。 ...

Core Viewpoint - China Nuclear International (02302) has seen its stock price increase by over 12% during the trading session, with a year-to-date increase of nearly 70% [5]. Financial Performance - The company expects its revenue for the fiscal year 2025 to be no less than HKD 2.46 billion, with a gross profit of at least HKD 260 million, indicating steady growth compared to the same period in 2024 [5]. - The primary driver of revenue growth is identified as an increase in the trading volume of uranium [5]. Profitability - Excluding the impact of selling subsidiary interests and the performance of joint ventures in 2024, the net profit attributable to the uranium trading business for 2024 is projected to be approximately HKD 140 million [5]. - For 2025, the expected net profit from this core business is projected to be no less than HKD 190 million, suggesting a year-on-year increase of at least HKD 50 million, which translates to a growth rate exceeding 35% [5].

全球市值最大的矿业公司必和必拓（BHP）因押注铜需求激增而获得回报，上半财年净利润同比增长近30%，铜业务首次成为公司最大利润来 源。 这家澳大利亚矿业巨头周二公布，截至去年12月31日的六个月内，收入同比增长11%至279亿美元，股东应占利润增长28%至56亿美元。业绩超出 分析师预期，公司股价开盘上涨5.3%。 首席执行官Mike Henry表示，这一表现对必和必拓而言是"里程碑"，铜业务贡献了公司51%的基础息税折旧摊销前利润，首次超越其他业务成为 最大利润来源。能源和汽车行业的强劲需求持续推高铜价，令这一转型的战略价值得到验证。 必和必拓将派发每股73美分的中期股息，相当于60%的盈利分配率。 公司已与加拿大Wheaton Precious Metals签署43亿美元协议，供应秘鲁Antamina矿山的白银，以利用这一金属价格的大幅上涨。 铜业务跃升利润支柱 铜已成为全球矿业增长的核心驱动力。必和必拓此次业绩标志着公司战略转型的成功，铜业务对基础息税折旧摊销前利润的贡献率达到51%，这 是该业务首次成为公司最大利润来源。 评级机构穆迪的Saranga Ranasinghe表示，铜现已成为必和必拓"强劲 ...

Group 1 - The core viewpoint of the news highlights a significant increase in the prices of non-ferrous metal stocks, driven by favorable economic indicators and expectations of interest rate cuts by the Federal Reserve [1] - Luoyang Molybdenum (03993) saw a rise of 6.63%, trading at HKD 23.16; Lingbao Gold (03330) increased by 5.72% to HKD 25.12; Jiangxi Copper (00358) rose by 5.25% to HKD 44.88; Shandong Gold (01787) gained 4.83% to HKD 40.36; and China Nonferrous Mining (01258) increased by 4.51% to HKD 15.07 [1] - The U.S. Consumer Price Index (CPI) for January fell to 2.4% year-on-year, below expectations, with core CPI dropping to 2.5%, the lowest level since 2021, leading to increased expectations for interest rate cuts [1] Group 2 - Everbright Securities recently reported that in the context of global changes, countries are emphasizing resource security, which will increase additional demand for metals and enhance the valuation of related metal stocks [2] - Strategic metals expected to benefit from resource accumulation include gold and silver due to geopolitical tensions, as well as copper, aluminum, silver, and tin driven by AI and new energy developments [2] - Military-related metals such as rare earths, tungsten, and antimony, along with essential metals like uranium, tantalum, and nickel, which have low production shares in China and the U.S., are also highlighted as potential beneficiaries [2]

Investment Rating - The report provides a recommendation rating for the industry as "Recommended" [1] Core Insights - In Q4 2025, Cameco's uranium production increased by 36% quarter-on-quarter to 600 million pounds, while the average realized price rose by 5% to $65.53 per pound [1] - The overall revenue for Q4 2025 was CAD 1.201 billion, reflecting a 2% year-on-year increase and a 95% quarter-on-quarter increase [2][13] - The uranium business generated revenue of CAD 1.027 billion in Q4 2025, a 1% decrease year-on-year but a 96% increase quarter-on-quarter [4] - The fuel services segment achieved revenue of CAD 174 million in Q4 2025, marking an 18% year-on-year increase and a 91% quarter-on-quarter increase [5] Summary by Relevant Sections Uranium Business - Q4 2025 uranium production was 600 million pounds (2724 tons), a 2% decrease year-on-year but a 36% increase quarter-on-quarter [1] - The company sourced 630 million pounds (2860 tons) of uranium externally, a 350% quarter-on-quarter increase [1] - Uranium sales volume for Q4 2025 was 1120 million pounds (5085 tons), down 13% year-on-year but up 84% quarter-on-quarter [1] - As of the end of 2025, uranium inventory stood at 970 million pounds, with an average inventory cost of $61.85 per pound [1] - The average realized price for uranium in Q4 2025 was $65.53 per pound, up 12% year-on-year and 5% quarter-on-quarter [1] Fuel Services Business - Q4 2025 production in the fuel services segment was 3800 tons of uranium, a 6% year-on-year increase and a 23% quarter-on-quarter increase [1] - Sales volume for fuel services in Q4 2025 was 4400 tons of uranium, reflecting a 5% year-on-year increase and a 132% quarter-on-quarter increase [1] - The average realized price for fuel services in Q4 2025 was CAD 39.39 per kg of uranium, up 11% year-on-year but down 20% quarter-on-quarter [1] Financial Performance - Gross profit for Q4 2025 was CAD 273 million, a 9% year-on-year increase and a 61% quarter-on-quarter increase [2][13] - The adjusted EBITDA for Q4 2025 was CAD 591 million, up 12.8% year-on-year and 12.8% quarter-on-quarter [13] - Net earnings attributable to equity holders for Q4 2025 were CAD 199 million, compared to CAD 135 million in Q4 2024 [13]