A股上市公司业绩预告持续发布。Wind数据显示，截至1月26日19时，A股共有37家有色金属行业上市 公司对外披露2025年全年业绩预告，23家预喜，预喜比例约为62.16%。受金属价格上涨影响，涉矿类 上市公司业绩出现较为明显的增长。部分中下游上市公司业绩分化明显，一些公司下游需求回暖，原材 料涨价传导到下游产品较为顺畅。 有色行业表现不俗 已发布业绩预告的37家有色金属行业上市公司中，略增3家，扭亏5家，预增15家。 受益于产品价格上涨，相关上市公司股价近期也出现大幅上涨行情，上市公司扎堆提示风险。 以白银为例，1月26日，白银期货、现货双双创下历史新高。受此影响，白银概念股纷纷大涨。 1月26日晚，"5连板"白银有色发布股票交易风险提示公告称，公司股票价格短期涨幅较大，1月20日、1 月21日、1月22日、1月23日、1月26日已连续五个交易日公司股票价格大幅上涨，涨幅累计达61.16%， 存在交易风险。白银有色提到，公司主要业务为铜、锌、铅、金、银等多种有色金属及贵金属的采选、 冶炼、加工及贸易业务。公司白银产品的收入占总营业收入的比重较低。2025年上半年，公司营业收入 445.59亿元，销售白银产 ...

● 本报记者 董添 A股上市公司业绩预告持续发布。数据显示，截至1月26日19时，A股共有37家有色金属行业上市公司对 外披露2025年全年业绩预告，23家预喜，预喜比例约为62.16%。受金属价格上涨影响，涉矿类上市公 司业绩出现较为明显的增长。部分中下游上市公司业绩分化明显，一些公司下游需求回暖，原材料涨价 传导到下游产品较为顺畅。 有色行业表现不俗 已发布业绩预告的37家有色金属行业上市公司中，略增3家，扭亏5家，预增15家。 受益于主要产品涨价，不少有色金属行业上游上市公司业绩大幅回暖。 以中国稀土（000831）为例，公司1月26日晚间披露2025年全年业绩预告，公司预计2025年全年实现归 属于上市公司股东的净利润约1.43亿元至1.85亿元，同比扭亏。上半年，稀土市场行情整体上涨，公司 强化市场研判，调整营销策略，把握采销节奏，实现销售同比增长。同时，根据会计准则要求对部分计 提的存货跌价准备予以冲回，对上半年利润产生一定正向影响。但下半年，受市场环境、供需调节等因 素影响，部分中重稀土产品价格下行，特别是进入第四季度中重稀土产品价格下跌明显。根据会计准则 要求，第四季度计提存货跌价准备金额环比 ...

公司作为国内主要钨制品及钨材制造商，对钨产品的议价能力提升，原材料价格上涨传导到下游产品较 为顺畅，主要产品毛利率及毛利显著增长。 部分龙头公司持续加码主业，通过并购等方式，扩大业务范围。 ● 本报记者 董添 A股上市公司业绩预告持续发布。Wind数据显示，截至1月26日19时，A股共有37家有色金属行业上市 公司对外披露2025年全年业绩预告，23家预喜，预喜比例约为62.16%。受金属价格上涨影响，涉矿类 上市公司业绩出现较为明显的增长。部分中下游上市公司业绩分化明显，一些公司下游需求回暖，原材 料涨价传导到下游产品较为顺畅。 有色行业表现不俗 已发布业绩预告的37家有色金属行业上市公司中，略增3家，扭亏5家，预增15家。 受益于主要产品涨价，不少有色金属行业上游上市公司业绩大幅回暖。 以中国稀土为例，公司1月26日晚间披露2025年全年业绩预告，公司预计2025年全年实现归属于上市公 司股东的净利润约1.43亿元至1.85亿元，同比扭亏。上半年，稀土市场行情整体上涨，公司强化市场研 判，调整营销策略，把握采销节奏，实现销售同比增长。同时，根据会计准则要求对部分计提的存货跌 价准备予以冲回，对上半年利润产 ...

Investment Rating - The report maintains a positive outlook on the industry, indicating a strong long-term growth potential driven by the demand for AI PCB copper plating materials [2][4]. Core Insights - The demand for AI PCB copper plating materials is expected to surge due to the upgrade of PCB products towards higher aspect ratios and increased blind buried holes, leading to a significant rise in both volume and price, thus driving rapid profit growth in the industry [2]. - The report forecasts that the proportion of PCB copper powder consumables in electroplating materials will increase from 15% currently to over 27% by 2029, reflecting a growing trend in copper powder usage [2]. - The industry is currently experiencing a tight supply-demand balance, with signs of potential price increases in processing fees for copper powder due to strong downstream demand before new capacities come online [2]. Summary by Sections 1. PCB Electroplating and Consumables Introduction - Electroplating is a core process in PCB manufacturing, directly affecting the final product's performance, including signal transmission loss and power network integrity [7][10]. - The increasing complexity of AI PCBs, characterized by smaller hole diameters and higher layer counts, raises the requirements for electroplating materials [7][19]. 2. Changes in Demand and Technology - The report highlights a shift in the electroplating process from traditional copper balls to high-purity electronic-grade copper powder, driven by the need for improved plating uniformity and depth filling capabilities [28][30]. - The processing fee for copper powder is approximately five times that of copper balls, indicating a significant shift in the value chain towards higher-end materials [30][31]. 3. Market Size and Growth Projections - The global PCB electroplating copper material market is projected to reach $6.56 billion by 2029, with steady growth anticipated from $4.81 billion in 2025 [43][44]. - The report estimates that the copper value per square meter for PCBs used in AI servers is approximately $1.75, significantly higher than the $0.52 for traditional PCBs, reflecting the increased complexity and value of AI PCBs [32][33]. 4. Supply Landscape - The domestic supply landscape is characterized by major players such as Jiangnan New Materials and Guanghua Technology, while Japanese and Korean companies maintain a technological edge in high-end markets [35][36]. - The report notes that domestic manufacturers are rapidly increasing their production capacities, with significant expansions planned for the coming years [39][40].

Group 1: Cooling and Communication Technologies - Hongsheng Co. has developed cooling distribution units (CDUs) and inter-row air conditioning systems that are now being applied in data center liquid cooling systems [2] - Tongding Interconnection focuses on the optical communication industry, having established a complete industrial chain covering preform rods, optical fibers, optical cables, communication cables, and equipment [2] - Longfly Fiber is a leading company in the global fiber optic cable industry, with advanced hollow core technology and successful bids in related projects [2] - Lian Technology specializes in the research, production, and sales of optical communication transceiver modules [2] - LightSpeed Technology is a leader in optical modules, with ByteDance as a significant client, and has launched a 1.6T silicon optical module [2] Group 2: Lithium Battery and Mining - Yichun has canceled 27 mining rights, leading to a surge in lithium carbonate futures [2] - Jinyuan Co. has established a circular economy system in the new energy materials sector, with lithium resource layouts in Tibet and Argentina, and has completed a production line capable of producing 2,000 tons of lithium carbonate annually [2] - Dazhong Mining's subsidiary has obtained a mining license for a lithium mine in Hunan, with a resource amount of 490 million tons, equivalent to approximately 3.2443 million tons of lithium carbonate [3] - Shengxin Lithium Energy's SDLA salt lake project in Argentina has an annual production capacity of 2,500 tons of lithium carbonate equivalent [3] Group 3: PCB and Electronic Materials - Ping An Electric's electronic cloth is widely used in automotive electronics, consumer electronics, smartphones, AI, and data centers [2] - Jiangnan New Materials produces core products including copper balls and copper oxide powder, which are used in PCB copper plating [2] - Shenzhen South Circuit is a leading domestic IC carrier board manufacturer, with a 37.75% year-on-year increase in net profit [2] Group 4: Consumer and Tourism - The Central Financial Office has prioritized expanding domestic demand as a key task for the coming year [2] - Nanjing Tourism Group's listed company focuses on tourism business, primarily through its subsidiary Qinhuai Scenic Area [2] - Qujiang Cultural Tourism is involved in the development of historical cultural scenic spots, including several national 5A scenic areas [2] Group 5: Aerospace and Robotics - Elon Musk hinted that SpaceX might conduct an IPO next year, with a potential valuation of $1.5 trillion [4] - Hong Kong Technology's subsidiary has signed a cooperation agreement for a South American project with a global satellite company [4] - The first mass production project for steer-by-wire technology is expected to begin in the second half of 2026, targeting L3+ smart driving vehicles [5]

Group 1: Report Industry Investment Rating - No information provided Group 2: Report Core View - In the context of negative year - on - year PPI in China, the month - on - month PPI of the non - ferrous metal smelting and rolling processing industry has significantly rebounded, and the year - on - year growth has remained positive. The operating income of the non - ferrous metal smelting and rolling processing industry from January to October increased by 14.2% year - on - year, and the total profit increased by 14.0% year - on - year, which strongly supports the copper price. It is expected that the Shanghai copper futures price will face resistance at 90,000 yuan this week, and the volatility may increase [1] Group 3: Summary by Relevant Catalog Market Quotes - The night - session closing price of the main Shanghai copper contract CU2601 was 90,960 yuan/ton, up 0.29% from the previous night - session closing price. The night - session closing price of the second - main Shanghai copper contract CU2602 was 90,980 yuan/ton, with a gain of 0.22%. As of 06:00 Beijing time, the closing price of the COMEX copper main contract HGZ25E was 5.2795 US dollars/pound (converted to yuan/ton), down 0.54% from the previous trading day. The LME copper main contract CA03ME closed at 8,227.7 US dollars/ton (converted to yuan/ton), with a decline of 0.13% [1] Important News - Ivanhoe Mines expects the annual output of the Kamoa - Kakula copper mine in the Democratic Republic of the Congo to be between 380,000 and 420,000 tons in 2026, and it will increase by about 30% in 2027, reaching between 500,000 and 540,000 tons [1] - Glencore has lowered its 2026 copper production forecast from 930,000 tons to a range of 810,000 - 870,000 tons, mainly due to operational setbacks at the Collahuasi copper mine in Chile [1] - On December 3, Vale (VALE.N) expects its copper production to be 350,000 tons in 2026, and its copper production in 2025 was about 380,000 tons [1] - On December 3, Vale's subsidiary Vale Base Metals has signed an agreement with Glencore to jointly evaluate a brownfield copper mining development project in adjacent mining areas in the Sudbury Basin, Canada [1] - On December 2, a CICC research report stated that the consumables for AI electroplated copper powder in PCB are in a prosperous cycle, which will drive the rapid growth of processing fee profits in the copper powder industry. Copper balls and copper powder are electroplating consumables, accounting for 6% and 13% of the PCB cost respectively [1] - On December 2, Ivanhoe Mines officially launched the smelter of the Kamoa - Kakula copper mine, the largest and most environmentally friendly in Africa, and will put the first batch of copper concentrates into the smelter before the end of the year to officially start the production of blister copper anode plates with a purity of 99.7% [1] Trading Strategy - No trading strategy is provided for now [1]

Core Viewpoint - The PCB industry is experiencing a growth cycle driven by AI, with increasing demand for high aspect ratio and multi-blind buried hole PCBs, leading to a surge in copper powder consumption and profitability in the industry [2][5][20]. Group 1: AI PCB and Copper Powder Demand - AI PCBs are driving the demand for copper powder, with the proportion of copper powder in PCB electroplating materials expected to rise from 15% to over 27% by 2029 [5]. - The processing fee for copper powder is 4-5 times that of copper balls, indicating a significant potential for profit growth in the copper powder industry [5][28]. - The demand for copper powder is expected to increase due to the rising complexity and requirements of AI PCBs, which necessitate higher copper thickness and more intricate plating processes [24][25]. Group 2: Supply and Production Dynamics - The supply of copper powder is currently tight, with domestic producers like Jiangnan New Materials and Guanghua Technology leading the market, while Japanese and Korean companies maintain technological advantages [6][33]. - The production capacity of domestic manufacturers is expected to increase significantly, with over 30,000 tons of new capacity anticipated by 2026 [5][38]. - The approval process for project qualifications and the relatively long expansion cycle may limit rapid capacity increases in the short term [6]. Group 3: Technological Advancements and Market Trends - The transition from copper balls to copper powder is becoming a trend due to the latter's superior performance in high-end PCB applications, particularly in terms of purity and stability [27][29]. - The shift towards pulse plating technology in PCB manufacturing is addressing the challenges of uniformity and filling capabilities in high aspect ratio designs [26]. - The increasing complexity of HDI PCBs requires advanced materials and processes, with copper powder emerging as a critical component in meeting these demands [22][24]. Group 4: Economic Implications and Market Positioning - The economic model for copper powder is based on a higher processing fee compared to copper balls, reflecting its value in high-end applications [28][29]. - The market for high-end copper powder is currently dominated by foreign companies, but domestic firms are rapidly advancing in technology and production capabilities, creating opportunities for local replacements [28][36]. - The profitability of copper powder is expected to improve as demand increases and supply tightens, with potential for higher margins in the future [38].

Investment Rating - The report assigns a "Buy" rating for Jiangnan New Materials (603124) with a target price of 112 CNY, based on its growth potential and position in the industry [6][40]. Core Insights - Jiangnan New Materials specializes in copper-based materials, focusing on products such as copper balls, copper oxide powder, and high-precision copper heat sinks, primarily serving the PCB and liquid cooling sectors [1][12]. - The company is transitioning its product structure towards higher-margin copper powder due to increasing demand for high-end PCBs, which require more precise manufacturing processes [30][33]. - The high-precision copper heat sinks are expected to significantly boost revenue in the first half of 2025, with a projected income of 84.11 million CNY, marking a 596% year-on-year increase [3][37]. Summary by Sections Overview - Jiangnan New Materials was established in 2007 and has developed a leading position in copper-based materials, with a focus on R&D and manufacturing [12][18]. - The company has a stable shareholding structure, with the chairman holding 39.06% of the shares, which supports long-term development [18]. Market Drivers - The growth in high-end PCB demand is driving the shift from copper balls to copper powder, which offers better process capabilities and efficiency [30][33]. - The liquid cooling market for servers is expected to create a second growth curve for the company, with significant revenue growth anticipated from high-precision copper heat sinks [3][36]. Financial Forecasts and Valuation - Revenue projections for 2025-2027 are 10.31 billion CNY, 12.44 billion CNY, and 14.82 billion CNY, with net profits expected to reach 284.75 million CNY, 465.85 million CNY, and 658.64 million CNY respectively [4][38]. - The report compares Jiangnan New Materials with peers in the PCB and liquid cooling sectors, suggesting a valuation of 35 times earnings for 2026, leading to a target price of 112 CNY [40][41].

Core Viewpoint - The company reported a significant decline in net profit for the third quarter, primarily due to rising costs of raw materials, particularly copper and gold, which have outpaced the company's ability to raise product prices [3][22]. Financial Performance - The net profit attributable to shareholders decreased by 47.50% year-on-year [3]. - The company plans to negotiate price adjustments with customers and optimize product and customer structures to improve profitability in the fourth quarter [3]. Cash Dividend Plan - The company announced a mid-term cash dividend plan for 2025, proposing a distribution of 1.50 yuan per 10 shares, totaling approximately 2,242.27 million yuan, which represents 36.48% of the net profit for the first three quarters of 2025 [15][17]. - The total distributable profit as of September 30, 2025, is 207.83 million yuan, after accounting for legal reserves and previous profits [14][15]. Asset Impairment Provision - The company recognized an asset impairment provision of 10.43 million yuan in the third quarter, which accounts for 13.00% of the net profit attributable to shareholders for 2024 [22][28]. - The impairment includes provisions for receivables and inventory, with specific amounts of 0.84 million yuan for receivables and 9.59 million yuan for inventory [26][27]. Share Repurchase - The company completed a share repurchase program, acquiring 1,655,200 shares, which is 1.10% of the total share capital, at a total cost of approximately 30.01 million yuan [11][17].