#宁德时代受冲击较小、单位盈利可维持、继续强推。 宁德电池更多应用高收益率项目和海外市场。 动力端，宁德在高端车型中占比更高，成本敏感性低，因此需求冲击有限，我们仍预期公司今年排产1.1TWh，同 比增50%，出货量900GWh。 盈利端，最新电池报价已调整至接近0.4元/wh，已完全反应成本上涨。 【东吴电新】锂电：3月排产旺季将至，碳酸锂上涨影响可控，继续强推！ 观点重申： #锂价预计阶段性冲高、但上限相对可控。 津巴布韦政府宣布立即暂停所有原矿及锂精矿出口，26日碳酸锂主力期货高开18.8万，收盘17.3万，锂价阶段性冲 高，但我们预计津巴占总锂矿产能10%左右，不具备控盘能力，主要系想加工产能本土化，因为禁止出口为暂时 策略，影响短期运输，后续本土硫酸锂产能投产将稳定供给，且考虑下游储能成本 【东吴电新】锂电：3月排产旺季将至，碳酸锂上涨影响可控，继续强推！ 观点重申： #锂价预计阶段性冲高、但上限相对可控。 津巴布韦政府宣布立即暂停所有原矿及锂精矿出口，26日碳酸锂主力期货高开18.8万，收盘17.3万，锂价阶段性冲 高，但我们预计津巴占总锂矿产能10%左右，不具备控盘能力，主要系想加工产能本土化， ...

核心提示 春启新程，实干为先。中原大地上，各地正以"开局就是奋斗起步就要奋进"的拼劲，擘画高质量发展新 图景。今日，河南日报聚焦郑州、平顶山、濮阳、商丘、信阳、周口、驻马店等地"新春第一会"，聆听 中原儿女铿锵有力的奋进足音。 郑州 乘算力东风 奔跑在春天里 2月26日下午，郑州市召开"新春第一会"，以纵深推进融入服务全国统一大市场建设为核心，紧扣要素 市场化配置综合改革、优化营商环境两大关键抓手，为郑州在新一年抢抓发展机遇、激活发展动能锚定 方向。 "新春第一会"缘何把它们推上了C位？原来，融入服务全国统一大市场、要素市场化配置综合改革、优 化营商环境，三者环环相扣、有机统一。要素市场化配置综合改革是郑州融入服务全国统一大市场的载 体和抓手，优化营商环境是保障发展的永恒课题，三者协同发力，共同激发经济内生动力。 会上发布了《2026年郑州市融入服务全国统一大市场建设重点攻坚方案》《2026年郑州市要素市场化配 置改革重点攻坚工作方案》《郑州市2026年优化营商环境工作要点（征求意见稿）》。以事项清单明确 任务，以重点攻坚破解堵点，聚焦民生关切与企业需求，推出一批突破性、标志性改革举措，让发展红 利可感可及。 ...

证券日报网2月26日讯，万顺新材在接受调研者提问时表示，公司铝加工业务板块已形成铝板带、铝箔 一体化产业链布局。铝箔产能：公司铝箔总产能规划25.5万吨，其中：江苏中基主要生产双零铝箔（应 用于包装领域），产能8.3万吨，安徽中基主要生产电池铝箔，现有产能7.2万吨，在建年产10万吨动力 及储能电池箔项目将分步投产、陆续释放产能，9月底前全面完成建设。铝板带产能：江苏、安徽基地 产能合计13万吨，四川基地产能13万吨，铝板带现有总产能合计26万吨。 （文章来源：证券日报） ...

南财智讯2月26日电，万顺新材在投资者关系活动中表示，公司铝加工业务板块已形成铝板带、铝箔一 体化产业链布局。铝箔总产能规划25.5万吨，其中江苏中基双零铝箔产能8.3万吨，安徽中基电池铝箔现 有产能7.2万吨，在建年产10万吨动力及储能电池箔项目将分步投产、陆续释放产能，9月底前全面完成 建设；铝板带现有总产能合计26万吨。 ...

编号：20260226 | | √特定对象调研 □分析师会议 | | --- | --- | | 投资者关系 | □媒体采访 □业绩说明会 | | 活动类别 | □新闻发布会 □路演活动 | | | □现场参观 □其他 | | | 华泰证券-邵梓洋、王嵩 | | 参与单位名称及 | 乐雪资本-陆畅宏 | | 人员姓名 | Pinpoint Asset-梁俊琪 | | | 建信基金-蒋超 | | 时 间 | 2026 年 2 月 26 日 14:00-16:00 | | 地 点 | 公司会议室 | | 上市公司接待人 | 黄薇、杨时哲 | | 员姓名 | | | | 问：铝加工业务板块情况 | | | 答：公司铝加工业务板块已形成铝板带、铝箔一体化产业链布局。 铝箔产能：公司铝箔总产能规划 25.5 万吨，其中：江苏中基主要生产双 | | | 零铝箔（应用于包装领域），产能 8.3 万吨，安徽中基主要生产电池铝箔， | | | 现有产能 7.2 万吨，在建年产 10 万吨动力及储能电池箔项目将分步投产、 | | | 陆续释放产能，9 月底前全面完成建设。 | | 投资者关系活动 | 铝板带产能：江苏、安徽基地产 ...

Company Performance - The company announced a significant decrease in net profit for the fiscal year 2025, expected to be between 52 million to 71 million yuan, representing a year-on-year decline of 44.22% to 59.15% [2] - The decline in performance is attributed to the incomplete scale effect of new project investments, rising depreciation costs, and intensified industry competition [2] Financial Situation - On February 6, 2026, the company's stock price increased by 2.09% to 10.77 yuan per share, but there was a net outflow of 2.9825 million yuan in principal funds [3] - Year-to-date, the stock price has decreased by 2.89%, with a 5-day decline of 5.11% [3] - The capital flow indicates a divergence in short-term market sentiment, potentially related to sector rotation or individual stock valuation adjustments [3] Industry Policy Context - The company's main business involves materials such as copper strips and aluminum foils, with a focus on solid-state batteries and new energy vehicles [4] - The lithium battery materials industry is moving towards high-end and low-carbon development, with policy drivers like the EU's "New Battery Law" potentially impacting supply chain standards [4] - Although the company’s subsidiary products can be applied to lithium battery collectors, it has explicitly stated that it does not engage in the composite collector field [4] - The progress of new project launches and the commercialization of technologies, such as solid-state battery materials, are areas to watch [4]

Report Industry Investment Rating - Not provided Core Viewpoints - The price of finished products is expected to move downward with a weak trend and fluctuate and consolidate. The price of aluminum ingots is expected to fluctuate in the short - term, and attention should be paid to macro - sentiment [1][2][3] Summary by Related Catalogs Finished Products - Yunnan and Guizhou short - process construction steel enterprises will stop production for maintenance from mid - January, and resume production around the 11th to 16th day of the first lunar month, affecting 741,000 tons of construction steel output. In Anhui, 1 out of 6 short - process steel mills stopped production on January 5, and most others will stop around mid - January, with a daily output impact of about 16,200 tons [2] - From December 30, 2024, to January 5, 2025, the transaction area of newly built commercial housing in 10 key cities was 2.234 million square meters, a 40.3% decrease from the previous period and a 43.2% increase year - on - year [2] - Finished products continued to decline yesterday, reaching a new low. In the pattern of weak supply and demand, the market sentiment is pessimistic, and the price center continues to move down. This year's winter storage is sluggish, providing weak price support [2] Aluminum Ingots - Last week, Shanghai aluminum pulled back from its high. The US threat to impose tariffs on countries involved in Iranian trade will disrupt global trade flows and suppress risk appetite. The central bank carried out reverse repurchases to supplement liquidity, alleviating the panic in the domestic commodity market [2] - Domestically, Shanxi's bauxite production has resumed actively, with sufficient supply and falling prices. For imported ore, the intended transaction price has decreased, and the market is quiet. Some alumina plants are cautious in purchasing [2] - In January, China's electrolytic aluminum output increased by 2.7% year - on - year and 0.5% month - on - month. Last week, the comprehensive aluminum processing operating rate was 57.9%, a 1.5 - percentage - point decrease from the previous week, with significant differentiation among sectors [2] - The operating rate of leading aluminum plate and strip enterprises rose to 66.0%, but will decline after the completion of pre - holiday stocking. The operating rate of leading aluminum foil enterprises rose to 71.4% and will maintain a high level. The operating rate of aluminum cables dropped to 58% and will further decline. The operating rate of aluminum profiles dropped to 36.0%, but the demand for photovoltaic profiles is strong [2] - As of February 9, the social inventory of aluminum ingots reached 857,000 tons, a 40,000 - ton increase from last Monday. As the price drops, attention should be paid to downstream feedback, but it is expected that there will be no obvious improvement before the Spring Festival [2] Market as a Whole - Short - term market sentiment has eased, the linkage between precious metals and non - ferrous metals is still strong, and market trading sentiment is cautious. Prices are expected to fluctuate in the short term, and attention should be paid to macro - expectations, geopolitical crises, mine resumption, and consumption release [3]

Group 1 - The core viewpoint of the article is that Wanshun New Materials (300057) has clarified its pricing model for aluminum foil products, which is based on aluminum prices plus processing fees [1] - The domestic sales pricing primarily references the Shanghai aluminum price or the Changjiang nonferrous aluminum price, while export pricing is based on the LME London aluminum price [1] - An increase in domestic and international aluminum prices would be beneficial for the company's aluminum foil business in both domestic and international markets [1]

证券日报网讯2月2日，东阳光（600673）在互动平台回答投资者提问时表示，公司铝箔产品的定价模式 为"铝锭+加工费"，因此公司铝箔产品的价格相比于去年同期呈上涨变动。 ...

Group 1 - The core point of the news is that Shenhuo Co., Ltd. experienced a 5% drop in stock price, currently trading at 33.44 yuan per share, with a total market capitalization of 752.07 billion yuan [1] - Shenhuo Co., Ltd. is primarily engaged in the production, processing, and sales of aluminum products and coal, with the main revenue sources being electrolytic aluminum (69.40%), coal (14.11%), and aluminum foil (6.41%) [1] - The company was established on August 31, 1998, and went public on August 31, 1999, located in Yongcheng, Henan Province [1] Group 2 - Yongying Fund has a significant holding in Shenhuo Co., Ltd., with its fund "Yongying CSI A500 Index Enhanced A" holding 46,900 shares, representing 1.23% of the fund's net value [2] - The fund has reported a floating loss of approximately 82,500 yuan due to the stock's performance [2] - The fund manager, Qian Houxiang, has been in position for nearly 7 years, with the fund's total asset size at 611 million yuan [3]