长期以来，津巴布韦依赖黄金、铂金、锂和铬等矿产出口换取外汇，但加工环节多在海外完成。按照新 政策方向，津方计划围绕选矿、技术转让和产业联动展开布局，通过扩大国内加工能力带动制造业及相 关产业发展。这一做法并非孤例。纳米比亚、坦桑尼亚和刚果（金）等资源国近年也推出类似措施，鼓 励本地加工、加强出口管制或提高本地成分要求。随着全球能源转型加速，锂等矿产需求上升，拥有资 源的国家在供应链中的谈判地位有所增强。 目前，选矿战略在实际推进中仍面临多重制约。工业加工对电力供应、基础设施、技术人员和政策环境 有较高要求，这些在非洲多国仍是短板。投资者需关注政策连续性对资金投入的影响。也有分析人士提 醒，在加工能力尚未形成时实施出口限制，可能反而影响矿业收入。这一模式能否走通，将在一定程度 上决定非洲资源国能否从原料供应转向参与更高附加值环节。 （原标题：津巴布韦推动矿产加工 非洲资源政策转向） 根据"非洲简报"2月24日报道，津巴布韦近期调整矿产出口政策，推动本国加工取代原料出口。总统姆 南加古瓦在布拉瓦约出口商会议上称，该国不再满足于充当原料供应国。这一表态折射出非洲资源民族 主义讨论的新趋势，多国开始尝试将矿产收益用于 ...

《先驱报》2月4日报道，2025年津巴布韦矿产品（不含黄金和白银）出口表现强劲，出口量达480 万吨，创汇34亿美元，超出既定目标。采矿业贡献了津60%至80%以上的出口收入，其中铂族金属、 锂、铬和铁合金是主要支柱。若计入黄金，津2025年外汇收入同比增长21.8%，达到162亿美元。 具体来看，铂族金属通过推进本地选矿和深加工，精矿出口下降但高附加值的铂族金属锍出口额大 幅增长，成为重要收入来源；锂出口量和收入双双超出预期，进一步巩固了津巴布韦在全球电池矿产市 场的地位。铁合金、钢铁出口显著增长，而铬精矿受价格下行影响收入有所回落。 （原标题：2025年津巴布韦矿产出口增长14%） ...

Group 1 - The core viewpoint of the article is that the company, Steel Research High Nano (300034.SZ), has disclosed that its products primarily utilize raw materials such as nickel, chromium, and cobalt, which are non-ferrous metals [1] Group 2 - The company is actively engaging with investors through an interactive platform to provide insights into its material sourcing [1]

Summary of Key Points Industry Overview - The document discusses the U.S. legislative proposal for a $2.5 billion strategic reserve for critical minerals, indicating a shift from short-term geopolitical narratives to long-term legislative actions with clear funding support [1] Core Insights and Arguments - The proposed legislation aims to reduce dependence on foreign sources for critical minerals, which is a significant move towards national security and self-sufficiency [1] - This change alleviates market concerns regarding the sustainability of demand for strategic reserves, suggesting a transition in pricing logic for critical metals from cyclical supply-demand dynamics to being driven by national strategy [1] - Specific minerals that are expected to benefit from this legislation include tungsten, chromium, and rare earth elements, particularly those with military applications and limited supply [1] Additional Important Content - The document highlights the potential positive impact on companies involved in the production of these critical minerals, specifically mentioning Xiamen Tungsten and China Tungsten [1]

Core Viewpoint - The article discusses the concept of "war metals," highlighting the historical price trends of metals such as chromium, manganese, tungsten, titanium, uranium, silver, and tin, and draws parallels between the current geopolitical climate and that of the 1970s and 1980s [1][3][4]. Group 1: Historical Context and Comparisons - The current era shares significant similarities with the 1970s and 1980s, characterized by geopolitical tensions and technological advancements that drive demand for certain metals [3][4]. - The period from the 1960s to the 1980s saw a stagnation in productivity in the U.S., similar to the current global trend of de-globalization and rising geopolitical tensions [3][4]. - The article emphasizes that the dual attributes of metals—strategic and productivity-related—are crucial in understanding their price volatility [7][10]. Group 2: Price Volatility and Market Dynamics - The price of strategic metals experienced extreme fluctuations during the 1970s and 1980s due to geopolitical factors, with examples such as cobalt rising from approximately $5.62 per pound in 1977 to a peak of $32.83 per pound in 1979 [9][10]. - The article notes that after 1980, despite technological advancements in sectors like computing and semiconductors, metal prices generally declined, indicating that new industrial demand does not always correlate with sustained price increases [10][11]. - The current market dynamics are influenced by financial derivatives and leverage, making the discussion of strategic metals relevant to a broader audience compared to past decades [8][10]. Group 3: Geopolitical Influences - Historical geopolitical tensions, such as the Cold War, significantly impacted the supply and demand of strategic metals, with the Soviet Union and the U.S. engaging in strategic stockpiling and market manipulation [12][13]. - The article highlights that geopolitical conflicts often lead to panic buying and supply shortages, which exacerbate price volatility in the metals market [14][15]. - The potential for a shift in geopolitical relations, akin to the thawing of U.S.-Soviet tensions in the 1980s, could significantly alter the current market landscape for these metals [19].

Core Insights - Despite increasing global trade tensions and U.S. tariffs, South Africa's trade has shown resilience, maintaining stability and achieving a trade surplus for eight consecutive months since the beginning of 2025 [1][3] Group 1: Trade Performance - South Africa's exports are relatively diversified, with the U.S. accounting for only about 7% of total exports, which mitigates the impact of new tariffs [3] - Key mineral products exported to the U.S., such as platinum, palladium, rhodium, chromium, and manganese, have received exemptions from tariffs, benefiting South Africa [3] Group 2: Economic Strategy - The South African government is accelerating efforts to diversify export markets and optimize the structure of export products [3] - The ongoing development of the African Continental Free Trade Area is providing new support for South Africa to expand its regional market [3] Group 3: Future Goals - South Africa aims to achieve an export target of 3 trillion rand by 2030, with exports already exceeding 2 trillion rand in 2024, indicating that this goal is attainable [3] - Experts emphasize the need for South Africa to reduce reliance on mineral exports and expand agricultural and manufacturing exports while exploring emerging markets outside the U.S. to enhance long-term trade resilience [3]

Group 1 - The article provides a detailed overview of the current prices of various metals and minerals, indicating fluctuations in market prices for specific commodities [1][2] - Cadmium is priced between 28,600 to 29,600 RMB per ton, while chromium ranges from 81,100 to 84,600 RMB per ton [1] - Lithium metal is reported at 575,100 to 610,100 RMB per ton, reflecting significant interest in battery materials [1] Group 2 - Non-metallic products such as boron and talc are also listed, with boron priced at 4,500 RMB per ton in Shandong and talc at 3,000 RMB per ton in Henan [2] - The report highlights the price of rare earth carbonate at 44,305 to 44,705 RMB per ton, indicating ongoing demand in the market [1] - The pricing for various ores, including copper and lead concentrates, shows a range of 16,650 to 16,800 RMB per ton for lead in Henan [1]

Core Viewpoint - The report from CITIC Securities indicates that liquidity easing and supply-side constraints will continue to be the main investment themes in the energy and materials sectors, benefiting precious metals, industrial metals, and certain chemicals like chromium and refrigerants [1] Group 1: Market Overview - From early 2025 to the present, the non-ferrous metal index has significantly outperformed the broader market, primarily due to strong performances in precious and rare metals [2] - Basic chemicals and steel indices have performed similarly to the market, while coal and oil & petrochemical indices have underperformed [2] Group 2: Precious Metals and Copper - Despite a recent high-level pullback in gold prices, the ongoing Fed rate cut cycle is expected to support gold prices, with a projected range of $4,000 to $5,000 per ounce for 2026 [3] - Silver is anticipated to have strong price elasticity due to an expanding supply-demand gap, with a projected price range of $50 to $60 per ounce for 2026 [3] - Copper remains a key investment direction in the metals sector, with a projected price range of $10,000 to $12,000 per ton for 2026, benefiting from liquidity easing and tightening supply [3] Group 3: Supply Constraints and Chemical Products - Supply-side constraints are expected to strengthen, with aluminum supply growth slowing and cobalt prices likely to rise due to severe supply shortages [4] - The projected price for aluminum in 2026 is set at 21,500 RMB per ton, while cobalt is expected to range between 400,000 to 450,000 RMB per ton [4] - Chromium and refrigerants are also expected to see price increases due to tight supply conditions influenced by environmental regulations [4] Group 4: Strategic Metals and US-China Relations - The ongoing US-China geopolitical tensions are enhancing the investment value of strategic metals, particularly rare earths and tungsten, with stable demand growth in defense and advanced manufacturing sectors [5] - The projected price range for praseodymium-neodymium oxide in 2026 is expected to rise to 550,000 to 650,000 RMB per ton, while tungsten is projected to be between 300,000 to 350,000 RMB per ton [5] Group 5: High Demand for Lithium and Potash - Lithium prices are expected to rise due to stronger-than-expected demand from energy storage batteries, with a projected price range of 80,000 to 100,000 RMB per ton for 2026 [6] - Potash prices are also expected to increase, driven by delayed production expansions in major producing regions and strong demand growth in Southeast Asia [6] Group 6: Coal, Steel, Silicon, and Oil - The "anti-involution" policy is expected to support price recoveries in coal, steel, and silicon materials, with projections for slight price increases in thermal coal, coking coal, and silicon materials in 2026 [7] - The steel industry is anticipated to reach a turning point in 2025, with ongoing supply constraints and improved profit distribution trends [7] - Oil supply and demand are expected to shift from a loose to a balanced state, with Brent crude oil prices projected to rise to $65 to $70 per barrel [7]

Group 1 - The 2026 China (Changdu) Mining Conference is strategically positioned to leverage Changdu's rich mineral resources and align with national development goals, addressing urgent industrial upgrade needs [2][3] - Changdu is recognized as a significant mining hub, located in the "Three Rivers Mineral Belt," with abundant and high-quality mineral resources, including lithium and copper, which are crucial for the new energy industry [2][3] - The conference aims to create a high-end platform to tackle challenges in the mining sector, such as high-altitude construction difficulties and technological bottlenecks, which have hindered the full economic potential of local resources [2][4] Group 2 - National strategies, including the "dual carbon" goals and the development of the western region, provide strong policy support for the conference, emphasizing the importance of lithium and copper in the new energy supply chain [3][4] - The urgent need for industrial upgrades is highlighted by the challenges faced in Changdu's mining sector, including low efficiency and high energy consumption of traditional mining methods, as well as a lack of deep processing capabilities [3][4] - The conference will facilitate the introduction of advanced technologies and capital, promoting a shift from resource-intensive development to green and deep processing [4][5] Group 3 - Changdu's geographical advantages as a transportation hub enhance the feasibility of hosting the conference, supported by a developed transportation network and local mining enterprises with operational experience [4][5] - The region has made significant progress in ecological protection, providing a model for sustainable mining practices that align with the conference's theme of "green development" [4][5] - The conference is expected to serve as a catalyst for high-quality mining development in Changdu and a milestone for connecting the western mining industry with global markets [5]

Core Insights - China dominates the production of at least 15 key minerals, including gallium (98.7%), magnesium (95%), tungsten (82.7%), and rare earths (69.2%), which are essential for clean energy, defense, and electronics [2][3]. Group 1: Key Mineral Production - Gallium is produced at a global share of 98.7% by China [2]. - Magnesium accounts for 95% of global production, also led by China [2]. - Tungsten production is 82.7% controlled by China [2]. - Rare earths have a global production share of 69.2% from China [2]. Group 2: Other Significant Producers - Brazil produces nearly 91% of the world's niobium, crucial for high-strength steel used in pipelines and jet engines [3]. - The Democratic Republic of Congo contributes 75.9% of global cobalt production, essential for batteries and microelectronics [3]. - South Africa supplies 70.6% of platinum and nearly half of chromium globally [3].