证券研究报告 有色金属 行业定期报告 hyzqdatemark 2025 年 10 月 12 日 证券分析师 田源 SAC：S1350524030001 tianyuan@huayuanstock.com 张明磊 SAC：S1350525010001 zhangminglei@huayuanstock.com 田庆争 SAC：S1350524050001 tianqingzheng@huayuanstock.com 陈婉妤 SAC：S1350524110006 chenwanyu@huayuanstock.com 陈轩 chenxuan01@huayuanstock.com 板块表现： 美关税威胁再起，流动性冲击下铜铝价格回落 投资评级： 看好（维持） ——有色金属 大宗金属周报（2025/10/06-2025/10/10） 投资要点： 请务必仔细阅读正文之后的评级说明和重要声明 铜：美关税威胁再起，流动性冲击下铜价回落，铜价中长期上行逻辑不变。前期在全球 第二大铜矿供给端扰动及美联储降息预期催化下，伦铜价格一度达 1.1 万美元/吨，沪铜 价格一度超 8.8 万元/吨。周五晚，美国总统特朗普在社交媒体上表示 ...

（文章来源：证券日报） 证券日报网讯融捷股份10月9日在互动平台回答投资者提问时表示，公司与控股股东在锂盐业务方面的 同业竞争，目前通过公司受托经营的方式解决，关于同业竞争的解决计划详见公司2022年7月22日披露 的公告或公司定期报告。公司如有并购重组相关事项，将严格按照法律法规及时履行信息披露义务。 ...

10月9日，融捷股份涨5.54%，截至发稿，报41.51元/股，成交1.48亿元，换手率1.40%，总市值107.78亿 元。 资料显示，融捷股份有限公司位于广东省广州市天河区珠江西路5号广州国际金融中心45层04-05单元， 成立日期1998年8月21日，上市日期2007年12月5日，公司主营业务涉及以新能源锂电材料产业链为主 体,主要包括锂矿采选、锂盐加工及冶炼、锂电设备制造等业务,并参股镍钴锂湿法冶炼及深加工、锂电 池正极材料等业务板块。主营业务收入构成为：锂精矿86.31%，锂电池设备12.76%，锂盐0.66%，其他 0.28%。 从基金十大重仓股角度 数据显示，金元顺安基金旗下1只基金重仓融捷股份。金元顺安鑫怡混合发起式A（022492）二季度持 有股数1900股，占基金净值比例为0.53%，位居第九大重仓股。根据测算，今日浮盈赚取约4142元。 金元顺安鑫怡混合发起式A（022492）基金经理为李锐、陈铭杰。 截至发稿，李锐累计任职时间220天，现任基金资产总规模1088.59万元，任职期间最佳基金回报 6.88%， 任职期间最差基金回报6.55%。 陈铭杰累计任职时间1年349天，现任基金资产 ...

锂，被誉为未来"金属之王"，是战略性新兴产业发展的重要基础资源，也对实现能源转型和"双碳"目标 意义重大。长期以来，我国锂资源对外依存度较高、进口量占比大，制约了相关产业发展。 来自中国五矿的信息显示，此次投产的锂盐项目采用全球领先技术，有效破解了传统盐湖提锂技术瓶 颈，提升了锂资源提取效率与品质。项目还通过光伏铺设、绿电应用等举措，助力未来实现"零碳提 锂"目标。 记者从中国五矿集团有限公司获悉，日前中国五矿所属中国盐湖集团"4+2"万吨锂盐项目在青海格尔木 顺利投产，这标志着企业全力推动世界级盐湖产业基地建设又迈出了重要一步。 据介绍，"4+2"万吨锂盐项目是指中国盐湖集团4万吨/年基础锂盐一体化项目和2万吨/年碳酸锂项目。 据了解，中国盐湖集团锂盐项目顺利投产有助于提升我国锂资源的保供稳链能力和技术装备水平，将进 一步增强我国锂电产业链的自主可控能力，还将助力加强青藏高原生态保护，建设国家生态文明高地。 中国五矿有关负责人表示，企业将以此为新的起点，把握发展机遇，强化技术创新，提升运营效率，严 守安全底线和环保红线，努力将该项目打造成为引领全球盐湖产业发展的示范项目、品牌项目、标杆项 目。（记者王希） ...

锂，被誉为未来"金属之王"，是战略性新兴产业发展的重要基础资源，也对实现能源转型和"双碳"目标 意义重大。长期以来，我国锂资源对外依存度较高、进口量占比大，制约了相关产业发展。 记者从中国五矿集团有限公司获悉，日前中国五矿所属中国盐湖集团"4+2"万吨锂盐项目在青海格尔木 顺利投产，这标志着企业全力推动世界级盐湖产业基地建设又迈出了重要一步。 据介绍，"4+2"万吨锂盐项目是指中国盐湖集团4万吨/年基础锂盐一体化项目和2万吨/年碳酸锂项目。 据了解，中国盐湖集团锂盐项目顺利投产有助于提升我国锂资源的保供稳链能力和技术装备水平，将进 一步增强我国锂电产业链的自主可控能力，还将助力加强青藏高原生态保护，建设国家生态文明高地。 中国五矿有关负责人表示，企业将以此为新的起点，把握发展机遇，强化技术创新，提升运营效率，严 守安全底线和环保红线，努力将项目打造成为引领全球盐湖产业发展的示范项目、品牌项目、标杆项 目。（记者王希） 来自中国五矿的信息显示，此次投产的锂盐项目采用全球领先技术，有效破解了传统盐湖提锂技术瓶 颈，提升了锂资源提取效率与品质。项目还通过光伏铺设、绿电应用等举措，助力未来实现"零碳提 锂"目标。 ...

News Focus - The National Development and Reform Commission is soliciting public opinions on the "Standards for Determining Major Electrical Accident Hazards and Governance Supervision Management Regulations" to enhance the identification and management of major electrical accident hazards [2] - Six departments, including the Ministry of Industry and Information Technology, released a plan indicating that the mechanical industry is expected to maintain a stable and positive trend from 2025 to 2026, with an average annual revenue growth rate of around 3.5%, aiming to exceed 10 trillion yuan [2] Domestic News - China has built the world's largest water conservancy infrastructure system, with 172 major water conservancy projects initiated since the 14th Five-Year Plan, including 95,000 reservoirs and 200 large and medium-sized water diversion projects [3] - A new large-scale renewable energy base in Inner Mongolia has commenced construction, with a total investment of 98.8 billion yuan, planning to build 8 million kilowatts of photovoltaic and 4 million kilowatts of wind power [3] Infrastructure Developments - The second phase of the Qinghai-Tibet DC expansion project has officially commenced operation, doubling the transmission capacity between Qinghai and Tibet to 1.2 million kilowatts, which is significant for enhancing power supply security in Tibet [4] - The Yunnan Central Water Diversion Project has achieved a breakthrough with the successful construction of the Qujiang siphon project, which is part of the largest water diversion project under construction in China [4] Corporate News - China Salt Lake Industrial Group has launched a 40,000-ton lithium salt project and a 20,000-ton lithium carbonate project in Qinghai, promoting technological upgrades in the lithium salt industry [8] - China National Offshore Oil Corporation has made significant discoveries in the Bohai Bay Basin, drilling a high-yield oil and gas well with a daily output of approximately 500 tons of crude oil and 20,000 cubic meters of natural gas [8]

Group 1: Medical Devices Industry - The cardiovascular medical device industry has significant growth potential, with the market for cardiac electrophysiology devices in China expected to grow from CNY 65.80 billion in 2021 to CNY 157.26 billion by 2025, and further to CNY 419.73 billion by 2032 [5][6] - The global market for cardiac rhythm management devices increased from USD 9.7 billion in 2016 to USD 10.6 billion in 2021, with a projected growth to USD 12.8 billion by 2030 [5] - The market for coronary artery disease devices in China is also expanding, with the number of patients expected to reach 31.67 million by 2030, and the market for aortic stent grafts projected to grow significantly [6][7] Group 2: AI Cooling Industry - The AI computing upgrade is driving innovation in cooling technologies, with liquid cooling expected to reduce data center energy consumption by 20%-30%, achieving a PUE below 1.2 [8][9] - The liquid cooling market in China is projected to reach USD 1.26 billion in the first half of 2024, with cold plate solutions currently dominating the market due to their maturity and lower infrastructure modification requirements [9][10] - The market for immersion cooling fluids is expected to grow, with silicone oil and fluorinated liquids being key players, although regulatory challenges may arise [10] Group 3: Semiconductor Industry - Aojie Technology (688220.SH) is a leading player in the baseband chip market, with projected revenues of CNY 45.80 billion, CNY 57.35 billion, and CNY 70.72 billion for 2025, 2026, and 2027 respectively [12][13] - The company has a strong presence in both mobile baseband and IoT sectors, with significant growth expected in its ASIC business, which is anticipated to see multiple-fold growth by 2026 [12][14] Group 4: Pharmaceutical Industry - Lifang Pharmaceutical (003020.SZ) is expected to achieve revenues of CNY 18.53 billion, CNY 22.93 billion, and CNY 27.37 billion from 2025 to 2027, with a strong growth trajectory driven by its unique traditional Chinese medicine products [16][17] - The company is set to launch its first generic version of methylphenidate extended-release tablets in April 2025, targeting a large ADHD market in China [17] Group 5: Beverage Industry - IFBH (6603.HK) is positioned to capture a significant share of the coconut water market in China, which is expected to grow at a CAGR of 55% from 2019 to 2025 [19][20] - The company has established a strong brand presence and is leveraging its supply chain advantages to maintain a competitive edge in the market [20] Group 6: Nonferrous Metals Industry - Zhongmin Resources (002738.SZ) is projected to achieve net profits of CNY 6.03 billion, CNY 12.72 billion, and CNY 22.64 billion from 2025 to 2027, driven by its high-margin cesium and rubidium salt business [22][23] - The company is strategically expanding its copper business, which is expected to provide significant growth potential as demand for copper increases [23][24] Group 7: Aerospace Industry - The commercial aerospace sector is anticipated to reach a turning point with increased satellite launches and the development of reusable rockets, which are critical for the growth of satellite internet [29][30] - Companies like Blue Arrow Aerospace and Tianbing Technology are making significant advancements in rocket technology, with planned launches that could enhance China's capabilities in commercial space [30][31]

Core Viewpoint - The successful launch of the "4+2" ten-thousand-ton lithium salt project by China Salt Lake marks a significant achievement in enhancing China's lithium resource supply stability and technological capabilities, contributing to the green low-carbon circular economy in Qinghai Province [3][4]. Group 1 - The "4+2" ten-thousand-ton lithium salt project was successfully launched in Golmud City, Haixi Prefecture, Qinghai Province on September 28 [3]. - The project utilizes globally leading technology, which will enhance China's lithium resource supply stability and technical equipment levels [4]. - The project is part of China Minmetals' strategy to support the integration of the entire metal mining industry chain, positioning China Salt Lake as a key player in the new energy industry chain [4]. Group 2 - China Salt Lake Industrial Group, established in February, consists of three companies: Qinghai Salt Lake Industry Co., Qinghai Huixin Asset Management Co., and Minmetals Salt Lake Co., with a registered capital of 10 billion RMB [4]. - The group has a production capacity of 5.8 ten-thousand tons of lithium salt and 5.3 million tons of potassium fertilizer annually, making it the largest potassium salt and salt lake lithium salt production base in China [5]. - Future plans include maximizing the comprehensive utilization value of salt lake resources by transforming resources into materials, materials into products, and products into production lines [5].

证券研究报告 有色金属 行业定期报告 hyzqdatemark 2025 年 09 月 28 日 陈轩 chenxuan01@huayuanstock.com 板块表现： 证券分析师 田源 SAC：S1350524030001 tianyuan@huayuanstock.com 张明磊 SAC：S1350525010001 zhangminglei@huayuanstock.com 郑嘉伟 SAC：S1350523120001 zhengjiawei@huayuanstock.com 田庆争 SAC：S1350524050001 tianqingzheng@huayuanstock.com 供给端扰动频发，铜价有望迎来上行周期 投资评级： 看好（维持） ——有色金属 大宗金属周报（2025/9/22-2025/9/26） 投资要点： 请务必仔细阅读正文之后的评级说明和重要声明 铜：供给端扰动频发，铜矿或由紧平衡转向短缺，铜价有望迎来上行周期。本周伦铜/沪 铜/美铜涨跌幅为+2.08%/+3.20%/+2.89%。供给端，全球第二大铜矿 Grasberg 遭遇矿难 停产，Freeport 预计最早要到 2027 ...

2025 年 09 月 28 日 A 股估值及行业中观景气跟踪周报 ——行业比较周跟踪（20250920-20250926） 本期投资提示： 一、A 股本周估值（截至 2025 年 9 月 26 日） 证券分析师 请务必仔细阅读正文之后的各项信息披露与声明 本研究报告仅通过邮件提供给 中庚基金 使用。1 行 业 比 较 证 券 研 究 报 告 相关研究 - ✓ 1）指数及板块估值比较： ✓ 中证全指（剔除 ST）PE 为 21.4 倍，PB 为 1.8 倍，处于历史 80%和 40%分位； ✓ 上证 50 指数 PE 为 11.7 倍，PB 为 1.3 倍，处于历史 62%和 38%分位； ✓ 中证 500 指数 PE 为 34.5 倍，PB 为 2.3 倍，处于历史 66%和 49%分位； ✓ 创业板指数 PE 为 44.2 倍，PB 为 5.5 倍，处于历史 43%和 63%分位； ✓ 中证 1000 指数 PE 为 46.9 倍，PB 为 2.5 倍，处于历史 67%和 46%分位； ✓ 国证 2000 指数 PE 为 60.7 倍，PB 为 2.6 倍，处于历史 77%和 63%分位； ✓ 科创 50 ...