有色金属 氧化镨钕价格本周下跌 12.4% ——金属新材料高频数据周报（20260316-20260322） 要点 军工新材料：电解钴价格下跌。（1）本周电解钴价格 42.80 万元/吨，环比 -0.5%。本周电解钴和钴粉价格比值 0.74 ，环比-0.5%；电解钴和硫酸钴价格 比值为 4.45 ，环比-0.5%。（2）碳纤维本周价格 84.0 元/千克，环比 +0.30%。毛利-10.73 元/千克。（3）本周铼价格 47,320.00 元/千克，环比 +0%。 新能源车新材料：氧化镨钕价格下跌。（1）本周碳酸锂和氢氧化锂价格分别 为 14.90 、14.19 万元/吨，环比-6.4%、-6.1%。（2）本周硫酸钴价格 9.51 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 、18.98 万元/吨，环比+0%、-2.0%。（4）本周氧化镨钕价格 702.82 元/公斤，环比-12.4%。 光伏新材料：多晶硅价格下跌。（1）本周光伏级多晶硅价格 5.55 美元/千 克，环比 -1.8%。（2）本周 EVA 价格 11,850 元/吨，环比+2.6%，处于 2013 年来较低 ...

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Investment Rating - The report provides a positive outlook for the oil refining industry, indicating a protective reduction in refinery loads that is driving up the price differentials of energy and chemical products [1]. Core Insights - The price differential for key domestic refining projects reached 2895.92 CNY/ton, with a week-on-week increase of 407.03 CNY/ton (+16.35%), while the international price differential was 2945.64 CNY/ton, up 1144.84 CNY/ton (+63.57%) as of March 13, 2026 [2][3]. - Brent crude oil averaged 97.18 USD/barrel for the week, reflecting a week-on-week increase of 18.49% [2]. - Geopolitical tensions in the Middle East have led to significant fluctuations in oil prices, with Brent and WTI prices reaching 103.14 USD/barrel and 98.71 USD/barrel respectively, marking increases of 10.45 USD and 7.81 USD from the previous week [15]. - The chemical sector is experiencing price increases due to high international oil prices and preventive load reductions at refineries, which have improved price differentials for chemical products [2][15]. Summary by Sections Refining Sector - The report highlights that geopolitical tensions have impacted oil production and exports from countries like Saudi Arabia and the UAE, leading to increased market concerns about supply disruptions [2][15]. - Domestic and international refined oil prices have risen significantly, with domestic diesel, gasoline, and aviation kerosene averaging 7780.29 CNY (+934.57), 9317.43 CNY (+1147.71), and 6642.31 CNY (+1195.86) per ton respectively [15]. Chemical Sector - The report notes that the prices of polyethylene (LDPE, LLDPE, HDPE) have increased, with average prices of 12350.00 CNY (+2257.14), 8066.57 CNY (+965.43), and 7600.00 CNY (no change) per ton respectively [55]. - EVA prices have risen due to tightening supply, with an average price of 11200.00 CNY (+771.43) per ton [55]. - The price of pure benzene has also increased significantly, with an average price of 8628.57 CNY (+1935.71) per ton, reflecting improved price differentials [55].

Core Viewpoint - Baofeng Energy demonstrates strong performance in a challenging macroeconomic environment, achieving high growth, profitability, and cash flow, solidifying its leading position in the industry [2]. Financial Performance - In 2025, Baofeng Energy reported revenue of 48.038 billion yuan, a year-on-year increase of 45.64% - The net profit attributable to shareholders, excluding non-recurring items, exceeded 10 billion yuan for the first time, reaching 11.519 billion yuan, a growth of 69.91% - Operating cash flow net amount reached 16.851 billion yuan, with an increase of 89.39% - Basic earnings per share were 1.56 yuan, up 79.31% year-on-year [2]. Capacity Expansion - 2025 marks a year of capacity explosion for Baofeng Energy, with the Inner Mongolia coal-to-olefins project reaching full production capacity of 3 million tons per year, boosting total polyolefin capacity to nearly 6 million tons per year, maintaining the top position in the domestic industry - The company can achieve over 30 million tons of oil import substitution annually, enhancing the security of the energy supply chain [3]. Cost Advantage - In 2025, Baofeng Energy's cost advantage was amplified due to scale effects and technological breakthroughs, with the total cost of the Inner Mongolia project being nearly 10% lower than that of the Ningxia Ningdong base - The gross profit per ton of olefin products was 2,500 yuan, with a gross margin of 38.61% - The company has achieved full localization of key core equipment, with 23 technologies reaching international leading levels, ensuring a strong cost advantage [5]. Technological Innovation - In 2025, Baofeng Energy's R&D investment reached 961 million yuan, a year-on-year increase of 27.11% - The company implemented 115 technology transformation projects, achieving precise material distribution and process control, leading to a year-on-year decrease in energy consumption per unit product - The company established an intelligent operation system across the entire industry chain, with significant achievements in smart factory construction [7]. Future Outlook - With the continuous improvement of the Ningxia Ningdong base, full production at the Inner Mongolia base, and steady progress on the Xinjiang 4 million tons per year project, Baofeng Energy is forming a collaborative development pattern - The company is transitioning from "scale-driven" to "product-driven," focusing on high-value-added products like high-end polyolefins and EVA, which will open up broader profit opportunities [8].

Group 1: Military Industry New Materials - The price of electrolytic cobalt has increased to 436,000 CNY/ton, with a week-on-week change of +3.1%. The price ratio of electrolytic cobalt to cobalt powder is 0.76, also up by +3.1% [4] - Carbon fiber price remains stable at 83.8 CNY/kg, with a gross profit of -9.19 CNY/kg [4] Group 2: New Energy Vehicle Materials - The prices of lithium carbonate and lithium hydroxide are 171,900 CNY/ton and 162,600 CNY/ton, reflecting week-on-week increases of +19.6% and +12.4% respectively [5] - Sulfuric cobalt price is stable at 95,300 CNY/ton [5] - The prices of lithium iron phosphate and 523-type cathode materials are 52,400 CNY/ton and 193,800 CNY/ton, with week-on-week changes of +0% and +3.4% respectively [5] - The price of praseodymium-neodymium oxide is 890.57 CNY/kg, up by +4.8% [5] Group 3: Photovoltaic New Materials - The price of photovoltaic-grade polysilicon is 6.16 USD/kg, showing a week-on-week decrease of -0.5% [6] - EVA price remains unchanged at 9,650 CNY/ton, at a low level since 2013 [6] - The price of 3.2mm photovoltaic glass coating is stable at 24.0 CNY/sqm [6] Group 4: Nuclear Power New Materials - Prices for zirconium-related materials such as oxychloride zirconium and sponge zirconium remain stable, while uranium price is 69.71 USD/lb, reflecting a week-on-week increase of +9.8% [7] Group 5: Consumer Electronics New Materials - The price of cobalt oxide is stable at 363,000 CNY/ton, while lithium cobalt oxide is priced at 402.0 CNY/kg [8] - Silicon carbide price remains unchanged at 5,600.00 CNY/ton [8] - The prices for high-purity gallium, crude indium, and refined indium are 1,950.00 CNY/kg, 4,650.00 CNY/kg, and 4,750.00 CNY/kg, with week-on-week increases of +1.6%, +9.4%, and +9.2% respectively [9] Group 6: Other Materials - The prices of platinum, rhodium, and iridium are 609.00 CNY/g, 2,900.00 CNY/g, and 1,855.00 CNY/g, with week-on-week changes of +17.1%, +4.5%, and +0% respectively [10]

Group 1: Military Industry New Materials - The price of electrolytic cobalt is 423,000 CNY/ton, with a week-on-week increase of 0.7%. The price ratio of electrolytic cobalt to cobalt powder is 0.74, also up by 0.7% [4] - Carbon fiber price remains at 83.8 CNY/kg, with a gross profit of -9.19 CNY/kg [4] Group 2: New Energy Vehicle Materials - The prices of lithium carbonate and lithium hydroxide are 143,800 CNY/ton and 137,600 CNY/ton, reflecting week-on-week increases of 6.9% and 3.9% respectively [5] - The price of sulfuric cobalt is stable at 95,300 CNY/ton [5] - The prices of lithium iron phosphate and 523-type cathode materials are 52,400 CNY/ton and 187,300 CNY/ton, with week-on-week changes of 0% and 4.1% respectively [5] - The price of praseodymium-neodymium oxide is 849.82 CNY/kg, up by 12.2% [5] Group 3: Photovoltaic New Materials - The price of photovoltaic-grade polysilicon is 6.19 USD/kg, remaining unchanged week-on-week [6] - The price of EVA is 9,650 CNY/ton, stable and at a low level since 2013 [6] - The price of 3.2mm photovoltaic glass coating is 24.0 CNY/square meter, unchanged [6] Group 4: Nuclear Power New Materials - The prices of zirconium-related materials are stable, with prices for zirconium oxychloride, sponge zirconium, hafnium oxide, zirconium silicate, and zircon sand at 13,750 CNY/ton, 145 CNY/kg, 9,000 CNY/kg, 14,875 CNY/ton, and 14,012.5 CNY/ton respectively [7] - The uranium price for January 2026 is 69.71 USD/pound, reflecting a week-on-week increase of 9.8% [7] Group 5: Consumer Electronics New Materials - The price of cobalt oxide is 363,000 CNY/ton, stable week-on-week [8] - The price of lithium cobalt oxide is 402.0 CNY/kg, unchanged [8] - The price of silicon carbide is 5,600.00 CNY/ton, stable [8] - The prices of high-purity gallium, crude indium, and refined indium are 1,920.00 CNY/kg, 4,250.00 CNY/kg, and 4,350.00 CNY/kg, with week-on-week changes of 0%, -4.5%, and -4.4% respectively [9] Group 6: Other Materials - The prices of platinum, rhodium, and iridium are 520.00 CNY/g, 2,775.00 CNY/g, and 1,855.00 CNY/g, with week-on-week increases of 1.4% and 6.9% for platinum and rhodium respectively [10]

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 ...

证券研究报告 东吴证券晨会纪要 东吴证券晨会纪要 2026-02-25 [Table_Tag] 宏观策略 [Table_MacroStrategy] 金融产品周报 20260207：海外市场流动性有企稳迹象，情绪或会好转【勘 误版】 市场行情展望：（2026.2.2-2026.2.6） 观点：市场短期进入结构混沌期， 但大盘指数仍然稳健。 2 月整体走势判断：2026 年 2 月，宏观择时模 型的月度评分是 0 分，历史上该分数万得全 A 指数后续一个月上涨概率 为 78.57%，平均涨幅为 3.37%。叠加日历效应中财报预告的结束，我们 对 2 月 A 股大盘走势持乐观的观点。但鉴于 1 月权益已累计不少盈利盘， 春节前可能有一定的止盈压力。 本周 A 股中，宽基 ETF 仍在持续流出, 但能观察到 1 月 30 日多数宽基 ETF 呈现明显成交额缩小的特征，说明 后续来自宽基 ETF 的抛压可能会逐步减小。同时通信、芯片、化工、石 油石化、港股非银等方向呈现资金流入的特征，可以关注后续资金的持续 性。 结构上，市场短期呈现混沌期特点。上周提示过的周期性行业表现 相对不错，石油、化工等方向仍旧较为稳健。但有 ...

Core Viewpoint - The Ningdong National Energy and Chemical Base is experiencing significant industrial growth, exemplified by Baofeng Energy's projected net profit of 11 to 12 billion yuan for 2025, reflecting a growth of over 70% compared to previous years [1][2]. Group 1: Company Performance - Baofeng Energy is expected to achieve a net profit of 110 to 120 billion yuan by 2025, up from 46 billion yuan in 2020, showcasing its strong resilience and leadership in the industry [1][2]. - The industrial output value of the Ningdong base is projected to exceed 200 billion yuan in 2024, placing it among the top ten chemical parks in China [2][9]. Group 2: Technological Innovation and Transformation - Baofeng Energy's growth is attributed to continuous technological innovation and a green transformation, including the establishment of a leading integrated hydrogen production project and the adoption of AI and IoT technologies [2][8]. - The base has achieved over 98% localization of key equipment through collaboration with national teams, enhancing its production capabilities [2][8]. Group 3: Industrial Ecosystem Development - The Ningdong base is evolving from a single enterprise model to a diversified industrial cluster, with key players like Baofeng Energy, Guoneng Ningmei, and Taihe New Materials driving innovation [2][9]. - The establishment of a complete industrial system from basic chemical raw materials to finished products has led to the creation of specialized clusters such as the "China Spandex Valley" [3][10]. Group 4: Innovation Ecosystem and Support - The Ningdong base has developed a high-level platform and innovation mechanisms to facilitate the integration of large and small enterprises, significantly reducing project entry times and attracting substantial social investment [4][11]. - Initiatives such as the AI intelligent coal blending system have improved efficiency and reduced costs for participating companies, promoting collaborative innovation [4][11]. Group 5: Future Development Strategies - The Ningdong base recognizes existing challenges in its industrial chain and aims to address these through targeted招商 and cultivation strategies during the 14th Five-Year Plan [5][12]. - Future plans include focusing on high-end polyethylene, electronic-grade chemicals, and high-performance fibers, while enhancing the resilience of the industrial chain through a "four-chain integration" approach [6][12].

Group 1 - The core viewpoint of the article is that Dongfang Shenghong is a leading global large-scale refining enterprise, with significant growth in refining, new energy materials, and polyester fiber sectors [1] - The refining industry is experiencing a reduction in internal competition, leading to a recovery in the market conditions of several product chains, which is expected to release the company's potential [1] - Future capital expenditures for the company are anticipated to gradually decline, and with the overall improvement in product market conditions, operational performance is expected to be promising [1] Group 2 - The report highlights that the company is entering a harvest period for new materials such as EVA and POE, benefiting from the ongoing reduction in internal competition within the refining sector [1] - The initial coverage of the company has been given a "buy" rating based on the situation in the refining industry and the progress of product launches [1]