投资要点 事件：公司发布2025 年业绩预告，预计2025 年年度实现归属于上市公司股东的净利润约为1 亿元至1.3 亿元，预计同比增加2423.51 万元到5423.51 万元，同比增长31.99%到71.58%。预计实现归属于上市公 司股东的扣除非经常性损益的净利润约为9300 万元至1.23 亿元，预计同比增加2018.7 万元到5018.7 万 元，同比增长27.72%到68.93%。 积极推进锆铪分离项目建设，有望贡献业绩增量。根据Argus Metals，鉴于半导体、工业燃气轮机、航 空航天及核能领域的铪需求已远超当前供应能力，下游应用行业需着手适应中期内铪金属的结构性短缺 格局，市场前景的变化推动铪价在2025 年四季度迎来暴涨，2025 年12 月23 日，阿格斯发布的鹿特丹港 铪金属（纯度≥99%，锆含量≤0.5%）价格指数报9200-9600 美元/公斤，较9 月23 日的3700-4200 美元/公 斤大幅上涨138%，远超2023 年6 月创下的6800-7100 美元/公斤的历史峰值。当前，国内外常用的锆铪 分离方法存在一定局限性，盐酸体系下的锆铪分离技术具有操作相对简便、成本可控等 ...

格隆汇2月9日丨三祥新材(603663.SH)涨5.75%，报45.400元，股价创历史新高，总市值192.18亿元。 ...

Market Overview - On February 6, A-shares opened lower but rebounded before closing, with the Shanghai Composite Index down 0.25%, Shenzhen Component Index down 0.33%, ChiNext Index down 0.73%, and the Sci-Tech Innovation Index down 0.35% [2][3] - The trading volume in the Shanghai and Shenzhen markets was 2.15 trillion yuan, a decrease of 30.5 billion yuan compared to the previous trading day, with over 2,700 stocks rising and more than 2,500 stocks falling [6] Sector Performance - The consumer sector weakened, with liquor and retail leading the decline; AI applications and commercial aerospace concept stocks also saw significant pullbacks [3] - In contrast, sectors such as lithium batteries, energy metals, humanoid robots, and fintech showed strength, while chemicals and oil & gas sectors rose against the trend [3] Notable Stocks - Oil and gas stocks surged, with Intercontinental Oil and Gas hitting the daily limit, and Zhun Oil Co. also reaching the limit up [4] - Solid-state battery concept stocks experienced a surge, with companies like Enjie Co., Sanxiang New Materials, and Keri Technology hitting the daily limit [5] Capital Flow - Main funds saw a net inflow into battery, electronic components, and basic chemicals sectors, while there was a net outflow from communications, national defense, military industry, and media sectors [9] - Specific stocks with significant net inflows included Wuzhou Xinchun, Data Port, and Tianji Co., with inflows of 1.22 billion yuan, 1.08 billion yuan, and 1.065 billion yuan respectively [10] - Conversely, stocks like New Yisheng, Zhongji Xuchuang, and Aerospace Development faced net outflows of 2.883 billion yuan, 1.550 billion yuan, and 1.304 billion yuan respectively [11] Institutional Insights - Dexun Securities noted that the market showed signs of stabilization after a morning rebound [12] - Guojin Securities suggested that investors adopt a "dumbbell strategy" for asset allocation [13] - Galaxy Securities anticipated that sector rotation would remain the main theme before the Spring Festival, highlighting structural opportunities within the rotation [14]

2026年2月6日，三祥新材（sh603663）触及涨停，涨停价42.93元，涨幅9.99%，总市值181.72亿元，流 通市值181.52亿元，截止发稿，总成交额5.86亿元。 根据喜娜AI异动分析，三祥新材涨停原因可能如下，核级海绵锆+业绩增长+锆铪产线投产： 1、公司 2025年业绩预增明显，净利润预增31.99%-71.58%，第三季度单季净利润同比增长133.44%，核级海绵 锆业务成为主要增长点，显示产业链布局成效显著，良好的业绩表现刺激股价上涨。 2、西部证券2026 年1月28日研报指出，金属铪价格快速上涨，公司锆铪分离产线投产在即，这一消息可能吸引市场关 注，对股价起到推动作用。公司专注于新材料研发等，产品应用于核能、新能源等领域，随着行业发 展，其业务有较大发展空间。 3、从市场板块表现来看，同花顺数据显示当日新材料相关板块有一定资 金流入，同板块部分个股也有不同程度上涨，形成了板块联动效应。技术面上，该股当日突破短期均线 压力位，MACD指标绿柱缩短，显示短期多方力量增强。资金流向方面，东方财富数据显示当日超大单 净流入明显，主力资金积极介入。 责任编辑：小浪快报 声明：市场有风险，投资 ...

数据显示，东方阿尔法基金旗下1只基金位居三祥新材十大流通股东。东方阿尔法产业先锋混合A （011704）三季度新进十大流通股东，持有股数320.86万股，占流通股的比例为0.76%。根据测算，今 日浮盈赚取约673.81万元。 从基金十大重仓股角度 2月6日，三祥新材涨5.38%，截至发稿，报41.13元/股，成交2.45亿元，换手率1.47%，总市值174.10亿 元。 数据显示，东方阿尔法基金旗下1只基金重仓三祥新材。东方阿尔法产业先锋混合A（011704）四季度 减持134.55万股，持有股数186.31万股，占基金净值比例为6.46%，位居第一大重仓股。根据测算，今 日浮盈赚取约391.25万元。 资料显示，三祥新材股份有限公司位于福建省寿宁县解放街292号，成立日期1991年8月24日，上市日期 2016年8月1日，公司主营业务涉及锆系、铸改等工业新材料的研发、生产和销售。主营业务收入构成 为：锆系列产品84.25%，铸改新材料11.16%，其他(补充)2.52%，其他产品2.07%。 声明：市场有风险，投资需谨慎。 本文基于第三方数据库自动发布，不代表新浪财经观点，任何在本 文出现的信息均只作为参 ...

中信建投研报指出，航天侧，SpaceX积极推进上市进程，同时向FCC提交百万颗AI卫星申请，目标打 造太空算力卫星星座；苹果与SpaceX拟联合推动手机直连卫星服务，商业航天下游应用领域有望拓 展，继续看好航天及AI共振。 （文章来源：21世纪经济报道） 2月3日，A股市场探底回升，沪指、创业板指均涨超1%，深成指涨超2%。从板块来看，商业航天概念 爆发，罗博特科与帝科股份均20CM涨停，城建发展、巨力索具、沃格光电、东方钽业等22股涨停，三 角防务、海兰信、戈碧迦等跟涨。 消息面上，据新华社报道，美国企业家埃隆·马斯克创建的太空探索技术公司(SpaceX)2日发表声明说， 已收购同属马斯克名下的人工智能初创企业xAI公司，以整合涵盖人工智能、火箭、太空互联网等领域 的创新资源。 ...

Group 1 - The stock price of Sanxiang New Materials fell by 5.12% to 42.03 CNY per share, with a trading volume of 921 million CNY and a turnover rate of 5.05%, resulting in a total market capitalization of 17.791 billion CNY [1] - Sanxiang New Materials Co., Ltd. is located in Fujian Province and was established on August 24, 1991. It was listed on August 1, 2016. The company's main business involves the research, production, and sales of zirconium-based and casting modification industrial new materials [1] - The revenue composition of Sanxiang New Materials includes zirconium series products (84.25%), casting modification new materials (11.16%), and other products (4.59%) [1] Group 2 - The Oriental Alpha Fund has a position in Sanxiang New Materials, with its fund "Oriental Alpha Industry Pioneer Mixed A" (011704) entering the top ten circulating shareholders in the third quarter, holding 3.2086 million shares, which accounts for 0.76% of the circulating shares [2] - The fund has incurred an estimated floating loss of approximately 7.2835 million CNY today [2] - The fund manager, Zhou Mi, has been in the position for 7 years and 333 days, with the fund's total asset scale at 5.302 billion CNY and a best return of 112.22% during the tenure [2] Group 3 - In the fourth quarter, the Oriental Alpha Industry Pioneer Mixed A fund reduced its holdings in Sanxiang New Materials by 1.3455 million shares, now holding 1.8631 million shares, which represents 6.46% of the fund's net value, making it the largest holding [3] - The estimated floating loss for the fund today is approximately 4.2292 million CNY [3]

Group 1: Fund Analysis - The public FOF fund scale increased in Q4 2025, with a new issuance scale of 458.54 billion yuan, primarily in bond-type funds [6][7] - The proportion of positive returns for FOF was 49%, with the top performer being CITIC Securities' selected fund [6][8] - Fund managers are optimistic about the market outlook, focusing on structural opportunities with technology and cyclical sectors as the main themes [6][11] Group 2: Electric Vehicle Market - The European electric vehicle market is entering a new phase, with a projected penetration rate of 29% in 2025 and 35% in 2026 due to supply-side drivers and supportive policies [14][15] - The introduction of affordable electric models by European automakers is expected to stimulate consumer demand significantly [15] - Chinese lithium battery companies are positioned to capitalize on the growth of the European market, enhancing their competitive landscape [14][16] Group 3: Construction and Decoration Industry - The construction state-owned enterprises are expected to benefit from strategic and professional restructuring policies initiated by the state [18][19] - The market share of major construction state-owned enterprises remains relatively low, with significant competition and operational pressure evident [19][20] - Recommendations include companies like China Communications Construction, China Railway, and China Chemical, which are likely to enhance their competitiveness through restructuring [21] Group 4: Beauty and Personal Care - The beauty industry in China is transitioning from incremental expansion to competitive positioning, with domestic brands gaining market share [23][24] - The company aims to achieve 30 billion yuan in sales by 2030, driven by research and development, brand expansion, and global operations [25] - The application of AI in production and marketing is expected to enhance operational efficiency and support long-term growth [25] Group 5: Basic Chemicals - The price of hafnium has surged by 21.64% since the beginning of 2026, driven by high demand in sectors like semiconductors and aerospace [27][28] - The company is advancing its zirconium-hafnium separation project, which is expected to significantly contribute to future earnings [29] - Hafnium's unique properties make it essential in high-tech applications, indicating strong future demand [28] Group 6: Electronics - The company is set to benefit from the high demand for PCB and packaging substrates, with projected net profits for 2025 expected to increase by 68% to 78% [31][32] - The expansion of production capacity is ongoing, with new facilities in Thailand and South China expected to enhance growth potential [33] - The company is recognized as a leading provider of electronic circuit technology, with a positive outlook for future performance [33]

公司点评 | 三祥新材 金属铪价格快速上涨，公司锆铪分离产线投产在即 证券研究报告 2026 年 01 月 28 日 三祥新材（603663.SH）动态跟踪点评 事件：根据 Strategic Metals Invest 网站披露，截至 1 月 26 日，海外金属铪 价格为 11,556.10 美金/kg，价格自 2026 年以来增长 21.64%，自 2025 年以 来上涨 164.76%。铪价快速上涨，主要系下游半导体、工业燃气轮机、航空航 天及核能领域对铪需求已远超当前供应能力，中期铪金属或面临结构性短缺。 金属铪及其化合物因其独特的物理和化学特性，在多个高科技和工业领域中有 重要应用。自然界中，铪通常伴生于锆英石中，铪的密度约为锆的两倍，熔 点 2227℃，比锆高出近 400℃。高密度加上高熔点，使铪在高温高压环境下 表现出更好的稳定性。全球人工智能、商业航天热潮拉动铪需求增长：1）半导 体领域，铪主要作为 28nm 以下逻辑芯片的栅极材料以及 3D NAND 存储器的关 键介质层；2）燃气轮机领域，铪基合金应用于涡轮叶片中；3）航空航天领域， 铪是航空发动机、火箭喷嘴和航天器外壳中高温合金的关键添加 ...

商业航天板块盘初上扬，长江通信涨停，航天智装、戈碧迦涨超10%，经纬恒润、航宇微、西部材料跟 涨。 ...