Core Insights - The cobalt industry is expected to experience a significant price increase due to geopolitical factors and supply constraints, with prices likely reaching new highs by 2026 [2][4][10] - The Congo (DRC) quota system is driving the global cobalt market's pricing power, with supply constraints becoming more influential than simple supply-demand dynamics [4][6][10] Group 1: Overall Industry Outlook - The year 2025 marks a critical turning point for the cobalt industry, transitioning from a supply surplus to a structural shortage, which is expected to continue into 2026 [10][11] - The global cobalt supply is highly concentrated, with the DRC accounting for approximately 76% of global production, making the market sensitive to geopolitical and policy changes [41][50] Group 2: Supply Dynamics - The DRC's export quota for cobalt is set at 96,600 metric tons annually for 2026-2027, a 55% reduction from 2024 levels, leading to a structural supply gap of 91,000 and 112,000 metric tons in 2026 and 2027, respectively [6][10] - The supply of cobalt from artisanal mining is expected to remain limited due to government control and quota restrictions, impacting overall market supply [61] Group 3: Demand Projections - Battery applications dominate cobalt demand, accounting for 73% of total consumption, with electric vehicle batteries being the primary growth driver [4][19] - The demand for cobalt in the consumer electronics sector is also expected to recover, with a projected compound annual growth rate (CAGR) of approximately 5% over the next three years [4][19] Group 4: Price Outlook - The pricing mechanism for cobalt is shifting from a cost-based model to one driven by supply shortages and geopolitical risks, suggesting that cobalt prices will remain elevated in the long term [11][10] - Cobalt prices are projected to maintain high levels due to the structural supply-demand imbalance, with significant price increases observed following policy changes in the DRC [15][38] Group 5: Investment Recommendations - Key investment targets include Huayou Cobalt, Luoyang Molybdenum, Tengyuan Cobalt, and Greeenme, all of which are positioned to benefit from the anticipated price increases and supply constraints in the cobalt market [4][6]

Core Viewpoint - The article discusses recent developments in various sectors, highlighting significant technological advancements in space exploration, financial incentives in the tech industry, and market trends in materials and inflation data. Group 1: Space Exploration - The successful sea landing test of the Long March 10A rocket marks a significant breakthrough in technology, crucial for the recovery of low-orbit satellites and future landing operations [1] - The successful maximum dynamic pressure escape flight test of the Dream Chaser manned spacecraft indicates a major milestone in China's lunar exploration program [2] Group 2: Financial Incentives and Market Trends - Ant Group's promotional campaign offering new users a 16.8 yuan red envelope reflects a competitive landscape in the tech sector, with various platforms engaging users through incentives [4] - The glass fiber sector saw a notable increase in stock prices, driven by supply reductions from major producers due to rising demand [4] Group 3: Economic Indicators - January's CPI growth was 0.2% year-on-year, below expectations, while the core CPI reached its highest level in six months at 0.3% [9][15] - PPI data showed a slight improvement at -1.4%, with certain sectors like non-ferrous metals and AI-related industries experiencing price increases [15] Group 4: Stock Market Performance - On February 11, the A-share market showed mixed results, with the Shanghai Composite Index up by 0.09% and the Shenzhen Component down by 0.35% [17] - The glass fiber concept stocks surged, with several companies hitting the daily limit up, indicating strong market interest [17] Group 5: Industry Dynamics - The electric power sector is undergoing significant reforms, aiming to establish a unified national electricity market by 2030, which will enhance market participation and efficiency [20] - The AI sector is being prioritized for commercial applications, with government initiatives to foster growth and innovation in various industries [23]

格隆汇2月11日｜格林美(002340.SZ)公告称，公司于2026年2月11日召开董事会审议通过议案，决定终 止全资下属公司PT INDONESIA QINGMEI ENERGY MATERIALS的增资扩股实施股权改组暨关联交易 事项。该决定是基于现阶段内外部形势的变化，并审慎评估了本次交易实施后被动形成财务资助带来的 风险。终止后，目标公司仍为公司全资下属公司，不会形成公司的对外财务资助。该决定有利于保障公 司业务的完整性及资金的安全性，维护公司和广大投资者利益。 ...

Group 1 - North Mining Technology (600980) is a state-owned enterprise under the State-owned Assets Supervision and Administration Commission, focusing on mining equipment and magnetic materials, with a leading position in the global market for intelligent flotation machines and a 12% share in domestic sintered permanent magnetic ferrite production [1][25][26] - Greenme (002340) is a leader in the recycling of rare metals and new energy materials, with a dual business model of "urban mining + new energy materials," supplying major companies like CATL and BYD [1][27] - Xiamen Tungsten (600549) is a leader in tungsten, molybdenum, and rare earth permanent magnetic materials, with a complete industrial chain from mining to high-end magnetic material production [2][28] Group 2 - Jiyuan Wanfang (000612) is a significant player in aluminum smelting and rare earth permanent magnetic materials, leveraging local resources to form a dual business model of "aluminum + rare earth" [3][29] - Wanlong Magnetic Plastic (603150) is a leader in refrigerator door seals and magnetic materials, producing ferrite magnets for major appliance manufacturers [4][30] - Northern Rare Earth (600111) is the largest rare earth producer globally, controlling over 40% of the world's rare earth oxide production and holding significant pricing power [5][30] Group 3 - Chifeng Gold (600988) is involved in gold mining and rare earth resource development, with a strong position in the domestic rare earth market [6][31] - Zhongmin Resources (002738) is a leader in lithium mining and rare earth resources, with significant overseas rare earth mining rights [7][33] - Galaxy Magnet (300127) specializes in sintered and bonded neodymium-iron-boron magnets, serving major clients like BYD and CATL [8][34] Group 4 - Zhong Rare Metals (600259) focuses on rare earth mining and functional materials, with a strong position in the medium and heavy rare earth sectors [9][35] - Tianhe Magnetic Materials (603072) is a leader in high-end neodymium-iron-boron magnets, supplying major automotive and industrial clients [10][36] - Oriental Zirconium (002167) produces zirconium products and rare earth functional materials, with a focus on the electronics and new energy sectors [11][37] Group 5 - Jinli Permanent Magnet (300748) is a leading producer of rare earth permanent magnetic materials, with a strong presence in the automotive sector [12][38] - Huaxin Environmental (301265) focuses on environmental equipment and rare earth recycling, leveraging a dual business model [13][40] - China Rare Earth (000831) is a key player in rare earth mining and processing, with a focus on high-value applications in new energy and military sectors [14][49]

Core Viewpoint - On February 11, a total of 38 stocks were involved with institutional investors, with 14 stocks showing net buying and 24 stocks showing net selling [1]. Group 1: Institutional Net Buying - The top three stocks with the highest net buying by institutions were: - Jiecheng Co., Ltd. with a net buying amount of 178 million yuan, representing a price increase of 4.73% [2] - Dongfang Guoxin with a net buying amount of 144 million yuan, with a price increase of 8.34% [2] - Greenmei with a net buying amount of 90.88 million yuan, showing a price increase of 9.95% [2] Group 2: Institutional Net Selling - The top three stocks with the highest net selling by institutions were: - Xiexin Integrated with a net outflow of 141 million yuan [3] - Juliy Suojv with a net outflow of 137 million yuan [3] - Huanrui Century with a net outflow of 93.14 million yuan [3]

Core Viewpoint - The company has decided to terminate the capital increase and equity restructuring plan for its wholly-owned subsidiary due to changes in the internal and external environment, aiming to mitigate financial assistance risks and protect the integrity and safety of its business operations and investor interests [1] Group 1 - The company held the 11th meeting of the 7th Board of Directors to review and approve the termination of the capital increase and equity restructuring plan [1] - The decision was made after a careful assessment of the risks associated with potential financial assistance arising from the transaction [1] - The company signed a termination agreement with all parties involved to formalize the decision and ensure compliance with domestic and international circumstances [1] Group 2 - Following the termination of the transaction, the target company will remain a wholly-owned subsidiary of the company, ensuring no external financial assistance will be created [1] - The move is intended to safeguard the company's business integrity and maintain the controllability and safety of its funds [1] - The decision reflects the company's commitment to protecting the interests of its investors amidst changing market conditions [1]

Market Overview - The trading volume of the Shanghai and Shenzhen stock markets fell below 2 trillion yuan, decreasing by 121.3 billion yuan compared to the previous trading day [1] - Sectors such as glass fiber, small metals, phosphorus chemicals, and fertilizers saw gains, while cultural media, AI corpus, tourism concepts, and cultivated diamonds experienced declines [1] Stock Performance - Baichuan Co. (002455) increased by 10.01% to 19.44 yuan, driven by TMP price hikes and lithium battery developments, marking 11 days of trading with 8 consecutive gains [2][3] - ST Zhongdi (000609) rose by 4.96% to 9.52 yuan, supported by semiconductor and real estate trends, achieving 5 consecutive gains [2] - ST Xuefa (002485) gained 4.99% to 5.05 yuan, influenced by the announcement of the actual controller's verdict and the recovery of the cultural tourism sector, with 6 days of 4 consecutive gains [2] - Jinfu Technology (003018) saw a 10.00% increase to 23.54 yuan, attributed to liquid cooling acquisitions and strong performance in bottle caps, with 5 days of 4 consecutive gains [2] - Jihua Group (603980) rose by 9.96% to 8.72 yuan, due to control changes and dye price increases, achieving 5 days of 4 consecutive gains [2] Top Gainers and Losers - International Composite Materials (301526) surged by 20.04% to 11.80 yuan, with a trading volume of 17.29 billion yuan and a net institutional buy of 539.86 million yuan [5][19] - GreenMe (002340) increased by 9.95% to 9.50 yuan, with a trading volume of 57.49 billion yuan and a net institutional buy of 90.88 million yuan [5][19] - Chinese Film (600977) fell by 9.55% to 18.76 yuan, with a trading volume of 34.92 billion yuan and a net institutional sell of 286 million yuan [6][15] - Yue Media (002181) dropped by 9.90% to 11.92 yuan, with a trading volume of 14.82 billion yuan and a net institutional sell of 379.5 million yuan [6][15] Sector Insights - The glass fiber sector is experiencing price increases due to tight supply, with major suppliers planning to increase production capacity significantly by 2028 [9] - GreenMe is expected to see a substantial increase in nickel metal shipments from its Indonesian project, with projected net profits for 2025 ranging from 1.429 to 1.735 billion yuan, reflecting a year-on-year growth of 40-70% [12] - The film and media sector, particularly Chinese Film, is facing a pullback after significant gains, with a cumulative increase of 23.66% year-to-date [15]

Market Overview - The trading volume of the Shanghai and Shenzhen stock markets fell below 2 trillion yuan, decreasing by 121.3 billion yuan compared to the previous trading day [1] - Sectors such as glass fiber, small metals, phosphorus chemicals, and fertilizers saw gains, while cultural media, AI corpus, tourism concepts, and cultivated diamonds experienced declines [1] Stock Performance - Notable gainers included: - Zhi Chuan Co., Ltd. (+10.01%, 14.83 yuan, 19.44% turnover) due to TMP price increase and lithium battery developments [2] - ST Zhongdi (+4.96%, 9.52 yuan, 0.13% turnover) driven by semiconductor interest and real estate [2] - ST Xuefa (+4.99%, 5.05 yuan, 0.12% turnover) linked to recovery in cultural tourism [2] - Jinfu Technology (+10.00%, 23.54 yuan, 32.82% turnover) due to acquisitions and performance expectations [2] - Jihua Group (+9.96%, 8.72 yuan, 22.98% turnover) related to control changes and dye price increases [2] Trading Dynamics - The top three net purchases on the daily leaderboard were International Composite Materials (425 million yuan), Green Beauty (411 million yuan), and Ju Jie Microfiber (157 million yuan) [5] - The top three net sales were Chinese Online (501 million yuan), China Film (286 million yuan), and Yue Media (229 million yuan) [6] Sector Insights - International Composite Materials is benefiting from rising glass fiber prices and increased demand for AI chips, with a projected price increase of 25% or more [8] - Green Beauty anticipates significant growth in nickel resource shipments and overall net profit increase of 40-70% [12] - China Film is facing a pullback after a strong performance, with a 16.71% increase over the past five trading days [15] Institutional Activity - Institutions showed significant net buying in stocks like Jie Cheng Co. (+4.73%, 8.85 yuan) and Green Beauty (+9.95%, 9.50 yuan) [7] - Conversely, institutions net sold stocks such as Xie Xin Integration and Giant Power Tools, indicating a shift in investment sentiment [8]

2月11日，沪深两市成交额跌破2万亿，较上一个交易日缩量1213亿。板块方面，玻璃玻纤、小金属、磷 化工、化肥等板块走高；文化传媒、AI语料及Sora概念、旅游概念、培育钻石等板块下挫。 | 代码 | 名称 | 涨幅 | 换手 涨停分析 现价 几天几板+ | | --- | --- | --- | --- | | 002455 | 百川股份 | +10.01% | 14.83 19.44% TMP涨价+锂电闭环+负极产 11天8板 | | 60990000 | ST中迪 | +4.96% | 9.52 0.13% 半导体的人来了+房地产+创 5连板 | | 002485 | ST雪发 | +4.99% | 5.05 0.12% 实控人宣判+文旅复苏+ST摘 6天4板 | | 003018 | 金富科技 | +10.00% | 23.54 32.82% 液冷收购+瓶盖龙头+业绩承 5天4板 | | 603980 | 吉华集团 | +9.96% | 8.72 22.98% 控制权变更+染料涨价+字树 5天4板 | | 600722 金牛化工 | | +10.00% | 10.34 18.99% 甲醇+风电+国企改 ...

本公司及董事会全体成员保证信息披露的内容真实、准确、完整， 没有虚假记载、误导性陈述或重大遗漏。 证券代码：002340 证券简称：格林美 公告编号：2026-017 格林美股份有限公司 关于终止全资下属公司增资扩股实施股权改组 暨关联交易的公告 公司分别于 2025 年 10 月 13 日召开第七届董事会第八次会议、2025 年 11 月 3 日召开 2025 年第五次临时股东会，审议通过了《关于全资下属公司增资扩 股实施股权改组暨关联交易的议案》，同意公司全资子公司格林美（江苏）钴业 股份有限公司、全资孙公司 NEW HORIZON INTERNATIONAL HOLDING LIMITED 和 Eternal Oasis Hong Kong Investment Limited（中文名：永恒绿洲香港 投资有限公司）、PT MERDEKA ENERGI UTAMA（上游镍矿合作伙伴）&PT BINTANG DELAPAN HARMONI（上游镍矿合作伙伴）、江苏蔚蓝锂芯集团股 份有限公司（下游合作伙伴）、LEE DONGCHE&LEE SUNGHWAN 以及 LEE YEANSOO（下游合作伙伴）&DAI ...