智通財經獲悉，中國銀河證券發(fa)布研報(bao)稱，我(wo)國有(you)色金(jin)屬行業(ye)(ye)(ye)(ye)“十五五”規劃有(you)望(wang)堅定不移，因勢(shi)利(li)導，繼續圍繞資源(yuan)(yuan)保(bao)障(zhang)、技術(shu)創新(xin)、綠色轉型、產(chan)業(ye)(ye)(ye)(ye)升(sheng)(sheng)級(ji)等(deng)核(he)心領域展開。建議(yi)關(guan)(guan)(guan)注(zhu)1)：提升(sheng)(sheng)礦(kuang)(kuang)產(chan)資源(yuan)(yuan)保(bao)障(zhang)能(neng)力(li)(li)、維持產(chan)業(ye)(ye)(ye)(ye)鏈供應鏈安全要(yao)求(qiu)下，建議(yi)關(guan)(guan)(guan)注(zhu)受(shou)關(guan)(guan)(guan)鍵(jian)礦(kuang)(kuang)產(chan)資源(yuan)(yuan)加(jia)快開發(fa)利(li)好(hao)的(de)企(qi)業(ye)(ye)(ye)(ye);2)我(wo)國有(you)色金(jin)屬行業(ye)(ye)(ye)(ye)高(gao)質量發(fa)展，產(chan)業(ye)(ye)(ye)(ye)化(hua)升(sheng)(sheng)級(ji)，先進材料重點突(tu)破，新(xin)材料產(chan)業(ye)(ye)(ye)(ye)化(hua)發(fa)展加(jia)快要(yao)求(qiu)下，建議(yi)關(guan)(guan)(guan)注(zhu)數字經濟AI算力(li)(li)突(tu)破利(li)好(hao)芯(xin)片電感軟磁(ci)金(jin)屬粉末材料需求(qiu)提升(sheng)(sheng)的(de)企(qi)業(ye)(ye)(ye)(ye)，新(xin)能(neng)源(yuan)(yuan)汽車固(gu)態電池(chi)開啟產(chan)業(ye)(ye)(ye)(ye)化(hua)利(li)好(hao)產(chan)業(ye)(ye)(ye)(ye)鏈上游關(guan)(guan)(guan)鍵(jian)增(zeng)量硫化(hua)鋰、金(jin)屬鋰新(xin)材料中具(ju)備卡位(wei)優勢(shi)的(de)企(qi)業(ye)(ye)(ye)(ye)。
中國銀河證(zheng)券主要觀(guan)點如(ru)下：
加(jia)強(qiang)戰略性礦產資源(yuan)開發，夯實(shi)國家(jia)資源(yuan)安全基礎保障
有(you)(you)色金(jin)(jin)屬(shu)(shu)(shu)行業(ye)(ye)(ye)在(zai)產(chan)(chan)(chan)(chan)業(ye)(ye)(ye)鏈(lian)(lian)(lian)(lian)中處于國(guo)(guo)(guo)民經(jing)濟(ji)的(de)(de)(de)上游(you)，金(jin)(jin)屬(shu)(shu)(shu)礦(kuang)(kuang)產(chan)(chan)(chan)(chan)資(zi)(zi)(zi)(zi)源(yuan)(yuan)(yuan)(yuan)為(wei)制(zhi)造(zao)業(ye)(ye)(ye)供(gong)應(ying)(ying)關鍵(jian)原材料(liao)，是穩定國(guo)(guo)(guo)民經(jing)濟(ji)運(yun)行的(de)(de)(de)基(ji)礎產(chan)(chan)(chan)(chan)業(ye)(ye)(ye)。有(you)(you)色金(jin)(jin)屬(shu)(shu)(shu)產(chan)(chan)(chan)(chan)業(ye)(ye)(ye)不僅(jin)為(wei)國(guo)(guo)(guo)民經(jing)濟(ji)的(de)(de)(de)發展提(ti)(ti)供(gong)必要(yao)(yao)(yao)的(de)(de)(de)支撐，且關系(xi)到我國(guo)(guo)(guo)經(jing)濟(ji)的(de)(de)(de)獨立性與安(an)(an)(an)全(quan)(quan)保(bao)障(zhang)。在(zai)我國(guo)(guo)(guo)有(you)(you)色金(jin)(jin)屬(shu)(shu)(shu)行業(ye)(ye)(ye)“十三(san)五(wu)(wu)(wu)(wu)(wu)”規劃(hua)中提(ti)(ti)出(chu)了圍繞銅、鋁、鎳(nie)等緊缺礦(kuang)(kuang)產(chan)(chan)(chan)(chan)以及金(jin)(jin)銀等貴金(jin)(jin)屬(shu)(shu)(shu)礦(kuang)(kuang)要(yao)(yao)(yao)提(ti)(ti)高資(zi)(zi)(zi)(zi)源(yuan)(yuan)(yuan)(yuan)供(gong)給(gei)能(neng)(neng)力(li)(li);在(zai)“十四五(wu)(wu)(wu)(wu)(wu)”規劃(hua)中繼續提(ti)(ti)出(chu)提(ti)(ti)高資(zi)(zi)(zi)(zi)源(yuan)(yuan)(yuan)(yuan)保(bao)障(zhang)能(neng)(neng)力(li)(li)，強化國(guo)(guo)(guo)內礦(kuang)(kuang)產(chan)(chan)(chan)(chan)資(zi)(zi)(zi)(zi)源(yuan)(yuan)(yuan)(yuan)“壓艙石”作用和(he)(he)(he)基(ji)礎保(bao)障(zhang)力(li)(li)的(de)(de)(de)重(zhong)要(yao)(yao)(yao)性，明(ming)確組織實施戰略(lve)資(zi)(zi)(zi)(zi)源(yuan)(yuan)(yuan)(yuan)安(an)(an)(an)全(quan)(quan)保(bao)障(zhang)工程(cheng)具(ju)體(ti)內容。而在(zai)“十四五(wu)(wu)(wu)(wu)(wu)”期間(jian)，有(you)(you)色金(jin)(jin)屬(shu)(shu)(shu)行業(ye)(ye)(ye)資(zi)(zi)(zi)(zi)源(yuan)(yuan)(yuan)(yuan)保(bao)障(zhang)的(de)(de)(de)戰略(lve)意義在(zai)持續提(ti)(ti)升(sheng)：2022年黨的(de)(de)(de)二十大(da)報(bao)告首次將(jiang)(jiang)(jiang)確保(bao)資(zi)(zi)(zi)(zi)源(yuan)(yuan)(yuan)(yuan)安(an)(an)(an)全(quan)(quan)納入維護(hu)(hu)國(guo)(guo)(guo)家安(an)(an)(an)全(quan)(quan)能(neng)(neng)力(li)(li)的(de)(de)(de)重(zhong)要(yao)(yao)(yao)內容;2024年黨第二十屆三(san)中全(quan)(quan)會(hui)指出(chu)要(yao)(yao)(yao)健全(quan)(quan)提(ti)(ti)升(sheng)產(chan)(chan)(chan)(chan)業(ye)(ye)(ye)鏈(lian)(lian)(lian)(lian)供(gong)應(ying)(ying)鏈(lian)(lian)(lian)(lian)韌性和(he)(he)(he)安(an)(an)(an)全(quan)(quan)水平(ping)制(zhi)度，完善戰略(lve)性礦(kuang)(kuang)產(chan)(chan)(chan)(chan)資(zi)(zi)(zi)(zi)源(yuan)(yuan)(yuan)(yuan)探(tan)產(chan)(chan)(chan)(chan)供(gong)儲銷統籌和(he)(he)(he)銜接體(ti)系(xi);2024年底《中華人民共和(he)(he)(he)國(guo)(guo)(guo)礦(kuang)(kuang)產(chan)(chan)(chan)(chan)資(zi)(zi)(zi)(zi)源(yuan)(yuan)(yuan)(yuan)法(fa)(修(xiu)訂草案)》將(jiang)(jiang)(jiang)保(bao)障(zhang)國(guo)(guo)(guo)家礦(kuang)(kuang)產(chan)(chan)(chan)(chan)資(zi)(zi)(zi)(zi)源(yuan)(yuan)(yuan)(yuan)安(an)(an)(an)全(quan)(quan)作為(wei)重(zhong)中之重(zhong)，從(cong)法(fa)律上構建了全(quan)(quan)面系(xi)統的(de)(de)(de)礦(kuang)(kuang)產(chan)(chan)(chan)(chan)資(zi)(zi)(zi)(zi)源(yuan)(yuan)(yuan)(yuan)安(an)(an)(an)全(quan)(quan)保(bao)障(zhang)體(ti)系(xi)。“十五(wu)(wu)(wu)(wu)(wu)五(wu)(wu)(wu)(wu)(wu)”國(guo)(guo)(guo)際形勢演(yan)變深刻，我國(guo)(guo)(guo)發展環境面臨復(fu)雜變化，我國(guo)(guo)(guo)重(zhong)要(yao)(yao)(yao)礦(kuang)(kuang)產(chan)(chan)(chan)(chan)資(zi)(zi)(zi)(zi)源(yuan)(yuan)(yuan)(yuan)對外依(yi)存的(de)(de)(de)風險加(jia)大(da)，加(jia)強維護(hu)(hu)國(guo)(guo)(guo)家能(neng)(neng)源(yuan)(yuan)(yuan)(yuan)資(zi)(zi)(zi)(zi)源(yuan)(yuan)(yuan)(yuan)安(an)(an)(an)全(quan)(quan)，保(bao)障(zhang)我國(guo)(guo)(guo)重(zhong)要(yao)(yao)(yao)制(zhi)造(zao)業(ye)(ye)(ye)產(chan)(chan)(chan)(chan)業(ye)(ye)(ye)鏈(lian)(lian)(lian)(lian)供(gong)應(ying)(ying)鏈(lian)(lian)(lian)(lian)安(an)(an)(an)全(quan)(quan)將(jiang)(jiang)(jiang)變得(de)愈(yu)發重(zhong)要(yao)(yao)(yao)。本次《“十五(wu)(wu)(wu)(wu)(wu)五(wu)(wu)(wu)(wu)(wu)”規劃(hua)》建議稿中明(ming)確提(ti)(ti)出(chu)要(yao)(yao)(yao)夯實國(guo)(guo)(guo)家安(an)(an)(an)全(quan)(quan)基(ji)礎保(bao)障(zhang)，確保(bao)糧食、能(neng)(neng)源(yuan)(yuan)(yuan)(yuan)資(zi)(zi)(zi)(zi)源(yuan)(yuan)(yuan)(yuan)、重(zhong)要(yao)(yao)(yao)產(chan)(chan)(chan)(chan)業(ye)(ye)(ye)鏈(lian)(lian)(lian)(lian)供(gong)應(ying)(ying)鏈(lian)(lian)(lian)(lian)、重(zhong)大(da)基(ji)礎設施安(an)(an)(an)全(quan)(quan)，加(jia)強戰略(lve)性礦(kuang)(kuang)產(chan)(chan)(chan)(chan)資(zi)(zi)(zi)(zi)源(yuan)(yuan)(yuan)(yuan)勘探(tan)開發和(he)(he)(he)儲備，提(ti)(ti)升(sheng)我國(guo)(guo)(guo)產(chan)(chan)(chan)(chan)業(ye)(ye)(ye)鏈(lian)(lian)(lian)(lian)自(zi)主可控水平(ping)。在(zai)國(guo)(guo)(guo)家高層政(zheng)策與法(fa)律法(fa)規的(de)(de)(de)頂層設計下，提(ti)(ti)高礦(kuang)(kuang)產(chan)(chan)(chan)(chan)資(zi)(zi)(zi)(zi)源(yuan)(yuan)(yuan)(yuan)保(bao)障(zhang)能(neng)(neng)力(li)(li)與維護(hu)(hu)產(chan)(chan)(chan)(chan)業(ye)(ye)(ye)鏈(lian)(lian)(lian)(lian)供(gong)應(ying)(ying)鏈(lian)(lian)(lian)(lian)安(an)(an)(an)全(quan)(quan)將(jiang)(jiang)(jiang)成(cheng)為(wei)“十五(wu)(wu)(wu)(wu)(wu)五(wu)(wu)(wu)(wu)(wu)”期間(jian)我國(guo)(guo)(guo)有(you)(you)色金(jin)(jin)屬(shu)(shu)(shu)行業(ye)(ye)(ye)發展的(de)(de)(de)最(zui)主要(yao)(yao)(yao)目(mu)標(biao)，銅、鋁、鋰、鎳(nie)、鈷、錫等對保(bao)障(zhang)我國(guo)(guo)(guo)資(zi)(zi)(zi)(zi)源(yuan)(yuan)(yuan)(yuan)與產(chan)(chan)(chan)(chan)業(ye)(ye)(ye)鏈(lian)(lian)(lian)(lian)供(gong)應(ying)(ying)鏈(lian)(lian)(lian)(lian)安(an)(an)(an)全(quan)(quan)的(de)(de)(de)關鍵(jian)礦(kuang)(kuang)產(chan)(chan)(chan)(chan)資(zi)(zi)(zi)(zi)源(yuan)(yuan)(yuan)(yuan)將(jiang)(jiang)(jiang)得(de)到政(zheng)策支持加(jia)快開發。
產業(ye)升級(ji)強化新材料科(ke)技創新，提升有效供給能力引領(ling)行業(ye)高質量發展
技(ji)術(shu)創新(xin)(xin)(xin)一直以(yi)來是有色(se)金(jin)(jin)屬(shu)行(xing)業(ye)(ye)(ye)產(chan)(chan)(chan)業(ye)(ye)(ye)升級、高質(zhi)量(liang)發(fa)(fa)(fa)展(zhan)(zhan)的(de)(de)(de)核心驅動力。在我國(guo)(guo)“十(shi)(shi)三五(wu)(wu)”規(gui)劃中(zhong)堅持把(ba)創新(xin)(xin)(xin)作(zuo)為引領發(fa)(fa)(fa)展(zhan)(zhan)的(de)(de)(de)第一動力，明確提(ti)出(chu)(chu)要(yao)大(da)力發(fa)(fa)(fa)展(zhan)(zhan)高端(duan)材(cai)(cai)(cai)(cai)料(liao)(liao)(liao)(liao)(liao)(liao)(liao)(liao)，發(fa)(fa)(fa)展(zhan)(zhan)高性能輕(qing)合(he)金(jin)(jin)材(cai)(cai)(cai)(cai)料(liao)(liao)(liao)(liao)(liao)(liao)(liao)(liao)、有色(se)金(jin)(jin)屬(shu)電子材(cai)(cai)(cai)(cai)料(liao)(liao)(liao)(liao)(liao)(liao)(liao)(liao)、新(xin)(xin)(xin)能源材(cai)(cai)(cai)(cai)料(liao)(liao)(liao)(liao)(liao)(liao)(liao)(liao)及稀有金(jin)(jin)屬(shu)深(shen)加工材(cai)(cai)(cai)(cai)料(liao)(liao)(liao)(liao)(liao)(liao)(liao)(liao)等(deng)(deng)方向，目標基本滿足高端(duan)裝備、新(xin)(xin)(xin)一代信(xin)息(xi)技(ji)術(shu)等(deng)(deng)需(xu)求(qiu)。“十(shi)(shi)四五(wu)(wu)”規(gui)劃要(yao)求(qiu)促進產(chan)(chan)(chan)業(ye)(ye)(ye)供給高端(duan)化(hua)，突(tu)破關(guan)鍵(jian)材(cai)(cai)(cai)(cai)料(liao)(liao)(liao)(liao)(liao)(liao)(liao)(liao)，特別(bie)提(ti)到“高強(qiang)鋁合(he)金(jin)(jin)、稀有稀貴金(jin)(jin)屬(shu)材(cai)(cai)(cai)(cai)料(liao)(liao)(liao)(liao)(liao)(liao)(liao)(liao)”等(deng)(deng)，明確了突(tu)破重(zhong)(zhong)點(dian)品種(攻(gong)(gong)(gong)克高溫合(he)金(jin)(jin)、航空輕(qing)合(he)金(jin)(jin)材(cai)(cai)(cai)(cai)料(liao)(liao)(liao)(liao)(liao)(liao)(liao)(liao)、超(chao)高純稀土金(jin)(jin)屬(shu)及化(hua)合(he)物等(deng)(deng))、提(ti)升公共平臺(稀有金(jin)(jin)屬(shu)、粉末冶金(jin)(jin)等(deng)(deng))等(deng)(deng)具體(ti)(ti)任務。而在《“十(shi)(shi)五(wu)(wu)五(wu)(wu)”規(gui)劃》建議稿中(zhong)明確提(ti)出(chu)(chu)要(yao)培(pei)育壯(zhuang)大(da)新(xin)(xin)(xin)興產(chan)(chan)(chan)業(ye)(ye)(ye)和(he)(he)(he)未(wei)來產(chan)(chan)(chan)業(ye)(ye)(ye)，加快新(xin)(xin)(xin)材(cai)(cai)(cai)(cai)料(liao)(liao)(liao)(liao)(liao)(liao)(liao)(liao)等(deng)(deng)戰略性新(xin)(xin)(xin)興產(chan)(chan)(chan)業(ye)(ye)(ye)集群發(fa)(fa)(fa)展(zhan)(zhan);加強(qiang)原(yuan)始創新(xin)(xin)(xin)和(he)(he)(he)關(guan)鍵(jian)核心技(ji)術(shu)攻(gong)(gong)(gong)關(guan)，全鏈條推(tui)動先進材(cai)(cai)(cai)(cai)料(liao)(liao)(liao)(liao)(liao)(liao)(liao)(liao)等(deng)(deng)重(zhong)(zhong)點(dian)領域關(guan)鍵(jian)核心技(ji)術(shu)攻(gong)(gong)(gong)關(guan)取得決(jue)定性突(tu)破，以(yi)推(tui)動重(zhong)(zhong)點(dian)產(chan)(chan)(chan)業(ye)(ye)(ye)提(ti)質(zhi)升級，鞏固(gu)提(ti)升礦(kuang)業(ye)(ye)(ye)等(deng)(deng)產(chan)(chan)(chan)業(ye)(ye)(ye)在全球產(chan)(chan)(chan)業(ye)(ye)(ye)分工中(zhong)的(de)(de)(de)地(di)位和(he)(he)(he)競爭力。“十(shi)(shi)五(wu)(wu)五(wu)(wu)”期間我國(guo)(guo)有色(se)金(jin)(jin)屬(shu)行(xing)業(ye)(ye)(ye)發(fa)(fa)(fa)展(zhan)(zhan)實(shi)現先進材(cai)(cai)(cai)(cai)料(liao)(liao)(liao)(liao)(liao)(liao)(liao)(liao)的(de)(de)(de)突(tu)破，構建自主可控、安(an)全可靠的(de)(de)(de)新(xin)(xin)(xin)材(cai)(cai)(cai)(cai)料(liao)(liao)(liao)(liao)(liao)(liao)(liao)(liao)產(chan)(chan)(chan)業(ye)(ye)(ye)體(ti)(ti)系，是推(tui)動我國(guo)(guo)從“材(cai)(cai)(cai)(cai)料(liao)(liao)(liao)(liao)(liao)(liao)(liao)(liao)大(da)國(guo)(guo)”向“材(cai)(cai)(cai)(cai)料(liao)(liao)(liao)(liao)(liao)(liao)(liao)(liao)強(qiang)國(guo)(guo)”戰略轉型，配額我國(guo)(guo)科技(ji)創新(xin)(xin)(xin)產(chan)(chan)(chan)業(ye)(ye)(ye)整體(ti)(ti)效能顯著(zhu)提(ti)升戰略，引領行(xing)業(ye)(ye)(ye)高質(zhi)量(liang)發(fa)(fa)(fa)展(zhan)(zhan)的(de)(de)(de)關(guan)鍵(jian)。圍繞新(xin)(xin)(xin)一代信(xin)息(xi)技(ji)術(shu)、新(xin)(xin)(xin)能源汽(qi)車(che)、航空航天(tian)、深(shen)海(hai)經濟等(deng)(deng)重(zhong)(zhong)點(dian)產(chan)(chan)(chan)業(ye)(ye)(ye)鏈需(xu)求(qiu)，AI芯片、光(guang)模塊產(chan)(chan)(chan)業(ye)(ye)(ye)鏈上游金(jin)(jin)屬(shu)軟磁(ci)芯粉、粉末，固(gu)態電池用(yong)硫化(hua)鋰電解質(zhi)與金(jin)(jin)屬(shu)鋰負極(ji)，人(ren)形機器人(ren)輕(qing)量(liang)化(hua)鋁合(he)金(jin)(jin)及鎂(mei)合(he)金(jin)(jin)結(jie)構材(cai)(cai)(cai)(cai)料(liao)(liao)(liao)(liao)(liao)(liao)(liao)(liao)，深(shen)海(hai)與航空航天(tian)高端(duan)裝備鈦合(he)金(jin)(jin)材(cai)(cai)(cai)(cai)料(liao)(liao)(liao)(liao)(liao)(liao)(liao)(liao)等(deng)(deng)新(xin)(xin)(xin)材(cai)(cai)(cai)(cai)料(liao)(liao)(liao)(liao)(liao)(liao)(liao)(liao)有望在“十(shi)(shi)五(wu)(wu)五(wu)(wu)”期間得到重(zhong)(zhong)要(yao)攻(gong)(gong)(gong)克與發(fa)(fa)(fa)展(zhan)(zhan)應用(yong)。