有色金属行业深度：有色行业一季度景气延续钨板块业绩弹性显著

正文目录业2026以业览 32026以行市表现 31.22025及2026Q1行业绩览 5铜块：2026Q1入利润速续行 贵属块营维高增升势利长2026Q1重速 15稀磁板：2026Q1稀土块绩比持增，材块润速缓 17钨块营增受于钨持上，润弹性速放 22投建议 24风提示 25图表目录图1有金行业2026年至累小下，对基有大负收益 3图22026Q1各级业申万涨幅比 3图32026Q2各级业申万涨幅比 3图42026年初今至2026年6月26）一级业申）跌对比 4图52026年来色行业阶涨前个股 5图62026年来色行业阶跌前个股 5图72025年/2026Q1有矿采业计收同比 6图82025年/2026Q1有冶炼加业计收同比 6图92025年及2026Q1色矿选累营利及同比 6图102025年及2026Q1色冶及工累营利润同比 6图色块市累计收同比 7图12有板上公单季营及比 7图13有板上公累计母利及比 7图14有板上公单季归净润同比 7图15有金板累毛利及利率 8图16有金板单度毛率净率 8图172015-2026Q1有属板资结变动 8图182015-2026Q1有属板经净金变动 8图192015-2026Q1有属板资支变动 8图202015年来色属板资支出折摊销 8表12026年来色行业板不阶市表现 4表2申有金二行业2025Q4及2026Q1收情（位亿） 10表3申有金二行业2025Q4及2026Q1母净润单：元） 10表4申有金二行业2025年及2026Q1利率况 表5申有金二行业2025年及2026Q1利率况 表62025Q4及2026Q1价变情况 12表72025Q4及2026Q1板块绩况 12表82025Q4及2026Q1板块利力资支情况 13表92025Q1-Q3铜块市公业及利力比 13表10铜块市司季度收业对比 14表2025及2026Q1金属块绩况 15表122025年及2026Q1金属块利力资支出况 16表132025年金板上市司绩盈能对比 16表14贵属块市司单度收业对比 17表152025年及2026Q1土板业情况 18表162025年及2026Q1材板业情况 18表172025年及2026Q1土板盈能及本出情况 19表182025年及2026Q1性材板盈能及本支情况 19表192025年土块市公业及利力比 20表20稀板上公单季营及绩比 20表212025年性料块上公业及利力对比 21表22磁材板上公司季营及绩比 21表232025年及2026Q1板块绩况 22表242025年及2026Q1板块利力资支情况 23表252025年板上公司绩盈能对比 23表26钨块市司季度收业对比 242026年以来业绩概览20262026Q1Q2截至2026年6月26（申万）-0.93%，相对沪深300-6.08pct2026（上涨3.66007.pc202Q2（下跌300-13.83pct2026年3（相对于沪深300年52026Q2板图1有色属行业2026年至今累计幅跌，对基有较的向收益 有色金属(有色金属(申万)沪深30030%20%10%0%-10%2026Q1及2026Q2及12。2026Q1有色金属行业涨幅3.66%，在申万一级行业中涨幅排第位。2026Q2122026年初至今有色行业累计下跌0.93%，在申万一级行业中排名第11位。图22026Q1各一行申万涨跌对比 图32026Q2各一行申万涨跌对比 20%10%0%-10%石油石化石油石化房地产计算机美容

100%0%轻工制造图42026年年初至今（截至2026年6月26日）各一级行业（申万）涨跌幅对比2026Q12026Q2202692.59%6.6和290.4.0%和16%2026Q1202680%30%20262026Q12026Q226。2026Q1海星翔（+120.8%，主、黄金板块（晓程科技（+95.69%，主业黄金销售、四川黄金（（+73.99%（2026Q2涨20264（T31（1山1（。图52026年以有色行业阶段幅十个股 图62026年以来有色金属行业分阶段跌幅前十个股20252026Q1行业业绩概览2026Q120254247.412.70%，较2025年前三季度增幅小幅回落1.5pct，较2024年全年增幅提升3.8pct；有色金属冶炼及加工业累计收入97733.9亿元，同比增长14%，较2025年前三季度增幅小幅回落0.6pct，较2024年全年增幅收窄2.1pct。2026Q1有色金属矿采选业累计收入1300.9亿元，同比增长39.4%，较2025年全年增幅大幅提升26.7pct；有色金属冶炼及加工业累计收入26916.9亿元，同比增长26.6%，较2025年全年增幅提升12.6pct。图72025年/2026Q1有矿采业累营及同比 图82025年/2026Q1有冶炼及加工累营收同比2025Q42026Q120251257.1，较2025，较2024提升3878.9长24.9%，较2025年前三季度增幅提升10.3pct，较20242026Q1514.6，较2025营业利润185.614.2025年全年增幅大幅提升9.6c。图92025年及2026Q1有色矿采选业累计营业利润及同比

图102025年及2026Q1有色冶炼及加工业累计营业利润同比 2025Q4。有色行业上市公司2025年实现营业收入4.011062052411pct和4.91pct；实现归母净利润2177.89亿元，同比增长37.8%，增幅较2025年前三季度及2024年全年变动分别为-3.1pct和+36.06pct。单季度看，2025Q4和2026Q1有色板块单季度营业收入分别为11717.01亿元和11588.58亿元，同比分别+13.53%和+31.54%，增速边际变化分别为-1.68pct和+18.01pct，尽管2025Q4增速有所下滑，但2026Q1再次大幅走高；单季度实现归母净利润分别为652.98亿元和949.84亿元，同比分别为+31.09%和+90.61%，增速边际变化分别为-19.14pct和+59.52pct，2025Q4利润增速走低主因同期环比基数较大，2026Q1利润增速延续走高趋势。图有色块上公累计收及比 图12有色块市公单季营收同比 图13有色块市公累计母净润同比 图14有色块市公单季归母利及同比 20252025业整体毛利率和净利率分别为13.36%和6.55%，同比分别提升2.25pct和1.45pct2025Q43.84pct至16.19%，但净利率受成本及费用影响小幅降0.01pct至6.69%；2026Q1行业毛利率提升0.26pct至16.45%3.19pct至9.88%。2025图15有色属块累毛利及净率 图16有色属块单度毛率及利率 2025Q420252026Q1行业长、短期借款规模较20252025Q42026Q1154.56%图172015-2026Q1有色属板资本构动 图182015-2026Q1有色属板经营现流变动图192015-2026Q1有色属板资本出动 图202015年以有属板资本出折旧摊销 150010000

资本支出(亿元) 同比-右

50%40%30%20%10%0%-10%-20%

2.402.202.001.801.601.401.201.00

资本支出/折旧和摊销2025Q4及2026Q12025Q42026Q12025+18.21%+14.54%和，与2024仍然以51.23%32.6和994+9.8%和+7.07%；增速边际变化方面小金属板块营收同比受环比基数影响大幅下滑2026Q1+696953.1，小金属、工业金属和金属新材料板块营收同比分别为+35.01%、+26.62%和+37.06pct、+27.94pct+16.82pct1.92pct和3.7pct。在利润端，2025年全年能源金属板块归母净利润改善最为明显，同比+2893.37%+58.52%+30.94%和5.24%。+466.61%382.43pct+46.78%+21.52%+15.88%，、-18.72pct和-33.41pct。2026Q1能源金属板块归母净利润增速依旧维持大幅改善态势，同比+378.85%，贵金属、小金属及工业金属板块归母净利润高增，同比分别为+109.88%、+86.47%和+75.32%，增速环比分别提升63.10pct、64.96pct和59.43c2568.87pct。表2申万有色金属二级子行业2025Q4及2026Q1营收情况（单位：亿元）指标期间SW金属新材料SW工业金属SW贵金属SW小金属SW能源金属2024938.2826,552.242,909.622,562.511,550.692024年同比2.68%8.09%23.55%-4.78%-26.21%20251,168.2229,890.254,038.703,144.641,833.142025同比11.14%6.95%38.81%14.54%18.21%2025边际变动8.46%-1.14%15.26%19.32%44.42%2025Q3305.837,304.001,110.95816.57485.532025Q3同比11.18%9.93%50.55%23.62%27.05%2025Q4323.119,000.171,045.23813.31535.182025Q4同比2025Q4边际变化2026Q1319.038,428.991,283.93922.63633.992026Q1同比2026Q1边际变化23.64%26.62%53.15%35.01%69.69%37.06%3.70%16.82%1.92%27.94%19.94%9.80%51.23%-16.55%32.63%8.75%-0.13% 0.68%5.58%表319.94%9.80%51.23%-16.55%32.63%8.75%-0.13% 0.68%5.58%指标期间SW金属新材料SW工业金属SW贵金属SW小金属SW能源金属202448.731,080.41122.85120.685.102024年同比0.88%30.49%48.24%-21.78%-97.88%202549.141,601.77194.41179.84152.732025同比-5.24%26.77%58.52%30.94%2893.37%2025同比变动-6.11%-3.72%10.28%52.71%2991.26%2025Q316.21400.4550.4347.5344.632025Q3同比14.59%49.29%58.76%40.23%84.19%2025Q42.91503.9647.1143.9555.052025Q4同比-70.92%15.88%46.78%21.52%466.61%2025Q4边际变化-85.51%-33.41%-11.98%-18.72%382.43%2026Q113.62667.2781.6278.78108.552026Q1同比2026Q1边际变化-2.05%75.32%109.88% 86.47%378.85%68.87%59.43% 63.10%64.96%-87.77%2025Q4及2026Q113.99%12.75%13.72%、14.83%和2024-1.58pct+2.71pct+0.77pct+1.23pct和金14.03%、15.82%14.56%17.55%和2025及能源金属板块净利率分别为4.29%、6.50%、5.76%、6.72%和10.19%，较2024-0.99pct、+1.52pct、+0.58pct、+0.97pct和+4.32pct表42025年及2026Q12025同 2025Q4 2026Q1 2026Q1指标 2024 2025 比变动 2024Q4 2025Q4 同比变动 2025Q1 2026Q1 同比变动 环比SW金属新材料15.57%13.99%-1.58%16.31%13.85%-2.46%13.59%14.03%0.44%0.18%SW工业金属10.03%12.75%2.71%9.63%15.89%6.26%11.27%15.82%4.56%-0.07%SW贵金属12.95%13.72%0.77%15.12%15.64%0.52%13.12%14.56%1.44%-1.08%SW小金属13.59%14.83%1.23%14.36%17.05%2.69%13.08%17.55%4.47%0.50%SW能源金属19.35%19.67%0.32%17.06%22.37%5.31%17.68%28.33%10.64%5.96%表52025年及2026Q12025同 2025Q4 2026Q1 2026Q1指标 2024 2025 比变动 2024Q4 2025Q4 同比变动 2025Q1 2026Q1 同比变动 环比SW金属新材料5.28%4.29%-0.99%3.93%1.00%-2.94%5.46%4.36%-1.10%3.36%SW工业金属4.98%6.50%1.52%4.48%6.82%2.34%6.29%9.66%3.36%2.83%SW贵金属5.18%5.76%0.58%5.49%5.27%-0.22%5.70%7.79%2.08%2.52%SW小金属5.74%6.72%0.97%5.91%6.28%0.37%6.65%9.68%3.04%3.40%SW能源金属5.87%10.19%4.32%-2.24%11.36%13.60%8.99%20.19%11.20%8.82%铜板块：2026Q1收入及利润增速持续上行2025Q3铜价持续大幅上涨支撑全年铜价中枢上移，2026Q1铜价高位震荡令同比增幅充分释放。2025年4月受关税冲突影响，铜价短期大幅下滑，但随后在贸易冲突逐步缓解，2025Q3至2026年1月受新能源需求拉动、国2026年2-3月PMI年LME8.16%、7.99%和2025Q4LME比分别上行11.79%、11.89%和12.66%，同比分别上涨18.06%、18.07%和19.02%；2026Q1LME12.90%、12.98%和16.20%，同比分别上涨30.04%、30.07%和36.99%。国内铜现货75,018.6881,141.44同比8.16%89,191.17同比18.06%环比11.79%100,700.36国内铜现货75,018.6881,141.44同比8.16%89,191.17同比18.06%环比11.79%100,700.36同比30.04%环比12.90%国内期货结算价74,932.4480,922.307.99%88,987.5018.07%11.89%100,540.3630.07%12.98%LME铜9,265.519,964.137.54%11,093.2719.02%12.66%12,890.6436.99%16.20%指标指标2024202520252025Q42025Q4 2025Q42026Q12026Q1 2026Q1（元/吨）（元/吨）（美元/吨）2025Q4及2026Q1202519329.77.14%20240.89pct较20252.13pct；2026Q15590.33202527.15pct年914.6143.87%，增速较2024升9.08pct，但较2025年前三季度下滑2.3pct；2026Q1润365.88202537pct2025925.55亿元，同比增长45.56%，增速较202420257.4pct；2026Q1338.8769.99%，增速较2025表72025Q4及2026Q1铜板块业绩情况指标2022202320242025Q1-320252026Q1营业收入（亿元)13001.6715054.6318182.6114249.6719329.75590.33YoY9.49%7.85%8.03%5.01%7.14%34.29%归母净利润（亿元)363.73389.71634.11690.05914.61365.88YoY13.42%1.80%34.79%46.17%43.87%80.87%扣非归母净利润（亿元)343.16370.85635.84653.66925.55338.87YoY13.08%6.15%47.16%38.16%45.56%69.99%2025Q4及2026Q12025年板块毛利率为11.61%，较2024年及20252.87pct和1.19pct；2026Q1率为13.8%，同比提升3.09pct。铜板块累计净利率2025Q4Q1255.83224155pc，但较2025年前三季度微降0.01pct；2026Q1板块净利率为8.1%2025Q42025Q4表82025Q4及2026Q1铜板块盈利能力及资本支出情况指标202320242025Q1-320252025Q12026Q1销售毛利率6.65%8.74%10.42%11.61%10.71%13.80%销售净利率3.24%4.28%5.84%5.83%5.78%8.10%销售费用率0.18%0.16%0.19%0.16%0.20%0.17%管理费用率1.19%1.17%1.18%1.37%1.24%1.20%财务费用率0.52%0.58%0.46%0.39%0.54%0.60%研发费用率0.43%0.40%0.42%0.42%0.41%0.32%期间费用率2.32%2.31%2.25%2.34%2.39%2.29%资本支出增速21.47%-19.93%-14.92%8.83%-24.94%144.20%2025+819（39.）+3.950252025净利润分别下降14.02%、50.43%和7.31%业绩增幅最大的三家公司分别为鹏欣资源（同比+33%、楚江新材（同比公司营业收入YoY归母净利润YoY扣非净利润YoY毛利率净利率+667+1.5公司营业收入YoY归母净利润YoY扣非净利润YoY毛利率净利率铜陵有色（亿元）1,728.2518.68%（亿元）24.15-14.02%（亿元）34.6131.44%7.86%2.04%北方铜业279.1615.80%7.9129.01%7.7830.37%10.28%2.83%云南铜业1,795.424.81%13.01-7.31%8.32-31.63%3.16%1.04%楚江新材605.7712.70%3.8366.71%3.4067.50%3.25%0.70%海亮股份833.10-4.84%9.4334.10%8.7139.05%3.68%1.19%精艺股份46.5323.95%-0.52-287.92%-0.57-392.04%2.45%-1.11%电工合金31.9823.34%1.6626.96%1.6731.31%10.79%5.29%江西铜业5,446.235.42%71.302.41%91.4811.30%4.40%1.37%鹏欣资源34.1181.94%2.25333.00%3.24303.50%23.80%6.64%西部矿业616.8723.31%36.4324.26%36.1823.00%19.57%9.97%白银有色854.58-1.53%-7.55-1034.84%-7.69-407.74%6.55%0.10%金田股份1,250.640.73%7.5256.16%4.6429.41%2.56%0.61%紫金矿业3,490.7914.96%517.7761.55%507.2460.05%27.73%18.28%众源新材110.4918.53%0.63-50.43%-0.74-185.62%1.18%0.56%金诚信138.9439.74%23.3947.66%23.2147.79%33.82%16.28%洛阳钼业2,066.84-2.98%203.3950.30%204.0755.56%23.93%11.63%单季度看：营收端，铜板块2026Q1增速最高的三家公司分别为铜陵有色（+3.5（82.62+53+8.2+1319）（+17.42061营收增速上行，仅紫金矿业和金诚信营收增速有所放缓。利润端，铜板块202Q1+32.（290.（105.（同比5101.79（同比8.39。表10公司2025Q1营业收入（亿元）2025Q2 2025Q3 2025Q42026Q12025Q1扣非归母净利润（亿元）2025Q2 2025Q3 2025Q42026Q1铜陵有色352.22408.58458.13509.32646.9911.412.913.1117.185.59北方铜业68.3859.7371.6279.43100.443.651.122.030.986.14云南铜业377.54511.59488.30417.99529.593.537.682.06-4.966.02楚江新材131.46156.58153.88163.85178.871.280.980.990.151.41海亮股份205.31240.03204.84182.93240.302.915.211.82-1.232.70精艺股份10.7913.0211.0011.7213.260.070.020.00-0.660.06电工合金7.147.178.639.0410.960.430.400.450.400.62江西铜业1,116.111,453.481,390.881,485.771,391.2424.7618.7319.1128.8831.26鹏欣资源15.3011.4514.55-7.199.801.090.370.751.031.14西部矿业165.42150.78168.23132.44187.247.8110.5310.667.1916.07白银有色180.95264.64280.84128.15195.82-0.680.570.09-7.671.37金田股份272.85320.08324.71332.99364.761.031.601.370.630.81紫金矿业789.28887.83864.89948.80984.9898.81117.43125.03165.97184.59众源新材21.9626.0729.2633.1937.91-0.130.01-0.11-0.510.25金诚信28.1135.0536.1739.6134.144.096.796.525.815.98洛阳钼业460.06487.67507.13611.98664.0339.2847.9658.1358.7074.86营业收入同比公司扣非归母净利润同比2025Q12025Q22025Q32025Q42026Q12025Q12025Q22025Q32025Q42026Q1铜陵有色7.65%5.33%31.65%29.56%83.59%3.72%-73.79%-35.77%31035%-51.01%北方铜业23.56%-13.77%24.14%35.15%46.89%63.06%-49.62%90.25%121.29%68.06%云南铜业19.71%-4.79%11.52%-1.08%49.62%-22.38%35.41%-53.29%-81.57%70.45%楚江新材21.77%11.66%8.46%11.13%36.07%73.13%146.35%175.01%-93.24%9.55%海亮股份-6.05%8.21%-14.96%-5.83%17.04%-0.33%57.89%223.08%-137.4%-7.37%精艺股份48.58%31.62%21.37%3.53%22.96%18.38%-77.60%-95.33%-1969%-8.39%电工合金29.67%5.49%43.08%19.07%53.60%23.65%26.44%111.04%-0.26%44.75%江西铜业-8.90%-1.65%14.09%19.45%25.39%37.08%-41.21%94.68%24.84%26.26%鹏欣资源156.54%54.79%-24.23%47.97%82.62%1058.3%150.78%192.40%1527.4%4.75%西部矿业50.74%7.67%43.20%-0.42%13.19%9.17%9.61%-2.22%296.73%105.82%白银有色-18.48%-12.94%70.72%-27.77%8.22%32.68%-50.60%102.65%-230.8%302.30%金田股份9.89%-3.13%-4.42%3.04%33.68%-7.27%1522.9%1326.2%-69.44%-21.79%紫金矿业5.55%17.38%8.14%29.54%24.79%58.76%27.51%50.37%108.89%86.81%众源新材26.50%12.75%12.61%24.13%72.60%-173.5%-96.89%-151.9%-464.3%290.96%金诚信42.49%52.39%34.07%33.28%21.45%51.56%99.95%36.11%20.53%46.15%洛阳钼业-0.25%-13.99%-2.36%5.02%44.34%87.82%35.71%98.63%28.54%90.58%贵金属板块：营收维持高增提升态势，利润增长2026Q1重加速2025Q4增速2025Q4边际走弱后在2026Q12025Q4板块实现累计营收4038.70亿元，同比增长38.81%，增速较2024年前三季度提升5.2pct和3.8pc2061贵金属板块实现营收183.93，较202514.34pct194.412024全年提升10.28pct，但较20254.16pct；2026Q181.62109.88%，较2025快51.36pct2025Q4实现累计扣非归母净利润206.2765.38%，增速较2241.6pc0250.7pc；2026Q1贵金属板块实现扣非归母净利润80.04亿元，同比增长87.22%，较2025年全年大幅加快21.84pct。板块收入及净利润大幅增长主要得益于金、银价格2025年下半年开始的持续大幅上涨及2026Q1价格保持相对高位。表112025年及2026Q1贵金属板块业绩情况指标2022202320242025Q1-320252026Q1营业收入（亿元)2916.232362.192909.622993.474038.71283.93YoY17.91%15.92%23.55%34.93%38.81%53.15%归母净利润（亿元)57.2481.92122.85147.3194.4181.62YoY34.04%35.31%48.24%62.68%58.52%109.88%扣非归母净利润（亿元)49.9680.78124.73153.16206.2780.04YoY47.46%46.78%51.42%66.13%65.38%87.22%2025年及2026Q120252024年及20250.77pct和板块毛利率为，同比提升1.51pct2025，较2024，较20251.86pct2025Q4铜板块累计期间费率受管理及财务费率下降影响较20252025Q42026Q1尽表122025年及2026Q1贵金属板块盈利能力及资本支出情况指标202320242025Q1-320252025Q12026Q1销售毛利率11.53%12.95%13.12%13.72%13.05%14.56%销售净利率4.05%5.18%5.70%5.76%5.93%7.79%销售费用率0.14%0.12%0.10%0.09%0.08%0.12%管理费用率2.89%2.62%2.24%2.18%2.08%1.62%财务费用率1.11%1.12%0.75%0.69%0.71%0.58%研发费用率0.76%0.79%0.59%0.65%0.45%0.34%期间费率4.90%4.65%3.68%3.61%3.32%2.66%资本支出增速59.40%78.91%-18.85%-17.91%-29.79%-1.11%对比2025年贵金属板块上市公司表现：从收入端看，板块所有上市公司2025金（+3.（+0.26）（+8.0从幅最（225.（224.）和湖（+1003公司营业收入YoY归母净利润YoY扣非净利润YoY公司营业收入YoY归母净利润YoY扣非净利润YoY毛利率净利率招金黄金（亿元）5.2758.13%（亿元）1.59224.66%（亿元）0.88190.74%40.18%39.47%山金国际170.9925.86%29.7236.75%30.3137.02%31.82%19.11%四川黄金10.2660.38%4.6687.69%4.7396.30%62.81%45.40%湖南黄金501.8180.26%14.8875.77%15.2775.52%6.15%3.01%恒邦股份1,123.9448.28%6.3815.55%7.6228.30%2.03%0.55%湖南白银124.4549.70%3.40100.38%3.29173.64%6.63%2.73%晓程科技6.3080.08%1.51225.26%0.91233.96%62.48%29.20%中金黄金790.7520.62%49.3445.71%57.7263.41%16.71%7.76%山东黄金1,042.8726.38%47.3960.57%49.9366.91%20.46%6.35%赤峰黄金126.3940.03%30.8274.70%30.5879.87%52.46%27.28%西部黄金135.6793.80%4.7286.09%5.0269.76%9.95%3.41%2026Q1速（316.（130.）（+82.20612026Q12026Q1（226.7+146.08比+97.0。表14公司2025Q1营业收入（亿元）2025Q2 2025Q3 2025Q42026Q12025Q1扣非归母净利润（亿元）2025Q2 2025Q3 2025Q42026Q1招金黄金0.980.981.441.871.79-0.030.160.370.370.59山金国际43.2149.2457.5021.0359.387.048.958.475.8614.51四川黄金2.082.343.462.384.810.991.151.600.992.65湖南黄金131.21153.15127.5889.87188.303.253.323.974.735.94恒邦股份189.59240.91333.94359.50328.692.821.221.881.700.83湖南白银18.9026.3840.6538.5131.980.260.250.941.851.56晓程科技0.911.271.602.521.580.100.250.260.300.45中金黄金148.59202.08189.09250.99225.8812.6816.8912.5615.5823.89山东黄金259.35308.30270.17205.04325.1610.3017.7911.3510.4814.63赤峰黄金24.0728.6533.7239.9435.544.886.249.1410.329.84西部黄金19.4230.8751.7933.5980.830.451.442.200.945.17公司2025Q12025Q2营业收入同比2025Q32025Q42026Q12025Q1扣非归母净利润同比2025Q2 2025Q3 2025Q42026Q1招金黄金95.79%100.80%157.00%4.82%82.79%90.39%170.36%250.50%277.68%2261.8%山金国际55.84%31.95%3.30%38.88%37.41%40.87%42.66%28.56%37.30%106.13%四川黄金9.71%13.97%161.19%111.90%130.79%29.23%80.35%236.31%86.50%167.96%湖南黄金67.83%109.32%117.91%31.21%43.51%104.57%18.41%71.93%136.66%82.60%恒邦股份-8.88%19.48%94.26%103.80%73.37%10.69%-58.49%128.07%424.58%-70.59%湖南白银19.01%50.63%98.68%31.56%69.17%154.45%-57.81%42.64%321.34%497.06%晓程科技24.77%116.46%52.03%122.96%74.46%26.29%1471.9%134.20%357.67%335.20%中金黄金12.88%31.49%7.97%28.64%52.01%71.13%81.58%32.65%70.54%88.43%山东黄金36.81%14.97%27.25%32.18%25.37%45.19%152.72%66.98%16.73%41.94%赤峰黄金29.85%22.31%66.39%42.50%47.65%138.58%43.55%129.01%55.93%101.57%西部黄金35.99%99.36%150.30%71.83%316.28%-6.28%265.77%158.53%-24.11%1046.1%26Q1磁材板块利润增速放缓2025Q4及2026Q1稀土板块营收增速先抑后扬，业绩同比维持高增。收入端来看，2025年稀土板块实现营收864.5亿元，同比增长11.92%，增速较2025年前三季度放缓6.31pct；2026Q1稀土板块实现营收211.62亿元，同比增长18.92%，增速较2025全年提升7pct。利润端来看，2025年稀土板块实现归母净利润50.36亿元，同比增长141.58%；实现扣非归母净利润48.09亿元，同比增长139.17%。2026Q1稀土板块尽管利润增长边际有所放缓，但仍然维持大幅改善趋势，其中实现归母净利润17.69亿元，同比增长105.88%；实现扣非归母净利润17.3亿元，同比增长113.65%。表152025年及2026Q1稀土板块业绩情况指标2022202320242025Q1-320252026Q1营业收入（亿元)806.68761.68599.61478.76864.5211.62YoY34.23%-6.08%-21.28%18.23%11.92%18.92%归母净利润（亿元)82.2533.256.2626.4950.3617.69YoY25.75%-61.25%-81.17%13363.66%141.58%105.88%扣非归母净利润（亿元)84.1929.736.4324.7848.0917.3YoY33.18%-64.69%-78.36%1766.48%139.17%113.65%2025Q4至2026Q1422.7620252.79pct；2026Q1105.0620256.91pct30.54亿元，同比增长56.65%25.9357.54%2026Q17.252025全年下滑42.59pct6.4531.04%表162025年及2026Q1磁材板块业绩情况指标2022202320242025Q1-320252026Q1营业收入（亿元)629.58371.75360.89300.9422.76105.06YoY47.66%-11.65%-3.46%6.51%9.30%16.21%归母净利润（亿元)54.319.5218.1323.6830.547.25YoY39.69%-45.61%-9.38%59.84%56.65%14.06%扣非归母净利润（亿元)50.8417.5115.1420.7125.936.45YoY54.53%-47.59%-15.37%65.32%57.54%31.04%2026Q12025，较2024年增加5.75pct；净利率为6.82%，较2024年增加4.8pct；2026Q113.74%和4.1pct和3.1pct2025058pct，2026Q1资本支出持续收缩，2025年板块资本支出同比下降15.49%，2026Q1资本支出降幅进一步扩大至23.68%，行业供给约束持续增强。表172025年及2026Q1稀土板块盈利能力及资本支出情况指标202320242025Q1-320252025Q12026Q1销售毛利率9.50%7.70%10.72%13.45%9.64%13.74%销售净利率4.82%2.02%6.74%6.82%5.98%9.08%销售费用率0.15%0.20%0.18%0.19%0.18%0.16%管理费用率1.93%2.53%2.19%3.07%2.44%2.55%财务费用率0.37%0.55%0.56%0.70%0.58%0.61%研发费用率0.44%0.68%0.58%0.58%0.46%0.34%期间费率2.89%3.96%3.51%4.54%3.66%3.66%资本支出增速-11.57%29.68%-3.85%-15.49%54.86%-23.68%2026Q1年磁性材料板块毛利率为19.03%，同比提升2.18pct2.31pct；2026Q120.28%，同比增加3.15pct；净利率为6.95%0.18pct。20252026Q12026Q1表182025年及2026Q1磁性材料板块盈利能力及资本支出情况指标202320242025Q1-320252025Q12026Q1销售毛利率16.62%16.85%19.03%19.03%17.13%20.28%销售净利率5.49%5.02%7.97%7.33%7.13%6.95%销售费用率1.66%1.77%1.58%1.61%1.78%1.53%管理费用率3.96%4.10%3.82%3.91%4.00%3.83%财务费用率-0.21%-0.19%-0.22%0.03%-0.56%1.70%研发费用率4.58%4.64%5.12%5.22%5.15%5.19%期间费率9.99%10.32%10.30%10.77%10.37%12.25%资本支出增速-10.50%-7.83%1.56%-0.25%2.19%-16.07%2025下降53.8%202531.83%和2025公司营业收入YoY归母净利润YoY扣非净利润YoY公司营业收入YoY归母净利润YoY扣非净利润YoY毛利率净利率中国稀土（亿元）31.825.11%（亿元）1.73160.15%（亿元）1.60210.57%16.65%5.73%北方稀土425.6329.11%22.51124.17%20.56128.10%12.21%6.72%广晟有色58.20-53.80%1.28142.73%1.59151.01%6.20%1.52%盛和资源149.9131.83%8.39304.94%8.13310.31%10.66%5.71%2026Q1+27.（13.0和（+12.92026Q1润端，稀土板块2026Q1公司2025Q1营业收入（亿元）2025Q2 2025Q3 2025Q42026Q12025Q1扣非归母净利润（亿元）2025Q2 2025Q3 2025Q42026Q1283.88%108.81%公司2025Q1营业收入（亿元）2025Q2 2025Q3 2025Q42026Q12025Q1扣非归母净利润（亿元）2025Q2 2025Q3 2025Q42026Q1中国稀土7.2811.476.196.888.210.660.880.30-0.241.38北方稀土92.8795.79114.25122.72118.594.354.624.666.948.83广晟有色15.0611.7119.5711.8615.350.450.470.660.011.73盛和资源29.9231.8742.7745.3533.831.661.98 4.10 0.403.26公司2025Q12025Q2营业收入同比2025Q32025Q42026Q12025Q1扣非归母净利润同比2025Q2 2025Q3 2025Q42026Q1中国稀土141.32%34.48%-22.40%-36.00%12.79%-149.88%-27.44%-134.8%108.81%北方稀土61.19%32.53%33.32%7.58%27.69%11623%3782%85.91%9.19%103.21%广晟有色-14.05%-65.35%-45.76%-69.25%1.90%114.78%3365.2%240.56%105.38%283.88%盛和资源3.66%24.88%52.59%44.90%13.07%175.37%32.51%166.31%-65.52%96.66%：从收入端看，板块内仅32025（9.466.41分别下跌和1.63%+355（26.9大地熊（同比+4.7%。从扣非净利润看，业绩增幅最大的三家公司分别为中科三环（同比+51.0%、正海磁材（同比+3093%）和大地熊（同比+27.7。公司营业收入YoY归母净利润YoY扣非净利润YoY公司营业收入YoY归母净利润YoY扣非净利润YoY毛利率净利率英洛华（亿元）38.84-3.11%（亿元）2.500.93%（亿元）1.83-14.07%20.13%6.53%中科三环66.41-1.63%0.91660.50%0.61451.03%10.78%1.72%银河磁体8.587.38%1.7820.75%1.7319.63%35.16%20.72%正海磁材70.3126.93%3.07232.85%2.77360.93%13.05%4.38%金力永磁77.1814.11%7.06142.44%6.20264.00%21.18%9.42%铂科新材18.028.38%4.1811.29%4.0811.35%42.06%23.64%龙磁科技12.8910.18%1.6851.71%0.92-6.76%29.42%12.40%中科磁业7.4135.53%0.33100.37%0.2691.66%14.61%4.29%新莱福9.7710.27%1.38-4.79%1.24-9.21%34.99%13.97%英思特14.4421.89%1.32-25.80%1.11-28.98%24.50%9.10%宁波韵升54.648.39%3.31247.95%2.79185.27%17.81%6.07%天和磁材23.45-9.47%1.6118.43%1.341.21%14.10%6.87%大地熊16.4524.73%0.5780.10%0.26273.71%16.79%3.45%悦安新材4.384.73%0.8317.82%0.7918.75%39.73%18.95%2026Q1营收下降（33.（33.（32.。2026Q12061+73.2、（+2138（+126。表22公司2025Q1营业收入（亿元）2025Q2 2025Q3 2025Q42026Q12025Q1扣非归母净利润（亿元）2025Q2 2025Q3 2025Q42026Q1英洛华8.408.949.9311.579.810.570.570.460.230.53中科三环14.6114.6119.2817.9116.770.070.250.32-0.030.08银河磁体1.792.102.242.442.400.380.430.600.310.53正海磁材14.5915.9919.1620.5813.650.630.361.080.700.43金力永磁17.5417.5318.6623.4520.361.061.281.961.901.76铂科新材3.834.774.405.014.900.721.161.011.200.87龙磁科技2.573.353.463.523.350.250.510.42-0.260.25中科磁业1.541.932.051.891.940.110.060.11-0.020.05新莱福2.072.442.582.682.740.270.340.350.280.37英思特2.633.294.354.173.070.330.310.430.04-0.15宁波韵升11.2212.2715.6115.5414.980.120.761.620.280.99天和磁材5.254.156.707.345.940.200.150.650.330.45大地熊3.413.854.604.594.050.030.060.130.050.09悦安新材0.961.071.171.171.110.160.19 0.22 0.210.18公司2025Q12025Q2营业收入同比2025Q32025Q42026Q12025Q1扣非归母净利润同比2025Q2 2025Q3 2025Q42026Q1英洛华-6.17%-21.46%0.07%17.72%16.87%-9.63%-21.59%-20.59%18.20%-7.04%中科三环-11.58%-10.75%13.90%1.23%14.79%106.56%24.96%23.57%-106.7%17.19%银河磁体-3.66%-0.56%16.34%16.99%33.61%-2.62%13.46%73.53%-3.73%39.24%正海磁材24.38%17.02%50.76%19.00%-6.45%-5.92%213.73%119.96%380.49%-32.32%金力永磁14.19%-3.97%12.91%34.04%16.05%331.10%1256.7%254.98%134.08%65.95%铂科新材14.40%3.54%2.18%14.98%27.73%6.20%3.75%-0.06%38.62%21.10%龙磁科技1.20%10.69%21.30%6.96%30.43%3.23%61.51%33.25%-336.1%-1.99%中科磁业35.09%41.27%51.13%17.82%25.65%589.93%164.89%143.23%-128.4%-55.28%新莱福8.59%8.00%9.47%14.64%32.89%-19.79%-7.35%12.56%-19.92%36.24%英思特11.42%32.82%19.03%24.28%16.69%69.25%10.90%-44.69%-87.08%-144.9%宁波韵升9.36%-4.17%15.90%11.97%33.53%280.03%63.09%621.23%-20.82%703.22%天和磁材-5.75%-41.54%0.04%12.49%13.12%--70.79%23.11%126.20%大地熊14.60%12.37%38.55%32.40%18.83%