Core Viewpoint - The announcement by Lynas Corporation regarding the commercial production of dysprosium in May 2025 is perceived as a significant step towards reducing dependence on Chinese rare earths, but the reality reveals a substantial gap in production scale and cost efficiency compared to China [1][3][5]. Production Capacity Discrepancy - Lynas plans to produce 1,500 tons of dysprosium annually, while China's production consistently ranges from 10,000 to 15,000 tons [5][13]. - The export price of Chinese dysprosium is approximately $4 to $7 per kilogram, whereas Lynas's cost is between $10 to $15 per kilogram, highlighting a significant cost disparity [5][7]. Technological and Operational Challenges - Lynas's production capabilities are still at a laboratory level, leading to higher costs and inefficiencies compared to China's well-established industrial processes [7][9]. - The lack of a complete production chain and low efficiency in Lynas's operations raises doubts about its ability to compete effectively in the market [9][11]. Equipment Export Restrictions - Since 2023, China has ceased exporting critical equipment and technology for rare earth separation and magnet production, creating a significant barrier for Western companies attempting to develop their own capabilities [15][17]. - The "0.1% long-arm jurisdiction" rule implemented by China further restricts Western access to technology, as any product containing even a small percentage of Chinese rare earths is subject to export controls [17][19]. Dependency on Chinese Supply - The U.S. and other Western nations are heavily reliant on Chinese rare earths, with 17 out of 50 critical rare earth elements being highly dependent on Chinese supply [19][21]. - The inability to source essential materials for advanced manufacturing, such as the F-35 fighter jet, underscores the critical nature of this dependency [26][28]. Historical Context and Future Outlook - Historical shifts in rare earth production, such as Japan's transition to China due to high environmental costs, illustrate the challenges Western nations face in attempting to rebuild their own supply chains [31][33]. - Lynas's current production levels are insufficient to meet the demands of global high-end manufacturing, indicating that the Western push for self-sufficiency in rare earths is overly optimistic [13][35]. Conclusion - The perceived breakthroughs by Lynas are more reflective of Western anxieties about dependency on China rather than a genuine shift in the global rare earth landscape, suggesting that the industry will continue to rely on China for the foreseeable future [36][37].

Core Viewpoint - The non-ferrous metal sector is experiencing a significant market transformation, with strong price increases across various metals, making it a focal point for investment in 2026 [3][26]. Group 1: Market Performance - Non-ferrous metals have shown a strong upward trend in both futures and stock markets, with the non-ferrous mining ETF rising 14.88% in the first nine trading days of 2026 [1][3]. - From mid-2025, metals like aluminum, cobalt, lithium, and rare earths entered a super-upward cycle, with tin futures prices soaring from 261,400 CNY/ton to 443,400 CNY/ton, a nearly 70% increase [4][10]. - In 2025, cobalt and silver prices increased by 173% and 148% respectively, while gold rose by 59.27% [7][8]. Group 2: Price Trends - The price of lithium carbonate futures surged to 174,000 CNY/ton, nearly three times the price in Q2 2025 [8]. - Key industrial metals like copper and aluminum also saw significant price increases, with copper futures rising from 78,000 CNY/ton to 105,600 CNY/ton [10]. - The price of tungsten increased from 122,000 CNY/ton to 455,000 CNY/ton, marking a 272% rise [10]. Group 3: Supply and Demand Dynamics - Geopolitical factors, such as the ongoing Russia-Ukraine conflict, have increased demand for gold as a strategic reserve, with central banks globally increasing their gold holdings [10][11]. - Supply disruptions in metals like copper and tin due to mining accidents and export restrictions have contributed to a widening supply-demand gap [11][21]. - Historical data indicates a strong correlation between precious metals and interest rate cuts, suggesting that monetary easing periods lead to increased prices for both precious and industrial metals [11][12]. Group 4: Investment Trends - The global gold ETF holdings increased significantly in 2025, with a total of 3,985.94 tons, marking the second-largest annual increase since 2004 [14]. - Non-ferrous themed ETFs saw a net subscription of over 51 billion CNY in 2025, with total assets growing nearly ninefold [16]. - Major non-ferrous companies like Zijin Mining and Luoyang Molybdenum reported substantial profit increases, with Zijin's net profit growing by 55.45% year-on-year [20][21]. Group 5: Future Outlook - The non-ferrous metal sector is expected to continue its strong performance due to macroeconomic liquidity, geopolitical tensions, and robust demand from industries like renewable energy and electric vehicles [26]. - The non-ferrous mining ETF is positioned to benefit from rising metal prices, with a historical performance showing significant price elasticity compared to the underlying commodities [23][25].

Core Viewpoint - The Shanghai Composite Index fell by 0.33% on January 15, with 11 industries rising, led by electronics and basic chemicals, which increased by 1.67% and 1.40% respectively. The non-ferrous metals industry ranked third in terms of gains, while the comprehensive and defense industries saw the largest declines of 3.35% and 2.80% respectively [1]. Industry Summary Non-Ferrous Metals Industry - The non-ferrous metals industry rose by 1.37%, with a net inflow of 1.936 billion yuan. Out of 138 stocks in this sector, 108 increased in value, with 4 hitting the daily limit, while 29 declined. A total of 80 stocks experienced net inflows, with 13 stocks seeing inflows exceeding 100 million yuan. The top inflow was from Huayou Cobalt, which received 772 million yuan, followed by Ganfeng Lithium and Northern Rare Earth with inflows of 554 million yuan and 379 million yuan respectively [2]. - The stocks with the largest net outflows included Zijin Mining, Hunan Silver, and Xingye Silver Tin, with outflows of 733 million yuan, 542 million yuan, and 309 million yuan respectively [2]. Fund Flow Analysis - The top stocks in the non-ferrous metals industry by net inflow included: - Huayou Cobalt: +7.06%, turnover rate 5.80%, net inflow 772.03 million yuan - Ganfeng Lithium: +4.26%, turnover rate 7.13%, net inflow 554.29 million yuan - Northern Rare Earth: +1.20%, turnover rate 3.10%, net inflow 379.34 million yuan [3]. - The stocks with the largest net outflows included: - Zijin Mining: -0.65%, turnover rate 1.87%, net outflow 733.09 million yuan - Hunan Silver: +6.25%, turnover rate 25.54%, net outflow 541.94 million yuan - Xingye Silver Tin: -1.05%, turnover rate 6.54%, net outflow 309.11 million yuan [4].

证券日报网讯1月15日，北方稀土（600111）在互动平台回答投资者提问时表示，截至2026年1月10日公 司的股东总数为667157户。 ...

（编辑 袁冠琳） 证券日报网1月15日讯 ，北方稀土在接受调研者提问时表示，公司控股子公司北方嘉轩主要从事永磁电 机的研发与制造，北方嘉轩的永磁技术解锁了更多节能场景："永磁半直驱改造"方案在系统、性能、节 能效果以及降低成本等方面具有绝对优势，高度契合国家高耗能设备淘汰政策，为皮带机升级提供新方 向；永磁外转子滚筒电机具有预测性维护、能源管理、协同控制、回收价值高等特性，减少突发故障对 生产的扰动，智能驱动器还能记准每度电消耗，是专为皮带输送打造的"电机－滚筒一体化"智能方案； 永磁智能直驱传动让工业传动模式在保持高效运行、降低故障风险、节能环保、节省安装空间的基础 上，还能完美适配液压站、水泵、粉磨、破碎、运输、搅拌、冷却等各类复杂工业场景。目前北方嘉轩 正在积极开拓市场，为实现智能化制造绿色化制造提供驱动力。公司主导完成的"低速大转矩稀土永磁 驱动电机系统的研发"获得中国钢铁工业协会、中国金属学会冶金科学技术奖三等奖。公司还搭建起国 内首条稀土盘式电机智能示范线，该示范线产出的3瓦稀土永磁轴向磁通电机仅有6毫米厚，较同类产品 体积减少60%、重量下降80%，且扭矩转速更高、能耗更小、寿命更长。可服务于消 ...

（编辑 袁冠琳） 证券日报网1月15日讯 ，北方稀土在接受调研者提问时表示，目前在市值管理方面对公司有定性的要 求。公司以维护和促进市值提升为目标，以制度建设为基础、多维度协同为路径，系统推进市值管理工 作。公司制定《市值管理办法》，为合规开展市值管理提供制度遵循，通过强化公司治理、规范信息披 露、优化投资者关系管理、并购重组、监测舆情等多措并举开展市值管理，同步联动ESG管理等工作助 力市值提升。公司市值在稀土行业上市公司中保持首位。公司股票于2025年4月首次入选中证A50指数 成分股，12月再次重回上证50指数成分股，公司的资本市场关注度和投资价值吸引力被发现。 ...

证券日报网1月15日讯 ，北方稀土在接受调研者提问时表示，在当前绿色低碳的背景下，稀土二次资源 利用前景广阔。《稀土管理条例》明确鼓励和支持企业利用先进适用技术、工艺，对稀土二次资源进行 综合利用，而当下新能源汽车、风电、消费电子等领域对稀土需求的不断攀升，也为稀土二次资源利用 提供了更多资源。公司控股子公司信丰新利及其子公司龙南新利主要从事废料回收业务，信丰新利拥有 年产5572吨废料回收生产能力，龙南新利拥有年产3100吨废料回收生产能力，在行业单体企业中规模较 大；公司控股子公司金蒙稀土年产4000吨钕铁硼废料回收生产线已完成钕铁硼废料前处理车间、预处理 车间主体结构建设，进入试生产阶段。对于稀土镨钕金属销售后的废料返还，自2022年起公司与下游磁 材企业签订供货协议时，约定了使用公司稀土镨钕金属的磁材企业在自己生产制造环节产生的生产性废 料，要按照市场化的原则返回公司进行资源回收利用。目前，公司已经形成从原矿到金属、磁材以及磁 材产生废料进行回收的循环利用。公司积极布局发展稀土二次资源利用产业，打造万吨级资源循环利用 产能规模，通过有效利用二次资源实现稀土全元素回收利用，提升稀土元素的经济价值。 （编 ...

Group 1 - The small metal sector increased by 2.08% on January 15, with Xianglu Tungsten leading the gains [1] - The Shanghai Composite Index closed at 4112.6, down 0.33%, while the Shenzhen Component Index closed at 14306.73, up 0.41% [1] - Key stocks in the small metal sector showed significant price increases, with Xianglu Tungsten rising by 10.00% to a closing price of 19.14 [1] Group 2 - The small metal sector experienced a net inflow of 1.182 billion yuan from main funds, while retail investors saw a net outflow of 571 million yuan [2] - Notable stocks with significant main fund inflows included Northern Rare Earth with 361 million yuan and Xiamen Tungsten with 157 million yuan [3] - Retail investors showed a negative trend in several stocks, including Xianglu Tungsten, which had a net outflow of 8771 million yuan from retail investors [3]

Core Viewpoint - The recent performance of the non-ferrous metal ETF (512400) indicates a strong upward trend, driven by significant capital inflows and favorable macroeconomic conditions, particularly in the context of U.S. inflation data and expectations for interest rate cuts by the Federal Reserve [1][2]. Group 1: Market Performance - As of January 15, 2026, the non-ferrous metal ETF (512400) rose by 1.82%, marking its fifth consecutive increase, with a trading volume of 1.964 billion yuan and a turnover rate of 6.22% [1]. - The ETF has seen continuous net inflows over the past eight days, surpassing a total scale of 30 billion yuan [1]. - Key stocks within the index, such as Huayou Cobalt, rose by 6.77%, while other notable performers included Zhong Rare Earth (up 4.92%) and Chihong Zn & Ge (up 4.67%) [1]. Group 2: Economic Indicators - On January 13, 2026, the U.S. Labor Department reported that the Consumer Price Index (CPI) for December 2025 increased by 2.7% year-on-year, with the core CPI rising by 2.6%, both figures below market expectations [1]. - The lower-than-expected inflation data has strengthened the market's anticipation of interest rate cuts by the Federal Reserve, with the probability of a rate cut in April rising to 42% [1]. Group 3: Industry Outlook - China Galaxy Securities suggests capitalizing on the "AI leap + century change" resonance, indicating a super cycle in non-ferrous metals driven by the "AI technology revolution" and "global order reshaping" [2]. - Historical patterns show that each super copper cycle corresponds with strong macro narratives, and the current cycle is expected to have significant strategic implications [2]. - The non-ferrous metal index, which tracks 50 listed companies in the sector, reflects the overall performance of the industry, with major constituents including Zijin Mining, Luoyang Molybdenum, and Northern Rare Earth [2].

Core Viewpoint - The data indicates significant capital inflows into various stocks, highlighting potential investment opportunities in specific sectors such as non-metal materials, photovoltaic equipment, and energy metals [1][2][3] Group 1: Stock Performance and Capital Inflows - The top stock by capital inflow is沃尔核材 with an inflow of 1.375 billion, showing a price increase of 10.01% [2] - 航天机电 follows with an inflow of 849 million and a price increase of 3.72% [2] - 华友钴业 has an inflow of 805 million and a price increase of 7.41% [2] - N至信 shows a remarkable price increase of 252.01% with an inflow of 720 million [2] - 英维克 has an inflow of 694 million and a price increase of 3.13% [2] Group 2: Sector Analysis - The non-metal materials sector is represented by沃尔核材, which has the highest capital inflow [2] - The photovoltaic equipment sector includes航天机电, indicating interest in renewable energy technologies [2] - The energy metals sector is highlighted by华友钴业 and赣锋锂业, both showing strong inflows and price increases, reflecting demand for materials used in batteries [2][3] - The household appliance sector is represented by四川长虹, which has an inflow of 641 million and a price increase of 6.58% [3] - The software development sector includes广联达, with an inflow of 423 million and a price increase of 7.33% [3]