Group 1: Copper - LME copper price decreased by 3.21% to $12,869.0 per ton, while Shanghai copper fell by 2.76% to ¥101,100 per ton [1] - Domestic copper inventory increased by 8.56% week-on-week, with a year-on-year increase of 20,920 tons [1] - Major cable enterprises' operating rate rose by 33.17 percentage points to 60.90%, indicating a recovery in production [1] Group 2: Aluminum - LME aluminum price increased by 9.22% to $3,431.0 per ton, and Shanghai aluminum rose by 3.69% to ¥24,700 per ton [2] - Domestic aluminum rod inventory was reported at 398,000 tons, showing a trend of first increasing and then decreasing [2] - The operating rate of downstream aluminum processing enterprises increased by 2.5 percentage points to 59.5% [2] Group 3: Precious Metals - COMEX gold price decreased by 2.90% to $5,181.3 per ounce, with SPDR gold holdings dropping by 28.01 tons to 1,073.32 tons [3] - Geopolitical risks influenced the gold market, leading to a strong fluctuation pattern [3] - The 10-year TIPS rose by 0.04 percentage points to 1.80% [3] Group 4: Rare Earths - The price of praseodymium and neodymium oxide decreased by 4.54% this week [4] - The price center has been rising since the beginning of the year, likely related to upcoming supply-side documents for 2024-2025 [4] - The rare earth sector is expected to see a resonance in supply and demand due to ongoing supply reforms and more relaxed export expectations [4] Group 5: Tungsten - Tungsten price increased by 16.72% this week, indicating a strong demand outlook [4] - Recent actions against illegal mining in Ganzhou may support tungsten prices [4] - The priority of tungsten is expected to be high due to increased strategic stockpiling overseas [4] Group 6: Lithium - The average price of lithium carbonate decreased by 3.0% to ¥159,800 per ton, while lithium hydroxide fell by 0.6% to ¥161,000 per ton [4] - Total lithium carbonate production increased to 22,600 tons, reflecting a slight rise [4] - The market is experiencing a strong purchasing intention from downstream material manufacturers despite price declines [4] Group 7: Cobalt - Cobalt price decreased by 1.7% to ¥431,500 per ton, while cobalt intermediate prices saw a slight increase [4] - The supply side remains tight due to slow export progress from the Democratic Republic of Congo [4] - The market is currently in a phase of inventory digestion, with potential upward price movement expected as demand clarifies [4] Group 8: Nickel - LME nickel price decreased by 1.4% to $17,500 per ton, while Shanghai nickel fell by 2.9% to ¥136,300 per ton [4] - Nickel inventory at LME decreased by 0.04 million tons to 287,600 tons [4] - The market is currently constrained by weak demand and high inventory levels, but strong bottom support is noted [4]

Investment Rating - The industry rating is "Recommended" [3] Core Insights - The report highlights that tungsten prices continue to reach historical highs, with expectations for a strong overall market for key metals [1][23] - Nickel prices are supported by tightening supply expectations due to Indonesia's reduced production quotas for 2026, which are set between 260 million to 270 million tons, significantly lower than the previous year's quota of 42 million wet tons [1][29] - Cobalt supply is expected to tighten further due to slow export progress from the Democratic Republic of Congo, with a forecasted increase in cobalt prices [2][5] - Antimony prices are anticipated to remain strong due to supply constraints, with a significant drop in production reported [6][18] - Lithium supply disruptions are expected to continue, with potential for lithium prices to reach new highs amid increasing demand [8][19] - The rare earth sector is facing supply shortages, particularly for praseodymium and neodymium, which may support prices [9][20] - Tin prices are supported by ongoing supply concerns from Myanmar and the Democratic Republic of Congo, with a notable decrease in tin imports [11][21] - Uranium supply is expected to remain tight, supporting high prices due to geopolitical factors and production delays [14][24] Summary by Sections Nickel and Cobalt Industry Insights - Indonesia's nickel production quota for 2026 is set to significantly reduce, impacting supply and supporting prices [1][29] - Cobalt exports from the Democratic Republic of Congo are hindered by complex local processes and logistical challenges, leading to tighter supply [2][5] Antimony Industry Insights - Antimony production has seen a sharp decline, which is expected to support prices in the near term [6][18] Lithium Industry Insights - Lithium prices are under pressure due to supply disruptions, but demand remains strong, potentially leading to price increases [8][19] Rare Earth Industry Insights - Supply shortages for praseodymium and neodymium are anticipated, which may bolster prices in the market [9][20] Tin Industry Insights - Ongoing supply issues from Myanmar and the Democratic Republic of Congo are expected to support tin prices [11][21] Uranium Industry Insights - The uranium market is facing supply constraints, which are likely to keep prices elevated due to geopolitical tensions and production delays [14][24]

证券简称：中稀有色 证券代码：600259 公告编号：临 2026-008 中稀有色金属股份有限公司 股票交易异常波动公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误 导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法 律责任。 重要内容提示： 中稀有色金属股份有限公司（以下简称"公司"）股票连续两个 交易日内日收盘价格涨幅偏离值累计超过 20%，根据《上海证券交易所 交易规则》的有关规定，属于股票交易异常波动情形。 经公司自查，并向公司控股股东以及实际控制人核实，截至本公 告披露日，不存在应披露而未披露的重大信息。公司提醒广大投资者充 分了解二级市场交易风险，审慎决策，理性投资。 一、股票交易异常波动的具体情况 公司股票于 2026 年 2 月 27 日、3 月 2 日连续两个交易日内收盘价 格涨幅偏离值累计超过 20%，根据《上海证券交易所交易规则》的有关 规定，属于股票交易异常波动。 二、公司关注并核实的相关情况 （一）生产经营情况 经公司自查，公司目前生产经营活动正常，内外部经营环境未发生 重大变化，市场环境、行业政策未发生重大变化。 1 （二）重大事项情况 经公司自查，并 ...

Investment Ratings - The report indicates a positive outlook for copper, aluminum, and precious metals, suggesting a high level of market activity and potential for growth in these sectors [12][32][59]. Core Insights - The copper market is experiencing a recovery with LME copper prices increasing by 1.99% to $13,259.0 per ton, and domestic copper prices rising by 3.53% to 103,900 CNY per ton, driven by a gradual recovery in production and consumption [13][14]. - Aluminum prices have also seen an upward trend, with LME aluminum prices up by 1.16% to $3,141.5 per ton, supported by a recovery in downstream processing activities [14]. - The gold market remains strong, with COMEX gold prices increasing by 0.92% to $5,296.4 per ounce, influenced by geopolitical risks and increased demand for safe-haven assets [15]. Summary by Sections Copper - LME copper price increased by 1.99% to $13,259.0 per ton, while domestic prices rose by 3.53% to 103,900 CNY per ton [13]. - Copper inventory in major regions increased by 4.56% week-on-week, with a year-on-year increase of 15,560 tons [13]. - The operating rate of copper cable enterprises is expected to rise significantly in the coming weeks as production resumes [13]. Aluminum - LME aluminum price rose by 1.16% to $3,141.5 per ton, and domestic prices increased by 2.76% to 23,800 CNY per ton [14]. - Domestic aluminum rod inventory increased by 1.95 million tons, while the operating rate of aluminum processing industries improved to 57% [14]. - The cost of prebaked anodes is showing positive trends, supporting the overall aluminum production costs [14]. Precious Metals - COMEX gold price increased by 0.92% to $5,296.4 per ounce, with SPDR gold holdings rising by 14.86 tons to 1,101.33 tons [15]. - Geopolitical tensions, particularly involving Pakistan and Iran, are contributing to the volatility and strength in the gold market [15]. - The market is witnessing a strong upward trend in demand for gold as a safe-haven asset amid global uncertainties [15]. Rare Earths - The price of praseodymium and neodymium oxide increased by 4.80%, indicating a bullish outlook for the rare earth sector [33]. - The ongoing supply-side reforms and expectations of more relaxed export policies are expected to enhance demand in the rare earth market [33]. - Companies such as China Rare Earth, Northern Rare Earth, and others are highlighted as potential investment opportunities due to their strong market positions [33]. Lithium - The average price of lithium carbonate increased by 18.35% to 165,000 CNY per ton, driven by supply constraints and increased demand [60]. - The total lithium production for the week rose to 21,800 tons, indicating a slight recovery in output [60]. - The market is reacting to policy changes in Zimbabwe that have halted lithium exports, further tightening global supply [60].

Investment Rating - The industry rating is "Recommended" [3] Core Views - The report highlights that the supply disruptions in Indonesia are raising expectations for tighter market conditions, which may support nickel prices. As of February 27, the LME nickel spot price was $17,685 per ton, up 3.09% from February 20, with total LME nickel inventory at 287,976 tons, an increase of 0.09% [1] - The cobalt raw material supply remains tight, with expectations for continued price increases. As of February 27, electrolytic cobalt was priced at 440,000 yuan per ton, up 2.92% from February 13 [2] - The report indicates that the overall supply of antimony is slightly contracting, which may support antimony prices. The average price of domestic antimony ingots was 167,500 yuan per ton as of February 26, up 1.82% from February 12 [6] - The report notes that the supply of lithium carbonate is expected to remain tight, with prices rising to 176,000 yuan per ton as of February 27, an increase of 17.82% from February 13 [8] - The report emphasizes that the supply of praseodymium and neodymium is likely to remain short, which may support prices in the rare earth magnetic materials sector. As of February 27, the average price of praseodymium oxide was 955 yuan per kilogram, up 6.70% from February 14 [9] - The report discusses the ongoing tensions in northern Myanmar, which are raising concerns about the supply chain for tin, with the LME tin spot price reaching $57,425 per ton, up 26.21% from February 20 [11] - The report indicates that the supply shortage of tungsten is worsening, with white tungsten concentrate priced at 796,000 yuan per ton as of February 28, up 14.86% from February 13 [13] - The report highlights that expectations for tight uranium supply are continuing to develop, with the global uranium market price at $69.71 per pound as of January, remaining high despite some fluctuations [14] Summary by Sections Nickel and Cobalt Industry - Nickel prices are expected to find support due to supply constraints from Indonesia, with a significant reduction in approved mining quotas [1][16] - Cobalt supply is projected to remain structurally tight, with potential for further price increases benefiting cobalt resource companies [2][17] Antimony Industry - Antimony supply is tightening, with domestic prices expected to rise as export controls and supply chain issues persist [6][19] Lithium Industry - Lithium carbonate prices are expected to remain strong due to supply constraints and increased demand from battery manufacturers [8][20] Rare Earth Industry - The supply of praseodymium and neodymium is expected to remain tight, with price support anticipated due to regulatory changes and supply chain disruptions [9][21] Tin Industry - Ongoing geopolitical tensions in Myanmar and supply chain uncertainties are expected to support tin prices [11][22] Tungsten Industry - The tungsten market is facing supply shortages, with prices expected to rise further due to production constraints and regulatory measures [13][23] Uranium Industry - The uranium market is experiencing tight supply conditions, with prices remaining elevated due to geopolitical factors and production delays [14][24]

Market Overview - The A-share market experienced a collective pullback on February 27, with the Shanghai Composite Index closing at 4139.53 points, down 0.17% [1] - The semiconductor, communication equipment, electronic components, soft drinks, and building materials sectors saw the largest declines, while the non-ferrous metals sector showed strong gains [1][2] Non-Ferrous Metals Sector - The non-ferrous metals sector surged, particularly driven by rare metals and tungsten concept stocks, leading to a wave of stocks hitting the daily limit [4][5] - Notable performers included Dongfang Zirconium, Xianglu Tungsten, and Zhong Rare Metals, all recording limit-up gains [5][6] - The price of light rare earths increased, with praseodymium and neodymium metal prices rising to 1.08 million CNY/ton and 1.125 million CNY/ton respectively [7] Computing Power Leasing Sector - The computing power leasing sector continued its upward trend, with stocks like Capital Online and Qingyun Technology seeing significant gains of over 10% [8] - The sector's growth is supported by increasing demand for AI models, with Chinese models surpassing U.S. models in usage [9] - The rise in AI model usage is expected to benefit the domestic computing power industry, as companies with stable capabilities are likely to capture more market share [9] Technology Sector - The Hang Seng Technology Index rose over 1%, with notable increases in cloud computing stocks and tech companies like SenseTime and Bilibili [3][4] - The software development sector is also experiencing growth, with new AI programming solutions being launched by major companies like Huawei and Alibaba [9]

Market Overview - The A-share market experienced a collective pullback on February 27, with the Shanghai Composite Index closing at 4139.53 points, down 0.17% [2][3] - The semiconductor, communication equipment, electronic components, soft drinks, and building materials sectors saw the largest declines, while the non-ferrous metals sector showed strong gains, particularly tungsten concept stocks [2][3] Sector Performance - The non-ferrous metals sector surged, with rare metals leading the charge and tungsten concept stocks experiencing significant increases [5][6] - The Hang Seng Technology Index rose over 1%, driven by strong performances in the cloud computing sector and tech stocks like SenseTime and Bilibili [4][5] Notable Stocks - Several stocks in the non-ferrous metals sector hit the daily limit, including Dongfang Zirconium, Xianglu Tungsten, and Zhong Rare Metals, all recording gains of 10% [6][7] - Capital Online saw a rise of over 15%, while other companies in the computing power leasing sector also performed well, with Qingyun Technology-U and Xinjun Network both increasing by over 10% [10][11] Price Movements - The domestic light rare earth market saw price increases, with praseodymium and neodymium metal prices rising to 1.08 million CNY/ton and 1.125 million CNY/ton, respectively [9] - The computing power leasing sector continued to rise, reflecting strong demand and growth potential in the AI model API market, where Chinese models surpassed U.S. models in usage [10][11] Industry Insights - Analysts suggest that the increase in domestic AI model usage and monetization expectations may accelerate growth in the data calling volume and model performance, benefiting the domestic computing power industry chain [11] - The software development sector is also experiencing upward momentum, with new AI programming solutions being launched by major cloud service providers [11]

Group 1 - A-shares saw significant activity with 58 stocks hitting the daily limit up and 3 stocks hitting the limit down on February 27 [1] - The small metals sector was particularly active, with Baowu Magnesium and Dongfang Zirconium reaching the limit up [1] - The non-ferrous tungsten concept strengthened, highlighted by Zhangyuan Tungsten achieving 5 limit ups in 7 days, and Zhong Rare Earth and Xianglu Tungsten also hitting the limit up [1] Group 2 - Huawei's Ascend concept stocks rose, with Huasheng Tiancheng achieving 3 limit ups in 5 days, and Fenghuo Communication and Tuo Wei Information also reaching the limit up [1] - Continuous limit up stocks included ST Jinhong with 8 consecutive limit ups, and YN Energy Holdings with 7 consecutive limit ups [1] - ST Guohua faced a decline with 4 consecutive limit downs, alongside Lian De Shares and Honghe Technology also hitting the limit down [1]

Group 1: Market Performance - Rare metal stocks in the A-share market have collectively strengthened, with tungsten and rare earth sectors leading the gains. Companies such as Dongfang Zirconium, Xianglu Tungsten, and Zhangyuan Tungsten have reached the daily limit increase of 10% [1] - Xiamen Tungsten is nearing its daily limit, while other companies like Zhongtung High-tech and Yunnan Zinc Industry have increased by over 8%. Jinmoly Co. has risen by over 7%, and several others have seen increases of over 5% [1] - Notably, companies including Xiamen Tungsten, Zhongtung High-tech, Jiangtung Equipment, Xianglu Tungsten, Zhangyuan Tungsten, Northern Rare Earth, and Dongfang Tantalum have all reached historical highs [1] Group 2: Price Trends - After the Spring Festival, raw material prices have continued to rise. As of February 25, tungsten powder has surpassed 1800 RMB/kg, marking a 469.6% increase compared to last year and a 66.7% increase since the beginning of this year. Ammonium Paratungstate (APT) has reached a new high of 1.1 million RMB/ton, up over 400% from last year [1] - Zhangyuan Tungsten announced on February 26 that due to the continuous rise in tungsten raw material prices, the company will adjust the prices of its welding machine clamp blades starting February 26, 2026, to ensure sustainable development [1] Group 3: Industry Shortages - In the rare earth sector, there is a significant shortage of rare earth elements, particularly yttrium and scandium, which are crucial for defense technology, aerospace, and semiconductor industries. Some suppliers have even refused customer orders due to this shortage [2]

Group 1 - The core viewpoint of the article highlights that Zhong Rare Earth (600259.SH) experienced a significant stock price increase of 9.28%, reaching a historical high of 101.410 yuan, with a total market capitalization of 34.118 billion yuan [1]