Core Viewpoint - The prices of minor metals such as cobalt, tungsten, antimony, and rare earths have been rising significantly this year, driven by supply changes and increasing demand, leading to strong performance in related A-share stocks [1][2][9]. Price Trends - As of August 8, 2023, the average prices for various minor metals have increased significantly compared to the beginning of the year: - Electrolytic cobalt: 265,000 CNY/ton (+55.43%) - Tungsten oxide: 317,500 CNY/ton (+32.02%) - Antimony ingot: 186,500 CNY/ton (+33.21%) - Molybdenum bar: 490 CNY/kg (+4.48%) - Bismuth: 118,500 CNY/ton (+61.22%) - Praseodymium-neodymium oxide: 521,500 CNY/ton (+31.03%) - Dysprosium oxide: 1,615,000 CNY/ton (+0.13%) - Terbium oxide: 7,020,000 CNY/ton (+25.13%) [2]. Company Performance - The non-ferrous metal sector has shown significant growth, with revenue and net profit for the sector increasing by 8.0% and 65.1% year-on-year in Q1 2025, respectively. Nearly 70% of listed companies in this sector have positive earnings forecasts for the first half of 2025 [3][4]. - Notable companies include: - Northern Rare Earth: Expected net profit growth of over 2000% year-on-year - Shenghe Resources: Expected net profit growth of over 600% year-on-year [3]. Market Performance - The non-ferrous metal sector has outperformed the broader market, with a cumulative increase of 32% this year, compared to the Shanghai Composite Index's 8.45% increase [4]. - Key stocks include Shenghe Resources and Guangsheng Nonferrous, both up over 120%, and several others showing significant gains [4]. Supply and Demand Dynamics - Changes in supply dynamics have been noted, particularly with cobalt, where the Democratic Republic of Congo has extended its export ban, leading to a significant decrease in imports of cobalt intermediate products in China [5][6]. - The global rare earth reserves are dominated by China, which holds 44 million tons, accounting for 40% of the total [6]. Future Demand Projections - The demand for rare earth materials, particularly neodymium-iron-boron magnets, is expected to grow significantly due to the rise of electric vehicles and renewable energy technologies. By 2026, the demand for high-performance neodymium-iron-boron materials is projected to reach 21.1 million tons, with a compound annual growth rate of approximately 14% [8][10]. - The commercialization of humanoid robots is anticipated to further increase demand for neodymium, with projections suggesting a growth rate of 75% from 2024 to 2035 [8]. Price Outlook - Analysts expect the upward price trend for minor metals to continue, driven by persistent demand expansion and supply disruptions. The price of antimony and cobalt is projected to rise due to supply constraints and increasing demand from sectors like electric vehicles [9][10].

Core Viewpoint - The prices of minor metals such as cobalt, tungsten, antimony, and rare earths have been rising significantly this year, driven by supply changes and increasing demand, leading to strong performance in related A-share stocks [1][2][3] Price Trends - As of August 8, 2023, the average prices for various minor metals have increased significantly compared to the beginning of the year: - Electrolytic cobalt: 265,000 RMB/ton (+55.43%) - Tungsten oxide: 317,500 RMB/ton (+32.02%) - Antimony ingot: 186,500 RMB/ton (+33.21%) - Molybdenum bar: 490 RMB/kg (+4.48%) - Bismuth: 118,500 RMB/ton (+61.22%) - Praseodymium-neodymium oxide: 521,500 RMB/ton (+31.03%) - Dysprosium oxide: 1,615,000 RMB/ton (+0.13%) - Terbium oxide: 7,020,000 RMB/ton (+25.13%) [2] Company Performance - The non-ferrous metal sector has shown significant growth, with revenue and net profit for the first quarter of 2025 increasing by 8.0% and 65.1% year-on-year, respectively [3] - Nearly 70% of the listed companies in the non-ferrous metal sector have positive performance forecasts for the first half of 2025, with notable increases in net profit for companies like Northern Rare Earth and Shenghe Resources [3] Market Dynamics - The non-ferrous metal sector has outperformed the broader market, with an increase of 32% year-to-date, compared to the Shanghai Composite Index's 8.45% rise [4] - The supply-demand dynamics have shifted, particularly with cobalt, where export bans from the Democratic Republic of Congo have led to a significant decrease in imports and a bullish price outlook [5] Demand Drivers - Rare earths are critical for various high-tech applications, including electric vehicles and renewable energy, with projected demand for neodymium-iron-boron materials expected to reach 87,000 tons by 2026 due to the growth of the electric vehicle market [7][8] - The demand for minor metals is expected to continue rising, driven by sectors such as new energy, air conditioning, and consumer electronics, alongside the commercial development of humanoid robots [9] Future Outlook - Analysts predict that the price trends for minor metals will continue upward due to persistent demand expansion and supply disruptions caused by policy changes [9] - The ongoing growth in the electric vehicle sector and other high-performance applications is expected to sustain the demand for rare earth materials, with significant implications for pricing and supply dynamics in the coming years [9]

有色金属行业资金流入榜 | 代码 | 简称 | 今日涨跌幅（%） | 今日换手率（%） | 主力资金流量（万元） | | --- | --- | --- | --- | --- | | 002466 | 天齐锂业 | 3.26 | 5.57 | 41372.67 | | 600392 | 盛和资源 | 4.66 | 18.47 | 28920.23 | | 600366 | 宁波韵升 | 10.02 | 12.07 | 24672.52 | | 601899 | 紫金矿业 | 1.18 | 0.62 | 20524.12 | | 603799 | 华友钴业 | 2.36 | 4.73 | 16963.75 | | 002240 | 盛新锂能 | 3.78 | 6.91 | 16128.92 | | 002738 | 中矿资源 | 5.88 | 6.88 | 12256.66 | | 002460 | 赣锋锂业 | 1.01 | 3.95 | 12256.13 | | 603993 | 洛阳钼业 | 2.95 | 1.11 | 11145.79 | | 000657 | 中钨高新 | 1.73 | 10.00 ...

Group 1 - Ningbo Yunsheng reached the daily limit increase, indicating strong market interest and potential bullish sentiment [1] - San Chuan Wisdom saw an increase of over 10%, reflecting positive investor response [1] - Other companies such as Shenghe Resources, Benlang New Materials, Jiuwu High-Tech, Huahong Technology, and Northern Rare Earth also experienced upward movement in their stock prices [1]

作者：金股通 本文源自：金融界 沪深两市数据显示，8月7日，融资净买入前十的股票分别为：寒武纪（5.33亿元）、北方稀土（4.07亿 元）、硕贝德（2.95亿元）、东山精密（2.57亿元）、太辰光（2.02亿元）、东方财富（2.01亿元）、博 瑞医药（1.90亿元）、西部证券（1.81亿元）、盛和资源（1.80亿元）、东信和平（1.69亿元）。 ...

Group 1: Gold Market Insights - COMEX gold prices reached a new high of $3534.1 per ounce as of August 8, driven by increased demand for safe-haven assets amid expectations of U.S. interest rate cuts and geopolitical tensions [1] - China's central bank reported a gold reserve of 73.96 million ounces as of the end of July, marking a 6,000-ounce increase from June, continuing a nine-month trend of gold accumulation [1] - Citigroup, previously known for its bearish stance on gold, has shifted to a bullish outlook, predicting that gold prices may rise due to a weakening dollar and ongoing inflation concerns related to tariffs [1] Group 2: Rare Earth Market Dynamics - China's rare earth exports in July totaled 5,994.3 tons, a 23% decrease from the previous month, ending a record high trend [1] - Pacific Securities highlighted China's leading position in the rare earth industry, both in scale and technology, and its international pricing power [1] - The demand for high-performance rare earth permanent magnets is expected to grow significantly, driven by advancements in humanoid robots and electric vertical takeoff and landing (eVTOL) technologies [1] Group 3: Non-Ferrous Metals Sector Outlook - The non-ferrous metals sector is projected to benefit from U.S. interest rate cuts and a weakening dollar, with copper prices expected to rise due to constrained supply and resilient demand [4] - As of July 31, 2023, the non-ferrous metals sector has seen a cumulative increase of 24.91% year-to-date, making it the top-performing sector among 31 major industries [5] - The sector is also experiencing a valuation recovery, with the average price-to-book ratio at 2.36, indicating a historically low valuation level [5] Group 4: Investment Opportunities in Non-Ferrous Metals - The Ministry of Industry and Information Technology plans to introduce a growth stabilization plan for key industries, including non-ferrous metals, which is seen as a continuation of supply-side reforms [5] - Among 60 listed companies in the non-ferrous metals index, 22 have forecasted profit growth for the first half of 2025, showcasing operational resilience [5] - The non-ferrous metals index includes a diversified portfolio with significant weightings in copper, aluminum, gold, rare earths, and lithium, which helps mitigate investment risks [7]

Group 1 - The rare earth permanent magnet concept has seen significant movement, with companies like Ningbo Yunsheng experiencing consecutive gains and San Chuan Wisdom rising over 10% [1] - Other companies in the sector, such as Zhongmin Resources, Shenghe Resources, and Xiamen Tungsten, also showed upward trends in their stock prices [1]

Wind统计显示，8月7日，申万31个一级行业中有19个行业获融资净买入，其中，电子行业获融资净买 入额居首，当日净买入18.13亿元；获融资净买入居前的行业还有有色金属、国防军工、机械设备、化 工、计算机、非银金融等，净买入金额分别为14.76亿元、10.82亿元、9.12亿元、7.46亿元、6.03亿元、 5.75亿元。 个股方面，8月7日有1861只个股获融资净买入，净买入金额在3000万元以上的有170股。其中，20股获 融资净买入额超1亿元。寒武纪获融资净买入额居首，净买入5.33亿元；融资净买入金额居前的还有北 方稀土、硕贝德、东山精密、太辰光、东方财富、博瑞医药、西部证券、盛和资源等，净买入额分别为 4.07亿元、2.95亿元、2.57亿元、2.02亿元、2.01亿元、1.9亿元、1.81亿元、1.8亿元。 ...

Core Viewpoint - China, as the world's richest country in rare earth resources, is leading in the terbium oxide industry in terms of resource reserves, production capacity, and technological development. The country is reshaping the global rare earth supply chain through policy regulation and market mechanisms, with terbium oxide being a key strategic resource whose price fluctuations are critical indicators of international geopolitical and industrial trends [1][8][17]. Industry Overview - Terbium oxide (Tb₂O₃) is a black-brown powder with unique optical and magnetic properties, relatively stable chemical characteristics, and is insoluble in water but soluble in acid [2]. - China's rare earth reserves are approximately 44 million tons, accounting for nearly half of the global proven reserves, with production reaching 270,000 tons in 2024, a year-on-year increase of 12.50% [6][8]. Industry Chain - The upstream of the terbium oxide industry includes rare earth mineral resources and various production equipment. The midstream involves the manufacturing of terbium oxide, while the downstream applications include fluorescent materials, magneto-optical materials, catalysts, electronic ceramics, and new energy materials [4]. Current Industry Status - In April 2025, China implemented export controls on seven types of medium and heavy rare earths, causing international market panic and leading to a spike in European terbium oxide prices to $3,000 per kilogram (approximately 2.181 million RMB per ton). By June 2025, the domestic price of terbium oxide reached 7.09 million RMB per ton, a year-on-year increase of 31.30% [1][10][12]. Key Enterprises' Performance - The Chinese terbium oxide industry is characterized by a competitive landscape dominated by state-owned enterprises, with significant advantages in production and market position. For instance, China Northern Rare Earth Group has a net profit increase of 727.3% in Q1 2025, while China Rare Earth Group has a production volume of 7,785.27 tons in 2024, a year-on-year increase of 107.27% [12][15]. Industry Development Trends 1. **Policy Regulation and Export Control**: The export control policy is expected to be a long-term strategic tool, significantly altering the global rare earth supply-demand structure. The average approval cycle for export licenses has been shortened by 30% [17]. 2. **Technological Innovation**: The industry is focusing on green transformation and high value-added production, with companies like Northern Rare Earth investing in zero wastewater discharge systems and achieving a 30% reduction in energy consumption per unit of output [19]. 3. **Market Demand Evolution**: The demand for terbium and dysprosium is expected to grow significantly due to high-end markets like robotics and new energy vehicles, although there are potential risks from alternative materials and geopolitical tensions [20].

Industry Overview - The price of dysprosium oxide in China remained above 2 million yuan per ton from 2021 to 2023, driven by explosive growth in the global electric vehicle industry leading to supply-demand imbalances [1][7] - As a key additive in neodymium-iron-boron permanent magnets, the demand for dysprosium surged with the increase in electric vehicle production, while supply chain responses lagged, causing temporary supply shortages and irrational price increases [1][7] - By mid-2025, dysprosium prices fell to 1.615 million yuan per ton, a year-on-year decrease of 11.26%, due to multiple factors including increased global rare earth mining capacity and technological advancements reducing production costs [1][7] Industry Chain - The upstream of the dysprosium industry chain includes raw materials and production equipment, with raw materials primarily being rare earth mineral resources [4] - The midstream involves the production and manufacturing of dysprosium, while the downstream applications include magnetic materials, laser technology, electronics, new energy batteries, aerospace, and medical devices [4] Market Dynamics - Global rare earth reserves are approximately 90 million tons, with China holding 44 million tons, accounting for 48.9% of the total [6][7] - In 2024, China produced 270,000 tons of rare earths, representing 69.2% of global production, ensuring a stable supply for dysprosium production [6][7] Key Companies - China Rare Earth Group has an annual dysprosium production capacity of about 300 tons, with a product purity of 99.99% [11] - Guangsheng Nonferrous Metals, the only rare earth mining rights holder in Guangdong, produced 900 tons of dysprosium in 2023, expected to increase to 1,100 tons by 2025 [11] - Northern Rare Earth is a leading producer with a dysprosium output of 1,000 tons in 2023, projected to rise to 1,200 tons by 2025 [11] Industry Trends - The Chinese government is enhancing regulation of the rare earth industry, promoting integration and green transformation, with new policies aimed at protecting and rationally utilizing rare earth resources [17] - Technological innovations, such as the successful trial of the "physical vapor deposition combined with grain boundary diffusion method," have reduced dysprosium usage by 70% while improving magnetic properties [18][19] - The rapid development of global electric vehicles, wind power, and humanoid robots is creating new growth points for the dysprosium industry, with electric vehicles being a major demand driver [20]