Core Viewpoint - The rare earth index experienced a significant decline, dropping over 4% during intraday trading, indicating a bearish trend in the sector [1]. Group 1: Market Performance - The rare earth sector saw widespread declines among its constituent stocks, with notable drops including China Rare Earth down 5.64%, Northern Rare Earth down 5.09%, Guangsheng Nonferrous down 4.30%, Shenghe Resources down 3.96%, and Xiamen Tungsten down 3.48% [1].

降息周期开启在即，有色板块后续节奏怎么看 20250914 摘要 有色金属受益于全球宏观周期，美国降息及特朗普政策释放流动性，推 动资源品种进入上行周期。关注 2025 年 Q4 再次降息周期及美债上限 提升带来的影响。 黄金股在金价震荡期间经历回调，但历史数据显示涨价行情前通常有 EPS 和 PE 双升。2025 年黄金均价显著高于去年，业绩增长可期，关注 山东黄金、赤峰黄金及中金黄金，以及白银补涨机会。 电解铝供应受限，2025 年初新增产能低于预期，2026 年海外增量有限。 全球 PMI 回升，预计明年电解铝需求逐步恢复，涨价预期增强。淡季价 格坚挺，旺季或受宏观经济催化进一步上涨。 电解铝板块估值处于历史低位，主流标的估值不到 10 倍，有较大修复 空间。当前上涨主要由 EPS 驱动，未来 EPS 和 PE 有望双升。关注高股 息标的及受益于利润弹性的成长性标的。 铜板块受金融和工业属性共振驱动，美联储降息预期及中国需求好转支 撑铜价。全球矿山扰动事件频发，供应端收缩。美国关税政策调整亦推 动铜价回归基本面。 Q&A 钨矿涨价由供应收缩、出口管制及战略属性强化驱动。中国钨制品出口 量显著下降，导致海 ...

随着美国非农就业数据、PPI、CPI等数据逐步揭晓，美联储将于9月降息的预期在A股市场上不断增 强。北京时间周四（9月18日）凌晨，美联储将公布9月利率决议结果，目前市场预计其会降息25个基 点。 受访人士表示，美联储的会议可着重关注未来降息路径的变化。会议关注重点在于美联储对于经济走弱 以及通胀升高的态度，这一信息对市场尤为重要。若更关注经济走弱指标，未来美联储或加快降息节 奏。 在美联储降息预期升温的影响下，加上国内PMI环比回升、下游需求有望恢复等因素，有色金属的金融 属性、工业属性或得到共振，其价格仍有上行潜力。有色板块或延续涨势、持续火热。今年以来，中证 申万有色金属指数已上涨58.7%，并于9月12日创下年内新高。 美国劳工部9月11日公布的数据显示，今年8月美国CPI同比上涨2.9%，8月核心CPI同比上涨3.1%。9月 10日美国公布的8月PPI同比增长2.6%，环比下降0.1%，为近4个月以来首度出现下滑。 此前，美国劳工统计局9月9日公布了初步基准修订数据，截至今年3月的一年间的非农就业人数下修 91.1万，相当于每月平均少增加近7.6万。按1.71亿劳动力总数计算，本次修订约占0.6%。 ...

丨证券研究报告丨 行业研究丨行业周报丨金属、非金属与采矿 [Table_Title] 重视银金比修复，内外共振铜铝普涨突破 王鹤涛 肖勇 叶如祯 王筱茜 肖百桓 SAC：S0490512070002 SAC：S0490516080003 SAC：S0490517070008 SAC：S0490519080004 SAC：S0490522080001 SFC：BQT626 SFC：BUT918 SFC：BWM115 报告要点 [Table_Summary] 大非农延续弱势，衰退交易重归下重视贵金属补涨行情。本周，美国初请失业金人数大增，非 农就业数据疲软，经济预期进一步下修。而同时，美国 8 月消费者物价同比整体符合预期，强 滞胀担忧有所缓和。更弱的经济数据致使市场进一步押注 9 月 50BP 降息概率。学习效应下， 市场再度转向聚焦降息后的再通胀风险，银金比显著修复。当前再关注黄金降息交易的同时， 也应重视银金比修复下白银的弹性。基本金属：一方面，海外方面，弱就业、稳通胀数据下， 美联储降息预期进一步增强，催化大宗商品走强，另一方面，国内稳增长政策预期增强，也提 振内需展望。 分析师及联系人 [Table_A ...

Investment Rating - The report maintains a "Market Weight" rating for the non-ferrous metals industry, indicating that the industry index is expected to perform within ±10% of the market index over the next six months [67]. Core Viewpoints - The non-ferrous metals industry has seen a 6.46% increase over the past two weeks, outperforming the CSI 300 index by 4.57 percentage points, ranking third among 31 industries [3][13]. - Precious metals have shown significant growth, with an 18.10% increase in the last two weeks, while energy metals and industrial metals have also performed well, increasing by 10.92% and 7.60% respectively [17][19]. - The report highlights the impact of U.S. economic data on market expectations for Federal Reserve interest rate cuts, which has led to a bullish outlook for metal prices, particularly gold [6][62]. Summary by Sections Market Review - As of September 11, 2025, the non-ferrous metals industry has increased by 54.36% year-to-date, outperforming the CSI 300 index by 38.77 percentage points [13]. - The precious metals sector has seen a year-to-date increase of 67.50%, while energy metals and industrial metals have increased by 49.26% and 48.53% respectively [19][20]. Price Analysis - As of September 11, 2025, LME copper is priced at $10,057 per ton, LME aluminum at $2,679 per ton, and LME nickel at $15,220 per ton [25]. - COMEX gold is priced at $3,673.40 per ounce, reflecting a $157.3 increase since the beginning of September [37]. Industry News - The report notes the release of regulations regarding rare earth mining and processing in China, indicating a tightening control over these resources, which may affect market dynamics [63]. - The report also mentions a significant collaboration between Codelco and SQM for lithium mining in Chile, which could diversify revenue sources for Codelco amid declining copper production [56]. Company Announcements - Western Gold announced a temporary shutdown of production equipment for maintenance, which is expected to last until the end of the year [60]. - Hongda Co. plans to invest 1.59 billion yuan in Duolong Mining, maintaining a 30% stake in the company [61]. Investment Recommendations - The report suggests focusing on companies such as Zijin Mining (601899), Luoyang Molybdenum (603993), and Xiamen Tungsten (600549) due to their strong performance and market positioning [63][65].

Core Insights - The rare metals theme index (930632) has shown a strong increase of 1.92% as of September 12, 2025, with notable gains in constituent stocks such as Yunlu Co., Ltd. (688190) up 6.05% and Dongfang Tantalum Industry (000962) up 5.82% [1] - The rare metals ETF (561800) has seen a weekly increase of 6.45%, ranking first among comparable funds [1] - Over the past year, the rare metals ETF has achieved a net value increase of 85.48%, with a maximum single-month return of 24.02% since its inception [4] Industry Analysis - The supply increase of lithium spodumene is effectively compensating for the shortfall in lithium mica, leading to a marginal growth in domestic production and a return of lithium prices to fundamentals [4] - The cobalt sector is experiencing structural price increases, with a potential short-term benefit from improving demand as the peak demand season approaches [4] - The rare earth industry is undergoing significant supply-side reforms, with a notable increase in magnetic material exports, which rose by 75% month-on-month and 6% year-on-year [4] - The rare earth sector is expected to continue evolving with both valuation and performance improvements due to price increases, supply reforms, and strategic attributes of the sector [4] Key Stocks - As of August 29, 2025, the top ten weighted stocks in the rare metals theme index account for 57.58% of the index, including Northern Rare Earth (600111) and Luoyang Molybdenum (603993) [5] - The top stocks by weight include Salt Lake Co. (000792) at 8.52% and Northern Rare Earth (600111) at 8.49% [7] - The rare metals ETF (561800) serves as an effective investment tool for investors looking to gain exposure to the rare metals industry [7]

证券之星消息，9月11日小金属板块较上一交易日上涨2.63%，宝武镁业领涨。当日上证指数报收于 3875.31，上涨1.65%。深证成指报收于12979.89，上涨3.36%。小金属板块个股涨跌见下表： | 代码 | 名称 | 主力净流入(元) | 主力净占比 游资净流入 (元) | | 游资净占比 散户净流入 (元) | | 散户净占比 | | --- | --- | --- | --- | --- | --- | --- | --- | | 000831 | 中国稀土 | 3.40 乙 | 6.03% | -1.36 Z | -2.41% | -2.04 Z | -3.61% | | 002182 | 宝武镁业 | 2.66 Z | 17.35% | -1.21 乙 | -7.90% | -1.45 Z | -9.45% | | 600392 盛和资源 | | 9001.22万 | 3.50% | -3084.02万 | -1.20% | -5917.20万 | -2.30% | | 002378 | 草源钨业 | 7292.13万 | 8.10% | -3515.48万 | -3.91% | -3776 ...

证券时报记者 赵黎昀 在供给收缩、需求增加的背景下，2025年以来，金属钨的价格快速上行。证券时报·e公司记者了解到， 主要钨产品年内均值较年初低点普遍上涨超过50%，部分产品的价格年度累计涨幅已达近100%。分析 人士认为，短期市场依然面临供应缺口。 钨价年内飙升 "截至9月9日，所有钨主要产品价格均创历史新高，如钨精矿达28.75万元/吨，APT（仲钨酸铵）达 41.25万元/吨，钨粉达635元/千克，70钨铁达40.75万元/吨。"上海钢联分析师施佳介绍，2025年钨市场 经历三个阶段变化：1月至3月市场价格相对稳定或小幅波动，部分产品因需求疲软和政策观望出现回 落；在4月至5月间，受供应收紧和成本推动，钨价开始显著上涨；经历6月、7月份高位震荡后，8月至9 月间钨价启动加速上涨至历史新高。 供给收紧需求增加 钨价快速上行，反映出供应端持续紧张。 厦门钨业表示，2025年上半年，在供给方面，按照保护性开采特定矿种管理相关规定，2025年国家继续 对钨矿实行开采总量控制。根据自然资源部和工信部公布的数据，2025年全国钨精矿（三氯化钨含量 65%）第一批开采总量控制指标5.8万吨，较2024年同期减少40 ...

近5日机构合计调研294家公司，怡合达、厦门钨业、多氟多等被多家机构扎堆调研。 证券时报·数据宝统计，近5个交易日（9月4日至9月10日）两市约294家公司被机构调研，调研机构类型 显示，证券公司共对258家公司进行调研，即87.76%的上市公司调研活动有证券公司参与；基金公司调 研222家，位列其后；阳光私募机构调研130家，排名第三。 近5日机构调研股一览 机构调研榜单中，共有75家公司获20家以上机构扎堆调研。怡合达最受关注，参与调研的机构达到236 家；厦门钨业被186家机构调研，榜单中排名第二；多氟多、泰凌微等分别被167家、138家机构调研。 机构调研次数来看，有2家公司被机构调研3次，分别是中信金属、广发证券等，机构调研最为密集。 | 证券代码 | 证券简称 | 机构调研次数 | 机构家数 | 最新收盘价（元） | 其间涨跌幅（%） | 行业 | | --- | --- | --- | --- | --- | --- | --- | | 301029 | 怡合达 | 1 | 236 | 28.27 | 3.93 | 机械设备 | | 600549 | 厦门钨业 | 1 | 186 | 30.75 ...

Core Viewpoint - The industrial metal sector in A-share listed companies has shown overall profit improvement as of the first half of 2025, with many companies reporting a turnaround from losses to profits or an increase in profits compared to the previous year [1] Group 1: Profit Improvement - Among the 23 selected industrial metal companies, 8 companies reported both revenue and profit growth, including Northern Rare Earth, Dongfang Tantalum, and others [1] - 7 companies turned losses into profits, such as China Rare Earth, Yunnan Germanium, and others, with notable profit recoveries [1] - China Rare Earth's net profit improved from a loss of 244 million yuan in H1 2024 to a profit of 162 million yuan in H1 2025 [2] - Yunnan Germanium's net profit shifted from a loss of 9 million yuan to a profit of 22 million yuan [2] - Shenghe Resources reported a net profit turnaround from a loss of 69 million yuan to a profit of 377 million yuan [2] Group 2: Revenue and Profit Decline - Companies such as Western Materials, Baotai Co., and Jintian Titanium reported declines in both revenue and profit [2][8] - Western Materials' revenue decreased by 0.35% to 1.539 billion yuan, with a net profit drop of 36.03% to 61.16 million yuan [3][8] - Baotai Co. saw a 20.45% decline in revenue to 2.967 billion yuan and a 49% drop in net profit to 205 million yuan [8] - Jintian Titanium's revenue fell by 22.38% to 318 million yuan, with a net profit decrease of 49.71% to 40.53 million yuan [8] Group 3: Mixed Performance - Companies like Zhongkuang Resources, Xiamen Tungsten, and others experienced revenue growth but profit declines [4][5] - Zhongkuang Resources' revenue increased by 34.89% to 3.267 billion yuan, but net profit plummeted by 81.16% to 89.13 million yuan [6][7] - Xiamen Tungsten's revenue decreased by 4.37% to 972 million yuan, with a net profit decline of 46.47% to 64.12 million yuan [5][6] - Baowu Magnesium's net profit fell by 46.47% despite revenue growth [7]