Group 1: Copper - The LME copper price increased by 0.25% to $12,840.0 per ton, while the Shanghai copper price rose by 0.57% to ¥101,300 per ton [1] - Copper concentrate processing fees fell to -$49.79 per ton, and national copper inventory increased by 2.9% week-on-week, with a year-on-year increase of 203,000 tons [1][13] - The operating rate of copper cable enterprises increased by 2.72 percentage points to 58.71%, with a year-on-year increase of 15.87% [1][13] Group 2: Aluminum - The LME aluminum price rose by 0.29% to $3,137.5 per ton, and the Shanghai aluminum price increased by 1.53% to ¥24,300 per ton [2][14] - The operating rate of domestic aluminum processing enterprises fell by 6.3 percentage points to 51.1% due to the upcoming Spring Festival [2][14] - Electrolytic aluminum ingot inventory decreased by 6,000 tons to 743,000 tons [2][14] Group 3: Gold - COMEX gold price increased by 6.88% to $4,938.4 per ounce, with SPDR gold holdings rising by 4.86 tons to 1,079.66 tons [3][15] - Geopolitical risks have led to a strong fluctuation in the gold market [3][15] - The 10-year TIPS yield decreased by 0.07 percentage points to 1.95% [3][15] Group 4: Rare Earths - The price of praseodymium and neodymium oxide decreased by 0.25% to ¥672,700 per ton [4][36] - December exports of rare earth permanent magnets increased by 7% year-on-year, indicating a recovery in exports [4][36] - The rare earth sector is expected to see upward price momentum due to supply constraints and favorable export conditions [4][36] Group 5: Tungsten - Tungsten prices increased by 5.54% this week, supported by tight supply conditions [4][38] - The establishment of a $2.5 billion "strategic resilience reserve" in the U.S. may elevate tungsten's priority [4][38] - The price of ammonium paratungstate rose by 6.06% to ¥790,500 per ton [4][38] Group 6: Tin - Tin prices increased by 2.19% to ¥423,700 per ton, with inventory rising by 1.79% to 9,720 tons [4][38] - Supply from Indonesia and Myanmar remains below expectations, supporting an upward price trend [4][38] - The demand outlook is positive due to recovery in semiconductor and photovoltaic sectors [4][38] Group 7: Lithium - The average price of lithium carbonate rose by 0.8% to ¥159,500 per ton, while lithium hydroxide increased by 2.0% to ¥156,900 per ton [4][63] - Lithium production decreased slightly, with total output at 22,200 tons, down by 40 tons [4][63] - The market is experiencing strong demand, with signs of pre-holiday stocking [4][63] Group 8: Cobalt - Cobalt prices decreased by 3.7% to ¥437,000 per ton, while cobalt intermediate prices increased by 1.5% to $25.75 per pound [5][65] - Supply tightness is expected to persist, with domestic prices showing upward momentum [5][65] - The market structure remains tight due to limited liquidity and long transportation cycles [5][65]

Investment Rating - The investment rating for the small metals industry is "Positive" (maintained) [5] Core Views - The supply-demand tension continues, with tungsten and tin prices breaking historical highs [4] - Rare earth elements are experiencing a supply tightness, leading to increased prices, particularly for praseodymium and neodymium oxide, which rose by 7.69% to 672,500 CNY/ton [12] - Molybdenum prices are expected to stabilize due to cost support and improved supply-demand dynamics, despite a recent decline [23] - Tungsten prices are at historical highs due to supply contraction and price increases in long-term contracts [30] - Tin prices are strong due to macroeconomic factors and ongoing supply disruptions, with SHFE tin rising by 21.85% to 429,600 CNY/ton [33] - Antimony prices are fluctuating, awaiting signals for export recovery, with recent increases noted [42] Summary by Sections Rare Earths - Praseodymium and neodymium oxide prices increased by 7.69% to 672,500 CNY/ton, while dysprosium decreased by 1.39% to 1,420,000 CNY/ton [12][4] - The supply side remains tight due to policy and supply constraints, while demand from downstream magnetic material companies has shifted from just-in-time purchasing to stockpiling [4] Molybdenum - Molybdenum concentrate prices fell by 1.94% to 4,035 CNY/ton, and molybdenum iron prices decreased by 1.90% to 258,500 CNY/ton [23] - The market sentiment is supported by a stabilization in international molybdenum oxide prices and reduced mine shipments [23] Tungsten - Black tungsten concentrate prices rose by 11.43% to 536,000 CNY/ton, and ammonium paratungstate prices increased by 12.06% to 790,000 CNY/ton [30] - Supply is tightening due to reduced mining quotas and slower production rates, while domestic demand remains stable [30] Tin - SHFE tin prices increased by 21.85% to 429,600 CNY/ton, and LME tin prices rose by 21.73% to 54,200 USD/ton [33] - Supply disruptions from key mining regions and strong demand from traditional and emerging sectors are driving price increases [33] Antimony - Antimony ingot prices rose by 1.26% to 160,500 CNY/ton, and antimony concentrate prices increased by 1.42% to 142,500 CNY/ton [42] - The supply remains tight, and demand is expected to decline as the market approaches the Lunar New Year [42]

厦门辖区上市公司也积极提升投资者回报，2025年实施及宣告现金分红80家次，年内实际派发分红金额 达156.61亿元，切实增强了投资者的获得感。 厦门上市公司协会表示，万亿市值的背后，是厦门上市公司群体的茁壮成长，也是上市公司内在价值稳 步提升、规范运作持续深化的体现。当前辖区上市公司达70家，约占福建省总量的四成。辖区70家上市 公司中，有26家跻身国家级"专精特新"小巨人企业行列，16家获评制造业单项冠军企业，国家高新技术 企业占比超八成。 同时，厦门上市后备梯队也在不断扩充。截至2025年12月底，厦门辖区有上市后备企业597家，辅导备 案拟上市企业9家，正在申报A股上市企业1家，为资本市场"厦门板块"的持续高质量发展储备了充足动 能。 中证报中证网讯(记者罗京)据厦门上市公司协会消息，截至1月23日收盘，厦门辖区上市公司总市值突 破万亿元大关，达10154.3亿元。 数据显示，截至2024年底，厦门辖区上市公司总市值为6266.62亿元，至2025年年末已增长至9030.35亿 元，市值增长近3000亿元，同比增幅达44.1%。迈入2026年，随着市场信心持续增强和辖区上市公司经 营质量不断提升，市值 ...

Group 1 - The core viewpoint of the articles highlights the strong performance and upward trends in the rare metals market, driven by increasing demand and supply constraints [1][2][3] Group 2 - As of January 23, 2026, the CSI Rare Metals Theme Index (930632) rose by 1.28%, with key stocks like Western Materials hitting the daily limit up and others like Chuaneng Power and Zhuhai Group also showing significant gains [1] - The top ten weighted stocks in the CSI Rare Metals Theme Index accounted for 59.54% of the index, with companies such as Luoyang Molybdenum, Northern Rare Earth, and Ganfeng Lithium leading the list [1] - The rare metals ETF fund (561800) saw a 1.41% increase, with a maximum intraday rise exceeding 2%, and recorded a turnover rate of 6.48% with total transactions of 14.6183 million yuan [1] - The price of battery-grade lithium carbonate increased by 4,000 yuan to 152,500 yuan per ton on January 20, 2026, reflecting a more than 28% rebound from the year's low, driven by surging storage demand and supply constraints [2] - New energy storage technologies are expanding rapidly, with lithium battery shipments in China reaching 430 GWh in the first three quarters of 2025, a year-on-year increase of 99.07% [2] - The supply-demand dynamics for rare metals are undergoing significant changes, with tungsten concentrate prices rising by 4.3% week-on-week to 507,000 yuan per ton, and prices for praseodymium-neodymium oxide and dysprosium oxide also increasing [3] - The CS Rare Metals Index, tracked by the rare metals ETF fund, is one of the highest in energy metal content, particularly lithium and cobalt, and is expected to benefit from ongoing market trends [3]

金属行业 2026 年度策略系列报告之小金属&新材料篇 地锁金戈，云生万象 glmszqdatemark 重点公司盈利预测、估值与评级 | 代码 | 简称 | 股价 | | EPS（元） | | | PE（X） | | 评级 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | （元） | 2025E | 2026E | 2027E | 2025E | 2026E | 2027E | | | 600301.SH | 华锡有色 | 52.60 | 1.21 | 2.45 | 3.02 | 43 | 21 | 17 | 推荐 | | 000960.SZ | 锡业股份 | 40.97 | 1.48 | 2.82 | 2.88 | 28 | 15 | 14 | 推荐 | | 605376.SH | 博迁新材 | 73.99 | 0.87 | 2.09 | 4.08 | 85 | 35 | 18 | 推荐 | | 300811.SZ | 铂科新材 | 82.19 | 1.54 | 2.09 | 2.66 | 53 | 39 | 31 ...

Group 1 - The report emphasizes the strategic importance of key metals, highlighting that supply control and application demand in critical fields like technology and military are crucial for pricing [16][20][21] - The report identifies significant supply disruptions in tin due to slow recovery in Myanmar and regulatory changes in Indonesia, leading to a persistent tight supply situation [26][35][40] - The report notes that tungsten is a backbone of high-end manufacturing, with supply tightening driving significant price increases, supported by steady demand from sectors like photovoltaics and military applications [9][16][21] Group 2 - The report discusses the impact of AI technology on the development of electronic new materials, indicating that advancements in AI will drive demand for upgraded materials to meet higher performance requirements [9][10][12] - The report recommends investing in domestic strategic resource sectors and electronic new materials benefiting from AI technology, highlighting specific companies such as Huaxi Nonferrous, Xiyegongsi, and others [13][21] - The report outlines the tightening supply of antimony and the potential for price convergence due to the relaxation of export controls, which may benefit domestic demand [9][10][12]

证券之星消息，1月22日小金属板块较上一交易日上涨0.06%，西部材料领涨。当日上证指数报收于 4122.58，上涨0.14%。深证成指报收于14327.05，上涨0.5%。小金属板块个股涨跌见下表： 以上内容为证券之星据公开信息整理，由AI算法生成（网信算备310104345710301240019号），不构成投资建议。 | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 301026 | 浩通科技 | 33.03 | -3.93% | 14.73万 | 4.82 乙 | | 002842 | 翔鹭钨业 | 21.78 | -3.63% | 54.40万 | 12.00亿 | | 000962 | 东方银业 | 37.66 | -3.44% | 19.72万 | 7.48亿 | | 002378 | 章源钨业 | 20.05 | -2.67% | 89.36万 | 17.99亿 | | 002182 | 宝武美V | 18.76 | -2.65% | 41.22万 | 7.75亿 | | 0009 ...

进入2026年，钨价持续高位运行，黑钨精矿、白钨精矿等核心品种价格均创历史新高。根据中钨在线数 据，1月21日，65%黑钨精矿价格报52.8万元/标吨，较年初上涨14.8%；65%白钨精矿价格报52.7万元/标 吨，较年初上涨14.8%；钨粉价格报1240元/公斤，较年初上涨14.8%；碳化钨粉价格报1200元/公斤，较 年初上涨15.4%。 上海钢联（300226）铁合金事业部钨业分析师施佳对《证券日报》记者表示，1月中旬以来，钨矿市场 货紧价高，下游终端用户消费热度虽有消退，但终端硬质合金及钨材等钨制品普遍也在通过上调产品售 价转移成本压力，钨价保持坚挺上行趋势。 在钨价持续走强的背景下，产业链上市公司也迎来发展机遇。1月20日，翔鹭钨业（002842）发布业绩 预告，预计公司2025年实现归母净利润1.25亿元至1.80亿元，同比实现扭亏。 翔鹭钨业表示，钨金属原料价格2025年全年持续上涨，钨市场供需情况较往年有所改善。其作为国内主 要钨制品及钨材制造商，对钨产品议价能力提升，原材料价格上涨到下游产品的传导较为顺畅，主要产 品毛利率及毛利显著增长。硬质合金销售订单量同比显著增加，光伏用钨丝产能逐步释放 ...

今日有色金属板块表现活跃，中钨高新、厦门钨业、翔鹭钨业、锡业股份、章源钨业、中稀有色领涨， 产业链企业整理如下： 中钨高新（000657.SZ） 最新股价：41.68元 日涨幅：+10.00% 日涨幅：+7.93% 亮点：中国五矿集团旗下钨产业运营平台，拥有钨矿、冶炼、硬质合金及深加工全产业链。近期收购远 景钨业股权，显著增加钨资源储量。 厦门钨业（600549.SH） 最新股价：59.00元 日涨幅：+9.14% 亮点：拥有从钨矿开采到硬质合金深加工的完整产业链，钨丝市场份额领先。是国内首家具备核聚变装 置用钨组件研发生产能力的企业。 翔鹭钨业（002842.SZ） 最新股价：22.60元 亮点：国内少数拥有完整钨产业链的企业之一，业务覆盖钨精矿至硬质合金等全系列产品。控股子公司 拥有钨矿采矿权。 锡业股份（000960.SZ） 最新股价：40.97元 日涨幅：+7.48% 亮点：以锡、铟为主的有色金属全产业链企业，同时拥有丰富的伴生钨资源，钨资源储量可观。 章源钨业（002378.SZ） 最新股价：20.60元 日涨幅：+6.08% 亮点：国内具备完整钨产业链生产能力的企业之一，拥有多处采矿权和探矿权，保 ...

关于厦门钨业股份有限公司 2026 年第一次临时股东会的 书 意 见 法 律 ీ 福建至理律师事务所 邮政编码: 350025 地址：福州市鼓楼区洪山园路华润万象城三期 TB#写字楼 22 层 传真:（0591）8806 8008 电话:（0591）8806 5558 网址: http://www.zenithlawyer.com 福建至理律师事务所(以下简称"本所")接受厦门钨业股份有限公司(以 下简称"公司")之委托,指派魏吓虹、刘昭怡律师出席公司 2026 年第一次临时 股东会(以下简称"本次会议"),并依据《中华人民共和国公司法》(以下简称 《公司法》)、《中华人民共和国证券法》(以下简称《证券法》)、《上市公司股东 会规则》(中国证券监督管理委员会公告〔2025〕7 号,以下简称《股东会规则》） 《上海证券交易所上市公司自律监管指引第1 号 -- 规范运作(2025年5月修 订》(以下简称《监管指引第1号》)等有关法律、法规、规范性文件以及《厦 门钨业股份有限公司章程》（以下简称《公司章程》）之规定出具法律意见。 对于本法律意见书,本所特作如下声明: 1. 本所及经办律师依据《证券法》《律师事务所从 ...