从资金流向上来看，当日小金属板块主力资金净流入19.22亿元，游资资金净流出5.73亿元，散户资金净 流出13.49亿元。小金属板块个股资金流向见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | | 成交额(元) | | --- | --- | --- | --- | --- | --- | --- | | 000657 | 中钨高新 | 41.68 | 10.00% | | 105.68万 | 42.90 乙 | | 301026 | 浩通科技 | 34.38 | 9.70% | | 17.93万 | · 5.93亿 | | 002738 | 中矿资源 | 92.00 | 9.45% | | 35.15万 | 31.55 Z | | 600549 | 厦门钨业 | 59.00 | 9.14% | 1 | 70.96万 | 40.31亿 | | 002842 | 翔鹭钨业 | 22.60 | 7.93% | | 60.20万 | 13.17亿 | | 000960 | 锡业股份 | 40.97 | 7.48% | | 67.28万 | 26.43亿 | | 002378 | 直源钨业 ...

厦门钨业股价再创历史新高，该股近期呈不断突破新高之势，近一个月累计有11个交易日股价刷新历史 纪录。截至11:02，该股目前上涨6.86%，股价报57.77元，成交4107.80万股，成交金额22.93亿元，换手 率2.64%，该股最新A股总市值达917.15亿元，该股A股流通市值897.71亿元。 （文章来源：证券时报网） 两融数据显示，该股最新（1月20日）两融余额为26.43亿元，其中，融资余额为26.01亿元，近10日增加 5.25亿元，环比增长25.31%。 公司发布的三季报数据显示，前三季度公司共实现营业收入320.01亿元，同比增长21.36%，实现净利润 17.82亿元，同比增长27.05%，基本每股收益为1.1223元，加权平均净资产收益率10.80%。（数据宝） 证券时报·数据宝统计显示，厦门钨业所属的有色金属行业，目前整体涨幅为1.71%，行业内，目前股价 上涨的有112只，涨停的有白银有色、国城矿业等5只。股价下跌的有25只，跌幅居前的有中孚实业、宏 创控股、西部材料等，跌幅分别为4.21%、3.43%、3.11%。 ...

南方中证500ETF（510500）成立日期2013年2月6日，最新规模1400.98亿。今年以来收益10.52%，同类 排名627/5542；近一年收益49.48%，同类排名1212/4243；成立以来收益178.11%。 1月21日，厦门钨业涨5.03%，截至发稿，报56.78元/股，成交14.89亿元，换手率1.73%，总市值901.43 亿元。 资料显示，厦门钨业股份有限公司位于福建省厦门市思明区展鸿路81号翔业国际大厦21-22层，成立日 期1997年12月30日，上市日期2002年11月7日，公司主营业务涉及从事钨精矿、钨钼中间制品、粉末产 品、丝材板材、硬质合金、切削刀具、各种稀土氧化物、稀土金属、稀土发光材料、磁性材料和稀土贮 氢、系列锂电池材料等其他能源新材料的生产、销售与研发和稀土投资,兼营房地产开发与经营。主营 业务收入构成为：钨钼等有色金属制品46.21%，电池材料39.28%，稀土业务14.36%，房地产及配套管 理0.14%。 从厦门钨业十大流通股东角度 数据显示，南方基金旗下1只基金位居厦门钨业十大流通股东。南方中证500ETF（510500）三季度新进 十大流通股东，持有股数1 ...

Core Viewpoint - The release of a significant policy in Shanghai has led to a strong rally in the non-ferrous metals sector, particularly the Huabao Non-Ferrous ETF (159876), which saw a price increase of over 2.1% during the day and is approaching its previous listing high [1][11]. Fund Performance - As of the latest update, the Huabao Non-Ferrous ETF (159876) has received a net subscription of 21.6 million units, accumulating a total of 635 million yuan over the past 10 days [1][11]. - The latest scale of the Huabao Non-Ferrous ETF reached 1.665 billion yuan, setting a new historical high, making it the largest ETF tracking the CSI Non-Ferrous Metals Index in the market [6][13]. Stock Performance - Key stocks in the sector, including Baiyin Nonferrous, Hunan Nonferrous, and Shengxin Lithium Energy, have hit the daily limit, with Baiyin Nonferrous rising by 10.01% and Hunan Nonferrous by 10% [3][14]. - Other notable performers include Guocheng Mining, which increased by over 8%, and Zhongkuang Resources, which rose by more than 7% [3][14]. Market Dynamics - The Shanghai government has issued a plan to enhance the competitiveness of non-ferrous metal commodities, aiming to improve resource allocation and global pricing influence [4][12]. - A favorable supply-demand balance, characterized by limited supply growth and improving demand, is expected to support the long-term strength of the non-ferrous sector [5][13]. Investment Outlook - The Huabao Non-Ferrous ETF covers a wide range of metals, including copper, aluminum, gold, rare earths, and lithium, allowing investors to capture various market cycles [8][16]. - Analysts suggest that geopolitical tensions may reshape global metal supply chains, potentially increasing the demand and value of strategic metals such as copper, tungsten, molybdenum, cobalt, and rare earth materials [5][13].

Investment Rating - The industry investment rating is upgraded to "Overweight" [1] Core Insights - The tungsten powder price has surged to a historical high of 1.2 million yuan per ton, reflecting extreme supply-demand tension and strong market expectations for long-term shortages [3][4] - The demand for tungsten is experiencing a significant expansion, particularly driven by the photovoltaic and new energy vehicle sectors, which are expected to create a structural demand explosion [5][6] - The supply side is tightening, with China's high-grade tungsten ore reserves expected to dwindle to 300,000 tons by 2025, leading to increased mining costs and a prolonged price increase cycle [6] - The industry chain is seeing profits concentrate upstream, with leading companies like Xiamen Tungsten and China Tungsten High-Tech benefiting from resource and technology advantages [7] Summary by Sections Industry Performance - Over the past 12 months, the industry has shown strong relative performance with a 1-month return of 18.45%, a 3-month return of 24.21%, and a 12-month return of 82.53% compared to the CSI 300 index [2] Demand Drivers - The photovoltaic sector is witnessing a rapid adoption of tungsten wire, with a market penetration rate exceeding 60% in silicon wafer cutting by 2025, significantly increasing tungsten consumption [5] - The new energy vehicle sector is also contributing to demand, with an expected increase of approximately 10,500 tons of tungsten due to the rising use of tungsten-containing alloys in electric motors and high-precision tools in battery manufacturing [5] Supply Constraints - Global tungsten supply is under pressure, with significant reductions in China's high-grade ore and limited contributions from overseas sources, leading to a potential crisis in tungsten availability [6] Industry Structure - The profit distribution within the tungsten industry is shifting towards upstream players, with companies holding quality tungsten resources poised to capture the benefits of rising prices [7]

Core Viewpoint - Xiamen is implementing a quality empowerment action for the tungsten industry chain to enhance production capabilities and drive high-quality development in response to global supply chain restructuring and technological challenges [7][15]. Group 1: Quality Empowerment Action - The Xiamen Municipal Market Supervision Bureau has launched a quality empowerment action for the tungsten industry chain, establishing a quality innovation joint body and releasing a "5+5" project for tackling key issues [3]. - By 2025, the action aims to improve the quality of the tungsten industry chain, with a target of achieving a 21.75% year-on-year revenue growth for leading enterprises and reducing costs by over 300 million yuan across the entire chain [7][15]. Group 2: Systematic Support and Collaboration - The quality empowerment action employs a "precision drip irrigation" approach, creating tailored improvement plans for over 30 enterprises by identifying 25 key bottlenecks in the industry [8]. - A "one-stop" service platform for quality infrastructure has been established, integrating standards, measurement, certification, inspection, and brand building to facilitate the transition from research and development to market [9]. Group 3: Innovation and Technology - The establishment of a quality innovation joint body in 2025 aims to create a collaborative ecosystem involving leading enterprises and research institutions, focusing on five core areas of tungsten products [10]. - The joint body has initiated over 20 collaborative projects in the field of hard alloy cutting tools, achieving a 5% increase in average product qualification rates compared to the previous year [10]. Group 4: Intellectual Property and Standards - Xiamen Jinlu Special Alloy Co., Ltd. has integrated intellectual property management into its entire lifecycle, resulting in the establishment of 58 national and industry standards and 354 authorized patents [11]. - The company has actively contributed to the development of national standards, enhancing the competitiveness of China's hard alloy products in the global market [11]. Group 5: Cultural and Talent Development - Xiamen is fostering a quality culture by recognizing enterprises with quality awards and organizing events to share advanced production experiences, thereby making quality concepts tangible [14]. - The city has trained 38 chief quality officers and 5 international innovation managers, promoting a data-driven decision-making approach in enterprises [14]. Group 6: Future Outlook - Xiamen aims to deepen collaborative innovation in the tungsten industry chain, pushing for advancements towards high-end, intelligent, and green manufacturing, ultimately establishing a globally influential advanced materials industry cluster [15].

Group 1 - Xiamen Tungsten Co., Ltd. has become a global leader in tungsten materials and a domestic leader in lithium battery cathode materials, driven by market-oriented operations and a commitment to product quality [1] - The company emphasizes the importance of industry chain collaboration, transitioning from traditional "single-point control" to modern "chain collaboration" to enhance overall quality [1] - A quality innovation consortium has been established, involving universities, research institutions, and upstream and downstream enterprises to share quality data and tackle key technologies [1] Group 2 - Xiamen Jinlu Special Alloy Co., Ltd. highlights the importance of steady operations and internal excellence while actively collaborating with partners to define standards and solve technical challenges [3] - The "chain collaboration" model enhances the resilience of the tungsten supply chain and significantly improves overall delivery efficiency [3] - The company aims to strengthen its role as an industry hub and promote ecological win-win outcomes with partners in the tungsten and molybdenum materials sector [3] Group 3 - The local market supervision bureau is focusing on strengthening the tungsten industry chain quality as a key lever for upgrading manufacturing capabilities [4] - Policies such as integrated domestic and foreign trade, quality financing credit, standardized funding subsidies, and rapid patent review are being utilized to create a synergistic effect [4] - A closed-loop management system for collecting, analyzing, and addressing enterprise needs is being implemented, along with quality culture initiatives [4] Group 4 - The certification of Honglu Tungsten Molybdenum through the ISO 56005 innovation management system signifies a major achievement, with a compliance rate of 98.48% [5] - This certification positions the company as the first in the tungsten and molybdenum sector in China to achieve this standard, enhancing the credibility of "Chinese tungsten" in the global market [5] - The advanced practices of the certified company serve as a replicable model for innovation management within the industry cluster [5]

Group 1 - The non-ferrous metal sector is experiencing a downturn, with West Materials falling over 9% [1] - Companies such as China Tungsten High-Tech, Xiamen Tungsten, Zhangyuan Tungsten, and Xianglu Tungsten are among those with significant declines [1]

Group 1 - The non-ferrous metal sector experienced a downturn, with West Materials falling over 9% [1] - Companies such as Zhongtung High-tech, Xiamen Tungsten, Zhangyuan Tungsten, and Xianglu Tungsten also saw significant declines [1]

北方稀土2025年以来涨幅超过140%，公司是全球最大稀土企业集团和稀土产业基地，主要生产经营稀 土原料产品、稀土功能材料产品及部分稀土终端应用产品。 稀土价格上涨，与上游原材料现货供应紧张价格上调有很大关系。1月9日，国内两大稀土巨头北方稀土 与包钢股份双双公告，对2026年第一季度稀土精矿交易价格进行调涨，调整后的价格为不含税26834元/ 吨（干量，REO=50%）。这是自2024年三季度起，稀土精矿交易价格连续第6次上调。 近年来，上游稀土产业经历了集团整合，强化了国内稀土行业集中度，稀土开采和冶炼分离指标也在稳 步释放。根据工信部及中信证券的预测，2023年，我国稀土开采矿量为25.5万吨，冶炼分离产量24.4万 吨。预测2030年国内稀土开采量52.1万吨，冶炼分离产量51.9万吨。从全球来看，预计2030年全球稀土 供应量为68.1万吨。 从需求来看，中信建投表示，预计2026年全球新能源汽车产量将增长至超2600万辆，对应钕铁硼永磁材 料需求量将达到6.6万吨，汽车领域对钕铁硼总需求量接近8万吨。与此同时，包括汽车以及工业电机、 风力发电、工业机器人、人形机器人、节能电梯、变频空调、生活用品在 ...