Investment Rating - The report indicates a positive outlook for the small metals sector, with expectations of price increases and performance improvements in the coming months [58]. Core Insights - The small metals index rose by 7.49% during the reporting period, outperforming the Shanghai Composite Index by 8.03% [12]. - The report highlights significant price movements in various metals, with rare earth elements showing strong price increases, particularly praseodymium and neodymium oxide, which rose by 11.03% to 748,700 CNY/ton [2][13]. - The report emphasizes the ongoing supply-side reforms and the increasing demand for rare earths, particularly in the context of global inventory replenishment needs [15][17]. Summary by Sections Stock Market and Commodity Price Performance - The small metals index closed at 38,048.84 points, reflecting a 7.49% increase, which is 2.11 percentage points lower than the non-ferrous metals index [12]. - Key commodity prices showed varied trends, with praseodymium oxide increasing by 11.03%, dysprosium oxide decreasing by 10.74%, and tungsten concentrate rising by 19.24% [13]. Main Product Fundamentals and Views Rare Earths - The price of praseodymium and neodymium oxide reached 748,700 CNY/ton, driven by supply-side reforms and increased processing fees [2][15]. - The report suggests that the rare earth sector will continue to see valuation and performance improvements, with 2026 being a critical year for resolving competitive issues within the industry [17]. Tin - Tin ingot prices increased by 2.17% to 423,600 CNY/ton, with expectations of continued upward trends due to supply constraints from Indonesia and Myanmar [3][24]. - The demand for tin is anticipated to benefit from the recovery in semiconductors and automotive electronics [24]. Tungsten - Tungsten concentrate prices rose by 19.24% to 600,700 CNY/ton, supported by increased strategic reserves in the U.S. and domestic demand [3][33]. - The report highlights the potential for sustained price increases due to military and civilian demand [33]. Antimony - Antimony ingot prices increased by 1.26% to 164,100 CNY/ton, with expectations of price recovery driven by export improvements [4][40]. - The report notes a significant drop in antimony exports, indicating potential for future price increases as demand stabilizes [40]. Molybdenum - Molybdenum concentrate prices remained stable at 4,010 CNY/ton, with molybdenum iron prices rising by 0.79% to 256,000 CNY/ton [5][43]. - The report suggests that low inventory levels and increased defense spending may support future price increases [43].

Investment Rating - The report maintains a positive investment rating for the non-ferrous metals and new materials industry, indicating a high cost-performance investment stage with potential for sustained growth [1][5]. Core Insights - The non-ferrous metals sector has shown a significant increase, with the Shenwan Non-Ferrous Metals Index rising by 94.73% in 2025, outperforming the CSI 300 Index by 77.07 percentage points [1][13]. - Geopolitical tensions, particularly between major powers like the US and China, are expected to continue impacting the stability of the metal supply chain, leading to increased raw material costs and upward price pressures on strategic metals [2][30]. - The demand outlook for non-ferrous metals remains strong, driven by emerging industries such as electric vehicles, renewable energy, and artificial intelligence, which require high-performance materials [4][34]. Summary by Sections Industry Overview - The non-ferrous metals industry is experiencing a transformation due to supply constraints and changing demand dynamics, with certain metals reaching new price highs [1][2]. - The industry is positioned for growth, supported by favorable policies and a robust demand from new technologies [24][25]. Investment Opportunities - Investment opportunities are particularly favorable in precious metals, copper, and strategic metals, with recommendations to focus on leading companies in high-growth sectors [3][5]. - Key companies to watch include Zijin Mining, Luoyang Molybdenum, Jiangxi Copper, and Northern Rare Earth [5]. Emerging Trends - The rapid expansion of new industries is creating a strategic demand for upstream materials, which are now subject to stricter performance and purity standards [4][34]. - The shift towards electric vehicles and renewable energy is expected to sustain high demand for metals like lithium, copper, and rare earth elements [36][42]. Market Dynamics - The report highlights the tightening supply of strategic metals due to increased global regulatory controls, which is expected to lead to a supply-demand imbalance [31][32]. - The copper market is particularly noted for its supply constraints and increasing demand, with a significant reliance on imports to meet domestic needs [46][47]. Future Outlook - The profitability outlook for the non-ferrous metals sector is expected to improve, with potential for continued price increases in copper, aluminum, and gold, driven by strong industrial demand and macroeconomic conditions [15][30].

Core Insights - The report indicates that the non-ferrous metals and new materials industry is currently in a high cost-performance investment phase, with expectations for continued growth [1] - As of December 31, 2025, the Shenwan Non-Ferrous Metals Index has seen a cumulative increase of 94.73% for the year, ranking first among 31 Shenwan primary industries, significantly outperforming the CSI 300 Index by 77.07 percentage points [1][13] - The industry is influenced by international dynamics and changes in supply patterns, with some metal prices reaching new highs [1] Supply and Demand Dynamics - The ongoing strategic competition between major powers like the US and China has made upstream metal resources a critical area of contention, leading to significant impacts on the stability of the metal supply chain [2] - Supply disruptions are expected to increase raw material costs, while tighter controls on strategic metals by various countries will further exacerbate price pressures [2] - The demand outlook for non-ferrous metals is clear, supported by long-term fundamentals [2] Investment Opportunities - The report highlights investment opportunities in precious metals, copper, and strategic metals, noting that gold has evolved into a strategic asset for managing systemic risks, with central banks likely to increase gold reserves [3] - The mining of copper is becoming increasingly challenging, with supply constraints supporting a long-term upward price trend [3] - The geopolitical competition is expected to lead to enhanced resource controls, creating structural investment opportunities in related sectors [3] Emerging Industries and Material Demand - Rapidly expanding sectors such as artificial intelligence, electric vehicles, renewable energy, and high-end semiconductors are driving unprecedented demand for upstream materials, which are now classified as "key strategic materials" or "high-tech value-added new materials" [4] - The performance, purity, form, and functionality of materials are subject to increasingly stringent standards, indicating a fundamental shift in investment logic [4] Recommendations - The report recommends focusing on sectors such as copper, gold, and strategic metals, particularly in 2026, with an emphasis on leading companies that operate in high-growth areas with strong technological monopolies [5] - Specific companies to watch include Zijin Mining, Luoyang Molybdenum, Jiangxi Copper, Tongling Nonferrous Metals, China Rare Earth, Northern Rare Earth, Shenghe Resources, Xiamen Tungsten, Zhongtung High-tech, and Zhangyuan Tungsten [5]

【导读】今日上午A股三大指数涨跌不一，CPO、农牧饲渔、旅游酒店板块大涨，资源股重挫，个股掀"跌停潮" A股风云突变。 1月30日早盘，A股市场迎来大变化。三大指数上演"过山车"行情，A股多个指数开盘集体杀跌，科创综指盘中跌超2.5%，上证指数、深证成指、创业板指 均一度跌超2%。随后多个指数涨跌出现分化，创业板指翻红。 风云突变 个股跌多涨少，全市场共有3872只个股下跌，仅有1494只个股上涨，27只个股涨停。成交额方面，沪深两市半日成交额为1.93万亿元，较上个交易日缩量 836亿元。 贵金属板块领跌 今天上午，资源股重挫，有色板块大跌8%，贵金属概念股板块领跌，相关个股纷纷跌停。 十余只个股跌停。其中，晓程科技录得20%跌停，山东黄金（600547）、中金黄金（600489）、山金国际（000975）、赤峰黄金、四川黄金（001337）、 贵研铂业（600459）、金徽股份（603132）、招金黄金（000506）、恒邦股份（002237）、湖南白银（002716）、华锡有色（600301）均录得10cm跌 停，紫金矿业（601899）跌超8%。 1月最后一个交易日的早盘，A股主要指数涨跌不一。 热门 ...

美国提出的"价格下限"方案，正是在这种背景下浮出水面。其逻辑并不复杂：通过政府兜底，为本土稀 土企业提供稳定预期，抵消中国在成本和规模上的优势。然而，这一设想从一开始就带有明显的制度张 力。价格下限意味着财政承诺，而财政承诺必须得到国会授权；价格下限意味着长期干预，而长期干预 又与美国一贯标榜的市场原则相冲突。 路透社披露的细节，恰恰揭示了这一矛盾如何在现实中爆发。在闭门会议上，美国官员直言要求企业证 明"在没有政府价格支持的情况下也能存活"，能源部官员更是明确表示"不要指望政府支持"。这种表 态，与此前释放的政策信号几乎背道而驰，也难怪市场会迅速作出负面反应。 更耐人寻味的是，美国能源部随后对报道作出否认，却未指出具体失实之处。这种模糊回应本身，就说 明问题的核心并不在某一笔交易是否被撤回，而在于美国是否具备长期、系统性托底稀土产业的能力和 意愿。MP Materials的个案之所以引发争议，正因为它暴露了政策边界：一旦类似支持被普遍化，美国 政府将面临难以承受的财政和法律风险。 从更宏观的角度看，这一政策转向反映出美国稀土战略的内在困境。一方面，美国将稀土问题高度政治 化，视其为对华博弈的重要筹码；另一方 ...

2025年的稀土市场，犹如一场错综复杂的博弈。一方面，中国依法收紧出口管制，坚决维护国家利益；另一方面，境外势力依然不甘心，频频铤而走险，实 施窃密走私。在这个被誉为"工业黄金"的战略资源领域，稀土已成为军工与高科技产业的核心命脉。一架F-35战机需要消耗数百公斤稀土，一艘核潜艇甚至 需要四五吨稀土才能满足需求。因此，当中国加强管控后，无法自主提纯稀土的美国，立即面临了严重的库存危机。随之而来的是一场跨越国境的暗战，围 绕稀土展开的角逐，愈发激烈。 美国的稀土储量本不算少，但由于提炼技术的不足，始终未能突破瓶颈。尤其是在本土高纯重稀土氧化物的产能几乎为零的情况下，美国对稀土的进口依赖 度极高。2024年，美国对稀土的进口依赖度已经飙升至92%，而重稀土几乎完全依赖外部供应。而此时，中国掌控着全球近90%的稀土精炼产能。2025年4 月4日，商务部与海关总署联合发布的公告，将七种关键稀土元素——钐、钆、铽、镝、镥、钪、钇——纳入出口管制范围，这一举措让美国的军工和高端 制造业直接受到了冲击，关键稀土部件的供应缺口也在瞬间扩大。 面对日益加剧的需求缺口，境外势力急于填补这一空白，开始与国内一些不法分子勾结，通过非 ...

证券之星消息，1月29日小金属板块较上一交易日下跌1.04%，厦门钨业领跌。当日上证指数报收于 4157.98，上涨0.16%。深证成指报收于14300.08，下跌0.3%。小金属板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | | --- | --- | --- | --- | --- | --- | --- | | 600392 | 盛和盗源 | 30.03 | 10.00% | 205.07万 | | 59.61亿 | | 600111 | 北方稀土 | 56.11 | 6.09% | 389.63万 | | 216.25亿 | | 000831 | 中国稀土 | 58.61 | 3.64% | 113.94万 | | 66.62亿 | | 600259 | 中稀有色 | 84.52 | 2.51% | 23.57万 | | 19.87亿 | | 001280 | 中国舞山 | 97.00 | -1.02% | 41.79万 | | 41.98亿 | | 600459 | 贵研铂业 | 26.17 | -1.62% | 112.69万 | | ...

据生意社监测，氧化镨01月28日最新价格735000.00万元/吨，最近5天上涨8.89%，15天上涨15.29%，20 天上涨18.07%，30天上涨24.05%，60天上涨27.83%。 相关生产商有：北方稀土(600111)中色股份(000758)中国稀土(000831)盛和资源(600392)等。 据生意社监测，氧化镨01月28日最新价格735000.00万元/吨，最近5天上涨8.89%，15天上涨15.29%，20 天上涨18.07%，30天上涨24.05%，60天上涨27.83%。 相关生产商有：北方稀土(600111)中色股份(000758)中国稀土(000831)盛和资源(600392)等。 ...

Group 1 - The small metal sector saw a rise on January 28, 2026, with the China Rare Metals Theme Index increasing by 0.23%, and notable stock performances included Dongfang Tantalum Industry up by 8.41%, Zhuhai Group up by 5.25%, and others [1] - Tungsten concentrate prices approached 550,000 RMB per ton, ammonium paratungstate prices exceeded 800,000 RMB, and tungsten powder prices surpassed 1,300,000 RMB [1] - Industrial-grade lithium carbonate prices reached 168,000 RMB per ton with a weekly increase of 9.80%, while lithium iron phosphate prices rose by 4.43% compared to January 4 [1] Group 2 - Longcheng Securities estimated that the static cost share of lithium carbonate, rare earths, and antimony in downstream applications is nearing historical highs, with a demand growth rate of over 10% expected in sensitive sectors like wind power in 2026 [1] - The auction price for lithium spodumene concentrate from Wodgina reached 16,852 RMB per dry ton, indicating a significant premium for overseas lithium resources [1] - The Congolese government submitted a shortlist of state-owned mineral assets to the U.S., highlighting ongoing geopolitical supply disruptions that reinforce the scarcity of strategic metals [1] Group 3 - As of December 31, 2025, the top ten weighted stocks in the China Rare Metals Theme Index included Luoyang Molybdenum, Northern Rare Earth, and others, accounting for 59.54% of the total index [2] - The Rare Metals ETF (562800) tracks the China Rare Metals Theme Index, providing a convenient tool for investing in the rare metals sector [3] - Investors can also explore investment opportunities in the rare metals sector through the Rare Metals ETF linked fund (014111) [4]

Core Viewpoint - The A-share non-ferrous metal market has shown a comprehensive strengthening trend since 2026, with the non-ferrous metal index rising by 24.31%, significantly outperforming the broader market. Precious metals (silver, gold) and minor metals (tungsten, tin) have performed particularly well, with price increases notably higher than industrial metals (lead, aluminum) [2][6]. Market Overview - The report titled "Comprehensive Analysis of the Non-Ferrous Metal Industry" systematically reviews the current non-ferrous metal market from multiple dimensions, including macro strategic environment, industry chain dynamics, competitive landscape, and industry trends, providing a reference for market decision-makers [2]. Price and Production Changes - Certain metals have entered an upward price channel, indicating a structural increase rather than a comprehensive recovery. The industry is transitioning from a low point to recovery, with a clear differentiation between strong and weak products [6][10]. - Global major metal varieties face significant supply constraints due to declining resource grades, insufficient capital expenditure, and geopolitical disturbances. Export restrictions from resource-rich countries are tightening, impacting the industry's international trade dynamics [10]. Demand Resilience - Emerging sectors such as new energy vehicles, energy storage, and AI computing centers are becoming core drivers of demand. For instance, China's new energy vehicle sales are projected to reach 16.49 million units in 2025, a year-on-year increase of 28.17%, boosting demand for copper, aluminum, and rare earths [11][22]. Market Price Support - The Producer Price Index (PPI) for China's non-ferrous metal manufacturing is expected to rise to 117.200 in 2025, up from 113.200 in 2024, indicating robust industry demand [12]. Policy Environment - The policy environment is shifting from "cyclical adjustment" to "strategic resource management," accelerating industry upgrades. The Ministry of Industry and Information Technology has outlined plans for the non-ferrous metal industry to achieve an average annual growth of around 5% in value added from 2025 to 2026 [13][16]. Industry Integration and Technological Support - Policies encourage mergers and acquisitions among large smelting enterprises and support the technological research and industrial application of high-end new materials like magnesium alloys and tungsten [14]. Resource Recycling - The EU's Carbon Border Adjustment Mechanism (CBAM) is pushing for greener production of high-energy-consuming metals. By the end of 2025, 30% of the electrolytic aluminum industry's capacity is expected to meet benchmark energy efficiency levels [15]. Competitive Landscape - The competitive landscape in the industrial metals sector is stable, with leading companies like Zijin Mining and Luoyang Molybdenum Company maintaining strong positions through global resource layouts and price elasticity [43][44]. - In the energy metals sector, companies like Ganfeng Lithium and Tianqi Lithium are leading with a dual drive of resources and technology, while Huayou Cobalt leads in the nickel sector with a collaborative model [47][48]. Long-term Trends - The non-ferrous metal industry is expected to maintain a structurally tight balance in supply and demand, with resource-constrained metals remaining tight in the long term. However, the supply-demand gap will exhibit differentiation across varieties and phases, indicating significant structural opportunities rather than systemic trends [54][55].