格隆汇2月25日｜A股市场稀土永磁概念股集体走强，其中，三川智慧涨13%，包钢股份、北方稀土、 中色股份10CM涨停，中稀有色、厦门钨业涨超8%，金力永磁、中矿资源、争光股份、盛和资源、九菱 科技涨超7%，中国稀土涨超6%，正海磁材、中国铝业、华新环保、东方锆业、中科磁业涨超5%。 ...

消息面上，重稀土价格显著上涨。钇欧价翻至850美元/公斤，镝达1100美元/公斤，供应忧虑持续，创 2015年以来最高水平。 昨夜伦敦基本金属全线上涨。花旗近期看好铜价，预计未来三个月铜价将触及每吨1.4万美元。摩根大 通预计2026年第二季度铝均价为每吨3200美元，且2026年下半年价格仍将获得有力支撑。 格隆汇2月25日｜A 股顺周期板块持续走强，锡业股份涨停，稀土永磁概念走高，北方稀土涨超9%，中 国稀土涨超5%，带动有色金属 ETF 天弘（159157）标的指数涨超4.6%。 资金持续净流入，有色金属 ETF 天弘（159157）近7日连续获资金净流入，近10日累计吸金超 10.67亿 元，最新规模达21.59亿元。 有色金属 ETF 天弘（159157）聚焦工业金属赛道，铜、铝、稀土三大核心板块合计占比近 70%，覆盖 铜、铝、黄金、稀土等行业，囊括贵金属（避险）、战略金属（成长）、工业金属（复苏）等不同景气 周期，权重股包括洛阳钼业、北方稀土、中国铝业、兴业银锡、云铝股份、铜陵有色、江西铜业等龙头 公司。该ETF场外联接基金（A类：017192；C类：017193）。 上个马年沪指涨近60%！新 ...

每经AI快讯，2月25日，稀土指数盘中涨2%，成分股普遍上扬。其中，北方稀土涨3.28%，盛和资源涨 2.92%，中稀有色涨1.87%，中国稀土涨1.78%，华宏科技涨1.59%。 （文章来源：每日经济新闻） ...

Investment Rating - The report indicates a positive outlook for the small metals sector, with the Shenyin Wanguo Small Metals Index rising by 3.25% during the period, outperforming both the Shenwan Nonferrous Index and the CSI 300 Index by 10.21 percentage points and 4.23 percentage points, respectively [2][13]. Core Insights - The report highlights that the prices of rare earth elements have reached new highs, driven by supply-side reforms and increasing overseas inventory demand. The prices for praseodymium and neodymium oxide rose by 13.51%, dysprosium oxide by 9.02%, and terbium oxide by 5.90% [3][18][19]. - Tin prices have shown volatility, with a decrease of 10.74% in the current period. The potential ban on tin raw material exports from Indonesia may create significant replenishment demand for tin processing companies, positively impacting tin prices in the long term [4][28]. - Tungsten prices have increased significantly, with tungsten concentrate rising by 15.99% and ammonium paratungstate by 15.11%. The report suggests that the strategic reserve initiatives in the U.S. may elevate tungsten's priority in global markets [4][40]. - Antimony prices have shown a slight increase, with antimony ingot prices up by 0.62% and antimony concentrate by 2.13%. The report anticipates a recovery in exports, which could lead to a price rebound [5][47]. - Molybdenum prices have stabilized, with molybdenum concentrate prices increasing by 2.97% and ferromolybdenum by 3.33%. The report notes that low inventory levels and increased defense spending may support further price increases [6][51]. Summary by Sections 1. Stock Market and Commodity Price Performance - The Shenyin Wanguo Small Metals Index closed at 39,286.62 points, reflecting a 3.25% increase [2][13]. - Commodity prices for rare earths, tungsten, and molybdenum have shown upward trends, while tin prices have decreased [16]. 2. Main Product Fundamentals and Insights 2.1 Rare Earths - The report emphasizes the ongoing supply-side reforms and the rising prices of rare earths, with significant export demand expected to continue [3][18][19]. 2.2 Tin - The potential export ban from Indonesia could lead to increased demand for tin processing, positively affecting prices in the long run [4][28]. 2.3 Tungsten - The report highlights the strategic importance of tungsten in global markets, with prices rising significantly due to supply constraints and increased military spending [4][40]. 2.4 Antimony - Antimony prices are expected to recover as export conditions improve, with a focus on high-growth resource companies [5][47]. 2.5 Molybdenum - Molybdenum prices are projected to rise due to low inventory levels and increased demand from the defense sector [6][51].

内容概况：稀土回收是指对废弃的稀土资源进行高效、环保地再利用的过程，通过一系列工艺，如冶 炼、分离和提纯等，将稀土元素从废弃物中分离出来，再转化为可用的稀土化合物。在政策规范与稀土 下游需求（新能源、军工等）持续释放的推动下，回收市场规模将继续增长。2024年我国稀土回收市场 规模达45.49亿元。 相关企业：华宏科技、中稀天马、银海新材料、步莱铽、包钢新利、稀土友力 关键词：稀土回收量 稀土回收市场规模 稀土回收企业 稀土回收产业链流程 稀土回收短期趋势 一、稀土回收产业概述 稀土是镧（La）、铈（Ce）、镨（Pr）、钕（Nd）、钷（Pm）、钐（Sm）、铕（Eu）、钆（Gd）、 铽（Tb）、镝（Dy）、钬（Ho）、铒（Er）、铥（Tm）、镱（Yb）、镥（Lu），钪（Sc）和钇（Y） 共17种元素的统称。稀土回收是指对废弃的稀土资源进行高效、环保地再利用的过程，通过一系列工 艺，如冶炼、分离和提纯等，将稀土元素从废弃物中分离出来，再转化为可用的稀土化合物。稀土回收 主要分为三类：工业生产废料回收，涵盖开采冶炼加工环节产生的各类废料；报废产品回收，针对含稀 土的废旧电子产品等终端产品；社会流通废料回收，聚焦流通 ...

Core Viewpoint - The global rare earth market is experiencing significant turmoil due to a breach of contract by an Indian mining company, which has led to a disruption in the supply chain and the unexpected diversion of high-purity rare earth materials for military use instead of civilian electric vehicle manufacturing [1][10]. Group 1: Incident Overview - A batch of high-purity rare earth materials intended for export to an Indian mining company was not delivered as planned due to the company's defaulting behavior [1]. - The Indian mining company presented itself as professional and trustworthy, submitting detailed procurement documents and signing commitments against military use, which ultimately proved to be misleading [3]. - The rare earth materials were secretly diverted into India's military industry and underwent "laundering" operations through Malaysia and Vietnam before reaching the U.S. defense contractor Raytheon [5]. Group 2: China's Response - China utilized advanced tracking technology to uncover the diversion of rare earth materials, leading to the Indian mining company being placed on an "unreliable entity list" and halting all strategic resource transactions with them [7]. - China has also issued high-risk warnings regarding rare earth orders transiting through India and tightened controls on technology exports, including refining technologies and equipment [9]. Group 3: Global Supply Chain Impact - The incident has shaken the global supply chain, prompting Western companies like Volkswagen and General Motors to seek to mend trade relations with China [10]. - In contrast, compliant Japanese and South Korean companies have benefited from increased orders and a "green channel" for trade with China [10]. - The U.S. finds itself in a contradictory position, publicly advocating for "decoupling from China" while needing to submit end-use guarantees to China and undergo regular checks [12]. Group 4: Broader Implications - The situation highlights the complex reality of global strategic resource supply, emphasizing that supply chain security is not only an economic issue but also a matter of national security [14]. - The event underscores the necessity for enhanced regulatory measures and the responsibility of major powers in the strategic resource sector [16].

Core Viewpoint - The joint efforts of seven countries to reduce reliance on Chinese rare earth imports are seen as a political show rather than a viable strategy to disrupt China's dominance in the rare earth sector [1][26]. Group 1: Reasons for the Coalition - The urgency of the coalition stems from the anxiety of these countries, particularly after China's export restrictions led to supply shortages impacting critical industries like semiconductors and automotive manufacturing [3][5]. - The European Union relies on China for 98% of its critical rare earth needs, while the U.S. is dependent on China for 80%, highlighting a significant dilemma for these nations [3][5]. Group 2: Limitations of the Coalition's Strategy - The coalition's strategy to involve countries like Australia and India to restructure the global rare earth supply chain is fundamentally flawed, as these nations face significant challenges in scaling up production and processing capabilities [7][10]. - Australia's rare earth reserves are substantial, but its production costs are over 30% higher than China's, making it difficult to fully replace Chinese supplies [10][12]. - India's rare earth extraction technology is outdated, relying heavily on manual labor, which results in inefficiencies and high waste [12][14]. Group 3: China's Competitive Advantages - China holds 70% of the world's rare earth resources and dominates 90% of the processing capacity, making it nearly impossible for other countries to compete without significant investment and time [18][20]. - The complex processing required to convert rare earth ores into usable industrial materials is a core technology that China has monopolized, further solidifying its position in the market [20][22]. - Establishing an independent rare earth supply chain in other countries could take 8 to 12 years and require investments of hundreds of billions, with no guarantee of success [22][28]. Group 4: Historical Context and Future Outlook - Historical precedents show that previous attempts to limit China's rare earth exports led to price surges and forced countries back to the negotiation table [26][30]. - The global economic integration means that supply chains cannot be easily replaced, and China's decades of investment in the rare earth sector have created a robust competitive edge that is unlikely to be undermined by the coalition's efforts [28][30].

Core Viewpoint - The United States is eager to break China's dominance in critical mineral sectors, particularly in rare earths, and is exploring the use of AI and quantum computing to develop alternative materials, aiming to reduce geopolitical risks in supply chains [1][2]. Group 1: AI and Quantum Computing Potential - AI and quantum computing are proposed as "dual engines" that could help design alloys using abundant materials, potentially shortening the time required to obtain critical materials from 10-20 years to just a few years [2]. - Current AI technology is not yet capable of delivering substantial results in mining and materials, and many ideas surrounding these technologies are seen as hype rather than practical solutions [2][4]. Group 2: China's Competitive Advantage - China has invested heavily in AI, advanced computing, and materials science, maintaining a significant lead in innovation speed and capabilities in creating new materials [2][5]. - The complete industrial ecosystem that China has built over decades makes it unrealistic for the U.S. to challenge China's position in the short term [5]. Group 3: Challenges in Material Development - Transitioning from alloy design to commercial-scale production is a lengthy process, and historical trends suggest that attempts to reduce reliance on one material often lead to increased dependence on another [4]. - Even if the U.S. successfully designs new materials in laboratories, challenges such as material stability, scalability, and cost control must be addressed before industrial application can occur [5].

Core Viewpoint - The article discusses the United States' attempt to counter China's dominance in critical minerals through international cooperation and trade measures, highlighting skepticism about the effectiveness of this strategy [1][3]. Group 1: U.S. Strategy and International Cooperation - The U.S. has recognized its inability to independently challenge China's position in the critical minerals sector and is now seeking to form alliances with other countries to establish pricing power [1][3]. - A recent meeting led by U.S. Vice President Vance included representatives from 54 countries and the EU, aiming to set price floors and impose "adjustment tariffs" to maintain Western control over critical mineral pricing [1][3]. Group 2: Criticism of U.S. Approach - Critics argue that the U.S.-led alliance lacks credibility and is primarily designed to benefit American companies, with many non-critical minerals included in the funding list [3][4]. - The article points out that the U.S. lacks significant rare earth deposits, which undermines its ability to lead a successful international coalition against China [3][4]. Group 3: Long-term Challenges - Competing with China in the critical minerals market requires building extraction and refining capabilities, as well as providing long-term price guarantees to non-Chinese producers, which are long-term projects that could take at least a decade [3][4]. - The article emphasizes that trust in the U.S. government and its political system is essential for other countries to commit to this alliance, which is currently in doubt [3][4].

Core Viewpoint - The Chinese rare earth market experienced a decline of 4.35% on February 13, with a trading volume of 1.902 billion yuan and a market capitalization of 59.237 billion yuan [1] Company Overview - The company primarily engages in the production and operation of rare earth oxides and provides rare earth technology research and consulting services [2][8] - The main products include high-purity rare earth oxides, with over 80% of products having a purity greater than 99.99%, and some reaching 99.9999% [2] - The company is controlled by the State-owned Assets Supervision and Administration Commission of the State Council, categorizing it as a state-owned enterprise [3][4] Financial Performance - For the period from January to September 2025, the company achieved a revenue of 2.494 billion yuan, representing a year-on-year growth of 27.73%, and a net profit attributable to shareholders of 192 million yuan, up 194.67% year-on-year [8] - Cumulative cash dividends since the company's A-share listing amount to 346 million yuan, with 124 million yuan distributed over the past three years [9] Shareholder Structure - As of September 30, 2025, the top ten circulating shareholders include Hong Kong Central Clearing Limited and Southern CSI 500 ETF, with notable changes in shareholding [10] - The number of shareholders decreased to 191,400, while the average circulating shares per person increased by 2.24% [8]