Core Viewpoint - The A-share market for rare metal stocks has seen a significant rally, with several companies reaching new highs and experiencing substantial gains [1] Group 1: Company Performance - Zhongtung High-tech reached its daily limit and set a historical high [1] - Zhongmin Resources, Xiamen Tungsten, and Rongjie Co. all increased by over 6% [1] - Yahua Group, Tianqi Lithium, Tibet Mining, and Zhangyuan Tungsten all rose by over 5% [1] - Ganfeng Lithium, Dongfang Tantalum, and Yongxing Materials increased by over 4% [1]

Group 1 - The lithium mining sector saw a significant increase, with related indices rising nearly 5% as of the report date [1] - Notable stock performances included Guocheng Mining and Jinyuan Co., both hitting the daily limit up, while Tianhua New Energy surged over 10% [1] - The lithium index reached 6504.79, marking a 4.79% increase [2] Group 2 - Lithium carbonate futures experienced a rise of over 6%, reaching 107,500 yuan per ton, the highest since May 2024, with a year-to-date increase of nearly 40% [3][4] - The trading volume for lithium carbonate futures was reported at 362,400 contracts, indicating strong market activity [4]

| 代码 | 简称 | 今日涨跌幅（%） | 今日换手率（%） | 主力资金流量（万元） | | --- | --- | --- | --- | --- | | 600490 鹏欣资源 | | -0.13 | 5.10 | 10587.49 | | 002378 章源钨业 | | 0.81 | 6.26 | 8819.60 | | 002756 永兴材料 | | 3.19 | 4.42 | 3248.60 | | 000657 中钨高新 | | 3.33 | 7.19 | 2802.97 | | 002237 恒邦股份 | | -4.69 | 2.97 | 2626.15 | | 601069 西部黄金 | | -7.61 | 3.12 | 1609.15 | | 002192 融捷股份 | | -0.81 | 4.64 | 551.43 | | 002182 宝武镁业 | | -3.25 | 1.93 | 485.29 | | 600961 株冶集团 | | -5.59 | 2.37 | 468.99 | | 300855 图南股份 | | -2.91 | 3.99 | 343.54 | | 002295 ...

Investment Rating - The industry rating is "Recommended" [3] Core Views - Short-term lithium prices are expected to remain volatile, with a positive outlook on antimony, cobalt, tungsten, and tin due to a reassessment of strategic metal values [1][2][7] - Supply concerns in the nickel market are supported by the lack of new approvals from Indonesia's RKAB, which may lead to price stabilization [1][28] - The cobalt market is expected to see continued price increases due to structural supply tightness, with Congo's export regulations impacting availability [2][5][16] - Antimony prices are anticipated to converge towards higher overseas prices due to export controls and tight domestic supply [6][17] - The lithium market is experiencing a strong demand backdrop, with expectations of continued inventory depletion supporting prices [7][17] - The rare earth market is tightening due to Vietnam's export ban, which is expected to support prices [9][18] - Tin prices are supported by ongoing supply concerns from overseas sources, particularly from Myanmar and Congo [11][20] - Tungsten prices are expected to remain supported due to supply constraints and regulatory controls [12][21] - The uranium market is facing supply tightness, which is likely to support prices amid geopolitical uncertainties [14][22] Summary by Sections Nickel and Cobalt Industry Update - Nickel prices are under pressure due to stable demand but cautious purchasing from smelters, with LME nickel closing at $14,420 per ton, down 2.04% [1][28] - Cobalt prices are expected to rise further, with Congo's export regulations causing supply constraints [2][5][16] Antimony Industry Update - Domestic antimony prices are lower compared to international prices, but supply tightness is expected to support future price increases [6][17] Lithium Industry Update - Lithium carbonate prices have increased, with a strong demand outlook from the electric vehicle sector [7][17] Rare Earth Industry Update - Vietnam's recent export ban on rare earths is expected to tighten global supply and support prices [9][18] Tin Industry Update - Tin prices are supported by supply concerns from Myanmar and Congo, with LME tin prices rising to $41,905 per ton [11][20] Tungsten Industry Update - Tungsten prices are expected to remain high due to supply constraints and regulatory measures [12][21] Uranium Industry Update - The uranium market is facing supply tightness, with prices supported by geopolitical factors and production delays [14][22]

Investment Rating - The report maintains a "Buy" rating for all key companies listed, including Zijin Mining, Luoyang Molybdenum, and Huayou Cobalt [2][4]. Core Views - The report highlights that the metal prices are expected to continue rising due to the resonance of domestic and foreign fiscal and monetary policies, with a focus on the upcoming economic growth under the "14th Five-Year Plan" [8][21]. - The report emphasizes the strong demand in the lithium battery sector and the ongoing supply constraints in cobalt, indicating a bullish outlook for energy metals [8][83]. Summary by Sections Industry and Stock Performance - The report notes a decline in the Shanghai Composite Index by 0.34% and a 1.10% drop in the SW Nonferrous Index during the week [8]. - Key stocks in the nonferrous metal sector showed varied performance, with significant recommendations for companies like Zijin Mining and Luoyang Molybdenum [2][11]. Base Metals - Aluminum prices decreased by 0.88% to $2875 per ton, while copper prices fell by 0.96% to $11552.5 per ton, with zinc prices increasing by 1.31% to $3139 per ton [12][21]. - The report indicates that the domestic aluminum production capacity is stable at 44.39 million tons, with a slight increase in operational capacity due to high profits [21][23]. Precious Metals - Gold prices increased by 2.42% to $4329.80 per ounce, and silver prices rose by 5.59% to $62.09 per ounce, driven by the Federal Reserve's interest rate cuts [12][68]. - The report suggests a bullish outlook for gold and silver prices, supported by central bank purchases and weakening dollar credit [68][69]. Energy Metals - The lithium market is experiencing stable growth in supply, while demand from the energy storage sector continues to rise, leading to a positive outlook for lithium prices [8][83]. - Cobalt supply remains tight, with the Congo's cobalt export quotas expected to impact the market dynamics positively [8][83]. Other Minor Metals - The report discusses the fluctuations in prices for minor metals, including molybdenum and tungsten, with significant price increases noted for tungsten [15][83]. - The overall sentiment in the minor metals market remains cautious, with a focus on supply-demand dynamics and policy changes [55][85].

Core Insights - The energy metals sector increased by 1.26% on December 10, with Shengxin Lithium leading the gains [1] - The Shanghai Composite Index closed at 3900.5, down 0.23%, while the Shenzhen Component Index closed at 13316.42, up 0.29% [1] Energy Metals Sector Performance - Shengxin Lithium (002240) closed at 32.33, up 5.97%, with a trading volume of 766,800 shares and a transaction value of 2.453 billion [1] - Other notable performers include: - Zangge Mining (000408) at 70.01, up 2.96%, with a transaction value of 1.015 billion [1] - BQ New Materials (605376) at 55.11, up 2.15%, with a transaction value of 574 million [1] - Yongxing Materials (002756) at 46.51, up 1.57%, with a transaction value of 664 million [1] - Ganfeng Lithium (002460) at 63.33, up 1.33%, with a transaction value of 3.694 billion [1] Capital Flow Analysis - The energy metals sector saw a net inflow of 456 million from main funds, while retail investors experienced a net outflow of 688 million [2] - Speculative funds contributed a net inflow of 232 million [2]

（编辑 楚丽君） 证券日报网讯 12月9日，永兴材料在互动平台回答投资者提问时表示，公司将综合经营情况、财务状 况、未分配利润等，在确保公司长期稳定可持续发展并兼顾投资者合理投资回报的基础上制定利润分配 方案。 ...

证券日报网讯12月9日，永兴材料（002756）在互动平台回答投资者提问时表示，具体经营情况请关注 公司定期报告。 ...

证券日报网讯12月9日，永兴材料（002756）在互动平台回答投资者提问时表示，为保证信息披露的公 平性，公司会根据深圳证券交易所上市规则等相关规定在定期报告中披露相应时点的股东构成情况，敬 请关注公司定期报告。 ...

格隆汇12月9日丨永兴材料(002756.SZ)在互动平台表示，公司暂无固态电池相关项目。 ...