Sou Hu Cai Jing·2025-05-14 05:51Group 1: Liquidity and Scale of Rare Metal ETF - The rare metal ETF has a turnover rate of 2.71% during trading, with a transaction volume of 24.43 million yuan [2] - Over the past year, the average daily transaction volume of the rare metal ETF is 35.94 million yuan, ranking first among comparable funds [2] - In the last two weeks, the rare metal ETF has seen a scale increase of 9.40 million yuan, also ranking first among comparable funds [2] - The ETF's share has increased by 13.7 million shares in the past six months, marking significant growth and ranking first among comparable funds [2] Group 2: Leverage and Valuation - The latest financing buy-in amount for the rare metal ETF is 1.33 million yuan, with a financing balance of 31.49 million yuan [2] - The index tracked by the ETF, the CSI Rare Metal Theme Index, is currently at a historical low valuation, with a price-to-book ratio (PB) of 2.26, lower than 82.93% of the time over the past three years, indicating strong valuation attractiveness [2] Group 3: Market Outlook and Demand - According to Huafu Securities, the terminal demand for rare earths in Q1 2025 is acceptable, with rare earth prices showing a strong fluctuation [2] - The supply side is expected to increase, but the increment is limited, with a cautious market atmosphere and expectations of a potential price increase in rare earths in Q2 [2] - For antimony, the import from mines has tightened from January to March, with overseas antimony ingot prices remaining firm, indicating a stabilization in prices despite weak demand [2] Group 4: Tungsten Market Insights - Huayuan Securities notes that the application fields for tungsten wire are expanding, particularly in the photovoltaic sector for cutting silicon wafers and in humanoid robots, which may open up new demand growth opportunities for tungsten [3] - As of April 30, 2025, the top ten weighted stocks in the CSI Rare Metal Theme Index include Salt Lake Co., Northern Rare Earth, Luoyang Molybdenum, and others, collectively accounting for 54.89% of the index [3] - Investors can also participate in the rare metal sector through the rare metal ETF linked fund (014111) [3]