关键金属风起，强推钨钼稀土

Group 1: Rare Earth Metals - The price of praseodymium and neodymium oxide is 674,400 CNY/ton, an increase of 11.14% month-on-month [3] - The price of dysprosium oxide is 1,490,000 CNY/ton, up 7.97% month-on-month; the price of terbium oxide is 6,420,000 CNY/ton, up 8.08% month-on-month [3] - China's rare earth permanent magnet exports in November increased by 12% month-on-month and 28% year-on-year, reaching a historical high for the same period [3] Group 2: Small Metals Index - The Shenyin Wanguo small metals index is at 35,396.26 points, up 16.48% month-on-month, outperforming the Shenyin Wanguo non-ferrous index by 4.63 percentage points [2] Group 3: Tin - The price of tin ingots is 414,600 CNY/ton, an increase of 27.16% month-on-month; supply from Indonesia and Myanmar remains below expectations [4] - The long-term supply-demand dynamics for tin are expected to improve due to recovery in semiconductor demand driven by AI and automotive intelligence [4] Group 4: Tungsten - The price of tungsten concentrate is 503,700 CNY/ton, up 11.15% month-on-month; ammonium paratungstate is priced at 745,300 CNY/ton, up 11.31% month-on-month [4] - The establishment of a $2.5 billion "strategic resilience reserve" in the U.S. may increase the priority of tungsten in global supply chains [4] Group 5: Antimony - The price of antimony ingots is 162,000 CNY/ton, up 0.09% month-on-month; antimony concentrate price remains stable at 137,900 CNY/ton [5] - November exports of antimony oxide increased by 68% month-on-month but decreased by 61% year-on-year, indicating a potential recovery in demand [5] Group 6: Molybdenum - The price of molybdenum concentrate is 4,010 CNY/ton, up 8.38% month-on-month; molybdenum iron is priced at 254,000 CNY/ton, up 3.67% month-on-month [6] - The increase in defense spending and low inventory levels may further support molybdenum prices [6]