小金属板块持续走强，稀有金属ETF(159608)盘中涨近3%，连续18日获资金净流入近30亿元

Group 1: Market Trends and Developments - The small metal sector is experiencing significant strength, with companies like Zhongtung High-tech and Zhangyuan Tungsten rising sharply, reaching historical highs [1] - The German government announced a subsidy of up to €6,000 for new electric vehicle registrations starting January 2026, potentially driving demand for 800,000 new electric vehicles, corresponding to an increase of approximately 48 GWh in battery demand, which accounts for about 1.7% of global battery demand in 2026 [1] - Huatai Securities believes that this policy will boost demand in the lithium battery supply chain, particularly benefiting companies involved in battery, cathode, anode, and electrolyte segments with a presence in the European market [1] Group 2: Lithium Battery Equipment and Demand - Dongwu Securities highlights the rapid growth of overseas lithium battery demand, with Chinese battery manufacturers accelerating global factory construction, leading to a realization of equipment exports [1] - The energy storage battery segment is identified as the fastest-growing area within the lithium battery industry, with global shipment volumes increasing rapidly [1] - Chinese lithium battery equipment has achieved technological maturity in key processes such as coating, rolling, laser welding, and formation, leading to a leading position globally in integrated capabilities and delivery efficiency [1] Group 3: Tungsten Market Insights - As of January 19, 2026, the average price of tungsten powder reached 1.2 million yuan per ton, a historical high, with some downstream companies needing to increase prices by 20% to secure supplies [2] - Demand for tungsten is driven by the dual forces of photovoltaic and new energy vehicles, with tungsten wire penetration exceeding 60%, and the acceleration of HJT technology expected to bring significant incremental demand [2] - Jianghai Securities believes that the tight supply-demand balance supports tungsten prices entering a new cycle of prosperity [2] Group 4: ETF Performance and Fund Flows - As of January 21, 2026, the CSI Rare Metals Theme Index rose by 2.42%, with the Rare Metals ETF (159608) increasing by 2.52% [2] - The top ten weighted stocks in the ETF account for 59.54% of the total, with significant gains in stocks like Shengxin Lithium Energy and Zhongtung High-tech [2] - The Rare Metals ETF reached a new high in scale at 3.855 billion yuan and a new share count of 3.24 billion, with continuous net inflows over the past 18 days, totaling 2.923 billion yuan [2]