继续看多稀土、钨板块，锡价或迎拐点

Core Viewpoint - The recent price increases in rare earth metals are attributed to ongoing supply-side reforms and upcoming policy documents for 2024-2025, indicating a bullish outlook for the industry [1][3]. Rare Earth Metals - The price of praseodymium-neodymium oxide is 849,800 CNY/ton, up 13.51% month-on-month - The price of dysprosium oxide is 1,450,000 CNY/ton, up 9.02% month-on-month - The price of terbium oxide is 6,460,000 CNY/ton, up 5.90% month-on-month - December saw a 3% month-on-month decrease but a 7% year-on-year increase in China's rare earth permanent magnet exports, reaching a historical high for the month [1][3]. - The processing fee for yttrium-rich europium ore has risen to 41,000 CNY/ton, indicating ongoing optimization in the smelting sector [3]. - Key stocks to watch include China Rare Earth (000831), Zhong Rare Metals (600259), Northern Rare Earth (600111), and Baotou Steel (600010) [3]. Tin - The price of tin ingots is 378,200 CNY/ton, down 10.74% month-on-month - Indonesia is considering a ban on tin raw material exports, which may create significant replenishment demand for tin processing companies [4]. - Long-term demand is expected to benefit from AI and automotive smart technology, leading to a favorable supply-demand balance for tin [4]. - Recommended stocks include Huaxi Nonferrous (600301) and others [4]. Tungsten - The price of tungsten concentrate is 696,700 CNY/ton, up 15.99% month-on-month - The price of ammonium paratungstate is 1,025,200 CNY/ton, up 15.11% month-on-month - The U.S. is increasing its strategic reserves, which may elevate tungsten's priority in the market [4]. - Recommended stocks include China Tungsten High-Tech (000657) and Xiamen Tungsten (600549) [4]. Antimony - The price of antimony ingots is 165,100 CNY/ton, up 0.62% month-on-month - The price of antimony concentrate is 144,000 CNY/ton, up 2.13% month-on-month - December saw a 4% month-on-month increase but a 71% year-on-year decrease in antimony exports [5]. - The outlook remains positive due to potential recovery in exports and stable demand, particularly in the photovoltaic glass sector [5]. - Recommended stocks include Huaxi Nonferrous and Hunan Gold (002155) [5]. Molybdenum - The price of molybdenum concentrate is 4,165 CNY/ton, up 2.97% month-on-month - The price of ferromolybdenum is 267,100 CNY/ton, up 3.33% month-on-month - The domestic molybdenum price is stabilizing due to high tungsten prices and increased defense spending [5]. - Recommended stocks include Jinduicheng Molybdenum (601958) and Guocheng Mining (000688) [5].