小金属板块领涨两市，东方锆业、厦门钨业等多股涨停

Group 1 - The small metals sector in A-shares continues to rise, with key subcategories such as tungsten, germanium, rare earths, and indium showing strong performance, as all 95 stocks in the sector increased in value [1] - The U.S. White House plans to use an AI model developed by the Department of Defense to establish reference prices for global critical mineral trade, initially covering germanium, gallium, antimony, and tungsten, signaling a potential restructuring of the global pricing system for critical minerals [1] - Supply constraints are a core driver of the recent strength in small metals, with major producing countries tightening resource controls, leading to a noticeable slowdown in the supply growth of tungsten, antimony, germanium, and gallium [1] Group 2 - The supply of tungsten remains tight, with black tungsten concentrate prices reaching a historical high of 777,500 yuan per ton, up 3.04% from the previous trading day, while indium and germanium also face limited supply due to concentrated global production [2] - The demand for small metals is experiencing rigid growth, driven by emerging industries such as new energy, semiconductors, artificial intelligence, and photovoltaic wind power, which further opens up upward price potential for small metals [2] - Multiple institutions have identified small metals as a key allocation direction for 2026, citing their cyclical elasticity and growth attributes, with strong profitability certainty amid economic recovery and industrial upgrades [2] Group 3 - According to Western Securities, the small metals sector is expected to encounter new opportunities by 2026 due to the rising demand from the AI industry, with strong resonance from supply-side policy constraints and demand-side recovery [3]